N-CSR 1 c102830_ncsr.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-04415

COLLEGE RETIREMENT EQUITIES FUND

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Rachael M. Zufall, Esq.

College Retirement Equities Fund

8500 Andrew Carnegie Blvd.

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2021

Item 1. Reports to Stockholders.

Annual Report ■ December 31, 2021

College Retirement
Equities Fund

The annual report contains the audited financial statements.

Account name	Class R1	Class R2	Class R3
Stock Account	QCSTRX	QCSTPX	QCSTIX
Global Equities Account	QCGLRX	QCGLPX	QCGLIX
Growth Account	QCGRRX	QCGRPX	QCGRIX
Equity Index Account	QCEQRX	QCEQPX	QCEQIX
Bond Market Account	QCBMRX	QCBMPX	QCBMIX
Inflation-Linked Bond Account	QCILRX	QCILPX	QCILIX
Social Choice Account	QCSCRX	QCSCPX	QCSCIX
Money Market Account	QCMMRX	QCMMPX	QCMMIX

As permitted by regulations adopted by the Securities and Exchange Commission (“SEC”), paper copies of the CREF Accounts’ (the “Accounts”) annual and semiannual reports will not be sent to you by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on Teachers Insurance and Annuity Association of America’s (“TIAA”) website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive reports and other communications from the Accounts electronically anytime by either (1) updating your account settings at TIAA.org/eDelivery, if you hold your Account units through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or (2) contacting your financial intermediary (such as a broker-dealer or bank) through which you hold Account units.

If you invest in the Accounts through a TIAA Account, you may elect to receive all future reports in paper free of charge by updating your account settings at TIAA.org/eDelivery or by calling 877-518-9161 during regular business hours. If you invest through another financial intermediary, you can contact your financial intermediary to request that you receive paper copies of your reports. Your election to receive reports in paper will apply to all funds held through your financial intermediary or, if you invest through a TIAA Account, to all funds held with the Accounts and any other investment companies within the same group of related investment companies.

Contents

Understanding this report	3

Proposals for action at the 2022 meeting of CREF participants	3

Letter to CREF participants	4

Information for CREF participants	6

About the accounts’ benchmarks	8

Important information about expenses	10

Account performance
CREF Stock Account	11

CREF Global Equities Account	15

CREF Growth Account	19

CREF Equity Index Account	23

CREF Bond Market Account	27

CREF Inflation-Linked Bond Account	31

CREF Social Choice Account	35

CREF Money Market Account	39

Summary portfolios of investments	43

Audited financial statements
Statements of assets and liabilities	80

Statements of operations	82

Statements of changes in net assets	84

Financial highlights	90

Notes to financial statements	100

Report of independent registered public accounting firm	119

Trustees and officers	121

Additional information about index providers	127

How to reach us	Inside back cover

Understanding this report

This annual report contains information about the CREF variable annuity accounts and describes their results for the twelve months ended December 31, 2021. The report contains four main sections:

	•	A letter to participants from Colbert G. Narcisse, President and Chief Executive Officer of CREF.
	•	The account performance section compares each account’s investment returns with those of its benchmark index.
	•	The summary portfolios of investments list the industries and types of securities in which each account had investments as of December 31, 2021.
	•	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. To see the risks of investing in any account, please read the latest 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.

Proposals for action at the 2022 meeting of CREF participants

We anticipate that the next meeting of CREF participants will be held in July 2022; however, the exact date, time and location of such meeting have yet to be determined. Proposals submitted by or on behalf of participants pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 for inclusion in the proxy materials for the 2022 participant meeting must be received by the CREF Corporate Secretary no later than March 18, 2022. The submission of a proposal does not assure its inclusion in CREF’s proxy statement or presentation at the meeting. Unless CREF is notified by April 27, 2022 of other matters that may be properly brought before the 2022 participant meeting by or on behalf of participants, the persons named in the proxy will have the discretion to vote on those matters as they see fit.

College Retirement Equities Fund ■ 2021 Annual Report

Letter to CREF participants

Domestic and international developed stock markets produced solid gains in 2021 despite the ongoing global challenge of the COVID-19 pandemic. The U.S. economy grew strongly at the start of the period, but the pace of expansion decelerated in the summer months. Economies in the 19-nation euro area struggled at the beginning of the year but returned to growth as the period progressed. Most central banks around the world left accommodative monetary policies in place but monitored rising inflation. The U.S. Federal Reserve kept the federal funds target rate unchanged at 0.00%–0.25%. The European Central Bank also maintained its near-zero benchmark rates, while the Bank of England increased its benchmark rate from 0.10% to 0.25% in December 2021.

	•	The five CREF accounts with significant exposure to the U.S. stock market all recorded double-digit gains ranging from 12.4% for the Social Choice Account to 25.3% for the Equity Index Account.
	•	Fixed-income markets generally declined, and the Bond Market Account returned –1.4%. However, the Inflation-Linked Bond Account gained 5.1% due to the rise in inflation.
	•	Two accounts outperformed their benchmarks, while the other six underperformed. All account returns are for Class R1.

CREF performance review

Six of the eight CREF accounts produced positive results for the period. Overall, stocks outperformed bonds, and U.S. equities outpaced foreign stocks.

The Stock Account—the largest CREF account in terms of net assets—advanced 18.7% but trailed its composite benchmark. The Equity Index Account gained 25.3% but underperformed the Russell 3000^® Index, primarily due to expenses. The Growth Account returned 20.2%, trailing the Russell 1000^® Growth Index. The Global Equities Account gained 15.4%, lagging the MSCI All Country World Index (ACWI). The Social Choice Account, which excludes certain stocks and bonds due to environmental, social and governance criteria, outpaced its composite benchmark with a return of 12.4%.

Turning to fixed-income accounts, the Bond Market Account returned –1.4%, outperforming the Bloomberg U.S. Aggregate Bond Index. The Inflation-Linked Bond Account gained 5.1% but fell short of the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 1–10 Year Index. The Money Market Account, which returned 0.0%, slightly underperformed the iMoneyNet Money Fund Averages™—All Government. For more information regarding the performance of the CREF accounts, please see the commentaries starting on page 11.

4	2021 Annual Report ■ College Retirement Equities Fund

Colbert G. Narcisse

Stocks advanced while bonds lost ground

For the twelve-month period, the domestic stock market, as measured by the Russell 3000 Index, rose 25.7%. Foreign equities, as represented by the MSCI EAFE Index, returned 11.3%. U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, returned –1.5%. Yields on all but the shortest maturity U.S. Treasury securities rose, generally sending bond prices lower (bond yields move in the opposite direction of prices).

Keeping long-term goals in mind

As we begin a third year living with the COVID-19 pandemic, it’s clear that we still haven’t reached the point of a full recovery. But the resiliency demonstrated by people and economies in the face of these challenges has been truly remarkable.

The U.S. economy has steadily expanded since the latter half of 2020, and global stock markets have prospered. But there were moments when continued growth appeared far from certain, and investors experienced periods of higher volatility along the way. Certainly, no one can predict the direction of financial markets in the future. But those unknowns, along with the inevitable periods of higher volatility, should not distract investors from their long-term investment goals. We believe a well-balanced and diversified portfolio of different asset classes can be a prudent strategy to help investors manage through the market’s ups and downs. Of course, diversification does not guarantee against market losses, and past performance cannot guarantee future results.

If you have questions or concerns about your investments, we recommend that you speak with your financial advisor or call a TIAA financial consultant. To learn more, visit us at TIAA.org or call 800-842-2252. We would be pleased to assist you.

/s/ Colbert G. Narcisse

Colbert G. Narcisse

President and Chief Executive Officer of CREF

College Retirement Equities Fund ■ 2021 Annual Report

Information for CREF participants

Portfolio holdings

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

You can obtain a complete list of the CREF accounts’ 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 the CREF accounts’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT or Form N-MFP (for money market products only) filings. Form N-CSR filings are as of December 31 or June 30; Form N-PORT or Form N-MFP 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 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 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 sec.gov.

Contacting TIAA

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

Account management

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

6	2021 Annual Report ■ College Retirement Equities Fund

Information for CREF participants

CREF Rules of the Fund

From time to time, CREF updates its Rules of the Fund with the New York State Department of Financial Services. Current copies of the updated Rules of the Fund can be found on the TIAA.org website at the following location: https://www.tiaa.org/public/about-tiaa/corporate-governance-leadership/document-library.

College Retirement Equities Fund ■ 2021 Annual Report

About the accounts’ benchmarks

CREF Stock Account

The Account’s composite benchmark is a weighted average of two unmanaged indexes: the Russell 3000^® Index, which measures the performance of the broad U.S. stock market, and the MSCI All Country World (ACWI) ex USA Investable Market Index (IMI), which measures the performance of small-, mid- and large-cap stocks in 47 developed- and emerging-markets nations throughout the world, excluding the United States.

The Morningstar Aggressive Target Risk Index is a broad-based securities market index for the Stock Account and has a 95% global equity market exposure and a multi-asset class exposure that is similar to the Stock Account.

CREF Global Equities Account

The Account’s benchmark is the MSCI All Country World Index (ACWI), which measures the performance of large- and mid-capitalization stocks in 23 developed-markets countries and 25 emerging-markets countries.

CREF Growth Account

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

CREF Equity Index Account

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

CREF Bond Market Account

The Account’s benchmark is the Bloomberg 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.

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About the accounts’ benchmarks

CREF Inflation-Linked Bond Account

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

CREF Social Choice Account

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

The Morningstar Moderate Target Risk Index is a broad-based securities market index for the Social Choice Account. The index has a multi-asset class exposure (60% global equity, 40% global fixed income) that is similar to the Social Choice Account.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark indexes, please read the accounts’ latest prospectus.

London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2022. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^® ,” “Russell^® ” and “FTSE Russell^® ” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. 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 ■ 2021 Annual Report

Important information about expenses

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

The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other variable annuity accounts and mutual funds. Participants in the CREF Accounts do not incur a sales charge for purchases or other distributions.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2021–December 31, 2021).

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.

10	2021 Annual Report ■ College Retirement Equities Fund

CREF Stock Account

Performance for the twelve months ended December 31, 2021

The CREF Stock Account returned 18.67% for the year, compared with the 19.90% return of its composite benchmark, a weighted average of the Russell 3000^® Index and the MSCI All Country World (ACWI) ex USA Investable Market Index (IMI). (All returns for the Account are for Class R1.)

The U.S. economy grew at a solid pace during the period, despite ongoing supply-chain bottlenecks and the impact of new COVID-19 variants. The unemployment rate fell from 6.3% in January 2021 to 3.9% in December. Core inflation, which includes all items except food and energy, rose 5.5% over the twelve months ended December 31, 2021. The Federal Reserve held the federal funds target rate unchanged at 0.00%–0.25%. In November, however, the Fed began reducing the pace of its bond-buying program and indicated it would continue tapering into 2022. Crude oil prices rose sharply over the twelve months.

The broad U.S. stock market, as measured by the Russell 3000 Index, advanced 25.66% for the period. Large-cap stocks surpassed smaller shares, while mid- and small-cap value equities had the best performance overall. (Returns by investment style and capitalization size are based on the Russell indexes.)

Account trailed its composite benchmark

The Account’s management team typically uses a combination of three different investment strategies—active management, quantitative management and indexing—which, in turn, invest in both domestic and foreign stocks.

For the twelve-month period, the Account trailed its composite benchmark. In the United States, the Account’s quantitative small-cap and active large-cap value strategies outperformed but were offset by underperformance from the active large-cap growth and core strategies. Among foreign investments, the Account’s actively managed global strategies made a solid contribution, while emerging markets detracted.

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

College Retirement Equities Fund ■ 2021 Annual Report

CREF Stock Account

Performance as of December 31, 2021

Stock Account			Total return			Average annual total return						Estimated annual operating expenses
	Inception date		1 year			5 years			10 years			Estimated annual operating expenses		*
Class R1		7/31/1952		18.67	%		14.50	%		12.94	%		0.445	%
Class R2		4/24/2015		18.86			14.72			13.10	^†		0.290
Class R3		4/24/2015		18.92			14.79			13.15	^†		0.240
CREF Stock Account Composite Index^§		—		19.90			15.44			13.64			—
Broad market index
Morningstar Aggressive Target Risk Index		—		17.30			13.38			11.93			—

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

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

	*	The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Refer to the Financial highlights later in this report for the Account’s expense ratios as of the end of the reporting period.
	^†	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.
	^§	As of the close of business on December 31, 2021, the CREF Stock Account Composite Benchmark consisted of: 65.0% Russell 3000^®Index and 35.0% MSCI ACWI ex USA IMI. 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.

12	2021 Annual Report ■ College Retirement Equities Fund

CREF Stock Account

$10,000 over 10 years (Class R1)

Ending amounts are as of December 31, 2021. For the purpose of comparison, the graph also shows the change in the values of the Account’s composite benchmark and a broad market index during the same period. The performance of other classes varies due to differences in expense charges.

Expense example

Six months ended December 31, 2021

Stock Account	Beginning account value (7/1/21		)	Ending account value (12/31/21		)	Expenses paid during period (7/1/21–12/31/21		* )
Actual return
Class R1	$	1,000.00		$	1,047.00		$	2.06
Class R2		1,000.00			1,047.77			1.29
Class R3		1,000.00			1,048.03			1.03

5% annual hypothetical return
Class R1		1,000.00			1,023.19			2.04
Class R2		1,000.00			1,023.95			1.28
Class R3		1,000.00			1,024.20			1.02

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2021. The Account’s annualized six-month expense ratios for that period were 0.40% for Class R1, 0.25% for Class R2 and 0.20% for Class R3.

For more information about this expense example, please see page 10.

College Retirement Equities Fund ■ 2021 Annual Report

CREF Stock Account

Actual expenses

	Net expense ratio for the one-year period ended 12/31/2021
Class R1	0.43%
Class R2	0.28%
Class R3	0.23%

Account profile
	as of 12/31/2021
Net assets	$139.17 billion
Portfolio turnover rate	50%
Number of holdings	10,094
Weighted median market capitalization	$86.16 billion
Price/earnings ratio (weighted 12-month trailing average)^†	24.0

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

Portfolio composition
Sector	% of net assets as of 12/31/2021
Information technology	23.1
Financials	13.8
Consumer discretionary	12.8
Health care	11.4
Industrials	10.6
Communication services	7.8
Consumer staples	6.1
Materials	4.8
Energy	3.2
Real estate	3.0
Utilities	2.3
Short-term investments, other assets & liabilities, net	1.1
Total	100.0

Holdings by company size
Market capitalization	% of equity investments as of 12/31/2021
More than $50 billion	60.5
More than $15 billion–$50 billion	19.4
More than $2 billion–$15 billion	16.5
$2 billion or less	3.6
Total	100.0

Holdings by country
	% of portfolio investments as of 12/31/2021
United States	63.7
Japan	4.9
United Kingdom	3.4
China	3.1
France	2.5
Canada	2.4
Germany	2.0
Switzerland	1.8
73 other nations	14.4
Short-term investments	1.8
Total	100.0

14	2021 Annual Report ■ College Retirement Equities Fund

CREF Global Equities Account

Performance for the twelve months ended December 31, 2021

The CREF Global Equities Account returned 15.42% for the year, compared with the 18.54% return of its benchmark, the MSCI All Country World Index (ACWI). (All returns for the Account are for Class R1.)

International developed-markets stocks posted double-digit gains for the period, while emerging-markets equities declined. China’s economy grew at a rapid year-over-year pace in the first quarter, though expansion decelerated as the year progressed. Economies in the 19-nation euro area grew at a moderate pace during the period. Central banks around the world maintained accommodative monetary policies but grew increasingly cautious about rising inflation. The U.S. Federal Reserve maintained the federal funds target rate at 0.00%–0.25% throughout the period, and the European Central Bank left its benchmark rates unchanged at near-zero levels. The Bank of England increased its benchmark interest rate from 0.10% to 0.25% in December 2021.

Thirty-seven of the 48 countries represented in the MSCI ACWI posted gains in U.S.-dollar terms for the twelve-month period. In local-currency terms, the returns of most countries were higher than—or the same as—their U.S.-dollar returns.

Account trailed its benchmark

The account underperformed its benchmark for the twelve-month period. An out-of-benchmark investment in British e-commerce company THG detracted most as the stock declined amid a wave of selling caused by a lack of investor confidence. Next was an overweight position in Chinese internet data services provider GDS Holdings, which was hurt by the bearish trend in Chinese technology stocks, and an underweight in U.S. gaming semiconductor maker NVIDIA, which performed well.

Other positions helped offset these detractors, including overweights in Dutch financial firm ING Groep, which reported strong earnings, as well as U.S. stocks Freeport-McMoRan, a mining company, and Broadcom, a semiconductor manufacturer.

College Retirement Equities Fund ■ 2021 Annual Report

CREF Global Equities Account

Performance as of December 31, 2021

Global Equities Account			Total return			Average annual total return						Estimated annual operating expenses
	Inception date		1 year			5 years			10 years			Estimated annual operating expenses		*
Class R1		5/1/1992		15.42	%		14.49	%		12.39	%		0.420	%
Class R2		4/24/2015		15.59			14.71			12.55	^†		0.265
Class R3		4/24/2015		15.65			14.78			12.60	^†		0.215
MSCI All Country World Index		—		18.54			14.40			11.85			—

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

	*	The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Refer to the Financial highlights later in this report for the Account’s expense ratios as of the end of the reporting period.
	^†	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.

$10,000 over 10 years (Class R1)

Ending amounts are as of December 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Account’s benchmark during the same period. The performance of other classes varies due to differences in expense charges.

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CREF Global Equities Account

Expense example

Six months ended December 31, 2021

Global Equities Account	Beginning account value (7/1/21)		Ending account value (12/31/21)		Expenses paid during period (7/1/21–12/31/21		* )
Actual return
Class R1	$	1,000.00	$	1,041.42	$	1.96
Class R2		1,000.00		1,042.18		1.18
Class R3		1,000.00		1,042.44		0.93

5% annual hypothetical return
Class R1		1,000.00		1,023.29		1.94
Class R2		1,000.00		1,024.05		1.17
Class R3		1,000.00		1,024.30		0.92

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2021. The Account’s annualized six-month expense ratios for that period were 0.38% for Class R1, 0.23% for Class R2 and 0.18% for Class R3.

For more information about this expense example, please see page 10.

Actual expenses

	Net expense ratio for the one-year period ended 12/31/2021
Class R1	0.41%
Class R2	0.26%
Class R3	0.20%


College Retirement Equities Fund ■ 2021 Annual Report	17

CREF Global Equities Account

Account profile
	as of 12/31/2021
Net assets	$28.74 billion
Portfolio turnover rate	46%
Number of holdings	2,568
Weighted median market capitalization	$131.63 billion
Price/earnings ratio (weighted 12-month trailing average)^†	23.5

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

Portfolio composition
Sector	% of net assets as of 12/31/2021
Information technology	24.1
Financials	12.8
Consumer discretionary	12.4
Health care	11.2
Industrials	10.4
Consumer staples	7.5
Communication services	7.4
Materials	5.4
Energy	3.1
Utilities	2.1
Real estate	2.1
Short-term investments, other assets & liabilities, net	1.5
Total	100.0

Holdings by company size
Market capitalization	% of equity investments as of 12/31/2021
More than $50 billion	72.4
More than $15 billion–$50 billion	18.9
More than $2 billion–$15 billion	8.2
$2 billion or less	0.5
Total	100.0

Holdings by country
	% of portfolio investments as of 12/31/2021
United States	60.0
Japan	5.5
United Kingdom	4.4
China	3.7
France	3.5
Netherlands	2.2
Switzerland	2.1
Germany	2.1
46 other nations	14.6
Short-term investments	1.9
Total	100.0

18	2021 Annual Report ■ College Retirement Equities Fund

CREF Growth Account

Performance for the twelve months ended December 31, 2021

The CREF Growth Account returned 20.19% for the year, compared with the 27.60% return of its benchmark, the Russell 1000^® Growth Index. (All returns for the Account are for Class R1.)

The U.S. economy grew at a solid pace during the period, despite ongoing supply-chain bottlenecks and the impact of new COVID-19 variants. The unemployment rate fell from 6.3% in January 2021 to 3.9% in December. Core inflation, which includes all items except food and energy, rose 5.5% over the twelve months ended December 31, 2021. The Federal Reserve held the federal funds target rate unchanged at 0.00%–0.25%. In November, however, the Fed began reducing the pace of its bond-buying program, which was designed to support the economy and credit markets, and indicated it would continue tapering into 2022. Crude oil prices rose sharply over the twelve months.

The broad U.S. stock market, as measured by the Russell 3000^®Index, advanced 25.66% for the period. Large-cap stocks surpassed smaller shares, while mid- and small-cap value equities had the best performance overall. (Returns by investment style and capitalization size are based on the Russell indexes.)

Account posted a double-digit gain but lagged its benchmark

All eleven industry sectors in the Russell 1000 Growth Index generated significant gains for the twelve months. Energy (up 53.9%) was the best-performing sector, driven by the steep increase in oil prices. Information technology (up 33.3%)—the benchmark’s largest sector—contributed more than one-half of the index’s return. The next-largest contributors were communication services (up 31.4%) and consumer discretionary (up 18.4%). Together, these four sectors represented nearly three-quarters of the benchmark’s total market capitalization on December 31, 2021. Utilities (up 13.4%) and industrials (up 16.2%) were the worst-performing sectors.

The Account underperformed its benchmark for the year as certain stock selections did not perform as anticipated. The largest detractors were an underweight position in Apple, which reported strong growth in iPhone and iPad sales, and an overweight position in PayPal Holdings, which issued a lower-than-expected 2022 sales forecast. The next-largest detractor was an overweight position in cloud-communications firm Twilio.

On the positive side, an overweight position in software provider Intuit was the top contributor to relative performance. Intuit benefited from record levels of small business creation in the United States, which fueled demand for its products. The next-largest contributors were overweight positions in retailer Costco Wholesale and semiconductor supplier Marvell Technology.

College Retirement Equities Fund ■ 2021 Annual Report

CREF Growth Account

Performance as of December 31, 2021

Growth Account			Total return			Average annual total return						Estimated annual
	Inception date		1 year			5 years			10 years			operating expenses		*
Class R1		4/29/1994		20.19	%		23.17	%		18.56	%		0.390	%
Class R2		4/24/2015		20.37			23.40			18.73	^†		0.235
Class R3		4/24/2015		20.43			23.47			18.78	^†		0.185
Russell 1000^® Growth Index		—		27.60			25.32			19.79			—

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

The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Refer to the Financial highlights later in this report for the Account’s expense ratios as of the end of the reporting period.

^†

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.

$10,000 over 10 years (Class R1)

20	2021 Annual Report ■ College Retirement Equities Fund

CREF Growth Account

Expense example

Six months ended December 31, 2021

Growth Account	Beginning account value (7/1/21		)	Ending account value (12/31/21		)	Expenses paid during period (7/1/21–12/31/21		* )
Actual return
Class R1	$	1,000.00		$	1,064.00		$	1.82
Class R2		1,000.00			1,064.78			1.09
Class R3		1,000.00			1,065.05			0.83

5% annual hypothetical return
Class R1		1,000.00			1,023.44			1.79
Class R2		1,000.00			1,024.15			1.07
Class R3		1,000.00			1,024.40			0.82

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2021. The Account’s annualized six-month expense ratios for that period were 0.35% for Class R1, 0.21% for Class R2 and 0.16% for Class R3.

For more information about this expense example, please see page 10.

Actual expenses

Net expense ratio for the one-year period ended 12/31/2021
Class R1	0.38	%
Class R2	0.23	%
Class R3	0.18	%

College Retirement Equities Fund ■ 2021 Annual Report

CREF Growth Account

Account profile
		as of 12/31/2021
Net assets		$39.84 billion
Portfolio turnover rate		67%
Number of holdings		121
Weighted median market capitalization		$250.82 billion
Price/earnings ratio (weighted 12-month trailing average)^†		46.5

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

Portfolio composition
Sector		% of net assets as of 12/31/2021
Information technology		41.9
Consumer discretionary		19.3
Communication services		13.6
Health care		10.2
Industrials		5.5
Consumer staples		4.0
Financials		3.5
Materials		1.2
Short-term investments, other assets & liabilities, net		0.8
Total		100.0

Holdings by company size
Market capitalization		% of equity investments as of 12/31/2021
More than $50 billion		84.2
More than $15 billion–$50 billion		14.5
More than $2 billion–$15 billion		1.2
$2 billion or less		0.1
Total		100.0

22	2021 Annual Report ■ College Retirement Equities Fund

CREF Equity Index Account

Performance for the twelve months ended December 31, 2021

The CREF Equity Index Account returned 25.26% for the year, compared with the 25.66% return of its benchmark, the Russell 3000^® Index. (All returns for the Account are for Class R1.)

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

The U.S. economy grew at a solid pace during the period, despite ongoing supply-chain bottlenecks and the impact of new COVID-19 variants. The unemployment rate fell from 6.3% in January 2021 to 3.9% in December. Core inflation, which includes all items except food and energy, rose 5.5% over the twelve months ended December 31, 2021. The Federal Reserve held the federal funds target rate unchanged at 0.00%–0.25%. In November, however, the Fed began reducing the pace of its bond-buying program, which was designed to support the economy and credit markets, and indicated it would continue tapering into 2022. Crude oil prices rose sharply over the twelve months.

All benchmark sectors posted double-digit gains

All eleven industry sectors in the Russell 3000 Index delivered substantial gains for the twelve months. Energy (up 56.1%) produced the strongest return, helped by rising oil prices. Information technology (up 29.9%)—the benchmark’s largest sector—was the top contributor to the index’s return. The next-largest contributors were financials (up 34.8%) and consumer discretionary (up 22.4%). Together, these four sectors represented over one-half of the benchmark’s total market capitalization on December 31, 2021. The worst performer was utilities (up 17.1%), a defensive sector that tends to lag when the economy is strong, followed by communication services (up 17.9%).

For the twelve-month period, four of the five largest stocks in the Russell 3000 Index generated impressive gains that surpassed the overall return of the benchmark. Alphabet (the parent company of Google) performed best amid robust growth in spending on digital advertising. Next came Microsoft, which benefited from strong demand for its cloud-computing services. Electric car maker Tesla and Apple also outperformed, while Amazon.com advanced modestly but trailed the benchmark. Amazon was hurt by rising labor and shipping costs.

College Retirement Equities Fund ■ 2021 Annual Report

CREF Equity Index Account

Performance as of December 31, 2021

Equity Index Account			Total return			Average annual total return						Estimated annual
	Inception date		1 year			5 years			10 years			operating expenses		*
Class R1		4/29/1994		25.26	%		17.45	%		15.79	%		0.375	%
Class R2		4/24/2015		25.45			17.68			15.96	^†		0.220
Class R3		4/24/2015		25.52			17.75			16.01	^†		0.170
Russell 3000^® Index		—		25.66			17.97			16.30			—

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

^†

$10,000 over 10 years (Class R1)

24	2021 Annual Report ■ College Retirement Equities Fund

CREF Equity Index Account

Expense example

Six months ended December 31, 2021

Equity Index Account	Beginning account value (7/1/21		)	Ending account value (12/31/21		)	Expenses paid during period (7/1/21–12/31/21		* )
Actual return
Class R1	$	1,000.00		$	1,089.97		$	1.79
Class R2		1,000.00			1,090.76			1.00
Class R3		1,000.00			1,091.04			0.74

5% annual hypothetical return
Class R1		1,000.00			1,023.49			1.73
Class R2		1,000.00			1,024.25			0.97
Class R3		1,000.00			1,024.50			0.71

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2021. The Account’s annualized six-month expense ratios for that period were 0.34% for Class R1, 0.19% for Class R2 and 0.14% for Class R3.

For more information about this expense example, please see page 10.

Actual expenses

Net expense ratio for the one-year period ended 12/31/2021
Class R1	0.36	%
Class R2	0.21	%
Class R3	0.16	%

College Retirement Equities Fund ■ 2021 Annual Report

CREF Equity Index Account

Account profile
		as of 12/31/2021
Net assets		$25.68 billion
Portfolio turnover rate		4%
Number of holdings		2,814
Weighted median market capitalization		$139.18 billion
Price/earnings ratio (weighted 12-month trailing average)^†		28.5

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

Portfolio composition
Sector		% of net assets as of 12/31/2021
Information technology		28.2
Health care		13.3
Consumer discretionary		12.3
Financials		11.2
Communication services		9.2
Industrials		8.9
Consumer staples		5.4
Real estate		3.6
Energy		2.7
Utilities		2.4
Materials		2.4
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Holdings by company size

Market capitalization		% of equity investments as of 12/31/2021
More than $50 billion		68.4
More than $15 billion–$50 billion		17.7
More than $2 billion–$15 billion		12.0
$2 billion or less		1.9
Total		100.0

26	2021 Annual Report ■ College Retirement Equities Fund

CREF Bond Market Account

Performance for the twelve months ended December 31, 2021

The CREF Bond Market Account returned –1.43% for the year, compared with the –1.54% return of its benchmark, the Bloomberg U.S. Aggregate Bond Index. (All returns for the Account are for Class R1.)

Central banks around the world maintained accommodative monetary policies but grew increasingly cautious about rising inflation. The Federal Reserve maintained the federal funds target rate throughout the period at 0.00%–0.25%, and the European Central Bank left its benchmark rates unchanged at near-zero levels. The Bank of England increased its benchmark rate from 0.10% to 0.25% in December. Yields on U.S. Treasury securities rose for all but one- to three-month maturities, with intermediate-term bond yields having the largest increases (bond yields move in the opposite direction of prices).

Account outperformed its benchmark

Most sectors in the Bloomberg U.S. Aggregate Bond Index declined for the twelve month period due to the general rise in bond yields. The U.S. Treasuries sector, the largest in the index with a weight of 37.8%, returned –2.3%. Mortgage-backed securities (MBS), the second-largest sector accounting for 26.5% of the index’s total market capitalization on December 31, 2021, returned –1.0%. Corporate bonds—the benchmark’s third-largest sector at 26.4%—returned –1.0%, while asset-backed securities and commercial mortgage-backed securities (CMBS) returned –0.3% and –1.2%, respectively.

The Account outperformed its benchmark for the year, with asset allocation as the largest driver of the Account’s returns versus its benchmark. An overweight to corporate bonds (including high-yield and emerging-markets corporates) and underweights to MBS and Treasuries proved beneficial as risk appetites returned during the year. Positions in out-of-index municipal bonds, asset-backed securities and CMBS also aided the Account’s performance. Overall, shorter-than-benchmark duration helped as rates generally rose.

By contrast, these positive effects were offset by positioning along the yield curve, where the Account was underweight the longer-maturity segments of the curve.

College Retirement Equities Fund ■ 2021 Annual Report

CREF Bond Market Account

Performance as of December 31, 2021

Bond Market Account

Average annual

Estimated

Total return

total return

annual

Inception

operating

date

1 year

5 years

10 years

expenses

Class R1

3/1/1990

–1.43

3.59

2.98

0.415

Class R2

4/24/2015

–1.28

3.79

3.13

^†

0.260

Class R3

4/24/2015

–1.23

3.85

3.18

^†

0.210

Bloomberg U.S. Aggregate Bond Index

—

–1.54

3.57

2.90

—

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 and 30-day SEC yield 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.

^†

$10,000 over 10 years (Class R1)

28	2021 Annual Report ■ College Retirement Equities Fund

CREF Bond Market Account

Expense example

Six months ended December 31, 2021

Bond Market Account	Beginning account value (7/1/21		)	Ending account value (12/31/21		)	Expenses paid during period (7/1/21-12/31/21		* )
Actual return
Class R1	$	1,000.00		$	997.78		$	1.96
Class R2		1,000.00			998.51			1.21
Class R3		1,000.00			998.76			0.96

5% annual hypothetical return
Class R1		1,000.00			1,023.24			1.99
Class R2		1,000.00			1,024.00			1.22
Class R3		1,000.00			1,024.25			0.97

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2021. The Account’s annualized six-month expense ratios for that period were 0.39% for Class R1, 0.24% for Class R2 and 0.19% for Class R3.

For more information about this expense example, please see page 10.

Actual expenses

	Net expense ratio for the one-year period ended 12/31/2021
Class R1		0.41%
Class R2		0.26%
Class R3		0.21%

College Retirement Equities Fund ■ 2021 Annual Report

CREF Bond Market Account

Account profile

		as of 12/31/2021
Net assets		$13.62 billion
Portfolio turnover rate		207%
Portfolio turnover rate, excluding mortgage dollar-roll transactions		49%
Number of issues		2,140
Option-adjusted duration^‡		6.33 years
Average maturity^§		8.38 years

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

Portfolio composition

Sector		% of net assets as of 12/31/2021
Corporate bonds		33.4
Mortgage-backed securities		23.5
Foreign government & corporate bonds denominated in U.S. dollars		15.8
U.S. Treasury securities		7.6
Commercial mortgage-backed securities		7.3
Asset-backed securities		6.9
Municipal bonds		3.0
Bank loan obligations		0.7
U.S. agency securities		0.4
Preferred stock		0.1
Short-term investments, other assets & liabilities, net		1.3
Total		100.0

Holdings by maturity

		% of fixed-income investments (excluding short-term investments) as of 12/31/2021
Less than 1 year		3.6
1–3 years		12.4
3–5 years		20.7
5–10 years		44.0
Over 10 years		19.3
Total		100.0

Holdings by credit quality

	% of fixed-income investments (excluding short-term investments) as of 12/31/2021
U.S. Treasury & U.S. agency securities*		28.3
Aaa/AAA		9.9
Aa/AA		9.1
A/A		18.1
Baa/BBB		29.2
Ba/BB		3.0
B/B		1.2
Non-rated		1.2
Total		100.0

*	These securities are guaranteed by the full faith and credit of the U.S. government.

Credit quality ratings are based on the Bloomberg 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.

30	2021 Annual Report ■ College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Performance for the twelve months ended December 31, 2021

The CREF Inflation-Linked Bond Account returned 5.06% for the year, compared with the 5.69% return of its benchmark, the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. (All returns for the Account are for Class R1.)

TIPS surpassed the broader U.S. bond market

For the twelve months, the TIPS 1–10 Year Index outperformed the –1.54% return of the broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg U.S. Aggregate Bond Index.

Yields on intermediate- and longer-maturity high-quality bonds rose during the period as tight labor markets, surging consumer demand and supply-chain bottlenecks led to higher interest rates, a sharp increase in inflation and a shift in Fed monetary policy. As a result, bond performance overall was generally negative. However, these developments were favorable for TIPS, which posted gains for the period.

The Account trailed its benchmark for the period. The Account’s return includes a deduction for expenses, while the benchmark’s return does not. Since the Account’s portfolio resembled the composition of its benchmark, the above discussion of the benchmark’s performance also applies to the Account’s performance.

During the period, the Account’s portfolio managers kept the Account’s duration—a measure of its sensitivity to interest-rate changes—close to that of the TIPS 1–10 Year Index. This strategy helped the Account’s risk and reward characteristics to more closely resemble those of its benchmark.

College Retirement Equities Fund ■ 2021 Annual Report

CREF Inflation-Linked Bond Account

Performance as of December 31, 2021

Inflation-Linked Bond Account					Average annual						Estimated
		Total return			total return						annual
	Inception										operating
	date	1 year			5 years			10 years			expenses		*
Class R1	5/1/1997		5.06	%		3.93	%		2.13	%		0.385	%
Class R2	4/24/2015		5.22			4.13			2.28	^†		0.230
Class R3	4/24/2015		5.28			4.19			2.33	^†		0.180
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index	—		5.69			4.46			2.57			—

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 and 30-day SEC yield 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.

^†

$10,000 over 10 years (Class R1)

Ending amounts are as of December 31, 2021. For the purpose of comparison, the graph also shows the change in the value of the Account’s benchmark during

32	2021 Annual Report ■ College Retirement Equities Fund

CREF Inflation-Linked Bond Account

the same period. The performance of other classes varies due to differences in expense charges.

Expense example

Six months ended December 31, 2021

Inflation-Linked Bond Account	Beginning account value (7/1/21		)	Ending account value (12/31/21		)	Expenses paid during period (7/1/21-12/31/21		* )
Actual return
Class R1	$	1,000.00		$	1,029.63		$	1.79
Class R2		1,000.00			1,030.38			1.07
Class R3		1,000.00			1,030.64			0.82

5% annual hypothetical return
Class R1		1,000.00			1,023.44			1.79
Class R2		1,000.00			1,024.15			1.07
Class R3		1,000.00			1,024.40			0.82

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2021. The Account’s annualized six-month expense ratios for that period were 0.35% for Class R1, 0.21% for Class R2 and 0.16% for Class R3.

For more information about this expense example, please see page 10.

Actual expenses

	Net expense ratio for the one-year period ended 12/31/2021
Class R1	0.37%
Class R2	0.22%
Class R3	0.17%

College Retirement Equities Fund ■ 2021 Annual Report

CREF Inflation-Linked Bond Account

Account profile

	as of 12/31/2021
Net assets	$7.82 billion
Portfolio turnover rate	24%
Number of issues	128
Option-adjusted duration^‡	4.40 years
Average maturity^§	4.53 years

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

Portfolio composition

Sector	% of net assets as of 12/31/2021
U.S. Treasury securities	92.7
Mortgage-backed securities	3.1
Commercial mortgage-backed securities	1.3
Corporate bonds	1.0
Foreign government & corporate bonds denominated in U.S. dollars	0.5
Bank loan obligations	0.4
Asset-backed securities	0.4
U.S. agency securities	0.2
Short-term investments, other assets & liabilities, net	0.4
Total	100.0

Holdings by maturity

	% of fixed-income investments (excluding short-term investments) as of 12/31/2021
Less than 1 year	3.5
1–3 years	25.7
3–5 years	28.8
5–10 years	39.4
Over 10 years	2.6
Total	100.0

Holdings by credit quality

	% of fixed-income investments (excluding short-term investments) as of 12/31/2021
U.S. Treasury & U.S. agency securities*		93.0
Aaa/AAA		2.5
Aa/AA		0.2
A/A		1.0
Baa/BBB		0.9
Ba/BB		1.3
B/B		0.3
Non-rated		0.8
Total		100.0

*	These securities are guaranteed by the full faith and credit of the U.S. government.

34	2021 Annual Report ■ College Retirement Equities Fund

CREF Social Choice Account

Performance for the twelve months ended December 31, 2021

The CREF Social Choice Account returned 12.42% for the year, compared with the 11.97% return of its composite benchmark, a weighted average of the Russell 3000^®Index, the MSCI EAFE+Canada Index and the Bloomberg U.S. Aggregate Bond Index. The Account utilizes environmental, social and governance (ESG) criteria, while the benchmark does not. (All returns for the Account are for Class R1.)

Because of its ESG criteria, the Account did not invest in a number of stocks and bonds that were included in the indexes that comprise its composite benchmark. Avoiding these investments produced mixed results, but the net effect was that the Account outperformed its benchmark.

Relative to the Russell 3000 Index, the performance of the Account’s domestic equity component benefited from avoiding Amazon.com, credit card issuer Visa and AT&T. In contrast, the omissions of drug maker Pfizer, Exxon Mobil and Bank of America were detrimental. Relative to the MSCI EAFE+Canada Index, the Account’s international holdings were helped by excluding Japanese conglomerate Softbank Group, Swiss drug maker Novartis and British consumer products giant Unilever. Conversely, avoiding French luxury goods firm LVMH, Toronto-Dominion Bank and British beverage company Diageo was disadvantageous.

Account outperformed its composite benchmark

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

Compared to the Russell 3000 Index, the Account’s domestic equity holdings benefited most from overweight positions in semiconductor companies NVIDIA and Applied Materials, as well as software provider Intuit. By contrast, the largest detractors were an underweight position in Apple and overweight positions in PayPal and video game firm Activision Blizzard.

Relative to the MSCI EAFE+Canada Index, the Account’s foreign holdings were helped most by an overweight position in Japanese marine transportation company Nippon Yusen, an underweight position in Hong Kong insurer AIA Group and an overweight position in Canada’s Cenovus Energy. Conversely, overweight positions in French digital services company Atos, Japan’s Chugai Pharmaceutical and Danish wind farm developer Orsted detracted most from relative performance.

The Account’s fixed-income component declined, but its return outperformed the –1.54% result of the Bloomberg U.S. Aggregate Bond Index, mainly due to favorable yield curve positioning in the U.S. Treasuries sector.

College Retirement Equities Fund ■ 2021 Annual Report

CREF Social Choice Account

Performance as of December 31, 2021
Social Choice Account						Average annual						Estimated
			Total return			total return						annual
	Inception											operating
	date		1 year			5 years			10 years			expenses		*
Class R1		3/1/1990		12.42	%		10.78	%		9.34	%		0.400	%
Class R2		4/24/2015		12.59			10.99			9.49	^†		0.245
Class R3		4/24/2015		12.64			11.06			9.54	^†		0.195
CREF Social Choice Account Composite Index^§		—		11.97			10.88			9.67			—
Broad market index
Morningstar Moderate Target Risk Index		—		10.19			10.07			8.75			—

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

*	The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Refer to the Financial highlights later in this report for the Account’s expense ratios as of the end of the reporting period.
^†	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.
^§	As of the close of business on December 31, 2021, the CREF Social Choice Composite Benchmark consisted of: 42.0% Russell 3000^® Index, 40.0% Bloomberg 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.

36	2021 Annual Report ■ College Retirement Equities Fund

CREF Social Choice Account

$10,000 over 10 years (Class R1)

Expense example

Six months ended December 31, 2021

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
Social Choice Account	(7/1/21		)	(12/31/21		)	(7/1/21-12/31/21		)
Actual return
Class R1		$1,000.00		$	1,044.86		$	1.91
Class R2		1,000.00			1,045.63			1.19
Class R3		1,000.00			1,045.89			0.93

5% annual hypothetical return
Class R1		1,000.00			1,023.34			1.89
Class R2		1,000.00			1,024.05			1.17
Class R3		1,000.00			1,024.30			0.92

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2021. The Account’s annualized six-month expense ratios for that period were 0.37% for Class R1, 0.23% for Class R2 and 0.18% for Class R3.

For more information about this expense example, please see page 10.

College Retirement Equities Fund ■ 2021 Annual Report

CREF Social Choice Account

Actual expenses

		Net expense ratio for the one-year period ended 12/31/2021
Class R1		0.40%
Class R2		0.24%
Class R3		0.19%

Account profile
		as of 12/31/2021
Net assets		$19.75 billion
Portfolio turnover rate		118%
Portfolio turnover rate, excluding mortgage dollar-roll transactions		57%
Equity segment
Number of holdings		1,031
Weighted median market capitalization		$75.74 billion
Price/earnings ratio (weighted 12-month trailing average)^†		24.0
Fixed-income segment
Number of issues		960
Option-adjusted duration^‡		6.61 years
Average maturity^§		9.51 years

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

Portfolio composition
Sector		% of net assets as of 12/31/2021
Equities		60.1
Fixed-income securities		38.8
Short-term investments, other assets & liabilities, net		1.1
Total		100.0

Holdings by company size
Market capitalization	% of equity investments as of 12/31/2021
More than $50 billion		59.5
More than $15 billion–$50 billion		27.8
More than $2 billion–$15 billion		11.7
$2 billion or less		1.0
Total		100.0

Holdings by maturity
	% of fixed-income investments (excluding short-term investments) as of 12/31/2021
Less than 1 year		2.8
1–3 years		13.2
3–5 years		18.2
5–10 years		41.5
Over 10 years		24.3
Total		100.0

38	2021 Annual Report ■ College Retirement Equities Fund

CREF Money Market Account

Performance for the twelve months ended December 31, 2021

The CREF Money Market Account returned 0.00% for the year, compared with the 0.01% return of the iMoneyNet Money Fund Averages™—All Government, a simple average of over 500 money market funds that invest in short-term U.S. government securities. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average. (All returns for the Account are for Class R1.)

During the twelve-month period, continued low short-term interest rates kept yields on government money market securities at near-zero levels. The “secured overnight financing rate” (SOFR), which represents dealer transactions in Treasury collateralized overnight repurchase agreements, declined from 0.10% on January 4, 2021, to 0.05% on December 31, 2021. With short-term interest rates at such low levels, money market fund yields followed suit and remained at almost zero as well.

Account slightly trailed the iMoneyNet average

In an environment of historically low money market rates, the Money Market Account’s return was slightly lower than that of the iMoneyNet average for the year. The Account continued to invest in floating-rate government agency securities, which provide a yield enhancement over short-term fixed-rate securities and could produce higher income if market rates rise. As of December 28, 2021, the Account’s weighted average maturity (WAM) was 40 days, versus 35 days for the iMoneyNet average. iMoneyNet releases their data on a weekly basis, and December 28 was the last date of release for the month.

College Retirement Equities Fund ■ 2021 Annual Report

CREF Money Market Account

Net annualized yield for the 7 days ended December 28, 2021^§

	Current yield			Effective yield
Money Market Account
Class R1		0.00	%		0.00	%
Class R2		0.00			0.00
Class R3		0.00			0.00
iMoneyNet Money Fund Averages™—All Government^‡		0.01			0.01

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

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

Performance as of December 31, 2021

Money Market Account^#
						Average annual						Estimated
			Total return			total return						annual
	Inception											operating
	date		1 year			5 years			10 years			expenses		*
Class R1		4/1/1988		0.00	%		0.63	%		0.31	%		0.390	%
Class R2		4/24/2015		0.00			0.81			0.41	^†		0.235
Class R3		4/24/2015		0.00			0.87			0.45	^†		0.185
iMoneyNet Money Fund Averages™—All Government^‡		—		0.01			0.79			0.41			—

You could lose money by investing in this 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 (FDIC) 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. For a detailed discussion of risk, please see the prospectus. 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.

Between July 16, 2009, and March 7, 2017, TIAA 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’ yield was less than zero. Without this waiver, the total returns of the Money Market Account would have been lower. For a period of three years after the date an amount was waived, it was eligible for recoupment by TIAA, under certain conditions. All eligible expenses were recouped by July 2018 for Class R3, September 2018 for Class R2 and June 2019 for Class R1.

TIAA has agreed to withhold (“waive”) a portion of the Rule 12b-1 distribution and/or administrative expenses for each class of the CREF Money Market Account (the “Account”) when a class’ yield is less than zero. Without this waiver, the total returns of each class of the Account would be lower, and could be negative. TIAA may, for a period of three years after the date an amount was waived, recover from the Account a portion of the amounts waived at such time as the class’ daily yield would be positive absent the effect of the waiver and, in

40	2021 Annual Report ■ College Retirement Equities Fund

CREF Money Market Account

	such event, the amount of recovery on any day will be approximately 25% of the class’ yield (net of all other expenses) on that day. This limited waiver terminated on December 31, 2021. Upon expiration of the waiver, the total returns of each class of the Account will be lower, and could be negative, particularly if interest rates remain low at the time of the waiver’s expiration.
*	The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Refer to the Financial highlights later in this report for the Account’s expense ratios as of the end of the reporting period.
^†	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.
^‡	The iMoneyNet Money Fund Averages—All Government is a simple average of over 500 money market funds that invest in U.S. Treasuries, U.S. agencies, repurchase agreements and government-backed floating-rate notes. You cannot invest directly in it.

Expense example

Six months ended December 31, 2021

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
Money Market Account	(7/1/21		)	(12/31/21		)	(7/1/21-12/31/21		)
Actual return
Class R1		$1,000.00		$	1,000.00		$	0.30
Class R2		1,000.00			1,000.00			0.30
Class R3		1,000.00			1,000.00			0.30

5% annual hypothetical return
Class R1		1,000.00			1,024.90			0.31
Class R2		1,000.00			1,024.90			0.31
Class R3		1,000.00			1,024.90			0.31

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2021. The Account’s annualized six-month expense ratios for that period were 0.06% for Class R1, 0.06% for Class R2 and 0.06% 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.

For more information about this expense example, please see page 10.

Actual expenses

		Net expense ratio for the one-year period ended 12/31/2021
Class R1		0.07%
Class R2		0.07%
Class R3		0.07%

College Retirement Equities Fund ■ 2021 Annual Report

CREF Money Market Account

Account profile
		as of 12/31/2021
Net assets		$8.36 billion
Number of issues		185

Portfolio composition
		% of net assets
Sector		as of 12/31/2021
U.S. government agency securities*		52.5
U.S. Treasury securities*		24.2
Floating-rate securities, government*		23.7
Other assets & liabilities, net		–0.4
Total		100.0

*	These securities are guaranteed by the full faith and credit of the U.S. government.

42	2021 Annual Report ■ College Retirement Equities Fund

Summary portfolio of investments

CREF Stock Account ■ December 31, 2021

Principal			Issuer		Value (000)		% of net assets
BONDS

CORPORATE BONDS
FOOD, BEVERAGE & TOBACCO					$	62		0.0	%
			TOTAL CORPORATE BONDS	(Cost $64)		62		0.0

GOVERNMENT BONDS
U.S. TREASURY SECURITIES						302		0.0
			TOTAL GOVERNMENT BONDS	(Cost $300)		302		0.0
			TOTAL BONDS	(Cost $364)		364		0.0

Shares			Company

COMMON STOCKS
AUTOMOBILES & COMPONENTS
	1,299,808	*,n	Tesla, Inc			1,373,611		1.0
			Other			2,204,413		1.6
						3,578,024		2.6
BANKS
	19,484,297		Bank of America Corp			866,856		0.6
	5,281,841		JPMorgan Chase & Co			836,380		0.6
	13,713,738		Wells Fargo & Co			657,985		0.5
			Other			7,130,549		5.1
						9,491,770		6.8
CAPITAL GOODS
	2,268,986		Honeywell International, Inc			473,106		0.4
	5,335,629	e	Raytheon Technologies Corp			459,184		0.4
			Other			9,051,271		6.4
						9,983,561		7.2
COMMERCIAL & PROFESSIONAL SERVICES						2,018,374		1.4

CONSUMER DURABLES & APPAREL
	2,413,718		Nike, Inc (Class B)			402,294		0.3
			Other			2,983,224		2.1
						3,385,518		2.4
CONSUMER SERVICES
	7,209,528	*,a,e	Arcos Dorados Holdings			42,032		0.0
	2,165,513		McDonald’s Corp			580,509		0.4
			Other			2,579,448		1.9
						3,201,989		2.3
DIVERSIFIED FINANCIALS
	2,309,859	*	Berkshire Hathaway, Inc (Class B)			690,648		0.5
	6,314,200		Morgan Stanley			619,802		0.5
			Other			5,269,329		3.7
						6,579,779		4.7

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Summary portfolio of investments	continued

CREF Stock Account ■ December 31, 2021

Shares			Company	Value (000)		% of net assets
ENERGY
	3,891,550		Chevron Corp	$	456,673		0.3	%
			Other		3,977,071		2.9
					4,433,744		3.2
FOOD & STAPLES RETAILING
	947,479		Costco Wholesale Corp		537,884		0.4
	3,758,539		Walmart, Inc		543,823		0.4
			Other		950,211		0.7
					2,031,918		1.5
FOOD, BEVERAGE & TOBACCO
	4,138,665		Nestle S.A.		577,829		0.4
	2,396,648		PepsiCo, Inc		416,322		0.3
			Other		3,517,032		2.5
					4,511,183		3.2
HEALTH CARE EQUIPMENT & SERVICES
	3,602,870		Abbott Laboratories		507,068		0.4
	2,036,876		UnitedHealth Group, Inc		1,022,797		0.8
			Other		4,868,214		3.4
					6,398,079		4.6
HOUSEHOLD & PERSONAL PRODUCTS
	4,247,130		Procter & Gamble Co		694,746		0.5
			Other		1,287,964		0.9
					1,982,710		1.4
INSURANCE					3,191,975		2.3
MATERIALS					6,626,973		4.8

MEDIA & ENTERTAINMENT
	547,955	*,n	Alphabet, Inc (Class A)		1,587,448		1.2
	569,461	*,n	Alphabet, Inc (Class C)		1,647,787		1.2
	11,018,668		Comcast Corp (Class A)		554,570		0.4
	5,682,338	*,a,e	iClick Interactive Asia Group Ltd (ADR)		26,196		0.0
	4,420,992	*,a,e	HUYA, Inc (ADR)		30,682		0.0
	3,979,559	*	Meta Platforms, Inc.		1,338,525		1.0
	11,028,759		Tencent Holdings Ltd		643,540		0.5
	3,460,304	*,n	Walt Disney Co		535,966		0.4
			Other		2,811,659		1.9
					9,176,373		6.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	5,672,714		AbbVie, Inc		768,085		0.6
	4,526,831		AstraZeneca plc		528,595		0.4
	1,200,730		Danaher Corp		395,052		0.3
	3,709,292		Johnson & Johnson		634,549		0.5
	10,646,567		Pfizer, Inc		628,680		0.5
	1,083,958		Roche Holding AG.		449,692		0.3
			Other		6,102,037		4.2
					9,506,690		6.8
REAL ESTATE					4,178,004		3.0

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Stock Account ■ December 31, 2021

Shares			Company		Value (000)		% of net assets
RETAILING
	860,291	*	Amazon.com, Inc		$	2,868,503		2.1	%
	1,613,852		Home Depot, Inc			669,765		0.5
	64,973,036	a	Lojas Americanas S.A. (Preference)			68,436		0.0
	1,800,527	n	Lowe’s Companies, Inc			465,400		0.4
	156,345,400	a	Matahari Department Store Tbk PT*			45,527		0.0
			Other			3,475,934		2.5
						7,593,565		5.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,618,187		Applied Materials, Inc			411,998		0.3
	932,806		ASML Holding NV			747,196		0.6
	1,105,294		Broadcom, Inc			735,474		0.6
	4,476,069		NVIDIA Corp			1,316,457		1.0
	2,614,846		QUALCOMM, Inc			478,177		0.4
	42,622,458		Taiwan Semiconductor Manufacturing Co Ltd			942,851		0.7
			Other			3,789,257		2.5
						8,421,410		6.1
SOFTWARE & SERVICES
	1,425,486		Accenture plc			590,935		0.4
	2,273,551		Mastercard, Inc (Class A)			816,932		0.6
	15,124,645	n	Microsoft Corp			5,086,721		3.7
	2,494,831	*	PayPal Holdings, Inc			470,475		0.4
	2,988,728	*	salesforce.com, Inc			759,525		0.6
	637,628	*	ServiceNow, Inc			413,891		0.3
	3,139,340		Visa, Inc (Class A)			680,326		0.5
			Other			6,566,536		4.6
						15,385,341		11.1

TECHNOLOGY HARDWARE & EQUIPMENT
	25,113,653	d	Apple, Inc			4,459,431		3.2
	12,199,966		Cisco Systems, Inc			773,112		0.6
	6,716,634		Samsung Electronics Co Ltd			441,114		0.3
			Other			2,565,633		1.8
						8,239,290		5.9
TELECOMMUNICATION SERVICES						1,675,929		1.2

TRANSPORTATION
	2,602,045		Union Pacific Corp			655,533		0.5
			Other			2,083,854		1.5
						2,739,387		2.0

UTILITIES						3,226,210		2.3
			TOTAL COMMON STOCKS	(Cost $108,787,929)		137,557,796		98.9


PURCHASED OPTIONS
MEDIA & ENTERTAINMENT						19		0.0
			TOTAL PURCHASED OPTIONS	(Cost $1,151)		19		0.0

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Summary portfolio of investments	continued

CREF Stock Account ■ December 31, 2021

Shares	Company		Value (000)			% of net assets
PREFERRED STOCKS
REAL ESTATE			$	17			0.0	%
	TOTAL PREFERRED STOCKS	(Cost $20)		17			0.0
RIGHTS / WARRANTS
AUTOMOBILES & COMPONENTS				103			0.0
CAPITAL GOODS				32			0.0
COMMERCIAL & PROFESSIONAL SERVICES				32			0.0
CONSUMER DURABLES & APPAREL				1,251			0.0
CONSUMER SERVICES				17			0.0
DIVERSIFIED FINANCIALS				8			0.0
ENERGY				4			0.0
HEALTH CARE EQUIPMENT & SERVICES				22			0.0
MATERIALS				12			0.0
MEDIA & ENTERTAINMENT				761			0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				87			0.0
REAL ESTATE				17			0.0
TECHNOLOGY HARDWARE & EQUIPMENT				5			0.0
TRANSPORTATION				16			0.0
	TOTAL RIGHTS / WARRANTS	(Cost $609)		2,367			0.0

Principal	Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				1,291,219			0.9
REPURCHASE AGREEMENT				113,560			0.1
TREASURY DEBT				96,836			0.0

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
CERTIFICATE OF DEPOSIT				52,000			0.0
COMMERCIAL PAPER				61,956			0.1
REPURCHASE AGREEMENT				689,000			0.5
TREASURY DEBT				254,986			0.2
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				1,057,942			0.8
	TOTAL SHORT-TERM INVESTMENTS	(Cost $2,559,664)		2,559,557			1.8

	TOTAL PORTFOLIO	(Cost $111,349,737)		140,120,120			100.7
	OTHER ASSETS & LIABILITIES, NET			(949,978	)		(0.7	)
	NET ASSETS		$	139,170,142			100.0	%

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Stock Account ■ December 31, 2021


ADR	American Depositary Receipt
*	Non-income producing
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 $1,746,890,302. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
n	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options 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.

At 12/31/21, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $1,629,222,198 or 1.2% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

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

Purchased options outstanding as of December 31, 2021 were as follows (notional amounts and values are in thousands):

Description/underlying investment

Number of
contracts

Notional
amount

Exercise
price

Expiration
date

Value

Sea Ltd, Call

350

$1,151

$360.00

03/18/22

$19

Written options outstanding as of December 31, 2021 were as follows (notional amounts and values are in thousands):

Description/underlying investment	Number of contracts		Notional amount			Exercise price			Expiration date	Value
Advantest Corp, Call		270		$ (19	)		$	11,500.00	01/13/22		$	(19	)
Alphabet, Inc, Call		5		(5	)			3,300.00	01/21/22			(0	)^
Baozun, Inc, Call		2,500		(123	)			15.00	01/21/22			(88	)
Ciena Corp, Put		30		(1	)			60.00	01/21/22			(0	)^
Crocs, Inc, Put		30		(3	)			90.00	01/21/22			(1	)
Estee Lauder Cos, Inc, Call		20		(3	)			400.00	01/21/22			(1	)
GDS Holdings Ltd, Call		2,400		(284	)			55.00	01/21/22			(264	)
Generac Holdings, Inc, Put		20		(6	)			310.00	01/21/22			(3	)
Intuitive Surgical, Inc, Put		213		(311	)			320.00	01/21/22			(42	)
Kornit Digital Ltd, Call		50		(10	)			160.00	01/21/22			(16	)
Lowe’s Cos, Inc, Call		10		(1	)			280.00	01/21/22			(0	)^
Lowe’s Cos, Inc, Call		10		(1	)			290.00	01/21/22			(0	)^
Microsoft Corp, Put		20		(4	)			290.00	01/21/22			(1	)
Nintendo Co Ltd, Put		30		(16	)			50,000.00	01/13/22			(14	)
Renesas Electronics Corp, Call		2,650		(1	)			1,600.00	01/13/22			(5	)
Sea Ltd, Call		350		(409	)			440.00	03/18/22			(9	)
Sea Ltd, Put		10		(3	)			160.00	01/21/22			(1	)
Sea Ltd, Put		20		(11	)			190.00	01/21/22			(3	)
Sea Ltd, Put		350		(690	)			300.00	03/18/22			(2,747	)
SUMCO Corp, Call		670		(1	)			2,600.00	01/13/22			(3	)
Tesla, Inc, Call		129		(253	)			1,300.00	01/21/22			(92	)
Tesla, Inc, Put		5		(10	)			800.00	01/21/22			(1	)
Tesla, Inc, Put		126		(477	)			900.00	01/21/22			(127	)
ViacomCBS, Inc, Put		45		(27	)			35.00	06/17/22			(30	)
Walt Disney Co, Put		15		(4	)			130.00	02/18/22			(1	)
Walt Disney Co, Put		15		(5	)			135.00	02/18/22			(1	)
Total		9,993		$(2,678	)						$	(3,469	)

^	Amount represents less than $1,000.

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Summary portfolio of investments	concluded

CREF Stock Account ■ December 31, 2021

Futures contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

Description	Number of long (short contracts		)	Expiration date	Notional amount			Value			Unrealized appreciation (depreciation		)
Russell 2000 E Mini Index		482		03/18/22		$	54,638		$	54,052	$	(586	)
S&P 500 E Mini Index		3,263		03/18/22			765,059			776,349		11,290
S&P Mid-Cap 400 E Mini Index		299		03/18/22			84,100			84,847		747
Total		4,044				$	903,797		$	915,248	$	11,451

Forward foreign currency contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation			)
$	80,315	CAD	100,000	Bank of America	02/08/22		$	1,265
$	23,230	EUR	20,000	Bank of America	02/09/22			442
$	13,495	GBP	10,000	Bank of America	02/09/22			(39	)
CAD	100,000	$	80,389	Bank of America	02/08/22			(1,338	)
EUR	20,000	$	23,164	Bank of America	02/09/22			(376	)
GBP	10,000	$	13,569	Bank of America	02/09/22			(36	)
JPY	2,235,080	$	19,823	Bank of America	02/09/22			(387	)
Total							$	(469	)
$	100,000	CAD	124,456	Morgan Stanley	02/08/22		$	1,616
EUR	4,087	$	4,748	Morgan Stanley	02/09/22			(92	)
Total							$	1,524
$	7,402	AUD	10,000	Toronto Dominion Bank	02/09/22		$	126
$	14,804	AUD	20,000	Toronto Dominion Bank	02/09/22			252
$	5,196	AUD	7,015	Toronto Dominion Bank	02/09/22			91
$	2,598	AUD	3,508	Toronto Dominion Bank	02/09/22			45
$	16,064	CAD	20,000	Toronto Dominion Bank	02/08/22			254
$	3,936	CAD	4,899	Toronto Dominion Bank	02/08/22			63
$	34,749	EUR	30,000	Toronto Dominion Bank	02/09/22			567
$	67,468	GBP	50,000	Toronto Dominion Bank	02/09/22			(201	)
$	6,747	GBP	5,000	Toronto Dominion Bank	02/09/22			(20	)
EUR	17,215	$	20,000	Toronto Dominion Bank	02/09/22			(385	)
GBP	5,000	$	6,787	Toronto Dominion Bank	02/09/22			(20	)
JPY	20,000	$	177	Toronto Dominion Bank	02/09/22			(3	)
Total							$	769
Total							$	1,824

AUD		Australian Dollar
CAD		Canadian Dollar
EUR		Euro
GBP		Pound Sterling
JPY		Japanese Yen

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

CREF Global Equities Account ■ December 31, 2021

Principal		Issuer		Value (000)		% of net assets
CORPORATE BONDS
INDIA				$	16		0.0	%
		TOTAL CORPORATE BONDS	(Cost $16)		16		0.0

Shares		Company

COMMON STOCKS
ARGENTINA					13,070		0.0
AUSTRALIA					333,797		1.2
AUSTRIA					33,859		0.1
BELGIUM					28,986		0.1
BERMUDA					1,759		0.0
BRAZIL					243,645		0.8
CANADA					486,638		1.7
CHILE					5,338		0.0
CHINA
	5,084,800	Tencent Holdings Ltd			296,703		1.0
		Other			759,976		2.7
					1,056,679		3.7
COLOMBIA					2,473		0.0
CZECH REPUBLIC					1,878		0.0
DENMARK					133,899		0.5
EGYPT					743		0.0
FINLAND					93,100		0.3
FRANCE
	585,052	Cap Gemini S.A.			143,385		0.5
		Other			877,493		3.1
					1,020,878		3.6
GERMANY
	986,460	Siemens AG.			170,858		0.6
		Other			425,547		1.5
					596,405		2.1
GREECE					3,571		0.0
HONG KONG					86,438		0.3
HUNGARY					9,509		0.0
INDIA					230,936		0.8
INDONESIA					41,995		0.1

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Summary portfolio of investments	continued

CREF Global Equities Account ■ December 31, 2021

Shares			Company	Value (000)		% of net assets
IRELAND				$	199,272		0.7	%
ISRAEL					46,750		0.2
ITALY					246,872		0.9
JAPAN
	2,772,600		Recruit Holdings Co Ltd		168,728		0.6
	2,070,265		Sony Corp		261,429		0.9
	8,140,410	*	Toyota Motor Corp		150,456		0.5
			Other		993,416		3.5
					1,574,029		5.5
KOREA, REPUBLIC OF
	2,815,556		Samsung Electronics Co Ltd		184,911		0.7
			Other		213,131		0.7
					398,042		1.4
KUWAIT					9,028		0.0
LUXEMBOURG					29,449		0.1
MACAU					1,556		0.0
MALAYSIA					19,496		0.1
MEXICO					35,301		0.1
NETHERLANDS
	296,159		ASML Holding NV		237,229		0.8
	13,642,422		ING Groep NV		189,671		0.7
			Other		199,494		0.7
					626,394		2.2
NEW ZEALAND					8,685		0.0
NORWAY					175,990		0.6
PERU					3,505		0.0
PHILIPPINES					16,399		0.1
POLAND					14,667		0.1
PORTUGAL					31,742		0.1
QATAR					7,874		0.0
ROMANIA					673		0.0
RUSSIA					179,246		0.6
SAUDI ARABIA					62,888		0.2
SINGAPORE					71,909		0.3
SOUTH AFRICA					64,830		0.2
SPAIN					147,751		0.5
SWEDEN					182,258		0.6

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Global Equities Account ■ December 31, 2021

Shares			Company	Value (000)		% of net assets
SWITZERLAND
	195,551		Lonza Group AG.	$	162,813		0.6	%
	486,423		Roche Holding AG.		201,798		0.7
			Other		240,745		0.8
					605,356		2.1
TAIWAN
	15,637,100		Taiwan Semiconductor Manufacturing Co Ltd		345,908		1.2
			Other		185,295		0.7
					531,203		1.9
TANZANIA, UNITED REPUBLIC OF					1,918		0.0
THAILAND					25,719		0.1
TURKEY					3,360		0.0
UNITED ARAB EMIRATES					17,408		0.1

UNITED KINGDOM
	1,464,596		AstraZeneca plc		171,020		0.6
	2,589,939		Diageo plc		141,608		0.5
	636,125		Linde plc (Xetra)		220,740		0.8
			Other		738,000		2.5
					1,271,368		4.4
UNITED STATES
	1,287,461		Abbott Laboratories		181,197		0.6
	1,381,295		AbbVie, Inc		187,027		0.6
	374,534		Accenture plc		155,263		0.5
	102,893	*	Alphabet, Inc (Class A)		298,085		1.0
	113,866	*	Alphabet, Inc (Class C)		329,482		1.1
	184,351	*	Amazon.com, Inc		614,689		2.1
	5,747,631	d	Apple, Inc		1,020,607		3.6
	461,094		Broadcom, Inc		306,817		1.1
	2,910,740		Cisco Systems, Inc		184,454		0.6
	3,059,525		Coca-Cola Co		181,155		0.6
	396,867		Costco Wholesale Corp		225,301		0.8
	2,740,551		Exxon Mobil Corp		167,694		0.6
	4,161,724		Freeport-McMoRan, Inc (Class B)		173,669		0.6
	361,853		Goldman Sachs Group, Inc		138,427		0.5
	695,299		Home Depot, Inc		288,556		1.0
	763,236		Honeywell International, Inc		159,142		0.6
	1,601,074		JPMorgan Chase & Co		253,530		0.9
	386,763		KLA Corp		166,351		0.6
	692,302		McDonald’s Corp		185,585		0.6
	3,145,095		Microsoft Corp		1,057,758		3.7
	2,523,867		Morgan Stanley		247,743		0.9
	1,061,795		Nike, Inc (Class B)		176,969		0.6
	614,132		NVIDIA Corp		180,622		0.6
	860,667	*	PayPal Holdings, Inc		162,305		0.6
	1,515,180		Procter & Gamble Co		247,853		0.9
	1,096,037	*	salesforce.com, Inc		278,536		1.0

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Summary portfolio of investments	continued

CREF Global Equities Account ■ December 31, 2021

Shares			Company		Value (000)			% of net assets
UNITED STATES—continued
	775,008		Schneider Electric S.A.		$	152,363			0.5	%
	372,472	*	ServiceNow, Inc			241,775			0.8
	290,000	*	Tesla, Inc			306,466			1.1
	920,214		Union Pacific Corp			231,830			0.8
	504,888		UnitedHealth Group, Inc			253,524			0.9
	896,163		Visa, Inc (Class A)			194,208			0.7
	1,065,161		Walmart, Inc			154,118			0.5
	1,246,105	*	Walt Disney Co			193,009			0.7
	4,715,729		Wells Fargo & Co			226,261			0.8
			Other			7,754,346			27.0
						17,276,717			60.1
			TOTAL COMMON STOCKS	(Cost $21,445,983)		28,313,251			98.5

RIGHTS / WARRANTS
AUSTRALIA						21			0.0
KOREA, REPUBLIC OF						12			0.0
SWITZERLAND						213			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $10)		246			0.0
Principal			Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						396,372			1.4
REPURCHASE AGREEMENTS						19,280			0.1
TREASURY DEBT						22,517			0.1

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
CERTIFICATE OF DEPOSIT						8,000			0.0
COMMERCIAL PAPER						7,994			0.0
REPURCHASE AGREEMENTS						67,000			0.2
TREASURY DEBT						26,190			0.1
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						109,184			0.3
			TOTAL SHORT-TERM INVESTMENTS	(Cost $547,367)		547,353			1.9

			TOTAL PORTFOLIO	(Cost $21,993,376)		28,860,866			100.4
			OTHER ASSETS & LIABILITIES, NET			(117,570	)		(0.4	)
			NET ASSETS		$	28,743,296			100.0	%

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	concluded

CREF Global Equities Account ■ December 31, 2021


*	Non-income producing

d	All or a portion of these securities have been segregated to cover margin requirements on open futures 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.

At 12/31/21, the aggregate value of securities on loan is $160,847,614. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

At 12/31/21, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $368,748,110 or 1.3% 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.

Futures contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

Description	Number of long (short contracts		)	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation		)
MSCI EAFE Index		731		03/18/22	$	83,676	$	84,862	$	1,186
S&P 500 E Mini Index		896		03/18/22		210,515		213,181		2,666
Total		1,627			$	294,191	$	298,043	$	3,852

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Summary portfolio of investments

CREF Growth Account ■ December 31, 2021

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	1,719,575	*	Aptiv plc	$	283,644		0.7	%
	1,278,423	*,n	Tesla, Inc		1,351,012		3.4
			Other		143,385		0.4
					1,778,041		4.5
CAPITAL GOODS
	8,044,932		Carrier Global Corp		436,357		1.1
	470,266		Roper Technologies Inc		231,305		0.6
			Other		481,080		1.2
					1,148,742		2.9
COMMERCIAL & PROFESSIONAL SERVICES					477,684		1.2
CONSUMER DURABLES & APPAREL
	3,146,702		Nike, Inc (Class B)		524,461		1.3
			Other		249,925		0.6
					774,386		1.9
CONSUMER SERVICES
	149,507	*	Booking Holdings, Inc		358,702		0.9
	168,858	*	Chipotle Mexican Grill, Inc (Class A)		295,206		0.7
			Other		424,081		1.1
					1,077,989		2.7
DIVERSIFIED FINANCIALS
	2,554,131		Charles Schwab Corp		214,803		0.5
	1,084,500	e	iShares Russell 1000 Growth Index Fund		331,412		0.8
	2,497,330		Morgan Stanley		245,138		0.6
	625,449		S&P Global, Inc		295,168		0.8
			Other		151,367		0.4
					1,237,888		3.1
FOOD & STAPLES RETAILING
	1,597,668		Costco Wholesale Corp		906,996		2.3
					906,996		2.3
FOOD, BEVERAGE & TOBACCO
	3,842,858	*	Monster Beverage Corp		369,068		0.9
			Other		87,125		0.2
					456,193		1.1
HEALTH CARE EQUIPMENT & SERVICES
	738,750	*	Align Technology, Inc		485,492		1.2
	830,893	*	DexCom, Inc		446,148		1.1
	1,059,188	*,n	Intuitive Surgical, Inc		380,566		1.0
			Other		595,624		1.5
					1,907,830		4.8

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Growth Account ■ December 31, 2021

Shares			Company	Value (000)		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	674,280		Estee Lauder Cos (Class A)	$	249,618		0.6	%
					249,618		0.6
INSURANCE					145,081		0.4
MATERIALS
	1,090,071		Sherwin-Williams Co		383,879		1.0
			Other		94,783		0.2
					478,662		1.2
MEDIA & ENTERTAINMENT
	481,895	*	Alphabet, Inc (Class A)		1,396,069		3.5
	345,796	*	Alphabet, Inc (Class C)		1,000,592		2.5
	2,967,078	*	Match Group, Inc		392,396		1.0
	4,914,784	*	Meta Platforms, Inc.		1,653,088		4.1
			Other		893,153		2.3
					5,335,298		13.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	10,141,413	*	Avantor, Inc		427,359		1.1
	3,430,391	*	Horizon Therapeutics Plc		369,659		0.9
	2,700,081		Zoetis, Inc		658,901		1.6
			Other		707,629		1.8
					2,163,548		5.4
RETAILING
	794,412	*	Amazon.com, Inc		2,648,840		6.6
	953,350	*	Burlington Stores, Inc		277,911		0.7
	1,659,114		Lowe’s Companies, Inc		428,848		1.1
	3,591,320		TJX Companies, Inc		272,653		0.7
			Other		425,836		1.1
					4,054,088		10.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,944,324		Applied Materials, Inc		305,959		0.8
	911,541		Broadcom, Inc		606,548		1.5
	582,941		Lam Research Corp		419,222		1.0
	2,533,441		Marvell Technology, Inc		221,651		0.6
	429,113		Monolithic Power Systems, Inc		211,694		0.5
	4,828,682		NVIDIA Corp		1,420,164		3.6
	1,460,856		QUALCOMM, Inc		267,147		0.7
			Other		291,398		0.7
					3,743,783		9.4

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Summary portfolio of investments	continued

CREF Growth Account ■ December 31, 2021

Shares			Company		Value (000)		% of net assets
SOFTWARE & SERVICES
	1,411,004	*	Block Inc		$	227,891		0.6	%
	1,194,474		Intuit, Inc			768,310		1.9
	2,208,643		Mastercard, Inc (Class A)			793,610		2.0
	12,155,604		Microsoft Corp			4,088,173		10.3
	436,575	*	Palo Alto Networks, Inc			243,067		0.6
	3,722,896	*	PayPal Holdings, Inc			702,064		1.8
	3,956,135	*	salesforce.com, Inc			1,005,373		2.5
	956,650	*	ServiceNow, Inc			620,971		1.6
	700,311	*	Synopsys, Inc			258,065		0.6
	1,072,705	*	Twilio, Inc			282,486		0.7
	3,535,213		Visa, Inc (Class A)			766,116		1.9
			Other			1,216,313		3.0
						10,972,439		27.5
TECHNOLOGY HARDWARE & EQUIPMENT
	11,233,224		Apple, Inc			1,994,684		5.0
						1,994,684		5.0
TELECOMMUNICATION SERVICES						68,028		0.2
	TRANSPORTATION
	5,133,984	*	Uber Technologies, Inc			215,268		0.5
	1,375,743		Union Pacific Corp			346,591		0.9
						561,859		1.4
			TOTAL COMMON STOCKS	(Cost $29,912,433)		39,532,837		99.2

	Principal		Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						87,000		0.2
TREASURY DEBT						8,395		0.0

	Shares		Company

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	65,478,995	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.030%		65,479		0.2
			TOTAL SHORT-TERM INVESTMENTS	(Cost $160,875)		160,874		0.4

			TOTAL PORTFOLIO	(Cost $30,073,308)		39,693,711		99.6
			OTHER ASSETS & LIABILITIES, NET			150,153		0.4
			NET ASSETS		$	39,843,864		100.0	%

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $154,370,834. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
n	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

concluded

CREF Growth Account ■ December 31, 2021

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

At 12/31/21, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $187,969,626 or 0.5% 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.

Written options outstanding as of December 31, 2021 were as follows (notional amounts and values are in thousands):

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Intuitive Surgical, Inc, Put		615	$	(897	)	$	320.00	01/21/22	$	(122	)
Tesla, Inc, Call		477		(942	)		1,300.00	01/21/22		(339	)
Tesla, Inc, Put		477		(1,807	)		900.00	01/21/22		(481	)
Total		1,569	$	(3,646	)				$	(942	)

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Summary portfolio of investments

CREF Equity Index Account ■ December 31, 2021

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	432,832	*	Tesla, Inc	$	457,408		1.8	%
			Other		169,610		0.6
					627,018		2.4
BANKS
	3,852,559		Bank of America Corp		171,400		0.7
	1,574,258		JPMorgan Chase & Co		249,284		1.0
	2,139,804		Wells Fargo & Co		102,668		0.4
			Other		562,362		2.1
					1,085,714		4.2
CAPITAL GOODS					1,482,525		5.8
COMMERCIAL & PROFESSIONAL SERVICES					309,463		1.2
CONSUMER DURABLES & APPAREL
	664,586		Nike, Inc (Class B)		110,767		0.5
			Other		253,295		0.9
					364,062		1.4
CONSUMER SERVICES
	400,133		McDonald’s Corp		107,264		0.4
			Other		444,272		1.8
					551,536		2.2
DIVERSIFIED FINANCIALS
	981,264	*	Berkshire Hathaway, Inc (Class B)		293,398		1.2
			Other		996,865		3.8
					1,290,263		5.0
	ENERGY
	1,035,140		Chevron Corp		121,474		0.5
	2,270,917	d	Exxon Mobil Corp		138,957		0.5
			Other		422,886		1.7
					683,317		2.7
FOOD & STAPLES RETAILING
	236,934		Costco Wholesale Corp		134,508		0.5
	766,796		Walmart, Inc		110,948		0.5
			Other		89,848		0.3
					335,304		1.3
FOOD, BEVERAGE & TOBACCO
	2,077,610		Coca-Cola Co		123,015		0.5
	739,576		PepsiCo, Inc		128,472		0.5
			Other		435,906		1.7
					687,393		2.7

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Equity Index Account ■ December 31, 2021

Shares			Company	Value (000)		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	929,468		Abbott Laboratories	$	130,813		0.5	%
	504,241		UnitedHealth Group, Inc		253,200		1.0
			Other		1,094,581		4.2
					1,478,594		5.7
HOUSEHOLD & PERSONAL PRODUCTS
	1,290,662		Procter & Gamble Co		211,127		0.8
			Other		154,839		0.6
					365,966		1.4
INSURANCE					508,828		2.0
MATERIALS					623,574		2.4
MEDIA & ENTERTAINMENT
	160,955	*	Alphabet, Inc (Class A)		466,293		1.8
	150,161	*	Alphabet, Inc (Class C)		434,504		1.7
	2,441,951		Comcast Corp (Class A)		122,903		0.5
	1,264,882	*	Meta Platforms, Inc.		425,443		1.7
	231,094	*	Netflix, Inc		139,220		0.6
	971,416	*	Walt Disney Co		150,463		0.6
			Other		345,237		1.2
					2,084,063		8.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	947,035		AbbVie, Inc		128,229		0.5
	339,367		Danaher Corp		111,655		0.5
	455,955		Eli Lilly & Co		125,944		0.5
	1,412,966		Johnson & Johnson		241,716		1.0
	1,356,565		Merck & Co, Inc		103,967		0.4
	2,992,253		Pfizer, Inc		176,693		0.7
	210,446		Thermo Fisher Scientific, Inc		140,418		0.6
			Other		918,721		3.4
					1,947,343		7.6
REAL ESTATE					920,613		3.6
RETAILING
	232,283	*	Amazon.com, Inc		774,511		3.0
	570,071		Home Depot, Inc		236,585		0.9
	370,444		Lowe’s Companies, Inc		95,752		0.4
			Other		513,871		2.0
					1,620,719		6.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	648,573	*	Advanced Micro Devices, Inc		93,330		0.4
	213,856		Broadcom, Inc		142,302		0.6
	2,161,990		Intel Corp		111,342		0.4
	1,280,309		NVIDIA Corp		376,552		1.5
	605,166		QUALCOMM, Inc		110,667		0.4
	493,708		Texas Instruments, Inc		93,049		0.4
			Other		572,172		2.1
					1,499,414		5.8

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Summary portfolio of investments	continued

CREF Equity Index Account ■ December 31, 2021

Shares			Company		Value (000)			% of net assets
SOFTWARE & SERVICES
	340,499		Accenture plc		$	141,154			0.6	%
	255,432	*	Adobe, Inc			144,845			0.6
	468,147		Mastercard, Inc (Class A)			168,215			0.7
	4,035,012		Microsoft Corp			1,357,055			5.3
	631,765	*	PayPal Holdings, Inc			119,138			0.5
	500,653	*	salesforce.com, Inc			127,231			0.5
	908,191		Visa, Inc (Class A)			196,814			0.8
			Other			1,514,626			5.7
						3,769,078			14.7
TECHNOLOGY HARDWARE & EQUIPMENT
	8,262,656		Apple, Inc			1,467,200			5.7
	2,263,452		Cisco Systems, Inc			143,435			0.6
			Other			351,371			1.4
						1,962,006			7.7
TELECOMMUNICATION SERVICES
	3,831,720		AT&T, Inc			94,260			0.4
	2,218,488		Verizon Communications, Inc			115,273			0.5
			Other			56,205			0.2
						265,738			1.1
TRANSPORTATION						481,762			1.9
UTILITIES
	1,051,619		NextEra Energy, Inc			98,179			0.4
			Other			528,618			2.0
						626,797			2.4
			TOTAL COMMON STOCKS	(Cost $7,885,662)		25,571,090			99.6

RIGHTS / WARRANTS
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						2			0.0
			TOTAL RIGHTS / WARRANTS (Cost $1)			2			0.0

	Principal		Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						67,079			0.3
REPURCHASE AGREEMENT						32,395			0.1

	Shares		Company

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	77,919,775	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.030%		77,920			0.3
			TOTAL SHORT-TERM INVESTMENTS	(Cost $177,393)		177,394			0.7

			TOTAL PORTFOLIO	(Cost $8,063,056)		25,748,486			100.3
			OTHER ASSETS & LIABILITIES, NET			(68,502	)		(0.3	)
			NET ASSETS		$	25,679,984			100.0	%

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

concluded

CREF Equity Index Account ■ December 31, 2021

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

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

At 12/31/21, the aggregate value of securities on loan is $171,025,790. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

Cost amounts are in thousands.

Futures contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

Description

Number of
long (short
contracts

)

Expiration
date

Notional
amount

Value

Unrealized
appreciation
(depreciation

)

S&P 500 E Mini Index

364

03/18/22

$84,469

$86,605

$2,136

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Summary portfolio of investments

CREF Bond Market Account ■ December 31, 2021

Principal		Issuer		Value (000)		% of net assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS				$	3,666		0.0	%
CAPITAL GOODS					5,785		0.0
COMMERCIAL & PROFESSIONAL SERVICES					11,097		0.1
CONSUMER DURABLES & APPAREL					378		0.0
CONSUMER SERVICES					6,481		0.1
DIVERSIFIED FINANCIALS					2,600		0.0
ENERGY					5,040		0.0
FOOD, BEVERAGE & TOBACCO					1,473		0.0
HEALTH CARE EQUIPMENT & SERVICES					10,678		0.1
HOUSEHOLD & PERSONAL PRODUCTS					590		0.0
INSURANCE					4,509		0.0
MATERIALS					7,085		0.1
MEDIA & ENTERTAINMENT					16,856		0.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					8,778		0.1
REAL ESTATE					1,348		0.0
RETAILING					668		0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					499		0.0
SOFTWARE & SERVICES					6,594		0.1
TECHNOLOGY HARDWARE & EQUIPMENT					1,873		0.0
TELECOMMUNICATION SERVICES					615		0.0
TRANSPORTATION					1,168		0.0
UTILITIES					914		0.0
		TOTAL BANK LOAN OBLIGATIONS	(Cost $99,527)		98,695		0.7
BONDS

CORPORATE BONDS
AUTOMOBILES & COMPONENTS					52,449		0.4
BANKS
	$55,925,000	Bank of America Corp	2.592%, 04/29/31		56,494		0.4
	39,000,000	Bank of America Corp	1.922%, 10/24/31		37,341		0.3
	36,375,000	Citigroup, Inc	3.200%, 10/21/26		38,546		0.3
	38,100,000	Citigroup, Inc	2.520%, 11/03/32		38,055		0.3
	35,850,000	JPMorgan Chase & Co	2.301%, 10/15/25		36,664		0.3
		Other			989,006		7.3
					1,196,106		8.9


62	2021 Annual Report ■ College Retirement Equities Fund	See notes to financial statements

Summary portfolio of investments	continued

CREF Bond Market Account ■ December 31, 2021

Principal			Issuer		Value (000)		% of net assets
CAPITAL GOODS					$	189,145		1.4	%
COMMERCIAL & PROFESSIONAL SERVICES						40,268		0.3
CONSUMER DURABLES & APPAREL						1,953		0.0
CONSUMER SERVICES						116,190		0.9
DIVERSIFIED FINANCIALS						528,758		3.9
ENERGY						524,327		3.9
FOOD & STAPLES RETAILING						55,808		0.4
FOOD, BEVERAGE & TOBACCO						147,402		1.1
HEALTH CARE EQUIPMENT & SERVICES						281,382		2.1
HOUSEHOLD & PERSONAL PRODUCTS						7,188		0.1
INSURANCE						169,554		1.2
MATERIALS						170,417		1.2
MEDIA & ENTERTAINMENT						377,115		2.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						215,992		1.6
REAL ESTATE
	$ 42,100,000	g	SBA Tower Trust	1.840%, 04/15/27		41,796		0.3
			Other			352,538		2.6
						394,334		2.9
RETAILING						58,485		0.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						128,091		0.9
SOFTWARE & SERVICES						143,377		1.0
TECHNOLOGY HARDWARE & EQUIPMENT						71,984		0.5
TELECOMMUNICATION SERVICES
	46,893,000		AT&T, Inc	2.550%, 12/01/33		45,863		0.3
	30,220,000		Verizon Communications, Inc	4.272%, 01/15/36		35,448		0.3
			Other			314,560		2.3
						395,871		2.9
TRANSPORTATION						77,966		0.6
UTILITIES						505,650		3.7
			TOTAL CORPORATE BONDS	(Cost $5,663,286)		5,849,812		43.1
GOVERNMENT BONDS
AGENCY SECURITIES						53,791		0.4
FOREIGN GOVERNMENT BONDS						731,607		5.4
MORTGAGE BACKED
	38,422,177		Federal Home Loan Mortgage Corp (FHLMC)	3.000%, 11/01/51		41,003		0.3
	63,034,000		Federal National Mortgage Association (FNMA)	2.500%, 01/25/51		64,310		0.5
	75,950,000		FNMA	2.000%, 01/25/37		77,767		0.6


See notes to financial statements	College Retirement Equities Fund ■ 2021 Annual Report	63

Summary portfolio of investments	continued

CREF Bond Market Account ■ December 31, 2021

Principal			Issuer			Value (000)		% of net assets
MORTGAGE BACKED—continued
	$ 72,650,000	h	FNMA		2.000%, 02/25/37	$	74,263		0.5	%
	66,830,000		FNMA		2.000%, 01/25/51		66,624		0.5
	136,820,000		FNMA		3.000%, 01/25/52		141,740		1.0
	355,010,000	h	FNMA		2.000%, 02/25/52		353,126		2.6
	401,760,000	h	FNMA		2.500%, 02/25/51		408,871		3.0
	176,180,000	h	FNMA		3.000%, 02/25/51		182,248		1.3
	550,063,368		FNMA	2.000%–9.000%, 07/01/24–01/01/52			521,990		3.8

	109,225,000	h	Government National Mortgage Association (GNMA)		2.000%, 01/20/51		110,211		0.8
	167,640,000		GNMA		2.500%, 01/20/52		171,674		1.3
	74,830,000		GNMA		3.000%, 01/20/51		77,423		0.6
	57,740,000	h	GNMA		2.500%, 02/20/52		59,001		0.4
	77,550,000	h	GNMA		3.000%, 02/20/52		80,095		0.6
			Other				351,027		2.6
							2,781,373		20.4
MUNICIPAL BONDS							405,024		3.0
U.S. TREASURY SECURITIES
	35,680,000		United States Treasury Bond		3.000%, 05/15/45		42,675		0.3
	41,710,000		United States Treasury Bond		2.875%, 08/15/45		48,972		0.3
	52,140,000		United States Treasury Bond		2.500%, 05/15/46		57,625		0.4
	30,710,000		United States Treasury Bond		2.750%, 11/15/47		35,753		0.3
	51,995,000		United States Treasury Bond		3.000%, 08/15/48		63,623		0.5
	110,019,000		United States Treasury Bond	2.750%–4.750%, 02/15/37–11/15/48			143,921		1.0

	33,549,228	k	United States Treasury Inflation Indexed Bonds		0.500%, 04/15/24		35,760		0.3
	39,285,000		United States Treasury Note		0.125%, 08/31/22		39,251		0.3
	50,000,000		United States Treasury Note		1.500%, 09/15/22		50,428		0.4
	79,581,000		United States Treasury Note		0.250%, 11/15/23		78,925		0.6
	68,855,000		United States Treasury Note		0.625%, 11/30/27		65,947		0.5
	125,979,000	d	United States Treasury Note		2.000%, 08/15/51		128,420		0.9
	80,000,000		United States Treasury Note		1.875%, 11/15/51		79,363		0.6
	171,190,000		United States Treasury Note	0.125%–1.875%, 10/31/22–05/15/50			166,019		1.2

							1,036,682		7.6
			TOTAL GOVERNMENT BONDS		(Cost $4,890,435)		5,008,477		36.8

STRUCTURED ASSETS
ASSET BACKED
	50,500,000		Chase Issuance Trust Series – 2020 A1 (Class A1)		1.530%, 01/15/25		50,983		0.4
	37,500,000	g	DB Master Finance LLC Series – 2021 1A (Class A2I)		2.045%, 11/20/51		36,641		0.2
	44,800,000		Verizon Owner Trust Series – 2020 A (Class A1A)		1.850%, 07/22/24		45,136		0.3
			Other				908,899		6.7
							1,041,659		7.6
OTHER MORTGAGE BACKED							1,423,868		10.4
			TOTAL STRUCTURED ASSETS		(Cost $2,464,965)		2,465,527		18.0
			TOTAL BONDS		(Cost $13,018,686)		13,323,816		97.9


64	2021 Annual Report ■ College Retirement Equities Fund	See notes to financial statements

Summary portfolio of investments	continued

CREF Bond Market Account ■ December 31, 2021

Shares			Company		Value (000)			% of net assets
PREFERRED STOCKS
BANKS					$	19,957			0.1	%
			TOTAL PREFERRED STOCKS	(Cost $63,411)		19,957			0.1

Principal			Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	$ 40,000,000		Federal Farm Credit Bank (FFCB)	0.000%, 01/10/22		40,000			0.3
	41,785,000		Federal Home Loan Bank (FHLB)	0.000%, 01/04/22		41,785			0.3
	144,446,000		FHLB	0.000%, 01/05/22		144,446			1.1
	108,627,000		FHLB	0.000%, 01/12/22		108,627			0.8
	53,250,000		FHLB	0.000%, 01/19/22		53,250			0.4
	40,000,000		FHLB	0.000%, 01/28/22		40,000			0.3
	123,375,000		FHLB	0.000%, 02/02/22		123,373			0.9
	70,000,000		FHLB	0.000%, 02/04/22		69,999			0.5
	104,192,000		FHLB	0.000%, 02/09/22		104,190			0.8
	50,000,000		FHLB	0.000%, 02/14/22		49,985			0.4
	55,000,000		FHLB	0.000%, 02/18/22		54,999			0.4
	53,405,000		FHLB	0.000%, 04/22/22		53,390			0.4
			Other			971,592			7.0
						1,855,636			13.6
TREASURY DEBT
	40,000,000		United States Treasury Bill	0.000%, 08/11/22		39,952			0.3
			Other			39,988			0.3
						79,940			0.6
Shares			Company

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	13,709,003	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.030%		13,709			0.1
TOTAL INVESTMENT IN REGISTERED INVESTMENT COMPANIES						13,709			0.1
			TOTAL SHORT-TERM INVESTMENTS	(Cost $1,949,518)		1,949,285			14.3

			TOTAL PORTFOLIO	(Cost $15,131,142)		15,391,753			113.0
			OTHER ASSETS & LIABILITIES, NET			(1,769,356	)		(13.0	)
			NET ASSETS		$	13,622,397			100.0	%

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.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/21, the aggregate value of these securities, including those in “Other,” is $2,930,966,342 or 21.5% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

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

At 12/31/21, the aggregate value of securities on loan is $13,400,892. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

Cost amounts are in thousands.


See notes to financial statements	College Retirement Equities Fund ■ 2021 Annual Report	65

Summary portfolio of investments

continued

CREF Bond Market Account ■ December 31, 2021

Futures contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

Description

Number of
long (short
contracts

)

Expiration
date

Notional
amount

Value

Unrealized
appreciation
(depreciation

)

US 10YR Ultra

(1,943

)

03/22/22

$(279,909

)

$(284,528

)

$(4,619

)

Forward foreign currency contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

Currency to be purchased	Receive		Currency to be sold	Deliver		Counterparty	Settlement date	Unrealized appreciation (depreciation			)
$		1,194	NZD		1,667	Australia and New Zealand Banking Group	02/01/22		$	53
$		498	NZD		696	Australia and New Zealand Banking Group	02/01/22			22
GBP		69	$		94	Australia and New Zealand Banking Group	01/31/22			(1	)
Total									$	74
$		348	GBP		255	Bank of America	01/31/22		$	3
GBP		991	$		1,340	Bank of America	01/31/22			2
Total									$	5
$		6,339	KRW		7,535,195	Citibank N.A.	02/04/22		$	9
Total									$	9
$		1,397	CAD		1,777	Goldman Sachs	01/31/22		$	(7	)
$		1,473	ILS		4,630	Goldman Sachs	01/31/22			(16	)
$		799	THB		26,644	Goldman Sachs	01/31/22			1
Total									$	(22	)
$		7,554	CAD		9,325	Morgan Stanley	01/31/22		$	182
$		1,099	CAD		1,367	Morgan Stanley	01/31/22			19
$		1,493	NOK		12,543	Morgan Stanley	01/31/22			70
$		708	PLN		2,968	Morgan Stanley	01/31/22			(27	)
$		697	SEK		5,971	Morgan Stanley	01/31/22			36
CAD		1,354	$		1,089	Morgan Stanley	01/31/22			(19	)
EUR		509	$		574	Morgan Stanley	01/31/22			6
$		419	ZAR		6,756	Morgan Stanley	01/31/22			(3	)
Total									$	264
$		4,624	AUD		6,150	Toronto Dominion Bank	01/31/22		$	148
$		19,848	CNY		127,559	Toronto Dominion Bank	01/28/22			(169	)
$		91,508	EUR		81,008	Toronto Dominion Bank	01/31/22			(777	)
$		3,787	EUR		3,343	Toronto Dominion Bank	03/15/22			(24	)
$		24,978	GBP		18,188	Toronto Dominion Bank	01/31/22			362
$		945	GBP		700	Toronto Dominion Bank	01/31/22			(2	)
$		504	GBP		378	Toronto Dominion Bank	01/31/22			(8	)
$		27,269	JPY		3,093,974	Toronto Dominion Bank	01/31/22			365
Total									$	(105	)
Total									$	225


66	2021 Annual Report ■ College Retirement Equities Fund	See notes to financial statements

Summary portfolio of investments

concluded

CREF Bond Market Account ■ December 31, 2021

AUD	Australian Dollar
CAD	Canadian Dollar
CNY	Chinese Yuan
EUR	Euro
GBP	Pound Sterling
ILS	Israeli Shekel
JPY	Japanese Yen
KRW	South Korean Won
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
SEK	Swedish Krona
THB	Thailand Baht
ZAR	South African Rand

Centrally cleared credit default swap contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

PURCHASED

Reference
entity

Terms of
payments
to be
paid

Terms of
payments
to be
received

Counterparty

Frequency
of
payments

Maturity
date

Notional
amount

Upfront
premiums
paid
(received

)

Value

Unrealized
appreciation
(depreciation

)

CDX-NAIGS37V1-5 Year Index

1.00%

Credit event as specified in contract

Citigroup Global Markets, Inc

Quarterly

12/20/26

$75,000

$(1,699

)

$(1,890

)

$(191

)

*	The maximum potential amount the Account could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.

SOLD

Reference
entity

Terms of
payments
to be
paid

Terms of
payments
to be
received

Counterparty

Frequency
of
payments

Maturity
date

Notional
amount

Upfront
premiums
paid
(received

)

Value

Unrealized
appreciation
(depreciation

)

CDX-NAIGS37V1- 5 Year Index

Credit event as specified in contract

1.00%

Citigroup Global Markets, Inc

Quarterly

12/20/26

$37,500

$758

$924

$166

*	The maximum potential amount the Account could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.


See notes to financial statements	College Retirement Equities Fund ■ 2021 Annual Report	67

Summary portfolio of investments

CREF Inflation-Linked Bond Account ■ December 31, 2021

Principal			Issuer		Value (000)		% of net assets
BANK LOAN OBLIGATIONS
COMMERCIAL & PROFESSIONAL SERVICES					$	2,492		0.0	%
CONSUMER SERVICES						5,444		0.1
HEALTH CARE EQUIPMENT & SERVICES						3,352		0.1
MEDIA & ENTERTAINMENT						5,644		0.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						7,497		0.1
RETAILING						2,999		0.0
SOFTWARE & SERVICES						2,964		0.0
UTILITIES						2,482		0.0
			TOTAL BANK LOAN OBLIGATIONS	(Cost $32,860)		32,874		0.4
BONDS

CORPORATE BONDS
BANKS						6,031		0.1
COMMERCIAL & PROFESSIONAL SERVICES						8,888		0.1
DIVERSIFIED FINANCIALS						11,021		0.1
ENERGY						25,852		0.4
HEALTH CARE EQUIPMENT & SERVICES						6,079		0.1
MATERIALS						4,975		0.1
MEDIA & ENTERTAINMENT						9,594		0.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						5,443		0.1
REAL ESTATE						10,094		0.1
RETAILING						4,421		0.0
SOFTWARE & SERVICES						5,383		0.1
TELECOMMUNICATION SERVICES						14,219		0.2
			TOTAL CORPORATE BONDS	(Cost $111,924)		112,000		1.5
GOVERNMENT BONDS
AGENCY SECURITIES
	$ 14,985,000		Montefiore Medical Center	2.895%, 04/20/32		15,719		0.2
			Other			3,036		0.0
						18,755		0.2
MORTGAGE BACKED
	10,000,000	g,i	Freddie Mac STACR REMIC Trust	1.000%, 12/25/41		10,000		0.1
	20,055,164		Government National Mortgage Association (GNMA)	3.600%, 09/15/31		20,853		0.3
	9,987,600		GNMA	3.650%, 02/15/32		10,565		0.1
	38,019,181		GNMA	1.730%, 07/15/37		37,988		0.5
	56,603,124		GNMA	4.250%, 09/15/38		59,730		0.8
	24,255,036		GNMA	1.650%, 07/15/42		23,871		0.3


68	2021 Annual Report ■ College Retirement Equities Fund	See notes to financial statements

Summary portfolio of investments

continued

CREF Inflation-Linked Bond Account ■ December 31, 2021

Principal			Issuer		Value (000)		% of net assets
MORTGAGE BACKED—continued
	$ 26,228,351		GNMA	2.750%, 01/15/45	$	27,711		0.4	%
			Other			11,706		0.1
						202,424		2.6
U.S. TREASURY SECURITIES
	262,249,983	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/22		268,719		3.4
	364,179,840	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/23		376,101		4.8
	263,833,140	k	United States Treasury Inflation Indexed Bonds	0.625%, 04/15/23		275,798		3.5
	266,750,900	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/23		280,459		3.6
	189,909,070	d,k	United States Treasury Inflation Indexed Bonds	0.625%, 01/15/24		202,091		2.6
	223,661,520	k	United States Treasury Inflation Indexed Bonds	0.500%, 04/15/24		238,404		3.0
	189,237,750	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/24		201,716		2.6
	212,857,600	k	United States Treasury Inflation Indexed Bonds	0.125%, 10/15/24		227,340		2.9
	213,643,350	k	United States Treasury Inflation Indexed Bonds	0.250%, 01/15/25		228,876		2.9
	112,971,286	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/25		128,644		1.6
	173,424,240	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/25		185,502		2.4
	230,873,940	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/25		250,745		3.2
	300,524,580	k	United States Treasury Inflation Indexed Bonds	0.125%, 10/15/25		323,957		4.1
	247,322,882	k	United States Treasury Inflation Indexed Bonds	0.625%, 01/15/26		271,610		3.5
	74,291,324	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26		85,957		1.1
	152,888,000	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/26		164,985		2.1
	170,729,840	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/26		185,350		2.4
	279,051,107	k	United States Treasury Inflation Indexed Bonds	0.125%, 10/15/26		303,447		3.9
	227,224,935	k	United States Treasury Inflation Indexed Bonds	0.375%, 01/15/27		249,913		3.2
	131,906,554	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/27		159,300		2.0
	130,561,200	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/27		144,842		1.9
	230,367,555	k	United States Treasury Inflation Indexed Bonds	0.500%, 01/15/28		257,747		3.3
	227,552,484	k	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28		272,962		3.5
	121,426,471	k	United States Treasury Inflation Indexed Bonds	3.625%, 04/15/28		161,310		2.1
	141,002,240	k	United States Treasury Inflation Indexed Bonds	0.750%, 07/15/28		161,465		2.1
	206,973,900	k	United States Treasury Inflation Indexed Bonds	0.875%, 01/15/29		239,328		3.1
	151,845,768	k	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29		194,099		2.5
	8,561,584	k	United States Treasury Inflation Indexed Bonds	3.875%, 04/15/29		11,923		0.1
	202,148,870	k	United States Treasury Inflation Indexed Bonds	0.250%, 07/15/29		226,488		2.9
	166,586,250	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/30		184,882		2.4
	132,115,025	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/30		147,803		1.9
	161,458,960	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/31		180,763		2.3
	242,922,759	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/31		273,038		3.5
	69,479,218	k	United States Treasury Inflation Indexed Bonds	3.375%, 04/15/32		103,329		1.3
	66,911,670	k	United States Treasury Inflation Indexed Bonds	0.125%, 02/15/51		79,191		1.0
						7,248,084		92.7
			TOTAL GOVERNMENT BONDS	(Cost $6,948,968)		7,469,263		95.5

STRUCTURED ASSETS
ASSET BACKED
	8,000,000	g	MVW LLC
			Series - 2021 2A (Class B)	1.830%, 05/20/39		7,948		0.1
			Other			24,413		0.3
						32,361		0.4


See notes to financial statements	College Retirement Equities Fund ■ 2021 Annual Report	69

Summary portfolio of investments	continued

CREF Inflation-Linked Bond Account ■ December 31, 2021

Principal			Issuer		Value (000)			% of net assets
OTHER MORTGAGE BACKED
$	30,250,000	g,i	BX Commercial Mortgage Trust
			Series - 2021 XL2 (Class C), LIBOR 1 M + 1.197%	1.307%, 10/15/38	$	30,063			0.4	%
	9,000,000	g,i	Connecticut Avenue Securities Trust
			Series - 2021 R03 (Class 1M2)	1.700%, 12/25/41		9,011			0.1
	10,000,000	g,i	Connecticut Avenue Securities Trust
			Series - 2021 R01 (Class 1M2)	1.600%, 10/25/41		10,012			0.1
	9,850,334	g,i	Verus Securitization Trust
			Series - 2021 7 (Class A3)	2.240%, 10/25/66		9,826			0.1
			Other			84,841			1.1
						143,753			1.8
			TOTAL STRUCTURED ASSETS	(Cost $176,412)		176,114			2.2
			TOTAL BONDS	(Cost $7,237,304)		7,757,377			99.2

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						7,500			0.1
REPURCHASE AGREEMENT
	31,000,000	r	Fixed Income Clearing Corp (FICC)	0.020%, 01/03/22		31,000			0.4
						31,000			0.4
TREASURY DEBT
	10,000,000		United States Treasury Bill	0.000%, 06/23/22		9,992			0.1
						9,992			0.1
Shares			Company

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	2,033,802	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.030%		2,034			0.0
TOTAL INVESTMENT IN REGISTERED INVESTMENT COMPANIES						2,034			0.0
			TOTAL SHORT-TERM INVESTMENTS	(Cost $50,526)		50,526			0.6

			TOTAL PORTFOLIO	(Cost $7,320,690)		7,840,777			100.2
			OTHER ASSETS & LIABILITIES, NET			(16,512	)		(0.2	)
			NET ASSETS		$	7,824,265			100.0	%

LIBOR	London Interbank Offered Rate
M	Month

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.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/21, the aggregate value of these securities, including those in “Other,” is $256,745,131 or 3.3% of net assets.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
r	Agreement with Fixed Income Clearing Corporation, 0.020% dated 12/31/21 to be repurchased at $31,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rate 1.875% and maturity date 2/15/41, valued at $31,620,066.


70	2021 Annual Report ■ College Retirement Equities Fund	See notes to financial statements

Summary portfolio of investments

concluded

CREF Inflation-Linked Bond Account ■ December 31, 2021

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

At 12/31/21, the aggregate value of securities on loan is $1,989,769. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

Cost amounts are in thousands.

Futures contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

Description	Number of long (short contracts		)	Expiration date	Notional amount			Value			Unrealized appreciation (depreciation)
US Long Bond		(20	)	03/22/22		$ (3,164	)		$ (3,209	)		$ (45	)
US Ultra Bond		(480	)	03/22/22		(92,695	)		(94,620	)		(1,925	)
Total		(500	)			$(95,859	)		$(97,829	)		$(1,970	)


See notes to financial statements	College Retirement Equities Fund ■ 2021 Annual Report	71

Summary portfolio of investments

CREF Social Choice Account ■ December 31, 2021

Principal	Issuer		Value (000)		% of net assets
BANK LOAN OBLIGATIONS
COMMERCIAL & PROFESSIONAL SERVICES			$	15,830		0.1	%
	TOTAL BANK LOAN OBLIGATIONS	(Cost $15,800)		15,830		0.1

BONDS

CORPORATE BONDS
AUTOMOBILES & COMPONENTS				37,861		0.2
BANKS				596,986		3.0
CAPITAL GOODS				72,614		0.4
COMMERCIAL & PROFESSIONAL SERVICES				50,117		0.3
CONSUMER DURABLES & APPAREL				13,197		0.1
CONSUMER SERVICES				111,524		0.6
DIVERSIFIED FINANCIALS				419,286		2.1
ENERGY				144,322		0.7
FOOD & STAPLES RETAILING				34,373		0.2
FOOD, BEVERAGE & TOBACCO				29,675		0.1
HEALTH CARE EQUIPMENT & SERVICES				30,246		0.1
HOUSEHOLD & PERSONAL PRODUCTS				25,335		0.1
INSURANCE				156,609		0.8
MATERIALS				121,154		0.6
MEDIA & ENTERTAINMENT				44,154		0.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				158,063		0.8
REAL ESTATE				149,259		0.8
RETAILING				29,982		0.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				19,437		0.1
SOFTWARE & SERVICES				60,093		0.3
TECHNOLOGY HARDWARE & EQUIPMENT				30,949		0.2
TELECOMMUNICATION SERVICES				73,738		0.4
TRANSPORTATION				39,323		0.2
UTILITIES				888,558		4.5
	TOTAL CORPORATE BONDS	(Cost $3,275,631)		3,336,855		16.9

GOVERNMENT BONDS
AGENCY SECURITIES				307,331		1.6
FOREIGN GOVERNMENT BONDS				572,018		2.9

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

continued

CREF Social Choice Account ■ December 31, 2021

	Principal		Issuer			Value (000)		% of net assets
MORTGAGE BACKED
	$153,620,000	h	Federal National Mortgage Association (FNMA)		2.000%, 02/25/52	$	152,805		0.8	%
	170,260,000	h	FNMA		2.500%, 02/25/51		173,274		0.9
	68,640,000	h	FNMA		3.000%, 02/25/52		71,004		0.4
	414,978,439	h	FNMA	1.250%–8.000%, 07/01/24–01/25/52			401,256		1.9

	67,535,000	h	Government National Mortgage
			Association (GNMA)		2.000%, 01/20/51		68,145		0.4
	87,870,000	h	GNMA		2.500%, 01/20/52		89,984		0.5
			Other				339,496		1.7
							1,295,964		6.6

MUNICIPAL BONDS							610,841		3.1
U.S. TREASURY SECURITIES
	178,783,000		United States Treasury Note		1.250%, 12/31/26		178,587		0.9
	135,057,000		United States Treasury Note		2.000%, 08/15/51		137,674		0.7
	382,382,000		United States Treasury Note	0.125%–2.875%, 05/31/22–11/15/41			380,144		1.9

			Other				52,684		0.2
							749,089		3.7
			TOTAL GOVERNMENT BONDS		(Cost $3,465,319)		3,535,243		17.9

STRUCTURED ASSETS
ASSET BACKED							272,560		1.4
OTHER MORTGAGE BACKED							501,290		2.5
			TOTAL STRUCTURED ASSETS		(Cost $772,284)		773,850		3.9
			TOTAL BONDS		(Cost $7,513,234)		7,645,948		38.7

Shares			Company

COMMON STOCKS
AUTOMOBILES & COMPONENTS
	178,349	*	Tesla, Inc				188,476		1.0
			Other				158,184		0.8
							346,660		1.8
BANKS							618,128		3.1
CAPITAL GOODS
	285,113		Caterpillar, Inc				58,944		0.3
			Other				739,728		3.8
							798,672		4.1
COMMERCIAL & PROFESSIONAL SERVICES							235,704		1.2
CONSUMER DURABLES & APPAREL
	443,605		Nike, Inc (Class B)				73,936		0.4
			Other				175,495		0.9
							249,431		1.3
CONSUMER SERVICES
	23,897	*	Booking Holdings, Inc				57,334		0.3
	540,313		Starbucks Corp				63,200		0.3
			Other				143,564		0.7
							264,098		1.3

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Summary portfolio of investments

continued

CREF Social Choice Account ■ December 31, 2021

Shares		Company		Value (000)	% of net assets
DIVERSIFIED FINANCIALS
66,998		BlackRock, Inc	$	61,341	0.3	%
716,294		Charles Schwab Corp		60,240	0.3
595,136		Morgan Stanley		58,418	0.3
122,346		S&P Global, Inc		57,739	0.3
		Other		513,397	2.6
				751,135	3.8
ENERGY				381,780	1.9
FOOD & STAPLES RETAILING				123,208	0.6
FOOD, BEVERAGE & TOBACCO
1,335,199		Coca-Cola Co		79,057	0.4
598,750		Nestle S.A.		83,596	0.4
465,088		PepsiCo, Inc		80,790	0.4
		Other		171,493	0.9
				414,936	2.1
HEALTH CARE EQUIPMENT & SERVICES				596,706	3.0
HOUSEHOLD & PERSONAL PRODUCTS
664,450		Procter & Gamble Co		108,691	0.5
		Other		191,633	1.0
				300,324	1.5
INSURANCE				399,993	2.0
MATERIALS				490,644	2.5
MEDIA & ENTERTAINMENT
131,390	*	Netflix, Inc		79,155	0.4
563,977	*	Walt Disney Co		87,354	0.5
		Other		335,417	1.6
				501,926	2.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
229,372		Danaher Corp		75,466	0.4
294,385		Eli Lilly & Co		81,315	0.4
151,818		Roche Holding AG.		62,983	0.3
128,344		Thermo Fisher Scientific, Inc		85,636	0.4
243,161		Zoetis, Inc		59,339	0.3
		Other		610,917	3.1
				975,656	4.9
REAL ESTATE
211,503		American Tower Corp		61,865	0.3
359,442		Prologis, Inc		60,516	0.3
		Other		261,911	1.4
				384,292	2.0
RETAILING
279,281		Home Depot, Inc		115,904	0.6
229,305		Lowe’s Companies, Inc		59,271	0.3
		Other		280,253	1.4
				455,428	2.3

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

continued

CREF Social Choice Account ■ December 31, 2021

Shares		Company		Value (000)		% of net assets
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
417,605		Applied Materials, Inc		$	65,714		0.3	%
89,481		ASML Holding NV			71,676		0.4
1,438,463		Intel Corp			74,081		0.4
543,594		NVIDIA Corp			159,876		0.8
365,987		Texas Instruments, Inc			68,978		0.4
		Other			195,836		0.9
					636,161		3.2
SOFTWARE & SERVICES
149,083	*	Adobe, Inc			84,539		0.4
236,997		Automatic Data Processing, Inc			58,439		0.3
458,782		International Business Machines Corp			61,321		0.3
106,355		Intuit, Inc			68,410		0.4
261,486		Mastercard, Inc (Class A)			93,957		0.5
1,412,900		Microsoft Corp			475,187		2.4
408,669	*	PayPal Holdings, Inc			77,067		0.4
312,159	*	salesforce.com, Inc			79,329		0.4
92,812	*	ServiceNow, Inc			60,245		0.3
		Other			531,409		2.7
					1,589,903		8.1
TECHNOLOGY HARDWARE & EQUIPMENT
1,373,303		Cisco Systems, Inc			87,026		0.5
		Other			352,525		1.7
					439,551		2.2
TELECOMMUNICATION SERVICES
1,337,473		Verizon Communications, Inc			69,495		0.4
		Other			160,556		0.8
					230,051		1.2
TRANSPORTATION					266,784		1.4
UTILITIES
670,641		NextEra Energy, Inc			62,611		0.3
		Other			286,170		1.5
					348,781		1.8
		TOTAL COMMON STOCKS	(Cost $8,007,594)		11,799,952		59.8

PREFERRED STOCKS
BANKS					15,574		0.1
INSURANCE					4,855		0.0
REAL ESTATE					26,382		0.1
UTILITIES					20,545		0.1
		TOTAL PREFERRED STOCKS	(Cost $88,178)		67,356		0.3

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Summary portfolio of investments

concluded

CREF Social Choice Account ■ December 31, 2021

Principal			Issuer		Value (000)			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$106,655,000			Federal Home Loan Bank (FHLB)	0.000%, 02/02/22	$	106,653			0.5	%
			Other			892,612			4.6
						999,265			5.1
REPURCHASE AGREEMENT						4,800			0.0
TREASURY DEBT						20,236			0.1
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
78,705,014		c	State Street Navigator Securities Lending Government Money Market Portfolio	0.030%		78,705			0.4
						78,705			0.4
	TOTAL INVESTMENT IN REGISTERED INVESTMENT COMPANIES					78,705			0.4
			TOTAL SHORT-TERM INVESTMENTS	(Cost $1,103,116)		1,103,006			5.6

			TOTAL PORTFOLIO	(Cost $16,727,922)		20,632,092			104.5	%
			OTHER ASSETS & LIABILITIES, NET			(880,558	)		(4.5	)%
			NET ASSETS		$	19,751,534			100.0	%

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
h	All or a portion of these securities were purchased on a delayed delivery basis.

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

At 12/31/21, the aggregate value of securities on loan is $123,770,484. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

At 12/31/21, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $2,042,381,458 or 10.3% 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.

Forward foreign currency contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

Currency
to be
purchased

Receive

Currency
to be
sold

Deliver

Counterparty

Settlement date

Unrealized
appreciation
(depreciation

)

12,721

EUR

10,901

JPMorgan

01/31/22

$303

EUR

Euro

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

CREF Money Market Account ■ December 31, 2021

Principal		Issuer			Value (000)		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	$242,664,000	Federal Agricultural Mortgage Corp (FAMC)		0.000%, 02/02/22–03/02/22	$	242,647		2.9	%
	93,509,000	Federal Farm Credit Bank (FFCB)		0.000%, 01/13/22		93,508		1.1
	447,857,000	FFCB, SOFR + 0.008%	0.000%–2.600%, 01/03/22–01/12/23			447,918		5.4

	170,443,000	Federal Home Loan Bank (FHLB)		0.000%, 01/07/22		170,442		2.0
	64,000,000	FHLB		0.040%, 01/07/22		64,000		0.8
	64,000,000	FHLB		0.045%, 01/13/22		64,000		0.8
	104,349,000	FHLB		0.000%, 01/14/22		104,347		1.2
	100,512,000	FHLB		0.000%, 01/19/22		100,510		1.2
	254,073,000	FHLB		0.000%, 01/21/22		254,066		3.0
	149,250,000	FHLB		0.000%, 01/26/22		149,245		1.8
	89,250,000	FHLB		0.040%, 01/28/22		89,249		1.1
	164,743,000	FHLB		0.000%, 01/28/22		164,737		2.0
	192,750,000	FHLB		0.035%, 02/01/22		192,747		2.3
	165,750,000	FHLB		0.000%, 02/02/22		165,743		2.0
	102,559,000	FHLB		0.000%, 02/04/22		102,554		1.2
	284,492,000	FHLB		0.000%, 02/09/22		284,477		3.4
	85,250,000	FHLB		0.050%, 02/10/22		85,249		1.0
	62,300,000	FHLB		0.000%, 02/11/22		62,296		0.7
	172,939,000	FHLB		0.000%, 02/18/22		172,927		2.1
	151,640,000	FHLB		0.000%, 02/23/22		151,629		1.8
	72,000,000	FHLB		0.045%, 03/17/22		71,999		0.9
	80,246,000	FHLB		0.000%, 03/23/22		80,235		1.0
	115,697,000	FHLB		0.000%, 04/01/22		115,682		1.4
	593,268,000	FHLB	0.000%–2.750%, 01/05/22–06/10/22			593,666		7.0

	131,820,000	Federal Home Loan Mortgage Corp (FHLMC)		2.375%, 01/13/22		131,920		1.6
	84,530,000	Federal National Mortgage Association (FNMA)		2.000%, 01/05/22		84,548		1.0
	147,794,000	FNMA	0.000%–2.625%, 01/11/22–04/12/22			148,024		1.8

		Other				1,055		0.0
						4,389,420		52.5
TREASURY DEBT
	120,812,000	United States Cash Management Bill		0.000%, 03/08/22		120,800		1.4
	85,000,000	United States Cash Management Bill		0.000%, 03/29/22		84,986		1.0
	77,200,000	United States Cash Management Bill		0.000%, 04/05/22		77,186		0.9
	63,750,000	United States Cash Management Bill		0.000%, 04/12/22		63,734		0.8
	112,817,000	United States Cash Management Bill		0.000%, 04/26/22		112,786		1.4
	100,095,000	United States Cash Management Bill		0.000%, 03/15/22–04/19/22		100,081		1.2
	118,800,000	United States Treasury Bill		0.000%, 02/17/22		118,792		1.4
	126,351,000	United States Treasury Bill		0.000%, 03/01/22		126,340		1.5
	151,214,000	United States Treasury Bill		0.000%, 03/24/22		151,191		1.8
	275,511,000	United States Treasury Bill		0.000%, 01/06/22–04/07/22		275,486		3.3
	72,200,000	United States Treasury Note		1.375%, 01/31/22		72,278		0.9
	114,570,000	United States Treasury Note		2.000%, 02/15/22		114,840		1.4
	79,200,000	United States Treasury Note		1.875%, 02/28/22		79,431		1.0
	100,925,000	United States Treasury Note		0.375%, 03/31/22		100,999		1.2
	72,200,000	United States Treasury Note		1.875%, 03/31/22		72,519		0.9
	349,958,000	United States Treasury Note	0.125%–2.375%, 01/15/22–04/30/22			350,775		4.1

						2,022,224		24.2

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Summary portfolio of investments

concluded

CREF Money Market Account ■ December 31, 2021

Principal			Issuer		Value (000)			% of net assets
VARIABLE RATE SECURITIES
	$ 64,000,000	i	Federal Farm Credit Bank (FFCB), SOFR + 0.070%	0.120%, 02/17/22	$	64,000			0.8	%
	101,000,000	i	FFCB, SOFR + 0.040%	0.090%, 06/01/22		101,000			1.2
	127,700,000	i	FFCB, SOFR + 0.005%	0.055%, 07/12/22		127,698			1.5
	127,400,000	i	FFCB, SOFR + 0.045%	0.095%, 09/08/22		127,407			1.5
	63,750,000	i	FFCB, SOFR + 0.005%	0.055%, 10/05/22		63,748			0.8
	69,491,000	i	FFCB, SOFR + 0.010%	0.060%, 11/16/22		69,490			0.8
	88,250,000	i	FFCB, SOFR + 0.018%	0.068%, 07/13/23		88,234			1.1
	486,402,000	i	FFCB, SOFR + 0.170%–SOFR + 0.025% 0.058%–0.240%,	03/15/22–10/27/23		486,439			5.8
	84,000,000	i	Federal Home Loan Bank (FHLB), SOFR + 0.080%	0.130%, 02/22/22		84,000			1.0
	64,000,000	i	FHLB, SOFR + 0.055%	0.105%, 05/13/22		64,000			0.8
	63,500,000	i	FHLB, SOFR + 0.045%	0.095%, 07/29/22		63,500			0.8
	63,750,000	i	FHLB, SOFR + 0.010%	0.060%, 09/09/22		63,750			0.8
	64,000,000	i	FHLB, SOFR + 0.085%	0.135%, 10/05/22		64,000			0.8
	121,850,000	i	FHLB, SOFR + 0.060%	0.110%, 12/08/22		121,873			1.4
	203,375,000	i	FHLB, SOFR + 0.015%–SOFR + 0.030% 0.060%–0.140%,	04/11/22–08/11/23		203,376			2.4
	64,750,000	i	Federal Home Loan Mortgage Corp
			(FHLMC), SOFR + 0.095%	0.145%, 08/19/22		64,750			0.8
			Other			121,149			1.4
						1,978,414			23.7
			TOTAL SHORT-TERM INVESTMENTS	(Cost $8,390,058)		8,390,058			100.4
			TOTAL PORTFOLIO	(Cost $8,390,058)		8,390,058			100.4
			OTHER ASSETS & LIABILITIES, NET			(34,802	)		(0.4	)
			NET ASSETS		$	8,355,256			100.0	%

SOFR	Secure Overnight Financing Rate

i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

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

Cost amounts are in thousands.

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

[This page intentionally left blank.]

College Retirement Equities Fund ■ 2021 Annual Report

Statements of assets and liabilities

College Retirement Equities Fund ■ December 31, 2021

(amounts in thousands)		Stock Account		Global Equities Account		Growth Account		Equity Index Account		Bond Market Account		Inflation-Linked Bond Account		Social Choice Account		Money Market Account

ASSETS
Portfolio investments, at value*^†		$	139,907,247	$	28,860,866	$	39,693,711	$	25,748,486	$	15,391,753	$	7,840,777	$	20,632,092	$	8,390,058
Affiliated investments, at value^‡			212,873		—		—		—		—		—		—		—
Total portfolio investments, at value			140,120,120		28,860,866		39,693,711		25,748,486		15,391,753		7,840,777		20,632,092		8,390,058
Cash^#**			11,396		883		2		—		103,103		1,211		31,650		1
Cash – foreign^{^}			24,827		4,244		—		—		7		—		1,591		—
Dividends and interest receivable			142,534		25,399		4,014		16,069		72,226		17,370		56,405		8,079
Receivable from securities transactions			302,771		4,371		372,560		—		21,814		—		245,515		—
Receivable for delayed delivery securities			175,936		43,913		—		310		1,104,624		—		529,752		—
Due from affiliates			—		—		—		—		—		2,068		—		286
Receivable for variation margin on open futures contracts			11,459		3,855		—		2,137		—		—		—		—
Unrealized appreciation on forward foreign currency contracts			4,721		—		—		—		1,278		—		303		—
Other			23,041		2,978		3,339		2,366		2,320		1,214		2,386		2,044
Total assets			140,816,805		28,946,509		40,073,626		25,769,368		16,697,125		7,862,640		21,499,694		8,400,468

LIABILITIES
Investment management fees payable			6,944		1,696		857		556		373		244		717		294
Service agreement fees payable			2,444		176		892		502		—		55		—		—
Payable for collateral for securities loaned			1,067,306		109,672		65,479		77,920		13,709		2,034		78,705		—
Payable for securities transactions			169,470		31,858		150,267		—		20,098		—		239,965		42,999
Payable for delayed delivery securities			171,103		43,913		—		—		3,030,025		32,860		1,425,613		—
Due to affiliates			140,524		3,327		8,274		5,867		2,858		—		1,179		—
Overdraft payable			22,360		4,621		—		2,189		—		—		—		—
Written options^◊			3,469		—		942		—		—		—		—		—
Payable for variation margin on futures contracts			—		—		—		—		4,615		1,969		—		—
Unrealized depreciation on forward foreign currency contracts			2,897		—		—		—		1,053		—		—		—
Payable for trustee compensation			22,104		2,888		3,046		2,346		1,985		1,213		1,978		1,919
Other			38,042		5,062		5		4		12		—		3		—
Total liabilities			1,646,663		203,213		229,762		89,384		3,074,728		38,375		1,748,160		45,212
NET ASSETS		$	139,170,142	$	28,743,296	$	39,843,864	$	25,679,984	$	13,622,397	$	7,824,265	$	19,751,534	$	8,355,256
CLASS R1 (Accumulation):	Net assets	$	16,518,968	$	4,495,057	$	7,207,621	$	4,943,246	$	2,153,810	$	1,303,003	$	2,841,453	$	1,659,523
	Units outstanding		21,354		15,816		18,154		12,217		15,400		15,862		8,282		62,996
	Unit value	$	773.56	$	284.21	$	397.02	$	404.63	$	139.86	$	82.15	$	343.10	$	26.34
CLASS R2 (Accumulation):	Net assets		41,153,346		9,289,757		13,218,305		8,625,199		4,648,844		2,356,491		6,868,447		2,512,546
	Units outstanding		52,441		32,221		32,819		21,012		32,766		28,277		19,734		94,437
	Unit value	$	784.75	$	288.31	$	402.77	$	410.48	$	141.88	$	83.34	$	348.06	$	26.61
CLASS R3 (Accumulation):	Net assets		68,461,500		14,427,213		18,613,860		11,485,731		6,512,718		3,970,270		9,541,196		4,065,771
	Units outstanding		86,844		49,813		46,005		27,854		45,696		47,427		27,289		152,288
	Unit value	$	788.33	$	289.63	$	404.61	$	412.35	$	142.52	$	83.71	$	349.64	$	26.70
ANNUITY:	Net assets	$	13,036,328	$	531,269	$	804,078	$	625,808	$	307,025	$	194,501	$	500,438	$	117,416
* Includes securities loaned of		$	1,746,890	$	160,848	$	154,371	$	171,026	$	13,401	$	1,990	$	123,770	$	—
** Includes cash collateral for securities loaned of		$	11,396	$	883	$	—	$	—	$	—	$	—	$	—	$	—
# Includes cash collateral for mortgage dollar rolls of		$	—	$	—	$	—	$	—	$	99,000	$	—	$	31,501	$	—
† Portfolio investments; unaffiliated issuers cost		$	111,020,972	$	21,993,376	$	30,073,308	$	8,063,056	$	15,131,142	$	7,320,690	$	16,727,922	$	8,390,058
‡ Portfolio investments, affiliated issuers cost		$	328,765	$	—	$	—	$	—	$	—	$	—	$	—	$	—
^ Foreign cash, cost		$	24,720	$	4,216	$	—	$	—	$	7	$	—	$	1,578	$	—
◊ Written options premiums		$	2,678	$	—	$	3,646	$	—	$	—	$	—	$	—	$	—

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Statements of operations

College Retirement Equities Fund ■ For the year ended December 31, 2021

(amounts in thousands)	Stock Account			Global Equities Account			Growth Account			Equity Index Account		Bond Market Account			Inflation-Linked Bond Account			Social Choice Account			Money Market Account

INVESTMENT INCOME
Dividends:
Unaffiliated issuers*	$	2,149,477		$	500,897		$	194,275		$	312,987	$	488		$	—		$	207,092		$	—
Affiliated issuers*		3,936			—			—			—		—			—			—			—
Income from securities lending, net		28,256			7,377			3,752			1,686		85			6			2,120			—
Other		3,969			1,379			—			21		3,442			26			961			62
Interest*		863			104			34			6		319,261			412,622			160,355			6,576
Total income		2,186,501			509,757			198,061			314,700		323,276			412,654			370,528			6,638

EXPENSES
Investment management fees		113,686			16,234			12,022			3,274		8,957			1,981			8,873			3,333
Administrative – Class R1		41,072			10,980			17,585			11,770		5,660			3,122			6,943			4,498
Administrative – Class R2		56,482			12,432			17,735			11,379		6,793			3,207			9,096			3,873
Administrative – Class R3		82,281			14,483			19,141			11,667		7,332			4,098			9,706			4,814
Distribution fees – Class R1		14,921			3,989			6,388			4,276		2,055			1,134			2,522			1,631
Distribution fees – Class R2		20,551			4,524			6,455			4,141		2,472			1,167			3,311			1,409
Distribution fees – Class R3		28,961			5,101			6,738			4,108		2,577			1,442			3,417			1,689
Mortality and expense risk charges		6,812			1,362			1,908			1,204		710			375			932			461
Total expenses		364,766			69,105			87,972			51,819		36,556			16,526			44,800			21,708
Less: Expenses withheld by TIAA		—			—			—			—		—			—			—			(15,070	)
Net expenses		364,766			69,105			87,972			51,819		36,556			16,526			44,800			6,638
Net investment income (loss)		1,821,735			440,652			110,089			262,881		286,720			396,128			325,728			—

NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers^†		20,681,865			2,703,146			8,259,936			1,477,123		136,450			144,669			1,402,681			12
Affiliated issuers		67,393			—			—			—		—			—			—			—
Purchased options		25,495			512			—			—		—			—			—			—
Written options		(13,888	)		148			(684	)		—		—			—			—			—
Futures contracts		311,175			81,227			—			18,637		(7,229	)		623			—			—
Forward foreign currency contracts		(3,890	)		3			—			—		9,452			—			7			—
Swap contracts		—			—			—			—		(3,376	)		—			—			—
Foreign currency transactions		(11,618	)		(2,463	)		957			—		(1,921	)		—			(572	)		—
Net realized gain (loss) on total investments		21,056,532			2,782,573			8,260,209			1,495,760		133,376			145,292			1,402,116			12
Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers^‡		534,208			648,819			(1,354,205	)		3,643,004		(617,166	)		(158,482	)		465,803			—
Affiliated issuers		(144,803	)		—			—			—		—			—			—			—
Purchased options		(1,133	)		—			—			—		—			—			—			—
Written options		(802	)		—			2,703			—		—			—			—			—
Futures contracts		(23,559	)		(1,542	)		—			152		(4,619	)		(1,970	)		—			—
Forward foreign currency contracts		5,096			—			—			—		4,461			—			1,240			—
Swap contracts		—			—			—			—		2,878			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(4,529	)		(1,199	)		(38	)		—		(114	)		—			(609	)		—
Net change in unrealized appreciation (depreciation) on total investments		364,478			646,078			(1,351,540	)		3,643,156		(614,560	)		(160,452	)		466,434			—
Net realized and unrealized gain (loss) on total investments		21,421,010			3,428,651			6,908,669			5,138,916		(481,184	)		(15,160	)		1,868,550			12
Net increase (decrease) in net assets from operations	$	23,242,745		$	3,869,303		$	7,018,758		$	5,401,797	$	(194,464	)	$	380,968		$	2,194,278		$	12
* Net of foreign withholding taxes of unaffiliated issuers	$	98,757		$	30,887		$	1,259		$	70	$	274		$	1		$	9,261		$	—
† Includes net realized gain (loss) from securities sold to affiliates of	$	1,272,571		$	426,903		$	141,177		$	62,452	$	—		$	—		$	4,719		$	—
‡ Includes net change in unrealized foreign capital gains taxes of	$	(26,701	)	$	(3,401	)	$	—		$	—	$	34		$	—		$	—		$	—

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Statements of changes in net assets

College Retirement Equities Fund ■ For the year ended

		Stock Account						Global Equities Account						Growth Account
(amounts in thousands, except accumulation units)		December 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020

OPERATIONS
Net investment income (loss)		$	1,821,735		$	1,647,544		$	440,652		$	281,816		$	110,089		$	131,803
Net realized gain (loss) on total investments			21,056,532			5,199,417			2,782,573			877,243			8,260,209			6,136,719
Net change in unrealized appreciation (depreciation)on total investments			364,478			12,005,005			646,078			3,223,748			(1,351,540	)		4,259,461
Net increase (decrease) in net assets from operations			23,242,745			18,851,966			3,869,303			4,382,807			7,018,758			10,527,983

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		455,255			401,380			244,064			139,187			248,869			302,936
	Class R2		793,161			805,365			414,131			231,542			254,281			346,985
	Class R3		1,537,635			1,526,195			1,395,637			633,822			474,064			659,126
Net transfers between CREF Accounts:	Class R1		(330,829	)		(474,595	)		23,444			(101,456	)		(153,956	)		(216,714	)
	Class R2		(665,182	)		(389,766	)		198,427			86,482			(269,570	)		(96,224	)
	Class R3		137,623			(862,544	)		651,125			31,169			46,203			(269,931	)
Withdrawals and death benefits:	Class R1		(1,633,223	)		(1,499,736	)		(419,084	)		(423,941	)		(710,164	)		(668,907	)
	Class R2		(3,832,963	)		(3,536,605	)		(786,675	)		(748,176	)		(1,128,577	)		(1,091,170	)
	Class R3		(5,977,933	)		(6,026,060	)		(1,164,173	)		(1,149,964	)		(1,576,674	)		(1,655,054	)
Annuity payments			(1,517,323	)		(1,169,339	)		(49,723	)		(35,623	)		(70,542	)		(48,765	)
Net increase (decrease) from participant transactions			(11,033,779	)		(11,225,705	)		507,173			(1,336,958	)		(2,886,066	)		(2,737,718	)
Net increase (decrease) in net assets			12,208,966			7,626,261			4,376,476			3,045,849			4,132,692			7,790,265

NET ASSETS
Beginning of period			126,961,176			119,334,915			24,366,820			21,320,971			35,711,172			27,920,907
End of period		$	139,170,142		$	126,961,176		$	28,743,296		$	24,366,820		$	39,843,864		$	35,711,172

ACCUMULATION UNITS:
Units purchased:	Class R1		626,453			750,296			905,951			690,293			684,354			1,150,083
	Class R2		1,078,729			1,497,161			1,533,070			1,126,257			693,135			1,309,422
	Class R3		1,771,662			2,543,692			5,046,926			2,876,490			1,171,927			2,316,680
Units sold / transferred:	Class R1		(2,697,581	)		(3,632,558	)		(1,462,434	)		(2,630,955	)		(2,352,050	)		(3,367,507	)
	Class R2		(6,105,139	)		(7,281,293	)		(2,149,749	)		(3,458,376	)		(3,794,135	)		(4,637,965	)
	Class R3		(7,873,094	)		(12,656,276	)		(1,840,929	)		(5,717,914	)		(4,135,893	)		(7,389,191	)
Outstanding:
Beginning of period			173,838,288			192,617,266			95,817,222			102,931,427			104,710,446			115,328,924
End of period			160,639,318			173,838,288			97,850,057			95,817,222			96,977,784			104,710,446

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Statements of changes in net assets	continued

College Retirement Equities Fund ■ For the year ended

		Equity Index Account						Bond Market Account						Inflation-Linked Bond Account
(amounts in thousands, except accumulation units)		December 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020

OPERATIONS
Net investment income (loss)		$	262,881		$	279,702		$	286,720		$	350,697		$	396,128		$	96,089
Net realized gain (loss) on total investments			1,495,760			1,363,541			133,376			286,253			145,292			14,616
Net change in unrealized appreciation (depreciation)on total investments			3,643,156			2,028,165			(614,560	)		459,062			(160,452	)		415,592
Net increase (decrease) in net assets from operations			5,401,797			3,671,408			(194,464	)		1,096,012			380,968			526,297

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		199,677			194,078			128,344			217,407			165,913			160,764
	Class R2		227,332			248,717			204,538			318,567			165,980			159,218
	Class R3		316,635			347,919			352,642			596,036			389,257			321,421
Net transfers between CREF Accounts:	Class R1		(61,469	)		(170,783	)		(5,189	)		83,391			57,085			44,448
	Class R2		(132,039	)		(130,354	)		(65,811	)		256,928			96,950			128,028
	Class R3		185,799			(210,828	)		36,925			260,450			244,821			181,520
Withdrawals and death benefits:	Class R1		(467,843	)		(461,461	)		(308,592	)		(317,040	)		(163,608	)		(147,653	)
	Class R2		(782,911	)		(778,664	)		(601,847	)		(633,037	)		(290,071	)		(285,131	)
	Class R3		(974,371	)		(1,115,170	)		(917,058	)		(1,015,615	)		(434,425	)		(469,097	)
Annuity payments			(57,953	)		(42,421	)		(32,280	)		(30,278	)		(20,118	)		(18,632	)
Net increase (decrease) from participant transactions			(1,547,143	)		(2,118,967	)		(1,208,328	)		(263,191	)		211,784			74,886
Net increase (decrease) in net assets			3,854,654			1,552,441			(1,402,792	)		832,821			592,752			601,183

NET ASSETS
Beginning of period			21,825,330			20,272,889			15,025,189			14,192,368			7,231,513			6,630,330
End of period		$	25,679,984		$	21,825,330		$	13,622,397		$	15,025,189		$	7,824,265		$	7,231,513

ACCUMULATION UNITS:
Units purchased:	Class R1		548,559			733,048			917,233			1,590,164			2,071,442			2,133,720
	Class R2		622,233			957,051			1,442,226			2,298,506			2,045,289			2,093,085
	Class R3		777,520			1,232,194			2,309,030			4,051,035			4,645,656			4,028,507
Units sold / transferred:	Class R1		(1,428,232	)		(2,366,813	)		(2,244,467	)		(1,708,690	)		(1,330,905	)		(1,372,803	)
	Class R2		(2,474,012	)		(3,475,139	)		(4,709,301	)		(2,748,719	)		(2,392,181	)		(2,089,147	)
	Class R3		(2,094,908	)		(4,979,337	)		(6,177,678	)		(5,469,527	)		(2,369,983	)		(3,819,802	)
Outstanding:
Beginning of period			65,132,395			73,031,391			102,324,697			104,311,928			88,896,245			87,922,685
End of period			61,083,555			65,132,395			93,861,740			102,324,697			91,565,563			88,896,245

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Statements of changes in net assets	concluded

College Retirement Equities Fund ■ For the year ended

		Social Choice Account						Money Market Account
(amounts in thousands, except accumulation units)		December 31, 2021			December 31, 2020			December 31, 2021			December 31, 2020

OPERATIONS
Net investment income (loss)		$	325,728		$	302,263		$	—		$	37,081
Net realized gain (loss) on total investments			1,402,116			692,667			12			442
Net change in unrealized appreciation (depreciation)on total investments			466,434			1,060,607			—			—
Net increase (decrease) in net assets from operations			2,194,278			2,055,537			12			37,523

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		165,207			135,067			604,893			975,472
	Class R2		450,311			443,899			462,476			1,276,761
	Class R3		783,231			722,944			983,239			2,718,638
Net transfers between CREF Accounts:	Class R1		7,611			(6,274	)		(114,678	)		163,240
	Class R2		121,334			211,036			(139,487	)		537,084
	Class R3		353,969			257,112			(223,277	)		688,582
Withdrawals and death benefits:	Class R1		(253,417	)		(249,570	)		(831,769	)		(1,078,924	)
	Class R2		(585,245	)		(532,111	)		(1,018,259	)		(1,571,024	)
	Class R3		(834,999	)		(763,007	)		(1,951,449	)		(3,174,935	)
Annuity payments			(45,814	)		(37,146	)		(13,585	)		(15,428	)
Net increase (decrease) from participant transactions			162,188			181,950			(2,241,896	)		519,466
Net increase (decrease) in net assets			2,356,466			2,237,487			(2,241,884	)		556,989

NET ASSETS
Beginning of period			17,395,068			15,157,581			10,597,140			10,040,151
End of period		$	19,751,534		$	17,395,068		$	8,355,256		$	10,597,140

ACCUMULATION UNITS:
Units purchased:	Class R1		506,965			499,272			22,961,824			37,043,012
	Class R2		1,359,568			1,630,433			17,382,698			48,014,917
	Class R3		2,232,512			2,567,063			36,366,262			101,258,332
Units sold / transferred:	Class R1		(747,385	)		(941,610	)		(35,927,258	)		(34,767,224	)
	Class R2		(1,403,617	)		(1,210,391	)		(43,515,193	)		(38,866,180	)
	Class R3		(1,475,437	)		(1,870,709	)		(81,213,221	)		(92,751,729	)
Outstanding:
Beginning of period			54,831,413			54,157,355			393,665,336			373,734,208
End of period			55,304,019			54,831,413			309,720,448			393,665,336

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Financial highlights

College Retirement Equities Fund

		Selected per accumulation unit data																						Ratios and supplemental data
		Gain (loss) from investment operations
											Net realized													Ratios to average net assets									Accumulation
	For the 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 end of period (in millions		)	Accumulation fund net assets (in millions		)ⁱ
STOCK ACCOUNT
Class R1:	12/31/21		$11.657			$3.132			$8.525			$113.206			$121.731			$651.830		$773.561		18.67	%		0.43	%		1.17	%		50	%		21			$16,519
	12/31/20		9.890			2.810			7.080			90.652			97.732			554.098		651.830		17.64			0.52			1.31			69			23			15,270
	12/31/19		11.125			2.749			8.376			109.873			118.249			435.849		554.098		27.13			0.55			1.67			60			26			14,577
	12/31/18		10.238			2.573			7.665			(55.323	)		(47.658	)		483.507		435.849		(9.86	)		0.53			1.57			55			29			12,655
	12/31/17		8.937			2.869			6.068			84.379			90.447			393.060		483.507		23.01			0.65			1.38			48			33			15,853
Class R2:	12/31/21		11.811			2.055			9.756			114.741			124.497			660.256		784.753		18.86			0.28			1.33			50			52			41,153
	12/31/20		10.005			1.916			8.089			91.852			99.941			560.315		660.256		17.84			0.35			1.47			69			57			37,943
	12/31/19		11.240			1.772			9.468			110.979			120.447			439.868		560.315		27.38			0.35			1.86			60			63			35,441
	12/31/18		10.327			1.687			8.640			(55.847	)		(47.207	)		487.075		439.868		(9.69	)		0.34			1.75			55			70			30,866
	12/31/17		8.990			1.736			7.254			84.893			92.147			394.928		487.075		23.33			0.39			1.64			48			78			38,159
Class R3:	12/31/21		11.872			1.688			10.184			115.218			125.402			662.928		788.330		18.92			0.23			1.38			50			87			68,462
	12/31/20		10.044			1.598			8.446			92.234			100.680			562.248		662.928		17.91			0.29			1.53			69			93			61,616
	12/31/19		11.279			1.507			9.772			111.324			121.096			441.152		562.248		27.45			0.30			1.92			60			103			57,944
	12/31/18		10.352			1.485			8.867			(56.010	)		(47.143	)		488.295		441.152		(9.65	)		0.30			1.79			55			114			50,309
	12/31/17		9.010			1.395			7.615			85.073			92.688			395.607		488.295		23.43			0.32			1.72			48			124			60,531
GLOBAL EQUITIES ACCOUNT
Class R1:	12/31/21		5.035			1.096			3.939			34.023			37.962			246.247		284.209		15.42			0.41			1.46			46			16			4,495
	12/31/20		3.467			1.009			2.458			42.730			45.188			201.059		246.247		22.48			0.50			1.23			63			16			4,032
	12/31/19		4.042			0.913			3.129			40.803			43.932			157.127		201.059		27.96			0.50			1.73			67			18			3,682
	12/31/18		3.712			0.948			2.764			(25.325	)		(22.561	)		179.688		157.127		(12.56	)		0.53			1.54			77			20			3,154
	12/31/17		3.346			1.117			2.229			32.997			35.226			144.462		179.688		24.38			0.69			1.38			36			20			3,681
Class R2:	12/31/21		5.099			0.697			4.402			34.488			38.890			249.424		288.314		15.59			0.26			1.61			46			32			9,290
	12/31/20		3.505			0.678			2.827			43.288			46.115			203.309		249.424		22.68			0.33			1.39			63			33			8,190
	12/31/19		4.081			0.560			3.521			41.217			44.738			158.571		203.309		28.21			0.31			1.92			67			35			7,150
	12/31/18		3.746			0.624			3.122			(25.558	)		(22.436	)		181.007		158.571		(12.40	)		0.35			1.73			77			38			6,104
	12/31/17		3.365			0.700			2.665			33.198			35.863			145.144		181.007		24.71			0.43			1.64			36			39			7,131
Class R3:	12/31/21		5.129			0.560			4.569			34.624			39.193			250.434		289.627		15.65			0.20			1.67			46			50			14,427
	12/31/20		3.517			0.561			2.956			43.466			46.422			204.012		250.434		22.75			0.27			1.45			63			47			11,672
	12/31/19		4.095			0.465			3.630			41.347			44.977			159.035		204.012		28.28			0.25			1.98			67			49			10,088
	12/31/18		3.747			0.547			3.200			(25.626	)		(22.426	)		181.461		159.035		(12.36	)		0.30			1.77			77			54			8,621
	12/31/17		3.372			0.574			2.798			33.270			36.068			145.393		181.461		24.81			0.35			1.71			36			53			9,558

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Financial highlights	continued

College Retirement Equities Fund

		Selected per accumulation unit data																						Ratios and supplemental data
		Gain (loss) from investment operations
											Net realized													Ratios to average net assets									Accumulation
	For the 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 end of period (in millions		)	Accumulation fund net assets (in millions		)ⁱ
GROWTH ACCOUNT
Class R1:	12/31/21		$1.902			$1.389			$0.513			$66.175			$66.688			$330.336		$397.024		20.19	%		0.38	%		0.14	%		67	%		18			$7,208
	12/31/20		1.972			1.242			0.730			94.391			95.121			235.215		330.336		40.44			0.47			0.27			82			20			6,548
	12/31/19		1.988			1.026			0.962			55.151			56.113			179.102		235.215		31.33			0.48			0.45			85			22			5,184
	12/31/18		2.166			0.914			1.252			(6.193	)		(4.941	)		184.043		179.102		(2.69	)		0.46			0.63			62			24			4,311
	12/31/17		1.818			0.977			0.841			43.121			43.962			140.081		184.043		31.38			0.60			0.52			48			26			4,841
Class R2:	12/31/21		1.929			0.844			1.085			67.078			68.163			334.603		402.766		20.37			0.23			0.29			67			33			13,218
	12/31/20		1.995			0.800			1.195			95.559			96.754			237.849		334.603		40.68			0.30			0.44			82			36			12,019
	12/31/19		2.007			0.609			1.398			55.701			57.099			180.750		237.849		31.59			0.28			0.65			85			39			9,335
	12/31/18		2.186			0.555			1.631			(6.277	)		(4.646	)		185.396		180.750		(2.51	)		0.28			0.82			62			43			7,850
	12/31/17		1.830			0.556			1.274			43.379			44.653			140.743		185.396		31.73			0.34			0.78			48			47			8,788
Class R3:	12/31/21		1.935			0.658			1.277			67.368			68.645			335.962		404.607		20.43			0.18			0.34			67			46			18,614
	12/31/20		2.003			0.644			1.359			95.929			97.288			238.674		335.962		40.76			0.24			0.50			82			49			16,452
	12/31/19		2.016			0.496			1.520			55.873			57.393			181.281		238.674		31.66			0.23			0.70			85			54			12,898
	12/31/18		2.193			0.471			1.722			(6.301	)		(4.579	)		185.860		181.281		(2.46	)		0.24			0.86			62			59			10,665
	12/31/17		1.834			0.429			1.405			43.471			44.876			140.984		185.860		31.83			0.26			0.86			48			62			11,524
EQUITY INDEX ACCOUNT
Class R1:	12/31/21		4.795			1.326			3.469			78.134			81.603			323.028		404.631		25.26			0.36			0.95			4			12			4,943
	12/31/20		4.683			1.182			3.501			51.129			54.630			268.398		323.028		20.35			0.44			1.30			3			13			4,230
	12/31/19		4.780			1.100			3.680			58.895			62.575			205.823		268.398		30.40			0.46			1.53			2			15			3,954
	12/31/18		4.426			0.992			3.434			(15.616	)		(12.182	)		218.005		205.823		(5.59	)		0.44			1.52			3			16			3,308
	12/31/17		3.836			1.126			2.710			34.271			36.981			181.024		218.005		20.43			0.57			1.37			4			18			3,912
Class R2:	12/31/21		4.858			0.779			4.079			79.203			83.282			327.198		410.480		25.45			0.21			1.10			4			21			8,625
	12/31/20		4.739			0.737			4.002			51.792			55.794			271.404		327.198		20.56			0.27			1.47			3			23			7,481
	12/31/19		4.832			0.630			4.202			59.485			63.687			207.717		271.404		30.66			0.26			1.73			2			25			6,889
	12/31/18		4.465			0.581			3.884			(15.774	)		(11.890	)		219.607		207.717		(5.41	)		0.26			1.71			3			28			5,728
	12/31/17		3.859			0.612			3.247			34.480			37.727			181.880		219.607		20.74			0.31			1.63			4			31			6,708
Class R3:	12/31/21		4.885			0.592			4.293			79.534			83.827			328.522		412.349		25.52			0.16			1.15			4			28			11,486
	12/31/20		4.757			0.578			4.179			52.002			56.181			272.341		328.522		20.63			0.21			1.53			3			29			9,584
	12/31/19		4.851			0.502			4.349			59.668			64.017			208.324		272.341		30.73			0.21			1.78			2			33			8,965
	12/31/18		4.479			0.486			3.993			(15.823	)		(11.830	)		220.154		208.324		(5.37	)		0.21			1.75			3			36			7,418
	12/31/17		3.869			0.458			3.411			34.551			37.962			182.192		220.154		20.84			0.23			1.71			4			39			8,486

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Financial highlights	continued

College Retirement Equities Fund

		Selected per accumulation unit data																						Ratios and supplemental data
		Gain (loss) from investment operations
											Net realized													Ratios to average net assets									Portfolio			Accumulation
	For the 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 end of period (in millions		)	Accumulation fund net assets (in millions		)ⁱ
BOND MARKET ACCOUNT
Class R1:	12/31/21		$3.185			$0.574			$2.611			$(4.639	)		$(2.028	)		$141.886		$139.858		(1.43	)%		0.41	%		1.87	%		207	%		49	%		15			$2,154
	12/31/20		3.696			0.655			3.041			7.068			10.109			131.777		141.886		7.67			0.48			2.21			135			84			17			2,373
	12/31/19		4.029			0.634			3.395			7.214			10.609			121.168		131.777		8.75			0.50			2.66			85			79			17			2,220
	12/31/18		3.829			0.620			3.209			(3.713	)		(0.504	)		121.672		121.168		(0.41	)		0.52			2.68			106			91			17			2,048
	12/31/17		3.517			0.764			2.753			1.670			4.423			117.249		121.672		3.77			0.64			2.30			140			96			18			2,209
Class R2:	12/31/21		3.229			0.367			2.862			(4.701	)		(1.839	)		143.719		141.880		(1.28	)		0.26			2.02			207			49			33			4,649
	12/31/20		3.741			0.427			3.314			7.152			10.466			133.253		143.719		7.85			0.31			2.38			135			84			36			5,179
	12/31/19		4.070			0.385			3.685			7.286			10.971			122.282		133.253		8.97			0.30			2.86			85			79			36			4,862
	12/31/18		3.861			0.402			3.459			(3.741	)		(0.282	)		122.564		122.282		(0.23	)		0.33			2.87			106			91			37			4,567
	12/31/17		3.539			0.453			3.086			1.676			4.762			117.802		122.564		4.04			0.38			2.56			140			96			39			4,818
Class R3:	12/31/21		3.242			0.296			2.946			(4.720	)		(1.774	)		144.298		142.524		(1.23	)		0.21			2.07			207			49			46			6,513
	12/31/20		3.756			0.346			3.410			7.176			10.586			133.712		144.298		7.92			0.25			2.44			135			84			50			7,152
	12/31/19		4.083			0.317			3.766			7.308			11.074			122.638		133.712		9.03			0.25			2.91			85			79			51			6,817
	12/31/18		3.872			0.352			3.520			(3.753	)		(0.233	)		122.871		122.638		(0.19	)		0.29			2.91			106			91			52			6,329
	12/31/17		3.546			0.360			3.186			1.681			4.867			118.004		122.871		4.12			0.30			2.63			140			96			53			6,527
INFLATION-LINKED BOND ACCOUNT
Class R1:	12/31/21		4.419			0.300			4.119			(0.159	)		3.960			78.189		82.149		5.06			0.37			5.14			24			24			16			1,303
	12/31/20		1.271			0.338			0.933			4.714			5.647			72.542		78.189		7.78			0.45			1.24			25			25			15			1,182
	12/31/19		1.660			0.329			1.331			2.944			4.275			68.267		72.542		6.27			0.46			1.88			26			26			14			1,042
	12/31/18		2.105			0.307			1.798			(2.292	)		(0.494	)		68.761		68.267		(0.72	)		0.45			2.63			21			21			14			964
	12/31/17		1.731			0.395			1.336			(0.315	)		1.021			67.740		68.761		1.51			0.58			1.95			18			18			15			1,041
Class R2:	12/31/21		4.462			0.181			4.281			(0.143	)		4.138			79.197		83.335		5.22			0.22			5.27			24			24			28			2,356
	12/31/20		1.270			0.213			1.057			4.787			5.844			73.353		79.197		7.96			0.28			1.39			25			25			29			2,267
	12/31/19		1.686			0.190			1.496			2.962			4.458			68.895		73.353		6.48			0.27			2.09			26			26			29			2,099
	12/31/18		2.122			0.182			1.940			(2.310	)		(0.370	)		69.265		68.895		(0.53	)		0.26			2.82			21			21			29			2,028
	12/31/17		1.743			0.218			1.525			(0.319	)		1.206			68.059		69.265		1.77			0.32			2.22			18			18			30			2,096
Class R3:	12/31/21		4.494			0.139			4.355			(0.158	)		4.197			79.517		83.714		5.28			0.17			5.34			24			24			47			3,970
	12/31/20		1.274			0.168			1.106			4.805			5.911			73.606		79.517		8.03			0.22			1.44			25			25			45			3,590
	12/31/19		1.694			0.153			1.541			2.970			4.511			69.095		73.606		6.53			0.21			2.14			26			26			45			3,308
	12/31/18		2.125			0.154			1.971			(2.313	)		(0.342	)		69.437		69.095		(0.49	)		0.22			2.86			21			21			46			3,171
	12/31/17		1.746			0.165			1.581			(0.320	)		1.261			68.176		69.437		1.85			0.24			2.29			18			18			46			3,214

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Financial highlights	continued

College Retirement Equities Fund

		Selected per accumulation unit data																						Ratios and supplemental data
		Gain (loss) from investment operations
											Net realized													Ratios to average net assets									Portfolio			Accumulation
	For the 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 end of period (in millions		)	Accumulation fund net assets (in millions		)ⁱ
SOCIAL CHOICE ACCOUNT
Class R1:	12/31/21		$6.484			$1.289			$5.195			$32.701			$37.896			$305.205		$343.101		12.42	%		0.40	%		1.59	%		118	%		57	%		8			$2,841
	12/31/20		6.129			1.279			4.850			30.887			35.737			269.468		305.205		13.26			0.47			1.79			100			73			9			2,601
	12/31/19		6.789			1.210			5.579			40.254			45.833			223.635		269.468		20.50			0.49			2.24			52			51			9			2,416
	12/31/18		6.291			1.102			5.189			(15.749	)		(10.560	)		234.195		223.635		(4.51	)		0.47			2.21			52			47			9			2,104
	12/31/17		5.627			1.327			4.300			24.249			28.549			205.646		234.195		13.88			0.60			1.95			53			37			10			2,426
Class R2:	12/31/21		6.570			0.804			5.766			33.148			38.914			309.144		348.058		12.59			0.24			1.74			118			57			20			6,868
	12/31/20		6.195			0.832			5.363			31.296			36.659			272.485		309.144		13.45			0.30			1.96			100			73			20			6,114
	12/31/19		6.857			0.724			6.133			40.661			46.794			225.691		272.485		20.73			0.29			2.43			52			51			19			5,275
	12/31/18		6.344			0.673			5.671			(15.895	)		(10.224	)		235.915		225.691		(4.33	)		0.28			2.39			52			47			20			4,476
	12/31/17		5.661			0.757			4.904			24.394			29.298			206.617		235.915		14.18			0.34			2.21			53			37			22			5,082
Class R3:	12/31/21		6.601			0.639			5.962			33.286			39.248			310.392		349.640		12.64			0.19			1.80			118			57			27			9,541
	12/31/20		6.218			0.672			5.546			31.423			36.969			273.423		310.392		13.52			0.24			2.01			100			73			27			8,235
	12/31/19		6.879			0.592			6.287			40.787			47.074			226.349		273.423		20.80			0.23			2.49			52			51			26			7,064
	12/31/18		6.361			0.576			5.785			(15.940	)		(10.155	)		236.504		226.349		(4.29	)		0.24			2.43			52			47			26			5,931
	12/31/17		5.673			0.586			5.087			24.445			29.532			206.972		236.504		14.27			0.26			2.29			53			37			28			6,547

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Financial highlights	concluded

College Retirement Equities Fund

		Selected per accumulation unit data																					Ratios and supplemental data
		Gain (loss) from investment operations
											Net realized												Ratios to average net assets									Accumulation
	For the 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 end of period (in millions		)	Accumulation fund net assets (in millions		)ⁱ
MONEY MARKET ACCOUNT
Class R1:	12/31/21		$0.019			$0.019			$0.000			$0.000			$0.000		$26.343		$26.343		0.00	%		0.38	%		0.07	%		0.00	%		63			$1,660
	12/31/20		0.143			0.075			0.068			0.006			0.074		26.269		26.343		0.28			0.45			0.28			0.26			76			2,001
	12/31/19		0.577			0.175			0.402			0.001			0.403		25.866		26.269		1.56			0.47			0.67			1.54			74			1,936
	12/31/18		0.474			0.206			0.268			0.002			0.270		25.596		25.866		1.05			0.45			0.80			1.04			72			1,866
	12/31/17		0.227			0.165			0.062			0.000			0.062		25.534		25.596		0.25			0.57			0.64			0.32			72			1,842
Class R2:	12/31/21		0.019			0.019			0.000			0.000			0.000		26.606		26.606		0.00			0.23			0.07			0.00			94			2,513
	12/31/20		0.141			0.058			0.083			0.011			0.094		26.512		26.606		0.35			0.28			0.22			0.31			121			3,208
	12/31/19		0.582			0.071			0.511			0.001			0.512		26.000		26.512		1.97			0.27			0.27			1.94			111			2,954
	12/31/18		0.476			0.138			0.338			0.000			0.338		25.662		26.000		1.32			0.27			0.53			1.31			114			2,970
	12/31/17		0.227			0.116			0.111			0.002			0.113		25.549		25.662		0.44			0.31			0.45			0.58			111			2,838
Class R3:	12/31/21		0.019			0.019			0.000			0.000			0.000		26.698		26.698		0.00			0.18			0.07			0.00			152			4,066
	12/31/20		0.142			0.051			0.091			0.011			0.102		26.596		26.698		0.38			0.22			0.19			0.34			197			5,263
	12/31/19		0.583			0.057			0.526			0.001			0.527		26.069		26.596		2.02			0.22			0.22			2.00			189			5,017
	12/31/18		0.477			0.103			0.374			0.000			0.374		25.695		26.069		1.46			0.23			0.40			1.45			189			4,927
	12/31/17		0.228			0.102			0.126			0.002			0.128		25.567		25.695		0.50			0.23			0.40			0.66			177			4,539

a	Based on average units outstanding.
b	Based on per accumulation unit data.
i	Does not include annuity net assets.

2021 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2021 Annual Report

Notes to financial statements

College Retirement Equities Fund

Note 1—organization

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 U.S. Securities and Exchange Commission (“SEC”) 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”).

Note 2—significant accounting policies

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.

Accumulation and Annuity Funds: The Accumulation Fund represents the net assets attributable to participants in the accumulation phase of their investment. The Annuity Fund represents the net assets attributable to the participants currently receiving annuity payments. The net increase or decrease in net assets from investment operations is apportioned between the funds based upon their relative daily net asset values. Annuitants bear the mortality risk under their contracts. Initial 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 on an accrual basis and includes accretion of discounts and amortization of premiums. 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. Securities lending income is comprised of

100	2021 Annual Report ■ College Retirement Equities Fund

fees earned from borrowers and income earned on cash collateral investments. 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.

Multiclass operations and allocations: 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: The books and records of the Accounts are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Accounts and the amounts actually received and are recognized as a component of “Net realized gain (loss) on total investments” on the Statements of operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statements of operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized appreciation (depreciation) on total investments” on the Statements of operations, when applicable.

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 separately 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.

College Retirement Equities Fund ■ 2021 Annual Report

101

Notes to financial statements

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.

Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Accounts’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

New accounting pronouncements: In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only changes to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Accounts may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Accounts’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Accounts’ financial statements and various filings.

New rule issuance: In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8,

102	2021 Annual Report ■ College Retirement Equities Fund

continued

2021, with a compliance date of September 8, 2022. The Accounts may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Accounts’ financial statements.

Note 3—valuation of investments

The Accounts’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

•	Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
•	Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
•	Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

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

Debt securities: Prices of fixed-income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by TIAA-CREF Investment Management, LLC (“TCIM”). These securities are generally classified as Level 2.

Exchange-traded equity securities, common and preferred stock: Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or

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exchange on the valuation date. 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. To the extent these securities are actively traded and that valuation adjustments are not applied, they are categorized as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and asked prices is utilized and the securities are generally classified as Level 2.

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. These foreign securities are generally classified as Level 2.

The Money Market Account: The Money Market Account’s portfolio securities are valued on an amortized cost basis. Money Market investments are generally classified as Level 2.

Investments in registered investment companies: Investments in investment companies are valued at their respective net asset value on the valuation date and are generally classified as Level 1.

Option contracts: Purchased and written options traded and listed 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 and are generally classified as Level 1. Over-the-counter (“OTC”) options are marked-to-market daily based upon a price supplied by a pricing service. OTC options are generally classified as Level 2.

Futures contracts: Futures contracts are valued using the closing settlement price and are generally classified as Level 1.

Forward foreign currency contracts: Forward foreign currency contracts are valued using the prevailing forward exchange rate which is derived from quotes provided by the pricing service using the procedures approved by the Board and are classified as Level 2.

Repurchase agreements: Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Swap contracts: Swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Swaps are generally classified as Level 2.

Any portfolio security or derivative 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. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale.

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A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

As of December 31, 2021, 100% of the value of investments in the Money Market Account were valued based on Level 2 inputs.

The following table summarizes the market value of the Accounts’ investments as of the end of the reporting period, based on the inputs used to value them (dollar amounts are in thousands):

Account	Level 1			Level 2		Level 3		Total
Stock
Corporate bonds	$	—		$	62	$	—	$	62
Government bonds		—			302		—		302
Equity investments:
Communication services		8,523,386			2,329,658		19		10,853,063
Consumer discretionary		11,926,636			5,833,661		170		17,760,467
Consumer staples		5,079,907			3,443,123		2,781		8,525,811
Energy		2,999,779			1,433,181		788		4,433,748
Financials		12,299,030			6,964,235		267		19,263,532
Health care		11,657,666			4,247,112		100		15,904,878
Industrials		8,711,706			6,029,630		66		14,741,402
Information technology		25,632,278			6,413,762		6		32,046,046
Materials		3,344,918			3,281,578		489		6,626,985
Real estate		2,802,743			1,375,244		51		4,178,038
Utilities		2,143,314			1,082,888		8		3,226,210
Short-term investments		—			2,559,557		—		2,559,557
Purchased options**		19			—		—		19
Written options**		(3,469	)		—		—		(3,469	)
Futures contracts**		11,451			—		—		11,451
Forward foreign currency contracts**		—			1,824		—		1,824
Total	$	95,129,364		$	44,995,817	$	4,745	$	140,129,926
Global Equities
Corporate bonds	$	—		$	16	$	—	$	16
Equity investments:
Asia		215,790			2,946,120		1		3,161,911
Europe		49,502			4,071,113		—		4,120,615
North America		17,607,361			155,994		—		17,763,355
All other equity investments*		521,781			2,745,832		3		3,267,616
Short-term investments		—			547,353		—		547,353
Futures contracts**		3,852			—		—		3,852
Total	$	18,398,286		$	10,466,428	$	4	$	28,864,718

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Account	Level 1			Level 2			Level 3		Total
Growth
Equity investments:
Communication services	$	5,235,715		$	167,611		$	—	$	5,403,326
Consumer discretionary		7,226,860			457,644			—		7,684,504
Consumer staples		1,525,683			87,124			—		1,612,807
Financials		—			32,606			—		32,606
Health care		3,919,812			151,566			—		4,071,378
Industrials		1,916,962			271,323			—		2,188,285
Information technology		16,547,756			163,150			—		16,710,906
All other equity investments*		1,829,025			—			—		1,829,025
Short-term investments		65,479			95,395			—		160,874
Written options**		(942	)		—			—		(942	)
Total	$	38,266,350		$	1,426,419		$	—	$	39,692,769
Equity Index
Equity investments:
Health care	$	3,425,907		$	—		$	32	$	3,425,939
Materials		623,274			300			—		623,574
All other equity investments*		21,521,579			—			—		21,521,579
Short-term investments		77,920			99,474			—		177,394
Futures contracts**		2,136			—			—		2,136
Total	$	25,650,816		$	99,774		$	32	$	25,750,622
Bond Market
Bank loan obligations	$	—		$	98,695		$	—	$	98,695
Corporate bonds		—			5,849,290			522		5,849,812
Government bonds		—			5,007,601			876		5,008,477
Structured assets		—			2,456,266			9,261		2,465,527
Preferred stocks		19,957			—			—		19,957
Short-term investments		13,709			1,935,576			—		1,949,285
Futures contracts**		(4,619	)		—			—		(4,619	)
Forward foreign currency contracts**		—			225			—		225
Credit default swap contracts**		—			(25	)		—		(25	)
Total	$	29,047		$	15,347,628		$	10,659	$	15,387,334
Inflation-Linked Bond
Bank loan obligations	$	—		$	32,874		$	—	$	32,874
Corporate bonds		—			112,000			—		112,000
Government bonds		—			7,469,263			—		7,469,263
Structured assets		—			169,113			7,001		176,114
Short-term investments		2,034			48,492			—		50,526
Futures contracts**		(1,970	)		—			—		(1,970	)
Total	$	64		$	7,831,742		$	7,001	$	7,838,807

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Account	Level 1		Level 2		Level 3		Total
Social Choice
Bank loan obligations	$	—	$	15,830	$	—	$	15,830
Corporate bonds		—		3,336,855		—		3,336,855
Government bonds		—		3,534,240		1,003		3,535,243
Structured assets		—		764,222		9,628		773,850
Equity investments:
Communication services		580,830		151,147		—		731,977
Consumer discretionary		920,397		395,220		—		1,315,617
Consumer staples		518,220		320,248		—		838,468
Energy		276,298		105,482		—		381,780
Financials		1,189,202		600,483		—		1,789,685
Health care		1,177,619		394,743		—		1,572,362
Industrials		834,759		466,401		—		1,301,160
Information technology		2,382,541		283,074		—		2,665,615
Materials		240,008		250,636		—		490,644
Real estate		295,843		114,831		—		410,674
Utilities		256,732		112,594		—		369,326
Short-term investments		78,705		1,024,301		—		1,103,006
Forward foreign currency contracts**		—		303		—		303
Total	$	8,751,154	$	11,870,610	$	10,631	$	20,632,395

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

Note 4—investments

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 repurchase price is recorded as a realized gain or loss.

Repurchase agreements: In connection with transactions in repurchase agreements, it is the Account’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

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, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

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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. Non-cash collateral is not disclosed in the Accounts’ Statements of assets and liabilities as it is held by the Agent or by a third-party bank engaged by the Agent as a special “tri-party” custodian on behalf of the Accounts, and the Accounts do not have the ability to sell or re-hypothecate those securities. As of December 31, 2021, securities lending transactions (with the exception of Bond Market Account, Inflation-Linked Bond Account and 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 Bond Market Account, all loans from securities lending transactions are continuous, can be recalled at any time, and have no set maturity, with $13,400,892 related to fixed income securities. For the Inflation-Linked Bond Account all loans from securities lending transactions are continuous, can be recalled at any time, and have no set maturity, with $1,989,769 related to fixed income securities. 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 $44,800,532 related to fixed income securities and $78,969,952 related to equity securities. 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.

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At December 31, 2021, the total value of securities on loan and the total value of collateral received were as follows (dollar amounts are in thousands):

Account	Aggregate value of securities on loan		Cash collateral received		*	Non-cash collateral received		Total collateral received
Stock		$1,746,890		$1,067,306			$771,843		$1,839,149
Global Equities		160,848		109,672			58,100		167,772
Growth		154,371		65,479			95,994		161,473
Equity Index		171,026		77,920			102,380		180,300
Bond Market		13,401		13,709			—		13,709
Inflation-Linked Bond		1,990		2,034			—		2,034
Social Choice		123,770		78,705			50,516		129,221

*	May include cash and investment of cash collateral.

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 have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Accounts have segregated securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

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

Zero coupon securities: A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Accounts for the year ended December 31, 2021 were as follows (dollar amounts are in thousands):

	Stock Account		Global Equities Account		Growth Account		Equity Index Account		Bond Market Account		Inflation- Linked Bond Account		Social Choice Account
Purchases:
Non-U.S. Government		$66,364,939		$13,285,874		$25,495,606		$878,257	$	3,419,792	$	293,510	$	5,945,329
U.S. Government		—		—		—		—		25,406,500		2,169,767		16,316,114

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	Stock Account		Global Equities Account		Growth Account		Equity Index Account		Bond Market Account		Inflation- Linked Bond Account		Social Choice Account
Sales:
Non-U.S. Government	$	74,769,481	$	12,240,813	$	28,359,878	$	2,124,839	$	3,000,394	$	29,854	$	5,492,862
U.S. Government		—		—		—		—		25,583,859		1,756,283		16,118,458

Note 5—derivative investments

Each Account is authorized to invest in certain 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. The Accounts record derivative instruments at fair value, with changes in fair value recognized on the Statements of operations, when applicable.

At December 31, 2021, the following Accounts have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows (dollar amounts are in thousands):

Asset derivatives

Liabilities derivatives

Derivative contract

Location

Fair value
amount

Location

Fair value
amount

Stock Account

Equity contracts

Futures contracts*

12,037

Futures contracts*

(586

)

Equity contracts

Portfolio investments

Written options

(3,469

)

Foreign-exchange contracts

Forward foreign currency contracts

4,721

Forward foreign currency contracts

(2,897

)

Global Equities Account

Equity contracts

Futures contracts*

3,852

Growth Account

Equity contracts

Written options

(942

)

Equity Index Account

Equity contracts

Futures contracts*

2,136

Bond Market Account

Equity contracts

Futures contracts*

(4,619

)

Credit contracts

Credit default swap contracts*

166

Credit default swap contracts*

(191

)

Foreign-exchange contracts

Forward foreign currency contracts

1,278

Forward foreign currency contracts

(1,053

)

Inflation-Linked Bond Account

Equity contracts

Futures contracts*

(1,970

)

Social Choice Account

Foreign-exchange contracts

Forward foreign currency contracts

303

The fair value presented includes cumulative gain (loss) on open futures contracts and centrally cleared swap contracts; however, the value reflected on the accompanying Statements of assets and liabilities is only the receivable or payable for variation margin on open futures contracts and centrally cleared swap contracts.

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For the year ended December 31, 2021, the effect of derivative contracts on the Accounts’ Statements of operations was as follows (dollar amounts are in thousands):

Derivative contract	Location	Realized gain (loss		)	Change in unrealized appreciation (depreciation		)
Stock Account
Equity contracts	Purchased options	$	25,495		$	(1,133	)
Equity contracts	Written options		(13,888	)		(802	)
Equity contracts	Futures contracts		311,175			(23,559	)
Foreign-exchange contracts	Forward foreign currency contracts		(3,890	)		5,096
Global Equities Account
Equity contracts	Purchased options		512			—
Equity contracts	Written options		148			—
Equity contracts	Futures contracts		81,227			(1,542	)
Foreign-exchange contracts	Forward foreign currency contracts		3			—
Growth Account
Equity contracts	Written options		(684	)		2,703
Equity Index Account
Equity contracts	Futures contracts		18,637			152
Bond Market Account
Interest-rate contracts	Futures contracts		(7,229	)		(4,619	)
Foreign-exchange contracts	Forward foreign currency contracts		9,452			4,461
Credit contracts	Swap contracts		(3,376	)		2,878
Inflation-Linked Bond Account
Interest-rate contracts	Futures contracts		623			(1,970	)
Social Choice Account
Foreign-exchange contracts	Forward foreign currency contracts		7			1,240

Options: Certain Accounts are subject to equity price risk in the normal course of pursuing their investment objectives. Options can be settled either directly with the counterparty (over the counter) or through a central clearinghouse (exchange traded). 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

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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 may arise upon entering into over the counter options from the potential of default by counterparty. Also, risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of assets and liabilities. During the year ended December 31, 2021, the Stock Account, Global Equities Account and Growth Account had exposure to options, based on underlying notional values, generally between 0% and 1% of net assets. The purchased and written options outstanding as of December 31, 2021 are disclosed in the Summary portfolio of investments and the full Schedules of investments.

Futures contracts: Certain Accounts are subject to equity price risk in the normal course of pursuing their investment objectives. The Accounts use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Accounts since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the year ended December 31, 2021, the Stock Account, Global Equities Account, Equity Index Account, Bond Market Account, and Inflation-Linked Bond Account had exposure to futures contracts, based on underlying notional values, generally between 0% and 3% of net assets. The futures contracts outstanding as of December 31, 2021 are disclosed in the Summary portfolio of investments and the full Schedules of investments.

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

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funds. Forwards are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded as appreciation or depreciation in the Statements of assets and liabilities. The Accounts realize gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statements of operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts; from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statements of assets and liabilities. During the year ended December 31, 2021, the Stock Account, Bond Market Account, and Social Choice Account had exposure to forwards contracts, based on underlying notional values, generally between 0% and 2% of net assets. The forward contracts outstanding as of December 31, 2021 are disclosed in the Summary portfolio of investments and the full Schedules of Investments.

Credit default swap contracts: Certain Accounts are subject to credit risk in the normal course of pursuing their investment objectives. Credit default swaps can be settled either directly with the counterparty (bilateral) or through a central clearinghouse (centrally cleared). A credit default swap is a contract between a buyer and a seller of protection against pre-defined credit events for the reference entity. As a seller in a credit default swap contract, the Accounts are required to pay an agreed upon amount to the counterparty with the occurrence of a specified credit event, such as certain bankruptcies related to an underlying credit instrument, index, or issuer which would likely result in a loss to the Accounts. The agreed upon amount approximates the notional value of the swap and is estimated to be the maximum potential future payment that the Accounts could be required to make under the contract. In return, the Accounts receive from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Accounts keep the stream of payments with no payment obligations. When the Accounts sell a credit default swap contract it will cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets in a segregated account equal to the aggregate notional value of the reference entities for all outstanding credit default swap contracts sold by the Accounts.

Certain Accounts may also buy credit default swap contracts, in which case the Accounts function as the counterparty referenced above. This involves the risk that the contract may expire worthless. Bilateral swaps involve counterparty risk that the seller may fail to satisfy its payment obligations to the Accounts with the occurrence of a credit event. Centrally cleared swaps have minimal counterparty credit risk to the Accounts as they are entered into with a central clearinghouse which guarantees the swap against default.

The value of a bilateral swap included in net assets is the unrealized gain or loss of the contract plus or minus any unamortized premiums paid or received, respectively. Appreciated swaps and premiums paid are reflected as assets, while depreciated swaps and premiums received are reflected as liabilities on the Statements of assets and liabilities. Centrally cleared swaps initial margin deposits are made, and variation margin payments are made or received reflecting daily changes in the value

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of the swap contract. The daily fluctuation in fair value is accounted for as a variation margin receivable or payable on the Statements of assets and liabilities.

Under the terms of the credit default swap contracts, the Accounts receive or make quarterly payments based on a payment rate on a fixed notional amount. These payments are recorded as a realized gain or loss in the Statements of operations. Payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses. Daily changes in the value of such contracts are reflected in net unrealized gains and losses.

The Accounts (other than the Money Market Account) invest in credit default swaps to hedge or manage the risks associated with assets held in the Accounts and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. During the year ended December 31, 2021, Bond Market Account had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets. The credit default swap contracts outstanding as of December 31, 2021 are disclosed in the Summary portfolio of investments and the full Schedule of investments.

Note 6—income tax and other tax matters

Income taxes: CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. CREF should incur no federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF’s Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. CREF files income tax returns in U.S. federal and applicable state jurisdictions. CREF’s federal income tax return is generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Accounts’ tax positions taken for all open income tax years and has concluded that no provision for 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.

Net unrealized appreciation (depreciation): At December 31, 2021, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows (dollar amounts are in thousands):

114	2021 Annual Report ■ College Retirement Equities Fund

continued

Account	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Stock	$	111,360,333	$	32,996,237	$	(4,226,644	)	$	28,769,593
Global Equities		21,997,228		7,592,799		(725,309	)		6,867,490
Growth		30,069,662		10,367,171		(744,064	)		9,623,107
Equity Index		8,065,192		18,219,655		(534,225	)		17,685,430
Bond Market		15,126,705		400,907		(140,295	)		260,612
Inflation-Linked Bond		7,318,720		524,460		(4,373	)		520,087
Social Choice		16,728,225		4,263,695		(359,525	)		3,904,170

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.

Note 7—investment adviser and other transactions with affiliates

Investment advisory services for the Accounts are provided by 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. 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, and TIAA are provided to CREF at cost, and CREF also reimburses TCIM, Services, 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.

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Notes to financial statements

As of December 31, 2021, the following table represents the effective expense deductions as an annual percentage of average daily net assets to approximate the costs that CREF incurred:

	Investment management fee			Administrative fee									Distribution fee
Account	All classes			Class R1			Class R2			Class R3			Class R1			Class R2			Class R3
Stock		0.083	%		0.251	%		0.140	%		0.103	%		0.091	%		0.051	%		0.036	%
Global Equities		0.060			0.251			0.140			0.104			0.091			0.051			0.036
Growth		0.032			0.251			0.140			0.104			0.091			0.051			0.036
Equity Index		0.014			0.251			0.140			0.104			0.091			0.051			0.036
Bond Market		0.063			0.251			0.140			0.103			0.091			0.051			0.036
Inflation-Linked Bond		0.026			0.251			0.140			0.104			0.091			0.051			0.036
Social Choice		0.048			0.251			0.140			0.104			0.091			0.051			0.036
Money Market		0.036			0.251			0.140			0.103			0.091			0.051			0.036

From May 12, 2020 to December 31, 2021, TIAA agreed to withhold (“waive”) a portion of the Rule 12b-1 distribution and/or administrative expenses for each class of the Money Market Account when a class’s yield was less than zero, subject to a maximum aggregate limit of $25 million for all amounts waived. TIAA may, for a period of three years after the date an amount was waived, recover from the Account a portion of the amounts waived at such time as the class’s daily yield would be positive and, in such event, the amount of recovery on any day will be approximately 25% of the class’s yield (net of all other expenses) on that day. As of December 31, 2021, the cumulative amount of expenses waived subject to recovery is $9,146,492 for Class R1, $6,641,622 for Class R2 and $6,970,403 for Class R3. The amounts waived and recovered during the current period are disclosed on the Statements of operations.

Amounts owed to Account affiliates for payment of Account expenses, payments for units purchased, and receipt for units sold are disclosed as due to/from affiliates on the Statements of assets and liabilities. Account expenses owed to affiliates are reflected in the Statements of operations.

The Accounts may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended December 31, 2021, the Accounts engaged in the following security transactions with affiliated entities (dollar amounts are in thousands):

Account	Purchases		Sales		Realized gain (loss)
Stock	$	2,916,479	$	3,419,516	$	1,272,571
Global Equities		2,543,432		1,233,669		426,903
Growth		328,702		540,653		141,177
Equity Index		3,957		81,010		62,452
Social Choice		29,128		9,197		4,719

116	2021 Annual Report ■ College Retirement Equities Fund

continued

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

Issue	Value at 12/31/20			Purchases cost		Sales proceeds		Realized gain (loss		)	Spin-off			Change in unrealized appreciation (depreciation)			Dividend income		Shares at 12/31/21			Value at 12/31/21
Stock Account Common Stock Capital Goods
Terex Corp	$	147,972		$	37,274	$	196,825	$	82,384		$	—		$	(53,994	)	$	1,067		—	^§	$	—	^§
Consumer Services
Arcos Dorados Holdings, Inc^*,e		44,499			918		9,366		(6,722	)		—			12,703			—		7,209,528			42,032
Media & Entertainment
iClick Interactive Asia Group Ltd (ADR)^*,e		2,221	^‡		71,790		3,279		(2,351	)		—			(42,185	)		—		5,682,338			26,196
HUYA, Inc (ADR)^*,e		38,473	^‡		66,091		7,918		(6,155	)		—			(59,809	)		—		4,420,992			30,682
Real Estate
Hibernia REIT plc		50,704			5,063		11,860		597			—			1,471			1,585		—	^§		—	^§
Retailing
Lojas Americanas S.A. (Preference)		55,479	^‡		115,821		1,206		(360	)		(67,447	)		(33,851	)		357		64,973,036			68,436
Matahari Department Store Tbk PT		12,956			1,709		—		—			—			30,862			927		156,345,400			45,527
Total	$	352,304		$	298,666	$	230,454	$	67,393		$	(67,447	)	$	(144,803	)	$	3,936		238,631,294		$	212,873

*	Non-income producing
^‡	At December 31, 2020, the issuer was not an affiliated company of the Account.
^§	At December 31, 2021, the issuer was not an affiliated company of the Account.
^e	Security on loan

Note 8—inter-fund lending program

Pursuant to an exemptive order issued by the SEC, the Accounts may participate in an inter-fund lending program. This program allows certain Accounts to lend cash to and/or borrow cash from other Accounts or certain other affiliated registered investment companies for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Account may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, each Account may participate in the program only if its participation is consistent with the Account’s investment policies and limitations and authorized by its portfolio manager(s). During the year ended December 31, 2021, there were no inter-fund borrowing or lending transactions.

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117

Notes to financial statements

concluded

Note 9—line of credit

The Accounts (other than the Money Market Account) participate in a $1 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 15, 2021 expiring on June 14, 2022, replacing the previous facility, which expired June 2021. Certain affiliated accounts and mutual funds, each of which is managed by TCIM, or an affiliate of TCIM, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Accounts are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended December 31, 2021, there were no borrowings under this credit facility by the Accounts.

Note 10—subsequent event

The Money Market Account voluntary waiver of the Rule 12b-1 distribution and/or administrative expenses terminated on December 31, 2021. On January 3, 2022, the total returns and yields of each class of the Account became negative, and are expected to remain so until interest rates rise.

118	2021 Annual Report ■ College Retirement Equities Fund

Report of Independent Registered
Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account and Money Market Account (constituting College Retirement Equities Fund, hereafter collectively referred to as the “Accounts”) as of December 31, 2021, the related statements of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Accounts as of December 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2021 and each of the financial highlights for each of the five years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

College Retirement Equities Fund ■ 2021 Annual Report

119

Report of Independent Registered
Public Accounting Firm

concluded

confirmation of securities owned as of December 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

February 23, 2022

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

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Trustees and officers (unaudited)

College Retirement Equities Fund ■ February 15, 2022

Trustees

Name, address and year of birth (“YOB”)	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years and other relevant experience and qualifications	Number of portfolios in fund complex overseen by Trustee	Other directorship(s) and positions held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Four-year term. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005).	88	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation.
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Four-year term. Trustee since 2018.	Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans, Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).	88	Board member, Lumina Foundation and Waterside School; Emeritus Board Member, Year-Up Puget Sound, Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee Member, The Seattle Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Four-year term. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management, Northwestern University (2002–2011 and since 2013), Senior Associate Dean for Strategy and Academics (since 2020) and Chair of the Finance Department (2005–2007). Vice President, American Economic Association (2020–2021). Assistant Secretary for Economic Policy, United States Department of the Treasury (2011–2013).	88	Member of the Board of the Office of Finance, Federal Home Loan Banks; Director, Avant, LLC.

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Trustees and officers (unaudited)

College Retirement Equities Fund ■ February 15, 2022

continued

Trustees—concluded

Name, address and year of birth (“YOB”)	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years and other relevant experience and qualifications	Number of Portfolios in fund complex overseen by Trustee	Other directorship(s) and positions held by Trustee
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Four-year term. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc., and of certain funds advised by American Beacon Advisors, Inc.	88	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Four-year term. Trustee since 2007.	Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. Chief Operating Officer, DDJ Capital Management (2003–2006).	88	Trustee, Dexter Southfield School; Member, Governing Council of the Independent Directors Council.
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Four-year term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Adviser to President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	88	Director, Build Commonwealth (non-profit organization).

122	2021 Annual Report ■ College Retirement Equities Fund

Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Chairman of the Board and Trustee	Four-year term Trustee since 2011. Chairman for term ending June 30, 2023. Chairman since September 13, 2017.	Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	88	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Four-year term. Trustee since 2006.	President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT.	88	Director, National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Four-year term. Trustee since 1991.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers, Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	88	Director, TheraTrue Inc.

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Trustees and officers (unaudited)

College Retirement Equities Fund ■ February 15, 2022

continued

Officers

Name, address and year of birth (“YOB”)	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).
Derek B. Dorn TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1976	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2020.	Senior Managing Director and Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn served as a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center.
John L. Douglas TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1950	Executive Vice President and Chief Legal, Risk and Compliance Officer	One-year term. Executive Vice President since 2021.	Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA, Executive Vice President, Chief Legal, Risk and Compliance Officer of the TIAA-CREF Fund Complex. Formerly, Senior Executive Vice President, Senior Advisor to the CEO, and Senior Executive Vice President, Chief Advocacy & Oversight Officer, TIAA. Prior to joining TIAA, Mr. Douglas was a Partner at Davis Polk & Wardwell LLP.
W. Dave Dowrich TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Executive Vice President	One-year term. Executive Vice President since 2022.	Senior Executive Vice President and Chief Financial Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Dowrich served as Chief Financial Officer, International Businesses at Prudential Financial, Inc.

124	2021 Annual Report ■ College Retirement Equities Fund

Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, President and Chief investment Officer, Nuveen; Executive Vice President, Chief Investment Officer and President, Nuveen Global Investments; and Senior Managing Director, President, Global Investments, TIAA.
Colbert Narcisse TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1965	President and Chief Executive Officer	One-year term. President and Chief Executive Officer since 2022.	Senior Executive Vice President, Chief Product and Business Development Officer of TIAA. President and Chief Executive Officer of CREF and TIAA Separate Account VA-1. Formerly, Executive Vice President and Head of Advisory and Corporate Solutions, TIAA. Prior to joining TIAA, Mr. Narcisse served as Managing Director and Head of International Wealth Management and Head of Traditional and Alternative Investment Products at Morgan Stanley.
David G. Nason TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1970	Executive Vice President	One-year term. Executive Vice President since 2020.	Senior Executive Vice President, Chief Operating Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA. Executive Vice President, Chief Risk and Compliance Officer, TIAA. Prior to joining TIAA, Mr. Nason served as President and CEO of GE Energy Financial Services.
Micky Onvural TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1974	Executive Vice President	One-year term. Executive Vice President since 2022.	Senior Executive Vice President, Chief Marketing and Communications Officer of TIAA. Executive Vice President of CREF and TIAA Separate Account VA-1. Prior to joining TIAA, Ms. Onvural served as Chief Executive Officer for Bonobos.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer since 2020, Principal Accounting Officer since 2020 and Treasurer since 2017.	Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Fund Complex; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.

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Trustees and officers (unaudited)

College Retirement Equities Fund ■ February 15, 2022

concluded

Officers—concluded

Name, address and year of birth (“YOB”)		Position(s) held with CREF		Term of office and length of time served		Principal occupation(s) during past 5 years
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963		Executive Vice President		One-year term. Executive Vice President since 2018.		Senior Executive Vice President, Chief People Officer of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

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

126	2021 Annual Report ■ College Retirement Equities Fund

Additional information about index providers (unaudited)

Russell indexes

Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2022. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^®,” “Russell^®” and “FTSE Russell^®“ are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Bloomberg indexes

Source: Bloomberg Index Services Limited. BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves nor endorses this material, nor guarantees the accuracy or completeness of any information herein, nor makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

During the reporting period, “Bloomberg Barclays” fixed-income indices were rebranded as “Bloomberg” indices. This change affects all Bloomberg fixed-income indices.

MSCI indexes

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

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Additional information about index providers (unaudited)

concluded

Morningstar indexes

© 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

128	2021 Annual Report ■ College Retirement Equities Fund

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How to reach us

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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 information, please visit TIAA.org, or call 877-518-9161. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not Federal Deposit Insurance Corporation (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 Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Individual & Institutional Services, LLC, member FINRA, distributes securities products. CREF variable annuities are issued by College Retirement Equities Fund, New York, NY. Each of the foregoing is solely responsible for its own financial condition and contractual obligations.

This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.

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A10922 (2/22)

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New York, NY 10017-3206

1960361

A10922 (2/22)

Item 2. Code of Conduct.

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

2(b) No response required.

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

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

2(e) Not applicable.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

The aggregate fees billed by PwC as disclosed below for the fiscal years ended December 31, 2021 and December 31, 2020 may not align with the figures reported and filed with the Securities and Exchange Commission in Form N-CEN or Form N-CSR for each period, respectively, (SEC File No. 811-04415) because the fees disclosed in this statement reflect fees updated after the date of that Form N-CEN or Form N-CSR for the relevant periods.

4(a) Audit Fees.

For the fiscal years ended December 31, 2021 and December 31, 2020, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $798,496 and $798,486, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2021 and December 31, 2020, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2021 and December 31, 2020, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2021 and December 31, 2020, PwC’s aggregate fees for tax services billed to the Registrant were $289,647 and $141,330, respectively.

For the fiscal years ended December 31, 2021 and December 31, 2020, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended December 31, 2021 and December 31, 2020, PwC’s aggregate fees for all other services billed to the Registrant were $0 and $18,582, respectively.

For the fiscal years ended December 31, 2021 and December 31, 2020, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

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

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

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

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2021 and December 31, 2020 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2021 and December 31, 2020 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2021 and December 31, 2020 on behalf of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2021 and December 31, 2020 on behalf of the Registrant.

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

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

For the fiscal years ended December 31, 2021 and December 31, 2020, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $1,058,073 and $1,364,000, respectively.

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

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2021

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

CORPORATE BONDS - 0.0%

FOOD, BEVERAGE & TOBACCO - 0.0%
INR	4,636,868		Britannia Industries Ltd		5.500	%	06/03/24	$	62
			TOTAL FOOD, BEVERAGE & TOBACCO						62

			TOTAL CORPORATE BONDS						62
			(Cost $64)

GOVERNMENT BONDS - 0.0%

U.S. TREASURY SECURITIES - 0.0%
$	300,000		United States Treasury Note		1.750		05/15/22		302
			TOTAL U.S. TREASURY SECURITIES						302

			TOTAL GOVERNMENT BONDS						302
			(Cost $300)

			TOTAL BONDS						364
			(Cost $364)

SHARES			COMPANY

COMMON STOCKS - 98.9%

AUTOMOBILES & COMPONENTS - 2.6%
	21,879	e	AB Dynamics plc						524
	58,000		Actron Technology Corp						510
	2,153,353	*	Adient plc						103,103
	212,453		Aisin Seiki Co Ltd						8,151
	482,732	*	American Axle & Manufacturing Holdings, Inc						4,504
	381,614		Apollo Tyres Ltd						1,121
	906,445	*	Aptiv plc						149,518
	92,062		ARB Corp Ltd						3,518
	4,714	*	Arcimoto, Inc						37
	63,900		Asahi India Glass Ltd						414
	81,480	*,g	Aston Martin Lagonda Global Holdings plc						1,502
	66,282,807		Astra International Tbk PT						26,530
	29,555		Autel Intelligent Technology Corp Ltd						368
	3,451	*,e	Autoneum Holding AG.						641
	80,309		Bajaj Holdings and Investment Ltd						3,500

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	100,414		Balkrishna Industries Ltd	$	3,130
	384,579		Bayerische Motoren Werke AG.		38,474
	2,941		Bayerische Motoren Werke AG. (Preference)		244
	270,854		Bharat Forge Ltd		2,532
	84,595		BorgWarner, Inc		3,813
	405,757		Bridgestone Corp		17,420
	1,248,497	*	Brilliance China Automotive Holdings Ltd		601
	123,643		BYD Co Ltd		5,194
	923,362		BYD Co Ltd (H shares)		31,232
	47,341	*,e	Canoo, Inc		365
	24,655		Ceat Ltd		402
	12,739		Changzhou Xingyu Automotive Lighting Systems Co Ltd		408
	1,960,885		Cheng Shin Rubber Industry Co Ltd		2,555
	235,791		China Motor Corp		540
	263,376		Chongqing Changan Automobile Co Ltd		628
	59,681		Cie Automotive S.A.		1,844
	71,587		Cie Plastic Omnium SA		1,858
	1,012,420	*	Cofide S.p.A.		542
	385,899	*	Continental AG.		40,545
	14,616	*	Cooper-Standard Holding, Inc		328
	66,847		Cub Elecparts, Inc		455
	753,273		Daimler AG. (Registered)		57,553
	66,160		Dana Inc		1,510
	476,206		Denso Corp		39,464
	388,389	g	Dometic Group AB		5,098
	3,120,517		Dongfeng Motor Group Co Ltd		2,594
	2,775	*	Dorman Products, Inc		314
	1,045,668		Drb-Hicom BHD		359
	25,500		Eagle Industry Co Ltd		245
	157,370		Eicher Motors Ltd		5,471
	120,062	*	ElringKlinger AG.		1,504
	39,002	g	Endurance Technologies Ltd		887
	36,482		Exedy Corp		528
	420,037		Exide Industries Ltd		949
	140,953	e	Faurecia		6,706
	153,628		FAW Jiefang Group Co Ltd		248
	44,700		FCC Co Ltd		582
	89,654		Ferrari NV		23,077
	119,138	*,e	Fisker, Inc		1,874
	4,825,565		Ford Motor Co		100,227
	76,382		Ford Otomotiv Sanayi AS		1,375
	105,402	*	Fox Factory Holding Corp		17,929

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	183,176	e	Freni Brembo SpA	$	2,606
	433,201		Fuji Heavy Industries Ltd		7,740
	132,363		Fuyao Glass Industry Group Co Ltd		978
	707,762	g	Fuyao Glass Industry Group Co Ltd (Hong Kong)		3,660
	6,930,302		Geely Automobile Holdings Ltd		18,932
	3,764,012	*	General Motors Co		220,684
	80,166		Gentex Corp		2,794
	54,024	*	Gentherm, Inc		4,695
	211,509	*,g	Gestamp Automocion S.A.		1,067
	6,232	*	Global & Yuasa Battery Co Ltd		397
	51,000		Global PMX Co Ltd		333
	488,193	*	Goodyear Tire & Rubber Co		10,408
	3,626,746		Great Wall Motor Co Ltd		12,459
	146,159		Great Wall Motor Co Ltd		1,112
	25,600		G-Tekt Corp		318
	3,515,042		Guangzhou Automobile Group Co Ltd (Hong Kong)		3,469
	144,012		GUD Holdings Ltd		1,191
	7,607	*	Halla Holdings Corp		293
	86,053	*	Hankook Tire Co Ltd		2,875
	26,182	*	Hankook Tire Worldwide Co Ltd		346
	211,743		Hanon Systems		2,394
	146,910		Harley-Davidson, Inc		5,537
	208,049		Hero Honda Motors Ltd		6,866
	1,304,186		Honda Motor Co Ltd		37,105
	1,467,186		Hota Industrial Manufacturing Co Ltd		4,831
	230,415		Huayu Automotive Systems Co Ltd		1,023
	564,000	e	Huazhong In-Vehicle Holdings Co Ltd		226
	30,200		Huizhou Desay Sv Automotive Co Ltd		671
	78,074		Hyundai Mobis		16,689
	162,515		Hyundai Motor Co		28,526
	41,522		Hyundai Motor Co Ltd (2nd Preference)		3,522
	26,121		Hyundai Motor Co Ltd (Preference)		2,161
	17,905	*	Hyundai Wia Corp		1,201
	32,500		Ichikoh Industries Ltd		154
	411,551		Isuzu Motors Ltd		5,122
	493,342		Johnson Electric Holdings Ltd		1,046
	257,900		JTEKT Corp		2,255
	24,596		Kayaba Industry Co Ltd		690
	572,874		Kenda Rubber Industrial Co Ltd		643
	347,446	*	Kia Motors Corp		23,978
	769,687	*	Koito Manufacturing Co Ltd		40,766
	152,076	*	Kuang-Chi Technologies Co Ltd		574

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	94,417	*	Kumho Tire Co, Inc	$	366
	2,657		LCI Industries, Inc		414
	20,428		Lear Corp		3,737
	640,622	*	Li Auto, Inc (ADR)		20,564
	55,129		Linamar Corp		3,266
	123,152	*,e	Lordstown Motors Corp		425
	353,009		Magna International, Inc		28,563
	1,021,870		Mahindra & Mahindra Ltd		11,466
	122,812	*	Mahindra CIE Automotive Ltd		386
	40,912		Mahle-Metal Leve S.A. Industria e Comercio		225
	36,178	*	Mando Corp		1,925
	175,471		Martinrea International, Inc		1,595
	159,813		Maruti Suzuki India Ltd		15,911
	758,097	*	Mazda Motor Corp		5,817
	12,267		MGI Coutier		304
	52,100	*	Mianyang Fulin Precision Co Ltd		241
	208,065		Michelin (C.G.D.E.) (Class B)		34,078
	78,706		Minda Industries Ltd		1,293
	887,426		Minth Group Ltd		3,909
	1,364,500	*	Mitsubishi Motors Corp		3,802
	165,793	*	Modine Manufacturing Co		1,673
	1,439,910		Motherson Sumi Systems Ltd		4,305
	15,227	*	Motorcar Parts of America, Inc		260
	2,193		MRF Ltd		2,160
	54,638		Musashi Seimitsu Industry Co Ltd		911
	23,084	*	Myoung Shin Industrial Co Ltd		584
	404,949		Nan Kang Rubber Tire Co Ltd		586
	2,134,750	*,g	Nemak SAB de C.V.		634
	36,355	*	Nexen Tire Corp		208
	655,000		Nexteer Automotive Group Ltd		813
	185,800		NGK Spark Plug Co Ltd		3,235
	234,215		NHK Spring Co Ltd		1,992
	98,112		Nifco, Inc		3,085
	124,011		Ningbo Joyson Electronic Corp		428
	65,778		Ningbo Tuopu Group Co Ltd		547
	1,567,272	*	NIO, Inc (ADR)		49,651
	63,253		Nippon Seiki Co Ltd		639
	2,283,043	*	Nissan Motor Co Ltd		10,996
	88,910		Nissan Shatai Co Ltd		545
	32,527	*,e	Niu Technologies (ADR)		524
	133,188		NOK Corp		1,451
	160,479		Nokian Renkaat Oyj		6,064

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	44,700		Pacific Industrial Co Ltd	$	473
	37,662		Patrick Industries, Inc		3,039
	265,326		Piaggio & C S.p.A.		868
	31,694		Piolax Inc		485
	426,691	g	Pirelli & C S.p.A		2,959
	319,091		Porsche AG.		30,126
	193,500		Prinx Chengshan Cayman Holding Ltd		180
	816,830		Qingling Motors Co Ltd		166
	88,902	*	QuantumScape Corp		1,973
	53,628	*	Renault S.A.		1,860
	256,353	*	Rivian Automotive, Inc		26,581
	8,866		S&T Daewoo Co Ltd		350
	111,169	*	SAF-Holland SE		1,557
	526,323		SAIC Motor Corp Ltd		1,705
	217,700		Sailun Group Co Ltd		506
	511,920		Sanyang Industry Co Ltd		500
	143,310		Schaeffler AG.		1,185
	100,905		Shandong Linglong Tyre Co Ltd		579
	15,300		Shenzhen Kedali Industry Co Ltd		385
	29,400		Shoei Co Ltd		1,159
	15,729	*	SL Corp		412
	962,054		Sri Trang Agro-Industry PCL (Foreign)		894
	18,572		Standard Motor Products, Inc		973
	86,149		Stanley Electric Co Ltd		2,163
	569,483		Stellantis NV		10,751
	147,987	*	Stoneridge, Inc		2,921
	531,940		Sumitomo Electric Industries Ltd		6,942
	41,417		Sumitomo Riko Co Ltd		214
	208,100		Sumitomo Rubber Industries, Inc		2,123
	5,358		Sundaram-Clayton Ltd		273
	103,161		Sundram Fasteners Ltd		1,263
	73,065		Suprajit Engineering Ltd		422
	261,658	*	Suzuki Motor Corp		10,090
	1,958,985	*	Tata Motors Ltd		12,628
	27,500		Teikoku Piston Ring Co Ltd		341
	225,919	*	Tenneco, Inc		2,553
	1,299,808	*,n	Tesla, Inc		1,373,611
	91,003		Thor Industries, Inc		9,443
	271,450	g	TI Fluid Systems plc		949
	739,118	e	Tianneng Power International Ltd		782
	138,842		Tofas Turk Otomobil Fabrik		794
	64,547		Tokai Rika Co Ltd		870

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	417,699		Tong Yang Industry Co Ltd	$	500
	36,368		Topre Corp		376
	385,325	e	Toyo Tire & Rubber Co Ltd		6,015
	83,000		Toyoda Gosei Co Ltd		1,805
	79,595		Toyota Boshoku Corp		1,562
	20,610,055	*	Toyota Motor Corp		380,927
	10,511		Trigano S.A.		2,040
	107,800		TS Tech Co Ltd		1,327
	105,185		Tube Investments of India Ltd		2,474
	69,000		Tung Thih Electronic Co Ltd		435
	81,683		Tupy S.A.		292
	207,688		TVS Motor Co Ltd		1,745
	379,700		UMW Holdings BHD		271
	2,438,694		Valeo S.A.		73,542
	20,200	*	Visteon Corp		2,245
	59,424	*	Vitesco Technologies Group AG.		2,914
	34,350		Volkswagen AG.		10,042
	765,360		Volkswagen AG. (ADR)		22,349
	328,022		Volkswagen AG. (Preference)		65,894
	21,700		Weifu High-Technology Group Co Ltd		73
	61,672		Winnebago Industries, Inc		4,620
	102,716	*,e	Workhorse Group, Inc		448
	1,140,000	e	Wuling Motors Holdings Ltd		246
	32,937	*,e	XL Fleet Corp		109
	77,877	*	XPEL, Inc		5,317
	425,116	*	XPeng, Inc (ADR)		21,396
	1,383,031	g	Yadea Group Holdings Ltd		2,695
	318,765		Yamaha Motor Co Ltd		7,656
	144,300		Yokohama Rubber Co Ltd		2,314
	586,860		Yulon Motor Co Ltd		887
			TOTAL AUTOMOBILES & COMPONENTS		3,578,024

BANKS - 6.8%
	14,575		1st Source Corp		723
	74,203		77 Bank Ltd		861
	72,883		Aareal Bank AG.		2,378
	38,299	*	Aavas Financiers Ltd		1,343
	132,120	g	ABN AMRO Group NV		1,942
	857,364		Absa Group Ltd		8,205
	3,540,767		Abu Dhabi Commercial Bank PJSC		8,215
	957,943		Abu Dhabi Islamic Bank PJSC		1,789
	19,527,383		Agricultural Bank of China Ltd		6,718
	3,349,862		Agricultural Bank of China Ltd (Class A)		1,545

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,125,984	*	AIB Group plc	$	41,726
	2,226,187		Akbank TAS		1,202
	67,618		Aktia Bank Oyj		940
	1,469,848		Al Rajhi Bank		55,431
	708,711		Alinma Bank		4,515
	101,374	*	Alior Bank S.A.		1,372
	17,512		Allegiance Bancshares, Inc		739
	975,800		Alliance Financial Group BHD		669
	2,556,080	*	Alpha Bank AE		3,132
	315,270	*,†	Amagerbanken AS		0
	43,533		Amalgamated Financial Corp		730
	31,311		Amerant Bancorp Inc		1,082
	9,191		American National Bankshares, Inc		346
	256,565		Ameris Bancorp		12,746
	37,698		Amlak International for Real Estate Finance Co		212
	1,225,834	*	AMMB Holdings BHD		933
	151,900		Aozora Bank Ltd		3,322
	426,439		Arab National Bank		2,597
	12,469		Arrow Financial Corp		439
	132,331		Associated Banc-Corp		2,989
	18,272	*	Atlantic Capital Bancshares, Inc		526
	66,746		Atlantic Union Bankshares Corp		2,489
	85,226	*,g	AU Small Finance Bank Ltd		1,185
	3,905,798		Australia & New Zealand Banking Group Ltd		78,238
	36,244		Awa Bank Ltd		684
	2,641,717	*	Axis Bank Ltd		24,006
	110,329	*	Axos Financial, Inc		6,168
	233,445		Banc of California, Inc		4,580
	384,989	*,e	Banca Monte dei Paschi di Siena S.p.A		389
	714,390	e	Banca Popolare di Sondrio SCARL		2,999
	20,687		Bancfirst Corp		1,460
	97,965		Banco ABC Brasil S.A.		278
	22,655,385		Banco Bilbao Vizcaya Argentaria S.A.		134,369
	1,659,942	e	Banco BPM S.p.A.		4,970
	5,169,542		Banco Bradesco S.A.		14,985
	9,731,427		Banco Bradesco S.A. (Preference)		33,737
	40,158,748	*,e	Banco Comercial Portugues S.A.		6,427
	30,225,704		Banco de Chile		2,361
	38,335		Banco de Credito e Inversiones		1,120
	6,846,258	*	Banco de Sabadell S.A.		4,563
	792,874	e,g	Banco del Bajio S.A.		1,425
	624,701		Banco do Brasil S.A.		3,229

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	215,920		Banco do Estado do Rio Grande do Sul	$	374
	16,063,377	*,†	Banco Espirito Santo S.A.		183
	1,448,075		Banco Inter S.A.		7,363
	2,255,701		Banco Pan S.A.		4,297
	292,910		Banco Santander Brasil S.A.		1,576
	43,196,815		Banco Santander Chile S.A.		1,736
	7,405,622		Banco Santander S.A. (AQXE)		24,595
	178,803		BanColombia S.A.		1,526
	525,299		BanColombia S.A. (Preference)		4,134
	464,680	g	Bandhan Bank Ltd		1,575
	5,775,300	*	Bank Aladin Syariah Tbk PT		929
	249,568	*	Bank AlBilad		3,076
	302,431		Bank Al-Jazira		1,551
	2,430,800		Bank BTPN Syariah Tbk PT		610
	65,678,170		Bank Central Asia Tbk PT		33,637
	6,049	e	Bank First Corp		437
	57,366		Bank Handlowy w Warszawie S.A.		840
	737,714		Bank Hapoalim Ltd		7,593
	8,000,000	*	Bank Jago Tbk PT		8,973
	861,824		Bank Leumi Le-Israel		9,244
	665,441	*	Bank Millennium S.A.		1,349
	19,484,297		Bank of America Corp		866,856
	957,562		Bank of Beijing Co Ltd		667
	418,100		Bank of Changsha Co Ltd		512
	196,520		Bank of Chengdu Co Ltd		370
	1,886,244		Bank of China Ltd		903
	92,668,912		Bank of China Ltd (Hong Kong)		33,339
	1,858,612		Bank of Communications Co Ltd		1,345
	6,808,319		Bank of Communications Co Ltd (Hong Kong)		4,116
	1,711,400		Bank of East Asia Ltd		2,459
	50,178		Bank of Georgia Group plc		1,133
	292,795		Bank of Hangzhou Co Ltd		589
	2,962		Bank of Hawaii Corp		248
	12,114,481	*	Bank of Ireland Group plc		68,610
	685,418		Bank of Jiangsu Co Ltd		627
	528,493		Bank of Kaohsiung		231
	75,700		Bank of Kyoto Ltd		3,505
	31,128		Bank of Marin Bancorp		1,159
	1,033,750		Bank of Montreal		111,298
	548,914		Bank of Nanjing Co Ltd		772
	284,474		Bank of Ningbo Co Ltd		1,708
	1,586,971		Bank of Nova Scotia		112,347

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	114,567		Bank of NT Butterfield & Son Ltd	$	4,366
	1,377,275		Bank of Queensland Ltd (ASE)		8,111
	721,099		Bank of Shanghai Co Ltd		807
	1,291,090		Bank of the Philippine Islands		2,333
	8,785		Bank OZK		409
	137,586		Bank Pekao S.A.		4,153
	2,783,400		Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		261
	3,599,600		Bank Pembangunan Daerah Jawa Timur Tbk PT		189
	120,199,068		Bank Rakyat Indonesia		34,608
	11,224,400	*	Bank Tabungan Negara Persero Tbk PT		1,360
	25,101		Bank Zachodni WBK S.A.		2,156
	820,076		Bankinter S.A.		4,178
	189,325		BankUnited		8,010
	240,360		Banner Corp		14,583
	43,978		Banque Cantonale Vaudoise		3,411
	714,925		Banque Saudi Fransi		8,982
	12,873		Bar Harbor Bankshares		372
	66,515,199		Barclays plc		169,432
	1,106,165	g	BAWAG Group AG.		67,842
	3,980,576		BDO Unibank, Inc		9,420
	900,724		Bendigo Bank Ltd		5,967
	105,407		Berkshire Hills Bancorp, Inc		2,997
	693,600		BIMB Holdings BHD		499
	25,474	*	Blue Foundry Bancorp		373
	15,787		Blue Ridge Bankshares, Inc		283
	1,792,425		BNP Paribas S.A.		123,930
	4,328,669		BOC Hong Kong Holdings Ltd		14,196
	20,730		BOK Financial Corp		2,187
	708,004	*	Boubyan Bank KSCP		1,850
	3,130,851	e	BPER Banca		6,471
	11,106	*	BRE Bank S.A.		1,187
	15,528	*	Bridgewater Bancshares, Inc		275
	70,353		Brookline Bancorp, Inc		1,139
	18,231		Bryn Mawr Bank Corp		821
	303,717	*	BS Financial Group, Inc		2,143
	4,794,523		Bumiputra-Commerce Holdings BHD		6,272
	1,065,956		Burgan Bank SAK		884
	16,972		Business First Bancshares, Inc		480
	152,248		Byline Bancorp, Inc		4,164
	294,673		Cadence BanCorp		8,778
	2,901,880		CaixaBank S.A.		7,927
	5,921		Cambridge Bancorp		554

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	12,899	e	Camden National Corp	$	621
	66,016		Can Fin Homes Ltd		489
	627,196		Canadian Imperial Bank of Commerce		73,110
	268,476		Canadian Western Bank		7,704
	399,160	*	Canara Bank		1,068
	7,429		Capital Bancorp, Inc		195
	13,102		Capital City Bank Group, Inc		346
	216,228		Capitec Bank Holdings Ltd		27,679
	295,261		Capitol Federal Financial		3,345
	29,361		Capstar Financial Holdings, Inc		617
	22,248	*	Carter Bankshares, Inc		342
	137,517		Cathay General Bancorp		5,912
	15,528		CBTX, Inc		450
	258,966		Central Pacific Financial Corp		7,295
	2,560,615		Chang Hwa Commercial Bank		1,573
	524,616		Chiba Bank Ltd		3,001
	2,209,293	g	China Bohai Bank Co Ltd		850
	7,112,490		China Citic Bank		3,085
	731,107		China Construction Bank Corp		672
	127,549,546		China Construction Bank Corp (Hong Kong)		88,385
	1,929,704		China Everbright Bank Co Ltd		1,005
	2,578,845		China Everbright Bank Co Ltd (Hong Kong)		913
	4,645,481		China Merchants Bank Co Ltd		36,140
	5,098,231		China Merchants Bank Co Ltd (Class A)		38,974
	1,702,248		China Minsheng Banking Corp Ltd		1,042
	4,321,991	e	China Minsheng Banking Corp Ltd (Hong Kong)		1,653
	746,829		China Zheshang Bank Co Ltd		410
	34,221,388		Chinatrust Financial Holding Co		32,059
	1,306,900		Chongqing Rural Commercial Bank Co Ltd		790
	178,200		Chugoku Bank Ltd		1,395
	173,204		CIT Group, Inc		8,892
	3,769,493		Citigroup, Inc		227,640
	12,147		Citizens & Northern Corp		317
	941,069		Citizens Financial Group, Inc		44,466
	13,317		City Holding Co		1,089
	407,617		City Union Bank Ltd		737
	13,256		Civista Bancshares, Inc		323
	183,251		Close Brothers Group plc		3,495
	13,810		CNB Financial Corp		366
	2,161	*	Coastal Financial Corp		109
	297,509	*	Collector AB		1,248
	196,406		Columbia Banking System, Inc		6,426

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,993	*	Columbia Financial, Inc	$	480
	65,806		Comerica, Inc		5,725
	8,037	e	Commerce Bancshares, Inc		552
	1,404,196		Commercial Bank of Qatar QSC		2,602
	1,213,763	*	Commercial International Bank		4,085
	4,874,698	*	Commerzbank AG.		36,880
	2,638,845		Commonwealth Bank of Australia		193,985
	95,552		Community Bank System, Inc		7,117
	13,433		Community Trust Bancorp, Inc		586
	981,160		Concordia Financial Group Ltd		3,563
	109,665		ConnectOne Bancorp, Inc		3,587
	350,542		Credicorp Ltd (NY)		42,791
	3,358,714		Credit Agricole S.A.		47,886
	92,707		Credito Emiliano S.p.A.		612
	25,211	*	CrossFirst Bankshares, Inc		394
	4,031	e	Cullen/Frost Bankers, Inc		508
	24,473	*	Customers Bancorp, Inc		1,600
	272,941		CVB Financial Corp		5,844
	5,646,074	*,†	Cyprus Popular Bank Public Co Ltd		64
	692,827		Dah Sing Banking Group Ltd		592
	237,908		Dah Sing Financial Holdings Ltd		721
	45,986		Daishi Hokuetsu Financial Group, Inc		1,015
	194,893		Danske Bank AS		3,365
	2,096,568		DBS Group Holdings Ltd		50,777
	162,260	g	Deutsche Pfandbriefbank AG.		1,944
	186,263		DGB Financial Group Co Ltd		1,468
	61,735		Dime Community Bancshares, Inc		2,171
	431,522		DNB Bank ASA		9,871
	1,714,537		Doha Bank QSC		1,507
	2,051,924		Dubai Islamic Bank PJSC		2,999
	14,076,525		E.Sun Financial Holding Co Ltd		14,267
	27,667		Eagle Bancorp, Inc		1,614
	137,441	e	East West Bancorp, Inc		10,814
	204,746		Eastern Bankshares, Inc		4,130
	1,872,586		Emirates NBD Bank PJSC		6,903
	12,245		Enact Holdings, Inc		253
	8,332		Enterprise Bancorp, Inc		374
	30,930		Enterprise Financial Services Corp		1,456
	28,595		Equitable Group, Inc		1,558
	247,445	*,g	Equitas Small Finance Bank Ltd		197
	12,534		Equity Bancshares, Inc		425
	382,636		Erste Bank der Oesterreichischen Sparkassen AG.		17,938

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	180,237		Essent Group Ltd	$	8,206
	2,881,709	*	Eurobank Ergasias S.A.		2,919
	2,169,620		Far Eastern International Bank		842
	24,549		Farmers National Banc Corp		455
	26,413		FB Financial Corp		1,157
	8,374		Federal Agricultural Mortgage Corp (FAMC)		1,038
	1,924,213		Federal Bank Ltd		2,140
	20,615		FIBI Holdings Ltd		941
	3,957	e	Fidelity D&D Bancorp, Inc		233
	5,311,963		Fifth Third Bancorp		231,336
	28,149	*,e	Finance Of America Cos, Inc		112
	13,614		Financial Institutions, Inc		433
	1,041,946		FinecoBank Banca Fineco S.p.A		18,247
	689,699		First Bancorp		9,504
	26,187		First Bancorp		1,197
	7,610		First Bancorp, Inc		239
	18,002		First Bancshares, Inc		695
	12,106	e	First Bank		176
	43,493		First Busey Corp		1,180
	466	e	First Citizens Bancshares, Inc (Class A)		387
	81,724		First Commonwealth Financial Corp		1,315
	16,095		First Community Bancshares, Inc		538
	153,303		First Financial Bancorp		3,738
	73,978		First Financial Bankshares, Inc		3,761
	10,548		First Financial Corp		478
	7,478,161		First Financial Holding Co Ltd		6,615
	68,072		First Foundation, Inc		1,692
	8,017		First Hawaiian, Inc		219
	39,114		First Horizon National Corp		639
	73,259		First International Bank Of Israel Ltd		3,045
	7,835		First Internet Bancorp		369
	35,789	e	First Interstate Bancsystem, Inc		1,456
	132,594		First Merchants Corp		5,554
	13,583		First Mid-Illinois Bancshares, Inc		581
	99,113		First Midwest Bancorp, Inc		2,030
	21,647	e	First National Financial Corp		711
	21,141		First of Long Island Corp		456
	303,273		First Republic Bank		62,629
	10,139		Five Star Bancorp		304
	68,568		Flagstar Bancorp, Inc		3,287
	25,914		Flushing Financial Corp		630
	21,822		FNB Corp		265

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,252		FS Bancorp, Inc	$	244
	5,200	*,†	FS Finans A.S.		0
	220,900		Fukuoka Financial Group, Inc		3,783
	138,289		Fulton Financial Corp		2,351
	599,701		Genworth Mortgage Insurance Australia Ltd		1,013
	22,508		German American Bancorp, Inc		877
	187,451		Glacier Bancorp, Inc		10,628
	9,341		Great Southern Bancorp, Inc		553
	128,487		Great Western Bancorp, Inc		4,363
	3,086,761		Grupo Financiero Banorte S.A. de C.V.		20,053
	1,491,777	*,e	Grupo Financiero Inbursa S.A.		1,786
	12,372		Guaranty Bancshares, Inc		465
	1,869,225		Gulf Bank KSCP		1,724
	431,500		Gunma Bank Ltd		1,319
	435,000		Hachijuni Bank Ltd		1,486
	355,568		Hana Financial Group, Inc		12,562
	147,165		Hancock Whitney Corp		7,361
	903,057		Hang Seng Bank Ltd		16,536
	137,513		Hanmi Financial Corp		3,256
	46,215		HarborOne Northeast Bancorp, Inc		686
	9,907		HBT Financial, Inc		186
	642,698		HDFC Bank Ltd		12,724
	181,159		HDFC Bank Ltd (ADR)		11,788
	96,159		Heartland Financial USA, Inc		4,867
	53,754		Heritage Commerce Corp		642
	47,465		Heritage Financial Corp		1,160
	99,453		Hilltop Holdings, Inc		3,495
	1,238		Hingham Institution for Savings		520
	341,102		Hirogin Holdings, Inc		2,042
	21,200	*	Hokkoku Financial Holdings, Inc		470
	139,960		Hokuhoku Financial Group, Inc		1,112
	6,163		Home Bancorp, Inc		256
	811,730		Home Bancshares, Inc		19,766
	64,542	*	Home Capital Group, Inc		1,993
	28,125	*,g	Home First Finance Co India Ltd		293
	3,010	e	Home Point Capital, Inc		14
	20,004		HomeStreet, Inc		1,040
	14,116		HomeTrust Bancshares, Inc		437
	462,512		Hong Leong Bank BHD		2,066
	125,470		Hong Leong Credit BHD		522
	310,178		Hope Bancorp, Inc		4,563
	38,000		Horizon Bancorp		792

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,762,497		Housing Development Finance Corp	$	60,981
	10,532	*	Howard Bancorp, Inc		229
	16,104,926		HSBC Holdings plc		97,262
	6,027,004		Hua Nan Financial Holdings Co Ltd		4,613
	750,786		Huaxia Bank Co Ltd		660
	4,635,701		Huntington Bancshares, Inc		71,482
	265,074		Hyakugo Bank Ltd		792
	7,712,933		ICICI Bank Ltd		76,674
	1,494,861		ICICI Bank Ltd (ADR)		29,583
	3,597,540	*	IDFC Bank Ltd		2,333
	118,901		IIFL Finance Ltd		446
	70,459	*	Illimity Bank S.p.A		1,055
	55,989		Independent Bank Corp (MA)		4,565
	19,427		Independent Bank Corp (MI)		464
	65,105		Independent Bank Group, Inc		4,697
	267,332		Indiabulls Housing Finance Ltd		781
	2,973,939		Industrial & Commercial Bank of China Ltd		2,160
	67,567,914		Industrial & Commercial Bank of China Ltd (Hong Kong)		38,114
	906,705		Industrial Bank Co Ltd		2,708
	537,385		Industrial Bank of Korea		4,649
	23,400,985		ING Groep NV		325,344
	62,004	e	Intercorp Financial Services, Inc		1,636
	128,025		International Bancshares Corp		5,427
	15,581,258		Intesa Sanpaolo S.p.A.		40,245
	3,389,821		Investimentos Itau S.A. - PR		5,422
	135,725		Investors Bancorp, Inc		2,056
	4,132,826		iShares Core MSCI EAFE ETF		308,474
	1,316,906		Israel Discount Bank Ltd		8,842
	1,102,401,072	*	Itau CorpBanca Chile SA		2,129
	7,599,450		Itau Unibanco Holding S.A.		28,640
	291,154		Iyo Bank Ltd		1,457
	392,577		Japan Post Bank Co Ltd		3,599
	235,905	*	JB Financial Group Co Ltd		1,654
	5,281,841		JPMorgan Chase & Co		836,380
	33,240	*	Juroku Financial Group, Inc		627
	67,504	*	Jyske Bank		3,472
	690,474	*,e	KakaoBank Corp		34,270
	440,241		Karur Vysya Bank Ltd		269
	990,656		KB Financial Group, Inc		45,812
	64,541		KBC Ancora		3,087
	714,165		KBC Groep NV		61,362
	46,639		Kearny Financial Corp		618

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	92,248		Keiyo Bank Ltd	$	373
	60,943		Keycorp		1,410
	299,932		Kiatnakin Bank PCL (Foreign)		535
	1,615,000		King’s Town Bank		2,364
	66,219		Kiyo Bank Ltd		812
	56,988		Komercni Banka AS		2,437
	403,316		Kotak Mahindra Bank Ltd		9,708
	4,991,196		Krung Thai Bank PCL (Foreign)		1,968
	3,430,723		Kuwait Finance House		9,438
	644,825	*	Kuwait International Bank KSCP		465
	960,597		Kuwait Projects Co Holding KSCP		451
	429,200		Kyushu Financial Group, Inc		1,559
	121,439		Lakeland Bancorp, Inc		2,306
	19,890	e	Lakeland Financial Corp		1,594
	52,252	e	Laurentian Bank of Canada		1,659
	328,572		LIC Housing Finance Ltd		1,627
	15,564		Liechtensteinische Landesbank AG.		897
	3,419		Live Oak Bancshares, Inc		298
	98,093,848		Lloyds TSB Group plc		63,701
	14,995		Luther Burbank Corp		211
	106,412		M&T Bank Corp		16,343
	23,529		Macatawa Bank Corp		208
	3,482,893		Malayan Banking BHD		6,937
	2,285,742		Malaysia Building Society		294
	2,835,171		Masraf Al Rayan		3,612
	1,300,700		Mebuki Financial Group Inc		2,677
	1,178,968	e	Mediobanca S.p.A.		13,535
	13,029,076		Mega Financial Holding Co Ltd		16,733
	11,980		Mercantile Bank Corp		420
	7,941		Merchants Bancorp		376
	115,922		Meta Financial Group, Inc		6,916
	13,169		Metrocity Bankshares, Inc		363
	1,336,884		Metropolitan Bank & Trust		1,460
	38,437	*	Metropolitan Bank Holding Corp		4,095
	312,960		MGIC Investment Corp		4,513
	12,466		Mid Penn Bancorp, Inc		396
	19,835		Midland States Bancorp, Inc		492
	11,216		MidWestOne Financial Group, Inc		363
	17,109,286		Mitsubishi UFJ Financial Group, Inc		93,113
	132,651		Mizrahi Tefahot Bank Ltd		5,108
	2,731,358		Mizuho Financial Group, Inc		34,692
	275,138	g	Moneta Money Bank AS		1,181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	54,266	*	Mr Cooper Group, Inc	$	2,258
	29,768		Musashino Bank Ltd		465
	8,642		MVB Financial Corp		359
	28,549		Nanto Bank Ltd		482
	3,829,949		National Australia Bank Ltd		80,418
	196,455		National Bank Holdings Corp		8,632
	5,277,220		National Bank of Abu Dhabi PJSC		27,068
	482,224	e	National Bank of Canada		36,765
	598,903	*	National Bank of Greece S.A.		1,998
	8,356,874		National Bank of Kuwait SAKP		27,553
	3,315,903		National Commercial Bank		56,878
	18,094,091		Natwest Group plc		55,410
	53,007		NBT Bancorp, Inc		2,042
	332,287		Nedbank Group Ltd		3,650
	33,022	e	New York Community Bancorp, Inc		403
	8,454	*	Nicolet Bankshares, Inc		725
	155,464		Nishi-Nippon Financial Holdings, Inc		1,004
	189,558	*	NMI Holdings, Inc		4,142
	5,496,326		Nordea Bank Abp		67,047
	9,810,662		Nordea Bank Abp		120,201
	294,397		North Pacific Bank Ltd		640
	39,467		Northfield Bancorp, Inc		638
	8,743		Northrim BanCorp, Inc		380
	107,250		Northwest Bancshares, Inc		1,519
	219,289		Nova Ljubljanska Banka dd (GDR)		3,747
	1,133,812		O-Bank Co Ltd		327
	110,917		OceanFirst Financial Corp		2,462
	29,345	*	Ocwen Financial Corp		1,173
	313,724		OFG Bancorp		8,332
	39,407		Ogaki Kyoritsu Bank Ltd		662
	29,500	*	Okinawa Financial Group, Inc		567
	403,861		Old National Bancorp		7,318
	65,181		Old Second Bancorp, Inc		821
	30,261		Origin Bancorp, Inc		1,299
	8,088		Orrstown Financial Services, Inc		204
	1,180,586		OSB Group plc		8,876
	561,168	*	OTP Bank		28,615
	4,296,371		Oversea-Chinese Banking Corp		36,363
	150,530		Pacific Premier Bancorp, Inc		6,026
	371,438		PacWest Bancorp		16,778
	306,353		Paragon Group of Cos plc		2,349
	12,396		Park National Corp		1,702

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	19,765		PCSB Financial Corp	$	376
	16,416		Peapack Gladstone Financial Corp		581
	29,014		PennyMac Financial Services, Inc		2,025
	21,950		Peoples Bancorp, Inc		698
	6,274		Peoples Financial Services Corp		331
	37,941		People’s United Financial, Inc		676
	223,171	*	Pepper Money Ltd		350
	1,741,049	*	Permanent TSB Group Holdings plc		3,199
	1,378,027		Ping An Bank Co Ltd		3,563
	133,687		Pinnacle Financial Partners, Inc		12,767
	9,826	*	Pioneer Bancorp, Inc		111
	681,140	*	Piraeus Financial Holdings S.A.		999
	63,764	*,g	PNB Housing Finance Ltd		423
	555,438		PNC Financial Services Group, Inc		111,376
	83,742		Popular, Inc		6,870
	1,248,937		Postal Savings Bank of China Co Ltd		1,000
	10,914,972	g	Postal Savings Bank of China Co Ltd		7,665
	1,088,907	*	Powszechna Kasa Oszczednosci Bank Polski S.A.		12,078
	184,810		Preferred Bank		13,268
	32,333		Premier Financial Corp		999
	48,472		Primis Financial Corp		729
	68,000	e	Prosperity Bancshares, Inc		4,916
	14,279		Provident Bancorp Inc		266
	66,395		Provident Financial Services, Inc		1,608
	13,558,885		PT Bank Mandiri Persero Tbk		6,695
	5,347,953		PT Bank Negara Indonesia		2,528
	17,115,505		Public Bank BHD		17,082
	458,874		Qatar International Islamic Bank QSC		1,160
	780,166		Qatar Islamic Bank SAQ		3,927
	3,269,453		Qatar National Bank		18,126
	14,106		QCR Holdings, Inc		790
	164,441		Qingdao Rural Commercial Bank Corp		100
	156,238		Radian Group, Inc		3,301
	52,964		Raiffeisen International Bank Holding AG.		1,556
	11,822		RBB Bancorp		310
	6,531,479	*,g	RBL Bank Ltd		11,124
	4,325		Red River Bancshares Inc		231
	254,477	e	Regional SAB de C.V.		1,320
	62,854		Regions Financial Corp		1,370
	12,407		Reliant Bancorp Inc		440
	63,632		Renasant Corp		2,415
	7,396		Republic Bancorp, Inc (Class A)		376

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	42,086	*	Republic First Bancorp, Inc	$	157
	2,161,000		Resona Holdings, Inc		8,398
	1,303,957		RHB Capital BHD		1,680
	33,531		Ringkjoebing Landbobank A.S.		4,507
	1,757,391		Riyad Bank		12,685
	132,842	e	Rocket Cos, Inc		1,860
	1,946,611		Royal Bank of Canada		206,595
	34,583		S&T Bancorp, Inc		1,090
	39,868		Sandy Spring Bancorp, Inc		1,917
	160,864		San-In Godo Bank Ltd		905
	978,372		Saudi British Bank		8,581
	184,113	g	Sbanken ASA		1,959
	4,899,100		Sberbank of Russia (ADR)		77,161
	63,938		Seacoast Banking Corp of Florida		2,263
	497,210		Security Bank Corp		1,160
	11,888		ServisFirst Bancshares, Inc		1,010
	756,200		Seven Bank Ltd		1,563
	2,552,978		Shanghai Commercial & Savings Bank Ltd		4,355
	1,404,334		Shanghai Pudong Development Bank Co Ltd		1,880
	57,400		Shiga Bank Ltd		1,032
	519,203		Shinhan Financial Group Co Ltd		16,043
	91,900	*	Shinsei Bank Ltd		1,495
	381,747	e	Shizuoka Bank Ltd		2,725
	999,761		Siam Commercial Bank PCL (Foreign)		3,795
	12,097		Sierra Bancorp		328
	56,897		Signature Bank		18,404
	23,838	*	Silvergate Capital Corp		3,533
	99,230		Simmons First National Corp (Class A)		2,935
	7,182,617		SinoPac Financial Holdings Co Ltd		4,189
	998,414		Skandinaviska Enskilda Banken AB (Class A)		13,862
	11,032		SmartFinancial, Inc		302
	229,297		Societe Generale		7,881
	21,099		South Plains Financial Inc		587
	61,257		South State Corp		4,907
	4,936	*	Southern First Bancshares, Inc		308
	6,272		Southern Missouri Bancorp, Inc		327
	27,310		Southside Bancshares, Inc		1,142
	110,095		Spar Nord Bank AS		1,409
	55,770		Sparebank Oestlandet		922
	218,107		SpareBank SR-Bank ASA		3,294
	157,650		Sparebanken Midt-Norge		2,661
	173,000		Sparebanken Nord-Norge		2,212

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,246		Spirit of Texas Bancshares, Inc	$	324
	3,642		St Galler Kantonalbank		1,739
	1,521,955		Standard Bank Group Ltd		13,371
	6,654,397		Standard Chartered plc		40,464
	3,917,245		State Bank of India		24,171
	12,180	e	Sterling Bancorp		314
	16,055		Stock Yards Bancorp, Inc		1,026
	2,834,628		Sumitomo Mitsui Financial Group, Inc		96,795
	365,963		Sumitomo Mitsui Trust Holdings, Inc		12,237
	9,376		Summit Financial Group, Inc		257
	247,864		Suruga Bank Ltd		1,095
	34,907	*	SVB Financial Group		23,675
	407,162		Svenska Handelsbanken AB		4,401
	423,400		Swedbank AB (A Shares)		8,509
	107,760		Sydbank AS		3,406
	10,292	e	Synovus Financial Corp		493
	3,429,326		Taichung Commercial Bank		1,505
	7,331,924		Taishin Financial Holdings Co Ltd		5,016
	6,545,810		Taiwan Business Bank		2,340
	6,772,844		Taiwan Cooperative Financial Holding		6,223
	52,611		TBC Bank Group plc		1,175
	495,275		TCS Group Holding plc (ADR)		41,762
	73,311	*	Texas Capital Bancshares, Inc		4,417
	34,362		Texcell-NetCom Co Ltd		239
	3,570		TFS Financial Corp		64
	454,631		Thanachart Capital PCL		513
	46,137	*	The Bancorp, Inc		1,168
	2,663	*	Third Coast Bancshares, Inc		69
	142,346		Timbercreek Financial Corp		1,081
	211,700		Tisco Bank PCL		607
	158,543		Toho Bank Ltd		292
	154,564		Tomony Holdings, Inc		426
	12,555		Tompkins Financial Corp		1,049
	2,478,925		Toronto-Dominion Bank		190,052
	57,966		Towne Bank		1,831
	71,286		Trico Bancshares		3,062
	92,018	*	Tristate Capital Holdings, Inc		2,784
	24,965	*	Triumph Bancorp, Inc		2,973
	1,221,570		Truist Financial Corp		71,523
	17,393		TrustCo Bank Corp NY		579
	53,557		Trustmark Corp		1,738
	1,678,487		Turkiye Garanti Bankasi AS		1,428

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	654,971	*	Turkiye Halk Bankasi AS	$	223
	1,031,569		Turkiye Is Bankasi (Series C)		559
	891,439	*	Turkiye Vakiflar Bankasi Tao		247
	39,975		UMB Financial Corp		4,242
	15,701		Umpqua Holdings Corp		302
	1,698,049	g	Unicaja Banco S.A.		1,671
	879,298		UniCredit S.p.A.		13,516
	2,650,669	*	Union Bank Of Taiwan		1,301
	110,099		United Bankshares, Inc		3,994
	244,145		United Community Banks, Inc		8,775
	1,389,027		United Overseas Bank Ltd		27,741
	71,527		Univest Financial Corp		2,140
	4,263,624		US Bancorp		239,488
	90,668	e	UWM Holdings Corp		537
	19,392		Valiant Holding		1,939
	358,165		Valley National Bancorp		4,925
	264,765		Van Lanschot Kempen NV		6,632
	8,800	*	Velocity Financial, Inc		121
	343,281		Veritex Holdings, Inc		13,656
	1,577,680	*	Virgin Money UK plc		3,827
	516,950		VTB Bank PJSC (GDR) Equiduct		652
	959,999	*	VTB Bank PJSC (GDR) Tradegate		1,210
	23,753		Walker & Dunlop, Inc		3,584
	1,324,671	*	Warba Bank KSCP		1,199
	132,315		Washington Federal, Inc		4,417
	15,603		Washington Trust Bancorp, Inc		880
	50,650		Waterstone Financial, Inc		1,107
	6,309		Webster Financial Corp		352
	13,713,738		Wells Fargo & Co		657,985
	54,652		WesBanco, Inc		1,912
	12,656		West Bancorporation, Inc		393
	61,719		Westamerica Bancorporation		3,563
	8,648		Western Alliance Bancorp		931
	4,272,077		Westpac Banking Corp		66,275
	165,275		Wintrust Financial Corp		15,010
	367,153		Woori Financial Group, Inc		3,915
	100,037		WSFS Financial Corp		5,014
	442,299		Yamaguchi Financial Group, Inc		2,585
	3,313,489		Yapi ve Kredi Bankasi		847
	8,092,568	*	Yes Bank Ltd		1,488
	14,212		Zions Bancorporation		898
			TOTAL BANKS		9,491,770

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
CAPITAL GOODS - 7.2%
	320,649		3M Co	$	56,957
	3,052	*	3M India Ltd		1,039
	129,058		A.O. Smith Corp		11,080
	120,984		Aalberts Industries NV		8,022
	2,081,752		Aamal Co		620
	4,470		Aaon, Inc		355
	29,636	*	AAR Corp		1,157
	488,085		ABB Ltd		18,602
	8,665		ABB Power Products & Systems India Ltd		294
	2,233,069		Aboitiz Equity Ventures, Inc		2,384
	406,270		AcBel Polytech, Inc		536
	28,507		Ackermans & Van Haaren		5,469
	67,289		ACS Actividades de Construccion y Servicios S.A.		1,794
	59,771		Acuity Brands, Inc		12,655
	317,126		Adani Enterprises Ltd		7,268
	315,914		AddTech AB		7,514
	24,200		Advan Co Ltd		204
	85,554		Advanced Drainage Systems, Inc		11,646
	33,000		Advanced Energy Solution Holding Co Ltd		2,176
	2,370	*,e	Advent Technologies Holdings, Inc		17
	50,527		AECC Aero-Engine Control Co Ltd		240
	118,752		AECC Aviation Power Co Ltd		1,182
	215,575	*	Aecom Technology Corp		16,675
	72,579	e	Aecon Group, Inc		969
	162,232	*	AerCap Holdings NV		10,613
	241,900	*	Aeris Industria E Comercio De Equipamentos Para Geracao De Energia S.A.		284
	47,453		Aerojet Rocketdyne Holdings, Inc		2,219
	9,068	*	Aerovironment, Inc		562
	5,701	*	AerSale Corp		101
	63,316		AFG Arbonia-Forster Hldg		1,428
	22,596	e	AG Growth International Inc		566
	43,933		AGCO Corp		5,097
	32,732	*,e	AgEagle Aerial Systems, Inc		51
	43,887		AIA Engineering Ltd		1,103
	63,452		Aica Kogyo Co Ltd		1,837
	37,400		Aichi Corp		263
	60,241		Aida Engineering Ltd		560
	101,680		Air Lease Corp		4,497
	1,362,482	*	Airbus SE		174,321
	35,728	*	Airbus SE (ADR)		1,140
	152,226		Airtac International Group		5,590

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,946		Alamo Group, Inc	$	286
	21,937		Albany International Corp (Class A)		1,940
	87,279		Alfa Laval AB		3,506
	3,322,000		Alfa S.A. de C.V. (Class A)		2,437
	25,160	*,g	Alfen Beheer BV		2,530
	37,378	g	Alimak Group AB		473
	247,921		Allegion plc		32,835
	3,107,500		Alliance Global Group, Inc		719
	2,252		Allied Motion Technologies, Inc		82
	106,621		Allison Transmission Holdings, Inc		3,876
	299,615	e	Alstom RGPT		10,639
	14,776	*	Alta Equipment Group, Inc		216
	719,399		Altra Industrial Motion Corp		37,099
	795,200		Amada Co Ltd		7,874
	102,726		Amara Raja Batteries Ltd		878
	2,624	*	Ameresco, Inc		214
	25,695	*	American Superconductor Corp		280
	14,796	*	American Woodmark Corp		965
	14,810		Ametek, Inc		2,178
	399,901		Andritz AG.		20,568
	257,500	*	API Group Corp		6,636
	22,014		Apogee Enterprises, Inc		1,060
	245,656		Applied Industrial Technologies, Inc		25,229
	3,510		Arad Investment & Industrial Development Ltd		520
	169,540		Arcadis NV		8,168
	42,036		Arcosa, Inc		2,215
	13,078		Argan, Inc		506
	108,400		Armac Locacao Logistica E Servicos S.A.		505
	47,949		Armstrong World Industries, Inc		5,568
	383,454	*	Array Technologies, Inc		6,016
	177,039		Asahi Glass Co Ltd		8,458
	698,153		Aselsan Elektronik Sanayi Ve Ticaret AS		1,102
	1,597,298		Ashok Leyland Ltd		2,620
	1,501,085		Ashtead Group plc		121,009
	79,807		Ashtrom Group Ltd		2,161
	1,008,515		Assa Abloy AB		30,741
	31,812		Astec Industries, Inc		2,204
	37,791		Astra Industrial Group		400
	105,458		Astral Polytechnik Ltd		3,223
	23,544	*	Astronics Corp		283
	241,714	*	Atkore International Group, Inc		26,876
	254,998		Atlas Copco AB (A Shares)		17,621

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	181,693		Atlas Copco AB (B Shares)	$	10,673
	88,759	*,e	ATS Automation Tooling Systems, Inc		3,525
	382,817		Austal Ltd		543
	169,831		AVIC Electromechanical Systems Co Ltd		484
	2,121,037		AviChina Industry & Technology Co		1,467
	26,859		AVICOPTER plc		338
	39,466		Avon Rubber plc		599
	80,686	*	Axon Enterprise, Inc		12,668
	198,487		Ayala Corp		3,236
	502,202	*	AZEK Co, Inc		23,222
	50,306		AZZ, Inc		2,781
	34,973	*	Babcock & Wilcox Enterprises, Inc		315
	317,316	*	Babcock International Group		1,374
	41,762	e	Badger Infrastructure Solution		1,050
	3,241,545		BAE Systems plc		24,173
	786,021		Balfour Beatty plc		2,800
	290,181	*,e	Ballard Power Systems, Inc		3,645
	175,037		Barloworld Ltd		1,652
	91,380		Barnes Group, Inc		4,257
	18,629		BayWa AG.		818
	341,342	*	Beacon Roofing Supply, Inc		19,576
	1,408	*,e	Beam Global		26
	72,010		Beijer Alma AB		2,182
	301,292	e	Beijer Ref AB		6,569
	126,612		Beijing New Building Materials plc		713
	25,000		Beijing United Information Technology Co Ltd		422
	11,959		Belimo Holding AG.		7,594
	20,380		BEML Ltd		449
	363,151	*	Bera Holding A.S.		267
	1,361,000		BES Engineering Corp		446
	24,409	*	BGF Co Ltd		108
	1,405,197		Bharat Electronics Ltd		3,957
	910,507	*	Bharat Heavy Electricals		719
	328,901		Bidvest Group Ltd		3,910
	15,467	*,e	Biesse S.p.A.		429
	139,213		Bizlink Holdings Inc		1,310
	3,062	*,e	Blink Charging Co		81
	305,834	*	Bloom Energy Corp		6,707
	8,996	*	Blue Bird Corp		141
	59,984		Blue Star Ltd		815
	17,806	*	BlueLinx Holdings, Inc		1,705
	9,793	*	Bobst Group AG.		889

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	656,606	g	BOC Aviation Ltd	$	4,811
	232,693		Bodycote plc		2,727
	1,282,762	*	Boeing Co		258,246
	107,665		Boise Cascade Co		7,666
	2,560,700	*	Bombardier, Inc		3,401
	24,551		Bonheur ASA		990
	95,254		Boskalis Westminster		2,777
	6,759		Bossard Holding AG.		2,431
	249,754	e	Bouygues S.A.		8,940
	210,653		Brenntag AG.		19,023
	436,000		Brighton-Best International Taiwan, Inc		604
	8,107		Bucher Industries AG.		3,995
	13,512		Budimex S.A.		761
	32,337		Bufab AB		1,595
	356,138	*	Builders FirstSource, Inc		30,525
	67,100		Bunka Shutter Co Ltd		627
	460,691		Bunzl plc		17,997
	3,535		Burckhardt Compression Holding AG.		1,671
	5,318		Burkhalter Holding AG.		368
	32,916		BWX Technologies, Inc		1,576
	3,032	*,e	Byrna Technologies, Inc		40
	3,490		Cadre Holdings, Inc		89
	792,723	*	CAE, Inc		19,997
	104,760		Caesarstone Sdot-Yam Ltd		1,188
	22,701		Carbone Lorraine		956
	41,298	g	Carel Industries S.p.A		1,249
	94,993		Cargotec Corp (B Shares)		4,741
	95,402		Carlisle Cos, Inc		23,671
	6,325,298		Carrier Global Corp		343,084
	712,755		Caterpillar, Inc		147,355
	94,900		Central Glass Co Ltd		1,760
	5,583		Cera Sanitaryware Ltd		361
	113,781	*	Ceres Power Holdings plc		1,538
	1,156,744		CH Karnchang PCL		792
	91,500	*,e,g	Changsha Broad Homes Industrial Group Co Ltd		141
	212,520	*,e	ChargePoint Holdings, Inc		4,049
	18,320		Chargeurs S.A.		543
	15,272	*	Chart Industries, Inc		2,436
	346,776		Chemring Group plc		1,410
	148,636		Chicony Power Technology Co Ltd		419
	282,346	e	China Aircraft Leasing Group Holdings Ltd		207
	193,722		China Baoan Group Co Ltd		440

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,992,000		China Communications Services Corp Ltd	$	971
	1,227,074		China Conch Venture Holdings Ltd		6,002
	315,800		China CSSC Holdings Ltd		1,230
	431,000	*	China High Speed Transmission Equipment Group Co Ltd		311
	847,036		China Lesso Group Holdings Ltd		1,218
	318,500		China National Chemical Engineering Co Ltd		601
	979,818		China Railway Group Ltd		891
	3,257,000		China Railway Group Ltd (Hong Kong)		1,723
	1,920,700		China State Construction Engineering Corp Ltd		1,508
	1,570,000		China State Construction International Holdings Ltd		1,954
	19,037		China Yuchai International Ltd		284
	204,545	*	Chiyoda Corp		625
	35,800		Chudenko Corp		661
	415,000		Chung Hsin Electric & Machinery Manufacturing Corp		678
	9,605		Cie d’Entreprises CFE		1,336
	778,000	e	CIMC Enric Holdings Ltd		1,133
	94,878	e	CIMIC Group Ltd		1,169
	1,580	*	CIRCOR International, Inc		43
	4,401,517		Citic Pacific Ltd		4,355
	2,926,000	*	Citic Resources Holdings Ltd		180
	17,504	*	CJ Corp		1,227
	2,972,090		CK Hutchison Holdings Ltd		19,136
	60,993		CKD Corp		1,239
	285,537		CNH Industrial NV		5,521
	706,416	e	CNH Industrial NV (NYSE)		13,726
	37,123	g	Cochin Shipyard Ltd		178
	116,911	*	Colfax Corp		5,374
	25,228		Columbus McKinnon Corp		1,167
	166,647		Comfort Systems USA, Inc		16,488
	56,960	*	Commercial Vehicle Group, Inc		459
	3,696,496		Compagnie de Saint-Gobain		260,036
	136,917		COMSYS Holdings Corp		3,050
	25,559	*	Concrete Pumping Holdings Inc		210
	21,987		Construcciones y Auxiliar de Ferrocarriles S.A.		909
	2,842	*	Construction Partners Inc		84
	164,059		Contemporary Amperex Technology Co Ltd		15,112
	378,450		Continental Engineering Corp		344
	1,676		Conzzeta AG.		2,353
	33,615	*	Core & Main, Inc		1,020
	742,696	*	Cornerstone Building Brands, Inc		12,953

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	587,600		COSCO SHIPPING Development Co Ltd	$	301
	16,247		Crane Co		1,653
	49,943	*	Creative & Innovative System		603
	766,793	*	Crompton Greaves Ltd		1,995
	27,566		CS Wind Corp		1,521
	515,402	*	CSBC Corp Taiwan		408
	34,469		CSW Industrials, Inc		4,166
	613,000		CTCI Corp		824
	135,493		Cummins India Ltd		1,712
	84,518		Cummins, Inc		18,437
	40,638		Curtiss-Wright Corp		5,635
	155,472	*,e	Custom Truck One Source, Inc		1,244
	14,637	*	Daelim Industrial Co		749
	9,187		Daetwyler Holding AG.		4,043
	197,411	*	Daewoo Engineering & Construction Co Ltd		957
	52,791	*	Daewoo International Corp		995
	40,969	*	Daewoo Shipbuilding & Marine Engineering Co Ltd		792
	17,038		Dai-Dan Co Ltd		340
	216,213		Daifuku Co Ltd		17,681
	23,348		Daihen Corp		970
	10,589	e	Daiho Corp		366
	16,437		Daiichi Jitsugyo Co Ltd		708
	397,886		Daikin Industries Ltd		90,129
	276,983	*	Daimler Truck Holding AG.		10,182
	35,100	e	Daiwa Industries Ltd		386
	17,711	e	Danieli & Co S.p.A.		543
	73,482		Danieli & Co S.p.A. (RSP)		1,436
	26,774		Dassault Aviation S.A.		2,896
	27,268	*	Dawonsys Co Ltd		673
	108,769		DCC plc		8,904
	670,098		Deere & Co		229,770
	97,067	*,e	Desktop Metal, Inc		480
	156,648	*	Deutz AG.		1,168
	38,924	g	Dilip Buildcon Ltd		231
	228,786		Diploma plc		10,489
	16,797	*	DL E&C Co Ltd		1,679
	4,232,400		DMCI Holdings, Inc		640
	1,084,753		Dogan Sirketler Grubu Holdings		225
	129,584		Donaldson Co, Inc		7,679
	211,929		Dongfang Electric Corp Ltd		713
	57,707	*	Doosan Bobcat, Inc		1,975
	7,254	*	Doosan Corp		718

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	46,323	*	Doosan Fuel Cell Co Ltd	$	1,867
	220,441	*	Doosan Heavy Industries and Construction Co Ltd		3,774
	187,557	*	Doosan Infracore Co Ltd		1,117
	2,555		Douglas Dynamics, Inc		100
	746,887		Dover Corp		135,635
	392,953	*,†	Drake & Scull International PJSC		1
	2,275,973		Dubai Investments PJSC		1,194
	9,535	*	Ducommun, Inc		446
	63,086		Duerr AG.		2,867
	334,200		Dufu Technology Corp Bhd		344
	15,348	*	DXP Enterprises, Inc		394
	7,039	*	Dycom Industries, Inc		660
	4,327,600		Dynasty Ceramic PCL		368
	1,496,851		Eaton Corp		258,686
	116,000		Ebara Corp		6,444
	12,457		Ecopro BM Co Ltd		5,234
	24,000	*,e	EHang Holdings Ltd (ADR)		358
	23,375		Eiffage S.A.		2,410
	28,917		Elbit Systems Ltd		4,998
	21,032		Elco Holdings Ltd		1,544
	2,512		Electra Israel Ltd		1,740
	1,781,733		Electrocomponents plc		29,219
	271,576	*	Electrolux Professional AB		1,880
	694,312	*	ElSewedy Electric Co		433
	1,822,788	*	Embraer S.A.		8,141
	139,917		EMCOR Group, Inc		17,824
	470,946		Emeco Holdings Ltd		302
	38,622		Emerson Electric Co		3,591
	80,438		Encore Wire Corp		11,511
	8,038		Energiekontor AG.		650
	35,461	*	Energy Recovery, Inc		762
	5,529		Enerpac Tool Group Corp		112
	34,611		EnerSys		2,736
	267,768		Engineers India Ltd		251
	63,732		EnPro Industries, Inc		7,015
	3,477	*,e	Eos Energy Enterprises, Inc		26
	187,136		Epiroc AB		4,732
	110,901		Epiroc AB		2,345
	199,327		ESCO Technologies, Inc		17,937
	73,635		Escorts Ltd		1,884
	125,120		Eve Energy Co Ltd		2,321
	873	*,e	EVI Industries, Inc		27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	594,437	*	Evoqua Water Technologies Corp	$	27,790
	146,457		Fagerhult AB		987
	339,000		Fangda Carbon New Material Co Ltd		576
	257,184	*	Fanuc Ltd		54,668
	3,581,631		Far Eastern Textile Co Ltd		3,788
	563,340		Fastenal Co		36,088
	220,991		Federal Signal Corp		9,578
	92,098		Ferguson plc		16,359
	533,207		Ferrovial S.A.		16,675
	574,478	*,e	Fincantieri S.p.A		395
	345,724		Finning International, Inc		8,713
	73,737		Finolex Cables Ltd		523
	390,000	e	First Tractor Co		198
	949,634		Fletcher Building Ltd		4,759
	43,421		Flowserve Corp		1,329
	1,445,249		FLSmidth & Co AS		54,026
	196,769		Fluidra S.A.		7,848
	125,803	*	Fluor Corp		3,116
	740,091		Fortive Corp		56,462
	184,591		Fortune Brands Home & Security, Inc		19,733
	3,328,508	e	Fosun International		3,592
	38,255		Franklin Electric Co, Inc		3,617
	378,700		Frencken Group Ltd		553
	2,812	*,e	FTC Solar, Inc		21
	247,341	*,e	FuelCell Energy, Inc		1,286
	439,306	*,e	Fugro NV		3,447
	87,633	*	Fuji Electric Holdings Co Ltd		4,787
	83,245		Fuji Machine Manufacturing Co Ltd		1,867
	1,031,378	*	Fujikura Ltd		5,063
	77,739		Fujitec Co Ltd		1,704
	13,939	*	Fukushima Industries Corp		579
	31,656		Furukawa Co Ltd		350
	203,344		Furukawa Electric Co Ltd		4,108
	1,873,700	*	Gamuda BHD		1,304
	31,033		GARO AB		740
	226,701	*	Gates Industrial Corp plc		3,607
	31,111		GATX Corp		3,241
	43,469		GEA Group AG.		2,374
	15,904		Geberit AG.		12,964
	55,559	*	GEK Group of Cos S.A.		601
	198,481	*,n	Generac Holdings, Inc		69,849
	190,512		General Dynamics Corp		39,716

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	70,438		General Electric Co	$	6,654
	4,980		Georg Fischer AG.		7,535
	46,759	*	Gibraltar Industries, Inc		3,118
	20,701		Giken Seisakusho Co, Inc		731
	16,200		Ginlong Technologies Co Ltd		589
	3,790		Global Industrial Co		155
	60,256		Glory Ltd		1,148
	7,215		GMM Pfaudler Ltd		471
	117,471	*	GMS, Inc		7,061
	55,073	*	Godrej Industries Ltd		464
	16,964		Gorman-Rupp Co		756
	95,830	*	Gotion High-tech Co Ltd		772
	115,165		Graco, Inc		9,285
	230,875		GrafTech International Ltd		2,731
	276,243		Grafton Group plc		4,638
	39,993		Granite Construction, Inc		1,548
	62,773		Graphite India Ltd		429
	56,573	*	Great Lakes Dredge & Dock Corp		889
	27,836		Greenbrier Cos, Inc		1,277
	487,000	g	Greentown Management Holdings Co Ltd		334
	40,483		Griffon Corp		1,153
	48,108		Grindwell Norton Ltd		1,235
	559,993	e	Grupo Carso S.A. de C.V. (Series A1)		1,810
	217,407	e	Grupo Rotoplas SAB de C.V.		298
	45,260	*	GS Engineering & Construction Corp		1,505
	84,254		GS Yuasa Corp		1,875
	345,404		GT Capital Holdings, Inc		3,658
	18,315		Guangdong Kinlong Hardware Products Co Ltd		523
	115,187		Gulf Cable & Electrical Industries Co KSCP		331
	292,760		GWA International Ltd		586
	2,771		H&E Equipment Services, Inc		123
	808,497		Haitian International Holdings Ltd		2,246
	307,982		Hangzhou Steam Turbine Co		639
	27,299	*	Hanjin Heavy Industries & Construction Co Ltd		184
	65,079		Hanwa Co Ltd		1,846
	64,256	*	Hanwha Corp		1,694
	20,715	*	Hanwha Corp (3P)		279
	49,072	*	Hanwha Systems Co Ltd		659
	677,581		HAP Seng Consolidated BHD		1,252
	752,000		Harbin Power Equipment		340
	68,300		Harmonic Drive Systems, Inc		2,880
	269,951		Havells India Ltd		5,064

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	219,536		Hazama Ando Corp	$	1,652
	42,524	*	HDC Hyundai Development Co-Engineering & Construction		818
	54,560		Hefei Meiya Optoelectronic Technology, Inc		321
	12,590		HEG Ltd		302
	40,561		HEICO Corp		5,850
	74,153		HEICO Corp (Class A)		9,530
	327,839	*	Heidelberger Druckmaschinen		984
	21,857		Helios Technologies, Inc		2,299
	136,501		Hensoldt AG.		1,936
	2,118		Herc Holdings, Inc		332
	124,432	*	Hexagon Composites ASA		460
	64,675	*	Hexagon Purus Holding AS.		157
	36,496		Hexatronic Group AB		2,022
	79,498	*	Hexcel Corp		4,118
	105,408		Hillenbrand, Inc		5,480
	194,494		Hino Motors Ltd		1,604
	11,300		Hirata Corp		627
	233,259	*	Hitachi Construction Machinery Co Ltd		6,740
	2,195,660	*	Hitachi Ltd		118,946
	693,720		Hitachi Zosen Corp		4,810
	192,003		Hiwin Technologies Corp		2,125
	25,668		Hochtief AG.		2,067
	2,268,986		Honeywell International, Inc		473,106
	54,075		Hongfa Technology Co Ltd		633
	52,662		Hoshizaki Electric Co Ltd		3,962
	14,400		Hosokawa Micron Corp		427
	981,104		Howden Joinery Group plc		12,017
	676,765		Howmet Aerospace, Inc		21,541
	464,564		Hubbell, Inc		96,755
	19,232		Huber & Suhner AG.		1,833
	3,637		Huntington Ingalls		679
	691,542		Husqvarna AB (B Shares)		11,057
	3,450	*	Hydrofarm Holdings Group, Inc		98
	90,142	*,e	Hyliion Holdings Corp		559
	48,458	*	Hyosung Corp		3,853
	4,837	*	Hyosung Heavy Industries Corp		237
	8,855		Hyster-Yale Materials Handling, Inc		364
	41,950	*	Hyundai Construction Equipment Co Ltd		1,427
	21,508	*	Hyundai Electric & Energy System Co Ltd		359
	26,567	*	Hyundai Elevator Co Ltd		919
	57,590	*	Hyundai Engineering & Construction Co Ltd		2,149
	27,929	*	Hyundai Heavy Industries		2,220

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,185	*	Hyundai Mipo Dockyard	$	1,539
	38,045		Hyundai Robotics Co Ltd		1,717
	87,877	*	Hyundai Rotem Co Ltd		1,532
	373,109	*,e	Ideanomics Inc		448
	33,477		Idec Corp		810
	24,863		IDEX Corp		5,876
	684	*	IES Holdings, Inc		35
	2,887,100		IJM Corp BHD		1,053
	7,021	*	Iljin Diamond Co Ltd		179
	235,096		Illinois Tool Works, Inc		58,022
	502,321		IMI plc		11,847
	17,002	*,e	Implenia AG.		387
	87,336		Inaba Denki Sangyo Co Ltd		2,052
	71,498		Inabata & Co Ltd		1,044
	13,294	g	IndiaMart InterMesh Ltd		1,155
	25,777		Indus Holding AG.		960
	1,799,650		Industries Qatar QSC		7,655
	332,070		Indutrade AB		10,138
	13,836	*,e	Infrastructure and Energy Alternatives, Inc		127
	301,060	*,e	INFRONEER Holdings, Inc		2,741
	952,539		Ingersoll Rand, Inc		58,934
	125,313	*,e	INNOVATE Corp		464
	2,803,600	*,†	Inovisi Infracom Tbk PT		0	^
	274,013	*	InPost S.A.		3,306
	50,505	e	Instalco AB		2,422
	15,583		Insteel Industries, Inc		620
	86,091		Interpump Group S.p.A.		6,306
	779		Interroll Holding AG.		3,502
	251,062		Investment AB Latour		10,200
	49,823		INVISIO AB		901
	139,810		Inwido AB		2,890
	496,724		Iochpe-Maxion S.A.		1,363
	163,428	*	IRB Infrastructure Developers Ltd		498
	14,233	*	IS Dongseo Co Ltd		529
	26,831		ISGEC Heavy Engineering Ltd		219
	159,800		Ishikawajima-Harima Heavy Industries Co Ltd		3,218
	14,862		Italmobiliare S.p.A		549
	522,299	*,e	Itm Power plc		2,804
	1,338,662		Itochu Corp		40,955
	465,161		ITT, Inc		47,535
	25,652		Jantsa Jant Sanayi Ve Ticaret AS.		126
	12,732		Japan Pulp & Paper Co Ltd		456

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	72,261		Japan Steel Works Ltd	$	2,425
	239,068		Jardine Matheson Holdings Ltd		13,146
	47,400		JDC Corp		231
	48,495	*	JELD-WEN Holding, Inc		1,278
	3,358,256		JG Summit Holdings (Series B)		3,486
	417,500		JGC Corp		3,488
	83,504		Jiangsu Hengli Hydraulic Co Ltd		1,071
	263,318		Jiangsu Zhongtian Technology Co Ltd		701
	10,343		John Bean Technologies Corp		1,588
	215,564		Johns Lyng Group Ltd		1,432
	700,278	e	Johnson Controls International plc		56,940
	19,808	g	JOST Werke AG.		1,116
	186,600	*,e	JTOWER, Inc		15,637
	6,492		Judges Scientific plc		742
	58,289		Jungheinrich AG.		2,961
	3,578		Kaba Holding AG.		2,363
	1,255		Kadant, Inc		289
	86,020		Kajaria Ceramics Ltd		1,491
	311,499		Kajima Corp		3,580
	71,739		Kalpataru Power Transmission Ltd		360
	24,963		Kaman Corp		1,077
	39,100		Kanamoto Co Ltd		820
	116,401		Kandenko Co Ltd		867
	99,300		Kanematsu Corp		1,106
	2,674,417		KAP Industrial Holdings Ltd		734
	1,375	*	Karat Packaging, Inc		28
	18,524		Kardex AG.		6,080
	23,800	e	Katakura Industries Co Ltd		511
	247,600		Kawasaki Heavy Industries Ltd		4,475
	10,211		KCC Glass Corp		514
	125,641		KEC International Ltd		808
	57,459		KEI Industries Ltd		900
	117,300		Keihan Electric Railway Co Ltd		2,699
	118,910		Keller Group plc		1,585
	74,754		Kennametal, Inc		2,684
	14,581	*	KEPCO Engineering & Construction Co, Inc		1,041
	1,615,447		Keppel Corp Ltd		6,144
	565,113	*,e	Kier Group plc		841
	229,371		Kinden Corp		3,449
	76,650		Kingspan Group plc		9,143
	79,704		KION Group AG.		8,706
	178,000		Kitz Corp		1,102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	107,442	*	Kloeckner & Co AG.	$	1,308
	78,519		Knorr-Bremse AG.		7,755
	137,687		KNR Constructions Ltd		553
	861,980		KOC Holding AS		1,849
	17,329	*	Koenig & Bauer AG.		618
	962,820		Komatsu Ltd		22,516
	4,460	*	Komax Holding AG.		1,236
	96,462		Kone Oyj (Class B)		6,922
	72,273		Konecranes Oyj		2,895
	246,419		Kongsberg Gruppen ASA		7,985
	339,193	*	Koninklijke BAM Groep NV		1,041
	86,520	*	Korea Aerospace Industries Ltd		2,357
	5,496		Korea Electric Terminal Co Ltd		352
	379,939	*,n	Kornit Digital Ltd		57,846
	157,239	*	Kratos Defense & Security Solutions, Inc		3,050
	17,040		Krones AG.		1,854
	1,070,612		Kubota Corp		23,806
	41,304		Kumagai Gumi Co Ltd		1,031
	70,997		Kung Long Batteries Industrial Co Ltd		355
	93,287		Kurita Water Industries Ltd		4,423
	33,654		Kyokuto Kaihatsu Kogyo Co Ltd		447
	121,255		Kyowa Exeo Corp		2,557
	51,522		Kyudenko Corp		1,592
	6,666	*	Kyung Dong Navien Co Ltd		308
	194,795		L3Harris Technologies, Inc		41,538
	3,552		Lakshmi Machine Works Ltd		409
	1,438,446		Larsen & Toubro Ltd		36,536
	886	*	Lawson Products, Inc		49
	113,518		Legrand S.A.		13,295
	32,633		Lennox International, Inc		10,585
	493,530	*	Leonardo S.p.A.		3,528
	100,094	*	LG Corp		6,813
	44,483	*	LG Hausys Ltd		2,297
	149,300	*	LG International Corp		3,314
	219,321	*	Liberty Media Acquisition Corp		2,327
	332,899		Lifco AB		9,943
	11,569	*	LIG Nex1 Co Ltd		666
	20,927		Lincoln Electric Holdings, Inc		2,919
	206,538		Lindab International AB		7,347
	1,778		Lindsay Corp		270
	56,725	*,e	Lion Electric Co		561
	20,887		LISI		674

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	292,550		LIXIL Group Corp	$	7,804
	670,000	e	LK Technology Holdings Ltd		1,379
	229,819		Lockheed Martin Corp		81,680
	2,067,355		Lonking Holdings Ltd		581
	142,374	*	Lotte Corp		3,578
	64,426	*	LS Cable Ltd		2,929
	27,771	*	LS Industrial Systems Co Ltd		1,300
	2,228,400		LT Group, Inc		433
	82,642	g	Luceco plc		390
	266,000	*,e	Luoyang Glass Co Ltd		598
	10,900		Luoyang Xinqianglian Slewing Bearing Co Ltd		306
	16,398		Luxfer Holdings plc		317
	44,279	*	LX Holdings Corp		372
	85,741		Maas Group Holdings Ltd		331
	59,632		Mabuchi Motor Co Ltd		1,972
	175,267	e	Maire Tecnimont S.p.A		828
	29,339		Makino Milling Machine Co Ltd		1,050
	244,991		Makita Corp		10,400
	1,726,200		Malaysian Resources Corp BHD		147
	11,755		Manitou BF S.A.		369
	30,984	*	Manitowoc Co, Inc		576
	475,010		Marcopolo S.A.		259
	1,777,340		Marubeni Corp		17,317
	936,117		Masco Corp		65,734
	10,892	*	Masonite International Corp		1,285
	53,262	*	Mastec, Inc		4,915
	24,900	*,e	Matrix Service Co		187
	27,600		Max Co Ltd		461
	64,136		Maxar Technologies, Inc		1,894
	7,397	*	Mayville Engineering Co Inc		110
	2,387		MBB SE		372
	34,727		McGrath RentCorp		2,787
	24,635	*,e	McPhy Energy S.A.		608
	64,807	*	MDA Ltd		487
	887,000	e	MECOM Power and Construction Ltd		410
	950,881	*	Meggitt plc		9,516
	42,271		Meidensha Corp		1,007
	1,183,169		Melrose Industries plc		2,573
	50,801	*	Mercury Systems, Inc		2,797
	79,815	*	Meritor, Inc		1,978
	917,003		Metallurgical Corp of China Ltd		552
	26,200		METAWATER Co Ltd		460

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	756,688		Metso Outotec Oyj	$	8,036
	19,288	*	Middleby Corp		3,795
	85,494	e	Mie Kotsu Group Holdings, Inc		359
	9,355		Miller Industries, Inc		312
	373,290		Minebea Co Ltd		10,607
	143,900		Ming Yang Smart Energy Group Ltd		590
	111,662		Miraito Holdings Corp		1,842
	359,954		MISUMI Group, Inc		14,788
	1,482,735		Mitsubishi Corp		47,081
	1,596,777		Mitsubishi Electric Corp		20,268
	323,938		Mitsubishi Heavy Industries Ltd		7,490
	30,000		Mitsubishi Nichiyu Forklift Co Ltd		276
	25,850		Mitsuboshi Belting Co Ltd		485
	1,971,669		Mitsui & Co Ltd		46,724
	178,631		Miura Co Ltd		6,149
	101,762		Monadelphous Group Ltd		715
	4,180,890		MonotaRO Co Ltd		75,197
	201,219	*,g	Montana Aerospace AG.		7,475
	25,122		Moog, Inc (Class A)		2,034
	344,863		Morgan Crucible Co plc		1,673
	47,876		Morgan Sindall plc		1,643
	137,544		Mori Seiki Co Ltd		2,366
	38,000		Morita Holdings Corp		432
	401,387	*	MRC Global, Inc		2,762
	43,429		MSC Industrial Direct Co (Class A)		3,651
	11,141		MTAR Technologies Ltd		367
	71,977		MTU Aero Engines Holding AG.		14,614
	108,076		Mueller Industries, Inc		6,415
	158,798		Mueller Water Products, Inc (Class A)		2,287
	148,941	g	Munters Group AB		1,153
	34,235	*	MYR Group, Inc		3,785
	158,300		Nabtesco Corp		4,690
	19,833		Nachi-Fujikoshi Corp		711
	427,124		Nagarjuna Construction Co		402
	119,700		Nagase & Co Ltd		1,940
	380,264		NARI Technology Co Ltd		2,391
	194,272		National Central Cooling Co PJSC		134
	1,209,418	*	National Industries Group Holding SAK		1,132
	4,464		National Presto Industries, Inc		366
	732,783		NBCC India Ltd		451
	96,996		NCC AB (B Shares)		1,798
	1,779,564	*,e	NEL ASA		3,042

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	117,429		Neles Oyj	$	1,828
	29,266		Nexans S.A.		2,862
	76,876	e	NFI Group, Inc		1,231
	69,804		NGK Insulators Ltd		1,181
	1,571,487		Nibe Industrier AB		23,745
	69,940		Nichias Corp		1,688
	15,700		Nichiden Corp		321
	54,045		Nichiha Corp		1,437
	349,352		Nidec Corp		41,326
	54,067		Nikkiso Co Ltd		378
	19,454	*,e	Nikola Corp		192
	37,918	*	Nilfisk Holding A.S.		1,248
	10,600		Nippon Carbon Co Ltd		385
	45,059		Nippon Densetsu Kogyo Co Ltd		652
	13,325		Nippon Koei Co Ltd		370
	7,300		Nippon Road Co Ltd		523
	96,000	*	Nippon Sheet Glass Co Ltd		428
	20,017		Nippon Steel Trading Co Ltd		874
	41,865		Nishimatsu Construction Co Ltd		1,327
	102,400		Nishio Rent All Co Ltd		2,556
	5,595		Nissei ASB Machine Co Ltd		154
	177,331	e	Nisshinbo Industries, Inc		1,350
	58,000		Nissin Electric Co Ltd		794
	26,100		Nitta Corp		669
	349,800		Nitto Boseki Co Ltd		8,963
	42,135		Nitto Kogyo Corp		583
	17,635		Nittoku Engineering Co Ltd		610
	49,088	*	NKT Holding AS		2,374
	41,672	*	NN, Inc		171
	2,400	*,†,e	Noble Group Ltd		0	^
	249,331		Nolato AB		2,966
	126,608	*,e	Nordex AG.		1,986
	76,496		Nordson Corp		19,527
	9,983		Noritake Co Ltd		435
	20,651		Noritsu Koki Co Ltd		487
	31,131		Noritz Corp		455
	62,543		NORMA Group		2,414
	113,400	*	North Industries Group Red Arrow Co Ltd		475
	507,111		Northrop Grumman Corp		196,287
	8,925	*	Northwest Pipe Co		284
	797,486	*	NOW, Inc		6,811
	1,485,713		NRW Holdings Ltd		1,909

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	554,600		NSK Ltd	$	3,563
	985,561	*	NTN Corp		2,059
	8,747	*	NV5 Global Inc		1,208
	180,231	e	nVent Electric plc		6,849
	2,030,000		NWS Holdings Ltd		1,904
	11,446		Obara Corp		344
	454,109		Obayashi Corp		3,515
	469,681		OC Oerlikon Corp AG.		4,803
	5,961		OHB AG.		244
	23,121		Oiles Corp		340
	29,567		Okuma Holdings, Inc		1,316
	41,600		Okumura Corp		1,168
	34,139	*	Olectra Greentech Ltd		363
	254		Omega Flex, Inc		32
	345,066	*,e	Opus Global Rt		219
	7,237		Organo Corp		544
	105,006		OSG Corp		1,632
	22,951		Oshkosh Corp		2,587
	9	*	OSRAM Licht AG.		1
	571,107		Otis Worldwide Corp		49,726
	8,008		Otokar Otobus Karoseri Sanayi AS		216
	604,057		Owens Corning, Inc		54,667
	103,530	*	OX2 AB		677
	579,656		PACCAR, Inc		51,160
	121,215	*	PAE, Inc		1,204
	16,668		Palfinger AG.		650
	16,903		Park Aerospace Corp		223
	469,360		Parker-Hannifin Corp		149,313
	7,739		Park-Ohio Holdings Corp		164
	22,893	*	Parsons Corp		770
	222,086		Peab AB (Series B)		2,799
	58,263		Pentair plc		4,255
	1,608,700		Pentamaster Corp BHD		2,136
	339,746		Penta-Ocean Construction Co Ltd		1,920
	19,841	*	People & Technology, Inc		729
	34,522		PER Aarsleff A.S.		1,616
	4,650		Pfeiffer Vacuum Technology AG.		1,143
	29,144	*	PGT Innovations, Inc		655
	833,255	*,e	Plug Power, Inc		23,523
	97,131		PNC Infratech Ltd		343
	44,399		PNE AG.		425
	40,423		Polycab India Ltd		1,337

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	301,111		Polypipe Group plc	$	2,406
	207,805		Polyplex PCL (Foreign)		148
	20,267	*	Porr AG.		317
	9,210		Powell Industries, Inc		272
	739,369		Power Construction Corp of China Ltd		938
	58,990	*,e	PowerCell Sweden AB		1,204
	3,205,588	*	PP Persero Tbk PT		222
	39,507	*	PPK Group Ltd		267
	114,206		Praj Industries Ltd		512
	2,806		Preformed Line Products Co		182
	46,806		Primoris Services Corp		1,122
	28,694		Prince Pipes & Fittings Ltd		269
	72,736	*	Proto Labs, Inc		3,735
	69,577		Prysmian S.p.A.		2,617
	183,220		PSG Group Ltd		1,026
	1,347,020		QinetiQ plc		4,849
	29,438		Quanex Building Products Corp		729
	172,532		Quanta Services, Inc		19,783
	54,000		Raito Kogyo Co Ltd		930
	186,132		Randon Participacoes S.A.		362
	521,986		Ras Al Khaimah Ceramics		404
	5,490	e	Rational AG.		5,615
	5,335,629	e	Raytheon Technologies Corp		459,184
	27,904	*	RBC Bearings, Inc		5,636
	488,000	*,e	Realord Group Holdings Ltd		609
	317,060		Reece Ltd		6,235
	217,598		Regal-Beloit Corp		37,031
	959,605		Reliance Worldwide Corp Ltd		4,385
	41,200	*,e	ReneSola Ltd (ADR)		246
	215,112	*	Resideo Technologies, Inc		5,599
	177,297		Reunert Ltd		590
	450,561		REV Group, Inc		6,375
	297,273		Rexel S.A.		6,021
	139,000		Rexon Industrial Corp Ltd		283
	90,491		Rheinmetall AG.		8,516
	64,027		Richelieu Hardware Ltd		2,208
	7,484	*	Rieter Holding AG.		1,449
	64,400		Riyue Heavy Industry Co Ltd		333
	103,438		Rockwell Automation, Inc		36,084
	2,372		Rockwool International AS (B Shares)		1,036
	9,095,151	*	Rolls-Royce Group plc		15,181
	19,474	*,e	Romeo Power, Inc		71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	275,552		Roper Technologies Inc	$	135,533
	1,059,437		Rotork plc		5,156
	194,056		Run Long Construction Co Ltd		388
	37,716		Rush Enterprises, Inc (Class A)		2,099
	5,214		Rush Enterprises, Inc (Class B)		281
	75,433		Russel Metals, Inc		2,005
	89,441		Saab AB (Class B)		2,272
	508,854	e	Sacyr Vallehermoso S.A.		1,320
	610,463		Safran S.A.		74,735
	20,805		Salcef S.p.A		583
	24,479	*	SAM KANG M&T Co Ltd		439
	5,226	*	Samho International Co Ltd		119
	98,927	*	Samsung C&T Corp		9,885
	114,033	*	Samsung Engineering Co Ltd		2,192
	429,681	*	Samsung Heavy Industries Co Ltd		2,048
	141,120	*	Samsung Techwin Co Ltd		5,689
	110,623		San Shing Fastech Corp		230
	3,501,474		Sandvik AB		97,598
	50,400		Sanki Engineering Co Ltd		631
	409,641		Sanwa Shutter Corp		4,374
	1,333,000		Sany Heavy Equipment International		1,292
	583,957		Sany Heavy Industry Co Ltd		2,091
	9,200		Sanyo Denki Co Ltd		483
	41,430		Saudi Ceramic Co		607
	61,657	e	Savaria Corp		934
	8,559		Schaeffler India Ltd		1,011
	50,470		Schindler Holding AG.		13,548
	106,083		Schindler Holding AG. (Registered)		28,349
	940,717		Schneider Electric S.A.		184,941
	1,214		Schweiter Technologies AG.		1,801
	29,295		Sekisui Jushi Corp		533
	17,108,492	*	SembCorp Marine Ltd		1,041
	11,991		Semperit AG. Holding		400
	473,942	*	Senior plc		943
	88,815	*	Sensata Technologies Holding plc		5,479
	176,744	e	Seven Group Holdings Ltd		2,781
	19,285	*	SFA Engineering Corp		583
	20,549		SFS Group AG.		2,837
	79,869	*	SGL Carbon AG.		698
	380,627		Shanghai Construction Group Co Ltd		215
	435,580		Shanghai Diesel Engine Co Ltd		260
	857,803		Shanghai Electric Group Co Ltd		654

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	358,554		Shanghai Highly Group Co Ltd	$	187
	478,000		Shanghai Industrial Holdings Ltd		697
	238,700		Shanghai Mechanical and Electrical Industry Co Ltd		326
	174,605		Shapir Engineering and Industry Ltd		1,543
	174,140		Shenzhen Inovance Technology Co Ltd		1,876
	25,136		Shibaura Machine Co Ltd		823
	19,600		Shibuya Kogyo Co Ltd		509
	287,694	*	Shikun & Binui Ltd		1,840
	42,600		Shima Seiki Manufacturing Ltd		731
	380,744		Shimizu Corp		2,361
	10,904		Shin Nippon Air Technologies Co Ltd		228
	162,361		Shin Zu Shing Co Ltd		566
	33,584		Shinko Plantech Co Ltd		342
	66,600		Shinmaywa Industries Ltd		507
	42,348		Shinnihon Corp		301
	97,093	*	Shoals Technologies Group, Inc		2,359
	47,808		SHO-BOND Holdings Co Ltd		2,148
	1,537,469	*	Shun TAK Holdings Ltd		424
	317,227		Shyft Group, Inc		15,585
	397,200		Sichuan Road & Bridge Co Ltd		750
	1,700,982		Siemens AG.		294,615
	2,137,776	*	Siemens Energy AG.		54,544
	65,410	*	Siemens Gamesa Renewable Energy		1,553
	80,889		Siemens India Ltd		2,564
	54,000		Sieyuan Electric Co Ltd		418
	12,782	e	SIF Holding NV		178
	888,978	*	SIG plc		572
	237,803	g	Signify NV		11,042
	3,335,359		Sime Darby BHD		1,859
	70,634		Simpson Manufacturing Co, Inc		9,823
	1,032,907		Singapore Technologies Engineering Ltd		2,883
	19,751		Sinko Industries Ltd		345
	1,101,296		Sino Thai Engineering & Construction PCL		484
	1,537,500		Sinopec Engineering Group Co Ltd		759
	872,467		Sinotruk Hong Kong Ltd		1,343
	74,644	*	SiteOne Landscape Supply, Inc		18,085
	49,745		SK Holdings Co Ltd		10,487
	397,129	*	SK Networks Co Ltd		1,675
	92,612		Skanska AB (B Shares)		2,393
	1,258,857		SKF AB (B Shares)		29,772
	24,248		SKF India Ltd		1,218
	179,436		SM Investments Corp		3,318

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	45,163		SMC Corp	$	30,524
	1,673,676		Smiths Group plc		35,825
	52,498		Snap-On, Inc		11,307
	234,648	e	SNC-Lavalin Group, Inc		5,734
	60,300	e	Sodick Co Ltd		429
	288,502		Sojitz Holdings Corp		4,335
	6,947	*	Solar Holdings AS (B Shares)		846
	49,581	*	Soltec Power Holdings S.A.		349
	97,875		Spirax-Sarco Engineering plc		21,301
	615,359		Spirit Aerosystems Holdings, Inc (Class A)		26,516
	339,868	*	SPX Corp		20,283
	132,907		SPX FLOW, Inc		11,494
	50,940		Stabilus S.A.		3,744
	60,888	e	Stadler Rail AG.		2,669
	10,520		Standex International Corp		1,164
	611,316		Stanley Black & Decker, Inc		115,306
	42,466		Star Micronics Co Ltd		572
	6,451		Steico SE		826
	386,699	*,e	Stem, Inc		7,336
	53,805	*	Sterling & Wilson Solar Ltd		276
	39,020	*	Sterling Construction Co, Inc		1,026
	22,920	e	Sulzer AG.		2,252
	1,383,170		Sumitomo Corp		20,470
	18,097		Sumitomo Densetsu Co Ltd		329
	283,300		Sumitomo Heavy Industries Ltd		6,876
	201,737		Sumitomo Mitsui Construction Co Ltd		751
	1,170,000	*	Sun King Power Electronics Group Ltd		661
	101,770		Sungrow Power Supply Co Ltd		2,329
	190,920	*	Sunrun, Inc		6,549
	2,144,600		Sunway BHD		885
	367,848		Sunway Construction Group BHD		138
	112,763		Sunwoda Electronic Co Ltd		746
	69,800		Suzhou Gold Mantis Construction Decoration Co Ltd		67
	6,500		Suzhou Maxwell Technologies Co Ltd		655
	5,073,738	*	Suzlon Energy Ltd		692
	242,142	e	Sweco AB		4,556
	115,722		Tadano Ltd		1,116
	314,176	*	Taihan Electric Wire Co Ltd		470
	14,243		Taihei Dengyo Kaisha Ltd		355
	52,753		Taikisha Ltd		1,437
	132,586		Taisei Corp		4,032
	1,067,670		Taiwan Glass Industrial Corp		1,030

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	14,639		Takamatsu Corp	$	251
	31,364		Takara Standard Co Ltd		385
	84,841		Takasago Thermal Engineering Co Ltd		1,400
	124,500		Takeuchi Manufacturing Co Ltd		2,954
	80,100		Takuma Co Ltd		992
	76,355	*,e,g	Talgo S.A.		471
	1,912,000	*	Tatung Co Ltd		2,249
	292,866		TBEA Co Ltd		971
	1,493,975		Techtronic Industries Co		29,782
	1,849,000		Teco Electric and Machinery Co Ltd		2,112
	25,899	e	Teikoku Sen-I Co Ltd		523
	203,552		Tekfen Holding AS		311
	9,274		Tennant Co		752
	382,512		Terex Corp		16,811
	37,128		Textainer Group Holdings Ltd		1,326
	766,143		Textron, Inc		59,146
	180,765		Thales S.A.		15,377
	45,533		Thermax Ltd		1,093
	29,798	*	Thermon Group Holdings		504
	174,200	*	THK Co Ltd		4,227
	2,764,200		Thoresen Thai Agencies PCL		790
	323,400		Tianshan Aluminum Group Co Ltd		415
	21,162		Timken Co		1,466
	19,490		Timken India Ltd		521
	130,132	*	Titan International, Inc		1,426
	78,149	*	Titan Machinery, Inc		2,633
	142,900		Titan Wind Energy Suzhou Co Ltd		435
	49,524		TKH Group NV		3,126
	16,800	e	Toa Corp/Tokyo		353
	69,811		Tocalo Co Ltd		895
	284,156		Toda Corp		1,800
	9,815		Toenec Corp		288
	109,500		Tokai Corp		828
	108,002		Tokyu Construction Co Ltd		626
	103,536		Topsec Technologies Group Inc		311
	66,791		Toro Co		6,673
	182,501		Toromont Industries Ltd		16,499
	314,292		Toshiba Corp		12,933
	27,077		Totetsu Kogyo Co Ltd		591
	129,428		Toto Ltd		5,971
	79,003		Toyo Construction Co Ltd		399
	12,700	e	Toyo Tanso Co Ltd		354

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	103,971		Toyota Industries Corp	$	8,317
	154,858		Toyota Tsusho Corp		7,138
	4,248	*	TPI Composites, Inc		64
	842,727		Trane Technologies plc		170,256
	754	*	Transcat Inc		70
	80,220	*	TransDigm Group, Inc		51,042
	273,161		Travis Perkins plc		5,767
	473,539		Trelleborg AB (B Shares)		12,424
	115,128	*	Trex Co, Inc		15,546
	68,067		Trinity Industries, Inc		2,056
	76,164		Triton International Ltd		4,587
	57,200	*	Triumph Group, Inc		1,060
	65,756		Troax Group AB		3,373
	54,710		Trusco Nakayama Corp		1,300
	53,130		Tsubaki Nakashima Co Ltd		679
	30,790		Tsubakimoto Chain Co		846
	53,200		Tsugami Corp		812
	39,100		Tsukishima Kikai Co Ltd		386
	43,210		TTK Prestige Ltd		573
	37,434		Turk Traktor ve Ziraat Makineleri AS		637
	1,499,212		Turkiye Sise ve Cam Fabrikalari AS		1,516
	35,782	*	Tutor Perini Corp		443
	20,469	*	TY Holdings Co Ltd		485
	248,447		Tyman plc		1,343
	183,964		UFP Industries, Inc		16,927
	86,879		Ultra Electronics Holdings		3,751
	10,100		Union Tool Co		349
	172,537		United Integrated Services Co Ltd		1,131
	133,405	*	United Rentals, Inc		44,329
	324,603	*	Univar Solutions Inc		9,202
	66,841		Uponor Oyj		1,583
	119,700		Ushio, Inc		1,989
	366,200		UWC BHD		545
	209,633		Valmet Corp		8,988
	21,166		Valmont Industries, Inc		5,302
	22,125	e	Varta AG.		2,863
	34,117	g	VAT Group AG.		16,906
	78,510	*	Vectrus, Inc		3,593
	131,688		Veidekke ASA		1,980
	12,621	*	Veritiv Corp		1,547
	546,525		Vertiv Holdings Co		13,647
	527,016		Vestas Wind Systems A.S.		16,050

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	272,091		Vesuvius plc	$	1,668
	186,212		V-Guard Industries Ltd		554
	2,667	*	Vicor Corp		339
	111,802	*,e	View, Inc		437
	957,932		Vinci S.A.		101,172
	170,360	*	Virgin Galactic Holdings, Inc		2,279
	25,085		Volati AB		629
	351,340		Volex plc		1,649
	233,406		Voltas Ltd		3,821
	70,000		Voltronic Power Technology Corp		3,905
	232,727		Volution Group plc		1,744
	56,743		Volvo AB (A Shares)		1,331
	534,193		Volvo AB (B Shares)		12,354
	11,856		Vossloh AG.		608
	324,334		W.W. Grainger, Inc		168,083
	42,552		Wabash National Corp		831
	85,531		Wacker Construction Equipment AG.		2,447
	49,600		Wakita & Co Ltd		464
	2,600,472		Walsin Lihwa Corp		2,484
	129,922		Wartsila Oyj (B Shares)		1,822
	5,042,100	*	Waskita Karya Persero Tbk PT		225
	45,002		Watsco, Inc		14,080
	18,208		Watts Water Technologies, Inc (Class A)		3,535
	487,019	e	Webuild SpA		1,152
	1,919,150		Weg S.A.		11,304
	1,420,709		Weichai Power Co Ltd		2,786
	328,386		Weichai Power Co Ltd (Class A)		921
	2,135,040		Weir Group plc		49,545
	264,532	*	Welbilt, Inc		6,288
	81,887	*	WESCO International, Inc		10,776
	1,004,238		Westinghouse Air Brake Technologies Corp		92,500
	158,561	*,e	Westport Innovations, Inc		377
	3,263,972	*	Wijaya Karya Persero Tbk PT		253
	1,911	*	Willis Lease Finance Corp		72
	546,839	*	WillScot Mobile Mini Holdings Corp		22,333
	57,990		Wilson Bayly Holmes-Ovcon Ltd		412
	184,901	e	Woodward Inc		20,239
	143,630	e	WSP Global, Inc		20,850
	19,700		Wuxi Shangji Automation Co Ltd		516
	656,738		XCMG Construction Machinery Co Ltd		617
	444,711		Xiamen C & D, Inc		633
	271,767		Xinjiang Goldwind Science & Technology Co Ltd		703

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	917,813		Xinjiang Goldwind Science & Technology Co Ltd (Hong Kong)	$	1,792
	2,004,000		Xinyi Glass Holdings Co Ltd		5,020
	137,112		Xxentria Technology Materials Corp		337
	62,702		Xylem, Inc		7,519
	38,380	e	YAMABIKO Corp		416
	76,470		Yamazen Corp		716
	2,906,800		Yangzijiang Shipbuilding		2,888
	25,348		Yantai Eddie Precision Machinery Co Ltd		127
	67,422		Yaskawa Electric Corp		3,308
	184,963	*,g	Yellow Cake plc		855
	170,694	e	YIT Oyj		839
	61,279		Yokogawa Bridge Holdings Corp		1,171
	18,600	*	Youngy Co Ltd		380
	18,652		Yuasa Trading Co Ltd		483
	121,000		Yungtay Engineering Co Ltd		282
	40,800		Yurtec Corp		238
	10,438	*,†	Yuyang DNU Co Ltd		0
	227,727		Zardoya Otis S.A.		1,833
	12,600		Zehnder Group AG.		1,282
	366,100		Zhefu Holding Group Co Ltd		409
	155,463		Zhejiang Chint Electrics Co Ltd		1,314
	21,192		Zhejiang Dingli Machinery Co Ltd		267
	27,892		Zhejiang HangKe Technology, Inc Co		471
	234,612		Zhejiang Sanhua Intelligent Controls Co Ltd		931
	133,451		Zhejiang Weixing New Building Materials Co Ltd		509
	260,000	e	Zhengzhou Coal Mining Machinery Group Co Ltd		274
	57,600		Zhengzhou Yutong Bus Co Ltd		100
	392,400		Zhuzhou CSR Times Electric Co Ltd		2,274
	209,700		Zhuzhou Kibing Group Co Ltd		564
	550,139		Zoomlion Heavy Industry Science and Technology Co Ltd		619
	1,017,138		Zoomlion Heavy Industry Science and Technology Co Ltd		641
	32,506		Zumtobel AG.		285
	228,316		Zurn Water Solutions Corp		8,311
			TOTAL CAPITAL GOODS		9,983,561

COMMERCIAL & PROFESSIONAL SERVICES - 1.4%
	22,891	*	51job, Inc (ADR)		1,120
	118,451		ABM Industries, Inc		4,839
	46,581	*	Acacia Research (Acacia Technologies)		239
	260,570		ACCO Brands Corp		2,152
	184,221		Adecco S.A.		9,387

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	135,899	e	ADT, Inc	$	1,143
	40,320		Aeon Delight Co Ltd		1,182
	145,959		AF AB		4,108
	3,024,601	*	Aker Carbon Capture AS.		9,402
	16,553	*	Akka Technologies S.A.		907
	593,492		ALS Ltd		5,650
	40,530	e	Altech Corp		670
	7,994		Amadeus Fire AG		1,649
	48,800		Ambipar Participacoes e Empreendimentos S		368
	29,298	*	Anaergia, Inc		468
	174,707		Applus Services S.A.		1,608
	10,322	*	Aris Water Solution, Inc		134
	150,498	*	ASGN Inc		18,571
	111,214	*	Atlas Technical Consultants, Inc		936
	6,786		Barrett Business Services, Inc		469
	46,279		BayCurrent Consulting, Inc		17,837
	48,664	g	Befesa S.A.		3,734
	388,023		Beijing Originwater Technology Co Ltd		438
	290,100		Benefit One, Inc		12,464
	64,947		BeNEXT Group Inc		957
	7,490		Bertrandt AG.		486
	371,897	g	Biffa plc		1,805
	34,790		Bilfinger Berger AG.		1,177
	95,500		Binjiang Service Group Co Ltd		268
	334,000		Boa Vista Servicos S.A.		360
	199,279		Booz Allen Hamilton Holding Co		16,897
	151,898		Boyd Group Services, Inc		23,971
	148,092		Brady Corp (Class A)		7,982
	1,604,340		Brambles Ltd		12,412
	246,947	g	Bravida Holding AB		3,469
	36,905	*	BrightView Holdings, Inc		520
	4,715		Brink’s Co		309
	95,147		Brunel International NV		1,215
	422,728		Bureau Veritas S.A.		14,034
	22,414	*	CACI International, Inc (Class A)		6,034
	33,110	*	Casella Waste Systems, Inc (Class A)		2,828
	131,236		Caverion Corp		953
	43,697	*	CBIZ, Inc		1,709
	25,473	*	Ceco Environmental Corp		159
	12,692		Cewe Color Holding AG.		1,848
	2,801,085		China Everbright International Ltd		2,250
	84,168	*	Cimpress plc		6,027

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	85,532		Cintas Corp	$	37,905
	1,756,287	*	Clarivate Analytics plc		41,308
	49,757	*	Clean Harbors, Inc		4,964
	83,000		Cleanaway Co Ltd		700
	4,548,489		Cleanaway Waste Management Ltd		10,354
	118,569		Clipper Logistics plc		1,165
	4,978	e	Compx International, Inc		112
	113,985	g	Coor Service Management Holding AB		1,041
	205,245	*	Copart, Inc		31,119
	108,300	*	CoreCivic, Inc		1,080
	375,203	*	CoStar Group, Inc		29,652
	3,474		CRA International, Inc		324
	1,182,700		CTOS Digital Bhd		514
	1,968,733		Dai Nippon Printing Co Ltd		49,547
	53,165		Daiseki Co Ltd		2,362
	6,177		Danel Adir Yeoshua Ltd		1,396
	38,020		Deluxe Corp		1,221
	120,894	*	Derichebourg		1,399
	54,560		DKSH Holding AG.		4,497
	8,965	*,e	DO & CO AG.		754
	849,079		Downer EDI Ltd		3,688
	50,092	*	Driven Brands Holdings, Inc		1,684
	152,536	*	Dun & Bradstreet Holdings, Inc		3,125
	47,498		Duskin Co Ltd		1,160
	418,000		Dynagreen Environmental Protection Group Co Ltd		215
	11,675		Ecopro HN Co Ltd		757
	36,000		ECOVE Environment Corp		304
	392,943	*	Elis S.A.		6,808
	146,820		en-japan, Inc		4,149
	22,357		Ennis, Inc		437
	116,672		Equifax, Inc		34,160
	1,198,365		Experian Group Ltd		59,027
	18,035		Exponent, Inc		2,105
	32,474		Fila S.p.A		358
	161,464	*	First Advantage Corp		3,074
	27,452	*	Forrester Research, Inc		1,612
	33,224	*	Franklin Covey Co		1,540
	2,797,600		Frontken Corp BHD		2,678
	31,897	*	FTI Consulting, Inc		4,894
	107,865		Fullcast Co Ltd		2,308
	45,354		Funai Soken Holdings, Inc		1,032
	16,193	*	GDI Integrated Facility Services, Inc		689

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	193,463	e	GFL Environmental, Inc	$	7,315
	245,300	g	GPS Participacoes e Empreendimentos S.A.		696
	64,365	*	Harsco Corp		1,076
	2,035,734		Hays plc		4,042
	108,326		Healthcare Services Group		1,927
	16,653		Heidrick & Struggles International, Inc		728
	8,679	*	Heritage-Crystal Clean, Inc		278
	391,603		Herman Miller, Inc		15,347
	2,028	e	HireQuest, Inc		41
	11,275	*	HireRight Holdings Corp		180
	34,499		HNI Corp		1,451
	649,712		HomeServe plc		7,691
	46,527	*	Huron Consulting Group, Inc		2,322
	230,303	*	IAA, Inc		11,658
	169,713		ICF International, Inc		17,404
	364,286		IHS Markit Ltd		48,421
	271,450		Indian Railway Catering & Tourism Corp Ltd		3,026
	27,806		Insource Co Ltd		680
	11,545		Insperity, Inc		1,364
	27,118	*	Insun ENT Co Ltd		253
	135,394		Interface, Inc		2,160
	222,392		Intertek Group plc		16,966
	114,642	*,g	Intertrust NV		2,557
	776,744		Intrum Justitia AB		20,014
	273,251		IPH Ltd		1,745
	142,944		IR Japan Holdings Ltd		8,526
	191,864	*	ISS AS		3,638
	16,600		JAC Recruitment Co Ltd		301
	265,295		Jacobs Engineering Group, Inc		36,937
	1,758,800		Japan Elevator Service Holdings Co Ltd		32,854
	654,560		JMT Network Services PCL		1,342
	567,209	*	Johnson Service Group plc		1,129
	111,427	*	KAR Auction Services, Inc		1,740
	98,959		KBR, Inc		4,712
	64,595		Kelly Services, Inc (Class A)		1,083
	23,829	*	KEPCO Plant Service & Engineering Co Ltd		771
	169,730		Kforce, Inc		12,767
	31,970		Kimball International, Inc (Class B)		327
	100,408		Kokuyo Co Ltd		1,498
	48,502		Korn/Ferry International		3,673
	36,557	g	L&T Technology Services Ltd		2,746
	18,956	*,e	Legalzoom.com, Inc		305

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	133,896		Leidos Holdings, Inc	$	11,903
	82,901		LifeWorks, Inc		1,673
	27,389	e	Link And Motivation, Inc		131
	91,506		Loomis AB		2,437
	20,085		Maharah Human Resources Co		406
	5,600	*,e	Makuake, Inc		211
	85,418		Manpower, Inc		8,314
	23,953		Mantech International Corp (Class A)		1,747
	14,262		Matsuda Sangyo Co Ltd		302
	26,658		Matthews International Corp (Class A)		978
	79,336		McMillan Shakespeare Ltd		698
	29,328		Meitec Corp		1,726
	301,167	*,e	Meltwater Holding BV		865
	399,173		Michael Page International plc		3,423
	9,000	*	Midac Holdings Co Ltd		318
	18,549	*	Mistras Group, Inc		138
	1,716,902		Mitie Group		1,499
	51,044		Mitsubishi Pencil Co Ltd		538
	2,230	*	Montrose Environmental Group, Inc		157
	35,303		MSA Safety, Inc		5,329
	35,365	*	NICE Information Service Co Ltd		535
	349,213		Nielsen NV		7,162
	727,270		Nihon M&A Center, Inc		17,839
	23,100		Nippon Kanzai Co Ltd		581
	218,111		Nippon Parking Development Co Ltd		262
	3,010	e	NL Industries, Inc		22
	253,348		Nomura Co Ltd		2,099
	70,928		Okamura Corp		793
	1,540,830	*	Omni Bridgeway Ltd		4,127
	137,709	e	Outsourcing, Inc		1,858
	279,700		Park24 Co Ltd		3,834
	24,300		Pasona Group, Inc		697
	144,626		Persol Holdings Co Ltd		4,205
	33,142		Pilot Corp		1,269
	656,557		Pitney Bowes, Inc		4,353
	123,827		Prestige International, Inc		720
	513,742	e,g	Prosegur Cash S.A.		362
	290,742		Prosegur Cia de Seguridad S.A.		763
	100,932	*,e	PyroGenesis Canada, Inc		266
	167,702	*,e	Quantafuel ASA		610
	69,525	g	Quess Corp Ltd		799
	372,303	*	Raksul, Inc		18,392

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	137,360		Randstad Holdings NV	$	9,370
	4,677,574		Recruit Holdings Co Ltd		284,657
	264,818		RELX plc		8,599
	2,210,124		RELX plc (London)		72,154
	101,287	*	Renewi plc		1,048
	2,034,609		Rentokil Initial plc		16,105
	199,531		Republic Services, Inc		27,825
	28,804		Resources Connection, Inc		514
	162,036		Restore plc		1,075
	136,464		Ritchie Bros Auctioneers, Inc		8,351
	110,132		Robert Half International, Inc		12,282
	225,629		Rollins, Inc		7,719
	393,123	*	RR Donnelley & Sons Co		4,427
	355,117		RWS Holdings plc		3,124
	20,435	*	S1 Corp (Korea)		1,272
	97,352		Sato Corp		1,864
	44,588	*	Saudi Airlines Catering Co		924
	55,809		Science Applications International Corp		4,665
	29,154	*	Sdiptech AB		1,521
	260,706		Secom Co Ltd		18,115
	349,388		Securitas AB (B Shares)		4,806
	1,821,184		Serco Group plc		3,307
	122,207		SG Fleet Group Ltd		222
	6,639		SGS S.A.		22,132
	65,535		Shanghai M&G Stationery, Inc		663
	100,500	*,†	Shanghai Youngsun Investment Co Ltd		1
	37,696	*	SIS Ltd		233
	156,753		Smart Metering Systems plc		1,784
	161,989		SmartGroup Corp Ltd		914
	360,787		SMS Co Ltd		14,188
	29,995		Societe BIC S.A.		1,616
	53,890		Sohgo Security Services Co Ltd		2,141
	194,100	*,e	SOS Ltd (ADR)		160
	2,010	*	SP Plus Corp		57
	298,019		SPIE S.A.		7,720
	82,732		S-Pool, Inc		874
	71,580		Sporton International, Inc		561
	133,570		Stantec, Inc		7,505
	77,547		Steelcase, Inc (Class A)		909
	87,117	*	Stericycle, Inc		5,196
	8,415	*	Sterling Check Corp		173
	333,976		Sthree plc		2,098

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	69,000		Sunny Friend Environmental Technology Co Ltd	$	497
	401,660		Taiwan Secom Co Ltd		1,509
	317,340		Taiwan-Sogo Shinkong Security Corp		451
	36,975		Talenom Oyj		493
	11,491	*	TeamLease Services Ltd		643
	565,754		TechnoPro Holdings, Inc		17,150
	157,912		Teleperformance		70,599
	11,061		Tetra Tech, Inc		1,878
	227,296		Thomson Reuters Corp		27,181
	46,525		Tinexta S.p.A		2,017
	144,017		Tomra Systems ASA		10,298
	215,617		Toppan Printing Co Ltd		4,046
	182,699		TransUnion		21,664
	50,400	*	TRE Holdings Corp		776
	119,566	*	TriNet Group, Inc		11,390
	30,150	*	TrueBlue, Inc		834
	13,134		Unifirst Corp		2,763
	223,007	*	Upwork, Inc		7,618
	25,775	*	US Ecology, Inc		823
	30,899		UT Group Co Ltd		1,161
	168,881		Verisk Analytics, Inc		38,628
	164,883	*,e	Vestum AB		945
	2,030	*	Viad Corp		87
	14,600	*,e	Visional, Inc		1,234
	9,164		VSE Corp		558
	278,973		Waste Connections, Inc		38,016
	1,158,886		Waste Management, Inc		193,418
	12,100		WDB Holdings Co Ltd		326
	5,800		Weathernews, Inc		485
	2,949	*	Willdan Group, Inc		104
	296,058		Wolters Kluwer NV		34,846
	8,700		World Holdings Co Ltd		196
	231,000	*,†,e	Youyuan International Holdings Ltd		0	^
	82,700		Zhejiang Weiming Environment Protection Co Ltd		474
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		2,018,374

CONSUMER DURABLES & APPAREL - 2.4%
	874,000	*	361 Degrees International Ltd		449
	31,218	*	Accell Group		1,703
	131,520		Acushnet Holdings Corp		6,981
	397,191		Adidas-Salomon AG.		114,369

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	352,898	*	Aditya Birla Fashion and Retail Ltd	$	1,287
	159,844		Aksa Akrilik Kimya Sanayii		414
	1,327,683	*	Alok Industries Ltd		458
	175,670		Alpargatas S.A.		1,163
	17,818	*	Amber Enterprises India Ltd		793
	12,956	*	American Outdoor Brands, Inc		258
	151,373	*,e	AMMO, Inc		825
	73,245		AMPACS Corp		189
	708,223		AmTRAN Technology Co Ltd		449
	1,268,955		Anta Sports Products Ltd		19,058
	59,469		Arezzo Industria e Comercio S.A.		818
	338,473		Asics Corp		7,504
	98,630	*	Azorim-Investment Development & Construction Co Ltd		590
	48,301	*	Bajaj Electricals Ltd		832
	165,836		Bandai Namco Holdings Inc		12,966
	287,986		Barratt Developments plc		2,924
	7,334		Bassett Furniture Industries, Inc		123
	56,168		Bata India Ltd		1,410
	26,412	*	Beazer Homes USA, Inc		613
	4,783		Beijing Roborock Technology Co Ltd		610
	149,977		Bellway plc		6,816
	78,154	*	Beneteau S.A.		1,268
	30,639		Berkeley Group Holdings plc		1,984
	211,060		Bonava AB		1,827
	537,000	*,†,e	Boshiwa International Holding Ltd		1
	3,706,472		Bosideng International Holdings Ltd		2,335
	270,313		Bovis Homes Group plc		4,324
	118,288		Breville Group Ltd		2,728
	45,384		BRP, Inc (Toronto)		3,975
	41,433	*	Brunello Cucinelli S.p.A		2,848
	535,491		Brunswick Corp		53,940
	198,302		Burberry Group plc		4,895
	9,860,808		Cairn Homes plc		12,686
	3,907,743		Cairn Homes plc (London)		5,035
	322,979	*	Callaway Golf Co		8,863
	71,625	*,e	Canada Goose Holdings, Inc		2,654
	610,738	*	Capri Holdings Ltd		39,643
	3,280		Carter’s, Inc		332
	282,100	*	Casio Computer Co Ltd		3,632
	74,707	*,e	Casper Sleep, Inc		499
	16,406	*	Cavco Industries, Inc		5,211
	39,038	*	CCC S.A.		1,019

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,309		Century Communities, Inc	$	925
	2,817,400		China Dongxiang Group Co		246
	485,698		China Lilang Ltd		272
	22,800		Chofu Seisakusho Co Ltd		404
	531,357		Chow Sang Sang Holding		742
	761,291		Cie Financiere Richemont S.A.		113,763
	1,506,000	*	Citychamp Watch & Jewellery Group Ltd		295
	23,261		Clarus Corp		645
	2,711,368		Coats Group plc		2,540
	2,602	e	Columbia Sportswear Co		254
	602,532	*,g	Countryside Properties plc		3,694
	63,569	*	Coway Co Ltd		3,983
	24,315		COWELL FASHION Co Ltd		172
	313,505		Crest Nicholson Holdings plc		1,579
	154,862	*,n	Crocs, Inc		19,856
	634,557		Crompton Greaves Consumer Electricals Ltd		3,724
	656,375	g	Crystal International Group Ltd		221
	8,545	*	Cuckoo Electronics Co Ltd		138
	307,917		Cyrela Brazil Realty S.A.		869
	19,700	*	Daiwa Seiko, Inc		541
	29,351	*	Deckers Outdoor Corp		10,752
	163,422		De’Longhi S.p.A.		5,846
	11,068		Delta-Galil Industries Ltd		761
	38,802	*	Descente Ltd		1,428
	1,339	*	DI Dong Il Corp		311
	35,078		Dixon Technologies India Ltd		2,594
	454,016		DR Horton, Inc		49,238
	1,792,475	*	Dr. Martens PLC		10,384
	37,463	*	Duni AB		484
	668,869		Eclat Textile Co Ltd		15,241
	31,300		Ecovacs Robotics Co Ltd		741
	2,124		Einhell Germany AG.		534
	13,038		Electra Consumer Products 1970 Ltd		753
	1,037,312	e	Electrolux AB		25,123
	7,109	e	Escalade, Inc		112
	36,357	e	ES-Con Japan Ltd		248
	1,551,228		Essilor International S.A.		330,220
	21,042		Ethan Allen Interiors, Inc		553
	121,098		Ez Tec Empreendimentos e Participacoes S.A.		443
	3,912	*	F&F Co Ltd		3,106
	1,196,689		Feng TAY Enterprise Co Ltd		10,003
	24,654	*,†	FF Group		0	^

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	73,756	*	Fila Korea Ltd	$	2,223
	5,973		Flexsteel Industries, Inc		160
	1,308		Forbo Holding AG.		2,680
	822,000		Formosa Taffeta Co Ltd		865
	39,888	*	Fossil Group, Inc		410
	339,999	*,†,e	Fuguiniao Co Ltd		0	^
	72,221		Fujitsu General Ltd		1,716
	142,032		Fulgent Sun International Holding Co Ltd		497
	90,568		Fusheng Precision Co Ltd		634
	39,845		Games Workshop Group plc		5,372
	80,816		Garmin Ltd		11,005
	9,642		Garware Technical Fibres Ltd		412
	250,301	*,e	Genius Brands International, Inc		263
	335,856		Giant Manufacturing Co Ltd		4,180
	38,442	*	G-III Apparel Group Ltd		1,063
	334,545		Gildan Activewear, Inc		14,184
	1,577,122	*,g	Glenveagh Properties plc		2,212
	3,460,973	*,g	Glenveagh Properties plc (London)		4,819
	28,847		Goldwin, Inc		1,669
	157,602	*,e	GoPro, Inc		1,625
	20,904	*	Green Brick Partners, Inc		634
	332,631		Grendene S.A.		517
	457,671	*	GRUPO DE MODA SOMA S.A.		1,043
	21,500		Guangdong Xinbao Electrical Appliances Holdings Co Ltd		83
	568,410		Guararapes Confeccoes S.A.		1,002
	16,318		Gunze Ltd		573
	2,543,201		Haier Smart Home Co Ltd		10,756
	437,370		Haier Smart Home Co Ltd		2,052
	5,634		Hamilton Beach Brands Holding Co		81
	14,672	*	Handsome Co Ltd		439
	32,724		Hanesbrands, Inc		547
	53,700	*	Hang Zhou Great Star Industrial Co Ltd		257
	84,305		Hangzhou Robam Appliances Co Ltd		477
	18,781		Hansae Co Ltd		346
	11,289	*	Hanssem Co Ltd		878
	16,771		Harvia Oyj		1,121
	122,216		Hasbro, Inc		12,439
	310,272		Haseko Corp		3,849
	43,062	*,e	Hayward Holdings, Inc		1,130
	70,889		Heiwa Corp		1,167
	8,670	*	Helen of Troy Ltd		2,120
	28,261		Hermes International		49,383

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,319	*	Hitachi Home & Life Solutions India Ltd	$	194
	101,471	*,e	HLB, Inc		2,969
	11,230		Hooker Furniture Corp		261
	466,000	*,†	HOSA International Ltd		1
	4,545	*	Hovnanian Enterprises, Inc		579
	140,162		Hugo Boss AG.		8,485
	17,141	*	Hwaseung Enterprise Co Ltd		243
	92,462		IG Design Group plc		320
	102,550		Iida Group Holdings Co Ltd		2,385
	81,409		Indo Count Industries Ltd		272
	12,815		Installed Building Products, Inc		1,791
	4,438	*	iRobot Corp		292
	64,610		Japan Wool Textile Co Ltd		514
	46,619		Jason Furniture Hangzhou Co Ltd		564
	67,482		JM AB		3,045
	174,994		JNBY Design Ltd		278
	98,000		Johnson Health Tech Co Ltd		199
	2,177		Johnson Outdoors, Inc		204
	19,900		Joyoung Co Ltd		72
	16,415		Kaufman & Broad S.A.		691
	57,688		KB Home		2,580
	1,202,244		Kinpo Electronics		700
	10,400	*	Ki-Star Real Estate Co Ltd		807
	273,956		KMC Kuei Meng International In		1,952
	618,700		Konka Group Co Ltd		187
	162,757		Kontoor Brands, Inc		8,341
	91,413		KPR Mill Ltd		821
	13,723	*	Landsea Homes Corp		100
	2,684	*,e	Latham Group, Inc		67
	41,116		La-Z-Boy, Inc		1,493
	7,095	*	Legacy Housing Corp		188
	128,260		Leggett & Platt, Inc		5,279
	254,695		Lennar Corp (Class A)		29,585
	14,613		Lennar Corp (Class B)		1,397
	717,168		Levi Strauss & Co		17,951
	17,212	*	LF Corp		249
	77,366		LG Electronics, Inc		8,957
	1,836	*	LGI Homes, Inc		284
	2,633,121		Li Ning Co Ltd		28,885
	13,073		Lifetime Brands, Inc		209
	99,097	*	Lock & Lock Co Ltd		966
	1,307	*	Lovesac Co		87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,245		LPP S.A.	$	5,315
	182,821	*	Lululemon Athletica, Inc		71,565
	7,802		LUX Industries Ltd		386
	343,796		LVMH Moet Hennessy Louis Vuitton S.A.		284,125
	25,022	*	M/I Homes, Inc		1,556
	236,224		Makalot Industrial Co Ltd		2,107
	14,053	*	Malibu Boats, Inc		966
	2,172,184		Man Wah Holdings Ltd		3,368
	6,442	*,†	Mariella Burani S.p.A.		0
	7,711	*	Marimekko Oyj		738
	6,984		Marine Products Corp		87
	1,662	*	MasterCraft Boat Holdings, Inc		47
	1,275,231	*	Mattel, Inc		27,494
	122,354	g	Mavi Giyim Sanayi Ve Ticaret AS.		645
	112,696		Maytronics Ltd		2,780
	38,141		MDC Holdings, Inc		2,129
	228,000		Merida Industry Co Ltd		2,692
	149,391	*	Meritage Homes Corp		18,235
	91,700		Midea Group Co Ltd		1,062
	155,883		MIPS AB		20,397
	50,700		Mizuno Corp		989
	54,579	*	Mohawk Industries, Inc		9,943
	1,066,094		Moncler S.p.A		77,045
	13,524		Movado Group, Inc		566
	328,514		MRV Engenharia e Participacoes S.A.		707
	8,900	*,e	Nagawa Co Ltd		882
	121,434	*,e	Nautilus, Inc		744
	89,567	*	NavInfo Co Ltd		224
	57,779	g	Neinor Homes S.A.		693
	48,460		New Wave Group AB (B Shares)		900
	3,635,153		Newell Brands Inc		79,392
	176,448		Nien Made Enterprise Co Ltd		2,627
	2,413,718		Nike, Inc (Class B)		402,294
	654,100		Nikon Corp		7,046
	266,692		Nobia AB		1,606
	14,301	*	NVR, Inc		84,503
	14,534	*	On Holding AG.		550
	1,101,831		Onward Kashiyama Co Ltd		2,867
	38,800		Open House Co Ltd		2,028
	39,132		Oppein Home Group, Inc		905
	135,922		Orient Electric Ltd		684
	276,564	*,g	OVS S.p.A		801

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	12,881		Oxford Industries, Inc	$	1,308
	1,060,778		Pacific Textile Holdings Ltd		501
	6,491		Page Industries Ltd		3,521
	1,722,568		Panasonic Corp		18,936
	53,758		Pandora AS		6,687
	402,000	*,†	Peace Mark Holdings Ltd		0
	293,408	*	Peloton Interactive, Inc		10,492
	90,545		Persimmon plc		3,509
	20,656		PIK Group (GDR)		305
	2,654	*,e	PLBY Group, Inc		71
	56,335		Polaris Inc		6,192
	2,697,006		Pou Chen Corp		3,227
	6,035,618		Prada S.p.A		38,648
	38,123		Pressance Corp		695
	346,916		Pulte Homes, Inc		19,830
	75,573		Puma AG. Rudolf Dassler Sport		9,229
	73,566	*,e	Purple Innovation, Inc		976
	18,750		PVH Corp		2,000
	440,000	e	Q Technology Group Co Ltd		569
	59,000		Quang Viet Enterprise Co Ltd		278
	107,639		Rajesh Exports Ltd		1,066
	4,363		Ralph Lauren Corp		519
	342,413		Redrow plc		3,268
	54,477		Relaxo Footwears Ltd		962
	52,682		Rinnai Corp		4,754
	6,032		Rocky Brands, Inc		240
	14,800		Roland Corp		505
	742,200		Ruentex Industries Ltd		2,609
	61,492	*,e	Salvatore Ferragamo Italia S.p.A		1,577
	1,177,200	*,g	Samsonite International		2,390
	61,124		Sangetsu Co Ltd		863
	163,000		Sankyo Co Ltd		4,225
	14,574		Sanlorenzo S.p.A		629
	46,564		SEB S.A.		7,256
	282,900		Sega Sammy Holdings, Inc		4,437
	27,500		Seiko Holdings Corp		537
	51,293		Seiren Co Ltd		1,124
	256,062		Sekisui Chemical Co Ltd		4,282
	481,545		Sekisui House Ltd		10,361
	146,093		Sharp Corp		1,678
	15,942	*	Sheela Foam Ltd		693
	216,945	*	Shenzhen MTC Co Ltd		166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	972,538		Shenzhou International Group Holdings Ltd	$	18,832
	95,445		Shimano, Inc		25,419
	10,355	*	Skechers U.S.A., Inc (Class A)		449
	228,085	*	Skyline Champion Corp		18,014
	1,551,900	*	Skyworth Digital Holdings Ltd		1,087
	138,633		Smith & Wesson Brands, Inc		2,468
	7,249	*	Snap One Holdings Corp		153
	31,800	e	Snow Peak, Inc		878
	4,779	*,e	Solo Brands, Inc		75
	149,354	*	Sonos, Inc		4,451
	2,838,487		Sony Corp		358,439
	502,837	*,g	Spin Master Corp		19,057
	19,478	*	Spinnova Oyj		298
	4,445,478	*,e	Steinhoff International Holdings NV		1,400
	692,000		Stella International Holdings Ltd		837
	670,303		Steven Madden Ltd		31,149
	2,481		Sturm Ruger & Co, Inc		169
	172,697		Sumitomo Forestry Co Ltd		3,338
	11,800		Suofeiya Home Collection Co Ltd		41
	8,666	e	Superior Uniform Group, Inc		190
	40,300		Suzhou TA&A Ultra Clean Technology Co Ltd		513
	25,423		Swatch Group AG.		7,742
	2,182		Swatch Group AG. (Registered)		128
	16,183		Symphony Ltd		216
	1,165,602		Tainan Spinning Co Ltd		1,074
	272,600		Taiwan Paiho Ltd		803
	20,500		Tama Home Co Ltd		412
	56,500		Tamron Co Ltd		1,402
	158,620		Tapestry, Inc		6,440
	162,584	*	Taylor Morrison Home Corp		5,684
	4,000,166		Taylor Wimpey plc		9,537
	894,973		TCL Multimedia Technology Holdings Ltd		465
	960,845		TCL Technology Group Corp		931
	156,413	e,g	Technogym S.p.A		1,503
	628,132		Tempur Sealy International, Inc		29,541
	290,500		Texhong Textile Group Ltd		384
	127,066	g	Thule Group AB		7,674
	414,719		Titan Industries Ltd		14,030
	13,077	*	Tod’s S.p.A.		731
	8,690		Token Corp		714
	109,517		Toll Brothers, Inc		7,928
	84,241	*,e	TomTom NV		868

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	101,301		Tomy Co Ltd	$	968
	37,894	*	TopBuild Corp		10,455
	69,000		Topkey Corp		373
	1,037,432	*	Traeger, Inc		12,615
	91,669	*	TRI Pointe Homes, Inc		2,557
	1,057,315		Trident Ltd		758
	44,547	*	Tupperware Brands Corp		681
	177,253	*	Under Armour, Inc (Class A)		3,756
	2,224,037	*,e	Under Armour, Inc (Class C)		40,122
	13,369	*	Unifi, Inc		309
	12,073	*	Universal Electronics, Inc		492
	27,843	*,e	Universal Entertainment Corp		591
	52,456		Vaibhav Global Ltd		413
	4,921		VAN DE Velde		193
	24,880		Vardhman Textiles Ltd		773
	21,280	*	Vera Bradley, Inc		181
	76,192		Vestel Elektronik Sanayi		144
	217,000	e	Vesync Co Ltd		264
	257,768		VF Corp		18,874
	74,229	*	Victoria plc		1,206
	61,339	*	VIP Industries Ltd		443
	82,156	*	Vista Outdoor, Inc		3,785
	100,496		Vivara Participacoes S.A.		458
	14,256	*	VOXX International Corp (Class A)		145
	22,806	*,e	Vuzix Corp		198
	4,139	*	V-ZUG Holding AG.		559
	139,013		Wacoal Holdings Corp		2,583
	11,621	e	Weber, Inc		150
	442,636		Welspun India Ltd		863
	403,797		Whirlpool Corp		94,755
	34,335		Whirlpool of India Ltd		812
	203,262		Wolverine World Wide, Inc		5,856
	56,366		Xiamen Intretech, Inc		301
	1,430,883	e	XTEP International Holdings		2,387
	95,404		Yamaha Corp		4,707
	338,045	*	YETI Holdings, Inc		28,000
	65,400		Yonex Co Ltd		500
	23,516		Youngone Corp		863
	5,979	*	Youngone Holdings Co Ltd		235
	990,500	*	Yue Yuen Industrial Holdings		1,658
	288,812		Zhejiang Semir Garment Co Ltd		350
	45,813		Zhejiang Supor Co Ltd		448

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,895	*	Zinus, Inc	$	641
	36,700		Zojirushi Corp		461
			TOTAL CONSUMER DURABLES & APPAREL		3,385,518

CONSUMER SERVICES - 2.3%
	37,503	*	2U, Inc		753
	1,042,575		888 Holdings plc		4,248
	209,923	g	AcadeMedia AB		1,289
	41,134	*	Accel Entertainment, Inc		536
	300,564	*	Accor S.A.		9,742
	43,407	*	Adtalem Global Education, Inc		1,283
	135,531	*,e	Afya Ltd		2,129
	92,754	*	Airbnb, Inc		15,443
	212,500	*,e	Airtrip Corp		5,670
	2,255,538	*,e	Alsea SAB de C.V.		4,181
	16,139	*	American Public Education, Inc		359
	84,389	*	AmRest Holdings SE		578
	314,649	*	Anima Holding S.A.		471
	219,490		ARAMARK Holdings Corp		8,088
	17,060	e	ARCLAND SERVICE Co Ltd		336
	94,317	*,e	Arco Platform Ltd		1,970
	7,209,528	*,a,e	Arcos Dorados Holdings, Inc		42,032
	724,614		Aristocrat Leisure Ltd		22,987
	5,157,968	*	Asset World Corp PCL		715
	19,407		Ataa Educational Co		299
	148,400		Atom Corp		994
	231,307	*,e	Autogrill S.p.A.		1,633
	84,534	*	Bally’s Corp		3,217
	60,195	*,e,g	Basic-Fit NV		2,873
	84,200		Benesse Holdings, Inc		1,653
	872,161		Berjaya Sports Toto BHD		398
	767,350	*	Betmakers Technology Group Ltd		447
	133,223		Betsson AB		802
	705	*	Biglari Holdings, Inc (B Shares)		101
	3,802	*	BJ’s Restaurants, Inc		131
	2,780,600	*	BK Brasil Operacao e Assessoria a Restaurantes S.A.		2,972
	4,149,600	*	Bloomberry Resorts Corp		513
	368,701	*	Bloomin’ Brands, Inc		7,735
	31,876	*	Bluegreen Vacations Holding Corp		1,119
	112,878	*	Booking Holdings, Inc		270,820
	163,219	*	Boyd Gaming Corp		10,702
	60,224	*	Bright Horizons Family Solutions		7,581

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,699	*	Brinker International, Inc	$	648
	170,113	*	Burger King India Ltd		323
	874,892	*	Caesars Entertainment, Inc		81,829
	430,000		Cafe de Coral Holdings Ltd		767
	351,849		Cairo Investment & Real Estate Development Co SAE		304
	2,006,559	*,e	Carnival Corp		40,372
	234,738	*	Carnival plc		4,393
	11,833		Carriage Services, Inc		763
	32,835		Carrols Restaurant Group, Inc		97
	412,568	*	Central Plaza Hotel PCL		385
	1,975	*	Century Casinos, Inc		24
	63,247	*	Chalet Hotels Ltd		183
	99,914	*	Cheesecake Factory		3,912
	138,825	*	Chegg, Inc		4,262
	808,000	g	China East Education Holdings Ltd		506
	969,303		China Education Group Holdings Ltd		1,575
	418,000		China Kepei Education Group Ltd		172
	1,558,000	*	China Maple Leaf Educational Systems Ltd		108
	919,000	g	China New Higher Education Group Ltd		390
	2,552,000	*	China Travel International Inv HK		504
	1,678,656	g	China Yuhua Education Corp Ltd		601
	78,965	*	Chipotle Mexican Grill, Inc (Class A)		138,051
	34,258		Choice Hotels International, Inc		5,344
	92,137		Churchill Downs, Inc		22,196
	9,989	*	Chuy’s Holdings, Inc		301
	29,650	*,e	Cie des Alpes		468
	1,965,900	*	Cogna Educacao		862
	130,544		Collins Foods Ltd		1,270
	86,400	e	Colowide Co Ltd		1,224
	2,056,591	*	Compass Group plc		46,301
	133,034	*	Corporate Travel Management Ltd		2,134
	63,486	*,e	Coursera, Inc		1,552
	6,947		Cracker Barrel Old Country Store, Inc		894
	130,200	*,e	Create Restaurants Holdings, Inc		818
	398,253	*	Crown Resorts Ltd		3,467
	173,600		Cruzeiro do Sul Educacional S.A.		239
	53,900		Curves Holdings Co Ltd		372
	246,656	*	CVC Brasil Operadora e Agencia de Viagens S.A.		592
	195,429		Dadi Early-Childhood Education Group Ltd		1,030
	244,408	*	Dalata Hotel Group plc		1,035
	463,264		Darden Restaurants, Inc		69,786
	22,785	*	Dave & Buster’s Entertainment, Inc		875

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	28,027		Del Taco Restaurants, Inc	$	349
	66,064		Delta Corp Ltd		229
	19,892	*	Denny’s Corp		318
	200,273	*,e	Despegar.com Corp		1,961
	253,931	*	Devyani International Ltd		560
	21,380	*,†	Diamond Resorts International, Inc		0
	1,511		Dine Brands Global Inc.		115
	66,564		Domino’s Pizza Enterprises Ltd		5,713
	500,772		Domino’s Pizza Group plc		3,119
	35,102		Domino’s Pizza, Inc		19,809
	63,426	*	DoubleUGames Co Ltd		3,086
	40,818		Doutor Nichires Holdings Co Ltd		569
	291,840	*,e	DraftKings, Inc		8,017
	741,030	*	Drive Shack, Inc		1,060
	49,159	*	Dur Hospitality Co		407
	362,000		EC Healthcare		517
	65,722	*,e	eDreams ODIGEO S.A.		726
	358,000		Edvantage Group Holdings Ltd		216
	168,894	*	EIH Ltd		282
	17,814	*	El Pollo Loco Holdings, Inc		253
	142,393	*,g	Elior Participations S.C.A		1,031
	79,163	*	Emerson Pacific, Inc		701
	923,037	*	Entain PLC		21,098
	1,920	*,e	Esports Technologies, Inc		39
	126,084	*	European Wax Center, Inc		3,827
	580,520	*	Everi Holdings, Inc		12,394
	264,969	g	Evolution Gaming Group AB		37,451
	416,141	*	Expedia Group, Inc		75,205
	9,738	*	F45 Training Holdings, Inc		106
	16,148	*	Fattal Holdings 1998 Ltd		1,627
	17,435	*	Fiesta Restaurant Group, Inc		192
	3,475	*	First Watch Restaurant Group, Inc		58
	193,239	*,e	Flight Centre Travel Group Ltd		2,480
	366,274	*	Flutter Entertainment plc		58,596
	183,033	*	Flutter Entertainment plc		28,977
	56,990		Formosa International Hotels Corp		311
	334,200	*,e,g	Fosun Tourism Group		449
	131,554	*	frontdoor, Inc		4,821
	1,270,000		Fu Shou Yuan International Group Ltd		998
	26,999		Fuji Kyuko Co Ltd		957
	19,300	*,e	Fujio Food System Co Ltd		222
	65,548	*	Full House Resorts, Inc		794

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	943,826	*	G8 Education Ltd	$	763
	2,487,622	*	Galaxy Entertainment Group Ltd		12,905
	31,945	*,e	GAN Ltd		294
	2,541,997		Genting BHD		2,847
	5,764,281		Genting Malaysia BHD		3,982
	6,580,470		Genting Singapore Ltd		3,785
	1,939	*	Golden Entertainment, Inc		98
	3,995	*	Golden Nugget Online Gaming, Inc		40
	94,739		Gourmet Master Co Ltd		385
	3,344		Graham Holdings Co		2,106
	38,166	*	Grand Canyon Education, Inc		3,271
	33,451	*	Grand Korea Leisure Co Ltd		369
	229,917		Greggs plc		10,407
	189,588	*,e	GSX Techedu, Inc (ADR)		368
	202,525	*,g	Gym Group plc		701
	333,368		H&R Block, Inc		7,854
	5,816,000	*,g	Haichang Holdings Ltd		2,373
	1,264,776	e,g	Haidilao International Holding Ltd		2,859
	54,994	*,e	Hall of Fame Resort & Entertainment Co		84
	9,564	*	Hana Tour Service, Inc		599
	24,784		Herfy Food Services Co		411
	27,137	e	Hiday Hidaka Corp		408
	178,943	*	Hilton Grand Vacations, Inc		9,325
	774,028	*	Hilton Worldwide Holdings, Inc		120,741
	53,628	*,e	HIS Co Ltd		872
	521,500	*	Hongkong & Shanghai Hotels		458
	2,962,000	e,g	Hope Education Group Co Ltd		571
	545,892	*	Houghton Mifflin Harcourt Co		8,789
	317,588	*	Huangshan Tourism Development Co Ltd		227
	210,651	*,e	Huazhu Group Ltd (ADR)		7,866
	99,820		Humansoft Holding Co KSC		1,064
	47,845	*	Hyatt Hotels Corp		4,588
	18,900		Ichibanya Co Ltd		764
	1,663,473		IDP Education Ltd		41,907
	866,851		Indian Hotels Co Ltd		2,101
	198,410	*	InterContinental Hotels Group plc		12,827
	575,082	e	International Game Technology plc		16,626
	174,462	e	Invocare Ltd		1,493
	17,107		Jack in the Box, Inc		1,497
	446,000	e	JH Educational Technology, Inc		161
	856,000	e,g	Jiumaojiu International Holdings Ltd		1,505
	1,495,473		Jollibee Foods Corp		6,346

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	90,348		Jubilant Foodworks Ltd	$	4,347
	442,434	e	Jumbo Interactive Ltd		6,199
	125,674	*,e	Kambi Group plc		3,574
	108,790	*	Kangwon Land, Inc		2,198
	29,570	*,e	Kappa Create Co Ltd		345
	16,100		Kentucky Fried Chicken Japan Ltd		405
	338,327		Kindred Group plc		4,008
	30,200	e	Kisoji Co Ltd		577
	57,700		KOMEDA Holdings Co Ltd		1,028
	369,500	*,e,g	Koolearn Technology Holding Ltd		251
	47,594	e	Koshidaka Holdings Co Ltd		254
	7,213		Krispy Kreme, Inc		136
	68,804		Kura Corp		2,169
	587	*,e	Kura Sushi USA, Inc		47
	36,283		Kyoritsu Maintenance Co Ltd		1,273
	100,498	g	La Francaise des Jeux SAEM		4,454
	1,302,620	*	Las Vegas Sands Corp		49,031
	86,804		Laureate Education, Inc		1,062
	22,301		Leejam Sports Co JSC		646
	467,628	e,g	LeoVegas AB		1,808
	16,020	*	Life Time Group Holdings, Inc		276
	2,966	*	Lindblad Expeditions Holdings, Inc		46
	25,000		LITALICO, Inc		876
	37,481	*	Lotte Tour Development Co Ltd		552
	157,000		Lung Yen Life Service Corp		251
	819,007		Magnum BHD		373
	102,753	*	MakeMyTrip Ltd		2,847
	300,863	*	Marriott International, Inc (Class A)		49,715
	39,547		Marriott Vacations Worldwide Corp		6,683
	849,519	*	Marston’s plc		896
	10,200		Matsuya Foods Co Ltd		321
	2,165,513		McDonald’s Corp		580,509
	55,799		McDonald’s Holdings Co Japan Ltd		2,469
	30,646		MegaStudyEdu Co Ltd		2,123
	4,704,076	*	Melco Crown Entertainment Ltd (ADR)		47,888
	9,264,817	*	Melco International Development		11,306
	153,372	*	Melia Hotels International S.A.		1,039
	1,204,000	*,e	MGM China Holdings Ltd		731
	372,463		MGM Resorts International		16,716
	3,396,300	*	Minor International PCL (Foreign)		2,920
	1,096,000	g	Minsheng Education Group Co Ltd		132
	71,995	*	Mister Car Wash, Inc		1,311

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	309,110	*	Mitchells & Butlers plc	$	1,071
	332,400		MK Restaurants Group PCL		517
	3,203	*	Monarch Casino & Resort, Inc		237
	12,134	e	Monogatari Corp		712
	30,400		MOS Food Services, Inc		814
	142,900		MPM Corporeos S.A.		213
	23,783	e	MTY Food Group, Inc		1,190
	1,357		Nathan’s Famous, Inc		79
	17,973	*	National Co for Learning & Education		286
	44,009	*	NEOGAMES S.A.		1,223
	1,829,469	*	New Oriental Education & Technology Group (ADR)		3,842
	829,035	*	Noodles & Co		7,519
	355,116	*,e	Norwegian Cruise Line Holdings Ltd		7,365
	58,900	*	Offcn Education Technology Co Ltd		73
	14,200		Ohsho Food Service Corp		754
	209,027	*,g	On the Beach Group plc		812
	1,714	*	ONE Group Hospitality, Inc		22
	77,711	*,†,e	OneSmart International Education Group Ltd (ADR)		19
	25,162	*	OneSpaWorld Holdings Ltd		252
	229,454		OPAP S.A.		3,250
	12,184	*	Open Door, Inc		195
	221,598		Oriental Land Co Ltd		37,367
	175,075		Papa John’s International, Inc		23,367
	48,385	*	Paradise Co Ltd		607
	287,060		Park Lawn Corp		9,418
	38,470	*,†	Patisserie Holdings plc		1
	206,353	*	Penn National Gaming, Inc		10,699
	125,416	*	Perdoceo Education Corp		1,475
	364,000		Perfect Shape Medical Ltd		264
	98,535	*	Planet Fitness, Inc		8,925
	187,568	*	PlayAGS, Inc		1,274
	372,340	*	Playtech Ltd		3,692
	23,905		Plenus Co Ltd		419
	2,185,087	*	PointsBet Holdings Ltd		11,210
	11,336	e	Pollard Banknote Ltd		357
	7,568	*,e	Portillo’s, Inc		284
	39,113	*	PowerSchool Holdings, Inc		644
	306,996	*	Rank Group plc		648
	722		RCI Hospitality Holdings, Inc		56
	20,419	*	Recipe Unlimited Corp		286
	2,595	*	Red Robin Gourmet Burgers, Inc		43
	223,646		Red Rock Resorts, Inc		12,303

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	103,300		Resorttrust, Inc	$	1,688
	352,259		Restaurant Brands International, Inc (Toronto)		21,359
	864,508	*	Restaurant Group plc		1,111
	28,600		Ringer Hut Co Ltd		553
	120,000		Riso Kyoiku Co Ltd		410
	74,861		Round One Corp		888
	251,964	*	Royal Caribbean Cruises Ltd		19,376
	29,800	*,e	Royal Holdings Co Ltd		492
	294,321	*	Rush Street Interactive, Inc		4,856
	3,340	*	Ruth’s Hospitality Group Inc		66
	34,300		Saizeriya Co Ltd		896
	19,449,092	*	Sands China Ltd		45,137
	198,322	*,g	Scandic Hotels Group AB		798
	112,306	*	Scientific Games Corp (Class A)		7,505
	98,506	*	SeaWorld Entertainment, Inc		6,389
	155,067	*	Seera Group Holding		711
	27,619		Seobu Truck Terminal Co Ltd		207
	156,052		Service Corp International		11,078
	3,194	*	Shake Shack, Inc		230
	67,939		Shanghai Jinjiang International Hotels Development Co Ltd		626
	1,424,000		Shanghai Jinjiang International Hotels Group Co Ltd		535
	1,358,000	*	Shangri-La Asia Ltd		1,134
	570,972		Shenzhen Overseas Chinese Town Co Ltd		631
	72,296	*	Six Flags Entertainment Corp		3,078
	8,052,000	*,e	SJM Holdings Ltd		5,425
	51,934		SkiStar AB		976
	917,339		Sky City Entertainment Group Ltd		1,960
	276,182	e	Skylark Co Ltd		3,629
	152,300	*	Smartfit Escola de Ginastica e Danca S.A.		435
	96,074	e	Sodexho Alliance S.A.		8,423
	210,414		Songcheng Performance Development Co Ltd		473
	1,630,569	*	SSP Group plc		5,333
	1,040,542	*	Star Entertainment Grp Ltd		2,788
	1,447,257		Starbucks Corp		169,286
	35,042	*,e	StoneMor, Inc		80
	21,211		Strategic Education, Inc		1,227
	33,454	*	Stride, Inc		1,115
	22,828,000	*,e	Summit Ascent Holdings Ltd		433
	133,893		Sushiro Global Holdings Ltd		5,056
	3,164,196		Tabcorp Holdings Ltd		11,560
	501,168	*	TAL Education Group (ADR)		1,970

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,476	*	Target Hospitality Corp	$	16
	119,827	*	Terminix Global Holdings, Inc		5,420
	287,682		Texas Roadhouse, Inc (Class A)		25,684
	1,189,000	†	Tianli Education International Holdings Ltd		146
	106,685	e	Tokyotokeiba Co Ltd		3,952
	1,817,620	*	Tongcheng-Elong Holdings Ltd		3,369
	56,559		Toridoll.corp		1,223
	13,684		Tosho Co Ltd		198
	584,858	*,g	Trainline plc		2,209
	103,060		Travel & Leisure Co		5,696
	375,701	*	Trip.com Group Ltd (ADR)		9,250
	1,382,581	*,e	TUI AG. (DI)		4,366
	10,129	*	Udemy, Inc		198
	41,300		Vail Resorts, Inc		13,542
	62,721	*	Vivint Smart Home, Inc		613
	450,336	*,e	Webjet Ltd		1,696
	337,958	e	Wendy’s		8,060
	56,630	*	Westlife Development Ltd		427
	114,789	*	Wetherspoon (J.D.) plc		1,492
	221,329	*	Whitbread plc		9,003
	30,221		Wingstop, Inc		5,222
	712,000	e	Wisdom Education International Holdings Co Ltd		63
	35,152	*	WW International Inc		567
	90,039		Wyndham Hotels & Resorts, Inc		8,072
	36,927,000	*,e	Wynn Macau Ltd		29,987
	505,653	*	Wynn Resorts Ltd		43,001
	471,500	g	Xiabuxiabu Catering Management China Holdings Co Ltd		368
	1,468	*	Xponential Fitness, Inc		30
	1,185,361		YDUQS Part		4,355
	78,219		Yoshinoya D&C Co Ltd		1,579
	38,300	*,e	Youdao, Inc (ADR)		478
	26,949		Young & Co’s Brewery plc		569
	974,206		Yum China Holdings, Inc		48,554
	1,207,403		Yum! Brands, Inc		167,660
	17,113		Zeal Network SE		774
	112,522		Zensho Co Ltd		2,645
			TOTAL CONSUMER SERVICES		3,201,989

DIVERSIFIED FINANCIALS - 4.7%
	104,200		360 Finance, Inc (ADR)		2,389
	274,170		3i Group plc		5,375
	44,980		ABC Arbitrage		366

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	123,000		Acom Co Ltd	$	354
	486,280	*	Aditya Birla Capital Ltd		807
	110,511		Aeon Credit Service M BHD		361
	128,500		AEON Financial Service Co Ltd		1,386
	90,400		Aeon Thana Sinsap Thailand PCL		509
	6,889	e	AFC Gamma, Inc		157
	40,057		Affiliated Managers Group, Inc		6,590
	2,853,762		AGNC Investment Corp		42,921
	373,700		Aiful Corp		1,156
	671,866		AJ Bell plc		3,450
	40,043	*	Aju IB Investment Co Ltd		134
	31,751		Aker ASA (A Shares)		2,961
	1,002,201		Al Waha Capital PJSC		466
	13,257		Alerus Financial Corp		388
	712,871		Alexander Forbes Group Holdings Ltd		201
	755,016	*	Alimtiaz Investment Group KSC		295
	1,167,691	*	Allfunds Group PLC		22,994
	325,022		Ally Financial, Inc		15,474
	33,952		Alpha FX Group plc		1,004
	75,759		Altshuler Shaham Provident Funds & Pension Ltd		409
	1,211,254	*	Amanat Holdings PJSC		379
	31,929		A-Mark Precious Metals, Inc		1,951
	1,043,726		American Express Co		170,754
	115,686		Ameriprise Financial, Inc		34,898
	4,221,000	*	AMP Ltd		3,103
	50,569	g	Amundi S.A.		4,171
	6,673		Angel Oak Mortgage, Inc		109
	21,363		Angel One Ltd		339
	497,269	g	Anima Holding S.p.A		2,539
	736,388		Annaly Capital Management, Inc		5,759
	122,726		Apollo Commercial Real Estate Finance, Inc		1,615
	228,168	e	Apollo Global Management, Inc		16,526
	115,577		Arbor Realty Trust, Inc		2,117
	35,239		Ares Commercial Real Estate Corp		512
	139,473		Ares Management Corp		11,335
	65,411	e	ARMOUR Residential REIT, Inc		642
	107,073		Artisan Partners Asset Management, Inc		5,101
	560,201		Ashmore Group plc		2,213
	150,655	*	Assetmark Financial Holdings, Inc		3,949
	2,106		Associated Capital Group, Inc		91
	814	*	Atlanticus Holdings Corp		58
	35,009		Aurelius AG.		1,071

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	131,142		Australian Ethical Investment Ltd	$	1,316
	197,778		Australian Stock Exchange Ltd		13,367
	150,637		Avanza Bank Holding AB		5,518
	121,314		Avic Capital Co Ltd		76
	2,215	*,†	Ayala Corp Preferred		0
	130,347		Azimut Holding S.p.A.		3,644
	17,682		B. Riley Financial, Inc		1,571
	4,429,229		B3 SA-Brasil Bolsa Balcao		8,820
	311,269		Bajaj Finance Ltd		29,073
	27,576		Bajaj Finserv Ltd		6,062
	199,905	g	Banca Farmafactoring S.p.A		1,607
	549,917	*	Banca Generali S.p.A		24,123
	64,015		Banca IFIS S.p.A.		1,237
	267,776		Banca Mediolanum S.p.A		2,640
	142,300		Banco BTG Pactual S.A.		327
	813,668		Banco BTG Pactual S.A.		756
	4,790,404		Banco BTG Pactual S.A. - Unit		17,993
	28,455		Banco Latinoamericano de Exportaciones S.A. (Class E)		472
	1,107,552		Bangkok Commercial Asset Management PCL		719
	3,326,961		Bank of New York Mellon Corp		193,230
	2,309,859	*	Berkshire Hathaway, Inc (Class B)		690,648
	8,335,000		BFI Finance Indonesia Tbk PT		687
	295,752		BGC Partners, Inc (Class A)		1,375
	240,014		BlackRock, Inc		219,747
	938,823		Blackstone Group, Inc		121,474
	131,738		Blackstone Mortgage Trust, Inc		4,034
	30,304	*	Blucora, Inc		525
	100,700		BOC International China Co Ltd		213
	1,335,012	e	BOCOM International Holdings Co Ltd		310
	628,854	e	Bolsa Mexicana de Valores S.A. de C.V.		1,195
	105,789		Boursa Kuwait Securities Co KPSC		707
	719,826		Brewin Dolphin Holdings plc		3,605
	956,610	*	Bridgepoint Group Ltd		6,383
	163,317		Brightsphere Investment Group, Inc		4,181
	74,820		BrightSpire Capital, Inc		768
	111,913		Broadmark Realty Capital, Inc		1,055
	1,726,861		Brookfield Asset Management, Inc		104,285
	270,393		Brookfield Asset Management, Inc (New York)		16,326
	34,886		BSE Ltd		898
	76,613		Bure Equity AB		3,704
	1,017,502		Burford Capital Ltd		10,619

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	839,900		Bursa Malaysia BHD	$	1,321
	183,502		Caitong Securities Co Ltd		320
	116,567		Canaccord Financial, Inc		1,390
	156,357	*	Cannae Holdings, Inc		5,496
	980,131		Capital One Financial Corp		142,207
	1,719,990		Capital Securities Corp		1,053
	252,178		Carlyle Group, Inc		13,845
	154,007		CBOE Global Markets, Inc		20,083
	37,118		Cembra Money Bank AG.		2,700
	288,862		Central Depository Services India Ltd		5,809
	44,291		Cerved Information Solutions S.p.A		518
	1,497,554		Chailease Holding Co Ltd		14,244
	698,681		Challenger Financial Services Group Ltd		3,319
	286,164		Changjiang Securities Co Ltd		339
	4,121,721		Charles Schwab Corp		346,637
	206,184		Chimera Investment Corp		3,109
	1,006,000		China Bills Finance Corp		625
	6,721,574		China Cinda Asset Management Co Ltd		1,224
	1,006,000		China Everbright Ltd		1,202
	2,645,459		China Galaxy Securities Co Ltd		1,521
	172,650		China Galaxy Securities Co Ltd (Class A)		303
	100,700		China Great Wall Securities Co Ltd		205
	4,136,279	*,†,g	China Huarong Asset Management Co Ltd		5
	1,036,937	g	China International Capital Corp Ltd		2,862
	60,500		China International Capital Corp Ltd		466
	357,236		China Merchants Securities Co Ltd		989
	177,900	e,g	China Renaissance Holdings Ltd		337
	96,627		Cholamandalam Financial Holdings Ltd		848
	458,034		Cholamandalam Investment and Finance Co Ltd		3,195
	313,219		CI Financial Corp		6,547
	1,720,405		CITIC Securities Co Ltd		4,493
	464,275		CITIC Securities Co Ltd (Class A)		1,925
	476,376	e	CMBC Capital Holdings Ltd		295
	142,697	g	CMC Markets plc		509
	462,738		CME Group, Inc		105,717
	128,075		Coface S.A.		1,825
	72,635		Cohen & Steers, Inc		6,719
	243,733		Coronation Fund Managers Ltd		804
	31,497		Corp Financiera Alba		1,835
	115,564	*	Corp Financiera Colombiana S.A.		813
	22,702	e	Cowen Group, Inc		820
	59,908	e	Creades AB		974

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,819	*,e	Credit Acceptance Corp	$	5,377
	81,924		Credit Corp Group Ltd		1,997
	179,800		Credit Saison Co Ltd		1,891
	970,381	e	Credit Suisse Group		9,408
	42,622	*	CreditAccess Grameen Ltd		341
	15,859		CRISIL Ltd		615
	179,125		CSC Financial Co Ltd		822
	1,156,000		CSSC Hong Kong Shipping Co Ltd		162
	3,349		Curo Group Holdings Corp		54
	94,581	*	Daishin Securities Co Ltd		1,482
	23,043	*	Daishin Securities Co Ltd PF		307
	1,579,993		Daiwa Securities Group, Inc		8,916
	16,378		Daou Data Corp		207
	24,062	*	Daou Technology, Inc		460
	584,572	*	Deutsche Bank AG. (Registered)		7,281
	24,409		Deutsche Beteiligungs AG.		1,108
	107,284		Deutsche Boerse AG.		17,914
	301,739	*	Dhani Services Ltd		670
	2,799		Diamond Hill Investment Group, Inc		544
	8,401,600	e	Differ Group Holding Co Ltd		2,639
	1,045,151		Discover Financial Services		120,778
	70,051	g	doBank S.p.A		669
	123,225		Dongxing Securities Co Ltd		225
	177,640	*	Donnelley Financial Solutions, Inc		8,374
	148,409	*	Draper Esprit plc		2,060
	1,756,899		Dubai Financial Market		1,356
	28,034	e	Dynex Capital, Inc		468
	449,191		East Money Information Co Ltd		2,619
	439,522	e	ECN Capital Corp		1,855
	24,081,345		Edelweiss Capital Ltd		23,256
	124,747		EFG International		949
	45,586		eGuarantee, Inc		917
	717,867	*	Egyptian Financial Group-Hermes Holding		675
	6,375	*	Electreon Wireless Ltd		429
	518,853	e	Element Financial Corp		5,283
	38,343		Ellington Financial Inc		655
	27,670	*,e	Encore Capital Group, Inc		1,719
	31,046	*	Enova International, Inc		1,272
	427,476		EQT AB		23,173
	2,519,659		Equitable Holdings, Inc		82,620
	11,460		Eurazeo		1,000
	1,055,715	g	Euronext NV		109,756

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	158,406		Everbright Securities Co Ltd	$	371
	136,147		Evercore Inc		18,496
	30,800		EXOR NV		2,757
	85,956	*	Ezcorp, Inc (Class A)		633
	54,043		Factset Research Systems, Inc		26,265
	762,401	e	Far East Horizon Ltd		677
	83,083		Federated Investors, Inc (Class B)		3,122
	81,161		Fiera Capital Corp		673
	69,700		Financial Products Group Co Ltd		415
	115,153	e	FinVolution Group (ADR)		568
	224,091		First Capital Securities Co Ltd		258
	32,428		FirstCash Holdings, Inc		2,426
	5,953,649		FirstRand Ltd		22,714
	166,579	*	flatexDEGIRO AG.		3,816
	39,863	g	Flow Traders		1,461
	179,025	*	Focus Financial Partners, Inc		10,691
	449,846		Founder Securities Co Ltd		554
	29,055		Franklin BSP Realty Trust, Inc		434
	274,938		Franklin Resources, Inc		9,208
	11,438,363		Fuhwa Financial Holdings Co Ltd		10,448
	255,635	*,g	Funding Circle Holdings plc		388
	55,000	*,e	Futu Holdings Ltd (ADR)		2,381
	35,484		Fuyo General Lease Co Ltd		2,460
	810		GAMCO Investors, Inc (Class A)		20
	222,140		GCM Grosvenor, Inc		2,332
	5,976,017	*,e	Gentera SAB de C.V.		3,847
	849,236		GF Securities Co Ltd		1,619
	264,108		GF Securities Co Ltd (Class A)		1,019
	26,439		Gimv NV		1,606
	15,128,000	*	Glory Sun Financial Group Ltd		388
	40,301	*	GMO Financial Holdings, Inc		296
	233,452	e	goeasy Ltd		33,085
	647,186		Goldman Sachs Group, Inc		247,581
	4,397,338	*	Grab Holdings Ltd.		17,809
	49,647		Granite Point Mortgage Trust, Inc		581
	21,749		Great Ajax Corp		286
	42,709	*	Green Dot Corp		1,548
	2,536		Greenhill & Co, Inc		45
	33,895		GRENKE AG.		1,178
	32,112		Groupe Bruxelles Lambert S.A. (EN Brussels)		3,586
	158,614		Grupo de Inversiones Suramericana S.A.		1,170
	31,656		Gruppo MutuiOnline S.p.A		1,594

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	76,735		Guangzhou Yuexiu Financial Holdings Group Co Ltd	$	105
	110,104		Guolian Securities Co Ltd		242
	207,549		Guosen Securities Co Ltd		374
	3,285,800		Guotai Junan International Hol		455
	379,316		Guotai Junan Securities Co Ltd		1,065
	176,654		Guoyuan Securities Co Ltd		214
	1,828,184		Haci Omer Sabanci Holding AS		1,825
	2,526,282		Haitong International Securities Group Ltd		545
	2,009,173		Haitong Securities Co Ltd		1,781
	489,112		Haitong Securities Co Ltd (Class A)		941
	1,374,000	e,g	Haitong UniTrust International Leasing Co Ltd		181
	21,427		Hamilton Lane, Inc		2,220
	63,977	e	Hannon Armstrong Sustainable Infrastructure Capital, Inc		3,398
	111,811	*	Hanwha Securities Co		599
	95,798		Hargreaves Lansdown plc		1,760
	35,822	g	HDFC Asset Management Co Ltd		1,175
	21,986		Hithink RoyalFlush Information Network Co Ltd		499
	2,926,466		Hong Kong Exchanges and Clearing Ltd		171,151
	164,000		Hotai Finance Co Ltd		546
	10,609		Houlihan Lokey, Inc		1,098
	1,206,540	g	Huatai Securities Co Ltd		2,010
	153,334		Huatai Securities Co Ltd (Class A)		427
	161,200		Huaxi Securities Co Ltd		249
	64,041		HUB24 Ltd		1,319
	34,345	*	Hypoport AG.		19,919
	122,765	g	ICICI Securities Ltd		1,304
	1,214,827	*	IDFC Ltd		1,028
	159,100	e	iFAST Corp Ltd		992
	3,468,801		IG Group Holdings plc		38,342
	114,075		IGM Financial, Inc		4,114
	36,707		IIFL Wealth Management Ltd		699
	102,760		Impax Asset Management Group plc		2,047
	459,713	g	Indian Energy Exchange Ltd		1,559
	353,680		Industrial Securities Co Ltd		549
	148,422	e	Industrivarden AB		4,716
	44,469		Industrivarden AB		1,393
	339,554		IntegraFin Holdings plc		2,582
	73,262	e	Interactive Brokers Group, Inc (Class A)		5,818
	617,144		Intercontinental Exchange Group, Inc		84,407
	494,472		Intermediate Capital Group plc		14,726
	325,673		Invesco Ltd		7,497

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	230,516	e	Invesco Mortgage Capital, Inc	$	641
	297,699		Investec Ltd		1,636
	845,870		Investec plc		4,664
	37,994		Investment AB Oresund		613
	697,550		Investor AB		17,504
	284,188		Investor AB		7,476
	751,851		IOOF Holdings Ltd		1,981
	3,151,195		IP Group plc		5,332
	130,442		Is Yatirim Menkul Degerler AS		229
	2,239,649		iShares Core MSCI Emerging Markets ETF		134,065
	9,390		iShares Core S&P 500 ETF		4,479
	21,300		iShares MSCI ACWI ex US ETF		1,184
	918,421	e	iShares MSCI Canada Index Fund		35,295
	40,150	e	iShares MSCI EAFE Index Fund		3,159
	14,184	e	iShares MSCI EAFE Small-Cap ETF		1,037
	19,052		iShares MSCI Emerging Markets		931
	5,000	e	iShares MSCI Emerging Markets Small-Cap ETF		301
	235,602	e	iShares MSCI Japan ETF		15,776
	8,897	e	iShares Russell 2000 Index Fund		1,979
	85,000	e	iShares Russell Midcap Growth Index Fund		9,794
	244,224		Isracard Ltd		1,204
	24,025		Jaccs Co Ltd		619
	9,799	e	Jackson Financial, Inc		410
	49,818	*	Jafco Co Ltd		2,866
	163,564		Janus Henderson Group plc		6,860
	108,600		Japan Securities Finance Co Ltd		907
	354,915		Jefferies Financial Group, Inc		13,771
	1,228,953		Jih Sun Financial Holdings Co Ltd		549
	462,474		JM Financial Ltd		461
	92,561		JSE Ltd		651
	156,033	g	JTC plc		1,946
	106,252		Julius Baer Group Ltd		7,105
	527,908		Jupiter Investment Management Group Ltd		1,831
	182,294		Kelsian Group Ltd		980
	68,487	*	Kinnevik AB		2,435
	17,074	*	KIWOOM Securities Co Ltd		1,533
	805,267		KKR & Co, Inc		59,992
	84,933		KKR Real Estate Finance Trust, Inc		1,769
	29,323	*	Korea Investment Holdings Co Ltd		1,987
	18,689		KRUK S.A.		1,517
	918,128		Krungthai Card PCL		1,629
	436,035	*	Kumho Investment Bank		330

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	878,029	*	L&T Finance Holdings Ltd	$	915
	829,599		Ladder Capital Corp		9,947
	96,236		Lazard Ltd (Class A)		4,199
	449,298	*	LendingClub Corp		10,864
	1,036	*	LendingTree, Inc		127
	12,285		Leonteq A.G.		933
	109,800	*,e	LexinFintech Holdings Ltd (ADR)		424
	77,025		Liontrust Asset Management plc		2,294
	527,325		London Stock Exchange Group plc		49,606
	417,332		LPL Financial Holdings, Inc		66,811
	21,566		Lundbergs AB (B Shares)		1,208
	18,000	*	M&A Capital Partners Co Ltd		825
	2,377,300		M&G plc		6,431
	96,157		MA Financial Group Ltd		626
	439,574		Macquarie Group Ltd		65,710
	158,629		Magellan Financial Group Ltd		2,451
	158,605	*	Magma Fincorp Ltd		465
	667,082		Mahindra & Mahindra Financial Services Ltd		1,332
	27,285,140		Man Group plc		83,983
	551,694		Manappuram General Finance & Leasing Ltd		1,217
	36,677		MarketAxess Holdings, Inc		15,084
	8,301		Marlin Business Services Corp		193
	12,626	g	MAS Financial Services Ltd		107
	149,400		Matsui Securities Co Ltd		1,027
	43,619	*	Meritz finance Holdings Co Ltd		1,616
	238,525	*	Meritz Securities Co Ltd		1,033
	7,827,380		Metro Pacific Investments Corp		599
	387,482		MFA Financial Inc		1,767
	176,761	*	Mirae Asset Daewoo Co Ltd		1,284
	489,570		Mitsubishi UFJ Lease & Finance Co Ltd		2,422
	32,700		Mizuho Leasing Co Ltd		907
	82,590		MLP AG.		806
	139,591		Moelis & Co		8,726
	185,652	*	Monex Group, Inc		1,133
	170,609		Moody’s Corp		66,636
	6,314,200		Morgan Stanley		619,802
	35,013		Morningstar, Inc		11,974
	39,724		Motilal Oswal Financial Services Ltd		488
	88,857		MSCI, Inc (Class A)		54,442
	680,482		Muangthai Capital PCL		1,194
	39,737		Multi Commodity Exchange of India Ltd		844
	87,422		Muthoot Finance Ltd		1,754

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	93,039		Nanjing Securities Co Ltd	$	145
	110,179		Nasdaq Inc		23,139
	138,784		Navient Corp		2,945
	14,777		Nelnet, Inc (Class A)		1,443
	263,089		Netwealth Group Ltd		3,389
	423,149		New Residential Investment Corp		4,532
	332,893		New York Mortgage Trust, Inc		1,238
	3,422	*,†	NewStar Financial, Inc		1
	1,246,200	*	Ngern Tid Lor PCL		1,362
	19,328	*	NICE Holdings Co Ltd		260
	161,925		Ninety One Ltd		574
	633,638		Ninety One plc		2,377
	129,350	g	Nippon Life India Asset Management Ltd		611
	26,543	*	Noah Holdings Ltd (ADR)		815
	3,474,236	*	Nomura Holdings, Inc		15,133
	1,536,715	e	Nordnet AB publ		29,482
	142,300		Northeast Securities Co Ltd		196
	68,465		Northern Trust Corp		8,189
	109,152		Numis Corp plc		505
	164,093		Okasan Holdings, Inc		543
	197,012		OneMain Holdings, Inc		9,858
	100,303		Onex Corp		7,872
	131,025	*	Open Lending Corp		2,945
	18,478	*	Oportun Financial Corp		374
	8,374		Oppenheimer Holdings, Inc		388
	88,935	e	Orchid Island Capital, Inc		400
	677,100		Orient Corp		735
	289,937		Orient Securities Co Ltd		672
	2,499,168		ORIX Corp		51,003
	327,238		Osaka Securities Exchange Co Ltd		7,170
	6,647,344	*	Pacific Strategic Financial Tbk PT		520
	11,743		Partners Group		19,385
	435,965		Pendal Group Ltd		1,767
	70,523		PennyMac Mortgage Investment Trust		1,222
	1,561,079	*	Pensionbee Group plc		2,825
	75,493		Perpetual Trustees Australia Ltd		1,976
	142,484		Pinnacle Investment Management Group Ltd		1,617
	120,361		Piper Jaffray Cos		21,486
	2,431,454		Piramal Healthcare Ltd		86,225
	5,371		PJT Partners, Inc		398
	518,959		Platinum Asset Mangement Ltd		1,019
	210,723		Plus500 Ltd		3,887

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	94,734		Polar Capital Holdings plc	$	1,017
	40,544	*	PRA Group, Inc		2,036
	762,390		President Securities Corp		651
	284,968	*	PROG Holdings, Inc		12,855
	294,369	*	Provident Financial plc		1,431
	34,922		Pzena Investment Management, Inc (Class A)		331
	197,580	*,e	Qudian, Inc (ADR)		191
	2,072,004	g	Quilter plc		4,187
	1,963,527		Ratchthani Leasing PCL		257
	135,323		Rathbone Brothers		3,668
	254,980		Ratos AB (B Shares)		1,630
	176,129		Raymond James Financial, Inc		17,683
	225,574		Ready Capital Corp		3,526
	1,062,275		REC Ltd		1,908
	384,402		Redwood Trust, Inc		5,070
	149,982		Regional Management Corp		8,618
	95,200		Reinet Investments S.C.A		1,709
	601,466		Remgro Ltd		4,950
	139,212	g	Resurs Holding AB		584
	16,461		Ricoh Leasing Co Ltd		552
	409,760		S&P Global, Inc		193,378
	45,305	*	Samsung Securities Co Ltd		1,708
	196,894		Sanne Group plc		2,428
	59,221		Santander Consumer USA Holdings, Inc		2,488
	269,184	*	SBI Cards & Payment Services Ltd		3,355
	1,192,338	*	SBI Holdings, Inc		32,522
	97,744		Schroders plc		4,718
	19,980		Sculptor Capital Management, Inc		427
	284,563		SDIC Capital Co Ltd		367
	26,499		SE Investments Ltd		258
	155,891		Sealand Securities Co Ltd		101
	104,991		SEI Investments Co		6,398
	207,969		Shanxi Securities Co Ltd		215
	448,500		Sheng Ye Capital Ltd		446
	956,844		Shenwan Hongyuan Group Co Ltd		769
	2,837		Shinyoung Securities Co Ltd		143
	24,178		Shriram City Union Finance Ltd		572
	146,608		Shriram Transport Finance Co Ltd		2,386
	1,175,878		SHUAA Capital PSC		219
	592,044		Singapore Exchange Ltd		4,087
	151,982		Sinolink Securities Co Ltd		270
	635,852	*	SK Square Co Ltd		35,517

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	281,797		SLM Corp	$	5,543
	5,964		Societe Fonciere Financiere et de Participations FFP		842
	16,777		Sofina S.A.		8,241
	211,935		SooChow Securities Co Ltd		295
	120,373		Southwest Securities Co Ltd		100
	18,940	*	Spandana Sphoorty Financial Ltd		117
	94,358		Sparx Group Co Ltd		245
	8,000		SPDR S&P 500 ETF Trust		3,800
	32,642	e	Sprott, Inc		1,473
	768,475	*,†,e	SRH NV		9
	753,810		Srisawad Corp PCL		1,390
	493,232		St. James’s Place plc		11,271
	2,255,109		Standard Life Aberdeen plc		7,347
	503,909		Starwood Property Trust, Inc		12,245
	634,195		State Street Corp		58,980
	221,214	e	StepStone Group, Inc		9,196
	97,214		Stifel Financial Corp		6,846
	14,052	*	StoneX Group, Inc		861
	10,324		Strike Co Ltd		459
	589,735		Sun Hung Kai & Co Ltd		315
	62,202		Sundaram Finance Ltd		1,909
	26,676		Svolder AB		1,080
	11,111		Swissquote Group Holding S.A.		2,433
	2,019,212		Synchrony Financial		93,671
	216,678		T Rowe Price Group, Inc		42,608
	161,128		Taiwan Acceptance Corp		1,018
	193,668		Tamburi Investment Partners S.p.A.		2,177
	14,392		Tata Investment Corp Ltd		262
	1,025,638		Tel Aviv Stock Exchange Ltd		5,534
	122,437		Tianfeng Securities Co Ltd		78
	104,740		TMX Group Ltd		10,619
	251,780		Tokai Tokyo Securities Co Ltd		863
	28,410		Tokyo Century Corp		1,379
	81,545	*	Tong Yang Investment Bank		275
	964,472		TP Icap Group plc		1,993
	52,666		TPG RE Finance Trust, Inc		649
	97,645		Tradeweb Markets, Inc		9,778
	873,686		Transaction Capital Ltd		2,469
	1,214,667		Turkiye Sinai Kalkinma Bankasi AS		132
	288,447	e	Two Harbors Investment Corp		1,664
	6,428,905		UBS Group AG		115,394
	95,900	*,e	Up Fintech Holding Ltd (ADR)		471

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	45,010	*	Upstart Holdings, Inc	$	6,810
	46,443		UTI Asset Management Co Ltd		657
	23,900	*	Uzabase, Inc		305
	247		Value Line, Inc		12
	1,273,011		Value Partners Group Ltd		636
	25,000	e	Vanguard FTSE Developed Markets ETF		1,276
	83,805		Virtu Financial, Inc		2,416
	678		Virtus Investment Partners, Inc		201
	97,215	*	VNV Global AB		1,125
	196,375		Vontobel Holding AG.		17,172
	1,102,219		Voya Financial, Inc		73,088
	18,471		VZ Holding AG.		1,983
	61,752		Warsaw Stock Exchange		635
	2,251,167		Waterland Financial Holdings		1,305
	25,700	*,e	WealthNavi, Inc		456
	29,221		Wendel		3,501
	271,003		Western Securities Co Ltd		343
	41,991		WisdomTree Investments, Inc		257
	116,654	*	Woori Investment & Securities Co Ltd		1,225
	56,403	*,e	Woori Technology Investment Co Ltd		432
	4,050	*	World Acceptance Corp		994
	1	*	XP, Inc		0	^
	44,356	g	X-Trade Brokers Dom Maklerski S.A.		184
	1,389,500	*,g	Yixin Group Ltd		218
	120,465		Zenkoku Hosho Co Ltd		5,251
	231,491		Zheshang Securities Co Ltd		479
	412,900		Zhongtai Securities Co Ltd		647
	2,908,434	*,e	Zip Co Ltd		9,160
			TOTAL DIVERSIFIED FINANCIALS		6,579,779

ENERGY - 3.2%
	179,400	*	3R PETROLEUM OLEO E GAS S.A.		1,079
	18,885,261		Adaro Energy Tbk		2,995
	229,619	*,e	Advantage Energy Ltd		1,345
	151,351		Aegis Logistics Ltd		449
	21,419	*	Aemetis, Inc		263
	809,670		Aker BP ASA		24,896
	367,933	*	Aker Solutions ASA		972
	39,482		Aldrees Petroleum and Transport Services Co		702
	62,836	*	Alto Ingredients, Inc		302
	3,012		Altus Midstream Co		185
	262,961		Ampol Ltd		5,678

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	305,954	e	Antero Midstream Corp	$	2,962
	371,481	*	Antero Resources Corp		6,501
	318,684		APA Corp		8,569
	828,700	e	ARC Resources Ltd		7,534
	41,736		Arch Resources, Inc		3,811
	118,542		Archrock, Inc		887
	1,972	*	Aspen Aerogels, Inc		98
	45,280		Baker Hughes Co		1,089
	1,284,900		Bangchak Corp PCL		970
	5,675,166		Banpu PCL (Foreign)		1,804
	1,031,735	*,e	Baytex Energy Trust		3,189
	2,180,586		Beach Petroleum Ltd		2,002
	59,340		Berry Petroleum Co LLC		500
	1,054,854		Bharat Petroleum Corp Ltd		5,454
	321,218	e	Birchcliff Energy Ltd		1,640
	351,154		Bonanza Creek Energy, Inc		17,196
	20,280,415		BP plc		90,869
	1,060,508		BP plc (ADR)		28,241
	93,631		Brigham Minerals, Inc		1,975
	4,650,000	*,†,e	Brightoil Petroleum Holdings Ltd		671
	19,998	*	Bristow Group, Inc		633
	2,823,000	*	Bumi Armada BHD		318
	68,915	*	BW Energy Ltd		156
	92,864	g	BW LPG Ltd		525
	123,984		BW Offshore Ltd		375
	1,311,675		Cabot Oil & Gas Corp		24,922
	47,694		Cactus, Inc		1,819
	617,191		Cairn Energy plc		1,593
	72,227		California Resources Corp		3,085
	8,232	*,e	Callon Petroleum Co		389
	484,896		Cameco Corp (Toronto)		10,572
	171,842	e	Canacol Energy Ltd		436
	1,552,628		Canadian Natural Resources Ltd (Canada)		65,606
	1,790,336	e	Cenovus Energy, Inc (Toronto)		21,952
	638,806	*	Centennial Resource Development, Inc		3,820
	8,456	*	Centrus Energy Corp		422
	760,314	*,e	CGG S.A.		553
	2,450,000		CGN Mining Co Ltd		245
	365,270	*	ChampionX Corp		7,382
	500,980		Cheniere Energy, Inc		50,809
	185,340		Chesapeake Energy Corp		11,958
	3,891,550		Chevron Corp		456,673

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	300,803		China Aviation Oil Singapore Corp Ltd	$	210
	3,201,000	e	China Coal Energy Co		1,851
	2,711,122		China Oilfield Services Ltd		2,378
	548,576		China Shenhua Energy Co Ltd		1,940
	5,383,955		China Shenhua Energy Co Ltd (Hong Kong)		12,600
	2,210,000		China Suntien Green Energy Cor		1,724
	127,397	*,e	Clean Energy Fuels Corp		781
	188,806	*	CNX Resources Corp		2,596
	1,962,962		Coal India Ltd		3,848
	118	*,†,b	Cobalt International Energy, Inc		0	^
	84,946	*	Comstock Resources Inc		687
	3,762,546		ConocoPhillips		271,581
	30,477	*	CONSOL Energy, Inc		692
	15,503	e	Continental Resources, Inc		694
	1,222,304		Cosan SA Industria e Comercio		4,802
	407,793		COSCO SHIPPING Energy Transportation Co Ltd		379
	206,458		Cosmo Energy Holdings Co Ltd		4,034
	2,632	*,e	Crescent Energy, Inc		33
	1,052,068		Crescent Point Energy Corp		5,614
	30,561		CropEnergies AG.		426
	26,870		CVR Energy, Inc		452
	5,673,074		Dana Gas PJSC		1,631
	10,920	*	Delek Group Ltd		895
	59,704	*	Delek US Holdings, Inc		895
	57,355	*	Denbury, Inc		4,393
	921,048	*,e	Denison Mines Corp		1,267
	1,963,978		Devon Energy Corp		86,513
	123,988		DHT Holdings, Inc		644
	4,743,212		Dialog Group BHD		2,982
	1,367,426		Diamondback Energy, Inc		147,477
	2,455,738		Diversified Gas & Oil plc		3,473
	1,746	*	DMC Global, Inc		69
	480,629		DNO International ASA		568
	23,348		Dorian LPG Ltd		296
	23,784	*	Drilling Co of 1972		928
	31,091	*	Dril-Quip, Inc		612
	21,539		DT Midstream, Inc		1,033
	19,145	*	Earthstone Energy, Inc		209
	7,010,783		Ecopetrol S.A.		4,631
	457,244		Empresas COPEC S.A.		3,535
	121,653		Enauta Participacoes S.A.		290
	2,641,763		Enbridge, Inc (Toronto)		103,189

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,560,568		ENEOS Holdings, Inc	$	13,302
	107,908		Enerflex Ltd		653
	140,389	*	Energean plc		1,625
	1,168,600	*,†	Energy Earth PCL		0	^
	178,901	*,e	Energy Fuels, Inc		1,366
	157,910	*,e	Energy Fuels, Inc		1,205
	1		Energy Transfer LP		0	^
	717,270		Enerplus Corp		7,564
	3,189,006		ENI S.p.A.		44,320
	1,761,463		EOG Resources, Inc		156,471
	68,994	*	EQT Corp		1,505
	3,934,481		Equinor ASA		104,182
	25,335	*	Equital Ltd		971
	365,640		Equitrans Midstream Corp		3,781
	1,163,600	*	Esso Thailand PCL (Foreign)		256
	228,273		Euronav NV		2,023
	295,547		Exxaro Resources Ltd		2,835
	3,452,773		Exxon Mobil Corp		211,275
	81,195	e	Falcon Minerals Corp		395
	35,055		FLEX LNG Ltd		782
	1,381,269		Formosa Petrochemical Corp		4,776
	34,121	*,e	Frank’s International NV		490
	202,042	e	Freehold Royalty Trust		1,861
	107,272	*,e	Frontline Ltd		758
	115,645	*,e	Frontline Ltd (Sigmax MTF)		823
	9,096	*	FTS International, Inc		239
	137,861		Galp Energia SGPS S.A.		1,338
	2,717,209		Gazprom (ADR)		24,971
	4,253,464		Gazprom OAO (ADR)		39,277
	26,923		Gaztransport Et Technigaz S.A.		2,512
	174,009	*,e	Gevo, Inc		745
	176,311	e	Gibson Energy, Inc		3,125
	305,295	*	Golar LNG Ltd		3,783
	110,294		Great Eastern Shipping Co Ltd		441
	41,217	*	Green Plains Inc		1,433
	102,340	*	Grupa Lotos S.A.		1,547
	55,534	*	GS Holdings Corp		1,824
	745,186	*	Guanghui Energy Co Ltd		766
	995,227	*	Gulf International Services QSC		468
	61,790	*	Hafnia Ltd		122
	1,009,139		Halliburton Co		23,079
	507,236	*	Harbour Energy plc		2,448

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	231,234	*	Headwater Exploration, Inc	$	941
	123,856	*	Helix Energy Solutions Group, Inc		386
	69,195		Hellenic Petroleum S.A.		490
	91,100		Helmerich & Payne, Inc		2,159
	768,539		Hess Corp		56,895
	14,540		HighPeak Energy, Inc		213
	809,086		Hindustan Petroleum Corp Ltd		3,174
	34,796		HollyFrontier Corp		1,141
	399,696		Hunting plc		915
	158,949		Idemitsu Kosan Co Ltd		4,056
	299,061		Imperial Oil Ltd		10,786
	2,429,749		Indian Oil Corp Ltd		3,635
	696,500		Indo Tambangraya Megah Tbk PT		997
	1,148,600		Inner Mongolia Yitai Coal Co		1,004
	1,187,034		Inpex Holdings, Inc		10,322
	37,327		International Seaways, Inc		548
	13,278,386		IRPC PCL (Foreign)		1,524
	81,050		Itochu Enex Co Ltd		702
	57,022		Iwatani International Corp		2,873
	82,677		Japan Petroleum Exploration Co		1,800
	839,000	*	John Wood Group plc		2,180
	701,436	*	Karoon Gas Australia Ltd		860
	192,971	*,e	Kelt Exploration Ltd		735
	271,705	e	Keyera Corp		6,128
	1,174,538		Kinder Morgan, Inc		18,628
	100,009		Koninklijke Vopak NV		3,507
	40,344	*	Kosmos Energy Ltd		140
	8,582	*	Laredo Petroleum, Inc		516
	55,528	*	Liberty Oilfield Services, Inc		539
	489,914		LUKOIL PJSC (ADR)		43,994
	247,126		Lundin Petroleum AB		8,843
	14,830		Magnolia Oil & Gas Corp		280
	1,457,037		Marathon Oil Corp		23,925
	1,051,234		Marathon Petroleum Corp		67,268
	98,770		Matador Resources Co		3,647
	332,178	*	MEG Energy Corp		3,072
	42,600		Mitsuuroko Co Ltd		450
	17,630		Modec, Inc		211
	557,273		MOL Hungarian Oil & Gas plc		4,325
	67,523		Motor Oil Hellas Corinth Refineries S.A.		1,058
	127,721		Murphy Oil Corp		3,335
	13,319	*	Nabors Industries Ltd		1,080

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	41,629	*	Naphtha Israel Petroleum Corp Ltd	$	299
	27,082	*	National Energy Services Reunited Corp		256
	301,722		Neste Oil Oyj		14,849
	23,136	e	New Fortress Energy, Inc		559
	696,084	e	New Hope Corp Ltd		1,130
	75,384	*	Newpark Resources, Inc		222
	486,963	*	NexGen Energy Ltd		2,133
	837,180	*	NexTier Oilfield Solutions, Inc		2,972
	128,316	e	Nordic American Tankers Ltd		217
	721,793		Northern Oil and Gas, Inc		14,855
	504,530		NOV, Inc		6,836
	107,009		Novatek PJSC (GDR)		25,062
	217,798	*	NuVista Energy Ltd		1,198
	30,955		Oasis Petroleum, Inc		3,900
	788,115		Occidental Petroleum Corp		22,847
	265,565	*	Oceaneering International, Inc		3,004
	805,927		Offshore Oil Engineering Co Ltd		583
	292,814		Oil India Ltd		782
	5,256,769	*	Oil Refineries Ltd		1,505
	52,946	*	Oil States International, Inc		263
	41,696		OMV AG.		2,358
	479,771		ONEOK, Inc		28,191
	477,452		Ovintiv, Inc		16,090
	2,852,982	*	Paladin Resources Ltd		1,837
	660,075	*	Pantheon Resources plc		691
	10,409	*	Par Pacific Holdings, Inc		172
	89,252	e	Paramount Resources Ltd (Class A)		1,735
	152,579		Parex Resources, Inc		2,607
	309,612		Parkland Corp		8,510
	94,980		Pason Systems, Inc		867
	461,464		Patterson-UTI Energy, Inc		3,899
	11,626	*	Paz Oil Co Ltd		1,446
	338,128	*	PBF Energy, Inc		4,386
	347,933		PDC Energy, Inc		16,972
	209,681	*	Peabody Energy Corp		2,112
	677,150	e	Pembina Pipeline Income Fund		20,540
	18,463	*	Penn Virginia Corp		497
	675,405	*	Petro Rio S.A.		2,501
	539,867	*,e	Petrofac Ltd		843
	4,397,195		Petroleo Brasileiro S.A.		24,216
	5,604,927		Petroleo Brasileiro S.A. (Preference)		28,474
	384,180		Petronas Dagangan BHD		1,898

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	959,100		Petronet LNG Ltd	$	2,785
	199,712	e	Peyto Exploration & Development Corp		1,492
	627,045		Phillips 66		45,436
	932,461		Pioneer Natural Resources Co		169,596
	361,738		Polski Koncern Naftowy Orlen S.A.		6,668
	2,269,590		Polskie Gornictwo Naftowe i Gazownictwo S.A.		3,549
	100,100	*,†	Poseidon Concepts Corp		1
	411,402	e	PrairieSky Royalty Ltd		4,433
	1,032,800		Prima Marine PCL		187
	450,284	*	ProPetro Holding Corp		3,647
	1,947,772		PT AKR Corporindo Tbk		561
	1,940,600	*	PT Indika Energy Tbk		210
	8,573,992	*	PT Medco Energi Internasional Tbk		280
	4,982,428		PT Tambang Batubara Bukit Asam Tbk		948
	10,719,006		PT United Tractors Tbk		16,642
	1,859,448		PTT Exploration & Production PCL (Foreign)		6,555
	8,922,100		PTT PCL		10,125
	12,049,609		PTT PCL (Foreign)		13,674
	614,354		Qatar Fuel QSC		3,084
	3,031,051		Qatar Gas Transport Co Ltd		2,743
	290,575	*	Rabigh Refining & Petrochemical Co		1,596
	208,459	*	Range Resources Corp		3,717
	6,847,748		Reliance Industries Ltd		217,530
	39,823	*	Renewable Energy Group, Inc		1,690
	731,255		Repsol YPF S.A.		8,660
	4,723	*	Rex American Resources Corp		453
	3,020	e	Riley Exploration Permian, Inc		58
	1,495,575	*	Rosneft Oil Co PJSC (GDR)		12,027
	7,825,754		Royal Dutch Shell plc (A Shares)		171,497
	6,528,567		Royal Dutch Shell plc (B Shares)		143,345
	288,661	*,e	RPC, Inc		1,311
	726,238	*,e	Saipem S.p.A		1,523
	60,452		San-Ai Oil Co Ltd		702
	3,071,254		Santos Ltd		14,148
	642,251	*,e	Saras S.p.A.		402
	8,014		Saudi Arabia Refineries Co		293
	4,821,224	g	Saudi Arabian Oil Co		45,952
	183,726		SBM Offshore NV		2,739
	1,583,256		Schlumberger Ltd		47,419
	16,157	*	Schoeller-Bleckmann Oilfield Equipment AG.		565
	44,070		Scorpio Tankers, Inc		565

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	463,536		Secure Energy Services, Inc	$	1,928
	51,131	*	Select Energy Services, Inc		319
	909,000		Semirara Mining & Power Corp		381
	1,843,251	†	Serba Dinamik Holdings BHD		116
	196,923		Serica Energy plc		642
	50	*,†	Serval Integrated Energy Services		0
	454,011		SFL Corp Ltd		3,700
	776,338		Shaanxi Coal Industry Co Ltd		1,489
	328,286		Shanxi Lu’an Environmental Energy Development Co Ltd		584
	368,800		Shanxi Xishan Coal & Electricity Power Co Ltd		479
	877,072		Siamgas & Petrochemicals PCL		322
	1,136,000		Sinopec Kantons Holdings Ltd		446
	11,395	*	SK Discovery Co Ltd		445
	2,916	*	SK Gas Co Ltd		312
	60,131	*	SK Innovation Co Ltd		12,040
	481,524		SM Energy Co		14,195
	56,004		S-Oil Corp		4,025
	49,864		Solaris Oilfield Infrastructure, Inc		327
	92,066	*	Southwestern Energy Co		429
	1,871,120	*	Star Petroleum Refining PCL		549
	666,477		Subsea 7 S.A.		4,768
	2,058,560		Suncor Energy, Inc		51,507
	1,743,246		Surgutneftegaz (ADR) (London)		9,204
	28,251	*	Talos Energy, Inc		277
	488,615	*,e	Tamarack Valley Energy Ltd		1,487
	342,990		Targa Resources Investments, Inc		17,918
	290,481		Tatneft PJSC (ADR)		11,940
	1,220,227	e	TC Energy Corp		56,750
	129,900	*,e	Technip Energies NV		1,900
	154,558	*	TechnipFMC plc		915
	35,469	*,e	Tecnicas Reunidas S.A.		280
	58,807	*	Teekay Corp		185
	23,747	*,e	Teekay Tankers Ltd		259
	1,029,120	*,e	Tellurian, Inc		3,170
	1,119,697		Tenaris S.A.		11,686
	415,275	*	Tetra Technologies, Inc		1,179
	5,777		Texas Pacific Land Corp		7,215
	144,133		TGS Nopec Geophysical Co ASA		1,379
	1,487,160		Thai Oil PCL (Foreign)		2,201
	141,851	*,e	Thungela Resources Ltd		753
	35,929	*	Tidewater, Inc		385
	246,550	e	Topaz Energy Corp		3,479

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	18,015	*,e	TORM plc	$	142
	3,299,739		Total S.A.		167,957
	452,961		Tourmaline Oil Corp		14,624
	269,448	*	Trican Well Service Ltd		590
	1,447,610	*	Tullow Oil plc		914
	161,231	*	Turkiye Petrol Rafinerileri AS		1,883
	859,261		Ultrapar Participacoes S.A.		2,278
	26,737	*,e	Uranium Energy Corp		90
	28,198	*,e	Ur-Energy, Inc		34
	65,556	*	US Silica Holdings, Inc		616
	1,825,994		Valero Energy Corp		137,150
	167,479	*	Vallourec S.A.		1,675
	26,698		Verbio AG.		1,817
	194,930	*,e	Vermilion Energy, Inc		2,450
	1,104,093	g	Viva Energy Group Ltd		1,890
	92,643	*	W&T Offshore, Inc		299
	239,563		Washington H Soul Pattinson & Co Ltd		5,163
	106,983	*	Weatherford International Ltd		2,966
	753,341	e	Whitecap Resources, Inc		4,461
	1,124,539	*	Whitehaven Coal Ltd		2,141
	34,194	*	Whiting Petroleum Corp		2,212
	1,382,597		Williams Cos, Inc		36,003
	1,068,111		Woodside Petroleum Ltd		17,028
	54,518		World Fuel Services Corp		1,443
	381,385		Worley Ltd		2,955
	97,333		Yantai Jereh Oilfield Services Group Co Ltd		613
	1,929,540	e	Yanzhou Coal Mining Co Ltd		3,835
	217,469		Yanzhou Coal Mining Co Ltd (Class A)		805
	676,800		Yinson Holdings BHD		975
	66	*	YPF S.A. (ADR) (Class D)		0	^
	619,487		Z Energy Ltd		1,506
			TOTAL ENERGY		4,433,744

FOOD & STAPLES RETAILING - 1.5%
	29,713	*,e	111, Inc (ADR)		104
	50,236		Abdullah Al Othaim Markets Co		1,448
	611,763	e	Aeon Co Ltd		14,417
	20,800		Aeon Hokkaido Corp		229
	31,683		Ain Pharmaciez Inc		1,579
	112,278		Al Meera Consumer Goods Co		604
	784,032	e	Albertsons Cos, Inc		23,670
	1,406,643		Alimentation Couche-Tard, Inc		58,937
	108,052		Andersons, Inc		4,183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	55,279		Arcs Co Ltd	$	1,027
	606,795		Atacadao Distribuicao Comercio e Industria Ltd		1,657
	190,923	*,g	Avenue Supermarts Ltd		11,976
	127,126		Axfood AB		3,660
	19,555		Axial Retailing, Inc		574
	13,700		Belc Co Ltd		671
	1,390,812		Berli Jucker PCL		1,290
	27,179	*	BGF retail Co Ltd		3,321
	391,597		Bid Corp Ltd		8,023
	504,399		BIM Birlesik Magazalar AS		2,337
	315,027	*	BJ’s Wholesale Club Holdings, Inc		21,097
	747,734	e	Carrefour S.A.		13,709
	34,692		Casey’s General Stores, Inc		6,846
	46,431	*,e	Casino Guichard Perrachon S.A.		1,225
	15,151		Cawachi Ltd		290
	1,679,918		Cencosud S.A.		2,810
	26,485	*	Chefs’ Warehouse Holdings, Inc		882
	182,603		Cia Brasileira de Distribuicao		727
	271,034		Clicks Group Ltd		5,367
	1,439,553		Coles Group Ltd		18,783
	15,069		Colruyt S.A.		639
	1,788,863		Cosco Capital, Inc		182
	21,600	e	Cosmos Pharmaceutical Corp		3,175
	947,479		Costco Wholesale Corp		537,884
	6,904,516		CP ALL plc		12,242
	32,700		Create SD Holdings Co Ltd		906
	5,318		Daikokutenbussaan Co Ltd		238
	1,206,000	e	Dairy Farm International Holdings Ltd		3,449
	57,396		DaShenLin Pharmaceutical Group Co Ltd		379
	145,472	*,g	Dino Polska S.A.		13,261
	378,356	g	Dis-Chem Pharmacies Ltd		841
	19,314,023	*	Distribuidora Internacional de Alimentacion S.A.		350
	32,585	*	Dongsuh Co, Inc		850
	42,667		E-Mart Co Ltd		5,409
	304,972		Empire Co Ltd		9,292
	1,474,872		Endeavour Group Ltd		7,238
	90,454		Eurocash S.A.		244
	17,600		Fuji Co Ltd		299
	23,800		G-7 Holdings, Inc		349
	8,600		Genky DrugStores Co Ltd		459
	104,168		George Weston Ltd		12,077
	266,546		GrainCorp Ltd-A		1,605

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	81,667	*	Grocery Outlet Holding Corp	$	2,310
	682,787	e	Grupo Comercial Chedraui S.a. DE C.V.		1,415
	583,000	*	Grupo Mateus S.A.		629
	43,898	*	GS Retail Co Ltd		1,121
	13,800		Halows Co Ltd		339
	32,958		Heiwado Co Ltd		553
	514,842	*	HelloFresh SE		39,456
	30,595	*,e	HF Foods Group Inc		259
	47,234	*	Hyundai Greenfood Co Ltd		340
	24,300		Inageya Co Ltd		293
	12,313		Ingles Markets, Inc (Class A)		1,063
	5,570		Itochu-Shokuhin Co Ltd		242
	491,730		J Sainsbury plc		1,838
	623,771		Jeronimo Martins SGPS S.A.		14,274
	12,000		JM Holdings Co Ltd		172
	29,523		Kato Sangyo Co Ltd		861
	505,934		Kesko Oyj (B Shares)		16,863
	36,600		Kobe Bussan Co Ltd		1,417
	1,001,471		Koninklijke Ahold Delhaize NV		34,367
	762,897		Kroger Co		34,529
	19,234		Kusuri no Aoki Holdings Co Ltd		1,219
	537,881	e	La Comer SAB de C.V.		967
	20,455		Laobaixing Pharmacy Chain JSC		159
	14,231		Lawson, Inc		675
	187,418	*	Lenta PLC (GDR)		469
	17,996		Life Corp		533
	233,867		Loblaw Cos Ltd		19,161
	5,792		M Yochananof & Sons Ltd		439
	66,419		Magnit PJSC (GDR)		996
	355,766		Magnit PJSC (GDR)		5,336
	66,291	*	Majestic Wine plc		584
	42,620		MARR S.p.A.		915
	274,058	*	Massmart Holdings Ltd		1,044
	130,056		Matsumotokiyoshi Holdings Co Ltd		4,809
	11,600		Maxvalu Tokai Co Ltd		278
	7,980	*,e	MedAvail Holdings, Inc		11
	1,172,159		Metcash Ltd		3,834
	409,680		Metro Wholesale & Food Specialist AG.		4,298
	302,628		Metro, Inc		16,106
	99,064	*	Migros Ticaret AS		283
	10,157		Natural Grocers by Vitamin C		145
	20,708		Neighbourly Pharmacy, Inc		654

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,300		Nihon Chouzai Co Ltd	$	87
	58,349	e	North West Co, Inc		1,579
	534,614	*	Ocado Ltd		12,163
	1,104,044		Olam International Ltd		1,435
	434,184	*	Performance Food Group Co		19,925
	404,666		Pick’n Pay Stores Ltd		1,332
	667,717		President Chain Store Corp		6,593
	18,862		Pricesmart, Inc		1,380
	1,106,100		Puregold Price Club, Inc		852
	23,600		Qol Holdings Co Ltd		287
	1,238,335		Raia Drogasil S.A.		5,391
	11,364		Rami Levi Chain Stores Hashikma Marketing Ltd		853
	23,712		Retail Partners Co Ltd		283
	175,916	*,e	Rite Aid Corp		2,584
	944,630		Robinsons Retail Holdings, Inc		1,212
	19,741		Ryoshoku Ltd		475
	22,500		San-A Co Ltd		817
	12,442,930		Sendas Distribuidora S.A.		29,024
	724,463		Seven & I Holdings Co Ltd		31,868
	806,110	e	Sheng Siong Group Ltd		873
	11,511		Shoei Foods Corp		384
	16,512	*,g	Shop Apotheke Europe NV		2,125
	579,232		Shoprite Holdings Ltd		7,593
	322,159		Shufersal Ltd		2,681
	28,352	*	Sligro Food Group NV		688
	2,895,544		SMU S.A.		291
	468,250		Sok Marketler Ticaret AS.		450
	1,110,082		Sonae SPGS S.A.		1,268
	227,532		Spar Group Ltd		2,386
	93,212		SpartanNash Co		2,401
	61,496	*	Sprouts Farmers Market, Inc		1,825
	42,296		Sugi Pharmacy Co Ltd		2,563
	2,429,500	e	Sun Art Retail Group Ltd		975
	87,200		Sundrug Co Ltd		2,280
	499,616		SYSCO Corp		39,245
	24,145,122		Tesco plc		95,061
	29,367		Tsuruha Holdings, Inc		2,820
	147,996	*	United Natural Foods, Inc		7,264
	57,250		United Super Markets Holdings, Inc		527
	338,095	*	US Foods Holding Corp		11,776
	44,394		Valor Co Ltd		829
	7,876		Village Super Market (Class A)		184

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	541,104		Walgreens Boots Alliance, Inc	$	28,224
	17,479,136	e	Wal-Mart de Mexico SAB de C.V.		64,955
	3,758,539		Walmart, Inc		543,823
	14,246		Weis Markets, Inc		939
	97,160		Welcia Holdings Co Ltd		3,035
	1,410,873		Woolworths Ltd		39,002
	144,281	*	X5 Retail Group NV (GDR)		3,819
	21,900		Yaoko Co Ltd		1,331
	49,659		Yifeng Pharmacy Chain Co Ltd		429
	53,200		Yokohama Reito Co Ltd		386
	739,853		Yonghui Superstores Co Ltd		470
	10,899	*,e	Zur Rose Group AG.		2,809
			TOTAL FOOD & STAPLES RETAILING		2,031,918

FOOD, BEVERAGE & TOBACCO - 3.2%
	13,558	*,e	22nd Century Group, Inc		42
	1,388,019	*,e	a2 Milk Co Ltd		5,620
	218,438		AAK AB		4,710
	120,667		AG. Barr plc		849
	13,236		Agrana Beteiligungs AG.		259
	348,199		Agthia Group PJSC		488
	502,863		Ajinomoto Co, Inc		15,308
	16,214		Al Jouf Agricultural Development Co		253
	284,916		Almarai Co JSC		3,704
	1,205,513		Altria Group, Inc		57,129
	5,533,809		AMBEV S.A.		15,485
	11,178,197		Anadolu Efes Biracilik Ve Malt Sanayii AS		25,028
	58,211		Angel Yeast Co Ltd		551
	1,069,254		Anheuser-Busch InBev S.A.		64,465
	132,558		Anhui Gujing Distillery Co Ltd		1,886
	28,114		Anhui Gujing Distillery Co Ltd (Class A)		1,076
	48,517		Anhui Kouzi Distillery Co Ltd		540
	49,600		Anhui Yingjia Distillery Co Ltd		542
	42,635		Anora Group Oyj		527
	5,881	*,e	AppHarvest, Inc		23
	516,370		Archer-Daniels-Midland Co		34,901
	22,572		Ariake Japan Co Ltd		1,225
	2,771,350	*	Aryzta AG.		3,455
	235,886		Asahi Breweries Ltd		9,183
	66,560	*	Aseer Trading Tourism & Manufacturing Co		338
	606,727		Associated British Foods plc		16,609
	41,437		Astral Foods Ltd		449
	96,855	*,e	Atlantic Sapphire ASA		461

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	112,143		Austevoll Seafood ASA	$	1,350
	342,827	*	Australian Agricultural Co Ltd		369
	58,605		Avanti Feeds Ltd		444
	345,974		AVI Ltd		1,604
	55,975		B&G Foods, Inc (Class A)		1,720
	61,285		Bakkafrost P		4,051
	165,384	g	Bakkavor Group plc		283
	1,029,510		Baladna		408
	136,565		Balrampur Chini Mills Ltd		672
	3,432		Barry Callebaut AG.		8,332
	519,629		Becle SAB de C.V.		1,303
	563,328		Bega Cheese Ltd		2,326
	354,101		Beijing Dabeinong Technology Group Co Ltd		583
	77,000		Beijing Shunxin Agriculture Co Ltd		461
	73,400		Beijing Yanjing Brewery Co Ltd		98
	2,855		Bell AG.		913
	52,147	*,e	Beyond Meat, Inc		3,398
	5,680	*	Binggrae Co Ltd		254
	18,701		Bombay Burmah Trading Co		278
	12,699		Bonduelle S.C.A.		301
	13,523	*	Boston Beer Co, Inc (Class A)		6,830
	768,747	*	BRF S.A.		3,116
	126,962		Britannia Industries Ltd		6,145
	151,800		British American Tobacco Malaysia BHD		509
	2,170,502		British American Tobacco plc		80,594
	628,355		Britvic plc		7,825
	11,199		Brown-Forman Corp (Class A)		759
	47,619		Brown-Forman Corp (Class B)		3,470
	1,876,129	g	Budweiser Brewing Co APAC Ltd		4,932
	1,115,035		Bunge Ltd		104,100
	463,962	*	C&C Group plc		1,458
	16,378		Calavo Growers, Inc		694
	105,800		Calbee, Inc		2,457
	35,420		Cal-Maine Foods, Inc		1,310
	117,167		Camil Alimentos S.A.		239
	46,988		Campbell Soup Co		2,042
	310,700		Carabao Group PCL		1,111
	174,389		Carlsberg AS (Class B)		30,108
	165,500		Carlsberg Brewery-Malay BHD		798
	78,377		CCL Products India Ltd		452
	86,970	*	Celsius Holdings, Inc		6,485
	1,364,300		Century Pacific Food, Inc		783

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	40,766		Chacha Food Co Ltd	$	392
	175,279		Charoen Pokphand Enterprise		511
	4,346,031		Charoen Pokphand Foods PCL		3,321
	4,089,021	g	China Feihe Ltd		5,486
	4,375,889	*,†,e	China Huishan Dairy Holdings Co Ltd		6
	370,000	*,†	China Huiyuan Juice Group Ltd		0	^
	3,732,227		China Mengniu Dairy Co Ltd		21,158
	3,114,000	e	China Modern Dairy Holdings		524
	1,733,392		China Resources Beer Holdings Company Ltd		14,195
	787,000	*,g	China Youran Dairy Group Ltd		420
	32,927	*	Chongqing Brewery Co Ltd		782
	46,404		Chongqing Fuling Zhacai Group Co Ltd		276
	181,795		Cia Cervecerias Unidas S.A.		1,489
	9,502	*	CJ CheilJedang Corp		3,095
	656,151		Cloetta AB		1,900
	4,896,505		Coca-Cola Co		289,922
	3,890		Coca-Cola Consolidated Inc		2,409
	253,927	*	Coca-Cola European Partners plc (Class A)		14,202
	618,793	e	Coca-Cola Femsa SAB de C.V.		3,376
	310,098		Coca-Cola HBC AG.		10,737
	80,240		Coca-Cola Icecek AS		538
	202,300		Coca-Cola West Japan Co Ltd		2,324
	1,532,825		Cofco International Ltd		601
	2,540,000	e	COFCO Meat Holdings Ltd		969
	456,187		ConAgra Brands, Inc		15,579
	257,683		Constellation Brands, Inc (Class A)		64,671
	14,604		Corby Spirit and Wine Ltd		194
	550,759		Costa Group Holdings Ltd		1,216
	64,034		Cranswick plc		3,209
	20,197	*	Daesang Corp		395
	2,449,320	g	Dali Foods Group Co Ltd		1,282
	562,348		Danone		34,955
	155,493	*	Darling International, Inc		10,774
	3,519,589		Davide Campari-Milano NV		51,359
	4,400,392		Diageo plc		240,596
	360,016	*	Distell Group Holdings Ltd		3,814
	1,257	*	Dongwon F&B Co Ltd		205
	1,005	*	Dongwon Industries Co Ltd		192
	8,310	*	Duckhorn Portfolio, Inc		194
	10,500		Dydo Drinco, Inc		433
	1,350,655		Eastern Tobacco		922
	85,085	e	Ebro Puleva S.A.		1,635

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	411,559		Embotelladora Andina S.A.	$	894
	519,226		Embotelladoras Arca SAB de C.V.		3,310
	2,605		Emmi AG.		3,070
	60,715		Ezaki Glico Co Ltd		1,932
	1,043,086		Fevertree Drinks plc		38,191
	3,042,000		First Pacific Co		1,120
	623,900		First Resources Ltd		700
	47,229		Flowers Foods, Inc		1,297
	2,287,283		Fomento Economico Mexicano S.A. de C.V.		17,797
	1,030,447		Fomento Economico Mexicano SAB de C.V. (ADR)		80,076
	32,274		ForFarmers NV		148
	240,060		Foshan Haitian Flavouring & Food Co Ltd		3,956
	148,793		Fraser & Neave Holdings BHD		884
	29,377		Fresh Del Monte Produce, Inc		811
	72,724	*	Freshpet, Inc		6,928
	16,245		Fu Jian Anjoy Foods Co Ltd		435
	64,227		Fuji Oil Co Ltd		1,297
	120,200		Fujian Sunner Development Co Ltd		455
	23,832		Fujicco Co Ltd		390
	11,782	e	Fujiya Co Ltd		232
	182,267		Futuris Corp Ltd		1,628
	184,783		General Mills, Inc		12,451
	291,400		Genting Plantations BHD		469
	402,000		GFPT PCL (Foreign)		154
	474,620		Glanbia plc		6,631
	12,957		Godfrey Phillips India Ltd		196
	14,005,625		Golden Agri-Resources Ltd		2,548
	625,900		Great Wall Enterprise Co		1,207
	629,062	*	Greencore Group plc		1,103
	57,937	*,e	Grieg Seafood ASA		546
	251,581		Gruma SAB de C.V.		3,226
	1,796,441		Grupo Bimbo S.A. de C.V. (Series A)		5,525
	186,756	e	Grupo Herdez SAB de C.V.		369
	372,000		Guan Chong Bhd		250
	118,745		Guangdong Haid Group Co Ltd		1,366
	163,500		Guinness Anchor BHD		818
	81,150	*	Hain Celestial Group, Inc		3,458
	13,446		Halwani Brothers Co		325
	34,479	*	Harim Holdings Co Ltd		274
	259,814		Health & Happiness H&H International Holdings Ltd		402
	147,747		Heilongjiang Agriculture Co Ltd		338
	125,640		Heineken Holding NV		11,585

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	751,982	e	Heineken NV	$	84,628
	219,948		Henan Shuanghui Investment & Development Co Ltd		1,089
	370,075		Hershey Co		71,598
	33,216	*	Hite Jinro Co Ltd		841
	18,900		Hokuto Corp		314
	68,922		Hormel Foods Corp		3,364
	408,641	*	Hostess Brands, Inc		8,344
	103,054	*	Hotel Chocolat Group Ltd		704
	73,562		House Foods Corp		1,858
	392,000		Ichitan Group PCL		117
	1,164,274		Imperial Tobacco Group plc		25,515
	2,655,609		Indofood CBP Sukses Makmur Tbk		1,622
	398,321		Inghams Group Ltd		1,017
	16,985		Ingredion, Inc		1,641
	432,553		Inner Mongolia Yili Industrial Group Co Ltd		2,815
	9,135,000	*,†	Inti Agri Resources Tbk PT		0	^
	2,742,906		IOI Corp BHD		2,454
	3,511,560		ITC Ltd		10,274
	38,729		Ito En Ltd		2,035
	174,500		Itoham Yonekyu Holdings, Inc		998
	1,252		J&J Snack Foods Corp		198
	25,690		J.M. Smucker Co		3,489
	546,130		Japan Tobacco, Inc		11,027
	4,245,512		Japfa Comfeed Indonesia Tbk PT		512
	471,742	e	Japfa Ltd		212
	1,011,382		JBS S.A.		6,901
	75,307	e	JDE Peet’s BV		2,331
	78,926		Jiangsu King’s Luck Brewery JSC Ltd		674
	101,081		Jiangsu Yanghe Brewery Joint-Stock Co Ltd		2,616
	275,706		Jiangxi Zhengbang Technology Co Ltd		418
	19,662		JiuGui Liquor Co Ltd		656
	27,968		John B. Sanfilippo & Son, Inc		2,522
	22,346		J-Oil Mills, Inc		325
	51,964		Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd		309
	45,501		Juewei Food Co Ltd		488
	433,915	*	Juhayna Food Industries		212
	91,746	e	Kagome Co Ltd		2,390
	16,200		Kameda Seika Co Ltd		603
	46,242		Kaveri Seed Co Ltd		354
	164,660		Kellogg Co		10,607
	256,025		Kerry Group plc (Class A)		33,031
	2,018,676		Keurig Dr Pepper, Inc		74,408

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	127,597		Kewpie Corp	$	2,752
	2,177,400	*	Khon Kaen Sugar Industry PCL		236
	149,175	e	Kikkoman Corp		12,562
	627,953		Kirin Brewery Co Ltd		10,114
	22,880		Kotobuki Spirits Co Ltd		1,095
	169,498		Kraft Heinz Co		6,085
	137,680		KT&G Corp		9,147
	498,235		Kuala Lumpur Kepong BHD		2,605
	88,685		Kweichow Moutai Co Ltd		28,500
	15,525		KWS Saat AG.		1,290
	13,357		La Doria S.p.A		250
	3,009	*,e	Laird Superfood, Inc		39
	267,959		Lamb Weston Holdings, Inc		16,983
	3,513		Lancaster Colony Corp		582
	27,316	*	Landec Corp		303
	3,827	e	Lassonde Industries, Inc		476
	363,969		Leroy Seafood Group ASA		2,844
	1,362,205		Lien Hwa Industrial Corp		3,046
	10,857		Limoneira Co		163
	1,092		Lindt & Spruengli AG.		15,136
	95		Lindt & Spruengli AG. (Registered)		12,740
	6,205	*	Lotte Chilsung Beverage Co Ltd		697
	1,340	*	Lotte Confectionery Co Ltd		136
	777		Lotus Bakeries NV		4,945
	102,223		Luzhou Laojiao Co Ltd		4,074
	303,239		M Dias Branco S.A.		1,389
	3,725		Maeil Dairies Co Ltd		215
	97,003		Maple Leaf Foods, Inc		2,244
	412,499		Marfrig Global Foods S.A.		1,634
	48,400		Maruha Nichiro Corp		1,014
	60,956		McCormick & Co, Inc		5,889
	56,087		Megmilk Snow Brand Co Ltd		972
	113,022		MEIJI Holdings Co Ltd		6,747
	155,810		Mezzan Holding Co KSCC		304
	163,204	e	MGP Ingredients, Inc		13,871
	296,928		Minerva S.A.		566
	30,128	*,e	Mission Produce, Inc		473
	20,000		Mitsui Sugar Co Ltd		337
	166,716		Molson Coors Brewing Co (Class B)		7,727
	5,050,000	*,g	Monde Nissin Corp		1,604
	5,039,335		Mondelez International, Inc		334,158
	2,532,858	*	Monster Beverage Corp		243,256

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	45,779		Morinaga & Co Ltd	$	1,497
	107,013		Morinaga Milk Industry Co Ltd		5,084
	471,384		Mowi ASA		11,156
	365,337		Muyuan Foodstuff Co Ltd		3,063
	157,000		Namchow Chemical Industrial Ltd		285
	53,758	*	National Agriculture Development Co		435
	2,100	e	National Beverage Corp		95
	39,835		Nestle India Ltd		10,543
	81,814		Nestle Malaysia BHD		2,635
	4,138,665		Nestle S.A.		577,829
	318,105	*	New Hope Liuhe Co Ltd		759
	74,285	*	NewAge, Inc		77
	287,792		Nichirei Corp		6,681
	55,097		Nippon Flour Mills Co Ltd		794
	154,000		Nippon Meat Packers, Inc		5,553
	357,659		Nippon Suisan Kaisha Ltd		1,690
	29,222		Nisshin Oillio Group Ltd		737
	209,378		Nisshin Seifun Group, Inc		3,021
	56,378		Nissin Food Products Co Ltd		4,115
	361,568	e	Nissin Foods Co Ltd		277
	3,235	*	Nong Shim Co Ltd		868
	2,114,400	e,g	Nongfu Spring Co Ltd		13,966
	14,854		Norway Royal Salmon ASA		275
	91,372		Oceana Group Ltd		318
	158,850		Origin Enterprises plc		597
	20,416	*	Orion Corp		274
	26,977	*	Orion Corp/Republic of Korea		2,348
	8,314		Orior AG.		820
	1,131,817		Orkla ASA		11,345
	984,217		Osotspa PCL		1,009
	1,565	*	Ottogi Corp		600
	2,396,648		PepsiCo, Inc		416,322
	388,225	e	Pernod-Ricard S.A.		93,398
	575		Philip Morris CR		424
	3,019,712		Philip Morris International, Inc		286,873
	76,812	*	Pilgrim’s Pride Corp		2,166
	15,075	*	Post Holdings, Inc		1,699
	736,941		PPB Group BHD		3,025
	707,612		Premier Foods plc		1,071
	47,210	e	Premium Brands Holdings Corp		4,719
	79,738		Prima Meat Packers Ltd		1,721
	393,198		Primo Water Corp		6,932

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	184,674		Primo Water Corp (Toronto)	$	3,259
	499,200		PT Astra Agro Lestari Tbk		333
	8,517,318		PT Charoen Pokphand Indonesia Tbk		3,550
	578,784		PT Gudang Garam Tbk		1,243
	5,156,809		PT Indofood Sukses Makmur Tbk		2,290
	3,124,400		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		260
	3,416,200		PT Sawit Sumbermas Sarana Tbk		231
	11,351	*	Pulmuone Co Ltd		165
	20,800		Qianhe Condiment and Food Co Ltd		79
	949,100		QL Resources BHD		1,041
	501,900		R&B Food Supply PCL		337
	79,598		Radico Khaitan Ltd		1,317
	44,624	e	Remy Cointreau S.A.		10,847
	28,100		Riken Vitamin Co Ltd		417
	729,413	*,e	RLX Technology, Inc (ADR)		2,845
	112,125	e	Rogers Sugar, Inc		527
	38,018	*	Ros Agro plc (ADR)		579
	10,104		Ros Agro plc (GDR)		154
	104,629		Royal Unibrew A.S.		11,769
	20,194		S Foods, Inc		611
	371,930		Saigon Beer Alcohol Beverage Corp		2,464
	34,855		Sakata Seed Corp		996
	127,560		Salmar ASA		8,798
	1,761	*	Samlip General Foods Co Ltd		105
	2,685	*	Samyang Corp		142
	3,547	*	Samyang Foods Co Ltd		283
	3,650	*	Samyang Holdings Corp		301
	84,655		Sanderson Farms, Inc		16,176
	193,907		Sao Martinho S.A.		1,196
	76,386	e	Sapporo Holdings Ltd		1,453
	307,974		Saputo, Inc		6,939
	21,676	*	Saudi Fisheries Co		262
	17,544		Saudia Dairy & Foodstuff Co		771
	292,407		Savola Group		2,489
	139,261	g	Scandinavian Tobacco Group A.S.		2,925
	15,569		Schouw & Co		1,356
	237		Seaboard Corp		933
	154,227		Select Harvests Ltd		697
	5,539	*	Seneca Foods Corp		266
	46,031		Shanghai Bairun Investment Holding Group Co Ltd		431
	83,422		Shanxi Xinghuacun Fen Wine Factory Co Ltd		4,131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	19,587	e	Showa Sangyo Co Ltd	$	453
	548,000	*	Shree Renuka Sugars Ltd		220
	35,701		Sichuan Swellfun Co Ltd		674
	1,929,378		Sime Darby Plantation BHD		1,741
	89,259	*	Simply Good Foods Co		3,710
	102,939		SLC Agricola S.A.		832
	1,837,171	e,g	Smoore International Holdings Ltd		9,381
	13,767	*	Sovos Brands, Inc		207
	444,000		Standard Foods Corp		849
	102,484		Strauss Group Ltd		3,196
	86,178		Suedzucker AG.		1,299
	96,877	*,e	SunOpta, Inc		672
	68,023		Suntory Beverage & Food Ltd		2,463
	3,855,298		Swedish Match AB		30,606
	89,081	*,e	Synlait Milk Ltd		211
	192,000		Taisun Enterprise Co Ltd		189
	563,000	*	Taiwan TEA Corp		413
	175,703		Takara Holdings, Inc		1,869
	283,291		Tassal Group Ltd		719
	688,432		Tata Tea Ltd		6,868
	601,706		Tate & Lyle plc		5,413
	4,990	*,e	Tattooed Chef, Inc		78
	3,284,803		Thai Union Group PCL		1,917
	450,669		Thai Vegetable Oil PCL (Foreign)		419
	847,400		Thaifoods Group PCL		123
	201,458		Tiger Brands Ltd		2,288
	2,363,301		Tingyi Cayman Islands Holding Corp		4,860
	80,085		Toly Bread Co Ltd		357
	301,639		Tongwei Co Ltd		2,127
	13,560	e	Tootsie Roll Industries, Inc		491
	141,316		Toyo Suisan Kaisha Ltd		5,992
	782,324		Treasury Wine Estates Ltd		7,054
	46,696	*	TreeHouse Foods, Inc		1,893
	126,100	*	Tres Tentos Agroindustrial S.A.		219
	74,475		Triveni Engineering & Industries Ltd		221
	615,471		Tsingtao Brewery Co Ltd		5,759
	49,393		Tsingtao Brewery Co Ltd (Class A)		768
	43,000		Ttet Union Corp		247
	22,319		Turning Point Brands, Inc		843
	90,727		Tyson Foods, Inc (Class A)		7,908
	160,876		Ulker Biskuvi Sanayi AS		212
	1,581,616		Uni-President China Holdings Ltd		1,533

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,701,384		Uni-President Enterprises Corp	$	14,116
	353,618		United Malt Grp Ltd		1,125
	100,800		United Plantations BHD		336
	337,871	*	United Spirits Ltd		4,072
	21,105		Universal Corp		1,159
	1,003,840		Universal Robina		2,520
	83,264	e	Utz Brands, Inc		1,328
	170,946		Varun Beverages Ltd		2,040
	295,774		Vector Group Ltd		3,395
	92,661	*,e	Village Farms International, Inc		595
	5,681		Vilmorin & Cie		347
	489,075		Vina Concha y Toro S.A.		752
	78,955		Viscofan S.A.		5,115
	505	*	Vita Coco Co, Inc		6
	163,140	*,e	Vital Farms, Inc		2,946
	920,000	e	Vitasoy International Holdings Ltd		1,860
	5,776,694		Want Want China Holdings Ltd		5,302
	320,561		Wei Chuan Food Corp		258
	465,370		Wens Foodstuffs Group Co Ltd		1,408
	9,643,109	g	WH Group Ltd		6,053
	33,803	*	Whole Earth Brands, Inc		363
	2,646,942		Wilmar International Ltd		8,146
	274,042		Wuliangye Yibin Co Ltd		9,573
	133,225		Yakult Honsha Co Ltd		6,950
	197,600	e	Yamazaki Baking Co Ltd		2,627
	550,407	e	Yihai International Holding Ltd		2,545
	97,800		Yihai Kerry Arawana Holdings Co Ltd		967
	119,917	*	Yuan Longping High-tech Agriculture Co Ltd		438
	19,100		Yukiguni Maitake Co Ltd		199
	1,114	*,e	Zevia PBC		8
	911,500	e,g	Zhou Hei Ya International Holdings Co Ltd		688
	14,061		Zydus Wellness Ltd		356
			TOTAL FOOD, BEVERAGE & TOBACCO		4,511,183

HEALTH CARE EQUIPMENT & SERVICES - 4.6%
	181,688	*,e	1Life Healthcare, Inc		3,192
	3,602,870		Abbott Laboratories		507,068
	13,890	*	Abiomed, Inc		4,989
	332,560	*	Acadia Healthcare Co, Inc		20,186
	154,169	*,e	Accelerate Diagnostics, Inc		805
	19,749	*	Accolade, Inc		521
	214,319	*	Accuray, Inc		1,022

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,254	*,e	Acutus Medical, Inc	$	21
	61,571	*	AdaptHealth Corp		1,506
	12,942	*	Addus HomeCare Corp		1,210
	227,490		Advanced Medical Solutions Group plc		1,034
	183,377	*	AGFA-Gevaert NV		791
	51,331	*,e	Agiliti, Inc		1,189
	163,368	*,e	agilon health, Inc		4,411
	638,483		Aier Eye Hospital Group Co Ltd		4,240
	300	*	AirSculpt Technologies, Inc		5
	532,000	e,g	AK Medical Holdings Ltd		450
	68,834		Al Hammadi Co for Development and Investment		738
	1,371,043		Alcon, Inc		120,933
	228,700		Alfresa Holdings Corp		3,048
	2,883,829	*	Alibaba Health Information Technology Ltd		2,443
	293,351	*	Align Technology, Inc		192,784
	144,762	*	Alignment Healthcare, Inc		2,035
	169,980	*	Allscripts Healthcare Solutions, Inc		3,136
	171,285	*	Alphatec Holdings Inc		1,958
	101,118	g	Ambea AB		677
	182,822		Ambu A.S.		4,825
	25,080	*	Amedisys, Inc		4,060
	162,159	*	American Well Corp		979
	112,124		AmerisourceBergen Corp		14,900
	58,164	*	AMN Healthcare Services, Inc		7,115
	333,310		Amplifon S.p.A.		17,935
	20,306	e	Andlauer Healthcare Group, Inc		867
	51,967	*	Angiodynamics, Inc		1,433
	273,034		Ansell Ltd		6,244
	699,527		Anthem, Inc		324,259
	162,785		Apollo Hospitals Enterprise Ltd		10,957
	3,775	*,e	Apollo Medical Holdings, Inc		277
	8,196	*	Apria, Inc		267
	2,360	*	Apyx Medical Corp		30
	500,990		Arjo AB		6,130
	35,144		As One Corp		2,355
	757,940		Asahi Intecc Co Ltd		16,283
	43,689	*	Ascom Holding AG.		562
	393,647	*,e	Asensus Surgical, Inc		437
	12,249	*,e	Aspira Women’s Health, Inc		22
	137,958	*,g	Aster DM Healthcare Ltd		322
	247,501	*	AtriCure, Inc		17,209
	116		Atrion Corp		82

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	124,900	*,g	Attendo AB	$	531
	456,634		Australian Pharmaceutical Industries Ltd		575
	15,368		Autobio Diagnostics Co Ltd		133
	200,914	*	Avanos Medical, Inc		6,966
	240,469	*	Aveanna Healthcare Holdings, Inc		1,779
	5,805	*	AxoGen, Inc		54
	171,620	*	Axonics Modulation Technologies, Inc		9,611
	18,869	*,e	Bactiguard Holding AB		345
	1,439,956		Bangkok Chain Hospital PCL		866
	6,647,671		Bangkok Dusit Medical Services PCL (Foreign)		4,577
	920,265		Baxter International, Inc		78,996
	103,020		Becton Dickinson & Co		25,907
	96,000	*,e	Beijing Chunlizhengda Medical Instruments Co Ltd		187
	5,065	*,e	Biodesix, Inc		27
	200,502	*	BioLife Solutions Inc		7,473
	56,204		BioMerieux		7,992
	27,476	*,e	Bioventus, Inc		398
	27,045		BML, Inc		841
	2,607,876	*	Boston Scientific Corp		110,783
	167,238	*	Brookdale Senior Living, Inc		863
	339,738		Bumrungrad Hospital PCL (Foreign)		1,430
	175,944	*,e	Butterfly Network, Inc		1,177
	224,477		Cardinal Health, Inc		11,558
	3,590	*	Cardiovascular Systems, Inc		67
	487,700	e	Carenet, Inc		4,539
	38,504		Carl Zeiss Meditec AG.		8,077
	9,812	*	Castle Biosciences, Inc		421
	223,175	*	Castlight Health, Inc		344
	18,182		Cellavision AB		653
	61,583	e	Celltrion Healthcare Co Ltd		4,149
	1,089,648	*	Centene Corp		89,787
	228,581		Cerner Corp		21,228
	101,178	*	Certara, Inc		2,875
	65,112	*	Cerus Corp		443
	46,102	*	Chabiotech Co Ltd		772
	196,581	*	Change Healthcare, Inc		4,203
	11,704		Chemed Corp		6,192
	29,592		China National Medicines Corp Ltd		146
	937,500		China Resources Phoenix Healthcare Holdings Co Ltd		558
	5,144,074		Chularat Hospital PCL		564
	1,236,565		Cigna Corp		283,952

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,479	*	ClearPoint Neuro, Inc	$	39
	1,032,034	*	Cleopatra Hospital		323
	102,500		CM Hospitalar S.A.		347
	596,000	e	C-Mer Eye Care Holdings Ltd		527
	196,207		Cochlear Ltd		30,795
	86,774		Coloplast AS		15,279
	6,384		Coltene Holding AG.		788
	459,298	*	Community Health Systems, Inc		6,113
	32,326		CompuGroup Medical SE & Co KgaA		2,606
	12,936	*	Computer Programs & Systems, Inc		379
	16,841		Conmed Corp		2,387
	1,959,531	g	ConvaTec Group plc		5,119
	1,425	*	Convey Holding Parent, Inc		12
	24,231		Cooper Cos, Inc		10,151
	879	*	Corvel Corp		183
	200,306	*	Covetrus, Inc		4,000
	48,306		Craneware plc		1,586
	143,491	*	Cross Country Healthcare, Inc		3,983
	27,500	*	CryoLife, Inc		560
	40,877	*,e	CryoPort, Inc		2,419
	4,866	*,e	Cue Health, Inc		65
	125,151	*	Cutera, Inc		5,171
	907	*	CVRx, Inc		11
	238,108		CVS Group plc		7,236
	1,428,142		CVS Health Corp		147,327
	122,331	*,e	CYBERDYNE, Inc		377
	5,788	*	CytoSorbents Corp		24
	35,352		Dallah Healthcare Co		705
	13,854	*,e	DarioHealth Corp		180
	52,441	*	DaVita, Inc		5,966
	10,139	*	Definitive Healthcare Corp		277
	29,492	*	Demant A.S.		1,510
	503,718	*,e	dentalcorp Holdings Ltd		6,479
	7,184	*	Dentium Co Ltd		421
	68,838		Dentsply Sirona, Inc		3,840
	459,667	*	DexCom, Inc		246,818
	42,484		DiaSorin S.p.A.		8,082
	11,648	*	DIO Corp		365
	36,174	g	Dr Lal PathLabs Ltd		1,854
	165,838		Dr Sulaiman Al Habib Medical Services Group Co		7,121
	11,012		Draegerwerk AG.		690
	4,081		Draegerwerk AG. & Co KGaA		250

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	18,029		Eckert & Ziegler Strahlen- und Medizintechnik AG.	$	1,927
	1,038,345	*	Edwards Lifesciences Corp		134,518
	34,800		Eiken Chemical Co Ltd		584
	50,445		El.En. S.p.A		892
	40,138	e	Elan Corp		388
	448,206	e	Elekta AB (B Shares)		5,667
	56,500		EM Systems Co Ltd		371
	69,569		EMIS Group plc		1,279
	136,339		Encompass Health Corp		8,897
	22,135		Ensign Group, Inc		1,858
	695,234	*	Envista Holdings Corp		31,327
	7,776	*	Eoflow Co Ltd		320
	130,661	*	Establishment Labs Holdings, Inc		8,831
	405,653	*	Evolent Health, Inc		11,224
	96,991	e	Extendicare, Inc		560
	82,844		Fagron NV		1,397
	94,727	*,e	Figs, Inc		2,611
	722,246		Fisher & Paykel Healthcare Corp		16,181
	202,506		Fleury S.A.		652
	3,784	*,e	Forian, Inc		34
	495,852	*	Fortis Healthcare Ltd		1,975
	263,216		Fresenius Medical Care AG.		17,064
	116,964		Fresenius SE		4,701
	16,117	*,e	Fulgent Genetics, Inc		1,621
	60,721	g	Galenica AG.		4,560
	996,675	g	Genertec Universal Medical Group Company Limited		720
	128,785		Getinge AB (B Shares)		5,613
	69,150		Ginko International Co Ltd		670
	3,878	*	Glaukos Corp		172
	87,145	*	Globus Medical, Inc		6,292
	130,981		GN Store Nord		8,219
	19,538		Guangzhou Kingmed Diagnostics Group Co Ltd		341
	506,606	*	Guardant Health, Inc		50,671
	6,455		Guerbet		274
	88,177	g	GVS S.p.A		1,058
	17,520	*	Haemonetics Corp		929
	3,242	*	Hanger Inc		59
	710,166	g	Hapvida Participacoes e Investimentos S.A.		1,318
	7,612,482		Hartalega Holdings BHD		10,470
	522,162		HCA Healthcare, Inc		134,154
	603,744		Healius Ltd		2,313

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,307	*	Health Catalyst, Inc	$	210
	251,082	*	HealthEquity, Inc		11,108
	32,917	*	HealthStream, Inc		868
	108,199	*	Henry Schein, Inc		8,389
	870	*	Heska Corp		159
	87,175	*	HLB Life Science CO Ltd		912
	25,298	e	HLS Therapeutics, Inc		300
	29,200		Hogy Medical Co Ltd		827
	197,565	*	Hologic, Inc		15,126
	90,600	*	Hospital Mater Dei S.A.		219
	635,473	*	Hoya Corp		94,299
	68,278		Huadong Medicine Co Ltd		431
	280,059		Humana, Inc		129,908
	409,600	e,g	Hygeia Healthcare Holdings Co Ltd		2,565
	3,883	*	iCAD, Inc		28
	5,745	*	ICU Medical, Inc		1,364
	139,858	*	IDEXX Laboratories, Inc		92,091
	1,867,989		IHH Healthcare BHD		3,291
	23,312	*,e	Implantica AG.		168
	69,807	*	Inari Medical, Inc		6,371
	38,047	*	InfuSystem Holdings, Inc		648
	89,179	*	Inmode Ltd		6,294
	1,489	*	Innovage Holding Corp		7
	1,835	*	Inogen, Inc		62
	12,585	*	Inspire Medical Systems, Inc		2,895
	58,283		Instituto Hermes Pardini S.A.		201
	71,856	*	Insulet Corp		19,119
	26,584		Intco Medical Technology Co Ltd		241
	41,969	*	Integer Holding Corp		3,592
	20,357	*	Integra LifeSciences Holdings Corp		1,364
	198,692		Integral Diagnostics Ltd		715
	87,785	*	Intersect ENT, Inc		2,397
	555,176	*,n	Intuitive Surgical, Inc		199,475
	33,349	*	Invacare Corp		91
	24,363		Ion Beam Applications		423
	9,214	*	iRadimed Corp		426
	11,410	*	iRhythm Technologies, Inc		1,343
	867,000		IVD Medical Holding Ltd		359
	43,944		Jafron Biomedical Co Ltd		368
	75,000		Japan Lifeline Co Ltd		716
	16,200		Japan Medical Dynamic Marketing, Inc		264
	44,488		Jeol Ltd		3,549

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	43,350		Jiangsu Yuyue Medical Equipment & Supply Co Ltd	$	257
	949,109	*,e,g	Jinxin Fertility Group Ltd		1,061
	30,700	*	JMDC, Inc		2,286
	18,624	*	Joint Corp		1,223
	76,968		Jointown Pharmaceutical Group Co Ltd		178
	348,000	e	Kangji Medical Holdings Ltd		355
	1,290,996		Koninklijke Philips Electronics NV		47,782
	90,034		Korian-Medica		2,852
	1,311,700		Kossan Rubber Industries		605
	2,223,028		KPJ Healthcare BHD		592
	16,126	*,g	Krishna Institute of Medical Sciences Ltd		309
	96,637	*	Laboratory Corp of America Holdings		30,364
	408,623	*	Lantheus Holdings, Inc		11,805
	5,499		Le Noble Age		315
	2,085		LeMaitre Vascular, Inc		105
	23,113		Lepu Medical Technology Beijing Co Ltd		82
	13,914	*	LHC Group, Inc		1,909
	15,410,716		Life Healthcare Group Holdings Pte Ltd		23,239
	17,912	*,e	LifeStance Health Group, Inc		171
	4,032,000	*	Lifetech Scientific Corp		1,894
	59,310	*	LivaNova plc		5,185
	241	*	Lucid Diagnostics, Inc		1
	389,416		M3, Inc		19,635
	13,342	*	Magellan Health Services, Inc		1,267
	97,863		Mani, Inc		1,358
	34,880	*	Masimo Corp		10,212
	318,072	*	Max Healthcare Institute Ltd		1,891
	169,339		McKesson Corp		42,093
	9,004	*,g	Medacta Group S.A.		1,403
	4,861	*,g	Medartis Holding AG.		695
	37,500	e	Medical Data Vision Co Ltd		405
	147,954		Medicare Group		345
	121,432		Mediceo Paltac Holdings Co Ltd		2,276
	492,235	*	Mediclinic International plc		2,131
	13,780	*	Medios AG.		610
	23,400	*	Medley, Inc		482
	29,513	*,g	Medmix AG.		1,458
	35,333	*	MEDNAX, Inc		961
	103,100	*	MedPeer, Inc		3,210
	2,933,353		Medtronic plc		303,455
	179,508	*	Meinian Onehealth Healthcare Holdings Co Ltd		221
	69,484		Menicon Co Ltd		2,055

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	137,952	*	Meridian Bioscience, Inc	$	2,814
	40,403	*	Merit Medical Systems, Inc		2,517
	4,437		Mesa Laboratories, Inc		1,456
	217		Metall Zug AG.(B Shares)		491
	12,592,000	*	Metro Healthcare Indonesia TBK PT		455
	28,001	g	Metropolis Healthcare Ltd		1,295
	977,895		Microport Scientific Corp		3,564
	41,589	*	Middle East Healthcare Co		350
	62,700		Miraca Holdings, Inc		1,591
	93,852	*,g	MLP Saglik Hizmetleri AS.		212
	22,801	*	ModivCare, Inc		3,381
	79,763	*	Molina Healthcare, Inc		25,371
	119,432		Mouwasat Medical Services Co		5,518
	434,007	*,e	Multiplan Corp		1,923
	22,836		Nagaileben Co Ltd		450
	86,322		Nakanishi, Inc		1,590
	1,011,808	*,e	Nanosonics Ltd		4,647
	42,574	*,e	Nano-X Imaging Ltd		619
	65,457	*,e	NantHealth, Inc		69
	75,723	*	Narayana Hrudayalaya Ltd		650
	10,885		National Healthcare Corp		740
	25,901		National Medical Care Co		431
	1,218		National Research Corp		51
	67,626	*	Natus Medical, Inc		1,605
	499,239	*	Neogen Corp		22,670
	1,189,113	*	Network Healthcare Holdings Ltd		1,185
	2,230		Neuca S.A.		465
	6,355	*,e	Neuronetics, Inc		28
	1,368	*,e	NeuroPace, Inc		14
	3,757	*	Nevro Corp		305
	89,500	*,e,g	New Horizon Health Ltd		254
	120,692	*	NextGen Healthcare, Inc		2,147
	198,677		Nihon Kohden Corp		5,447
	163,252		Nipro Corp		1,546
	159,379	*,†	NMC Health plc		2
	14,098	g	NNIT A.S.		248
	358,650		Notre Dame Intermedica Participacoes S.A.		3,872
	98,928	*	Novocure Ltd		7,428
	57,916	*	NuVasive, Inc		3,039
	370,185	*,e	Oak Street Health, Inc		12,268
	1,123,836		Oceania Healthcare Ltd		1,031
	288,175		Odontoprev S.A.		651

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,317,738		Olympus Corp	$	30,344
	106,117	*	Omnicell, Inc		19,148
	152,000	*	Oncoclinicas do Brasil Servicos Medicos S.A.		306
	3,449	*,e	Ontrak, Inc		22
	9,268	*	OptimizeRx Corp		576
	981,787	*	Option Care Health, Inc		27,922
	65,151	*	OraSure Technologies, Inc		566
	130,251		Oriola-KD Oyj (B Shares)		298
	103,621	e	Orpea		10,392
	627,802	*	Ortho Clinical Diagnostics Holdings plc		13,429
	62,981	*	Orthofix Medical Inc		1,958
	1,538	*	OrthoPediatrics Corp		92
	23,976	*	Osstem Implant Co Ltd		2,871
	18,693	*	Outset Medical, Inc		862
	24,066		Ovctek China, Inc		217
	145,295		Owens & Minor, Inc		6,320
	414	*	Paragon 28, Inc		7
	49,244		Paramount Bed Holdings Co Ltd		835
	346,911		Patterson Cos, Inc		10,182
	161,115	*,e	PAVmed, Inc		396
	30,000		Pegavision Corp		461
	487,000	*,g	Peijia Medical Ltd		831
	2,229	*	Pennant Group, Inc		51
	30,032	*	Penumbra, Inc		8,629
	29,889	*,e	PetIQ, Inc		679
	5,168		Pharmagest Inter@ctive		553
	66,102	*	Phreesia, Inc		2,754
	79,000	*,†	Pihsiang Machinery Manufacturing Co Ltd		0	^
	343,659	*,e,g	Ping An Healthcare and Technology Co Ltd		1,253
	25,458		Poly Medicure Ltd		328
	745,225	*,e	PolyNovo Ltd		826
	93,915		Premier, Inc		3,866
	171,307	*	Privia Health Group, Inc		4,432
	161,112		Pro Medicus Ltd		7,312
	514	*	PROCEPT BioRobotics Corp		13
	22,869	*	Progyny, Inc		1,151
	497,600		PT Siloam International Hospitals Tbk		299
	20,601	*,e	Pulmonx Corp		661
	2,330	*,e	Pulse Biosciences, Inc		35
	252,763		Qualicorp S.A.		765
	131,977		Quest Diagnostics, Inc		22,833
	11,618	*	Quidel Corp		1,568

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,907	*,e	Quotient Ltd	$	41
	572,257	*	R1 RCM, Inc		14,587
	32,932	*	RadNet, Inc		992
	1,609,499		Raffles Medical Group Ltd		1,636
	391,771		Ramsay Health Care Ltd		20,360
	270,100	g	Rede D’Or Sao Luiz S.A.		2,169
	63,984	*	Renalytix AI plc		537
	47,633		Resmed, Inc		12,407
	2,612	*,e	Retractable Technologies, Inc		18
	28,746		Revenio Group Oyj		1,818
	515,600		Riverstone Holdings Ltd		268
	922	*	RxSight, Inc		10
	372,637		Ryman Healthcare Ltd		3,125
	34,297		Sartorius AG.		23,196
	44,743		Saudi Chemical Co		404
	46,411	*	Schrodinger, Inc		1,617
	39,809	*	SD Biosensor, Inc		1,872
	15,976	*	SeaSpine Holdings Corp		218
	163,629	e	Sectra AB		3,625
	72,838	*,e	Sedana Medical AB		788
	557,795		Select Medical Holdings Corp		16,399
	631,923	*,e	Senseonics Holdings, Inc		1,687
	1,747,082		Shandong Weigao Group Medical Polymer Co Ltd		2,178
	130,032		Shanghai Pharmaceuticals Holding Co Ltd		406
	640,927		Shanghai Pharmaceuticals Holding Co Ltd (Hong Kong)		1,216
	2,708	*	Sharps Compliance Corp		19
	53,322		Shenzhen Mindray Bio-Medical Electronics Co Ltd		3,187
	263,636		Ship Healthcare Holdings, Inc		6,143
	38,284	*	Shockwave Medical Inc		6,827
	60,104	*	SI-BONE, Inc		1,335
	476,603	g	Siemens Healthineers AG.		35,535
	80,666	e	Sienna Senior Living, Inc		958
	160,555	*	Sientra, Inc		589
	3,334	*,e	Sight Sciences, Inc		59
	1,016,691		Sigma Healthcare Ltd		355
	58,210	*,e	Signify Health, Inc		828
	2,970	*	Silk Road Medical Inc		127
	1,436	e	Simulations Plus, Inc		68
	985,387		Sinopharm Group Co		2,145
	177,200	g	Sisram Medical Ltd		216
	1,589,496		Smith & Nephew plc		27,740

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	27,519	*,e	SOC Telemed, Inc	$	35
	71,100		Solasto Corp		764
	1,080,219		Sonic Healthcare Ltd		36,637
	69,210		Sonova Holdings AG		27,047
	341,480	*,g	Spire Healthcare Group plc		1,156
	499,100		Sri Trang Gloves Thailand PCL		452
	51,000		St. Shine Optical Co Ltd		578
	36,897	*	Staar Surgical Co		3,369
	8,262	*	Stereotaxis, Inc		51
	123,448		STERIS plc		30,048
	9,539		STRATEC Biomedical AG.		1,496
	17,224		Straumann Holding AG.		36,422
	296,964		Stryker Corp		79,414
	6,009	*	Suheung Capsule Co Ltd		223
	300,869		Summerset Group Holdings Ltd		2,816
	1,679,269		Supermax Corp BHD		593
	187,259	*	Surgery Partners, Inc		10,002
	41,808	*	Surgical Science Sweden AB		1,302
	1,305	*	SurModics, Inc		63
	81,800		Suzuken Co Ltd		2,361
	56,298	*	Synlab AG.		1,510
	655,213		Sysmex Corp		88,442
	2,144	*	Tabula Rasa HealthCare, Inc		32
	202,319	*	Tactile Systems Technology, Inc		3,850
	60,000		TaiDoc Technology Corp		394
	17,533	*,e	Talis Biomedical Corp		70
	143,323	*	Tandem Diabetes Care, Inc		21,573
	110,768	*	Teladoc, Inc		10,171
	15,418		Teleflex, Inc		5,065
	310,142	*	Tenet Healthcare Corp		25,336
	1,116,456		Terumo Corp		47,160
	399,311		Thonburi Healthcare Group PCL		445
	20,606	g	Thyrocare Technologies Ltd		307
	17,946	*	Tivity Health, Inc		475
	158,230		Toho Pharmaceutical Co Ltd		2,415
	27,209		Tokai Corp (GIFU)		467
	3,684,086		Top Glove Corp BHD		2,290
	12,080	*	Topchoice Medical Corp		377
	42,852	*	Transmedics Group, Inc		821
	18,289	*	Treace Medical Concepts, Inc		341
	20,480	*	Triple-S Management Corp (Class B)		731
	282,025		Uniphar plc		1,605

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,036,876		UnitedHealth Group, Inc	$	1,022,797
	54,064		Universal Health Services, Inc (Class B)		7,010
	41,000		Universal Vision Biotechnology Co Ltd		419
	1,254		US Physical Therapy, Inc		120
	2,644		Utah Medical Products, Inc		264
	8,415		Value Added Technologies Co Ltd		250
	2,452	*,e	Vapotherm, Inc		51
	52,744	*	Varex Imaging Corp		1,664
	252,191	*	Veeva Systems, Inc		64,430
	157,500	*,e,g	Venus MedTech Hangzhou, Inc		600
	30,345	*,e	Viemed Healthcare, Inc		158
	465,579	*	ViewRay, Inc		2,565
	145,982	*,e	Vimian Group AB		1,282
	3,633	*	Vocera Communications, Inc		236
	210,019	*,e	Well Health Technologies Corp		815
	107,572		Winning Health Technology Group Co Ltd		283
	177,693	*	Xvivo Perfusion AB		5,469
	4,217	e	Ypsomed Holding AG.		861
	1,219,737		Zimmer Biomet Holdings, Inc		154,955
	3,206	*,e	Zynex Inc		32
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		6,398,079

HOUSEHOLD & PERSONAL PRODUCTS - 1.4%
	10,976	*	Aekyung Industrial Co Ltd		175
	278,442	*,e	Amorepacific Corp		39,075
	104,908		Bajaj Corp Ltd		279
	118,865	*,e	Beauty Health Co		2,872
	302,457		Beiersdorf AG.		31,003
	248,969	*,e	BellRing Brands, Inc		7,103
	5,499,000	*,†,e	Best World International Ltd		2,775
	17,894		Blackmores Ltd		1,190
	371,062		BWX Ltd		1,176
	119,197		By-health Co Ltd		504
	74,040		C&S Paper Co Ltd		194
	5,996	*	Central Garden & Pet Co		316
	105,600	*	Central Garden and Pet Co (Class A)		5,053
	52,000		Chlitina Holding Ltd		427
	60,265		Church & Dwight Co, Inc		6,177
	42,014		Clorox Co		7,326
	886,908		Colgate-Palmolive Co		75,689
	140,775		Colgate-Palmolive India Ltd		2,801
	9,152	*	Cosmax, Inc		671

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	83,260	*,e	Coty, Inc	$	874
	718,318		Dabur India Ltd		5,597
	19,430		Earth Chemical Co Ltd		1,037
	46,968		Edgewell Personal Care Co		2,147
	901,534	*	elf Beauty, Inc		29,940
	228,799		Emami Ltd		1,592
	73,979		Energizer Holdings, Inc		2,967
	346,516		Essity AB		11,305
	713,889	n	Estee Lauder Cos (Class A)		264,282
	127,400	*,e	Euglena Co Ltd		785
	165,984		Fancl Corp		4,947
	6,444		Gillette India Ltd		456
	406,321	*	Godrej Consumer Products Ltd		5,283
	120,000		Grape King Industrial Co		694
	761,136		Hengan International Group Co Ltd		3,921
	124,687		Henkel KGaA		9,719
	193,082		Henkel KGaA (Preference)		15,580
	26,573	*	Herbalife Nutrition Ltd		1,088
	967,901		Hindustan Lever Ltd		30,639
	72,265	*,e	Honest Co, Inc		585
	34,917	*	Hyundai Bioscience Co Ltd		742
	8,344,769		Industri Jamu Dan Farmasi Sido Muncul Tbk PT		506
	28,630		Inter Parfums S.A.		2,398
	1,650		Inter Parfums, Inc		176
	48,322	e,g	Jamieson Wellness, Inc		1,533
	155,100		Jyothy Laboratories Ltd		288
	560,969		Kao Corp		29,380
	225,904		Kimberly-Clark Corp		32,286
	1,687,218	e	Kimberly-Clark de Mexico S.A. de C.V. (Class A)		2,555
	66,890		Kitanotatsujin Corp		195
	15,960		Kobayashi Pharmaceutical Co Ltd		1,255
	12,712	*	Kolmar BNH Co Ltd		331
	14,473	*	Kolmar Korea Co Ltd		489
	29,668		Kose Corp		3,366
	28,184	*	LG Household & Health Care Ltd		26,013
	2,504	*	LG Household & Health Care Ltd (Preference)		1,297
	185,550		Lion Corp		2,480
	412,770		L’Oreal S.A.		196,814
	41,072		Mandom Corp		506
	616,260		Marico Ltd		4,243
	30,336		Medifast, Inc		6,353

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	330,532	*	Microbio Co Ltd	$	829
	45,098		Milbon Co Ltd		2,237
	1,008,564	*	Natura & Co Holding S.A.		4,651
	10,174		Nature’s Sunshine Products, Inc		188
	19,500		Noevir Holdings Co Ltd		914
	61,861		Nu Skin Enterprises, Inc (Class A)		3,139
	4,721		Oil-Dri Corp of America		155
	74,017	*	Olaplex Holdings, Inc		2,156
	76,573	*,e	Ontex Group NV		611
	126,523	*	Pacific Corp		4,714
	4,893		Pharmanutra S.p.A		419
	217,201	e	Pigeon Corp		4,157
	78,265		Pola Orbis Holdings, Inc		1,304
	4,000	*,e	Premier Anti-Aging Co Ltd		322
	4,247,130		Procter & Gamble Co		694,746
	9,398		Proya Cosmetics Co Ltd		307
	9,015,210		PT Unilever Indonesia Tbk		2,600
	492,499		PZ Cussons plc		1,382
	1,100,750		Reckitt Benckiser Group plc		94,757
	104,279	*,e	Revlon, Inc (Class A)		1,183
	47,094		Reynolds Consumer Products, Inc		1,479
	114,745		Rohto Pharmaceutical Co Ltd		3,469
	44,074		Sarantis S.A.		447
	53,153		Shanghai Jahwa United Co Ltd		337
	818,326		Shiseido Co Ltd		45,651
	188,568		Spectrum Brands Holdings, Inc		19,181
	108,128		TCI Co Ltd		815
	308	*	Thorne HealthTech, Inc		2
	622,799		Uni-Charm Corp		27,096
	57,792		Unilever plc		3,098
	3,009,126		Unilever plc		161,429
	31,209	*	USANA Health Sciences, Inc		3,158
	416,403	*	Veru, Inc		2,453
	434,536	e	Vinda International Holdings Ltd		1,059
	1,392		WD-40 Co		341
	33,500		YA-MAN Ltd		280
	90,200	*,e	Yatsen Holding Ltd (ADR)		194
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,982,710

INSURANCE - 2.3%
	55,091		Admiral Group plc		2,358
	489,716		Aegon NV		2,435

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	703,553		Aflac, Inc	$	41,080
	49,647		Ageas		2,571
	15,758,322		AIA Group Ltd		159,046
	19,326	*	Al Rajhi Co for Co-operative Insurance		400
	13,995	*	Alleghany Corp		9,343
	361,976		Allianz AG.		85,375
	293,166		Allstate Corp		34,491
	1,054,033		Alm Brand AS		2,048
	82,243	*	AMBAC Financial Group, Inc		1,320
	164,265		American Equity Investment Life Holding Co		6,393
	98,755		American Financial Group, Inc		13,561
	3,677,886		American International Group, Inc		209,125
	6,681		American National Group, Inc		1,262
	16,783		Amerisafe, Inc		903
	255,631		Anadolu Sigorta		127
	90,800	*	Anicom Holdings, Inc		654
	234,498		Aon plc		70,481
	351,359	*	Arch Capital Group Ltd		15,618
	27,723		Argo Group International Holdings Ltd		1,611
	193,888		Arthur J. Gallagher & Co		32,897
	167,191		ASR Nederland NV		7,700
	809,392	e	Assicurazioni Generali S.p.A.		17,106
	55,076		Assurant, Inc		8,584
	67,541		Assured Guaranty Ltd		3,391
	253,012	*	Athene Holding Ltd		21,083
	86,089		AUB Group Ltd		1,615
	5,277,306		Aviva plc		29,417
	2,250,852		AXA S.A.		66,993
	153,709		Axis Capital Holdings Ltd		8,373
	12,929		Baloise Holding AG.		2,110
	660,900		Bangkok Life Assurance PCL		733
	7,421,046		BB Seguridade Participacoes S.A.		27,470
	3,234,322	*	Beazley plc		20,452
	487,682	*,e	Bright Health Group, Inc		1,678
	76,053	*	Brighthouse Financial, Inc		3,940
	10,773		Brookfield Asset Management Reinsurance Partners Ltd		677
	311,693		Brown & Brown, Inc		21,906
	164,046	*	BRP Group, Inc		5,924
	65,608		Bupa Arabia for Cooperative Insurance Co		2,296
	9,315,807		Cathay Financial Holding Co Ltd		20,987
	19,772,180		China Development Financial Holding Corp		12,488
	1,697,757	*	China Development Financial Holding Corp		588

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,146,332		China Insurance International Holdings Co Ltd	$	2,947
	8,896,790		China Life Insurance Co Ltd		14,748
	194,975		China Life Insurance Co Ltd (Class A)		920
	510,000		China Pacific Insurance Group Co Ltd		2,170
	3,185,809		China Pacific Insurance Group Co Ltd (Hong Kong)		8,655
	1,340,017		Chubb Ltd		259,039
	142,334		Cincinnati Financial Corp		16,216
	44,608	*,e	Citizens, Inc (Class A)		237
	74,028	*	Clal Insurance		1,895
	26,907		CNA Financial Corp		1,186
	49,861		CNP Assurances		1,233
	69,128		Co for Cooperative Insurance		1,423
	110,403		Conseco, Inc		2,632
	3,630,000	*,†	Convoy Global Holdings Ltd		5
	22,896		Crawford & Co		171
	983,362		Dai-ichi Mutual Life Insurance Co		19,834
	417,900	*	Dhipaya Group Holdings PCL		963
	1,941,495		Direct Line Insurance Group plc		7,336
	479,264	*	Discovery Holdings Ltd		4,318
	12,603		Donegal Group, Inc (Class A)		180
	55,895	*	Dongbu Insurance Co Ltd		2,538
	16,150	*	eHealth, Inc		412
	24,938		Employers Holdings, Inc		1,032
	10,874	*	Enstar Group Ltd		2,692
	24,825		Erie Indemnity Co (Class A)		4,783
	187,699		Everest Re Group Ltd		51,415
	33,036		Fairfax Financial Holdings Ltd		16,251
	43,626	e	Fanhua, Inc (ADR)		318
	256,154		Fidelity National Financial Inc		13,366
	140,285		First American Financial Corp		10,974
	71,518	*	Fubon Financial Holding Co Ltd		155
	9,063,124		Fubon Financial Holding Co Ltd		24,946
	443,230	*	Genworth Financial, Inc (Class A)		1,795
	252,909		Gjensidige Forsikring BA		6,136
	98,416		Globe Life, Inc		9,224
	58,797	*	GoHealth, Inc		223
	13,393		Goosehead Insurance, Inc		1,742
	362,851		Great-West Lifeco, Inc		10,889
	28,042	*	Greenlight Capital Re Ltd (Class A)		220
	51,226		Grupo Catalana Occidente S.A.		1,750
	17,051		Hannover Rueckversicherung AG.		3,233
	34,260		Hanover Insurance Group, Inc		4,490

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,508,477	*,e	Hanwha Life Insurance Co Ltd	$	3,718
	238,805		Harel Insurance Investments & Finances Ltd		2,711
	906,915		Hartford Financial Services Group, Inc		62,613
	5,202		HCI Group, Inc		435
	1,030,494	g	HDFC Life Insurance Co Ltd		8,982
	45,067		Helvetia Holding AG.		5,294
	301,170		Heritage Insurance Holdings, Inc		1,771
	421,159		Hiscox Ltd		4,946
	37,536		Horace Mann Educators Corp		1,453
	63,205	*	Hyundai Marine & Fire Insurance Co Ltd		1,218
	140,130		iA Financial Corp, Inc		8,018
	252,863	g	ICICI Lombard General Insurance Co Ltd		4,756
	402,608	g	ICICI Prudential Life Insurance Co Ltd		3,031
	10,220		IDI Insurance Co Ltd		372
	3,735		Independence Holding Co		212
	2,863,918		Insurance Australia Group Ltd		8,875
	227,795		Intact Financial Corp		29,609
	926		Investors Title Co		183
	1,039,200	*	IRB Brasil Resseguros S		748
	27,291		James River Group Holdings Ltd		786
	2,110,200		Japan Post Holdings Co Ltd		16,439
	247,400		Japan Post Insurance Co Ltd		3,974
	1,266,861	*	Just Retirement Group plc		1,434
	57,947		Kemper Corp		3,407
	26,563		Kinsale Capital Group, Inc		6,319
	78,153	*	Korean Reinsurance Co		607
	287,278		Lancashire Holdings Ltd		2,061
	5,561,041		Legal & General Group plc		22,457
	36,115	*,e	Lemonade, Inc		1,521
	137,907	*	Liberty Holdings Ltd		818
	66,100	*	Lifenet Insurance Co		526
	513,121		Lincoln National Corp		35,026
	769,758	e	Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros		1,399
	205,597		Loews Corp		11,875
	66,518	*,e	Maiden Holdings Ltd		204
	2,536,201		Manulife Financial Corp (Toronto)		48,340
	1,308,990	e	Mapfre S.A.		2,676
	12,635	*	Markel Corp		15,592
	1,525,930		Marsh & McLennan Cos, Inc		265,237
	226,320	*	Max Financial Services Ltd		2,978
	44,295	*	MBIA, Inc		699
	4,174,444		Medibank Pvt Ltd		10,167

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	30,509		Menorah Mivtachim Holdings Ltd	$	721
	362,518		Mercuries & Associates Holding Ltd		297
	3,449,599	*	Mercuries Life Insurance Co Lt		1,150
	26,649		Mercury General Corp		1,414
	52,669	*	Meritz Fire & Marine Insurance Co Ltd		1,483
	1,341,066		Metlife, Inc		83,803
	41,456	*	MetroMile, Inc		91
	418,088		Migdal Insurance Holdings Ltd		688
	57,613	*	Mirae Asset Life Insurance Co Ltd		194
	1,155,861		Momentum Metropolitan Holdings		1,375
	400,026		MS&AD Insurance Group Holdings Inc		12,318
	39,751		Muenchener Rueckver AG.		11,735
	2,274		National Western Life Group, Inc		488
	164,165		New China Life Insurance Co Ltd		1,002
	1,195,365		New China Life insurance Co Ltd (Hong Kong)		3,198
	10,117	*	NI Holdings, Inc		191
	556,364		nib holdings Ltd		2,835
	328,954		NN Group NV		17,790
	5,635,609		Old Mutual Ltd		4,633
	271,792		Old Republic International Corp		6,681
	2,149	*	Palomar Holdings, Inc		139
	11,305,388		People’s Insurance Co Group of China Ltd		3,424
	632,715		People’s Insurance Co Group of China Ltd (Class A)		467
	709,155		Phoenix Group Holdings plc		6,277
	184,379		Phoenix Holdings Ltd		2,382
	8,523,556		PICC Property & Casualty Co Ltd		6,967
	10,875,476		Ping An Insurance Group Co of China Ltd		78,370
	3,954,792		Ping An Insurance Group Co of China Ltd (Class A)		31,294
	490,699	g	Poste Italiane S.p.A		6,428
	730,693	e	Power Corp Of Canada		24,146
	696,043		Powszechny Zaklad Ubezpieczen S.A.		6,078
	37,095		Primerica, Inc		5,686
	251,670		Principal Financial Group		18,203
	47,241		ProAssurance Corp		1,195
	635,578		Progressive Corp		65,242
	74,915		Protector Forsikring ASA		919
	902,632		Prudential Financial, Inc		97,701
	2,135,352		Prudential plc		36,926
	10,234,300	*	PT Panin Life Tbk		124
	1,752,164	*	Qatar Insurance Co SAQ		1,323
	1,728,459		QBE Insurance Group Ltd		14,273

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	177,665	e	Qualitas Controladora SAB de C.V.	$	901
	484,477		Rand Merchant Investment Holdings Ltd		1,376
	64,839		Reinsurance Group of America, Inc (Class A)		7,099
	68,903		RenaissanceRe Holdings Ltd		11,667
	6,528		RLI Corp		732
	195,320	*	Ryan Specialty Group Holdings, Inc		7,881
	314,657	g	Sabre Insurance Group plc		784
	12,470		Safety Insurance Group, Inc		1,060
	137,711	*	Saga plc		533
	340,529		Sampo Oyj (A Shares)		17,043
	36,317	*	Samsung Fire & Marine Insurance Co Ltd		6,169
	79,657	*	Samsung Life Insurance Co Ltd		4,289
	2,126,839		Sanlam Ltd		7,923
	43,142		Santam Ltd		728
	517,473	g	SBI Life Insurance Co Ltd		8,298
	230,654		SCOR SE		7,201
	76,655		Selective Insurance Group, Inc		6,281
	184,340	*	Selectquote, Inc		1,670
	14,243,866		Shin Kong Financial Holding Co Ltd		5,676
	191,564		Shinkong Insurance Co Ltd		329
	75,960	*	SiriusPoint Ltd		618
	59,142	*	Societa Cattolica di Assicurazioni SCRL		390
	16,807	*	Solid Forsakring AB		109
	727,520		Sompo Holdings, Inc		30,682
	14,747		State Auto Financial Corp		762
	1,547,670		Steadfast Group Ltd		5,907
	23,075		Stewart Information Services Corp		1,840
	568,151		Storebrand ASA		5,693
	324,900		Sul America S.A.		1,598
	765,663	e	Sun Life Financial, Inc		42,619
	1,503,184		Suncorp-Metway Ltd		12,102
	23,745		Swiss Life Holding		14,508
	88,297		Swiss Re Ltd		8,716
	272,125		Syarikat Takaful Malaysia BHD		242
	636,065		T&D Holdings, Inc		8,126
	36,221		Tiptree Inc		501
	677,399		Tokio Marine Holdings, Inc		37,711
	44,881	*	Tongyang Life Insurance Co Ltd		249
	60,492		Topdanmark AS		3,393
	338,624		TQM Corp PCL		985
	233,625		Travelers Cos, Inc		36,546
	17,114	*	Trean Insurance Group, Inc		152

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	44,611	*	Trisura Group Ltd	$	1,682
	3,245	*	Trupanion, Inc		428
	102,294		Tryg A.S.		2,524
	478,579		Unipol Gruppo Finanziario S.p.A		2,592
	147,082		Uniqa Versicherungen AG.		1,347
	19,192		United Fire Group Inc		445
	18,676		United Insurance Holdings Corp		81
	23,604		Universal Insurance Holdings, Inc		401
	192,349		Unum Group		4,726
	47,107		Vienna Insurance Group AG Wiener Versicherung Gruppe		1,337
	212,084		W.R. Berkley Corp		17,474
	6,018		White Mountains Insurance Group Ltd		6,102
	295,382		Willis Towers Watson plc		70,150
	29,089		Wuestenrot & Wuerttembergische AG.		585
	354,005	*,e,g	ZhongAn Online P&C Insurance Co Ltd		1,233
	258,719		Zurich Insurance Group AG		113,339
			TOTAL INSURANCE		3,191,975

MATERIALS - 4.8%
	335,049	*	29Metals Ltd		749
	216,740		Aarti Industries		2,919
	435,335		Acerinox S.A.		5,602
	57,474	*,e	Aclara Resources, Inc		65
	98,738		ADEKA Corp		2,205
	411,263		Adelaide Brighton Ltd		845
	48,473		Advanced Enzyme Technologies Ltd		212
	123,214		Advanced Petrochemical Co		2,308
	23,797		AdvanSix, Inc		1,124
	118,771		Aeci Ltd		835
	122,339		African Rainbow Minerals Ltd		1,775
	313,348		Agnico-Eagle Mines Ltd		16,644
	11,800		Aichi Steel Corp		256
	631,330		Air Liquide		110,107
	249,925		Air Products & Chemicals, Inc		76,042
	223,400		Air Water, Inc		3,453
	14,570	e	AirBoss of America Corp		532
	8,133		Akzo Nobel India Ltd		224
	206,494		Akzo Nobel NV		22,686
	472,573		Alamos Gold, Inc		3,635
	145,239		Albemarle Corp		33,953
	378,925		Alcoa Corp		22,576
	447,307	*	Alkane Resources Ltd		299

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	13,932		Alkyl Amines Chemicals	$	664
	53,201	*	Allegheny Technologies, Inc		847
	697,463	*	Allkem Ltd		5,291
	47,444		Altius Minerals Corp		653
	78,384		Altri SGPS S.A.		500
	35,779		Alujain Corp		514
	3,001,343		Alumina Ltd		4,083
	4,711,964	*	Aluminum Corp of China Ltd		2,596
	929,287	*	Aluminum Corp of China Ltd (Class A)		893
	794,746		Ambuja Cements Ltd		4,023
	1,457,021		Amcor plc		17,499
	87,450		American Vanguard Corp		1,433
	40,442	e	AMG Advanced Metallurgical Group NV		1,299
	224,015	*,e	Amyris, Inc		1,212
	60,611		Anglo American Platinum Ltd		6,913
	1,493,075		Anglo American plc (London)		61,413
	477,888		AngloGold Ashanti Ltd		10,062
	2,189,232	e	AngloGold Ashanti Ltd (ADR)		45,930
	931,565		Anhui Conch Cement Co Ltd		4,659
	176,145		Anhui Conch Cement Co Ltd (Class A)		1,115
	22,900		Anhui Honglu Steel Construction Group Co Ltd		192
	430,865		Antofagasta plc		7,836
	144,651	e	APERAM		7,874
	122,425	*	APL Apollo Tubes Ltd		1,639
	62,297		Aptargroup, Inc		7,630
	51,979		Arabian Cement Co		523
	1,040,438		ArcelorMittal		33,376
	109,162	*	Arconic Corp		3,603
	21,277	e	Ardagh Group S.A.		480
	130,240	*	Ardagh Metal Packaging S.A.		1,176
	373,786	*	Argonaut Gold, Inc		709
	67,240		Arkema		9,491
	91,834		Asahi Holdings, Inc		1,640
	972,540		Asahi Kasei Corp		9,162
	53,425		Ashland Global Holdings, Inc		5,752
	492,125		Asia Cement China Holdings Corp		315
	1,549,044		Asia Cement Corp		2,477
	374,000		Asia Polymer		494
	451,224		Asian Paints Ltd		20,503
	88,465		Associated Cement Co Ltd		2,631
	96,270		Atalaya Mining plc		536
	16,096		Atul Ltd		1,954

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	38,215		Aurubis AG.	$	3,820
	99,273	*	Australian Strategic Materials Ltd		770
	139,409		Avery Dennison Corp		30,192
	343,463		Avient Corp		19,217
	3,056,195	*,e	AVZ Minerals Ltd		1,722
	328,270	*	Axalta Coating Systems Ltd		10,872
	87,606	*	Aya Gold & Silver, Inc		661
	1,513,275		B2Gold Corp		5,958
	10,423		Balaji Amines Ltd		477
	40,739		Balchem Corp		6,869
	701,054		Ball Corp		67,490
	1,639,985		Baoshan Iron & Steel Co Ltd		1,849
	2,325,225		Barrick Gold Corp (Canada)		44,209
	11,780		BASF India Ltd		479
	1,008,613		BASF SE		70,790
	14,772		Bayer CropScience Ltd		985
	759,600		BBMG Corp		339
	31,700		Beijing Easpring Material Technology Co Ltd		432
	44,184		Bekaert S.A.		1,964
	1,061,769	*	Bellevue Gold Ltd		655
	278,732		Berger Paints India Ltd		2,889
	2,332,300	*	Berkah Beton Sadaya Tbk PT		973
	129,678	*	Berry Global Group, Inc		9,568
	4,362,520	e	BHP Billiton Ltd		131,712
	2,560,298		BHP Group plc		76,181
	370,375		Billerud AB		6,970
	4,000	*,†,e	Bio On S.p.A.		0	^
	28,728		Birla Corp Ltd		548
	764,994		BlueScope Steel Ltd		11,679
	303,169	e	Boliden AB		11,690
	1,238,136	*	Boral Ltd		5,496
	116,009		Borregaard ASA		2,919
	403,870		Boubyan Petrochemicals Co KSCP		1,138
	178,791		Bradespar S.A.		798
	221,800		Braskem S.A.		2,344
	1,850,064		Breedon Group plc		2,379
	91,944		Brickworks Ltd		1,617
	249,221		Buzzi Unicem S.p.A.		5,370
	5,870		Cabot Corp		330
	265,278	*	Calibre Mining Corp		281
	120,089	*	Canfor Corp		3,044
	71,310		CAP S.A.		695

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	350,184	*	Capricorn Metals Ltd	$	867
	371,675	*,e	Capstone Mining Corp		1,640
	113,022		Carborundum Universal Ltd		1,490
	42,245		Carpenter Technology Corp		1,233
	104,623		Cascades, Inc		1,155
	404,265		Castrol India Ltd		666
	186,447		CCL Industries		9,998
	133,348		Celanese Corp (Series A)		22,410
	55,461		Cementir Holding NV		529
	640,681		Cementos Argos S.A.		963
	17,404,130	*,e	Cemex S.A. de C.V.		11,891
	1,410,483		Centamin plc		1,708
	267,826		Centerra Gold, Inc		2,064
	210,342		Central Asia Metals plc		737
	43,272	*	Century Aluminum Co		717
	158,000		Century Iron & Steel Industrial Co Ltd		631
	60,268		Century Plyboards India Ltd		482
	87,195		Century Textile & Industries Ltd		1,072
	847,752		CF Industries Holdings, Inc		60,004
	386,493	*	Chalice Gold Mines Ltd		2,705
	193,946		Chambal Fertilizers & Chemicals Ltd		1,026
	429,976	*	Champion Iron Ltd		1,706
	5,178		Chase Corp		516
	296,743		Chemours Co		9,959
	41,554	*	Chemplast Sanmar Ltd		309
	860,006		Cheng Loong Corp		1,096
	196,900		Chengtun Mining Group Co Ltd		333
	59,100	*	Chengxin Lithium Group Co Ltd		538
	412,000		Chia Hsin Cement Corp		309
	137,562	*	Chifeng Jilong Gold Mining Co Ltd		322
	7,436,695		China BlueChemical Ltd		2,070
	366,183		China General Plastics Corp		459
	2,750,105		China Hongqiao Group Ltd		2,907
	203,029		China Jushi Co Ltd		580
	1,206,361		China Manmade Fibers Corp		442
	297,112		China Metal Products		354
	70,000		China Minmetals Rare Earth Co Ltd		429
	3,853,614		China Molybdenum Co Ltd		2,036
	1,179,144		China Molybdenum Co Ltd (Class A)		1,035
	3,086,276		China National Building Material Co Ltd		3,789
	262,529		China Northern Rare Earth Group High-Tech Co Ltd		1,887
	1,246,000		China Oriental Group Co Ltd		376

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,173,856	*	China Petrochemical Development Corp	$	1,980
	1,874,248		China Resources Cement Holdings Ltd		1,418
	164,000		China Steel Chemical Corp		713
	13,725,181		China Steel Corp		17,514
	2,371,000		China XLX Fertiliser Ltd		1,623
	4,462,240	*,†,e	China Zhongwang Holdings Ltd		481
	115,522		Chr Hansen Holding A/S		9,109
	46,678		Chugoku Marine Paints Ltd		385
	412,000		Chun Yuan Steel		363
	4,374		Chunbo Co Ltd		1,280
	939,000		Chung Hung Steel Corp		1,391
	394,540	*	Chung Hwa Pulp Corp		353
	154,900	*	Cia Brasileira de Aluminio		379
	264,122	*,e	Cia de Minas Buenaventura S.A. (ADR) (Series B)		1,933
	41,998		Cia Ferro Ligas da Bahia - FERBASA		368
	761,650		Cia Siderurgica Nacional S.A.		3,411
	52,552		Ciech S.A.		548
	73,399		City Cement Co		440
	385,057		Clariant AG.		7,999
	22,009	*	Clean Science & Technology Ltd		735
	13,972	*	Clearwater Paper Corp		512
	624,259	*,e	Cleveland-Cliffs, Inc		13,590
	148,400		CNNC Hua Yuan Titanium Dioxide Co Ltd		294
	89,539	*	Coeur Mining, Inc		451
	342,939		Commercial Metals Co		12,445
	86,132	*	Companhia Vale do Rio Doce		7
	3,049		Compass Minerals International, Inc		156
	341,417	*	Constellium SE		6,115
	72,215		Corbion NV		3,410
	127,336		Coromandel International Ltd		1,293
	2,718,366	*,g	Coronado Global Resources, Inc		2,455
	1,461,222		Corteva, Inc		69,087
	53,786		Corticeira Amorim SGPS S.A.		689
	241,726	g	Covestro AG.		14,878
	459,000		CPMC Holdings Ltd		257
	1,338,617		CRH plc		70,866
	153,442		Croda International plc		21,017
	1,693,685		Crown Holdings, Inc		187,355
	588,407		CSR Ltd		2,519
	2,370,700		D&L Industries Inc		439
	313,400		Daicel Chemical Industries Ltd		2,169
	32,431		Daido Steel Co Ltd		1,178

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	23,900		Daiken Corp	$	451
	33,100	*	Daiki Aluminium Industry Co Ltd		461
	162,499		Daio Paper Corp		2,699
	94,685		Dalmia Bharat Ltd		2,347
	8,614	*,e	Danimer Scientific, Inc		73
	1,300,149	*,e	De Grey Mining Ltd		1,155
	56,589		Deepak Fertilizers & Petrochemicals Corp Ltd		283
	87,757		Deepak Nitrite Ltd		2,932
	96,349		Denki Kagaku Kogyo KK		3,153
	514,142		Deterra Royalties Ltd		1,610
	607,438		Dexco S.A.		1,624
	92,601		DIC Corp		2,334
	70,511	*	Diversey Holdings Ltd		939
	58,300		Do-Fluoride New Materials Co Ltd		411
	21,641		Dongbu Steel Co Ltd		193
	36,429		Dongjin Semichem Co Ltd		1,561
	65,446	*	Dongkuk Steel Mill Co Ltd		874
	5,338	*	Dongwha Enterprise Co Ltd		443
	5,699	*	Dongwon Systems Corp		245
	1,695,000		Dongyue Group		2,648
	868,970		Dow, Inc		49,288
	60,179		Dowa Holdings Co Ltd		2,533
	441,014		DRDGOLD Ltd		369
	1,668,897		DS Smith plc		8,691
	192,350		DSM NV		43,318
	231,612		Dundee Precious Metals, Inc		1,432
	3,147,051		DuPont de Nemours, Inc		254,219
	13,523		Eagle Materials, Inc		2,251
	1,034,200		Eastern Polymer Group PCL		346
	44,754		Eastern Province Cement Co		524
	176,368		Eastman Chemical Co		21,325
	628,325		Ecolab, Inc		147,399
	19,956		Ecopro Co Ltd		1,967
	77,110		EID Parry India Ltd		467
	219,711	*	Eldorado Gold Corp		2,060
	325,158		Element Solutions, Inc		7,895
	709,971	*	Elementis plc		1,265
	270,136	g	Elkem ASA		910
	155,594	*	Elopak ASA		472
	1,292,005		Empresas CMPC S.A.		2,165
	7,764	e	EMS-Chemie Holding AG.		8,677
	206,539	*	Ence Energia y Celulosa S.A.		530

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	204,918	*,e	Endeavour Silver Corp	$	867
	307,294	*,e	Equinox Gold Corp		2,079
	39,440	*	Eramet		3,239
	1,579,088		Eregli Demir ve Celik Fabrikalari TAS		3,361
	79,777	*	ERO Copper Corp		1,217
	131,641		Essel Propack Ltd		366
	368,677		Essentra plc		1,727
	938,574		Eternal Chemical Co Ltd		1,369
	2,311,057	*,e	Eurasia Mining plc		766
	429,128		Everlight Chemical Industrial Corp		422
	2,002,854		Evolution Mining Ltd		5,942
	230,211		Evonik Industries AG.		7,437
	132,742		Evraz plc		1,085
	135,996	*	Falcon Metals Ltd		57
	475,050		Feng Hsin Iron & Steel Co		1,433
	359,479		Ferrexpo plc		1,463
	102,482	*	Ferro Corp		2,237
	202,348	*,†	Ferroglobe plc		0
	7,874		Fine Organic Industries Ltd		393
	266,341		Finolex Industries Ltd		739
	134,000		First Copper Technology Co Ltd		213
	277,755	e	First Majestic Silver Corp		3,089
	725,416		First Quantum Minerals Ltd		17,359
	130,503		FMC Corp		14,341
	55,641	*	Foosung Co Ltd		1,079
	4,141,139		Formosa Chemicals & Fibre Corp		12,078
	4,485,019		Formosa Plastics Corp		16,833
	265,919	g	Forterra plc		993
	2,411	*	Forterra, Inc		57
	1,855,852		Fortescue Metals Group Ltd		26,087
	333,131	*,e	Fortuna Silver Mines, Inc		1,301
	56,720		FP Corp		1,935
	236,221		Franco-Nevada Corp		32,669
	1,861,590		Freeport-McMoRan, Inc (Class B)		77,684
	75,451		FUCHS PETROLUB SE		3,410
	1,615,483		Fufeng Group Ltd		557
	49,877		Fuji Seal International, Inc		918
	21,675		Fujimi, Inc		1,459
	18,230		Fujimori Kogyo Co Ltd		652
	6,938,296		Fushan International Energy Group Ltd		2,351
	23,900		Fuso Chemical Co Ltd		1,008
	258,747		FutureFuel Corp		1,977

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,949		Galaxy Surfactants Ltd	$	505
	301,400	g	Ganfeng Lithium Co Ltd		4,746
	75,143		Ganfeng Lithium Co Ltd		1,688
	9,762	*	Gatos Silver, Inc		101
	104,036	*	GCP Applied Technologies, Inc		3,294
	348,979		GEM Co Ltd		568
	1,309,310		Gerdau S.A. (Preference)		6,436
	12,458		Givaudan S.A.		65,362
	38,100		Glatfelter Corp		655
	12,866,054		Glencore Xstrata plc		65,556
	317,610	*	GoGold Resources, Inc		761
	1,020,111		Gold Fields Ltd		11,287
	1,044,038		Gold Road Resources Ltd		1,197
	952,484		Goldsun Development & Construction Co Ltd		1,003
	931,000		Grand Pacific Petrochemical		964
	129,537		Granges AB		1,514
	307,302		Graphic Packaging Holding Co		5,992
	305,549		Grasim Industries Ltd		6,645
	605,755	*,†	Great Basin Gold Ltd		5
	4,586,353	*	Greatland Gold plc		993
	874,000		Greatview Aseptic Packaging Co		319
	19,673		Greif, Inc (Class A)		1,188
	4,499		Greif, Inc (Class B)		269
	8,450		Groupe Guillin		261
	99,352	*	Grupa Azoty S.A.		833
	323,407		Grupo Argos S.A.		1,078
	220,593	e	Grupo Cementos de Chihuahua SAB de C.V.		1,707
	3,571,138		Grupo Mexico S.A. de C.V. (Series B)		15,573
	65,362		Guangzhou Tinci Materials Technology Co Ltd		1,176
	52,582	*	Gubre Fabrikalari TAS		305
	23,816	*	Gujarat Fluorochemicals Ltd		774
	82,549		Gujarat Narmada Valley Fertilizers Co Ltd		487
	182,323		Gujarat State Fertilisers & Chemicals Ltd		297
	358	e	Gurit Holding AG.		609
	203,439		H.B. Fuller Co		16,479
	43,500		Hangzhou Oxygen Plant Group Co Ltd		205
	22,605		Hanil Cement Co Ltd		399
	9,910	*	Hansol Chemical Co Ltd		2,546
	140,629	*	Hanwha Chemical Corp		4,194
	2,255,971		Harmony Gold Mining Co Ltd		9,462
	7,341		Hawkins, Inc		290
	11,506		Haynes International, Inc		464

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,044,557		Hecla Mining Co	$	5,453
	1,159,596		HeidelbergCement AG.		78,478
	72,386		HeidelbergCement India Ltd		220
	420,906	*	Hektas Ticaret TAS		473
	404,769		Hengli Petrochemical Co Ltd		1,460
	334,194		Hengyi Petrochemical Co Ltd		557
	1,370,916		Hesteel Co Ltd		530
	339,942	e	Hexpol AB		4,546
	96,719		Hill & Smith Holdings plc		2,355
	1,828,574		Hindalco Industries Ltd		11,628
	245,390	*	Hitachi Metals Ltd		4,547
	418,303		Hochschild Mining plc		740
	158,329		Hokuetsu Paper Mills Ltd		990
	149,038		Holcim Ltd		7,580
	113,919		Holmen AB		5,456
	19,806	*	Honam Petrochemical Corp		3,613
	32,200		Hoshine Silicon Industry Co Ltd		667
	248,000		Hsin Kuang Steel Co Ltd		521
	1,082,000	e	Huabao International Holdings Ltd		2,000
	321,600		Huafon Chemical Co Ltd		527
	90,101		Huaxin Cement Co Ltd		273
	82,700		Hubei Xingfa Chemicals Group Co Ltd		492
	19,571	*	Huchems Fine Chemical Corp		380
	267,475	e	HudBay Minerals, Inc		1,937
	117,966		Huhtamaki Oyj		5,218
	177,267	*,e	Humble Group AB		545
	587,811		Hunan Valin Steel Co Ltd		472
	363,914		Huntsman Corp		12,693
	2,924	*	Hyosung Advanced Materials Corp		1,464
	2,050	*	Hyosung Chemical Corp		522
	2,826	*	Hyosung TNC Co Ltd		1,236
	25,157	*	Hyundai Development Co		221
	98,019	*	Hyundai Steel Co		3,376
	573,319	*,e	IAMGOLD Corp		1,786
	499,876	g	Ibstock plc		1,386
	514,122		Iluka Resources Ltd		3,790
	48,899		IMCD Group NV		10,807
	501,935		Imdex Ltd		1,077
	41,110		Imerys S.A.		1,708
	947,517		Impala Platinum Holdings Ltd		13,366
	2,361,661		Incitec Pivot Ltd		5,582
	828,648		Independence Group NL		6,940

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	147,673		India Cements Ltd	$	381
	10,546	*	Indigo Paints Ltd		302
	1,838,204		Indorama Ventures PCL (Foreign)		2,377
	156,811	e	Industrias Penoles S.A. de C.V.		1,804
	57,659	*	Ingevity Corp		4,134
	3,142,018	*	Inner Mongolia BaoTou Steel Union Co Ltd		1,378
	583,988		Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd		479
	343,900	*	Inner Mongolia Yuan Xing Energy Co Ltd		395
	79,256		Innospec, Inc		7,160
	130,199		Interfor Corp		4,170
	735,912		International CSRC Investment Holdings Co		749
	933,805		International Flavors & Fragrances, Inc		140,678
	388,646		International Paper Co		18,259
	121,066		Intertape Polymer Group, Inc		2,519
	8,474	*	Intrepid Potash, Inc		362
	1,808,731	*	ioneer Ltd		1,053
	1,114,439		Israel Chemicals Ltd		10,734
	4,542	*	Israel Corp Ltd		1,959
	747,928	*	Ivanhoe Mines Ltd		6,102
	562,181		James Hardie Industries NV		22,629
	55,678	*	Jastrzebska Spolka Weglowa S.A.		480
	22,900		JCU Corp		1,089
	451,520		JFE Holdings, Inc		5,760
	13,300		Jiangsu Yangnong Chemical Co Ltd		274
	32,600		Jiangsu Yoke Technology Co Ltd		415
	1,372,115		Jiangxi Copper Co Ltd		2,204
	179,709		Jiangxi Copper Co Ltd (Class A)		633
	3,447,000	e	Jinchuan Group International Resources Co Ltd		601
	99,113	*	Jindal Stainless Hisar Ltd		463
	911,083	*	Jindal Steel & Power Ltd		4,597
	37,800		JK Cement Ltd		1,724
	63,085		JK Lakshmi Cement Ltd		490
	209,453		Johnson Matthey plc		5,820
	185,090	*	JSL Ltd		492
	14,007		JSP Corp		199
	237,464		JSR Corp		9,024
	965,141		JSW Steel Ltd		8,481
	66,094		Jubilant Ingrevia Ltd		509
	384,146	*	K&S AG.		6,608
	267,076	*	K92 Mining, Inc		1,518
	12,106		Kaiser Aluminum Corp		1,137
	59,915		Kaneka Corp		1,967

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	146,069		Kansai Nerolac Paints Ltd	$	1,160
	135,594		Kansai Paint Co Ltd		2,949
	117,100		Kanto Denka Kogyo Co Ltd		1,154
	818,182	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)		570
	4,677		KCC Corp		1,238
	18,100		KeePer Technical Laboratory Co Ltd		350
	130,719		Kemira Oyj		1,981
	154,514		KGHM Polska Miedz S.A.		5,363
	41,700		KH Neochem Co Ltd		1,153
	198,125		Kingfa Sci & Tech Co Ltd		391
	1,547,874		Kinross Gold Corp		8,982
	329,460		Kirkland Lake Gold Ltd		13,807
	784,138		Klabin S.A.		3,606
	677,100		Kobe Steel Ltd		3,395
	30,153		Kolon Industries, Inc		1,796
	32,058		Konishi Co Ltd		483
	17,522	*	Koppers Holdings, Inc		548
	13,344	*	Korea Kumho Petrochemical		1,860
	3,920	*	Korea Petrochemical Ind Co Ltd		603
	9,674	*	Korea Zinc Co Ltd		4,162
	41,825	*	Koza Altin Isletmeleri AS		365
	207,266	*	Koza Anadolu Metal Madencilik Isletmeleri AS		282
	27,570	*	Kraton Corp		1,277
	152,038		Kronos Worldwide, Inc		2,282
	91,093	*	Kuk-il Paper Manufacturing Co Ltd		311
	69,691		Kumba Iron Ore Ltd		2,010
	98,848		Kumiai Chemical Industry Co Ltd		680
	367,100	e	Kuraray Co Ltd		3,193
	20,100		Kureha CORP		1,436
	22,716		Kyoei Steel Ltd		280
	69,309	e	Labrador Iron Ore Royalty Corp		2,056
	1,072,414		Lanxess AG.		66,317
	42,805	*	Largo, Inc		397
	54,730		Laxmi Organic Industries Ltd		316
	1,556,927		Lee & Man Paper Manufacturing Ltd		1,083
	16,296	e	Lenzing AG.		2,246
	84,412	*	LG Chem Ltd		43,638
	8,829	*	LG Chem Ltd (Preference)		2,130
	22,725		Linde India Ltd		759
	567,942		Linde plc		196,752
	450,141		Linde plc (Xetra)		156,202
	51,600		Lintec Corp		1,184

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,993,782	*	Liontown Resources Ltd	$	2,409
	115,441	*,e	Lithium Americas Corp		3,360
	13,766	*	Livent Corp		336
	173,154		Lomon Billions Group Co Ltd		777
	664,704		Long Chen Paper Co Ltd		585
	1,663,535	g	Lotte Chemical Titan Holding BHD		958
	223,076		Louisiana-Pacific Corp		17,478
	84,004	*	Lundin Gold, Inc		692
	810,553		Lundin Mining Corp		6,331
	163,500		Luxi Chemical Group Co Ltd		392
	1,094,857	*	Lynas Corp Ltd		8,125
	251,534		LyondellBasell Industries NV		23,199
	140,611		Madras Cements Ltd		1,894
	23,533	e	Maeda Kosen Co Ltd		803
	102,837	*,e	MAG. Silver Corp		1,612
	21,765	*	Marrone Bio Innovations, Inc		16
	239,442		Marshalls plc		2,256
	20,380		Martin Marietta Materials, Inc		8,978
	66,700		Maruichi Steel Tube Ltd		1,478
	130,448		Materion Corp		11,993
	86,211	e	Maverix Metals, Inc		376
	12,500,477	*	Merdeka Copper Gold Tbk PT		3,422
	4,967,125		Mesaieed Petrochemical Holding Co		2,848
	798,944		Metalurgica Gerdau S.A.		1,632
	77,945		Methanex Corp		3,083
	264,802		Mineral Resources Ltd		10,816
	29,020		Minerals Technologies, Inc		2,123
	18,295		Miquel y Costas & Miquel S.A.		273
	50,816		Misr Fertilizers Production Co SAE		314
	11,800		Mitani Sekisan Co Ltd		785
	1,363,205		Mitsubishi Chemical Holdings Corp		10,111
	125,090		Mitsubishi Gas Chemical Co, Inc		2,120
	259,400		Mitsubishi Materials Corp		4,458
	246,062		Mitsui Chemicals, Inc		6,614
	111,064		Mitsui Mining & Smelting Co Ltd		3,026
	1,604		Miwon Commercial Co Ltd		275
	741,715		MMC Norilsk Nickel PJSC (ADR)		22,748
	3,296,000	*	MMG Ltd		1,060
	614,853		Mondi plc		15,251
	12,981	*,†	Mongolian Metals Corporation		0
	397,380		Mosaic Co		15,613
	8,079	*,e	MP Materials Corp		367

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	216,269		M-real Oyj (B Shares)	$	2,119
	114,389		Myers Industries, Inc		2,289
	109,614		Mytilineos Holdings S.A.		1,888
	87,171		Najran Cement Co		419
	25,564	*	Namhae Chemical Corp		225
	54,000		Nan Pao Resins Chemical Co Ltd		277
	6,038,887		Nan Ya Plastics Corp		18,604
	302,000		Nanofilm Technologies International Ltd		856
	133,071	*,e	NanoXplore, Inc		687
	294,557		Nantex Industry Co Ltd		906
	1,078,716		National Aluminium Co Ltd		1,458
	381,020	*	National Industrialization Co		2,017
	132,986		National Petrochemical Co		1,413
	35,127		Navin Fluorine International Ltd		1,974
	14,772		Neenah Inc		684
	778,230	*	New Gold, Inc		1,163
	102,218	*	New Pacific Metals Corp		302
	905,979		Newcrest Mining Ltd		16,226
	6,273		NewMarket Corp		2,150
	2,145,084		Newmont Goldcorp Corp		133,038
	41,352	*	Next Science Co Ltd		755
	1,271,208		Nickel Mines Ltd		1,325
	104,381		Nihon Parkerizing Co Ltd		1,022
	2,044,151		Nine Dragons Paper Holdings Ltd		2,195
	456,406		Ningxia Baofeng Energy Group Co Ltd		1,243
	159,366		Nippon Kayaku Co Ltd		1,642
	75,003		Nippon Light Metal Holdings Co Ltd		1,126
	699,990		Nippon Paint Co Ltd		7,644
	117,280		Nippon Paper Industries Co Ltd		1,108
	35,228		Nippon Shokubai Co Ltd		1,631
	27,484		Nippon Soda Co Ltd		791
	987,250		Nippon Steel Corp		16,128
	141,231		Nissan Chemical Industries Ltd		8,214
	5,707		Nittetsu Mining Co Ltd		328
	154,725		Nitto Denko Corp		11,953
	103,941		NOCIL Ltd		324
	136,982		NOF Corp		6,926
	2,237,916		Norsk Hydro ASA		17,609
	397,686	*	Northam Platinum Holdings Ltd		5,228
	97,261		Northern Region Cement Co		347
	1,211,201		Northern Star Resources Ltd		8,330
	21,009	*	Novagold Resources Inc		144

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	279,347	*	Novagold Resources, Inc	$	1,915
	174,382		Novolipetsk Steel PJSC (GDR)		5,148
	225,855		Novozymes AS		18,545
	303,910		Nucor Corp		34,691
	1,085,970		Nufarm Ltd		3,837
	65,963		Nuh Cimento Sanayi AS.		253
	294,965	e	Nutrien Ltd		22,181
	909,756		Nutrien Ltd (Toronto)		68,382
	117,750	*	Nuvoco Vistas Corp Ltd		791
	847,093	*,e	OceanaGold Corp		1,473
	26,652	*,e	OCI Co Ltd		2,328
	268,282	*	OCI NV		7,003
	79,693	*	O-I Glass, Inc		959
	613,778		OJI Paper Co Ltd		2,974
	10,800		Okamoto Industries, Inc		397
	230,781	e	Olin Corp		13,275
	8,840	e	Olympic Steel, Inc		208
	304,931	*	Omega Energia S.A.		693
	1,226,648	e	Orbia Advance Corp SAB de C.V.		3,131
	445,607		Orica Ltd		4,444
	551,000	*	Oriental Union Chemical Corp		446
	458,001	*	Orion Engineered Carbons SA		8,409
	178,490	*,e	Orla Mining Ltd		682
	1,260,248		Orora Ltd		3,216
	15,800	e	Osaka Organic Chemical Industry Ltd		456
	13,700		Osaka Soda Co Ltd		362
	171,274		Osisko Gold Royalties Ltd		2,096
	366,549	*	Osisko Mining, Inc		1,104
	932,921	*,e	Outokumpu Oyj		5,850
	404,562		Oxiana Ltd		8,341
	249,076	*	Oyak Cimento Fabrikalari AS		149
	15,400	e	Pack Corp		361
	243,105		Packaging Corp of America		33,099
	305,650		Pact Group Holdings Ltd		564
	37,676		Pactiv Evergreen, Inc		478
	257,777	e	Pan American Silver Corp (Toronto)		6,431
	564,266	*	Pangang Group Vanadium Titanium & Resources Co Ltd		345
	744,227		Perenti Global Ltd		501
	6,350	*	Perpetua Resources Corp		30
	1,495,331		Perseus Mining Ltd		1,770
	2,749,257	*,e	Peter Hambro Mining plc		722
	1,348,517	*	Petkim Petrokimya Holding		798

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,886,015		Petronas Chemicals Group BHD	$	6,179
	171,525		PhosAgro PJSC (GDR)		3,702
	16,061		PI Advanced Materials Co Ltd		743
	95,413		PI Industries Ltd		3,886
	173,190		Pidilite Industries Ltd		5,727
	5,223,367	*	Pilbara Minerals Ltd		12,184
	23,486	*	PolyMet Mining Corp		59
	416,869		Polymetal International plc		7,423
	12,989		Polyplex Corp Ltd		326
	65,324	e	Polyus PJSC (GDR)		5,770
	13,456		Polyus PJSC (GDR)		1,187
	19,457	*	Poongsan Corp		509
	235,641		Portucel Empresa Produtora de Pasta e Papel S.A.		898
	99,325		POSCO		23,032
	34,160	*	POSCO Refractories & Environment Co Ltd		4,128
	855,918		PPG Industries, Inc		147,594
	107,229		PQ Group Holdings, Inc		1,098
	3,459,068		Press Metal BHD		4,799
	226,093	*	Pretium Resources, Inc		3,185
	136,359	*	Prism Cement Ltd		237
	9,226,100		PT Aneka Tambang Tbk		1,460
	30,115,697		PT Barito Pacific Tbk		1,804
	2,948,597		PT Indah Kiat Pulp and Paper Corp Tbk		1,620
	1,795,952		PT Indocement Tunggal Prakarsa Tbk		1,525
	1,448,600		PT Pabrik Kertas Tjiwi Kimia Tbk		766
	3,278,689		PT Semen Gresik Persero Tbk		1,667
	2,821,500	*	PT Timah Tbk		288
	2,710,809		PTT Global Chemical PCL (Foreign)		4,765
	185,987	*,e	PureCycle Technologies, Inc		1,780
	47,946		Qassim Cement Co		967
	2,990,279		Qatar Aluminum Manufacturing Co		1,479
	366,361		Qatar National Cement Co		513
	397,939		Qatari Investors Group		243
	1,452		Quaker Chemical Corp		335
	636,098		Qurain Petrochemical Industries Co		730
	180,527		Rain Commodities Ltd		579
	75,664		Rallis India Ltd		278
	932,390		Ramelius Resources Ltd		1,069
	62,965	*	Ranpak Holdings Corp		2,366
	17,007		Ratnamani Metals & Tubes Ltd		444
	52,601	*	Rayonier Advanced Materials, Inc		300
	21,203	*,e	Re:NewCell AB		515

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	48,985		Recticel S.A.	$	978
	926,865		Regis Resources Ltd		1,319
	382,898		Reliance Steel & Aluminum Co		62,114
	547,283		Rengo Co Ltd		4,140
	35,424		Rhi Magnesita NV		1,581
	453,097		Rio Tinto Ltd		33,063
	1,776,662		Rio Tinto plc		117,164
	66,600		Riyadh Cement Co		584
	676,224		Rongsheng Petro Chemical Co Ltd		1,929
	13,767		Rossari Biotech Ltd		238
	189,904		Royal Bafokeng Platinum Ltd		1,869
	64,025		Royal Gold, Inc		6,736
	134,963		RPM International, Inc		13,631
	5,480		Ryerson Holding Corp		143
	107,815		Sa des Ciments Vicat		4,417
	253,908		SABIC Agri-Nutrients Co		11,920
	376,938	*	Sabina Gold & Silver Corp		432
	412,235		Sahara International Petrochemical Co		4,594
	45,800	e	Sakata INX Corp		396
	43,837	*	Salzgitter AG.		1,566
	19,638	*	Samsung Fine Chemicals Co Ltd		1,237
	468,282		Sandfire Resources NL		2,250
	234,506	*	Sandstorm Gold Ltd		1,455
	13,711		Sanyo Chemical Industries Ltd		636
	84,106		Sanyo Special Steel Co Ltd		1,491
	619,357	*	Sappi Ltd		1,773
	661,101	*	Sasol Ltd		10,824
	485,746	*	Saudi Arabian Mining Co		10,137
	1,052,248		Saudi Basic Industries Corp		32,451
	83,526		Saudi Cement Co		1,218
	250,054		Saudi Industrial Investment Group		2,071
	840,112	*	Saudi Kayan Petrochemical Co		3,795
	6,673,058	*	Sayona Mining Ltd		633
	1,443,900		SCG Packaging PCL		2,991
	912,380	*	Schmolz + Bickenbach AG.		344
	20,870		Schnitzer Steel Industries, Inc (Class A)		1,084
	28,067		Schweitzer-Mauduit International, Inc		839
	765,800		Scientex BHD		881
	56,792		Scotts Miracle-Gro Co (Class A)		9,144
	78,810	*,e	Seabridge Gold, Inc		1,302
	124,171	*	Seah Besteel Corp		2,076
	740,899		Sealed Air Corp		49,988

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,218,300	*,†	Sekawan Intipratama Tbk PT	$	0	^
	20,193		Semapa-Sociedade de Investimento e Gestao		269
	72,019		Sensient Technologies Corp		7,206
	1,328,064		Sesa Sterlite Ltd		6,074
	241,066		Severstal (GDR)		5,193
	274,968		Shandong Gold Mining Co Ltd		813
	817,505	e,g	Shandong Gold Mining Co Ltd		1,403
	167,007		Shandong Hualu Hengsheng Chemical Co Ltd		820
	888,366		Shandong Nanshan Aluminum Co Ltd		659
	221,911		Shandong Sun Paper Industry JSC Ltd		400
	480,600		Shanghai Chlor-Alkali Chemical Co Ltd		325
	48,832		Shanghai Putailai New Energy Technology Co Ltd		1,231
	326,629	*	Shanxi Meijin Energy Co Ltd		832
	443,763		Shanxi Taigang Stainless Steel Co Ltd		492
	132,600		Shenghe Resources Holding Co Ltd		408
	26,138		Shenzhen Capchem Technology Co Ltd		463
	54,700		Shenzhen Senior Technology Material Co Ltd		316
	557,410		Sherwin-Williams Co		196,298
	148,000	*	Shihlin Paper Corp		347
	38,800		Shikoku Chemicals Corp		476
	400,325		Shin-Etsu Chemical Co Ltd		69,487
	48,003		Shin-Etsu Polymer Co Ltd		462
	1,206,661		Shinkong Synthetic Fibers Corp		880
	86,666		Shiny Chemical Industrial Co Ltd		549
	213,500		Showa Denko KK		4,489
	12,293		Shree Cement Ltd		4,450
	924,683		Siam Cement PCL (Foreign)		10,690
	93,400		Siam City Cement PCL		438
	3,160,647		Sibanye Stillwater Ltd		9,827
	786,100	*	Sichuan Hebang Biotechnology Co Ltd		421
	92,800	*	Sichuan New Energy Power Co Ltd		386
	80,600		Sichuan Yahua Industrial Group Co Ltd		363
	389,801	e	SIG Combibloc Group AG.		10,858
	40,313	e	Sika AG.		16,755
	152,471		Silgan Holdings, Inc		6,532
	1,017,946	*	Silver Lake Resources Ltd		1,320
	212,202	e	Silvercorp Metals, Inc		793
	165,594	*,e	SilverCrest Metals, Inc		1,309
	206,958		Sims Ltd		2,423
	1,650,000		Sinofert Holdings Ltd		248
	134,000		Sinoma Science & Technology Co Ltd		715

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	730,967		Sinopec Shanghai Petrochemical Co Ltd (Class A)	$	479
	12,902	*	SK Chemicals Co Ltd		1,615
	19,838	*,g	SK IE Technology Co Ltd		2,801
	23,479	*	SKC Co Ltd		3,432
	24,006		Skshu Paint Co Ltd		524
	497,633		Smurfit Kappa Group plc		27,428
	392,570		Sociedad Quimica y Minera de Chile S.A. (ADR)		19,797
	160,363		Sociedad Quimica y Minera de Chile S.A. (Class B)		8,187
	40,747		SOL S.p.A.		979
	433,720		Solar Applied Materials Technology Co		799
	29,518		Solar Industries India Ltd		959
	155,374	*	Solaris Resources, Inc		2,081
	866,663	*	SolGold plc		343
	81,075		Solvay S.A.		9,425
	94,776		Sonoco Products Co		5,487
	4,690	*	Soulbrain Co Ltd		1,097
	5,963	*	Soulbrain Holdings Co Ltd		173
	6,463,777		South32 Ltd		18,904
	182,577		Southern Copper Corp		11,267
	73,462		Southern Province Cement Co		1,372
	169,572		SRF Ltd		5,509
	307,272	*	Ssab Svenskt Stal AB (Series A)		1,776
	705,229	*	Ssab Svenskt Stal AB (Series B)		3,543
	260,266		SSR Mining, Inc		4,607
	3,894,790		St Barbara Ltd		4,164
	267,233		Steel Dynamics, Inc		16,587
	37,212	e	Stelco Holdings, Inc		1,213
	70,505		Stella-Jones, Inc		2,230
	34,748		Stepan Co		4,319
	2,926		STO AG.		736
	671,211		Stora Enso Oyj (R Shares)		12,319
	70,712		Sumitomo Bakelite Co Ltd		3,589
	1,530,715		Sumitomo Chemical Co Ltd		7,219
	107,097		Sumitomo Chemical India Ltd		554
	287,300		Sumitomo Metal Mining Co Ltd		10,881
	44,121		Sumitomo Osaka Cement Co Ltd		1,357
	1,309,091	*	Summit Materials, Inc		52,547
	74,990		SunCoke Energy, Inc		494
	2,444,500	*,†,e	Superb Summit International Group Ltd		3
	68,815		Supreme Industries Ltd		2,057
	34,713		Supreme Petrochem Ltd		328

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	846,017	*	Suzano SA	$	9,138
	671,604		Svenska Cellulosa AB (B Shares)		11,917
	32,866	*	Sylvamo Corp		917
	158,542		Symrise AG.		23,448
	40,400		T Hasegawa Co Ltd		950
	1,566,317		TA Chen Stainless Pipe		2,612
	293	*	Taekwang Industrial Co Ltd		257
	271,100		Taiheiyo Cement Corp		5,354
	236,200		Taita Chemical Co Ltd		295
	3,714,482		Taiwan Cement Corp		6,438
	798,000		Taiwan Fertilizer Co Ltd		2,015
	344,725		Taiwan Hon Chuan Enterprise Co Ltd		892
	41,200		Taiyo Ink Manufacturing Co Ltd		1,246
	113,104		Taiyo Nippon Sanso Corp		2,474
	13,755		Takasago International Corp		346
	5,300	e	Taki Chemical Co Ltd		267
	61,014		Takiron Co Ltd		298
	208,492		Tata Chemicals Ltd		2,499
	844,446		Tata Steel Ltd		12,557
	682,728		Teck Cominco Ltd		19,662
	222,600		Teijin Ltd		2,740
	16,600		Tenma Corp		381
	20,278	*	Tessenderlo Chemie NV		769
	8,944,619	*	ThyssenKrupp AG.		97,994
	1,232,000	e	Tiangong International Co Ltd		755
	74,500		Tibet Summit Resources Co Ltd		441
	40,181	*	TimkenSteel Corp		663
	729,959		Tipco Asphalt PCL		396
	40,543		Titan Cement International S.A.		617
	614,000		TOA Paint Thailand PCL		589
	120,903		Toagosei Co Ltd		1,216
	46,024		Toho Titanium Co Ltd		378
	240,529	e	Tokai Carbon Co Ltd		2,528
	11,200		Tokushu Tokai Holdings Co Ltd		401
	132,241		Tokuyama Corp		2,103
	38,314		Tokyo Ohka Kogyo Co Ltd		2,262
	100,704		Tokyo Steel Manufacturing Co Ltd		1,208
	670,750		Ton Yi Industrial Corp		352
	174,878		Tongkun Group Co Ltd		582
	544,100		Tongling Nonferrous Metals Group Co Ltd		298
	1,475,637		Toray Industries, Inc		8,743
	233,207	*	Torex Gold Resources, Inc		2,424

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	424,073		Tosoh Corp	$	6,300
	6,200		Toyo Gosei Co Ltd		842
	43,200		Toyo Ink Manufacturing Co Ltd		724
	168,900		Toyo Seikan Kaisha Ltd		2,017
	98,448		Toyobo Co Ltd		1,076
	5,689,900		TPI Polene PCL		293
	87,973		Transcontinental, Inc		1,412
	290,910		Transfar Zhilian Co Ltd		397
	8,556		Tredegar Corp		101
	37,658		Trimas Corp		1,393
	3,308		Trinseo plc		174
	120,294		Tronox Holdings plc		2,891
	569,000		TSRC Corp		830
	625,163		Tung Ho Steel Enterprise Corp		1,516
	121,068	*	Turquoise Hill Resources Ltd		1,991
	39,043	*	UACJ Corp		904
	264,826		UBE Industries Ltd		4,602
	9,022	*	UFP Technologies, Inc		634
	117,011		Ultra Tech Cement Ltd		11,919
	213,294	e	Umicore S.A.		8,701
	47,219		Uniao de Industrias Petroquimicas S.A.		875
	11,875		Unid Co Ltd		1,002
	1,639		United States Lime & Minerals, Inc		211
	312,428		United States Steel Corp		7,439
	416,000		Universal Cement Corp		325
	763,650		UPC Technology Corp		595
	593,551		UPL Ltd		5,942
	635,514		UPM-Kymmene Oyj		24,180
	769,973		USI Corp		877
	5,933,983		Vale S.A.		82,680
	709		Valhi, Inc		20
	284,012		Valvoline, Inc		10,591
	89,380	g	Verallia S.A.		3,149
	23,482		Verso Corp		634
	31,503		Vetropack Holding AG.		1,991
	48,944	*	Victoria Gold Corp		551
	106,000		Victrex plc		3,532
	28,026		Vinati Organics Ltd		747
	241,720		Vinythai PCL (Foreign)		279
	132,799		Voestalpine AG.		4,818
	95,147	*	Vulcan Energy Resources Ltd		721
	63,954		Vulcan Materials Co		13,276

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	19,011		Wacker Chemie AG.	$	2,826
	736,118	*,e	Wallbridge Mining Co Ltd		233
	218,196		Wanhua Chemical Group Co Ltd		3,456
	123,750		Warrior Met Coal, Inc		3,182
	30,389		Weihai Guangwei Composites Co Ltd		403
	168,535	*	Wesdome Gold Mines Ltd		1,534
	1,183,979	*	West African Resources Ltd		1,142
	2,378,491		West China Cement Ltd		424
	152,130		West Fraser Timber Co Ltd		14,514
	388,501	*	Western Areas NL		971
	30,654		Western Superconducting Technologies Co Ltd		467
	472,186		Westgold Resources Ltd		703
	93,561		Westlake Chemical Corp		9,088
	261,786		WestRock Co		11,613
	556,630		Wheaton Precious Metals Corp		23,885
	3,388,139		Wienerberger AG.		124,424
	39,106	e	Winpak Ltd		1,149
	29,542		Worthington Industries, Inc		1,615
	125,115		Xiamen Tungsten Co Ltd		445
	241,100		Xinjiang Zhongtai Chemical Co Ltd		361
	104,356	*	Yamama Cement Co		722
	1,383,162		Yamana Gold, Inc		5,817
	48,705		Yamato Kogyo Co Ltd		1,579
	83,230		Yanbu Cement Co		801
	298,832		Yanbu National Petrochemical Co		5,456
	246,694		Yara International ASA		12,438
	405,974		Yeun Chyang Industrial Co Ltd		472
	928,220	*	Yieh Phui Enterprise		847
	234,323		Yintai Gold Co Ltd		323
	24,655		Yodogawa Steel Works Ltd		546
	29,300		YongXing Special Materials Technology Co Ltd		681
	9,533	*	Youlchon Chemical Co Ltd		218
	423	*	Young Poong Corp		233
	1,258,849		Yuen Foong Yu Paper Manufacturing Co Ltd		1,617
	414,088		Yule Catto & Co plc		2,236
	267,200	*	Yunnan Aluminium Co Ltd		471
	59,341		Yunnan Energy New Material Co Ltd		2,329
	124,300	*	Yunnan Tin Co Ltd		383
	877,216		Zeon Corp		10,139
	1,292,500	e	Zhaojin Mining Industry Co Ltd		1,106
	86,653		Zhejiang Huayou Cobalt Co Ltd		1,501
	206,636		Zhejiang Juhua Co Ltd		419

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	287,318		Zhejiang Longsheng Group Co Ltd	$	570
	118,420		Zhejiang Satellite Petrochemical Co Ltd		745
	66,400	*	Zhejiang Yongtai Technology Co Ltd		534
	217,400		Zibo Qixiang Tengda Chemical Co Ltd		359
	26,138		Zignago Vetro S.p.A.		514
	6,797,232		Zijin Mining Group Co Ltd		8,118
	1,418,316		Zijin Mining Group Co Ltd (Class A)		2,165
	59,908	*,e	Zymergen, Inc		401
			TOTAL MATERIALS		6,626,973

MEDIA & ENTERTAINMENT - 6.6%
	731,805		Activision Blizzard, Inc		48,687
	289,079	*	Adevinta ASA		3,840
	1,212,191	*,e	Advantage Solutions, Inc		9,722
	65,572	*	Affle India Ltd		993
	8,784	*	AfreecaTV Co Ltd		1,492
	14,251,173	*,e	Alibaba Pictures Group Ltd		1,298
	547,955	*,n	Alphabet, Inc (Class A)		1,587,448
	569,461	*,n	Alphabet, Inc (Class C)		1,647,787
	2,455,093	*	Altice USA, Inc		39,723
	485,732	*,e	AMC Entertainment Holdings, Inc		13,212
	14,947	*	AMC Networks, Inc		515
	1,712	*	APG SGA S.A.		374
	173,000	e,g	Archosaur Games, Inc		179
	147,636	*	Arnoldo Mondadori Editore S.p.A.		342
	533,338	*	Ascential plc		2,933
	865,300		Astro Malaysia Holdings BHD		197
	106,410		Atresmedia Corp de Medios de Comunicacion S.A.		406
	2,831,013	g	Auto Trader Group plc		28,352
	53,923		Autohome, Inc (ADR)		1,590
	38,459		Avex Group Holdings, Inc		482
	1,241,851	*	Baidu, Inc (ADR)		184,775
	1,125,500	*	BEC World PCL (Foreign)		475
	156,557		Beijing Enlight Media Co Ltd		316
	39,187		Beijing Kunlun Tech Co Ltd		143
	24,297	*	Believe S.A.		467
	8,700	*,e	Bengo4.com, Inc		461
	34,910	*	Better Collective A.S.		756
	470,667	*,e	Bilibili, Inc (ADR)		21,839
	979,589		Bollore		5,479
	408,588	*	Borussia Dortmund GmbH & Co KGaA		2,014
	15,942	*	Boston Omaha Corp		458

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	536,353		Brightcom Group Ltd	$	1,293
	11,500	*,e	Bushiroad, Inc		188
	5,233		Cable One, Inc		9,228
	123,700		Capcom Co Ltd		2,913
	2,756	*,e	Cardlytics, Inc		182
	169,941	*	Cargurus, Inc		5,717
	52,981	*	Cars.com, Inc		852
	781,788		carsales.com Ltd		14,285
	416,000	g	Cathay Media And Education Group, Inc		106
	47,110		CD Projekt Red S.A.		2,241
	187,436	*	Charter Communications, Inc		122,203
	74,196	*	Cheil Communications, Inc		1,424
	161,865	*,†	Chennai Super Kings Cricket Ltd		15
	7,820	*	Chicken Soup For The Soul Entertainment, Inc		108
	779,358	*,e,g	China Literature Ltd		4,904
	46,700		China South Publishing & Media Group Co Ltd		70
	24,767	*,e	Cinemark Holdings, Inc		399
	136,000	*,e	Cineplex Galaxy Income Fund		1,463
	1,175,312	*,e	Cineworld Group plc		513
	24,422	*	CJ CGV Co Ltd		513
	296,354	*	Clear Channel		981
	1,006,000	e	CMGE Technology Group Ltd		400
	18,861		Cogeco Communications, Inc		1,502
	6,411		Cogeco, Inc		412
	147,918	*	COLOPL, Inc		845
	9,108		Com2uSCorp		1,210
	11,018,668		Comcast Corp (Class A)		554,570
	126,963	*	comScore, Inc		424
	760,078	e	Corus Entertainment, Inc		2,860
	344,572	*	CTS Eventim AG.		25,186
	22,136	*,e	CuriosityStream, Inc		131
	344,140		CyberAgent, Inc		5,737
	291,914		Cyfrowy Polsat S.A.		2,515
	43,831		Daiichikosho Co Ltd		1,327
	1,095	*	Daily Journal Corp		391
	279,111	*	Dena Co Ltd		4,298
	310,883		Dentsu, Inc		11,065
	4,756	*	Devsisters Co Ltd		421
	6,320	e	Digital Bros S.p.A		215
	1,966	*	Digital Media Solutions, Inc		9
	43,864		Dip Corp		1,493
	18,200	e	Direct Marketing MiX, Inc		264

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	155,488	*,e	Discovery, Inc (Class A)	$	3,660
	297,947	*	Discovery, Inc (Class C)		6,823
	279,930	*	DISH Network Corp (Class A)		9,081
	695,522		Domain Holdings Australia Ltd		2,857
	1,265,124	*,e	DouYu International Holdings Ltd (ADR)		3,340
	15,981		Echo Marketing, Inc		224
	447,300		Electronic Arts, Inc		58,999
	857,725	*,e	Embracer Group AB		9,100
	21,735	*	Emerald Holding, Inc		86
	186,463	*	Entercom Communications Corp		479
	387,639	*	Enthusiast Gaming Holdings, Inc		1,140
	488,130		Entravision Communications Corp (Class A)		3,309
	251,682	*,e	Eros STX Global Corp		60
	139,878		Euromoney Institutional Investor plc		1,764
	210,788	e	Eutelsat Communications		2,573
	122,848	*	EVENT Hospitality and Entertainment Ltd		1,323
	498,903	*	Eventbrite Inc		8,701
	62,901	*	EverQuote Inc		985
	51,542	*	EW Scripps Co (Class A)		997
	2,190,000		Fire Rock Holdings Ltd		304
	39,746	*	Fluent, Inc		79
	1,050,307		Focus Media Information Technology Co Ltd		1,352
	306,390		Fox Corp (Class A)		11,306
	146,290		Fox Corp (Class B)		5,013
	26,553	*	Frontier Developments plc		640
	404,027	*,e	fuboTV, Inc		6,270
	61,800		Fuji Television Network, Inc		595
	373,273		Future plc		19,325
	39,648		Gakken Co Ltd		361
	714,942	*	Gannett Co, Inc		3,811
	4,270		G-bits Network Technology Xiamen Co Ltd		283
	108,365		Giant Network Group Co Ltd		204
	7,858	*	Giantstep, Inc		461
	10,400	*,e	giftee, Inc		177
	1,520,364	*	Glory Sun Land Group Ltd		20
	3,937	*	Golfzon co Ltd		578
	75,862		Gray Television, Inc		1,529
	131,650	e	Gree, Inc		968
	2,726,329	e	Grupo Televisa S.A.		5,133
	4,138,079		Grupo Televisa SAB (ADR)		38,774
	122,043	*	GungHo Online Entertainment Inc		2,743

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	363,437		Hakuhodo DY Holdings, Inc	$	6,048
	110,515		Hello Group, Inc (ADR)		992
	13,953	*	Hemisphere Media Group, Inc		101
	54,728	*	Hemnet Group AB		1,013
	2,564,600	*	Hong Seng Consolidated Bhd		1,656
	1,710,000	*	Huanxi Media Group Ltd		309
	42,630	*,g	HUUUGE, Inc		266
	4,420,992	*,a,e	HUYA, Inc (ADR)		30,682
	18,891	*	HYBE Co Ltd		5,533
	46,110	*	Hyundai Hy Communications & Network Co		163
	250,520	*	IAC		32,745
	5,682,338	*,a,e	iClick Interactive Asia Group Ltd (ADR)		26,196
	581,200	*,e,g	iDreamSky Technology Holdings Ltd		466
	1,114,000		IGG, Inc		991
	614,105	*	iHeartMedia, Inc		12,921
	130,700	e,g	IMAX China Holding, Inc		194
	41,363	*	Imax Corp		738
	89,673		Info Edge India Ltd		6,711
	1,739,931	*	Informa plc		12,182
	103,000	*	Infracommerce CXAAS S.A.		322
	9,794		Innocean Worldwide, Inc		456
	68,147	*	Inox Leisure Ltd		324
	59,282	*	Integral Ad Science Holding Corp		1,317
	64,854		International Games System Co Ltd		1,855
	462,994		Interpublic Group of Cos, Inc		17,339
	48,787		IPSOS		2,285
	209,048	*,e	IQIYI, Inc (ADR)		953
	4,404,033	*	ITV plc		6,622
	77,416	*	JC Decaux S.A.		1,938
	5,533	*	Jcontentree Corp		254
	37,415		John Wiley & Sons, Inc (Class A)		2,143
	625,000	*,e	Joy Spreader Interactive Technology Ltd		209
	40,216		JOYY, Inc (ADR)		1,827
	31,657	*	Just Dial Ltd		347
	1,467,630	*,e	Juventus Football Club S.p.A.		573
	30,977	*	JYP Entertainment Corp		1,318
	111,924		Kadokawa Dwango Corp		2,920
	778,202	*,e	Kahoot! AS.		4,071
	108,914		Kakaku.com, Inc		2,912
	225,234		Kakao Corp		21,269
	33,434	*	Kakao Games Corp		2,555
	82,800	*	Kanzhun Ltd (ADR)		2,888

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	16,895	*,e	Kinepolis Group NV	$	1,053
	692,910		Kingsoft Corp Ltd		3,048
	40,790	e	Koei Tecmo Holdings Co Ltd		1,602
	72,857		Konami Corp		3,497
	55,417	*,e,g	Krafton, Inc		21,418
	24,441	*	KT Skylife Co Ltd		188
	467,300	*,g	Kuaishou Technology		4,333
	43,076	*	Lagardere S.C.A.		1,191
	1,529	*	Liberty Braves Group (Class A)		44
	11,032	*	Liberty Braves Group (Class C)		310
	23,199	*	Liberty Broadband Corp (Class A)		3,733
	132,204	*	Liberty Broadband Corp (Class C)		21,298
	23,869	*	Liberty Media Group (Class A)		1,416
	239,623	*	Liberty Media Group (Class C)		15,154
	86,369	*	Liberty SiriusXM Group (Class A)		4,392
	150,335	*	Liberty SiriusXM Group (Class C)		7,645
	24,444	*	Liberty TripAdvisor Holdings, Inc		53
	423,098	*,e	Lions Gate Entertainment Corp (Class A)		7,040
	427,434	*	Lions Gate Entertainment Corp (Class B)		6,578
	132,928	*	Live Nation, Inc		15,910
	587,114	*	LiveOne, Inc		751
	18,899	*	Loyalty Ventures, Inc		568
	34,172		M6-Metropole Television		669
	17,456	*	Madison Square Garden Co		3,033
	21,901	*	Madison Square Garden Entertainment Corp		1,540
	758,461	*,e	Magnite, Inc		13,273
	1,578,075	*	Mail.Ru Group Ltd (GDR)		18,290
	535,100		Major Cineplex Group PCL (Foreign)		320
	115,922		Mango Excellent Media Co Ltd		1,041
	21,039	*,e	Marcus Corp		376
	1,585,187	*	Match Group, Inc		209,641
	100,783	*,e	Media and Games Invest plc		494
	7,414,798		Media Nusantara Citra Tbk PT		468
	3,068	*	MediaAlpha, Inc		47
	203,549	*	Mediaset Espana Comunicacion SA		956
	358,799	e	Megacable Holdings SAB de C.V.		1,222
	2,399,500	*,g	Meitu, Inc		477
	533,500		Meliuz S.A.		310
	3,979,559	*	Meta Platforms, Inc.		1,338,525
	386,789	*,e	MFE-MediaForEurope NV		394
	386,789	e	MFE-MediaForEurope NV		547
	53,890		Mixi Inc		944
	19,519,300	*	MNC Vision Networks Tbk PT		230

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	506,697	*,e,g	Mobvista, Inc	$	448
	121,791	*	Modern Times Group AB (B Shares)		1,240
	419,641		MultiChoice Group Ltd		3,217
	63,900		NanJi E-Commerce Co Ltd		69
	57,631		National CineMedia, Inc		162
	117,513	*	Naver Corp		37,301
	7,816	*	Nazara Technologies Ltd		240
	11,963	*	NCsoft		6,462
	14,392	*	Neowiz		436
	11,950	*	Neptune Co		281
	263,634		NetDragon Websoft, Inc		620
	2,915,530		NetEase, Inc		58,948
	580,224	*	Netflix, Inc		349,550
	15,045	*,g	Netmarble Corp		1,580
	4,311		New Work SE		1,067
	157,130	e	New York Times Co (Class A)		7,589
	517,057		News Corp (Class A)		11,536
	116,010		News Corp (Class B)		2,610
	749,378		Nexon Co Ltd		14,490
	37,868		Nexstar Media Group Inc		5,717
	20,640	*	NHN Corp		781
	1,762,916		Nine Entertainment Co Holdings Ltd		3,726
	178,630	n	Nintendo Co Ltd		83,573
	69,000		Nippon Television Network Corp		700
	89,449	*	Nordic Entertainment Group AB		4,635
	202,523		Omnicom Group, Inc		14,839
	786,193	*	oOh!media Ltd		969
	4,289	*	Outbrain, Inc		60
	53,670	e	Paradox Interactive AB		1,060
	20,619	*	Pearl Abyss Corp		2,396
	828,942		Pearson plc		6,877
	115,534		Perfect World Co Ltd		368
	47,815	*	Perion Network Ltd		1,160
	602,055	*	Pinterest, Inc		21,885
	2,265,777	*	Plan B Media PCL		519
	100,201	*	Playtika Holding Corp		1,732
	1,128		PlayWay S.A.		117
	120,000	*,e	PR Times, Inc		3,174
	203,425		ProSiebenSat. Media AG.		3,232
	61,008		Proto Corp		729
	299,042		Publicis Groupe S.A.		20,148
	48,718	*	PVR Ltd		849

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	202,594		Quebecor, Inc	$	4,573
	105,452	*	QuinStreet, Inc		1,918
	106,710	g	RAI Way S.p.A		632
	55,981		REA Group Ltd		6,826
	11,064	e	Remedy Entertainment Oyj		500
	1,232,870		Rightmove plc		13,304
	192,804	*	ROBLOX Corp		19,890
	174,913	*	Roku, Inc		39,915
	48,649	e,g	Rovio Entertainment Oyj		364
	520,500	*	RS PCL		338
	336,214	*	S4 Capital plc		2,902
	101,132		Sanoma-WSOY Oyj		1,561
	6,995		Saregama India Ltd		492
	39,146	*	Saudi Research & Marketing Group		2,041
	80,016		Schibsted ASA		3,085
	108,202		Schibsted ASA (B Shares)		3,649
	23,043		Scholastic Corp		921
	313,300	g	Scout24 AG.		21,877
	174,073	*,n	Sea Ltd (ADR)		38,942
	366,825		Seek Ltd		8,745
	2,258,400		Septeni Holdings Co Ltd		9,548
	706,862		SES S.A.		5,602
	558,936		Shaw Communications, Inc (B Shares)		16,963
	11,301	*	Shochiku Co Ltd		1,180
	36,001	e	Sinclair Broadcast Group, Inc (Class A)		951
	1,958,200	e	Singapore Press Holdings Ltd		3,381
	827,056	e	Sirius XM Holdings, Inc		5,252
	293,093	*,e	Skillz, Inc		2,181
	786,900		Sky Perfect Jsat Corp		2,873
	20,675	*	SM Entertainment Co		1,289
	617,600	*,†,e	SMI Holdings Group Ltd		1
	295,952	*	Snap, Inc		13,919
	58,705		Societe Television Francaise 1		583
	67,540		Soft-World International Corp		240
	31,241	*,e	Sohu.com Ltd (ADR)		509
	318,354		Southern Cross Media Group		449
	169,728	*	Spotify Technology S.A.		39,721
	59,500		Square Enix Co Ltd		3,052
	98,480	*	Stagwell, Inc		854
	370,152	*,e	Stillfront Group AB		1,975
	171,494	*,e	Storytel AB		3,120
	34,464		Stroer Out-of-Home Media AG.		2,719

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	133,235	*	Sumo Group plc	$	925
	83,089		Sun TV Network Ltd		558
	19,585,000	*	Surya Citra Media Tbk PT		449
	131,922	*	Taboola.com Ltd		1,026
	589,610	*	Take-Two Interactive Software, Inc		104,785
	3,630	*	Tamedia AG.		623
	160,211	*	Team17 Group plc		1,691
	233,545	*	Technicolor S.A.		748
	50,864	*,e	TechTarget, Inc		4,866
	194,397		TEGNA, Inc		3,608
	54,510		Telenet Group Holding NV		1,989
	3,918		TEN Square Games S.A.		338
	11,028,759		Tencent Holdings Ltd		643,540
	471,697	*	Tencent Music Entertainment (ADR)		3,231
	24,336	*,e	Thinkific Labs, Inc		171
	23,594	*	Thryv Holdings, Inc		970
	7,484		Toei Co Ltd		1,143
	90,645		Toho Co Ltd		3,879
	44,300		Tokyo Broadcasting System, Inc		642
	257,400	*	Tongdao Liepin Group		625
	134,905	*	Tremor International Ltd		1,012
	345,309		Trinity Mirror plc		1,320
	93,553	*	TripAdvisor, Inc		2,550
	97,484	*	TrueCar, Inc		331
	1,080,361	*,e,g	Trustpilot Group plc		4,784
	24,551		TV Asahi Corp		306
	473,038	*	TV18 Broadcast Ltd		285
	1,749,867	*	Twitter, Inc		75,629
	100,669	*	Ubisoft Entertainment		4,911
	1,553,844	e	Universal Music Group NV		43,837
	20,758		ValueCommerce Co Ltd		808
	32,335	*	Vector, Inc		330
	3,623,500		VGI PCL		716
	9,602	n	ViacomCBS, Inc (Class A)		320
	586,715	n	ViacomCBS, Inc (Class B)		17,707
	447,405	*	Vimeo, Inc		8,035
	5,840,000	e	Viva China Holdings Ltd		1,153
	1,617,119		Vivendi Universal S.A.		21,875
	3,460,304	*,n	Walt Disney Co		535,966
	15,043	*	Webzen, Inc		365
	46,326	*,e	Weibo Corp (ADR)		1,435
	20,096		WeMade Entertainment Co Ltd		2,999

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	159,618	*	WideOpenWest, Inc	$	3,435
	42,929	e	World Wrestling Entertainment, Inc (Class A)		2,118
	1,613,444		WPP plc		24,569
	139,523		Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd		592
	25,559	*	Wysiwyg Studios Co Ltd		852
	208,800	*,e	XD, Inc		1,060
	717,570	*	Yandex NV		43,413
	230,829	*	Yelp, Inc		8,365
	11,567	*	YG Entertainment, Inc		540
	514,679		YouGov plc		11,064
	2,860,239		Z Holdings Corp		16,504
	940,285		ZEE Telefilms Ltd		4,043
	36,550		Zenrin Co Ltd		316
	613,213	*	Zhejiang Century Huatong Group Co Ltd		809
	72,548	*	Ziff Davis Inc		8,043
	594,798	*	ZoomInfo Technologies, Inc		38,186
	996,310	*	Zynga, Inc		6,376
			TOTAL MEDIA & ENTERTAINMENT		9,176,373

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.8%
	44,013	*	10X Genomics, Inc		6,556
	20,375	*	2seventy bio, Inc		522
	1,030,151	*,g	3SBio, Inc		858
	34,092	*	4D Molecular Therapeutics, Inc		748
	28,478	*,e	89bio, Inc		372
	1,517,720	*,e	9 Meters Biopharma, Inc		1,485
	36,099	*	Aarti Drugs Ltd		264
	32,169	*,e	AB Science S.A.		440
	5,672,714		AbbVie, Inc		768,085
	262,032	*	Abcam plc		6,146
	30,048	*	ABLBio, Inc		558
	6,298	*,e	Absci Corp		52
	130,853	*	Acadia Pharmaceuticals, Inc		3,054
	118,961	*,e	Aclaris Therapeutics, Inc		1,730
	4,587	*	Acumen Pharmaceuticals, Inc		31
	9,334	*	Adagio Therapeutics, Inc		68
	105,789	*	Adaptive Biotechnologies Corp		2,968
	89,934		Adcock Ingram Holdings Ltd		285
	19,082	*,e	Adicet Bio, Inc		334
	319,000		Adimmune Corp		515
	87,552	*	Adverum Biotechnologies, Inc		154
	40,672	*	Aeglea BioTherapeutics, Inc		193

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	51,544	*,e	Aerie Pharmaceuticals, Inc	$	362
	4,767	*,e	Aerovate Therapeutics, Inc		56
	169,979	*	Affimed NV		938
	663,192	*	Agenus, Inc		2,135
	124,938		Agilent Technologies, Inc		19,946
	69,567	*	Agios Pharmaceuticals, Inc		2,287
	28,182		Ajanta Pharma Ltd		847
	91,603	*	Akebia Therapeutics, Inc		207
	7,803	*	Akero Therapeutics, Inc		165
	283,000	*,e,g	Akeso, Inc		1,234
	24,532	*,e	Akouos, Inc		209
	2,892	*	Akoya Biosciences, Inc		44
	4,729	*	Albireo Pharma, Inc		110
	75,281	*,†,e	Alder Biopharmaceuticals Inc		66
	95,376	*,e	Aldeyra Therapeutics, Inc		382
	126,132	*	Alector, Inc		2,605
	63,140		Alembic Pharmaceuticals Ltd		680
	3,039	*	Aligos Therapeutics, Inc		36
	8,005	*	ALK-Abello AS		4,203
	455,457	*	Alkermes plc		10,594
	3,750	*	Allakos, Inc		37
	1,284,421		Alliance Pharma plc		1,904
	78,370	*	Allogene Therapeutics, Inc		1,169
	2,947	*	Allovir, Inc		38
	90,097		Almirall S.A.		1,151
	301,849	*	Alnylam Pharmaceuticals, Inc		51,188
	17,561	*	Alpha Teknova, Inc		360
	410,000	*,e,g	Alphamab Oncology		716
	2,057	*,e	Alpine Immune Sciences, Inc		28
	19,375	*	Alteogen, Inc		1,232
	1,290,611	*,e	Altimmune, Inc		11,822
	2,014	*	ALX Oncology Holdings, Inc		43
	153,673		Amgen, Inc		34,572
	45,062	*	Amicogen, Inc		1,201
	563,843	*	Amicus Therapeutics, Inc		6,512
	1,125,903	*	Amneal Pharmaceuticals, Inc		5,393
	121,313	*	Amphastar Pharmaceuticals, Inc		2,825
	31,584	*,e	Ampio Pharmaceuticals, Inc		18
	103,999	*	AnaptysBio, Inc		3,614
	5,598	*,e	Anavex Life Sciences Corp		97
	158,172	*,e	AnGes MG, Inc		529
	3,494	*	Angion Biomedica Corp		10

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,070	*	ANI Pharmaceuticals, Inc	$	418
	13,175	*	Anika Therapeutics, Inc		472
	27,725	*,e	Annexon, Inc		319
	769,434	*	Antares Pharma, Inc		2,747
	214,000	*,g	Antengene Corp Ltd		269
	8,216	*	Anterogen Co Ltd		443
	1,287,120	*,†	Anxin-China Holdings Ltd		2
	59,495	*	Apellis Pharmaceuticals, Inc		2,813
	62,971		Apeloa Pharmaceutical Co Ltd		347
	2,337	*	Applied Molecular Transport, Inc		33
	6,867	*	Applied Therapeutics, Inc		61
	16,350	*	AptaBio Therapeutics, Inc		510
	38,465	*,e	AquaBounty Technologies, Inc		81
	329,368	*,e	Arbutus Biopharma Corp		1,281
	25,287	*,e	Arcturus Therapeutics Holdings, Inc		936
	39,884	*	Arcus Biosciences, Inc		1,614
	67,876	*	Arcutis Biotherapeutics, Inc		1,408
	31,095	*	Ardelyx, Inc		34
	288,793	*	Arena Pharmaceuticals, Inc		26,840
	69,894	*	Argenx SE		24,855
	17,020	*	Argenx SE		6,110
	125,318	*	Arrowhead Pharmaceuticals Inc		8,309
	104,684	*	Arvinas, Inc		8,599
	158,400	*,e,g	Ascentage Pharma Group International		573
	423,160		Aspen Pharmacare Holdings Ltd		5,960
	2,185,884		Astellas Pharma, Inc		35,576
	5,829		AstraZeneca Pharma India Ltd		243
	4,526,831		AstraZeneca plc		528,595
	2,190,288	e	AstraZeneca plc (ADR)		127,584
	16,716		Asymchem Laboratories Tianjin Co Ltd		1,141
	306,200	*	Atara Biotherapeutics, Inc		4,826
	53,140	*	Atea Pharmaceuticals, Inc		475
	122,607	*,e	Athenex, Inc		167
	63,367	*,e	Athersys, Inc		57
	29,485	*,e	Athira Pharma, Inc		384
	106,003	*,e	Atossa Therapeutics, Inc		170
	58,530	*,e	Atreca, Inc		177
	2,047	*	Aura Biosciences, Inc		35
	210,516		Aurobindo Pharma Ltd		2,075
	238,270	*,e	Aurora Cannabis, Inc		1,290
	293,590	*,e	Avacta Group plc		502
	431,817	*	Avalo Therapeutics, Inc		734

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,400,239	*	Avantor, Inc	$	185,426
	250,573	*	Avid Bioservices, Inc		7,312
	24,247	*	Avidity Biosciences, Inc		576
	3,710	*,e	Avita Medical, Inc		44
	36,308	*	Avrobio, Inc		140
	203,951	*,e	Axsome Therapeutics, Inc		7,705
	8,345		Bachem Holding AG.		6,535
	14,592	*,e	Basilea Pharmaceutica		654
	376,362	*	Bausch Health Cos, Inc		10,396
	77,664	*	Bavarian Nordic AS		3,190
	871,053		Bayer AG.		46,518
	41,330	*	Beam Therapeutics, Inc		3,294
	33,758	*	BeiGene Ltd (ADR)		9,146
	35,391		Beijing Tiantan Biological Products Corp Ltd		161
	275,000	e	Beijing Tong Ren Tang Chinese Medicine Co Ltd		473
	27,500		Beijing Wantai Biological Pharmacy Enterprise Co Ltd		957
	78,974	*	Berkeley Lights, Inc		1,436
	15,861		Betta Pharmaceuticals Co Ltd		199
	134,694	*,e	Beyondspring Inc		610
	18,220		BGI Genomics Co Ltd		251
	27,168	*	Binex Co Ltd		347
	64,000	*,g	BioArctic AB		844
	1,513	*	BioAtla, Inc		30
	477,426	*	Biocon Ltd		2,337
	435,474	*,e	BioCryst Pharmaceuticals, Inc		6,031
	442,933	*	BioDelivery Sciences International, Inc		1,373
	20,705	e	Biogaia AB (B Shares)		1,185
	137,755	*	Biogen, Inc		33,050
	43,559	*	Biohaven Pharmaceutical Holding Co Ltd		6,003
	276,683	*	BioMarin Pharmaceutical, Inc		24,445
	2,707	*,e	Biomea Fusion, Inc		20
	25,524	*,e	Bionano Genomics, Inc		76
	22,486	*	Bioneer Corp		919
	3,642	*	BioNTech SE (ADR)		939
	14,533	*	Bio-Rad Laboratories, Inc (Class A)		10,981
	107,171		Biotage AB		3,101
	17,631		Bio-Techne Corp		9,121
	1,566	*,e	Bioxcel Therapeutics Inc		32
	22,766	*	Black Diamond Therapeutics, Inc		121
	36,300		Blau Farmaceutica S.A.		237
	61,152	*	Bluebird Bio, Inc		611
	135,216	*	Blueprint Medicines Corp		14,483

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,035		Boiron S.A.	$	205
	22,648	*,e	Bolt Biotherapeutics, Inc		111
	28,184	*	Boryung Pharmaceutical Co Ltd		345
	37,126	*,e	Bridgebio Pharma, Inc		619
	4,039,712		Bristol-Myers Squibb Co		251,876
	7,191	*,e	Brooklyn ImmunoTherapeutics, Inc		30
	87,213		Bruker BioSciences Corp		7,318
	46,134		Bukwang Pharmaceutical Co Ltd		500
	47,800	*	Burning Rock Biotech Ltd (ADR)		456
	35,473	*	C4 Therapeutics, Inc		1,142
	32,559	*,e	Calliditas Therapeutics AB		406
	39,809	*,e	Camurus AB		664
	289,477	*,e	Canopy Growth Corp (Toronto)		2,526
	56,275	*,e,g	CanSino Biologics, Inc		1,301
	5,990	*	CanSino Biologics, Inc		282
	19,610		Caplin Point Laboratories Ltd		226
	133,349	*	Cara Therapeutics, Inc		1,624
	137,452	*,e	Cardiff Oncology, Inc		826
	130,141	*	CareDx, Inc		5,919
	3,495		Caregen Co Ltd		195
	9,320	*	Caribou Biosciences, Inc		141
	51,150	*,e	Cassava Sciences, Inc		2,235
	274,800	*	Catalent, Inc		35,183
	191,414	*	Catalyst Pharmaceuticals, Inc		1,296
	1,838	*	Celcuity, Inc		24
	11,115	*	Celldex Therapeutics, Inc		429
	37,016	*,e	Cellectis S.A.		306
	6,797	*	Cellid Co Ltd		280
	39,881	*	CELLINK AB		1,219
	18,248	*	Cellivery Therapeutics, Inc		670
	6,000	*,e	CellSource Co Ltd		283
	11,543	*	Celltrion Pharm Inc		1,207
	113,663	e	Celltrion, Inc		18,921
	26,517		Celon Pharma S.A.		218
	8,498	*,e	CEL-SCI Corp		60
	385,263		Center Laboratories, Inc		841
	5,678	*,e	Century Therapeutics, Inc		90
	4,723	*	Cerevel Therapeutics Holdings, Inc		153
	15,114		Changchun High & New Technology Industry Group, Inc		644
	97,349	*	Charles River Laboratories International, Inc		36,679
	190,511	*	ChemoCentryx, Inc		6,937
	37,595		Chemometec A.S.		4,761

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	120,061	*	Chimerix, Inc	$	772
	1,163,500	e	China Grand Pharmaceutical and Healthcare Holdings Ltd		964
	1,021,660		China Medical System Holdings Ltd		1,708
	65,820		China Resources Sanjiu Medical & Pharmaceutical Co Ltd		354
	462,560		China Shineway Pharmaceutical Group Ltd		410
	58,764	*	Chinook Therapeutics, Inc		958
	7,404	*	Chong Kun Dang Pharmaceutical Corp		690
	62,980		Chongqing Zhifei Biological Products Co Ltd		1,231
	13,819	*	Choongwae Pharma Corp		265
	312,686	*,e	ChromaDex Corp		1,169
	343,406		Chugai Pharmaceutical Co Ltd		11,194
	446,509		Cipla Ltd		5,664
	111,463	*,e	Citius Pharmaceuticals, Inc		172
	3,094,000	e	CK Life Sciences International Holdings, Inc		294
	9,123	*,e	Clene, Inc		37
	153,927	e	Clinigen Group plc		1,907
	50,612		Clinuvel Pharmaceuticals Ltd		1,000
	8,980	*,e	Clovis Oncology, Inc		24
	108,238	*	CMG Pharmaceutical Co Ltd		349
	1,397	*,e	Codex DNA, Inc		15
	123,861	*	Codexis, Inc		3,873
	2,825	*,e	Codiak Biosciences, Inc		31
	28,586	*,e	Cogent Biosciences, Inc		245
	115,317	*	Coherus Biosciences, Inc		1,840
	3,209	*	Collegium Pharmaceutical, Inc		60
	272,235	*	Columbia Care, Inc		775
	110,525	*,e	Compugen Ltd		475
	8,212	*	Corcept Therapeutics, Inc		163
	86,638	*,e	CorMedix Inc		394
	1,576	*,e	Cortexyme Inc		20
	10,218	*,e	COSMO Pharmaceuticals NV		734
	9,170	*	Crinetics Pharmaceuticals, Inc		261
	246,061	*,e	Cronos Group, Inc		969
	530,464		CSL Ltd		112,193
	6,660,054		CSPC Pharmaceutical Group Ltd		7,252
	799,500	*,g	CStone Pharmaceuticals		848
	2,315	*	Cue Biopharma, Inc		26
	41,943	*,e	Cullinan Oncology, Inc		647
	13,876	*,e	CureVac NV		476
	18,014	*	Curis, Inc		86
	69,704	*,e	Cymabay Therapeutics, Inc		236
	3,661	*	Cyteir Therapeutics, Inc		42

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	34,017	*,e	Cytek Biosciences, Inc	$	555
	36,502	*	Cytokinetics, Inc		1,664
	14,994	*	CytomX Therapeutics, Inc		65
	83,371		Da An Gene Co Ltd of Sun Yat-Sen University		262
	94,972	*	Daewoong Co Ltd		2,478
	9,678	*	Daewoong Pharmaceutical Co Ltd		1,202
	3,556,701		Daiichi Sankyo Co Ltd		90,523
	1,200,730		Danaher Corp		395,052
	5,158	*,e	Day One Biopharmaceuticals, Inc		87
	693,138		Dechra Pharmaceuticals plc		50,096
	9,932	*	Deciphera Pharmaceuticals, Inc		97
	75,939	*	Denali Therapeutics, Inc		3,387
	68,694		Dermapharm Holding SE		6,975
	1,982	*,e	DermTech, Inc		31
	8,109	*	Design Therapeutics, Inc		174
	5,832	*	DICE Therapeutics, Inc		148
	274,521		Divi S Laboratories Ltd		17,252
	3,701		Dong-A Pharmaceutical Co Ltd		357
	4,841	*	Dong-A ST Co Ltd		291
	43,371		Dong-E-E-Jiao Co Ltd		332
	24,894	*	DongKook Pharmaceutical Co Ltd		456
	18,490	*	Dongwha Pharm Co Ltd		227
	249,583		Dr Reddy’s Laboratories Ltd		16,446
	105,242		Dr Reddys Laboratories Ltd (ADR)		6,884
	396,000		Duopharma Biotech Bhd		160
	198,444	*,e	Durect Corp		196
	498,566	*,e	Dynavax Technologies Corp		7,015
	27,074	*,e	Dyne Therapeutics, Inc		322
	6,198	*	Eagle Pharmaceuticals, Inc		316
	4,585	*	Edgewise Therapeutics, Inc		70
	130,931	*	Editas Medicine, Inc		3,476
	32,944	*	Eiger BioPharmaceuticals, Inc		171
	164,000	*	EirGenix, Inc		661
	341,018		Eisai Co Ltd		19,359
	458,837	*	Elanco Animal Health, Inc		13,022
	1,233,294		Eli Lilly & Co		340,660
	3,590	*,e	Eliem Therapeutics, Inc		38
	58,580	*	Emergent Biosolutions, Inc		2,546
	15,380	*	Enanta Pharmaceuticals, Inc		1,150
	106,995	*	Endo International plc		402
	3,315	*	Entrada Therapeutics, Inc		57
	11,580	*	Enzychem Lifesciences Corp		535

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	14,642	*	Epizyme, Inc	$	37
	9,872	*,e	Erasca, Inc		154
	69,417	*	Ergomed plc		1,409
	37,497	g	Eris Lifesciences Ltd		383
	4,127	*,e	Esperion Thereapeutics, Inc		21
	294,000		Essex Bio-technology Ltd		187
	64,132	*	Eubiologics Co Ltd		1,891
	192,351		Eurofins Scientific SE		23,831
	4,562	*,e	Evelo Biosciences, Inc		28
	29,000	*	Ever Supreme Bio Technology Co Ltd		220
	163,000	*,g	Everest Medicines Ltd		729
	250,248	*,e	Evolus, Inc		1,629
	160,074	*	Evotec AG.		7,727
	131,162	*	Exact Sciences Corp		10,208
	7,924	*	Exagen, Inc		92
	350,235	*,e	Exelixis, Inc		6,402
	20,498	*	EyePoint Pharmaceuticals, Inc		251
	587,241		Faes Farma S.A. (Sigma)		2,330
	172,336	*	Fate Therapeutics, Inc		10,083
	53,635	*	FDC Ltd		219
	14,157	*	FibroGen, Inc		200
	6,860	*	Finch Therapeutics Group, Inc		68
	675,335	*,e	Fluidigm Corp		2,647
	15,447	*,e	Foghorn Therapeutics, Inc		353
	29,293	*	Forma Therapeutics Holdings, Inc		417
	7,481	*,e	Forte Biosciences, Inc		16
	12,298	*	Fortress Biotech, Inc		31
	32,514	*,e	Frequency Therapeutics, Inc		167
	52,849	*,e	Fulcrum Therapeutics, Inc		935
	103,108	*,e	G1 Therapeutics, Inc		1,053
	1,962	*,e	Galapagos NV		109
	53,998	*	Galapagos NV		3,026
	25,368	*,e	Gemini Therapeutics, Inc		74
	74,755	*	GeneOne Life Science, Inc		1,019
	6,749	*	Generation Bio Co		48
	18,800	*,e	Genetron Holdings Ltd (ADR)		115
	20,339	*	Genexine Co Ltd		995
	337,039	*	Genmab A.S. (ADR)		13,333
	156,341	*	Genmab AS		62,404
	871,456	e	Genomma Lab Internacional S.A. de C.V.		914
	173,500	*,e,g	Genor Biopharma Holdings Ltd		158
	1,359,386	*	Genscript Biotech Corp		6,015

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	79,943		Genus plc	$	5,362
	272,954	*,e	Geron Corp		333
	71,559		Gerresheimer AG.		6,880
	3,307,735		Gilead Sciences, Inc		240,175
	36,902		GlaxoSmithKline Pharmaceuticals Ltd		871
	2,388,577		GlaxoSmithKline plc		52,006
	203,848		Glenmark Pharmaceuticals Ltd		1,448
	59,738	*	Global Blood Therapeutics, Inc		1,749
	45,601	*,e	GNI Group Ltd		588
	57,238	*	Gossamer Bio, Inc		647
	143,299		Granules India Ltd		646
	7,827	*	Graphite Bio, Inc		97
	3,770	*	Green Cross Corp		690
	22,595	*	Green Cross Holdings Corp		515
	10,178	*	Green Cross LabCell Corp		869
	663	*	Greenwich Lifesciences, Inc		16
	80,693	e	Grifols S.A.		1,553
	177,145	*	Gritstone Oncology, Inc		2,278
	3,195	*,e	GT Biopharma, Inc		10
	87,812		Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd		471
	84,597		H Lundbeck AS		2,178
	414,658	*	Halozyme Therapeutics, Inc		16,673
	33,628	*	Hanall Biopharma Co Ltd		594
	10,721		Hangzhou Tigermed Consulting Co Ltd		215
	88,053	g	Hangzhou Tigermed Consulting Co Ltd (Hong Kong)		1,117
	4,361	*	Hanmi Pharm Co Ltd		1,012
	48,076	*	Hansa Biopharma AB		471
	879,839	g	Hansoh Pharmaceutical Group Co Ltd		2,148
	183,523	*,e	Harmony Biosciences Holdings, Inc		7,825
	3,112	*	Harpoon Therapeutics, Inc		23
	9,376	*	Harvard Bioscience, Inc		66
	160,500		Haw Par Corp Ltd		1,353
	19,900	*	HEALIOS KK		222
	38,958	*	Helixmith Co Ltd		743
	307,442	*,e	Heron Therapeutics, Inc		2,807
	573,245	*,e	HEXO Corp		399
	38,665		Hikal Ltd		273
	47,701		Hikma Pharmaceuticals plc		1,433
	76,500		Hisamitsu Pharmaceutical Co, Inc		2,643
	7,532	*	HK inno N Corp		333
	41,920	*	Homology Medicines, Inc		153
	120,577	*	Hookipa Pharma, Inc		281

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,613,521	*	Horizon Therapeutics Plc	$	173,873
	2,548,684	*,†,e	Hua Han Health Industry Holdings Ltd		20
	704,500	*,g	Hua Medicine		343
	77,920		Hualan Biological Engineering, Inc		356
	7,293	*	Hugel, Inc		941
	3,604	*,e	Humanigen, Inc		13
	74,354		Humanwell Healthcare Group Co Ltd		263
	7,337		Huons Co Ltd		294
	6,421		Huons Global Co Ltd		207
	59,780	*	Hutchison China MediTech Ltd (ADR)		2,097
	261,344		Hypermarcas S.A.		1,323
	229,322	*,e	iBio, Inc		126
	56,734	*	ICON plc		17,571
	6,410	*	Icosavax, Inc		147
	29,180	*	Ideaya Biosciences, Inc		690
	133,053	*,e	Idorsia Ltd		2,711
	854	*,e	IGM Biosciences, Inc		25
	22,433	*	Ikena Oncology, Inc		281
	300,808	*	Illumina, Inc		114,439
	42,944	*	Ilyang Pharmaceutical Co Ltd		1,011
	27,300	*	I-Mab (ADR)		1,294
	4,754	*	Imago Biosciences, Inc		113
	14,900		Imeik Technology Development Co Ltd		1,253
	3,900	*	Immuneering Corp		63
	38,520	*	Immunic, Inc		369
	67,420	*,e	ImmunityBio, Inc		410
	223,471	*	Immunogen, Inc		1,658
	110,000	*,e	Immunotech Biopharm Ltd		238
	96,368	*,e	Immunovant, Inc		821
	1,889	*,e	Impel Neuropharma, Inc		16
	6,074,528	*	Imugene Ltd		1,767
	146,004	*	Incyte Corp		10,717
	887,314	*	Indivior plc		3,087
	13,956	*,e	Infinity Pharmaceuticals, Inc		31
	2,444	*	Inhibrx, Inc		107
	564,000	*,g	InnoCare Pharma Ltd		1,107
	1,167,073	*,g	Innovent Biologics, Inc		7,227
	346,254	*	Innoviva, Inc		5,973
	68,197	*,e	Inotiv, Inc		2,869
	186,657	*,e	Inovio Pharmaceuticals, Inc		931
	13,924	*	Inozyme Pharma, Inc		95
	112,892	*	Insmed, Inc		3,075

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	27,361	*,e	Instil Bio, Inc	$	468
	123,749	*	Intellia Therapeutics, Inc		14,632
	2,287	*,e	Intercept Pharmaceuticals, Inc		37
	6,780	*	Intra-Cellular Therapies, Inc		355
	27,449	*	iNtRON Biotechnology, Inc		485
	297,925	*,e	Invitae Corp		4,549
	26,008		IOL Chemicals and Pharmaceuticals Ltd		168
	81,235	*	Ionis Pharmaceuticals, Inc		2,472
	306,259	*	Iovance Biotherapeutics, Inc		5,846
	245,898		Ipca Laboratories Ltd		7,156
	10,259		Ipsen		939
	435,713	*	IQVIA Holdings, Inc		122,932
	907,523	*	Ironwood Pharmaceuticals, Inc		10,582
	381	*,e	IsoPlexis Corp		4
	41,577	*	iTeos Therapeutics, Inc		1,936
	143,498	*	IVERIC bio, Inc		2,399
	6,314	*,e	Janux Therapeutics, Inc		125
	83,235	*	Jazz Pharmaceuticals plc		10,604
	37,962		JB Chemicals & Pharmaceuticals Ltd		907
	79,044		JCR Pharmaceuticals Co Ltd		1,531
	6,413	*	Jeil Pharmaceutical Co Ltd		182
	288,511		Jiangsu Hengrui Medicine Co Ltd		2,299
	3,709,292		Johnson & Johnson		634,549
	134,758		Joincare Pharmaceutical Group Industry Co Ltd		272
	13,080		Joinn Laboratories China Co Ltd		237
	78,373	*	Jounce Therapeutics, Inc		654
	68,170		Jubilant Organosys Ltd		537
	168,500	*,e,g	JW Cayman Therapeutics Co Ltd		291
	43,879		Kaken Pharmaceutical Co Ltd		1,607
	30,705	*,e	Kala Pharmaceuticals, Inc		37
	23,518,206		Kalbe Farma Tbk PT		2,665
	4,800	*,e	Kaleido Biosciences Inc		11
	3,608	*	KalVista Pharmaceuticals Inc		48
	71,304	*	Karo Pharma AB		473
	2,341	*	Karuna Therapeutics, Inc		307
	92,766	*,e	Karyopharm Therapeutics, Inc		596
	16,934	*,e	KemPharm, Inc		147
	18,039	*,e	Keros Therapeutics, Inc		1,055
	73,224	*	Kezar Life Sciences, Inc		1,224
	15,893	*	Kiniksa Pharmaceuticals Ltd		187
	22,169	*,e	Kinnate Biopharma, Inc		393
	34,800		Kissei Pharmaceutical Co Ltd		683

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	128,528	*	Knight Therapeutics, Inc	$	539
	3,359	*	Kodiak Sciences, Inc		285
	41,908	*	Komipharm International Co Ltd		302
	9,411	*	Korea United Pharm Inc		374
	53,234	*,e	Kronos Bio, Inc		723
	10,935	*	Krystal Biotech Inc		765
	17,946		Kukjeon Pharmaceutical Co Ltd		165
	56,670	*	Kura Oncology, Inc		793
	16,426	*	Kymera Therapeutics, Inc		1,043
	49,781		Kyorin Co Ltd		799
	493,215		Kyowa Hakko Kogyo Co Ltd		13,448
	14,881		L&C Bio Co Ltd		457
	34,645		Laboratorios Farmaceuticos Rovi S.A		2,911
	1,563	*	Landos Biopharma, Inc		8
	364,222	g	Laurus Labs Ltd		2,635
	52,640	*,e	Legend Biotech Corp (ADR)		2,454
	21,599	*	LegoChem Biosciences, Inc		1,011
	46,027	*	Lexicon Pharmaceuticals, Inc		181
	12,056	*	Ligand Pharmaceuticals, Inc (Class B)		1,862
	119,731	*,e	Lineage Cell Therapeutics, Inc		293
	46,617		Livzon Pharmaceutical Group, Inc		294
	281,024		Lonza Group AG.		233,977
	100,000		Lotus Pharmaceutical Co Ltd		352
	163,894		Lupin Ltd		2,091
	1,943,000	*,e,g	Luye Pharma Group Ltd		886
	11,347	*	Lyell Immunopharma, Inc		88
	68,188	*	MacroGenics, Inc		1,094
	23,717	*	Madrigal Pharmaceuticals, Inc		2,010
	8,167	*	Magenta Therapeutics, Inc		36
	1,385,183	*,e	MannKind Corp		6,053
	160,632	*	Maravai LifeSciences Holdings, Inc		6,730
	2,983	*,e	Marinus Pharmaceuticals, Inc		35
	79,776	*,e	MaxCyte, Inc		813
	1,702,337	*	Mayne Pharma Group Ltd		366
	162,000	*	Medigen Vaccine Biologics Corp		1,751
	47,684	*	Medpace Holdings, Inc		10,378
	14,546	*	MedPacto, Inc		715
	5,340	*	Medy-Tox, Inc		645
	273,130		Mega Lifesciences PCL		413
	15,288	*	MEI Pharma, Inc		41
	25,638	*	MeiraGTx Holdings plc		609
	2,951,280		Merck & Co, Inc		226,186

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	593,981		Merck KGaA	$	152,806
	7,825		Merck Ltd		562
	47,316	*	Mersana Therapeutics, Inc		294
	705,560	*,e	Mesoblast Ltd		716
	26,961	*	Mettler-Toledo International, Inc		45,758
	7,269	*	Mezzion Pharma Co Ltd		1,327
	41,188	*,e	MiMedx Group, Inc		249
	664,772	*,e	Mind Medicine MindMed, Inc		917
	420,716	*,e	Mind Medicine MindMed, Inc		575
	41,527	*	Mirati Therapeutics, Inc		6,092
	3,533	*	Mirum Pharmaceuticals, Inc		56
	27,091	*,e	Mithra Pharmaceuticals S.A.		615
	29,075		Mochida Pharmaceutical Co Ltd		880
	296,703	*	Moderna, Inc		75,357
	17,929	*,e	Molecular Partners AG.		351
	6,378	*,e	Molecular Templates, Inc		25
	5,569	*,e	Monte Rosa Therapeutics, Inc		114
	10,872	*	Morphic Holding, Inc		515
	91,387	*	Morphosys AG.		3,461
	258,819	*,e	Mustang Bio, Inc		430
	67,779	*	Myriad Genetics, Inc		1,871
	42,487		Nanjing King-Friend Biochemical Pharmaceutical Co Ltd		280
	78,795	*	NanoString Technologies, Inc		3,328
	99,580		Natco Pharma Ltd		1,210
	164,078	*	Natera, Inc		15,323
	51,808	*	Naturecell Co Ltd		774
	134,857	*	Nektar Therapeutics		1,822
	63,259	*	NeoGenomics, Inc		2,158
	27,996	*	Neoleukin Therapeutics, Inc		135
	74,906	*	Neurocrine Biosciences, Inc		6,380
	9,179	*	NexImmune, Inc		42
	159,913	*	NGM Biopharmaceuticals Inc		2,832
	42,062	*	NH Special Purpose Acquisition 11 Co Ltd		989
	50,002		Nichi-iko Pharmaceutical Co Ltd		307
	32,500		Nippon Shinyaku Co Ltd		2,263
	13,650	*	Nkarta, Inc		210
	31,356	*	NKMax Co Ltd		590
	1,589,460		Novartis AG.		139,669
	75,526	*,e	Novavax, Inc		10,806
	2,066,588		Novo Nordisk AS		232,131
	5,966	*	Nurix Therapeutics, Inc		173
	5,439	*	Nuvalent, Inc		104

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	173,583	*,e	Nuvation Bio, Inc	$	1,475
	137,963	*	OBI Pharma, Inc		568
	277,589	*,e	Ocugen, Inc		1,263
	169,838	*	Ocular Therapeutix, Inc		1,184
	175,500	*,e,g	Ocumension Therapeutics		394
	88,426	*,e	Olema Pharmaceuticals, Inc		828
	10,068	*	OliX Pharmaceuticals, Inc		346
	3,377	*	Omega Therapeutics, Inc		38
	5,254	*,e	Omeros Corp		34
	184,309	*	Oncocyte Corp		400
	44,895	*,e	Oncorus, Inc		237
	120,589	*	Oncternal Therapeutics, Inc		274
	162,679	*	Oneness Biotech Co Ltd		1,690
	104,488		Ono Pharmaceutical Co Ltd		2,597
	1,110,252	*,e	Opko Health, Inc		5,340
	3,157	*	Oramed Pharmaceuticals, Inc		45
	305,448	*,e	Organigram Holdings, Inc		536
	460,695	*,e	Organogenesis Holdings Inc		4,257
	195,117		Organon & Co		5,941
	23,650	*,e	ORIC Pharmaceuticals, Inc		348
	25,342		Orion Oyj (Class B)		1,053
	23,374	*	Oscotec, Inc		718
	110,680		Otsuka Holdings KK		4,027
	14,802	*,e	Outlook Therapeutics, Inc		20
	75,152	*	Oxford Biomedica plc		1,251
	85,000	*	Oxford Nanopore Technologies plc		803
	30,459	*,e	Oyster Point Pharma, Inc		556
	337,603	*	Pacific Biosciences of California, Inc		6,907
	181,397	*	Pacira BioSciences Inc		10,915
	398,795	*	Paion AG.		545
	9,666	*,e	Paratek Pharmaceuticals, Inc		43
	118,594	*	Passage Bio, Inc		753
	373,700	*	PeptiDream, Inc		8,298
	157,369		PerkinElmer, Inc		31,641
	90,921		Perrigo Co plc		3,537
	40,335	*	Personalis, Inc		576
	10,646,567		Pfizer, Inc		628,680
	24,000	e	Pharma Foods International Co Ltd		442
	16,981	e	Pharma Mar S.A.		1,101
	5,834		PHARMA RESEARCH PRODUCTS Co Ltd		402
	12,400		PharmaBlock Sciences Nanjing, Inc		276
	69,951	*,†	Pharmally International Holding Co Ltd		0	^

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	27,300		Pharmaron Beijing Co Ltd	$	605
	97,082	g	Pharmaron Beijing Co Ltd		1,499
	61,530	*	Pharmicell Co Ltd		674
	681,469	*,e	Pharming Group NV		603
	1,666	*	Phathom Pharmaceuticals, Inc		33
	127,761		Phibro Animal Health Corp		2,609
	5,089	*,e	Pliant Therapeutics, Inc		69
	13,095	*	PMV Pharmaceuticals, Inc		302
	13,810	*,g	PolyPeptide Group AG.		2,068
	4,258	*	Portage Biotech, Inc		46
	28,361	*,e	Poseida Therapeutics, Inc		193
	21,277	*	Praxis Precision Medicines, Inc		419
	446,515	*,e	Precigen, Inc		1,657
	5,352	*	Precision BioSciences Inc		40
	1,770	*,e	Prelude Therapeutics, Inc		22
	77,112	*	Prestige Consumer Healthcare, Inc.		4,677
	83,715	*,†	Progenics Pharmaceuticals, Inc		0
	23,090	*	Prometheus Biosciences, Inc		913
	27,149	*	Protagonist Therapeutics, Inc		928
	158,500	*	Prothena Corp plc		7,830
	50,533	*,e	Provention Bio, Inc		284
	7,662	*	PTC Therapeutics, Inc		305
	6,288	*	Puma Biotechnology, Inc		19
	4,382	*	Pyxis Oncology, Inc		48
	159,164	*	QIAGEN NV		8,846
	224,801	*	QIAGEN NV (Turquoise)		12,465
	24,077	*	Quanterix Corp		1,021
	282,531	*	Radius Health, Inc		1,955
	4,334	*	Rain Therapeutics, Inc		56
	814	*	Rallybio Corp		8
	4,040	*	Rapid Micro Biosystems, Inc		43
	1,992	*	RAPT Therapeutics, Inc		73
	5,868	*	Reata Pharmaceuticals, Inc		155
	28,759		Recordati S.p.A.		1,847
	43,966	*,e	Recursion Pharmaceuticals, Inc		753
	97,191	*	Regeneron Pharmaceuticals, Inc		61,378
	18,890	*	REGENXBIO, Inc		618
	27,413	*	Relay Therapeutics, Inc		842
	1,938,327	*,e	Relief Therapeutics Holding AG.		132
	2,341	*	Relmada Therapeutics, Inc		53
	1,890	*,e	Reneo Pharmaceuticals, Inc		16
	54,209	*	Repligen Corp		14,357

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	10,045	*	Replimune Group, Inc	$	272
	6,302	*	Revance Therapeutics, Inc		103
	45,606	*	REVOLUTION Medicines, Inc		1,148
	7,465	*	Reyon Pharmaceutical Co Ltd		223
	39,241	*	Rhythm Pharmaceuticals, Inc		392
	197,537		Richter Gedeon Rt		5,312
	72,953	*	Rigel Pharmaceuticals, Inc		193
	1,083,958		Roche Holding AG.		449,692
	9,372	e	Roche Holding AG.		4,195
	3,804	*	Rocket Pharmaceuticals, Inc		83
	309,482		Royalty Pharma plc		12,333
	4,211	*,e	Rubius Therapeutics, Inc		41
	91,235	*	Sage Therapeutics, Inc		3,881
	14,090	*	Sam Chun Dang Pharm Co Ltd		512
	26,497	*,g	Samsung Biologics Co Ltd		20,119
	8,215	*,e	Sana Biotechnology, Inc		127
	25,824	*,e	SanBio Co Ltd		226
	206,529	*	Sangamo Therapeutics Inc		1,549
	8,580		Sanofi India Ltd		909
	1,501,550		Sanofi-Aventis		150,671
	387,583		Santen Pharmaceutical Co Ltd		4,732
	175,103	*	Sarepta Therapeutics, Inc		15,768
	40,795		Sartorius Stedim Biotech		22,405
	62,804		Saudi Pharmaceutical Industries & Medical Appliances Corp		657
	49,417		Sawai Group Holdings Co Ltd		1,889
	6,294	*,e	Scholar Rock Holding Corp		156
	220,960		Scinopharm Taiwan Ltd		197
	675,572	*	Seagen, Inc		104,443
	26,119	e	Seegene, Inc		1,340
	16,720	*,e	Seelos Therapeutics, Inc		27
	41,333	*,e	Seer, Inc		943
	37,100		Seikagaku Corp		304
	464,920	*	Selecta Biosciences, Inc		1,516
	21,520	*	Sensei Biotherapeutics, Inc		125
	1,175	*	Sera Prognostics, Inc		8
	38,149	*	Seres Therapeutics, Inc		318
	28,465	*,e	Sesen Bio, Inc		23
	92,013		Shandong Buchang Pharmaceuticals Co Ltd		304
	132,788		Shanghai Fosun Pharmaceutical Group Co Ltd		1,019
	367,429	e	Shanghai Fosun Pharmaceutical Group Co Ltd (Hong Kong)		1,618
	270,000		Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd		133

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	554,000		Shanghai Haixin Group Co	$	198
	85,100	*,e,g	Shanghai Henlius Biotech, Inc		241
	55,543	*	Shanghai Junshi Biosciences Co Ltd		584
	4,213		Shanghai Medicilon, Inc		321
	416,337		Shanghai RAAS Blood Products Co Ltd		446
	8,404	*	Shattuck Labs, Inc		72
	27,230		Shenzhen Kangtai Biological Products Co Ltd		421
	45,400		Shenzhen New Industries Biomedical Engineering Co Ltd		314
	64,425	*	Shenzhen Salubris Pharmaceuticals Co Ltd		276
	87,107		Shijiazhuang Yiling Pharmaceutical Co Ltd		268
	35,847		Shilpa Medicare Ltd		258
	22,508	*	Shin Poong Pharmaceutical Co Ltd		603
	311,322		Shionogi & Co Ltd		21,900
	110,255		Sichuan Kelun Pharmaceutical Co Ltd		327
	4,809		Siegfried Holding AG.		4,678
	4,188	*	SIGA Technologies, Inc		31
	10,125	*	Sigilon Therapeutics, Inc		28
	4,116,000	e	Sihuan Pharmaceutical Holdings		782
	13,434	*,†,e	SillaJen, Inc		0
	14,121	*	Silverback Therapeutics, Inc		94
	5,424	*	Singular Genomics Systems, Inc		63
	8,705,236		Sino Biopharmaceutical		6,109
	17,426	*	SK Biopharmaceuticals Co Ltd		1,423
	26,319	*	SK Bioscience Co Ltd		4,982
	14,441		Solara Active Pharma Sciences Ltd		198
	63,287	*	Solid Biosciences, Inc		111
	163,576	*,e	Sorrento Therapeutics, Inc		761
	89,208	*,e	Sosei Group		1,478
	97,085	*	Sotera Health Co		2,286
	27,283	*	Spectrum Pharmaceuticals, Inc		35
	4,258	*	Spero Therapeutics, Inc		68
	26,020	*	SpringWorks Therapeutics, Inc		1,613
	8,720	*,e	Spruce Biosciences, Inc		39
	22,455	*,e	SQZ Biotechnologies Co		201
	1,416,000	e	SSY Group Ltd		731
	10,144	*	ST Pharm Co Ltd		1,186
	1,705	*	Stoke Therapeutics, Inc		41
	62,188		Strides Arcolab Ltd		372
	721,475		Sumitomo Dainippon Pharma Co Ltd		8,324
	30,455	*,e	Summit Therapeutics, Inc		82
	74,874	*	Sun Pharma Advanced Research Company Ltd		288

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,320,720		Sun Pharmaceutical Industries Ltd	$	15,006
	274,525	*	Supernus Pharmaceuticals, Inc		8,005
	33,293	*	Surface Oncology, Inc		159
	37,589	*	Sutro Biopharma, Inc		559
	96,278		Suven Pharmaceuticals Ltd		637
	107,209		SwedenCare AB		1,827
	32,698	*	Syndax Pharmaceuticals, Inc		716
	137,241	*	Syneos Health, Inc		14,092
	131,044	*,g	Syngene International Ltd		1,089
	35,100	*,e	Syros Pharmaceuticals, Inc		114
	357,799	*	Taigen Biopharmaceuticals Holdings Ltd		199
	191,000	*	TaiMed Biologics, Inc		488
	9,878		Taisho Pharmaceutical Holdings Co Ltd		456
	184,233		Takara Bio, Inc		4,228
	449,094		Takeda Pharmaceutical Co Ltd		12,264
	5,370	*,e	Talaris Therapeutics, Inc		82
	150,073	*	Tanvex BioPharma, Inc		315
	28,903	*,e	Taro Pharmaceutical Industries Ltd		1,448
	3,050	*	Tarsus Pharmaceuticals, Inc		69
	18,735	*,e	Taysha Gene Therapies, Inc		218
	29,824	*	TCR2 Therapeutics Inc		139
	23,434		Tecan Group AG.		14,233
	223,199	*	Telix Pharmaceuticals Ltd		1,259
	6,885	*	Tenaya Therapeutics, Inc		130
	6,485	*	Terns Pharmaceuticals, Inc		46
	311,593	*	Teva Pharmaceutical Industries Ltd (ADR)		2,496
	94,721	*	TG Therapeutics, Inc		1,800
	71,517	*,e	TherapeuticsMD, Inc		25
	10,153	*	Theravance Biopharma, Inc		112
	418,910		Thermo Fisher Scientific, Inc		279,514
	3,827	*	Theseus Pharmaceuticals, Inc		49
	224,400	e	Tianjin ZhongXin Pharmaceutical Group Corp Ltd		258
	656,000		Tong Ren Tang Technologies Co Ltd		704
	691,089	*,e	Tonix Pharmaceuticals Holding Corp		247
	14,465	e	Torii Pharmaceutical Co Ltd		362
	59,451		Torrent Pharmaceuticals Ltd		2,622
	32,013		Towa Pharmaceutical Co Ltd		798
	83,722	*	Travere Therapeutics, Inc		2,599
	126,310	*,e	Trevena, Inc		74
	70,000		Tsumura & Co		1,994
	223,917		TTY Biopharm Co Ltd		556
	113,267	*	Turning Point Therapeutics Inc		5,403

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	45,869	*	Twist Bioscience Corp	$	3,550
	5,142	*	Tyra Biosciences, Inc		72
	85,441		UCB S.A.		9,751
	63,408	*	Ultragenyx Pharmaceutical, Inc		5,332
	1,397,562		United Laboratories Ltd		780
	178,128	*	United Therapeutics Corp		38,490
	34,550	*,e	UroGen Pharma Ltd		329
	175,153	*	Vaccibody AS.		1,605
	85,131	*,e	Valneva SE		2,372
	48,087	*	Vanda Pharmaceuticals, Inc		754
	21,838	*,e	Vaxart Inc		137
	9,939	*	Vaxcell-Bio Therapeutics Co Ltd		362
	26,478	*,e	Vaxcyte, Inc		630
	212,985	*,e	VBI Vaccines, Inc		498
	4,177	*	Ventyx Biosciences, Inc		83
	3,859	*	Vera Therapeutics, Inc		103
	80,362	*	Veracyte, Inc		3,311
	16,020	*	Verastem, Inc		33
	66,490	*	Vericel Corp		2,613
	2,499	*,e	Verrica Pharmaceuticals, Inc		23
	270,935	*	Vertex Pharmaceuticals, Inc		59,497
	11,452	*,e	Verve Therapeutics, Inc		422
	903,988		Viatris, Inc		12,231
	13,464		Vifor Pharma AG.		2,392
	257,942	*,e	Viking Therapeutics, Inc		1,187
	52,602	*	Vincerx Pharma, Inc		536
	167,262	*	Vir Biotechnology, Inc		7,003
	28,273	*	Viracta Therapeutics, Inc		103
	5,141		Virbac S.A.		2,482
	43,489	*,e	VistaGen Therapeutics, Inc		85
	79,107		Vitrolife AB		4,881
	694,500	e,g	Viva Biotech Holdings		420
	11,301	*,e	Vor BioPharma, Inc		131
	268,028		Walvax Biotechnology Co Ltd		2,357
	115,378	*	Waters Corp		42,990
	5,696	*	WaVe Life Sciences Ltd		18
	5,105	*,e	Werewolf Therapeutics, Inc		61
	244,495		West Pharmaceutical Services, Inc		114,671
	3,786,404		Winteam Pharmaceutical Group Ltd		2,509
	45,484	*	Wockhardt Ltd		252
	161,558		WuXi AppTec Co Ltd		3,007
	357,937	g	WuXi AppTec Co Ltd (Hong Kong)		6,185

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,571,650	*,g	Wuxi Biologics Cayman, Inc	$	113,318
	13,842		XBiotech, Inc		154
	5,470	*	Xencor, Inc		219
	337	*,e	Xilio Therapeutics, Inc		5
	12,486	*,e	XOMA Corp		260
	3,562	*	Y-mAbs Therapeutics, Inc		58
	35,530	*	Yuhan Corp		1,856
	94,379	*	Yungjin Pharmaceutical Co Ltd		419
	217,707		YungShin Global Holding Corp		338
	57,148		Yunnan Baiyao Group Co Ltd		939
	92,317	*	Zai Lab Ltd (ADR)		5,802
	44,237	*	Zealand Pharma AS		976
	20,140	*,e	Zentalis Pharmaceuticals, Inc		1,693
	25,500		Zeria Pharmaceutical Co Ltd		436
	34,501		Zhangzhou Pientzehuang Pharmaceutical Co Ltd		2,370
	93,758		Zhejiang Huahai Pharmaceutical Co Ltd		319
	37,100		Zhejiang Jiuzhou Pharmaceutical Co Ltd		328
	109,416		Zhejiang NHU Co Ltd		534
	11,467		Zhejiang Wolwo Bio-Pharmaceutical Co Ltd		103
	285,067	*,e	ZIOPHARM Oncology, Inc		311
	1,100,639		Zoetis, Inc		268,589
	50,783	*	Zogenix, Inc		825
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		9,506,690

REAL ESTATE - 3.0%
	924,611		Abacus Property Group		2,549
	239,083		Acadia Realty Trust		5,219
	902		Activia Properties Inc		3,261
	1,600		Advance Residence Investment Corp		5,286
	70,209	e	Aedifica S.A.		9,165
	130,000		Aeon Mall Co Ltd		1,855
	1,855		AEON REIT Investment Corp		2,599
	13,901		AFI Properties Ltd		921
	1,398,302	e	Agile Property Holdings Ltd		759
	69,287		Agree Realty Corp		4,944
	652,100		AIMS AMP Capital Industrial REIT		702
	83,500	*	Airport City Ltd		1,870
	4,485,214		Aldar Properties PJSC		4,870
	137,785	e,g	ALDER Group S.A.		1,713
	171,203		Alexander & Baldwin, Inc		4,295
	179		Alexander’s, Inc		47
	171,177		Alexandria Real Estate Equities, Inc		38,166

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	153,922		Aliansce Sonae Shopping Centers sa	$	597
	654,776	g	A-Living Services Co Ltd		1,119
	75,032		Allied Properties Real Estate Investment Trust		2,607
	17,436		Allreal Holding AG.		3,860
	179,669		Alony Hetz Properties & Investments Ltd		3,344
	194,603		Alstria Office REIT-AG.		4,327
	5,381	e	Altarea SCA		1,028
	50,314		Altus Group Ltd		2,823
	903,098		Amata Corp PCL (Foreign)		567
	42,961		American Assets Trust, Inc		1,612
	60,930		American Campus Communities, Inc		3,491
	97,436		American Finance Trust, Inc		890
	1,093,407		American Homes 4 Rent		47,683
	541,914		American Tower Corp		158,510
	282,488		Americold Realty Trust		9,263
	251,010		Amot Investments Ltd		2,039
	122,021		Apartment Income REIT Corp		6,671
	128,648	*	Apartment Investment and Management Co		993
	191,628		Apple Hospitality REIT, Inc		3,095
	1,640,041		ARA LOGOS Logistics Trust		1,096
	482,900		AREIT, Inc		460
	402,600		Arena REIT		1,444
	979,179		Argosy Property Ltd		1,072
	76,371		Armada Hoffler Properties, Inc		1,162
	461,527		Aroundtown S.A.		2,784
	93,314		Arriyadh Development Co		630
	76,474		Artis Real Estate Investment Trust		722
	1,071,400		Ascendas India Trust		1,128
	3,853,763		Ascendas REIT		8,444
	2,275,304		Ascott Trust		1,738
	11,752	*,e	Ashford Hospitality Trust, Inc		113
	3,011,032		Asian Property Development PCL (Foreign)		861
	3,357,832		Assura Group Ltd		3,172
	53,062		Atrium Ljungberg AB		1,173
	339,054		AvalonBay Communities, Inc		85,642
	416,084		Aventus Retail Property Fund Ltd		1,090
	1,327,500		Axis Real Estate Investment Trust		618
	9,360,708		Ayala Land, Inc		6,737
	4,761,352	*,†	AZ BGP Holdings		14
	12,042		Azrieli Group		1,149
	11,396,700		Bangkok Land PCL		364
	2,526,547		Barwa Real Estate Co		2,123

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	169,889		Bayside Land Corp	$	2,098
	42,308		Befimmo SCA Sicafi		1,626
	12,870		Big Shopping Centers Ltd		2,098
	395,349		Big Yellow Group plc		9,135
	6,591		Blue Square Real Estate Ltd		596
	1,035,423		BMO Commercial Property Trust Ltd		1,475
	27,460		Boardwalk REIT		1,190
	133,342		Boston Properties, Inc		15,358
	2,082,240	*	BR Malls Participacoes S.A.		3,098
	1,010,196		BR Properties S.A.		1,325
	44,952	*,e	BraeMar Hotels & Resorts, Inc		229
	871,551		Brandywine Realty Trust		11,696
	112,538		Brigade Enterprises Ltd		739
	332,659		British Land Co plc		2,402
	22,176		Brixmor Property Group, Inc		563
	163,962		Broadstone Net Lease, Inc		4,070
	112,022	g	Brookfield India Real Estate Trust		447
	9,547		Brt Realty Trust		229
	29,199		BSR Real Estate Investment Trust		517
	7,767,900	*	Bumi Serpong Damai Tbk PT		550
	581,515		Bunnings Warehouse Property Trust		1,756
	421,417		C&D International Investment Group Ltd		889
	473,000	*	C&D Property Management Group Co Ltd		270
	57,186	e	CA Immobilien Anlagen AG.		2,134
	3,492,134	e	Cambridge Industrial Trust		1,245
	6,780		Camden Property Trust		1,211
	175,164		Canadian Apartment Properties REIT		8,303
	868,564		Capital & Counties Properties		1,984
	3,084,188	*	Capitaland Investment Ltd		7,798
	5,371,411		CapitaMall Trust		8,127
	1,349,287		CapitaRetail China Trust		1,192
	83,658		CareTrust REIT, Inc		1,910
	78,702		Carmila S.A.		1,246
	317,315	e	Castellum AB		8,533
	48,093		CatchMark Timber Trust, Inc		419
	34,987		Catena AB		2,180
	542,900		Cathay Real Estate Development Co Ltd		378
	334,658	*	CBRE Group, Inc		36,314
	888,020	e	CDL Hospitality Trusts		771
	527,937		Cencosud Shopping S.A.		626
	11,910		Centerspace		1,321

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,090,968		Central China Management Co Ltd	$	424
	300,000	e	Central China New Life Ltd		193
	931,968	e	Central China Real Estate Ltd		112
	2,194,082		Central Pattana PCL (Foreign)		3,710
	714,646		Centuria Capital Group		1,819
	687,674		Centuria Industrial REIT		2,097
	717,495		Centuria Office REIT		1,222
	2,564,806		Champion Real Estate Investment Trust		1,312
	798,220		Charter Hall Education Trust		2,399
	566,156		Charter Hall Group		8,470
	1,584,331		Charter Hall Long Wale REIT		5,822
	80,801	*	Chatham Lodging Trust		1,109
	1,843,000		China Aoyuan Group Ltd		334
	101,900	*	China Fortune Land Development Co Ltd		58
	4,709,156		China Jinmao Holdings Group Ltd		1,456
	763,000	*,e,g	China Logistics Property Holdings Co Ltd		421
	1,334,000		China Merchants Land Ltd		127
	584,527		China Merchants Shekou Industrial Zone Holdings Co Ltd		1,225
	1,261,794		China Overseas Grand Oceans Group Ltd		641
	3,558,786		China Overseas Land & Investment Ltd		8,430
	1,080,119		China Overseas Property Holdings Ltd		1,146
	3,804,602		China Resources Land Ltd		16,031
	683,800	g	China Resources Mixc Lifestyle Services Ltd		3,191
	1,799,452		China SCE Group Holdings Ltd		437
	5,066,000	e	China South City Holdings Ltd		474
	2,040,038		China Vanke Co Ltd		4,750
	703,315		China Vanke Co Ltd (Class A)		2,182
	547,000		Chinese Estates Holdings Ltd		201
	193,014		Choice Properties REIT		2,318
	191,088		Chong Hong Construction Co		504
	44,308		Cibus Nordic Real Estate AB		1,425
	4,205,107		CIFI Holdings Group Co Ltd		2,529
	434,953		City Developments Ltd		2,201
	37,768		City Office REIT, Inc		745
	75,744	e	Citycon Oyj		604
	781,807		Civitas Social Housing plc		1,025
	2,209,301		CK Asset Holdings Ltd		13,936
	923		Clipper Realty, Inc		9
	218,844		CLS Holdings plc		648
	34,645		Cofinimmo		5,534
	41,064		Colliers International Group, Inc		6,115
	407,000	e	Colour Life Services Group		49

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	759		Comforia Residential REIT, Inc	$	2,253
	107,574		Cominar Real Estate Investment Trust		994
	38,546		Community Healthcare Trust, Inc		1,822
	322,830		Concentradora Fibra Danhos S.A. de C.V.		364
	825,766	e	Corem Property Group AB		2,980
	111,935	*	CorePoint Lodging, Inc		1,757
	19,967	*,e	Corestate Capital Holding S.A.		255
	786,756	e	Corp Inmobiliaria Vesta SAB de C.V.		1,584
	99,995		Corporate Office Properties Trust		2,797
	2,128,000	*,e	Cosmopolitan International Holdings Ltd		465
	9,201,898		Country Garden Holdings Co Ltd		8,172
	1,955,400		Country Garden Services Holdings Co Ltd		11,740
	142,220		Cousins Properties, Inc		5,729
	5,047		CRE Logistics REIT, Inc		9,925
	57,259		Crombie Real Estate Investment Trust		843
	368,000		Cromwell European Real Estate Investment Trust		1,060
	1,678,221		Cromwell Group		1,062
	872,066		Crown Castle International Corp		182,035
	62,335		CT Real Estate Investment Trust		854
	4,996		CTO Realty Growth, Inc		307
	193,684		CubeSmart		11,023
	414,987	*	Cushman & Wakefield plc		9,229
	452,505		Custodian Reit plc		649
	198,133		CyrusOne, Inc		17,776
	426,000	e	DaFa Properties Group Ltd		251
	56,210		Daibiru Corp		1,083
	50,022		Daito Trust Construction Co Ltd		5,739
	585,781		Daiwa House Industry Co Ltd		16,835
	2,346		Daiwa House REIT Investment Corp		7,107
	386		Daiwa Office Investment Corp		2,348
	2,206		Daiwa Securities Living Investments Corp		2,271
	425,523	*	Dar Al Arkan Real Estate Development Co		1,139
	374,000	e	Datang Group Holdings Ltd		196
	207,860		Derwent London plc		9,670
	204,500		Deutsche Annington Immobilien SE		11,268
	64,850		Deutsche Euroshop AG.		1,081
	917,000	e	Dexin China Holdings Co Ltd		314
	257,119		Dexus Industria REIT		657
	728,591		Dexus Property Group		5,891
	183,231	*	DiamondRock Hospitality Co		1,761
	90,819		DIC Asset AG.		1,587
	209,045		Digital Realty Trust, Inc		36,974

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	430,192	*	DigitalBridge Group, Inc	$	3,583
	109,326		Dios Fastigheter AB		1,436
	685,994		Diversified Healthcare Trust		2,120
	716,211		DLF Ltd		3,743
	58,001	*	Dongwon Development Co Ltd		260
	147,887	*	Douglas Elliman, Inc		1,701
	12,388		Douglas Emmett, Inc		415
	123,708		Dream Industrial Real Estate Investment Trust		1,684
	29,878		Dream Office Real Estate Investment Trust		582
	54,752		DREAM Unlimited Corp		1,681
	620,712		Duke Realty Corp		40,744
	437,000	*,†	Eagle Hospitality Trust		4
	73,951		Easterly Government Properties, Inc		1,695
	73,498		EastGroup Properties, Inc		16,747
	28,762		Electra Real Estate Ltd		573
	1,088,885	*	Emaar Development PJSC		1,292
	292,501	*	Emaar Economic City		930
	4,972,098		Emaar Properties PJSC		6,607
	465,347		Embassy Office Parks REIT		2,123
	2,215,615		Emlak Konut Gayrimenkul Yatiri		358
	129,192		Empire State Realty Trust, Inc		1,150
	1,190,436		Empiric Student Property plc		1,386
	203,896		EPR Properties		9,683
	102,915		Equinix, Inc		87,050
	675,896		Equites Property Fund Ltd		975
	103,503	*	Equity Commonwealth		2,681
	1,263,671		Equity Lifestyle Properties, Inc		110,773
	417,700		Equity Residential		37,802
	4,144,800	*,g	ESR Cayman Ltd		14,020
	151,016		ESR Kendall Square REIT Co Ltd		804
	273,157		Essential Properties Realty Trust, Inc		7,875
	53,409		Essex Property Trust, Inc		18,812
	50,509		Eurocommercial Properties NV		1,098
	923,000		Ever Sunshine Lifestyle Services Group Ltd		1,433
	335,000		Excellence Commercial Property & Facilities Management Group Ltd		199
	5,336	e	eXp World Holdings Inc		180
	380,794		Extra Space Storage, Inc		86,337
	321,312		Fabege AB		5,378
	1,372,269		Far East Consortium		500
	889,405		Far East Hospitality Trust		389
	253,812		Farglory Land Development Co Ltd		567
	23,893		Farmland Partners, Inc		286

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	136,081	*	Fastighets AB Balder	$	9,793
	884	*,e	Fathom Holdings, Inc		18
	112,050		Federal Realty Investment Trust		15,275
	3,632,897		Fibra Uno Administracion S.A. de C.V.		3,840
	8,881,000		Filinvest Land, Inc		192
	2,180,800		Filinvest REIT Corp		316
	77,800		Financial Street Holdings Co Ltd		69
	136,998		First Capital Real Estate Investment Trust		2,043
	205,576		First Industrial Realty Trust, Inc		13,609
	48,896		FirstService Corp		9,610
	14,018		Fonciere Des Regions		1,151
	88,463	*	Forestar Group, Inc		1,924
	1,244,814		Fortress REIT Ltd (Class A)		976
	1,821,000		Fortune Real Estate Investment Trust		1,871
	66,817		Four Corners Property Trust, Inc		1,965
	94,242		Franklin Street Properties Corp		561
	1,249,477		Frasers Centrepoint Trust		2,143
	875,600		Frasers Hospitality Trust		302
	7,109,745		Frasers Logistics & Industrial Trust		8,019
	592	e	Frontier Real Estate Investment Corp		2,559
	6,262	*	FRP Holdings, Inc		362
	742		Fukuoka REIT Corp		1,076
	358,227		Gaming and Leisure Properties, Inc		17,431
	548,000	e	Ganglong China Property Group Ltd		321
	146,592		Gazit Globe Ltd		1,158
	548,653		GDI Property Group		441
	14,796		Gecina S.A.		2,070
	336,764		Gemdale Corp		685
	11,842,937		Gemdale Properties and Investment Corp Ltd		1,261
	112,470	e	Geo Group, Inc		872
	62,383		Getty Realty Corp		2,002
	23,901		Gladstone Commercial Corp		616
	30,901	e	Gladstone Land Corp		1,043
	51,385		Global Medical REIT, Inc		912
	85,974		Global Net Lease, Inc		1,314
	1,175		Global One Real Estate Investment Corp		1,229
	1,146		GLP J-Reit		1,981
	142,329	*	Godrej Properties Ltd		3,577
	101,280		Goldcrest Co Ltd		1,425
	1,825,146		Goodman Group		35,183
	1,359,667		Goodman Property Trust		2,401
	2,110,156		GPT Group		8,321

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	817,278		Grainger plc	$	3,515
	127,739		Grand City Properties S.A.		3,034
	91,126		Granite REIT		7,593
	1,452,715		Great Portland Estates plc		14,380
	447,504		Greenland Holdings Corp Ltd		305
	845,000		Greenland Hong Kong Holdings Ltd		163
	1,006,322	e	Greentown China Holdings Ltd		1,622
	1,668,379		Greentown Service Group Co Ltd		1,541
	376,935		Growthpoint Properties Australia Ltd		1,195
	4,019,008		Growthpoint Properties Ltd		3,877
	2,077,392	e	Guangzhou R&F Properties Co Ltd		773
	349,981		H&R Real Estate Investment Trust		4,496
	81,832		Hamborner REIT AG.		933
	4,020,653	e	Hammerson plc		1,797
	1,573,442		Hang Lung Group Ltd		3,364
	2,426,995		Hang Lung Properties Ltd		4,992
	745		Hankyu Reit, Inc		1,027
	291,385		Healthcare Realty Trust, Inc		9,219
	299,023		Healthcare Trust of America, Inc		9,984
	706,942		Healthpeak Properties Inc		25,514
	37,122		Heiwa Real Estate Co Ltd		1,251
	1,129	e	Heiwa Real Estate REIT, Inc		1,535
	147,231		Helical Bar plc		905
	454,895		Heliopolis Housing		194
	1,694,518		Henderson Land Development Co Ltd		7,228
	29,989	*	Hersha Hospitality Trust		275
	31,063,316		Hibernia REIT plc		45,975
	854,000		Highwealth Construction Corp		1,427
	7,609		Highwoods Properties, Inc		339
	111,346		Home Consortium		645
	686,883	e	Home Reit plc		1,213
	930,402	e	HomeCo Daily Needs REIT		1,080
	1,440,262		Hongkong Land Holdings Ltd		7,489
	893,379	e	Hopson Development Holdings Ltd		1,861
	261		Hoshino Resorts REIT, Inc		1,482
	979,340	*	Host Hotels and Resorts, Inc		17,031
	40,227	*	Howard Hughes Corp		4,094
	310,393		Huaku Development Co Ltd		1,025
	124,861		Hudson Pacific Properties		3,085
	135,319		Hufvudstaden AB (Series A)		2,022
	910,000	e	Huijing Holdings Co Ltd		228
	316,483		Hulic Co Ltd		3,010

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,727		Hulic Reit, Inc	$	2,598
	336,186		Hyprop Investments Ltd		786
	765,696		Hysan Development Co Ltd		2,367
	40,156		Icade		2,889
	313,725		Ichigo Holdings Co Ltd		764
	1,479		Ichigo Real Estate Investment Corp		1,066
	1,740,500		IGB Real Estate Investment Trust		689
	411,270		Iguatemi S.A.		201
	136,600	*	Iguatemi S.A.		443
	3,978		Immobel S.A.		330
	61,748	*,e	Immobiliare Grande Distribuzione SIIQ S.p.A		271
	98,084	e	IMMOFINANZ AG.		2,519
	201,775		Independence Realty Trust, Inc		5,212
	191,924	*	Indiabulls Real Estate Ltd		405
	2,818		Indus Realty Trust, Inc		228
	2,267		Industrial & Infrastructure Fund Investment Corp		4,371
	729,936		Industrial Buildings Corp		3,138
	449,174		Industrial Logistics Properties Trust		11,252
	2,354,319		Ingenia Communities Group		10,651
	355,287		Inmobiliaria Colonial S.A.		3,324
	33,248	e	Innovative Industrial Properties, Inc		8,741
	60,916	g	Instone Real Estate Group AG.		1,148
	82,149		InterRent Real Estate Investment Trust		1,124
	1,487		Intershop Holding AG.		999
	27,639		Intervest Offices		887
	650,667		Investec Property Fund Ltd		506
	19,858		Invincible Investment Corp		6,277
	860,924		Invitation Homes, Inc		39,034
	1,484,000		IOI Properties Group BHD		392
	975,492		Irish Residential Properties REIT plc		1,861
	287,306		Iron Mountain, Inc		15,035
	609,305	e	Irongate Group		767
	135,032		Israel Canada T.R Ltd		868
	2,300		Isras Investment Co Ltd		609
	59,482	e	iStar Inc		1,536
	707		ITOCHU Advance Logistics Investment Corp		1,124
	918,635	*	IWG plc		3,621
	86,339		Jadwa REIT Saudi Fund		344
	1,483		Japan Excellent, Inc		1,719
	13,913		Japan Hotel REIT Investment Corp		6,797
	992		Japan Logistics Fund Inc		3,072

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	991		Japan Prime Realty Investment Corp	$	3,437
	1,052		Japan Real Estate Investment Corp		5,972
	4,912		Japan Retail Fund Investment Corp		4,232
	142,032		JBG SMITH Properties		4,078
	341,190		JHSF Participacoes S.A.		341
	1,596,750	*,†	Jiangsu Future Land Co Ltd		16
	1,594,000	e	Jiayuan International Group Ltd		538
	519,269		Jingrui Holdings Ltd		115
	321,105		Jinke Properties Group Co Ltd		226
	40,226	*	Jones Lang LaSalle, Inc		10,834
	112,540		JR Reit XXVII		504
	571,000		JY Grandmark Holdings Ltd		167
	2,443,329		K Wah International Holdings Ltd		943
	2,928,000	e	Kaisa Group Holdings Ltd		293
	664,552		Katitas Co Ltd		25,578
	263,411	*	KE Holdings, Inc (ADR)		5,300
	33,000		Keihanshin Building Co Ltd		448
	545		Kenedix Realty Investment Corp		3,368
	1,151		Kenedix Residential Investment Corp		2,224
	700		Kenedix Retail REIT Corp		1,722
	271,517		Kennedy-Wilson Holdings, Inc		6,484
	1,673,617		Keppel DC REIT		3,067
	2,365,391		Keppel REIT		1,985
	1,050,914		Keppel-KBS US REIT		841
	748,000		Kerry Properties Ltd		1,948
	66,116	*,e	K-fast Holding AB		636
	145,875		Killam Apartment Real Estate Investment Trust		2,720
	130,773		Kilroy Realty Corp		8,691
	109,726		Kimco Realty Corp		2,705
	398,174		Kindom Construction Co		543
	194,190		Kite Realty Group Trust		4,229
	2,059,142		Kiwi Property Group Ltd		1,685
	55,792		Klepierre		1,320
	150,134		Kojamo Oyj		3,630
	156,278	*	Korea Real Estate Investment Trust Co		342
	1,458,406		KWG Group Holdings Ltd		955
	3,367,800		KWG Living Group Holdings Ltd		1,385
	85,456		Lamar Advertising Co		10,366
	75,380	*	Lamda Development S.A.		591
	9,660,077		Land and Houses PCL Co Reg		2,540
	261,508		Land Securities Group plc		2,760
	62,342		Lar Espana Real Estate Socimi S.A.		368

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,171		LaSalle Logiport REIT	$	3,824
	307,000	*,e	Leading Holdings Group Ltd		177
	24,806		LEG Immobilien AG.		3,459
	757,089		Lend Lease Corp Ltd		5,895
	1,122,826		Lendlease Global Commercial REIT		746
	164,443	*	Leopalace21 Corp		263
	245,194	e	Lexington Realty Trust		3,830
	49,934		Life Storage, Inc		7,649
	113,885		Lifestyle Communities Ltd		1,721
	2,733,126		Link REIT		24,077
	23,323,540	*	Lippo Karawaci Tbk PT		231
	286,605		LOG Commercial Properties e Participacoes S.A.		1,299
	1,751,528		Logan Property Holdings Co Ltd		1,339
	2,291,787		LondonMetric Property plc		8,808
	2,156,593	g	Longfor Properties Co Ltd		10,172
	132,211		LOTTE Reit Co Ltd		617
	34,046		LTC Properties, Inc		1,162
	1,166,000	*	LVGEM China Real Estate Investment Co Ltd		205
	1,557,914		LXI REIT plc		3,072
	674,581		Mabanee Co KPSC		1,769
	186,241	e	Macerich Co		3,218
	169,704	*	Mack-Cali Realty Corp		3,119
	798,671		Macquarie CountryWide Trust		2,476
	1,235,942	g	Macquarie Mexico Real Estate Management SA de CV		1,583
	1,205,134		Mah Sing Group BHD		200
	1,801,550		Manulife US Real Estate Investment Trust		1,207
	35,779	*,†,e	Mapeley Ltd		0	^
	2,349,384		Mapletree Commercial Trust		3,514
	2,431,047		Mapletree Industrial Trust		4,889
	3,568,687		Mapletree Logistics Trust		5,033
	2,883,800		Mapletree North Asia Commercial Trust		2,386
	180,690	*	Marcus & Millichap, Inc		9,298
	483,356		Matrix Concepts Holdings BHD		255
	899,000	*	MBK PCL		361
	180,629		Medical Properties Trust, Inc		4,268
	28,865		Mega Or Holdings Ltd		1,323
	11,889,000		Megaworld Corp		734
	25,617	*	Melisron Ltd		2,388
	84,087		Mercialys S.A		821
	449,717		Merlin Properties Socimi S.A.		4,872
	33,880	g	Metrovacesa S.A.		273

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	161,604		MGM Growth Properties LLC	$	6,602
	14,640		Mid-America Apartment Communities, Inc		3,359
	324,600	g	Midea Real Estate Holding Ltd		505
	161,600	g	Mindspace Business Parks REIT		711
	21,388	g	Minto Apartment Real Estate REIT NPV		370
	2,257		Mirai Corp		971
	4,326,531		Mirvac Group		9,158
	1,270,944		Mitsubishi Estate Co Ltd		17,631
	444		Mitsubishi Estate Logistics REIT Investment Corp		2,023
	1,008,285		Mitsui Fudosan Co Ltd		19,985
	993		Mitsui Fudosan Logistics Park, Inc		5,568
	8,065		Mobimo Holding AG.		2,704
	72,851		Monmouth Real Estate Investment Corp (Class A)		1,531
	18,943		Montea C.V.A		2,851
	10,353		Morguard Corp		1,117
	33,914		Morguard North American Resid		475
	3,308		Mori Hills REIT Investment Corp		4,489
	378		Mori Trust Hotel Reit, Inc		408
	1,208		Mori Trust Sogo Reit, Inc		1,521
	308,600		Multiplan Empreendimentos Imobiliarios S.A.		1,034
	18,581	*,e	Nam Tai Property, Inc		187
	37,874		National Health Investors, Inc		2,177
	854,439	*	National Real Estate Co KPSC		624
	120,720		National Retail Properties, Inc		5,803
	483,777		National Storage Affiliates Trust		33,477
	1,362,753		National Storage REIT		2,636
	2,126,000		Neo-China Land Group Holdings Ltd		207
	502,733		NEPI Rockcastle plc		3,344
	23,250		NESCO Ltd		182
	70,284		NETSTREIT Corp		1,610
	1,775,193		New World Development Co Ltd		7,028
	327,347		Newmark Group, Inc		6,121
	47,914		Nexity		2,256
	61,187		NexPoint Residential Trust, Inc		5,129
	551		Nippon Accommodations Fund, Inc		3,176
	1,536		Nippon Building Fund, Inc		8,947
	2,192		Nippon ProLogis REIT, Inc		7,748
	538		NIPPON REIT Investment Corp		1,918
	83,325		Nomura Real Estate Holdings, Inc		1,920
	4,662		Nomura Real Estate Master Fund, Inc		6,561
	128,199		NorthWest Healthcare Properties Real Estate Investment Trust		1,400

178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	23,979		NSI NV	$	956
	220,205	e	Nyfosa AB		3,790
	138,195	*	Oberoi Realty Ltd		1,597
	51,109		Office Properties Income Trust		1,270
	91,131		Omega Healthcare Investors, Inc		2,697
	14,575	e	One Liberty Properties, Inc		514
	284		One REIT, Inc		746
	436,535	*	Opendoor Technologies, Inc		6,378
	784,067		Origin Property PCL		265
	63,505	*,e	Orion Office REIT, Inc		1,186
	1,961		Orix JREIT, Inc		3,066
	2,461,674		OUE Commercial Real Estate Investment Trust		804
	408,825		Outfront Media, Inc		10,965
	726,822		Overseas Union Enterprise Ltd		733
	17,634,300	*	Pakuwon Jati Tbk PT		573
	1,610,307		Palm Hills Developments SAE		204
	111,798	*	Pandox AB		1,801
	409,413		Paramount Group, Inc		3,415
	230,700	*	Park Hotels & Resorts, Inc		4,356
	482,824		Parkway Life Real Estate Investment Trust		1,838
	507,760	*	Parque Arauco S.A.		560
	79,622		Patrizia Immobilien AG.		1,858
	9,712		Peach Property Group AG.		675
	113,439		Pebblebrook Hotel Trust		2,538
	113,495	*	PEXA Group Ltd		1,649
	156,959		Phillips Edison & Co, Inc		5,186
	103,005		Phoenix Mills Ltd		1,361
	192,326		Physicians Realty Trust		3,621
	644,491		Picton Property Income Ltd		890
	244,197		Piedmont Office Realty Trust, Inc		4,488
	870,056		PLA Administradora Industrial S de RL de C.V.		1,218
	73,146		Platzer Fastigheter Holding AB		1,096
	405,264		Plaza S.A.		447
	87,413		Plymouth Industrial REIT, Inc		2,797
	2,143,817		Poly Hong Kong Investment Ltd		564
	824,162		Poly Real Estate Group Co Ltd		2,021
	12,125	e	Postal Realty Trust, Inc		240
	85,163		PotlatchDeltic Corp		5,129
	173,500		Powerlong Commercial Management Holdings Ltd		323
	1,791,000		Powerlong Real Estate Holdings Ltd		938
	6,926		Prashkovsky Investments and Construction Ltd		285

179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,538,376		Precinct Properties New Zealand Ltd	$	1,759
	409,785		Preferred Apartment Communities, Inc		7,401
	1,504		Premier Investment Co		2,031
	147,394		Prestige Estates Projects Ltd		938
	1,614,439		Primary Health Properties plc		3,316
	542,800		Prime US REIT		453
	1,016,826		Prince Housing & Development Corp		492
	519,553		ProLogis Property Mexico S.A. de C.V.		1,442
	2,048,817		Prologis, Inc		344,939
	3,451	*	Property & Building Corp		495
	1,444,000		Prosperity REIT		570
	769,800		Pruksa Holding PCL		300
	9,918		PS Business Parks, Inc		1,827
	87,713		PSP Swiss Property AG.		10,930
	9,694,740		PT Ciputra Development Tbk		660
	16,315,400	*,†	PT Hanson International Tbk		0	^
	165,730		Public Storage, Inc		62,076
	23,633,258		Puradelta Lestari Tbk PT		317
	10,020,722		Quality House PCL		678
	963,000	e	Radiance Holdings Group Co Ltd		513
	136,458		Rayonier, Inc		5,507
	108,946		Re/Max Holdings, Inc		3,322
	93,890	*,e	Real Matters, Inc		616
	101,059	*	Realogy Holdings Corp		1,699
	177,865		Realty Income Corp		12,733
	1,166,000	e,g	Redco Properties Group Ltd		390
	5,989,786		Redefine Properties Ltd		1,650
	8,776	*,e	Redfin Corp		337
	1,124,000	e	Redsun Properties Group Ltd		316
	493,391		Regency Centers Corp		37,177
	487,471	g	Regional REIT Ltd		620
	216,748		Reit Ltd		1,548
	138,928		Relo Holdings, Inc		2,507
	328,078		Resilient REIT Ltd		1,230
	12,144		Retail Estates NV		985
	106,275		Retail Opportunities Investment Corp		2,083
	17,982		Retail Value, Inc		115
	1,277,484		Rexford Industrial Realty, Inc		103,617
	229,637		RioCan Real Estate Investment Trust		4,164
	522,363		RiseSun Real Estate Development Co Ltd		357
	148,000		RLJ Lodging Trust		2,062
	72,476		RMR Group, Inc		2,513

180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	259,277		Road King Infrastructure	$	237
	2,201,800		Robinsons Land Corp		829
	616,405	e	Ronshine China Holdings Ltd		237
	70,898		RPT Realty		949
	1,337,708		Ruentex Development Co Ltd		3,078
	415,921		Rural Funds Group		959
	17,819	*	Ryman Hospitality Properties		1,639
	487,086		Sabra Healthcare REIT, Inc		6,595
	6,661		Safehold, Inc		532
	810,865		Safestore Holdings plc		15,464
	141,446		Sagax AB		4,758
	444,872	e	Samhallsbyggnadsbolaget i - D		1,582
	1,799,553	e	Samhallsbyggnadsbolaget i Norden AB		13,196
	41,130		SAMTY Co Ltd		785
	467		Samty Residential Investment Corp		523
	12,433,282		Sansiri PCL		457
	972,900		Sasseur Real Estate Investment Trust		609
	103,269	*	Saudi Real Estate Co		558
	1,838		Saul Centers, Inc		97
	173,588		Savills plc		3,307
	123,116		SBA Communications Corp		47,895
	2,810,846		SC Asset Corp PCL		283
	583,000	*,e	SCE Intelligent Commercial Management Holdings Ltd		271
	5,718,286		Scentre Group		13,154
	1,731,461		Seazen Group Ltd		1,171
	170,298	*	Seazen Holdings Co Ltd		779
	335,012		Secure Income REIT plc		1,927
	419,194		Segro plc		8,158
	4,958		Sekisui House Reit, Inc		3,695
	47,834		Selvaag Bolig ASA		277
	33,595	*,e	Seritage Growth Properties		446
	424,788		Service Properties Trust		3,734
	232,115		Shaftesbury plc		1,937
	313,000		Shanghai Jinqiao Export Processing Zone Development Co Ltd		284
	35,637		Shanghai Lingang Holdings Corp Ltd		83
	1,763,492		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		1,607
	146,649		Shanghai Zhangjiang High-Tech Park Development Co Ltd		347
	3,934,000		Shenzhen Investment Ltd		848
	1,483,078	e	Shimao Property Holdings Ltd		971
	818,000	e,g	Shimao Services Holdings Ltd		569
	819,000	e	Shinsun Holdings Group Co Ltd		92

181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,308,258		Shopping Centres Australasia Property Group	$	2,827
	2,301,200		Shoucheng Holdings Ltd		458
	8,457,500		Shui On Land Ltd		1,138
	31,899		Shurgard Self Storage Europe Sarl		2,088
	2,585,600		Sime Darby Property BHD		369
	1,166,954		Simon Property Group, Inc		186,444
	2,422,000	*	Singha Estate PCL		146
	3,620,648		Sino Land Co		4,508
	3,214,000		Sino-Ocean Land Holdings Ltd		751
	231,692		Sinyi Realty Co		293
	1,193,466		Sirius Real Estate Ltd		2,284
	570,290		SITE Centers Corp		9,028
	10,278	*	SK D&D Co Ltd		274
	2,922,000		Skyfame Realty Holdings Ltd		322
	71,065		SL Green Realty Corp		5,095
	70,300		Slate Grocery REIT		802
	11,713,488		SM Prime Holdings		7,786
	87,008		SmartCentres Real Estate Investment Trust		2,214
	41,340		Sobha Ltd		496
	2,170,500	*,e	Soho China Ltd		479
	749		SOSiLA Logistics REIT, Inc		1,146
	1,731,500	*	SP Setia BHD		536
	54,307		Sparkassen Immobilien AG.		1,345
	1,239,400	e	SPH REIT		920
	314,631		Spirit Realty Capital, Inc		15,162
	7,100	*	SRE Holdings Corp		447
	48,902		St. Joe Co		2,545
	677,283		STAG Industrial, Inc		32,482
	2,986		Star Asia Investment Corp		1,642
	1,658,029		Starhill Global REIT		806
	71,700		Starts Corp, Inc		1,567
	279		Starts Proceed Investment Corp		578
	1,618,225		Stockland Trust Group		4,992
	1,223,000		StorageVault Canada, Inc		6,971
	414,710		STORE Capital Corp		14,266
	266,406		Sumitomo Realty & Development Co Ltd		7,854
	10,224,709	*	Summarecon Agung Tbk PT		599
	989,860	*	Summit Hotel Properties, Inc		9,661
	99,574		Summit Industrial Income REIT		1,850
	44,998	*	Summit Real Estate Holdings Ltd		947
	234,404		Sun Communities, Inc		49,218
	92,580		Sun Frontier Fudousan Co Ltd		806

182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,529,123		Sun Hung Kai Properties Ltd	$	18,555
	3,424,197		Sunac China Holdings Ltd		5,180
	1,274,000	g	Sunac Services Holdings Ltd		1,300
	844,000	e	Sunkwan Properties Group Ltd		233
	1,138,000		Sunlight Real Estate Investment Trust		633
	193,622	*	Sunstone Hotel Investors, Inc		2,271
	2,438,900		Suntec Real Estate Investment Trust		2,732
	53,674		Sunteck Realty Ltd		353
	2,057,500		Sunway Real Estate Investment		696
	2,286,101		Supalai PCL		1,552
	542,128		Swire Pacific Ltd (Class A)		3,084
	1,415,371		Swire Properties Ltd		3,548
	86,513		Swiss Prime Site AG.		8,493
	322,334		TAG Tegernsee Immobilien und Beteiligungs AG.		9,004
	640		Takara Leben Real Estate Investment Corp		646
	973,483		Talaat Moustafa Group		560
	67,241	e	Tanger Factory Outlet Centers, Inc		1,296
	707,912		Target Healthcare REIT plc		1,131
	18,304	*	Tejon Ranch Co		349
	127,544		Terreno Realty Corp		10,878
	522,000		Times Neighborhood Holdings Ltd		194
	16,571	*,e	TKP Corp		199
	41,480		TOC Co Ltd		240
	307,793		Tokyo Tatemono Co Ltd		4,501
	742,300		Tokyu Fudosan Holdings Corp		4,159
	1,012		Tokyu REIT, Inc		1,742
	166,443		Tosei Corp		1,461
	305,178		Tricon Capital Group, Inc		4,671
	8,901,563		Tritax Big Box REIT plc		30,030
	17,891,554	g	Tritax EuroBox plc		28,334
	18,409		UDR, Inc		1,104
	956,299		UK Commercial Property REIT Ltd		969
	77,199		UMH Properties, Inc		2,110
	24,240	*	Unibail-Rodamco-Westfield		1,701
	10,941	*	Unibail-Rodamco-Westfield		766
	977,770		Unite Group plc		14,706
	1,904,641		United Development Co PSC		804
	5,511		United Urban Investment Corp		6,477
	174,028		Uniti Group, Inc		2,438
	2,202		Universal Health Realty Income Trust		131
	510,133		UOL Group Ltd		2,685
	100,070		Urban Edge Properties		1,901

183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	552,496		Urban Logistics REIT plc	$	1,403
	25,640		Urstadt Biddle Properties, Inc (Class A)		546
	17,479		Vastned Retail NV		478
	558,864		Ventas, Inc		28,569
	8,773	e	VGP NV		2,560
	834,789	e	VICI Properties, Inc		25,135
	4,216,424		Vicinity Centres		5,186
	3,362,000		Vista Land & Lifescapes, Inc		233
	14,888		Vornado Realty Trust		623
	798,784		Vukile Property Fund Ltd		620
	197,298		Wallenstam AB		3,663
	811,674		Warehouse REIT plc		1,942
	352,590		Warehouses De Pauw CVA		16,922
	74,201		Washington REIT		1,918
	397,053		Watkin Jones plc		1,405
	1,366,291		Waypoint REIT		2,813
	424,539		Welltower, Inc		36,413
	39,458	e	Wereldhave NV		575
	757,655		Weyerhaeuser Co		31,200
	8,518,909		WHA Corp PCL		896
	1,613,606		Wharf Holdings Ltd		4,957
	1,919,897		Wharf Real Estate Investment Co Ltd		9,755
	38,626		Whitestone REIT		391
	220,836		Wihlborgs Fastigheter AB		5,005
	162,314	e	Workspace Group plc		1,776
	8,514		WP Carey, Inc		699
	98,207	*	Xenia Hotels & Resorts, Inc		1,779
	25,780	e	Xior Student Housing NV		1,440
	664,342		Yanlord Land Group Ltd		547
	9,050		YH Dimri Construction & Development Ltd		879
	434,000	e	Yincheng International Holding Co Ltd		136
	120,500		Youngor Group Co Ltd		130
	511,600		YTL Hospitality REIT		113
	1,666,426		Yuexiu Property Co Ltd		1,470
	1,912,000		Yuexiu Real Estate Investment Trust		792
	2,250,238	e	Yuzhou Group Holdings Co Ltd		185
	570,000	e	Zensun Enterprises Ltd		282
	135,300		Zhejiang China Commodities City Group Co Ltd		103
	1,924,000	e	Zhenro Properties Group Ltd		915
	753,000	*,e	Zhongliang Holdings Group Co Ltd		353
	1,906,000	e	Zhuguang Holdings Group Co Ltd		396
	57,345	*	Zillow Group, Inc (Class A)		3,568

184

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	163,606	*,e	Zillow Group, Inc (Class C)	$	10,446
			TOTAL REAL ESTATE		4,178,004

RETAILING - 5.5%
	142,457	*,e	1-800-FLOWERS.COM, Inc (Class A)		3,329
	760	*	1stdibs.com, Inc		10
	99,157		Aaron’s Co, Inc		2,444
	49,500		ABC-Mart, Inc		2,119
	48,314	*	Abercrombie & Fitch Co (Class A)		1,683
	52,580	*	About You Holding SE		1,225
	2,962,959		Abu Dhabi National Oil Co for Distribution PJSC		3,445
	274,460	*	Academy Sports & Outdoors, Inc		12,049
	777,330		Accent Group Ltd		1,387
	7,360,000		Ace Hardware Indonesia Tbk PT		660
	27,330		Adastria Holdings Co Ltd		385
	60,130		Advance Auto Parts, Inc		14,424
	431	*	aka Brands Holding Corp		4
	24,493,944	*	Alibaba Group Holding Ltd		359,953
	549,502	*,g	Allegro.eu S.A.		5,290
	1,353,400		AllHome Corp		223
	15,990	e	Alpen Co Ltd		297
	860,291	*	Amazon.com, Inc		2,868,503
	16,063	e	American Eagle Outfitters, Inc		407
	13,765,009	*	Americanas S.A.		77,566
	1,412	*	America’s Car-Mart, Inc		145
	379,531	*,e	AO World plc		568
	34,600	e	AOKI Holdings, Inc		186
	183,988		AP Eagers Ltd		1,801
	4,060,000	*,e	Apollo Future Mobility Group Ltd		234
	26,203	*,e,g	Aramis Group SAS		419
	23,222		Arata Corp		890
	30,576		Arc Land Sakamoto Co Ltd		436
	106,084	*	Aritzia, Inc		4,390
	11,609	*	Arko Corp		102
	25,245	*	Asbury Automotive Group, Inc		4,361
	250,628		ASKUL Corp		3,344
	337,991	*	ASOS plc		10,939
	520,535	*	Auction Technology Group plc		10,681
	28,568	*,g	Auto1 Group SE		631
	83,788		Autobacs Seven Co Ltd		1,022
	29,737	*,e	AutoCanada, Inc		1,004

185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	86,596	*	Autonation, Inc	$	10,119
	20,665	*	AutoZone, Inc		43,322
	3,510,399		B&M European Value Retail S.A.		30,237
	32,887	g	B&S Group Sarl		268
	1,405,386	*,e,n	Baozun, Inc (ADR)		19,535
	424,139		Bapcor Ltd		2,162
	36,764	*	Barnes & Noble Education, Inc		250
	64,393		Bath & Body Works, Inc		4,494
	270,014	*,e	Bed Bath & Beyond, Inc		3,937
	56,805		Belluna Co Ltd		350
	922,773		Berjaya Auto BHD		350
	243,319		Best Buy Co, Inc		24,721
	248,954	*	BHG Group AB		2,616
	112,900		BIC CAMERA, Inc		945
	18,252	e	Big 5 Sporting Goods Corp		347
	31,030		Big Lots, Inc		1,398
	25,154	*	Bike24 Holding AG.		441
	87,441		Bilia AB		1,545
	2,862,978	*	boohoo.com plc		4,801
	2,482	*	Boot Barn Holdings, Inc		305
	68,474	*,e,g	Boozt AB		1,390
	50,734		Buckle, Inc		2,147
	390,713	*	Burlington Stores, Inc		113,897
	132,424	*	C&A Modas Ltd		146
	3,494		Caleres, Inc		79
	201,321	e	Camping World Holdings, Inc		8,133
	90,174		Canadian Tire Corp Ltd		12,934
	42,100	e	Cango, Inc (ADR)		132
	45,985	*,e	CarLotz, Inc		104
	394,873	*	CarMax, Inc		51,424
	200,792	*	CarParts.com, Inc		2,249
	19,462	*	Cartrade Tech Ltd		222
	75,568	*	Carvana Co		17,516
	17,903		Cato Corp (Class A)		307
	196,670	*	Ceconomy AG		846
	1,850,965		Central Retail Corp PCL		1,771
	168,883	*	Cettire Ltd		438
	393,012	*	Chico’s FAS, Inc		2,114
	249,387	*	Children’s Place, Inc		19,774
	848,500		China Harmony New Energy Auto Holding Ltd		536
	135,301		China International Travel Service Corp Ltd		4,664
	652,629		China Meidong Auto Holdings Ltd		3,364

186

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	220,000		China Tobacco International HK Co Ltd	$	443
	2,182,800		Chow Tai Fook Jewellery Group Ltd		3,933
	782	*	Citi Trends, Inc		74
	234,568	*	City Chic Collective Ltd		938
	25,123	*	CJ O Shopping Co Ltd		2,929
	114,823	e	Clas Ohlson AB (B Shares)		1,742
	471,279		Com7 PCL (Foreign)		1,152
	15,658	*	Conn’s, Inc		368
	28,046	*	Container Store Group, Inc		280
	475,438	*,e	Coupang, Inc		13,968
	7,262	*	Cuckoo Homesys Co Ltd		239
	48,100	*	Dada Nexus Ltd (ADR)		633
	181,946		DCM Holdings Co Ltd		1,684
	60,223		Delek Automotive Systems Ltd		853
	845,577	*,g	Deliveroo plc		2,414
	176,899	*,g	Delivery Hero AG.		19,581
	60,600	*,e	Demae-Can Co Ltd		483
	44,726	*,e	Desenio Group AB		120
	535,336	*	Designer Brands, Inc		7,607
	4,704	e	Dick’s Sporting Goods, Inc		541
	51,035		Dieteren S.A.		9,949
	5,337	e	Dillard’s, Inc (Class A)		1,308
	1,697,808		Dixons Carphone plc		2,640
	631,712		Dohome PCL		440
	253,354		Dollar General Corp		59,748
	255,852	*	Dollar Tree, Inc		35,952
	617,316		Dollarama, Inc		30,896
	443,832		Don Quijote Co Ltd		6,118
	141,061	*	DoorDash, Inc		21,004
	24,400		Doshisha Co Ltd		332
	157,179	*	Dufry Group		7,748
	2,245	*	Duluth Holdings, Inc		34
	147,829		Dunelm Group plc		2,763
	83,290	g	Dustin Group AB		978
	976,953		eBay, Inc		64,967
	99,478		EDION Corp		929
	141,083	*	Etsy, Inc		30,889
	193,586	g	Europris ASA		1,546
	914,000		Far Eastern Department Stores Co Ltd		708
	29,185	*	Farfetch Ltd		976
	46,262		Fast Retailing Co Ltd		26,297
	80,711	*	Fawaz Abdulaziz Al Hokair & Co		334

187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	31,887		Fielmann AG.	$	2,141
	88,773	*	Five Below, Inc		18,366
	24,978	*	Fiverr International Ltd		2,840
	389,710	g	Fix Price Group Ltd (GDR)		2,942
	101,063	*	Floor & Decor Holdings, Inc		13,139
	21,243		Fnac Darty SA		1,390
	36,090		Foot Locker, Inc		1,575
	359,839	*	Foschini Ltd		2,798
	9,285		Fox Wizel Ltd		1,667
	21,640		Franchise Group, Inc		1,129
	467,313	*	Frasers Group plc		4,903
	300,613	*	Funko, Inc		5,652
	218,116	*	Future Enterprises Ltd		150
	68,942	*,e	GameStop Corp (Class A)		10,230
	508,383		Gap, Inc		8,973
	12,470	*	Genesco, Inc		800
	45,949		Genuine Parts Co		6,442
	29,300		Geo Holdings Corp		316
	412,461	*,e	Global Fashion Group S.A.		2,077
	12,774,885	*,e	GOME Electrical Appliances Holdings Ltd		1,082
	9,170	*,e	Greenlane Holdings Inc		9
	15,715		Group 1 Automotive, Inc		3,068
	26,351	*,e	Groupon, Inc		610
	24,632	*,e	GrowGeneration Corp		321
	99,053	*	Grupo SBF S.A.		399
	84,996		Guess?, Inc		2,013
	76,700		Gulliver International Co Ltd		482
	501,775		Halfords Group plc		2,346
	93,625		Hankyu Department Stores, Inc		660
	679,694		Harvey Norman Holdings Ltd		2,443
	9,512		Haverty Furniture Cos, Inc		291
	3,116,000	*,e	HengTen Networks Group Ltd		1,181
	1,052,584	e	Hennes & Mauritz AB (B Shares)		20,654
	15,416		Hibbett Sports, Inc		1,109
	19,822		Hikari Tsushin, Inc		3,053
	1,613,852		Home Depot, Inc		669,765
	6,430,867		Home Product Center PCL (Foreign)		2,790
	25,994	*	Home24 SE		343
	3,904,000	e	Hong Kong Television Network Ltd		4,257
	9,079		Hornbach Baumarkt AG.		493
	11,668		Hornbach Holding AG. & Co KGaA		1,752
	343,482		Hotai Motor Co Ltd		7,611

188

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	35,529	*,e	Hotel Shilla Co Ltd	$	2,329
	2,285,000	*,†	Hsin Chong Group Holdings Ltd		3
	14,850	*	Hyundai Department Store Co Ltd		937
	5,445	*	Hyundai Home Shopping Network Corp		290
	475,635		Inchcape plc		5,855
	1,126,231		Industria De Diseno Textil S.A.		36,321
	409,500		Isetan Mitsukoshi Holdings Ltd		3,026
	39,800		Izumi Co Ltd		1,116
	304,900		J Front Retailing Co Ltd		2,776
	101,342		Jarir Marketing Co		5,303
	145,668		JB Hi-Fi Ltd		5,122
	1,528,950	*,e,g	JD Health International, Inc		12,061
	3,350,001	*	JD Sports Fashion plc		9,877
	4,302,368	*,h	JD.com, Inc		148,227
	16,142		JINS Holdings, Inc		984
	72,715	e	JOANN, Inc		755
	28,620		Joshin Denki Co Ltd		533
	62,374		Joyful Honda Co Ltd		799
	118,297		JUMBO S.A.		1,697
	300,589	*,g	Just Eat Takeaway.com NV		16,331
	129,949	*,e	Just Eat Takeaway.com NV (ADR)		1,398
	36,842	e	Kamux Corp		481
	36,387		Keiyo Co Ltd		268
	300,817		Kering		241,361
	598,836		Kingfisher plc		2,754
	10,300	*	Kintetsu Department Store Co Ltd		234
	2,254	*,e	Kirkland’s, Inc		34
	114,767	e	Kogan.com Ltd		736
	84,948		Kohl’s Corp		4,196
	74,305		Kohnan Shoji Co Ltd		2,187
	132,152		Komeri Co Ltd		2,942
	30,096	*	Koreacenter Co Ltd		168
	516,128		K’s Holdings Corp		5,015
	13,245	*	Lands’ End, Inc		260
	6,243	*	Lazydays Holdings, Inc		134
	129,475	*	Leslie’s, Inc		3,063
	39,800		Liaoning Cheng Da Co Ltd		122
	514,000	*	Lifestyle International Holdings Ltd		283
	2,403	*	Liquidity Services, Inc		53
	28,274		Lithia Motors, Inc (Class A)		8,396
	89,483		LKQ Corp		5,372
	17,372,800		Lojas Americanas S.A.		18,335

189

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	64,973,036	a	Lojas Americanas S.A. (Preference)	$	68,436
	783,100		Lojas Quero Quero S		1,567
	1,086,980		Lojas Renner S.A.		4,704
	10,638	*	LOTTE Himart Co Ltd		225
	13,969	*	Lotte Shopping Co Ltd		1,024
	62,358		Lovisa Holdings Ltd		912
	1,800,527	n	Lowe’s Companies, Inc		465,400
	430,561		Luk Fook Holdings International Ltd		1,160
	265	*	Lulu’s Fashion Lounge Holdings, Inc		3
	25,421	*	Lumber Liquidators, Inc		434
	552,479		Macy’s, Inc		14,464
	6,225,525		Magazine Luiza S.A.		8,025
	42,205	e,g	Maisons du Monde S.A.		977
	430,126	*,e,g	Maoyan Entertainment		504
	19,753	*	MarineMax, Inc		1,166
	2,380,298	*	Marks & Spencer Group plc		7,488
	230,800		Marui Co Ltd		4,346
	156,345,400	a	Matahari Department Store Tbk PT		45,527
	48,411		Matas A.S.		923
	28,516	*	Matsuya Co Ltd		205
	10,571	e	Media Do Holdings Co Ltd		377
	5,013,635	*,g	Meituan Dianping (Class B)		144,982
	57,846	*	Mekonomen AB		1,003
	9,012	*	MercadoLibre, Inc		12,152
	258,800	*	Mercari, Inc		13,167
	261,070	*	Mister Spex SE		3,347
	8,884,479	*	Mitra Adiperkasa Tbk PT		443
	55,540		Mobilezone Holding AG.		828
	52,000		momo.com, Inc		3,044
	681,170		Moneysupermarket.com Group plc		1,992
	23,278		Monro Muffler, Inc		1,356
	201,141	*	Moonpig Group plc		1,022
	163,799		Motus Holdings Ltd		1,132
	296,726		Mr Price Group Ltd		3,721
	263,500	*,e,g	Mulsanne Group Holding Ltd		174
	6,186		Murphy USA, Inc		1,233
	37,355	e	Musti Group Oyj		1,322
	14,900	e	Nafco Co Ltd		227
	359,595		Naspers Ltd (N Shares)		55,813
	58,567	*	National Vision Holdings, Inc		2,811
	81,892		Next plc		9,058
	56,920		Nextage Co Ltd		1,174

190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	80,031		Nick Scali Ltd	$	894
	50,635	e	Nishimatsuya Chain Co Ltd		607
	80,617		Nitori Co Ltd		12,058
	35,962		Nojima Corp		753
	9,512	*,e	Nordstrom, Inc		215
	125,119	*	ODP Corp		4,915
	27,500	*	Oisix ra daichi, Inc		739
	62,886	*	Ollie’s Bargain Outlet Holdings, Inc		3,219
	8,068		OneWater Marine, Inc		492
	65,584	*	O’Reilly Automotive, Inc		46,317
	4,566	*	Overstock.com, Inc		269
	60,280	*,e	Ozon Holdings plc (ADR)		1,785
	327,987		Padini Holdings BHD		220
	23,528	*	Pal Co Ltd		351
	383,215		Paltac Corp		15,792
	53,210	*	Party City Holdco, Inc		296
	103,780		PChome Online Inc		480
	31,691		Penske Auto Group, Inc		3,398
	886,325	*,g	Pepkor Holdings Ltd		1,218
	327,800		Pet Center Comercio e Participacoes S.A.		960
	33,688		Pet Valu Holdings Ltd		961
	276,273	*,e	Petco Health & Wellness Co, Inc		5,467
	4,229	e	PetMed Express, Inc		107
	607,699		Pets at Home Group plc		3,825
	979,378	*	Pinduoduo, Inc (ADR)		57,098
	54,636		Pool Corp		30,924
	7,779	*	Porch Group, Inc		121
	2,399,129	*	Pou Sheng International Holdings Ltd		351
	60,252		Poya Co Ltd		923
	241,243		Premier Investments Ltd		5,323
	1,668,520		Prosus NV		138,195
	857,768		PTG Energy PCL (Foreign)		387
	3,188,900		PTT Oil & Retail Business PCL		2,574
	53,717	*,e	Puuilo Oyj		572
	10,005	*	Quotient Technology, Inc		74
	355,813		Qurate Retail Group, Inc QVC Group		2,704
	441,065	*	Rakuten, Inc		4,425
	108,788	*	RealReal, Inc		1,263
	216,780	*,e	Redbubble Ltd		515
	6,075	*	Rent the Runway, Inc		50
	105,612		Rent-A-Center, Inc		5,074
	15,329	*	Retailors Ltd		518

191

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	45,137	*	Revolve Group, Inc	$	2,529
	25,072	*	RH		13,437
	295,286		Ross Stores, Inc		33,745
	50,053		Rvrc Holding AB		580
	167,640		Ryohin Keikaku Co Ltd		2,556
	1,233,831	*,e	SA SA International Holdings Ltd		264
	1,780,567		SACI Falabella		5,808
	9,786	*	Sally Beauty Holdings, Inc		181
	63,200		Sanrio Co Ltd		1,372
	187,079		Saudi Co For Hardware CJSC		2,426
	70,781		Seria Co Ltd		2,050
	270,404		Shanghai Yuyuan Tourist Mart Group Co Ltd		437
	251,256	*,e	Shift Technologies, Inc		857
	36,200		Shimamura Co Ltd		3,038
	23,414		Shinsegae Co Ltd		4,997
	3,055		Shinsegae International Co Ltd		373
	2,850		Shoe Carnival, Inc		111
	23,799		Shutterstock, Inc		2,639
	23,139		Signet Jewelers Ltd		2,014
	389,552		Singer Thailand PCL		617
	44,309	g	Sleep Country Canada Holdings, Inc		1,315
	12,090	*	Sleep Number Corp		926
	36,589	*,g	SMCP S.A.		303
	68,802		Sonic Automotive, Inc (Class A)		3,402
	4,395	*	Sportsman’s Warehouse Holdings, Inc		52
	8,069	*	Stitch Fix Inc		153
	519,024	*	Suning.com Co Ltd		336
	430,597		Super Group Ltd		920
	189,139		Super Retail Group Ltd		1,714
	4,043		Tadiran Holdings Ltd		564
	184,251		Takashimaya Co Ltd		1,717
	38,794		Takkt AG.		678
	726,494		Target Corp		168,140
	20,369		Telepark Corp		294
	100,146	*,e	Temple & Webster Group Ltd		784
	3,263,776	*	THG Holdings Ltd		10,125
	20,954		Tilly’s, Inc		338
	3,318,161		TJX Companies, Inc		251,915
	205,494		Tokmanni Group Corp		4,600
	1,864,489	g	Topsports International Holdings Ltd		1,888
	196,558	*	Torrid Holdings, Inc		1,942
	111,892		Tractor Supply Co		26,697

192

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,014	*	TravelCenters of America, Inc	$	52
	200,917		Trent Ltd		2,869
	449,569		Truworths International Ltd		1,474
	80,013	*	Ulta Beauty, Inc		32,993
	198,099		United Arrows Ltd		3,154
	30,876		United Electronics Co		1,112
	341,869	*	Urban Outfitters, Inc		10,037
	379,473		USS Co Ltd		5,929
	258,200	*,e	Uxin Ltd (ADR)		408
	4,600	*	Valora Holding AG.		785
	1,390,667	*	Via S		1,305
	1,358,272		Vibra Energia S.A.		5,208
	497,329	*	Victorian Plumbing PLC		798
	18,307	*	Victoria’s Secret & Co		1,017
	4,878,940	*	Vipshop Holdings Ltd (ADR)		40,983
	561,169	g	Vivo Energy plc		1,001
	10,050	*	V-Mart Retail Ltd		504
	110,113	*,e	Vroom, Inc		1,188
	71,988		VT Holdings Co Ltd		292
	20,200		Wangfujing Group Co Ltd		86
	72,598	*,e	Wayfair, Inc		13,791
	1,298,858		Wesfarmers Ltd		56,041
	11,798	*	Westwing Group AG.		295
	158,843	*	WH Smith plc		3,193
	311,201		Wickes Group plc		998
	1,560,700		Wilcon Depot, Inc		934
	107,338		Williams-Sonoma, Inc		18,154
	2,064		Winmark Corp		512
	1,131,917		Woolworths Holdings Ltd		3,684
	142,000	e	Workman Co Ltd		6,790
	420,983		Wuchan Zhongda Group Co Ltd		392
	21,142		Xebio Co Ltd		170
	508,000		Xinhua Winshare Publishing and Media Co Ltd		385
	2,122	*	Xometry, Inc		109
	154,801	e,g	XXL ASA		247
	1,271,100		Yamada Denki Co Ltd		4,346
	41,633		Yellow Hat Ltd		599
	272,081	*,g	Zalando SE		21,918
	667,572		Zhongsheng Group Holdings Ltd		5,209
	4,202,791	*	Zomato Ltd		7,768
	140,830		ZOZO Inc		4,391

193

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	72,780	*	Zumiez, Inc	$	3,493
			TOTAL RETAILING		7,593,565

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.1%
	235,615		A-DATA Technology Co Ltd		785
	2,169,979	*,e	Advanced Micro Devices, Inc		312,260
	44,821	*	Advanced Micro-Fabrication Equipment, Inc China		891
	148,483		Advanced Wireless Semiconductor Co		760
	186,600	n	Advantest Corp		17,671
	322,100		AEM Holdings Ltd		1,257
	270,779		Aixtron AG.		5,485
	77,000		Alchip Technologies Ltd		2,832
	39,567	*	Allegro MicroSystems, Inc		1,432
	142,509	*	Alpha & Omega Semiconductor Ltd		8,630
	336,654	*	Alphawave IP Group plc		910
	80,000		Amazing Microelectronic Corp		707
	115,783	*	Ambarella, Inc		23,491
	388,094		Amkor Technology, Inc		9,621
	333,716	*,e	ams AG.		6,039
	980,574		Analog Devices, Inc		172,355
	37,000		Andes Technology Corp		713
	89,000		AP Memory Technology Corp		1,600
	2,618,187		Applied Materials, Inc		411,998
	443,738		Ardentec Corp		888
	7,220,925		ASE Technology Holding Co Ltd		27,903
	70,399		ASM International NV		31,075
	1,911,800		ASM Pacific Technology		20,660
	30,231		ASMedia Technology, Inc		1,982
	23,589		ASML Holding NV		18,780
	932,806		ASML Holding NV		747,196
	26,000		ASPEED Technology, Inc		3,353
	1,829	*,e	Atomera, Inc		37
	25,451	*	Axcelis Technologies, Inc		1,898
	36,699	*	AXT, Inc		323
	118,614		BE Semiconductor Industries NV		10,084
	308,000	e	BOE Varitronix Ltd		396
	47,106	*	Borosil Renewables Ltd		394
	1,105,294		Broadcom, Inc		735,474
	149,842		Brooks Automation, Inc		15,450
	36,499	*	Camtek Ltd		1,683
	2,381	*	Ceva, Inc		103
	206,000		Chang Wah Technology Co Ltd		776

194

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,538	*,†	China Energy Savings Technology, Inc	$	0
	1,697,000		Chipbond Technology Corp		4,087
	2,534,436		ChipMOS Technologies, Inc		4,439
	98,375	*	Cirrus Logic, Inc		9,052
	7,208		CMC Materials, Inc		1,382
	26,331	*	Cohu, Inc		1,003
	456,000		D&O Green Technologies Bhd		644
	393,151	*	Daqo New Energy Corp (ADR)		15,852
	20,329	*	Diodes, Inc		2,232
	33,280		Disco Corp		10,172
	59,674	*	Dongbu HiTek Co Ltd		3,637
	11,125	*	Duk San Neolux Co Ltd		526
	313,400		Elan Microelectronics Corp		1,921
	278,000		Elite Semiconductor Memory Technology, Inc		1,650
	10,279		Elmos Semiconductor AG.		682
	125,000		eMemory Technology, Inc		9,866
	774,000	*	ENNOSTAR, Inc		2,140
	141,697	*	Enphase Energy, Inc		25,922
	133,528		Entegris, Inc		18,504
	9,395	*	Eo Technics Co Ltd		943
	256,000	*	Episil Holdings, Inc		1,318
	106,000		Episil-Precision, Inc		510
	15,455		Eugene Technology Co Ltd		671
	499,000		Everlight Electronics Co Ltd		948
	884,060		Faraday Technology Corp		7,616
	49,933		Ferrotec		1,830
	14,453	*	Fine Semitech Corp		307
	101,384	*	First Solar, Inc		8,837
	111,859		Fitipower Integrated Technology, Inc		1,137
	97,500		Flat Glass Group Co Ltd		885
	472,000	e	Flat Glass Group Co Ltd		2,403
	97,532	*	Formfactor, Inc		4,459
	162,000		Formosa Advanced Technologies Co Ltd		229
	610,200		Formosa Sumco Technology Corp		6,376
	76,376		Foxsemicon Integrated Technology, Inc		702
	14,263,000	*,e	GCL Poly Energy Holdings Ltd		5,173
	337,706	*	GCL System Integration Technology Co Ltd		202
	34,813	*	GemVax & Kael Co Ltd		511
	46,306		Gigadevice Semiconductor Beijing, Inc		1,278
	74,000		Global Mixed Mode Technology, Inc		708
	95,000		Global Unichip Corp		2,006
	48,628	*	GLOBALFOUNDRIES, Inc		3,159

195

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,069,088		Globalwafers Co Ltd	$	34,249
	567,000	*	Greatech Technology Bhd		913
	310,000		Greatek Electronics, Inc		874
	54,000		Gudeng Precision Industrial Co Ltd		631
	18,884	*	HAESUNG DS Co Ltd		774
	9,306		Hana Materials, Inc		490
	64,143		Hangzhou First Applied Material Co Ltd		1,312
	91,944		Hangzhou Silan Microelectronics Co Ltd		782
	22,903	*	Hanmi Semiconductor Co Ltd		727
	190,000		Holtek Semiconductor, Inc		770
	365,531	*,g	Hua Hong Semiconductor Ltd		2,019
	1,244,665		Hynix Semiconductor, Inc		136,705
	186,829	*	Ichor Holdings Ltd		8,600
	44,028	*,e	Impinj, Inc		3,905
	2,399,397		Infineon Technologies AG.		110,465
	34,056		Ingenic Semiconductor Co Ltd		717
	13,038		Innox Advanced Materials Co Ltd		505
	2,784,808		Intel Corp		143,418
	764,233	*,e	IQE plc		359
	156,000		ITE Technology, Inc		610
	7,236		ITM Semiconductor Co Ltd		259
	108,703		JA Solar Technology Co Ltd		1,579
	74,513		Japan Material Co Ltd		1,227
	73,000		Jentech Precision Industrial Co Ltd		1,074
	41,712	*,e	JinkoSolar Holding Co Ltd (ADR)		1,917
	39,373	*	Jusung Engineering Co Ltd		693
	2,083,000		King Yuan Electronics Co Ltd		3,364
	319,000		Kinsus Interconnect Technology Corp		2,674
	335,333		KLA Corp		144,230
	58,791	*	Koh Young Technology, Inc		1,171
	6,242	*	KoMiCo Ltd		352
	373,148	*,e	Kopin Corp		1,526
	38,801		Kulicke & Soffa Industries, Inc		2,349
	387,302		Lam Research Corp		278,528
	87,800		Land Mark Optoelectronics Corp		623
	77,948		Lasertec Corp		23,876
	477,151	*	Lattice Semiconductor Corp		36,769
	28,902	*	LB Semicon, Inc		324
	10,770	*	LEENO Industrial Inc		1,794
	373,563		LONGi Green Energy Technology Co Ltd		5,054
	309,437	*	MACOM Technology Solutions Holdings, Inc		24,229
	2,011,000		Macronix International		3,060

196

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	227,200		Malaysian Pacific Industries BHD	$	2,686
	777,000		Marketech International Corp		5,100
	2,300,145		Marvell Technology, Inc		201,240
	15,141	*	Maxeon Solar Technologies Ltd		210
	48,608	*	MaxLinear, Inc		3,665
	5,061,065		MediaTek, Inc		217,168
	19,389	*	Megachips Corp		868
	40,179		Melexis NV		4,788
	24,071	*,e	Meta Materials, Inc		59
	3,043,834	*,e	Meyer Burger Technology AG.		1,354
	359,200		Mi Technovation Bhd		291
	305,794		Microchip Technology, Inc		26,622
	2,145,311		Micron Technology, Inc		199,836
	33,000		Micronics Japan Co Ltd		531
	17,991		Mimasu Semiconductor Industry Co Ltd		415
	24,006		Mitsui High-Tec, Inc		2,355
	32,082		MKS Instruments, Inc		5,588
	221,893		Monolithic Power Systems, Inc		109,466
	51,306		Montage Technology Co Ltd		675
	31,220	*	Nanometrics, Inc		3,160
	917,075		Nanya Technology Corp		2,583
	142,810	*	National Silicon Industry Group Co Ltd		579
	36,014		NAURA Technology Group Co Ltd		1,963
	44,015	*	NeoPhotonics Corp Ltd		677
	18,402	*	NEPES Corp		591
	4,392	*	NEXTIN, Inc		222
	275,958	*	Nordic Semiconductor ASA		9,255
	34,559	*	Nova Measuring Instruments Ltd		4,946
	421,758		Novatek Microelectronics Corp Ltd		8,190
	169,657		Nuvoton Technology Corp		861
	377		NVE Corp		26
	4,476,069		NVIDIA Corp		1,316,457
	929,138		NXP Semiconductors NV		211,639
	428,323	*	ON Semiconductor Corp		29,092
	35,852		Optorun Co Ltd		740
	176,000		Orise Technology Co Ltd		1,087
	332,100		Pan Jit International, Inc		1,280
	115,000		Parade Technologies Ltd		8,749
	25,821	*	PDF Solutions, Inc		821
	170,000		Phison Electronics Corp		3,138
	112,593	*	Photronics, Inc		2,122
	143,613		Pixart Imaging, Inc		788

197

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,118		Power Integrations, Inc	$	568
	807,000		Powertech Technology, Inc		2,844
	10,317	*	PSK, Inc		457
	24,790	*	PVA TePla AG.		1,178
	59,739	*	Qorvo, Inc		9,343
	2,614,846		QUALCOMM, Inc		478,177
	476,983		Radiant Opto-Electronics Corp		1,739
	94,340	*	Rambus, Inc		2,773
	55,000	*	RDC Semiconductor Co Ltd		942
	474,261		Realtek Semiconductor Corp		9,909
	320,397	*,e	REC Silicon ASA		649
	1,304,715	*,n	Renesas Electronics Corp		16,205
	18,266	*	RFHIC Corp		547
	88,800		RichWave Technology Corp		874
	106,441		Rohm Co Ltd		9,683
	12,807		Rorze Corp		1,379
	8,400		RS Technologies Co Ltd		497
	16,113		S&S Tech Corp		498
	28,613		Sanken Electric Co Ltd		1,568
	46,269	e	SCREEN Holdings Co Ltd		4,972
	134,000		SDI Corp		847
	184,767	*	Semtech Corp		16,431
	42,171	*	Seoul Semiconductor Co Ltd		545
	13,641	*	Seoul Viosys Co Ltd		152
	14,956		SG Micro Corp		726
	30,185		Shenzhen Goodix Technology Co Ltd		511
	21,721		Shenzhen SC New Energy Technology Corp		390
	238,700		Shinko Electric Industries		11,372
	783,116		Sigurd Microelectronics Corp		1,660
	201,578		Silergy Corp		36,485
	104,862	*	Silicon Laboratories, Inc		21,646
	12,027	*	Silicon Works Co Ltd		1,689
	16,374		Siltronic AG.		2,619
	3,827		Siltronic AG.		616
	20,939		SIMMTECH Co Ltd		802
	1,167,838		Sino-American Silicon Products, Inc		9,946
	9,535	*	SiTime Corp		2,789
	123,567		Sitronix Technology Corp		1,424
	1,445	*,e	SkyWater Technology, Inc		23
	90,699		Skyworks Solutions, Inc		14,071
	11,553		SMA Solar Technology AG.		488
	60,560	*	SMART Global Holdings, Inc		4,299

198

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,571	*,e	SOITEC	$	6,510
	799	*	SolarEdge Technologies, Inc		224
	153,000		Sonix Technology Co Ltd		508
	11,500		StarPower Semiconductor Ltd		686
	1,138,189		STMicroelectronics NV		55,970
	78,516	*	STS Semiconductor & Telecommunications		506
	231,183	e,n	Sumco Corp		4,708
	515,000		Sunplus Technology Co Ltd		720
	167,790	*,e	SunPower Corp		3,502
	35,099	*	Synaptics, Inc		10,162
	200,000		Taiwan Mask Corp		778
	230,000		Taiwan Semiconductor Co Ltd		652
	42,622,458		Taiwan Semiconductor Manufacturing Co Ltd		942,851
	813,876		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		97,917
	270,847		Taiwan Surface Mounting Technology Co Ltd		1,206
	159,699		Teradyne, Inc		26,116
	14,210		TES Co Ltd		354
	10,512	*	Tesna Co Ltd		441
	716,105		Texas Instruments, Inc		134,964
	226,525		Tianjin Zhonghuan Semiconductor Co Ltd		1,483
	170,261		Tianshui Huatian Technology Co Ltd		340
	5,612		Tokai Carbon Korea Co Ltd		700
	147,905		Tokyo Electron Ltd		85,130
	63,200		Tokyo Seimitsu Co Ltd		2,799
	71,248		TongFu Microelectronics Co Ltd		217
	354,330		Topco Scientific Co Ltd		2,020
	109,532	*	Tower Semiconductor Ltd		4,346
	221,447	*	Tower Semiconductor Ltd (Tel Aviv)		8,758
	32,600		Tri Chemical Laboratories, Inc		1,033
	1,746,000	*,†	Trony Solar Holdings Co Ltd.		2
	4,176		TSE Co Ltd		259
	397,000	*	TSEC Corp		609
	7,614	*	U-Blox AG.		587
	248,843	*	Ultra Clean Holdings		14,274
	54,044		Ulvac, Inc		3,381
	46,706		Unigroup Guoxin Microelectronics Co Ltd		1,649
	422,800		Unisem M BHD		413
	8,747,071		United Microelectronics Corp		20,492
	2,415,396	*	United Renewable Energy Co Ltd/Taiwan		1,908
	18,071	*	UniTest, Inc		450
	37,154		Universal Display Corp		6,132

199

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	639,744		Vanguard International Semiconductor Corp	$	3,644
	43,578	*	Veeco Instruments, Inc		1,241
	204,000		Via Technologies, Inc		632
	160,068		Visual Photonics Epitaxy Co Ltd		830
	282,600		ViTrox Corp BHD		1,348
	548,935		Wafer Works Corp		1,691
	58,011		Will Semiconductor Ltd		2,828
	501,000		Win Semiconductors Corp		6,760
	2,054,389		Winbond Electronics Corp		2,516
	549,410	*	Wolfspeed Inc		61,408
	31,590	*	WONIK IPS Co Ltd		1,121
	16,642	*	Wonik QnC Corp		399
	62,425	*,g	X-Fab Silicon Foundries SE		646
	3,466	*,g	X-Fab Silicon Foundries SE		36
	303,422		Xilinx, Inc		64,335
	177,000		XinTec, Inc		914
	5,183,214		Xinyi Solar Holdings Ltd		8,800
	89,906		Zhejiang Jingsheng Mechanical & Electrical Co Ltd		980
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		8,421,410

SOFTWARE & SERVICES - 11.1%
	117,200	*	21Vianet Group, Inc (ADR)		1,058
	291,287	*	360 Security Technology, Inc		581
	79,691	*	8x8, Inc		1,336
	31,000	*	91APP, Inc		296
	95,132		A10 Networks, Inc		1,577
	146,984	e	Absolute Software Corp		1,378
	1,425,486		Accenture plc		590,935
	210,498	*	ACI Worldwide, Inc		7,304
	3,677		Adesso SE		875
	3,173	e	Admicom Oyj		305
	496,039	*	Adobe, Inc		281,284
	51,659	*,g	Adyen NV		135,605
	588,938	*	Afterpay Touch Group Ltd		35,553
	3,080	*	Agilysys, Inc		137
	32,700	*	Agora, Inc (ADR)		530
	6,480	*	Ahnlab, Inc		539
	153,175	*	Akamai Technologies, Inc		17,928
	13,154		Al Moammar Information Systems Co		530
	24,621	*	Alarm.com Holdings, Inc		2,088
	34,606	*,e	Alkami Technology, Inc		694
	58,681		Alliance Data Systems Corp		3,906

200

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,100		Alpha Systems, Inc	$	250
	4,583	*,e	Altair Engineering, Inc		354
	35,483		Alten		6,402
	57,734	*	Alteryx, Inc		3,493
	143,714		Altium Ltd		4,719
	662,597	*	Amadeus IT Holding S.A.		44,834
	187,687		Amdocs Ltd		14,046
	9,370		American Software, Inc (Class A)		245
	288,392	*	Anaplan, Inc		13,223
	38,075	*	Ansys, Inc		15,273
	299,383		Appen Ltd		2,427
	1,777	*	Appfolio, Inc		215
	19,207	*,e	Appian Corp		1,252
	534,548	*	Argo Blockchain plc		716
	22,300		Argo Graphics, Inc		624
	1,730	*	Arteris, Inc		37
	217,877	*	Asana, Inc		16,243
	205,600	g	AsiaInfo Technologies Ltd		336
	66,151	*	Aspen Technology, Inc		10,068
	98,413		Asseco Poland S.A.		2,112
	101,558		Atea ASA		1,890
	134,696	*	Atlassian Corp plc		51,358
	143,841	e	Atos Origin S.A.		6,093
	5,032		Atoss Software AG.		1,241
	8,244		Aubay		587
	205,170	*	Autodesk, Inc		57,692
	416,866		Automatic Data Processing, Inc		102,791
	91,381	*	Avalara, Inc		11,798
	816,900	g	Avast plc		6,714
	7,313	*	Avaya Holdings Corp		145
	132,203		Aveva Group plc		6,100
	5,314	*,e	AvidXchange Holdings, Inc		80
	1,506,900	*,e	BASE, Inc		8,085
	13,460	*	BasWare Oyj		458
	370,934		Bechtle AG.		26,396
	40,237		Beijing E-Hualu Information Technology Co Ltd		223
	24,676		Beijing Kingsoft Office Software, Inc		1,027
	53,540		Beijing Shiji Information Technology Co Ltd		241
	59,318		Beijing Sinnet Technology Co Ltd		138
	38,400		Bell System24 Holdings, Inc		418
	61,772	*	Benefitfocus, Inc		658
	136,717		Bentley Systems, Inc		6,608

201

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	231,274	*	BigCommerce Holdings, Inc	$	8,180
	90,755	*	Bill.Com Holdings, Inc		22,612
	151,709		Birlasoft Ltd		1,109
	67,458	*,e	Bit Digital, Inc		410
	40,200	*,e	BIT Mining Ltd (ADR)		247
	221,017	*	Black Knight, Inc		18,320
	26,217	*	Blackbaud, Inc		2,071
	659,384	*,e	Blackberry Ltd (New)		6,161
	55,047	*,e	Blackline, Inc		5,700
	739,474	*	Block Inc		119,432
	98,897	*	Blue Prism Group plc		1,691
	33,393	*	Bottomline Technologies, Inc		1,886
	384,650	*	Box, Inc		10,074
	1,696,923	*,e	BrainChip Holdings Ltd		838
	316,730		Bravura Solutions Ltd		568
	166,315	*	Brightcove, Inc		1,700
	92,800	e	Broadleaf Co Ltd		352
	113,417		Broadridge Financial Solutions, Inc		20,735
	287,305	*	BTRS Holdings, Inc		2,247
	259,511		Bytes Technology Group plc		1,993
	57,247	*,e	C3.ai, Inc		1,789
	244,267	*	Cadence Design Systems, Inc		45,519
	80,647	*	Cafe24 Corp		1,854
	46,848		Cancom SE		3,141
	5,324	*	Cantaloupe, Inc		47
	788,179		Cap Gemini S.A.		193,167
	2,035,176	*	Capita Group plc		1,005
	10,987		Cass Information Systems, Inc		432
	10,963		cBrain A.S.		473
	116,509		CDK Global, Inc		4,863
	47,414	*,e	Cellebrite DI Ltd		380
	3,215	*,e	Cerence Inc		246
	125,719	*	Ceridian HCM Holding, Inc		13,133
	267,238	*	CGI, Inc		23,630
	37,100	*,e	Change, Inc		611
	103,604	*	ChannelAdvisor Corp		2,557
	400,000	*,e	Chatwork Co Ltd		3,300
	148,953	*	Check Point Software Technologies		17,362
	93,274		China TransInfo Technology Co Ltd		219
	9,266,321	*	China Youzan Ltd		643
	3,018,000		Chinasoft International Ltd		3,936
	132,400	*	Chindata Group Holdings Ltd (ADR)		873
	1,231,200		Cielo S.A.		494

202

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	133,176	*	Cint Group AB	$	2,113
	119,164		Citrix Systems, Inc		11,272
	29,129	*,e	Cleanspark, Inc		277
	59,400	*	Clear Sale S.A.		94
	56,000	*,e	Cloopen Group Holding Ltd (ADR)		162
	249,176	*	Cloudflare, Inc		32,767
	14,146	*,e	CM.com NV		448
	26,355		Coforge Ltd		2,082
	498,976		Cognizant Technology Solutions Corp (Class A)		44,269
	78,481	*	Cognyte Software Ltd		1,230
	233,242	*	Commvault Systems, Inc		16,075
	134,336		Computacenter plc		5,336
	41,123		Computer Age Management Services Ltd		1,472
	366,275		Computershare Ltd		5,332
	27,488		Comture Corp		861
	71,299		Concentrix Corp		12,735
	631,130	*	Conduent, Inc		3,370
	6,913	*,e	Consensus Cloud Solutions, Inc		400
	34,282		Constellation Software, Inc		63,606
	239,377	*,e	Converge Technology Solutions Corp		2,057
	3,692	*	Couchbase, Inc		92
	70,873	*	Coupa Software, Inc		11,201
	69,761	*,g	Crayon Group Holding ASA		1,450
	316,885	*	Crowdstrike Holdings, Inc		64,882
	6,481	*	CS Disco, Inc		232
	16,285		CSG Systems International, Inc		938
	111,956	*	CyberArk Software Ltd		19,400
	32,200	e	Cybozu, Inc		512
	89,579		Cyient Ltd		1,231
	2,336,989	*	Darktrace plc		13,292
	1,373,228		Dassault Systemes SE		81,495
	190,368		Data#3 Ltd		814
	268,026	*	Datadog, Inc		47,738
	4,713	*	Datagroup SE		519
	17,763	*,e	Datto Holding Corp		468
	382,825	*	Descartes Systems Group, Inc		31,662
	88,577		DHC Software Co Ltd		108
	1,203	*,e	Digimarc Corp		47
	14,300		Digital Arts, Inc		1,045
	1,717,831		Digital China Holdings Ltd		1,091
	40,213		Digital Garage, Inc		1,709
	2,782,900	*	Digital Mediatama Maxima Tbk PT		531

203

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	122,165	*	Digital Turbine, Inc	$	7,451
	4,119	*	Digital Value S.p.A		534
	121,485	*,e	DigitalOcean Holdings, Inc		9,759
	17,719	*,e	Docebo, Inc		1,189
	341,794	*	DocuSign, Inc		52,059
	34,299		Dolby Laboratories, Inc (Class A)		3,266
	167,429	*	Domo, Inc		8,304
	339,666		dotdigital group plc		909
	49,120	*	DoubleVerify Holdings, Inc		1,635
	301,325	*	Dropbox, Inc		7,395
	46,900		DTS Corp		1,030
	339,059	*	Dubber Corp Ltd		674
	66,846	*	Duck Creek Technologies, Inc		2,013
	21,131	*	DuzonBIzon Co Ltd		1,296
	243,455	*	DXC Technology Co		7,837
	359,589	e	Dye & Durham Ltd		12,758
	293,803	*	Dynatrace, Inc		17,731
	472,391	*,e	E2open Parent Holdings, Inc		5,319
	22,805		Ebix, Inc		693
	16,258		eClerx Services Ltd		571
	169,969	e	Econocom Group S.A.		710
	271,375		Edenred		12,532
	12,934	*	eGain Corp		129
	104,647	*	Elastic NV		12,881
	381,916	*	EML Payments Ltd		897
	6,015	*	Enfusion, Inc		126
	4,299	*	EngageSmart, Inc		104
	50,085		Enghouse Systems Ltd		1,918
	16,535	*	Envestnet, Inc		1,312
	130,368	*	EPAM Systems, Inc		87,144
	6,380		Esker S.A.		2,627
	49,554	*	Euronet Worldwide, Inc		5,905
	37,575	*	Everbridge, Inc		2,530
	16,217	*,e	EverCommerce, Inc		255
	96,854		EVERTEC, Inc		4,841
	5,464	*	Evo Payments, Inc		140
	200,000	*	Exasol AG.		1,740
	72,933	*	ExlService Holdings, Inc		10,559
	33,384	*	Fair Isaac Corp		14,478
	100,500	*,e	Fastly, Inc		3,563
	552,252	*	Fawry for Banking & Payment Technology Services SAE		451
	1,322,277		Fidelity National Information Services, Inc		144,327

204

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	108,403	*,†,g	Finablr plc	$	1
	224,200	*	FireEye, Inc		3,932
	115,704	*	First Derivatives plc		3,148
	291,474		Firstsource Solutions Ltd		715
	1,346,695	*	Fiserv, Inc		139,773
	92,741	*	Five9, Inc		12,735
	76,431	*	FleetCor Technologies, Inc		17,108
	13,210	*	Flywire Corp		503
	12,395		Formula Systems 1985 Ltd		1,511
	193,888	*	Fortinet, Inc		69,683
	59,342		Fortnox AB		3,821
	84,100	*	Freee KK		4,624
	120,433		F-Secure Oyj		681
	28,084		FUJI SOFT, Inc		1,355
	132,369		Fujitsu Ltd		22,744
	9,327		Fukui Computer Holdings, Inc		280
	56,200		Future Architect, Inc		855
	90,843	*	Gartner, Inc		30,371
	453,265		GB Group plc		4,514
	618,700	*,n	GDS Holdings Ltd		3,584
	739,540	*,n	GDS Holdings Ltd (ADR)		34,877
	279,324		Genpact Ltd		14,827
	21,657		GFT Technologies AG.		1,134
	122,456	g	Global Dominion Access S.A.		646
	281,316		Global Payments, Inc		38,028
	51,762	*	Globant S.A.		16,258
	1,400		GMO Financial Gate, Inc		340
	5,000	e	GMO GlobalSign Holdings KK		182
	81,770	*	GMO internet, Inc		1,927
	131,577		GMO Payment Gateway, Inc		16,385
	155,789	*	GoDaddy, Inc		13,220
	3,094	*,e	GreenBox POS		13
	41,085	*	GreenSky, Inc		467
	171,657	*	Grid Dynamics Holdings, Inc		6,518
	31,850	*	GTY Technology Holdings Inc		213
	6,172	*	Guidewire Software, Inc		701
	55,849		Hackett Group, Inc		1,147
	201,784		Hansen Technologies Ltd		785
	63,646		Happiest Minds Technologies Ltd		1,108
	792,271		HCL Technologies Ltd		14,015
	121,400	*,e	Hennge KK		2,035
	2,000,501	*	Hi Sun Technology China Ltd		265

205

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,411		Hilan Ltd	$	1,164
	47,632	*	HubSpot, Inc		31,397
	59,502		Hundsun Technologies, Inc		581
	263,507	*,e	Hut 8 Mining Corp		2,069
	7,471	*	Hyundai Autoever Corp		864
	8,815	*	I3 Verticals, Inc		201
	24,999	*,e	IBEX Ltd		322
	338,294		Ideagen plc		1,259
	107,683		Iflytek Co Ltd		887
	158,949	*	Indra Sistemas S.A.		1,717
	348,849		Infibeam Incorporation Ltd		188
	31,353		Infocom Corp		594
	4,475,900		Infomart Corp		36,394
	32,031	*	Informatica, Inc		1,185
	26,248		Information Services International-Dentsu Ltd		884
	4,399,055		Infosys Technologies Ltd		111,409
	9,874	*	Instructure Holdings, Inc		237
	3,960	*	Intapp, Inc		100
	87,588	*	Intellect Design Arena Ltd		870
	669	*,e	Intelligent Systems Corp		26
	17,395		InterDigital, Inc		1,246
	848,412		International Business Machines Corp		113,399
	2,692	*,e	International Money Express Inc		43
	548,997		Intuit, Inc		353,126
	230,476		Iress Market Technology Ltd		2,097
	2,134,859	*	ironSource Ltd		16,524
	805,413	*,e	ironSource Ltd		6,234
	63,400		Itochu Techno-Science Corp		2,039
	71,941		Jack Henry & Associates, Inc		12,013
	290,831	*,e	Jamf Holding Corp		11,054
	4,967	*	JFrog Ltd		148
	4,400	*,e	JIG-SAW, Inc		242
	39,157		Justsystems Corp		1,828
	275,338		Kainos Group plc		7,144
	9,607	*,e	Kaltura, Inc		32
	12,186		Kanematsu Electronics Ltd		421
	287,900	*,e	Kaonavi, Inc		7,428
	130,067	*	Kape Technologies plc		801
	508,544		Keywords Studios plc		20,251
	21,491		Kginicis Co Ltd		343
	227,087	*	Kinaxis, Inc		31,835
	1,865,495	*	Kingdee International Software Group Co Ltd		5,742

206

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	41,692	*,e	Kingsoft Cloud Holdings Ltd (ADR)	$	657
	27,409	e	KNOW IT AB		1,139
	235,253		KPIT Engineering Ltd		1,927
	205,788	*	Kyndryl Holdings, Inc		3,725
	74,105		Lakala Payment Co Ltd		338
	59,646	g	Larsen & Toubro Infotech Ltd		5,866
	3,984,719		Learning Technologies Group plc		9,590
	680,835	*	Lightspeed Commerce, Inc		27,493
	12,220	e	Lime Technologies AB		465
	112,088	*,e	Limelight Networks, Inc		384
	541,956		Link Administration Holdings Ltd		2,196
	316,258	*,e	LINK Mobility Group Holding ASA		688
	19,347		LiveChat Software S.A.		561
	45,611	*	Liveperson, Inc		1,629
	145,187	*	LiveRamp Holdings, Inc		6,962
	987,428	*,g	Locaweb Servicos de Internet S.A.		2,291
	4,869	*	Lotte Data Communication Co		148
	447,000	*	M Cash Integrasi PT		299
	33,562		Magic Software Enterprises Ltd		712
	11,682	*	Magnet Forensics, Inc		304
	11,908		Malam-Team Ltd		435
	90,178	*	Manhattan Associates, Inc		14,022
	199,634	*,e	Marathon Digital Holdings, Inc		6,560
	13,158		Mastek Ltd		533
	2,273,551		Mastercard, Inc (Class A)		816,932
	42,218		Matrix IT Ltd		1,282
	5,949		MAXIMUS, Inc		474
	80,166		McAfee Corp		2,067
	398,064	*	Megaport Ltd		5,364
	4,633	*	MeridianLink, Inc		100
	397,311		Micro Focus International plc		2,250
	15,124,645	n	Microsoft Corp		5,086,721
	719	*,e	MicroStrategy, Inc (Class A)		391
	152,332	*	Mimecast Ltd		12,121
	247,927		MindTree Ltd		15,907
	639,000	e	Ming Yuan Cloud Group Holdings Ltd		1,457
	20,300		Miroku Jyoho Service Co Ltd		244
	83,253	*	Mitek Systems, Inc		1,478
	20,267		Mitsubishi Research Institute, Inc		711
	62,160	*	Model N, Inc		1,867
	51,588	*	Money Forward, Inc		3,087
	71,249	*	MoneyGram International, Inc		562

207

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	62,767	*	MongoDB, Inc	$	33,226
	42,237		Moshi Moshi Hotline, Inc		358
	111,821		Mphasis Ltd		5,098
	5,598,400		My EG Services BHD		1,435
	27,310	*	N-Able, Inc		303
	10,526	*	Nagarro SE		2,410
	852,000	*,†,e	National Agricultural Holdings Ltd		1
	374,309		NCC Group plc		1,183
	54,746	*,e	nCino, Inc		3,003
	122,799	*	NCR Corp		4,937
	4,082,943	*,e	nearmap Ltd		4,590
	612,181		NEC Corp		28,307
	81,643		NEC Networks & System Integration Corp		1,281
	62,431		Nemetschek AG.		7,983
	104,506		NET One Systems Co Ltd		2,812
	100,772	g	Netcompany Group A.S.		10,805
	564,756	*,g	Network International Holdings plc		2,234
	51,143	*	New Relic, Inc		5,624
	372,000	*	Newborn Town, Inc		177
	449,080	*,g	Nexi S.p.A		7,116
	6,173,939	*	NEXTDC Ltd		57,329
	23,628	*	NHN KCP Corp		602
	69,306	*	Nice Systems Ltd		21,017
	265,138		Nihon Unisys Ltd		7,441
	76,174		NIIT Ltd		461
	84,000		Nippon System Development Co Ltd		1,526
	1,631,579	*,e	Nitro Software Ltd		2,927
	220,790		Nomura Research Institute Ltd		9,439
	6,192	*,e	Northern Data AG.		543
	1,726,787		NortonLifelock, Inc		44,862
	37,892		NS Solutions Corp		1,168
	431,245		NTT Data Corp		9,251
	387,160	*	Nuance Communications, Inc		21,418
	187,138	*	Nuix Ltd		299
	361,432	*	Nutanix, Inc		11,515
	115,481	*,g	Nuvei Corp		7,504
	152,778	*	Nuvei Corp		9,904
	40,500		OBIC Business Consultants Ltd		1,703
	27,210		Obic Co Ltd		5,092
	26,485		Objective Corp Ltd		383
	121,833	*	Okta, Inc		27,311
	4,939	*	ON24, Inc		86

208

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	47,071		One Software Technologies Ltd	$	936
	122,300	*	OneConnect Financial Technology Co Ltd (ADR)		302
	3,473	*	OneSpan, Inc		59
	163,744		Open Text Corp		7,775
	335,041		Open Text Corp (Toronto)		15,902
	19,000	*,e	Optim Corp		217
	2,735,245		Oracle Corp		238,541
	14,142	*	Oracle Corp Japan		1,074
	23,422		Oracle Financial Services Software Ltd		1,244
	10,138	e	Oro Co Ltd		256
	31,760		Otsuka Corp		1,514
	78,484	*,e	Pagerduty, Inc		2,727
	434,707	*	Pagseguro Digital Ltd		11,398
	1,608,001	*	Palantir Technologies, Inc		29,282
	282,471	*	Palo Alto Networks, Inc		157,269
	215,404	*	Paya Holdings, Inc		1,366
	315,223		Paychex, Inc		43,028
	49,821	*	Paycom Software, Inc		20,685
	31,265	*,e	Paycor HCM, Inc		901
	61,926	*	Paylocity Holding Corp		14,624
	2,494,831	*	PayPal Holdings, Inc		470,475
	640,626	*,e	Paysafe Ltd		2,505
	68,136		Pegasystems, Inc		7,619
	9,815	*	Perficient, Inc		1,269
	57,158		Persistent Systems Ltd		3,755
	93,202	*,e	Pexip Holding ASA		433
	40,622	*	Ping Identity Holding Corp		929
	16,000	*,e	PKSHA Technology, Inc		349
	14,600	*,e	Plaid, Inc		270
	13,700	*	Plus Alpha Consulting Co Ltd		378
	58,073	*	Posco ICT Co Ltd		320
	3,092	*	Priority Technology Holdings Inc		22
	57,484	*,e	Procore Technologies, Inc		4,597
	169,264		Progress Software Corp		8,170
	3,428	*	PROS Holdings, Inc		118
	106,661	*	PTC, Inc		12,922
	1,275,290	*	Pushpay Holdings Ltd		1,151
	20,455	*	Q2 Holdings, Inc		1,625
	53,700	e	QIWI plc (ADR)		429
	21,365	*	QT Group Oyj		3,236
	754,418	*	Qualtrics International, Inc		26,706
	3,563	*	Qualys, Inc		489

209

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,676	*,e	Rackspace Technology, Inc	$	238
	88,200		Rakus Co Ltd		2,367
	16,385	*	Rapid7, Inc		1,928
	12,906	*,e	Rekor Systems, Inc		85
	2,632	*	Remitly Global, Inc		54
	139,720	*	Repay Holdings Corp		2,553
	35,117		Reply S.p.A		7,133
	7,804	*	Rimini Street, Inc		47
	78,443	*	RingCentral, Inc		14,696
	125,306	*,e	Riot Blockchain, Inc		2,798
	24,488	*	Riskified Ltd		192
	21,892		Route Mobile Ltd		524
	60,918	e	S&T AG.		1,012
	306,698	*	Sabre Corp		2,635
	1,160,651		Sage Group plc		13,430
	99,619	*	SailPoint Technologies Holding, Inc		4,816
	53,592		Saipens International Corp NV		1,861
	2,988,728	*	salesforce.com, Inc		759,525
	25,413	*	Samsung SDS Co Ltd		3,338
	27,325		Sangfor Technologies, Inc		819
	75,000	*	Sansan, Inc		1,622
	1,178,966		SAP AG.		165,927
	26,697		Sapiens International Corp NV		920
	1,673		Secunet Security Networks AG.		784
	9,509	*	SecureWorks Corp		152
	60,000	*	SentinelOne, Inc		3,029
	637,628	*	ServiceNow, Inc		413,891
	900,000	*	Sezzle, Inc		1,979
	45,489		Shanghai Baosight Software Co Ltd		434
	478,900		Shanghai Baosight Software Co Ltd		2,311
	233,972	*	SHIFT, Inc		48,257
	42,371	*,e	Shift4 Payments, Inc		2,455
	172,931	*	Shopify, Inc (Class A) (Toronto)		238,106
	1,362	*	ShotSpotter, Inc		40
	929,741		Silverlake Axis Ltd		190
	49,253		SimCorp AS		5,368
	567,166	*,g	Sinch AB		7,157
	395,257	*	SiteMinder Ltd		1,944
	195,270	*	Smartsheet, Inc		15,124
	144,140	*	Smith Micro Software, Inc		709
	191,783	*	Snowflake, Inc		64,966
	13,400		Softbank Technology Corp		300

210

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	145,172		Softcat plc	$	3,545
	63,046	e	Software AG.		2,512
	27,352		SolarWinds Corp		388
	127,269	*,e	Solutions 30 SE		1,028
	70,229		Sonata Software Ltd		825
	42,880		Sopra Group S.A.		7,695
	162,801	*	Splunk, Inc		18,839
	81,630	*	Sprout Social, Inc		7,403
	134,677	*	SPS Commerce, Inc		19,171
	209,379		SS&C Technologies Holdings, Inc		17,165
	19,945	*	StarTek, Inc		104
	2,674,027	*	StoneCo Ltd		45,084
	336	*	Stronghold Digital Mining, Inc		4
	43,300		Sumisho Computer Systems Corp		862
	36,160	*	Sumo Logic, Inc		490
	891,224		SUNeVision Holdings Ltd		845
	496,154	*	SVMK, Inc		10,494
	108,757		Switch, Inc		3,115
	632,972	*	Synopsys, Inc		233,250
	322,112		Systena Corp		1,202
	391,851		Systex Corp		1,200
	93,811		Tanla Platforms Ltd		2,369
	976,842		Tata Consultancy Services Ltd		48,994
	58,769		Tata Elxsi Ltd		4,633
	234,296	*,g	TeamViewer AG.		3,144
	462,286		Tech Mahindra Ltd		11,092
	51,400		TechMatrix Corp		849
	332,142		Technology One Ltd		3,082
	13,963	e	TECSYS, Inc		581
	3,757	*	Telos Corp		58
	73,864		Temenos Group AG.		10,182
	596,614	*	Tenable Holdings, Inc		32,856
	107,110	*,e	Teradata Corp		4,549
	28,261		Thunder Software Technology Co Ltd		613
	108,273		Tietoenator Oyj		3,382
	210,900		TIS, Inc		6,271
	35,940		TKC		1,080
	555,452		Totvus S.A.		2,823
	419,495	*	Trade Desk, Inc		38,443
	43,261	*	Trans Cosmos, Inc/Japan		1,234
	686,219		Travelsky Technology Ltd		1,155

211

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	60,552	*	Trend Micro, Inc	$	3,362
	11,227	*,e	Trifork Holding AG.		522
	41,867		TTEC Holdings, Inc		3,791
	807	*,e	Tucows, Inc		68
	40,060	*	Turing Holding Corp		1,074
	444,709	*	Twilio, Inc		117,110
	39,374	*	Tyler Technologies, Inc		21,181
	423,873	*,e	Tyro Payments Ltd		883
	20,300		Uchida Yoko Co Ltd		930
	285,093	*	Unifiedpost Group S.A.		4,849
	17,646	*	Unisys Corp		363
	146,133	*	Unity Software, Inc		20,896
	39,673	*	Upland Software, Inc		712
	784,858		Vakrangee Ltd		464
	11,487	*	Varonis Systems, Inc		560
	56,932	*	Verint Systems, Inc		2,989
	98,095	*	VeriSign, Inc		24,898
	2,985	*,e	Veritone, Inc		67
	984,686	*	Verra Mobility Corp		15,194
	1,673	*	Viant Technology, Inc		16
	62,028	*,e	VirnetX Holding Corp		161
	3,139,340		Visa, Inc (Class A)		680,326
	34,328	e	Vitec Software Group AB		2,116
	210,657		VMware, Inc (Class A)		24,411
	1,529,000	*,e	Vobile Group Ltd		1,213
	49,936	*,e	Volue ASA		331
	644,573	*	Vonage Holdings Corp		13,401
	214	*	Weave Communications, Inc		3
	2,179,000	*,e,g	Weimob, Inc		2,207
	547,466		Western Union Co		9,767
	43,561	*,e	WEX, Inc		6,116
	11,464		Wiit S.p.A		468
	1,001,688		Wipro Ltd		9,599
	99,293		Wisetech Global Ltd		4,211
	112,880	*	Wix.com Ltd		17,811
	301,395	*	Workday, Inc		82,335
	118,610	*	Workiva, Inc		15,477
	66,065	*,g	Worldline S.A.		3,677
	147,857	*	Xero Ltd		15,135
	131,294		Xperi Holding Corp		2,483
	221,600	*,e	Yeahka Ltd		735
	10,039	*	Yext, Inc		100

212

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	128,387		Yonyou Network Technology Co Ltd	$	723
	173,814	*	Zendesk, Inc		18,127
	103,796		Zensar Technologies Ltd		725
	210,287	*	Zoom Video Communications, Inc		38,674
	251,012	*	Zscaler, Inc		80,658
	18,800		Zuken, Inc		604
	674,437	*	Zuora Inc		12,598
			TOTAL SOFTWARE & SERVICES		15,385,341

TECHNOLOGY HARDWARE & EQUIPMENT - 5.9%
	164,396	*	3D Systems Corp		3,541
	1,545	*	908 Devices, Inc		40
	9,292,444		AAC Technologies Holdings, Inc		36,623
	569,402		Accton Technology Corp		5,335
	31,641	*	ACE Technologies Corp		401
	2,001,532		Acer, Inc		2,198
	69,311		Addsino Co Ltd		182
	96,000		Adlink Technology, Inc		224
	39,415		Adtran, Inc		900
	57,172	*	ADVA AG. Optical Networking		914
	48,000		Advanced Ceramic X Corp		609
	137,795		Advanced Energy Industries, Inc		12,548
	272,331		Advantech Co Ltd		3,893
	416,540	*,e	Aeva Technologies, Inc		3,149
	41,506		Ai Holdings Corp		695
	7,286	*,e	Akoustis Technologies, Inc		49
	204,000		Alpha Networks, Inc		247
	477,900		Alps Electric Co Ltd		4,508
	7,825		ALSO Holding AG.		2,566
	64,750		Amano Corp		1,491
	325,326		Amphenol Corp (Class A)		28,453
	1,610,193	e	Anritsu Corp		24,868
	150,000		Apex International Co Ltd		705
	25,113,653	d	Apple, Inc		4,459,431
	145,409		Arcadyan Technology Corp		669
	328,251	*	Arista Networks, Inc		47,186
	256,595	*	Arlo Technologies, Inc		2,692
	81,403	*	Arrow Electronics, Inc		10,930
	244,000		Asia Optical Co, Inc		826
	298,000		Asia Vital Components Co Ltd		947
	46,000		ASROCK, Inc		467
	521,026		Asustek Computer, Inc		7,073
	415,700		ATA IMS BHD		61

213

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,804,534		AU Optronics Corp	$	4,798
	42,085		Audiocodes Ltd		1,462
	71,000		AURAS Technology Co Ltd		517
	53,598		Aurora Corp		174
	29,703		Austria Technologie & Systemtechnik AG.		1,457
	103,100		Avary Holding Shenzhen Co Ltd		687
	8,942	*,e	Aviat Networks, Inc		287
	116,027	*	Avid Technology, Inc		3,779
	170,443	e	Avnet, Inc		7,027
	88,000		Azbil Corp		4,014
	8,090		Badger Meter, Inc		862
	83,128	e	Barco NV		1,811
	4,245		Basler AG.		765
	22,543	*	Beijing BDStar Navigation Co Ltd		139
	15,300		Beijing Yuanliu Hongyuan Electronic Technology Co Ltd		430
	67,715		Belden CDT, Inc		4,451
	64,755		Benchmark Electronics, Inc		1,755
	1,696,798		Benq Corp		1,865
	25,495		BH Co Ltd		497
	1,643,937		BOE Technology Group Co Ltd		1,303
	231,030		Brother Industries Ltd		4,453
	499,939	e	BYD Electronic International Co Ltd		1,830
	29,628	*	CalAmp Corp		209
	408,010	*	Calix, Inc		32,629
	38,088	*	Cambium Networks Corp		976
	97,600	*,e	Canaan, Inc (ADR)		503
	20,700	*	Canon Electronics, Inc		285
	54,990		Canon Marketing Japan, Inc		1,096
	452,859	e	Canon, Inc		11,047
	443,996		Career Technology Co Ltd		423
	57,612	*	Casa Systems, Inc		327
	487,947		Catcher Technology Co Ltd		2,758
	389,532		CDW Corp		79,768
	280,151	*	Celestica, Inc		3,123
	363,000		Chang Wah Electromaterials, Inc		509
	124,945		Chaozhou Three-Circle Group Co Ltd		875
	533,481		Cheng Uei Precision Industry Co Ltd		762
	651,000		Chicony Electronics Co Ltd		1,935
	489,600	*,†	China Fiber Optic Network System Group Ltd		1
	120,957		China Greatwall Technology Group Co Ltd		269
	389,963		China Railway Signal & Communication Corp Ltd		305

214

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	33,500		China Zhenhua Group Science & Technology Co Ltd	$	654
	389,000		Chin-Poon Industrial Co		515
	390,840		Chroma ATE, Inc		2,819
	21,000		Chunghwa Precision Test Tech Co Ltd		539
	1,054,903	*,n	Ciena Corp		81,196
	12,199,966		Cisco Systems, Inc		773,112
	1,028,300		Citizen Watch Co Ltd		4,451
	976	*	Clearfield, Inc		82
	358,393		Clevo Co		427
	189,101		Codan Ltd		1,283
	584,134		Cognex Corp		45,422
	13,984	*	Coherent, Inc		3,727
	2,276,312	*,e	Comba Telecom Systems Holdings Ltd		526
	8,505		Comet Holding AG.		3,128
	119,652	*	CommScope Holding Co, Inc		1,321
	3,026,524		Compal Electronics, Inc		2,646
	1,099,000		Compeq Manufacturing Co		1,736
	23,733		Comtech Telecommunications Corp		562
	24,000		CONEXIO Corp		308
	4,540,000	*	Coolpad Group Ltd		224
	363,600		Coretronic Corp		1,211
	418,451		Corning, Inc		15,579
	2,403	*,e	Corsair Gaming, Inc		50
	22,986	*	CosmoAM&T Co Ltd		890
	215,000		Co-Tech Development Corp		598
	348,000	*,e	Cowell e Holdings, Inc		587
	72,316		CTS Corp		2,655
	37,714		Daeduck Electronics Co Ltd		788
	11,803	*	Daejoo Electronic Materials Co Ltd		1,055
	105,170		Daiwabo Co Ltd		1,682
	37,772	*	Daktronics, Inc		191
	202,421		Darfon Electronics Corp		371
	16,600		Datalogic S.p.A.		288
	319,603		DataTec Ltd		772
	256,483	*	Dell Technologies, Inc		14,407
	223,457		Delta Electronics Thai PCL		2,756
	1,404,673		Delta Electronics, Inc		13,937
	66,501		Dexerials Corp		2,400
	70,756	e	Dicker Data Ltd		764
	6,418	*	Diebold, Inc		58
	27,687	*	Digi International, Inc		680
	31,844	*	Digital Power Communications Co Ltd		394

215

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	24,217	*	Dreamtech Co Ltd	$	246
	144,000		Dynapack International Technology Corp		533
	9,790	*	DZS, Inc		159
	453,300		Eastern Communications Co Ltd		212
	10,584	*,e	Eastman Kodak Co		50
	19,924		Eizo Nanao Corp		700
	59,496		Elecom Co Ltd		783
	307,270		Elite Material Co Ltd		3,079
	332,000		Elitegroup Computer Systems Co Ltd		270
	121,052	*	EMCORE Corp		845
	71,383	h	Ennoconn Corp		609
	23,290	*	ePlus, Inc		1,255
	48,057,100		Erajaya Swasembada Tbk PT		2,022
	3,208,443		Ericsson (LM) (B Shares)		35,303
	18,601		ESPEC Corp		361
	40,061	e	Esprinet S.p.A.		587
	32,127		Evertz Technologies Ltd		334
	610,013	*	Extreme Networks, Inc		9,577
	33,710	*	F5 Networks, Inc		8,249
	50,155	*	Fabrinet		5,942
	23,882	*	FARO Technologies, Inc		1,672
	100,848		Fiberhome Telecommunication Technologies Co Ltd		285
	3,347,000	*,e	FIH Mobile Ltd		584
	328,262	*,e	Fingerprint Cards AB		750
	364,392		FLEXium Interconnect, Inc		1,373
	18,513,957		Foxconn Industrial Internet Co Ltd		34,629
	1,589,193		Foxconn Technology Co Ltd		3,722
	987,863		Fujifilm Holdings Corp		73,234
	249,000		General Interface Solution Holding Ltd		916
	85,378		Genius Electronic Optical Co Ltd		1,627
	404,271		Getac Technology Corp		812
	553,123		Gigabyte Technology Co Ltd		3,104
	43,610		Gilat Satellite Networks Ltd		311
	263,120		Global Brands Manufacture Ltd		366
	137,422		GoerTek, Inc		1,168
	416,000		Gold Circuit Electronics Ltd		1,139
	195,436		GRG Banking Equipment Co Ltd		366
	140,497		Guangzhou Haige Communications Group, Inc Co		241
	40,418		Guangzhou Shiyuan Electronic Technology Co Ltd		517
	908,524		Halma plc		39,393
	81,884		Hamamatsu Photonics KK		5,230

216

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	634,000		Hana Microelectronics PCL (Foreign)	$	1,679
	315,493		Hannstar Board Corp		517
	2,455,330		HannStar Display Corp		1,602
	69,581	*	Harmonic, Inc		818
	224,600		Hengtong Optic-electric Co Ltd		533
	1,237,211		Hewlett Packard Enterprise Co		19,511
	1,422,686	e	Hexagon AB		22,536
	757,000	*	High Tech Computer Corp		2,311
	11,900		Hioki EE Corp		911
	13,444		Hirose Electric Co Ltd		2,259
	58,580		Hiwin Mikrosystem Corp		239
	31,387		HMS Networks AB		1,938
	144,470		Holystone Enterprise Co Ltd		623
	9,088,640		Hon Hai Precision Industry Co, Ltd		34,084
	42,799		Horiba Ltd		2,517
	57,200		Hosiden Corp		573
	1,107,520		HP, Inc		41,720
	62,000		Huagong Tech Co Ltd		271
	883,000		Ibiden Co Ltd		52,437
	1,867	*	Identiv, Inc		53
	61,061	*	II-VI, Inc		4,172
	25,787	*	Iljin Materials Co Ltd		2,920
	3,264,000		Inari Amertron BHD		3,127
	2,088		Inficon Holding AG.		3,053
	16,049	*,e	Infinera Corp		154
	76,200		Innodisk Corp		561
	6,919,321		InnoLux Display Corp		4,890
	216,024	*,e	Inseego Corp		1,259
	47,085	*	Insight Enterprises, Inc		5,019
	65,500		Inspur Electronic Information Industry Co Ltd		369
	83,900		Intelbras S.A. Industria de Telecomunicacao Eletronica Brasileira		420
	1,926,172		Inventec Co Ltd		1,735
	20,297	*	IPG Photonics Corp		3,494
	24,300		Iriso Electronics Co Ltd		916
	268,820		ITEQ Corp		1,374
	77,929	*	Iteris, Inc		312
	10,823	*	Itron, Inc		742
	27,755		Ituran Location and Control Ltd		740
	143,171		Jabil Inc		10,072
	57,542		Japan Aviation Electronics Industry Ltd		997
	992,594	*,e	Japan Display, Inc		311
	516,300		Jaymart PCL		887

217

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	62,687		Jenoptik AG.	$	2,645
	1,338,955		Juniper Networks, Inc		47,814
	17,800		Kaga Electronics Co Ltd		506
	860,900		KCE Electronics PCL		2,268
	523,038		Keyence Corp		328,864
	101,547	*	Keysight Technologies, Inc		20,970
	20,740	*	Kimball Electronics, Inc		451
	63,000		King Slide Works Co Ltd		1,176
	499,705		Kingboard Chemical Holdings Ltd		2,435
	1,148,246		Kingboard Laminates Holdings Ltd		1,953
	27,683	*,e	KMW Co Ltd		956
	195,395	*	Knowles Corp		4,562
	38,300		Koa Corp		536
	30,468	*	KONA I Co Ltd		827
	1,053,900		Konica Minolta Holdings, Inc		4,809
	14,064	*	KVH Industries, Inc		129
	91,193		Kyocera Corp		5,702
	25,208		L&F Co Ltd		4,691
	26,206		Landis&Gyr Group AG.		1,769
	73,625		Largan Precision Co Ltd		6,550
	783		LEM Holding S.A.		2,183
	29,938,399		Lenovo Group Ltd		34,408
	316,023		Lens Technology Co Ltd		1,140
	267,661		Leyard Optoelectronic Co Ltd		431
	168,009	*,e	LG Display Co Ltd		3,464
	9,855	*	LG Innotek Co Ltd		3,013
	466,184	*	Lingyi iTech Guangdong Co		539
	1,542,277		Lite-On Technology Corp		3,551
	9,134		Littelfuse, Inc		2,874
	188,898	e	Logitech International S.A.		15,846
	86,270		Lotes Co Ltd		2,370
	31,755		LPKF Laser & Electronics AG.		698
	69,783	*	Lumentum Holdings, Inc		7,381
	5,240	*	Luna Innovations, Inc		44
	459,724		Luxshare Precision Industry Co Ltd		3,551
	57,207		Macnica Fuji Electronics Holdings, Inc		1,369
	10,400		Maruwa Co Ltd		1,472
	168,100		Maxell Holdings Ltd		2,001
	21,384		Maxscend Microelectronics Co Ltd		1,098
	87,891		Mcj Co Ltd		827
	12,821		Mcnex Co Ltd		619
	25,900		Meiko Electronics Co		1,071

218

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,065		Melco Holdings, Inc	$	250
	631,887		Merry Electronics Co Ltd		2,154
	32,892		Methode Electronics, Inc		1,617
	198,000	*,†,e	MH Development Ltd		0	^
	89,647	e	Micronic AB		2,091
	483,200		Micro-Star International Co Ltd		2,799
	13,705	*,e	Microvision, Inc		69
	985,893		Mitac Holdings Corp		1,252
	253,686		Motorola Solutions, Inc		68,926
	212,500	*	Multilaser Industrial S.A.		318
	301,127		Murata Manufacturing Co Ltd		24,019
	158,000		Nan Ya Printed Circuit Board Corp		3,255
	312,600	*,e	Nano Dimension Ltd (ADR)		1,188
	1,359	*	Napco Security Technologies, Inc		68
	240,018	e	National Instruments Corp		10,482
	103,464	*	Nayax Ltd		373
	39,213		Neopost S.A.		854
	217,454		NetApp, Inc		20,004
	26,335	*	Netgear, Inc		769
	61,112	*	Netscout Systems, Inc		2,022
	65,550		Nichicon Corp		720
	86,915		Ninestar Corp		652
	25,600		Nippon Ceramic Co Ltd		626
	265,776		Nippon Electric Glass Co Ltd		6,814
	46,256		Nippon Signal Co Ltd		368
	47,860	e	Nissha Printing Co Ltd		695
	55,894	*	nLight, Inc		1,339
	26,172		Nohmi Bosai Ltd		512
	1	*	Nokia Corp (ADR)		0	^
	6,347,611	*	Nokia Oyj (Turquoise)		40,204
	18,934	*	Novanta, Inc		3,339
	322,980	*,e	Novonix Ltd		2,159
	2,560,510	*	OFILM Group Co Ltd		3,899
	102,936		Oki Electric Industry Co Ltd		810
	97,268		Omron Corp		9,692
	40,879	e	Optex Co Ltd		584
	55,113	*	OSI Systems, Inc		5,137
	16,419	*,e	Ouster, Inc		85
	415,224		Pan-International Industrial		590
	2,258	*,e	PAR Technology Corp		119
	4,532	*	Park Systems Corp		582
	41,688		Partron Co Ltd		465

219

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	906,000		PAX Global Technology Ltd	$	641
	9,589		PC Connection, Inc		414
	1,451,915		Pegatron Technology Corp		3,623
	19,641	*	Plantronics, Inc		576
	12,095	*	Plexus Corp		1,160
	433,414		Primax Electronics Ltd		886
	6,329,000		Prime View International Co Ltd		34,466
	454,678	*	Pure Storage, Inc		14,800
	1,963,390		Quanta Computer, Inc		6,705
	48,310	*	Quantum Corp		267
	51,307	*	Radware Ltd		2,136
	26,318		Raytron Technology Co Ltd		325
	2,487,000	*,e,g	Razer, Inc		772
	551,123		Redington India Ltd		1,071
	44,371		Renishaw plc		2,875
	20,747		Restar Holdings Corp		364
	60,955	*	Ribbon Communications, Inc		369
	360,885		Ricoh Co Ltd		3,364
	17,826		Riken Keiki Co Ltd		910
	19,798		Riso Kagaku Corp		369
	12,494	*	Rogers Corp		3,411
	23,233		Ryosan Co Ltd		460
	14,700	e	Ryoyo Electro Corp		306
	39,950	*	Samsung Electro-Mechanics Co Ltd		6,626
	6,716,634		Samsung Electronics Co Ltd		441,114
	598,656		Samsung Electronics Co Ltd (Preference)		35,791
	39,858		Samsung SDI Co Ltd		21,921
	8,397	*	Samwha Capacitor Co Ltd		424
	8,879		Sang-A Frontec Co Ltd		390
	106,283	*	Sanmina Corp		4,406
	21,855	*	Scansource, Inc		767
	3,116		Seagate Technology Holdings plc		352
	40,776	*,e	Seco S.p.A		415
	293,260		Seiko Epson Corp		5,282
	11,052	*,g	Sensirion Holding AG.		1,612
	24,000		Sensortek Technology Corp		448
	14,027	*	Seojin System Co Ltd		509
	244,419		Sercomm Corp		668
	22,947		Sesa S.p.A		4,522
	5,984	*,e	SES-imagotag S.A.		515
	4,067		Shanghai Friendess Electronic Technology Corp Ltd		246
	156,284		Shengyi Technology Co Ltd		577

220

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,205		Shennan Circuits Co Ltd	$	424
	63,621		Shenzhen Kaifa Technology Co Ltd		158
	45,000		Shenzhen Sunlord Electronics Co Ltd		270
	82,402		Shenzhen Sunway Communication Co Ltd		328
	44,385		Shenzhen Transsion Holdings Co Ltd		1,095
	200,917		Shimadzu Corp		8,486
	44,752	*,e	Sierra Wireless, Inc		789
	32,100	e	Siix Corp		395
	255,907		Simplo Technology Co Ltd		3,035
	229,123		Sinbon Electronics Co Ltd		2,347
	987,202		SKP Resources Bhd		411
	28,587	e	Softchoice Corp		483
	846,983		Softwareone Holding AG.		18,294
	32,373	*	SOLUM Co Ltd		610
	11,723	*	Solus Advanced Materials Co Ltd		879
	222,268		Spectris plc		11,064
	104,000		Speed Tech Corp		309
	1,430,536		Spirent Communications plc		5,397
	170,414		Sterlite Technologies Ltd		657
	415,314	*	Stratasys Ltd		10,171
	263,615	e	Strix Group plc		1,083
	16,800		Sun Corp		377
	519,949		Sunny Optical Technology Group Co Ltd		16,469
	121,603	*	Super Micro Computer, Inc		5,344
	437,623		Supreme Electronics Co Ltd		798
	120,841		Suzhou Dongshan Precision Manufacturing Co Ltd		514
	79,267		SYNNEX Corp		9,065
	980,621		Synnex Technology International Corp		2,343
	283,400		Synnex Thailand PCL		310
	291,600		Synnex Thailand PCL		319
	260,000		Taiwan Union Technology Corp		957
	142,440		Taiyo Yuden Co Ltd		8,192
	81,300	e	Tamura Corp		473
	110,537		TDK Corp		4,314
	1,247,178		TE Connectivity Ltd		201,220
	59,360	*,g	Tejas Networks Ltd		333
	115,019	*	Teledyne Technologies, Inc		50,251
	161,495		Test Research, Inc		341
	76,000		Thinking Electronic Industrial Co Ltd		431
	47,904		Tianjin 712 Communication & Broadcasting Co Ltd		326
	80,630		Tianma Microelectronics Co Ltd		165
	93,474	*,e	Tobii AB		378

221

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,773	*,e	Tobii Dynavox AB	$	13
	166,220		Tong Hsing Electronic Industries Ltd		1,780
	128,256		Topcon Corp		1,852
	32,385		Toshiba TEC Corp		1,327
	1,784,000		TPK Holding Co Ltd		2,799
	207,000		Transcend Information, Inc		546
	133,560	*	Trimble Inc		11,645
	460,574		Tripod Technology Corp		2,069
	1,876,000		Truly International Holdings		768
	899,045	*	TTM Technologies, Inc		13,396
	126,372	*	Turtle Beach Corp		2,813
	318,039		TXC Corp		1,210
	6,411		Ubiquiti, Inc		1,966
	869,011		Unimicron Technology Corp		7,232
	196,611		Unisplendour Corp Ltd		706
	65,398		Universal Scientific Industrial Shanghai Co Ltd		165
	7,583	*,e	Velodyne Lidar, Inc		35
	181,900		Venture Corp Ltd		2,472
	25,000		VIA Labs, Inc		452
	65,146	*	Viasat, Inc		2,902
	133,392	*	Viavi Solutions, Inc		2,350
	39,839	*	Vidente Co Ltd		808
	197,438		Vishay Intertechnology, Inc		4,318
	59,794	*	Vishay Precision Group, Inc		2,220
	929,523		Vontier Corp		28,564
	3,126,628		VS Industry BHD		1,026
	1,239,042		VST Holdings Ltd		1,163
	201,785		Vtech Holdings Ltd		1,580
	178,500		Wacom Co Ltd		1,420
	178,018		Wah Lee Industrial Corp		688
	342,000		Walsin Technology Corp		2,059
	166,487	*	Western Digital Corp		10,857
	82,384		Wingtech Technology Co Ltd		1,671
	190,500	*,†,b	Wintek Corp		0	^
	2,045,323		Wistron Corp		2,152
	327,372		Wistron NeWeb Corp		922
	87,049		Wiwynn Corp		3,501
	1,189,519		WPG Holdings Co Ltd		2,260
	424,783		WT Microelectronics Co Ltd		1,128
	110,415		Wuhan Guide Infrared Co Ltd		419
	247,874		Wuhu Token Science Co Ltd		517
	139,152		WUS Printed Circuit Kunshan Co Ltd		362

222

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	50,213		Wuxi Lead Intelligent Equipment Co Ltd	$	586
	134,957		Xerox Holdings Corp		3,055
	15,500		Xiamen Faratronic Co Ltd		566
	10,405,800	*,g	Xiaomi Corp		25,224
	15,750	*,†	Ya Hsin Industrial Co Ltd		0
	313,979		Yageo Corp		5,429
	51,147		Yealink Network Technology Corp Ltd		654
	65,119		Yokogawa Electric Corp		1,175
	18,784		Yokowo Co Ltd		483
	52,329	*	Zebra Technologies Corp (Class A)		31,146
	34,627	*,e	Zepp Health Corp (ADR)		175
	222,518		Zhejiang Dahua Technology Co Ltd		820
	464,558		Zhen Ding Technology Holding Ltd		1,683
	35,223		Zhongji Innolight Co Ltd		235
	24,300		Zhuzhou Hongda Electronics Corp Ltd		381
	285,703		ZTE Corp		1,502
	559,599		ZTE Corp (Class H)		1,533
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		8,239,290

TELECOMMUNICATION SERVICES - 1.2%
	890,071		Advanced Info Service PCL (Foreign)		6,123
	1,113,589	g	Airtel Africa plc		2,006
	1,094,482	*	AL Yah Satellite Communications Co-Pjsc-Yah Sat		817
	39,981,732	e	America Movil S.A.B. de C.V.		42,353
	69,667	*	Anterix, Inc		4,094
	30,100		ARTERIA Networks Corp		404
	2,013,929	*	Asia Pacific Telecom Co Ltd		597
	9,610,114		AT&T, Inc		236,409
	9,955		ATN International, Inc		398
	120,435	*	Aussie Broadband Ltd		416
	2,018,106		Axiata Group Bhd		2,015
	980,820	*,e	Axtel SAB de C.V.		185
	149,207	*	Bandwidth Inc		10,707
	90,738		BCE, Inc		4,721
	2,525,043	*	Bezeq Israeli Telecommunication Corp Ltd		4,171
	2,877,151	*	Bharti Airtel Ltd		26,426
	9,751,596		BT Group plc		22,434
	104,485	*	Cellcom Israel Ltd		586
	1,016,545	g	Cellnex Telecom SAU		58,886
	27,000		Chief Telecom, Inc		273
	17,537,912	g	China Tower Corp Ltd		1,935
	548,045		Chorus Ltd		2,692

223

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,797,653		Chunghwa Telecom Co Ltd	$	11,777
	3,770,641		Citic 1616 Holdings Ltd		1,272
	96,612		Cogent Communications Group, Inc		7,070
	108,465	*	Consolidated Communications Holdings, Inc		811
	3,899,027		Deutsche Telekom AG.		72,044
	2,229,844		Digi.Com BHD		2,334
	53,084		Drillisch AG.		1,449
	244,162	*	EchoStar Corp (Class A)		6,434
	155,245		Elisa Oyj (Series A)		9,559
	4,129,091		Emirates Telecommunications Group Co PJSC		35,677
	203,002		Empresa Nacional de Telecomunicaciones S.A.		686
	462,540		Etihad Etisalat Co		3,837
	1,233,282		Far EasTone Telecommunications Co Ltd		2,877
	155,520		Freenet AG.		4,110
	99,598		Gamma Communications plc		2,224
	4,247,957	*,e	Globalstar, Inc		4,928
	19,207		Globe Telecom, Inc		1,252
	158,654	*,e	Gogo, Inc		2,147
	870,944	*	Helios Towers plc		2,028
	264,590		Hellenic Telecommunications Organization S.A.		4,888
	598,907		Himachal Futuristic Communications		632
	2,016,120		HKBN Ltd		2,474
	4,164,739		HKT Trust and HKT Ltd		5,596
	1,665,607		Hutchison Telecommunications Hong Kong Holdings Ltd		267
	5,036	*	IDT Corp (Class B)		222
	2,387,780		Indosat Tbk PT		1,041
	786,435		Indus Towers Ltd		2,622
	360,006	g	Infrastrutture Wireless Italiane S.p.A		4,365
	62,524		Internet Initiative Japan, Inc		2,582
	1,268,400		Intouch Holdings PCL (Class F)		3,046
	70,741	*	Iridium Communications, Inc		2,921
	4,368,885	*	Jasmine International PCL		457
	1,661,887		KDDI Corp		48,600
	3,879,218		Koninklijke KPN NV		12,057
	222,725	*,†,e	Let’s GOWEX S.A.		3
	165,441		LG Telecom Ltd		1,888
	37,901	*	Liberty Global plc (Class A)		1,051
	189,192	*	Liberty Latin America Ltd (Class A)		2,206
	244,348	*	Liberty Latin America Ltd (Class C)		2,786
	1,118,429		Link Net Tbk PT		314

224

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	971,526		Lumen Technologies, Inc	$	12,193
	490,303		Magyar Telekom		623
	1,670,983		Maxis BHD		1,945
	123,763	*,e	Millicom International Cellular S.A.		3,518
	2,657,756		Mobile Telecommunications Co KSC		5,234
	527,235	*	Mobile Telecommunications Co Saudi Arabia		1,688
	549,593		Mobile TeleSystems (ADR)		4,369
	15,712		Mobistar S.A.		356
	1,973,376	*	MTN Group Ltd		21,153
	3,814,366		NetLink NBN Trust		2,830
	1,193,710		Nippon Telegraph & Telephone Corp		32,646
	245,558	e	NOS SGPS S.A.		953
	15,100		Okinawa Cellular Telephone Co		672
	220,523	*	Ooma, Inc		4,507
	1,055,660		Ooredoo QSC		2,035
	2,310,355		Orange S. A.		24,680
	164,937	*	Partner Communications		1,340
	5,238,000		PCCW Ltd		2,654
	54,737		PLDT, Inc		1,945
	157,158		Proximus plc		3,069
	51,322	*	Radius Global Infrastructure, Inc		826
	435,857		Rogers Communications, Inc (Class B)		20,753
	121,080		Rostelecom (ADR)		835
	74,132		Rostelecom (ADR) (OTC US)		491
	27,153,533		Sarana Menara Nusantara Tbk PT		2,141
	704,116		Saudi Telecom Co		21,061
	28,986		Shenandoah Telecom Co		739
	9,362,196		Singapore Telecommunications Ltd		16,117
	76,836		Sistema PJSFC (GDR)		476
	211,771		Sistema PJSFC (GDR) (London)		1,311
	197,314		SK Telecom Co Ltd		9,589
	405,933		SK Telecom Co Ltd (ADR)		10,826
	95,568,200	*	Smartfren Telecom Tbk PT		584
	390,141		SmarTone Telecommunications Holding Ltd		208
	2,274,640		Softbank Corp		28,730
	1,300,148		Softbank Group Corp		62,329
	661,514		StarHub Ltd		668
	28,504		Swisscom AG.		16,080
	1,211,506		Taiwan Mobile Co Ltd		4,375
	124,140		Tata Communications Ltd		2,440
	552,689		Tele2 AB (B Shares)		7,884
	2,060,015		Telecom Corp of New Zealand Ltd		6,371

225

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	495,647		Telecom Egypt	$	529
	10,984,818		Telecom Italia S.p.A.		5,404
	610,985		Telefonica Brasil S.A.		5,304
	1,134,973		Telefonica Deutschland Holding AG.		3,148
	6,144,752	e	Telefonica S.A.		26,645
	275,769		Telekom Austria AG.		2,392
	885,484		Telekom Malaysia BHD		1,168
	797,540	*	Telekomunikacja Polska S.A.		1,673
	767,243		Telenor ASA		12,060
	88,591		Telephone & Data Systems, Inc		1,785
	1,186	*,e	Telesat Corp		34
	1,155,900	e	Telesites SAB de C.V.		1,183
	2,935,373		TeliaSonera AB		11,480
	89,043,501		Telkom Indonesia Persero Tbk PT		25,413
	334,993	*	Telkom S.A. Ltd		1,137
	4,811,760		Telstra Corp Ltd		14,624
	549,494		TELUS Corp		12,941
	1,031,649		TIM S.A.		2,444
	1,195,481		Time dotCom BHD		1,320
	1,823,883	*	T-Mobile US, Inc		211,534
	8,894,100		Tower Bersama Infrastructure		1,843
	152,056	e	TPG Telecom Ltd		652
	7,494,562		True Corp PCL (Foreign)		1,095
	1,403,898		Turkcell Iletisim Hizmet AS		1,959
	105,229		United Internet AG.		4,172
	666,984	*	Uniti Group Ltd		2,158
	13,836	*	US Cellular Corp		436
	19,200		Usen-Next Holdings Co Ltd		503
	3,720,188		Verizon Communications, Inc		193,301
	2,452,642	*,e	Vision, Inc		24,732
	747,679		Vodacom Group Pty Ltd		6,311
	27,893,765		Vodafone Group plc		42,015
	436,500	e	Vodafone Group plc (ADR)		6,517
	9,765,146	*	Vodafone Idea Ltd		2,008
	1,796,377		Vodafone Qatar		822
	3,417,500		XL Axiata Tbk PT		761
			TOTAL TELECOMMUNICATION SERVICES		1,675,929

TRANSPORTATION - 2.0%
	9,182	†,e	Abertis Infraestructuras S.A. (Continuous)		31
	604,050		Adani Ports & Special Economic Zone Ltd		5,910
	1,114,800	*	Adi Sarana Armada Tbk PT		260

226

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	36,841	*	Aegean Airlines S.A.	$	201
	81,789	*,g	Aena S.A.		12,880
	264,249	*,g	Aeroflot PJSC (GDR)		1,107
	31,797	*,e	Aeroports de Paris		4,102
	1,422,637		Agility Public Warehousing Co KSC		4,441
	2,417,715	*	Air Arabia PJSC		952
	211,587	*,e	Air Canada		3,534
	346,229	*	Air China Ltd		497
	1,297,910	*	Air China Ltd (H shares)		906
	352,385	*,e	Air France-KLM		1,556
	637,655	*,e	Air New Zealand Ltd		659
	51,547	*	Air Transport Services Group, Inc		1,514
	1,766,900	*	AirAsia BHD		335
	4,661,188		Airports of Thailand PCL (Foreign)		8,488
	175,066	*	Alaska Air Group, Inc		9,121
	161,613	g	ALD S.A.		2,378
	139,575	*,e	All Nippon Airways Co Ltd		2,918
	76,109		Allcargo Logistics Ltd		398
	1,523	*	Allegiant Travel Co		285
	8,728		Amerco, Inc		6,339
	631,141	*,e	American Airlines Group, Inc		11,335
	634,771	*,†	AMR Corporation		6
	448,000		Anhui Expressway Co		362
	4,534		AP Moller - Maersk AS (Class A)		15,042
	7,641		AP Moller - Maersk AS (Class B)		27,273
	807,056		Aramex PJSC		901
	21,666		ArcBest Corp		2,597
	3,923,700	*	Asia Aviation PCL		297
	39,053	*	Asiana Airlines		655
	24,920	*	Atlas Air Worldwide Holdings, Inc		2,345
	1,166,044		Atlas Arteria Ltd		5,868
	326,345	e	Atlas Corp		4,628
	852,789	*	Auckland International Airport Ltd		4,489
	2,020,609		Aurizon Holdings Ltd		5,134
	540,741	*	Autostrade S.p.A.		10,729
	38,841	*	Avis Budget Group, Inc		8,054
	607,925	*	Azul S.A.		2,660
	697,600	*	Bangkok Airways Co Ltd		203
	155,800	*	Bangkok Aviation Fuel Services PCL		119
	7,603,762		Bangkok Expressway & Metro PCL		1,924
	2,346,810	*	Beijing Capital International Airport Co Ltd		1,438
	1,825,679		Beijing-Shanghai High Speed Railway Co Ltd		1,383

227

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	204,800	*,e	BEST, Inc (ADR)	$	174
	5,193		Blue Dart Express Ltd		441
	116,298	*	bpost S.A.		1,015
	8,029,037		BTS Group Holdings PCL		2,244
	1,053,578		Canadian National Railway Co		129,416
	1,254		Canadian Pacific Railway Ltd		90
	1,085,503		Canadian Pacific Railway Ltd (Toronto)		78,073
	10,214	e	Cargojet, Inc		1,345
	64,960	*,e	Cathay Pacific Airways Ltd		53
	200,360	*	Cebu Air, Inc		166
	180,389		Central Japan Railway Co		24,005
	125,653		CH Robinson Worldwide, Inc		13,524
	2,808,000	*	China Airlines		2,791
	195,400	*	China Eastern Airlines Corp Ltd		158
	1,122,667		China Merchants Holdings International Co Ltd		2,049
	1,172,447	*,e	China Southern Airlines Co Ltd		702
	406,859	*	China Southern Airlines Co Ltd (Class A)		435
	104,744	*,e	Chorus Aviation, Inc		275
	1,355,572		Cia de Concessoes Rodoviarias		2,814
	97,556		Cia de Distribucion Integral Logista Holdings SAU		1,947
	360,087		Cia de Locacao das Americas		1,514
	34,185		Clarkson plc		1,795
	2,648,100		ComfortDelgro Corp Ltd		2,750
	279,344		Container Corp Of India Ltd		2,303
	931,775	*,e	Controladora Vuela Cia de Aviacion SAB de C.V.		1,672
	28,295	*	Copa Holdings S.A. (Class A)		2,339
	1,299,600	*	Cosco Corp Singapore Ltd		247
	663,120		Cosco International Holdings Ltd		202
	1,375,536		COSCO Pacific Ltd		1,196
	2,512,809	*,e	COSCO SHIPPING Holdings Co Ltd		4,872
	903,415	*	COSCO SHIPPING Holdings Co Ltd		2,660
	456,260		Costamare, Inc		5,772
	10,729	*	Covenant Transportation Group, Inc		284
	3,212,056		CSX Corp		120,773
	148,290		CTT-Correios de Portugal S.A.		769
	33,820		D/S Norden		859
	3,545	*,e	Daseke, Inc		36
	1,374,613	*	Delta Air Lines, Inc		53,720
	647,229	*	Deutsche Lufthansa AG.		4,532
	1,641,227		Deutsche Post AG.		105,565
	42,022	*	Dfds A.S.		2,246

228

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	367,476	*,e	DiDi Global, Inc (ADR)	$	1,830
	581,828		DSV AS		135,582
	6,960	e	Eagle Bulk Shipping, Inc		317
	374,638		East Japan Railway Co		23,031
	368,746	*	easyJet plc		2,801
	362,335	*	EcoRodovias Infraestrutura e Logistica S.A.		475
	327,373	*,g	Enav S.p.A		1,465
	3,809,435	*,g	Europcar Groupe S.A.		2,195
	2,600,000	*	Eva Airways Corp		2,622
	3,041,000		Evergreen International Storage & Transport Corp		3,206
	2,276,532		Evergreen Marine Corp Tawain Ltd		11,662
	22,403	e	Exchange Income Corp		746
	164,201		Expeditors International of Washington, Inc		22,051
	247,812		FedEx Corp		64,094
	803,131	*,e	Finnair Oyj		544
	907,101	*	Firstgroup plc		1,255
	24,241	*	Flughafen Zuerich AG.		4,353
	56,686		Forward Air Corp		6,864
	44,915	*	Fraport AG. Frankfurt Airport Services Worldwide		3,007
	3,066	*	Frontier Group Holdings, Inc		42
	35,160		Fukuyama Transporting Co Ltd		1,201
	28,639		Genco Shipping & Trading Ltd		458
	478,096		Getlink S.E.		7,918
	134,484		Globaltrans Investment plc (GDR)		1,146
	1,945,892	*	GMR Infrastructure Ltd		1,193
	59,071	*	Go-Ahead Group plc		533
	215,253	*	Gol Linhas Aereas Inteligentes S.A.		649
	156,702		Golden Ocean Group Ltd		1,410
	318,520	e	Grupo Aeroportuario del Centro Norte Sab de C.V.		2,139
	421,149	e	Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		5,804
	234,238		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		4,836
	296,900	*,e,g	Grupo Traxion SAB de C.V.		519
	286,888		Gujarat Pipavav Port Ltd		384
	339,702		Gulf Warehousing Co		423
	121,318	*	GXO Logistics, Inc		11,019
	206,000	*	Hainan Meilan International Airport Co Ltd		635
	17,000		Hamakyorex Co Ltd		429
	41,194		Hamburger Hafen und Logistik AG.		964
	8,644	*	Hanjin Transportation Co Ltd		218
	219,511		Hankyu Hanshin Holdings, Inc		6,238

229

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	46,400	*	Hawaiian Holdings, Inc	$	852
	201,541		Heartland Express, Inc		3,390
	423,100	*	Hidrovias do Brasil S.A.		262
	37,325		Hitachi Transport System Ltd		1,755
	262,584	*	Hub Group, Inc (Class A)		22,120
	10,804,551		Hutchison Port Holdings Trust		2,427
	2,326	*	HyreCar, Inc		11
	21,322	*	Hyundai Glovis Co Ltd		3,007
	249,907	*,e	Hyundai Merchant Marine Co Ltd		5,653
	3,064	*	ID Logistics Group		1,279
	87,338		Iino Kaiun Kaisha Ltd		415
	190,135		Imperial Holdings Ltd		764
	105,766	*,g	InterGlobe Aviation Ltd		2,867
	1,176,309		International Container Term Services, Inc		4,614
	127,337	*	Japan Airlines Co Ltd		2,417
	73,600	*	Japan Airport Terminal Co Ltd		3,070
	2,305,200	*	Jasa Marga Tbk PT		628
	17,515		JB Hunt Transport Services, Inc		3,580
	19,615	*	Jeju Air Co Ltd		290
	195,800	*	JET2 plc		2,972
	293,999	*	JetBlue Airways Corp		4,187
	908,915		Jiangsu Express		931
	22,668	*	Jin Air Co Ltd		318
	125,400		Kamigumi Co Ltd		2,375
	57,088	*	Kawasaki Kisen Kaisha Ltd		3,447
	268,300		Keihin Electric Express Railway Co Ltd		2,684
	95,093		Keio Corp		4,196
	111,302		Keisei Electric Railway Co Ltd		3,011
	428,009		Kerry Logistics Network Ltd		1,047
	179,925	*	Kintetsu Corp		5,030
	96,000		Kintetsu World Express, Inc		2,491
	56,424	*	Kirby Corp		3,353
	466,415		Knight-Swift Transportation Holdings, Inc		28,423
	26,268		Konoike Transport Co Ltd		281
	9,892	*	Korea Express Co Ltd		1,048
	167,176	*	Korea Line Corp		371
	116,831	*	Korean Air Lines Co Ltd		2,877
	72,637		Kuehne & Nagel International AG.		23,393
	162,400		Kyushu Railway Co		3,377
	3,822		Landstar System, Inc		684
	685,017		Localiza Rent A Car		6,499
	15,327	*	Lotte Rental Co Ltd		490

230

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	345,361	*	Lyft, Inc (Class A)	$	14,757
	422,650	g	Mahindra Logistics Ltd		3,870
	1,246,154	*	Malaysia Airports Holdings BHD		1,789
	200,541		Marten Transport Ltd		3,441
	41,650		Maruwa Unyu Kikan Co Ltd		528
	30,630		Maruzen Showa Unyu Co Ltd		853
	37,650		Matson, Inc		3,390
	31,739	*	Mesa Air Group, Inc		178
	1,802,740		MISC BHD		3,048
	63,928		Mitsubishi Logistics Corp		1,606
	132,000		Mitsui OSK Lines Ltd		9,811
	47,114		Mitsui-Soko Co Ltd		1,018
	729,352		Movida Participacoes S.A.		2,059
	1,080,175	*	MPC Container Ships AS.		2,998
	1,709,363		MTR Corp		9,176
	109,975		Mullen Group Ltd		1,011
	227,300	*	Nagoya Railroad Co Ltd		3,460
	128,527		Nankai Electric Railway Co Ltd		2,432
	662,510	*	National Express Group plc		2,316
	78,526		Nippon Express Co Ltd		4,699
	108,849		Nippon Konpo Unyu Soko Co Ltd		2,051
	119,066		Nippon Yusen Kabushiki Kaisha		9,079
	71,900		Nishi-Nippon Railroad Co Ltd		1,631
	105,550	g	Nobina AB		1,250
	15,631		Norfolk Southern Corp		4,653
	657,437	*	Norwegian Air Shuttle AS		800
	8,946	*	NTG Nordic Transport Group A.S.		729
	276,194		Odakyu Electric Railway Co Ltd		5,135
	41,478	e	Oesterreichische Post AG.		1,775
	100,482		Old Dominion Freight Line		36,011
	6,055,290		Pacific Basin Shipping Ltd		2,226
	668	*	PAM Transportation Services, Inc		47
	198,020	*	Pan Ocean Co Ltd		901
	33,244	*	Pegasus Hava Tasimaciligi AS.		214
	808,800		Precious Shipping PCL		401
	260,197	e	Promotora y Operadora de Infraestructura SAB de C.V.		2,033
	1,063,777	*	Qantas Airways Ltd		3,881
	613,658		Qatar Navigation QSC		1,287
	3,712,048		Qube Logistics Holdings Ltd		8,569
	192,240	*	Radiant Logistics, Inc		1,401
	282,687		Redde Northgate plc		1,670
	340,300		Regional Container Lines PCL		501

231

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	972,368		Royal Mail plc	$	6,667
	1,431,946	*	Rumo S.A.		4,558
	29,705	e	Ryder System, Inc		2,449
	52,304	*	Safe Bulkers, Inc		197
	89,497		Sagami Railway Co Ltd		1,639
	67,613	*	Saia, Inc		22,788
	96	*,†	SAir Group		0
	11,570		Sakai Moving Service Co Ltd		436
	147,650		Sankyu, Inc		6,127
	486,704		Santos Brasil Participacoes S.A.		559
	4,490,273	*,e	SAS AB		633
	101,399	*	Saudi Ground Services Co		798
	43,519		Saudi Industrial Services Co		356
	66,991	*	Saudi Public Transport Co		359
	61,204		SBS Holdings, Inc		1,736
	177,666		Schneider National, Inc		4,781
	285,800	*	Seibu Holdings, Inc		2,672
	151,806		Seino Holdings Corp		1,538
	130,196		Senko Co Ltd		1,049
	68,900	*	Sequoia Logistica e Transportes S.A.		174
	548,339		SF Holding Co Ltd		5,936
	276,690		SG Holdings Co Ltd		6,488
	78,196	*	Shanghai International Airport Co Ltd		572
	530,760		Shanghai International Port Group Co Ltd		457
	1,120,902		Shenzhen International Holdings Ltd		1,164
	4,827		Shenzhen Investment Holdings Bay Area Development Co Ltd		2
	20,500		Shinwa Kaiun Kaisha Ltd		624
	117,768		Shipping Corp of India Ltd		213
	333,300	*	SIA Engineering Co Ltd		539
	1,032,000		Sichuan Expressway Co Ltd		275
	298,088		SIMPAR S.A.		621
	307,720		Sincere Navigation		324
	1,466,350	*,e	Singapore Airlines Ltd		5,437
	824,200	*	Singapore Airport Terminal Services Ltd		2,378
	1,892,819		Singapore Post Ltd		912
	108,347		Sinotrans Ltd (Class A)		76
	2,387,000		SITC International Co Ltd		8,633
	16,570	*	Sixt AG.		2,923
	20,096		Sixt AG. (Preference)		1,980
	44,715	*	Skywest, Inc		1,757
	562,117	*	Southwest Airlines Co		24,081
	254,564	*	SpiceJet Ltd		232

232

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	88,133	*,e	Spirit Airlines, Inc	$	1,926
	571,573	*	Stagecoach Group plc		694
	32,880		Stolt-Nielsen S.A.		506
	63,083		Sumitomo Warehouse Co Ltd		1,067
	440,746	*	Sun Country Airlines Holdings, Inc		12,010
	1,343,304	*	Sydney Airport		8,481
	199,000		T.Join Transportation Co		323
	97,000		T3EX Global Holdings Corp		477
	2,210,501		Taiwan High Speed Rail Corp		2,362
	196,373	*	TAV Havalimanlari Holding AS		488
	13,938		TCI Express Ltd		414
	84,483		TFI International, Inc		9,475
	2,082,000		Tianjin Port Development Holdings Ltd		166
	587,041		TNT NV		2,553
	168,043		Tobu Railway Co Ltd		3,835
	476,918		Tokyu Corp		6,340
	5,648,600	*,†	Trada Alam Minera Tbk PT		0	^
	8,207		Trancom Co Ltd		638
	1,069,000	*	Transcoal Pacific Tbk PT		754
	3,325,821		Transurban Group		33,406
	578,342	*	Turk Hava Yollari		875
	65,351	*,e	TuSimple Holdings, Inc		2,343
	2,730,162	*	Uber Technologies, Inc		114,476
	456,000		U-Ming Marine Transport Corp		991
	2,602,045		Union Pacific Corp		655,533
	304,411	*	United Airlines Holdings Inc		13,327
	435,304		United International Transportation Co		5,394
	1,124,366		United Parcel Service, Inc (Class B)		240,997
	1,140		Universal Logistics Holdings Inc		21
	24,163	*	US Xpress Enterprises, Inc		142
	2,428,652		Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A.		5,185
	67,336	*,†	Virgin Australia Int Holdings		0
	125,777	*	Wallenius Wilhelmsen ASA		723
	434,000		Wan Hai Lines Ltd		3,095
	68,766		Werner Enterprises, Inc		3,277
	200,923		West Japan Railway Co		8,403
	1,076,494		Westports Holdings BHD		1,047
	49,476	e	Westshore Terminals Investment Corp		1,049
	444,042		Wisdom Marine Lines Co Ltd		1,303
	167,351	*	XPO Logistics, Inc		12,958
	324,221		Yamato Transport Co Ltd		7,616
	1,267,000	*	Yang Ming Marine Transport		5,511

233

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	42,178	*	Yellow Corp	$	531
	150,459		YTO Express Group Co Ltd		394
	1,098,000		Yuexiu Transport Infrastructure Ltd		651
	152,615		Yunda Holding Co Ltd		490
	1,078,968		Zhejiang Expressway Co Ltd		962
	48,632		ZIM Integrated Shipping Services Ltd		2,862
	930,892		ZTO Express Cayman, Inc (ADR)		26,270
			TOTAL TRANSPORTATION		2,739,387

UTILITIES - 2.3%
	1,900,201		A2A S.p.A.		3,703
	1,735,400		Absolute Clean Energy PCL		182
	9,983,800		AC Energy Corp		2,154
	29,969		Acciona S.A.		5,704
	54,940		ACEA S.p.A.		1,174
	140,448	e	Actelios S.p.A.		1,382
	314,944		Adani Gas Ltd		7,295
	445,897	*	Adani Green Energy Ltd		7,959
	1,088,166	*	Adani Power Ltd		1,456
	314,506	*	Adani Transmissions Ltd		7,368
	3,691,964		AES Andes S.A.		579
	263,076		AES Brasil Energia S.A.		522
	421,335		AES Corp		10,238
	348,364	*,†	AET&D Holdings No 1 Ptd Ltd		0
	946,860		AGL Energy Ltd		4,230
	3,149,904		Aguas Andinas S.A.		574
	155,355	*,e	Aker Horizons Holding ASA		579
	328,210	*	Aksa Enerji Uretim AS		249
	827,700	e	Algonquin Power & Utilities Corp		11,955
	9,340		AlKhorayef Water & Power Technologies Co		255
	116,752		Allete, Inc		7,747
	2,119,141		Alliant Energy Corp		130,264
	343,428	e	AltaGas Ltd		7,415
	154,897		Alupar Investimento S.A.		670
	1,986,395		Ameren Corp		176,809
	2,482,174		American Electric Power Co, Inc		220,839
	20,217		American States Water Co		2,091
	43,695		American Water Works Co, Inc		8,252
	1,364,848		APA Group		9,985
	7,374		Artesian Resources Corp		342
	104,204		Ascopiave S.p.A.		411
	107,223		Atco Ltd		3,619
	45,760		Athens Water Supply & Sewage Co S.A.		407

234

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	30,772		Atmos Energy Corp	$	3,224
	2,086,970		AusNet Services		3,904
	11,746	e	Avangrid, Inc		586
	62,285		Avista Corp		2,647
	178,208	*,e	Azure Power Global Ltd		3,235
	750,230		B Grimm Power PCL		911
	763,900		Banpu Power PCL		393
	832,300		BCPG PCL		299
	10,738,000	*	Beijing Energy International Holding Co Ltd		406
	446,179		Beijing Enterprises Holdings Ltd		1,539
	3,358,586		Beijing Enterprises Water Group Ltd		1,305
	4,776,000	*,†	Beijing Gas Blue Sky Holdings Ltd		6
	1,538,000		Beijing Jingneng Clean Energy Co Ltd		499
	25,632		BKW S.A.		3,328
	339,764		Black Hills Corp		23,977
	104,957	e	Boralex, Inc		2,878
	45,973	e	Brookfield Infrastructure Corp		3,138
	36,277	e	Brookfield Infrastructure Corp		2,476
	158,451	e	Brookfield Renewable Corp		5,831
	605,705		Brookfield Renewable Corp		22,308
	148,262	*,e	Cadiz, Inc		572
	46,121		California Water Service Group		3,314
	160,842		Canadian Utilities Ltd		4,665
	559,000		Canvest Environment Protection Group Co Ltd		296
	261,875		Capital Power Corp		8,169
	121,974		Capital Stage AG.		2,151
	268,300		CECEP Solar Energy Co Ltd		472
	435,700		CECEP Wind-Power Corp		445
	4,821,118		Centerpoint Energy, Inc		134,557
	390,749		Centrais Eletricas Brasileiras S.A.		2,382
	297,839		Centrais Eletricas Brasileiras S.A. (Preference)		1,760
	10,492,931	*	Centrica plc		10,175
	646,072		CESC Ltd		759
	195,309		CEZ AS		7,392
	1,008,000	e	CGN New Energy Holdings Co Ltd		1,055
	3,613,000	g	CGN Power Co Ltd		1,098
	15,583		Chesapeake Utilities Corp		2,272
	2,458,631		China Datang Corp Renewable Power Co Ltd		1,133
	602,000	e,g	China Everbright Greentech Ltd		226
	1,011,313	e	China Everbright Water Ltd		236
	2,294,165		China Gas Holdings Ltd		4,772
	2,418,044		China Longyuan Power Group Corp		5,648

235

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	562,900	*	China National Nuclear Power Co Ltd	$	733
	3,903,847	e	China Power International Development Ltd		2,629
	685,312		China Resources Gas Group Ltd		3,872
	1,458,373		China Resources Power Holdings Co		4,878
	354,000		China Tian Lun Gas Holdings Ltd		382
	900,254		China Water Affairs Group Ltd		1,291
	536,101		China Yangtze Power Co Ltd		1,909
	647,046		Chubu Electric Power Co, Inc		6,834
	353,300		Chugoku Electric Power Co, Inc		2,865
	396,201		Cia de Saneamento Basico do Estado de Sao Paulo		2,893
	1,179,500		Cia de Saneamento de Minas Gerais-COPASA		2,687
	154,449		Cia de Saneamento do Parana		531
	415,991		Cia de Saneamento do Parana (Preference)		289
	1,267,120		Cia Energetica de Minas Gerais		3,024
	243,421		Cia Energetica de Sao Paulo (Class B)		939
	15,756		Cia Energetica do Ceara		164
	64,300		Cia Paranaense de Energia		369
	893,700		Cia Paranaense de Energia		1,029
	758,723		CK Infrastructure Holdings Ltd		4,834
	2,072,680		CK Power PCL		309
	279,991		Clearway Energy, Inc (Class A)		9,374
	288,110		Clearway Energy, Inc (Class C)		10,381
	1,930,317		CLP Holdings Ltd		19,505
	237,142		CMS Energy Corp		15,426
	8,090,467		Colbun S.A.		658
	6,020,000		Concord New Energy Group Ltd		633
	84,266		Consolidated Edison, Inc		7,190
	944,686		Contact Energy Ltd		5,236
	316,489	g	ContourGlobal plc		825
	1,320,000	*,†,e	CT Environmental Group Ltd		2
	1,391,365		Dominion Energy, Inc		109,306
	74,509	*	Doral Group Renewable Energy Resources Ltd		329
	484,479		Drax Group plc		3,985
	46,119		DTE Energy Co		5,513
	331,110		Duke Energy Corp		34,733
	2,294,538		E.ON AG.		31,888
	527,000		Eastern Water Resources Development and Management PCL		147
	156,970		Edison International		10,713
	330,645		EDP - Energias do Brasil S.A.		1,243
	315,736		EDP Renovaveis S.A.		7,852
	177,700		Electric Power Development Co		2,362

236

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	623,041		Electricite de France	$	7,328
	348,417		Electricity Generating PCL		1,829
	33,541	e	Elia System Operator S.A.		4,421
	314,626		Emera, Inc		15,724
	67,767		Enagas		1,574
	209,284	e	Endesa S.A.		4,818
	575,276	*	Enea S.A.		1,216
	33,561,601		Enel Chile S.A.		1,176
	13,200,903		Enel S.p.A.		105,555
	5,100,899		Energias de Portugal S.A.		28,021
	213,833		Energisa S.A.		1,700
	282,596		Energix-Renewable Energies Ltd		1,197
	1,678,944		Energy Absolute PCL (Foreign)		4,819
	263,002	g	Enerjisa Enerji AS.		256
	25,239,138		Enersis S.A.		2,758
	764,944	*	Eneva S.A.		1,937
	238,848		Engie Brasil Energia S.A.		1,646
	533,816		Engie Energia Chile S.A.		315
	2,112,597		Engie S.A.		31,278
	1,118,499	*	Enlight Renewable Energy Ltd		2,739
	582,435		ENN Energy Holdings Ltd		10,980
	157,900		ENN Natural Gas Co Ltd		455
	106,643		Entergy Corp		12,013
	1,043,253		Equatorial Energia S.A.		4,230
	30,443		eRex Co Ltd		541
	72,308		ERG S.p.A.		2,335
	126,123		Essential Utilities Inc		6,772
	524,460		Evergy, Inc		35,983
	85,563		Eversource Energy		7,785
	59,538		EVN AG.		1,796
	1,148,007		Exelon Corp		66,309
	5,629	*,e	Fastned BV		316
	551,384		Federal Grid Co Unified Energy System PJSC (GDR)		772
	107,352	e	Fersa Energias Renovables S.A.		154
	615,470		First Gen Corp		336
	2,219,135		FirstEnergy Corp		92,294
	186,670	g	Fjordkraft Holding ASA		1,008
	32,401	*	Fluence Energy, Inc		1,152
	581,753		Fortis, Inc		28,068
	347,894		Fortum Oyj		10,670
	6,048,038		GAIL India Ltd		10,472
	24,762,000	*,e	GCL New Energy Holdings Ltd		756

237

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,091,700		GD Power Development Co Ltd	$	543
	640,033		Genesis Energy Ltd		1,254
	779,257		Global Power Synergy Co Ltd (Foreign)		2,072
	1,965		Global Water Resources, Inc		34
	14,109	*,e	Grenergy Renovables S.A.		466
	2,261,210		Guangdong Investments Ltd		2,874
	187,902		Gujarat Gas Ltd		1,600
	304,752		Gujarat State Petronet Ltd		1,206
	3,234,627		Gulf Energy Development PCL		4,430
	4,170,319		Gunkul Engineering PCL		698
	26,194	e	Hawaiian Electric Industries, Inc		1,087
	1,064,386		Hera S.p.A.		4,424
	2,959,000		HK Electric Investments & HK Electric Investments Ltd		2,903
	199,193		Hokkaido Electric Power Co, Inc		891
	208,877		Hokuriku Electric Power Co		1,064
	124,909		Holding CO ADMIE IPTO S.A.		343
	13,091,979		Hong Kong & China Gas Ltd		20,420
	1,627,438		Hong Kong Electric Holdings Ltd		10,144
	425,919		Huadian Power International Corp Ltd (Class A)		358
	406,266		Huaneng Power International, Inc		619
	2,934,751		Huaneng Power International, Inc (Hong Kong)		1,960
	407,226	e,g	Hydro One Ltd		10,595
	7,968,025		Iberdrola S.A.		94,341
	12,550		Idacorp, Inc		1,422
	326,372		Indraprastha Gas Ltd		2,059
	880,845		Infratil Ltd		4,825
	151,476	e	Innergex Renewable Energy, Inc		2,227
	1,027,900	*,†	Inter Far East Energy Corp		0	^
	522,342		Interconexion Electrica S.A.		2,874
	425,898		Inversiones Aguas Metropolitanas S.A.		194
	790,066		Iride S.p.A.		2,378
	589,282		Italgas S.p.A		4,051
	241,800		Jiangsu Eastern Shenghong Co Ltd		736
	852,728		Kansai Electric Power Co, Inc		7,970
	29,058		Kenon Holdings Ltd		1,473
	4,328,793		Keppel Infrastructure Trust		1,751
	190,628		Korea Electric Power Corp		3,540
	990,700		Kyushu Electric Power Co, Inc		7,397
	375,300		Light S.A.		789
	7		Macquarie Infrastructure Co LLC		0	^
	59,329		Mahanagar Gas Ltd		688

238

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,808,400		Malakoff Corp BHD	$	312
	272,742		Manila Electric Co		1,578
	1,089,400		Manila Water Co, Inc		529
	334,529	e	MDU Resources Group, Inc		10,317
	594,500		Mega First Corp BHD		499
	747,974		Mercury NZ Ltd		3,134
	1,401,606		Meridian Energy Ltd		4,652
	33,311		MGE Energy, Inc		2,740
	10,499		Middlesex Water Co		1,263
	331,756		Mosenergo PJSC (ADR)		458
	20,446		National Fuel Gas Co		1,307
	41,721		National Gas & Industrialization Co		603
	3,728,449		National Grid plc		53,762
	258,857	e	Naturgy Energy Group S.A.		8,419
	45,521	*,e,g	Neoen S.A.		1,976
	88,245		New Jersey Resources Corp		3,623
	3,457,389		NextEra Energy, Inc		322,782
	128,787		Nippon Gas Co Ltd		1,707
	103,346		NiSource, Inc		2,853
	284,830		NLC India Ltd		237
	275,941		Northland Power Income Fund		8,279
	63,300		Northwest Natural Holding Co		3,088
	49,681		NorthWestern Corp		2,840
	202,558		NRG Energy, Inc		8,726
	5,814,761		NTPC Ltd		9,702
	207,664	e	OGE Energy Corp		7,970
	52,401		Okinawa Electric Power Co, Inc		664
	81,305		ONE Gas, Inc		6,308
	115,857	*	OPC Energy Ltd		1,297
	1,929,891		Origin Energy Ltd		7,365
	41,106	e	Ormat Technologies, Inc		3,260
	222,838	g	Orsted AS		28,538
	344,234		Osaka Gas Co Ltd		5,693
	108,900		Otter Tail Corp		7,778
	362,069		Pennon Group plc		5,732
	1,071,678		Petronas Gas BHD		4,628
	1,515,444	*	PG&E Corp		18,398
	985,319	*	PGE Polska Grupa Energetyczna S.A.		1,966
	29,556		Pinnacle West Capital Corp		2,086
	76,618		PNM Resources, Inc		3,495
	85,757		Portland General Electric Co		4,538

239

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,753,625		Power Grid Corp of India Ltd	$	10,301
	182,071		PPL Corp		5,473
	40,706,900	*	PT Perusahaan Gas Negara Persero Tbk		3,930
	348,876	*	Public Power Corp		3,743
	121,087		Public Service Enterprise Group, Inc		8,080
	29,780	*	Pure Cycle Corp		435
	565,723		Qatar Electricity & Water Co		2,579
	598,027		Ratch Group PCL		806
	143,832	e	Red Electrica Corp S.A.		3,110
	484,894		Redes Energeticas Nacionais S.A.		1,405
	3,207,925	*	Reliance Power Ltd		582
	42,800	*	RENOVA, Inc		775
	114,284		Rubis S.C.A		3,417
	2,594,679		RWE AG.		105,127
	25,000		Saibu Gas Co Ltd		462
	7,204	*	Sam Kwang Glass Ind Co Ltd		286
	986,030		Saudi Electricity Co		6,289
	144,065	g	Scatec Solar ASA		2,487
	1,100,455		Scottish & Southern Energy plc		24,601
	382,212		SDIC Power Holdings Co Ltd		688
	36,738		Sechilienne-Sidec		1,434
	1,201,078		SembCorp Industries Ltd		1,783
	327,911		Sempra Energy		43,376
	68,468		Severn Trent plc		2,734
	620,394		Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		468
	184,088		Shenzhen Energy Group Co Ltd		234
	275,342		Shikoku Electric Power Co, Inc		1,946
	60,010		Shizuoka Gas Co Ltd		514
	196,400		Sichuan Chuantou Energy Co Ltd		385
	24,748		SJW Corp		1,812
	567,793	e	Snam Rete Gas S.p.A.		3,420
	89,473	*,e	Solaria Energia y Medio Ambiente S.A.		1,729
	128,000	*,†	Sound Global Ltd		0	^
	268,500	e	South Jersey Industries, Inc		7,013
	252,706		Southern Co		17,331
	53,524		Southwest Gas Holdings Inc		3,749
	482,600		SPCG PCL		266
	236,377		Spire, Inc		15,417
	531,717		Suez Environnement S.A.		11,992
	267,091	*	Sunnova Energy International, Inc		7,457
	17,303,156		Super Energy Corp PCL (Foreign)		493
	220,210	e	Superior Plus Corp		2,263

240

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	406,450		Taiwan Cogeneration Corp	$	557
	2,680,772		Tata Power Co Ltd		7,940
	1,113,548	*	Tauron Polska Energia S.A.		732
	79,914		Telecom Plus plc		1,716
	2,772,204		Tenaga Nasional BHD		6,214
	50,597		Terna Energy S.A.		782
	1,480,350		Terna Rete Elettrica Nazionale S.p.A.		11,976
	106,300		Toho Gas Co Ltd		2,708
	643,300		Tohoku Electric Power Co, Inc		4,573
	1,416,793	*	Tokyo Electric Power Co, Inc		3,663
	419,842		Tokyo Gas Co Ltd		7,536
	197,693		Torrent Power Ltd		1,469
	1,176,000		Towngas China Co Ltd		1,023
	2,473,639		TPI Polene Power PCL		308
	320,543		TransAlta Corp		3,560
	128,444	e	TransAlta Renewables, Inc		1,904
	223,506		Transmissora Alianca de Energia Eletrica S.A.		1,461
	1,431,078		TTW PCL		488
	51,608		UGI Corp		2,369
	176,335		Uniper SE		8,372
	186,970		United Utilities Group plc		2,759
	25,347		Unitil Corp		1,166
	960,079		Veolia Environnement		35,258
	79,389		Verbund AG.		8,922
	16,795	e	Via Renewables, Inc		192
	502,184		Vistra Energy Corp		11,435
	28,711	*	Voltalia S.A.		641
	1,000,342		WEC Energy Group, Inc		97,103
	27,730		West Holdings Corp		1,379
	892,500		WHA Utilities and Power PCL		109
	2,427,537		Xcel Energy, Inc		164,344
	5,470		York Water Co		272
	4,530,900		YTL Corp BHD		631
	2,300,200		YTL Power International BHD		340
	1	*	Zorlu Enerji Elektrik Uretim AS		0
			TOTAL UTILITIES		3,226,210

			TOTAL COMMON STOCKS		137,557,796
			(Cost $108,787,929)

241

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COMPANY

EXPIRATION
DATE

VALUE
(000)

PREFERRED STOCKS - 0.0%

REAL ESTATE - 0.0%

8,497,223

*,†

Ayala Land, Inc

TOTAL REAL ESTATE

TOTAL PREFERRED STOCKS

(Cost $20)

PURCHASED OPTIONS - 0.0%

MEDIA & ENTERTAINMENT - 0.0%

35,000

Sea Ltd

TOTAL MEDIA & ENTERTAINMENT

TOTAL PURCHASED OPTIONS

(Cost $1,151)

RIGHTS/WARRANTS - 0.0%

AUTOMOBILES & COMPONENTS - 0.0%

28,044

Doosan Heavy Industries & Construction Co Ltd

02/08/22

103

TOTAL AUTOMOBILES & COMPONENTS

103

CAPITAL GOODS - 0.0%

82,450

Seazen Group Ltd

7,167,367

Waskita Karya Persero Tbk PT

02/15/22

26,206

†,e

Webuild S.p.A

08/02/30

TOTAL CAPITAL GOODS

COMMERCIAL & PROFESSIONAL SERVICES - 0.0%

233,500

Frontken Corp Bhd

05/03/26

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

CONSUMER DURABLES & APPAREL - 0.0%

1,140,087

Cie Financiere Richemont S.A.

11/27/23

1,251

TOTAL CONSUMER DURABLES & APPAREL

1,251

CONSUMER SERVICES - 0.0%

69,576

PointsBet Holdings Pty Ltd

09/30/22

TOTAL CONSUMER SERVICES

DIVERSIFIED FINANCIALS - 0.0%

26,653

Srisawad Corp PCL

08/29/25

TOTAL DIVERSIFIED FINANCIALS

ENERGY - 0.0%

8,715

Weatherford International plc

12/13/23

TOTAL ENERGY

242

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY				EXPIRATION DATE	VALUE (000)
HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	72,360	h	Comfort Glove Bhd				06/26/26	$	4
	2,016		Eoflow Co Ltd				12/16/21		18
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						22

MATERIALS - 0.0%
	37,560		Scientex BHD				01/14/26		12
			TOTAL MATERIALS						12

MEDIA & ENTERTAINMENT - 0.0%
	307,952		Advantage Solutions, Inc				12/31/26		761
	230,631	†	Media General, Inc						0
			TOTAL MEDIA & ENTERTAINMENT						761

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	12,599	†	Chinook Therapeutics, Inc						0
	156,143	†	Elanco Animal Health, Inc CVR						9
	4,387		Enzychem Lifesciences Corp				02/15/22		0
	369,289		Faes Farma S.A.				01/04/22		77
	20,027	†,e	Tobira Therapeutics, Inc						1
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						87

REAL ESTATE - 0.0%
	28,048		MBK PCL				12/31/24		9
	28,048		MBK PCL				11/15/24		8
			TOTAL REAL ESTATE						17

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	113,648		SKP Resources Bhd				04/25/26		5
	125		VS Industry Bhd				06/14/24		0	^
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						5

TRANSPORTATION - 0.0%
	680,902		Asia Aviation PCL						16
			TOTAL TRANSPORTATION						16

			TOTAL RIGHTS/WARRANTS						2,367
			(Cost $609)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.8%

GOVERNMENT AGENCY DEBT - 0.9%
$	23,333,000		Federal Agricultural Mortgage Corp (FAMC)		0.000	%	03/02/22		23,331
	43,120,000		Federal Farm Credit Bank (FFCB)		0.000		01/05/22		43,120
	6,000,000		FFCB		0.000		01/10/22		6,000
	20,000,000		FFCB		0.000		01/19/22		20,000
	10,000,000		FFCB		0.000		01/26/22		10,000
	20,000,000		FFCB		0.000		01/28/22		20,000
	40,000,000		FFCB		0.000		02/02/22		39,999
	42,333,000		FFCB		0.000		02/15/22		42,332
	10,000,000		FFCB		0.000		02/25/22		10,000
	24,916,000		FFCB		0.000		02/28/22		24,915
	12,500,000		FFCB		0.000		03/01/22		12,499
	12,500,000		FFCB		0.000		03/02/22		12,499

243

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	10,000,000		FFCB		0.000	%	03/17/22	$	9,999
	25,000,000		FFCB		0.000		06/10/22		24,979
	7,000,000		FFCB		0.000		06/16/22		6,994
	12,214,000		FFCB		0.000		07/20/22		12,199
	10,305,000		FFCB		0.000		07/22/22		10,293
	10,000,000		FFCB		0.000		09/13/22		9,981
	45,000,000		Federal Home Loan Bank (FHLB)		0.000		01/04/22		45,000
	3,000,000		FHLB		0.000		01/05/22		3,000
	13,055,000		FHLB		0.000		01/06/22		13,055
	4,400,000		FHLB		0.000		01/11/22		4,400
	145,062,000		FHLB		0.000		01/12/22		145,062
	50,600,000		FHLB		0.000		01/13/22		50,600
	28,250,000		FHLB		0.000		01/19/22		28,250
	116,890,000		FHLB		0.000		01/21/22		116,890
	31,000,000		FHLB		0.000		01/26/22		31,000
	32,000,000		FHLB		0.040		01/28/22		31,994
	14,600,000		FHLB		0.000		01/31/22		14,600
	45,010,000		FHLB		0.000		02/02/22		45,009
	85,014,000		FHLB		0.000		02/09/22		85,012
	48,000,000		FHLB		0.000		02/11/22		47,999
	3,060,000		FHLB		0.000		02/16/22		3,060
	2,400,000		FHLB		0.000		02/17/22		2,400
	42,577,000		FHLB		0.000		02/18/22		42,576
	25,000,000		FHLB		0.000		02/22/22		24,999
	5,729,000		FHLB		0.000		02/23/22		5,729
	10,000,000		FHLB		0.000		03/07/22		9,999
	11,000,000		FHLB		0.000		04/11/22		10,997
	23,815,000		FHLB		0.000		04/20/22		23,809
	21,000,000		FHLB		0.000		04/22/22		20,994
	26,612,000		FHLB		0.000		05/05/22		26,599
	54,783,000		FHLB		0.000		05/13/22		54,755
	6,100,000		FHLB		0.000		05/25/22		6,097
	6,000,000		FHLB		0.000		06/08/22		5,995
	20,000,000		FHLB		0.000		08/04/22		19,972
	8,000,000		FHLB		0.000		08/05/22		7,989
	11,140,000		Federal Home Loan Mortgage Corp (FHLMC)		2.375		01/13/22		11,147
	9,483,000		Federal National Mortgage Association (FNMA)		2.000		01/05/22		9,484
	3,605,000		FNMA		2.625		01/11/22		3,607
			TOTAL GOVERNMENT AGENCY DEBT						1,291,219

REPURCHASE AGREEMENT - 0.1%
	113,560,000	r	Fixed Income Clearing Corp (FICC)		0.020		01/03/22		113,560
			TOTAL REPURCHASE AGREEMENT						113,560

TREASURY DEBT - 0.0%
	36,845,000		United States Treasury Bill		0.000		01/13/22		36,845
	10,000,000		United States Treasury Bill		0.000		06/23/22		9,992
	25,000,000		United States Treasury Bill		0.000		08/11/22		24,970
	24,880,000		United States Treasury Note		2.250		04/15/22		25,029
			TOTAL TREASURY DEBT						96,836

244

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.8%

CERTIFICATE OF DEPOSIT - 0.0%
$	52,000,000		Mizuho Bank Ltd		0.250	%	05/09/22	$	52,000
			TOTAL CERTIFICATE OF DEPOSIT						52,000

COMMERCIAL PAPER - 0.1%
	62,000,000		Skandin Ens Banken		0.000		05/02/22		61,956
			TOTAL COMMERCIAL PAPER						61,956

REPURCHASE AGREEMENT - 0.5%
	25,000,000	s	Calyon		0.050		01/03/22		25,000
	62,000,000	t	Citigroup		0.060		01/03/22		62,000
	60,000,000	u	Deutsche Bank		0.050		01/03/22		60,000
	55,000,000	v	Goldman Sachs		0.050		01/03/22		55,000
	50,000,000	w	HSBC		0.050		01/03/22		50,000
	1,000,000	x	HSBC		0.050		01/03/22		1,000
	3,000,000	y	HSBC		0.051		01/05/22		3,000
	85,000,000	z	JP Morgan		0.050		01/03/22		85,000
	26,000,000	aa	Merrill Lynch		0.050		01/03/22		26,000
	50,000,000	ab	Merrill Lynch		0.050		01/03/22		50,000
	2,000,000	ac	Merrill Lynch		0.050		01/03/22		2,000
	50,000,000	ad	Morgan Stanley		0.050		01/03/22		50,000
	95,000,000	ae	Nomura		0.050		01/03/22		95,000
	125,000,000	af	Royal Bank of Scotland		0.050		01/03/22		125,000
			TOTAL REPURCHASE AGREEMENT						689,000

TREASURY DEBT - 0.2%
	55,000,000		United States Treasury Bill		0.000		01/13/22		54,999
	16,390,000		United States Treasury Bill		0.000		01/18/22		16,390
	85,200,000		United States Treasury Bill		0.000		01/18/22		85,199
	82,000,000		United States Treasury Bill		0.000		01/18/22		81,998
	16,400,000		United States Treasury Bill		0.000		01/18/22		16,400
									254,986

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						1,057,942

			TOTAL SHORT-TERM INVESTMENTS						2,559,557
			(Cost $2,559,664)
			TOTAL INVESTMENTS - 100.7%						140,120,120
			(Cost $111,349,737)
			OTHER ASSETS & LIABILITIES, NET - (0.7)%						(949,978	)
			NET ASSETS - 100.0%					$	139,170,142



ADR		American Depositary Receipt
CVR		Contingent Value Right
ETF		Exchange Traded Fund
GDR		Global Depositary Receipt
HDC		Housing Development Corporation
INR		Indian Rupee
IRB		Interest Rate Reduction Bond
OTC		Over The Counter
REIT		Real Estate Investment Trust
SPDR		Standard & Poor’s Depositary Receipts

245

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

^		Amount represents less than $1,000.
*		Non-income producing
†		Security is categorized as Level 3 in the fair value hierarchy.
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 $1,746,890,302.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/21, the aggregate value of these securities is $1,629,222,198 or 1.2% of net assets.
h		All or a portion of these securities were purchased on a delayed delivery basis.
n		All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.
r		Agreement with Fixed Income Clearing Corp (FICC), 0.020% dated 12/31/21 to be repurchased at $113,560,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rate 1.875% and maturity date 2/15/41, valued at $115,831,273.
s		Agreement with Calyon, 0.050% dated 12/31/21 to be repurchased at $25,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rate 2.000% and maturity date 1/20/51, valued at $25,500,001.
t		Agreement with Citigroup, 0.060% dated 12/31/21 to be repurchased at $62,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rates 0.125%–1.625% and maturity dates 5/31/22–7/31/23, valued at $63,240,056.
u		Agreement with Deutsche Bank, 0.050% dated 12/31/21 to be repurchased at $60,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rate 0.000% and maturity dates 5/15/24–5/15/29, valued at $61,200,000.
v		Agreement with Goldman Sachs, 0.050% dated 12/31/21 to be repurchased at $55,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rates 0.375%–3.750% and maturity dates 1/31/23–5/15/48, valued at $56,100,073.
w		Agreement with HSBC, 0.050% dated 12/31/21 to be repurchased at $50,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rates 0.000%–4.375% and maturity dates 11/15/24–5/15/40, valued at $51,000,001.
x		Agreement with HSBC, 0.050% dated 12/31/21 to be repurchased at $1,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rate 0.000% and maturity date 11/15/27, valued at $1,020,000.
y		Agreement with HSBC, 0.051% dated 12/29/21 to be repurchased at $3,000,000 on 1/5/22, collateralized by Government Agency Securities, with coupon rates 0.000%–1.250% and maturity dates 2/24/22–11/15/27, valued at $3,060,002.
z		Agreement with JP Morgan, 0.050% dated 12/31/21 to be repurchased at $85,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rates 2.000%–6.000% and maturity dates 2/1/25–1/1/52, valued at $86,700,000.
aa		Agreement with Merrill Lynch, 0.050% dated 12/31/21 to be repurchased at $26,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rate 1.250% and maturity date 8/15/31, valued at $26,520,043.
ab		Agreement with Merrill Lynch, 0.050% dated 12/31/21 to be repurchased at $50,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rate 3.250% and maturity date 11/16/28, valued at $51,004,186.
ac		Agreement with Merrill Lynch, 0.050% dated 12/31/21 to be repurchased at $2,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rate 2.625% and maturity date 2/15/29, valued at $2,040,080.
ad		Agreement with Morgan Stanley, 0.050% dated 12/31/21 to be repurchased at $50,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rates 1.500%–8.000% and maturity dates 8/1/23–1/1/52, valued at $51,000,094.
ae		Agreement with Nomura, 0.050% dated 12/31/21 to be repurchased at $95,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rates 0.000%–2.500% and maturity dates 1/11/22–10/15/26, valued at $96,900,000.
af		Agreement with Royal Bank of Scotland, 0.050% dated 12/31/21 to be repurchased at $125,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rate 0.750% and maturity date 12/31/23, valued at $127,500,070.

		Cost amounts are in thousands.

Principal denominated in U.S. Dollars, unless otherwise noted.

246

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

Purchased options outstanding as of December 31, 2021 were as follows (notional amounts and values are in thousands):

Description/underlying investment		Number of contracts				Notional amount				Exercise price				Expiration date		Value
Sea Ltd, Call			350			$	1,151			$	360.00			03/18/22		$	19

Written options outstanding as of December 31, 2021 were as follows (notional amounts and values are in thousands):

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Advantest Corp, Call		270	$	(19	)	$	11,500.00	01/13/22	$	(19	)
Alphabet, Inc, Call		5		(5	)		3,300.00	01/21/22		(0	)^
Baozun, Inc, Call		2,500		(123	)		15.00	01/21/22		(88	)
Ciena Corp, Put		30		(1	)		60.00	01/21/22		(0	)^
Crocs, Inc, Put		30		(3	)		90.00	01/21/22		(1	)
Estee Lauder Cos, Inc, Call		20		(3	)		400.00	01/21/22		(1	)
GDS Holdings Ltd, Call		2,400		(284	)		55.00	01/21/22		(264	)
Generac Holdings, Inc, Put		20		(6	)		310.00	01/21/22		(3	)
Intuitive Surgical, Inc, Put		213		(311	)		320.00	01/21/22		(42	)
Kornit Digital Ltd, Call		50		(10	)		160.00	01/21/22		(16	)
Lowe’s Cos, Inc, Call		10		(1	)		280.00	01/21/22		(0	)^
Lowe’s Cos, Inc, Call		10		(1	)		290.00	01/21/22		(0	)^
Microsoft Corp, Put		20		(4	)		290.00	01/21/22		(1	)
Nintendo Co Ltd, Put		30		(16	)		50,000.00	01/13/22		(14	)
Renesas Electronics Corp, Call		2,650		(1	)		1,600.00	01/13/22		(5	)
Sea Ltd, Call		350		(409	)		440.00	03/18/22		(9	)
Sea Ltd, Put		10		(3	)		160.00	01/21/22		(1	)
Sea Ltd, Put		20		(11	)		190.00	01/21/22		(3	)
Sea Ltd, Put		350		(690	)		300.00	03/18/22		(2,747	)
SUMCO Corp, Call		670		(1	)		2,600.00	01/13/22		(3	)
Tesla, Inc, Call		129		(253	)		1,300.00	01/21/22		(92	)
Tesla, Inc, Put		5		(10	)		800.00	01/21/22		(1	)
Tesla, Inc, Put		126		(477	)		900.00	01/21/22		(127	)
ViacomCBS, Inc, Put		45		(27	)		35.00	06/17/22		(30	)
Walt Disney Co, Put		15		(4	)		130.00	02/18/22		(1	)
Walt Disney Co, Put		15		(5	)		135.00	02/18/22		(1	)
Total		9,993	$	(2,678	)				$	(3,469	)

^	Amount represents less than $1,000.

247

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

Futures contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index		482	03/18/22	$	54,638	$	54,052	$	(586	)
S&P 500 E Mini Index		3,263	03/18/22		765,059		776,349		11,290
S&P Mid-Cap 400 E Mini Index		299	03/18/22		84,100		84,847		747
Total		4,044		$	903,797	$	915,248	$	11,451

Forward foreign currency contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date		Unrealized appreciation (depreciation)
$	80,315	CAD	100,000	Bank of America	02/08/22	$	1,265
$	23,230	EUR	20,000	Bank of America	02/09/22		442
$	13,495	GBP	10,000	Bank of America	02/09/22		(39	)
CAD	100,000	$	80,389	Bank of America	02/08/22		(1,338	)
EUR	20,000	$	23,164	Bank of America	02/09/22		(376	)
GBP	10,000	$	13,569	Bank of America	02/09/22		(36	)
JPY	2,235,080	$	19,823	Bank of America	02/09/22		(387	)
Total						$	(469	)
$	100,000	CAD	124,456	Morgan Stanley	02/08/22	$	1,616
EUR	4,087	$	4,748	Morgan Stanley	02/09/22		(92	)
Total						$	1,524
$	7,402	AUD	10,000	Toronto Dominion Bank	02/09/22	$	126
$	14,804	AUD	20,000	Toronto Dominion Bank	02/09/22		252
$	5,196	AUD	7,015	Toronto Dominion Bank	02/09/22		91
$	2,598	AUD	3,508	Toronto Dominion Bank	02/09/22		45
$	16,064	CAD	20,000	Toronto Dominion Bank	02/08/22		254
$	3,936	CAD	4,899	Toronto Dominion Bank	02/08/22		63
$	34,749	EUR	30,000	Toronto Dominion Bank	02/09/22		567
$	67,468	GBP	50,000	Toronto Dominion Bank	02/09/22		(201	)
$	6,747	GBP	5,000	Toronto Dominion Bank	02/09/22		(20	)
EUR	17,215	$	20,000	Toronto Dominion Bank	02/09/22		(385	)
GBP	5,000	$	6,787	Toronto Dominion Bank	02/09/22		(20	)
JPY	20,000	$	177	Toronto Dominion Bank	02/09/22		(3	)
Total						$	769
Total						$	1,824


AUD		Australian Dollar
CAD		Canadian Dollar
EUR		Euro
GBP		Pound Sterling
JPY		Japanese Yen

248

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2021

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

CORPORATE BONDS - 0.0%

INDIA - 0.0%
INR	1,191,204		Britannia Industries Ltd		5.500	%	06/03/24	$	16
			TOTAL INDIA						16

			TOTAL CORPORATE BONDS						16
			(Cost $16)

			TOTAL BONDS						16
			(Cost $16)

SHARES			COMPANY
COMMON STOCKS - 98.5%

ARGENTINA - 0.0%
	9,693	*	MercadoLibre, Inc						13,070
			TOTAL ARGENTINA						13,070

AUSTRALIA - 1.2%
	239,723	*	Afterpay Touch Group Ltd						14,471
	752,010	*	AMP Ltd						553
	224,663		APA Group						1,644
	1,749,498		Australia & New Zealand Banking Group Ltd						35,045
	42,361		Australian Stock Exchange Ltd						2,863
	681,005	*,†	AZ BGP Holdings						2
	753,372		BHP Group plc						22,416
	41,007		Cochlear Ltd						6,436
	387,370		Commonwealth Bank of Australia						28,476
	61,015		CSL Ltd						12,905
	164,056		Endeavour Group Ltd						805
	5,394,609		Glencore Xstrata plc						27,487
	1,035,437		IDP Education Ltd						26,085
	3,866,637		Ingenia Communities Group						17,493
	505,712		Insurance Australia Group Ltd						1,567
	75,277		Macquarie Group Ltd						11,253
	28,720	e	Magellan Financial Group Ltd						444
	602,642		Medibank Pvt Ltd						1,468
	254,298	*	Megaport Ltd						3,426
	699,409		National Australia Bank Ltd						14,685

249

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,496,503	*	NEXTDC Ltd	$	13,896
	2,457,346	*,e	PointsBet Holdings Ltd		12,607
	218,446	*	Qantas Airways Ltd		797
	321,499		QBE Insurance Group Ltd		2,655
	104,498		Ramsay Health Care Ltd		5,431
	286,614		Rio Tinto plc		18,901
	388,194		Sonic Healthcare Ltd		13,166
	275,926		Suncorp-Metway Ltd		2,221
	863,346		Telstra Corp Ltd		2,624
	93,595		Wesfarmers Ltd		4,038
	802,681		Westpac Banking Corp		12,452
	164,056		Woolworths Ltd		4,535
	3,476,767	*,e	Zip Co Ltd		10,950
			TOTAL AUSTRALIA		333,797

AUSTRIA - 0.1%
	301,530	g	BAWAG Group AG.		18,493
	162,638		Erste Bank der Oesterreichischen Sparkassen AG.		7,625
	253,163		Mondi plc		6,279
	13,007		Verbund AG.		1,462
			TOTAL AUSTRIA		33,859

BELGIUM - 0.1%
	98,478		Anheuser-Busch InBev S.A.		5,937
	268,260		KBC Groep NV		23,049
			TOTAL BELGIUM		28,986

BERMUDA - 0.0%
	10,387		RenaissanceRe Holdings Ltd		1,759
			TOTAL BERMUDA		1,759

BRAZIL - 0.8%
	35,400		Alpargatas S.A.		234
	1,049,200		AMBEV S.A.		2,936
	5,050,728	*	Americanas S.A.		28,461
	110,400		Atacadao Distribuicao Comercio e Industria Ltd		301
	512,900		B3 SA-Brasil Bolsa Balcao		1,021
	1,481,062		Banco Bradesco S.A.		4,293
	15,821,244		Banco Bradesco S.A. (Preference)		54,849
	52,524		Banco BTG Pactual S.A.		121
	5,200		Banco BTG Pactual S.A.		5
	3,915,060		Banco BTG Pactual S.A. - Unit		14,705
	70,932		Banco do Brasil S.A.		367
	1,627,603		Banco Inter S.A.		8,276
	30,500		Banco Santander Brasil S.A.		164

250

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	151,500		BB Seguridade Participacoes S.A.	$	561
	42,800		Braskem S.A.		452
	143,900	*	BRF S.A.		583
	73,155		Centrais Eletricas Brasileiras S.A.		446
	59,600		Centrais Eletricas Brasileiras S.A. (Preference)		352
	256,800		Cia de Concessoes Rodoviarias		533
	77,800		Cia de Saneamento Basico do Estado de Sao Paulo		568
	222,750		Cia Energetica de Minas Gerais		532
	139,700		Cia Siderurgica Nacional S.A.		626
	221,568		Cosan SA Industria e Comercio		871
	39,100		Energisa S.A.		311
	44,350		Engie Brasil Energia S.A.		306
	198,000		Equatorial Energia S.A.		803
	250,300		Gerdau S.A. (Preference)		1,230
	87,700	g	Hapvida Participacoes e Investimentos S.A.		163
	31,200		Hypermarcas S.A.		158
	398,937		Investimentos Itau S.A. - PR		638
	4,589,519		Itau Unibanco Holding S.A.		17,296
	150,200		Klabin S.A.		691
	127,995		Localiza Rent A Car		1,214
	207,992		Lojas Renner S.A.		900
	5,127,800		Magazine Luiza S.A.		6,610
	190,895	*	Natura & Co Holding S.A.		880
	41,584		Notre Dame Intermedica Participacoes S.A.		449
	382,583	*	Pagseguro Digital Ltd		10,031
	846,600		Petroleo Brasileiro S.A.		4,662
	1,085,038		Petroleo Brasileiro S.A. (Preference)		5,512
	246,100		Raia Drogasil S.A.		1,071
	77,700	g	Rede D’Or Sao Luiz S.A.		624
	278,300	*	Rumo S.A.		886
	9,045,500		Sendas Distribuidora S.A.		21,099
	586,180	*	StoneCo Ltd		9,883
	163,122	*	Suzano SA		1,762
	117,500		Telefonica Brasil S.A.		1,020
	194,500		TIM S.A.		461
	105,000		Totvus S.A.		534
	159,400		Ultrapar Participacoes S.A.		423
	2,110,664		Vale S.A.		29,409
	248,000	*	Via S		233
	260,000		Vibra Energia S.A.		997
	361,920		Weg S.A.		2,132

251

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1	*	XP, Inc	$	0	^
			TOTAL BRAZIL		243,645

CANADA - 1.7%
	41,799		Agnico-Eagle Mines Ltd		2,220
	956,001		Alimentation Couche-Tard, Inc		40,055
	398,479		Bank of Montreal		42,902
	265,466		Bank of Nova Scotia		18,793
	342,494		Barrick Gold Corp		6,512
	387		Brookfield Asset Management Reinsurance Partners Ltd		24
	54,907		Brookfield Asset Management, Inc		3,316
	97,406		Canadian Imperial Bank of Commerce		11,354
	224,207	e	Canadian National Railway Co		27,540
	233,371		Canadian Natural Resources Ltd		9,861
	951,839		Canadian Pacific Railway Ltd		68,460
	45,733		CI Financial Corp		956
	490,196		Dollarama, Inc		24,534
	299,836		Enbridge, Inc		11,712
	5,852		Fairfax Financial Holdings Ltd		2,879
	23,410		First Capital Real Estate Investment Trust		349
	60,896		Great-West Lifeco, Inc		1,827
	23,399		iA Financial Corp, Inc		1,339
	18,129		IGM Financial, Inc		654
	31,293		Intact Financial Corp		4,068
	392,965	*	Lightspeed Commerce, Inc		15,868
	424,400		Manulife Financial Corp		8,089
	73,492		National Bank of Canada		5,603
	478,785		Nutrien Ltd		35,988
	18,207		Onex Corp		1,429
	121,680	e	Power Corp Of Canada		4,021
	109,817		RioCan Real Estate Investment Trust		1,992
	311,465		Royal Bank of Canada		33,056
	24,730	*	Shopify, Inc (Class A)		34,050
	127,928	e	Sun Life Financial, Inc		7,121
	314,921		Teck Cominco Ltd		9,070
	37,967		Thomson Reuters Corp		4,540
	12,331		TMX Group Ltd		1,250
	395,891		Toronto-Dominion Bank		30,352
	155,692		West Fraser Timber Co Ltd		14,854
			TOTAL CANADA		486,638

CHILE - 0.0%
	3,678,651		Banco de Chile		287
	4,215		Banco de Credito e Inversiones		123

252

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,276,304		Banco Santander Chile S.A.	$	212
	317,313		Cencosud S.A.		531
	33,645		Cia Cervecerias Unidas S.A.		276
	249,086		Empresas CMPC S.A.		418
	85,415		Empresas COPEC S.A.		660
	6,315,205		Enel Chile S.A.		221
	4,917,211		Enersis S.A.		538
	168,104		SACI Falabella		548
	29,858		Sociedad Quimica y Minera de Chile S.A. (Class B)		1,524
			TOTAL CHILE		5,338

CHINA - 3.7%
	21,200	*	21Vianet Group, Inc (ADR)		191
	19,300		360 Finance, Inc (ADR)		443
	34,200	*	360 Security Technology, Inc		68
	114,500	*,g	3SBio, Inc		95
	2,800	*	51job, Inc (ADR)		137
	586,600		AAC Technologies Holdings, Inc		2,312
	13,700		Addsino Co Ltd		36
	8,577	*	Advanced Micro-Fabrication Equipment, Inc China		170
	12,600		AECC Aero-Engine Control Co Ltd		60
	24,700		AECC Aviation Power Co Ltd		246
	268,000	e	Agile Property Holdings Ltd		145
	4,400	*,e	Agora, Inc (ADR)		71
	2,555,000		Agricultural Bank of China Ltd		879
	418,900		Agricultural Bank of China Ltd (Class A)		193
	121,664		Aier Eye Hospital Group Co Ltd		808
	22,200	*	Air China Ltd		32
	178,000	*	Air China Ltd (H shares)		124
	30,207		Airtac International Group		1,109
	24,000	*,g	Akeso, Inc		105
	2,875,772	*	Alibaba Group Holding Ltd		42,261
	316,000	*	Alibaba Health Information Technology Ltd		268
	124,250	g	A-Living Services Co Ltd		212
	908,000	*	Aluminum Corp of China Ltd		500
	177,800	*	Aluminum Corp of China Ltd (Class A)		171
	10,300		Angel Yeast Co Ltd		98
	110,500		Anhui Conch Cement Co Ltd		553
	20,600		Anhui Conch Cement Co Ltd (Class A)		130
	27,500		Anhui Gujing Distillery Co Ltd		391
	4,800		Anhui Gujing Distillery Co Ltd (Class A)		184
	4,000		Anhui Honglu Steel Construction Group Co Ltd		34

253

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	8,800		Anhui Kouzi Distillery Co Ltd	$	98
	9,900		Anhui Yingjia Distillery Co Ltd		108
	239,400		Anta Sports Products Ltd		3,595
	4,500		Apeloa Pharmaceutical Co Ltd		25
	1,100		Asymchem Laboratories Tianjin Co Ltd		75
	5,244		Autel Intelligent Technology Corp Ltd		65
	2,300		Autobio Diagnostics Co Ltd		20
	6,300		Autohome, Inc (ADR)		186
	19,300		Avary Holding Shenzhen Co Ltd		129
	6,200		Avic Capital Co Ltd		4
	29,300		AVIC Electromechanical Systems Co Ltd		84
	427,000	e	AviChina Industry & Technology Co		295
	5,600		AVICOPTER plc		71
	118,677	*	Baidu, Inc (ADR)		17,658
	139,000		Bank of Beijing Co Ltd		97
	90,900		Bank of Changsha Co Ltd		111
	19,300		Bank of Chengdu Co Ltd		36
	212,800		Bank of China Ltd		102
	18,555,000		Bank of China Ltd (Hong Kong)		6,675
	245,700		Bank of Communications Co Ltd		178
	818,000		Bank of Communications Co Ltd (Hong Kong)		494
	30,200		Bank of Hangzhou Co Ltd		61
	89,180		Bank of Jiangsu Co Ltd		82
	57,400		Bank of Nanjing Co Ltd		81
	33,000		Bank of Ningbo Co Ltd		198
	81,122		Bank of Shanghai Co Ltd		91
	341,000		Baoshan Iron & Steel Co Ltd		384
	82,300		BBMG Corp		37
	3,800	*	BeiGene Ltd (ADR)		1,030
	6,600	*	Beijing BDStar Navigation Co Ltd		41
	472,000	*	Beijing Capital International Airport Co Ltd		289
	54,600		Beijing Dabeinong Technology Group Co Ltd		90
	6,100		Beijing Easpring Material Technology Co Ltd		83
	5,040		Beijing E-Hualu Information Technology Co Ltd		28
	42,500		Beijing Enlight Media Co Ltd		86
	53,500		Beijing Enterprises Holdings Ltd		185
	454,000		Beijing Enterprises Water Group Ltd		176
	4,772		Beijing Kingsoft Office Software, Inc		199
	9,500		Beijing Kunlun Tech Co Ltd		35
	20,900		Beijing New Building Materials plc		118
	49,900		Beijing Originwater Technology Co Ltd		56
	717		Beijing Roborock Technology Co Ltd		91

254

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	8,160		Beijing Shiji Information Technology Co Ltd	$	37
	9,800		Beijing Shunxin Agriculture Co Ltd		59
	19,800		Beijing Sinnet Technology Co Ltd		46
	6,340		Beijing Tiantan Biological Products Corp Ltd		29
	4,100		Beijing United Information Technology Co Ltd		69
	5,400		Beijing Wantai Biological Pharmacy Enterprise Co Ltd		188
	23,000		Beijing Yanjing Brewery Co Ltd		31
	3,300		Beijing Yuanliu Hongyuan Electronic Technology Co Ltd		93
	205,000		Beijing-Shanghai High Speed Railway Co Ltd		155
	1,900		Betta Pharmaceuticals Co Ltd		24
	2,200		BGI Genomics Co Ltd		30
	122,058	*,e	Bilibili, Inc (ADR)		5,663
	809,000		BOC Hong Kong Holdings Ltd		2,653
	5,700		BOC International China Co Ltd		12
	195,000		BOE Technology Group Co Ltd		155
	704,000		Bosideng International Holdings Ltd		444
	136,000	*	Brilliance China Automotive Holdings Ltd		65
	23,700		BYD Co Ltd		996
	175,000		BYD Co Ltd (H shares)		5,919
	52,000	e	BYD Electronic International Co Ltd		190
	20,900		By-health Co Ltd		88
	18,000		C&S Paper Co Ltd		47
	13,100		Caitong Securities Co Ltd		23
	325	*	CanSino Biologics, Inc		15
	6,000	*,e,g	CanSino Biologics, Inc		139
	49,600		CECEP Solar Energy Co Ltd		87
	106,200		CECEP Wind-Power Corp		108
	339,000	g	CGN Power Co Ltd		103
	5,100		Chacha Food Co Ltd		49
	2,600		Changchun High & New Technology Industry Group, Inc		111
	24,000		Changjiang Securities Co Ltd		28
	3,500		Changzhou Xingyu Automotive Lighting Systems Co Ltd		112
	24,800		Chaozhou Three-Circle Group Co Ltd		174
	34,200		Chengtun Mining Group Co Ltd		58
	11,700	*	Chengxin Lithium Group Co Ltd		107
	22,900	*	Chifeng Jilong Gold Mining Co Ltd		54
	165,000		China Aoyuan Group Ltd		30
	35,600		China Baoan Group Co Ltd		81
	265,500	g	China Bohai Bank Co Ltd		102
	926,000		China Cinda Asset Management Co Ltd		169

255

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	884,000		China Citic Bank	$	383
	656,000	e	China Coal Energy Co		379
	250,000		China Communications Services Corp Ltd		122
	138,000		China Conch Venture Holdings Ltd		675
	130,500		China Construction Bank Corp		120
	22,683,000		China Construction Bank Corp (Hong Kong)		15,718
	65,400		China CSSC Holdings Ltd		255
	74,500	g	China East Education Holdings Ltd		47
	36,600	*	China Eastern Airlines Corp Ltd		30
	173,000		China Education Group Holdings Ltd		281
	225,400		China Everbright Bank Co Ltd		117
	337,000		China Everbright Bank Co Ltd (Hong Kong)		119
	308,555		China Everbright International Ltd		248
	780,000	g	China Feihe Ltd		1,047
	31,900	*	China Fortune Land Development Co Ltd		18
	291,000		China Galaxy Securities Co Ltd		167
	10,900		China Galaxy Securities Co Ltd (Class A)		19
	263,200		China Gas Holdings Ltd		547
	9,700		China Great Wall Securities Co Ltd		20
	27,400		China Greatwall Technology Group Co Ltd		61
	536,500		China Hongqiao Group Ltd		567
	437,000	*,†,g	China Huarong Asset Management Co Ltd		1
	424,200		China Insurance International Holdings Co Ltd		583
	4,600		China International Capital Corp Ltd		35
	121,200	g	China International Capital Corp Ltd		335
	26,015		China International Travel Service Corp Ltd		897
	974,000		China Jinmao Holdings Group Ltd		301
	19,929		China Jushi Co Ltd		57
	90,000		China Lesso Group Holdings Ltd		129
	1,705,000		China Life Insurance Co Ltd		2,826
	30,600		China Life Insurance Co Ltd (Class A)		144
	181,800	*,e,g	China Literature Ltd		1,144
	290,000		China Longyuan Power Group Corp		677
	118,000		China Medical System Holdings Ltd		197
	124,000		China Meidong Auto Holdings Ltd		639
	709,000		China Mengniu Dairy Co Ltd		4,019
	930,000		China Merchants Bank Co Ltd		7,235
	947,787		China Merchants Bank Co Ltd (Class A)		7,245
	141,426		China Merchants Holdings International Co Ltd		258
	37,020		China Merchants Securities Co Ltd		103
	110,700		China Merchants Shekou Industrial Zone Holdings Co Ltd		232
	13,700		China Minmetals Rare Earth Co Ltd		84

256

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	199,900		China Minsheng Banking Corp Ltd	$	122
	554,300	e	China Minsheng Banking Corp Ltd (Hong Kong)		212
	774,000		China Molybdenum Co Ltd		409
	233,400		China Molybdenum Co Ltd (Class A)		205
	346,000		China National Building Material Co Ltd		425
	33,800		China National Chemical Engineering Co Ltd		64
	3,600		China National Medicines Corp Ltd		18
	97,100	*	China National Nuclear Power Co Ltd		126
	49,600		China Northern Rare Earth Group High-Tech Co Ltd		357
	572,000		China Oilfield Services Ltd		502
	661,435		China Overseas Land & Investment Ltd		1,567
	220,000		China Overseas Property Holdings Ltd		233
	98,000		China Pacific Insurance Group Co Ltd		417
	605,200		China Pacific Insurance Group Co Ltd (Hong Kong)		1,644
	479,000	e	China Power International Development Ltd		323
	126,300		China Railway Group Ltd		115
	371,000		China Railway Group Ltd (Hong Kong)		196
	83,084		China Railway Signal & Communication Corp Ltd		65
	326,000		China Resources Beer Holdings Company Ltd		2,670
	193,999		China Resources Cement Holdings Ltd		147
	84,000		China Resources Gas Group Ltd		475
	725,836		China Resources Land Ltd		3,058
	131,800	g	China Resources Mixc Lifestyle Services Ltd		615
	172,000		China Resources Power Holdings Co		575
	6,800		China Resources Sanjiu Medical & Pharmaceutical Co Ltd		37
	118,000		China Shenhua Energy Co Ltd		417
	835,500		China Shenhua Energy Co Ltd (Hong Kong)		1,955
	14,600		China South Publishing & Media Group Co Ltd		22
	134,000	*,e	China Southern Airlines Co Ltd		80
	34,000	*	China Southern Airlines Co Ltd (Class A)		36
	239,500		China State Construction Engineering Corp Ltd		188
	178,000		China State Construction International Holdings Ltd		222
	445,000		China Suntien Green Energy Cor		347
	1,670,000	g	China Tower Corp Ltd		184
	16,400		China TransInfo Technology Co Ltd		38
	404,900		China Vanke Co Ltd		943
	144,258		China Vanke Co Ltd (Class A)		448
	46,200		China Yangtze Power Co Ltd		164
	358,000	g	China Yuhua Education Corp Ltd		128

257

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	6,800		China Zhenhua Group Science & Technology Co Ltd	$	133
	106,200		China Zheshang Bank Co Ltd		58
	580,000		Chinasoft International Ltd		756
	25,700	*	Chindata Group Holdings Ltd (ADR)		169
	5,900	*	Chongqing Brewery Co Ltd		140
	64,480		Chongqing Changan Automobile Co Ltd		154
	12,300		Chongqing Fuling Zhacai Group Co Ltd		73
	284,100		Chongqing Rural Commercial Bank Co Ltd		172
	8,500		Chongqing Zhifei Biological Products Co Ltd		166
	815,661		CIFI Holdings Group Co Ltd		491
	507,000		Citic Pacific Ltd		502
	208,500		CITIC Securities Co Ltd		545
	61,800		CITIC Securities Co Ltd (Class A)		256
	29,400		CNNC Hua Yuan Titanium Dioxide Co Ltd		58
	30,900		Contemporary Amperex Technology Co Ltd		2,846
	184,445		COSCO Pacific Ltd		160
	118,800		COSCO SHIPPING Development Co Ltd		61
	124,300		COSCO SHIPPING Energy Transportation Co Ltd		115
	272,650	*,e	COSCO SHIPPING Holdings Co Ltd		529
	170,460	*	COSCO SHIPPING Holdings Co Ltd		502
	1,766,000		Country Garden Holdings Co Ltd		1,568
	351,000		Country Garden Services Holdings Co Ltd		2,107
	19,300		CSC Financial Co Ltd		89
	766,880		CSPC Pharmaceutical Group Ltd		835
	3,984		Da An Gene Co Ltd of Sun Yat-Sen University		13
	5,200	*	Dada Nexus Ltd (ADR)		68
	469,000	g	Dali Foods Group Co Ltd		245
	73,392	*	Daqo New Energy Corp (ADR)		2,959
	9,260		DaShenLin Pharmaceutical Group Co Ltd		61
	10,400		DHC Software Co Ltd		13
	67,605	*,e	DiDi Global, Inc (ADR)		337
	11,500		Do-Fluoride New Materials Co Ltd		81
	1,500		Dong-E-E-Jiao Co Ltd		11
	38,900		Dongfang Electric Corp Ltd		131
	608,000		Dongfeng Motor Group Co Ltd		505
	11,300		Dongxing Securities Co Ltd		21
	333,000		Dongyue Group		520
	52,352		East Money Information Co Ltd		305
	6,100		Ecovacs Robotics Co Ltd		144
	66,900		ENN Energy Holdings Ltd		1,261
	31,500		ENN Natural Gas Co Ltd		91
	24,970		Eve Energy Co Ltd		463

258

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	172,000		Ever Sunshine Lifestyle Services Group Ltd	$	267
	11,600		Everbright Securities Co Ltd		27
	56,343		Fangda Carbon New Material Co Ltd		96
	74,000	e	Far East Horizon Ltd		66
	33,800		FAW Jiefang Group Co Ltd		55
	18,900		Fiberhome Telecommunication Technologies Co Ltd		53
	24,300		Financial Street Holdings Co Ltd		22
	25,300		First Capital Securities Co Ltd		29
	17,300		Flat Glass Group Co Ltd		157
	91,000	e	Flat Glass Group Co Ltd		463
	203,000		Focus Media Information Technology Co Ltd		261
	45,098		Foshan Haitian Flavouring & Food Co Ltd		743
	645,500		Fosun International		697
	32,700		Founder Securities Co Ltd		40
	1,104,387		Foxconn Industrial Internet Co Ltd		2,066
	2,694		Fu Jian Anjoy Foods Co Ltd		72
	13,400		Fujian Sunner Development Co Ltd		51
	24,800		Fuyao Glass Industry Group Co Ltd		183
	132,800	g	Fuyao Glass Industry Group Co Ltd (Hong Kong)		687
	58,600	g	Ganfeng Lithium Co Ltd		923
	14,900		Ganfeng Lithium Co Ltd		334
	700		G-bits Network Technology Xiamen Co Ltd		46
	100,500	*	GCL System Integration Technology Co Ltd		60
	130,800		GD Power Development Co Ltd		65
	960,196	*	GDS Holdings Ltd (ADR)		45,283
	1,308,000		Geely Automobile Holdings Ltd		3,573
	76,300		GEM Co Ltd		124
	68,300		Gemdale Corp		139
	426,000	*	Genscript Biotech Corp		1,885
	100,200		GF Securities Co Ltd		191
	31,900		GF Securities Co Ltd (Class A)		123
	11,200		Giant Network Group Co Ltd		21
	9,072		Gigadevice Semiconductor Beijing, Inc		250
	3,200		Ginlong Technologies Co Ltd		116
	17,000		GoerTek, Inc		145
	2,573,000	*,e	GOME Electrical Appliances Holdings Ltd		218
	17,200	*	Gotion High-tech Co Ltd		138
	28,100		Great Wall Motor Co Ltd		214
	684,000		Great Wall Motor Co Ltd		2,350
	136,940		Greenland Holdings Corp Ltd		93
	188,000	e	Greentown China Holdings Ltd		303
	338,000		Greentown Service Group Co Ltd		312

259

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	33,100		GRG Banking Equipment Co Ltd	$	62
	16,729	*,e	GSX Techedu, Inc (ADR)		32
	23,600		Guangdong Haid Group Co Ltd		271
	284,000		Guangdong Investments Ltd		361
	3,300		Guangdong Kinlong Hardware Products Co Ltd		94
	6,700		Guangdong Xinbao Electrical Appliances Holdings Co Ltd		26
	140,600	*	Guanghui Energy Co Ltd		145
	652,000		Guangzhou Automobile Group Co Ltd (Hong Kong)		643
	4,900		Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd		26
	36,400		Guangzhou Haige Communications Group, Inc Co		62
	4,300		Guangzhou Kingmed Diagnostics Group Co Ltd		75
	407,200	e	Guangzhou R&F Properties Co Ltd		152
	7,395		Guangzhou Shiyuan Electronic Technology Co Ltd		95
	12,400		Guangzhou Tinci Materials Technology Co Ltd		223
	9,990		Guangzhou Yuexiu Financial Holdings Group Co Ltd		14
	12,200		Guolian Securities Co Ltd		27
	29,100		Guosen Securities Co Ltd		52
	42,200		Guotai Junan Securities Co Ltd		119
	25,790		Guoyuan Securities Co Ltd		31
	232,000	e,g	Haidilao International Holding Ltd		524
	82,600		Haier Smart Home Co Ltd		388
	464,000		Haier Smart Home Co Ltd		1,962
	150,000		Haitian International Holdings Ltd		417
	278,000		Haitong Securities Co Ltd		246
	54,600		Haitong Securities Co Ltd (Class A)		105
	14,300	*	Hang Zhou Great Star Industrial Co Ltd		68
	13,740		Hangzhou First Applied Material Co Ltd		281
	11,100		Hangzhou Oxygen Plant Group Co Ltd		52
	13,830		Hangzhou Robam Appliances Co Ltd		78
	18,800		Hangzhou Silan Microelectronics Co Ltd		160
	1,800		Hangzhou Tigermed Consulting Co Ltd		36
	10,900	g	Hangzhou Tigermed Consulting Co Ltd (Hong Kong)		138
	108,000	g	Hansoh Pharmaceutical Group Co Ltd		264
	8,200		Hefei Meiya Optoelectronic Technology, Inc		48
	23,700		Heilongjiang Agriculture Co Ltd		54
	13,200		Hello Group, Inc (ADR)		119
	40,700		Henan Shuanghui Investment & Development Co Ltd		201
	147,000		Hengan International Group Co Ltd		757
	76,380		Hengli Petrochemical Co Ltd		275

260

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	624,000	*,e	HengTen Networks Group Ltd	$	237
	53,200		Hengtong Optic-electric Co Ltd		126
	44,630		Hengyi Petrochemical Co Ltd		74
	316,900		Hesteel Co Ltd		122
	2,800		Hithink RoyalFlush Information Network Co Ltd		64
	10,900		Hongfa Technology Co Ltd		128
	165,880	e	Hopson Development Holdings Ltd		346
	6,200		Hoshine Silicon Industry Co Ltd		128
	42,000	*,g	Hua Hong Semiconductor Ltd		232
	56,600		Huadian Power International Corp Ltd (Class A)		48
	9,440		Huadong Medicine Co Ltd		60
	51,600		Huafon Chemical Co Ltd		85
	17,800		Huagong Tech Co Ltd		78
	10,260		Hualan Biological Engineering, Inc		47
	45,600		Huaneng Power International, Inc		69
	344,000		Huaneng Power International, Inc (Hong Kong)		230
	151,000	g	Huatai Securities Co Ltd		252
	15,500		Huatai Securities Co Ltd (Class A)		43
	14,200		Huaxi Securities Co Ltd		22
	88,500		Huaxia Bank Co Ltd		78
	3,500		Huaxin Cement Co Ltd		11
	41,400		Huayu Automotive Systems Co Ltd		184
	39,637	*	Huazhu Group Ltd (ADR)		1,480
	16,400		Hubei Xingfa Chemicals Group Co Ltd		98
	5,800		Huizhou Desay Sv Automotive Co Ltd		129
	4,700		Humanwell Healthcare Group Co Ltd		17
	74,300		Hunan Valin Steel Co Ltd		60
	6,948		Hundsun Technologies, Inc		68
	6,671	*	Hutchison China MediTech Ltd (ADR)		234
	173,198	*	HUYA, Inc (ADR)		1,202
	77,200	e,g	Hygeia Healthcare Holdings Co Ltd		484
	251,311	*	iClick Interactive Asia Group Ltd (ADR)		1,159
	13,200		Iflytek Co Ltd		109
	17,800	*	I-Mab (ADR)		844
	2,900		Imeik Technology Development Co Ltd		244
	337,500		Industrial & Commercial Bank of China Ltd		245
	13,751,000		Industrial & Commercial Bank of China Ltd (Hong Kong)		7,757
	104,900		Industrial Bank Co Ltd		313
	32,300		Industrial Securities Co Ltd		50
	6,300		Ingenic Semiconductor Co Ltd		133
	634,000	*	Inner Mongolia BaoTou Steel Union Co Ltd		278

261

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	115,800		Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd	$	95
	84,300		Inner Mongolia Yili Industrial Group Co Ltd		549
	62,600	*	Inner Mongolia Yuan Xing Energy Co Ltd		72
	340,000	*,g	Innovent Biologics, Inc		2,105
	5,000		Inspur Electronic Information Industry Co Ltd		28
	2,500		Intco Medical Technology Co Ltd		23
	25,453	*,e	IQIYI, Inc (ADR)		116
	21,500		JA Solar Technology Co Ltd		312
	3,760		Jafron Biomedical Co Ltd		32
	6,800		Jason Furniture Hangzhou Co Ltd		82
	29,350	*,e,g	JD Health International, Inc		232
	1,206,328	*,h	JD.com, Inc		41,561
	42,200		Jiangsu Eastern Shenghong Co Ltd		128
	148,000		Jiangsu Express		152
	15,804		Jiangsu Hengli Hydraulic Co Ltd		203
	31,982		Jiangsu Hengrui Medicine Co Ltd		255
	16,100		Jiangsu King’s Luck Brewery JSC Ltd		137
	19,800		Jiangsu Yanghe Brewery Joint-Stock Co Ltd		513
	3,000		Jiangsu Yangnong Chemical Co Ltd		62
	4,700		Jiangsu Yoke Technology Co Ltd		60
	5,200		Jiangsu Yuyue Medical Equipment & Supply Co Ltd		31
	46,700		Jiangsu Zhongtian Technology Co Ltd		124
	277,000		Jiangxi Copper Co Ltd		445
	28,958		Jiangxi Copper Co Ltd (Class A)		102
	38,500		Jiangxi Zhengbang Technology Co Ltd		58
	61,200		Jinke Properties Group Co Ltd		43
	100,000	*,e,g	Jinxin Fertility Group Ltd		112
	4,500		JiuGui Liquor Co Ltd		150
	174,000	e,g	Jiumaojiu International Holdings Ltd		306
	8,900		Joincare Pharmaceutical Group Industry Co Ltd		18
	1,540		Joinn Laboratories China Co Ltd		28
	17,200		Jointown Pharmaceutical Group Co Ltd		40
	11,700		Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd		70
	6,200		Joyoung Co Ltd		23
	5,000		JOYY, Inc (ADR)		227
	6,900		Juewei Food Co Ltd		74
	15,600	*	Kanzhun Ltd (ADR)		544
	30,800	*	KE Holdings, Inc (ADR)		620
	56,500		Kingboard Chemical Holdings Ltd		275
	215,000	*	Kingdee International Software Group Co Ltd		662

262

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	26,600		Kingfa Sci & Tech Co Ltd	$	53
	4,700	*,e	Kingsoft Cloud Holdings Ltd (ADR)		74
	80,000		Kingsoft Corp Ltd		352
	73,900	*,g	Kuaishou Technology		685
	26,300	*	Kuang-Chi Technologies Co Ltd		99
	16,797		Kweichow Moutai Co Ltd		5,398
	296,064		KWG Group Holdings Ltd		194
	8,600		Lakala Payment Co Ltd		39
	4,360		Laobaixing Pharmacy Chain JSC		34
	326,000		Lee & Man Paper Manufacturing Ltd		227
	3,232,000		Lenovo Group Ltd		3,714
	62,800		Lens Technology Co Ltd		227
	1,300		Lepu Medical Technology Beijing Co Ltd		5
	42,800		Leyard Optoelectronic Co Ltd		69
	121,991	*	Li Auto, Inc (ADR)		3,916
	499,500		Li Ning Co Ltd		5,480
	12,400		Liaoning Cheng Da Co Ltd		38
	70,100	*	Lingyi iTech Guangdong Co		81
	2,100		Livzon Pharmaceutical Group, Inc		13
	326,000		Logan Property Holdings Co Ltd		249
	32,600		Lomon Billions Group Co Ltd		146
	409,000	g	Longfor Properties Co Ltd		1,929
	71,764		LONGi Green Energy Technology Co Ltd		971
	2,100		Luoyang Xinqianglian Slewing Bearing Co Ltd		59
	32,700		Luxi Chemical Group Co Ltd		78
	90,309		Luxshare Precision Industry Co Ltd		698
	19,400		Luzhou Laojiao Co Ltd		773
	24,690		Mango Excellent Media Co Ltd		222
	4,580		Maxscend Microelectronics Co Ltd		235
	18,800	*	Meinian Onehealth Healthcare Holdings Co Ltd		23
	868,600	*,g	Meituan Dianping (Class B)		25,118
	88,200		Metallurgical Corp of China Ltd		53
	10,400	*	Mianyang Fulin Precision Co Ltd		48
	51,900		Microport Scientific Corp		189
	28,700		Midea Group Co Ltd		332
	27,700		Ming Yang Smart Energy Group Ltd		114
	108,000	e	Ming Yuan Cloud Group Holdings Ltd		246
	168,000		Minth Group Ltd		740
	696,000	*	MMG Ltd		224
	11,165		Montage Technology Co Ltd		147
	67,844		Muyuan Foodstuff Co Ltd		569
	20,000		NanJi E-Commerce Co Ltd		22

263

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,589		Nanjing King-Friend Biochemical Pharmaceutical Co Ltd	$	37
	14,400		Nanjing Securities Co Ltd		22
	75,800		NARI Technology Co Ltd		477
	25,590	*	National Silicon Industry Group Co Ltd		104
	7,100		NAURA Technology Group Co Ltd		387
	22,100	*	NavInfo Co Ltd		55
	514,395		NetEase, Inc		10,400
	29,900		New China Life Insurance Co Ltd		182
	230,100		New China Life insurance Co Ltd (Hong Kong)		616
	52,400	*	New Hope Liuhe Co Ltd		125
	344,408	*	New Oriental Education & Technology Group (ADR)		723
	16,300		Ninestar Corp		122
	14,600		Ningbo Joyson Electronic Corp		50
	12,400		Ningbo Tuopu Group Co Ltd		103
	84,400		Ningxia Baofeng Energy Group Co Ltd		230
	294,030	*	NIO, Inc (ADR)		9,315
	3,400	*	Noah Holdings Ltd (ADR)		104
	396,400	e,g	Nongfu Spring Co Ltd		2,618
	27,100	*	North Industries Group Red Arrow Co Ltd		113
	5,300		Northeast Securities Co Ltd		7
	247,363		NXP Semiconductors NV		56,344
	18,400	*	Offcn Education Technology Co Ltd		23
	179,600		Offshore Oil Engineering Co Ltd		130
	10,800	*	OFILM Group Co Ltd		16
	6,740		Oppein Home Group, Inc		156
	37,600		Orient Securities Co Ltd		87
	3,809		Ovctek China, Inc		34
	134,600	*	Pangang Group Vanadium Titanium & Resources Co Ltd		82
	2,199,000		People’s Insurance Co Group of China Ltd		666
	142,300		People’s Insurance Co Group of China Ltd (Class A)		105
	11,200		Perfect World Co Ltd		36
	2,400		PharmaBlock Sciences Nanjing, Inc		54
	3,100		Pharmaron Beijing Co Ltd		69
	11,000	g	Pharmaron Beijing Co Ltd		170
	1,660,000		PICC Property & Casualty Co Ltd		1,357
	218,337	*	Pinduoduo, Inc (ADR)		12,729
	272,700		Ping An Bank Co Ltd		705
	39,600	*,e,g	Ping An Healthcare and Technology Co Ltd		144
	5,454,703		Ping An Insurance Group Co of China Ltd		39,307
	150,600		Ping An Insurance Group Co of China Ltd (Class A)		1,192

264

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	170,400		Poly Real Estate Group Co Ltd	$	418
	153,300		Postal Savings Bank of China Co Ltd		123
	2,441,000	g	Postal Savings Bank of China Co Ltd		1,714
	90,300		Power Construction Corp of China Ltd		115
	390,000		Powerlong Real Estate Holdings Ltd		204
	3,000		Proya Cosmetics Co Ltd		98
	6,500		Qianhe Condiment and Food Co Ltd		25
	38,600		Qingdao Rural Commercial Bank Corp		23
	5,313		Raytron Technology Co Ltd		66
	82,200		RiseSun Real Estate Development Co Ltd		56
	12,000		Riyue Heavy Industry Co Ltd		62
	136,730	*,e	RLX Technology, Inc (ADR)		533
	123,450		Rongsheng Petro Chemical Co Ltd		352
	103,700		SAIC Motor Corp Ltd		336
	35,700		Sailun Group Co Ltd		83
	5,700		Sangfor Technologies, Inc		171
	265,000		Sany Heavy Equipment International		257
	112,300		Sany Heavy Industry Co Ltd		402
	32,896		SDIC Capital Co Ltd		42
	43,400		SDIC Power Holdings Co Ltd		78
	48,700		Sealand Securities Co Ltd		31
	186,000		Seazen Group Ltd		126
	30,900	*	Seazen Holdings Co Ltd		141
	127,710		SF Holding Co Ltd		1,382
	3,200		SG Micro Corp		155
	150,500		Shaanxi Coal Industry Co Ltd		289
	7,670		Shandong Buchang Pharmaceuticals Co Ltd		25
	58,620		Shandong Gold Mining Co Ltd		174
	164,500	e,g	Shandong Gold Mining Co Ltd		282
	27,550		Shandong Hualu Hengsheng Chemical Co Ltd		135
	15,600		Shandong Linglong Tyre Co Ltd		90
	162,400		Shandong Nanshan Aluminum Co Ltd		121
	25,400		Shandong Sun Paper Industry JSC Ltd		46
	205,600		Shandong Weigao Group Medical Polymer Co Ltd		256
	8,480		Shanghai Bairun Investment Holding Group Co Ltd		79
	4,510		Shanghai Baosight Software Co Ltd		43
	95,100		Shanghai Baosight Software Co Ltd		459
	51,300		Shanghai Construction Group Co Ltd		29
	202,000		Shanghai Electric Group Co Ltd		154
	8,700		Shanghai Fosun Pharmaceutical Group Co Ltd		67
	210,500	e	Shanghai Fosun Pharmaceutical Group Co Ltd (Hong Kong)		927

265

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	845		Shanghai Friendess Electronic Technology Corp Ltd	$	51
	13,800	*	Shanghai International Airport Co Ltd		101
	60,700		Shanghai International Port Group Co Ltd		52
	8,100		Shanghai Jahwa United Co Ltd		51
	11,800		Shanghai Jinjiang International Hotels Development Co Ltd		109
	7,376	*	Shanghai Junshi Biosciences Co Ltd		78
	10,360		Shanghai Lingang Holdings Corp Ltd		24
	362,369		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		330
	10,900		Shanghai M&G Stationery, Inc		110
	825		Shanghai Medicilon, Inc		63
	16,700		Shanghai Pharmaceuticals Holding Co Ltd		52
	66,100		Shanghai Pharmaceuticals Holding Co Ltd (Hong Kong)		125
	160,800		Shanghai Pudong Development Bank Co Ltd		215
	9,840		Shanghai Putailai New Energy Technology Co Ltd		248
	43,200		Shanghai RAAS Blood Products Co Ltd		46
	33,200		Shanghai Yuyuan Tourist Mart Group Co Ltd		54
	19,000		Shanghai Zhangjiang High-Tech Park Development Co Ltd		45
	67,279		Shanxi Lu’an Environmental Energy Development Co Ltd		120
	64,000	*	Shanxi Meijin Energy Co Ltd		163
	19,330		Shanxi Securities Co Ltd		20
	85,500		Shanxi Taigang Stainless Steel Co Ltd		95
	15,720		Shanxi Xinghuacun Fen Wine Factory Co Ltd		778
	76,570		Shanxi Xishan Coal & Electricity Power Co Ltd		100
	25,000		Shenghe Resources Holding Co Ltd		77
	29,100		Shengyi Technology Co Ltd		107
	4,680		Shennan Circuits Co Ltd		89
	119,600		Shenwan Hongyuan Group Co Ltd		96
	5,600		Shenzhen Capchem Technology Co Ltd		99
	40,900		Shenzhen Energy Group Co Ltd		52
	6,600		Shenzhen Goodix Technology Co Ltd		112
	34,100		Shenzhen Inovance Technology Co Ltd		367
	127,485		Shenzhen International Holdings Ltd		132
	11,260		Shenzhen Investment Holdings Bay Area Development Co Ltd		4
	362,000		Shenzhen Investment Ltd		78
	12,300		Shenzhen Kaifa Technology Co Ltd		31
	2,900		Shenzhen Kangtai Biological Products Co Ltd		45
	3,100		Shenzhen Kedali Industry Co Ltd		78
	6,500		Shenzhen Mindray Bio-Medical Electronics Co Ltd		388

266

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	46,000	*	Shenzhen MTC Co Ltd	$	35
	8,300		Shenzhen New Industries Biomedical Engineering Co Ltd		57
	96,000		Shenzhen Overseas Chinese Town Co Ltd		106
	4,400	*	Shenzhen Salubris Pharmaceuticals Co Ltd		19
	4,100		Shenzhen SC New Energy Technology Corp		74
	10,600		Shenzhen Senior Technology Material Co Ltd		61
	9,700		Shenzhen Sunlord Electronics Co Ltd		58
	12,400		Shenzhen Sunway Communication Co Ltd		49
	8,665		Shenzhen Transsion Holdings Co Ltd		214
	185,100		Shenzhou International Group Holdings Ltd		3,584
	8,580		Shijiazhuang Yiling Pharmaceutical Co Ltd		26
	294,500	e	Shimao Property Holdings Ltd		193
	135,000	e,g	Shimao Services Holdings Ltd		94
	28,900		Sichuan Chuantou Energy Co Ltd		57
	154,500	*	Sichuan Hebang Biotechnology Co Ltd		83
	3,700		Sichuan Kelun Pharmaceutical Co Ltd		11
	18,700	*	Sichuan New Energy Power Co Ltd		78
	70,100		Sichuan Road & Bridge Co Ltd		132
	6,300		Sichuan Swellfun Co Ltd		119
	15,300		Sichuan Yahua Industrial Group Co Ltd		69
	10,600		Sieyuan Electric Co Ltd		82
	174,400		Silergy Corp		31,566
	13,900		Sinolink Securities Co Ltd		25
	21,400		Sinoma Science & Technology Co Ltd		114
	128,100		Sinopec Shanghai Petrochemical Co Ltd (Class A)		84
	117,600		Sinopharm Group Co		256
	8,100		Sinotrans Ltd (Class A)		6
	176,500		Sinotruk Hong Kong Ltd		272
	4,200		Skshu Paint Co Ltd		92
	312,000	e,g	Smoore International Holdings Ltd		1,593
	40,200		Songcheng Performance Development Co Ltd		90
	28,262		SooChow Securities Co Ltd		39
	29,700		Southwest Securities Co Ltd		25
	2,300		StarPower Semiconductor Ltd		137
	445,000	e	Sun Art Retail Group Ltd		179
	642,000		Sunac China Holdings Ltd		971
	251,000	g	Sunac Services Holdings Ltd		256
	19,600		Sungrow Power Supply Co Ltd		449
	125,800	*	Suning.com Co Ltd		81
	60,000		Sunny Optical Technology Group Co Ltd		1,900
	21,700		Sunwoda Electronic Co Ltd		144

267

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	3,700		Suofeiya Home Collection Co Ltd	$	13
	21,400		Suzhou Dongshan Precision Manufacturing Co Ltd		91
	21,900		Suzhou Gold Mantis Construction Decoration Co Ltd		21
	1,200		Suzhou Maxwell Technologies Co Ltd		121
	7,900		Suzhou TA&A Ultra Clean Technology Co Ltd		101
	93,277	*	TAL Education Group (ADR)		367
	55,000		TBEA Co Ltd		182
	182,800		TCL Technology Group Corp		177
	5,084,800		Tencent Holdings Ltd		296,703
	54,900	*	Tencent Music Entertainment (ADR)		376
	4,800		Thunder Software Technology Co Ltd		104
	29,300		Tianfeng Securities Co Ltd		19
	6,500		Tianjin 712 Communication & Broadcasting Co Ltd		44
	43,300		Tianjin Zhonghuan Semiconductor Co Ltd		283
	19,200		Tianma Microelectronics Co Ltd		39
	58,000		Tianshan Aluminum Group Co Ltd		74
	35,700		Tianshui Huatian Technology Co Ltd		71
	13,400		Tibet Summit Resources Co Ltd		79
	436,000		Tingyi Cayman Islands Holding Corp		897
	28,100		Titan Wind Energy Suzhou Co Ltd		86
	11,240		Toly Bread Co Ltd		50
	84,000	*	Tongcheng-Elong Holdings Ltd		156
	18,200		TongFu Microelectronics Co Ltd		56
	28,500		Tongkun Group Co Ltd		95
	165,800		Tongling Nonferrous Metals Group Co Ltd		91
	59,200		Tongwei Co Ltd		418
	1,500	*	Topchoice Medical Corp		47
	18,700		Topsec Technologies Group Inc		56
	338,000	g	Topsports International Holdings Ltd		342
	43,300		Transfar Zhilian Co Ltd		59
	79,000		Travelsky Technology Ltd		133
	43,478	*	Trip.com Group Ltd (ADR)		1,070
	122,000		Tsingtao Brewery Co Ltd		1,142
	9,600		Tsingtao Brewery Co Ltd (Class A)		149
	8,600		Unigroup Guoxin Microelectronics Co Ltd		304
	299,000		Uni-President China Holdings Ltd		290
	40,500		Unisplendour Corp Ltd		145
	14,900		Universal Scientific Industrial Shanghai Co Ltd		38
	18,000	*,e,g	Venus MedTech Hangzhou, Inc		69
	373,067	*	Vipshop Holdings Ltd (ADR)		3,134
	113,900		Walvax Biotechnology Co Ltd		1,002

268

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	6,300		Wangfujing Group Co Ltd	$	27
	42,300		Wanhua Chemical Group Co Ltd		670
	1,084,000		Want Want China Holdings Ltd		995
	5,300	*,e	Weibo Corp (ADR)		164
	161,000		Weichai Power Co Ltd		316
	34,600		Weichai Power Co Ltd (Class A)		97
	6,800		Weifu High-Technology Group Co Ltd		23
	7,500		Weihai Guangwei Composites Co Ltd		99
	393,000	*,e,g	Weimob, Inc		398
	91,640		Wens Foodstuffs Group Co Ltd		277
	26,400		Western Securities Co Ltd		33
	6,509		Western Superconducting Technologies Co Ltd		99
	305,000		Wharf Holdings Ltd		937
	11,300		Will Semiconductor Ltd		551
	16,100		Wingtech Technology Co Ltd		327
	17,050		Winning Health Technology Group Co Ltd		45
	768,000		Winteam Pharmaceutical Group Ltd		509
	74,600		Wuchan Zhongda Group Co Ltd		69
	24,928		Wuhan Guide Infrared Co Ltd		95
	27,900		Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd		118
	30,300		Wuhu Token Science Co Ltd		63
	51,835		Wuliangye Yibin Co Ltd		1,811
	17,650		WUS Printed Circuit Kunshan Co Ltd		46
	13,216		WuXi AppTec Co Ltd		246
	29,185	g	WuXi AppTec Co Ltd (Hong Kong)		504
	9,379,850	*,g	Wuxi Biologics Cayman, Inc		111,047
	10,700		Wuxi Lead Intelligent Equipment Co Ltd		125
	3,600		Wuxi Shangji Automation Co Ltd		94
	102,300		XCMG Construction Machinery Co Ltd		96
	81,100		Xiamen C & D, Inc		115
	3,700		Xiamen Faratronic Co Ltd		135
	8,500		Xiamen Intretech, Inc		45
	20,600		Xiamen Tungsten Co Ltd		73
	1,196,600	*,g	Xiaomi Corp		2,901
	53,800		Xinjiang Goldwind Science & Technology Co Ltd		139
	184,600		Xinjiang Goldwind Science & Technology Co Ltd (Hong Kong)		360
	43,800		Xinjiang Zhongtai Chemical Co Ltd		66
	916,863		Xinyi Solar Holdings Ltd		1,557
	77,389	*	XPeng, Inc (ADR)		3,895
	250,000	g	Yadea Group Holdings Ltd		487
	5,760		Yantai Eddie Precision Machinery Co Ltd		29

269

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	18,400		Yantai Jereh Oilfield Services Group Co Ltd	$	116
	374,000	e	Yanzhou Coal Mining Co Ltd		743
	40,700		Yanzhou Coal Mining Co Ltd (Class A)		151
	11,150		Yealink Network Technology Corp Ltd		143
	8,282		Yifeng Pharmacy Chain Co Ltd		72
	104,000	e	Yihai International Holding Ltd		481
	18,900		Yihai Kerry Arawana Holdings Co Ltd		187
	29,420		Yintai Gold Co Ltd		41
	141,000		Yonghui Superstores Co Ltd		90
	5,700		YongXing Special Materials Technology Co Ltd		133
	14,559		Yonyou Network Technology Co Ltd		82
	37,700		Youngor Group Co Ltd		41
	3,700	*	Youngy Co Ltd		76
	17,300		YTO Express Group Co Ltd		45
	18,700	*	Yuan Longping High-tech Agriculture Co Ltd		68
	342,200		Yuexiu Property Co Ltd		302
	334,948		Yum China Holdings, Inc		16,694
	15,080		Yunda Holding Co Ltd		48
	35,000	*	Yunnan Aluminium Co Ltd		62
	6,500		Yunnan Baiyao Group Co Ltd		107
	11,708		Yunnan Energy New Material Co Ltd		459
	22,600	*	Yunnan Tin Co Ltd		70
	22,478	*	Zai Lab Ltd (ADR)		1,413
	3,000		Zhangzhou Pientzehuang Pharmaceutical Co Ltd		206
	72,900		Zhefu Holding Group Co Ltd		81
	101,320	*	Zhejiang Century Huatong Group Co Ltd		134
	19,500		Zhejiang China Commodities City Group Co Ltd		15
	31,100		Zhejiang Chint Electrics Co Ltd		263
	40,000		Zhejiang Dahua Technology Co Ltd		147
	6,060		Zhejiang Dingli Machinery Co Ltd		76
	152,000		Zhejiang Expressway Co Ltd		135
	4,766		Zhejiang HangKe Technology, Inc Co		80
	6,150		Zhejiang Huahai Pharmaceutical Co Ltd		21
	15,610		Zhejiang Huayou Cobalt Co Ltd		270
	16,800		Zhejiang Jingsheng Mechanical & Electrical Co Ltd		183
	5,000		Zhejiang Jiuzhou Pharmaceutical Co Ltd		44
	47,900		Zhejiang Juhua Co Ltd		97
	47,000		Zhejiang Longsheng Group Co Ltd		93
	13,920		Zhejiang NHU Co Ltd		68
	47,290		Zhejiang Sanhua Intelligent Controls Co Ltd		188
	19,800		Zhejiang Satellite Petrochemical Co Ltd		125

270

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	24,300		Zhejiang Semir Garment Co Ltd	$	29
	7,500		Zhejiang Supor Co Ltd		73
	16,500		Zhejiang Weiming Environment Protection Co Ltd		95
	21,100		Zhejiang Weixing New Building Materials Co Ltd		81
	4,300		Zhejiang Wolwo Bio-Pharmaceutical Co Ltd		39
	12,500	*	Zhejiang Yongtai Technology Co Ltd		100
	18,000		Zhengzhou Yutong Bus Co Ltd		31
	16,000		Zheshang Securities Co Ltd		33
	38,300	*,e,g	ZhongAn Online P&C Insurance Co Ltd		133
	6,800		Zhongji Innolight Co Ltd		45
	126,500		Zhongsheng Group Holdings Ltd		987
	67,400		Zhongtai Securities Co Ltd		106
	48,300		Zhuzhou CSR Times Electric Co Ltd		280
	4,900		Zhuzhou Hongda Electronics Corp Ltd		77
	32,500		Zhuzhou Kibing Group Co Ltd		87
	42,400		Zibo Qixiang Tengda Chemical Co Ltd		70
	1,292,000		Zijin Mining Group Co Ltd		1,543
	281,500		Zijin Mining Group Co Ltd (Class A)		430
	122,400		Zoomlion Heavy Industry Science and Technology Co Ltd		77
	91,600		Zoomlion Heavy Industry Science and Technology Co Ltd		103
	56,300		ZTE Corp		296
	65,400		ZTE Corp (Class H)		179
	231,167		ZTO Express Cayman, Inc (ADR)		6,524
			TOTAL CHINA		1,056,679

COLOMBIA - 0.0%
	17,048		BanColombia S.A.		146
	95,223		BanColombia S.A. (Preference)		749
	1,423,265		Ecopetrol S.A.		940
	17,248		Grupo de Inversiones Suramericana S.A.		127
	92,792		Interconexion Electrica S.A.		511
			TOTAL COLOMBIA		2,473

CZECH REPUBLIC - 0.0%
	38,502		CEZ AS		1,457
	6,808		Komercni Banka AS		291
	30,196	g	Moneta Money Bank AS		130
			TOTAL CZECH REPUBLIC		1,878

DENMARK - 0.5%
	102,764		Carlsberg AS (Class B)		17,742
	72,932		Coloplast AS		12,841
	33,212	*	Genmab AS		13,257
	709,535		Novo Nordisk AS		79,699

271

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	80,896	g	Orsted AS	$	10,360
			TOTAL DENMARK		133,899

EGYPT - 0.0%
	139,717	*	Commercial International Bank		470
	262,432		Eastern Tobacco		179
	114,322	*	Fawry for Banking & Payment Technology Services SAE		94
			TOTAL EGYPT		743

FINLAND - 0.3%
	91,213		Cargotec Corp (B Shares)		4,552
	93,174		Neste Oil Oyj		4,586
	3,799,179		Nordea Bank Abp		46,548
	878,674		Nordea Bank Abp		10,718
	390,270		Sampo Oyj (A Shares)		19,532
	90,800		Stora Enso Oyj (R Shares)		1,667
	144,479		UPM-Kymmene Oyj		5,497
			TOTAL FINLAND		93,100

FRANCE - 3.6%
	363,497	*	Accor S.A.		11,782
	52,140		Air Liquide		9,093
	1,009,414	*	Airbus SE		129,148
	1,129,963		BNP Paribas S.A.		78,127
	585,052		Cap Gemini S.A.		143,385
	572,716		Compagnie de Saint-Gobain		40,289
	724,254		Credit Agricole S.A.		10,326
	304,998		Danone		18,958
	1,456,600		Dassault Systemes SE		86,442
	116,535		Electricite de France		1,371
	375,424		Engie S.A.		5,558
	256,336		Essilor International S.A.		54,568
	7,318		Gecina S.A.		1,024
	9,870		Icade		710
	135,672		Kering		108,857
	174,895		L’Oreal S.A.		83,392
	58,031		LVMH Moet Hennessy Louis Vuitton S.A.		47,959
	115,676	e	Michelin (C.G.D.E.) (Class B)		18,946
	378,319		Orange S. A.		4,041
	9,880	e	Pernod-Ricard S.A.		2,377
	176,475		Sanofi-Aventis		17,708
	16,993		Sartorius Stedim Biotech		9,333
	78,332		Suez Environnement S.A.		1,767
	139,246		Teleperformance		62,254
	264,076		Total S.A.		13,441

272

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,029,583		Valeo S.A.	$	31,048
	126,853		Veolia Environnement		4,659
	1,797,523		Vivendi Universal S.A.		24,315
			TOTAL FRANCE		1,020,878

GERMANY - 2.1%
	68,831		Adidas-Salomon AG.		19,820
	47,729		Allianz AG.		11,257
	549,091		Aroundtown S.A.		3,312
	229,928		Bayer AG.		12,279
	243,715		Beiersdorf AG.		24,982
	744,520	*	Borussia Dortmund GmbH & Co KGaA		3,669
	123,542		Deutsche Annington Immobilien SE		6,808
	98,494		Deutsche Boerse AG.		16,446
	727,369		Deutsche Telekom AG.		13,440
	463,889		E.ON AG.		6,447
	651,747		HeidelbergCement AG.		44,108
	231,991	*	HelloFresh SE		17,779
	41,272		Henkel KGaA		3,217
	2,508,232		Infineon Technologies AG.		115,475
	12,809		LEG Immobilien AG.		1,786
	51,864		Merck KGaA		13,342
	1,100	*	OSRAM Licht AG.		71
	745,419	*	Paion AG.		1,019
	2,177,646		RWE AG.		88,231
	986,460		Siemens AG.		170,858
	295,856	g	Siemens Healthineers AG.		22,059
			TOTAL GERMANY		596,405

GREECE - 0.0%
	504,716	*	Alpha Bank AE		618
	575,754	*	Eurobank Ergasias S.A.		583
	5,760	*,†	FF Group		0	^
	50,909		Hellenic Telecommunications Organization S.A.		940
	23,251		JUMBO S.A.		334
	43,625		OPAP S.A.		618
	44,505	*	Public Power Corp		478
			TOTAL GREECE		3,571

HONG KONG - 0.3%
	2,645,100		AIA Group Ltd		26,697
	2,710,000	*	Alibaba Pictures Group Ltd		247
	287,000		Bank of East Asia Ltd		412
	229,000	*,e	Cathay Pacific Airways Ltd		188
	1,088,000	*	China Youzan Ltd		75

273

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	113,730		CK Infrastructure Holdings Ltd	$	725
	354,500		CLP Holdings Ltd		3,582
	731,000		Hang Lung Properties Ltd		1,504
	167,300		Hang Seng Bank Ltd		3,064
	274,000		Henderson Land Development Co Ltd		1,169
	2,259,806		Hong Kong & China Gas Ltd		3,525
	262,212		Hong Kong Electric Holdings Ltd		1,634
	263,582		Hong Kong Exchanges and Clearing Ltd		15,415
	457,500		Hongkong Land Holdings Ltd		2,379
	204,000	e	Huabao International Holdings Ltd		377
	223,000		Kingboard Laminates Holdings Ltd		379
	274,500		Link REIT		2,418
	1,536,546	*	Melco Crown Entertainment Ltd (ADR)		15,642
	320,000		New World Development Co Ltd		1,267
	395,000		Nine Dragons Paper Holdings Ltd		424
	863,250		Sino Biopharmaceutical		606
	277,000	e	Sun Hung Kai Properties Ltd		3,361
	80,000	e	Vinda International Holdings Ltd		195
	227,000		Wharf Real Estate Investment Co Ltd		1,153
			TOTAL HONG KONG		86,438

HUNGARY - 0.0%
	107,799		MOL Hungarian Oil & Gas plc		836
	143,061	*	OTP Bank		7,295
	51,242		Richter Gedeon Rt		1,378
			TOTAL HUNGARY		9,509

INDIA - 0.8%
	59,643		Adani Enterprises Ltd		1,367
	60,604		Adani Gas Ltd		1,404
	84,492	*	Adani Green Energy Ltd		1,508
	114,776		Adani Ports & Special Economic Zone Ltd		1,123
	60,401	*	Adani Transmissions Ltd		1,415
	153,648		Ambuja Cements Ltd		778
	32,327		Apollo Hospitals Enterprise Ltd		2,176
	85,042		Asian Paints Ltd		3,864
	16,895		Associated Cement Co Ltd		502
	22,434		Aurobindo Pharma Ltd		221
	35,801	*,g	Avenue Supermarts Ltd		2,246
	522,752	*	Axis Bank Ltd		4,750
	61,350		Bajaj Finance Ltd		5,730
	3,153		Bajaj Finserv Ltd		693
	15,337		Bajaj Holdings and Investment Ltd		668
	18,900		Balkrishna Industries Ltd		589

274

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	52,624	g	Bandhan Bank Ltd	$	178
	52,067		Berger Paints India Ltd		540
	278,855		Bharat Electronics Ltd		785
	49,712		Bharat Forge Ltd		465
	204,651		Bharat Petroleum Corp Ltd		1,058
	543,852	*	Bharti Airtel Ltd		4,995
	91,015	*	Biocon Ltd		445
	24,156		Britannia Industries Ltd		1,169
	85,694		Cholamandalam Investment and Finance Co Ltd		598
	40,371		Cipla Ltd		512
	388,585		Coal India Ltd		762
	27,629		Colgate-Palmolive India Ltd		550
	53,948		Container Corp Of India Ltd		445
	135,758		Dabur India Ltd		1,058
	60,070		Divi S Laboratories Ltd		3,775
	135,248		DLF Ltd		707
	29,023		Dr Reddy’s Laboratories Ltd		1,912
	30,359		Eicher Motors Ltd		1,055
	366,037		GAIL India Ltd		634
	78,468	*	Godrej Consumer Products Ltd		1,020
	26,871	*	Godrej Properties Ltd		675
	58,316		Grasim Industries Ltd		1,268
	51,319		Havells India Ltd		963
	91,454		HCL Technologies Ltd		1,618
	4,711	g	HDFC Asset Management Co Ltd		155
	197,476	g	HDFC Life Insurance Co Ltd		1,721
	26,714		Hero Honda Motors Ltd		882
	347,474		Hindalco Industries Ltd		2,210
	182,848		Hindustan Lever Ltd		5,788
	161,084		Hindustan Petroleum Corp Ltd		632
	310,444		Housing Development Finance Corp		10,741
	1,758,699		ICICI Bank Ltd		17,483
	48,154	g	ICICI Lombard General Insurance Co Ltd		906
	78,150	g	ICICI Prudential Life Insurance Co Ltd		588
	492,727		Indian Oil Corp Ltd		737
	52,579		Indian Railway Catering & Tourism Corp Ltd		586
	64,073		Indraprastha Gas Ltd		404
	147,022		Indus Towers Ltd		490
	17,060		Info Edge India Ltd		1,277
	896,658		Infosys Technologies Ltd		22,709
	19,953	*,g	InterGlobe Aviation Ltd		541
	49,543		Ipca Laboratories Ltd		1,442

275

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	667,738		ITC Ltd	$	1,954
	183,917		JSW Steel Ltd		1,616
	17,472		Jubilant Foodworks Ltd		841
	46,385		Kotak Mahindra Bank Ltd		1,117
	11,590	g	Larsen & Toubro Infotech Ltd		1,140
	153,068		Larsen & Toubro Ltd		3,888
	19,041		Lupin Ltd		243
	192,929		Mahindra & Mahindra Ltd		2,165
	114,688		Marico Ltd		790
	30,398		Maruti Suzuki India Ltd		3,026
	204,243		MindTree Ltd		13,104
	277,038		Motherson Sumi Systems Ltd		828
	19,021		Mphasis Ltd		867
	429		MRF Ltd		423
	9,618		Muthoot Finance Ltd		193
	7,467		Nestle India Ltd		1,976
	1,102,908		NTPC Ltd		1,840
	1,272		Page Industries Ltd		690
	186,459		Petronet LNG Ltd		541
	18,522		PI Industries Ltd		754
	33,259		Pidilite Industries Ltd		1,100
	59,276		Piramal Healthcare Ltd		2,102
	711,902		Power Grid Corp of India Ltd		1,954
	628,614		Reliance Industries Ltd		19,969
	51,804	*	SBI Cards & Payment Services Ltd		646
	99,120	g	SBI Life Insurance Co Ltd		1,589
	261,768		Sesa Sterlite Ltd		1,197
	2,362		Shree Cement Ltd		855
	17,608		Shriram Transport Finance Co Ltd		287
	15,373		Siemens India Ltd		487
	32,058		SRF Ltd		1,042
	1,015,292		State Bank of India		6,265
	271,363		Sun Pharmaceutical Industries Ltd		3,083
	174,222		Tata Consultancy Services Ltd		8,738
	372,367	*	Tata Motors Ltd		2,400
	327,370		Tata Power Co Ltd		970
	159,742		Tata Steel Ltd		2,375
	130,531		Tata Tea Ltd		1,302
	53,870		Tech Mahindra Ltd		1,293
	78,520		Titan Industries Ltd		2,656
	11,417		Torrent Pharmaceuticals Ltd		504
	38,396		Trent Ltd		548
	22,217		Ultra Tech Cement Ltd		2,263

276

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	65,372	*	United Spirits Ltd	$	788
	108,962		UPL Ltd		1,091
	115,148		Wipro Ltd		1,103
	911,639	*	Yes Bank Ltd		168
	352,766	*	Zomato Ltd		652
			TOTAL INDIA		230,936

INDONESIA - 0.1%
	3,608,000		Adaro Energy Tbk		572
	4,470,800		Astra International Tbk PT		1,789
	13,091,000		Bank Central Asia Tbk PT		6,705
	2,700,000	*	Bank Jago Tbk PT		3,028
	74,257,193		Bank Rakyat Indonesia		21,381
	501,700		Indofood CBP Sukses Makmur Tbk		306
	4,569,000		Kalbe Farma Tbk PT		518
	2,420,400	*	Merdeka Copper Gold Tbk PT		663
	1,803,600		PT Aneka Tambang Tbk		285
	1,532,347		PT Bank Mandiri Persero Tbk		757
	612,400		PT Bank Negara Indonesia		289
	5,820,800		PT Barito Pacific Tbk		349
	1,617,800		PT Charoen Pokphand Indonesia Tbk		674
	106,900		PT Gudang Garam Tbk		230
	593,300		PT Indah Kiat Pulp and Paper Corp Tbk		326
	342,400		PT Indocement Tunggal Prakarsa Tbk		291
	956,000		PT Indofood Sukses Makmur Tbk		425
	657,100		PT Semen Gresik Persero Tbk		334
	1,676,000		PT Unilever Indonesia Tbk		483
	382,100		PT United Tractors Tbk		593
	5,326,200		Sarana Menara Nusantara Tbk PT		420
	4,240,700		Telkom Indonesia Persero Tbk PT		1,210
	1,773,300		Tower Bersama Infrastructure		367
			TOTAL INDONESIA		41,995

IRELAND - 0.7%
	6,354,092	*	AIB Group plc		15,481
	3,139,804	*	Bank of Ireland Group plc		17,782
	1,395,374		CRH plc		73,871
	175,852	*	Flutter Entertainment plc		28,133
	9,945,620		Hibernia REIT plc		14,720
	16,242		Kerry Group plc (Class A)		2,095
	509,386		Keywords Studios plc		20,285
	28,918	*	Prothena Corp plc		1,429
	462,226		Smurfit Kappa Group plc		25,476
			TOTAL IRELAND		199,272

277

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
ISRAEL - 0.2%
	248,458		Bank Hapoalim Ltd	$	2,557
	317,906		Bank Leumi Le-Israel		3,410
	254,695		Israel Discount Bank Ltd		1,710
	248,879	*	Kornit Digital Ltd		37,892
	30,678		Mizrahi Tefahot Bank Ltd		1,181
			TOTAL ISRAEL		46,750

ITALY - 0.9%
	394,415		Amplifon S.p.A.		21,223
	3,422,452		Davide Campari-Milano NV		49,941
	43,066		DiaSorin S.p.A.		8,193
	8,587,776		Enel S.p.A.		68,669
	121,505		Ferrari NV		31,276
	2,884,497		Intesa Sanpaolo S.p.A.		7,451
	653,294		Moncler S.p.A		47,212
	2,015,681		Prada S.p.A		12,907
			TOTAL ITALY		246,872

JAPAN - 5.5%
	87,300		Acom Co Ltd		251
	316		Activia Properties Inc		1,142
	300		Aeon Mall Co Ltd		4
	343,600		Aisin Seiki Co Ltd		13,183
	10,508	*	All Nippon Airways Co Ltd		220
	25,800	e	Aozora Bank Ltd		564
	205,100		Asahi Intecc Co Ltd		4,406
	241,979		Asahi Kasei Corp		2,280
	463,100		Astellas Pharma, Inc		7,537
	12,500		Bank of Kyoto Ltd		579
	39,000		BayCurrent Consulting, Inc		15,032
	416,700		Benefit One, Inc		17,903
	71,437		Central Japan Railway Co		9,506
	115,900		Chiba Bank Ltd		663
	162,800		Chubu Electric Power Co, Inc		1,720
	224,900		Concordia Financial Group Ltd		817
	76,500		Daifuku Co Ltd		6,256
	235,900		Dai-ichi Mutual Life Insurance Co		4,758
	2,027,291		Daiichi Sankyo Co Ltd		51,597
	83,331		Daikin Industries Ltd		18,876
	6,800		Daito Trust Construction Co Ltd		780
	313		Daiwa House REIT Investment Corp		948
	316,000		Daiwa Securities Group, Inc		1,783
	149,386		East Japan Railway Co		9,184
	582,900		ENEOS Holdings, Inc		2,178

278

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	272,200	*	Fanuc Ltd	$	57,859
	6,900		Fast Retailing Co Ltd		3,922
	37,600		Fukuoka Financial Group, Inc		644
	147,099		GMO Payment Gateway, Inc		18,318
	271,600	*	Hitachi Construction Machinery Co Ltd		7,848
	1,986,164	*	Hitachi Ltd		107,597
	38,585	*	Hitachi Metals Ltd		715
	150,700		Hulic Co Ltd		1,433
	729		Hulic Reit, Inc		1,097
	40,537		Idemitsu Kosan Co Ltd		1,034
	6,386,100		Infomart Corp		51,926
	179,174		Inpex Holdings, Inc		1,558
	8		Invincible Investment Corp		3
	142,200		IR Japan Holdings Ltd		8,482
	715,800		Japan Elevator Service Holdings Co Ltd		13,371
	88,500		Japan Post Bank Co Ltd		811
	344,700		Japan Post Holdings Co Ltd		2,685
	49,200		Japan Post Insurance Co Ltd		790
	4		Japan Retail Fund Investment Corp		3
	220,440		Japan Tobacco, Inc		4,451
	98,309		JFE Holdings, Inc		1,254
	471,600		JGC Corp		3,940
	37,273		JSR Corp		1,417
	314,700		Kansai Electric Power Co, Inc		2,942
	39,101		Kansai Paint Co Ltd		850
	107,200		Kao Corp		5,615
	343,200		KDDI Corp		10,036
	64		Kenedix Realty Investment Corp		396
	159,900		Keyence Corp		100,538
	202,900		Mebuki Financial Group Inc		418
	269,101		Mitsubishi Chemical Holdings Corp		1,996
	355,673		Mitsubishi Estate Co Ltd		4,934
	34,400		Mitsubishi Gas Chemical Co, Inc		583
	2,674,700		Mitsubishi UFJ Financial Group, Inc		14,556
	88,100		Mitsubishi UFJ Lease & Finance Co Ltd		436
	864,000		Mitsui & Co Ltd		20,475
	35,201		Mitsui Chemicals, Inc		946
	6,750		Mitsui Fudosan Co Ltd		134
	1,173		Mitsui Fudosan Logistics Park, Inc		6,577
	527,800		Mizuho Financial Group, Inc		6,704
	1,211,550		MonotaRO Co Ltd		21,791
	276		Mori Hills REIT Investment Corp		375
	97,300		MS&AD Insurance Group Holdings Inc		2,996

279

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	176,061		Nintendo Co Ltd	$	82,371
	151,600		Nippon Paint Co Ltd		1,656
	144,901		Nippon Steel Corp		2,367
	267,800		Nippon Telegraph & Telephone Corp		7,324
	23,039		Nissan Chemical Industries Ltd		1,340
	31,000		Nitto Denko Corp		2,395
	688,000	*	Nomura Holdings, Inc		2,997
	750		Nomura Real Estate Master Fund, Inc		1,056
	153,695		OJI Paper Co Ltd		745
	137,511		Omron Corp		13,703
	35,500		Oriental Land Co Ltd		5,986
	287,400		ORIX Corp		5,865
	507		Orix JREIT, Inc		793
	111,400		Osaka Securities Exchange Co Ltd		2,441
	331,400		Paltac Corp		13,657
	479,600		Panasonic Corp		5,272
	2,772,600		Recruit Holdings Co Ltd		168,728
	457,600		Resona Holdings, Inc		1,778
	51,600	*	SBI Holdings, Inc		1,407
	134,200		Sekisui House Ltd		2,887
	108,700		Seven & I Holdings Co Ltd		4,781
	129,000		Seven Bank Ltd		267
	99,498	*	SHIFT, Inc		20,521
	33,900	*	Shinsei Bank Ltd		551
	23,100		Shiseido Co Ltd		1,289
	91,100	e	Shizuoka Bank Ltd		650
	454,300		SMS Co Ltd		17,866
	73,400		Sompo Holdings, Inc		3,096
	2,070,265		Sony Corp		261,429
	3,200		Star Asia Investment Corp		1,759
	302,200		Sumitomo Chemical Co Ltd		1,425
	82,901		Sumitomo Heavy Industries Ltd		2,012
	46,900		Sumitomo Metal Mining Co Ltd		1,776
	1,570,501		Sumitomo Mitsui Financial Group, Inc		53,628
	73,900		Sumitomo Mitsui Trust Holdings, Inc		2,471
	20		Sumitomo Realty & Development Co Ltd		1
	80,800		Sysmex Corp		10,907
	117,600		T&D Holdings, Inc		1,502
	22,582		Taiyo Nippon Sanso Corp		494
	605,397		TechnoPro Holdings, Inc		18,352
	207,800		Terumo Corp		8,778
	138,100		Tokio Marine Holdings, Inc		7,688
	9,300		Tokyo Century Corp		451

280

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	323,700	*	Tokyo Electric Power Co, Inc	$	837
	170,700		Tokyo Gas Co Ltd		3,064
	244,500		Tokyo Tatemono Co Ltd		3,576
	276,901		Toray Industries, Inc		1,641
	55,421		Tosoh Corp		823
	8,140,410	*	Toyota Motor Corp		150,456
	465		United Urban Investment Corp		547
			TOTAL JAPAN		1,574,029

KOREA, REPUBLIC OF - 1.4%
	2,126	*	Alteogen, Inc		135
	7,115	*	Amorepacific Corp		999
	1,871	*	BGF retail Co Ltd		229
	7,362		Celltrion Healthcare Co Ltd		496
	1,229	*	Celltrion Pharm Inc		128
	21,751		Celltrion, Inc		3,621
	14,910	*	Cheil Communications, Inc		286
	1,784	*	CJ CheilJedang Corp		581
	3,252	*	CJ Corp		228
	2,443	*	CJ O Shopping Co Ltd		285
	11,859	*	Coway Co Ltd		743
	10,445	*	Dongbu Insurance Co Ltd		474
	10,713	*	Doosan Bobcat, Inc		367
	25,437	*	Doosan Heavy Industries and Construction Co Ltd		436
	3,790	*	DuzonBIzon Co Ltd		232
	2,400		Ecopro BM Co Ltd		1,008
	4,376		E-Mart Co Ltd		555
	765	*	F&F Co Ltd		607
	6,611	*	Fila Korea Ltd		199
	1,231	*	Green Cross Corp		225
	4,921	*	GS Engineering & Construction Corp		164
	10,591	*	GS Holdings Corp		348
	70,187		Hana Financial Group, Inc		2,480
	15,896	*	Hankook Tire Co Ltd		531
	614	*	Hanmi Pharm Co Ltd		142
	40,358		Hanon Systems		456
	26,443	*	Hanwha Chemical Corp		789
	19,420	*	HLB, Inc		568
	3,845	*	Honam Petrochemical Corp		701
	6,831	*	Hotel Shilla Co Ltd		448
	3,548	*	HYBE Co Ltd		1,039
	290,832		Hynix Semiconductor, Inc		31,943
	6,931	*	Hyundai Engineering & Construction Co Ltd		259

281

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	4,080	*	Hyundai Glovis Co Ltd	$	575
	3,313	*	Hyundai Heavy Industries		263
	20,937	*	Hyundai Merchant Marine Co Ltd		474
	14,787		Hyundai Mobis		3,161
	30,855		Hyundai Motor Co		5,416
	7,933		Hyundai Motor Co Ltd (2nd Preference)		673
	5,033		Hyundai Motor Co Ltd (Preference)		416
	4,407		Hyundai Robotics Co Ltd		199
	19,159	*	Hyundai Steel Co		660
	5,007	*	Iljin Materials Co Ltd		567
	20,853		Industrial Bank of Korea		180
	25,890		Kakao Corp		2,445
	6,495	*	Kakao Games Corp		496
	308,496	*,e	KakaoBank Corp		15,311
	20,925	*	Kangwon Land, Inc		423
	199,654		KB Financial Group, Inc		9,233
	58,220	*	Kia Motors Corp		4,018
	19,063	*	Korea Aerospace Industries Ltd		519
	23,725		Korea Electric Power Corp		441
	1,977	*	Korea Express Co Ltd		209
	3,222	*	Korea Investment Holdings Co Ltd		218
	1,467	*	Korea Kumho Petrochemical		205
	1,842	*	Korea Zinc Co Ltd		793
	14,125	*	Korean Air Lines Co Ltd		348
	4,807	*,e,g	Krafton, Inc		1,858
	25,849		KT&G Corp		1,717
	4,913		L&F Co Ltd		914
	115,700	*	LG Chem Ltd		59,812
	1,702	*	LG Chem Ltd (Preference)		411
	18,790	*	LG Corp		1,279
	19,684	*	LG Display Co Ltd		406
	8,880		LG Electronics, Inc		1,028
	2,063	*	LG Household & Health Care Ltd		1,904
	469	*	LG Household & Health Care Ltd (Preference)		243
	1,162	*	LG Innotek Co Ltd		355
	18,972		LG Telecom Ltd		216
	2,730	*	Lotte Shopping Co Ltd		200
	24,310	*	Meritz Securities Co Ltd		105
	21,098	*	Mirae Asset Daewoo Co Ltd		153
	19,239	*	Naver Corp		6,107
	1,368	*	NCsoft		739
	1,828	*,g	Netmarble Corp		192

282

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,000	*	Orion Corp/Republic of Korea	$	435
	6,444	*	Pacific Corp		240
	21,826	*	Pan Ocean Co Ltd		99
	2,544	*	Pearl Abyss Corp		296
	16,694		POSCO		3,871
	6,641	*	POSCO Refractories & Environment Co Ltd		803
	3,947	*	S1 Corp (Korea)		246
	5,439	*,g	Samsung Biologics Co Ltd		4,130
	18,589	*	Samsung C&T Corp		1,857
	4,596	*	Samsung Electro-Mechanics Co Ltd		762
	2,815,556		Samsung Electronics Co Ltd		184,911
	68,697		Samsung Electronics Co Ltd (Preference)		4,107
	12,291	*	Samsung Engineering Co Ltd		236
	6,854	*	Samsung Fire & Marine Insurance Co Ltd		1,164
	51,579	*	Samsung Heavy Industries Co Ltd		246
	15,337		Samsung Life Insurance Co Ltd		826
	4,594		Samsung SDI Co Ltd		2,527
	2,864	*	Samsung SDS Co Ltd		376
	4,996	*	Samsung Securities Co Ltd		188
	7,815	*	SD Biosensor, Inc		368
	25,929		Seegene, Inc		1,331
	2,617	*	Shin Poong Pharmaceutical Co Ltd		70
	102,286		Shinhan Financial Group Co Ltd		3,161
	1,004		Shinsegae Co Ltd		214
	4,422	*	SK Biopharmaceuticals Co Ltd		361
	5,086	*	SK Bioscience Co Ltd		963
	2,419	*	SK Chemicals Co Ltd		303
	9,580		SK Holdings Co Ltd		2,020
	3,845	*,g	SK IE Technology Co Ltd		543
	11,318	*	SK Innovation Co Ltd		2,266
	3,714	*	SK Square Co Ltd		207
	2,153		SK Telecom Co Ltd		105
	4,447	*	SKC Co Ltd		650
	10,853		S-Oil Corp		780
	42,684		Woori Financial Group, Inc		455
	11,674	*	Woori Investment & Securities Co Ltd		123
	4,163	*	Yuhan Corp		218
			TOTAL KOREA, REPUBLIC OF		398,042

KUWAIT - 0.0%
	274,011		Agility Public Warehousing Co KSC		855
	86,004	*	Boubyan Bank KSCP		225
	384,090		Kuwait Finance House		1,057

283

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	126,346		Mabanee Co KPSC	$	331
	526,153		Mobile Telecommunications Co KSC		1,036
	1,675,411		National Bank of Kuwait SAKP		5,524
			TOTAL KUWAIT		9,028

LUXEMBOURG - 0.1%
	911,880		ArcelorMittal		29,252
	10,958		Reinet Investments S.C.A		197
			TOTAL LUXEMBOURG		29,449

MACAU - 0.0%
	300,000	*	Galaxy Entertainment Group Ltd		1,556
			TOTAL MACAU		1,556

MALAYSIA - 0.1%
	155,700	*	AMMB Holdings BHD		119
	223,343		Axiata Group Bhd		223
	543,767		Bumiputra-Commerce Holdings BHD		711
	927,000		Dialog Group BHD		583
	259,800		Digi.Com BHD		272
	23,500		Fraser & Neave Holdings BHD		140
	474,800		Genting BHD		532
	659,300		Genting Malaysia BHD		455
	118,500		HAP Seng Consolidated BHD		219
	135,600		Hartalega Holdings BHD		187
	51,300		Hong Leong Bank BHD		229
	15,000		Hong Leong Credit BHD		62
	854,300		IHH Healthcare BHD		1,505
	631,900		Inari Amertron BHD		605
	537,800		IOI Corp BHD		481
	93,630		Kuala Lumpur Kepong BHD		490
	395,078		Malayan Banking BHD		787
	233,100	*	Malaysia Airports Holdings BHD		335
	186,000		Maxis BHD		217
	352,200		MISC BHD		595
	17,300		Nestle Malaysia BHD		557
	535,100		Petronas Chemicals Group BHD		1,146
	73,100		Petronas Dagangan BHD		361
	225,400		Petronas Gas BHD		974
	138,380		PPB Group BHD		568
	669,000		Press Metal BHD		928
	3,370,200		Public Bank BHD		3,364
	168,050		QL Resources BHD		184
	149,362		RHB Capital BHD		192
	627,400		Sime Darby BHD		350

284

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	375,800		Sime Darby Plantation BHD	$	339
	1,153	*	SP Setia BHD		0	^
	98,700		Telekom Malaysia BHD		130
	536,300		Tenaga Nasional BHD		1,202
	423,200		Top Glove Corp BHD		263
	196,100		Westports Holdings BHD		191
			TOTAL MALAYSIA		19,496

MEXICO - 0.1%
	651,700		Alfa S.A. de C.V. (Class A)		478
	7,549,600		America Movil S.A.B. de C.V.		7,997
	93,500		Becle SAB de C.V.		235
	3,332,394	*	Cemex S.A. de C.V.		2,277
	122,755		Coca-Cola Femsa SAB de C.V.		670
	101,400		Embotelladoras Arca SAB de C.V.		646
	708,700		Fibra Uno Administracion S.A. de C.V.		749
	431,300		Fomento Economico Mexicano S.A. de C.V.		3,356
	47,200		Gruma SAB de C.V.		605
	80,600		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		1,111
	45,865		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		947
	336,700		Grupo Bimbo S.A. de C.V. (Series A)		1,036
	108,000		Grupo Carso S.A. de C.V. (Series A1)		349
	622,300		Grupo Financiero Banorte S.A. de C.V.		4,043
	178,927	*	Grupo Financiero Inbursa S.A.		214
	673,400		Grupo Mexico S.A. de C.V. (Series B)		2,937
	522,100		Grupo Televisa S.A.		983
	31,295		Industrias Penoles S.A. de C.V.		360
	359,500		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		544
	73,400		Megacable Holdings SAB de C.V.		250
	225,800		Orbia Advance Corp SAB de C.V.		576
	48,670		Promotora y Operadora de Infraestructura SAB de C.V.		380
	238,400	e	Telesites SAB de C.V.		244
	1,160,800		Wal-Mart de Mexico SAB de C.V.		4,314
			TOTAL MEXICO		35,301

NETHERLANDS - 2.2%
	31,802	*,g	Adyen NV		83,480
	3,451	*	Argenx SE		1,239
	23,304	*	Argenx SE		8,287
	296,159		ASML Holding NV		237,229
	121,345	g	Euronext NV		12,615
	62,367		Heineken NV		7,019
	13,642,422		ING Groep NV		189,671

285

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	272,224		Koninklijke Ahold Delhaize NV	$	9,342
	667,227		Koninklijke KPN NV		2,074
	911,290		Royal Dutch Shell plc (A Shares)		19,970
	216,607		Royal Dutch Shell plc (B Shares)		4,756
	1,797,523		Universal Music Group NV		50,712
			TOTAL NETHERLANDS		626,394

NEW ZEALAND - 0.0%
	387,651		Fisher & Paykel Healthcare Corp		8,685
			TOTAL NEW ZEALAND		8,685

NORWAY - 0.6%
	1,178,178	e	Aker BP ASA		36,227
	674,182	*,e	Aker Carbon Capture AS.		2,096
	4,317,509		Equinor ASA		114,324
	193,118		Gjensidige Forsikring BA		4,685
	2,371,153		Norsk Hydro ASA		18,658
			TOTAL NORWAY		175,990

PERU - 0.0%
	51,600	*,e	Cia de Minas Buenaventura S.A. (ADR) (Series B)		378
	16,000		Credicorp Ltd		1,953
	19,021		Southern Copper Corp		1,174
			TOTAL PERU		3,505

PHILIPPINES - 0.1%
	433,780		Aboitiz Equity Ventures, Inc		463
	1,975,600		AC Energy Corp		426
	22,920		Ayala Corp		374
	1,749,870		Ayala Land, Inc		1,259
	149,880		Bank of the Philippine Islands		271
	162,040		BDO Unibank, Inc		383
	2,505		Globe Telecom, Inc		163
	21,224		GT Capital Holdings, Inc		225
	226,290		International Container Term Services, Inc		888
	628,205		JG Summit Holdings (Series B)		652
	95,060		Jollibee Foods Corp		403
	54,560		Manila Electric Co		316
	914,900		Metro Pacific Investments Corp		70
	156,263		Metropolitan Bank & Trust		171
	996,200	*,g	Monde Nissin Corp		317
	6,430		PLDT, Inc		229
	5,826,950		Robinsons Retail Holdings, Inc		7,473
	19,520		SM Investments Corp		361
	2,215,100		SM Prime Holdings		1,472

286

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	192,580		Universal Robina	$	483
			TOTAL PHILIPPINES		16,399

POLAND - 0.1%
	338,829	*,g	Allegro.eu S.A.		3,262
	15,706		Bank Pekao S.A.		474
	3,045		Bank Zachodni WBK S.A.		261
	1,210	*	BRE Bank S.A.		129
	5,670		CD Projekt Red S.A.		270
	53,825		Cyfrowy Polsat S.A.		464
	10,540	*,g	Dino Polska S.A.		961
	187,188	*	InPost S.A.		2,259
	28,114		KGHM Polska Miedz S.A.		976
	239		LPP S.A.		1,020
	189,198	*	PGE Polska Grupa Energetyczna S.A.		377
	71,608		Polski Koncern Naftowy Orlen S.A.		1,320
	435,097		Polskie Gornictwo Naftowe i Gazownictwo S.A.		680
	70,409	*	Powszechna Kasa Oszczednosci Bank Polski S.A.		781
	130,400		Powszechny Zaklad Ubezpieczen S.A.		1,139
	140,211	*	Telekomunikacja Polska S.A.		294
			TOTAL POLAND		14,667

PORTUGAL - 0.1%
	2,268,672		Energias de Portugal S.A.		12,462
	842,501		Jeronimo Martins SGPS S.A.		19,280
			TOTAL PORTUGAL		31,742

QATAR - 0.0%
	470,652		Barwa Real Estate Co		395
	160,505		Commercial Bank of Qatar QSC		297
	334,601		Industries Qatar QSC		1,423
	389,182		Masraf Al Rayan		496
	960,766		Mesaieed Petrochemical Holding Co		551
	213,770		Ooredoo QSC		412
	108,770		Qatar Electricity & Water Co		496
	118,581		Qatar Fuel QSC		595
	593,199		Qatar Gas Transport Co Ltd		537
	56,911		Qatar International Islamic Bank QSC		144
	92,301		Qatar Islamic Bank SAQ		465
	372,061		Qatar National Bank		2,063
			TOTAL QATAR		7,874

ROMANIA - 0.0%
	101,163		NEPI Rockcastle plc		673
			TOTAL ROMANIA		673

287

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
RUSSIA - 0.6%
	579,439		Gazprom (ADR)	$	5,325
	758,416		Gazprom OAO (ADR)		7,003
	94,318		LUKOIL PJSC (ADR)		8,470
	80,143		Magnit PJSC (GDR)		1,202
	24,079	*	Mail.Ru Group Ltd (GDR)		279
	139,558		MMC Norilsk Nickel PJSC (ADR)		4,280
	109,200		Mobile TeleSystems (ADR)		868
	21,018		Novatek PJSC (GDR)		4,922
	33,468		Novolipetsk Steel PJSC (GDR)		988
	11,600	*,e	Ozon Holdings plc (ADR)		344
	32,501		PhosAgro PJSC (GDR)		701
	80,279		Polymetal International plc		1,430
	12,630		Polyus PJSC (GDR)		1,116
	2,528		Polyus PJSC (GDR)		223
	285,936	*	Rosneft Oil Co PJSC (GDR)		2,300
	3,140,845		Sberbank of Russia (ADR)		49,468
	46,814		Severstal (GDR)		1,008
	345,774		Surgutneftegaz (ADR) (London)		1,826
	57,841		Tatneft PJSC (ADR)		2,378
	26,375		TCS Group Holding plc (ADR)		2,224
	211,169	*	VTB Bank PJSC (GDR) Tradegate		266
	28,945	*	X5 Retail Group NV (GDR)		766
	1,353,041	*,e	Yandex NV		81,859
			TOTAL RUSSIA		179,246

SAUDI ARABIA - 0.2%
	9,711		Abdullah Al Othaim Markets Co		280
	24,543		Advanced Petrochemical Co		460
	297,694		Al Rajhi Bank		11,227
	81,696		Alinma Bank		520
	56,192		Almarai Co JSC		730
	47,085		Arab National Bank		287
	29,842	*	Bank AlBilad		368
	31,292		Bank Al-Jazira		160
	128,131		Banque Saudi Fransi		1,610
	12,912		Bupa Arabia for Cooperative Insurance Co		452
	12,554		Co for Cooperative Insurance		258
	66,761	*	Dar Al Arkan Real Estate Development Co		179
	38,728		Dr Sulaiman Al Habib Medical Services Group Co		1,663
	33,529	*	Emaar Economic City		107
	87,064		Etihad Etisalat Co		722
	13,070		Jarir Marketing Co		684

288

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	99,093	*	Mobile Telecommunications Co Saudi Arabia	$	317
	10,681		Mouwasat Medical Services Co		493
	758,559		National Commercial Bank		13,012
	73,002	*	National Industrialization Co		386
	23,454		National Petrochemical Co		249
	48,062	*	Rabigh Refining & Petrochemical Co		264
	375,385		Riyad Bank		2,710
	48,006		SABIC Agri-Nutrients Co		2,254
	79,701		Sahara International Petrochemical Co		888
	92,300	*	Saudi Arabian Mining Co		1,926
	496,969	g	Saudi Arabian Oil Co		4,737
	200,029		Saudi Basic Industries Corp		6,169
	196,353		Saudi British Bank		1,722
	15,160		Saudi Cement Co		221
	188,335		Saudi Electricity Co		1,201
	47,543		Saudi Industrial Investment Group		394
	158,715	*	Saudi Kayan Petrochemical Co		717
	133,976		Saudi Telecom Co		4,007
	56,925		Savola Group		485
	56,361		Yanbu National Petrochemical Co		1,029
			TOTAL SAUDI ARABIA		62,888

SINGAPORE - 0.3%
	545,200	e	Ascendas REIT		1,195
	17,900	g	BOC Aviation Ltd		131
	435,142	*,e	Capitaland Investment Ltd		1,100
	67,304		CapitaMall Trust		102
	392,600		DBS Group Holdings Ltd		9,509
	723,361		Oversea-Chinese Banking Corp		6,122
	175,900	e	Singapore Exchange Ltd		1,214
	1,677,100	e	Singapore Telecommunications Ltd		2,887
	905,140		STMicroelectronics NV		44,510
	257,316		United Overseas Bank Ltd		5,139
			TOTAL SINGAPORE		71,909

SOUTH AFRICA - 0.2%
	167,335		Absa Group Ltd		1,602
	21,000		African Rainbow Minerals Ltd		305
	12,095		Anglo American Platinum Ltd		1,380
	229,175		Anglo American plc		9,426
	31,861		Aspen Pharmacare Holdings Ltd		449
	73,565		Bid Corp Ltd		1,507
	62,391		Bidvest Group Ltd		742
	59,497		Capitec Bank Holdings Ltd		7,616

289

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	52,536		Clicks Group Ltd	$	1,040
	88,991	*	Discovery Holdings Ltd		802
	56,596		Exxaro Resources Ltd		543
	1,151,654		FirstRand Ltd		4,394
	193,273		Gold Fields Ltd		2,138
	784,485		Growthpoint Properties Ltd		757
	113,882		Harmony Gold Mining Co Ltd		478
	181,777		Impala Platinum Holdings Ltd		2,564
	13,042		Kumba Iron Ore Ltd		376
	55,060		Mr Price Group Ltd		691
	374,429	*	MTN Group Ltd		4,013
	81,399		MultiChoice Group Ltd		624
	47,651		Naspers Ltd (N Shares)		7,396
	39,150		Nedbank Group Ltd		430
	78,787	*	Northam Platinum Holdings Ltd		1,036
	1,073,392		Old Mutual Ltd		882
	106,411	*,g	Pepkor Holdings Ltd		146
	64,202		Rand Merchant Investment Holdings Ltd		182
	120,806		Remgro Ltd		994
	406,106		Sanlam Ltd		1,513
	125,655	*	Sasol Ltd		2,057
	110,423		Shoprite Holdings Ltd		1,447
	618,946		Sibanye Stillwater Ltd		1,925
	41,589		Spar Group Ltd		436
	298,913		Standard Bank Group Ltd		2,626
	36,253		Tiger Brands Ltd		412
	142,334		Vodacom Group Pty Ltd		1,201
	215,106		Woolworths Holdings Ltd		700
			TOTAL SOUTH AFRICA		64,830

SPAIN - 0.5%
	268,723	*	Amadeus IT Holding S.A.		18,183
	14,762,232		Banco Bilbao Vizcaya Argentaria S.A.		87,555
	2,003,718		Iberdrola S.A.		23,724
	297,893		Industria De Diseno Textil S.A.		9,607
	108,528	*,†,e	Let’s GOWEX S.A.		1
	13,603		Merlin Properties Socimi S.A.		147
	64,249	e	Naturgy Energy Group S.A.		2,090
	79,628	e	Red Electrica Corp S.A.		1,722
	1,089,074	e	Telefonica S.A.		4,722
			TOTAL SPAIN		147,751

SWEDEN - 0.6%
	1,162,528		Assa Abloy AB		35,435

290

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	108,999	g	Evolution Gaming Group AB	$	15,406
	58,567	*	Fastighets AB Balder		4,215
	1,829,415		Hexagon AB		28,979
	498,177		Intrum Justitia AB		12,836
	53,153		Lundin Petroleum AB		1,902
	1,548,013		Sandvik AB		43,149
	26,406	*,e	SAS AB		4
	5,080,479		Swedish Match AB		40,332
			TOTAL SWEDEN		182,258

SWITZERLAND - 2.1%
	242,882		Alcon, Inc		21,424
	112,416		Cie Financiere Richemont S.A.		16,799
	566,342		Credit Suisse Group		5,491
	4,339		Givaudan S.A.		22,765
	195,551		Lonza Group AG.		162,813
	645,150		Nestle S.A.		90,074
	188,623		Novartis AG.		16,575
	9,150		PSP Swiss Property AG.		1,140
	486,423		Roche Holding AG.		201,798
	9,738		Sonova Holdings AG		3,806
	7,522		Straumann Holding AG.		15,906
	9,150		Swiss Prime Site AG.		898
	813,579		UBS Group AG		14,603
	71,367		Zurich Insurance Group AG		31,264
			TOTAL SWITZERLAND		605,356

TAIWAN - 1.9%
	109,000		Accton Technology Corp		1,021
	220,000		Acer, Inc		242
	31,391		Advantech Co Ltd		449
	276,000		ASE Technology Holding Co Ltd		1,067
	193,000		Asia Cement Corp		309
	6,000		ASMedia Technology, Inc		393
	59,000		Asustek Computer, Inc		801
	685,000		AU Optronics Corp		566
	58,189		Catcher Technology Co Ltd		329
	1,760,412		Cathay Financial Holding Co Ltd		3,966
	283,592		Chailease Holding Co Ltd		2,697
	322,293		Chang Hwa Commercial Bank		198
	383,000		Cheng Shin Rubber Industry Co Ltd		499
	320,212	*	China Development Financial Holding Corp		111
	3,842,918		China Development Financial Holding Corp		2,427
	2,601,000		China Steel Corp		3,319

291

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	8,105,000		Chinatrust Financial Holding Co	$	7,593
	329,000		Chunghwa Telecom Co Ltd		1,385
	361,000		Compal Electronics, Inc		316
	929,727		Dadi Early-Childhood Education Group Ltd		4,901
	161,000		Delta Electronics, Inc		1,597
	2,800,033		E.Sun Financial Holding Co Ltd		2,838
	639,000		Eclat Textile Co Ltd		14,560
	14,000		eMemory Technology, Inc		1,105
	210,731		Evergreen Marine Corp Tawain Ltd		1,080
	699,000		Far Eastern Textile Co Ltd		739
	143,000		Far EasTone Telecommunications Co Ltd		334
	93,040		Feng TAY Enterprise Co Ltd		778
	848,165		First Financial Holding Co Ltd		750
	775,000		Formosa Chemicals & Fibre Corp		2,260
	264,000		Formosa Petrochemical Corp		913
	850,000		Formosa Plastics Corp		3,190
	81,000		Foxconn Technology Co Ltd		190
	23,860	*	Fubon Financial Holding Co Ltd		52
	1,796,822		Fubon Financial Holding Co Ltd		4,946
	2,269,600		Fuhwa Financial Holdings Co Ltd		2,073
	65,000		Giant Manufacturing Co Ltd		809
	274,900		Globalwafers Co Ltd		8,807
	22,680		Hiwin Technologies Corp		251
	1,054,000		Hon Hai Precision Industry Co, Ltd		3,953
	1,934,278		Hota Industrial Manufacturing Co Ltd		6,369
	65,000		Hotai Motor Co Ltd		1,440
	687,984		Hua Nan Financial Holdings Co Ltd		527
	805,000		InnoLux Display Corp		569
	234,000		Inventec Co Ltd		211
	8,604		Largan Precision Co Ltd		765
	177,000		Lite-On Technology Corp		408
	788,242		MediaTek, Inc		33,823
	2,595,000		Mega Financial Holding Co Ltd		3,333
	56,000		Micro-Star International Co Ltd		324
	10,000		momo.com, Inc		585
	1,135,000		Nan Ya Plastics Corp		3,497
	19,000		Nan Ya Printed Circuit Board Corp		391
	109,000		Nanya Technology Corp		307
	34,000		Nien Made Enterprise Co Ltd		506
	48,000		Novatek Microelectronics Corp Ltd		932
	18,000	*	Oneness Biotech Co Ltd		187
	168,000		Pegatron Technology Corp		419
	524,000		Pou Chen Corp		627

292

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	126,000		President Chain Store Corp	$	1,244
	1,717,000		Prime View International Co Ltd		9,350
	223,000		Quanta Computer, Inc		762
	37,000		Realtek Semiconductor Corp		773
	252,540		Ruentex Development Co Ltd		581
	289,999		Shanghai Commercial & Savings Bank Ltd		495
	2,709,684		Shin Kong Financial Holding Co Ltd		1,080
	845,300		SinoPac Financial Holdings Co Ltd		493
	112,000		Synnex Technology International Corp		268
	858,350		Taishin Financial Holdings Co Ltd		587
	432,192		Taiwan Cement Corp		749
	771,024		Taiwan Cooperative Financial Holding		708
	413,000		Taiwan High Speed Rail Corp		441
	143,000		Taiwan Mobile Co Ltd		516
	15,637,100		Taiwan Semiconductor Manufacturing Co Ltd		345,908
	146,645		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		17,643
	102,000		Unimicron Technology Corp		849
	1,067,000		Uni-President Enterprises Corp		2,642
	988,000		United Microelectronics Corp		2,315
	73,000		Vanguard International Semiconductor Corp		416
	13,000		Voltronic Power Technology Corp		725
	52,400		Wan Hai Lines Ltd		374
	28,000		Win Semiconductors Corp		378
	247,000		Winbond Electronics Corp		302
	218,690		Wistron Corp		230
	16,000		Wiwynn Corp		644
	133,640		WPG Holdings Co Ltd		254
	36,339		Yageo Corp		628
	144,000	*	Yang Ming Marine Transport		626
	52,000		Zhen Ding Technology Holding Ltd		188
			TOTAL TAIWAN		531,203

TANZANIA, UNITED REPUBLIC OF - 0.0%
	91,086		AngloGold Ashanti Ltd		1,918
			TOTAL TANZANIA, UNITED REPUBLIC OF		1,918

THAILAND - 0.1%
	100,900		Advanced Info Service PCL		694
	926,600		Airports of Thailand PCL		1,687
	1,215,500	*	Asset World Corp PCL		168
	147,500		B Grimm Power PCL		179
	137,400		Bangkok Commercial Asset Management PCL		89
	794,600		Bangkok Dusit Medical Services PCL		547

293

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,505,500		Bangkok Expressway & Metro PCL	$	381
	276,400		Berli Jucker PCL		256
	1,568,090		BTS Group Holdings PCL		438
	40,400		Bumrungrad Hospital PCL		170
	60,800		Carabao Group PCL		217
	431,100		Central Pattana PCL		729
	380,775		Central Retail Corp PCL		364
	841,600		Charoen Pokphand Foods PCL		643
	1,278,200		CP ALL plc		2,266
	26,300		Delta Electronics Thai PCL		324
	68,400		Electricity Generating PCL		359
	326,300		Energy Absolute PCL		937
	150,000		Global Power Synergy Co Ltd		399
	626,030		Gulf Energy Development PCL		858
	1,268,200		Home Product Center PCL		550
	362,900		Indorama Ventures PCL		469
	250,900		Intouch Holdings PCL (Class F)		603
	923,900		Krung Thai Bank PCL		364
	180,400		Krungthai Card PCL		320
	1,869,900		Land and Houses PCL Co Reg		492
	674,100	*	Minor International PCL		580
	120,600		Muangthai Capital PCL		212
	241,100		Osotspa PCL		247
	369,500		PTT Exploration & Production PCL		1,303
	510,800		PTT Global Chemical PCL		898
	638,800		PTT Oil & Retail Business PCL		516
	2,390,400		PTT PCL		2,713
	71,700		Ratch Group PCL		97
	282,500		SCG Packaging PCL		585
	173,600		Siam Cement PCL		2,007
	197,200		Siam Commercial Bank PCL		749
	80,800		Sri Trang Gloves Thailand PCL		73
	144,300		Srisawad Corp PCL		266
	309,500		Thai Oil PCL		458
	636,000		Thai Union Group PCL		371
	966,900		True Corp PCL		141
			TOTAL THAILAND		25,719

TURKEY - 0.0%
	291,316		Akbank TAS		157
	127,694		Aselsan Elektronik Sanayi Ve Ticaret AS		202
	102,280		BIM Birlesik Magazalar AS		474
	302,690		Eregli Demir ve Celik Fabrikalari TAS		644

294

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	13,978		Ford Otomotiv Sanayi AS	$	252
	160,280		KOC Holding AS		344
	271,872		Turkcell Iletisim Hizmet AS		379
	196,155		Turkiye Garanti Bankasi AS		167
	117,143		Turkiye Is Bankasi (Series C)		64
	32,287	*	Turkiye Petrol Rafinerileri AS		377
	296,826		Turkiye Sise ve Cam Fabrikalari AS		300
			TOTAL TURKEY		3,360

UNITED ARAB EMIRATES - 0.1%
	621,448		Abu Dhabi Commercial Bank PJSC		1,442
	114,112		Abu Dhabi Islamic Bank PJSC		213
	579,807		Abu Dhabi National Oil Co for Distribution PJSC		674
	875,041		Aldar Properties PJSC		950
	231,115		Dubai Islamic Bank PJSC		338
	913,900		Emaar Properties PJSC		1,214
	206,351		Emirates NBD Bank PJSC		761
	770,325		Emirates Telecommunications Group Co PJSC		6,656
	1,005,963		National Bank of Abu Dhabi PJSC		5,160
	5,358	*,†	NMC Health plc		0	^
			TOTAL UNITED ARAB EMIRATES		17,408

UNITED KINGDOM - 4.4%
	1,006,399	*	Allfunds Group PLC		19,817
	1,250,890		Ashtead Group plc		100,840
	147,799		Associated British Foods plc		4,046
	1,464,596		AstraZeneca plc		171,020
	11,427,016		Barclays plc		29,108
	1,866,804	*	Beazley plc		11,805
	118,969		Big Yellow Group plc		2,749
	1,809,231		BP plc		8,106
	692,852		British American Tobacco plc		25,727
	274,545		British Land Co plc		1,983
	102,835	*	Coca-Cola European Partners plc (Class A)		5,752
	308,712	*	Compass Group plc		6,950
	1,865,555	*	Darktrace plc		10,611
	289,255		Dechra Pharmaceuticals plc		20,906
	36,604		Derwent London plc		1,703
	2,589,939		Diageo plc		141,608
	1,804,801		Electrocomponents plc		29,597
	866,668		Fevertree Drinks plc		31,732
	341,798		GlaxoSmithKline plc		7,442
	183,029		Great Portland Estates plc		1,812
	328,233	*	Informa plc		2,298

295

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	199,076	*,g	Just Eat Takeaway.com NV	$	10,816
	201,332	e	Land Securities Group plc		2,125
	116,186	*	Liberty Global plc (Class A)		3,223
	24,891	*	Liberty Global plc (Class C)		699
	113,721		Linde plc		39,396
	636,125		Linde plc (Xetra)		220,740
	114,637,069		Lloyds TSB Group plc		74,444
	142,326		London Stock Exchange Group plc		13,389
	6,134,848		Man Group plc		18,883
	2,115,370		Natwest Group plc		6,478
	34,920		Next plc		3,862
	1,147,795		Prudential plc		19,849
	153,337		Reckitt Benckiser Group plc		13,200
	822,279		RELX plc		26,699
	263,439		RELX plc		8,600
	146,422		Safestore Holdings plc		2,792
	216,512		Scottish & Southern Energy plc		4,840
	235,995		Segro plc		4,593
	145,498		Smith & Nephew plc		2,539
	1,888,082		Standard Chartered plc		11,481
	72,886	*	TechnipFMC plc		431
	20,444,132		Tesco plc		80,490
	1,531,899	*	THG Holdings Ltd		4,752
	5,028,907		Tritax Big Box REIT plc		16,965
	5,062,441	g	Tritax EuroBox plc		8,017
	444,216		Unilever plc		23,831
	5,598,326		Vodafone Group plc		8,432
	275,134		WPP plc		4,190
			TOTAL UNITED KINGDOM		1,271,368

UNITED STATES - 60.1%
	362	*	10X Genomics, Inc		54
	65,531		3M Co		11,640
	580		A.O. Smith Corp		50
	1,287,461		Abbott Laboratories		181,197
	1,381,295		AbbVie, Inc		187,027
	31,645	*	Abiomed, Inc		11,366
	374,534		Accenture plc		155,263
	3,473		Activision Blizzard, Inc		231
	230,653	*	Adient plc		11,044
	15,277	*	Adobe, Inc		8,663
	282		Advance Auto Parts, Inc		68
	564,302	*	Advanced Micro Devices, Inc		81,203

296

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,982		AES Corp	$	72
	370	*	Affirm Holdings, Inc		37
	41,800		Aflac, Inc		2,441
	39,416		Agilent Technologies, Inc		6,293
	2,058		AGNC Investment Corp		31
	27,453		Agree Realty Corp		1,959
	85,852		Air Products & Chemicals, Inc		26,121
	1,053	*	Airbnb, Inc		175
	727	*	Akamai Technologies, Inc		85
	52,896		Albemarle Corp		12,365
	40,000	*	Alector, Inc		826
	58,671		Alexandria Real Estate Equities, Inc		13,081
	20,205	*	Align Technology, Inc		13,278
	3,242	*	Alleghany Corp		2,164
	393		Allegion plc		52
	462,913		Alliant Energy Corp		28,455
	15,167		Allstate Corp		1,784
	1,620		Ally Financial, Inc		77
	68,745	*	Alnylam Pharmaceuticals, Inc		11,658
	102,893	*	Alphabet, Inc (Class A)		298,085
	113,866	*	Alphabet, Inc (Class C)		329,482
	162,643	*	Altice USA, Inc		2,632
	901,455	*	Altimmune, Inc		8,257
	349,941		Altria Group, Inc		16,584
	184,351	*	Amazon.com, Inc		614,689
	2,312	*,e	AMC Entertainment Holdings, Inc		63
	6,892		Amcor plc		83
	40		Amerco, Inc		29
	329,295		Ameren Corp		29,311
	388,223		American Electric Power Co, Inc		34,540
	3,015		American Express Co		493
	350		American Financial Group, Inc		48
	249,723		American Homes 4 Rent		10,890
	486,166		American International Group, Inc		27,643
	93,543		American Tower Corp		27,361
	810		American Water Works Co, Inc		153
	82,923		Americold Realty Trust		2,719
	7,388		Ameriprise Financial, Inc		2,229
	697		AmerisourceBergen Corp		93
	1,031		Ametek, Inc		152
	28,766		Amgen, Inc		6,471
	2,670		Amphenol Corp (Class A)		234
	356,907		Analog Devices, Inc		62,734

297

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	6,143		Annaly Capital Management, Inc	$	48
	389	*	Ansys, Inc		156
	44,995		Anthem, Inc		20,857
	42,303		Aon plc		12,715
	870	e	Apollo Global Management, Inc		63
	5,747,631	d	Apple, Inc		1,020,607
	101,626		Applied Materials, Inc		15,992
	154,947	*	Aptiv plc		25,558
	891		ARAMARK Holdings Corp		33
	1,767	*	Arch Capital Group Ltd		79
	102,502		Archer-Daniels-Midland Co		6,928
	1,028	*	Arista Networks, Inc		148
	321	*	Arrow Electronics, Inc		43
	923		Arthur J. Gallagher & Co		157
	251	*	Asana, Inc		19
	248		Assurant, Inc		39
	1,906,274		AT&T, Inc		46,894
	227,926	*	Athene Holding Ltd		18,993
	583		Atmos Energy Corp		61
	982	*	Autodesk, Inc		276
	1,889		Automatic Data Processing, Inc		466
	1,987	*	AutoZone, Inc		4,166
	380	*	Avalara, Inc		49
	34,620		AvalonBay Communities, Inc		8,745
	19,964	*	Avantor, Inc		841
	36,782		Avery Dennison Corp		7,966
	3,701		Baker Hughes Co		89
	61,840		Ball Corp		5,953
	1,779,497		Bank of America Corp		79,170
	744,191		Bank of New York Mellon Corp		43,223
	1,188		Bath & Body Works, Inc		83
	44,577		Baxter International, Inc		3,826
	35,780		Becton Dickinson & Co		8,998
	815		Bentley Systems, Inc		39
	286,833	*	Berkshire Hathaway, Inc (Class B)		85,763
	27,829		Best Buy Co, Inc		2,827
	334	*	Bill.Com Holdings, Inc		83
	666	*	Biogen, Inc		160
	820	*	BioMarin Pharmaceutical, Inc		72
	13,458	*	Bio-Rad Laboratories, Inc (Class A)		10,168
	174		Bio-Techne Corp		90
	695	*	Black Knight, Inc		58
	38,961		BlackRock, Inc		35,671

298

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	142,523		Blackstone Group, Inc	$	18,441
	1,775	*	Block Inc		287
	354,184	*	Boeing Co		71,304
	6,728	*	Booking Holdings, Inc		16,142
	591		Booz Allen Hamilton Holding Co		50
	1,027		BorgWarner, Inc		46
	21,713		Boston Properties, Inc		2,501
	1,532,053	*	Boston Scientific Corp		65,082
	592,748		Bristol-Myers Squibb Co		36,958
	461,094		Broadcom, Inc		306,817
	519		Broadridge Financial Solutions, Inc		95
	1,069		Brown & Brown, Inc		75
	1,382		Brown-Forman Corp (Class B)		101
	182,526		Bunge Ltd		17,041
	60,941	*	Burlington Stores, Inc		17,765
	22		Cable One, Inc		39
	3,462		Cabot Oil & Gas Corp		66
	1,236	*	Cadence Design Systems, Inc		230
	960	*	Caesars Entertainment, Inc		90
	449		Camden Property Trust		80
	922		Campbell Soup Co		40
	266,071		Capital One Financial Corp		38,604
	1,304		Cardinal Health, Inc		67
	711		Carlyle Group, Inc		39
	728	*	CarMax, Inc		95
	80,318	*	Carnival Corp		1,616
	1,554,527		Carrier Global Corp		84,318
	341	*	Carvana Co		79
	761	*	Catalent, Inc		97
	402,746		Caterpillar, Inc		83,264
	476		CBOE Global Markets, Inc		62
	1,499	*	CBRE Group, Inc		163
	391,361		CDW Corp		80,143
	72,294		Celanese Corp (Series A)		12,150
	211,199	*	Centene Corp		17,403
	1,113,398		Centerpoint Energy, Inc		31,075
	603	*	Ceridian HCM Holding, Inc		63
	48,046		Cerner Corp		4,462
	105,818		CF Industries Holdings, Inc		7,490
	588		CH Robinson Worldwide, Inc		63
	29,569	*	Charles River Laboratories International, Inc		11,141
	518,272		Charles Schwab Corp		43,587
	36,225	*	Charter Communications, Inc		23,618

299

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	59,727		Cheniere Energy, Inc	$	6,058
	571,035		Chevron Corp		67,011
	441	*,e	Chewy, Inc		26
	4,070	*	Chipotle Mexican Grill, Inc (Class A)		7,115
	334,775		Chubb Ltd		64,715
	1,096		Church & Dwight Co, Inc		112
	119,766		Cigna Corp		27,502
	685		Cincinnati Financial Corp		78
	414		Cintas Corp		183
	2,910,740		Cisco Systems, Inc		184,454
	326,369		Citigroup, Inc		19,709
	378,775		Citizens Financial Group, Inc		17,897
	603		Citrix Systems, Inc		57
	1,649	*	Clarivate Analytics plc		39
	27,288		Clorox Co		4,758
	1,059	*	Cloudflare, Inc		139
	75,672		CME Group, Inc		17,288
	339,938		CMS Energy Corp		22,113
	3,059,525		Coca-Cola Co		181,155
	790		Cognex Corp		61
	2,346		Cognizant Technology Solutions Corp (Class A)		208
	160	*	Coinbase Global, Inc		40
	213,549		Colgate-Palmolive Co		18,224
	2,185,866		Comcast Corp (Class A)		110,015
	258,989		ConAgra Brands, Inc		8,844
	733,461		ConocoPhillips		52,941
	1,579		Consolidated Edison, Inc		135
	62,400		Constellation Brands, Inc (Class A)		15,661
	219		Cooper Cos, Inc		92
	950	*	Copart, Inc		144
	3,623		Corning, Inc		135
	229,062		Corteva, Inc		10,830
	1,764	*	CoStar Group, Inc		139
	396,867		Costco Wholesale Corp		225,301
	9,683	*	Coty, Inc		102
	363	*	Coupa Software, Inc		57
	845	*	Crowdstrike Holdings, Inc		173
	193,331		Crown Castle International Corp		40,356
	603,121		Crown Holdings, Inc		66,717
	476,975		CSX Corp		17,934
	13,606		Cummins, Inc		2,968
	581,879		CVS Health Corp		60,027

300

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	37,325		CyrusOne, Inc	$	3,349
	239,399		Danaher Corp		78,765
	32,149		Darden Restaurants, Inc		4,843
	856	*	Datadog, Inc		152
	305	*	DaVita, Inc		35
	169,890		Deere & Co		58,254
	1,239	*	Dell Technologies, Inc		70
	223,327	*	Delta Air Lines, Inc		8,728
	948		Dentsply Sirona, Inc		53
	1,067,125		Devon Energy Corp		47,007
	49,360	*	DexCom, Inc		26,504
	630,644		Diamondback Energy, Inc		68,015
	38,587		Digital Realty Trust, Inc		6,825
	369,325		Discover Financial Services		42,679
	554	*,e	Discovery, Inc (Class A)		13
	1,172	*	Discovery, Inc (Class C)		27
	59,356	*	DISH Network Corp (Class A)		1,926
	870	*	DocuSign, Inc		133
	45,337		Dollar General Corp		10,692
	72,541	*	Dollar Tree, Inc		10,193
	304,561		Dominion Energy, Inc		23,926
	164		Domino’s Pizza, Inc		93
	479	*	DoorDash, Inc		71
	643		Dover Corp		117
	1,087,538		Dow, Inc		61,685
	1,519		DR Horton, Inc		165
	1,373	*,e	DraftKings, Inc		38
	1,482	*	Dropbox, Inc		36
	866		DTE Energy Co		104
	201,156		Duke Energy Corp		21,101
	48,886		Duke Realty Corp		3,209
	745,587		DuPont de Nemours, Inc		60,229
	909	*	Dynatrace, Inc		55
	76,642		Eastman Chemical Co		9,267
	443,062		Eaton Corp		76,570
	193,757		eBay, Inc		12,885
	50,559		Ecolab, Inc		11,861
	100,312		Edison International		6,846
	112,508	*	Edwards Lifesciences Corp		14,575
	200,017	*	Elanco Animal Health, Inc		5,676
	1,271		Electronic Arts, Inc		168
	204,936		Eli Lilly & Co		56,607
	2,669		Emerson Electric Co		248

301

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	571	*	Enphase Energy, Inc	$	104
	606		Entegris, Inc		84
	94,419		Entergy Corp		10,636
	220,748		EOG Resources, Inc		19,609
	253	*	EPAM Systems, Inc		169
	544		Equifax, Inc		159
	9,659		Equinix, Inc		8,170
	1,285,747		Equitable Holdings, Inc		42,160
	141,113		Equity Lifestyle Properties, Inc		12,370
	76,240		Equity Residential		6,900
	93		Erie Indemnity Co (Class A)		18
	1,028		Essential Utilities Inc		55
	9,440		Essex Property Trust, Inc		3,325
	87,079		Estee Lauder Cos (Class A)		32,237
	8,456	*	Etsy, Inc		1,851
	171		Everest Re Group Ltd		47
	1,027		Evergy, Inc		70
	1,533		Eversource Energy		139
	772	*	Exact Sciences Corp		60
	347,582		Exelon Corp		20,076
	30,946	*	Expedia Group, Inc		5,593
	759		Expeditors International of Washington, Inc		102
	28,050		Extra Space Storage, Inc		6,360
	2,740,551		Exxon Mobil Corp		167,694
	269	*	F5 Networks, Inc		66
	168		Factset Research Systems, Inc		82
	127	*	Fair Isaac Corp		55
	2,565		Fastenal Co		164
	4,477		FedEx Corp		1,158
	1,214		Fidelity National Financial Inc		63
	2,758		Fidelity National Information Services, Inc		301
	877,774		Fifth Third Bancorp		38,227
	112,960		First Republic Bank		23,327
	583,300		FirstEnergy Corp		24,259
	2,662	*	Fiserv, Inc		276
	388	*	FleetCor Technologies, Inc		87
	577		FMC Corp		63
	17,529		Ford Motor Co		364
	620	*	Fortinet, Inc		223
	312,954		Fortive Corp		23,875
	617		Fortune Brands Home & Security, Inc		66
	1,597		Fox Corp (Class A)		59

302

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	845		Fox Corp (Class B)	$	29
	1,469		Franklin Resources, Inc		49
	4,161,724		Freeport-McMoRan, Inc (Class B)		173,669
	83,871		Gaming and Leisure Properties, Inc		4,081
	687		Garmin Ltd		94
	373	*	Gartner, Inc		125
	282	*	Generac Holdings, Inc		99
	1,061		General Dynamics Corp		221
	4,904		General Electric Co		463
	71,357		General Mills, Inc		4,808
	1,391,379	*	General Motors Co		81,577
	640		Genuine Parts Co		90
	380,100		Gilead Sciences, Inc		27,599
	1,312		Global Payments, Inc		177
	393		Globe Life, Inc		37
	828	*	GoDaddy, Inc		70
	361,853		Goldman Sachs Group, Inc		138,427
	784,010	*	Grab Holdings Ltd.		3,175
	63,297	*	Guardant Health, Inc		6,331
	325	*	Guidewire Software, Inc		37
	603,547		Halliburton Co		13,803
	195,781		Hartford Financial Services Group, Inc		13,517
	581		Hasbro, Inc		59
	155,375		HCA Healthcare, Inc		39,919
	47,198		Healthcare Trust of America, Inc		1,576
	144,789		Healthpeak Properties Inc		5,225
	240		HEICO Corp		35
	348		HEICO Corp (Class A)		45
	599	*	Henry Schein, Inc		46
	650		Hershey Co		126
	306,217		Hess Corp		22,669
	6,450		Hewlett Packard Enterprise Co		102
	1,246	*	Hilton Worldwide Holdings, Inc		194
	187,196	*	Hologic, Inc		14,332
	695,299		Home Depot, Inc		288,556
	763,236		Honeywell International, Inc		159,142
	105,832	*	Horizon Therapeutics Plc		11,404
	1,332		Hormel Foods Corp		65
	149,540	*	Host Hotels and Resorts, Inc		2,600
	1,702		Howmet Aerospace, Inc		54
	5,364		HP, Inc		202
	193,555		Hubbell, Inc		40,312
	199	*	HubSpot, Inc		131

303

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	23,766		Humana, Inc	$	11,024
	6,593		Huntington Bancshares, Inc		102
	149		Huntington Ingalls		28
	385	*	IAC		50
	339		IDEX Corp		80
	32,465	*	IDEXX Laboratories, Inc		21,377
	30,492		IHS Markit Ltd		4,053
	35,981		Illinois Tool Works, Inc		8,880
	68,860	*	Illumina, Inc		26,197
	927	*	Incyte Corp		68
	811,086		Ingersoll Rand, Inc		50,182
	7,748	*	Insulet Corp		2,062
	2,641,095		Intel Corp		136,016
	91,641		Intercontinental Exchange Group, Inc		12,534
	4,003		International Business Machines Corp		535
	742,926		International Flavors & Fragrances, Inc		111,922
	69,264		International Paper Co		3,254
	211,860		Interpublic Group of Cos, Inc		7,934
	1,220		Intuit, Inc		785
	125,646	*	Intuitive Surgical, Inc		45,145
	1,434		Invesco Ltd		33
	184,824		Invitation Homes, Inc		8,380
	185	*	IPG Photonics Corp		32
	102,818	*	IQVIA Holdings, Inc		29,009
	1,299		Iron Mountain, Inc		68
	260,712	e	iShares MSCI Canada Index Fund		10,019
	63,579	*,e	iShares MSCI South Korea Index Fund		4,951
	483		J.M. Smucker Co		66
	328		Jack Henry & Associates, Inc		55
	27,809	e	Jackson Financial, Inc		1,163
	582		Jacobs Engineering Group, Inc		81
	228	*	Jazz Pharmaceuticals plc		29
	4,741		JB Hunt Transport Services, Inc		969
	193,500		JBS S.A.		1,320
	678,123		Johnson & Johnson		116,006
	3,180		Johnson Controls International plc		259
	1,601,074		JPMorgan Chase & Co		253,530
	1,800,083		Juniper Networks, Inc		64,281
	1,142		Kellogg Co		74
	1,476,104		Keurig Dr Pepper, Inc		54,409
	4,274		Keycorp		99
	822	*	Keysight Technologies, Inc		170
	18,301		Kilroy Realty Corp		1,216

304

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	91,565		Kimberly-Clark Corp	$	13,086
	9,110		Kinder Morgan, Inc		144
	30,911		KKR & Co, Inc		2,303
	386,763		KLA Corp		166,351
	749		Knight-Swift Transportation Holdings, Inc		46
	3,007		Kraft Heinz Co		108
	216,912		Kroger Co		9,817
	898		L3Harris Technologies, Inc		191
	28,697	*	Laboratory Corp of America Holdings		9,017
	634		Lam Research Corp		456
	160,490	*	Las Vegas Sands Corp		6,041
	267		Lear Corp		49
	9,971	*,e	Legend Biotech Corp (ADR)		465
	591		Leidos Holdings, Inc		53
	1,226		Lennar Corp (Class A)		142
	145		Lennox International, Inc		47
	124	*	Liberty Broadband Corp (Class A)		20
	650	*	Liberty Broadband Corp (Class C)		105
	852	*	Liberty Media Group (Class C)		54
	463	*	Liberty SiriusXM Group (Class A)		24
	757	*	Liberty SiriusXM Group (Class C)		38
	786		Lincoln National Corp		54
	735	*	Live Nation, Inc		88
	1,250		LKQ Corp		75
	1,113		Lockheed Martin Corp		396
	970		Loews Corp		56
	277,672		Lowe’s Companies, Inc		71,773
	1,810	*,e	Lucid Group, Inc		69
	125,981	*	Lululemon Athletica, Inc		49,315
	4,148		Lumen Technologies, Inc		52
	1,101	*	Lyft, Inc (Class A)		47
	1,195		LyondellBasell Industries NV		110
	578		M&T Bank Corp		89
	222,206		Marathon Petroleum Corp		14,219
	61	*	Markel Corp		75
	170		MarketAxess Holdings, Inc		70
	17,019	*	Marriott International, Inc (Class A)		2,812
	113,669		Marsh & McLennan Cos, Inc		19,758
	279		Martin Marietta Materials, Inc		123
	3,678		Marvell Technology, Inc		322
	1,102		Masco Corp		77
	34,144	*	Masimo Corp		9,997
	298,130		Mastercard, Inc (Class A)		107,124

305

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	477,678	*	Match Group, Inc	$	63,173
	1,113		McCormick & Co, Inc		108
	692,302		McDonald’s Corp		185,585
	66,784		McKesson Corp		16,600
	2,657		Medical Properties Trust, Inc		63
	1,125,215		Medtronic plc		116,403
	524,506		Merck & Co, Inc		40,198
	377,103	*	Meta Platforms, Inc.		126,839
	45,076		Metlife, Inc		2,817
	5,454	*	Mettler-Toledo International, Inc		9,257
	61,089		MGM Growth Properties LLC		2,495
	1,733		MGM Resorts International		78
	2,448		Microchip Technology, Inc		213
	5,028		Micron Technology, Inc		468
	3,145,095		Microsoft Corp		1,057,758
	22,478		Mid-America Apartment Communities, Inc		5,157
	46,681	*	Moderna, Inc		11,856
	250	*	Mohawk Industries, Inc		46
	260	*	Molina Healthcare, Inc		83
	762		Molson Coors Brewing Co (Class B)		35
	706,938		Mondelez International, Inc		46,877
	260	*	MongoDB, Inc		138
	194		Monolithic Power Systems, Inc		96
	980,628	*	Monster Beverage Corp		94,180
	5,942		Moody’s Corp		2,321
	2,523,867		Morgan Stanley		247,743
	116,315		Mosaic Co		4,570
	756		Motorola Solutions, Inc		205
	2,964		MSCI, Inc (Class A)		1,816
	522		Nasdaq Inc		110
	52,173		National Storage Affiliates Trust		3,610
	1,002		NetApp, Inc		92
	101,303	*	Netflix, Inc		61,029
	367	*	Neurocrine Biosciences, Inc		31
	1,519		Newell Brands Inc		33
	346,036		Newmont Goldcorp Corp		21,461
	1,752		News Corp (Class A)		39
	557,839		NextEra Energy, Inc		52,080
	1,061,795		Nike, Inc (Class B)		176,969
	1,897		NiSource, Inc		52
	233		Nordson Corp		59
	1,103		Norfolk Southern Corp		328
	883		Northern Trust Corp		106
	169,922		Northrop Grumman Corp		65,772

306

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,604		NortonLifelock, Inc	$	68
	31,874	*,e	Novavax, Inc		4,560
	367	*	Novocure Ltd		28
	68,565		NRG Energy, Inc		2,954
	1,337	*	Nuance Communications, Inc		74
	17,265		Nucor Corp		1,971
	614,132		NVIDIA Corp		180,622
	15	*	NVR, Inc		89
	251	*,e	Oak Street Health, Inc		8
	29,748		Occidental Petroleum Corp		862
	559	*	Okta, Inc		125
	439		Old Dominion Freight Line		157
	962		Omnicom Group, Inc		70
	1,923	*	ON Semiconductor Corp		131
	114,239		ONEOK, Inc		6,713
	1,240,251		Oracle Corp		108,162
	5,315	*	O’Reilly Automotive, Inc		3,754
	5,016	*	Orion Office REIT, Inc		94
	91,975		Otis Worldwide Corp		8,008
	165,461		Owens Corning, Inc		14,974
	1,550		PACCAR, Inc		137
	11,697		Packaging Corp of America		1,593
	7,083	*	Palantir Technologies, Inc		129
	132,147	*	Palo Alto Networks, Inc		73,574
	6,000		Parade Technologies Ltd		456
	158,086		Parker-Hannifin Corp		50,290
	1,445		Paychex, Inc		197
	228	*	Paycom Software, Inc		95
	860,667	*	PayPal Holdings, Inc		162,305
	13,091	*	Peloton Interactive, Inc		468
	730		Pentair plc		53
	350,663		PepsiCo, Inc		60,914
	59,183	*	Performance Food Group Co		2,716
	29,976		PerkinElmer, Inc		6,027
	203,973	*,e	Petco Health & Wellness Co, Inc		4,037
	1,420,177		Pfizer, Inc		83,861
	405,157	*	PG&E Corp		4,919
	302,355		Philip Morris International, Inc		28,724
	23,253		Phillips 66		1,685
	30,108	*	Pinterest, Inc		1,094
	166,428		Pioneer Natural Resources Co		30,270
	2,325	*,e	Plug Power, Inc		66
	1,898		PNC Financial Services Group, Inc		381

307

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	179		Pool Corp	$	101
	48,571		PPG Industries, Inc		8,376
	3,439		PPL Corp		103
	1,326		Principal Financial Group		96
	1,515,180		Procter & Gamble Co		247,853
	112,318		Progressive Corp		11,529
	240,992		Prologis, Inc		40,573
	237,768	*	ProPetro Holding Corp		1,926
	110,746		Prudential Financial, Inc		11,987
	498	*	PTC, Inc		60
	2,257		Public Service Enterprise Group, Inc		151
	32,822		Public Storage, Inc		12,294
	1,164		Pulte Homes, Inc		67
	495	*	Qorvo, Inc		77
	669,998		QUALCOMM, Inc		122,523
	88,810		Quest Diagnostics, Inc		15,365
	827		Raymond James Financial, Inc		83
	745,276		Raytheon Technologies Corp		64,138
	49,660		Realty Income Corp		3,555
	125,356		Regency Centers Corp		9,446
	35,655	*	Regeneron Pharmaceuticals, Inc		22,517
	4,286		Regions Financial Corp		93
	994		Republic Services, Inc		139
	8,318		Resmed, Inc		2,167
	345,847		Rexford Industrial Realty, Inc		28,052
	346	*	RingCentral, Inc		65
	770	*	Rivian Automotive, Inc		80
	495		Robert Half International, Inc		55
	566	*,e	Robinhood Markets, Inc		10
	11,605		Rockwell Automation, Inc		4,048
	8,411	*	Roku, Inc		1,919
	1,028		Rollins, Inc		35
	69,516		Roper Technologies Inc		34,192
	39,800		Ross Stores, Inc		4,548
	38,872	*	Royal Caribbean Cruises Ltd		2,989
	1,528		Royalty Pharma plc		61
	29,830		RPM International, Inc		3,013
	65,475		S&P Global, Inc		30,900
	110,849		Sabra Healthcare REIT, Inc		1,501
	1,096,037	*	salesforce.com, Inc		278,536
	19,218		SBA Communications Corp		7,476
	51,578		Schlumberger Ltd		1,545
	775,008		Schneider Electric S.A.		152,363

308

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	915		Seagate Technology Holdings plc	$	103
	448,289	*	Seagen, Inc		69,305
	636		Sealed Air Corp		43
	558		SEI Investments Co		34
	77,137		Sempra Energy		10,204
	710	*	Sensata Technologies Holding plc		44
	372,472	*	ServiceNow, Inc		241,775
	48,054		Sherwin-Williams Co		16,923
	271		Signature Bank		88
	542,687		Simon Property Group, Inc		86,705
	5,001	e	Sirius XM Holdings, Inc		32
	737		Skyworks Solutions, Inc		114
	4,007		SL Green Realty Corp		287
	4,737	*	Snap, Inc		223
	237		Snap-On, Inc		51
	941	*	Snowflake, Inc		319
	2,134	*,e	SoFi Technologies, Inc		34
	234	*	SolarEdge Technologies, Inc		66
	4,726		Southern Co		324
	662	*	Southwest Airlines Co		28
	732	*	Splunk, Inc		85
	1,027		SS&C Technologies Holdings, Inc		84
	17,668		Stanley Black & Decker, Inc		3,333
	266,408		Starbucks Corp		31,162
	22,299		State Street Corp		2,074
	228,475		Steel Dynamics, Inc		14,181
	445		STERIS plc		108
	130,120		Stryker Corp		34,797
	69,467		Sun Communities, Inc		14,586
	645	*	Sunrun, Inc		22
	262	*	SVB Financial Group		178
	436,214		Synchrony Financial		20,236
	202,585	*	Synopsys, Inc		74,653
	62,738		SYSCO Corp		4,928
	1,013		T Rowe Price Group, Inc		199
	414,163	*	Take-Two Interactive Software, Inc		73,605
	558,392		Target Corp		129,234
	248,169		TE Connectivity Ltd		40,040
	640	*	Teladoc, Inc		59
	208	*	Teledyne Technologies, Inc		91
	210		Teleflex, Inc		69
	737		Teradyne, Inc		121

309

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	47,198		Terreno Realty Corp	$	4,026
	290,000	*	Tesla, Inc		306,466
	4,122		Texas Instruments, Inc		777
	209,203		Textron, Inc		16,150
	102,700		Thermo Fisher Scientific, Inc		68,526
	296,846		TJX Companies, Inc		22,537
	351,857	*	T-Mobile US, Inc		40,808
	510		Tractor Supply Co		122
	1,939	*	Trade Desk, Inc		178
	441		Tradeweb Markets, Inc		44
	252,298	*	Traeger, Inc		3,068
	420,372		Trane Technologies plc		84,928
	234	*	TransDigm Group, Inc		149
	855		TransUnion		101
	1,114		Travelers Cos, Inc		174
	1,123	*	Trimble Inc		98
	5,960		Truist Financial Corp		349
	745	*	Twilio, Inc		196
	3,564	*	Twitter, Inc		154
	182	*	Tyler Technologies, Inc		98
	30,627		Tyson Foods, Inc (Class A)		2,669
	5,471	*	Uber Technologies, Inc		229
	1,324		UDR, Inc		79
	857		UGI Corp		39
	21,060	*	Ulta Beauty, Inc		8,684
	920,214		Union Pacific Corp		231,830
	112,789		United Parcel Service, Inc (Class B)		24,175
	138,652	*	United Rentals, Inc		46,073
	504,888		UnitedHealth Group, Inc		253,524
	262	*	Unity Software, Inc		37
	325		Universal Health Services, Inc (Class B)		42
	54	*	Upstart Holdings, Inc		8
	805,464		US Bancorp		45,243
	6,123		Vail Resorts, Inc		2,008
	434,895		Valero Energy Corp		32,665
	675,868	e	Vanguard Emerging Markets ETF		33,428
	50,000	e	Vanguard FTSE Developed Markets ETF		2,553
	47,395	*	Veeva Systems, Inc		12,108
	117,521		Ventas, Inc		6,008
	449	*	VeriSign, Inc		114
	685		Verisk Analytics, Inc		157
	866,132		Verizon Communications, Inc		45,004
	37,371	*	Vertex Pharmaceuticals, Inc		8,207

310

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	35,018		VF Corp	$	2,564
	105,874		ViacomCBS, Inc (Class B)		3,195
	5,440		Viatris, Inc		74
	139,251	e	VICI Properties, Inc		4,193
	896,163		Visa, Inc (Class A)		194,208
	92,990		Vistra Energy Corp		2,117
	935		VMware, Inc (Class A)		108
	727		Vornado Realty Trust		30
	539,784		Voya Financial, Inc		35,793
	8,965		Vulcan Materials Co		1,861
	697		W.R. Berkley Corp		57
	109,608		W.W. Grainger, Inc		56,803
	3,284		Walgreens Boots Alliance, Inc		171
	1,065,161		Walmart, Inc		154,118
	1,246,105	*	Walt Disney Co		193,009
	1,162		Waste Connections, Inc		158
	1,880		Waste Management, Inc		314
	274	*	Waters Corp		102
	329	*,e	Wayfair, Inc		62
	53,479	*	Weatherford International Ltd		1,482
	1,407		WEC Energy Group, Inc		137
	4,715,729		Wells Fargo & Co		226,261
	67,387		Welltower, Inc		5,780
	60,712		West Pharmaceutical Services, Inc		28,475
	1,387	*	Western Digital Corp		90
	1,487		Western Union Co		27
	155,916		Westinghouse Air Brake Technologies Corp		14,361
	5,556		Westlake Chemical Corp		540
	40,063		WestRock Co		1,777
	146,489		Weyerhaeuser Co		6,032
	41,615		Whirlpool Corp		9,765
	326,305		Williams Cos, Inc		8,497
	9,484		Willis Towers Watson plc		2,252
	853	*	Workday, Inc		233
	825		WP Carey, Inc		68
	13,187	*	Wynn Resorts Ltd		1,121
	73,870		Xcel Energy, Inc		5,001
	1,105		Xilinx, Inc		234
	804		Xylem, Inc		96
	339,463	*	YETI Holdings, Inc		28,118
	116,078		Yum! Brands, Inc		16,119
	238	*	Zebra Technologies Corp (Class A)		142
	536	*	Zendesk, Inc		56

311

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY				MATURITY DATE	VALUE (000)
	237	*	Zillow Group, Inc (Class A)					$	15
	668	*,e	Zillow Group, Inc (Class C)						43
	933		Zimmer Biomet Holdings, Inc						119
	137,210		Zoetis, Inc						33,483
	968	*	Zoom Video Communications, Inc						178
	1,005	*	ZoomInfo Technologies, Inc						65
	367	*	Zscaler, Inc						118
			TOTAL UNITED STATES						17,276,717

			TOTAL COMMON STOCKS						28,313,251
			(Cost $21,445,983)

RIGHTS/WARRANTS - 0.0%

AUSTRALIA - 0.0%
	89,428	e	PointsBet Holdings Pty Ltd				09/30/22		21
			TOTAL AUSTRALIA						21

CHINA - 0.0%
	8,857		Seazen Group Ltd						0
			TOTAL CHINA						0

KOREA, REPUBLIC OF - 0.0%
	3,236		Doosan Heavy Industries & Construction Co Ltd				02/08/22		12
			TOTAL KOREA, REPUBLIC OF						12

SWITZERLAND - 0.0%
	193,679	e	Cie Financiere Richemont S.A.				11/27/23		213
			TOTAL SWITZERLAND						213

			TOTAL RIGHTS/WARRANTS						246
			(Cost $10)

PRINCIPAL			ISSUER	RATE
SHORT-TERM INVESTMENTS - 1.9%

GOVERNMENT AGENCY DEBT - 1.4%
$	11,460,000		Federal Farm Credit Bank (FFCB)		0.000	%	01/05/22		11,460
	8,294,000		FFCB		0.000		01/13/22		8,294
	10,000,000		FFCB		0.000		01/26/22		10,000
	10,000,000		FFCB		0.000		02/25/22		10,000
	8,000,000		FFCB		0.000		02/28/22		8,000
	12,500,000		FFCB		0.000		03/01/22		12,499
	10,000,000		FFCB		0.000		03/17/22		9,999
	11,000,000		FFCB		0.000		07/25/22		10,986
	9,000,000		FFCB		0.000		09/23/22		8,982

312

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	18,335,000		Federal Home Loan Bank (FHLB)		0.000	%	01/04/22	$	18,335
	38,622,000		FHLB		0.000		01/05/22		38,622
	15,617,000		FHLB		0.000		01/06/22		15,617
	27,835,000		FHLB		0.000		01/12/22		27,835
	20,000,000		FHLB		0.000		01/18/22		20,000
	25,000,000		FHLB		0.000		01/21/22		25,000
	10,000,000		FHLB		0.000		01/26/22		10,000
	25,000,000		FHLB		0.000		02/03/22		25,000
	25,000,000		FHLB		0.000		02/04/22		24,999
	12,672,000		FHLB		0.000		02/16/22		12,672
	25,000,000		FHLB		0.000		02/18/22		24,999
	25,000,000		FHLB		0.000		02/22/22		24,999
	10,000,000		FHLB		0.000		02/23/22		10,000
	21,400,000		FHLB		0.000		03/16/22		21,398
	6,680,000		FHLB		0.000		05/25/22		6,676
			TOTAL GOVERNMENT AGENCY DEBT						396,372

REPURCHASE AGREEMENT - 0.1%
	19,280,000	r	Fixed Income Clearing Corp (FICC)		0.010		01/03/22		19,280
			TOTAL REPURCHASE AGREEMENT						19,280

TREASURY DEBT - 0.1%
	12,525,000		United States Treasury Bill		0.000		01/13/22		12,525
	10,000,000		United States Treasury Bill		0.000		06/23/22		9,992
			TOTAL TREASURY DEBT						22,517

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 0.3%

CERTIFICATE OF DEPOSIT - 0.0%
	8,000,000		Mizuho Bank		0.250		05/09/22		8,000
			TOTAL CERTIFICATE OF DEPOSIT						8,000

COMMERCIAL PAPER - 0.0%
	8,000,000		Skandin Ens Banken AG		0.000		05/02/22		7,994
			TOTAL COMMERCIAL PAPER						7,994

REPURCHASE AGREEMENT - 0.2%
	10,000,000	s	Calyon		0.050		01/03/22		10,000
	5,000,000	t	Deutsche Bank		0.050		01/03/22		5,000
	5,000,000	u	Goldman Sachs		0.050		01/03/22		5,000
	5,000,000	v	HSBC		0.050		01/03/22		5,000
	1,000,000	w	HSBC		0.050		01/03/22		1,000

313

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE
(000)

1,000,000

HSBC

0.051

01/05/22

1,000

5,000,000

JP Morgan

0.050

01/03/22

5,000

14,000,000

Merrill Lynch

0.050

01/03/22

14,000

5,000,000

Merrill Lynch

0.050

01/03/22

5,000

1,000,000

Merrill Lynch

0.050

01/03/22

1,000

5,000,000

Morgan Stanley

0.050

01/03/22

5,000

5,000,000

Nomura

0.050

01/03/22

5,000

5,000,000

Royal Bank of Scotland

0.050

01/03/22

5,000

TOTAL REPURCHASE AGREEMENT

67,000

TREASURY DEBT - 0.1%

8,200,000

United States Treasury Bill

0.000

01/18/22

8,200

1,640,000

United States Treasury Bill

0.000

01/18/22

1,640

8,500,000

United States Treasury Bill

0.000

01/18/22

8,500

1,600,000

United States Treasury Bill

0.000

01/18/22

1,600

6,250,000

United States Treasury Bill

0.000

01/13/22

6,250

26,190

TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

109,184

TOTAL SHORT-TERM INVESTMENTS

547,353

(Cost $547,367)

TOTAL INVESTMENTS - 100.4%

28,860,866

(Cost $21,993,376)

OTHER ASSETS & LIABILITIES, NET - (0.4)%

(117,570

)

NET ASSETS - 100.0%

28,743,296

ADR

American Depositary Receipt

ETF

Exchange Traded Fund

GDR

Global Depositary Receipt

INR

Indian Rupee

REIT

Real Estate Investment Trust

Amount represents less than $1,000.

Non-income producing

†

Security is categorized as Level 3 in the fair value hierarchy.

All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.

All or a portion of these securities are out on loan. The aggregate value of securities on loan is $160,847,614.

Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/21, the aggregate value of these securities is $368,748,110 or 1.3% of net assets.

All or a portion of these securities were purchased on a delayed delivery basis.

Agreement with Fixed Income Clearing Corp (FICC), 0.010% dated 12/31/21 to be repurchased at $19,280,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rate 1.875% and maturity date 2/15/41, valued at $19,665,655.

Agreement with Calyon, 0.050% dated 12/31/21 to be repurchased at $10,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rate 2.000% and maturity date 1/20/51, valued at $10,200,000.

Agreement with Deutsche Bank, 0.050% dated 12/31/21 to be repurchased at $5,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rate 0.750% and maturity date 7/15/28, valued at $5,100,041.

Agreement with Goldman Sachs, 0.050% dated 12/31/21 to be repurchased at $5,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rates 0.000%–7.625% and maturity dates 6/16/22–5/15/49, valued at $5,100,000.

Agreement with HSBC, 0.050% dated 12/31/21 to be repurchased at $5,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rates 0.000%–2.625% and maturity dates 2/28/23–5/15/30, valued at $5,100,015.

314

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account


w		Agreement with HSBC, 0.050% dated 12/31/21 to be repurchased at $1,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rates 0.000%–6.625% and maturity dates 1/27/22–8/15/51, valued at $1,020,000.
x		Agreement with HSBC, 0.051% dated 12/29/21 to be repurchased at $1,000,000 on 1/5/22, collateralized by Government Agency Securities, with coupon rate 0.000% and maturity dates 8/15/25–8/15/31, valued at $1,020,024.
y		Agreement with JP Morgan, 0.050% dated 12/31/21 to be repurchased at $5,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rates 2.278%–6.000% and maturity dates 3/1/26–10/1/51, valued at $5,100,000.
z		Agreement with Merrill Lynch, 0.050% dated 12/31/21 to be repurchased at $14,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rate 1.250% and maturity date 6/30/28, valued at $14,280,056.
aa		Agreement with Merrill Lynch, 0.050% dated 12/31/21 to be repurchased at $5,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rate 2.625% and maturity date 2/15/29, valued at $5,100,036.
ab		Agreement with Merrill Lynch, 0.050% dated 12/31/21 to be repurchased at $1,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rate 2.625% and maturity date 2/28/23, valued at $1,020,048.
ac		Agreement with Morgan Stanley, 0.050% dated 12/31/21 to be repurchased at $5,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rates 2.000%–7.000% and maturity dates 8/1/22–12/1/51, valued at $5,100,000.
ad		Agreement with Nomura, 0.050% dated 12/31/21 to be repurchased at $5,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rates 0.000%–6.750% and maturity dates 6/30/22–8/15/41, valued at $5,100,000.
ae		Agreement with Royal Bank of Scotland, 0.050% dated 12/31/21 to be repurchased at $5,000,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rate 2.000% and maturity date 2/15/50, valued at $5,100,095.

		Cost amounts are in thousands.

Futures contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
MSCI EAFE Index		731	03/18/22	$	83,676	$	84,862	$	1,186
S&P 500 E Mini Index		896	03/18/22		210,515		213,181		2,666
Total		1,627		$	294,191	$	298,043	$	3,852

315

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND

GROWTH ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2021

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.2%

AUTOMOBILES & COMPONENTS - 4.5%
	1,719,575	*	Aptiv plc	$	283,644
	1,539,198	*	General Motors Co		90,243
	512,504	*	Rivian Automotive, Inc		53,142
	1,278,423	*,n	Tesla, Inc		1,351,012
			TOTAL AUTOMOBILES & COMPONENTS		1,778,041

CAPITAL GOODS - 2.9%
	452,569	*	Boeing Co		91,111
	8,044,932		Carrier Global Corp		436,357
	283,855		Deere & Co		97,331
	434,521	*	Generac Holdings, Inc		152,917
	948,338	*	Liberty Media Acquisition Corp		10,062
	470,266		Roper Technologies Inc		231,305
	1,059,107		Safran S.A.		129,659
			TOTAL CAPITAL GOODS		1,148,742

COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	368,351	*	Cimpress plc		26,378
	5,942,815	*	Clarivate Analytics plc		139,775
	2,876,071		Experian Group Ltd		141,663
	1,246,556		Waste Connections, Inc		169,868
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		477,684

CONSUMER DURABLES & APPAREL - 1.9%
	860,637		Essilor International S.A.		183,209
	3,146,702		Nike, Inc (Class B)		524,461
	10,419,000		Prada S.p.A		66,716
			TOTAL CONSUMER DURABLES & APPAREL		774,386

CONSUMER SERVICES - 2.7%
	149,507	*	Booking Holdings, Inc		358,702
	1,937,866	*	Caesars Entertainment, Inc		181,249
	5,246,177	*,e	Carnival Corp		105,553
	168,858	*	Chipotle Mexican Grill, Inc (Class A)		295,206
	486,275	*	Flutter Entertainment plc		77,794

316

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	508,551		Starbucks Corp	$	59,485
			TOTAL CONSUMER SERVICES		1,077,989

DIVERSIFIED FINANCIALS - 3.1%
	736,902		Capital One Financial Corp		106,917
	2,554,131		Charles Schwab Corp		214,803
	8,050,962	*	Grab Holdings Ltd.		32,606
	1,084,500	e	iShares Russell 1000 Growth Index Fund		331,412
	2,497,330		Morgan Stanley		245,138
	1,191,512	*	Ribbit LEAP Ltd		11,844
	625,449		S&P Global, Inc		295,168
			TOTAL DIVERSIFIED FINANCIALS		1,237,888

FOOD & STAPLES RETAILING - 2.3%
	1,597,668		Costco Wholesale Corp		906,996
			TOTAL FOOD & STAPLES RETAILING		906,996

FOOD, BEVERAGE & TOBACCO - 1.1%
	5,970,591		Davide Campari-Milano NV		87,125
	3,842,858	*	Monster Beverage Corp		369,068
			TOTAL FOOD, BEVERAGE & TOBACCO		456,193

HEALTH CARE EQUIPMENT & SERVICES - 4.8%
	1,068,111		Alcon, Inc		94,213
	738,750	*	Align Technology, Inc		485,492
	622,596		Cigna Corp		142,967
	48,681		Cooper Cos, Inc		20,394
	830,893	*	DexCom, Inc		446,148
	939,399	*	Edwards Lifesciences Corp		121,699
	733,621	*	Guardant Health, Inc		73,377
	1,059,188	*,n	Intuitive Surgical, Inc		380,566
	1,159,728	*,e	Oak Street Health, Inc		38,433
	409,194	*	Veeva Systems, Inc		104,541
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,907,830

HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
	674,280		Estee Lauder Cos (Class A)		249,618
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		249,618

INSURANCE - 0.4%
	2,551,549		American International Group, Inc		145,081
			TOTAL INSURANCE		145,081

MATERIALS - 1.2%
	273,598		Linde plc		94,783

317

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,090,071		Sherwin-Williams Co	$	383,879
			TOTAL MATERIALS		478,662

MEDIA & ENTERTAINMENT - 13.4%
	481,895	*	Alphabet, Inc (Class A)		1,396,069
	345,796	*	Alphabet, Inc (Class C)		1,000,592
	2,251,182		Comcast Corp (Class A)		113,302
	797,239		Electronic Arts, Inc		105,156
	799,318	*	IAC		104,479
	2,967,078	*	Match Group, Inc		392,396
	4,914,784	*	Meta Platforms, Inc.		1,653,088
	861,524	*	ROBLOX Corp		88,875
	182,749	*	Roku, Inc		41,703
	1,706,614		Tencent Holdings Ltd		99,583
	2,123,797	*	Twitter, Inc		91,790
	1,297,699	*	Vimeo, Inc		23,307
	759,270	*	Walt Disney Co		117,603
	1,672,196	*	ZoomInfo Technologies, Inc		107,355
			TOTAL MEDIA & ENTERTAINMENT		5,335,298

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.4%
	1,098,870		AbbVie, Inc		148,787
	491,165		AstraZeneca plc		57,353
	3,275,605		AstraZeneca plc (ADR)		190,804
	10,141,413	*	Avantor, Inc		427,359
	447,880		Eli Lilly & Co		123,713
	3,430,391	*	Horizon Therapeutics Plc		369,659
	491,463	*	Illumina, Inc		186,972
	2,700,081		Zoetis, Inc		658,901
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,163,548

RETAILING - 10.2%
	794,412	*	Amazon.com, Inc		2,648,840
	637,057	*	ASOS plc		20,617
	953,350	*	Burlington Stores, Inc		277,911
	1,068,474	*	CarMax, Inc		139,147
	2,117,072	*	Coupang, Inc		62,200
	1,170,008		eBay, Inc		77,806
	25,713		Home Depot, Inc		10,671
	565,825	*,e	Just Eat Takeaway.com NV (ADR)		6,088
	136,233		Kering		109,307
	1,659,114		Lowe’s Companies, Inc		428,848
	3,591,320		TJX Companies, Inc		272,653
			TOTAL RETAILING		4,054,088

318

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 9.4%
	1,944,324		Applied Materials, Inc	$	305,959
	911,541		Broadcom, Inc		606,548
	582,941		Lam Research Corp		419,222
	2,533,441		Marvell Technology, Inc		221,651
	429,113		Monolithic Power Systems, Inc		211,694
	4,828,682		NVIDIA Corp		1,420,164
	666,337		NXP Semiconductors NV		151,778
	1,460,856		QUALCOMM, Inc		267,147
	1,160,505		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		139,620
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		3,743,783

SOFTWARE & SERVICES - 27.5%
	446,535		Accenture plc		185,111
	45,692	*,g	Adyen NV		119,941
	1,411,004	*	Block Inc		227,891
	468,046	*	Crowdstrike Holdings, Inc		95,832
	630,574	*	DocuSign, Inc		96,043
	292,469	*	EPAM Systems, Inc		195,501
	1,194,474		Intuit, Inc		768,310
	2,011,595	*	ironSource Ltd		15,570
	5,582,500	*	ironSource Ltd		43,208
	2,208,643		Mastercard, Inc (Class A)		793,610
	12,155,604		Microsoft Corp		4,088,173
	436,575	*	Palo Alto Networks, Inc		243,067
	3,722,896	*	PayPal Holdings, Inc		702,064
	3,372,712	*	Qualtrics International, Inc		119,394
	3,956,135	*	salesforce.com, Inc		1,005,373
	956,650	*	ServiceNow, Inc		620,971
	700,311	*	Synopsys, Inc		258,065
	1,072,705	*	Twilio, Inc		282,486
	3,535,213		Visa, Inc (Class A)		766,116
	525,754	*	Workday, Inc		143,625
	628,910	*	Zscaler, Inc		202,088
			TOTAL SOFTWARE & SERVICES		10,972,439

TECHNOLOGY HARDWARE & EQUIPMENT - 5.0%
	11,233,224		Apple, Inc		1,994,684
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,994,684

TELECOMMUNICATION SERVICES - 0.2%
	1,174,365	g	Cellnex Telecom SAU		68,028
			TOTAL TELECOMMUNICATION SERVICES		68,028

319

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY				VALUE (000)
TRANSPORTATION - 1.4%
	5,133,984	*	Uber Technologies, Inc				$	215,268
	1,375,743		Union Pacific Corp					346,591
			TOTAL TRANSPORTATION					561,859

			TOTAL COMMON STOCKS					39,532,837
			(Cost $29,912,433)

PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 0.4%

GOVERNMENT AGENCY DEBT - 0.2%
$	4,470,000		Federal Farm Credit Bank (FFCB)	0.000	%	01/05/22		4,470
	33,970,000		Federal Home Loan Bank (FHLB)	0.000		01/21/22		33,970
	10,000,000		FHLB	0.000		02/18/22		9,999
	38,561,000		Tennessee Valley Authority (TVA)	0.000		01/12/22		38,561
			TOTAL GOVERNMENT AGENCY DEBT					87,000

TREASURY DEBT - 0.0%
	8,345,000		United States Treasury Note	2.250		04/15/22		8,395
			TOTAL TREASURY DEBT					8,395

SHARES			COMPANY
INVESTMENT IN REGISTERED INVESTMENT COMPANIES - 0.2%
	65,478,995	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.030				65,479
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES					65,479

			TOTAL SHORT-TERM INVESTMENTS					160,874
			(Cost $160,875)
			TOTAL INVESTMENTS - 99.6%					39,693,711
			(Cost $30,073,308)
			OTHER ASSETS & LIABILITIES, NET - 0.4%					150,153
			NET ASSETS - 100.0%				$	39,843,864


ADR		American Depositary Receipt

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $154,370,834.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/21, the aggregate value of these securities is $187,969,626 or 0.5% of net assets.
n		All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

		Cost amounts are in thousands.

320

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

Written options outstanding as of December 31, 2021 were as follows (notional amounts and values are in thousands):

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Intuitive Surgical, Inc, Put		615	$	(897	)	$	320.00	01/21/22	$	(122	)
Tesla, Inc, Call		477		(942	)		1,300.00	01/21/22		(339	)
Tesla, Inc, Put		477		(1,807	)		900.00	01/21/22		(481	)
Total		1,569		(3,646	)				$	(942	)

321

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND

EQUITY INDEX ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2021

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.6%

AUTOMOBILES & COMPONENTS - 2.4%
	49,971	*	Adient plc	$	2,393
	60,325	*	American Axle & Manufacturing Holdings, Inc		563
	142,468	*	Aptiv plc		23,500
	14,947	*	Arcimoto, Inc		116
	131,607		BorgWarner, Inc		5,932
	43,545	*,e	Canoo, Inc		336
	12,534	*	Cooper-Standard Holding, Inc		281
	76,541		Dana Inc		1,747
	12,642	*	Dorman Products, Inc		1,429
	86,619	*,e	Fisker, Inc		1,363
	2,113,987		Ford Motor Co		43,908
	23,054	*	Fox Factory Holding Corp		3,921
	734,131	*	General Motors Co		43,042
	119,427		Gentex Corp		4,162
	18,149	*	Gentherm, Inc		1,577
	150,840	*	Goodyear Tire & Rubber Co		3,216
	87,213		Harley-Davidson, Inc		3,287
	12,667		LCI Industries, Inc		1,974
	32,974		Lear Corp		6,033
	61,192	*	Lordstown Motors Corp		211
	36,302	*	Modine Manufacturing Co		366
	13,147	*	Motorcar Parts of America, Inc		224
	12,396		Patrick Industries, Inc		1,000
	111,576	*	QuantumScape Corp		2,476
	76,576	*	Rivian Automotive, Inc		7,940
	11,405		Standard Motor Products, Inc		597
	20,247	*	Stoneridge, Inc		400
	38,574	*	Tenneco, Inc		436
	432,832	*	Tesla, Inc		457,408
	29,413		Thor Industries, Inc		3,052
	16,494	*	Visteon Corp		1,833
	17,654		Winnebago Industries, Inc		1,323
	67,449	*,e	Workhorse Group, Inc		294
	9,934	*	XPEL, Inc		678
			TOTAL AUTOMOBILES & COMPONENTS		627,018

BANKS - 4.2%
	12,408		1st Source Corp		615
	7,958		Allegiance Bancshares, Inc		336
	12,491		Amerant Bancorp Inc		432
	5,882		American National Bankshares, Inc		222
	38,500		Ameris Bancorp		1,913
	8,940		Arrow Financial Corp		315
	85,309		Associated Banc-Corp		1,927
	14,762	*	Atlantic Capital Bancshares, Inc		425
	42,326		Atlantic Union Bankshares Corp		1,578

322

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	31,941	*	Axos Financial, Inc	$	1,786
	31,112		Banc of California, Inc		610
	11,574		Bancfirst Corp		817
	3,732	e	Bank First Corp		270
	3,852,559		Bank of America Corp		171,400
	23,380		Bank of Hawaii Corp		1,958
	7,728		Bank of Marin Bancorp		288
	27,371		Bank of NT Butterfield & Son Ltd		1,043
	68,657		Bank OZK		3,195
	50,841		BankUnited		2,151
	18,925		Banner Corp		1,148
	11,016		Bar Harbor Bankshares		319
	26,834		Berkshire Hills Bancorp, Inc		763
	15,941		BOK Financial Corp		1,682
	54,590		Brookline Bancorp, Inc		884
	12,987		Bryn Mawr Bank Corp		585
	6,436		Business First Bancshares, Inc		182
	5,576		Byline Bancorp, Inc		153
	107,871		Cadence BanCorp		3,213
	2,502		Cambridge Bancorp		234
	11,436		Camden National Corp		551
	9,158		Capital City Bank Group, Inc		242
	33,828		Capitol Federal Financial		383
	5,956		Capstar Financial Holdings, Inc		125
	14,623	*	Carter Bankshares, Inc		225
	40,414		Cathay General Bancorp		1,737
	12,633		CBTX, Inc		366
	21,511		Central Pacific Financial Corp		606
	54,177		CIT Group, Inc		2,781
	1,057,973		Citigroup, Inc		63,891
	9,568		Citizens & Northern Corp		250
	233,465		Citizens Financial Group, Inc		11,031
	10,955		City Holding Co		896
	7,262		Civista Bancshares, Inc		177
	9,772		CNB Financial Corp		259
	39,274		Columbia Banking System, Inc		1,285
	33,673	*	Columbia Financial, Inc		702
	76,653		Comerica, Inc		6,669
	58,578		Commerce Bancshares, Inc		4,027
	29,222		Community Bank System, Inc		2,176
	1,585		Community Trust Bancorp, Inc		69
	21,722		ConnectOne Bancorp, Inc		711
	29,153	*	CrossFirst Bankshares, Inc		455
	31,366		Cullen/Frost Bankers, Inc		3,954
	19,196	*	Customers Bancorp, Inc		1,255
	75,634		CVB Financial Corp		1,619
	19,153		Dime Community Bancshares, Inc		673
	17,266		Eagle Bancorp, Inc		1,007
	77,531		East West Bancorp, Inc		6,100
	94,260		Eastern Bankshares, Inc		1,901
	6,481		Enterprise Bancorp, Inc		291
	16,077		Enterprise Financial Services Corp		757
	7,477		Equity Bancshares, Inc		254
	53,471		Essent Group Ltd		2,435

323

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	18,150		Farmers National Banc Corp	$	337
	13,107		FB Financial Corp		574
	1,343		Federal Agricultural Mortgage Corp (FAMC)		166
	373,551		Fifth Third Bancorp		16,268
	10,211		Financial Institutions, Inc		325
	114,850		First Bancorp		1,583
	15,371		First Bancorp		703
	6,485		First Bancorp, Inc		204
	6,018		First Bancshares, Inc		232
	26,747		First Busey Corp		725
	3,317	e	First Citizens Bancshares, Inc (Class A)		2,753
	52,091		First Commonwealth Financial Corp		838
	12,139		First Community Bancshares, Inc		406
	52,485		First Financial Bancorp		1,280
	70,877		First Financial Bankshares, Inc		3,603
	8,330		First Financial Corp		377
	19,660		First Foundation, Inc		489
	71,845		First Hawaiian, Inc		1,964
	308,284		First Horizon National Corp		5,034
	4,089		First Internet Bancorp		192
	18,329		First Interstate Bancsystem, Inc		745
	29,933		First Merchants Corp		1,254
	7,120		First Mid-Illinois Bancshares, Inc		305
	63,811		First Midwest Bancorp, Inc		1,307
	15,462		First of Long Island Corp		334
	92,712		First Republic Bank		19,146
	17,270		Flagstar Bancorp, Inc		828
	20,105		Flushing Financial Corp		489
	181,165		FNB Corp		2,198
	84,379		Fulton Financial Corp		1,434
	14,703		German American Bancorp, Inc		573
	63,141		Glacier Bancorp, Inc		3,580
	7,809		Great Southern Bancorp, Inc		463
	30,231		Great Western Bancorp, Inc		1,027
	1,346		Guaranty Bancshares, Inc		51
	47,878		Hancock Whitney Corp		2,395
	23,963		Hanmi Financial Corp		567
	16,668		HarborOne Northeast Bancorp, Inc		247
	13,408		Heartland Financial USA, Inc		679
	25,661		Heritage Commerce Corp		306
	22,188		Heritage Financial Corp		542
	35,248		Hilltop Holdings, Inc		1,239
	997		Hingham Institution for Savings		419
	4,264		Home Bancorp, Inc		177
	81,882		Home Bancshares, Inc		1,994
	15,022		HomeStreet, Inc		781
	13,541		HomeTrust Bancshares, Inc		420
	64,875		Hope Bancorp, Inc		954
	23,268		Horizon Bancorp		485
	6,001	*	Howard Bancorp, Inc		131
	768,669		Huntington Bancshares, Inc		11,853
	25,003		Independent Bank Corp (MA)		2,039
	17,558		Independent Bank Corp (MI)		419
	20,253		Independent Bank Group, Inc		1,461

324

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	29,344		International Bancshares Corp	$	1,244
	129,084		Investors Bancorp, Inc		1,956
	1,574,258		JPMorgan Chase & Co		249,284
	39,857		Kearny Financial Corp		528
	490,546		Keycorp		11,346
	32,502		Lakeland Bancorp, Inc		617
	13,317		Lakeland Financial Corp		1,067
	14,926		Live Oak Bancshares, Inc		1,303
	70,925		M&T Bank Corp		10,893
	19,210		Macatawa Bank Corp		169
	12,428		Mercantile Bank Corp		435
	5,375		Merchants Bancorp		254
	20,574		Meta Financial Group, Inc		1,227
	10,190		Metrocity Bankshares, Inc		281
	4,420	*	Metropolitan Bank Holding Corp		471
	136,986		MGIC Investment Corp		1,975
	10,800		Midland States Bancorp, Inc		268
	7,821		MidWestOne Financial Group, Inc		253
	21,883	*	Mr Cooper Group, Inc		911
	5,369		MVB Financial Corp		223
	19,324		National Bank Holdings Corp		849
	23,025		NBT Bancorp, Inc		887
	189,764		New York Community Bancorp, Inc		2,317
	6,480	*	Nicolet Bankshares, Inc		556
	38,864	*	NMI Holdings, Inc		849
	33,024		Northfield Bancorp, Inc		534
	5,019		Northrim BanCorp, Inc		218
	31,953		Northwest Bancshares, Inc		452
	30,487		OceanFirst Financial Corp		677
	33,903		OFG Bancorp		900
	60,802		Old National Bancorp		1,102
	21,667		Old Second Bancorp, Inc		273
	11,057		Origin Bancorp, Inc		475
	5,318		Orrstown Financial Services, Inc		134
	51,153		Pacific Premier Bancorp, Inc		2,048
	66,007		PacWest Bancorp		2,982
	7,855		Park National Corp		1,079
	13,465		PCSB Financial Corp		256
	11,582		Peapack Gladstone Financial Corp		410
	9,684		PennyMac Financial Services, Inc		676
	17,527		Peoples Bancorp, Inc		558
	5,712		Peoples Financial Services Corp		301
	233,553		People’s United Financial, Inc		4,162
	41,191		Pinnacle Financial Partners, Inc		3,934
	226,179		PNC Financial Services Group, Inc		45,353
	38,321		Popular, Inc		3,144
	8,859		Preferred Bank		636
	20,188		Premier Financial Corp		624
	8,140		Primis Financial Corp		122
	41,648		Prosperity Bancshares, Inc		3,011
	6,589		Provident Bancorp Inc		123
	41,409		Provident Financial Services, Inc		1,003
	8,729		QCR Holdings, Inc		489
	73,149		Radian Group, Inc		1,546

325

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,265		RBB Bancorp	$	243
	507,710		Regions Financial Corp		11,068
	4,712		Reliant Bancorp Inc		167
	30,881		Renasant Corp		1,172
	6,104		Republic Bancorp, Inc (Class A)		310
	34,776	*	Republic First Bancorp, Inc		129
	74,318	e	Rocket Cos, Inc		1,040
	25,676		S&T Bancorp, Inc		809
	22,606		Sandy Spring Bancorp, Inc		1,087
	28,631		Seacoast Banking Corp of Florida		1,013
	24,631		ServisFirst Bancshares, Inc		2,092
	8,919		Sierra Bancorp		242
	31,566		Signature Bank		10,211
	12,494	*	Silvergate Capital Corp		1,852
	55,218		Simmons First National Corp (Class A)		1,633
	5,382		SmartFinancial, Inc		147
	38,679		South State Corp		3,099
	4,079	*	Southern First Bancshares, Inc		255
	4,139		Southern Missouri Bancorp, Inc		216
	20,042		Southside Bancshares, Inc		838
	104,925		Sterling Bancorp		2,706
	11,262		Stock Yards Bancorp, Inc		719
	6,101		Summit Financial Group, Inc		167
	30,063	*	SVB Financial Group		20,390
	85,330		Synovus Financial Corp		4,085
	27,678	*	Texas Capital Bancshares, Inc		1,668
	34,383		TFS Financial Corp		614
	35,393	*	The Bancorp, Inc		896
	7,797		Tompkins Financial Corp		652
	36,656		Towne Bank		1,158
	19,212		Trico Bancshares		825
	16,178	*	Tristate Capital Holdings, Inc		490
	10,668	*	Triumph Bancorp, Inc		1,270
	717,597		Truist Financial Corp		42,015
	14,208		TrustCo Bank Corp NY		473
	34,442		Trustmark Corp		1,118
	23,900		UMB Financial Corp		2,536
	117,477		Umpqua Holdings Corp		2,260
	68,198		United Bankshares, Inc		2,474
	43,715		United Community Banks, Inc		1,571
	19,117		Univest Financial Corp		572
	717,419		US Bancorp		40,297
	23,393	e	UWM Holdings Corp		138
	218,557		Valley National Bancorp		3,005
	22,054		Veritex Holdings, Inc		877
	15,960		Walker & Dunlop, Inc		2,408
	39,374		Washington Federal, Inc		1,314
	10,818		Washington Trust Bancorp, Inc		610
	19,189		Waterstone Financial, Inc		419
	51,153		Webster Financial Corp		2,856
	2,139,804		Wells Fargo & Co		102,668
	35,637		WesBanco, Inc		1,247
	11,970		West Bancorporation, Inc		372
	14,217		Westamerica Bancorporation		821

326

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	55,378		Western Alliance Bancorp	$	5,961
	31,127		Wintrust Financial Corp		2,827
	25,658		WSFS Financial Corp		1,286
	90,905		Zions Bancorporation		5,742
			TOTAL BANKS		1,085,714

CAPITAL GOODS - 5.8%
	310,277		3M Co		55,115
	72,697		A.O. Smith Corp		6,241
	21,498		Aaon, Inc		1,708
	23,226	*	AAR Corp		907
	19,422		Acuity Brands, Inc		4,112
	31,531		Advanced Drainage Systems, Inc		4,292
	76,752	*	Aecom Technology Corp		5,937
	39,078		Aerojet Rocketdyne Holdings, Inc		1,827
	12,268	*	Aerovironment, Inc		761
	34,274		AGCO Corp		3,976
	56,080		Air Lease Corp		2,480
	5,427		Alamo Group, Inc		799
	16,794		Albany International Corp (Class A)		1,485
	49,318		Allegion plc		6,532
	6,739		Allied Motion Technologies, Inc		246
	39,511		Allison Transmission Holdings, Inc		1,436
	35,359		Altra Industrial Motion Corp		1,823
	13,776	*	Ameresco, Inc		1,122
	15,290	*	American Superconductor Corp		166
	10,171	*	American Woodmark Corp		663
	122,153		Ametek, Inc		17,961
	98,441	*	API Group Corp		2,537
	13,802		Apogee Enterprises, Inc		665
	21,181		Applied Industrial Technologies, Inc		2,175
	26,444		Arcosa, Inc		1,394
	10,471		Argan, Inc		405
	26,334		Armstrong World Industries, Inc		3,058
	69,116	*	Array Technologies, Inc		1,084
	15,250		Astec Industries, Inc		1,056
	15,755	*	Astronics Corp		189
	23,836	*	Atkore International Group, Inc		2,650
	35,579	*	Axon Enterprise, Inc		5,586
	60,195	*	AZEK Co, Inc		2,783
	13,571		AZZ, Inc		750
	30,289	*	Babcock & Wilcox Enterprises, Inc		273
	25,595		Barnes Group, Inc		1,193
	30,067	*	Beacon Roofing Supply, Inc		1,724
	19,926	*,e	Blink Charging Co		528
	75,992	*	Bloom Energy Corp		1,667
	3,946	*	Blue Bird Corp		62
	4,896	*	BlueLinx Holdings, Inc		469
	288,542	*	Boeing Co		58,089
	21,496		Boise Cascade Co		1,531
	95,274	*	Builders FirstSource, Inc		8,166
	52,184		BWX Technologies, Inc		2,499
	14,163		Caesarstone Sdot-Yam Ltd		161
	25,553		Carlisle Cos, Inc		6,340

327

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	459,824		Carrier Global Corp	$	24,941
	290,870		Caterpillar, Inc		60,134
	120,169	*,e	ChargePoint Holdings, Inc		2,289
	19,930	*	Chart Industries, Inc		3,179
	12,045	*	CIRCOR International, Inc		327
	64,286	*	Colfax Corp		2,955
	14,727		Columbus McKinnon Corp		681
	19,457		Comfort Systems USA, Inc		1,925
	11,212	*	Construction Partners Inc		330
	18,969	*	Core & Main, Inc		576
	29,151	*	Cornerstone Building Brands, Inc		508
	27,810		Crane Co		2,829
	7,468		CSW Industrials, Inc		903
	76,393		Cummins, Inc		16,664
	22,308		Curtiss-Wright Corp		3,093
	149,043		Deere & Co		51,105
	62,846	*,e	Desktop Metal, Inc		311
	63,656		Donaldson Co, Inc		3,772
	16,771		Douglas Dynamics, Inc		655
	75,978		Dover Corp		13,798
	8,048	*	Ducommun, Inc		376
	11,117	*	DXP Enterprises, Inc		285
	16,954	*	Dycom Industries, Inc		1,590
	211,074		Eaton Corp		36,478
	28,208		EMCOR Group, Inc		3,593
	323,910		Emerson Electric Co		30,114
	10,981		Encore Wire Corp		1,571
	24,905	*	Energy Recovery, Inc		535
	32,971		Enerpac Tool Group Corp		669
	25,301		EnerSys		2,000
	11,263		EnPro Industries, Inc		1,240
	23,158	*,e	Eos Energy Enterprises, Inc		174
	13,003		ESCO Technologies, Inc		1,170
	2,576	*,e	EVI Industries, Inc		80
	63,155	*	Evoqua Water Technologies Corp		2,953
	306,228		Fastenal Co		19,617
	32,884		Federal Signal Corp		1,425
	71,435		Flowserve Corp		2,186
	77,505	*	Fluor Corp		1,920
	174,063		Fortive Corp		13,279
	75,096		Fortune Brands Home & Security, Inc		8,028
	25,145		Franklin Electric Co, Inc		2,378
	176,294	*,e	FuelCell Energy, Inc		917
	30,738	*	Gates Industrial Corp plc		489
	19,270		GATX Corp		2,008
	33,699	*	Generac Holdings, Inc		11,859
	131,218		General Dynamics Corp		27,355
	588,679		General Electric Co		55,613
	17,907	*	Gibraltar Industries, Inc		1,194
	9,938		Global Industrial Co		406
	23,326	*	GMS, Inc		1,402
	12,385	e	Gorman-Rupp Co		552
	85,810		Graco, Inc		6,918
	95,580		GrafTech International Ltd		1,131

328

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	24,972		Granite Construction, Inc	$	966
	44,924	*	Great Lakes Dredge & Dock Corp		706
	19,838		Greenbrier Cos, Inc		910
	20,793		Griffon Corp		592
	17,554		H&E Equipment Services, Inc		777
	24,611		HEICO Corp		3,549
	43,210		HEICO Corp (Class A)		5,553
	16,194		Helios Technologies, Inc		1,703
	13,619		Herc Holdings, Inc		2,132
	48,986	*	Hexcel Corp		2,538
	41,016		Hillenbrand, Inc		2,132
	372,087		Honeywell International, Inc		77,584
	215,275		Howmet Aerospace, Inc		6,852
	30,217		Hubbell, Inc		6,293
	17,907		Huntington Ingalls		3,344
	20,974	*	Hydrofarm Holdings Group, Inc		593
	63,978	*,e	Hyliion Holdings Corp		397
	7,224		Hyster-Yale Materials Handling, Inc		297
	223,148	*,e	Ideanomics Inc		268
	39,537		IDEX Corp		9,343
	5,334	*	IES Holdings, Inc		270
	167,345		Illinois Tool Works, Inc		41,301
	219,998		Ingersoll Rand, Inc		13,611
	13,472		Insteel Industries, Inc		536
	46,862		ITT, Inc		4,789
	45,832	*	JELD-WEN Holding, Inc		1,208
	16,888		John Bean Technologies Corp		2,593
	380,121		Johnson Controls International plc		30,908
	5,348		Kadant, Inc		1,233
	15,070		Kaman Corp		650
	45,625		Kennametal, Inc		1,638
	66,946	*	Kratos Defense & Security Solutions, Inc		1,299
	104,833		L3Harris Technologies, Inc		22,355
	4,456	*	Lawson Products, Inc		244
	18,711		Lennox International, Inc		6,069
	28,514		Lincoln Electric Holdings, Inc		3,977
	5,950		Lindsay Corp		904
	132,233		Lockheed Martin Corp		46,997
	17,575		Luxfer Holdings plc		339
	22,630	*	Manitowoc Co, Inc		421
	126,078		Masco Corp		8,853
	13,395	*	Masonite International Corp		1,580
	31,664	*	Mastec, Inc		2,922
	19,934	*	Matrix Service Co		150
	38,365		Maxar Technologies, Inc		1,133
	13,177		McGrath RentCorp		1,058
	30,340	*	Mercury Systems, Inc		1,671
	34,734	*	Meritor, Inc		861
	30,281	*	Middleby Corp		5,958
	7,280		Miller Industries, Inc		243
	15,909		Moog, Inc (Class A)		1,288
	43,932	*	MRC Global, Inc		302
	25,456		MSC Industrial Direct Co (Class A)		2,140
	21,110		Mueller Industries, Inc		1,253

329

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	85,916		Mueller Water Products, Inc (Class A)	$	1,237
	10,993	*	MYR Group, Inc		1,215
	3,534		National Presto Industries, Inc		290
	109,431	*,e	Nikola Corp		1,080
	19,066	*	NN, Inc		78
	30,222		Nordson Corp		7,715
	78,907		Northrop Grumman Corp		30,543
	6,891	*	Northwest Pipe Co		219
	78,206	*	NOW, Inc		668
	5,211	*	NV5 Global Inc		720
	87,536		nVent Electric plc		3,326
	2,354	e	Omega Flex, Inc		299
	38,204		Oshkosh Corp		4,306
	230,670		Otis Worldwide Corp		20,084
	52,288		Owens Corning, Inc		4,732
	182,332		PACCAR, Inc		16,093
	35,158	*	PAE, Inc		349
	14,228		Park Aerospace Corp		188
	68,108		Parker-Hannifin Corp		21,667
	6,136		Park-Ohio Holdings Corp		130
	12,058	*	Parsons Corp		406
	88,369		Pentair plc		6,454
	36,380	*	PGT Innovations, Inc		818
	274,975	*	Plug Power, Inc		7,763
	7,077		Powell Industries, Inc		209
	1,801		Preformed Line Products Co		117
	28,783		Primoris Services Corp		690
	15,505	*	Proto Labs, Inc		796
	25,291		Quanex Building Products Corp		627
	75,730		Quanta Services, Inc		8,683
	798,644		Raytheon Technologies Corp		68,731
	13,498	*	RBC Bearings, Inc		2,726
	36,333		Regal-Beloit Corp		6,183
	82,950	*	Resideo Technologies, Inc		2,159
	8,757		REV Group, Inc		124
	61,336		Rockwell Automation, Inc		21,397
	67,835	*,e	Romeo Power, Inc		248
	55,116		Roper Technologies Inc		27,109
	22,440		Rush Enterprises, Inc (Class A)		1,249
	6,895		Rush Enterprises, Inc (Class B)		372
	88,808	*	Sensata Technologies Holding plc		5,479
	50,036	*	Shoals Technologies Group, Inc		1,216
	18,886		Shyft Group, Inc		928
	23,778		Simpson Manufacturing Co, Inc		3,307
	24,415	*	SiteOne Landscape Supply, Inc		5,915
	28,698		Snap-On, Inc		6,181
	59,911		Spirit Aerosystems Holdings, Inc (Class A)		2,582
	23,935	*	SPX Corp		1,428
	23,001		SPX FLOW, Inc		1,989
	8,333		Standex International Corp		922
	86,148		Stanley Black & Decker, Inc		16,249
	34,176	*,e	Stem, Inc		648
	18,886	*	Sterling Construction Co, Inc		497
	109,516	*	Sunrun, Inc		3,756

330

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	10,075		Tennant Co	$	817
	35,787		Terex Corp		1,573
	26,155		Textainer Group Holdings Ltd		934
	117,431		Textron, Inc		9,066
	24,419	*	Thermon Group Holdings		413
	35,263		Timken Co		2,443
	27,553	*	Titan International, Inc		302
	11,613	*	Titan Machinery, Inc		391
	54,608		Toro Co		5,456
	19,490	*	TPI Composites, Inc		292
	126,114		Trane Technologies plc		25,479
	3,856	*	Transcat Inc		356
	28,405	*	TransDigm Group, Inc		18,074
	63,333	*	Trex Co, Inc		8,552
	47,350		Trinity Industries, Inc		1,430
	28,650		Triton International Ltd		1,726
	32,779	*	Triumph Group, Inc		607
	27,269	*	Tutor Perini Corp		337
	31,994		UFP Industries, Inc		2,944
	38,527	*	United Rentals, Inc		12,802
	91,890	*	Univar Solutions Inc		2,605
	10,628		Valmont Industries, Inc		2,662
	7,860	*	Vectrus, Inc		360
	7,828	*	Veritiv Corp		960
	154,466		Vertiv Holdings Co		3,857
	12,845	*	Vicor Corp		1,631
	46,216	*,e	View, Inc		181
	96,965	*	Virgin Galactic Holdings, Inc		1,297
	24,542		W.W. Grainger, Inc		12,719
	28,077		Wabash National Corp		548
	17,942		Watsco, Inc		5,614
	12,667		Watts Water Technologies, Inc (Class A)		2,460
	50,259	*	Welbilt, Inc		1,195
	24,302	*	WESCO International, Inc		3,198
	94,532		Westinghouse Air Brake Technologies Corp		8,707
	3,392	*	Willis Lease Finance Corp		128
	98,203	*	WillScot Mobile Mini Holdings Corp		4,011
	30,482		Woodward Inc		3,337
	95,020		Xylem, Inc		11,395
	65,462		Zurn Water Solutions Corp		2,383
			TOTAL CAPITAL GOODS		1,482,525

COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	40,285		ABM Industries, Inc		1,646
	37,820	*	Acacia Research (Acacia Technologies)		194
	5,587		ACCO Brands Corp		46
	86,801		ADT, Inc		730
	27,574	*	ASGN Inc		3,403
	5,145		Barrett Business Services, Inc		355
	73,456		Booz Allen Hamilton Holding Co		6,228
	22,496		Brady Corp (Class A)		1,213
	16,522	*	BrightView Holdings, Inc		233
	26,557	e	Brink’s Co		1,741
	12,641	*	CACI International, Inc (Class A)		3,403

331

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	26,846	*	Casella Waste Systems, Inc (Class A)	$	2,293
	27,294	*	CBIZ, Inc		1,068
	18,496	*	Ceco Environmental Corp		115
	8,021	*	Cimpress plc		574
	45,866		Cintas Corp		20,326
	226,376	*	Clarivate Analytics plc		5,324
	27,814	*	Clean Harbors, Inc		2,775
	111,447	*	Copart, Inc		16,898
	49,610	*	CoreCivic, Inc		495
	209,279	*	CoStar Group, Inc		16,539
	3,881		CRA International, Inc		362
	22,984		Deluxe Corp		738
	20,676	*	Driven Brands Holdings, Inc		695
	87,944	*	Dun & Bradstreet Holdings, Inc		1,802
	20,052		Ennis, Inc		392
	64,659		Equifax, Inc		18,932
	28,338		Exponent, Inc		3,308
	15,944	*	First Advantage Corp		304
	7,582	*	Forrester Research, Inc		445
	7,620	*	Franklin Covey Co		353
	18,215	*	FTI Consulting, Inc		2,795
	42,732	*	Harsco Corp		714
	40,910		Healthcare Services Group		728
	14,300		Heidrick & Struggles International, Inc		625
	8,893	*	Heritage-Crystal Clean, Inc		285
	37,280		Herman Miller, Inc		1,461
	23,758		HNI Corp		999
	15,850	*	Huron Consulting Group, Inc		791
	74,086	*	IAA, Inc		3,750
	10,095		ICF International, Inc		1,035
	197,078		IHS Markit Ltd		26,196
	19,828		Insperity, Inc		2,342
	44,581		Interface, Inc		711
	67,582		Jacobs Engineering Group, Inc		9,409
	67,918	*	KAR Auction Services, Inc		1,061
	77,169		KBR, Inc		3,675
	20,372		Kelly Services, Inc (Class A)		342
	11,207		Kforce, Inc		843
	25,171		Kimball International, Inc (Class B)		258
	29,134		Korn/Ferry International		2,206
	10,217	*,e	Legalzoom.com, Inc		164
	77,553		Leidos Holdings, Inc		6,895
	31,415		Manpower, Inc		3,058
	14,965		Mantech International Corp (Class A)		1,091
	16,885		Matthews International Corp (Class A)		619
	13,300	*	Mistras Group, Inc		99
	12,017	*	Montrose Environmental Group, Inc		847
	19,573		MSA Safety, Inc		2,955
	196,358		Nielsen NV		4,027
	4,961		NL Industries, Inc		37
	95,984		Pitney Bowes, Inc		636
	111,211		Republic Services, Inc		15,508
	20,546		Resources Connection, Inc		367
	57,365		Robert Half International, Inc		6,397

332

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	127,813		Rollins, Inc	$	4,373
	38,672	*	RR Donnelley & Sons Co		436
	32,160		Science Applications International Corp		2,688
	12,140	*	SP Plus Corp		343
	61,807		Steelcase, Inc (Class A)		724
	49,051	*	Stericycle, Inc		2,925
	29,513		Tetra Tech, Inc		5,011
	100,803		TransUnion		11,953
	22,121	*	TriNet Group, Inc		2,107
	19,072	*	TrueBlue, Inc		528
	8,983		Unifirst Corp		1,890
	63,645	*	Upwork, Inc		2,174
	16,280	*	US Ecology, Inc		520
	84,768		Verisk Analytics, Inc		19,389
	15,178	*	Viad Corp		650
	5,586		VSE Corp		340
	223,885		Waste Management, Inc		37,366
	5,398	*	Willdan Group, Inc		190
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		309,463

CONSUMER DURABLES & APPAREL - 1.4%
	15,286		Acushnet Holdings Corp		811
	9,880	*	American Outdoor Brands, Inc		197
	35,953	*,e	AMMO, Inc		196
	21,459	*	Beazer Homes USA, Inc		498
	38,863		Brunswick Corp		3,915
	63,158	*	Callaway Golf Co		1,733
	80,799	*	Capri Holdings Ltd		5,245
	23,650		Carter’s, Inc		2,394
	5,040	*	Cavco Industries, Inc		1,601
	13,611		Century Communities, Inc		1,113
	14,289		Clarus Corp		396
	21,656		Columbia Sportswear Co		2,110
	31,668	*	Crocs, Inc		4,060
	14,122	*	Deckers Outdoor Corp		5,173
	174,121		DR Horton, Inc		18,883
	7,865		Escalade, Inc		124
	18,783		Ethan Allen Interiors, Inc		494
	31,215	*	Fossil Group, Inc		321
	79,850		Garmin Ltd		10,873
	154,338	*,e	Genius Brands International, Inc		162
	24,084	*	G-III Apparel Group Ltd		666
	74,136	*	GoPro, Inc		764
	16,535	*	Green Brick Partners, Inc		502
	6,360	e	Hamilton Beach Brands Holding Co		91
	156,073		Hanesbrands, Inc		2,610
	67,084		Hasbro, Inc		6,828
	21,061	*,e	Hayward Holdings, Inc		552
	13,347	*	Helen of Troy Ltd		3,263
	7,913		Hooker Furniture Corp		184
	2,792	*	Hovnanian Enterprises, Inc		355
	13,822		Installed Building Products, Inc		1,931
	15,263	*	iRobot Corp		1,006
	3,583		Johnson Outdoors, Inc		336

333

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	36,885		KB Home	$	1,650
	30,075		Kontoor Brands, Inc		1,541
	12,660	*,e	Latham Group, Inc		317
	25,091		La-Z-Boy, Inc		911
	73,033		Leggett & Platt, Inc		3,006
	149,149		Lennar Corp (Class A)		17,325
	2,824		Lennar Corp (Class B)		270
	12,635	*	LGI Homes, Inc		1,952
	7,210		Lifetime Brands, Inc		115
	5,568	*	Lovesac Co		369
	60,026	*	Lululemon Athletica, Inc		23,497
	15,593	*	M/I Homes, Inc		970
	13,092	*	Malibu Boats, Inc		900
	8,407		Marine Products Corp		105
	13,690	*	MasterCraft Boat Holdings, Inc		388
	167,123	*	Mattel, Inc		3,603
	23,210		MDC Holdings, Inc		1,296
	17,632	*	Meritage Homes Corp		2,152
	28,443	*	Mohawk Industries, Inc		5,182
	11,320		Movado Group, Inc		474
	17,631	*,e	Nautilus, Inc		108
	207,669		Newell Brands Inc		4,535
	664,586		Nike, Inc (Class B)		110,767
	1,755	*	NVR, Inc		10,370
	8,770		Oxford Industries, Inc		890
	145,284	*	Peloton Interactive, Inc		5,195
	5,912	*,e	PLBY Group, Inc		158
	32,179		Polaris Inc		3,537
	134,770		Pulte Homes, Inc		7,703
	27,406	*	Purple Innovation, Inc		364
	40,092		PVH Corp		4,276
	25,991		Ralph Lauren Corp		3,089
	3,738		Rocky Brands, Inc		149
	72,360	*	Skechers U.S.A., Inc (Class A)		3,140
	28,672	*	Skyline Champion Corp		2,265
	29,016		Smith & Wesson Brands, Inc		516
	67,337	*	Sonos, Inc		2,007
	44,766		Steven Madden Ltd		2,080
	9,374		Sturm Ruger & Co, Inc		638
	5,163		Superior Uniform Group, Inc		113
	153,327		Tapestry, Inc		6,225
	52,524	*	Taylor Morrison Home Corp		1,836
	99,972		Tempur Sealy International, Inc		4,702
	61,714		Toll Brothers, Inc		4,467
	18,124	*	TopBuild Corp		5,001
	12,158	*	Traeger, Inc		148
	47,835	*	TRI Pointe Homes, Inc		1,334
	28,980	*	Tupperware Brands Corp		443
	110,698	*	Under Armour, Inc (Class A)		2,346
	110,542	*	Under Armour, Inc (Class C)		1,994
	10,905	*	Unifi, Inc		252
	10,485	*	Universal Electronics, Inc		427
	16,444	*	Vera Bradley, Inc		140
	177,722		VF Corp		13,013

334

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	29,556	*	Vista Outdoor, Inc	$	1,362
	11,097	*	VOXX International Corp (Class A)		113
	32,024	*,e	Vuzix Corp		278
	31,427		Whirlpool Corp		7,375
	48,726		Wolverine World Wide, Inc		1,404
	46,993	*	YETI Holdings, Inc		3,892
			TOTAL CONSUMER DURABLES & APPAREL		364,062

CONSUMER SERVICES - 2.2%
	36,774	*	2U, Inc		738
	25,118	*	Accel Entertainment, Inc		327
	29,568	*	Adtalem Global Education, Inc		874
	12,233	*	American Public Education, Inc		272
	125,887		ARAMARK Holdings Corp		4,639
	17,816	*	Bally’s Corp		678
	769	*	Biglari Holdings, Inc (B Shares)		110
	15,173	*	BJ’s Restaurants, Inc		524
	44,145	*	Bloomin’ Brands, Inc		926
	8,897	*	Bluegreen Vacations Holding Corp		312
	22,027	*	Booking Holdings, Inc		52,848
	43,510	*	Boyd Gaming Corp		2,853
	33,375	*	Bright Horizons Family Solutions		4,201
	25,489	*	Brinker International, Inc		933
	109,557	*	Caesars Entertainment, Inc		10,247
	468,051	*,e	Carnival Corp		9,417
	11,838		Carriage Services, Inc		763
	27,792		Carrols Restaurant Group, Inc		82
	16,727	*	Century Casinos, Inc		204
	23,639	*	Cheesecake Factory		925
	76,982	*	Chegg, Inc		2,363
	14,793	*	Chipotle Mexican Grill, Inc (Class A)		25,862
	19,126		Choice Hotels International, Inc		2,983
	20,586		Churchill Downs, Inc		4,959
	12,474	*	Chuy’s Holdings, Inc		376
	31,100	*	Coursera, Inc		760
	12,944		Cracker Barrel Old Country Store, Inc		1,665
	71,457		Darden Restaurants, Inc		10,764
	23,587	*	Dave & Buster’s Entertainment, Inc		906
	23,487		Del Taco Restaurants, Inc		292
	41,277	*	Denny’s Corp		660
	8,713		Dine Brands Global Inc.		661
	18,765		Domino’s Pizza, Inc		10,590
	166,848	*,e	DraftKings, Inc		4,583
	14,501	*	El Pollo Loco Holdings, Inc		206
	45,885	*	Everi Holdings, Inc		980
	78,395	*	Expedia Group, Inc		14,168
	20,469	*	Fiesta Restaurant Group, Inc		225
	45,952	*	frontdoor, Inc		1,684
	13,690	*	GAN Ltd		126
	7,389	*	Golden Entertainment, Inc		373
	17,420	*	Golden Nugget Online Gaming, Inc		173
	2,114		Graham Holdings Co		1,331
	20,931	*	Grand Canyon Education, Inc		1,794
	70,397		H&R Block, Inc		1,659

335

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	49,665	*	Hilton Grand Vacations, Inc	$	2,588
	147,072	*	Hilton Worldwide Holdings, Inc		22,942
	76,812	*	Houghton Mifflin Harcourt Co		1,237
	24,452	*	Hyatt Hotels Corp		2,345
	54,564		International Game Technology plc		1,577
	12,544		Jack in the Box, Inc		1,097
	181,736	*	Las Vegas Sands Corp		6,841
	62,559		Laureate Education, Inc		766
	20,784	*	Life Time Group Holdings, Inc		358
	10,890	*	Lindblad Expeditions Holdings, Inc		170
	144,772	*	Marriott International, Inc (Class A)		23,922
	22,871		Marriott Vacations Worldwide Corp		3,865
	400,133		McDonald’s Corp		107,264
	212,155		MGM Resorts International		9,522
	22,276	*	Mister Car Wash, Inc		406
	7,140	*	Monarch Casino & Resort, Inc		528
	2,378		Nathan’s Famous, Inc		139
	3,043	*	NEOGAMES S.A.		85
	8,091	*	Noodles & Co		73
	204,209	*,e	Norwegian Cruise Line Holdings Ltd		4,235
	29,338	*	OneSpaWorld Holdings Ltd		294
	18,811		Papa John’s International, Inc		2,511
	85,767	*	Penn National Gaming, Inc		4,447
	46,334	*	Perdoceo Education Corp		545
	45,756	*	Planet Fitness, Inc		4,145
	10,854	*	PlayAGS, Inc		74
	12,559	*	Portillo’s, Inc		471
	23,203	*	PowerSchool Holdings, Inc		382
	6,547		RCI Hospitality Holdings, Inc		510
	9,211	*	Red Robin Gourmet Burgers, Inc		152
	37,399		Red Rock Resorts, Inc		2,057
	120,421	*	Royal Caribbean Cruises Ltd		9,260
	28,549	*	Rush Street Interactive, Inc		471
	21,790	*	Ruth’s Hospitality Group Inc		434
	52,481	*	Scientific Games Corp (Class A)		3,507
	30,308	*	SeaWorld Entertainment, Inc		1,966
	77,028		Service Corp International		5,468
	20,425	*	Shake Shack, Inc		1,474
	42,367	*	Six Flags Entertainment Corp		1,804
	628,674		Starbucks Corp		73,536
	11,328		Strategic Education, Inc		655
	26,055	*	Stride, Inc		868
	21,327	*	Target Hospitality Corp		76
	70,662	*	Terminix Global Holdings, Inc		3,196
	40,109		Texas Roadhouse, Inc (Class A)		3,581
	46,546		Travel & Leisure Co		2,573
	21,929		Vail Resorts, Inc		7,191
	41,530	*,e	Vivint Smart Home, Inc		406
	97,887		Wendy’s		2,335
	16,288		Wingstop, Inc		2,815
	26,120	*	WW International Inc		421
	45,815		Wyndham Hotels & Resorts, Inc		4,107
	58,587	*	Wynn Resorts Ltd		4,982
	223,229		Yum China Holdings, Inc		11,126

336

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	156,418		Yum! Brands, Inc	$	21,720
			TOTAL CONSUMER SERVICES		551,536

DIVERSIFIED FINANCIALS - 5.0%
	22,801		Affiliated Managers Group, Inc		3,751
	280,518		AGNC Investment Corp		4,219
	8,948		Alerus Financial Corp		262
	195,459		Ally Financial, Inc		9,306
	4,761		A-Mark Precious Metals, Inc		291
	337,806		American Express Co		55,265
	59,091		Ameriprise Financial, Inc		17,825
	673,859		Annaly Capital Management, Inc		5,270
	68,911		Apollo Commercial Real Estate Finance, Inc		907
	126,796	e	Apollo Global Management, Inc		9,184
	61,262	e	Arbor Realty Trust, Inc		1,122
	22,112		Ares Commercial Real Estate Corp		321
	70,488		Ares Management Corp		5,729
	26,163	e	ARMOUR Residential REIT, Inc		257
	32,135		Artisan Partners Asset Management, Inc		1,531
	8,796	*	Assetmark Financial Holdings, Inc		230
	4,316		Associated Capital Group, Inc		186
	10,240		B. Riley Financial, Inc		910
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		356
	406,366		Bank of New York Mellon Corp		23,602
	981,264	*	Berkshire Hathaway, Inc (Class B)		293,398
	166,153		BGC Partners, Inc (Class A)		773
	76,647		BlackRock, Inc		70,175
	364,136		Blackstone Group, Inc		47,116
	73,790		Blackstone Mortgage Trust, Inc		2,259
	30,473	*	Blucora, Inc		528
	23,450		Brightsphere Investment Group, Inc		600
	46,061		BrightSpire Capital, Inc		473
	37,551		Broadmark Realty Capital, Inc		354
	48,331	*	Cannae Holdings, Inc		1,699
	227,065		Capital One Financial Corp		32,945
	81,300		Carlyle Group, Inc		4,463
	58,426		CBOE Global Markets, Inc		7,619
	803,791		Charles Schwab Corp		67,599
	79,272		Chimera Investment Corp		1,195
	192,449		CME Group, Inc		43,967
	15,440		Cohen & Steers, Inc		1,428
	18,127		Cowen Group, Inc		654
	4,330	*,e	Credit Acceptance Corp		2,978
	7,834		Curo Group Holdings Corp		125
	2,179		Diamond Hill Investment Group, Inc		423
	159,233		Discover Financial Services		18,401
	19,156	*	Donnelley Financial Solutions, Inc		903
	11,107	e	Dynex Capital, Inc		186
	17,423		Ellington Financial Inc		298
	16,248	*,e	Encore Capital Group, Inc		1,009
	23,911	*	Enova International, Inc		979
	197,378		Equitable Holdings, Inc		6,472
	21,958		Evercore Inc		2,983
	38,445	*	Ezcorp, Inc (Class A)		283

337

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	19,752		Factset Research Systems, Inc	$	9,600
	51,663		Federated Investors, Inc (Class B)		1,941
	24,222		FirstCash Holdings, Inc		1,812
	32,102	*	Focus Financial Partners, Inc		1,917
	23,368		Franklin BSP Realty Trust, Inc		349
	158,845		Franklin Resources, Inc		5,320
	2,827		GAMCO Investors, Inc (Class A)		71
	23,172		GCM Grosvenor, Inc		243
	175,517		Goldman Sachs Group, Inc		67,144
	31,227		Granite Point Mortgage Trust, Inc		366
	9,250		Great Ajax Corp		122
	33,057	*	Green Dot Corp		1,198
	19,893		Greenhill & Co, Inc		357
	18,233		Hamilton Lane, Inc		1,889
	41,845		Hannon Armstrong Sustainable Infrastructure Capital, Inc		2,223
	25,893		Houlihan Lokey, Inc		2,680
	44,099		Interactive Brokers Group, Inc (Class A)		3,502
	295,705		Intercontinental Exchange Group, Inc		40,444
	183,237		Invesco Ltd		4,218
	100,745		Invesco Mortgage Capital, Inc		280
	84,445		Janus Henderson Group plc		3,542
	110,637		Jefferies Financial Group, Inc		4,293
	289,960		KKR & Co, Inc		21,602
	17,625		KKR Real Estate Finance Trust, Inc		367
	49,932		Ladder Capital Corp		599
	55,948		Lazard Ltd (Class A)		2,441
	42,896	*	LendingClub Corp		1,037
	6,343	*	LendingTree, Inc		778
	43,732		LPL Financial Holdings, Inc		7,001
	20,525		MarketAxess Holdings, Inc		8,441
	6,533		Marlin Business Services Corp		152
	184,073		MFA Financial Inc		839
	33,380		Moelis & Co		2,087
	86,644		Moody’s Corp		33,841
	719,743		Morgan Stanley		70,650
	12,847		Morningstar, Inc		4,393
	43,299		MSCI, Inc (Class A)		26,529
	59,335		Nasdaq Inc		12,461
	72,107		Navient Corp		1,530
	3,424		Nelnet, Inc (Class A)		334
	231,837		New Residential Investment Corp		2,483
	73,139		New York Mortgage Trust, Inc		272
	112,805		Northern Trust Corp		13,493
	60,203		OneMain Holdings, Inc		3,013
	56,898	*	Open Lending Corp		1,279
	11,565	*	Oportun Financial Corp		234
	7,363		Oppenheimer Holdings, Inc		341
	23,694	e	Orchid Island Capital, Inc		107
	47,765		PennyMac Mortgage Investment Trust		828
	10,272		Piper Jaffray Cos		1,834
	13,025		PJT Partners, Inc		965
	24,781	*	PRA Group, Inc		1,244
	36,804	*	PROG Holdings, Inc		1,660
	9,591		Pzena Investment Management, Inc (Class A)		91

338

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	94,609		Raymond James Financial, Inc	$	9,499
	22,908		Ready Capital Corp		358
	49,700		Redwood Trust, Inc		655
	8,577		Regional Management Corp		493
	128,666		S&P Global, Inc		60,721
	25,339		Santander Consumer USA Holdings, Inc		1,065
	10,879		Sculptor Capital Management, Inc		232
	58,985		SEI Investments Co		3,595
	176,795		SLM Corp		3,478
	137,605		Starwood Property Trust, Inc		3,344
	190,999		State Street Corp		17,763
	20,369		StepStone Group, Inc		847
	56,036		Stifel Financial Corp		3,946
	11,369	*	StoneX Group, Inc		696
	296,064		Synchrony Financial		13,734
	118,281		T Rowe Price Group, Inc		23,259
	32,761		TPG RE Finance Trust, Inc		404
	52,338		Tradeweb Markets, Inc		5,241
	149,469	e	Two Harbors Investment Corp		862
	24,235	*	Upstart Holdings, Inc		3,667
	51,259		Virtu Financial, Inc		1,478
	2,751		Virtus Investment Partners, Inc		817
	56,679		Voya Financial, Inc		3,758
	84,317		WisdomTree Investments, Inc		516
	2,399	*	World Acceptance Corp		589
			TOTAL DIVERSIFIED FINANCIALS		1,290,263

ENERGY - 2.7%
	39,034	*	Alto Ingredients, Inc		188
	183,627		Antero Midstream Corp		1,777
	156,157	*	Antero Resources Corp		2,733
	194,060		APA Corp		5,218
	9,586		Arch Resources, Inc		875
	6,877		Archrock, Inc		51
	11,564	*	Aspen Aerogels, Inc		576
	405,017		Baker Hughes Co		9,745
	36,376		Berry Petroleum Co LLC		306
	24,693		Bonanza Creek Energy, Inc		1,209
	23,816		Brigham Minerals, Inc		502
	4,788	*	Bristow Group, Inc		152
	434,664		Cabot Oil & Gas Corp		8,259
	29,784		Cactus, Inc		1,136
	28,404		California Resources Corp		1,213
	21,769	*,e	Callon Petroleum Co		1,029
	98,820	*	Centennial Resource Development, Inc		591
	5,171	*	Centrus Energy Corp		258
	110,556	*	ChampionX Corp		2,234
	128,714		Cheniere Energy, Inc		13,054
	53,916		Chesapeake Energy Corp		3,479
	1,035,140		Chevron Corp		121,474
	75,896	*,e	Clean Energy Fuels Corp		465
	119,401	*	CNX Resources Corp		1,642
	49,969	*	Comstock Resources Inc		404
	702,109		ConocoPhillips		50,678

339

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	20,666	*	CONSOL Energy, Inc	$	469
	32,957	e	Continental Resources, Inc		1,475
	10,678	*,e	Crescent Energy, Inc		135
	11,149		CVR Energy, Inc		187
	27,497	*	Delek US Holdings, Inc		412
	27,534	*	Denbury, Inc		2,109
	370,820		Devon Energy Corp		16,335
	55,111		DHT Holdings, Inc		286
	99,242		Diamondback Energy, Inc		10,703
	9,586	*	DMC Global, Inc		380
	19,179		Dorian LPG Ltd		243
	19,159	*	Dril-Quip, Inc		377
	52,968		DT Midstream, Inc		2,541
	7,121	*	Earthstone Energy, Inc		78
	56,201	*,e	Energy Fuels, Inc		429
	314,833		EOG Resources, Inc		27,967
	153,612	*	EQT Corp		3,350
	223,182		Equitrans Midstream Corp		2,308
	2,270,917	d	Exxon Mobil Corp		138,957
	24,885		Falcon Minerals Corp		121
	6,110	*	Frank’s International NV		88
	70,150	*,e	Frontline Ltd		496
	106,507	*,e	Gevo, Inc		456
	69,477	*	Golar LNG Ltd		861
	26,945	*	Green Plains Inc		937
	486,964		Halliburton Co		11,137
	100,808	*	Helix Energy Solutions Group, Inc		314
	52,744		Helmerich & Payne, Inc		1,250
	152,403		Hess Corp		11,282
	82,202		HollyFrontier Corp		2,695
	28,719		International Seaways, Inc		422
	1,030,068		Kinder Morgan, Inc		16,337
	234,852	*	Kosmos Energy Ltd		813
	6,863	*	Laredo Petroleum, Inc		413
	47,450	*	Liberty Oilfield Services, Inc		460
	65,268		Magnolia Oil & Gas Corp		1,232
	430,752		Marathon Oil Corp		7,073
	330,202		Marathon Petroleum Corp		21,130
	61,756		Matador Resources Co		2,280
	86,947		Murphy Oil Corp		2,270
	4,194	*	Nabors Industries Ltd		340
	16,237	*	National Energy Services Reunited Corp		153
	14,551	e	New Fortress Energy, Inc		351
	63,344	*	Newpark Resources, Inc		186
	76,759	*	NexTier Oilfield Solutions, Inc		272
	68,002	e	Nordic American Tankers Ltd		115
	26,098		Northern Oil and Gas, Inc		537
	214,007		NOV, Inc		2,900
	11,011		Oasis Petroleum, Inc		1,387
	468,293		Occidental Petroleum Corp		13,576
	54,360	*	Oceaneering International, Inc		615
	38,178	*	Oil States International, Inc		190
	235,907		ONEOK, Inc		13,862
	143,049		Ovintiv, Inc		4,821

340

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	23,180	*	Par Pacific Holdings, Inc	$	382
	101,807		Patterson-UTI Energy, Inc		860
	52,566	*	PBF Energy, Inc		682
	54,256		PDC Energy, Inc		2,647
	37,795	*	Peabody Energy Corp		381
	10,090	*	Penn Virginia Corp		272
	240,662		Phillips 66		17,438
	115,241		Pioneer Natural Resources Co		20,960
	48,018	*	ProPetro Holding Corp		389
	107,893	*	Range Resources Corp		1,924
	21,719	*	Renewable Energy Group, Inc		922
	4,186	*	Rex American Resources Corp		402
	4,815	e	Riley Exploration Permian, Inc		93
	42,512	*	RPC, Inc		193
	751,249		Schlumberger Ltd		22,500
	26,610		Scorpio Tankers, Inc		341
	6,869	*	Select Energy Services, Inc		43
	45,041		SFL Corp Ltd		367
	63,633		SM Energy Co		1,876
	6,855		Solaris Oilfield Infrastructure, Inc		45
	541,965	*	Southwestern Energy Co		2,525
	13,911	*	Talos Energy, Inc		136
	123,793		Targa Resources Investments, Inc		6,467
	172,980	*,e	Tellurian, Inc		533
	66,939	*	Tetra Technologies, Inc		190
	3,232		Texas Pacific Land Corp		4,036
	16,234	*	Tidewater, Inc		174
	95,169	*,e	Uranium Energy Corp		319
	40,076	*	US Silica Holdings, Inc		377
	224,402		Valero Energy Corp		16,855
	14,396	*	W&T Offshore, Inc		46
	21,493	*	Whiting Petroleum Corp		1,390
	668,134		Williams Cos, Inc		17,398
	29,960		World Fuel Services Corp		793
			TOTAL ENERGY		683,317

FOOD & STAPLES RETAILING - 1.3%
	87,310	e	Albertsons Cos, Inc		2,636
	19,849		Andersons, Inc		768
	74,804	*	BJ’s Wholesale Club Holdings, Inc		5,010
	20,249		Casey’s General Stores, Inc		3,996
	14,374	*	Chefs’ Warehouse Holdings, Inc		479
	236,934		Costco Wholesale Corp		134,508
	47,990	*	Grocery Outlet Holding Corp		1,357
	21,180	*,e	HF Foods Group Inc		179
	7,660		Ingles Markets, Inc (Class A)		661
	410,935		Kroger Co		18,599
	6,410		Natural Grocers by Vitamin C		91
	81,687	*	Performance Food Group Co		3,749
	14,866		Pricesmart, Inc		1,088
	38,176	*,e	Rite Aid Corp		561
	27,344		SpartanNash Co		704
	64,788	*	Sprouts Farmers Market, Inc		1,923
	274,628		SYSCO Corp		21,572

341

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	30,449	*	United Natural Foods, Inc	$	1,495
	121,342	*	US Foods Holding Corp		4,226
	4,843		Village Super Market (Class A)		113
	384,399		Walgreens Boots Alliance, Inc		20,050
	766,796		Walmart, Inc		110,948
	8,974		Weis Markets, Inc		591
			TOTAL FOOD & STAPLES RETAILING		335,304

FOOD, BEVERAGE & TOBACCO - 2.7%
	82,392	*,e	22nd Century Group, Inc		255
	988,678		Altria Group, Inc		46,853
	26,157	*,e	AppHarvest, Inc		102
	297,146		Archer-Daniels-Midland Co		20,084
	34,958		B&G Foods, Inc (Class A)		1,074
	31,483	*,e	Beyond Meat, Inc		2,051
	5,121	*	Boston Beer Co, Inc (Class A)		2,587
	25,010		Brown-Forman Corp (Class A)		1,695
	99,618		Brown-Forman Corp (Class B)		7,258
	70,268		Bunge Ltd		6,560
	11,455		Calavo Growers, Inc		486
	22,629		Cal-Maine Foods, Inc		837
	107,192		Campbell Soup Co		4,659
	29,057	*	Celsius Holdings, Inc		2,167
	2,077,610		Coca-Cola Co		123,015
	2,566		Coca-Cola Consolidated Inc		1,589
	238,268		ConAgra Brands, Inc		8,137
	82,247		Constellation Brands, Inc (Class A)		20,641
	89,070	*	Darling International, Inc		6,172
	11,007	*	Duckhorn Portfolio, Inc		257
	103,413		Flowers Foods, Inc		2,841
	20,613		Fresh Del Monte Produce, Inc		569
	23,047	*	Freshpet, Inc		2,196
	320,492		General Mills, Inc		21,595
	46,022	*	Hain Celestial Group, Inc		1,961
	77,606		Hershey Co		15,014
	143,109		Hormel Foods Corp		6,985
	71,472	*	Hostess Brands, Inc		1,459
	36,826		Ingredion, Inc		3,559
	8,046		J&J Snack Foods Corp		1,271
	58,293		J.M. Smucker Co		7,917
	5,780		John B. Sanfilippo & Son, Inc		521
	130,457		Kellogg Co		8,404
	368,701		Keurig Dr Pepper, Inc		13,590
	372,917		Kraft Heinz Co		13,388
	80,196		Lamb Weston Holdings, Inc		5,083
	10,268		Lancaster Colony Corp		1,700
	19,323	*	Landec Corp		214
	8,386		Limoneira Co		126
	131,394		McCormick & Co, Inc		12,694
	9,193		MGP Ingredients, Inc		781
	20,226	*,e	Mission Produce, Inc		318
	100,662		Molson Coors Brewing Co (Class B)		4,666
	744,515		Mondelez International, Inc		49,369
	195,472	*	Monster Beverage Corp		18,773

342

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,819		National Beverage Corp	$	581
	46,743	*	NewAge, Inc		48
	739,576		PepsiCo, Inc		128,472
	833,883		Philip Morris International, Inc		79,219
	11,378	*	Pilgrim’s Pride Corp		321
	32,395	*	Post Holdings, Inc		3,652
	92,946		Primo Water Corp		1,639
	9,000		Sanderson Farms, Inc		1,720
	138		Seaboard Corp		543
	5,451	*	Seneca Foods Corp		261
	46,457	*	Simply Good Foods Co		1,931
	25,510	*,e	Tattooed Chef, Inc		396
	11,994	e	Tootsie Roll Industries, Inc		435
	29,630	*	TreeHouse Foods, Inc		1,201
	4,760		Turning Point Brands, Inc		180
	151,449		Tyson Foods, Inc (Class A)		13,200
	4,499		Universal Corp		247
	32,173		Utz Brands, Inc		513
	78,380		Vector Group Ltd		900
	13,394	*,e	Vital Farms, Inc		242
	20,392	*	Whole Earth Brands, Inc		219
			TOTAL FOOD, BEVERAGE & TOBACCO		687,393

HEALTH CARE EQUIPMENT & SERVICES - 5.7%
	63,623	*	1Life Healthcare, Inc		1,118
	929,468		Abbott Laboratories		130,813
	24,348	*	Abiomed, Inc		8,745
	48,576	*	Acadia Healthcare Co, Inc		2,949
	18,841	*,e	Accelerate Diagnostics, Inc		98
	27,471	*	Accolade, Inc		724
	58,290	*	Accuray, Inc		278
	5,674	*,e	Acutus Medical, Inc		19
	42,027	*	AdaptHealth Corp		1,028
	8,397	*	Addus HomeCare Corp		785
	12,333	*,e	Agiliti, Inc		286
	89,660	*	agilon health, Inc		2,421
	41,729	*	Align Technology, Inc		27,424
	14,356	*	Alignment Healthcare, Inc		202
	76,369	*	Allscripts Healthcare Solutions, Inc		1,409
	31,277	*	Alphatec Holdings Inc		358
	17,538	*	Amedisys, Inc		2,839
	106,234	*	American Well Corp		642
	76,774		AmerisourceBergen Corp		10,203
	25,726	*	AMN Healthcare Services, Inc		3,147
	26,107	*	Angiodynamics, Inc		720
	131,576		Anthem, Inc		60,991
	16,786	*,e	Apollo Medical Holdings, Inc		1,233
	8,132	*	Apria, Inc		265
	127,698	*,e	Asensus Surgical, Inc		142
	45,045	*,e	Aspira Women’s Health, Inc		80
	22,609	*	AtriCure, Inc		1,572
	1,019		Atrion Corp		718
	26,266	*	Avanos Medical, Inc		911
	21,058	*	Aveanna Healthcare Holdings, Inc		156

343

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	18,090	*	AxoGen, Inc	$	170
	22,714	*	Axonics Modulation Technologies, Inc		1,272
	269,147		Baxter International, Inc		23,104
	152,919		Becton Dickinson & Co		38,456
	13,317	*	BioLife Solutions Inc		496
	758,130	*	Boston Scientific Corp		32,205
	100,981	*	Brookdale Senior Living, Inc		521
	98,379	*,e	Butterfly Network, Inc		658
	144,641		Cardinal Health, Inc		7,448
	23,626	*	Cardiovascular Systems, Inc		444
	11,625	*	Castle Biosciences, Inc		498
	306,383	*	Centene Corp		25,246
	155,282		Cerner Corp		14,421
	44,636	*	Certara, Inc		1,269
	71,510	*	Cerus Corp		487
	111,702	*	Change Healthcare, Inc		2,388
	8,564		Chemed Corp		4,531
	172,612		Cigna Corp		39,637
	67,798	*	Community Health Systems, Inc		902
	8,700	*	Computer Programs & Systems, Inc		255
	15,846		Conmed Corp		2,246
	25,736		Cooper Cos, Inc		10,782
	4,814	*	Corvel Corp		1,001
	56,477	*	Covetrus, Inc		1,128
	25,224	*	Cross Country Healthcare, Inc		700
	23,064	*	CryoLife, Inc		469
	22,130	*	CryoPort, Inc		1,309
	10,004	*	Cutera, Inc		413
	704,480		CVS Health Corp		72,674
	19,235	*	CytoSorbents Corp		81
	38,496	*	DaVita, Inc		4,379
	119,396		Dentsply Sirona, Inc		6,661
	51,640	*	DexCom, Inc		27,728
	335,599	*	Edwards Lifesciences Corp		43,477
	54,203		Encompass Health Corp		3,537
	28,674		Ensign Group, Inc		2,408
	90,976	*	Envista Holdings Corp		4,099
	45,708	*	Evolent Health, Inc		1,265
	53,050	*,e	Figs, Inc		1,462
	11,072	*,e	Fulgent Genetics, Inc		1,114
	24,523	*	Glaukos Corp		1,090
	42,442	*	Globus Medical, Inc		3,064
	49,332	*	Guardant Health, Inc		4,934
	27,531	*	Haemonetics Corp		1,460
	23,398	*	Hanger Inc		424
	129,512		HCA Healthcare, Inc		33,274
	24,393	*	Health Catalyst, Inc		967
	44,640	*	HealthEquity, Inc		1,975
	18,780	*	HealthStream, Inc		495
	77,378	*	Henry Schein, Inc		5,999
	4,605	*	Heska Corp		840
	129,076	*	Hologic, Inc		9,882
	68,230		Humana, Inc		31,649
	11,947	*	iCAD, Inc		86

344

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	10,885	*	ICU Medical, Inc	$	2,583
	46,053	*	IDEXX Laboratories, Inc		30,324
	18,547	*	Inari Medical, Inc		1,693
	10,000	*,e	Innovage Holding Corp		50
	12,244	*	Inogen, Inc		416
	15,579	*	Inspire Medical Systems, Inc		3,584
	36,326	*	Insulet Corp		9,665
	17,928	*	Integer Holding Corp		1,535
	39,699	*	Integra LifeSciences Holdings Corp		2,659
	18,642	*	Intersect ENT, Inc		509
	189,245	*	Intuitive Surgical, Inc		67,996
	23,110	*	Invacare Corp		63
	16,105	*	iRhythm Technologies, Inc		1,895
	7,427	*	Joint Corp		488
	49,658	*	Laboratory Corp of America Holdings		15,603
	34,223	*	Lantheus Holdings, Inc		989
	9,523		LeMaitre Vascular, Inc		478
	17,004	*	LHC Group, Inc		2,334
	25,006	*,e	LifeStance Health Group, Inc		238
	26,810	*	LivaNova plc		2,344
	11,624	*	Magellan Health Services, Inc		1,104
	27,485	*	Masimo Corp		8,047
	81,898		McKesson Corp		20,357
	43,753	*	MEDNAX, Inc		1,191
	720,946		Medtronic plc		74,582
	31,965	*	Meridian Bioscience, Inc		652
	28,011	*	Merit Medical Systems, Inc		1,745
	2,255		Mesa Laboratories, Inc		740
	6,780	*	ModivCare, Inc		1,005
	31,866	*	Molina Healthcare, Inc		10,136
	122,337	*,e	Multiplan Corp		542
	7,753		National Healthcare Corp		527
	5,598		National Research Corp		232
	24,197	*	Natus Medical, Inc		574
	55,746	*	Neogen Corp		2,531
	13,631	*,e	Neuronetics, Inc		61
	19,942	*	Nevro Corp		1,617
	37,773	*	NextGen Healthcare, Inc		672
	56,233	*	Novocure Ltd		4,222
	28,270	*	NuVasive, Inc		1,484
	56,949	*,e	Oak Street Health, Inc		1,887
	23,061	*	Omnicell, Inc		4,161
	4,594	*,e	Ontrak, Inc		29
	8,440	*	OptimizeRx Corp		524
	80,646	*	Option Care Health, Inc		2,294
	40,487	*	OraSure Technologies, Inc		352
	49,394	*	Ortho Clinical Diagnostics Holdings plc		1,057
	12,159	*	Orthofix Medical Inc		378
	5,177	*	OrthoPediatrics Corp		310
	24,964	*	Outset Medical, Inc		1,151
	43,714		Owens & Minor, Inc		1,902
	46,765		Patterson Cos, Inc		1,373
	39,207	*,e	PAVmed, Inc		96
	17,723	*	Pennant Group, Inc		409

345

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	17,918	*	Penumbra, Inc	$	5,148
	14,406	*,e	PetIQ, Inc		327
	20,801	*	Phreesia, Inc		867
	69,502		Premier, Inc		2,861
	10,696	*	Privia Health Group, Inc		277
	34,423	*	Progyny, Inc		1,733
	13,858	*,e	Pulmonx Corp		444
	1,569	*,e	Pulse Biosciences, Inc		23
	65,473		Quest Diagnostics, Inc		11,328
	20,943	*	Quidel Corp		2,827
	36,034	*,e	Quotient Ltd		93
	72,154	*	R1 RCM, Inc		1,839
	25,914	*	RadNet, Inc		780
	76,233		Resmed, Inc		19,857
	24,729	*	Schrodinger, Inc		861
	15,644	*	SeaSpine Holdings Corp		213
	60,301		Select Medical Holdings Corp		1,773
	226,696	*,e	Senseonics Holdings, Inc		605
	18,412	*	Shockwave Medical Inc		3,283
	17,531	*	SI-BONE, Inc		389
	10,185	*	Sientra, Inc		37
	34,185	*,e	Signify Health, Inc		486
	18,916	*	Silk Road Medical Inc		806
	7,680	e	Simulations Plus, Inc		363
	26,141	*	Staar Surgical Co		2,387
	27,076	*	Stereotaxis, Inc		168
	46,289		STERIS plc		11,267
	185,160		Stryker Corp		49,516
	17,295	*	Surgery Partners, Inc		924
	10,275	*	SurModics, Inc		495
	12,258	*	Tabula Rasa HealthCare, Inc		184
	10,460	*	Tactile Systems Technology, Inc		199
	35,006	*	Tandem Diabetes Care, Inc		5,269
	80,556	*	Teladoc, Inc		7,397
	25,464		Teleflex, Inc		8,364
	59,665	*	Tenet Healthcare Corp		4,874
	30,967	*	Tivity Health, Inc		819
	11,786	*	Transmedics Group, Inc		226
	5,968	*	Treace Medical Concepts, Inc		111
	4,956	*	Triple-S Management Corp (Class B)		177
	504,241		UnitedHealth Group, Inc		253,200
	41,647		Universal Health Services, Inc (Class B)		5,400
	6,975	e	US Physical Therapy, Inc		667
	2,349		Utah Medical Products, Inc		235
	7,211	*,e	Vapotherm, Inc		149
	27,229	*	Varex Imaging Corp		859
	73,780	*	Veeva Systems, Inc		18,849
	20,450	*,e	Viemed Healthcare, Inc		107
	74,317	*	ViewRay, Inc		410
	20,093	*	Vocera Communications, Inc		1,303
	114,723		Zimmer Biomet Holdings, Inc		14,574
	9,856	*,e	Zynex Inc		98
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,478,594

346

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
HOUSEHOLD & PERSONAL PRODUCTS - 1.4%
	46,991	*,e	Beauty Health Co	$	1,135
	25,021	*,e	BellRing Brands, Inc		714
	7,431	*	Central Garden & Pet Co		391
	22,079	*	Central Garden and Pet Co (Class A)		1,056
	125,208		Church & Dwight Co, Inc		12,834
	65,460		Clorox Co		11,414
	443,194		Colgate-Palmolive Co		37,822
	159,439	*	Coty, Inc		1,674
	29,639		Edgewell Personal Care Co		1,355
	24,917	*	elf Beauty, Inc		828
	37,105		Energizer Holdings, Inc		1,488
	122,207		Estee Lauder Cos (Class A)		45,241
	58,982	*	Herbalife Nutrition Ltd		2,414
	13,542	*,e	Honest Co, Inc		110
	12,258		Inter Parfums, Inc		1,310
	177,781		Kimberly-Clark Corp		25,408
	6,191		Medifast, Inc		1,297
	5,868		Nature’s Sunshine Products, Inc		109
	27,121		Nu Skin Enterprises, Inc (Class A)		1,376
	3,981		Oil-Dri Corp of America		130
	43,357	*	Olaplex Holdings, Inc		1,263
	1,290,662		Procter & Gamble Co		211,127
	8,319	*	Revlon, Inc (Class A)		94
	12,941		Reynolds Consumer Products, Inc		406
	21,541		Spectrum Brands Holdings, Inc		2,191
	8,349	*	USANA Health Sciences, Inc		845
	30,185	*,e	Veru, Inc		178
	7,178		WD-40 Co		1,756
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		365,966

INSURANCE - 2.0%
	344,156		Aflac, Inc		20,095
	6,777	*	Alleghany Corp		4,524
	152,869		Allstate Corp		17,985
	32,424	*	AMBAC Financial Group, Inc		520
	46,586		American Equity Investment Life Holding Co		1,813
	37,245		American Financial Group, Inc		5,114
	446,140		American International Group, Inc		25,368
	256		American National Group, Inc		48
	13,468		Amerisafe, Inc		725
	115,949		Aon plc		34,850
	192,749	*	Arch Capital Group Ltd		8,568
	17,301		Argo Group International Holdings Ltd		1,005
	108,126		Arthur J. Gallagher & Co		18,346
	33,181		Assurant, Inc		5,172
	36,683		Assured Guaranty Ltd		1,841
	61,967	*	Athene Holding Ltd		5,164
	32,921		Axis Capital Holdings Ltd		1,793
	28,604	*,e	Bright Health Group, Inc		98
	38,430	*	Brighthouse Financial, Inc		1,991
	122,529		Brown & Brown, Inc		8,611
	25,189	*	BRP Group, Inc		910
	229,123		Chubb Ltd		44,292

347

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	83,756		Cincinnati Financial Corp	$	9,542
	32,879	*,e	Citizens, Inc (Class A)		175
	3,923		CNA Financial Corp		173
	66,761		Conseco, Inc		1,592
	7,812		Donegal Group, Inc (Class A)		112
	15,165	*	eHealth, Inc		387
	15,546		Employers Holdings, Inc		643
	7,506	*	Enstar Group Ltd		1,858
	13,782		Erie Indemnity Co (Class A)		2,655
	20,303		Everest Re Group Ltd		5,561
	143,159		Fidelity National Financial Inc		7,470
	52,851		First American Financial Corp		4,135
	311,286	*	Genworth Financial, Inc (Class A)		1,261
	55,726		Globe Life, Inc		5,223
	24,045	*	GoHealth, Inc		91
	9,663		Goosehead Insurance, Inc		1,257
	20,683	*	Greenlight Capital Re Ltd (Class A)		162
	19,607		Hanover Insurance Group, Inc		2,570
	180,659		Hartford Financial Services Group, Inc		12,473
	3,092		HCI Group, Inc		258
	18,411		Heritage Insurance Holdings, Inc		108
	22,775		Horace Mann Educators Corp		881
	5,237		Independence Holding Co		297
	1,119		Investors Title Co		221
	19,526		James River Group Holdings Ltd		563
	33,482		Kemper Corp		1,968
	10,502		Kinsale Capital Group, Inc		2,498
	20,988	*,e	Lemonade, Inc		884
	95,447		Lincoln National Corp		6,515
	112,892		Loews Corp		6,521
	6,948	*	Markel Corp		8,574
	271,306		Marsh & McLennan Cos, Inc		47,158
	26,174	*	MBIA, Inc		413
	12,675		Mercury General Corp		673
	380,912		Metlife, Inc		23,803
	1,551		National Western Life Group, Inc		333
	7,308	*	NI Holdings, Inc		138
	151,820		Old Republic International Corp		3,732
	13,408	*	Palomar Holdings, Inc		868
	21,522		Primerica, Inc		3,299
	141,558		Principal Financial Group		10,239
	37,307		ProAssurance Corp		944
	313,343		Progressive Corp		32,165
	202,763		Prudential Financial, Inc		21,947
	37,637		Reinsurance Group of America, Inc (Class A)		4,121
	25,282		RenaissanceRe Holdings Ltd		4,281
	23,570		RLI Corp		2,642
	7,901		Safety Insurance Group, Inc		672
	32,431		Selective Insurance Group, Inc		2,657
	73,128	*	Selectquote, Inc		663
	8,398	*	SiriusPoint Ltd		68
	11,039		State Auto Financial Corp		571
	15,315		Stewart Information Services Corp		1,221
	22,143		Tiptree Inc		306

348

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	131,467		Travelers Cos, Inc	$	20,565
	20,838	*	Trupanion, Inc		2,751
	16,104		United Fire Group Inc		373
	12,682		United Insurance Holdings Corp		55
	22,402		Universal Insurance Holdings, Inc		381
	99,041		Unum Group		2,433
	77,055		W.R. Berkley Corp		6,349
	1,751		White Mountains Insurance Group Ltd		1,775
	66,407		Willis Towers Watson plc		15,771
			TOTAL INSURANCE		508,828

MATERIALS - 2.4%
	14,906		AdvanSix, Inc		704
	116,991		Air Products & Chemicals, Inc		35,596
	63,872		Albemarle Corp		14,931
	99,055		Alcoa Corp		5,902
	78,013	*	Allegheny Technologies, Inc		1,243
	814,849		Amcor plc		9,786
	20,501		American Vanguard Corp		336
	91,243	*,e	Amyris, Inc		494
	36,073		Aptargroup, Inc		4,418
	57,334	*	Arconic Corp		1,893
	13,288		Ardagh Group S.A.		300
	74,922	*	Ardagh Metal Packaging S.A.		677
	30,177		Ashland Global Holdings, Inc		3,249
	45,238		Avery Dennison Corp		9,797
	49,682		Avient Corp		2,780
	113,646	*	Axalta Coating Systems Ltd		3,764
	19,086		Balchem Corp		3,218
	169,762		Ball Corp		16,343
	72,467	*	Berry Global Group, Inc		5,347
	31,457		Cabot Corp		1,768
	25,997		Carpenter Technology Corp		759
	55,597		Celanese Corp (Series A)		9,344
	36,798	*	Century Aluminum Co		609
	110,041		CF Industries Holdings, Inc		7,789
	5,158		Chase Corp		514
	90,404		Chemours Co		3,034
	11,678	*	Clearwater Paper Corp		428
	250,263	*,e	Cleveland-Cliffs, Inc		5,448
	119,550	*	Coeur Mining, Inc		603
	53,154		Commercial Metals Co		1,929
	20,319		Compass Minerals International, Inc		1,038
	66,991	*	Constellium SE		1,200
	393,963		Corteva, Inc		18,627
	67,521		Crown Holdings, Inc		7,469
	37,520	*,e	Danimer Scientific, Inc		320
	28,159	*	Diversey Holdings Ltd		375
	403,048		Dow, Inc		22,861
	284,266		DuPont de Nemours, Inc		22,963
	22,586		Eagle Materials, Inc		3,760
	73,320		Eastman Chemical Co		8,865
	133,116		Ecolab, Inc		31,228
	127,079		Element Solutions, Inc		3,085

349

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	21,673	*	Ferro Corp	$	473
	47,286	*,†	Ferroglobe plc		0
	67,073		FMC Corp		7,371
	16,526	*	Forterra, Inc		393
	777,614		Freeport-McMoRan, Inc (Class B)		32,450
	17,819		FutureFuel Corp		136
	18,881	*	Gatos Silver, Inc		196
	23,656	*	GCP Applied Technologies, Inc		749
	32,454		Glatfelter Corp		558
	145,764		Graphic Packaging Holding Co		2,842
	14,075		Greif, Inc (Class A)		850
	3,993		Greif, Inc (Class B)		239
	28,458		H.B. Fuller Co		2,305
	15,846		Hawkins, Inc		625
	9,402		Haynes International, Inc		379
	290,099		Hecla Mining Co		1,514
	104,824		Huntsman Corp		3,656
	21,966	*	Ingevity Corp		1,575
	11,273		Innospec, Inc		1,018
	133,564		International Flavors & Fragrances, Inc		20,121
	207,582		International Paper Co		9,752
	6,735	*	Intrepid Potash, Inc		288
	8,625		Kaiser Aluminum Corp		810
	15,231	*	Koppers Holdings, Inc		477
	21,628	*	Kraton Corp		1,002
	14,288		Kronos Worldwide, Inc		214
	80,227	*	Livent Corp		1,956
	40,741		Louisiana-Pacific Corp		3,192
	140,098		LyondellBasell Industries NV		12,921
	33,027		Martin Marietta Materials, Inc		14,549
	11,119		Materion Corp		1,022
	12,674		Minerals Technologies, Inc		927
	186,754		Mosaic Co		7,338
	39,809	*,e	MP Materials Corp		1,808
	18,118		Myers Industries, Inc		363
	10,909		Neenah Inc		505
	3,677		NewMarket Corp		1,260
	432,175		Newmont Goldcorp Corp		26,803
	149,512	*	Novagold Resources Inc		1,026
	152,457		Nucor Corp		17,403
	90,414	*	O-I Glass, Inc		1,088
	75,066		Olin Corp		4,318
	6,559		Olympic Steel, Inc		154
	38,461	*	Orion Engineered Carbons SA		706
	51,497		Packaging Corp of America		7,011
	22,477		Pactiv Evergreen, Inc		285
	126,925		PPG Industries, Inc		21,887
	20,162		PQ Group Holdings, Inc		206
	17,967	*,e	PureCycle Technologies, Inc		172
	7,360		Quaker Chemical Corp		1,699
	16,208	*	Ranpak Holdings Corp		609
	31,957	*	Rayonier Advanced Materials, Inc		182
	29,353		Reliance Steel & Aluminum Co		4,762
	36,601		Royal Gold, Inc		3,851

350

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	68,580		RPM International, Inc	$	6,927
	8,418		Ryerson Holding Corp		219
	14,147		Schnitzer Steel Industries, Inc (Class A)		735
	20,766		Schweitzer-Mauduit International, Inc		621
	22,512		Scotts Miracle-Gro Co (Class A)		3,624
	76,393		Sealed Air Corp		5,154
	23,291		Sensient Technologies Corp		2,330
	128,420		Sherwin-Williams Co		45,224
	33,361		Silgan Holdings, Inc		1,429
	55,117		Sonoco Products Co		3,191
	46,247		Southern Copper Corp		2,854
	104,286		Steel Dynamics, Inc		6,473
	11,764		Stepan Co		1,462
	64,023	*	Summit Materials, Inc		2,570
	48,451		SunCoke Energy, Inc		319
	18,871	*	Sylvamo Corp		526
	29,755	*	TimkenSteel Corp		491
	19,671		Tredegar Corp		232
	23,586		Trimas Corp		873
	23,427		Trinseo plc		1,229
	62,538		Tronox Holdings plc		1,503
	4,630	*	UFP Technologies, Inc		325
	1,357		United States Lime & Minerals, Inc		175
	123,966		United States Steel Corp		2,952
	99,474		Valvoline, Inc		3,709
	22,885		Verso Corp		618
	72,657		Vulcan Materials Co		15,082
	28,082		Warrior Met Coal, Inc		722
	18,212		Westlake Chemical Corp		1,769
	143,029		WestRock Co		6,345
	18,895		Worthington Industries, Inc		1,033
	10,209	*,e	Zymergen, Inc		68
			TOTAL MATERIALS		623,574

MEDIA & ENTERTAINMENT - 8.1%
	420,631		Activision Blizzard, Inc		27,985
	41,683	*	Advantage Solutions, Inc		334
	160,955	*	Alphabet, Inc (Class A)		466,293
	150,161	*	Alphabet, Inc (Class C)		434,504
	112,426	*	Altice USA, Inc		1,819
	278,123	*,e	AMC Entertainment Holdings, Inc		7,565
	16,067	*	AMC Networks, Inc		553
	7,354	*	Boston Omaha Corp		211
	3,042		Cable One, Inc		5,364
	17,446	*	Cardlytics, Inc		1,153
	51,402	*	Cargurus, Inc		1,729
	37,344	*	Cars.com, Inc		601
	67,158	*	Charter Communications, Inc		43,785
	6,276	*	Chicken Soup For The Soul Entertainment, Inc		87
	58,982	*	Cinemark Holdings, Inc		951
	198,206	*	Clear Channel		656
	2,441,951		Comcast Corp (Class A)		122,903
	31,610	*	comScore, Inc		106
	772	*	Daily Journal Corp		275

351

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	89,117	*,e	Discovery, Inc (Class A)	$	2,098
	173,268	*	Discovery, Inc (Class C)		3,968
	136,485	*	DISH Network Corp (Class A)		4,428
	149,844		Electronic Arts, Inc		19,764
	11,002	*	Emerald Holding, Inc		44
	88,350	*	Entercom Communications Corp		227
	50,932		Entravision Communications Corp (Class A)		345
	40,961	*	Eventbrite Inc		714
	8,345	*	EverQuote Inc		131
	31,270	*	EW Scripps Co (Class A)		605
	10,504	*	Fluent, Inc		21
	177,109		Fox Corp (Class A)		6,535
	87,909		Fox Corp (Class B)		3,013
	71,756	*,e	fuboTV, Inc		1,114
	74,491	*	Gannett Co, Inc		397
	46,930		Gray Television, Inc		946
	11,523	*	Hemisphere Media Group, Inc		84
	42,355	*	IAC		5,536
	61,117	*	iHeartMedia, Inc		1,286
	27,196	*	Imax Corp		485
	201,354		Interpublic Group of Cos, Inc		7,541
	23,547		John Wiley & Sons, Inc (Class A)		1,349
	7,655	*	Liberty Braves Group (Class A)		220
	25,374	*	Liberty Braves Group (Class C)		713
	12,929	*	Liberty Broadband Corp (Class A)		2,080
	74,361	*	Liberty Broadband Corp (Class C)		11,980
	15,619	*	Liberty Media Group (Class A)		927
	108,895	*	Liberty Media Group (Class C)		6,887
	34,936	*	Liberty SiriusXM Group (Class A)		1,776
	80,096	*	Liberty SiriusXM Group (Class C)		4,073
	53,282	*	Liberty TripAdvisor Holdings, Inc		116
	37,150	*	Lions Gate Entertainment Corp (Class A)		618
	71,817	*	Lions Gate Entertainment Corp (Class B)		1,105
	73,828	*	Live Nation, Inc		8,836
	10,931	*	Loyalty Ventures, Inc		329
	10,365	*	Madison Square Garden Co		1,801
	13,156	*	Madison Square Garden Entertainment Corp		925
	61,168	*	Magnite, Inc		1,070
	14,211	*,e	Marcus Corp		254
	148,269	*	Match Group, Inc		19,609
	11,302	*	MediaAlpha, Inc		174
	1,264,882	*	Meta Platforms, Inc.		425,443
	46,358		National CineMedia, Inc		130
	231,094	*	Netflix, Inc		139,220
	89,935		New York Times Co (Class A)		4,344
	213,357		News Corp (Class A)		4,760
	66,535		News Corp (Class B)		1,497
	22,603		Nexstar Media Group Inc		3,413
	117,073		Omnicom Group, Inc		8,578
	300,393	*	Pinterest, Inc		10,919
	42,908	*	Playtika Holding Corp		742
	20,643	*	QuinStreet, Inc		375
	63,324	*	Roku, Inc		14,451
	19,984		Scholastic Corp		799

352

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	25,063		Sinclair Broadcast Group, Inc (Class A)	$	662
	495,104	e	Sirius XM Holdings, Inc		3,144
	161,762	*,e	Skillz, Inc		1,204
	75,096	*	Spotify Technology S.A.		17,575
	33,238	*	Stagwell, Inc		288
	62,733	*	Take-Two Interactive Software, Inc		11,149
	12,153	*	TechTarget, Inc		1,163
	119,764		TEGNA, Inc		2,223
	56,597	*	TripAdvisor, Inc		1,543
	44,667	*	TrueCar, Inc		152
	421,075	*	Twitter, Inc		18,199
	4,594		ViacomCBS, Inc (Class A)		153
	320,378		ViacomCBS, Inc (Class B)		9,669
	68,763	*	Vimeo, Inc		1,235
	971,416	*	Walt Disney Co		150,463
	28,599	*	WideOpenWest, Inc		615
	27,047	e	World Wrestling Entertainment, Inc (Class A)		1,334
	41,665	*	Yelp, Inc		1,510
	23,417	*	Ziff Davis Inc		2,596
	549,506	*	Zynga, Inc		3,517
			TOTAL MEDIA & ENTERTAINMENT		2,084,063

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.6%
	45,940	*	10X Genomics, Inc		6,843
	11,229	*	2seventy bio, Inc		288
	11,292	*	4D Molecular Therapeutics, Inc		248
	947,035		AbbVie, Inc		128,229
	70,913	*	Acadia Pharmaceuticals, Inc		1,655
	23,691	*,e	Aclaris Therapeutics, Inc		344
	11,379	*	Adagio Therapeutics, Inc		83
	59,774	*	Adaptive Biotechnologies Corp		1,677
	36,900	*	Adverum Biotechnologies, Inc		65
	25,056	*	Aeglea BioTherapeutics, Inc		119
	21,807	*	Aerie Pharmaceuticals, Inc		153
	43,765	*	Affimed NV		242
	107,560	*	Agenus, Inc		346
	162,760		Agilent Technologies, Inc		25,985
	34,493	*	Agios Pharmaceuticals, Inc		1,134
	62,063	*	Akebia Therapeutics, Inc		140
	14,029	*	Akero Therapeutics, Inc		297
	8,375	*,e	Akouos, Inc		71
	6,175	*	Albireo Pharma, Inc		144
	34,164	*,†	Alder Biopharmaceuticals Inc		30
	26,477	*,e	Aldeyra Therapeutics, Inc		106
	31,429	*	Alector, Inc		649
	10,235	*	Aligos Therapeutics, Inc		121
	87,531	*	Alkermes plc		2,036
	19,068	*	Allakos, Inc		187
	28,864	*	Allogene Therapeutics, Inc		431
	10,335	*	Allovir, Inc		134
	64,441	*	Alnylam Pharmaceuticals, Inc		10,928
	17,738	*	Altimmune, Inc		162
	9,675	*	ALX Oncology Holdings, Inc		208
	305,508		Amgen, Inc		68,730

353

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	151,298	*	Amicus Therapeutics, Inc	$	1,747
	53,162	*	Amneal Pharmaceuticals, Inc		255
	25,774	*	Amphastar Pharmaceuticals, Inc		600
	12,566	*	AnaptysBio, Inc		437
	30,524	*,e	Anavex Life Sciences Corp		529
	5,767	*	ANI Pharmaceuticals, Inc		266
	10,943	*	Anika Therapeutics, Inc		392
	8,875	*	Annexon, Inc		102
	104,354	*	Antares Pharma, Inc		373
	34,684	*	Apellis Pharmaceuticals, Inc		1,640
	13,418	*	Applied Molecular Transport, Inc		188
	2,776	*	Applied Therapeutics, Inc		25
	7,756	*,e	Arcturus Therapeutics Holdings, Inc		287
	20,717	*	Arcus Biosciences, Inc		838
	15,151	*	Arcutis Biotherapeutics, Inc		314
	22,973	*	Ardelyx, Inc		25
	33,642	*	Arena Pharmaceuticals, Inc		3,127
	55,310	*	Arrowhead Pharmaceuticals Inc		3,667
	23,815	*	Arvinas, Inc		1,956
	34,194	*	Atara Biotherapeutics, Inc		539
	35,244	*	Atea Pharmaceuticals, Inc		315
	28,525	*,e	Athenex, Inc		39
	52,762	*,e	Athersys, Inc		48
	7,303	*	Athira Pharma, Inc		95
	92,322	*,e	Atossa Therapeutics, Inc		148
	12,676	*,e	Atreca, Inc		38
	318,550	*	Avantor, Inc		13,424
	33,858	*	Avid Bioservices, Inc		988
	9,645	*	Avidity Biosciences, Inc		229
	13,026	*,e	Avita Medical, Inc		156
	13,157	*	Avrobio, Inc		51
	15,727	*,e	Axsome Therapeutics, Inc		594
	25,636	*	Beam Therapeutics, Inc		2,043
	26,163	*	Berkeley Lights, Inc		476
	12,065	*,e	Beyondspring Inc		55
	6,481	*	BioAtla, Inc		127
	97,016	*,e	BioCryst Pharmaceuticals, Inc		1,344
	52,671	*	BioDelivery Sciences International, Inc		163
	80,536	*	Biogen, Inc		19,322
	28,080	*	Biohaven Pharmaceutical Holding Co Ltd		3,870
	100,218	*	BioMarin Pharmaceutical, Inc		8,854
	153,496	*,e	Bionano Genomics, Inc		459
	11,654	*	Bio-Rad Laboratories, Inc (Class A)		8,805
	21,267		Bio-Techne Corp		11,002
	6,302	*,e	Bioxcel Therapeutics Inc		128
	7,321	*,e	Black Diamond Therapeutics, Inc		39
	33,689	*	Bluebird Bio, Inc		337
	31,927	*	Blueprint Medicines Corp		3,420
	7,102	*,e	Bolt Biotherapeutics, Inc		35
	58,721	*,e	Bridgebio Pharma, Inc		979
	1,198,218		Bristol-Myers Squibb Co		74,709
	25,182	*	Brooklyn ImmunoTherapeutics, Inc		105
	56,206		Bruker BioSciences Corp		4,716
	18,793	*	C4 Therapeutics, Inc		605

354

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	19,366	*	Cara Therapeutics, Inc	$	236
	129,048	*	Cardiff Oncology, Inc		776
	27,306	*	CareDx, Inc		1,242
	10,333	*	Caribou Biosciences, Inc		156
	20,876	*,e	Cassava Sciences, Inc		912
	90,837	*	Catalent, Inc		11,630
	50,782	*	Catalyst Pharmaceuticals, Inc		344
	21,395	*	Celldex Therapeutics, Inc		827
	20,222	*,e	CEL-SCI Corp		144
	19,234	*	Cerevel Therapeutics Holdings, Inc		624
	27,377	*	Charles River Laboratories International, Inc		10,315
	26,464	*	ChemoCentryx, Inc		964
	30,594	*	Chimerix, Inc		197
	7,917	*	Chinook Therapeutics, Inc		129
	23,081	*,e	ChromaDex Corp		86
	61,931	*,e	Citius Pharmaceuticals, Inc		95
	67,474	*,e	Clovis Oncology, Inc		183
	23,538	*	Codexis, Inc		736
	27,864	*	Coherus Biosciences, Inc		445
	16,286	*	Collegium Pharmaceutical, Inc		304
	52,750	*	Corcept Therapeutics, Inc		1,044
	10,884	*,e	Cortexyme Inc		137
	16,128	*	Crinetics Pharmaceuticals, Inc		458
	11,975	*	Cue Biopharma, Inc		135
	7,345	*,e	Cullinan Oncology, Inc		113
	29,183	*,e	CureVac NV		1,001
	47,252	*	Curis, Inc		225
	39,943	*	Cymabay Therapeutics, Inc		135
	42,716	*,e	Cytokinetics, Inc		1,947
	21,311	*	CytomX Therapeutics, Inc		92
	339,367		Danaher Corp		111,655
	22,263	*	Deciphera Pharmaceuticals, Inc		218
	49,642	*	Denali Therapeutics, Inc		2,214
	12,956	*,e	DermTech, Inc		205
	14,200	*,e	Design Therapeutics, Inc		304
	117,742	*	Durect Corp		116
	58,823	*,e	Dynavax Technologies Corp		828
	16,387	*,e	Dyne Therapeutics, Inc		195
	6,368	*	Eagle Pharmaceuticals, Inc		324
	20,664	*	Edgewise Therapeutics, Inc		316
	35,681	*	Editas Medicine, Inc		947
	14,062	*	Eiger BioPharmaceuticals, Inc		73
	242,401	*	Elanco Animal Health, Inc		6,879
	455,955		Eli Lilly & Co		125,944
	24,015	*	Emergent Biosolutions, Inc		1,044
	11,786	*	Enanta Pharmaceuticals, Inc		881
	56,660	*	Epizyme, Inc		142
	9,694	*,e	Esperion Thereapeutics, Inc		48
	16,577	*,e	Evelo Biosciences, Inc		101
	17,590	*,e	Evolus, Inc		115
	93,800	*	Exact Sciences Corp		7,300
	170,031	*	Exelixis, Inc		3,108
	42,216	*	Fate Therapeutics, Inc		2,470
	50,667	*	FibroGen, Inc		714

355

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	20,851	*,e	Fluidigm Corp	$	82
	17,542	*	Forma Therapeutics Holdings, Inc		249
	6,156	*,e	Forte Biosciences, Inc		13
	16,778	*,e	Frequency Therapeutics, Inc		86
	14,355	*,e	Fulcrum Therapeutics, Inc		254
	20,311	*,e	G1 Therapeutics, Inc		207
	23,909	*	Generation Bio Co		169
	114,325	*,e	Geron Corp		139
	673,322		Gilead Sciences, Inc		48,890
	36,433	*	Global Blood Therapeutics, Inc		1,066
	12,922	*	Gossamer Bio, Inc		146
	22,037	*	Gritstone Oncology, Inc		283
	13,013	*,e	GT Biopharma, Inc		40
	79,065	*	Halozyme Therapeutics, Inc		3,179
	12,195	*	Harmony Biosciences Holdings, Inc		520
	52,161	*,e	Heron Therapeutics, Inc		476
	11,341	*	Homology Medicines, Inc		41
	119,937	*	Horizon Therapeutics Plc		12,924
	28,958	*	Humanigen, Inc		108
	132,891	*,e	iBio, Inc		73
	7,208	*	Icosavax, Inc		165
	15,316	*	Ideaya Biosciences, Inc		362
	2,211	*	IGM Biosciences, Inc		65
	79,203	*	Illumina, Inc		30,132
	36,493	*,e	ImmunityBio, Inc		222
	106,612	*	Immunogen, Inc		791
	11,380	*	Immunovant, Inc		97
	101,497	*	Incyte Corp		7,450
	303,016	*	Infinity Pharmaceuticals, Inc		682
	15,231	*	Inhibrx, Inc		665
	34,523	*	Innoviva, Inc		596
	7,067	*	Inotiv, Inc		297
	112,816	*,e	Inovio Pharmaceuticals, Inc		563
	60,247	*	Insmed, Inc		1,641
	28,852	*,e	Instil Bio, Inc		494
	34,856	*	Intellia Therapeutics, Inc		4,121
	12,921	*,e	Intercept Pharmaceuticals, Inc		210
	38,562	*	Intra-Cellular Therapies, Inc		2,018
	109,344	*,e	Invitae Corp		1,670
	79,163	*	Ionis Pharmaceuticals, Inc		2,409
	74,052	*	Iovance Biotherapeutics, Inc		1,414
	104,821	*	IQVIA Holdings, Inc		29,574
	95,014	*	Ironwood Pharmaceuticals, Inc		1,108
	11,046	*	iTeos Therapeutics, Inc		514
	56,231	*	IVERIC bio, Inc		940
	32,370	*	Jazz Pharmaceuticals plc		4,124
	1,412,966		Johnson & Johnson		241,716
	4,482	*	Jounce Therapeutics, Inc		37
	5,857	*,e	Kala Pharmaceuticals, Inc		7
	10,666	*	KalVista Pharmaceuticals Inc		141
	12,114	*	Karuna Therapeutics, Inc		1,587
	46,110	*,e	Karyopharm Therapeutics, Inc		296
	15,593	*,e	KemPharm, Inc		136
	8,516	*	Keros Therapeutics, Inc		498

356

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	18,676	*	Kezar Life Sciences, Inc	$	312
	11,321	*	Kiniksa Pharmaceuticals Ltd		133
	7,565	*,e	Kinnate Biopharma, Inc		134
	18,276	*	Kodiak Sciences, Inc		1,549
	21,178	*,e	Kronos Bio, Inc		288
	9,785	*	Krystal Biotech Inc		684
	31,598	*	Kura Oncology, Inc		442
	15,771	*	Kymera Therapeutics, Inc		1,001
	30,110	*	Lexicon Pharmaceuticals, Inc		119
	8,586	*	Ligand Pharmaceuticals, Inc (Class B)		1,326
	32,187	*	MacroGenics, Inc		517
	6,193	*	Madrigal Pharmaceuticals, Inc		525
	94,899	*,e	MannKind Corp		415
	54,984	*	Maravai LifeSciences Holdings, Inc		2,304
	20,153	*,e	Marinus Pharmaceuticals, Inc		239
	51,230	*	MaxCyte, Inc		522
	15,823	*	Medpace Holdings, Inc		3,444
	61,495	*	MEI Pharma, Inc		164
	10,086	*	MeiraGTx Holdings plc		239
	1,356,565		Merck & Co, Inc		103,967
	27,294	*	Mersana Therapeutics, Inc		170
	12,288	*	Mettler-Toledo International, Inc		20,855
	60,615	*,e	MiMedx Group, Inc		366
	175,751	*,e	Mind Medicine MindMed, Inc		243
	21,876	*	Mirati Therapeutics, Inc		3,209
	181,845	*	Moderna, Inc		46,185
	33,966	*	Molecular Templates, Inc		133
	8,159	*	Morphic Holding, Inc		387
	46,607	*	Myriad Genetics, Inc		1,286
	22,499	*	NanoString Technologies, Inc		950
	42,988	*	Natera, Inc		4,015
	106,507	*	Nektar Therapeutics		1,439
	58,635	*	NeoGenomics, Inc		2,001
	17,673	*	Neoleukin Therapeutics, Inc		85
	51,383	*	Neurocrine Biosciences, Inc		4,376
	15,360	*	NGM Biopharmaceuticals Inc		272
	9,374	*	Nkarta, Inc		144
	40,572	*,e	Novavax, Inc		5,805
	17,085	*	Nurix Therapeutics, Inc		495
	35,946	*,e	Nuvation Bio, Inc		306
	100,765	*,e	Ocugen, Inc		458
	41,830	*	Ocular Therapeutix, Inc		292
	6,792	*	Olema Pharmaceuticals, Inc		64
	29,642	*,e	Omeros Corp		191
	38,675	*	Oncocyte Corp		84
	238,337	*,e	Opko Health, Inc		1,146
	14,566	*	Oramed Pharmaceuticals, Inc		208
	13,691	*	Organogenesis Holdings Inc		127
	142,546		Organon & Co		4,341
	16,096	*	ORIC Pharmaceuticals, Inc		237
	100,456	*	Pacific Biosciences of California, Inc		2,055
	23,821	*	Pacira BioSciences Inc		1,433
	17,330	*,e	Paratek Pharmaceuticals, Inc		78
	8,093	*	Passage Bio, Inc		51

357

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	67,725		PerkinElmer, Inc	$	13,617
	73,370		Perrigo Co plc		2,854
	19,507	*	Personalis, Inc		278
	2,992,253		Pfizer, Inc		176,693
	6,396	*,e	Phathom Pharmaceuticals, Inc		126
	12,927		Phibro Animal Health Corp		264
	13,444	*,e	Pliant Therapeutics, Inc		181
	14,315	*	PMV Pharmaceuticals, Inc		331
	48,133	*	Praxis Precision Medicines, Inc		948
	39,456	*,e	Precigen, Inc		146
	22,592	*	Precision BioSciences Inc		167
	5,217	*,e	Prelude Therapeutics, Inc		65
	27,333	*	Prestige Consumer Healthcare, Inc.		1,658
	51,583	*,†	Progenics Pharmaceuticals, Inc		0
	15,994	*	Prometheus Biosciences, Inc		632
	22,557	*	Protagonist Therapeutics, Inc		771
	18,603	*	Prothena Corp plc		919
	25,243	*,e	Provention Bio, Inc		142
	37,990	*	PTC Therapeutics, Inc		1,513
	20,506	*	Puma Biotechnology, Inc		62
	125,141	*	QIAGEN NV		6,955
	16,838	*	Quanterix Corp		714
	27,010	*	Radius Health, Inc		187
	6,533	*	RAPT Therapeutics, Inc		240
	14,987	*	Reata Pharmaceuticals, Inc		395
	61,485	*,e	Recursion Pharmaceuticals, Inc		1,053
	53,592	*	Regeneron Pharmaceuticals, Inc		33,844
	19,715	*	REGENXBIO, Inc		645
	31,945	*	Relay Therapeutics, Inc		981
	8,368	*	Relmada Therapeutics, Inc		189
	30,248	*	Repligen Corp		8,011
	10,254	*	Replimune Group, Inc		278
	33,815	*	Revance Therapeutics, Inc		552
	32,407	*	REVOLUTION Medicines, Inc		816
	24,038	*	Rhythm Pharmaceuticals, Inc		240
	86,450	*	Rigel Pharmaceuticals, Inc		229
	20,281	*	Rocket Pharmaceuticals, Inc		443
	180,548		Royalty Pharma plc		7,195
	22,395	*,e	Rubius Therapeutics, Inc		217
	28,225	*	Sage Therapeutics, Inc		1,201
	46,510	*	Sana Biotechnology, Inc		720
	52,234	*	Sangamo Therapeutics Inc		392
	41,917	*	Sarepta Therapeutics, Inc		3,775
	13,353	*,e	Scholar Rock Holding Corp		332
	72,859	*	Seagen, Inc		11,264
	22,417	*,e	Seer, Inc		511
	48,754	*	Selecta Biosciences, Inc		159
	37,976	*	Seres Therapeutics, Inc		316
	93,280	*,e	Sesen Bio, Inc		76
	14,514	*	Shattuck Labs, Inc		124
	35,191	*	SIGA Technologies, Inc		265
	7,098	*	Silverback Therapeutics, Inc		47
	6,168	*	Solid Biosciences, Inc		11
	127,563	*,e	Sorrento Therapeutics, Inc		593

358

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	43,033	*	Sotera Health Co	$	1,013
	56,104	*	Spectrum Pharmaceuticals, Inc		71
	15,930	*	SpringWorks Therapeutics, Inc		987
	10,464	*	Stoke Therapeutics, Inc		251
	26,807	*	Supernus Pharmaceuticals, Inc		782
	15,843	*	Sutro Biopharma, Inc		236
	24,529	*	Syndax Pharmaceuticals, Inc		537
	55,220	*	Syneos Health, Inc		5,670
	9,466	*	Syros Pharmaceuticals, Inc		31
	12,149	*,e	Taysha Gene Therapies, Inc		142
	9,709	*	TCR2 Therapeutics Inc		45
	69,942	*	TG Therapeutics, Inc		1,329
	114,084	*,e	TherapeuticsMD, Inc		41
	29,259	*	Theravance Biopharma, Inc		323
	210,446		Thermo Fisher Scientific, Inc		140,418
	180,181	*	Tonix Pharmaceuticals Holding Corp		64
	25,726	*	Travere Therapeutics, Inc		799
	25,134	*	Turning Point Therapeutics Inc		1,199
	26,284	*	Twist Bioscience Corp		2,034
	33,751	*	Ultragenyx Pharmaceutical, Inc		2,838
	25,272	*	United Therapeutics Corp		5,461
	12,098	*,e	UroGen Pharma Ltd		115
	31,395	*	Vanda Pharmaceuticals, Inc		493
	65,175	*,e	Vaxart Inc		409
	21,774	*,e	Vaxcyte, Inc		518
	102,172	*,e	VBI Vaccines, Inc		239
	36,815	*	Veracyte, Inc		1,517
	97,480	*	Verastem, Inc		200
	24,994	*	Vericel Corp		982
	136,771	*	Vertex Pharmaceuticals, Inc		30,035
	8,512	*,e	Verve Therapeutics, Inc		314
	629,110		Viatris, Inc		8,512
	29,514	*	Viking Therapeutics, Inc		136
	32,800	*	Vir Biotechnology, Inc		1,373
	19,787	*	Viracta Therapeutics, Inc		72
	104,364	*,e	VistaGen Therapeutics, Inc		204
	6,387	*,e	Vor BioPharma, Inc		74
	33,594	*	Waters Corp		12,517
	39,150	*	WaVe Life Sciences Ltd		123
	39,169		West Pharmaceutical Services, Inc		18,371
	11,934		XBiotech, Inc		133
	27,098	*	Xencor, Inc		1,087
	19,065	*	Y-mAbs Therapeutics, Inc		309
	18,143	*	Zentalis Pharmaceuticals, Inc		1,525
	710,503	*,e	ZIOPHARM Oncology, Inc		774
	254,413		Zoetis, Inc		62,084
	33,098	*	Zogenix, Inc		538
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,947,343

REAL ESTATE - 3.6%
	46,252		Acadia Realty Trust		1,010
	36,654		Agree Realty Corp		2,616
	47,563		Alexander & Baldwin, Inc		1,193
	1,329		Alexander’s, Inc		346

359

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	79,908		Alexandria Real Estate Equities, Inc	$	17,816
	28,646		American Assets Trust, Inc		1,075
	75,200		American Campus Communities, Inc		4,308
	68,972		American Finance Trust, Inc		630
	152,675		American Homes 4 Rent		6,658
	242,067		American Tower Corp		70,805
	133,721		Americold Realty Trust		4,385
	85,829		Apartment Income REIT Corp		4,692
	79,626	*	Apartment Investment and Management Co		615
	113,878		Apple Hospitality REIT, Inc		1,839
	31,681		Armada Hoffler Properties, Inc		482
	5,980	*,e	Ashford Hospitality Trust, Inc		57
	74,556		AvalonBay Communities, Inc		18,832
	86,787		Boston Properties, Inc		9,996
	92,621		Brandywine Realty Trust		1,243
	162,598		Brixmor Property Group, Inc		4,132
	77,650		Broadstone Net Lease, Inc		1,927
	52,715		Camden Property Trust		9,419
	50,740		CareTrust REIT, Inc		1,158
	29,192		CatchMark Timber Trust, Inc		254
	178,216	*	CBRE Group, Inc		19,338
	9,060		Centerspace		1,005
	28,285	*	Chatham Lodging Trust		388
	21,833		City Office REIT, Inc		431
	10,462		Clipper Realty, Inc		104
	9,586		Community Healthcare Trust, Inc		453
	7,951	*	CorePoint Lodging, Inc		125
	61,652		Corporate Office Properties Trust		1,724
	84,914		Cousins Properties, Inc		3,420
	234,344		Crown Castle International Corp		48,917
	3,998		CTO Realty Growth, Inc		246
	110,271		CubeSmart		6,276
	66,192	*	Cushman & Wakefield plc		1,472
	65,743		CyrusOne, Inc		5,898
	114,160	*	DiamondRock Hospitality Co		1,097
	149,930		Digital Realty Trust, Inc		26,518
	279,022	*	DigitalBridge Group, Inc		2,324
	136,618		Diversified Healthcare Trust		422
	39,190	*	Douglas Elliman, Inc		451
	91,371		Douglas Emmett, Inc		3,061
	196,555		Duke Realty Corp		12,902
	45,431		Easterly Government Properties, Inc		1,041
	21,698		EastGroup Properties, Inc		4,944
	82,308		Empire State Realty Trust, Inc		733
	40,647		EPR Properties		1,930
	47,763		Equinix, Inc		40,400
	62,602	*	Equity Commonwealth		1,621
	96,734		Equity Lifestyle Properties, Inc		8,480
	196,834		Equity Residential		17,814
	63,885		Essential Properties Realty Trust, Inc		1,842
	35,607		Essex Property Trust, Inc		12,542
	28,436		eXp World Holdings Inc		958
	69,414		Extra Space Storage, Inc		15,738
	19,962		Farmland Partners, Inc		239

360

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	43,819		Federal Realty Investment Trust	$	5,973
	67,202		First Industrial Realty Trust, Inc		4,449
	425	*	Forestar Group, Inc		9
	44,705		Four Corners Property Trust, Inc		1,315
	72,511		Franklin Street Properties Corp		431
	4,942	*	FRP Holdings, Inc		286
	109,186		Gaming and Leisure Properties, Inc		5,313
	42,598	e	Geo Group, Inc		330
	18,198		Getty Realty Corp		584
	17,811		Gladstone Commercial Corp		459
	11,325		Gladstone Land Corp		382
	30,930		Global Medical REIT, Inc		549
	44,961		Global Net Lease, Inc		687
	82,789		Healthcare Realty Trust, Inc		2,619
	119,524		Healthcare Trust of America, Inc		3,991
	296,211		Healthpeak Properties Inc		10,690
	27,708	*	Hersha Hospitality Trust		254
	59,455		Highwoods Properties, Inc		2,651
	393,682	*	Host Hotels and Resorts, Inc		6,846
	22,285	*	Howard Hughes Corp		2,268
	80,595		Hudson Pacific Properties		1,992
	48,914		Independence Realty Trust, Inc		1,263
	34,891		Industrial Logistics Properties Trust		874
	12,344	e	Innovative Industrial Properties, Inc		3,245
	320,459		Invitation Homes, Inc		14,530
	157,392		Iron Mountain, Inc		8,236
	38,621	e	iStar Inc		998
	64,898		JBG SMITH Properties		1,863
	26,164	*	Jones Lang LaSalle, Inc		7,047
	44,610		Kennedy-Wilson Holdings, Inc		1,065
	63,758		Kilroy Realty Corp		4,237
	321,428		Kimco Realty Corp		7,923
	118,460		Kite Realty Group Trust		2,580
	47,334		Lamar Advertising Co		5,742
	144,484		Lexington Realty Trust		2,257
	42,193		Life Storage, Inc		6,463
	21,247		LTC Properties, Inc		725
	107,859		Macerich Co		1,864
	47,939	*	Mack-Cali Realty Corp		881
	11,498	*	Marcus & Millichap, Inc		592
	283,531		Medical Properties Trust, Inc		6,700
	61,102		Mid-America Apartment Communities, Inc		14,019
	50,307		Monmouth Real Estate Investment Corp (Class A)		1,057
	23,875		National Health Investors, Inc		1,372
	97,026		National Retail Properties, Inc		4,664
	38,309		National Storage Affiliates Trust		2,651
	21,654		NETSTREIT Corp		496
	81,428		Newmark Group, Inc		1,523
	12,730		NexPoint Residential Trust, Inc		1,067
	23,677		Office Properties Income Trust		588
	129,929		Omega Healthcare Investors, Inc		3,845
	9,166	e	One Liberty Properties, Inc		323
	228,590	*	Opendoor Technologies, Inc		3,340
	29,999	*	Orion Office REIT, Inc		560

361

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	76,197		Outfront Media, Inc	$	2,044
	101,864		Paramount Group, Inc		850
	132,332	*	Park Hotels & Resorts, Inc		2,498
	71,223		Pebblebrook Hotel Trust		1,593
	10,100		Phillips Edison & Co, Inc		334
	107,460		Physicians Realty Trust		2,023
	71,716		Piedmont Office Realty Trust, Inc		1,318
	13,733		Plymouth Industrial REIT, Inc		439
	34,013		PotlatchDeltic Corp		2,048
	21,687		Preferred Apartment Communities, Inc		392
	395,121		Prologis, Inc		66,523
	10,961		PS Business Parks, Inc		2,019
	81,523		Public Storage, Inc		30,535
	75,814		Rayonier, Inc		3,060
	13,117		Re/Max Holdings, Inc		400
	62,854	*	Realogy Holdings Corp		1,057
	303,733		Realty Income Corp		21,744
	57,095	*,e	Redfin Corp		2,192
	92,769		Regency Centers Corp		6,990
	63,462		Retail Opportunities Investment Corp		1,244
	11,764		Retail Value, Inc		76
	73,707		Rexford Industrial Realty, Inc		5,978
	92,471		RLJ Lodging Trust		1,288
	5,123		RMR Group, Inc		178
	57,913		RPT Realty		775
	29,351	*	Ryman Hospitality Properties		2,699
	116,469		Sabra Healthcare REIT, Inc		1,577
	7,521		Safehold, Inc		601
	6,451		Saul Centers, Inc		342
	57,350		SBA Communications Corp		22,310
	18,501	*,e	Seritage Growth Properties		246
	93,168		Service Properties Trust		819
	175,765		Simon Property Group, Inc		28,082
	103,764		SITE Centers Corp		1,643
	38,244		SL Green Realty Corp		2,742
	62,949		Spirit Realty Capital, Inc		3,034
	18,561		St. Joe Co		966
	84,224		STAG Industrial, Inc		4,039
	134,185		STORE Capital Corp		4,616
	73,018	*	Summit Hotel Properties, Inc		713
	60,721		Sun Communities, Inc		12,750
	117,301	*	Sunstone Hotel Investors, Inc		1,376
	54,135	e	Tanger Factory Outlet Centers, Inc		1,044
	12,164	*	Tejon Ranch Co		232
	35,329		Terreno Realty Corp		3,013
	162,250		UDR, Inc		9,733
	20,169		UMH Properties, Inc		551
	81,711		Uniti Group, Inc		1,145
	9,264		Universal Health Realty Income Trust		551
	70,770		Urban Edge Properties		1,345
	20,808		Urstadt Biddle Properties, Inc (Class A)		443
	214,672		Ventas, Inc		10,974
	337,627	e	VICI Properties, Inc		10,166
	96,380		Vornado Realty Trust		4,034

362

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	46,196		Washington REIT	$	1,194
	229,555		Welltower, Inc		19,689
	397,195		Weyerhaeuser Co		16,357
	25,132		Whitestone REIT		255
	95,264		WP Carey, Inc		7,816
	62,184	*	Xenia Hotels & Resorts, Inc		1,126
	32,630	*	Zillow Group, Inc (Class A)		2,030
	90,080	*	Zillow Group, Inc (Class C)		5,752
			TOTAL REAL ESTATE		920,613

RETAILING - 6.3%
	18,290	*	1-800-FLOWERS.COM, Inc (Class A)		427
	18,402		Aaron’s Co, Inc		454
	36,579	*	Abercrombie & Fitch Co (Class A)		1,274
	36,738	*	Academy Sports & Outdoors, Inc		1,613
	33,209		Advance Auto Parts, Inc		7,966
	232,283	*	Amazon.com, Inc		774,511
	85,497	e	American Eagle Outfitters, Inc		2,165
	3,312	*	America’s Car-Mart, Inc		339
	65,041	*	Arko Corp		570
	10,565	*	Asbury Automotive Group, Inc		1,825
	24,494	*	Autonation, Inc		2,862
	11,218	*	AutoZone, Inc		23,517
	20,976	*	Barnes & Noble Education, Inc		143
	132,327		Bath & Body Works, Inc		9,235
	59,900	*,e	Bed Bath & Beyond, Inc		873
	131,568		Best Buy Co, Inc		13,367
	11,361	e	Big 5 Sporting Goods Corp		216
	20,052		Big Lots, Inc		903
	15,681	*	Boot Barn Holdings, Inc		1,930
	14,004		Buckle, Inc		593
	36,184	*	Burlington Stores, Inc		10,548
	20,111		Caleres, Inc		456
	22,123	e	Camping World Holdings, Inc		894
	85,911	*	CarMax, Inc		11,188
	19,398	*	CarParts.com, Inc		217
	42,371	*	Carvana Co		9,821
	12,003		Cato Corp (Class A)		206
	66,517	*	Chico’s FAS, Inc		358
	7,673	*	Children’s Place, Inc		608
	6,121	*	Citi Trends, Inc		580
	13,169	*,e	Conn’s, Inc		310
	11,400	*	Container Store Group, Inc		114
	32,814	*	Designer Brands, Inc		466
	28,635	e	Dick’s Sporting Goods, Inc		3,293
	3,340	e	Dillard’s, Inc (Class A)		818
	123,132		Dollar General Corp		29,038
	118,105	*	Dollar Tree, Inc		16,596
	78,210	*	DoorDash, Inc		11,645
	7,236	*	Duluth Holdings, Inc		110
	334,780		eBay, Inc		22,263
	66,094	*	Etsy, Inc		14,471
	30,809	*	Five Below, Inc		6,374
	55,907	*	Floor & Decor Holdings, Inc		7,269

363

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	33,391		Foot Locker, Inc	$	1,457
	11,421		Franchise Group, Inc		596
	10,965	*	Funko, Inc		206
	34,832	*,e	GameStop Corp (Class A)		5,169
	110,566		Gap, Inc		1,952
	7,998	*	Genesco, Inc		513
	74,387		Genuine Parts Co		10,429
	9,591		Group 1 Automotive, Inc		1,872
	12,244	*,e	Groupon, Inc		284
	29,518	*	GrowGeneration Corp		385
	21,962		Guess?, Inc		520
	9,098		Haverty Furniture Cos, Inc		278
	9,181		Hibbett Sports, Inc		660
	570,071		Home Depot, Inc		236,585
	86,005		Kohl’s Corp		4,248
	9,431	*	Lands’ End, Inc		185
	59,869	*	Leslie’s, Inc		1,417
	19,090	*	Liquidity Services, Inc		422
	15,893		Lithia Motors, Inc (Class A)		4,719
	133,711		LKQ Corp		8,027
	370,444		Lowe’s Companies, Inc		95,752
	19,294	*	Lumber Liquidators, Inc		329
	172,372		Macy’s, Inc		4,513
	11,739	*	MarineMax, Inc		693
	18,107		Monro Muffler, Inc		1,055
	13,744		Murphy USA, Inc		2,738
	47,869	*	National Vision Holdings, Inc		2,297
	60,699	*,e	Nordstrom, Inc		1,373
	29,720	*	ODP Corp		1,167
	35,834	*	Ollie’s Bargain Outlet Holdings, Inc		1,834
	5,690		OneWater Marine, Inc		347
	35,662	*	O’Reilly Automotive, Inc		25,186
	24,586	*	Overstock.com, Inc		1,451
	60,315	*	Party City Holdco, Inc		336
	13,329		Penske Auto Group, Inc		1,429
	40,988	*	Petco Health & Wellness Co, Inc		811
	14,105	e	PetMed Express, Inc		356
	20,231		Pool Corp		11,451
	41,549	*	Porch Group, Inc		648
	53,361	*	Quotient Technology, Inc		396
	130,909		Qurate Retail Group, Inc QVC Group		995
	42,901	*	RealReal, Inc		498
	35,975		Rent-A-Center, Inc		1,728
	19,596	*	Revolve Group, Inc		1,098
	9,426	*	RH		5,052
	189,042		Ross Stores, Inc		21,604
	66,571	*	Sally Beauty Holdings, Inc		1,229
	33,875	*,e	Shift Technologies, Inc		116
	4,712		Shoe Carnival, Inc		184
	13,499		Shutterstock, Inc		1,497
	29,200		Signet Jewelers Ltd		2,541
	13,058	*	Sleep Number Corp		1,000
	11,945	e	Sonic Automotive, Inc (Class A)		591
	19,952	*	Sportsman’s Warehouse Holdings, Inc		235

364

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	32,244	*	Stitch Fix Inc	$	610
	259,834		Target Corp		60,136
	6,790		Tilly’s, Inc		109
	643,051		TJX Companies, Inc		48,820
	59,954		Tractor Supply Co		14,305
	28,388	*	Ulta Beauty, Inc		11,706
	37,439	*	Urban Outfitters, Inc		1,099
	41,105	*	Victoria’s Secret & Co		2,283
	63,231	*,e	Vroom, Inc		682
	41,399	*,e	Wayfair, Inc		7,865
	41,140		Williams-Sonoma, Inc		6,958
	1,945		Winmark Corp		483
	4,344	*	Xometry, Inc		223
	11,661	*	Zumiez, Inc		560
			TOTAL RETAILING		1,620,719

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.8%
	648,573	*	Advanced Micro Devices, Inc		93,330
	26,133	*	Allegro MicroSystems, Inc		945
	15,539	*	Alpha & Omega Semiconductor Ltd		941
	19,074	*	Ambarella, Inc		3,870
	55,705		Amkor Technology, Inc		1,381
	286,799		Analog Devices, Inc		50,411
	480,794		Applied Materials, Inc		75,658
	10,142	*,e	Atomera, Inc		204
	20,849	*	Axcelis Technologies, Inc		1,554
	26,991	*	AXT, Inc		238
	213,856		Broadcom, Inc		142,302
	39,365		Brooks Automation, Inc		4,059
	15,710	*	Ceva, Inc		679
	31,760	*	Cirrus Logic, Inc		2,923
	15,115		CMC Materials, Inc		2,897
	26,675	*	Cohu, Inc		1,016
	23,788	*	Diodes, Inc		2,612
	70,419	*	Enphase Energy, Inc		12,882
	66,933		Entegris, Inc		9,276
	58,223	*	First Solar, Inc		5,075
	42,439	*	Formfactor, Inc		1,940
	28,123	*	GLOBALFOUNDRIES, Inc		1,827
	15,133	*	Ichor Holdings Ltd		697
	13,074	*	Impinj, Inc		1,160
	2,161,990		Intel Corp		111,342
	81,230		KLA Corp		34,938
	42,347	*,e	Kopin Corp		173
	33,411		Kulicke & Soffa Industries, Inc		2,023
	75,362		Lam Research Corp		54,197
	75,431	*	Lattice Semiconductor Corp		5,813
	29,103	*	MACOM Technology Solutions Holdings, Inc		2,279
	436,855		Marvell Technology, Inc		38,220
	38,172	*	MaxLinear, Inc		2,878
	118,061	*,e	Meta Materials, Inc		290
	292,034		Microchip Technology, Inc		25,424
	599,065		Micron Technology, Inc		55,803
	26,862		MKS Instruments, Inc		4,679

365

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	23,066		Monolithic Power Systems, Inc	$	11,379
	26,573	*	Nanometrics, Inc		2,690
	21,168	*	NeoPhotonics Corp Ltd		325
	3,184		NVE Corp		217
	1,280,309		NVIDIA Corp		376,552
	140,051		NXP Semiconductors NV		31,901
	229,199	*	ON Semiconductor Corp		15,567
	20,605	*	PDF Solutions, Inc		655
	46,544	*	Photronics, Inc		877
	33,225		Power Integrations, Inc		3,086
	59,412	*	Qorvo, Inc		9,291
	605,166		QUALCOMM, Inc		110,667
	61,164	*	Rambus, Inc		1,798
	35,296	*	Semtech Corp		3,139
	21,183	*	Silicon Laboratories, Inc		4,373
	7,023	*	SiTime Corp		2,054
	87,959		Skyworks Solutions, Inc		13,646
	7,747	*	SMART Global Holdings, Inc		550
	42,585	*	SunPower Corp		889
	19,257	*	Synaptics, Inc		5,575
	85,656		Teradyne, Inc		14,007
	493,708		Texas Instruments, Inc		93,049
	23,500	*	Ultra Clean Holdings		1,348
	24,314		Universal Display Corp		4,013
	34,384	*	Veeco Instruments, Inc		979
	62,345	*	Wolfspeed Inc		6,968
	131,505		Xilinx, Inc		27,883
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,499,414

SOFTWARE & SERVICES - 14.7%
	65,506	*	8x8, Inc		1,098
	32,215		A10 Networks, Inc		534
	340,499		Accenture plc		141,154
	68,208	*	ACI Worldwide, Inc		2,367
	255,432	*	Adobe, Inc		144,845
	11,056	*	Agilysys, Inc		492
	82,582	*	Akamai Technologies, Inc		9,665
	26,945	*	Alarm.com Holdings, Inc		2,285
	15,192	*,e	Alkami Technology, Inc		305
	27,328		Alliance Data Systems Corp		1,819
	24,769	*,e	Altair Engineering, Inc		1,915
	32,290	*	Alteryx, Inc		1,954
	63,407		Amdocs Ltd		4,745
	15,720		American Software, Inc (Class A)		411
	78,020	*	Anaplan, Inc		3,577
	45,731	*	Ansys, Inc		18,344
	9,509	*	Appfolio, Inc		1,151
	20,140	*,e	Appian Corp		1,313
	40,356	*	Asana, Inc		3,009
	37,307	*	Aspen Technology, Inc		5,678
	72,802	*	Atlassian Corp plc		27,759
	117,180	*	Autodesk, Inc		32,950
	227,993		Automatic Data Processing, Inc		56,219
	46,044	*	Avalara, Inc		5,945

366

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	45,036	*	Avaya Holdings Corp	$	892
	11,374	*	Benefitfocus, Inc		121
	74,063		Bentley Systems, Inc		3,579
	24,476	*	BigCommerce Holdings, Inc		866
	49,304	*	Bill.Com Holdings, Inc		12,284
	82,754	*	Black Knight, Inc		6,859
	26,411	*	Blackbaud, Inc		2,086
	29,853	*	Blackline, Inc		3,091
	212,702	*	Block Inc		34,354
	24,159	*	Bottomline Technologies, Inc		1,364
	86,219	*	Box, Inc		2,258
	20,694	*	Brightcove, Inc		211
	61,037		Broadridge Financial Solutions, Inc		11,159
	25,858	*	BTRS Holdings, Inc		202
	42,696	*,e	C3.ai, Inc		1,334
	147,641	*	Cadence Design Systems, Inc		27,513
	31,787	*	Cantaloupe, Inc		282
	10,596		Cass Information Systems, Inc		417
	66,103		CDK Global, Inc		2,759
	22,039	*	Cerence Inc		1,689
	66,788	*	Ceridian HCM Holding, Inc		6,977
	15,814	*	ChannelAdvisor Corp		390
	68,044		Citrix Systems, Inc		6,436
	17,869	*,e	Cleanspark, Inc		170
	140,170	*	Cloudflare, Inc		18,432
	277,107		Cognizant Technology Solutions Corp (Class A)		24,585
	20,876	*	Commvault Systems, Inc		1,439
	23,676		Concentrix Corp		4,229
	91,431	*	Conduent, Inc		488
	7,805	*	Consensus Cloud Solutions, Inc		452
	40,201	*	Coupa Software, Inc		6,354
	106,940	*	Crowdstrike Holdings, Inc		21,896
	6,968	*	CS Disco, Inc		249
	17,763		CSG Systems International, Inc		1,024
	136,604	*	Datadog, Inc		24,331
	13,627	*,e	Datto Holding Corp		359
	7,264	*,e	Digimarc Corp		287
	46,104	*	Digital Turbine, Inc		2,812
	26,690	*	DigitalOcean Holdings, Inc		2,144
	103,146	*	DocuSign, Inc		15,710
	35,265		Dolby Laboratories, Inc (Class A)		3,358
	15,039	*	Domo, Inc		746
	8,370	*	DoubleVerify Holdings, Inc		279
	165,340	*	Dropbox, Inc		4,057
	40,815	*	Duck Creek Technologies, Inc		1,229
	139,396	*	DXC Technology Co		4,487
	106,722	*	Dynatrace, Inc		6,441
	87,429	*	E2open Parent Holdings, Inc		984
	17,480	e	Ebix, Inc		531
	37,517	*	Elastic NV		4,618
	30,234	*	Envestnet, Inc		2,399
	28,803	*	EPAM Systems, Inc		19,253
	27,813	*	Euronet Worldwide, Inc		3,314
	21,053	*	Everbridge, Inc		1,418
	31,074		EVERTEC, Inc		1,553

367

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	25,590	*	Evo Payments, Inc	$	655
	17,218	*	ExlService Holdings, Inc		2,493
	14,532	*	Fair Isaac Corp		6,302
	58,075	*,e	Fastly, Inc		2,059
	326,984		Fidelity National Information Services, Inc		35,690
	127,712	*	FireEye, Inc		2,240
	317,979	*	Fiserv, Inc		33,003
	37,675	*	Five9, Inc		5,174
	42,717	*	FleetCor Technologies, Inc		9,562
	33,603	*	Flywire Corp		1,279
	71,759	*	Fortinet, Inc		25,790
	42,619	*	Gartner, Inc		14,248
	94,449		Genpact Ltd		5,013
	154,882		Global Payments, Inc		20,937
	21,651	*	Globant S.A.		6,800
	93,198	*	GoDaddy, Inc		7,909
	37,008	*	GreenSky, Inc		420
	15,258	*	Grid Dynamics Holdings, Inc		579
	46,084	*	Guidewire Software, Inc		5,232
	17,956		Hackett Group, Inc		369
	24,272	*	HubSpot, Inc		15,999
	9,245	*	I3 Verticals, Inc		211
	17,943	*	Informatica, Inc		664
	4,355	*,e	Intelligent Systems Corp		169
	18,324		InterDigital, Inc		1,313
	479,337		International Business Machines Corp		64,068
	13,645	*	International Money Express Inc		218
	141,883		Intuit, Inc		91,262
	40,567		Jack Henry & Associates, Inc		6,774
	29,050	*,e	Jamf Holding Corp		1,104
	28,159	*	JFrog Ltd		836
	95,867	*	Kyndryl Holdings, Inc		1,735
	50,961	*,e	Limelight Networks, Inc		175
	34,967	*	Liveperson, Inc		1,249
	35,615	*	LiveRamp Holdings, Inc		1,708
	32,654	*	Manhattan Associates, Inc		5,077
	52,095	*,e	Marathon Digital Holdings, Inc		1,712
	468,147		Mastercard, Inc (Class A)		168,215
	31,583		MAXIMUS, Inc		2,516
	21,219		McAfee Corp		547
	4,035,012		Microsoft Corp		1,357,055
	4,156	*,e	MicroStrategy, Inc (Class A)		2,263
	33,586	*	Mimecast Ltd		2,672
	22,456	*	Mitek Systems, Inc		399
	14,483	*	Model N, Inc		435
	35,218	*	MoneyGram International, Inc		278
	33,619	*	MongoDB, Inc		17,796
	19,169	*	N-Able, Inc		213
	25,933	*	nCino, Inc		1,423
	68,992	*	NCR Corp		2,773
	30,028	*	New Relic, Inc		3,302
	283,454		NortonLifelock, Inc		7,364
	147,476	*	Nuance Communications, Inc		8,158
	105,783	*	Nutanix, Inc		3,370

368

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	68,248	*	Okta, Inc	$	15,299
	4,837	*	ON24, Inc		84
	21,489	*	OneSpan, Inc		364
	887,190		Oracle Corp		77,372
	41,005	*	Pagerduty, Inc		1,425
	862,353	*	Palantir Technologies, Inc		15,703
	50,772	*	Palo Alto Networks, Inc		28,268
	44,842	*	Paya Holdings, Inc		284
	172,244		Paychex, Inc		23,511
	26,642	*	Paycom Software, Inc		11,061
	11,105	*,e	Paycor HCM, Inc		320
	20,584	*	Paylocity Holding Corp		4,861
	631,765	*	PayPal Holdings, Inc		119,138
	225,806	*,e	Paysafe Ltd		883
	22,404		Pegasystems, Inc		2,505
	17,663	*	Perficient, Inc		2,284
	23,740	*	Ping Identity Holding Corp		543
	31,944	*	Procore Technologies, Inc		2,555
	23,997		Progress Software Corp		1,158
	19,034	*	PROS Holdings, Inc		656
	57,208	*	PTC, Inc		6,931
	29,530	*	Q2 Holdings, Inc		2,346
	18,605	*	Qualys, Inc		2,553
	19,217	*,e	Rackspace Technology, Inc		259
	31,056	*	Rapid7, Inc		3,655
	42,004	*	Repay Holdings Corp		767
	44,149	*	RingCentral, Inc		8,271
	47,739	*,e	Riot Blockchain, Inc		1,066
	186,641	*	Sabre Corp		1,603
	52,403	*	SailPoint Technologies Holding, Inc		2,533
	500,653	*	salesforce.com, Inc		127,231
	15,268		Sapiens International Corp NV		526
	4,599	*	SecureWorks Corp		73
	105,474	*	ServiceNow, Inc		68,464
	23,585	*	Shift4 Payments, Inc		1,366
	4,906	*	ShotSpotter, Inc		145
	66,115	*	Smartsheet, Inc		5,121
	104,932	*	Snowflake, Inc		35,546
	19,169		SolarWinds Corp		272
	90,017	*	Splunk, Inc		10,417
	24,107	*	Sprout Social, Inc		2,186
	19,690	*	SPS Commerce, Inc		2,803
	111,085		SS&C Technologies Holdings, Inc		9,107
	120,616	*	StoneCo Ltd		2,034
	44,512	*	Sumo Logic, Inc		604
	70,963	*	SVMK, Inc		1,501
	62,944		Switch, Inc		1,803
	80,377	*	Synopsys, Inc		29,619
	21,512	*	Telos Corp		332
	49,510	*	Tenable Holdings, Inc		2,727
	63,587	*	Teradata Corp		2,701
	234,140	*	Trade Desk, Inc		21,457
	10,054		TTEC Holdings, Inc		910

369

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	6,516	*,e	Tucows, Inc	$	546
	22,872	*	Turing Holding Corp		613
	90,362	*	Twilio, Inc		23,796
	21,091	*	Tyler Technologies, Inc		11,346
	38,674	*	Unisys Corp		796
	80,847	*	Unity Software, Inc		11,560
	15,606	*	Upland Software, Inc		280
	56,469	*	Varonis Systems, Inc		2,755
	35,164	*	Verint Systems, Inc		1,846
	51,900	*	VeriSign, Inc		13,173
	13,662	*,e	Veritone, Inc		307
	63,620	*	Verra Mobility Corp		982
	6,012	*	Viant Technology, Inc		58
	32,131	*,e	VirnetX Holding Corp		84
	908,191		Visa, Inc (Class A)		196,814
	119,630		VMware, Inc (Class A)		13,863
	143,849	*	Vonage Holdings Corp		2,991
	229,572		Western Union Co		4,096
	24,535	*	WEX, Inc		3,444
	29,289	*	Wix.com Ltd		4,622
	101,979	*	Workday, Inc		27,859
	22,930	*	Workiva, Inc		2,992
	57,275		Xperi Holding Corp		1,083
	55,032	*	Yext, Inc		546
	65,282	*	Zendesk, Inc		6,808
	115,895	*	Zoom Video Communications, Inc		21,314
	41,021	*	Zscaler, Inc		13,181
	55,037	*	Zuora Inc		1,028
			TOTAL SOFTWARE & SERVICES		3,769,078

TECHNOLOGY HARDWARE & EQUIPMENT - 7.7%
	66,252	*	3D Systems Corp		1,427
	6,963	*	908 Devices, Inc		180
	35,649		Adtran, Inc		814
	20,999		Advanced Energy Industries, Inc		1,912
	41,314	*,e	Aeva Technologies, Inc		312
	18,515	*,e	Akoustis Technologies, Inc		124
	307,977		Amphenol Corp (Class A)		26,936
	8,262,656		Apple, Inc		1,467,200
	126,832	*	Arista Networks, Inc		18,232
	47,303	*	Arlo Technologies, Inc		496
	36,241	*	Arrow Electronics, Inc		4,866
	24,161	*	Avid Technology, Inc		787
	54,480		Avnet, Inc		2,246
	15,939		Badger Meter, Inc		1,698
	24,142		Belden CDT, Inc		1,587
	19,531		Benchmark Electronics, Inc		529
	26,799	*	CalAmp Corp		189
	28,887	*	Calix, Inc		2,310
	4,889	*	Cambium Networks Corp		125
	9,824	*	Casa Systems, Inc		56
	72,490		CDW Corp		14,845
	79,273	*	Ciena Corp		6,102
	2,263,452		Cisco Systems, Inc		143,435

370

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,964	*	Clearfield, Inc	$	757
	93,925		Cognex Corp		7,304
	13,422	*	Coherent, Inc		3,578
	115,638	*	CommScope Holding Co, Inc		1,277
	16,237		Comtech Telecommunications Corp		385
	415,791		Corning, Inc		15,480
	8,680	*,e	Corsair Gaming, Inc		182
	17,421		CTS Corp		640
	27,847	*	Daktronics, Inc		141
	136,382	*	Dell Technologies, Inc		7,661
	53,560	*	Diebold, Inc		485
	18,652	*	Digi International, Inc		458
	9,167	*	DZS, Inc		149
	24,605	*,e	Eastman Kodak Co		115
	20,159	*	EMCORE Corp		141
	18,556	*	ePlus, Inc		1,000
	79,396	*	Extreme Networks, Inc		1,247
	30,171	*	F5 Networks, Inc		7,383
	20,485	*	Fabrinet		2,427
	9,925	*	FARO Technologies, Inc		695
	58,321	*	Harmonic, Inc		686
	707,951		Hewlett Packard Enterprise Co		11,164
	607,114		HP, Inc		22,870
	11,473	*	Identiv, Inc		323
	57,079	*	II-VI, Inc		3,900
	103,799	*	Infinera Corp		995
	40,550	*,e	Inseego Corp		236
	19,073	*	Insight Enterprises, Inc		2,033
	19,271	*	IPG Photonics Corp		3,317
	18,293	*	Iteris, Inc		73
	24,355	*	Itron, Inc		1,669
	71,253		Jabil Inc		5,013
	178,205		Juniper Networks, Inc		6,364
	99,085	*	Keysight Technologies, Inc		20,462
	21,162	*	Kimball Electronics, Inc		461
	48,573	*	Knowles Corp		1,134
	10,929	*	KVH Industries, Inc		100
	13,151		Littelfuse, Inc		4,138
	41,562	*	Lumentum Holdings, Inc		4,396
	20,833		Methode Electronics, Inc		1,024
	86,400	*,e	Microvision, Inc		433
	89,099		Motorola Solutions, Inc		24,208
	7,937	*	Napco Security Technologies, Inc		397
	72,088		National Instruments Corp		3,148
	118,594		NetApp, Inc		10,909
	16,454	*	Netgear, Inc		481
	43,446	*	Netscout Systems, Inc		1,437
	20,535	*	nLight, Inc		492
	18,332	*	Novanta, Inc		3,232
	9,244	*	OSI Systems, Inc		862
	15,844	*,e	Ouster, Inc		82
	12,941	*,e	PAR Technology Corp		683
	8,216		PC Connection, Inc		354
	18,613	*	Plantronics, Inc		546

371

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	17,083	*	Plexus Corp	$	1,638
	148,433	*	Pure Storage, Inc		4,832
	30,487	*	Quantum Corp		168
	37,508	*	Ribbon Communications, Inc		227
	10,213	*	Rogers Corp		2,788
	36,299	*	Sanmina Corp		1,505
	17,777	*	Scansource, Inc		624
	26,460	*	Super Micro Computer, Inc		1,163
	22,861		SYNNEX Corp		2,614
	24,117	*	Teledyne Technologies, Inc		10,536
	129,908	*	Trimble Inc		11,327
	20,652	*	TTM Technologies, Inc		308
	8,166	*	Turtle Beach Corp		182
	3,604		Ubiquiti, Inc		1,105
	38,579	*,e	Velodyne Lidar, Inc		179
	34,027	*	Viasat, Inc		1,516
	136,006	*	Viavi Solutions, Inc		2,396
	72,768		Vishay Intertechnology, Inc		1,591
	9,508	*	Vishay Precision Group, Inc		353
	92,880		Vontier Corp		2,854
	155,579	*	Western Digital Corp		10,145
	84,117		Xerox Holdings Corp		1,904
	27,748	*	Zebra Technologies Corp (Class A)		16,516
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,962,006

TELECOMMUNICATION SERVICES - 1.1%
	7,472	*	Anterix, Inc		439
	3,831,720		AT&T, Inc		94,260
	7,918		ATN International, Inc		316
	12,460	*	Bandwidth Inc		894
	25,280		Cogent Communications Group, Inc		1,850
	48,355	*	Consolidated Communications Holdings, Inc		362
	22,558	*	EchoStar Corp (Class A)		594
	331,269	*,e	Globalstar, Inc		384
	42,541	*,e	Gogo, Inc		576
	11,096	*	IDT Corp (Class B)		490
	60,764	*	Iridium Communications, Inc		2,509
	29,453	*	Liberty Latin America Ltd (Class A)		343
	84,348	*	Liberty Latin America Ltd (Class C)		962
	554,638		Lumen Technologies, Inc		6,961
	13,047	*	Ooma, Inc		267
	23,995	*	Radius Global Infrastructure, Inc		386
	26,373		Shenandoah Telecom Co		673
	55,138		Telephone & Data Systems, Inc		1,111
	9,932	*,e	Telesat Corp		285
	314,734	*	T-Mobile US, Inc		36,503
	9,529	*	US Cellular Corp		300
	2,218,488		Verizon Communications, Inc		115,273
			TOTAL TELECOMMUNICATION SERVICES		265,738

TRANSPORTATION - 1.9%
	37,928	*	Air Transport Services Group, Inc		1,114
	69,726	*	Alaska Air Group, Inc		3,633
	8,270	*	Allegiant Travel Co		1,547

372

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	4,307		Amerco, Inc	$	3,128
	347,869	*,e	American Airlines Group, Inc		6,248
	13,812		ArcBest Corp		1,655
	15,514	*	Atlas Air Worldwide Holdings, Inc		1,460
	22,038	*	Avis Budget Group, Inc		4,570
	67,597		CH Robinson Worldwide, Inc		7,275
	17,311	*	Copa Holdings S.A. (Class A)		1,431
	23,634		Costamare, Inc		299
	8,672	*	Covenant Transportation Group, Inc		229
	1,185,229		CSX Corp		44,565
	14,173	*	Daseke, Inc		142
	351,191	*	Delta Air Lines, Inc		13,725
	4,116	e	Eagle Bulk Shipping, Inc		187
	85,367		Expeditors International of Washington, Inc		11,464
	129,759		FedEx Corp		33,561
	14,836		Forward Air Corp		1,796
	18,987	*	Frontier Group Holdings, Inc		258
	17,525		Genco Shipping & Trading Ltd		280
	50,638	*	GXO Logistics, Inc		4,599
	27,588	*	Hawaiian Holdings, Inc		507
	26,012		Heartland Express, Inc		437
	18,067	*	Hub Group, Inc (Class A)		1,522
	9,562	*	HyreCar, Inc		45
	43,796		JB Hunt Transport Services, Inc		8,952
	173,855	*	JetBlue Airways Corp		2,476
	32,726	*	Kirby Corp		1,945
	88,315		Knight-Swift Transportation Holdings, Inc		5,382
	20,412		Landstar System, Inc		3,654
	154,071	*	Lyft, Inc (Class A)		6,583
	34,852		Marten Transport Ltd		598
	23,449		Matson, Inc		2,111
	19,117	*	Mesa Air Group, Inc		107
	129,243		Norfolk Southern Corp		38,477
	54,303		Old Dominion Freight Line		19,461
	29,335	*	Radiant Logistics, Inc		214
	25,040		Ryder System, Inc		2,064
	33,371	*	Safe Bulkers, Inc		126
	13,620	*	Saia, Inc		4,590
	22,723		Schneider National, Inc		611
	28,022	*	Skywest, Inc		1,101
	314,707	*	Southwest Airlines Co		13,482
	50,261	*	Spirit Airlines, Inc		1,098
	9,455	*	Sun Country Airlines Holdings, Inc		258
	71,175	*,e	TuSimple Holdings, Inc		2,552
	876,189	*	Uber Technologies, Inc		36,739
	343,517		Union Pacific Corp		86,542
	177,925	*	United Airlines Holdings Inc		7,790
	386,486		United Parcel Service, Inc (Class B)		82,839
	6,297		Universal Logistics Holdings Inc		119
	14,010	*	US Xpress Enterprises, Inc		82
	36,247		Werner Enterprises, Inc		1,728
	52,508	*	XPO Logistics, Inc		4,066
	26,820	*	Yellow Corp		338
			TOTAL TRANSPORTATION		481,762

373

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
UTILITIES - 2.4%
	362,922		AES Corp	$	8,819
	28,646		Allete, Inc		1,901
	137,659		Alliant Energy Corp		8,462
	139,860		Ameren Corp		12,449
	269,655		American Electric Power Co, Inc		23,991
	20,132		American States Water Co		2,082
	98,521		American Water Works Co, Inc		18,607
	4,909		Artesian Resources Corp		227
	69,836		Atmos Energy Corp		7,317
	27,653		Avangrid, Inc		1,379
	33,562		Avista Corp		1,426
	34,402		Black Hills Corp		2,428
	28,904	e	Brookfield Infrastructure Corp		1,973
	72,027		Brookfield Renewable Corp		2,653
	15,011	*	Cadiz, Inc		58
	27,726		California Water Service Group		1,992
	319,280		Centerpoint Energy, Inc		8,911
	9,405		Chesapeake Utilities Corp		1,371
	10,556		Clearway Energy, Inc (Class A)		353
	47,061		Clearway Energy, Inc (Class C)		1,696
	161,672		CMS Energy Corp		10,517
	182,270		Consolidated Edison, Inc		15,551
	426,782		Dominion Energy, Inc		33,528
	101,817		DTE Energy Co		12,171
	409,511		Duke Energy Corp		42,958
	195,908		Edison International		13,371
	106,399		Entergy Corp		11,986
	120,688		Essential Utilities Inc		6,480
	119,824		Evergy, Inc		8,221
	188,645		Eversource Energy		17,163
	517,839		Exelon Corp		29,910
	288,831		FirstEnergy Corp		12,012
	18,242	*	Fluence Energy, Inc		649
	6,410		Global Water Resources, Inc		110
	57,902		Hawaiian Electric Industries, Inc		2,403
	27,642		Idacorp, Inc		3,132
	96,446		MDU Resources Group, Inc		2,974
	19,874		MGE Energy, Inc		1,635
	11,759		Middlesex Water Co		1,415
	44,613		National Fuel Gas Co		2,853
	52,723		New Jersey Resources Corp		2,165
	1,051,619		NextEra Energy, Inc		98,179
	211,543		NiSource, Inc		5,841
	14,483		Northwest Natural Holding Co		706
	27,636		NorthWestern Corp		1,580
	135,219		NRG Energy, Inc		5,825
	109,645		OGE Energy Corp		4,208
	29,641		ONE Gas, Inc		2,300
	24,734	e	Ormat Technologies, Inc		1,961
	22,455		Otter Tail Corp		1,604
	829,869	*	PG&E Corp		10,075
	62,725		Pinnacle West Capital Corp		4,428

374

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY					VALUE (000)
	31,702		PNM Resources, Inc					$	1,446
	50,460		Portland General Electric Co						2,670
	390,063		PPL Corp						11,725
	263,097		Public Service Enterprise Group, Inc						17,556
	11,616	*	Pure Cycle Corp						170
	167,821		Sempra Energy						22,199
	12,005		SJW Corp						879
	58,642	e	South Jersey Industries, Inc						1,532
	562,303		Southern Co						38,563
	31,668		Southwest Gas Holdings Inc						2,218
	26,256		Spire, Inc						1,712
	46,961	*	Sunnova Energy International, Inc						1,311
	105,006		UGI Corp						4,821
	10,272		Unitil Corp						472
	7,544	e	Via Renewables, Inc						86
	268,521		Vistra Energy Corp						6,114
	173,437		WEC Energy Group, Inc						16,836
	295,903		Xcel Energy, Inc						20,033
	9,006		York Water Co						448
			TOTAL UTILITIES						626,797

			TOTAL COMMON STOCKS						25,571,090
			(Cost $7,885,662)

RIGHTS / WARRANTS - 0.0%

MEDIA & ENTERTAINMENT - 0.0%
	80,085	†	Media General, Inc						0
			TOTAL MEDIA & ENTERTAINMENT						0

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	7,917	†	Chinook Therapeutics, Inc						0
	29,050	†	Elanco Animal Health, Inc CVR						2
	6,981	†	Tobira Therapeutics, Inc						0	^
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						2

			TOTAL RIGHTS / WARRANTS						2
			(Cost $1)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 0.7%

GOVERNMENT AGENCY DEBT - 0.3%
$	22,130,000		Federal Farm Credit Bank (FFCB)		0.000	%	01/05/22		22,130
	27,640,000		Federal Home Loan Bank (FHLB)		0.000		01/21/22		27,640
	7,310,000		FHLB		0.000		01/24/22		7,310
	10,000,000		FHLB		0.000		02/18/22		9,999
			TOTAL GOVERNMENT AGENCY DEBT						67,079

REPURCHASE AGREEMENT - 0.1%
	32,395,000	r	Fixed Income Clearing Corp (FICC)		0.020		01/03/22		32,395
			TOTAL REPURCHASE AGREEMENT						32,395

375

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	RATE		VALUE (000)
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3%
	77,919,775	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.030	%	$	77,920
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES				77,920

			TOTAL SHORT-TERM INVESTMENTS				177,394
			(Cost $177,393)

			TOTAL INVESTMENTS - 100.3%				25,748,486
			(Cost $8,063,056)
			OTHER ASSETS & LIABILITIES, NET - (0.3)%				(68,502	)
			NET ASSETS - 100.0%			$	25,679,984


REIT		Real Estate Investment Trust
CVR		Contingent Value Right

*		Non-income producing
^		Amount represents less than $1,000.
†		Security is categorized as Level 3 in the fair value hierarchy.
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 $171,025,790.
h		These securities were purchased on a delayed delivery basis.
r		Agreement with Fixed Income Clearing Corporation, 0.020% dated 12/31/21 to be repurchased at $32,395,000 on 01/03/22, collateralized by Government Agency Securities, with coupon rate 1.875% and maturity date 02/15/2041, valued at $33,042,997.

		Cost amounts are in thousands.

Futures contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

Description		Number of long (short) contracts				Expiration date		Notional amount				Value				Unrealized appreciation (depreciation)
S&P 500 E Mini Index			364			03/18/22		$	84,469			$	86,605			$	2,136

376

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND

BOND MARKET ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2021

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
BANK LOAN OBLIGATIONS - 0.7%

AUTOMOBILES & COMPONENTS - 0.0%
$	817,226	i	Adient US LLC	LIBOR 1 M + 3.500%		3.604	%	04/10/28	$	816
	847,326	i	Clarios Global LP	LIBOR 1 M + 3.250%		3.354		04/30/26		842
	2,013,554	i	Gates Global LLC	LIBOR 1 M + 2.500%		3.250		03/31/27		2,008
			TOTAL AUTOMOBILES & COMPONENTS							3,666

CAPITAL GOODS - 0.0%
	500,000	h,i	APi Group DE, Inc	LIBOR 3 M + 2.750%		2.882		12/18/28		499
	174,057	i	Avolon TLB Borrower US LLC	LIBOR 1 M + 1.750%		2.500		01/15/25		174
	221,625	i	Avolon TLB Borrower US LLC	LIBOR 1 M + 1.500%		2.250		02/12/27		220
	807,601	i	Beacon Roofing Supply, Inc	LIBOR 1 M + 2.250%		2.354		05/19/28		802
	842,749	i	Cornerstone Building Brands, Inc	LIBOR 1 M + 3.250%		3.750		04/12/28		840
	476,365	i	Prometric Holdings Inc	LIBOR 1 M + 3.000%		4.000		01/29/25		470
	1,351,317	i	TransDigm, Inc	LIBOR 1 M + 2.250%		2.354		08/22/24		1,335
	1,466,269	i	TransDigm, Inc	LIBOR 1 M + 2.250%		2.354		05/30/25		1,445
			TOTAL CAPITAL GOODS							5,785

COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	648,375	i	AECOM	LIBOR 1 M + 1.750%		1.852		04/13/28		648
	1,599,099	i	GFL Environmental, Inc			3.500		05/31/25		1,602
	669,938	i	PAE Holding Corp	LIBOR 1 M + 4.500%		5.250		10/14/27		670
	2,518,323	i	Prime Security Services Borrower LLC	LIBOR 3 M + 2.750%		3.500		09/23/26		2,515
	766,150	i	Spin Holdco, Inc	LIBOR 3 M + 4.000%		4.750		03/01/28		768
	4,910,000	i	Trans Union LLC	LIBOR 1 M + 2.250%		2.750		12/01/28		4,894
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							11,097

CONSUMER DURABLES & APPAREL - 0.0%
	389,590	i	Samsonite IP Holdings Sarl	LIBOR 1 M + 1.750%		1.854		04/25/25		378
			TOTAL CONSUMER DURABLES & APPAREL							378

CONSUMER SERVICES - 0.1%
	438,068	i	1011778 BC ULC	LIBOR 1 M + 1.750%		1.854		11/19/26		431
	315,935	i	Boyd Gaming Corp	LIBOR 1 M + 2.250%		2.354		09/15/23		316
	1,195,000	i	Carnival Corp	LIBOR 3 M + 3.250%		4.000		10/18/28		1,183
	495,000	i	IRB Holding Corp	LIBOR 3 M + 3.250%		4.250		12/15/27		495
	1,310,144	i	KFC Holding Co	LIBOR 1 M + 1.750%		1.854		03/09/28		1,305
	762,411	i	Scientific Games International, Inc	LIBOR 1 M + 2.750%		2.854		08/14/24		759
	2,000,000	i	Stars Group Holdings BV	LIBOR 3 M + 2.250%		2.382		07/21/26		1,992
			TOTAL CONSUMER SERVICES							6,481

DIVERSIFIED FINANCIALS - 0.0%
	862,389	i	Lions Gate Capital Holdings LLC	LIBOR 1 M + 2.250%		2.354		03/24/25		854
	1,757,250	i	Reynolds Group Holdings, Inc	LIBOR 1 M + 3.250%		3.354		02/05/26		1,746
			TOTAL DIVERSIFIED FINANCIALS							2,600

ENERGY - 0.0%
	1,965,150	i	Buckeye Partners LP	LIBOR 1 M + 2.250%		2.354		11/01/26		1,956
	539,063	i	ChampionX Holding, Inc	LIBOR 3 M + 5.000%		6.000		06/03/27		545
	1,954,514	i	Delek US Holdings, Inc	LIBOR 1 M + 2.250%		2.354		03/31/25		1,896
	641,775	i	DT Midstream, Inc	LIBOR 6 M + 2.000%		2.500		06/26/28		643
			TOTAL ENERGY							5,040

377

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
FOOD, BEVERAGE & TOBACCO - 0.0%
$	594,000	i	Chobani LLC	LIBOR 1 M + 3.500%		4.500	%	10/20/27	$	595
	881,955	i	Hostess Brands LLC	LIBOR 1 M + 2.250%		3.000		08/01/25		878
			TOTAL FOOD, BEVERAGE & TOBACCO							1,473

HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	492,010	i	Change Healthcare Holdings LLC	LIBOR 1 M + 2.500%		3.500		03/01/24		491
	2,192,180	i	Da Vinci Purchaser Corp	LIBOR 1 M + 4.000%		5.000		01/08/27		2,192
	977,550	i	DaVita, Inc	LIBOR 1 M + 1.750%		1.854		08/12/26		972
	411,449	i	Grifols Worldwide Operations USA, Inc	LIBOR 1 M + 2.000%		2.104		11/15/27		405
	375,000	h,i	II-VI, Inc	LIBOR 3 M + 2.750%		3.250		12/07/28		374
	2,012,842	i	RegionalCare Hospital Partners Holdings, Inc	LIBOR 1 M + 3.750%		3.852		11/16/25		2,009
	2,920,100	i	Select Medical Corp	LIBOR 1 M + 2.250%		2.360		03/06/25		2,898
	1,402,150	i	Team Health Holdings, Inc	LIBOR 1 M + 2.750%		3.750		02/06/24		1,337
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							10,678

HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	590,092	i	Weber-Stephen Products LLC	LIBOR 1 M + 3.250%		4.000		10/29/27		590
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS							590

INSURANCE - 0.0%
	150,000	i	Alliant Holdings Intermediate LLC	LIBOR 1 M + 3.500%		4.000		11/12/27		150
	1,965,000	i	NFP Corp	LIBOR 1 M + 3.250%		3.354		02/15/27		1,931
	2,448,849	i	USI, Inc	LIBOR 3 M + 3.000%		3.224		05/16/24		2,428
			TOTAL INSURANCE							4,509

MATERIALS - 0.1%
	1,728,125	i	Asplundh Tree Expert LLC	LIBOR 1 M + 1.750%		1.854		09/02/27		1,720
	1,288,578	i	Berry Global, Inc	LIBOR 2 M + 1.750%		1.864		07/01/26		1,279
	479,980	i	Ineos US Finance LLC	LIBOR 1 M + 2.000%		2.104		03/31/24		477
	297,463	i	Messer Industries USA, Inc	LIBOR 3 M + 2.500%		2.724		03/01/26		295
	1,361,612	i	PolyOne Corp	LIBOR 1 M + 0.104%		0.209		01/30/26		1,362
	301,451	i	Reynolds Consumer Products LLC	LIBOR 1 M + 1.750%		1.854		02/04/27		299
	336,267	i	Starfruit US Holdco LLC	LIBOR 1 M + 3.000%		3.102		10/01/25		335
	1,180,937	i	Tamko Building Products, Inc	LIBOR 2 M + 3.000%		3.141		05/29/26		1,173
	145,000	i	WR Grace Holdings LLC	LIBOR 3 M + 3.750%		4.250		09/22/28		145
			TOTAL MATERIALS							7,085

MEDIA & ENTERTAINMENT - 0.1%
	1,640,304	i	Alliance Laundry Systems LLC	LIBOR 3 M + 3.500%		4.250		10/08/27		1,640
	346,500	i	Arterra Wines Canada, Inc	LIBOR 3 M + 3.500%		4.250		11/19/27		346
	420,750	i	Cablevision Lightpath LLC	LIBOR 1 M + 3.250%		3.750		11/30/27		420
	1,955,000	i	Charter Communications Operating LLC	LIBOR 1 M + 1.750%		1.860		02/01/27		1,935
	970,125	i	CNT Holdings I Corp	LIBOR 3 M + 3.500%		4.250		11/08/27		970
	710,532	i	CSC Holdings LLC	LIBOR 1 M + 2.500%		2.610		04/15/27		701
	500,000	h,i	Delta 2 Lux Sarl	LIBOR 1 M + 2.500%		3.500		02/01/24		499
	977,500	i	Diamond Sports Group LLC	LIBOR 1 M + 3.250%		3.360		08/24/26		450
	1,368,500	i	DIRECTV Financing LLC	LIBOR 3 M + 5.000%		5.750		08/02/27		1,369
	800,000	i	Mozart Borrower LP	LIBOR 1 M + 3.250%		3.750		10/23/28		800
	319,651	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		2.102		10/04/23		319
	500,000	i	Phoenix Newco, Inc	LIBOR 1 M + 3.500%		4.000		11/15/28		500
	497,500	i	Rackspace Technology Global, Inc	LIBOR 3 M + 2.750%		3.500		02/03/28		493
	1,580,000	i	Radiate Holdco LLC	LIBOR 1 M + 3.250%		4.000		09/25/26		1,574
	800,000	i	SkyMiles IP Ltd	LIBOR 3 M + 3.750%		4.750		10/20/27		845
	1,767,125	i	TK Elevator US Newco, Inc	LIBOR 6 M + 3.500%		4.000		07/30/27		1,767
	2,250,000	i	Virgin Media Bristol LLC	LIBOR 1 M + 2.500%		2.610		01/31/28		2,228
			TOTAL MEDIA & ENTERTAINMENT							16,856

378

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
$	942,887	i	Avantor, Inc	LIBOR 1 M + 2.250%		2.750	%	11/08/27	$	942
	1,485,867	i	Bausch Health Americas, Inc	LIBOR 1 M + 3.000%		3.104		06/02/25		1,478
	1,511,749	i	Bausch Health Americas, Inc	LIBOR 1 M + 2.750%		2.854		11/27/25		1,502
	2,468,655	i	Catalent Pharma Solutions, Inc	LIBOR 1 M + 2.000%		2.500		02/22/28		2,469
	2,459,406	i	Endo Luxembourg Finance Co I Sarl	LIBOR 3 M + 5.000%		5.750		03/27/28		2,387
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							8,778

REAL ESTATE - 0.0%
	1,358,306	i	Cushman & Wakefield plc	LIBOR 1 M + 2.750%		2.854		08/21/25		1,348
			TOTAL REAL ESTATE							1,348

RETAILING - 0.0%
	669,938	i	LS GROUP OPCO ACQUISITIO	LIBOR 3 M + 3.250%		4.000		11/02/27		668
			TOTAL RETAILING							668

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	500,000	h,i	MKS Instruments, Inc	LIBOR 3 M + 2.250%		2.750		10/20/28		499
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							499

SOFTWARE & SERVICES - 0.1%
	318,500	i	Camelot Finance S.A.	LIBOR 1 M + 3.000%		3.104		10/30/26		316
	990,000	i	Camelot US Acquisition	LIBOR 1 M + 3.000%		4.000		10/31/26		989
	666,390	i	Hyland Software, Inc	LIBOR 1 M + 3.500%		4.250		07/01/24		668
	1,954,315	i	Open Text Corp	LIBOR 1 M + 1.750%		1.854		05/30/25		1,956
	979,849	i	Rocket Software, Inc	LIBOR 1 M + 4.250%		4.354		11/28/25		973
	95,042	i	Sabre GLBL, Inc	LIBOR 1 M + 2.000%		2.104		02/22/24		93
	1,608,780	i	UKG, Inc	LIBOR 1 M + 3.250%		3.750		05/04/26		1,599
			TOTAL SOFTWARE & SERVICES							6,594

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	1,146,492	i	Plantronics, Inc	LIBOR 1 M + 2.500%		2.604		07/02/25		1,119
	755,472	i	TTM Technologies, Inc	LIBOR 1 M + 2.500%		2.599		09/28/24		754
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							1,873

TELECOMMUNICATION SERVICES - 0.0%
	623,553	i	Zayo Group Holdings, Inc	LIBOR 1 M + 3.000%		3.104		03/09/27		615
			TOTAL TELECOMMUNICATION SERVICES							615

TRANSPORTATION - 0.0%
	555,000	i	Air Canada	LIBOR 3 M + 3.500%		4.250		08/09/28		553
	629,616	i	American Airlines, Inc	LIBOR 1 M + 2.000%		2.110		12/14/23		615
			TOTAL TRANSPORTATION							1,168

UTILITIES - 0.0%
	979,229	i	Gopher Resource LLC	LIBOR 1 M + 3.250%		4.250		03/06/25		914
			TOTAL UTILITIES							914

			TOTAL BANK LOAN OBLIGATIONS							98,695
			(Cost $99,527)

379

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
BONDS - 97.9%

CORPORATE BONDS - 43.1%

AUTOMOBILES & COMPONENTS - 0.4%
EUR	950,000	g	Adient Global Holdings Ltd		3.500	%	08/15/24	$	1,095
$	350,000	g	Adient US LLC		9.000		04/15/25		372
EUR	500,000		Aptiv plc		1.500		03/10/25		590
	500,000	g	Dana Financing Luxembourg Sarl		3.000		07/15/29		575
$	225,000		Dana, Inc		5.375		11/15/27		236
	350,000		Dana, Inc		5.625		06/15/28		372
	11,000,000		General Motors Co		6.125		10/01/25		12,636
	5,600,000		General Motors Co		5.000		10/01/28		6,422
	6,950,000		General Motors Co		6.600		04/01/36		9,400
	6,500,000		General Motors Co		5.200		04/01/45		8,042
	1,925,000		General Motors Co		6.750		04/01/46		2,751
EUR	400,000	g,o	IHO Verwaltungs GmbH		3.750		09/15/26		462
$	8,675,000		Magna International, Inc		3.625		06/15/24		9,124
EUR	300,000		Volkswagen Bank GmbH		2.500		07/31/26		372
			TOTAL AUTOMOBILES & COMPONENTS						52,449

BANKS - 8.9%
$	2,000,000	g	Akbank TAS		6.800		06/22/31		1,818
	8,250,000	g	Australia & New Zealand Banking Group Ltd		2.950		07/22/30		8,455
	1,975,000	g	Banco de Credito del Peru		3.250		09/30/31		1,950
	8,225,000	g	Banco de Credito e Inversiones S.A.		2.875		10/14/31		8,102
	3,000,000	g	Banco del Estado de Chile		2.704		01/09/25		3,060
	300,000	g	Banco General S.A.		4.125		08/07/27		321
	3,800,000	g	Banco Internacional del Peru SAA Interbank		3.375		01/18/23		3,852
	3,225,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand		5.375		04/17/25		3,519
	10,000,000		Banco Santander S.A.		1.722		09/14/27		9,818
	3,800,000		Banco Santander S.A.		3.800		02/23/28		4,119
	2,400,000		Banco Santander S.A.		3.225		11/22/32		2,402
	600,000		Banco Santander S.A.		7.500		N/A‡		645
	4,350,000		Bancolombia S.A.		3.000		01/29/25		4,366
	2,650,000		Bancolombia S.A.		4.625		12/18/29		2,650
	3,010,000	g	Bangkok Bank PCL		3.466		09/23/36		3,011
	2,750,000	g	Banistmo S.A.		4.250		07/31/27		2,798
	8,100,000	g	Bank Hapoalim BM		3.255		01/21/32		8,035
	6,300,000	g	Bank Leumi Le-Israel BM		3.275		01/29/31		6,300
	5,700,000		Bank of America Corp		3.004		12/20/23		5,818
EUR	400,000		Bank of America Corp		1.375		03/26/25		474
$	10,200,000		Bank of America Corp		3.875		08/01/25		11,056
	7,100,000		Bank of America Corp		1.319		06/19/26		7,024
EUR	300,000		Bank of America Corp		1.776		05/04/27		361
$	17,250,000		Bank of America Corp		3.824		01/20/28		18,680

380

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	23,400,000		Bank of America Corp		2.496	%	02/13/31	$	23,460
	55,925,000		Bank of America Corp		2.592		04/29/31		56,494
	39,000,000		Bank of America Corp		1.922		10/24/31		37,341
	16,250,000		Bank of America Corp		2.299		07/21/32		15,977
	5,975,000		Bank of America Corp		2.676		06/19/41		5,751
	18,000,000		Bank of America Corp		4.083		03/20/51		21,651
	5,000,000		Bank of America Corp		6.250		N/A‡		5,381
	3,000,000		Bank of America Corp		6.100		N/A‡		3,251
	5,350,000		Bank of Montreal		3.803		12/15/32		5,738
EUR	400,000		Barclays plc		0.625		11/14/23		458
$	5,900,000		Barclays plc		4.338		05/16/24		6,142
	10,000,000		Barclays plc		3.932		05/07/25		10,517
	6,075,000		Barclays plc		3.330		11/24/42		6,182
	11,000,000	g	BNP Paribas S.A.		2.819		11/19/25		11,320
	1,850,000	g	BNP Paribas S.A.		2.219		06/09/26		1,867
	7,000,000	g	BNP Paribas S.A.		1.904		09/30/28		6,833
	5,000,000	g	BNP Paribas S.A.		2.159		09/15/29		4,902
	5,700,000	g	BNP Paribas S.A.		2.588		08/12/35		5,461
	2,950,000		Citigroup, Inc		2.700		10/27/22		2,996
	8,500,000		Citigroup, Inc		3.875		03/26/25		9,071
	36,375,000		Citigroup, Inc		3.200		10/21/26		38,546
	6,575,000		Citigroup, Inc		4.300		11/20/26		7,275
	13,835,000		Citigroup, Inc		4.450		09/29/27		15,426
	7,000,000		Citigroup, Inc		4.125		07/25/28		7,682
	16,750,000		Citigroup, Inc		2.666		01/29/31		17,004
	7,125,000		Citigroup, Inc		2.572		06/03/31		7,187
	38,100,000		Citigroup, Inc		2.520		11/03/32		38,055
	5,000,000		Citigroup, Inc		5.000		N/A‡		5,150
	4,000,000		Citigroup, Inc		6.300		N/A‡		4,193
	4,500,000	g	Cooperatieve Rabobank UA		2.625		07/22/24		4,646
	2,800,000	g	Cooperatieve Rabobank UA		1.339		06/24/26		2,760
	13,125,000		Cooperatieve Rabobank UA		3.750		07/21/26		14,135
EUR	200,000		Cooperatieve Rabobank UA		3.250		N/A‡		233
$	4,125,000	g	Credicorp Ltd		2.750		06/17/25		4,165
	11,050,000	g	Credit Agricole S.A.		3.250		10/04/24		11,559
	10,350,000	g	Credit Agricole S.A.		1.247		01/26/27		10,071
	2,450,000	g	DBS Group Holdings Ltd		4.520		12/11/28		2,580
	2,975,000	g	Development Bank of Kazakhstan JSC		2.950		05/06/31		2,950
	8,200,000		Discover Bank		2.450		09/12/24		8,393
	8,455,000		Discover Bank		3.450		07/27/26		8,944
	4,575,000		Discover Bank		2.700		02/06/30		4,633
	3,325,000	g	Grupo Aval Ltd		4.375		02/04/30		3,188
	2,880,000	e,g	Hana Bank		3.500		N/A‡		2,945
	6,075,000		HSBC Holdings plc		3.900		05/25/26		6,552
	15,275,000		HSBC Holdings plc		4.292		09/12/26		16,491
	1,250,000		HSBC Holdings plc		4.375		11/23/26		1,371
	26,250,000		HSBC Holdings plc		2.251		11/22/27		26,305
	6,200,000		HSBC Holdings plc		2.013		09/22/28		6,069
	20,675,000		HSBC Holdings plc		2.206		08/17/29		20,274
	8,950,000		HSBC Holdings plc		3.973		05/22/30		9,709
	7,000,000		Huntington Bancshares, Inc		5.625		N/A‡		7,989
	4,350,000	g	ING Groep NV		4.625		01/06/26		4,834
	15,200,000	g	ING Groep NV		1.400		07/01/26		15,039
	2,125,000	g	Intercorp Financial Services, Inc		4.125		10/19/27		2,121
	200,000	g	Intesa Sanpaolo S.p.A		4.198		06/01/32		202
	4,850,000		JPMorgan Chase & Co		2.700		05/18/23		4,960

381

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	35,850,000		JPMorgan Chase & Co		2.301	%	10/15/25	$	36,664
	20,000,000		JPMorgan Chase & Co		2.005		03/13/26		20,236
	14,900,000		JPMorgan Chase & Co		3.200		06/15/26		15,800
EUR	600,000		JPMorgan Chase & Co		1.638		05/18/28		723
$	12,000,000		JPMorgan Chase & Co		4.203		07/23/29		13,424
	23,700,000		JPMorgan Chase & Co		3.702		05/06/30		25,901
	23,000,000		JPMorgan Chase & Co		4.493		03/24/31		26,616
	12,600,000		JPMorgan Chase & Co		2.522		04/22/31		12,735
	4,575,000		JPMorgan Chase & Co		2.956		05/13/31		4,737
	25,075,000		JPMorgan Chase & Co		1.953		02/04/32		24,151
	27,075,000		JPMorgan Chase & Co		3.157		04/22/42		28,263
	5,700,000		JPMorgan Chase & Co		3.328		04/22/52		6,099
	5,500,000		JPMorgan Chase & Co		5.000		N/A‡		5,651
	11,100,000		JPMorgan Chase & Co		6.100		N/A‡		11,711
	6,250,000		JPMorgan Chase & Co		3.650		N/A‡		6,234
GBP	500,000		Lloyds Banking Group plc		1.985		12/15/31		666
$	5,950,000		M&T Bank Corp		3.500		N/A‡		5,830
	9,000,000		Mitsubishi UFJ Financial Group, Inc		2.193		02/25/25		9,178
	4,675,000	g	Mizrahi Tefahot Bank Ltd		3.077		04/07/31		4,640
	8,850,000		Natwest Group plc		3.032		11/28/35		8,732
	10,225,000	g	NBK SPC Ltd		1.625		09/15/27		9,964
	3,100,000	g	Oversea-Chinese Banking Corp Ltd		1.832		09/10/30		3,073
	4,000,000		PNC Bank NA		2.700		10/22/29		4,132
	6,000,000		PNC Financial Services Group, Inc		3.900		04/29/24		6,357
	7,465,000		PNC Financial Services Group, Inc		3.400		N/A‡		7,347
CNY	6,420,000		QNB Finance Ltd		3.150		02/04/26		991
$	11,800,000		Royal Bank of Canada		2.550		07/16/24		12,191
	6,325,000		Royal Bank of Scotland Group plc		3.073		05/22/28		6,579
	9,350,000		Santander Holdings USA, Inc		3.400		01/18/23		9,556
	3,675,000		Sumitomo Mitsui Financial Group, Inc		2.778		10/18/22		3,738
	11,050,000		Sumitomo Mitsui Financial Group, Inc		2.696		07/16/24		11,411
	5,385,000		SVB Financial Group		4.100		N/A‡		5,326
	11,000,000		Toronto-Dominion Bank		1.150		06/12/25		10,908
	2,350,000		Toronto-Dominion Bank		3.625		09/15/31		2,524
	4,575,000		Truist Bank		1.500		03/10/25		4,601
	5,000,000		Truist Financial Corp		4.000		05/01/25		5,395
	9,000,000		Truist Financial Corp		4.800		N/A‡		9,383
	5,000,000		Truist Financial Corp		4.950		N/A‡		5,364
	3,050,000	g	Turkiye Vakiflar Bankasi TAO		5.500		10/01/26		2,715
	7,025,000	g	UBS Group AG.		1.494		08/10/27		6,853
	450,000	g	UniCredit S.p.A		2.569		09/22/26		449
	3,000,000	g	United Overseas Bank Ltd		1.250		04/14/26		2,957
	2,350,000	g	United Overseas Bank Ltd		3.750		04/15/29		2,460
	3,500,000	g	United Overseas Bank Ltd		2.000		10/14/31		3,475
GBP	500,000		Virgin Money UK plc		3.375		04/24/26		699
$	8,400,000		Wells Fargo & Co		3.750		01/24/24		8,820
	5,300,000		Wells Fargo & Co		3.550		09/29/25		5,648

382

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	5,600,000		Wells Fargo & Co		3.000	%	10/23/26	$	5,883
	21,575,000		Wells Fargo & Co		2.393		06/02/28		21,927
	11,950,000		Wells Fargo & Co		2.879		10/30/30		12,423
	10,000,000		Wells Fargo & Co		3.900		N/A‡		10,275
	8,500,000		Wells Fargo & Co		5.875		N/A‡		9,286
	6,000,000		Wells Fargo & Co		5.900		N/A‡		6,331
	6,171,000		Westpac Banking Corp		2.668		11/15/35		6,011
			TOTAL BANKS						1,196,106

CAPITAL GOODS - 1.4%
	5,000,000		Air Lease Corp		3.125		12/01/30		5,102
EUR	400,000		Airbus SE		2.375		06/09/40		508
GBP	500,000		BAE Systems plc		4.125		06/08/22		686
$	6,600,000	g	BAE Systems plc		1.900		02/15/31		6,262
	31,650,000		Boeing Co		2.196		02/04/26		31,642
	13,350,000		Boeing Co		2.950		02/01/30		13,601
	3,352,000		Boeing Co		3.250		02/01/35		3,378
	15,000,000		Boeing Co		5.805		05/01/50		20,312
	875,000	g	DAE Funding LLC		1.550		08/01/24		868
	200,000	g	DAE Funding LLC		3.375		03/20/28		202
	3,000,000	g	Embraer Netherlands Finance BV		6.950		01/17/28		3,312
	3,075,000	g	H&E Equipment Services, Inc		3.875		12/15/28		3,052
EUR	500,000		Honeywell International, Inc		0.000		03/10/24		571
$	1,000,000		Ingersoll-Rand Global Holding Co Ltd		3.750		08/21/28		1,092
	7,500,000		Ingersoll-Rand Luxembourg Finance S.A.		3.800		03/21/29		8,192
	3,000,000	g	Korea East-West Power Co Ltd		1.750		05/06/25		3,023
	3,150,000		L3Harris Technologies, Inc		3.850		06/15/23		3,272
	1,700,000	e	Lockheed Martin Corp		1.850		06/15/30		1,670
	300,000		National Central Cooling Co PJSC		2.500		10/21/27		295
	8,925,000		Northrop Grumman Corp		3.250		01/15/28		9,552
	13,775,000		Parker-Hannifin Corp		3.250		06/14/29		14,599
	361,000		Raytheon Technologies Corp		3.650		08/16/23		375
	16,850,000		Raytheon Technologies Corp		4.125		11/16/28		18,848
	6,600,000		Raytheon Technologies Corp		2.250		07/01/30		6,581
	6,665,000		Raytheon Technologies Corp		4.500		06/01/42		8,239
	325,000	g	Rolls-Royce plc		5.750		10/15/27		359
	5,475,000		Roper Technologies, Inc		1.400		09/15/27		5,312
	2,650,000		Roper Technologies, Inc		2.950		09/15/29		2,741
	10,900,000		Roper Technologies, Inc		2.000		06/30/30		10,479
EUR	800,000		Thermo Fisher Scientific Finance I BV		0.800		10/18/30		915
$	4,000,000	g	TSMC Global Ltd		1.000		09/28/27		3,776
	300,000	g	WESCO Distribution, Inc		7.250		06/15/28		329
			TOTAL CAPITAL GOODS						189,145

COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
EUR	250,000	g	Allied Universal Holdco LLC		3.625		06/01/28		278
$	325,000	g	ASGN, Inc		4.625		05/15/28		337
	925,000	g	Booz Allen Hamilton, Inc		3.875		09/01/28		941
	750,000	g	GFL Environmental, Inc		4.250		06/01/25		772
	1,000,000	g	GFL Environmental, Inc		3.750		08/01/25		1,010
	1,950,000		IHS Markit Ltd		4.125		08/01/23		2,038
	3,175,000		IHS Markit Ltd		4.250		05/01/29		3,611

383

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	2,350,000	g	Prime Security Services Borrower LLC		5.250	%	04/15/24	$	2,501
	2,000,000	g	Prime Security Services Borrower LLC		5.750		04/15/26		2,147
	1,325,000	g	Prime Security Services Borrower LLC		3.375		08/31/27		1,279
	725,000	g	Prime Security Services Borrower LLC		6.250		01/15/28		756
EUR	500,000		RELX Capital, Inc		1.300		05/12/25		590
$	7,971,000		Republic Services, Inc		2.900		07/01/26		8,332
	1,250,000		Verisk Analytics, Inc		4.125		03/15/29		1,393
	1,050,000		Verisk Analytics, Inc		3.625		05/15/50		1,142
	9,650,000		Waste Management, Inc		2.900		09/15/22		9,764
	3,550,000		Waste Management, Inc		2.500		11/15/50		3,377
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						40,268

CONSUMER DURABLES & APPAREL - 0.0%
	1,600,000		Leggett & Platt, Inc		4.400		03/15/29		1,791
	149,000		Newell Brands, Inc		4.875		06/01/25		162
			TOTAL CONSUMER DURABLES & APPAREL						1,953

CONSUMER SERVICES - 0.9%
	9,820,000		Amherst College		4.100		11/01/45		12,144
	29,085,000		Anheuser-Busch Cos LLC		3.650		02/01/26		31,227
	9,500,000		Anheuser-Busch Cos LLC		4.900		02/01/46		12,008
	1,825,000	g	Cedar Fair LP		5.500		05/01/25		1,889
	3,800,000	g	ENA Master Trust		4.000		05/19/48		3,809
	125,000	g	Hilton Domestic Operating Co, Inc		5.750		05/01/28		134
	2,975,000		Hyatt Hotels Corp		1.300		10/01/23		2,975
	1,610,000	g	International Game Technology plc		6.500		02/15/25		1,747
EUR	500,000	g	International Game Technology plc		3.500		06/15/26		580
$	8,000,000		President and Fellows of Harvard College		3.529		10/01/31		9,064
	14,250,000		President and Fellows of Harvard College		3.619		10/01/37		16,642
	1,000,000	g	Sands China Ltd		2.300		03/08/27		941
	2,100,000		Sands China Ltd		5.400		08/08/28		2,261
EUR	500,000	g	Scientific Games International, Inc		3.375		02/15/26		574
$	15,000,000		Smith College		4.620		07/01/45		19,138
	1,125,000	g	Wynn Macau Ltd		5.500		01/15/26		1,057
			TOTAL CONSUMER SERVICES						116,190

DIVERSIFIED FINANCIALS - 3.9%
	8,975,000		AerCap Ireland Capital DAC		1.750		01/30/26		8,803
	13,300,000		AerCap Ireland Capital DAC		2.450		10/29/26		13,409
	3,500,000		AerCap Ireland Capital DAC		3.650		07/21/27		3,688
	7,000,000		AerCap Ireland Capital DAC		4.625		10/15/27		7,743
	3,650,000		AerCap Ireland Capital DAC		3.300		01/30/32		3,719
	2,250,000		AerCap Ireland Capital DAC		3.850		10/29/41		2,344
	5,525,000		American Express Co		2.500		08/01/22		5,582
	4,000,000		American Express Co		3.700		08/03/23		4,171
	2,775,000	g	American Express Co		3.300		05/03/27		2,975
	7,500,000		American Express Co		3.550		N/A‡		7,513
EUR	425,000		American Honda Finance Corp		1.950		10/18/24		510
$	3,975,000		Ameriprise Financial, Inc		3.000		03/22/22		3,998
	2,900,000	g	B3 S.A.-Brasil Bolsa Balcao		4.125		09/20/31		2,795
	6,000,000	g	Banco BTG Pactual S.A.		2.750		01/11/26		5,692

384

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	3,125,000	g	Banco de Chile		2.990	%	12/09/31	$	3,080
	10,000,000		Bank of New York Mellon Corp		4.700		N/A‡		10,667
	300,000	g	BBVA Bancomer S.A.		5.350		11/12/29		312
	1,500,000	g	BBVA Bancomer S.A.		5.125		01/18/33		1,539
	7,674,000	g	BPCE S.A.		4.625		07/11/24		8,202
	20,775,000		Capital One Bank USA NA		3.375		02/15/23		21,350
EUR	150,000		Capital One Financial Corp		0.800		06/12/24		174
$	6,635,000		Capital One Financial Corp		3.950		N/A‡		6,668
EUR	100,000		Celanese US Holdings LLC		0.625		09/10/28		112
$	4,000,000		Charles Schwab Corp		4.000		N/A‡		4,080
	7,000,000		Charles Schwab Corp		5.375		N/A‡		7,630
	6,250,000		Community Preservation Corp		2.867		02/01/30		6,458
	9,800,000	g	Credit Suisse Group AG.		2.997		12/14/23		9,958
	8,475,000	g	Credit Suisse Group AG.		2.193		06/05/26		8,522
	10,275,000	g	Credit Suisse Group AG.		1.305		02/02/27		9,926
GBP	300,000		Credit Suisse Group AG.		2.250		06/09/28		406
$	1,850,000	g	Credit Suisse Group AG.		3.091		05/14/32		1,883
	7,700,000		Credit Suisse Group Funding Guernsey Ltd		3.800		06/09/23		7,978
	10,250,000		Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		10,876
GBP	300,000		Danske Bank A.S.		2.250		01/14/28		408
$	6,850,000		Deutsche Bank AG.		2.311		11/16/27		6,847
	5,700,000		Deutsche Bank AG.		3.035		05/28/32		5,743
	3,543,000		Equitable Holdings, Inc		4.950		N/A‡		3,711
	4,000,000		Ford Motor Credit Co LLC		3.096		05/04/23		4,075
	19,281,000		GE Capital International Funding Co		4.418		11/15/35		23,009
	20,000,000		General Motors Financial Co, Inc		2.750		06/20/25		20,637
EUR	500,000		General Motors Financial Co, Inc		0.600		05/20/27		564
$	5,475,000		General Motors Financial Co, Inc		5.650		01/17/29		6,492
	11,000,000		General Motors Financial Co, Inc		2.700		06/10/31		10,961
	5,450,000		General Motors Financial Co, Inc		5.700		N/A‡		6,213
	6,650,000		Goldman Sachs Group, Inc		3.500		01/23/25		7,011
	6,925,000		Goldman Sachs Group, Inc		3.500		04/01/25		7,323
EUR	825,000		Goldman Sachs Group, Inc		1.625		07/27/26		991
$	6,900,000		Goldman Sachs Group, Inc		1.431		03/09/27		6,759
	26,625,000		Goldman Sachs Group, Inc		3.691		06/05/28		28,671
	6,875,000		Goldman Sachs Group, Inc		1.992		01/27/32		6,592
	13,425,000		Goldman Sachs Group, Inc		2.615		04/22/32		13,521
	3,500,000		Goldman Sachs Group, Inc		2.650		10/21/32		3,522
	6,075,000		Goldman Sachs Group, Inc		4.017		10/31/38		6,948
	7,675,000		Goldman Sachs Group, Inc		4.800		07/08/44		9,802
	1,500,000		Goldman Sachs Group, Inc		4.125		N/A‡		1,525
	1,500,000		Goldman Sachs Group, Inc		3.800		N/A‡		1,492
	200,000	g	Indian Railway Finance Corp Ltd		3.249		02/13/30		203
	3,600,000	g	Indian Railway Finance Corp Ltd		2.800		02/10/31		3,509
	5,000,000		International Lease Finance Corp		5.875		08/15/22		5,154
	1,305,000		Legg Mason, Inc		3.950		07/15/24		1,387
	3,000,000	g	Minejesa Capital BV		4.625		08/10/30		3,077
	19,000,000		Morgan Stanley		2.188		04/28/26		19,373
	31,425,000		Morgan Stanley		3.125		07/27/26		33,289
EUR	700,000		Morgan Stanley		1.342		10/23/26		827
$	6,200,000		Morgan Stanley		1.512		07/20/27		6,102
	16,600,000		Morgan Stanley		2.699		01/22/31		16,983

385

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,900,000		Morgan Stanley		1.794	%	02/13/32	$	4,638
	4,600,000		Morgan Stanley		1.928		04/28/32		4,395
	5,450,000		Morgan Stanley		2.239		07/21/32		5,331
	4,440,000		Northern Trust Corp		4.600		N/A‡		4,777
	3,350,000	g	Power Finance Corp Ltd		3.950		04/23/30		3,462
	3,800,000	g	Societe Generale S.A.		2.889		06/09/32		3,791
	550,000		Springleaf Finance Corp		5.375		11/15/29		598
	5,600,000	g	Swiss Re Finance Luxembourg SA		5.000		04/02/49		6,265
	3,750,000		Synchrony Financial		4.375		03/19/24		3,957
	5,519,000		Synchrony Financial		4.250		08/15/24		5,845
	10,157,000	g	UBS Group AG		2.859		08/15/23		10,279
	1,000,000		Voya Financial, Inc		5.700		07/15/43		1,361
	8,295,000		Voya Financial, Inc		5.650		05/15/53		8,575
			TOTAL DIVERSIFIED FINANCIALS						528,758

ENERGY - 3.9%
	1,050,000		AmeriGas Partners LP		5.875		08/20/26		1,174
	6,750,000		Cenovus Energy, Inc		4.250		04/15/27		7,357
	1,625,000		Cenovus Energy, Inc		2.650		01/15/32		1,590
	11,000,000		Chevron Corp		1.554		05/11/25		11,093
	11,200,000	g	ConocoPhillips		2.400		02/15/31		11,236
	10,000,000		Diamondback Energy, Inc		2.875		12/01/24		10,374
	6,700,000		Diamondback Energy, Inc		3.125		03/24/31		6,905
	5,250,000		Ecopetrol S.A.		5.375		06/26/26		5,532
	2,075,000		Ecopetrol S.A.		6.875		04/29/30		2,316
	2,125,000		Ecopetrol S.A.		4.625		11/02/31		2,066
	3,000,000	g	Empresa Nacional del Petroleo		5.250		11/06/29		3,232
	2,975,000	g	Empresa Nacional del Petroleo		3.450		09/16/31		2,834
	21,068,000		Enbridge, Inc		3.125		11/15/29		22,062
	3,650,000		Enbridge, Inc		3.400		08/01/51		3,700
	2,624,000	g	Energean Israel Finance Ltd		4.500		03/30/24		2,642
	6,421,000		Energy Transfer Operating LP		3.600		02/01/23		6,546
	5,930,000		Energy Transfer Operating LP		4.200		09/15/23		6,193
	4,575,000		Energy Transfer Operating LP		2.900		05/15/25		4,726
	4,725,000		Energy Transfer Operating LP		4.750		01/15/26		5,169
	2,950,000		Energy Transfer Operating LP		5.500		06/01/27		3,365
	7,850,000		Energy Transfer Operating LP		4.950		06/15/28		8,830
	4,225,000		Energy Transfer Operating LP		5.250		04/15/29		4,839
	8,700,000		Energy Transfer Operating LP		6.250		04/15/49		11,364
	9,125,000		Energy Transfer Operating LP		5.000		05/15/50		10,500
	5,125,000		Enterprise Products Operating LLC		3.700		02/15/26		5,497
	6,275,000		Enterprise Products Operating LLC		3.125		07/31/29		6,663
	700,000		Enterprise Products Operating LLC		2.800		01/31/30		730
	4,025,000		Enterprise Products Operating LLC		4.250		02/15/48		4,556
	6,200,000		Enterprise Products Operating LLC		4.200		01/31/50		6,950
	10,600,000		Enterprise Products Operating LLC		3.700		01/31/51		11,121
	11,000,000		Enterprise Products Operating LLC		3.300		02/15/53		10,941
	1,225,000	g	EQM Midstream Partners LP		6.000		07/01/25		1,332
	3,334,000	g	Galaxy Pipeline Assets Bidco Ltd		2.160		03/31/34		3,268

386

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	3,300,000	g	Galaxy Pipeline Assets Bidco Ltd		2.625	%	03/31/36	$	3,223
EUR	300,000	g	Gazprom PJSC via Gaz Finance plc		1.850		11/17/28		336
$	3,475,000	g	KazTransGas JSC		4.375		09/26/27		3,782
	4,850,000		Kinder Morgan Energy Partners LP		5.400		09/01/44		5,898
	2,065,000		Kinder Morgan, Inc		5.300		12/01/34		2,485
	10,675,000		Magellan Midstream Partners LP		3.250		06/01/30		11,211
	9,075,000		Marathon Petroleum Corp		3.800		04/01/28		9,726
	6,235,000		Marathon Petroleum Corp		4.750		09/15/44		7,337
	5,500,000		Marathon Petroleum Corp		5.000		09/15/54		6,517
	725,000	g	MEG Energy Corp		5.875		02/01/29		759
	8,950,000		MPLX LP		1.750		03/01/26		8,860
	25,450,000		MPLX LP		2.650		08/15/30		25,334
	6,150,000		MPLX LP		4.700		04/15/48		7,095
	275,000		Murphy Oil Corp		5.875		12/01/27		284
	1,000,000		NAK Naftogaz Ukraine via Kondor Finance plc		7.375		07/19/22		978
	1,400,000		NuStar Logistics LP		5.750		10/01/25		1,507
	2,200,000		Occidental Petroleum Corp		5.550		03/15/26		2,449
	3,900,000		Occidental Petroleum Corp		4.300		08/15/39		3,890
	1,350,000	g	Oleoducto Central S.A.		4.000		07/14/27		1,343
	1,775,000		ONEOK, Inc		4.000		07/13/27		1,919
	11,642,000		ONEOK, Inc		4.550		07/15/28		12,853
	12,150,000		ONEOK, Inc		4.350		03/15/29		13,242
	5,500,000		ONEOK, Inc		4.500		03/15/50		6,091
	315,000	g	Parkland Corp		4.625		05/01/30		313
	500,000	g	Parkland Fuel Corp		5.875		07/15/27		528
	3,000,000	g	Pertamina Persero PT		4.300		05/20/23		3,117
	2,800,000	g	Pertamina Persero PT		1.400		02/09/26		2,717
	1,425,000	g	Pertamina Persero PT		3.650		07/30/29		1,513
	1,200,000		Petrobras Global Finance BV		5.999		01/27/28		1,308
	1,100,000		Petrobras Global Finance BV		5.093		01/15/30		1,144
	4,000,000		Petrobras Global Finance BV		5.600		01/03/31		4,236
	560,000		Petrobras Global Finance BV		7.250		03/17/44		620
	350,000	e	Petrobras Global Finance BV		5.500		06/10/51		325
EUR	375,000		Petroleos Mexicanos		1.875		04/21/22		428
$	2,000,000		Petroleos Mexicanos		1.950		12/20/22		2,015
	1,070,000		Petroleos Mexicanos		2.000		12/20/22		1,079
	1,600,000		Petroleos Mexicanos		7.000		01/23/30		1,655
	5,300,000		Petroleos Mexicanos		5.950		01/28/31		5,150
	5,481,000	g	Petroleos Mexicanos		6.700		02/16/32		5,536
	1,950,000	g	Petronas Capital Ltd		3.500		04/21/30		2,108
	4,375,000	g	Petronas Energy Canada Ltd		2.112		03/23/28		4,376
	9,400,000		Phillips 66		2.150		12/15/30		9,047
	4,300,000		Phillips 66		3.300		03/15/52		4,295
	3,250,000		Phillips 66 Partners LP		3.150		12/15/29		3,369
	3,275,000		Phillips 66 Partners LP		4.680		02/15/45		3,840
	475,000		Plains All American Pipeline LP		3.800		09/15/30		496

387

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,900,000	g	PTTEP Treasury Center Co Ltd		2.587	%	06/10/27	$	1,935
	1,200,000		Regency Energy Partners LP		4.500		11/01/23		1,257
	2,458,670	g	Rio Oil Finance Trust		8.200		04/06/28		2,781
	1,700,000	g	S.A. Global Sukuk Ltd		0.946		06/17/24		1,674
	9,875,000		Sabine Pass Liquefaction LLC		4.200		03/15/28		10,817
	10,200,000		Sabine Pass Liquefaction LLC		4.500		05/15/30		11,506
	4,075,000	g	Santos Finance Ltd		3.649		04/29/31		4,149
	4,000,000	g	Saudi Arabian Oil Co		2.250		11/24/30		3,890
	3,000,000	g	Saudi Arabian Oil Co		3.250		11/24/50		2,919
	4,875,000		Shell International Finance BV		2.875		05/10/26		5,171
	6,900,000		Shell International Finance BV		3.125		11/07/49		7,100
	6,500,000		Sunoco Logistics Partners Operations LP		4.000		10/01/27		6,979
	1,925,000		Sunoco Logistics Partners Operations LP		5.400		10/01/47		2,259
	425,000		Targa Resources Partners LP		6.500		07/15/27		456
	4,300,000	g	Thaioil Treasury Center Co Ltd		2.500		06/18/30		4,017
	11,000,000		Total Capital International S.A.		3.127		05/29/50		11,275
	19,150,000		TransCanada PipeLines Ltd		4.250		05/15/28		21,355
	1,400,000		Vale Overseas Ltd		6.250		08/10/26		1,621
	14,750,000		Williams Cos, Inc		2.600		03/15/31		14,650
	5,075,000		Williams Partners LP		3.750		06/15/27		5,479
			TOTAL ENERGY						524,327

FOOD & STAPLES RETAILING - 0.4%
	5,225,000		Costco Wholesale Corp		1.375		06/20/27		5,185
	7,850,000		Costco Wholesale Corp		1.600		04/20/30		7,605
	2,450,000		Costco Wholesale Corp		1.750		04/20/32		2,380
	5,575,000		Kroger Co		3.700		08/01/27		6,085
	3,140,000		Kroger Co		3.875		10/15/46		3,494
EUR	1,000,000		SYSCO Corp		1.250		06/23/23		1,157
$	6,700,000		SYSCO Corp		3.150		12/14/51		6,595
	770,000		Walmart, Inc		2.375		09/24/29		803
	15,450,000		Walmart, Inc		1.800		09/22/31		15,295
	7,150,000		Walmart, Inc		2.500		09/22/41		7,209
			TOTAL FOOD & STAPLES RETAILING						55,808

FOOD, BEVERAGE & TOBACCO - 1.1%
	2,050,000		Altria Group, Inc		3.400		05/06/30		2,121
	2,225,000		Altria Group, Inc		2.450		02/04/32		2,112
	5,800,000		Altria Group, Inc		5.950		02/14/49		7,238
	2,600,000	g	Anadolu Efes Biracilik Ve Malt Sanayii AS.		3.375		06/29/28		2,522
	18,600,000		Anheuser-Busch InBev Worldwide, Inc		4.750		01/23/29		21,649
	5,045,000		Anheuser-Busch InBev Worldwide, Inc		4.439		10/06/48		6,030
	6,275,000		BAT Capital Corp		2.259		03/25/28		6,115
	16,425,000		BAT Capital Corp		4.906		04/02/30		18,436
	12,850,000		BAT Capital Corp		2.726		03/25/31		12,470
	6,900,000		BAT Capital Corp		3.984		09/25/50		6,633
GBP	200,000		BAT International Finance plc		4.000		09/04/26		290
$	1,000,000	e,g	BRF S.A.		5.750		09/21/50		995
	1,700,000		Constellation Brands, Inc		4.400		11/15/25		1,863
	2,675,000		Constellation Brands, Inc		3.700		12/06/26		2,890
	3,225,000		Constellation Brands, Inc		3.150		08/01/29		3,401

388

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	6,900,000		Constellation Brands, Inc		2.875	%	05/01/30	$	7,081
	5,675,000		Constellation Brands, Inc		2.250		08/01/31		5,547
	2,250,000	g	Corp Lindley S.A.		4.625		04/12/23		2,292
	4,500,000		Diageo Capital plc		1.375		09/29/25		4,475
	8,050,000		Diageo Capital plc		2.375		10/24/29		8,221
	3,900,000		Diageo Capital plc		2.000		04/29/30		3,859
	425,000	g	Embotelladora Andina S.A.		3.950		01/21/50		439
	1,550,000		General Mills, Inc		2.875		04/15/30		1,617
	3,500,000	g	Grupo Bimbo SAB de C.V.		4.700		11/10/47		4,153
	2,400,000	e,g	Grupo Bimbo SAB de C.V.		5.950		N/A‡		2,484
	4,575,000		J M Smucker Co		2.125		03/15/32		4,425
	1,600,000		Philip Morris International, Inc		6.375		05/16/38		2,245
	2,050,000	g	Post Holdings, Inc		4.625		04/15/30		2,088
	3,500,000	g	Sigma Alimentos S.A. de C.V.		4.125		05/02/26		3,711
			TOTAL FOOD, BEVERAGE & TOBACCO						147,402

HEALTH CARE EQUIPMENT & SERVICES - 2.1%
	9,700,000		Abbott Laboratories		1.150		01/30/28		9,428
	2,250,000		Abbott Laboratories		5.300		05/27/40		3,107
	9,000,000		Anthem, Inc		2.250		05/15/30		8,968
	4,500,000		Anthem, Inc		2.550		03/15/31		4,594
EUR	670,000		Becton Dickinson & Co		1.900		12/15/26		815
$	8,450,000		Becton Dickinson & Co		2.823		05/20/30		8,747
EUR	430,000		Becton Dickinson and Co		1.401		05/24/23		499
$	4,850,000		Boston Scientific Corp		2.650		06/01/30		4,944
	3,650,000		Centene Corp		4.250		12/15/27		3,805
	3,285,000		Centene Corp		2.450		07/15/28		3,236
	2,910,000		Centene Corp		3.000		10/15/30		2,958
	19,230,000		Children’s Hospital Medic		4.268		05/15/44		24,288
	5,350,000		Cigna Corp		2.400		03/15/30		5,397
	5,075,000		Cigna Corp		3.200		03/15/40		5,257
	13,400,000		CVS Health Corp		3.625		04/01/27		14,540
	26,450,000		CVS Health Corp		3.750		04/01/30		28,999
	33,500,000		CVS Health Corp		1.750		08/21/30		31,924
	10,300,000		CVS Health Corp		4.780		03/25/38		12,538
	4,675,000		CVS Health Corp		2.700		08/21/40		4,503
	8,350,000		CVS Health Corp		5.050		03/25/48		10,917
	3,750,000		CVS Health Corp		4.250		04/01/50		4,532
	4,105,000		Dartmouth-Hitchcock Health		4.178		08/01/48		4,863
	1,250,000	g	DaVita, Inc		4.625		06/01/30		1,280
	4,325,000	g	DaVita, Inc		3.750		02/15/31		4,214
	4,225,000		HCA, Inc		5.625		09/01/28		4,937
	5,000,000		HCA, Inc		5.500		06/15/47		6,543
	3,500,000	g	Hologic, Inc		3.250		02/15/29		3,500
	6,250,000		Humana, Inc		3.950		03/15/27		6,831
	8,975,000		Humana, Inc		2.150		02/03/32		8,678
GBP	500,000		McKesson Corp		3.125		02/17/29		723
$	12,500,000		Mercy Health		3.382		11/01/25		13,162
	5,000,000		New York and Presbyterian Hospital		3.563		08/01/36		5,537
EUR	450,000		Stryker Corp		2.625		11/30/30		589

389

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	375,000	g	Tenet Healthcare Corp		4.625	%	06/15/28	$	385
	5,775,000		UnitedHealth Group, Inc		2.950		10/15/27		6,159
	14,425,000		UnitedHealth Group, Inc		2.300		05/15/31		14,676
	4,625,000		UnitedHealth Group, Inc		3.750		10/15/47		5,309
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						281,382

HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	2,600,000		Church & Dwight Co, Inc		2.300		12/15/31		2,622
EUR	750,000	g	Coty, Inc		3.875		04/15/26		871
$	2,525,000	g	Natura Cosmeticos S.A.		4.125		05/03/28		2,478
EUR	600,000		The Procter & Gamble Company		0.625		10/30/24		697
	400,000		The Procter & Gamble Company		1.875		10/30/38		520
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						7,188

INSURANCE - 1.2%
$	1,925,000		Aetna, Inc		6.625		06/15/36		2,729
	825,000	g	Alliant Holdings Intermediate LLC		4.250		10/15/27		825
	2,700,000		American Financial Group, Inc		3.500		08/15/26		2,888
	6,350,000		Aon Corp		2.800		05/15/30		6,544
	9,631,000		Aon plc		3.500		06/14/24		10,122
	5,250,000		AXIS Specialty Finance LLC		4.900		01/15/40		5,486
	2,275,000		Berkshire Hathaway Finance Corp		1.850		03/12/30		2,253
	2,400,000		Berkshire Hathaway Finance Corp		4.250		01/15/49		2,947
	16,000,000		Berkshire Hathaway Finance Corp		2.850		10/15/50		15,765
EUR	500,000		Chubb INA Holdings, Inc		1.550		03/15/28		602
	450,000		Chubb INA Holdings, Inc		1.400		06/15/31		537
$	3,525,000		CNA Financial Corp		3.950		05/15/24		3,719
	3,775,000		CNA Financial Corp		2.050		08/15/30		3,655
	1,825,000	g	Equitable Financial Life Global Funding		1.400		07/07/25		1,808
EUR	250,000	g	Fairfax Financial Holdings Ltd		2.750		03/29/28		308
$	5,575,000	g	Five Corners Funding Trust		4.419		11/15/23		5,909
	7,325,000	g	Five Corners Funding Trust II		2.850		05/15/30		7,590
	26,158,000		Hartford Financial Services Group, Inc		2.800		08/19/29		27,126
	1,350,000		Hartford Financial Services Group, Inc		4.300		04/15/43		1,590
	2,500,000		Hartford Financial Services Group, Inc		2.900		09/15/51		2,463
EUR	750,000		Liberty Mutual Group, Inc		2.750		05/04/26		933
$	4,100,000	g	Liberty Mutual Group, Inc		3.951		10/15/50		4,538
	1,600,000		Marsh & McLennan Cos, Inc		3.500		06/03/24		1,687
	1,365,000		Marsh & McLennan Cos, Inc		3.500		03/10/25		1,445
	4,325,000		MetLife, Inc		3.600		11/13/25		4,664
	11,820,000		MetLife, Inc		3.850		N/A‡		12,056
	3,025,000	g	Metropolitan Life Global Funding I		2.950		04/09/30		3,190
	11,875,000		PartnerRe Finance B LLC		4.500		10/01/50		12,495
	6,000,000		Principal Financial Group, Inc		2.125		06/15/30		5,932
	2,500,000		Prudential Financial, Inc		3.905		12/07/47		2,903
	6,960,000		Prudential Financial, Inc		3.700		10/01/50		7,041
	3,000,000	g	Prudential Funding LLC		6.750		09/15/23		3,266
	4,150,000		Reinsurance Group of America, Inc		3.900		05/15/29		4,538
			TOTAL INSURANCE						169,554

390

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
MATERIALS - 1.2%
$	1,925,000	g	Alpek SAB de C.V.		4.250	%	09/18/29	$	2,048
	2,600,000	g	Alpek SAB de C.V.		3.250		02/25/31		2,593
	7,550,000		Amcor Flexibles North America, Inc		2.690		05/25/31		7,652
	4,550,000	g	Anglo American Capital plc		2.625		09/10/30		4,462
	4,300,000		AngloGold Ashanti Holdings plc		3.375		11/01/28		4,257
	11,325,000		AngloGold Ashanti Holdings plc		3.750		10/01/30		11,404
EUR	500,000	g	Ardagh Metal Packaging Finance USA LLC		2.000		09/01/28		562
	500,000	g	Ardagh Metal Packaging Finance USA LLC		3.000		09/01/29		557
	200,000	g	Ashland Services BV		2.000		01/30/28		231
	250,000		Ball Corp		4.375		12/15/23		306
	425,000		Ball Corp		0.875		03/15/24		486
$	1,875,000		Ball Corp		2.875		08/15/30		1,819
	852,000		Bemis Co, Inc		3.100		09/15/26		884
	2,600,000		Bemis Co, Inc		2.630		06/19/30		2,609
	14,250,000		Berry Global, Inc		1.570		01/15/26		13,944
	200,000		Celulosa Arauco y Constitucion S.A.		3.875		11/02/27		213
	3,000,000	g	Celulosa Arauco y Constitucion S.A.		4.250		04/30/29		3,195
	1,650,000	g	Celulosa Arauco y Constitucion S.A.		4.200		01/29/30		1,761
	2,000,000	g	Cemex SAB de C.V.		7.375		06/05/27		2,202
	2,500,000	g	Cemex SAB de C.V.		5.450		11/19/29		2,678
	2,925,000	g	Cemex SAB de C.V.		3.875		07/11/31		2,914
	1,600,000	g	Cemex SAB de C.V.		5.125		N/A‡		1,656
	7,425,000	g	Corp Nacional del Cobre de Chile		3.625		08/01/27		7,922
EUR	500,000		Dow Chemical Co		0.500		03/15/27		567
$	4,000,000		DowDuPont, Inc		4.725		11/15/28		4,633
	3,000,000		Freeport-McMoRan, Inc		5.450		03/15/43		3,771
	2,400,000	g	Fresnillo plc		4.250		10/02/50		2,514
	1,850,000	g	Gold Fields Orogen Holdings BVI Ltd		6.125		05/15/29		2,123
	1,994,000		International Paper Co		4.350		08/15/48		2,442
	3,000,000	g	Inversiones CMPC S.A.		4.375		04/04/27		3,308
	3,600,000	g	Inversiones CMPC S.A.		3.000		04/06/31		3,528
	1,300,000	g	Klabin Finance S.A.		4.875		09/19/27		1,381
	5,800,000	g	Midwest Connector Capital Co LLC		3.900		04/01/24		6,011
	5,800,000	g	Midwest Connector Capital Co LLC		4.625		04/01/29		6,243
	1,725,000		Mosaic Co		4.875		11/15/41		2,010
	4,000,000		Newmont Corp		2.250		10/01/30		3,944
	6,775,000		Newmont Corp		2.600		07/15/32		6,789
	7,500,000		Nutrien Ltd		2.950		05/13/30		7,892
	1,920,000	g	OCI NV		4.625		10/15/25		1,992
	875,000	g	OCP S.A.		3.750		06/23/31		850
EUR	250,000	g	OI European Group BV		3.125		11/15/24		292
	250,000	g	Olympus Water US Holding Corp		3.875		10/01/28		285
$	3,800,000	g	Orbia Advance Corp SAB de C.V.		1.875		05/11/26		3,744
	375,000	g	PolyOne Corp		5.750		05/15/25		391
	250,000	g	SABIC Capital II BV		4.000		10/10/23		262
	1,850,000		Sasol Financing USA LLC		5.875		03/27/24		1,931
	2,575,000		Sasol Financing USA LLC		4.375		09/18/26		2,591
EUR	400,000		Silgan Holdings, Inc		3.250		03/15/25		457
$	4,525,000	g	Sociedad Quimica y Minera de Chile S.A.		3.500		09/10/51		4,384
	1,925,000		Suzano Austria GmbH		6.000		01/15/29		2,228

391

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,300,000		Suzano Austria GmbH		3.125	%	01/15/32	$	4,161
	200,000	g	UltraTech Cement Ltd		2.800		02/16/31		193
	11,300,000		WRKCo, Inc		4.900		03/15/29		13,145
			TOTAL MATERIALS						170,417

MEDIA & ENTERTAINMENT - 2.8%
	4,350,000		Activision Blizzard, Inc		3.400		09/15/26		4,654
	3,700,000		Activision Blizzard, Inc		1.350		09/15/30		3,413
	1,950,000	g	Adani Electricity Mumbai Ltd		3.867		07/22/31		1,897
	6,200,000		Agree LP		2.000		06/15/28		6,074
EUR	1,000,000	g	Albion Financing SARL		5.250		10/15/26		1,148
$	4,000,000	g	Alfa Desarrollo S.p.A		4.550		09/27/51		3,948
	300,000	g	Arabian Centres Sukuk II Ltd		5.625		10/07/26		296
	11,900,000	e	AstraZeneca Finance LLC		2.250		05/28/31		11,983
	2,800,000		Baidu, Inc		2.875		07/06/22		2,824
	1,725,000		Baidu, Inc		4.375		05/14/24		1,834
	1,550,000		Baidu, Inc		1.625		02/23/27		1,509
	3,000,000	g	Banco Nacional de Panama		2.500		08/11/30		2,813
EUR	400,000	g	Blackstone Private Credit Fund		1.750		11/30/26		450
$	4,000,000	g	BOC Aviation USA Corp		1.625		04/29/24		3,994
	1,775,000	g	Cable Onda S.A.		4.500		01/30/30		1,823
	5,000,000	g	CCO Holdings LLC		4.250		02/01/31		5,044
	8,625,000		Charter Communications Operating LLC		2.250		01/15/29		8,415
	7,200,000		Charter Communications Operating LLC		2.800		04/01/31		7,124
	10,000,000		Charter Communications Operating LLC		3.500		03/01/42		9,699
	6,150,000		Charter Communications Operating LLC		5.125		07/01/49		7,134
	21,620,000		Charter Communications Operating LLC		4.800		03/01/50		24,207
	11,800,000		Comcast Corp		3.950		10/15/25		12,882
	17,300,000		Comcast Corp		2.350		01/15/27		17,917
EUR	450,000		Comcast Corp		0.250		05/20/27		508
$	28,750,000		Comcast Corp		4.150		10/15/28		32,638
	25,675,000		Comcast Corp		1.500		02/15/31		24,234
	5,000,000		Comcast Corp		4.400		08/15/35		5,992
	18,200,000		Comcast Corp		3.200		07/15/36		19,410
	3,000,000		Comcast Corp		3.900		03/01/38		3,395
	20,850,000		Comcast Corp		2.800		01/15/51		20,087
	4,500,000	g	Comcast Corp		2.887		11/01/51		4,356
	3,395,000	g	Comcast Corp		2.937		11/01/56		3,234
	5,000,000	g	CSC Holdings LLC		3.375		02/15/31		4,681
EUR	500,000	g	Diebold Nixdorf Dutch Holding BV		9.000		07/15/25		606
$	2,099,000		Discovery Communications LLC		2.950		03/20/23		2,147
GBP	300,000		Discovery Communications LLC		2.500		09/20/24		416
$	6,375,000		Discovery Communications LLC		3.625		05/15/30		6,815
	6,400,000		Discovery Communications LLC		5.200		09/20/47		7,933
	1,550,000	e,g	Empresa de los Ferrocarriles del Estado		3.068		08/18/50		1,329
	200,000	g	ENN Clean Energy International Investment Ltd		3.375		05/12/26		199
	4,300,000	g	Genm Capital Labuan Ltd		3.882		04/19/31		4,192
EUR	205,000	g	Goodyear Europe BV		2.750		08/15/28		237
$	1,895,000		Grupo Televisa SAB		6.625		01/15/40		2,570
	2,000,000	g	Interchile S.A.		4.500		06/30/56		2,125
	650,000		Lamar Media Corp		3.750		02/15/28		652

392

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,000,000		Lamar Media Corp		4.000	%	02/15/30	$	1,014
	4,600,000	g	LUKOIL Capital DAC		2.800		04/26/27		4,531
	5,100,000	g	LUKOIL Securities BV		3.875		05/06/30		5,193
	3,260,000	g	Mexico Remittances Funding Fiduciary Estate Management Sarl		4.875		01/15/28		3,040
	5,400,000		Omnicom Group, Inc		2.600		08/01/31		5,472
	2,675,000	g	Sirius XM Radio, Inc		4.125		07/01/30		2,675
	975,000	g	TEGNA, Inc		4.750		03/15/26		1,014
	675,000		TEGNA, Inc		4.625		03/15/28		682
	5,675,000		Time Warner Cable LLC		5.875		11/15/40		7,082
	4,075,000		Time Warner Cable LLC		4.500		09/15/42		4,443
	1,775,000		TSMC Arizona Corp		1.750		10/25/26		1,776
	125,000	g	Univision Communications, Inc		4.500		05/01/29		126
	4,200,000		ViacomCBS, Inc		2.900		01/15/27		4,373
	2,500,000		ViacomCBS, Inc		3.375		02/15/28		2,661
	2,250,000		ViacomCBS, Inc		4.375		03/15/43		2,560
	1,150,000		ViacomCBS, Inc		5.850		09/01/43		1,549
	4,200,000		Viatris, Inc		2.700		06/22/30		4,215
	2,425,000		Viatris, Inc		3.850		06/22/40		2,568
	2,105,000		Walt Disney Co		7.625		11/30/28		2,853
	12,750,000		Walt Disney Co		2.000		09/01/29		12,683
	1,578,000		Walt Disney Co		6.550		03/15/33		2,204
	10,900,000		Walt Disney Co		3.600		01/13/51		12,326
	2,700,000		Weibo Corp		3.375		07/08/30		2,673
EUR	500,000		Whirlpool EMEA Finance Sarl		0.500		02/20/28		564
			TOTAL MEDIA & ENTERTAINMENT						377,115

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.6%
EUR	400,000		Abbott Ireland Financing DAC		1.500		09/27/26		483
$	3,500,000		AbbVie, Inc		2.850		05/14/23		3,577
EUR	550,000		AbbVie, Inc		1.250		06/01/24		644
$	8,700,000		AbbVie, Inc		3.800		03/15/25		9,261
	26,000,000		AbbVie, Inc		2.950		11/21/26		27,401
	23,800,000		AbbVie, Inc		4.050		11/21/39		27,306
	6,700,000		AbbVie, Inc		4.400		11/06/42		7,994
	2,680,000		AbbVie, Inc		4.450		05/14/46		3,241
	9,525,000		AbbVie, Inc		4.250		11/21/49		11,451
	4,200,000		Amgen, Inc		2.000		01/15/32		4,067
	5,650,000		AstraZeneca plc		3.125		06/12/27		6,055
EUR	750,000	g	Avantor Funding, Inc		3.875		07/15/28		888
$	1,500,000	g	Avantor Funding, Inc		4.625		07/15/28		1,564
	1,366,000		Bristol-Myers Squibb Co		3.875		08/15/25		1,478
	13,600,000		Bristol-Myers Squibb Co		3.450		11/15/27		14,842
	6,575,000		Bristol-Myers Squibb Co		3.400		07/26/29		7,199
	10,100,000		Bristol-Myers Squibb Co		1.450		11/13/30		9,622
	6,100,000		Bristol-Myers Squibb Co		2.350		11/13/40		5,785
	2,650,000		Bristol-Myers Squibb Co		2.550		11/13/50		2,507
	4,725,000		Danaher Corp		2.800		12/10/51		4,659
	3,725,000		Gilead Sciences, Inc		1.200		10/01/27		3,600
	1,775,000		Gilead Sciences, Inc		4.000		09/01/36		2,042
	13,100,000		Gilead Sciences, Inc		2.800		10/01/50		12,700
	3,750,000		Johnson & Johnson		3.400		01/15/38		4,223
	4,025,000		Merck & Co, Inc		2.750		12/10/51		3,983

393

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	5,750,000		Mylan, Inc		4.550	%	04/15/28	$	6,436
EUR	600,000	g	Organon Finance LLC		2.875		04/30/28		687
$	750,000	g	Organon Finance LLC		5.125		04/30/31		784
	4,900,000		Royalty Pharma plc		2.150		09/02/31		4,629
	21,850,000		Takeda Pharmaceutical Co Ltd		2.050		03/31/30		21,396
EUR	400,000		Takeda Pharmaceutical Co Ltd		1.375		07/09/32		472
$	1,975,000		Takeda Pharmaceutical Co Ltd		3.025		07/09/40		2,010
	1,045,000		Teva Pharmaceutical Finance Netherlands III BV		4.750		05/09/27		1,035
	2,000,000		Thermo Fisher Scientific, Inc		2.000		10/15/31		1,971
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						215,992

REAL ESTATE - 2.9%
	1,675,000		Alexandria Real Estate Equities, Inc		3.950		01/15/27		1,831
	2,300,000		Alexandria Real Estate Equities, Inc		3.950		01/15/28		2,539
	5,500,000		Alexandria Real Estate Equities, Inc		4.900		12/15/30		6,607
	3,725,000		Alexandria Real Estate Equities, Inc		1.875		02/01/33		3,500
	5,950,000		American Tower Corp		3.000		06/15/23		6,118
	5,775,000		American Tower Corp		2.950		01/15/25		5,997
	2,418,000		American Tower Corp		3.375		10/15/26		2,569
EUR	650,000		American Tower Corp		0.450		01/15/27		730
$	10,000,000		American Tower Corp		2.750		01/15/27		10,307
	1,600,000		American Tower Corp		3.600		01/15/28		1,724
	8,850,000		American Tower Corp		3.800		08/15/29		9,628
	13,700,000		American Tower Corp		2.900		01/15/30		14,040
	2,750,000		American Tower Corp		2.100		06/15/30		2,648
	7,175,000		American Tower Corp		1.875		10/15/30		6,780
	5,575,000		Brandywine Operating Partnership LP		4.100		10/01/24		5,888
	5,825,000		Brixmor Operating Partnership LP		3.850		02/01/25		6,159
	1,075,000		Brixmor Operating Partnership LP		2.250		04/01/28		1,069
	1,300,000		Brixmor Operating Partnership LP		2.500		08/16/31		1,272
	1,950,000		Camden Property Trust		3.150		07/01/29		2,074
	2,150,000		Camden Property Trust		2.800		05/15/30		2,236
	2,800,000		Corporate Office Properties LP		2.750		04/15/31		2,784
	1,700,000		Crown Castle International Corp		3.650		09/01/27		1,826
	15,425,000		Crown Castle International Corp		2.250		01/15/31		15,028
	10,630,000		Crown Castle International Corp		2.100		04/01/31		10,172
	5,300,000		CubeSmart LP		2.250		12/15/28		5,301
	2,425,000		Digital Realty Trust LP		3.600		07/01/29		2,625
GBP	400,000		Digital Stout Holding LLC		3.750		10/17/30		605
$	1,600,000		Duke Realty LP		3.250		06/30/26		1,698
	2,525,000		Duke Realty LP		2.875		11/15/29		2,624
	3,125,000		Duke Realty LP		1.750		07/01/30		2,969
	3,825,000		Equinix, Inc		2.150		07/15/30		3,718
	9,100,000		Essex Portfolio LP		3.000		01/15/30		9,537
	3,050,000		Federal Realty Investment Trust		1.250		02/15/26		2,987
	6,600,000		Healthcare Realty Trust, Inc		3.875		05/01/25		6,999
	3,000,000		Healthcare Realty Trust, Inc		3.625		01/15/28		3,229
	1,750,000		Healthcare Realty Trust, Inc		2.400		03/15/30		1,741
	1,850,000		Healthcare Realty Trust, Inc		2.050		03/15/31		1,768
	6,250,000		Healthcare Trust of America Holdings LP		3.500		08/01/26		6,662
	11,400,000		Healthcare Trust of America Holdings LP		3.100		02/15/30		11,768
	7,950,000		Highwoods Realty LP		3.875		03/01/27		8,668
	2,900,000		Highwoods Realty LP		4.125		03/15/28		3,195
	2,875,000		Highwoods Realty LP		4.200		04/15/29		3,173
	6,000,000		Highwoods Realty LP		3.050		02/15/30		6,164

394

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	3,250,000		Highwoods Realty LP		2.600	%	02/01/31	$	3,215
	1,833,000		Hudson Pacific Properties LP		3.950		11/01/27		1,964
	3,000,000		Hudson Pacific Properties LP		3.250		01/15/30		3,112
	800,000		iStar, Inc		4.750		10/01/24		830
	5,600,000		Life Storage LP		2.400		10/15/31		5,504
	5,224,000		Mid-America Apartments LP		4.300		10/15/23		5,466
	5,525,000		Mid-America Apartments LP		3.750		06/15/24		5,816
	4,300,000		Mid-America Apartments LP		4.000		11/15/25		4,646
	11,100,000		Mid-America Apartments LP		2.750		03/15/30		11,495
	5,400,000		Mid-America Apartments LP		1.700		02/15/31		5,156
	3,050,000		Mid-America Apartments LP		2.875		09/15/51		3,003
	2,575,000		National Retail Properties, Inc		4.000		11/15/25		2,789
	3,000,000		National Retail Properties, Inc		3.600		12/15/26		3,193
EUR	360,000		ProLogis Euro Finance LLC		0.375		02/06/28		407
$	7,225,000		Regency Centers LP		3.900		11/01/25		7,734
	2,250,000		Regency Centers LP		3.600		02/01/27		2,425
	5,500,000		Regency Centers LP		2.950		09/15/29		5,707
	5,700,000		Retail Properties of America, Inc		4.750		09/15/30		6,305
	10,150,000	g	SBA Tower Trust		2.836		01/15/25		10,413
	11,046,000	g	SBA Tower Trust		1.884		01/15/26		11,030
	25,000,000	g	SBA Tower Trust		1.631		11/15/26		24,597
	42,100,000	g	SBA Tower Trust		1.840		04/15/27		41,796
	2,968,000		SITE Centers Corp		3.625		02/01/25		3,107
	350,000		SITE Centers Corp		4.700		06/01/27		387
EUR	400,000		Vonovia SE		0.625		12/14/29		447
$	1,170,000		Weingarten Realty Investors		3.375		10/15/22		1,185
	4,800,000		Weingarten Realty Investors		3.500		04/15/23		4,924
	3,025,000		Weingarten Realty Investors		4.450		01/15/24		3,183
	3,950,000		Weingarten Realty Investors		3.850		06/01/25		4,174
	1,300,000		Weingarten Realty Investors		3.250		08/15/26		1,367
			TOTAL REAL ESTATE						394,334

RETAILING - 0.4%
	2,950,000		AutoNation, Inc		3.800		11/15/27		3,141
	2,650,000		AutoNation, Inc		2.400		08/01/31		2,556
	6,525,000		AutoZone, Inc		1.650		01/15/31		6,140
	900,000		Chevron USA, Inc		3.900		11/15/24		963
	550,000	g	Group 1 Automotive, Inc		4.000		08/15/28		548
	350,000		JD.com, Inc		3.375		01/14/30		365
	925,000	g	L Brands, Inc		6.625		10/01/30		1,048
	875,000	g	Lithia Motors, Inc		4.625		12/15/27		920
	5,100,000		O’Reilly Automotive, Inc		3.550		03/15/26		5,470
	6,875,000		O’Reilly Automotive, Inc		3.600		09/01/27		7,431
	4,075,000		O’Reilly Automotive, Inc		4.200		04/01/30		4,589
	7,400,000		O’Reilly Automotive, Inc		1.750		03/15/31		7,001
	6,000,000	g	Prosus NV		3.832		02/08/51		5,596
	3,000,000	g	Staples, Inc		7.500		04/15/26		3,083
	9,375,000		Target Corp		2.350		02/15/30		9,634
			TOTAL RETAILING						58,485

395

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.9%
$	11,406,000		Broadcom, Inc		4.150	%	11/15/30	$	12,650
	13,650,000	g	Broadcom, Inc		2.450		02/15/31		13,384
	10,530,000	g	Broadcom, Inc		3.469		04/15/34		11,021
	619,000	g	Broadcom, Inc		3.187		11/15/36		618
	15,640,000		Intel Corp		2.875		05/11/24		16,283
	7,325,000		Intel Corp		3.750		03/25/27		8,055
	2,400,000		Intel Corp		2.000		08/12/31		2,384
	2,500,000		Intel Corp		3.734		12/08/47		2,847
	2,875,000		Lam Research Corp		3.750		03/15/26		3,129
	3,275,000		Lam Research Corp		4.000		03/15/29		3,667
	1,100,000		Lam Research Corp		1.900		06/15/30		1,082
	8,075,000		Lam Research Corp		2.875		06/15/50		8,046
	13,200,000		NVIDIA Corp		2.000		06/15/31		13,131
	3,850,000	g	NXP BV		2.700		05/01/25		3,977
	5,725,000	g	NXP BV		3.875		06/18/26		6,179
	2,450,000	g	NXP BV		3.400		05/01/30		2,611
	4,750,000	g	NXP BV		3.125		02/15/42		4,779
	4,800,000	g	SK Hynix, Inc		1.500		01/19/26		4,695
	2,100,000		Skyworks Solutions, Inc		1.800		06/01/26		2,078
	3,475,000		Texas Instruments, Inc		2.625		05/15/24		3,607
	3,100,000		Texas Instruments, Inc		4.150		05/15/48		3,868
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						128,091

SOFTWARE & SERVICES - 1.0%
	10,050,000		Adobe, Inc		2.300		02/01/30		10,272
	200,000	g	CA Magnum Holdings		5.375		10/31/26		207
	100,000	g	Camelot Finance S.A.		4.500		11/01/26		103
EUR	375,000		Fidelity National Information Services, Inc		1.100		07/15/24		436
$	4,325,000		Fidelity National Information Services, Inc		2.250		03/01/31		4,230
	14,800,000		Fiserv, Inc		2.750		07/01/24		15,308
	23,750,000		Fiserv, Inc		3.500		07/01/29		25,542
GBP	200,000		Fiserv, Inc		3.000		07/01/31		290
$	900,000	g	Gartner, Inc		3.750		10/01/30		920
	4,725,000		Global Payments, Inc		2.650		02/15/25		4,856
	10,275,000		Global Payments, Inc		3.200		08/15/29		10,702
	4,700,000	g	HCL America, Inc		1.375		03/10/26		4,574
EUR	400,000		International Business Machines Corp		0.650		02/11/32		450
	500,000	g	IQVIA, Inc		1.750		03/15/26		573
$	1,413,000	g	j2 Global, Inc		4.625		10/15/30		1,449
	26,300,000		Microsoft Corp		2.400		08/08/26		27,523
	7,245,000		Microsoft Corp		2.525		06/01/50		7,065
	1,705,000		Microsoft Corp		2.921		03/17/52		1,810
	2,425,000	g	NCR Corp		5.000		10/01/28		2,498
	550,000	g	Open Text Holdings, Inc		4.125		02/15/30		566
	2,425,000		salesforce.com, Inc		3.700		04/11/28		2,691
	6,600,000		salesforce.com, Inc		1.950		07/15/31		6,538
	5,775,000		salesforce.com, Inc		2.700		07/15/41		5,768
	7,075,000		Visa, Inc		2.050		04/15/30		7,166
	1,800,000		Visa, Inc		2.700		04/15/40		1,840
			TOTAL SOFTWARE & SERVICES						143,377

396

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
TECHNOLOGY HARDWARE & EQUIPMENT - 0.5%
$	7,025,000		Amphenol Corp		2.800	%	02/15/30	$	7,239
	8,075,000		Apple, Inc		2.450		08/04/26		8,433
	26,100,000		Apple, Inc		2.050		09/11/26		26,812
	4,525,000		Apple, Inc		4.650		02/23/46		5,935
	5,900,000		Apple, Inc		2.650		02/08/51		5,801
	2,075,000		Corning, Inc		4.375		11/15/57		2,467
	7,050,000		Dell International LLC		5.300		10/01/29		8,264
	2,175,000		Tyco Electronics Group S.A.		3.700		02/15/26		2,341
	4,800,000	g	Wipro IT Services LLC		1.500		06/23/26		4,692
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						71,984

TELECOMMUNICATION SERVICES - 2.9%
EUR	400,000	g	Altice France S.A.		3.375		01/15/28		442
	500,000		AT&T, Inc		2.350		09/05/29		632
$	25,850,000		AT&T, Inc		2.250		02/01/32		24,979
	46,893,000		AT&T, Inc		2.550		12/01/33		45,863
	9,000,000		AT&T, Inc		4.500		05/15/35		10,397
	15,575,000		AT&T, Inc		3.300		02/01/52		15,253
	27,320,000		AT&T, Inc		3.550		09/15/55		27,419
	17,978,000		AT&T, Inc		3.800		12/01/57		18,716
	5,127,000		AT&T, Inc		3.650		09/15/59		5,178
	2,875,000	g	Avaya, Inc		6.125		09/15/28		3,047
	2,000,000	g	Bharti Airtel International Netherlands BV		5.350		05/20/24		2,150
	7,225,000	g	Bharti Airtel Ltd		3.250		06/03/31		7,305
	3,000,000	g	C&W Senior Financing Designated Activity Co		6.875		09/15/27		3,120
	4,000,000		Deutsche Telekom International Finance BV		8.750		06/15/30		5,814
EUR	915,000	g	Iliad Holding SAS		5.125		10/15/26		1,087
$	1,175,000	g	Millicom International Cellular S.A.		4.500		04/27/31		1,184
	4,000,000	g	MTN Mauritius Investment Ltd		6.500		10/13/26		4,462
	2,350,000	g	Ooredoo International Finance Ltd		2.625		04/08/31		2,359
	3,950,000		Orange S.A.		5.375		01/13/42		5,199
	2,125,000		Telefonica Emisiones SAU		4.103		03/08/27		2,339
	3,800,000		Telefonica Emisiones SAU		4.895		03/06/48		4,571
	3,000,000	g	Telefonica Moviles Chile S.A.		3.537		11/18/31		2,987
	32,175,000		T-Mobile USA, Inc		3.875		04/15/30		35,192
	21,500,000		T-Mobile USA, Inc		2.550		02/15/31		21,392
	2,525,000		T-Mobile USA, Inc		3.000		02/15/41		2,465
	2,350,000		T-Mobile USA, Inc		4.500		04/15/50		2,750
	7,800,000		T-Mobile USA, Inc		3.300		02/15/51		7,618
	6,600,000		Verizon Communications, Inc		4.329		09/21/28		7,497
EUR	400,000		Verizon Communications, Inc		1.875		10/26/29		497
$	24,589,000		Verizon Communications, Inc		3.150		03/22/30		26,014
	2,325,000		Verizon Communications, Inc		1.680		10/30/30		2,209
	7,525,000		Verizon Communications, Inc		1.750		01/20/31		7,122
	5,000,000		Verizon Communications, Inc		2.550		03/21/31		5,045
	9,126,000	g	Verizon Communications, Inc		2.355		03/15/32		8,992
	30,220,000		Verizon Communications, Inc		4.272		01/15/36		35,448
EUR	300,000		Verizon Communications, Inc		2.875		01/15/38		408
$	7,625,000		Verizon Communications, Inc		3.400		03/22/41		7,983

397

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	11,300,000		Verizon Communications, Inc		2.875	%	11/20/50	$	10,722
GBP	1,895,000	g	Vmed O2 UK Financing I plc		4.500		07/15/31		2,556
$	7,975,000		Vodafone Group plc		4.375		02/19/43		9,350
	7,000,000		Vodafone Group plc		4.250		09/17/50		8,108
			TOTAL TELECOMMUNICATION SERVICES						395,871

TRANSPORTATION - 0.6%
	1,850,000	g	Adani Ports & Special Economic Zone Ltd		4.000		07/30/27		1,907
	2,000,000	g	Adani Ports & Special Economic Zone Ltd		4.200		08/04/27		2,075
	2,700,000	g	Adani Ports & Special Economic Zone Ltd		3.100		02/02/31		2,570
	5,175,000		Burlington Northern Santa Fe LLC		3.050		02/15/51		5,355
	3,700,000		Canadian Pacific Railway Co		2.050		03/05/30		3,647
	5,600,000	e	Canadian Pacific Railway Co		3.100		12/02/51		5,758
	2,040,000		CSX Corp		2.600		11/01/26		2,126
	7,125,000		CSX Corp		3.250		06/01/27		7,640
	3,500,000		CSX Corp		3.800		03/01/28		3,846
	23,495,000		CSX Corp		4.250		03/15/29		26,415
	1,257,000	g	Delta Air Lines, Inc		7.000		05/01/25		1,437
	1,250,000	g	DP World Ltd		5.625		09/25/48		1,534
	6,150,000		Union Pacific Corp		2.891		04/06/36		6,445
	6,125,000		Union Pacific Corp		3.839		03/20/60		7,211
			TOTAL TRANSPORTATION						77,966

UTILITIES - 3.7%
	3,425,000	g	Abu Dhabi National Energy Co PJSC		2.000		04/29/28		3,386
	1,650,000		AEP Transmission Co LLC		3.100		12/01/26		1,740
	1,650,000		AEP Transmission Co LLC		4.000		12/01/46		1,902
	5,775,000		AEP Transmission Co LLC		2.750		08/15/51		5,494
	1,650,000	g	Aeropuerto Internacional de Tocumen S.A.		4.000		08/11/41		1,682
	200,000	g	Aeropuerto Internacional de Tocumen S.A.		5.125		08/11/61		209
	3,475,000		Alabama Power Co		4.150		08/15/44		4,061
	7,000,000		Alabama Power Co		3.450		10/01/49		7,417
	2,500,000		Ameren Corp		3.500		01/15/31		2,697
	2,750,000		American Water Capital Corp		3.000		12/01/26		2,908
	8,425,000		American Water Capital Corp		2.800		05/01/30		8,731
	10,000,000		American Water Capital Corp		2.300		06/01/31		10,000
	2,375,000		American Water Capital Corp		4.000		12/01/46		2,720
	4,500,000		American Water Capital Corp		3.750		09/01/47		5,018
	1,325,000		American Water Capital Corp		3.450		05/01/50		1,409
	6,038,000		Appalachian Power Co		4.450		06/01/45		7,045
	10,375,000		Atmos Energy Corp		1.500		01/15/31		9,735
	1,175,000		Atmos Energy Corp		4.125		10/15/44		1,367
	6,500,000		Baltimore Gas & Electric Co		3.750		08/15/47		7,333
	4,700,000	g	Becle SAB de C.V.		2.500		10/14/31		4,625
	5,925,000		Berkshire Hathaway Energy Co		3.250		04/15/28		6,342
	6,225,000		Black Hills Corp		4.250		11/30/23		6,537
	1,575,000		Black Hills Corp		3.150		01/15/27		1,638
	3,550,000		CenterPoint Energy Resources Corp		6.250		02/01/37		4,720
EUR	350,000		CEZ AS.		0.875		12/02/26		406
$	4,675,000		CMS Energy Corp		3.600		11/15/25		4,981
	3,025,000	g	Colbun S.A.		3.150		01/19/32		2,993

398

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,200,000		Commonwealth Edison Co		5.900	%	03/15/36	$	5,757
	8,250,000		Commonwealth Edison Co		3.000		03/01/50		8,370
	5,500,000		Commonwealth Edison Co		2.750		09/01/51		5,317
	5,050,000		Consumers Energy Co		2.650		08/15/52		4,912
	3,325,000		Consumers Energy Co		2.500		05/01/60		2,931
	4,000,000		Dominion Energy, Inc		2.250		08/15/31		3,906
	4,600,000		Dominion Energy, Inc		3.300		04/15/41		4,778
	2,800,000		Duke Energy Carolinas LLC		2.550		04/15/31		2,874
	8,675,000		Duke Energy Corp		2.650		09/01/26		8,981
	5,000,000		Duke Energy Florida LLC		3.400		10/01/46		5,275
	695,511		Duke Energy Florida Project Finance LLC		1.731		09/01/22		697
	11,425,000		Duke Energy Indiana LLC		2.750		04/01/50		11,112
	1,450,000		Duke Energy Ohio, Inc		3.800		09/01/23		1,507
	6,100,000		Duke Energy Progress LLC		2.500		08/15/50		5,634
	4,125,000		Eastern Energy Gas Holdings LLC		2.500		11/15/24		4,247
EUR	300,000		Electricite de France S.A.		2.000		10/02/30		377
$	3,445,000	g	Empresas Publicas de Medellin ESP		4.250		07/18/29		3,268
	3,000,000		Enel Chile S.A.		4.875		06/12/28		3,308
	4,000,000	g	EnfraGen Energia Sur S.A.		5.375		12/30/30		3,650
	4,300,000	g	ENN Energy Holdings Ltd		2.625		09/17/30		4,271
	6,900,000		Entergy Corp		0.900		09/15/25		6,683
	2,800,000	g	Equate Petrochemical BV		2.625		04/28/28		2,804
	2,050,000		Eversource Energy		0.800		08/15/25		1,995
	6,250,000		Eversource Energy		1.650		08/15/30		5,844
	7,000,000		Eversource Energy		3.450		01/15/50		7,366
	2,475,000		Exelon Corp		4.050		04/15/30		2,750
	9,450,000		Exelon Generation Co LLC		3.400		03/15/22		9,479
	5,775,000		Florida Power & Light Co		3.990		03/01/49		7,042
UGX	2,000,000,000	†,g	ICBC Standard Bank plc		14.250		06/26/34		522
$	3,600,000		Indiana Michigan Power Co		3.750		07/01/47		3,970
	8,525,000	g	Israel Electric Corp Ltd		4.250		08/14/28		9,361
	2,850,000	g	Kallpa Generacion SA		4.125		08/16/27		2,950
	3,675,000	g	Korea Hydro & Nuclear Power Co Ltd		3.750		07/25/23		3,818
	3,200,000	g	Korea Southern Power Co Ltd		0.750		01/27/26		3,086
	6,975,000		MidAmerican Energy Co		3.650		04/15/29		7,686
	6,150,000		MidAmerican Energy Co		3.650		08/01/48		6,912
EUR	300,000	g	Mondelez International Holdings Netherlands BV		1.250		09/09/41		328
$	7,350,000		Nevada Power Co		2.400		05/01/30		7,386
	3,335,000		Nevada Power Co		5.450		05/15/41		4,345
	17,000,000		NextEra Energy Capital Holdings, Inc		2.250		06/01/30		16,898
	29,085,000		NiSource, Inc		1.700		02/15/31		27,154
	8,250,000	g	NRG Energy, Inc		2.450		12/02/27		8,175
	1,675,000		NSTAR Electric Co		3.950		04/01/30		1,881
	3,600,000		Ohio Power Co		2.600		04/01/30		3,689
	6,150,000		Ohio Power Co		4.150		04/01/48		7,213
	6,150,000		Ohio Power Co		4.000		06/01/49		7,065
	1,280,000		Oncor Electric Delivery Co LLC		5.250		09/30/40		1,697
	3,500,000		ONE Gas, Inc		3.610		02/01/24		3,649
	600,000	g	Pattern Energy Operations LP		4.500		08/15/28		623
	2,775,000		PECO Energy Co		3.000		09/15/49		2,801
	3,700,000		PECO Energy Co		2.800		06/15/50		3,619

399

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,500,000	g	Perusahaan Gas Negara Persero Tbk PT		5.125	%	05/16/24	$	1,623
	3,000,000	g	Perusahaan Listrik Negara PT		4.125		05/15/27		3,201
	650,000	g	Perusahaan Listrik Negara PT		3.875		07/17/29		688
	3,000,000	g	Perusahaan Listrik Negara PT		3.375		02/05/30		3,064
	200,000	g	Perusahaan Listrik Negara PT		4.875		07/17/49		214
	5,000,000	g	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara		4.000		06/30/50		4,853
	3,175,000	g	Phosagro OAO Via Phosagro Bond Funding DAC		2.600		09/16/28		3,085
	750,000		Potomac Electric Power Co		7.900		12/15/38		1,181
	3,300,000	g	Promigas S.A. ESP		3.750		10/16/29		3,239
	8,425,000		Public Service Co of Colorado		1.875		06/15/31		8,190
	3,000,000		Public Service Co of Colorado		4.050		09/15/49		3,556
	4,450,000		Public Service Co of Colorado		3.200		03/01/50		4,639
	7,970,000		Public Service Electric & Gas Co		3.150		01/01/50		8,331
	3,500,000	g	Saka Energi Indonesia PT		4.450		05/05/24		3,397
	20,000,000		Southern Co		4.000		01/15/51		20,450
EUR	300,000		Southern Co		1.875		09/15/81		332
$	8,475,000		Southern Co Gas Capital Corp		3.875		11/15/25		9,105
	2,125,000		Southern Co Gas Capital Corp		4.400		06/01/43		2,421
	2,000,000		Southern Co Gas Capital Corp		3.950		10/01/46		2,195
	2,440,000		Southwestern Public Service Co		3.400		08/15/46		2,645
	350,000	g	Tengizchevroil Finance Co International Ltd		2.625		08/15/25		350
	3,250,000		Virginia Electric & Power Co		2.950		11/15/26		3,417
	3,250,000		Virginia Electric & Power Co		3.500		03/15/27		3,501
	12,379,000		Virginia Electric & Power Co		3.800		04/01/28		13,548
	4,125,000		Wisconsin Power & Light Co		4.100		10/15/44		4,701
	2,975,000		Xcel Energy, Inc		3.350		12/01/26		3,159
	2,890,000		Xcel Energy, Inc		4.800		09/15/41		3,506
			TOTAL UTILITIES						505,650

			TOTAL CORPORATE BONDS						5,849,812
			(Cost $5,663,286)

GOVERNMENT BONDS - 36.8%

AGENCY SECURITIES - 0.4%
	2,500,000		Amber Circle Funding Ltd		3.250		12/04/22		2,551
	3,153,000		Canal Barge Co, Inc		4.500		11/12/34		3,602
	313		Export-Import Bank of the United States		1.822		05/03/25		0	^
	9,855,000		Lutheran Medical Center		1.982		02/20/30		9,962
	25,747,000		Private Export Funding Corp (PEFCO)		2.050		11/15/22		26,098
	8,225,000		PEFCO		1.750		11/15/24		8,375
	3,000,000	g	Reliance Industries Ltd		3.667		11/30/27		3,203
			TOTAL AGENCY SECURITIES						53,791

FOREIGN GOVERNMENT BONDS - 5.4%
	4,000,000	g	Abu Dhabi Government International Bond		3.125		05/03/26		4,254
	2,000,000	g	Abu Dhabi Government International Bond		2.500		09/30/29		2,074
	2,250,000	g	Abu Dhabi Government International Bond		3.125		09/30/49		2,299

400

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	750,000	g	Africa Finance Corp		2.875	%	04/28/28	$	744
	2,325,000	g	African Export-Import Bank		2.634		05/17/26		2,333
	4,350,000	g	Airport Authority		1.625		02/04/31		4,192
	3,325,000	g	Arab Petroleum Investments Corp		4.125		09/18/23		3,508
AUD	400,000		Australia Government Bond		2.250		05/21/28		305
	860,000		Australia Government Bond		1.750		06/21/51		542
$	3,000,000	g	Bahrain Government International Bond		5.450		09/16/32		2,910
	1,500,000	g	Banque Ouest Africaine de Developpement		5.000		07/27/27		1,654
	8,500,000	g	Banque Ouest Africaine de Developpement		4.700		10/22/31		9,251
EUR	3,650,000	g	Banque Ouest Africaine de Developpement		2.750		01/22/33		4,360
	850,000	g	Benin Government International Bond		4.950		01/22/35		922
$	2,600,000	g	Bermuda Government International Bond		3.717		01/25/27		2,782
	200,000	g	Bermuda Government International Bond		4.750		02/15/29		230
	12,400,000	g	BNG Bank NV		3.000		09/20/23		12,877
	8,000,000	g	BNG Bank NV		0.875		05/18/26		7,856
	2,730,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		2,839
	2,900,000		Brazilian Government International Bond		4.625		01/13/28		3,027
	2,975,000		Brazilian Government International Bond		3.875		06/12/30		2,886
	2,850,000		Brazilian Government International Bond		5.625		02/21/47		2,821
EUR	1,000,000		Bundesrepublik Deutschland Bundesanleihe		0.000		02/15/31		1,160
$	7,000,000	g	Caisse d’Amortissement de la Dette Sociale		1.125		11/29/24		7,001
CAD	1,400,000	g	Canada Housing Trust No		1.100		12/15/26		1,083
	1,475,000		Canadian Government Bond		2.000		06/01/28		1,218
	950,000		Canadian Government Bond		2.000		12/01/51		808
	875,000		Canadian Government International Bond		2.000		09/01/23		704
	1,000,000		Canadian Government International Bond		5.000		06/01/37		1,154
$	3,050,000		Chile Government International Bond		2.550		01/27/32		3,043
EUR	475,000		Chile Government International Bond		1.250		01/22/51		485
CNY	3,200,000		China Government Bond		2.570		05/20/23		504
	24,000,000		China Government Bond		2.880		11/05/23		3,800
	17,000,000		China Government Bond		1.990		04/09/25		2,621
	11,250,000		China Government Bond		3.270		11/19/30		1,825
	4,700,000		China Government Bond		3.810		09/14/50		789
	9,400,000		China Government Bond		3.720		04/12/51		1,562
	26,500,000		China Government International Bond		2.360		07/02/23		4,158
	9,700,000		China Government International Bond		2.940		10/17/24		1,540
	47,400,000		China Government International Bond		3.120		12/05/26		7,601
$	4,000,000	g	China Government International Bond		1.200		10/21/30		3,850
CNY	18,900,000		China Government International Bond		3.860		07/22/49		3,188
	10,000,000		China Government International Bond		3.390		03/16/50		1,555
$	2,000,000	g	China Government International Bond		2.250		10/21/50		1,914
NOK	7,000,000		City of Oslo Norway		2.050		10/31/24		797
$	12,650,000		Colombia Government International Bond		3.000		01/30/30		11,562
	6,675,000		Colombia Government International Bond		3.250		04/22/32		5,999
	1,700,000		Colombia Government International Bond		5.000		06/15/45		1,535
	4,100,000	g	Costa Rica Government International Bond		5.625		04/30/43		3,506
	20,200,000	g	CPPIB Capital, Inc		2.250		01/25/22		20,224
	5,000,000	g	Development Bank of Japan, Inc		0.500		03/04/24		4,950
DOP	8,000,000	g	Dominican Republic Government International Bond		9.750		06/05/26		155
$	3,500,000	g	Dominican Republic Government International Bond		4.875		09/23/32		3,557
	2,950,000	g	Dominican Republic Government International Bond		6.500		02/15/48		3,127

401

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	24,960	g	Ecuador Government International Bond		0.000	%	07/31/30	$	14
	141,600	g	Ecuador Government International Bond (Step Bond)		5.000		07/31/30		117
	99,120	g	Ecuador Government International Bond (Step Bond)		1.000		07/31/35		65
	425,000	g	Egypt Government International Bond		5.750		05/29/24		442
EGP	19,025,000		Egypt Government International Bond		15.900		07/02/24		1,245
$	1,500,000	g	Egypt Government International Bond		5.800		09/30/27		1,441
	725,000	g	Egypt Government International Bond		7.600		03/01/29		718
EUR	1,100,000	g	Egypt Government International Bond		5.625		04/16/30		1,129
	700,000	g	Egypt Government International Bond		6.375		04/11/31		734
$	1,100,000	g	Egypt Government International Bond		7.053		01/15/32		1,014
	2,700,000	g	Egypt Government International Bond		8.500		01/31/47		2,389
	650,000	g	El Salvador Government International Bond		6.375		01/18/27		393
	1,445,000	g	El Salvador Government International Bond		7.125		01/20/50		791
	2,000,000		Emirate of Dubai Government International Bonds		3.900		09/09/50		1,913
	800,000	†	European Bank for Reconstruction & Development		10.000		02/28/23		692
	3,500,000		European Investment Bank		4.875		02/15/36		4,816
	4,000,000	g	Export-Import Bank of India		3.875		02/01/28		4,275
	3,975,000	g	Export-Import Bank of India		2.250		01/13/31		3,740
	2,800,000		Export-Import Bank of Korea		0.750		09/21/25		2,739
	3,350,000		Export-Import Bank of Korea		1.250		09/21/30		3,187
EUR	3,000,000		French Republic Government Bond OAT		0.500		05/25/25		3,526
	1,325,000		French Republic Government Bond OAT		0.750		11/25/28		1,599
	1,175,000	g	French Republic Government Bond OAT		0.500		05/25/40		1,304
	860,000	g	French Republic Government Bond OAT		0.750		05/25/52		936
$	2,325,000	g	Ghana Government International Bond		8.125		03/26/32		1,897
	1,000,000	g	Ghana Government International Bond		8.627		06/16/49		791
	1,800,000	g	Guatemala Government International Bond		4.500		05/03/26		1,894
	450,000	g	Guatemala Government International Bond		4.375		06/05/27		472
	600,000	g	Guatemala Government International Bond		6.125		06/01/50		687
EUR	725,000	g	Hellenic Republic Government Bond		0.750		06/18/31		782
	1,250,000	g	Hellenic Republic Government International Bond		1.500		06/18/30		1,449
$	1,775,000	g	Honduras Government International Bond		6.250		01/19/27		1,917
	350,000	g	Honduras Government International Bond		5.625		06/24/30		363
	1,150,000	g	Hungary Government International Bond		2.125		09/22/31		1,130
CAD	1,475,000		Hydro-Quebec		5.000		02/15/45		1,686
$	11,675,000	g	Indonesia Government International Bond		4.625		04/15/43		13,672
IDR	7,750,000,000		Indonesia Treasury Bond		8.125		05/15/24		592
	28,000,000,000		Indonesia Treasury Bond		7.000		09/15/30		2,035
	10,000,000,000		Indonesia Treasury Bond		6.375		04/15/32		707
AUD	500,000		Inter-American Development Bank		4.750		08/27/24		397
	900,000		Inter-American Development Bank		2.750		10/30/25		685
NZD	941,000		International Bank for Reconstruction & Development		3.375		01/25/22		645
CAD	1,300,000		International Bank for Reconstruction & Development		1.900		01/16/25		1,044
GBP	500,000		International Finance Corp		0.250		12/15/25		655
$	1,665,625	g	Iraq Government International Bond		5.800		01/15/28		1,591
	6,200,000		Israel Government International Bond		3.250		01/17/28		6,718
ILS	3,100,000		Israel Government International Bond		5.500		01/31/42		1,586
	3,200,000		Israel Government International Bond		3.750		03/31/47		1,327

402

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,875,000		Israel Government International Bond		4.125	%	01/17/48	$	2,295
EUR	3,500,000		Italy Buoni Poliennali Del Tesoro		2.450		10/01/23		4,170
	3,345,000		Italy Buoni Poliennali Del Tesoro		1.250		12/01/26		3,963
	2,075,000		Italy Buoni Poliennali Del Tesoro		0.950		09/15/27		2,409
	1,350,000	g	Italy Buoni Poliennali Del Tesoro		0.950		03/01/37		1,411
	475,000	g	Italy Buoni Poliennali Del Tesoro		3.850		09/01/49		760
	425,000	g	Italy Buoni Poliennali Del Tesoro		1.700		09/01/51		452
	1,000,000	g	Ivory Coast Government International Bond		5.875		10/17/31		1,167
	100,000	g	Ivory Coast Government International Bond		4.875		01/30/32		109
$	1,510,973	g	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		1,515
	2,850,000		Jamaica Government International Bond		7.875		07/28/45		3,944
	6,000,000		Japan Bank for International Cooperation		2.375		04/20/26		6,231
	6,650,000	g	Japan Finance Organization for Municipalities		3.375		09/27/23		6,932
	2,500,000	g	Japan Finance Organization for Municipalities		1.000		05/21/25		2,476
JPY	140,000,000		Japan Finance Organization for Municipalities		0.020		03/13/26		1,217
	498,000,000		Japan Government Five Year Bond		0.005		09/20/26		4,347
	327,000,000		Japan Government Ten Year Bond		0.100		09/20/26		2,866
	162,000,000		Japan Government Ten Year Bond		0.100		12/20/29		1,423
	175,000,000		Japan Government Thirty Year Bond		2.400		11/20/31		1,867
	350,000,000		Japan Government Thirty Year Bond		2.300		05/20/32		3,729
	418,000,000		Japan Government Thirty Year Bond		2.500		09/20/34		4,674
	225,000,000		Japan Government Thirty Year Bond		0.500		09/20/46		1,919
	105,000,000		Japan Government Thirty Year Bond		0.600		09/20/50		894
	259,500,000		Japan Government Thirty Year Bond		0.700		09/20/51		2,259
	93,000,000		Japan Government Twenty Year Bond		0.600		12/20/36		843
	219,000,000		Japan Government Twenty Year Bond		0.500		12/20/38		1,939
	153,000,000		Japan Government Twenty Year Bond		0.300		06/20/39		1,307
$	2,500,000	g	Jordan Government International Bond		4.950		07/07/25		2,578
	1,025,000	g	Jordan Government International Bond		5.850		07/07/30		1,036
	3,000,000	g	Kazakhstan Government International Bond		4.875		10/14/44		3,683
	1,525,000	g	Kenya Government International Bond		6.875		06/24/24		1,611
	2,350,000	g	Kenya Government International Bond		7.000		05/22/27		2,478
EUR	1,875,000	g	Kingdom of Belgium Government International Bond		0.000		10/22/27		2,166
$	5,000,000	g	Kommunalbanken AS.		2.250		01/25/22		5,005
	2,600,000	g	Kommunalbanken AS.		2.750		02/05/24		2,703
	3,000,000	g	Kommunalbanken AS.		1.125		06/14/30		2,885
	2,833,000	e,g	Kommuninvest I Sverige AB		2.625		09/15/22		2,876
	2,000,000	g	Kommuninvest I Sverige AB		0.500		07/05/23		1,994
	6,975,000	g	Korea Electric Power Corp		1.125		06/15/25		6,886
	5,775,000	g	Korea Housing Finance Corp		3.000		10/31/22		5,867
	2,500,000	g	Korea Hydro & Nuclear Power Co Ltd		1.250		04/27/26		2,455
KRW	1,200,000,000		Korea Treasury Bond		1.125		06/10/24		994
	1,270,000,000		Korea Treasury Bond		1.500		03/10/25		1,057
	1,800,000,000		Korea Treasury Bond		1.500		12/10/26		1,474
	2,400,000,000		Korea Treasury Bond		2.000		06/10/31		1,971
	2,380,000,000		Korea Treasury Bond		2.375		09/10/38		2,008
$	18,750,000		Kreditanstalt fuer Wiederaufbau		2.625		01/25/22		18,775
	5,750,000	g	Kuwait Government International Bond		2.750		03/20/22		5,779

403

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,750,000	†,q	Lebanon Government International Bond		6.750	%	11/29/27	$	184
	5,250,000	g	Lithuania Government International Bond		6.625		02/01/22		5,273
MYR	2,160,000		Malaysia Government Bond		3.757		05/22/40		495
	3,100,000		Malaysia Government International Bond		4.893		06/08/38		818
MXN	23,500,000		Mexican Bonos		5.750		03/05/26		1,082
	13,700,000		Mexican Bonos		8.500		11/18/38		704
$	3,000,000		Mexico Government International Bond		4.150		03/28/27		3,315
	13,175,000		Mexico Government International Bond		3.250		04/16/30		13,490
	6,051,000		Mexico Government International Bond		6.050		01/11/40		7,518
	6,650,000		Mexico Government International Bond		4.280		08/14/41		6,891
	3,500,000		Mexico Government International Bond		4.600		02/10/48		3,728
	825,000	g	Mongolia Government International Bond		4.450		07/07/31		781
EUR	900,000	g	Morocco Government International Bond		1.500		11/27/31		940
$	5,750,000	g	Morocco Government International Bond		5.500		12/11/42		6,340
	1,675,000	g	Namibia Government International Bond		5.250		10/29/25		1,756
	5,000,000	g	Nederlandse Waterschapsbank NV		1.875		04/14/22		5,022
EUR	400,000	g	Netherlands Government International Bond		2.750		01/15/47		739
AUD	500,000		New South Wales Treasury Corp		4.000		05/20/26		403
	2,690,000		New South Wales Treasury Corp		3.000		04/20/29		2,117
NZD	1,465,000		New Zealand Government Bond		2.000		05/15/32		967
$	2,600,000	g	Nigeria Government International Bond		6.500		11/28/27		2,589
EUR	850,000	g	North Macedonia Government International Bond		3.675		06/03/26		1,023
NOK	17,250,000	g	Norway Government International Bond		2.000		04/26/28		1,995
$	525,000	g	Oman Government International Bond		6.750		10/28/27		588
	1,500,000	g	Oman Government International Bond		6.000		08/01/29		1,614
	3,000,000	g	Oman Government International Bond		6.250		01/25/31		3,276
	500,000	e,g	Oman Sovereign Sukuk Co		4.875		06/15/30		531
	21,300,000	g	OMERS Finance Trust		2.500		05/02/24		22,048
	15,000,000	g	Ontario Teachers’ Finance Trust		1.625		09/12/24		15,208
	500,000	g	Pakistan Government International Bond		6.000		04/08/26		499
	6,000,000		Panama Bonos del Tesoro		3.362		06/30/31		6,030
	3,600,000		Panama Government International Bond		3.160		01/23/30		3,726
	4,000,000		Panama Government International Bond		4.300		04/29/53		4,294
	10,955,000		Panama Notas del Tesoro		3.750		04/17/26		11,624
	925,000	g	Paraguay Government International Bond		5.400		03/30/50		1,056
	11,900,000	g	Perusahaan Penerbit SBSN Indonesia III		4.400		03/01/28		13,424
	3,000,000		Peruvian Government International Bond		1.862		12/01/32		2,738
	1,970,000		Peruvian Government International Bond		3.000		01/15/34		1,962
	17,708	g	Petroamazonas EP		4.625		12/06/21		18
PHP	17,000,000		Philippine Government International Bond		6.250		01/14/36		370
CAD	875,000		Province of Ontario Canada		2.150		06/02/31		699
	650,000		Province of Quebec Canada		2.750		09/01/27		544
$	6,000,000		Province of Quebec Canada		7.500		09/15/29		8,378
	2,000,000	g	Provincia de Mendoza Argentina (Step Bond)		4.250		03/19/29		1,330
	925,000	g	Qatar Government International Bond		3.400		04/16/25		981
	2,050,000	g	Qatar Government International Bond		3.750		04/16/30		2,299
	5,900,000	g	Qatar Government International Bond		4.400		04/16/50		7,325
EUR	425,000	g	Republic of Cameroon International Bond		5.950		07/07/32		452
$	500,000	g	Republic of Guatemala		4.650		10/07/41		499
	7,000,000		Republic of Italy Government International Bond		4.000		10/17/49		7,693

404

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	2,000,000	g	Republic of Paraguay		6.100	%	08/11/44	$	2,458
PLN	6,225,000		Republic of Poland Government International Bond		2.750		10/25/29		1,444
ZAR	14,725,000		Republic of South Africa Government Bond		8.875		02/28/35		829
$	3,225,000	g	Republic of Uzbekistan Bond		4.750		02/20/24		3,353
	1,400,000	g	Republic of Uzbekistan Bond		3.700		11/25/30		1,341
UZS	5,708,925,000	g	Republic of Uzbekistan International Bond		14.000		07/19/24		532
RON	7,075,000		Romania Government Bond		4.150		01/26/28		1,558
$	3,000,000	e,g	Romanian Government International Bond		3.000		02/14/31		3,038
EUR	600,000	g	Romanian Government International Bond		2.000		01/28/32		633
	500,000	g	Romanian Government International Bond		2.000		04/14/33		517
$	4,600,000	g	Romanian Government International Bond		4.000		02/14/51		4,593
RUB	72,000,000		Russian Federal Bond-OFZ		4.500		07/16/25		852
$	5,000,000	g	Russian Foreign Bond - Eurobond		4.375		03/21/29		5,496
	3,200,000	g	Russian Foreign Bond - Eurobond		5.100		03/28/35		3,774
	4,850,000	g	Rwanda International Government Bond		5.500		08/09/31		4,883
	4,500,000	g	Saudi Government International Bond		3.250		10/26/26		4,793
	6,775,000	g	Saudi Government International Bond		4.500		04/17/30		7,893
	6,150,000	g	Saudi Government International Bond		3.750		01/21/55		6,590
EUR	1,000,000	g	Senegal Government International Bond		4.750		03/13/28		1,154
	425,000	g	Senegal Government International Bond		5.375		06/08/37		457
$	1,000,000	g	Senegal Government International Bond		6.750		03/13/48		979
EUR	1,250,000	g	Serbia Government International Bond		1.500		06/26/29		1,371
$	5,450,000	g	Serbia International Bond		2.125		12/01/30		5,095
EUR	575,000	g	Serbia International Bond		2.050		09/23/36		597
RSD	96,000,000		Serbia Treasury Bonds		5.875		02/08/28		1,024
	31,700,000		Serbia Treasury Bonds		4.500		08/20/32		313
SGD	2,030,000		Singapore Government Bond		1.625		07/01/31		1,499
$	4,000,000		South Africa Government International Bond		5.875		09/16/25		4,420
ZAR	15,100,000		South Africa Government International Bond		8.750		01/31/44		788
$	2,800,000		South Africa Government International Bond		5.375		07/24/44		2,674
	1,000,000	g	Southern Gas Corridor CJSC		6.875		03/24/26		1,149
EUR	2,950,000	g	Spain Government Bond		0.500		10/31/31		3,334
	2,550,000	g	Spain Government International Bond		2.750		10/31/24		3,169
	845,000	g	Spain Government International Bond		1.400		07/30/28		1,042
	1,475,000	g	Spain Government International Bond		0.600		10/31/29		1,720
	625,000	g	Spain Government International Bond		0.100		04/30/31		686
	2,350,000	g	Spain Government International Bond		1.200		10/31/40		2,697
	3,100,000		State of Israel		3.375		01/15/50		3,348
	6,590,000		Svensk Exportkredit AB		1.750		12/12/23		6,698
SEK	6,500,000		Sweden Government Bond		0.500		11/24/45		687
THB	48,800,000		Thailand Government International Bond		3.300		06/17/38		1,607
$	2,500,000	g	Turkiye Ihracat Kredi Bankasi AS.		5.750		07/06/26		2,293
UAH	25,000,000		Ukraine Government International Bond		17.000		05/11/22		933
EUR	1,000,000	g	Ukraine Government International Bond		6.750		06/20/26		1,081
	4,050,000	g	Ukraine Government International Bond		4.375		01/27/30		3,701
GBP	2,850,000		United Kingdom Gilt		1.625		10/22/28		4,068
	2,400,000		United Kingdom Gilt		0.875		07/31/33		3,187

405

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
GBP	2,450,000		United Kingdom Gilt			1.750	%	09/07/37	$	3,590
	500,000		United Kingdom Gilt			1.250		10/22/41		683
	1,375,000		United Kingdom Gilt			0.625		10/22/50		1,635
UYU	21,800,000	g	Uruguay Government International Bond			8.500		03/15/28		484
$	8,007,410		Uruguay Government International Bond			4.375		01/23/31		9,218
UYU	20,300,000		Uruguay Government International Bond			8.250		05/21/31		437
$	850,000		Uruguay Government International Bond			4.125		11/20/45		1,006
	1,400,000		Uruguay Government International Bond			5.100		06/18/50		1,849
			TOTAL FOREIGN GOVERNMENT BONDS							731,607

MORTGAGE BACKED - 20.4%
	5,176,000	g,i	Angel Oak Mortgage Trust			2.837		11/25/66		5,180
	7,732,106		Federal Home Loan Mortgage Corp (FHLMC)			3.000		10/15/33		8,148
	5,293,317	i	FHLMC	LIBOR 1 M + 5.920%		5.810		03/15/44		911
	17,563,134		FHLMC			4.000		10/01/47		19,192
	14,192,501		FHLMC			4.000		06/01/48		15,408
	10,692,397	i	FHLMC	LIBOR 1 M + 9.920%		9.744		06/15/48		12,193
	9,197,685		FHLMC			4.000		07/01/48		10,035
	8,132,823	i	FHLMC	LIBOR 1 M + 9.840%		9.664		10/15/48		9,578
	23,183,931		FHLMC			3.000		11/01/49		24,396
	19,246,833		FHLMC			2.000		09/25/50		2,213
	30,379,891		FHLMC			2.500		11/25/50		4,999
	40,275,306		FHLMC			2.500		02/25/51		6,759
	38,422,177		FHLMC			3.000		11/01/51		41,003
	5,590,608		FHLMC			3.000		11/01/51		5,884
	3,499,189		FHLMC			3.000		11/01/51		3,748
	4,823,589		FHLMC			3.000		11/01/51		5,151
	1,041		Federal Home Loan Mortgage Corp Gold (FGLMC)			7.000		05/01/23		1
	10,798		FGLMC			8.000		01/01/31		11
	4,503		FGLMC			7.000		01/01/32		4
	298,684		FGLMC			4.500		07/01/33		329
	2,148,572		FGLMC			7.000		12/01/33		2,438
	574,896		FGLMC			4.500		10/01/34		630
	374,285		FGLMC			4.500		04/01/35		412
	618,737		FGLMC			7.000		05/01/35		695
	1,672,689		FGLMC			5.000		06/01/36		1,891
	572,016		FGLMC			5.000		07/01/39		649
	76,607		FGLMC			4.500		12/01/43		85
	47,032		FGLMC			4.500		02/01/44		52
	1,751,489		FGLMC			4.500		10/01/44		1,916
	942,349		FGLMC			4.500		11/01/44		1,041
	1,308,541		FGLMC			4.500		11/01/44		1,444
	705,137		FGLMC			4.500		12/01/44		766
	929,431		FGLMC			4.500		12/01/44		1,026
	3,854,841		FGLMC			3.500		04/01/45		4,165
	791,899		FGLMC			4.500		05/01/45		840
	18,103,736		FGLMC			3.500		08/01/45		19,618
	16,249,139		FGLMC			4.000		12/01/45		17,884
	30,219,663		FGLMC			3.500		08/01/46		32,549
	1,823,880		FGLMC			4.500		06/01/47		2,011
	3,635,190		FGLMC			4.000		09/01/47		3,984

406

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	3,169,958		FGLMC			3.500	%	12/01/47	$	3,411
	8,012,121		FGLMC			4.000		07/01/48		8,745
	12,258,563		FGLMC			4.500		08/01/48		13,473
	5,631,548		FGLMC			4.500		10/01/48		6,189
	8,508,616		FGLMC			3.500		11/01/48		9,160
	14,180		Federal National Mortgage Association (FNMA)			8.000		07/01/24		15
	4,497		FNMA			9.000		11/01/25		5
	2,937,986		FNMA			3.500		05/01/32		3,115
	17,877,864		FNMA			3.000		10/01/32		18,786
	296,220		FNMA			4.500		10/01/33		326
	518,139		FNMA			4.500		05/01/35		568
	3,313,770		FNMA			5.000		05/01/35		3,739
	1,537,861		FNMA			5.000		10/01/35		1,738
	1,284,643		FNMA			5.000		02/01/36		1,452
	16,000,000	h	FNMA			1.500		01/25/37		16,043
	75,950,000	h	FNMA			2.000		01/25/37		77,767
	32,665,000	h	FNMA			2.500		01/25/37		33,763
	72,650,000	h	FNMA			2.000		02/25/37		74,263
	3,508,859		FNMA			5.500		11/01/38		4,020
	1,265,973		FNMA			3.000		10/01/39		1,315
	15,742,528		FNMA			3.000		05/01/40		16,443
	2,274,297		FNMA			5.000		09/01/40		2,562
	4,210,861		FNMA			5.000		05/01/41		4,771
	12,331,594		FNMA			4.000		09/01/42		13,397
	8,713,937		FNMA			3.500		04/01/43		9,411
	7,652,483		FNMA			3.500		09/01/43		8,276
	6,851,387	i	FNMA	LIBOR 1 M + 5.950%		5.848		09/25/43		1,233
	3,614,263		FNMA			4.000		01/01/44		3,968
	7,780,016		FNMA			4.500		03/01/44		8,655
	3,704,845		FNMA			4.500		06/01/44		4,068
	3,886,947		FNMA			4.500		10/01/44		4,288
	6,876,852		FNMA			4.500		11/01/44		7,585
	2,043,901		FNMA			5.000		11/01/44		2,314
	2,271,303		FNMA			4.500		12/01/44		2,487
	2,451,587		FNMA			4.000		01/01/45		2,664
	732,286		FNMA			4.500		03/01/45		804
	337,971		FNMA			4.500		04/01/45		373
	8,079,501		FNMA			3.500		05/01/45		8,752
	3,943,584		FNMA			4.000		06/01/45		4,323
	6,545,070		FNMA			4.000		12/01/45		7,180
	10,596,581		FNMA			3.500		01/01/46		11,409
	18,282,482		FNMA			4.000		01/01/46		20,010
	502,208		FNMA			4.000		03/01/46		551
	1,264,396		FNMA			4.000		04/01/46		1,379
	8,850,819		FNMA			3.500		06/01/46		9,529
	10,361,591		FNMA			3.500		07/01/46		11,156
	19,239,019		FNMA			3.500		07/01/46		20,767
	1,873,306		FNMA			3.000		10/01/46		1,918
	10,844,948		FNMA			3.500		10/01/46		11,676
	11,844,141		FNMA			3.000		11/01/46		12,367
	21,123,152		FNMA			3.500		01/01/47		22,470
	4,366,258		FNMA			4.500		05/01/47		4,820
	3,997,749		FNMA			4.000		09/01/47		4,287
	232,030		FNMA			4.000		09/01/47		248
	459,967		FNMA			3.000		11/01/47		471
	1,577,982		FNMA			3.000		11/01/47		1,612

407

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	8,091,173		FNMA		3.500	%	11/01/47	$	8,723
	25,201,751		FNMA		4.000		12/01/47		27,560
	5,121,459		FNMA		4.000		12/01/47		5,484
	17,435,904		FNMA		3.500		01/01/48		18,752
	7,209,667		FNMA		4.500		01/01/48		7,921
	6,708,792		FNMA		4.500		02/01/48		7,381
	6,495,886		FNMA		4.000		03/01/48		7,110
	26,814,726		FNMA		4.500		03/01/48		29,495
	15,346,477		FNMA		4.000		04/01/48		16,308
	5,033,010		FNMA		4.500		05/01/48		5,537
	3,896,354		FNMA		4.500		05/01/48		4,286
	10,201,001		FNMA		5.000		08/01/48		11,371
	736,075		FNMA		3.000		06/01/49		747
	22,643,888		FNMA		3.000		07/01/50		23,877
	13,856,612		FNMA		2.000		08/25/50		1,579
	37,178,411		FNMA		2.500		11/25/50		5,157
	66,830,000	h	FNMA		2.000		01/25/51		66,624
	63,034,000	h	FNMA		2.500		01/25/51		64,310
	401,760,000	h	FNMA		2.500		02/25/51		408,871
	176,180,000	h	FNMA		3.000		02/25/51		182,248
	4,619,239		FNMA		3.000		02/25/51		733
	13,267,096		FNMA		3.000		09/01/51		14,062
	12,739,011		FNMA		2.500		11/25/51		1,790
	6,780,000	h	FNMA		3.000		01/01/52		7,051
	136,820,000	h	FNMA		3.000		01/25/52		141,740
	355,010,000	h	FNMA		2.000		02/25/52		353,126
	4,725,000	g,i	Freddie Mac STACR REMIC Trust		3.450		10/25/41		4,755
	7,600,000	g,i	Freddie Mac Structured Agency Credit Risk Debt Notes		3.700		11/25/41		7,718
	11,778,420		Government National Mortgage Association (GNMA)		3.700		10/15/33		12,376
	220,872		GNMA		5.000		04/15/38		250
	273,953		GNMA		6.500		11/20/38		317
	974,979		GNMA		5.000		06/15/39		1,126
	540,015		GNMA		5.000		06/15/39		622
	10,242,944		GNMA		3.700		08/15/40		10,712
	5,043,792		GNMA		4.500		12/20/45		5,636
	5,613,898		GNMA		4.000		06/20/46		662
	10,794,557		GNMA		3.500		01/20/49		11,539
	109,225,000	h	GNMA		2.000		01/20/51		110,211
	74,830,000	h	GNMA		3.000		01/20/51		77,423
	167,640,000	h	GNMA		2.500		01/20/52		171,674
	57,740,000	h	GNMA		2.500		02/20/52		59,001
	77,550,000	h	GNMA		3.000		02/20/52		80,095
	7,631,765	g,i	GS Mortgage-Backed Securities Trust		2.500		03/25/52		7,569
	2,462,348	g,i	GS Mortgage-Backed Securities Trust		2.500		03/25/52		2,488
			TOTAL MORTGAGE BACKED						2,781,373

MUNICIPAL BONDS - 3.0%
	2,975,000		Chicago Housing Authority		3.682		01/01/25		3,160
	245,000		City & County of San Francisco CA Community Facilities District		3.264		09/01/25		261
	1,000,000		City & County of San Francisco CA Community Facilities District		4.038		09/01/34		1,100
	845,000		City & County of San Francisco CA Community Facilities District		3.750		09/01/37		917
	2,000,000		City & County of San Francisco CA Community Facilities District		4.000		09/01/48		2,150
	3,995,000		City of Los Angeles CA Wastewater System Revenue		4.029		06/01/39		4,377
	4,940,000		City of New York NY		3.200		12/01/26		5,322
	1,575,000		City of San Antonio TX Customer Facility Charge Revenue		4.353		07/01/25		1,686
	4,055,000		Commonwealth Financing Authority		3.864		06/01/38		4,593

408

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
$	19,355,000	Commonwealth Financing Authority		3.807	%	06/01/41	$	22,207
	1,505,000	County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		1,522
	1,500,000	County of Miami-Dade FL Aviation Revenue		2.368		10/01/23		1,535
	2,500,000	County of Miami-Dade FL Aviation Revenue		3.285		10/01/23		2,598
	3,500,000	County of Miami-Dade FL Aviation Revenue		2.504		10/01/24		3,611
	2,250,000	County of Miami-Dade FL Aviation Revenue		3.405		10/01/24		2,376
	4,365,000	County of Miami-Dade FL Aviation Revenue		2.604		10/01/25		4,531
	2,375,000	County of Miami-Dade FL Aviation Revenue		3.505		10/01/25		2,543
	2,500,000	County of Miami-Dade FL Aviation Revenue		2.704		10/01/26		2,602
	3,940,000	County of Miami-Dade FL Aviation Revenue		3.049		10/01/26		4,163
	3,750,000	County of Miami-Dade FL Aviation Revenue		3.612		10/01/26		4,058
	4,700,000	County of Miami-Dade FL Aviation Revenue		2.529		10/01/30		4,756
	3,730,000	County of Miami-Dade FL Aviation Revenue		3.732		10/01/37		3,973
	3,900,000	County of Miami-Dade FL Aviation Revenue		3.982		10/01/41		4,175
	9,160,000	County of Miami-Dade FL Aviation Revenue		4.280		10/01/41		10,046
	2,000,000	Duke University		3.199		10/01/38		2,160
	5,080,000	Illinois Finance Authority		3.944		08/15/47		5,807
	4,805,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		3.375		09/01/35		5,213
	1,110,000	New Jersey Economic Development Authority		3.800		07/01/22		1,124
	870,000	New York City Housing Development Corp		3.403		05/01/22		879
	750,000	New York City Housing Development Corp		3.453		11/01/22		768
	1,360,000	New York City Housing Development Corp		3.523		05/01/23		1,409
	1,815,000	New York City Housing Development Corp		3.573		11/01/23		1,901
	1,000,000	New York City Housing Development Corp		3.650		05/01/24		1,056
	5,680,000	New York State Dormitory Authority		3.998		07/01/39		6,168
	10,605,000	New York State Dormitory Authority		4.294		07/01/44		11,812
	6,000,000	New York State Dormitory Authority		3.879		07/01/46		6,399
	5,000,000	New York State Thruway Authority		2.256		01/01/25		5,116
	6,460,000	New York State Thruway Authority		2.406		01/01/26		6,653
	4,750,000	New York State Thruway Authority		2.500		01/01/27		4,906
	2,000,000	Port of Corpus Christi Authority of Nueces County		3.138		12/01/22		2,045
	3,400,000	Port of Corpus Christi Authority of Nueces County		3.287		12/01/23		3,547
	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		1,077
	1,910,000	Public Finance Authority		4.269		07/01/40		2,224
	6,000,000	San Francisco City & County Airport Comm-San Francisco International Airport		3.046		05/01/22		6,054
	6,360,000	San Jose Redevelopment Agency		3.375		08/01/34		6,678
	13,060,000	State of California		4.600		04/01/38		15,034
	10,500,000	State of Illinois		3.150		06/15/26		11,061
	12,500,000	State of Illinois		3.250		06/15/27		13,231
	27,150,000	State of Illinois		5.100		06/01/33		31,382
	9,700,000	State of Oregon Department of Administrative Services		4.103		05/01/39		10,808
	9,900,000	State of Wisconsin		3.154		05/01/27		10,637
	25,860,000	University of California		3.063		07/01/25		27,496
	10,230,000	University of California		4.601		05/15/31		11,910
	17,045,000	University of California		3.931		05/15/45		19,632
	21,000,000	University of Chicago		4.151		10/01/45		21,957
	7,620,000	University of Massachusetts Building Authority		3.097		11/01/35		7,992
	13,000,000	University of Massachusetts Building Authority		3.434		11/01/40		13,707
	20,000,000	University of New Mexico		3.532		06/20/32		21,235
	1,750,000	Utah Municipal Power Agency		2.262		07/01/22		1,761
	1,500,000	Utah Municipal Power Agency		2.512		07/01/23		1,526
	2,160,000	Virginia Port Authority		4.228		07/01/36		2,376
	390,000	Washington Convention & Sports Authority		3.969		10/01/30		431
		TOTAL MUNICIPAL BONDS						405,024

409

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
U.S. TREASURY SECURITIES - 7.6%
$	4,500,000		United States Treasury Bond			4.750	%	02/15/37	$	6,383
	22,750,000		United States Treasury Bond			3.500		02/15/39		28,541
	12,050,000		United States Treasury Bond			3.875		08/15/40		15,882
	20,935,000		United States Treasury Bond			4.375		05/15/41		29,491
	16,434,000		United States Treasury Bond			3.750		08/15/41		21,464
	6,000,000		United States Treasury Bond			2.750		11/15/42		6,838
	35,680,000		United States Treasury Bond			3.000		05/15/45		42,675
	41,710,000		United States Treasury Bond			2.875		08/15/45		48,972
	52,140,000		United States Treasury Bond			2.500		05/15/46		57,625
	1,075,000		United States Treasury Bond			3.000		05/15/47		1,305
	30,710,000		United States Treasury Bond			2.750		11/15/47		35,753
	6,155,000		United States Treasury Bond			3.125		05/15/48		7,692
	51,995,000		United States Treasury Bond			3.000		08/15/48		63,623
	20,120,000		United States Treasury Bond			3.375		11/15/48		26,325
	33,549,228	k	United States Treasury Inflation Indexed Bonds			0.500		04/15/24		35,760
	39,285,000		United States Treasury Note			0.125		08/31/22		39,251
	50,000,000		United States Treasury Note			1.500		09/15/22		50,428
	27,305,000		United States Treasury Note			0.125		10/31/22		27,259
	14,575,000		United States Treasury Note			0.125		01/31/23		14,525
	4,475,000		United States Treasury Note			0.125		03/31/23		4,454
	9,875,000		United States Treasury Note			0.125		05/31/23		9,814
	5,145,000		United States Treasury Note			0.125		08/31/23		5,100
	79,581,000		United States Treasury Note			0.250		11/15/23		78,925
	2,205,000		United States Treasury Note			0.250		10/31/25		2,131
	20,105,000		United States Treasury Note			1.250		12/31/26		20,096
	29,925,000		United States Treasury Note			0.500		10/31/27		28,478
	68,855,000		United States Treasury Note			0.625		11/30/27		65,947
	100,000		United States Treasury Note			0.625		12/31/27		96
	1,250,000		United States Treasury Note			1.250		09/30/28		1,235
	24,400,000		United States Treasury Note			1.375		11/15/31		24,091
	10,000,000		United States Treasury Note			1.125		08/15/40		8,731
	1,950,000		United States Treasury Note			1.875		02/15/41		1,930
	9,950,000		United States Treasury Note			1.750		08/15/41		9,647
	9,930,000		United States Treasury Note			1.250		05/15/50		8,432
	125,979,000	d	United States Treasury Note			2.000		08/15/51		128,420
	80,000,000		United States Treasury Note			1.875		11/15/51		79,363
			TOTAL U.S. TREASURY SECURITIES							1,036,682

			TOTAL GOVERNMENT BONDS							5,008,477
			(Cost $4,890,435)

STRUCTURED ASSETS - 18.0%

ASSET BACKED - 7.6%
	7,100,000	g,i	AIMCO CLO 16 Ltd	LIBOR 3 M + 1.650%		0.000		01/17/35		7,095
			Series - 2021 16A (Class B)
	8,000,000	g,i	AIMCO CLO Ltd	LIBOR 3 M + 1.550%		1.672		01/17/32		8,000
			Series - 2020 12A (Class B)
	7,500,000	g,i	AIMCO CLO Series	LIBOR 3 M + 1.500%		1.632		04/20/34		7,363
			Series - 2017 AA (Class BR)
	2,000,000	g,i	Allegany Park CLO Ltd	LIBOR 3 M + 1.330%		1.462		01/20/33		2,000
			Series - 2019 1A (Class A)
	4,120,000		AmeriCredit Automobile Receivables Trust			2.130		03/18/26		4,171
			Series - 2020 2 (Class D)
	6,190,000		AmeriCredit Automobile Receivables Trust			1.490		09/18/26		6,202
			Series - 2020 3 (Class D)

410

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	2,121,964	g	AMSR Trust			1.819	%	04/17/37	$	2,121
			Series - 2020 SFR1 (Class A)
	3,499,000	g	AMSR Trust			3.148		01/19/39		3,597
			Series - 2019 SFR1 (Class C)
	3,347,000	g	AMSR Trust			3.247		01/19/39		3,420
			Series - 2019 SFR1 (Class D)
	74,236	†,g	Asset Backed Funding Corp NIM Trust			5.900		07/26/35		0	^
			Series - 2005 WMC1 (Class N1)
	4,000,000	g	Avis Budget Rental Car Funding AESOP LLC			3.450		03/20/23		4,016
			Series - 2019 1A (Class A)
	12,000,000	g	Avis Budget Rental Car Funding AESOP LLC			3.070		09/20/23		12,152
			Series - 2017 1A (Class A)
	32,000,000	g	Avis Budget Rental Car Funding AESOP LLC			2.970		03/20/24		32,649
			Series - 2017 2A (Class A)
	9,500,000	g	Avis Budget Rental Car Funding AESOP LLC			1.380		08/20/27		9,329
			Series - 2021 1A (Class A)
	2,310,191	i	Bear Stearns Asset Backed Securities Trust	LIBOR 1 M + 1.005%		1.107		04/25/36		2,308
			Series - 2006 SD1 (Class M1)
	4,400,000	g	BHG Securitization Trust			1.670		10/17/34		4,327
			Series - 2021 B (Class B)
	2,760,650	g	BRE Grand Islander Timeshare Issuer LLC			3.280		09/26/33		2,840
			Series - 2019 A (Class A)
	6,331,345	g	Capital Automotive REIT			3.870		04/15/47		6,332
			Series - 2017 1A (Class A1)
	12,315,482	g	Capital Automotive REIT			2.690		02/15/50		12,467
			Series - 2020 1A (Class A1)
	5,947,859	g	Capital Automotive REIT			1.440		08/15/51		5,782
			Series - 2021 1A (Class A1)
	4,230,000	g	Capital Automotive REIT			1.920		08/15/51		4,163
			Series - 2021 1A (Class A3)
	6,946,922		CarMax Auto Owner Trust			1.890		12/16/24		7,009
			Series - 2020 1 (Class A3)
	9,900,000	g	Cars Net Lease Mortgage Notes Series			2.010		12/15/50		9,694
			Series - 2020 1A (Class A1)
	5,000,000		Carvana Auto Receivables Trust			0.970		03/10/28		4,944
			Series - 2021 N2 (Class A2)
	1,000,000		Carvana Auto Receivables Trust			1.270		03/10/28		991
			Series - 2021 N2 (Class D)
	4,150,000	g,i	Cayuga Park CLO Ltd	LIBOR 3 M + 1.650%		1.000		07/17/34		4,135
			Series - 2020 1A (Class B1R)
	864,047	i	C-BASS Trust	LIBOR 1 M + 0.160%		0.262		07/25/36		845
			Series - 2006 CB6 (Class A1)
	17,581,617	g	CF Hippolyta LLC			1.690		07/15/60		17,440
			Series - 2020 1 (Class A1)
	5,218,047	g	CF Hippolyta LLC			1.990		07/15/60		5,125
			Series - 2020 1 (Class A2)
	3,010,046	g	CF Hippolyta LLC			2.280		07/15/60		3,007
			Series - 2020 1 (Class B1)
	19,290,107	g	CF Hippolyta LLC			1.530		03/15/61		18,928
			Series - 2021 1A (Class A1)
	4,581,400	g	CF Hippolyta LLC			1.980		03/15/61		4,513
			Series - 2021 1A (Class B1)
	428,194	i	Chase Funding Mortgage Loan Asset-Backed Certificates			5.700		02/26/35		462
			Series - 2004 2 (Class 1M2)
	50,500,000		Chase Issuance Trust			1.530		01/15/25		50,983
			Series - 2020 A1 (Class A1)

411

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	1,500,000	g,i	CIFC Funding Ltd	LIBOR 3 M + 1.220%		1.352	%	07/20/30	$	1,500
			Series - 2017 3A (Class A1)
	2,000,000	g,i	CIFC Funding Ltd	LIBOR 3 M + 1.600%		1.722		11/16/30		2,000
			Series - 2017 5A (Class A2)
	123,846		CIT Group Home Equity Loan Trust (Step Bond)			6.200		02/25/30		126
			Series - 2002 1 (Class AF6)
	8,143,748	g	Corevest American Finance Trust			1.832		03/15/50		8,130
			Series - 2020 1 (Class A1)
	8,123,025	g	DB Master Finance LLC			4.021		05/20/49		8,408
			Series - 2019 1A (Class A2II)
	37,500,000	g	DB Master Finance LLC			2.045		11/20/51		36,641
			Series - 2021 1A (Class A2I)
	29,600,000	g	DB Master Finance LLC			2.493		11/20/51		29,468
			Series - 2021 1A (Class A2II)
	1,995,769	g	Diamond Resorts Owner Trust			3.700		01/21/31		2,032
			Series - 2018 1 (Class A)
	4,895,303	g	Diamond Resorts Owner Trust			2.890		02/20/32		4,973
			Series - 2019 1A (Class A)
	700,513	g	Diamond Resorts Owner Trust			2.700		11/21/33		697
			Series - 2021 1A (Class C)
	28,432,125	g	Domino’s Pizza Master Issuer LLC			2.662		04/25/51		28,552
			Series - 2021 1A (Class A2I)
	3,800,000	g,i	Dryden 49 Senior Loan Fund	LIBOR 3 M + 1.600%		1.722		07/18/30		3,800
			Series - 2017 49A (Class BR)
	4,000,000	g	DT Auto Owner Trust			0.840		10/15/26		3,966
			Series - 2021 1A (Class C)
	1,656,514	g,i	Ellington Loan Acquisition Trust	LIBOR 1 M + 1.100%		1.202		05/25/37		1,657
			Series - 2007 2 (Class A2C)
	10,240,156	g	FCI Funding LLC			1.130		04/15/33		10,185
			Series - 2021 1A (Class A)
	9,008,511	†,g	FNA VI LLC			1.350		01/10/32		8,912
			Series - 2021 1A (Class A)
	17,050,000	g	Ford Credit Auto Owner Trust			2.360		03/15/29		17,266
			Series - 2017 2 (Class A)
	12,000,000		Ford Credit Floorplan Master Owner Trust			2.230		09/15/24		12,143
			Series - 2019 3 (Class A1)
	1,563,379		GM Financial Automobile Leasing Trust			1.670		12/20/22		1,567
			Series - 2020 1 (Class A3)
	6,471,487		GM Financial Consumer Automobile Receivables Trust			1.840		09/16/24		6,525
			Series - 2020 1 (Class A3)
	2,000,000	g,i	GoldenTree Loan Opportunities IX Ltd	LIBOR 3 M + 1.110%		1.239		10/29/29		2,001
			Series - 2014 9A (Class AR2)
	4,000,000	g	GSCG Trust			2.936		09/06/34		4,096
			Series - 2019 600C (Class A)
	335,760	g	HERO Funding Trust			3.280		09/20/48		344
			Series - 2017 2A (Class A1)
	671,520	g	HERO Funding Trust			4.070		09/20/48		696
			Series - 2017 2A (Class A2)
	24,000,000	g	Hertz Vehicle Financing LLC			1.210		12/26/25		23,763
			Series - 2021 1A (Class A)
	2,406,511	g	Hilton Grand Vacations Trust			2.660		12/26/28		2,439
			Series - 2017 AA (Class A)
	2,075,616	g	Hilton Grand Vacations Trust			2.960		12/26/28		2,101
			Series - 2017 AA (Class B)
	5,026,430	g	Hilton Grand Vacations Trust			2.340		07/25/33		5,091
			Series - 2019 AA (Class A)

412

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	514,619	i	Home Equity Asset Trust	LIBOR 1 M + 1.500%		3.986	%	06/25/33	$	518
			Series - 2003 1 (Class M1)
	1,499,931	g,i	Invitation Homes Trust	LIBOR 1 M + 1.250%		1.359		01/17/38		1,500
			Series - 2018 SFR4 (Class B)
	4,442,950	g	JG Wentworth XXII LLC			3.820		12/15/48		4,589
			Series - 2010 3A (Class A)
	4,625,085	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.320%		0.422		03/25/37		4,613
			Series - 2007 CH3 (Class A1B)
	11,253,035	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.160%		0.262		06/25/37		11,122
			Series - 2007 CH5 (Class A1)
	5,000,000	g,i	KKR Clo 32 Ltd	LIBOR 3 M + 1.750%		1.874		01/15/32		5,000
			Series - 2020 32A (Class B)
	12,500,000	g,i	Madison Park Funding X Ltd	LIBOR 3 M + 1.600%		1.732		01/20/29		12,500
			Series - 2012 10A (Class BR3)
	5,500,000	g,i	Madison Park Funding XXI Ltd	LIBOR 3 M + 1.650%		0.000		10/15/32		5,500
			Series - 2016 21A (Class A2RR)
	530,000	g,i	Magnetite XVIII Ltd	LIBOR 3 M + 1.500%		1.656		11/15/28		530
			Series - 2016 18A (Class BR)
	3,500,000	g,i	Massachusetts St	LIBOR 3 M + 1.650%		0.000		01/15/35		3,487
			Series - 2021 3A (Class B)
	6,385,526	g	MVW LLC			1.140		01/22/41		6,262
			Series - 2021 1WA (Class A)
	1,991,085	g	MVW Owner Trust			2.420		12/20/34		2,012
			Series - 2017 1A (Class A)
	2,238,335	g	MVW Owner Trust			3.450		01/21/36		2,301
			Series - 2018 1A (Class A)
	2,385,331	g	MVW Owner Trust			2.890		11/20/36		2,418
			Series - 2019 1A (Class A)
	7,852,973	g	MVW Owner Trust			2.220		10/20/38		7,937
			Series - 2019 2A (Class A)
	4,694,691	g	Navient Private Education Refi Loan Trust			1.310		01/15/69		4,676
			Series - 2020 HA (Class A)
	7,577,963	g	Navient Private Education Refi Loan Trust			0.840		05/15/69		7,482
			Series - 2021 A (Class A)
	3,507,906	g	Navient Student Loan Trust			3.390		12/15/59		3,614
			Series - 2019 BA (Class A2A)
	8,600,000	g,i	Neuberger Berman Loan Advisers CLO 31 Ltd	LIBOR 3 M + 1.550%		1.682		04/20/31		8,601
			Series - 2019 31A (Class BR)
	6,650,000	g,i	OHA Credit Funding 10 Ltd	LIBOR 3 M + 1.650%		0.000		01/18/36		6,634
			Series - 2021 10A (Class B)
	9,500,000	g,i	OHA Credit Funding 7 Ltd	LIBOR 3 M + 1.250%		1.374		10/19/32		9,501
			Series - 2020 7A (Class A)
	17,005,000	g	OneMain Financial Issuance Trust			3.840		05/14/32		17,389
			Series - 2020 1A (Class A)
	17,350,000	g	OneMain Financial Issuance Trust			1.750		09/14/35		17,237
			Series - 2020 2A (Class A)
	5,000,000	g	Oportun Funding XIV LLC			1.210		03/08/28		4,989
			Series - 2021 A (Class A)
	682,172	g	Orange Lake Timeshare Trust			3.100		11/08/30		695
			Series - 2018 A (Class A)
	20,500,000	g	PFS Financing Corp			1.270		06/15/25		20,583
			Series - 2020 A (Class A)
	9,000,000	g	PFS Financing Corp			1.000		10/15/25		8,968
			Series - 2020 E (Class A)
	9,861,000	g	PFS Financing Corp			0.970		02/15/26		9,805
			Series - 2020 G (Class A)

413

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	2,809,000	g	Progress Residential Trust			2.937	%	10/17/36	$	2,837
			Series - 2019 SFR4 (Class B)
	5,385,000	g	Progress Residential Trust			2.082		10/17/38		5,265
			Series - 2021 SFR8 (Class D)
	1,450,000	g	Progress Residential Trust			2.711		11/17/40		1,414
			Series - 2021 SFR9 (Class D)
	1,000,000	g	Purchasing Power Funding LLC			4.370		10/15/25		1,001
			Series - 2021 A (Class D)
	1,347,256	i	RASC Trust	LIBOR 1 M + 0.590%		3.080		08/25/35		1,347
			Series - 2005 KS8 (Class M4)
	12,653	i	Renaissance Home Equity Loan Trust	LIBOR 1 M + 0.880%		0.972		08/25/33		13
			Series - 2003 2 (Class A)
	15,420,000		Santander Drive Auto Receivables Trust			2.220		09/15/26		15,644
			Series - 2020 2 (Class D)
	3,690,000		Santander Drive Auto Receivables Trust			1.480		01/15/27		3,701
			Series - 2020 4 (Class D)
	34,000,000		Santander Drive Auto Receivables Trust			1.670		10/15/27		33,771
			Series - 2021 4 (Class D)
	24,875,000	g	SERVPRO Master Issuer LLC			2.394		04/25/51		24,443
			Series - 2021 1A (Class A2)
	3,858,833	g	Sierra Timeshare Receivables Funding LLC			2.910		03/20/34		3,861
			Series - 2017 1A (Class A)
	1,778,887	g	Sierra Timeshare Receivables Funding LLC			3.200		03/20/34		1,780
			Series - 2017 1A (Class B)
	2,023,868	g	Sierra Timeshare Receivables Funding LLC			3.500		06/20/35		2,070
			Series - 2018 2A (Class A)
	2,315,104	g	Sierra Timeshare Receivables Funding LLC			3.200		01/20/36		2,367
			Series - 2019 1A (Class A)
	3,484,963	g	Sierra Timeshare Receivables Funding LLC			2.590		05/20/36		3,524
			Series - 2019 2A (Class A)
	2,129,679	g	Sierra Timeshare Receivables Funding LLC			2.340		08/20/36		2,142
			Series - 2019 3A (Class A)
	2,848,778	g	Sierra Timeshare Receivables Funding LLC			0.990		11/20/37		2,824
			Series - 2021 1A (Class A)
	3,088,843	g	Sierra Timeshare Receivables Funding LLC			1.340		11/20/37		3,042
			Series - 2021 1A (Class B)
	1,712,468	g	Sierra Timeshare Receivables Funding LLC			1.790		11/20/37		1,691
			Series - 2021 1A (Class C)
	64,074	g	SMB Private Education Loan Trust			2.490		06/15/27		64
			Series - 2015 A (Class A2A)
	463,256	g	SMB Private Education Loan Trust			2.750		07/15/27		464
			Series - 2015 C (Class A2A)
	4,923,360	g	SMB Private Education Loan Trust			2.430		02/17/32		4,987
			Series - 2016 B (Class A2A)
	7,432,092	g	SMB Private Education Loan Trust			2.880		09/15/34		7,545
			Series - 2017 A (Class A2A)
	7,876,350	g	SMB Private Education Loan Trust			2.820		10/15/35		8,025
			Series - 2017 B (Class A2A)
	3,464,402	g	SMB Private Education Loan Trust			3.500		02/15/36		3,589
			Series - 2018 A (Class A2A)
	2,675,750	g	SoFi Professional Loan Program LLC			2.340		04/25/33		2,704
			Series - 2016 D (Class A2B)
	813,067	g	SoFi Professional Loan Program LLC			2.490		01/25/36		817
			Series - 2016 E (Class A2B)
	595,475	g	SoFi Professional Loan Program LLC			2.760		12/26/36		598
			Series - 2016 A (Class A2)

414

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	780,954	g	SoFi Professional Loan Program LLC			2.400	%	03/26/40	$	787
			Series - 2017 A (Class A2B)
	2,236,994	g	SoFi Professional Loan Program LLC			2.740		05/25/40		2,259
			Series - 2017 B (Class A2FX)
	841,352	g	SoFi Professional Loan Program LLC			2.630		07/25/40		849
			Series - 2017 C (Class A2B)
	3,009,586	g	SoFi Professional Loan Program LLC			2.720		11/26/40		3,041
			Series - 2017 E (Class A2B)
	4,894,959	g	SoFi Professional Loan Program LLC			2.840		01/25/41		4,979
			Series - 2017 F (Class A2FX)
	9,073,392	g	SoFi Professional Loan Program LLC			2.950		02/25/42		9,197
			Series - 2018 A (Class A2B)
	3,144,100	g	SoFi Professional Loan Program LLC			3.690		06/15/48		3,221
			Series - 2019 A (Class A2FX)
	6,394,069	g	SpringCastle America Funding LLC			1.970		09/25/37		6,362
			Series - 2020 AA (Class A)
	9,021,000	g	SpringCastle America Funding LLC			2.660		09/25/37		9,078
			Series - 2020 AA (Class B)
	9,000,000	g	Stack Infrastructure Issuer LLC			1.893		08/25/45		8,844
			Series - 2020 1A (Class A2)
	5,875,000	g	Stack Infrastructure Issuer LLC			1.877		03/26/46		5,776
			Series - 2021 1A (Class A2)
	150,851	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 0.900%		1.002		09/25/34		150
			Series - 2004 8 (Class M1)
	653,857	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 1.000%		1.102		09/25/34		658
			Series - 2004 8 (Class A9)
	3,500,000		Synchrony Credit Card Master Note Trust			2.620		10/15/25		3,559
			Series - 2017 2 (Class A)
	1,814,500	g	Taco Bell Funding LLC			4.970		05/25/46		1,893
			Series - 2016 1A (Class A23)
	26,870,000	g	Taco Bell Funding LLC			1.946		08/25/51		26,340
			Series - 2021 1A (Class A2I)
	16,410,000	g	Taco Bell Funding LLC			2.294		08/25/51		16,221
			Series - 2021 1A (Class A2II)
	9,756,680	g	Tesla Auto Lease Trust			2.160		10/20/22		9,796
			Series - 2019 A (Class A3)
	7,800,000	g	Tesla Auto Lease Trust			0.680		12/20/23		7,802
			Series - 2020 A (Class A3)
	2,300,000	g	Tesla Auto Lease Trust			0.780		12/20/23		2,301
			Series - 2020 A (Class A4)
	7,000,000	g,i	TICP CLO VIII Ltd	LIBOR 3 M + 1.700%		0.000		10/20/34		6,985
			Series - 2017 8A (Class A2R)
	3,822,277	g	Tricon American Homes Trust			2.928		01/17/36		3,843
			Series - 2017 SFR2 (Class A)
	1,050,000	g	Tricon American Homes Trust			3.275		01/17/36		1,056
			Series - 2017 SFR2 (Class B)
	1,275,000	g	Tricon American Homes Trust			2.049		07/17/38		1,253
			Series - 2020 SFR1 (Class B)
	44,800,000		Verizon Owner Trust			1.850		07/22/24		45,136
			Series - 2020 A (Class A1A)
	440,000		Verizon Owner Trust			0.770		04/21/25		436
			Series - 2020 C (Class C)
	7,750,000	g,i	Vitality Re IX Ltd Series - 2020 A (Class )	U.S. Treasury Bill 3 M + 1.600%		1.628		01/10/22		7,748

415

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	3,500,000	g,i	Vitality Re X Ltd	U.S. Treasury Bill 3 M + 1.750%		1.778	%	01/10/23	$	3,429
			Series - 2020 A (Class )
	19,631,350	g	Wendy’s Funding LLC			2.370		06/15/51		19,178
			Series - 2021 1A (Class A2I)
			TOTAL ASSET BACKED							1,041,659

OTHER MORTGAGE BACKED - 10.4%
	3,000,000	g,i	20 Times Square Trust			3.100		05/15/35		2,989
			Series - 2018 20TS (Class B)
	12,000,000	g,i	20 TSQ GROUNDCO LLC			3.100		05/15/35		11,553
			Series - 2018 20TS (Class E)
	2,919,630	g,i	ACRE Commercial Mortgage Ltd	LIBOR 1 M + 0.830%		0.934		12/18/37		2,906
			Series - 2021 FL4 (Class A)
	1,409,003	g,i	Agate Bay Mortgage Trust			3.500		09/25/45		1,408
			Series - 2015 6 (Class A9)
	5,000,000	g,i	Alen Mortgage Trust	LIBOR 1 M + 2.250%		2.360		04/15/34		4,991
			Series - 2021 ACEN (Class C)
	482,058	i	Alternative Loan Trust	LIBOR 1 M + 0.750%		0.852		06/25/34		494
			Series - 2004 8CB (Class M1)
	534,916	g,i	Atom Mortgage Securities DAC	SONIA Interest Rate Benchmark + 1.900%		0.000		07/22/31		722
			Series - 2021 1A (Class D)
	667,340	i	BANK			3.925		11/15/50		712
			Series - 2017 BNK8 (Class B)
	2,500,000	i	BANK			4.069		11/15/50		2,608
			Series - 2017 BNK8 (Class C)
	3,800,000		BANK			3.203		12/15/52		4,008
			Series - 2019 BN23 (Class AS)
	1,000,000	i	BANK			3.851		07/15/60		1,038
			Series - 2017 BNK6 (Class C)
	2,000,000		BANK			2.758		09/15/62		2,065
			Series - 2019 BN20 (Class A2)
	8,000,000	i	BANK			3.283		11/15/62		8,505
			Series - 2019 BN24 (Class AS)
	772,000	i	BANK			3.517		11/15/62		793
			Series - 2019 BN24 (Class C)
	7,381,376	g,i	Bayview MSR Opportunity Master Fund Trust			3.000		10/25/51		7,492
			Series - 2021 6 (Class A19)
	1,250,000	g,i	BBCMS Mortgage Trust			4.267		08/05/38		1,096
			Series - 2018 CHRS (Class E)
	5,000,000		BBCMS Mortgage Trust			3.488		02/15/50		5,259
			Series - 2017 C1 (Class ASB)
	452,658	i	Bear Stearns Commercial Mortgage Securities Trust			5.214		02/11/41		450
			Series - 2005 PWR7 (Class B)
	4,600,000	g,i	Benchmark Mortgage Trust			2.791		09/15/48		4,691
			Series - 2020 IG2 (Class AM)
	2,740,000	g,i	Benchmark Mortgage Trust			3.131		09/15/48		2,820
			Series - 2020 IG3 (Class AS)
	2,500,000	g,i	Benchmark Mortgage Trust			3.536		09/15/48		2,565
			Series - 2020 IG3 (Class BXA)
	1,445,000		Benchmark Mortgage Trust			4.232		01/15/52		1,635
			Series - 2018 B8 (Class A5)

416

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	3,452,143		Benchmark Mortgage Trust			4.016	%	03/15/52	$	3,875
			Series - 2019 B9 (Class A5)
	1,500,000		Benchmark Mortgage Trust			3.419		08/15/52		1,607
			Series - 2019 B12 (Class AS)
	830,000		Benchmark Mortgage Trust			4.241		05/15/53		923
			Series - 2018 B7 (Class A3)
	5,921,744	i	Benchmark Mortgage Trust			4.510		05/15/53		6,802
			Series - 2018 B7 (Class A4)
	1,000,000		Benchmark Mortgage Trust			2.355		07/15/54		968
			Series - 2021 B27 (Class B)
	10,000,000	i	Benchmark Mortgage Trust			2.244		08/15/54		9,564
			Series - 2021 B28 (Class B)
	10,000,000		Benchmark Mortgage Trust			2.429		08/15/54		9,979
			Series - 2021 B28 (Class AS)
	3,000,000	i	BENCHMARK Mortgage Trust			4.197		02/15/51		3,186
			Series - 2018 B2 (Class C)
	9,500,000		BMARK A5			2.612		09/15/54		9,611
			Series - 2021 B29 (Class AS)
	5,000,000	g,i	BX Commercial Mortgage Trust	LIBOR 1 M + 0.921%		1.021		12/15/28		4,998
			Series - 2021 CIP (Class A)
	7,500,000	g,i	BX Commercial Mortgage Trust	LIBOR 1 M + 1.271%		1.371		12/15/28		7,498
			Series - 2021 CIP (Class B)
	1,668,475	g,i	BX Commercial Mortgage Trust	LIBOR 1 M + 0.920%		1.030		10/15/36		1,669
			Series - 2019 XL (Class A)
	1,325,000	g	BXP Trust			3.459		08/13/37		1,412
			Series - 2017 CC (Class A)
	5,000,000	g	BXP Trust			2.618		01/15/44		5,089
			Series - 2021 601L (Class A)
	15,000,000	g,i	BXP Trust			2.775		01/15/44		14,430
			Series - 2021 601L (Class C)
	8,000,000	g,i	BXP Trust			2.775		01/15/44		7,374
			Series - 2021 601L (Class D)
	4,835,643		CD Mortgage Trust			2.622		08/10/49		4,958
			Series - 2016 CD1 (Class ASB)
	9,000,000		CD Mortgage Trust			2.926		08/10/49		9,250
			Series - 2016 CD1 (Class AM)
	5,750,000	i	CD Mortgage Trust			3.879		11/10/49		5,955
			Series - 2016 CD2 (Class B)
	1,000,000	i	CD Mortgage Trust			3.983		11/10/49		1,007
			Series - 2016 CD2 (Class C)
	999,983		CD Mortgage Trust			3.453		02/10/50		1,047
			Series - 2017 CD3 (Class AAB)
	500,000	i	CD Mortgage Trust			4.555		02/10/50		506
			Series - 2017 CD3 (Class C)
	5,000,000		CD Mortgage Trust			3.220		08/15/50		5,229
			Series - 2017 CD5 (Class AAB)
	3,457,000		CD Mortgage Trust			2.812		08/15/57		3,603
			Series - 2019 CD8 (Class ASB)
	914,076		CFCRE Commercial Mortgage Trust			3.121		05/10/58		934
			Series - 2016 C4 (Class AHR)
	517,339	i	CHL Mortgage Pass-Through Trust			2.510		02/20/35		522
			Series - 2004 HYB9 (Class 1A1)
	2,500,000	g,i	Citigroup Commercial Mortgage Trust			3.518		05/10/35		2,544
			Series - 2013 375P (Class B)
	5,750,000	g	Citigroup Commercial Mortgage Trust			3.341		05/10/36		5,961
			Series - 2019 PRM (Class A)

417

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	1,054,000	i	Citigroup Commercial Mortgage Trust			3.732	%	04/10/46	$	1,074
			Series - 2013 GC11 (Class B)
	2,400,000		Citigroup Commercial Mortgage Trust			4.023		03/10/47		2,521
			Series - 2014 GC19 (Class A4)
	1,700,000	i	Citigroup Commercial Mortgage Trust			3.758		04/10/48		1,776
			Series - 2015 GC29 (Class B)
	3,000,000	i	Citigroup Commercial Mortgage Trust			4.142		04/10/48		3,108
			Series - 2015 GC29 (Class C)
	5,300,000		Citigroup Commercial Mortgage Trust			3.243		08/15/50		5,559
			Series - 2017 B1 (Class AAB)
	6,765,000		Citigroup Commercial Mortgage Trust			3.764		10/12/50		7,232
			Series - 2017 C4 (Class AS)
	2,000,000		Citigroup Commercial Mortgage Trust			3.778		09/10/58		2,142
			Series - 2015 GC33 (Class A4)
	406,726	i	Citigroup Mortgage Loan Trust	LIBOR 1 M + 0.750%		0.852		01/25/36		407
			Series - 2006 WFH1 (Class M4)
	5,000,000	g	COMM Mortgage Trust			3.244		10/10/29		5,097
			Series - 2017 PANW (Class A)
	2,000,000	i	COMM Mortgage Trust			4.255		07/10/45		2,075
			Series - 2013 CR9 (Class A4)
	3,727,236		COMM Mortgage Trust			2.853		10/15/45		3,767
			Series - 2012 CR4 (Class A3)
	1,185,000	g	COMM Mortgage Trust			3.147		03/10/46		1,206
			Series - 2013 CR6 (Class AM)
	3,359,721	g,i	COMM Mortgage Trust			3.929		06/10/46		3,457
			Series - 2013 CR8 (Class B)
	2,000,000	g,i	COMM Mortgage Trust			4.900		08/10/46		2,089
			Series - 2013 CR10 (Class B)
	5,000,000	g,i	COMM Mortgage Trust			4.900		08/10/46		5,181
			Series - 2013 CR10 (Class C)
	3,000,000		COMM Mortgage Trust			4.199		03/10/47		3,137
			Series - 2014 UBS2 (Class AM)
	750,000		COMM Mortgage Trust			4.174		05/10/47		787
			Series - 2014 CR17 (Class AM)
	2,500,000	g,i	COMM Mortgage Trust			4.767		06/10/47		2,433
			Series - 2014 UBS3 (Class D)
	5,240,000		COMM Mortgage Trust			3.917		10/10/47		5,562
			Series - 2014 LC17 (Class A5)
	5,000,000	i	COMM Mortgage Trust			4.188		10/10/47		5,288
			Series - 2014 LC17 (Class AM)
	2,288,546	i	COMM Mortgage Trust			4.490		10/10/47		2,398
			Series - 2014 LC17 (Class B)
	800,979	i	COMM Mortgage Trust			3.829		02/10/48		834
			Series - 2015 LC19 (Class B)
	1,000,000	g	COMM Mortgage Trust			3.000		03/10/48		889
			Series - 2015 CR22 (Class E)
	1,445,000		COMM Mortgage Trust			3.309		03/10/48		1,519
			Series - 2015 CR22 (Class A5)
	3,382,775	i	COMM Mortgage Trust			3.603		03/10/48		3,556
			Series - 2015 CR22 (Class AM)
	2,175,000	i	COMM Mortgage Trust			4.106		03/10/48		2,256
			Series - 2015 CR22 (Class C)
	7,150,000		COMM Mortgage Trust			3.801		05/10/48		7,573
			Series - 2015 CR23 (Class AM)
	4,500,000	i	COMM Mortgage Trust			4.183		05/10/48		4,705
			Series - 2015 CR23 (Class B)

418

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	2,549,000	i	COMM Mortgage Trust			4.286	%	05/10/48	$	2,659
			Series - 2015 CR23 (Class C)
	3,401,846		COMM Mortgage Trust			3.421		07/10/48		3,515
			Series - 2015 LC21 (Class ASB)
	4,000,000	i	COMM Mortgage Trust			3.463		08/10/48		3,694
			Series - 2015 CR24 (Class D)
	2,550,000		COMM Mortgage Trust			3.696		08/10/48		2,711
			Series - 2015 CR24 (Class A5)
	5,000,000	i	COMM Mortgage Trust			4.028		08/10/48		5,320
			Series - 2015 CR24 (Class AM)
	2,000,000	i	COMM Mortgage Trust			4.379		08/10/48		2,127
			Series - 2015 CR24 (Class B)
	1,467,000	i	COMM Mortgage Trust			4.379		08/10/48		1,513
			Series - 2015 CR24 (Class C)
	1,352,000		COMM Mortgage Trust			3.612		10/10/48		1,441
			Series - 2015 CR27 (Class A4)
	3,212,210		COMM Mortgage Trust			3.630		10/10/48		3,423
			Series - 2015 CR26 (Class A4)
	1,575,000		COMM Mortgage Trust			3.774		10/10/48		1,689
			Series - 2015 LC23 (Class A4)
	1,875,000	i	COMM Mortgage Trust			4.478		10/10/48		2,005
			Series - 2015 CR26 (Class B)
	1,005,000	i	COMM Mortgage Trust			4.609		10/10/48		1,055
			Series - 2015 LC23 (Class C)
	1,023,765		COMM Mortgage Trust			3.651		02/10/49		1,067
			Series - 2016 CR28 (Class AHR)
	4,650,000	i	COMM Mortgage Trust			4.638		02/10/49		5,025
			Series - 2016 CR28 (Class B)
	6,500,000		COMM Mortgage Trust			3.263		08/15/57		6,860
			Series - 2019 GC44 (Class AM)
	2,000,000	i	COMM Mortgage Trust			3.526		08/15/57		2,031
			Series - 2019 GC44 (Class C)
	11,705,644	i	Connecticut Avenue Securities	LIBOR 1 M + 2.600%		2.703		05/25/24		11,924
			Series - 2014 C02 (Class 1M2)
	8,148,869	i	Connecticut Avenue Securities	LIBOR 1 M + 3.000%		3.103		07/25/24		8,274
			Series - 2014 C03 (Class 1M2)
	1,870,000	g,i	Connecticut Avenue Securities			3.350		11/25/41		1,884
			Series - 2021 R02 (Class 2B1)
	2,105,000	g,i	Connecticut Avenue Securities Trust			1.600		10/25/41		2,107
			Series - 2021 R01 (Class 1M2)
	3,070,000	g,i	Connecticut Avenue Securities Trust			2.800		12/25/41		3,070
			Series - 2021 R03 (Class 1B1)
	2,000,000	g,i	CPT Mortgage Trust			2.997		11/13/39		1,904
			Series - 2019 CPT (Class E)
	7,400,000	g,i	Credit Suisse Commercial Mortgage Trust			3.728		11/10/32		7,599
			Series - 2017 CALI (Class B)
	5,189,839	g,i	Credit Suisse Commercial Mortgage Trust			3.500		02/25/48		5,234
			Series - 2018 J1 (Class A11)
	1,910,000	g,i	Credit Suisse Mortgage Capital Certificates	LIBOR 1 M + 1.600%		1.710		05/15/36		1,903
			Series - 2019 ICE4 (Class D)
	10,000,000	g,i	Credit Suisse Mortgage Capital Certificates			2.405		10/25/66		9,991
			Series - 2021 NQM8 (Class A3)
	4,270,400	g,i	CSMC Series			3.388		10/25/59		4,321
			Series - 2019 NQM1 (Class M1)

419

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	9,250,000		DBGS Mortgage Trust			4.466	%	10/15/51	$	10,569
			Series - 2018 C1 (Class A4)
	10,275,090		DBJPM Mortgage Trust			2.756		08/10/49		10,527
			Series - 2016 C3 (Class ASB)
	10,000,000		DBJPM Mortgage Trust			3.121		06/10/50		10,449
			Series - 2017 C6 (Class ASB)
	5,300,000		DBJPM Mortgage Trust			2.340		08/15/53		5,256
			Series - 2020 C9 (Class AM)
	17,410,000	g	DBUBS Mortgage Trust			3.452		10/10/34		18,100
			Series - 2017 BRBK (Class A)
	15,500,000	g,i	DBUBS Mortgage Trust			3.530		10/10/34		16,021
			Series - 2017 BRBK (Class B)
	5,000,000	g,i	ELP Commercial Mortgage Trust	LIBOR 1 M + 1.120%		1.230		11/15/38		4,970
			Series - 2021 ELP (Class B)
	7,000,000	g,i	ELP Commercial Mortgage Trust	LIBOR 1 M + 1.320%		1.430		11/15/38		6,959
			Series - 2021 ELP (Class C)
	7,520,000	g,i	ELP Commercial Mortgage Trust	LIBOR 1 M + 2.118%		2.228		11/15/38		7,475
			Series - 2021 ELP (Class E)
	500,000	g,i	ELP Commercial Mortgage Trust	LIBOR 1 M + 2.667%		2.777		11/15/38		497
			Series - 2021 ELP (Class F)
	5,000,000	g,i	EQUS Mortgage Trust	LIBOR 1 M + 0.755%		0.865		10/15/38		4,976
			Series - 2021 EQAZ (Class A)
	4,730,000	g,i	EQUS Mortgage Trust	LIBOR 1 M + 2.300%		2.410		10/15/38		4,708
			Series - 2021 EQAZ (Class E)
	1,333,871	i	Fieldstone Mortgage Investment Trust	LIBOR 1 M + 0.735%		0.837		12/25/35		1,331
			Series - 2005 2 (Class M2)
	517,834	g,i	FirstKey Mortgage Trust			3.500		11/25/44		524
			Series - 2014 1 (Class A8)
	2,493,086	g,i	Flagstar Mortgage Trust			4.080		10/25/47		2,520
			Series - 2017 2 (Class B3)
	286,852	g,i	Flagstar Mortgage Trust			4.000		09/25/48		288
			Series - 2018 5 (Class A11)
	3,540,750	g,i	Flagstar Mortgage Trust			2.500		04/25/51		3,509
			Series - 2021 2 (Class A4)
	10,133,012	g,i	Flagstar Mortgage Trust			2.500		06/01/51		10,063
			Series - 2021 4 (Class A21)
	31,260,311	g,i	Flagstar Mortgage Trust			3.000		10/25/51		31,710
			Series - 2021 10IN (Class A1)
	5,725,000	g,i	Freddie Mac STACR REMIC Trust			2.100		12/25/33		5,736
			Series - 2021 HQA2 (Class M2)
	12,292,000	g,i	Freddie Mac STACR REMIC Trust			1.700		01/25/34		12,344
			Series - 2021 DNA5 (Class M2)
	750,000	g,i	FREMF Mortgage Trust			4.021		03/25/49		805
			Series - 2016 K53 (Class B)
	700,000	g,i	Frost CMBS DAC	SONIA Interest Rate Benchmark + 2.900%		0.000		11/22/26		948
			Series - 2021 1A (Class GBD)
	1,074,173	g,i	GS Mortage-Backed Securities Trust			3.687		05/25/50		1,090
			Series - 2020 PJ1 (Class B2)
	5,943,000	g	GS Mortgage Securities Corp II			3.551		04/10/34		5,943
			Series - 2012 ALOH (Class A)
	4,430,000	g	GS Mortgage Securities Corp II			2.954		11/05/34		4,473
			Series - 2012 BWTR (Class A)
	5,000,000	g,i	GS Mortgage Securities Corp II	LIBOR 1 M + 1.250%		1.360		11/15/36		4,947
			Series - 2021 ARDN (Class A)

420

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	2,600,000	g,i	GS Mortgage Securities Corp II	LIBOR 1 M + 3.350%		3.460	%	11/15/36	$	2,594
			Series - 2021 ARDN (Class E)
	2,500,000	g,i	GS Mortgage Securities Corp II			3.483		09/10/37		2,609
			Series - 2017 375H (Class B)
	1,350,000	i	GS Mortgage Securities Corp II			3.777		05/10/50		1,417
			Series - 2015 GC30 (Class AS)
	3,500,000	i	GS Mortgage Securities Corp II			4.155		07/10/51		3,939
			Series - 2018 GS10 (Class A5)
	5,235,000	g,i	GS Mortgage Securities Corp Trust	LIBOR 1 M + 1.600%		1.710		07/15/31		5,050
			Series - 2018 TWR (Class D)
	2,000,000	g,i	GS Mortgage Securities Trust	LIBOR 1 M + 1.450%		1.560		07/15/31		1,950
			Series - 2018 TWR (Class C)
	1,100,000		GS Mortgage Securities Trust			4.740		05/10/45		1,110
			Series - 2012 GCJ7 (Class B)
	951,166		GS Mortgage Securities Trust			3.206		02/10/48		978
			Series - 2015 GC28 (Class AAB)
	2,816,500		GS Mortgage Securities Trust			3.396		02/10/48		2,952
			Series - 2015 GC28 (Class A5)
	2,000,000	i	GS Mortgage Securities Trust			4.018		07/10/48		2,130
			Series - 2015 GC32 (Class AS)
	2,821,194		GS Mortgage Securities Trust			3.278		10/10/48		2,920
			Series - 2015 GC34 (Class AAB)
	2,000,000		GS Mortgage Securities Trust			3.143		10/10/49		2,079
			Series - 2016 GS3 (Class AS)
	2,000,000		GS Mortgage Securities Trust			3.674		03/10/50		2,165
			Series - 2017 GS5 (Class A4)
	4,150,000	i	GS Mortgage Securities Trust			3.826		03/10/50		4,436
			Series - 2017 GS5 (Class AS)
	12,000,000		GS Mortgage Securities Trust			3.230		05/10/50		12,554
			Series - 2017 GS6 (Class AAB)
	6,000,000		GS Mortgage Securities Trust			3.433		05/10/50		6,416
			Series - 2017 GS6 (Class A3)
	1,691,000	i	GS Mortgage Securities Trust			4.029		05/10/50		1,780
			Series - 2015 GC30 (Class B)
	4,061,000	i	GS Mortgage Securities Trust			4.073		05/10/50		4,202
			Series - 2015 GC30 (Class C)
	3,000,000		GS Mortgage Securities Trust			3.837		11/10/50		3,255
			Series - 2017 GS8 (Class ABP)
	4,844,000	i	GS Mortgage Securities Trust			4.335		11/10/50		5,133
			Series - 2017 GS8 (Class C)
	3,050,000	i	GS Mortgage Securities Trust			4.158		02/10/52		3,373
			Series - 2019 GC38 (Class AS)
	2,000,000	g,i	GS Mortgage Securities Trust			3.550		07/10/52		2,018
			Series - 2019 GC40 (Class DBC)
	2,500,000	i	GS Mortgage Securities Trust			3.173		02/13/53		2,646
			Series - 2020 GC45 (Class AS)
	357,759	g,i	GS Mortgage-Backed Securities Corp Trust			4.000		11/25/49		358
			Series - 2019 PJ2 (Class A1)
	934,538	g,i	GS Mortgage-Backed Securities Corp Trust			4.000		11/25/49		935
			Series - 2019 PJ2 (Class A4)
	1,298,695	g,i	GS Mortgage-Backed Securities Corp Trust			3.500		07/25/50		1,307
			Series - 2020 PJ2 (Class A4)
	1,189,452	g,i	GS Mortgage-Backed Securities Corp Trust			3.000		01/25/51		1,200
			Series - 2020 PJ4 (Class A4)

421

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	900,865	i	GS Mortgage-Backed Securities Corp Trust			3.000	%	03/27/51	$	910
			Series - 2020 PJ5 (Class A4)
	2,178,554	g,i	GS Mortgage-Backed Securities Corp Trust			2.500		05/25/51		2,157
			Series - 2020 PJ6 (Class A4)
	6,855,111	g,i	GS Mortgage-Backed Securities Corp Trust			2.500		10/25/51		6,795
			Series - 2021 PJ5 (Class A4)
	2,674,486	g,i	GS Mortgage-Backed Securities Trust			2.500		07/25/51		2,644
			Series - 2021 PJ2 (Class A4)
	24,349,330	g,i	GS Mortgage-Backed Securities Trust			2.500		01/25/52		24,157
			Series - 2021 PJ7 (Class A4)
	11,286,528	g,i	GS Mortgage-Backed Securities Trust			2.500		01/25/52		11,191
			Series - 2021 PJ8 (Class A4)
	19,907,777	g,i	GS MortSecurities Trust			2.500		11/25/51		19,745
			Series - 2021 PJ6 (Class A4)
	2,200,930	i	HarborView Mortgage Loan Trust	LIBOR 1 M + 0.620%		0.724		08/19/45		2,218
			Series - 2005 11 (Class 2A1A)
	6,000,000	g	Hudson Yards Mortgage Trust			2.835		08/10/38		6,222
			Series - 2016 10HY (Class A)
	2,500,000	g,i	Hudson Yards Mortgage Trust			2.977		08/10/38		2,580
			Series - 2016 10HY (Class B)
	7,250,000	g,i	Hudson Yards Mortgage Trust			2.977		08/10/38		7,379
			Series - 2016 10HY (Class C)
	5,500,000	g,i	Hudson Yards Mortgage Trust			2.943		12/10/41		5,397
			Series - 2019 55HY (Class D)
	2,750,000	g,i	Hudson Yards Mortgage Trust			2.943		12/10/41		2,643
			Series - 2019 55HY (Class E)
	363,150	i	Impac CMB Trust	LIBOR 1 M + 0.660%		0.762		03/25/35		372
			Series - 2004 11 (Class 2A1)
	4,838,603	g,i	Imperial Fund Mortgage Trust			2.051		10/25/55		4,843
			Series - 2020 NQM1 (Class A3)
	1,043,500	g,i	Imperial Fund Mortgage Trust			3.531		10/25/55		1,059
			Series - 2020 NQM1 (Class M1)
	1,000,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp			4.613		07/05/31		1,027
			Series - 2018 AON (Class D)
	7,715,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp			5.360		02/15/46		7,621
			Series - 2011 C3 (Class C)
	3,585,288	g,i	JP Morgan Chase Commercial Mortgage Securities Corp			5.389		07/15/46		3,705
			Series - 2011 C4 (Class C)
	2,800,000		JP Morgan Chase Commercial Mortgage Securities Corp			3.372		12/15/47		2,856
			Series - 2013 C10 (Class AS)
	1,780,000		JP Morgan Chase Commercial Mortgage Securities Corp			3.914		01/15/49		1,920
			Series - 2015 JP1 (Class A5)
	750,000	i	JP Morgan Chase Commercial Mortgage Securities Corp			4.119		01/15/49		802
			Series - 2015 JP1 (Class AS)
	6,251,595		JP Morgan Chase Commercial Mortgage Securities Corp			2.713		08/15/49		6,412
			Series - 2016 JP2 (Class ASB)
	4,500,000		JP Morgan Chase Commercial Mortgage Securities Corp			3.379		09/15/50		4,636
			Series - 2017 JP7 (Class A3)

422

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	3,155,000	g	JP Morgan Chase Commercial Mortgage Securities Trust			3.065	%	01/16/37	$	3,184
			Series - 2020 NNN (Class BFX)
	260,000	i	JP Morgan Chase Commercial Mortgage Securities Trust			4.077		01/15/46		270
			Series - 2013 C13 (Class AS)
	5,569,478	g,i	JP Morgan Mortgage Trust	LIBOR 1 M - 0.000%		2.116		12/25/44		5,673
			Series - 2015 1 (Class B1)
	319,846	g,i	JP Morgan Mortgage Trust			3.500		05/25/45		323
			Series - 2015 3 (Class A19)
	2,773,967	g,i	JP Morgan Mortgage Trust			3.500		10/25/45		2,765
			Series - 2015 6 (Class A13)
	595,738	g,i	JP Morgan Mortgage Trust			3.500		05/25/46		603
			Series - 2016 1 (Class A13)
	1,455,152	g,i	JP Morgan Mortgage Trust			3.500		05/25/47		1,465
			Series - 2017 2 (Class A13)
	1,889,670	g,i	JP Morgan Mortgage Trust			3.500		09/25/48		1,883
			Series - 2018 3 (Class A13)
	753,098	g,i	JP Morgan Mortgage Trust			3.500		10/25/48		757
			Series - 2018 4 (Class A13)
	3,235,030	g,i	JP Morgan Mortgage Trust			3.500		10/25/48		3,263
			Series - 2018 5 (Class A13)
	2,111,458	g,i	JP Morgan Mortgage Trust			3.063		10/26/48		2,175
			Series - 2017 5 (Class A2)
	473,234	g,i	JP Morgan Mortgage Trust			4.000		01/25/49		476
			Series - 2018 8 (Class A13)
	1,126,416	g,i	JP Morgan Mortgage Trust			4.000		02/25/49		1,134
			Series - 2018 9 (Class A13)
	643,944	g,i	JP Morgan Mortgage Trust			4.000		05/25/49		647
			Series - 2019 1 (Class A3)
	1,181,917	g,i	JP Morgan Mortgage Trust			4.000		05/25/49		1,187
			Series - 2019 1 (Class A15)
	1,510,649	g,i	JP Morgan Mortgage Trust			4.681		09/25/49		1,505
			Series - 2019 3 (Class B1)
	2,142,336	g,i	JP Morgan Mortgage Trust	LIBOR 1 M + 0.950%		1.052		10/25/49		2,151
			Series - 2019 INV1 (Class A11)
	6,871,253	g,i	JP Morgan Mortgage Trust			3.871		06/25/50		7,111
			Series - 2020 1 (Class B2)
	11,138,227	g,i	JP Morgan Mortgage Trust			2.500		10/25/51		11,040
			Series - 2021 6 (Class A15)
	5,912,692	g,i	JP Morgan Mortgage Trust			2.500		11/25/51		5,842
			Series - 2021 7 (Class A15)
	7,255,115	g,i	JP Morgan Mortgage Trust			2.500		12/25/51		7,214
			Series - 2021 8 (Class A15)
	9,979,704	g,i	JP Morgan Mortgage Trust			2.500		01/25/52		9,892
			Series - 2021 11 (Class A15)
	9,239,930	g,i	JP Morgan Mortgage Trust			3.364		04/25/52		9,709
			Series - 2021 INV6 (Class B1)
	5,912,559	g,i	JP Morgan Mortgage Trust			3.364		04/25/52		6,140
			Series - 2021 INV6 (Class B2)
	12,723,000	g,i	JP Morgan Mortgage Trust			2.500		06/25/52		12,579
			Series - 2021 15 (Class A15)
	753,794	i	JPMBB Commercial Mortgage Securities Trust			4.133		08/15/46		776
			Series - 2013 C14 (Class A4)
	5,000,000		JPMBB Commercial Mortgage Securities Trust			3.997		08/15/47		5,238
			Series - 2014 C21 (Class AS)

423

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	2,000,000	i	JPMBB Commercial Mortgage Securities Trust			4.484	%	09/15/47	$	2,089
			Series - 2014 C23 (Class B)
	3,000,000		JPMBB Commercial Mortgage Securities Trust			3.898		02/15/48		3,084
			Series - 2015 C27 (Class B)
	2,556,000		JPMBB Commercial Mortgage Securities Trust			3.611		05/15/48		2,702
			Series - 2015 C29 (Class A4)
	2,500,000	i	JPMBB Commercial Mortgage Securities Trust			3.917		05/15/48		2,633
			Series - 2015 C29 (Class AS)
	2,350,000	i	JPMBB Commercial Mortgage Securities Trust			4.118		05/15/48		2,396
			Series - 2015 C29 (Class B)
	3,500,000		JPMBB Commercial Mortgage Securities Trust			4.106		08/15/48		3,730
			Series - 2015 C31 (Class AS)
	9,952,000	i	JPMBB Commercial Mortgage Securities Trust			4.621		08/15/48		10,610
			Series - 2015 C31 (Class B)
	4,610,000		JPMBB Commercial Mortgage Securities Trust			3.576		03/15/49		4,903
			Series - 2016 C1 (Class A5)
	1,820,000	i	JPMBB Commercial Mortgage Securities Trust			4.732		03/15/49		1,926
			Series - 2016 C1 (Class C)
	4,750,000		JPMCC Commercial Mortgage Securities Trust			3.457		03/15/50		4,991
			Series - 2017 JP5 (Class A4)
	1,220,000		JPMCC Commercial Mortgage Securities Trust			3.549		03/15/50		1,277
			Series - 2017 JP5 (Class ASB)
	1,000,000	i	JPMDB Commercial Mortgage Securities Trust			3.071		12/15/49		990
			Series - 2016 C4 (Class C)
	3,000,000		JPMDB Commercial Mortgage Securities Trust			3.694		03/15/50		3,236
			Series - 2017 C5 (Class A5)
	9,000,000		JPMDB Commercial Mortgage Securities Trust			2.536		05/13/53		9,009
			Series - 2020 COR7 (Class AS)
	3,178,850	g	Ladder Capital Commercial Mortgage Securities			3.575		02/15/36		3,323
			Series - 2013 GCP (Class A1)
	5,000,000	g	Ladder Capital Commercial Mortgage Securities			3.357		07/12/50		5,228
			Series - 2017 LC26 (Class ASB)
	597,323	g,i	Last Mile Logistics Pan Euro Finance DAC	EURIBOR 3 M + 2.700%		1.000		08/17/33		681
			Series - 2021 1A (Class E)
	7,250,000	g	Liberty Street Trust			3.597		02/10/36		7,660
			Series - 2016 225L (Class A)
	4,000,000	g,i	MAD Mortgage Trust			3.188		08/15/34		4,047
			Series - 2017 330M (Class A)
	1,500,000	g,i	Manhattan West			2.335		09/10/39		1,493
			Series - 2020 1MW (Class B)
	3,000,000	g,i	Manhattan West			2.335		09/10/39		2,956
			Series - 2020 1MW (Class C)
	680,112	i	Merrill Lynch Mortgage Investors Trust	LIBOR 1 M + 0.520%		2.278		01/25/37		664
			Series - 2006 WMC1 (Class A1B)
	627,094		Morgan Stanley Bank of America Merrill Lynch Trust			2.469		02/15/46		632
			Series - 2013 C7 (Class AAB)
	2,807,347	g	Morgan Stanley Bank of America Merrill Lynch Trust			3.989		12/15/46		2,931
			Series - 2014 C19 (Class LNC1)
	924,991	g	Morgan Stanley Bank of America Merrill Lynch Trust			4.384		12/15/46		965
			Series - 2014 C19 (Class LNC2)
	4,650,000		Morgan Stanley Bank of America Merrill Lynch Trust			3.832		12/15/47		4,875
			Series - 2014 C19 (Class AS)

424

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	1,600,000		Morgan Stanley Bank of America Merrill Lynch Trust			3.605	%	02/15/48	$	1,667
			Series - 2015 C20 (Class AS)
	1,250,000	i	Morgan Stanley Bank of America Merrill Lynch Trust			4.452		02/15/48		1,279
			Series - 2015 C20 (Class C)
	2,500,000		Morgan Stanley Bank of America Merrill Lynch Trust			3.338		03/15/48		2,611
			Series - 2015 C21 (Class A4)
	6,500,000		Morgan Stanley Bank of America Merrill Lynch Trust			3.652		03/15/48		6,719
			Series - 2015 C21 (Class AS)
	3,000,000		Morgan Stanley Bank of America Merrill Lynch Trust			3.561		04/15/48		3,096
			Series - 2015 C22 (Class AS)
	3,380,820	g,i	Morgan Stanley Capital I Inc	LIBOR 1 M + 1.377%		1.487		11/15/23		3,365
			Series - 2021 ILP (Class C)
	502,270	i	Morgan Stanley Capital I Trust	LIBOR 1 M + 0.825%		0.927		08/25/34		498
			Series - 2004 HE6 (Class M1)
	2,795,000	i	Morgan Stanley Capital I Trust			3.779		05/15/48		2,972
			Series - 2015 MS1 (Class A4)
	388,737	†,i	Morgan Stanley Capital I Trust			6.261		12/12/49		207
			Series - 2007 IQ16 (Class AJ)
	265,169	†,i	Morgan Stanley Capital I Trust			6.261		12/12/49		141
			Series - 2007 IQ16 (Class AJFX)
	6,000,000		Morgan Stanley Capital I Trust			3.304		06/15/50		6,263
			Series - 2017 H1 (Class ASB)
	1,458,000		Morgan Stanley Capital I Trust			3.587		12/15/50		1,582
			Series - 2017 HR2 (Class A4)
	8,750,000		Morgan Stanley Capital I Trust			4.177		07/15/51		9,810
			Series - 2018 H3 (Class A5)
	2,840,000	i	Morgan Stanley Capital I Trust			4.429		07/15/51		3,195
			Series - 2018 H3 (Class AS)
	5,027,114		Morgan Stanley Capital I Trust			4.310		12/15/51		5,718
			Series - 2018 H4 (Class A4)
	772,862	g,i	Morgan Stanley Residential Mortgage Loan Trust			2.500		07/25/51		779
			Series - 2021 4 (Class A4)
	9,310,558	g,i	Morgan Stanley Residential Mortgage Loan Trust			2.500		08/25/51		9,229
			Series - 2021 5 (Class A9)
	2,402,437	g,i	Morgan Stanley Residential Mortgage Loan Trust			2.500		09/25/51		2,420
			Series - 2021 6 (Class A4)
	6,239,278	g,i	Morgan Stanley Residential Mortgage Loan Trust			2.500		09/25/51		6,184
			Series - 2021 6 (Class A9)
	3,000,000	g,i	MSDB Trust			3.316		07/11/39		3,137
			Series - 2017 712F (Class A)
	1,200,000	g,i	Natixis Commercial Mortgage Securities Trust			3.790		11/15/32		1,218
			Series - 2018 285M (Class A)
	15,010,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 1.500%		1.610		07/15/36		15,010
			Series - 2019 MILE (Class A)
	5,000,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 1.800%		1.910		07/15/36		4,995
			Series - 2019 MILE (Class B)
	2,900,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 2.200%		2.310		07/15/36		2,896
			Series - 2019 MILE (Class C)
	5,000,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 2.750%		2.860		07/15/36		4,993
			Series - 2019 MILE (Class D)
	5,000,000	g	Natixis Commercial Mortgage Securities Trust			2.507		10/15/36		4,996
			Series - 2019 1776 (Class A)

425

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	2,000,000	g	Natixis Commercial Mortgage Securities Trust			2.966	%	12/15/38	$	2,048
			Series - 2020 2PAC (Class A)
	288,872	g,i	New Residential Mortgage Loan Trust			3.750		05/28/52		299
			Series - 2015 1A (Class A3)
	81,630	g,i	New Residential Mortgage Loan Trust			4.000		08/27/57		86
			Series - 2017 6A (Class A1)
	1,841,206	g,i	New Residential Mortgage Loan Trust			2.797		09/25/59		1,841
			Series - 2019 NQM4 (Class A3)
	980,000	g,i	New Residential Mortgage Loan Trust			2.986		09/25/59		978
			Series - 2019 NQM4 (Class M1)
	485,733	i	New York Mortgage Trust	LIBOR 1 M + 0.480%		0.582		02/25/36		489
			Series - 2005 3 (Class A1)
	1,825,000	g,i	NLT Trust			2.569		08/25/56		1,788
			Series - 2021 INV2 (Class M1)
	12,253,423	g,i	OBX Trust			2.500		07/25/51		12,101
			Series - 2021 J2 (Class A19)
	1,283,779	g,i	OBX Trust	LIBOR 1 M + 0.650%		0.752		06/25/57		1,285
			Series - 2018 1 (Class A2)
	3,877,136	g,i	Oceanview Mortgage Trust			2.500		05/25/51		3,842
			Series - 2021 1 (Class A19)
	5,120,000	g	One Bryant Park Trust			2.516		09/15/54		5,181
			Series - 2019 OBP (Class A)
	69,429	g	Prima Capital CRE Securitization Ltd			2.550		08/24/49		69
			Series - 2015 4A (Class MR-A)
	2,000,000	g	RBS Commercial Funding, Inc Trust			3.511		03/11/31		2,002
			Series - 2013 SMV (Class B)
	865,915	g,i	Sequoia Mortgage Trust			3.500		05/25/45		872
			Series - 2015 2 (Class A1)
	722,598	g,i	Sequoia Mortgage Trust			3.500		06/25/46		728
			Series - 2016 1 (Class A19)
	47,353	g,i	Sequoia Mortgage Trust			3.500		11/25/46		47
			Series - 2016 3 (Class A10)
	196,834	g,i	Sequoia Mortgage Trust			3.500		02/25/47		198
			Series - 2017 2 (Class A19)
	59,415	g,i	Sequoia Mortgage Trust			3.500		04/25/47		60
			Series - 2017 3 (Class A19)
	2,213,188	g,i	Sequoia Mortgage Trust			3.760		09/25/47		2,238
			Series - 2017 6 (Class B1)
	424,510	g,i	Sequoia Mortgage Trust			3.500		02/25/48		428
			Series - 2018 2 (Class A1)
	80,096	g,i	Sequoia Mortgage Trust			3.500		02/25/48		81
			Series - 2018 2 (Class A19)
	1,491,561	g,i	Sequoia Mortgage Trust			3.500		03/25/48		1,502
			Series - 2018 3 (Class A1)
	183,454	g,i	Sequoia Mortgage Trust			4.000		09/25/48		185
			Series - 2018 7 (Class A19)
	185,495	g,i	Sequoia Mortgage Trust			4.000		11/25/48		186
			Series - 2018 8 (Class A19)
	1,452,388	g,i	Sequoia Mortgage Trust			4.000		06/25/49		1,465
			Series - 2019 2 (Class A1)
	456,964	g,i	Sequoia Mortgage Trust			4.000		06/25/49		461
			Series - 2019 2 (Class A19)
	2,439,986	g,i	Sequoia Mortgage Trust			3.500		11/25/49		2,431
			Series - 2019 4 (Class A1)
	3,410,158	g,i	Sequoia Mortgage Trust			3.500		12/25/49		3,465
			Series - 2019 5 (Class A1)

426

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	1,969,074	g,i	Sequoia Mortgage Trust			3.500	%	12/25/49	$	1,996
			Series - 2019 5 (Class A19)
	3,312,294	g,i	Sequoia Mortgage Trust			3.500		03/25/50		3,350
			Series - 2020 2 (Class A1)
	7,587,147	g,i	Sequoia Mortgage Trust			3.000		04/25/50		7,674
			Series - 2020 3 (Class A19)
	6,382,271	g,i	Sequoia Mortgage Trust			2.500		06/25/51		6,318
			Series - 2021 4 (Class A19)
	603,029	g,i	Shellpoint Co-Originator Trust			3.500		04/25/47		604
			Series - 2017 1 (Class A19)
	15,750,000	g	SLG Office Trust			2.585		07/15/41		16,117
			Series - 2021 OVA (Class A)
	26,865,000	g	SLG Office Trust			2.851		07/15/41		26,104
			Series - 2021 OVA (Class D)
	10,000,000	g,i	SREIT Trust	LIBOR 1 M + 0.822%		0.922		11/15/36		9,950
			Series - 2021 MFP2 (Class A)
	6,930,000	g,i	SREIT Trust	LIBOR 1 M + 1.171%		1.271		11/15/36		6,895
			Series - 2021 MFP2 (Class B)
	539,758	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.200%		1.303		10/25/29		540
			Series - 2017 DNA2 (Class M1)
	3,410,000	g,i	STACR			2.300		08/25/33		3,433
			Series - 2021 HQA1 (Class M2)
	7,302,000	g,i	STACR			2.150		10/25/33		7,432
			Series - 2021 DNA3 (Class M2)
	180,627	g,i	STACR			3.730		02/25/48		180
			Series - 2018 SPI1 (Class M2)
	2,100,000	g,i	STACR	LIBOR 1 M + 2.500%		2.603		02/25/50		2,104
			Series - 2020 DNA2 (Class B1)
	2,640,000	g,i	STACR			4.050		11/25/50		2,757
			Series - 2020 HQA5 (Class B1)
	347,448	g,i	Taurus UK DAC Series - 2021 UK1A (Class B)	SONIA Interest Rate Benchmark + 1.300%		1.350		05/17/31		470
	506,281	g,i	Taurus UK DAC Series - 2021 UK1A (Class C)	SONIA Interest Rate Benchmark + 1.650%		1.700		05/17/31		684
	12,548,000		UBS Commercial Mortgage Trust			3.256		06/15/50		13,084
			Series - 2017 C1 (Class ASB)
	2,000,000		UBS Commercial Mortgage Trust			3.366		10/15/50		2,100
			Series - 2017 C4 (Class ASB)
	4,000,000		UBS-Barclays Commercial Mortgage Trust			2.850		12/10/45		4,029
			Series - 2012 C4 (Class A5)
	500,761	g	Verus Securitization Trust			2.938		07/25/59		503
			Series - 2019 3 (Class A2)
	2,725,000	g,i	Verus Securitization Trust			3.139		07/25/59		2,733
			Series - 2019 3 (Class M1)
	2,070,000	g,i	Verus Securitization Trust			3.207		11/25/59		2,091
			Series - 2019 4 (Class M1)
	2,100,207	g	Verus Securitization Trust			1.733		05/25/65		2,093
			Series - 2020 5 (Class A3)
	2,334,529	g,i	Verus Securitization Trust			2.240		10/25/66		2,329
			Series - 2021 7 (Class A3)
	734,964	g	VSE VOI Mortgage LLC			2.540		07/20/33		734
			Series - 2016 A (Class A)
	563,348	g	VSE VOI Mortgage LLC			2.740		07/20/33		563
			Series - 2016 A (Class B)

427

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	2,337,931	g	VSE VOI Mortgage LLC		2.330	%	03/20/35	$	2,360
			Series - 2017 A (Class A)
	8,200,000		Wells Fargo Commercial Mortgage Trust		3.539		10/15/45		8,305
			Series - 2012 LC5 (Class AS)
	1,740,030		Wells Fargo Commercial Mortgage Trust		3.405		12/15/47		1,828
			Series - 2014 LC18 (Class A5)
	990,000		Wells Fargo Commercial Mortgage Trust		3.406		05/15/48		1,033
			Series - 2015 NXS1 (Class AS)
	2,000,000	i	Wells Fargo Commercial Mortgage Trust		3.658		05/15/48		2,083
			Series - 2015 NXS1 (Class B)
	2,279,000	i	Wells Fargo Commercial Mortgage Trust		4.145		05/15/48		2,291
			Series - 2015 NXS1 (Class D)
	8,986,991		Wells Fargo Commercial Mortgage Trust		2.788		07/15/48		9,234
			Series - 2016 C35 (Class ASB)
	13,910,107		Wells Fargo Commercial Mortgage Trust		2.514		08/15/49		14,219
			Series - 2016 BNK1 (Class ASB)
	13,714,487		Wells Fargo Commercial Mortgage Trust		2.825		10/15/49		14,097
			Series - 2016 LC24 (Class ASB)
	872,111		Wells Fargo Commercial Mortgage Trust		3.635		03/15/50		945
			Series - 2017 RB1 (Class A5)
	2,000,000		Wells Fargo Commercial Mortgage Trust		3.757		03/15/50		2,144
			Series - 2017 RB1 (Class AS)
	1,825,000		Wells Fargo Commercial Mortgage Trust		3.184		04/15/50		1,910
			Series - 2015 LC20 (Class A5)
	15,000,000		Wells Fargo Commercial Mortgage Trust		3.261		07/15/50		15,642
			Series - 2017 C38 (Class ASB)
	2,197,255	i	Wells Fargo Commercial Mortgage Trust		3.903		07/15/50		2,294
			Series - 2017 C38 (Class C)
	10,000,000		Wells Fargo Commercial Mortgage Trust		3.212		09/15/50		10,458
			Series - 2017 C39 (Class ASB)
	4,710,000		Wells Fargo Commercial Mortgage Trust		4.302		01/15/52		5,344
			Series - 2018 C48 (Class A5)
	4,000,000	i	Wells Fargo Commercial Mortgage Trust		3.767		07/15/58		4,268
			Series - 2015 NXS2 (Class A5)
	1,000,000	i	Wells Fargo Commercial Mortgage Trust		4.290		07/15/58		1,064
			Series - 2015 NXS2 (Class B)
	3,800,000		Wells Fargo Commercial Mortgage Trust		3.560		01/15/59		4,058
			Series - 2016 C32 (Class A4)
	6,000,000		Wells Fargo Commercial Mortgage Trust		3.749		03/15/59		6,351
			Series - 2016 C33 (Class AS)
	418,877	g,i	Wells Fargo Mortgage Backed Securities Trust		4.000		04/25/49		418
			Series - 2019 2 (Class A17)
	3,606,585	g,i	Wells Fargo Mortgage Backed Securities Trust		3.500		09/25/49		3,651
			Series - 2019 4 (Class A1)
	827,936	g,i	Wells Fargo Mortgage Backed Securities Trust		3.000		07/25/50		834
			Series - 2020 4 (Class A17)
	12,715,495	g,i	Wells Fargo Mortgage Backed Securities Trust		2.500		06/25/51		12,596
			Series - 2021 2 (Class A17)
	5,468,635	g,i	Wells Fargo Mortgage Backed Securities Trust		3.000		08/25/51		5,537
			Series - 2021 INV1 (Class A17)
	5,564,035	g,i	Wells Fargo Mortgage Backed Securities Trust		3.335		08/25/51		5,792
			Series - 2021 INV1 (Class B1)
	1,770,000		WFRBS Commercial Mortgage Trust		3.345		05/15/45		1,808
			Series - 2013 C13 (Class AS)
	4,073,170	i	WFRBS Commercial Mortgage Trust		4.079		03/15/46		4,248
			Series - 2013 UBS1 (Class A4)

428

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,050,000	i	WFRBS Commercial Mortgage Trust		4.162	%	12/15/46	$	1,101
			Series - 2013 C18 (Class A5)
	2,185,281		WFRBS Commercial Mortgage Trust		3.995		05/15/47		2,289
			Series - 2014 C20 (Class A5)
	3,865,000		WFRBS Commercial Mortgage Trust		3.607		11/15/47		4,063
			Series - 2014 C24 (Class A5)
	8,000,000		WFRBS Commercial Mortgage Trust		3.560		03/15/48		8,182
			Series - 2013 C12 (Class AS)
	374,888	g,i	WinWater Mortgage Loan Trust		3.906		06/20/44		375
			Series - 2014 1 (Class B4)
			TOTAL OTHER MORTGAGE BACKED						1,423,868

			TOTAL STRUCTURED ASSETS						2,465,527
			(Cost $2,464,965)

			TOTAL BONDS						13,323,816
			(Cost $13,018,686)

SHARES			COMPANY
PREFERRED STOCKS - 0.1%

BANKS - 0.1%
	328,800		Bank of America Corp						8,411
	470,597	*	Federal Home Loan Mortgage Corp (FHLMC)						1,351
	1,527,061	*	Federal National Mortgage Association (FNMA)						4,764
	208,000		JPMorgan Chase & Co						5,431
			TOTAL BANKS						19,957

			TOTAL PREFERRED STOCKS						19,957
			(Cost $63,411)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 14.3%

GOVERNMENT AGENCY DEBT - 13.6%
$	12,500,000		Federal Agricultural Mortgage Corp (FAMC)		0.000		01/25/22		12,500
	20,000,000		FAMC		0.000		02/14/22		19,999
	12,500,000		FAMC		0.000		02/28/22		12,500
	23,333,000		FAMC		0.000		03/02/22		23,331
	7,000,000		FAMC		0.000		08/26/22		6,989
	690,000		Federal Farm Credit Bank (FFCB)		0.000		01/03/22		690
	15,000,000		FFCB		0.000		01/05/22		15,000
	40,000,000		FFCB		0.000		01/10/22		40,000
	4,000,000		FFCB		0.000		01/13/22		4,000
	6,000,000		FFCB		0.000		01/24/22		6,000
	24,000,000		FFCB		0.000		01/25/22		24,000
	10,000,000		FFCB		0.000		01/26/22		10,000
	8,000,000		FFCB		0.000		02/07/22		8,000
	10,000,000		FFCB		0.000		02/10/22		10,000
	10,000,000		FFCB		0.000		02/11/22		10,000
	33,334,000		FFCB		0.000		02/15/22		33,333
	12,500,000		FFCB		0.000		03/01/22		12,499
	12,500,000		FFCB		0.000		03/02/22		12,499
	20,000,000		FFCB		0.000		03/11/22		19,998

429

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
$	11,627,000	FFCB		0.000	%	03/17/22	$	11,626
	20,000,000	FFCB		0.000		03/23/22		19,998
	9,000,000	FFCB		0.000		04/11/22		8,998
	5,000,000	FFCB		0.000		04/29/22		4,998
	20,000,000	FFCB		0.000		05/11/22		19,990
	13,750,000	FFCB		0.000		05/27/22		13,742
	5,395,000	FFCB		0.000		06/08/22		5,391
	17,580,000	FFCB		0.000		06/16/22		17,565
	11,760,000	FFCB		0.000		06/29/22		11,749
	10,000,000	FFCB		0.000		07/06/22		9,989
	16,197,000	FFCB		0.000		07/22/22		16,177
	11,000,000	FFCB		0.000		07/25/22		10,986
	5,461,000	FFCB		0.000		08/18/22		5,453
	15,000,000	FFCB		0.000		09/13/22		14,972
	22,000,000	FFCB		0.000		11/08/22		21,940
	20,317,000	Federal Home Loan Bank (FHLB)		0.000		01/03/22		20,317
	41,785,000	FHLB		0.000		01/04/22		41,785
	144,446,000	FHLB		0.000		01/05/22		144,446
	10,000,000	FHLB		0.000		01/07/22		10,000
	26,548,000	FHLB		0.000		01/10/22		26,548
	108,627,000	FHLB		0.000		01/12/22		108,627
	20,000,000	FHLB		0.000		01/18/22		20,000
	53,250,000	FHLB		0.000		01/19/22		53,250
	30,000,000	FHLB		0.000		01/20/22		30,000
	25,571,000	FHLB		0.000		01/21/22		25,571
	10,000,000	FHLB		0.000		01/24/22		10,000
	28,100,000	FHLB		0.000		01/26/22		28,100
	40,000,000	FHLB		0.000		01/28/22		40,000
	31,000,000	FHLB		0.040		01/28/22		30,994
	5,000,000	FHLB		0.000		01/31/22		5,000
	123,375,000	FHLB		0.000		02/02/22		123,373
	70,000,000	FHLB		0.000		02/04/22		69,999
	25,000,000	FHLB		0.000		02/07/22		24,999
	104,192,000	FHLB		0.000		02/09/22		104,190
	27,443,000	FHLB		0.000		02/11/22		27,442
	50,000,000	FHLB		0.045		02/14/22		49,985
	55,000,000	FHLB		0.000		02/18/22		54,999
	25,000,000	FHLB		0.000		02/22/22		24,999
	13,000,000	FHLB		0.000		03/11/22		12,999
	2,593,000	FHLB		0.000		03/25/22		2,593
	12,500,000	FHLB		0.000		04/06/22		12,497
	5,000,000	FHLB		0.000		04/20/22		4,999
	53,405,000	FHLB		0.000		04/22/22		53,390
	16,500,000	FHLB		0.000		04/29/22		16,495
	27,562,000	FHLB		0.000		05/05/22		27,549
	6,680,000	FHLB		0.000		05/25/22		6,676
	7,500,000	FHLB		0.000		06/08/22		7,494
	25,000,000	FHLB		0.000		07/15/22		24,971
	30,000,000	FHLB		0.000		08/01/22		29,958
	15,000,000	FHLB		0.000		08/02/22		14,979
	8,000,000	FHLB		0.000		08/05/22		7,989
	18,000,000	FHLB		0.000		09/16/22		17,966
	15,550,000	Federal National Mortgage Association (FNMA)		0.000		02/02/22		15,550
	22,500,000	FNMA		0.000		03/02/22		22,498
	27,500,000	FNMA		0.000		03/16/22		27,497
		TOTAL GOVERNMENT AGENCY DEBT						1,855,636

430

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
TREASURY DEBT - 0.6%
EGP	29,100,000		Egypt Treasury Bill		0.000	%	03/15/22	$	1,813
	51,700,000		Egypt Treasury Bill		0.000		05/17/22		3,156
$	40,000,000		United States Treasury Bill		0.000		08/11/22		39,952
	10,000,000		United States Treasury Bill		0.000		10/06/22		9,980
	24,890,000		United States Treasury Note		2.250		04/15/22		25,039
			TOTAL TREASURY DEBT						79,940

SHARES			COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.1%

	13,709,003	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.030				13,709
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						13,709

			TOTAL SHORT-TERM INVESTMENTS						1,949,285
			(Cost $1,949,518)
			TOTAL INVESTMENTS - 113.0%						15,391,753
			(Cost $15,131,142)
			OTHER ASSETS & LIABILITIES, NET - (13.0)%						(1,769,356	)
			NET ASSETS - 100.0%					$	13,622,397


AUD		Australian Dollar
CAD		Canadian Dollar
CNY		Chinese Yuan
DOP		Dominican Republic Peso
EGP		Egyptian Pound
EUR		Euro
EURIBOR		EURO Interbank Offer Rate
GBP		Pound Sterling
IDR		Indonesian Rupiah
ILS		Israeli New Shekel
JPY		Japanese Yen
KRW		South Korean Won
LIBOR		London Interbank Offered Rate
M		Month
MXN		Mexican Peso
MYR		Malaysian Ringgit
NOK		Norwegian Krone
NZD		New Zealand Dollar
PHP		Philippines Peso
PLN		Polish Zloty
REIT		Real Estate Investment Trust
RON		Romanian Leu
RSD		Serbian Dinar
RUB		Russian Ruble
SEK		Swedish Krona
SGD		Singapore Dollar
SONIA		Sterling Overnight Interbank Average Rate
THB		Thai Baht

431

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account


UAH		Ukrainian Hryvnia
UGX		Ugandan Shilling
UYU		Uruguayan Peso
UZS		Uzbekistani Som
ZAR		South African Rand


^		Amount represents less than $1,000.
*		Non-income producing
†		Security is categorized as Level 3 in the fair value hierarchy.
‡		Perpetual security
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 $13,400,892.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/21, the aggregate value of these securities is $2,930,966,342 or 21.5% of net assets.
h		All or a portion of these securities were purchased on a delayed delivery basis.
i		Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
k		Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
o		Payment in Kind Bond
q		In default

		Cost amounts are in thousands.

Futures contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

Description		Number of long (short) contracts				Expiration date		Notional amount				Value				Unrealized appreciation (depreciation)
US 10YR Ultra			(1,943	)		03/22/22		$	(279,909	)		$	(284,528	)		$	(4,619	)

432

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

Forward foreign currency contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation)
$	1,194	NZD	1,667	Australia and New Zealand Banking Group	02/01/22	$	53
$	498	NZD	696	Australia and New Zealand Banking Group	02/01/22		22
GBP	69	$	94	Australia and New Zealand Banking Group	01/31/22		(1	)
Total						$	74
$	348	GBP	255	Bank of America	01/31/22	$	3
GBP	991	$	1,340	Bank of America	01/31/22		2
Total						$	5
$	6,339	KRW	7,535,195	Citibank N.A.	02/04/22	$	9
Total						$	9
$	1,397	CAD	1,777	Goldman Sachs	01/31/22	$	(7	)
$	1,473	ILS	4,630	Goldman Sachs	01/31/22		(16	)
$	799	THB	26,644	Goldman Sachs	01/31/22		1
Total						$	(22	)
$	7,554	CAD	9,325	Morgan Stanley Capital Services	01/31/22	$	182
$	1,099	CAD	1,367	Morgan Stanley Capital Services	01/31/22		19
$	1,493	NOK	12,543	Morgan Stanley Capital Services	01/31/22		70
$	708	PLN	2,968	Morgan Stanley Capital Services	01/31/22		(27	)
$	697	SEK	5,971	Morgan Stanley Capital Services	01/31/22		36
CAD	1,354	$	1,089	Morgan Stanley Capital Services	01/31/22		(19	)
EUR	509	$	574	Morgan Stanley Capital Services	01/31/22		6
$	419	ZAR	6,756	Morgan Stanley Capital Services	01/31/22		(3	)
Total						$	264
$	4,624	AUD	6,150	Toronto Dominion Bank	01/31/22	$	148
$	19,848	CNY	127,559	Toronto Dominion Bank	01/28/22		(169	)
$	91,508	EUR	81,008	Toronto Dominion Bank	01/31/22		(777	)
$	3,787	EUR	3,343	Toronto Dominion Bank	03/15/22		(24	)
$	24,978	GBP	18,188	Toronto Dominion Bank	01/31/22		362
$	945	GBP	700	Toronto Dominion Bank	01/31/22		(2	)
$	504	GBP	378	Toronto Dominion Bank	01/31/22		(8	)
$	27,269	JPY	3,093,974	Toronto Dominion Bank	01/31/22		365
Total						$	(105	)
Total						$	225


AUD		Australian Dollar
CAD		Canadian Dollar
CNY		Chinese Yuan
EUR		Euro
GBP		Pound Sterling
ILS		Israeli New Shekel
JPY		Japanese Yen
KRW		South Korean Won
NOK		Norwegian Krone
NZD		New Zealand Dollar
PLN		Polish Zloty
SEK		Swedish Krona
THB		Thai Baht
ZAR		South African Rand

433

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

Centrally cleared credit default swap contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

PURCHASED

Reference entity		Terms of payments to be paid		Terms of payments to be received		Counterparty		Frequency of payments		Maturity date		Notional amount*				Upfront premiums paid (received)				Value				Unrealized appreciation (depreciation)
CDX-NAIGS37V1-5 Year Index		1.00%		Credit event as specified in contract		Citigroup Global Markets, Inc		Quarterly		12/20/2026		$	75,000			$	(1,699	)		$	(1,890	)		$	(191	)

*	The maximum potential amount the Account could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.

SOLD

Reference entity		Terms of payments to be paid		Terms of payments to be received			Counterparty		Frequency of payments		Maturity date		Notional amount*				Upfront premiums paid (received)				Value				Unrealized appreciation (depreciation)
CDX-NAIGS37V1-5 Year Index		Credit event as specified in contract		1.00	%		Citigroup Global Markets, Inc		Quarterly		12/20/2026		$	37,500			$	758			$	924			$	166

*	The maximum potential amount the Account could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.

434

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND

INFLATION-LINKED BOND ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2021

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
BANK LOAN OBLIGATIONS - 0.4%

COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
$	2,500,000	i,h	Trans Union LLC	LIBOR 1 M + 2.250%		2.750	%	12/01/28	$	2,492
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							2,492

CONSUMER SERVICES - 0.1%
	3,000,000	i,h	1011778 BC ULC	LIBOR 1 M + 1.750%		1.854		11/19/26		2,955
	2,500,000	i,h	Stars Group Holdings BV	LIBOR 3 M + 2.250%		2.382		07/21/26		2,489
			TOTAL CONSUMER SERVICES							5,444

HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	375,000	i,h	II-VI, Inc	LIBOR 3 M + 2.750%		3.250		12/07/28		374
	3,000,000	i,h	Select Medical Corp	LIBOR 1 M + 2.250%		2.360		03/06/25		2,978
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							3,352

MEDIA & ENTERTAINMENT - 0.1%
	3,150,646	i,h	Nascar Holdings, Inc	LIBOR 3 M + 2.750%		2.604		10/19/26		3,143
	2,500,000	i,h	Organon & Co	LIBOR 3 M + 3.000%		3.500		06/02/28		2,501
			TOTAL MEDIA & ENTERTAINMENT							5,644

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
	2,500,000	i,h	Jazz Financing Lux Sarl	LIBOR 1 M + 3.500%		4.000		05/05/28		2,508
	5,000,000	i,h	PPD, Inc	LIBOR 1 M + 2.250%		2.500		01/13/28		4,989
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							7,497

RETAILING - 0.0%
	3,000,000	i,h	Rexnord LLC	LIBOR 1 M + 2.250%		2.750		10/04/28		2,999
			TOTAL RETAILING							2,999

SOFTWARE & SERVICES - 0.0%
	1,655,838	i,h	SS&C Technologies, Inc	LIBOR 1 M + 1.750%		1.854		04/16/25		1,636
	1,344,162	i,h	SS&C Technologies, Inc	LIBOR 1 M + 1.750%		1.854		04/16/25		1,328
			TOTAL SOFTWARE & SERVICES							2,964

UTILITIES - 0.0%
	2,500,000	i,h	Core & Main LP	LIBOR 1 M + 2.500%		2.601		07/27/28		2,482
			TOTAL UTILITIES							2,482

			TOTAL BANK LOAN OBLIGATIONS							32,874
			(Cost $32,860)

BONDS - 99.2%

CORPORATE BONDS - 1.5%

BANKS - 0.1%
	3,000,000		Bank of America Corp			2.572		10/20/32		3,014
	3,000,000		JPMorgan Chase & Co			2.545		11/08/32		3,017
			TOTAL BANKS							6,031

435

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
$	3,485,000	g	Albion Financing SARL		6.125	%	10/15/26	$	3,520
	5,000,000	g	Prime Security Services Borrower LLC		5.750		04/15/26		5,368
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						8,888

DIVERSIFIED FINANCIALS - 0.1%
	3,125,000	g	Banco de Chile		2.990		12/09/31		3,080
	3,000,000		Morgan Stanley		2.511		10/20/32		2,997
	5,000,000		OneMain Finance Corp		3.500		01/15/27		4,944
			TOTAL DIVERSIFIED FINANCIALS						11,021

ENERGY - 0.4%
	2,275,000		Ecopetrol S.A.		4.625		11/02/31		2,212
	5,000,000	g	Hess Midstream Operations LP		5.625		02/15/26		5,150
	2,500,000	g	MEG Energy Corp		7.125		02/01/27		2,662
	5,000,000		Murphy Oil Corp		5.875		12/01/27		5,162
	5,000,000		Occidental Petroleum Corp		3.500		08/15/29		5,137
	3,150,000	g	Parkland Corp		4.625		05/01/30		3,130
	2,375,000	e,g	Petroleos Mexicanos		6.700		02/16/32		2,399
			TOTAL ENERGY						25,852

HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	6,000,000	g	Tenet Healthcare Corp		4.375		01/15/30		6,079
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						6,079

MATERIALS - 0.1%
	5,000,000	g	SunCoke Energy, Inc		4.875		06/30/29		4,975
			TOTAL MATERIALS						4,975

MEDIA & ENTERTAINMENT - 0.1%
	2,970,000	g	DISH DBS Corp		5.250		12/01/26		3,017
	5,000,000	g	Sirius XM Radio, Inc		3.125		09/01/26		5,001
	1,575,000		TSMC Arizona Corp		1.750		10/25/26		1,576
			TOTAL MEDIA & ENTERTAINMENT						9,594

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
	3,400,000	g	Avantor Funding, Inc		3.875		11/01/29		3,437
	1,045,000		Teva Pharmaceutical Finance Netherlands III BV		4.750		05/09/27		1,035
	990,000		Teva Pharmaceutical Finance Netherlands III BV		5.125		05/09/29		971
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						5,443

REAL ESTATE - 0.1%
	5,000,000	g	Howard Hughes Corp		4.125		02/01/29		5,067
	5,000,000	g	RLJ Lodging Trust LP		3.750		07/01/26		5,027
			TOTAL REAL ESTATE						10,094

RETAILING - 0.0%
	4,340,000	g	Asbury Automotive Group, Inc		4.625		11/15/29		4,421
			TOTAL RETAILING						4,421

436

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
SOFTWARE & SERVICES - 0.1%
$	2,435,000	g	CA Magnum Holdings		5.375	%	10/31/26	$	2,517
	2,830,000	g	Open Text Corp		3.875		12/01/29		2,866
			TOTAL SOFTWARE & SERVICES						5,383

TELECOMMUNICATION SERVICES - 0.2%
	3,000,000		AT&T, Inc		3.100		02/01/43		2,916
	4,925,000	g	Iliad Holding SASU		6.500		10/15/26		5,175
	3,000,000	g	Telefonica Moviles Chile S.A.		3.537		11/18/31		2,987
	3,000,000		Verizon Communications, Inc		3.400		03/22/41		3,141
			TOTAL TELECOMMUNICATION SERVICES						14,219

			TOTAL CORPORATE BONDS						112,000
			(Cost $111,924)

GOVERNMENT BONDS - 95.5%

AGENCY SECURITIES - 0.2%
	14,985,000		Montefiore Medical Center		2.895		04/20/32		15,719
	2,960,526		Reliance Industries Ltd		2.444		01/15/26		3,036
			TOTAL AGENCY SECURITIES						18,755

MORTGAGE BACKED - 2.6%
	6,225,000	g,i	Federal Home Loan STACR REMIC Trust		2.300		08/25/33		6,291
	10,000,000	g,i	Federal Home Loan STACR REMIC Trust		1.000		12/25/41		10,000
	20,055,164		Government National Mortgage Association (GNMA)		3.600		09/15/31		20,853
	9,987,600		GNMA		3.650		02/15/32		10,565
	2,243,084		GNMA		3.380		07/15/35		2,331
	2,921,424		GNMA		3.870		10/15/36		3,084
	38,019,181		GNMA		1.730		07/15/37		37,988
	56,603,124		GNMA		4.250		09/15/38		59,730
	24,255,036		GNMA		1.650		07/15/42		23,871
	26,228,351		GNMA		2.750		01/15/45		27,711
			TOTAL MORTGAGE BACKED						202,424

U.S. TREASURY SECURITIES - 92.7%
	262,249,983	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/22		268,719
	364,179,840	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/23		376,101
	263,833,140	k	United States Treasury Inflation Indexed Bonds		0.625		04/15/23		275,798
	266,750,900	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/23		280,459
	189,909,070	d,k	United States Treasury Inflation Indexed Bonds		0.625		01/15/24		202,091
	223,661,520	k	United States Treasury Inflation Indexed Bonds		0.500		04/15/24		238,404
	189,237,750	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/24		201,716
	212,857,600	k	United States Treasury Inflation Indexed Bonds		0.125		10/15/24		227,340
	213,643,350	k	United States Treasury Inflation Indexed Bonds		0.250		01/15/25		228,876
	112,971,286	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/25		128,644
	173,424,240	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/25		185,502
	230,873,940	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/25		250,745
	300,524,580	k	United States Treasury Inflation Indexed Bonds		0.125		10/15/25		323,957
	247,322,882	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/26		271,610
	74,291,324	k	United States Treasury Inflation Indexed Bonds		2.000		01/15/26		85,957
	152,888,000	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/26		164,985
	170,729,840	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/26		185,350
	279,051,107	k	United States Treasury Inflation Indexed Bonds		0.125		10/15/26		303,447

437

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	227,224,935	k	United States Treasury Inflation Indexed Bonds			0.375	%	01/15/27	$	249,913
	131,906,554	k	United States Treasury Inflation Indexed Bonds			2.375		01/15/27		159,300
	130,561,200	k	United States Treasury Inflation Indexed Bonds			0.375		07/15/27		144,842
	230,367,555	k	United States Treasury Inflation Indexed Bonds			0.500		01/15/28		257,747
	227,552,484	k	United States Treasury Inflation Indexed Bonds			1.750		01/15/28		272,962
	121,426,471	k	United States Treasury Inflation Indexed Bonds			3.625		04/15/28		161,310
	141,002,240	k	United States Treasury Inflation Indexed Bonds			0.750		07/15/28		161,465
	206,973,900	k	United States Treasury Inflation Indexed Bonds			0.875		01/15/29		239,328
	151,845,768	k	United States Treasury Inflation Indexed Bonds			2.500		01/15/29		194,099
	8,561,584	k	United States Treasury Inflation Indexed Bonds			3.875		04/15/29		11,923
	202,148,870	k	United States Treasury Inflation Indexed Bonds			0.250		07/15/29		226,488
	166,586,250	k	United States Treasury Inflation Indexed Bonds			0.125		01/15/30		184,882
	132,115,025	k	United States Treasury Inflation Indexed Bonds			0.125		07/15/30		147,803
	161,458,960	k	United States Treasury Inflation Indexed Bonds			0.125		01/15/31		180,763
	242,922,759	k	United States Treasury Inflation Indexed Bonds			0.125		07/15/31		273,038
	69,479,218	k	United States Treasury Inflation Indexed Bonds			3.375		04/15/32		103,329
	66,911,670	k	United States Treasury Inflation Indexed Bonds			0.125		02/15/51		79,191
			TOTAL U.S. TREASURY SECURITIES							7,248,084

			TOTAL GOVERNMENT BONDS							7,469,263
			(Cost $6,948,968)

STRUCTURED ASSETS - 2.2%

ASSET BACKED - 0.4%
	4,214,000	i	Bayview Financial Mortgage Pass-Through Trust	LIBOR 1 M + 1.125%		1.227		02/28/41		4,218
			Series - 2006 A (Class M4)
	3,000,000	g	DB Master Finance LLC			2.045		11/20/51		2,931
			Series - 2021 1A (Class A2I)
	5,900,000	g	DB Master Finance LLC			2.493		11/20/51		5,874
			Series - 2021 1A (Class A2II)
	4,400,000	g	DB Master Finance LLC			2.791		11/20/51		4,389
			Series - 2021 1A (Class A23)
	8,000,000	g	MVW LLC			1.830		05/20/39		7,948
			Series - 2021 2A (Class B)
	6,990,008	†,g	Oak Street Investment Grade Net Lease Fund Series			2.380		11/20/51		7,001
			Series - 2021 2A (Class A1)
			TOTAL ASSET BACKED							32,361

OTHER MORTGAGE BACKED - 1.8%
	2,000,000	i	BENCHMARK Mortgage Trust			4.197		02/15/51		2,124
			Series - 2018 B2 (Class C)
	5,000,000	g,i	BX Commercial Mortgage Trust	LIBOR 1 M + 0.921%		1.021		12/15/28		4,998
			Series - 2021 CIP (Class A)
	6,000,000	g,i	BX Commercial Mortgage Trust	LIBOR 1 M + 1.271%		1.371		12/15/28		5,998
			Series - 2021 CIP (Class B)
	3,675,000	g,i	BX Commercial Mortgage Trust	LIBOR 1 M + 1.800%		1.910		11/15/35		3,673
			Series - 2018 IND (Class F)
	30,250,000	g,i	BX Commercial Mortgage Trust	LIBOR 1 M + 1.197%		1.307		10/15/38		30,063
			Series - 2021 XL2 (Class C)
	1,500,000	g,i	BX Commercial Mortgage Trust	LIBOR 1 M + 1.846%		1.956		10/15/38		1,491
			Series - 2021 XL2 (Class E)

438

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	5,650,000	g,i	Citigroup Commercial Mortgage Trust	LIBOR 1 M + 1.900%		2.010	%	10/15/36	$	5,637
			Series - 2021 PRM2 (Class D)
	7,000,000	g,i	Citigroup Commercial Mortgage Trust	LIBOR 1 M + 2.400%		2.510		10/15/36		6,984
			Series - 2021 PRM2 (Class E)
	2,000,000	g	COMM Mortgage Trust			3.397		03/10/46		2,025
			Series - 2013 CR6 (Class B)
	1,000,000	i	COMM Mortgage Trust			4.558		10/10/47		1,046
			Series - 2014 LC17 (Class C)
	2,500,000	i	COMM Mortgage Trust			4.478		10/10/48		2,673
			Series - 2015 CR26 (Class B)
	7,049,704	g,i	Connecticut Avenue Securities			0.950		11/25/41		7,054
			Series - 2021 R02 (Class 2M1)
	10,000,000	g,i	Connecticut Avenue Securities Trust			1.600		10/25/41		10,012
			Series - 2021 R01 (Class 1M2)
	9,000,000	g,i	Connecticut Avenue Securities Trust			1.700		12/25/41		9,011
			Series - 2021 R03 (Class 1M2)
	6,000,000	g,i	ELP Commercial Mortgage Trust	LIBOR 1 M + 1.320%		1.430		11/15/38		5,965
			Series - 2021 ELP (Class C)
	7,000,000	g,i	ELP Commercial Mortgage Trust	LIBOR 1 M + 2.118%		2.228		11/15/38		6,959
			Series - 2021 ELP (Class E)
	5,000,000	g,i	EQUS Mortgage Trust	LIBOR 1 M + 2.300%		2.410		10/15/38		4,976
			Series - 2021 EQAZ (Class E)
	2,485,000	g,i	Freddie Mac STACR REMIC Trust			1.700		01/25/34		2,496
			Series - 2021 DNA5 (Class M2)
	4,000,000	g,i	GS Mortgage Securities Corp II	LIBOR 1 M + 3.350%		3.460		11/15/36		3,991
			Series - 2021 ARDN (Class E)
	2,000,000	g	JP Morgan Chase Commercial Mortgage Securities Trust			3.620		01/16/37		1,984
			Series - 2020 NNN (Class DFX)
	3,986,816	g,i	Morgan Stanley Capital I Inc	LIBOR 1 M + 1.377%		1.487		11/15/23		3,968
			Series - 2021 ILP (Class C)
	1,500,000	g	MRCD Mortgage Trust			2.718		12/15/36		1,462
			Series - 2019 PARK (Class E)
	2,500,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 2.200%		2.310		07/15/36		2,497
			Series - 2019 MILE (Class C)
	2,000,000	g,i	SREIT Trust	LIBOR 1 M + 1.171%		1.271		11/15/36		1,990
			Series - 2021 MFP2 (Class B)
	3,342,805	g	Verus Securitization Trust			3.000		11/25/59		3,373
			Series - 2019 4 (Class A3)
	9,850,334	g,i	Verus Securitization Trust			2.240		10/25/66		9,826
			Series - 2021 7 (Class A3)
	1,451,000	i	WFRBS Commercial Mortgage Trust			4.183		03/15/45		1,477
			Series - 2013 C11 (Class C)
			TOTAL OTHER MORTGAGE BACKED							143,753

			TOTAL STRUCTURED ASSETS							176,114
			(Cost $176,412)

			TOTAL BONDS							7,757,377
			(Cost $7,237,304)

SHORT-TERM INVESTMENTS - 0.6%

GOVERNMENT AGENCY DEBT - 0.1%
	7,500,000		Federal Home Loan Bank (FHLB)			0.000		01/14/22		7,500
			TOTAL GOVERNMENT AGENCY DEBT							7,500

439

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

PRINCIPAL

ISSUER

RATE

MATURITY DATE

VALUE
(000)

REPURCHASE AGREEMENT - 0.4%

31,000,000

Fixed Income Clearing Corp (FICC)

0.020

01/03/22

31,000

TOTAL REPURCHASE AGREEMENT

31,000

TREASURY DEBT - 0.1%

10,000,000

United States Treasury Bill

0.000

06/23/22

9,992

TOTAL TREASURY DEBT

9,992

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.0%

2,033,802

State Street Navigator Securities Lending Government Money Market Portfolio

0.030

2,034

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

2,034

TOTAL SHORT-TERM INVESTMENTS

50,526

(Cost $50,526)

TOTAL INVESTMENTS - 100.2%

7,840,777

(Cost $7,320,690)

OTHER ASSETS & LIABILITIES, NET - (0.2)%

(16,512

)

NET ASSETS - 100.0%

7,824,265

LIBOR

London Interbank Offered Rate

Month

REIT

Real Estate Investment Trust

REMIC

Real Estate Mortgage Investment Conduit

	†				Security is categorized as Level 3 in the fair value hierarchy.
	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 $1,989,769.
	g				Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/21, the aggregate value of these securities is $256,745,131 or 3.3% of net assets.
	h				All or a portion of these securities were purchased on a delayed delivery basis.
	i				Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
	k				Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
	r				Agreement with Fixed Income Clearing Corporation, 0.020% dated 12/31/21 to be repurchased at $31,000,000 on 01/03/22, collateralized by Government Agency Securities, with coupon rate 1.875% and maturity date 02/15/2041, valued at $31,620,066.

					Cost amounts are in thousands.

Futures contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

Description	Number of long (short) contracts			Expiration date	Notional amount			Value			Unrealized appreciation (depreciation)
US Long Bond		(20	)	03/22/22	$	(3,164	)	$	(3,209	)	$	(45	)
US Ultra Bond		(480	)	03/22/22		(92,695	)		(94,620	)		(1,925	)
Total		(500	)		$	(95,859	)	$	(97,829	)	$	(1,970	)

440

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND

SOCIAL CHOICE ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2021

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
BANK LOAN OBLIGATIONS - 0.1%

COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
$	15,960,000	i	LTR Intermediate Holdings, Inc	LIBOR 3 M + 4.500%		5.500	%	05/05/28	$	15,830
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							15,830

			TOTAL BANK LOAN OBLIGATIONS							15,830
			(Cost $15,800)

BONDS - 38.7%

CORPORATE BONDS - 16.9%

AUTOMOBILES & COMPONENTS - 0.2%
	6,250,000		Aptiv plc			3.100		12/01/51		5,953
	5,000,000		Dana, Inc			4.250		09/01/30		5,069
	4,425,000	g	Denso Corp			1.239		09/16/26		4,334
	9,665,000	e	Ford Motor Co			3.250		02/12/32		9,897
	12,925,000	g	Hyundai Capital Services, Inc			1.250		02/08/26		12,608
			TOTAL AUTOMOBILES & COMPONENTS							37,861

BANKS - 3.0%
	12,500,000	g	ABN AMRO Bank NV			1.542		06/16/27		12,253
	13,800,000	g	ABN AMRO Bank NV			2.470		12/13/29		13,800
	13,400,000	g	ABN AMRO Bank NV			3.324		03/13/37		13,389
	6,925,000	g	Banco Nacional de Comercio Exterior SNC			2.720		08/11/31		6,838
	12,575,000	g	Bank Hapoalim BM			3.255		01/21/32		12,474
	13,750,000		Bank of America Corp			0.981		09/25/25		13,583
	14,025,000		Bank of America Corp			2.456		10/22/25		14,405
	15,000,000	i	Bank of America Corp	SOFR + 0.970%		1.020		07/22/27		15,251
	12,500,000		Bank of America Corp			2.087		06/14/29		12,412
	15,750,000		Bank of America Corp			2.687		04/22/32		15,984
	10,000,000		Bank of Montreal			3.803		12/15/32		10,726
	2,250,000		Barclays plc			3.811		03/10/42		2,399
	6,225,000		Barclays plc			4.375		N/A‡		6,097
	4,350,000	g	BNP Paribas S.A.			1.904		09/30/28		4,246
	15,300,000	g	BNP Paribas S.A.			2.871		04/19/32		15,513
	6,925,000	g	BNP Paribas S.A.			2.588		08/12/35		6,634
	10,000,000		Citigroup, Inc			1.678		05/15/24		10,111
	14,125,000		Citigroup, Inc			0.776		10/30/24		14,041
	12,600,000		Citigroup, Inc			1.281		11/03/25		12,566
	4,345,000		Citigroup, Inc			5.000		N/A‡		4,475
	2,900,000		Citigroup, Inc			5.950		N/A‡		3,103
	5,475,000		Citizens Bank NA			2.250		04/28/25		5,603
	3,800,000		Citizens Bank NA			3.750		02/18/26		4,094
	1,625,000	g	Credit Agricole S.A.			3.375		01/10/22		1,626
	13,750,000		HSBC Holdings plc			2.206		08/17/29		13,484
	1,670,000	i	ING Groep NV	LIBOR 3 M + 1.150%		1.370		03/29/22		1,674
	12,500,000	i	ING Groep NV	SOFR + 1.010%		1.060		04/01/27		12,611
	10,000,000		ING Groep NV			2.727		04/01/32		10,209
	2,714,000	g	Intesa Sanpaolo S.p.A			3.375		01/12/23		2,773
	1,825,000	g	Intesa Sanpaolo S.p.A			5.017		06/26/24		1,955

441

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	9,750,000	g	Intesa Sanpaolo S.p.A			3.250	%	09/23/24	$	10,150
	6,000,000	g	Intesa Sanpaolo S.p.A			4.950		06/01/42		6,164
	10,000,000	e,g	Itau Unibanco Holding S.A.			3.875		04/15/31		9,600
	9,150,000		JPMorgan Chase & Co			0.563		02/16/25		9,017
	15,000,000		JPMorgan Chase & Co			1.040		02/04/27		14,518
	13,065,000		JPMorgan Chase & Co			3.650		N/A‡		13,032
	9,570,000	g	Kookmin Bank			2.500		11/04/30		9,385
	4,000,000		Lloyds Banking Group plc			4.500		11/04/24		4,309
	9,494,000		Lloyds Banking Group plc			3.870		07/09/25		10,029
	7,725,000		Massachusetts Higher Education Assistance Corp			2.673		07/01/31		7,858
	5,925,000	i	Mizuho Financial Group, Inc	LIBOR 3 M + 0.630%		0.810		03/01/28		5,951
	11,125,000	g	National Australia Bank Ltd			2.332		08/21/30		10,658
	10,000,000	g	National Australia Bank Ltd			2.990		05/21/31		10,029
	12,638,000		National Bank of Canada			0.550		11/15/24		12,491
	7,500,000		Natwest Group plc			1.642		06/14/27		7,397
	2,790,000		NatWest Group plc			2.359		05/22/24		2,835
	10,000,000		People’s United Bank NA			4.000		07/15/24		10,498
	7,150,000	g	Standard Chartered plc			0.991		01/12/25		7,069
	10,000,000	g	Standard Chartered plc			1.456		01/14/27		9,691
	7,275,000		Sumitomo Mitsui Financial Group, Inc			1.474		07/08/25		7,237
	11,500,000		SVB Financial Group			2.100		05/15/28		11,503
	1,925,000		SVB Financial Group			3.125		06/05/30		2,020
	12,775,000		SVB Financial Group			1.800		02/02/31		12,103
	14,135,000		SVB Financial Group			4.100		N/A‡		13,980
	10,000,000		SVB Financial Group			4.000		N/A‡		10,050
	14,350,000		Truist Financial Corp			1.267		03/02/27		14,079
	14,200,000	g,i	UBS AG.	SOFR + 0.450%		0.500		08/09/24		14,223
	11,675,000	g	UBS Group AG.			1.494		08/10/27		11,389
	3,241,000	g,i	UniCredit S.p.A	LIBOR 3 M + 3.900%		4.027		01/14/22		3,244
	7,500,000	g	UniCredit S.p.A			6.572		01/14/22		7,511
	15,000,000	g	UniCredit S.p.A			2.569		09/22/26		14,971
	3,600,000	g	UniCredit S.p.A			5.459		06/30/35		3,922
	10,000,000	g	United Overseas Bank Ltd			2.000		10/14/31		9,929
	3,835,000	g	USAA Capital Corp			2.125		05/01/30		3,834
	12,125,000		Westpac Banking Corp			3.020		11/18/36		11,981
			TOTAL BANKS							596,986

CAPITAL GOODS - 0.4%
	10,450,000		Carrier Global Corp			2.700		02/15/31		10,614
	4,150,000		Johnson Controls International plc			1.750		09/15/30		3,972
	4,400,000		Masco Corp			1.500		02/15/28		4,259
	5,000,000		Otis Worldwide Corp			3.112		02/15/40		5,129
	4,975,000		Parker-Hannifin Corp			4.200		11/21/34		5,667
	3,400,000	e	Roper Technologies, Inc			1.400		09/15/27		3,299
	12,500,000	g	Siemens Financieringsmaatschappij NV			1.200		03/11/26		12,296
	10,500,000	g	Triton Container International Ltd			1.150		06/07/24		10,350
	7,000,000	g	Triton Container International Ltd			3.150		06/15/31		7,059
	6,500,000		Xylem, Inc			1.950		01/30/28		6,426
	3,575,000		Xylem, Inc			2.250		01/30/31		3,543
			TOTAL CAPITAL GOODS							72,614

COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	9,540,000		IHS Markit Ltd			4.125		08/01/23		9,969
	7,500,000		Mather Foundation			2.675		10/01/31		7,498
	15,810,000		Rockefeller Foundation			2.492		10/01/50		15,548
	10,000,000		Waste Connections, Inc			2.200		01/15/32		9,793

442

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	7,425,000		Waste Connections, Inc			2.950	%	01/15/52	$	7,309
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							50,117

CONSUMER DURABLES & APPAREL - 0.1%
	6,450,000		Tapestry, Inc			3.050		03/15/32		6,488
	6,700,000	e	Whirlpool Corp			2.400		05/15/31		6,709
			TOTAL CONSUMER DURABLES & APPAREL							13,197

CONSUMER SERVICES - 0.6%
	2,900,000		Bush Foundation			2.754		10/01/50		2,929
	3,125,000		Conservation Fund			3.474		12/15/29		3,298
	10,000,000		Henry J Kaiser Family Foundation			3.356		12/01/25		10,226
	5,145,000		Low Income Investment Fund			3.711		07/01/29		5,471
	3,440,000	i	Nature Conservancy	LIBOR 3 M + 1.080%		1.212		02/01/24		3,435
	17,500,000		New York Public Library Astor Lenox & Tilden Foundations			4.305		07/01/45		21,898
	3,475,000		Salvation Army			5.637		09/01/26		4,064
	20,000,000		Salvation Army			4.528		09/01/48		22,057
	12,300,000		Starbucks Corp			2.450		06/15/26		12,725
	11,440,000		Wisconsin Alumni Research Foundation			3.564		10/01/49		12,502
	11,065,000		YMCA of Greater New York			5.151		08/01/48		12,919
			TOTAL CONSUMER SERVICES							111,524

DIVERSIFIED FINANCIALS - 2.1%
	9,400,000	i	AerCap Ireland Capital DAC	SOFR + 0.680%		0.730		09/29/23		9,402
	10,800,000		AerCap Ireland Capital DAC			1.750		01/30/26		10,593
	10,500,000		AerCap Ireland Capital DAC			3.000		10/29/28		10,648
	8,900,000		AerCap Ireland Capital DAC			3.300		01/30/32		9,067
	10,200,000		Ally Financial, Inc			4.700		N/A‡		10,582
	3,000,000	g	Banco BTG Pactual S.A.			2.750		01/11/26		2,846
	3,300,000		Bank of New York Mellon Corp			4.700		N/A‡		3,520
	11,875,000	g	BPCE S.A.			1.652		10/06/26		11,716
	20,525,000	g	BPCE S.A.			2.045		10/19/27		20,349
	7,350,000	g	BPCE S.A.			3.116		10/19/32		7,373
	8,500,000	g	BPCE S.A.			3.582		10/19/42		8,684
	8,725,000		Charles Schwab Corp			4.000		N/A‡		8,812
	11,645,000		Community Preservation Corp			2.867		02/01/30		12,032
	16,425,000	g	Credit Suisse Group AG.			1.305		02/02/27		15,867
	10,050,000	g	Credit Suisse Group AG.			3.091		05/14/32		10,226
	4,750,000		Enterprise Community Loan Fund, Inc			4.152		11/01/28		4,834
	15,000,000		Ford Foundation			2.815		06/01/70		15,464
	13,300,000		Goldman Sachs Group, Inc			0.855		02/12/26		13,039
	2,300,000		Legg Mason, Inc			3.950		07/15/24		2,445
	10,000,000		Morgan Stanley			0.791		01/22/25		9,899
	11,950,000		Morgan Stanley			0.985		12/10/26		11,591
	12,450,000		Morgan Stanley			1.512		07/20/27		12,254
	10,000,000		Morgan Stanley			2.239		07/21/32		9,781
	14,150,000		Morgan Stanley			2.484		09/16/36		13,626
	11,400,000	g,i	NatWest Markets plc	SOFR + 0.530%		0.580		08/12/24		11,401
	16,500,000	g	NatWest Markets plc			1.600		09/29/26		16,230
	10,000,000	g	NongHyup Bank			1.250		07/20/25		9,895
	680,000		Reinvestment Fund, Inc			3.377		02/15/22		681
	1,295,000		Reinvestment Fund, Inc			3.166		11/01/23		1,319
	3,000,000		Reinvestment Fund, Inc			3.600		02/15/24		3,087
	10,250,000		Reinvestment Fund, Inc			3.366		11/01/24		10,580
	2,570,000		Reinvestment Fund, Inc			3.513		11/01/25		2,695
	15,240,000		Reinvestment Fund, Inc			3.880		02/15/27		16,410
	7,435,000		Reinvestment Fund, Inc			3.930		02/15/28		8,227

443

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	11,150,000	g	Societe Generale S.A.			2.889	%	06/09/32	$	11,122
	4,475,000	g	Starwood Property Trust, Inc			5.500		11/01/23		4,632
	7,900,000	g	Swiss Re Finance Luxembourg SA			5.000		04/02/49		8,838
	4,875,000		Toyota Motor Credit Corp			2.150		02/13/30		4,885
	4,825,000	g	UBS Group AG			1.008		07/30/24		4,810
	14,700,000	g	UBS Group AG			1.364		01/30/27		14,368
	11,075,000	e	Unilever Capital Corp			2.000		07/28/26		11,324
	5,523,000		Unilever Capital Corp			2.125		09/06/29		5,567
	6,125,000		Unilever Capital Corp			1.375		09/14/30		5,807
	8,475,000		Unilever Capital Corp			1.750		08/12/31		8,229
	9,425,000		Unilever Capital Corp			2.625		08/12/51		9,318
	3,450,000	g	WLB Asset II B Pte Ltd			3.950		12/10/24		3,302
	1,925,000	g	WLB Asset II Pte Ltd			4.000		01/14/24		1,909
			TOTAL DIVERSIFIED FINANCIALS							419,286

ENERGY - 0.7%
	8,000,000	g	Aker BP ASA			2.875		01/15/26		8,292
	10,000,000	g	Aker BP ASA			4.000		01/15/31		10,813
	2,650,000		Cenovus Energy, Inc			2.650		01/15/32		2,593
	6,550,000		Cenovus Energy, Inc			3.750		02/15/52		6,566
	7,500,000	i	Enbridge, Inc	SOFR + 0.400%		0.450		02/17/23		7,500
	9,625,000	e	Enbridge, Inc			2.500		01/15/25		9,891
	8,175,000		Enbridge, Inc			3.400		08/01/51		8,286
	5,830,000		Enbridge, Inc			5.750		07/15/80		6,471
	8,125,000		Equinor ASA			2.375		05/22/30		8,254
	5,932,000		Equinor ASA			3.950		05/15/43		6,896
	12,450,000		Equinor ASA			3.250		11/18/49		13,187
	3,875,000		ONEOK, Inc			4.000		07/13/27		4,189
	6,200,000		ONEOK, Inc			4.950		07/13/47		7,163
	11,700,000	g	Santos Finance Ltd			3.649		04/29/31		11,913
	7,540,000	g	Sunnova Energy Corp			5.875		09/01/26		7,691
	12,850,000		Total Capital International S.A.			2.986		06/29/41		13,018
	11,316,000		Total Capital International S.A.			3.127		05/29/50		11,599
			TOTAL ENERGY							144,322

FOOD & STAPLES RETAILING - 0.2%
	15,563,000		SYSCO Corp			2.400		02/15/30		15,609
	18,954,000		Walmart, Inc			1.800		09/22/31		18,764
			TOTAL FOOD & STAPLES RETAILING							34,373

FOOD, BEVERAGE & TOBACCO - 0.1%
	6,150,000	g	Coca-Cola European Partners plc			1.500		01/15/27		6,025
	10,000,000	g	NBM US Holdings, Inc			6.625		08/06/29		10,938
	12,124,000		PepsiCo, Inc			2.875		10/15/49		12,712
			TOTAL FOOD, BEVERAGE & TOBACCO							29,675

HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	6,900,000		Cigna Corp			0.613		03/15/24		6,842
	10,125,000		Cigna Corp			2.375		03/15/31		10,177
	2,250,000		Mary Free Bed Rehabilitation Hospital			3.786		04/01/51		2,431
	10,385,000		Stanford Health Care			3.027		08/15/51		10,796
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							30,246

HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	7,125,000		Kimberly-Clark Corp			2.875		02/07/50		7,304
	5,300,000		Procter & Gamble Co			3.000		03/25/30		5,760

444

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	12,975,000		Procter & Gamble Co		1.200	%	10/29/30	$	12,271
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						25,335
INSURANCE - 0.8%
	6,850,000	g	AIA Group Ltd		3.600		04/09/29		7,475
	11,450,000	g	AIA Group Ltd		3.375		04/07/30		12,372
	2,400,000		Chubb INA Holdings, Inc		1.375		09/15/30		2,261
	6,275,000		Chubb INA Holdings, Inc		2.850		12/15/51		6,294
	11,400,000	g	Empower Finance 2020 LP		1.357		09/17/27		11,054
	4,000,000	g	Empower Finance 2020 LP		1.776		03/17/31		3,862
	10,178,000		First American Financial Corp		2.400		08/15/31		9,958
	3,975,000	g	Five Corners Funding Trust		4.419		11/15/23		4,213
	15,675,000	g	Five Corners Funding Trust II		2.850		05/15/30		16,242
	4,700,000	g	Great-West Lifeco US Finance 2020 LP		0.904		08/12/25		4,566
	10,000,000		Principal Financial Group, Inc		2.125		06/15/30		9,886
	6,504,000		Prudential Financial, Inc		1.500		03/10/26		6,507
	10,250,000		Prudential Financial, Inc		5.200		03/15/44		10,674
	4,265,000		Prudential Financial, Inc		3.700		10/01/50		4,314
	4,475,000		Reinsurance Group of America, Inc		3.900		05/15/29		4,893
	6,100,000		Reinsurance Group of America, Inc		3.150		06/15/30		6,354
	18,222,000	g	Swiss Re Treasury US Corp		2.875		12/06/22		18,503
	14,024,000	g	Swiss Re Treasury US Corp		4.250		12/06/42		17,181
			TOTAL INSURANCE						156,609

MATERIALS - 0.6%
	7,250,000	e,g	Celulosa Arauco y Constitucion S.A.		4.200		01/29/30		7,739
	10,000,000	g	Celulosa Arauco y Constitucion S.A.		5.150		01/29/50		11,385
	10,500,000		Fibria Overseas Finance Ltd		5.500		01/17/27		11,773
	5,650,000	g	International Flavors & Fragrances, Inc		2.300		11/01/30		5,540
	3,409,000		International Paper Co		4.800		06/15/44		4,309
	17,000,000	e,g	Inversiones CMPC S.A.		4.375		04/04/27		18,743
	10,000,000	g	Klabin Austria GmbH		7.000		04/03/49		11,513
	7,775,000	g	Klabin Finance S.A.		4.875		09/19/27		8,261
EUR	2,500,000	g	LG Chem Ltd		0.500		04/15/23		2,862
$	3,250,000	e,g	LG Chem Ltd		3.625		04/15/29		3,545
	6,925,000		LYB International Finance III LLC		3.375		10/01/40		7,212
	5,000,000		Newmont Corp		2.250		10/01/30		4,930
	9,875,000		PPG Industries, Inc		1.200		03/15/26		9,659
	12,736,000	e	Teck Resources Ltd		3.900		07/15/30		13,683
			TOTAL MATERIALS						121,154

MEDIA & ENTERTAINMENT - 0.2%
	10,000,000		Alphabet, Inc		1.100		08/15/30		9,453
	10,000,000	g	NTT Finance Corp		1.162		04/03/26		9,810
	7,500,000	g	NTT Finance Corp		2.065		04/03/31		7,493
	9,550,000	g	RGA Global Funding		2.000		11/30/26		9,582
	2,320,000		Smithsonian Institution		2.645		09/01/39		2,344
	5,500,000	g	WLB Asset II C Pte Ltd		3.900		12/23/25		5,472
			TOTAL MEDIA & ENTERTAINMENT						44,154

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.8%
	10,000,000		Amgen, Inc		2.000		01/15/32		9,683
	10,875,000		Amgen, Inc		3.000		01/15/52		10,552
	4,800,000		Bristol-Myers Squibb Co		2.350		11/13/40		4,552
	7,700,000		Bristol-Myers Squibb Co		2.550		11/13/50		7,284
	11,475,000		Danaher Corp		2.800		12/10/51		11,316
	6,275,000		Gilead Sciences, Inc		1.200		10/01/27		6,065

445

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	5,625,000		Gilead Sciences, Inc		2.600	%	10/01/40	$	5,419
	15,400,000		Gilead Sciences, Inc		2.800		10/01/50		14,929
	12,550,000		Merck & Co, Inc		2.150		12/10/31		12,585
	6,300,000		Merck & Co, Inc		2.750		12/10/51		6,234
	7,000,000		PerkinElmer, Inc		2.250		09/15/31		6,806
	10,000,000		Pfizer, Inc		1.750		08/18/31		9,765
	10,375,000	g	Roche Holdings, Inc		1.930		12/13/28		10,438
	15,750,000	g	Roche Holdings, Inc		2.076		12/13/31		15,703
	14,675,000		Takeda Pharmaceutical Co Ltd		2.050		03/31/30		14,371
	8,500,000		Takeda Pharmaceutical Co Ltd		3.175		07/09/50		8,568
	3,850,000		Thermo Fisher Scientific, Inc		2.000		10/15/31		3,793
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						158,063

REAL ESTATE - 0.8%
	13,400,000		American Tower Corp		1.500		01/31/28		12,820
	1,975,000		Brandywine Operating Partnership LP		3.950		02/15/23		2,022
	6,225,000		Brandywine Operating Partnership LP		3.950		11/15/27		6,691
	9,095,000		Brixmor Operating Partnership LP		3.900		03/15/27		9,821
	6,600,000		Brixmor Operating Partnership LP		2.250		04/01/28		6,565
	4,175,000		Brixmor Operating Partnership LP		2.500		08/16/31		4,086
	5,975,000		Corporate Office Properties LP		2.750		04/15/31		5,941
	2,600,000		Duke Realty LP		2.875		11/15/29		2,701
	3,500,000		Federal Realty Investment Trust		2.750		06/01/23		3,569
	6,900,000		Federal Realty Investment Trust		1.250		02/15/26		6,758
	1,975,000	g	HAT Holdings I LLC		6.000		04/15/25		2,054
	10,970,000	g	HAT Holdings I LLC		3.375		06/15/26		11,080
	10,000,000	g	HAT Holdings I LLC		3.750		09/15/30		9,975
	5,125,000	e	Healthpeak Properties, Inc		2.125		12/01/28		5,132
	2,100,000		Host Hotels & Resorts LP		2.900		12/15/31		2,026
	11,075,000		Kilroy Realty LP		3.450		12/15/24		11,598
	14,360,000		Kilroy Realty LP		2.500		11/15/32		13,888
	16,822,000		Regency Centers LP		3.750		06/15/24		17,714
	8,245,000	g	Scentre Group Trust 2		5.125		09/24/80		8,832
	3,150,000		Vornado Realty LP		2.150		06/01/26		3,148
	2,775,000		Vornado Realty LP		3.400		06/01/31		2,838
			TOTAL REAL ESTATE						149,259

RETAILING - 0.1%
	4,100,000		Advance Auto Parts, Inc		1.750		10/01/27		3,979
	8,000,000		Amazon.com, Inc		0.250		05/12/23		7,959
	5,200,000		AutoNation, Inc		2.400		08/01/31		5,015
	7,500,000	e	Kohl’s Corp		3.375		05/01/31		7,638
	5,525,000		Lowe’s Cos, Inc		2.800		09/15/41		5,391
			TOTAL RETAILING						29,982

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	9,208,000	g	NXP BV		3.400		05/01/30		9,813
	10,000,000	g	SK Hynix, Inc		2.375		01/19/31		9,624
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						19,437

SOFTWARE & SERVICES - 0.3%
	10,000,000	e	Autodesk, Inc		2.400		12/15/31		9,971
	9,500,000		Automatic Data Processing, Inc		1.700		05/15/28		9,466
	10,000,000		Automatic Data Processing, Inc		1.250		09/01/30		9,411
	7,725,000	e	Mastercard, Inc		1.900		03/15/31		7,767

446

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	7,500,000		Visa, Inc			1.900	%	04/15/27	$	7,607
	17,000,000		Visa, Inc			1.100		02/15/31		15,871
			TOTAL SOFTWARE & SERVICES							60,093

TECHNOLOGY HARDWARE & EQUIPMENT - 0.2%
	14,250,000		Apple, Inc			3.000		06/20/27		15,267
	4,750,000	g	HP, Inc			2.650		06/17/31		4,683
	11,250,000	g	New York State Electric & Gas Corp			2.150		10/01/31		10,999
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							30,949

TELECOMMUNICATION SERVICES - 0.4%
	9,000,000	i	Verizon Communications, Inc	SOFR + 0.790%		0.840		03/20/26		9,123
	14,225,000		Verizon Communications, Inc			2.550		03/21/31		14,352
	9,825,000		Verizon Communications, Inc			3.400		03/22/41		10,286
	18,825,000		Verizon Communications, Inc			3.550		03/22/51		20,272
	10,000,000		Vodafone Group plc			3.250		06/04/81		9,805
	10,000,000		Vodafone Group plc			4.125		06/04/81		9,900
			TOTAL TELECOMMUNICATION SERVICES							73,738

TRANSPORTATION - 0.2%
	10,000,000		Canadian Pacific Railway Co			1.350		12/02/24		10,012
	6,950,000		Canadian Pacific Railway Co			2.450		12/02/31		7,086
	5,650,000	e	Canadian Pacific Railway Co			3.000		12/02/41		5,778
	8,785,000		Delta Air Lines, Inc			2.900		10/28/24		8,957
	3,652,000	g	Delta Air Lines, Inc			7.000		05/01/25		4,176
	2,815,000	e	Delta Air Lines, Inc			7.375		01/15/26		3,314
			TOTAL TRANSPORTATION							39,323
UTILITIES - 4.5%
	3,827,000		AES Corp			1.375		01/15/26		3,714
	10,875,000		AES Corp			2.450		01/15/31		10,596
	14,500,000	g	AES Gener S.A.			6.350		10/07/79		14,761
	12,325,000		Ameren Illinois Co			2.900		06/15/51		12,495
	4,375,000		Arizona Public Service Co			3.750		05/15/46		4,769
	4,500,000		Atlantic City Electric Co			2.300		03/15/31		4,519
	14,950,000		Avangrid, Inc			3.200		04/15/25		15,711
	13,200,000		Avangrid, Inc			3.800		06/01/29		14,351
	10,275,000		Avista Corp			4.350		06/01/48		12,688
	5,900,000	g	Azure Power Solar Energy Pvt Ltd			5.650		12/24/24		6,195
	9,750,000	g	Brooklyn Union Gas Co			4.273		03/15/48		11,144
	13,500,000	g	Brooklyn Union Gas Co			4.487		03/04/49		15,860
	9,875,000		CenterPoint Energy Houston Electric LLC			2.350		04/01/31		10,025
	12,350,000		CenterPoint Energy Houston Electric LLC			3.350		04/01/51		13,574
	19,400,000	i	CenterPoint Energy Resources Corp	LIBOR 3 M + 0.500%		0.673		03/02/23		19,355
	13,675,000	g	Clearway Energy Operating LLC			3.750		02/15/31		13,641
	3,550,000		CMS Energy Corp			4.750		06/01/50		3,861
	3,100,000		CMS Energy Corp			3.750		12/01/50		3,046
	13,100,000	g	Colbun S.A.			3.150		01/19/32		12,962
	17,500,000		Commonwealth Edison Co			2.750		09/01/51		16,918
	7,525,000	g	Consorcio Transmantaro SA			4.700		04/16/34		8,268
	13,876,000		Consumers Energy Co			2.500		05/01/60		12,233
	5,928,844	g	Continental Wind LLC			6.000		02/28/33		6,702
	4,997,238	g	Continuum Energy Levanter Pte Ltd			4.500		02/09/27		5,110
	7,110,000		Dominion Energy, Inc			3.600		03/15/27		7,654
	8,525,000		Dominion Energy, Inc			2.250		08/15/31		8,326
	8,325,000		Dominion Energy, Inc			4.350		N/A‡		8,596

447

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,000,000		Dominion Energy, Inc (Step Bond)		3.071	%	08/15/24	$	4,140
	11,725,000		DTE Electric Co		1.900		04/01/28		11,608
	9,025,000		DTE Electric Co		3.250		04/01/51		9,704
	10,000,000		Duke Energy Florida LLC		2.500		12/01/29		10,276
	3,350,000	g	East Ohio Gas Co		1.300		06/15/25		3,304
	8,850,000		Eastern Energy Gas Holdings LLC		2.500		11/15/24		9,113
	11,625,000	g	EDP Finance BV		3.625		07/15/24		12,201
	22,750,000	g	Electricite de France S.A.		3.625		10/13/25		24,272
	11,735,000		Essential Utilities, Inc		2.704		04/15/30		11,919
	9,375,000		Essential Utilities, Inc		3.351		04/15/50		9,703
	12,025,000		Evergy, Inc		2.550		07/01/26		12,465
	2,800,000		Eversource Energy		0.800		08/15/25		2,725
	9,885,000		Georgia Power Co		3.250		04/01/26		10,435
	8,550,000	g	India Cleantech Energy		4.700		08/10/26		8,682
	9,700,000		Interstate Power & Light Co		3.500		09/30/49		10,395
	24,325,000	g	Korea Hydro & Nuclear Power Co Ltd		3.750		07/25/23		25,272
	16,441,000	g	Liberty Utilities Finance GP		2.050		09/15/30		15,674
	5,875,000		MidAmerican Energy Co		3.100		05/01/27		6,237
	1,000,000		MidAmerican Energy Co		3.950		08/01/47		1,174
	3,596,000		MidAmerican Energy Co		3.150		04/15/50		3,764
	4,300,000	g	Narragansett Electric Co		3.919		08/01/28		4,696
	12,350,000		National Fuel Gas Co		5.500		01/15/26		13,799
	2,250,000		National Fuel Gas Co		3.950		09/15/27		2,387
	3,400,000		National Fuel Gas Co		4.750		09/01/28		3,751
	11,250,000		National Fuel Gas Co		2.950		03/01/31		11,305
	3,225,000	g	NextEra Energy Operating Partners LP		4.250		07/15/24		3,350
	13,559,000	g	Niagara Mohawk Power Corp		1.960		06/27/30		12,955
	9,732,000	g	Niagara Mohawk Power Corp		4.278		10/01/34		10,936
	9,750,000	g	Niagara Mohawk Power Corp		4.119		11/28/42		10,988
	5,250,000		Northwest Natural Gas Co		3.078		12/01/51		5,195
	3,000,000		NorthWestern Corp		4.176		11/15/44		3,518
	6,975,000		OGE Energy Corp		0.703		05/26/23		6,943
	16,250,000		PacifiCorp		2.900		06/15/52		15,946
	1,925,000	g	Pattern Energy Operations LP		4.500		08/15/28		1,997
	7,113,000		Piedmont Natural Gas Co, Inc		3.350		06/01/50		7,293
	630,000		Public Service Co of Colorado		4.750		08/15/41		778
	5,000,000		Public Service Co of Colorado		3.200		03/01/50		5,213
	2,975,000		Public Service Co of New Hampshire		3.600		07/01/49		3,332
	6,134,000		Public Service Electric & Gas Co		3.200		08/01/49		6,437
	19,475,000		Public Service Enterprise Group, Inc		0.800		08/15/25		18,960
	10,000,000		Public Service Enterprise Group, Inc		1.600		08/15/30		9,269
	13,550,000		San Diego Gas & Electric Co		2.950		08/15/51		13,636
	6,900,000		Sempra Energy		4.875		N/A‡		7,388
	21,440,724	g	Solar Star Funding LLC		3.950		06/30/35		22,676
	20,203,794	g	Solar Star Funding LLC		5.375		06/30/35		23,286
	10,000,000		Southern Power Co		4.150		12/01/25		10,875
	14,825,000		Southwestern Electric Power Co		3.250		11/01/51		14,701
	5,613,000		Southwestern Public Service Co		3.750		06/15/49		6,389
	18,650,000		Southwestern Public Service Co		3.150		05/01/50		19,449
	26,083,570	g	Star Energy Geothermal Wayang Windu Ltd		6.750		04/24/33		28,561
	18,000,000	g	TerraForm Power Operating LLC		5.000		01/31/28		19,066
	18,465,704	g	Topaz Solar Farms LLC		4.875		09/30/39		20,822
	10,337,502	g	Topaz Solar Farms LLC		5.750		09/30/39		12,285
	9,750,000		Tucson Electric Power Co		1.500		08/01/30		9,107
	8,421,585	g	UEP Penonome II S.A.		6.500		10/01/38		8,811

448

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	15,000,000		Union Electric Co			2.150	%	03/15/32	$	14,722
	16,400,000		Union Electric Co			2.625		03/15/51		15,722
	1,850,000	g	Vistra Corp			7.000		N/A‡		1,877
			TOTAL UTILITIES							888,558

			TOTAL CORPORATE BONDS							3,336,855
			(Cost $3,275,631)

GOVERNMENT BONDS - 17.9%

AGENCY SECURITIES - 1.6%
	3,939,000		Canal Barge Co, Inc			4.500		11/12/34		4,499
	1,005,641		DY7 Leasing LLC			2.578		12/10/25		1,035
	6,018,042		Ethiopian Leasing LLC			2.566		08/14/26		6,237
	23,000,000		Federal Home Loan Mortgage Corp (FHLMC)			0.375		05/05/23		22,948
	18,700,000		FHLMC			0.250		08/24/23		18,579
	13,650,000		FHLMC			0.250		09/08/23		13,557
	23,636,000		FHLMC			0.250		12/04/23		23,412
	20,000,000		Federal National Mortgage Association (FNMA)			0.250		07/10/23		19,891
	8,000,000		FNMA			0.625		04/22/25		7,890
	18,880,000		FNMA			0.875		08/05/30		17,791
	5,950,000		Hashemite Kingdom of Jordan Government AID Bond			3.000		06/30/25		6,291
	4,125,000	i	India Government AID Bond	LIBOR 3 M + 0.100%		0.417		02/01/27		4,072
	1,825,000		Iraq Government AID Bond			2.149		01/18/22		1,826
	3,280,000		Lutheran Medical Center			1.982		02/20/30		3,316
	15,885,000		Montefiore Medical Center			2.895		04/20/32		16,664
	12,505,000		New York Society for the Relief of the Ruptured & Crippled			2.881		12/20/31		12,750
	805,804		Overseas Private Investment Corp (OPIC)			2.040		12/15/26		817
	11,958,252		OPIC			3.220		09/15/29		12,801
	5,362,237		OPIC			1.790		10/15/29		5,429
	16,756,991		OPIC			2.360		10/15/29		17,354
	1,968,903		OPIC			2.610		04/15/30		2,059
	2,736,000		OPIC			2.930		05/15/30		2,904
	4,521,600		OPIC			3.040		05/15/30		4,823
	967,818		OPIC			2.810		07/31/33		1,027
	1,548,509		OPIC			2.940		07/31/33		1,656
	5,382,323		OPIC			2.450		07/15/38		5,555
	27,342,000		Private Export Funding Corp (PEFCO)			2.050		11/15/22		27,715
	4,000,000		PEFCO			3.550		01/15/24		4,205
	8,000,000		PEFCO			3.250		06/15/25		8,470
	64,468		Tayarra Ltd			3.628		02/15/22		65
	13,041,067		Thirax LLC			0.968		01/14/33		12,560
	1,775,000		United States International Development Finance Corp			1.440		04/15/28		1,753
	1,000,000		United States International Development Finance Corp			1.650		04/15/28		999
	8,721,357		United States International Development Finance Corp			1.630		07/15/38		8,444
	2,386,000		US Department of Housing and Urban Development (HUD)			2.910		08/01/23		2,390
	5,000,000		HUD			3.535		08/01/36		5,547
			TOTAL AGENCY SECURITIES							307,331

FOREIGN GOVERNMENT BONDS - 2.9%
	12,750,000	e	African Development Bank			0.750		04/03/23		12,773

449

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	11,850,000	g	Arab Petroleum Investments Corp			1.483	%	10/06/26	$	11,701
	4,882,000		Asian Development Bank			1.875		08/10/22		4,925
	9,500,000		Asian Development Bank			2.125		03/19/25		9,807
	6,500,000		Asian Development Bank			1.750		08/14/26		6,631
	16,489,000	e	Asian Development Bank			3.125		09/26/28		18,431
	12,500,000		Asian Development Bank			1.500		03/04/31		12,437
EUR	7,925,000	g	Banque Ouest Africaine de Developpement			2.750		01/22/33		9,468
$	12,400,000	g	BNG Bank NV			2.625		02/27/24		12,858
CLP	9,475,000,000	g	Bonos de la Tesoreria de la Republica en pesos			2.300		10/01/28		9,177
$	1,900,000	g	Caisse d’Amortissement de la Dette Sociale			0.625		02/18/26		1,847
	4,750,000	g	Caisse d’Amortissement de la Dette Sociale			1.375		01/20/31		4,603
	7,000,000	e,g	CDP Financial, Inc			1.000		05/26/26		6,888
	10,075,000	e	Chile Government International Bond			3.100		05/07/41		9,858
	9,500,000		Chile Government International Bond			3.500		01/25/50		9,831
	15,000,000	g	Development Bank of Japan, Inc			0.500		03/04/24		14,849
	9,925,000	g	Egypt Government International Bond			5.250		10/06/25		10,001
	19,500,000		European Bank for Reconstruction & Development			1.625		09/27/24		19,832
	3,750,000	e	European Investment Bank			2.375		05/24/27		3,934
	3,725,000	e	European Investment Bank			0.625		10/21/27		3,544
	11,600,000	e	European Investment Bank			1.625		10/09/29		11,640
	7,500,000		European Investment Bank			0.750		09/23/30		7,010
	2,000,000		European Investment Bank			4.875		02/15/36		2,752
	1,925,000	g	Guatemala Government International Bond			5.375		04/24/32		2,146
	6,082,000		Hydro Quebec			8.400		01/15/22		6,097
	20,000,000	i	Inter-American Development Bank	LIBOR 3 M + 0.010%		0.134		01/15/22		20,001
	11,000,000		International Bank for Reconstruction & Development			0.625		04/22/25		10,816
	14,750,000		International Bank for Reconstruction & Development			3.125		11/20/25		15,788
	27,150,000	g	International Development Association			2.750		04/24/23		27,890
	1,000,000		International Finance Corp			2.000		10/24/22		1,013
	7,375,000		International Finance Corp			0.500		03/20/23		7,368
	33,500,000	e	International Finance Corp			2.125		04/07/26		34,726
	8,750,000		Japan International Cooperation Agency			1.750		04/28/31		8,731
	12,500,000	g	Kommunalbanken AS.			2.125		02/11/25		12,896
	8,750,000	i	Korea Development Bank International Bond	LIBOR 3 M + 0.725%		0.852		07/06/22		8,775
	10,100,000	g	Korea Electric Power Corp			1.125		06/15/25		9,971
	9,200,000	i	Kreditanstalt fuer Wiederaufbau	SOFR + 1.000%		1.050		02/12/24		9,375
	11,250,000		Kreditanstalt fuer Wiederaufbau			0.250		03/08/24		11,107
	9,537,000		Kreditanstalt fuer Wiederaufbau			1.000		10/01/26		9,402
	13,000,000		Landwirtschaftliche Rentenbank			0.875		09/03/30		12,236
	18,250,000	e,g	Nederlandse Waterschapsbank NV			1.750		01/15/25		18,613
	19,000,000	g	Nederlandse Waterschapsbank NV			2.375		03/24/26		19,859
	22,800,000	g	Perusahaan Penerbit SBSN Indonesia III			3.750		03/01/23		23,551
	10,500,000	g	Perusahaan Penerbit SBSN Indonesia III			3.900		08/20/24		11,240
	10,690,000		Peruvian Government International Bond			3.000		01/15/34		10,647
	12,700,000	e	Province of Manitoba Canada			3.050		05/14/24		13,302
	10,000,000	e	Province of Quebec Canada			2.750		04/12/27		10,612
	5,000,000		Province of Quebec Canada			7.500		09/15/29		6,982
	15,250,000		Province of Quebec Canada			1.900		04/21/31		15,344
	10,000,000		Republic of Italy Government International Bond			2.875		10/17/29		10,216
	7,750,000		Republic of Italy Government International Bond			4.000		10/17/49		8,517
			TOTAL FOREIGN GOVERNMENT BONDS							572,018

450

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
MORTGAGE BACKED - 6.6%
$	2,115,000	g,i	Angel Oak Mortgage Trust			2.837	%	11/25/66	$	2,116
	2,600,000		Federal Home Loan Mortgage Corp (FHLMC)			3.000		10/15/33		2,740
	118,530		FHLMC			4.000		06/01/42		129
	1,255,994	i	FHLMC	LIBOR 1 M + 5.920%		5.810		03/15/44		216
	3,846,866		FHLMC			4.000		10/01/47		4,204
	2,289,222		FHLMC			4.000		06/01/48		2,485
	4,073,818	i	FHLMC	LIBOR 1 M + 9.920%		9.744		06/15/48		4,646
	3,824,401		FHLMC			4.000		07/01/48		4,173
	2,827,124	i	FHLMC	LIBOR 1 M + 9.840%		9.664		10/15/48		3,330
	10,700,276		FHLMC			3.000		11/01/49		11,260
	10,333,870		FHLMC			2.000		09/25/50		1,188
	13,937,401		FHLMC			2.500		11/25/50		2,293
	18,803,940		FHLMC			2.500		02/25/51		3,155
	13,448,839		FHLMC			3.000		11/01/51		14,352
	1,601,023		FHLMC			3.000		11/01/51		1,685
	1,435,261		FHLMC			3.000		11/01/51		1,537
	1,888,564		FHLMC			3.000		11/01/51		2,017
	416		Federal Home Loan Mortgage Corp Gold (FGLMC)			7.000		05/01/23		0	^
	6,419		FGLMC			8.000		01/01/31		7
	131,087		FGLMC			4.500		07/01/33		144
	944,082		FGLMC			7.000		12/01/33		1,071
	271,759		FGLMC			7.000		05/01/35		305
	619,720		FGLMC			5.000		06/01/36		701
	178,617		FGLMC			5.000		07/01/39		203
	291,915		FGLMC			4.500		10/01/44		319
	418,822		FGLMC			4.500		11/01/44		463
	581,574		FGLMC			4.500		11/01/44		642
	313,394		FGLMC			4.500		12/01/44		340
	413,080		FGLMC			4.500		12/01/44		456
	1,275,221		FGLMC			3.500		04/01/45		1,378
	5,265,544		FGLMC			3.500		10/01/45		5,672
	4,866,021		FGLMC			4.000		12/01/45		5,355
	16,750,433		FGLMC			3.500		08/01/46		18,042
	657,226		FGLMC			4.500		06/01/47		725
	1,554,311		FGLMC			4.000		09/01/47		1,703
	995,367		FGLMC			3.500		12/01/47		1,071
	1,418,853		FGLMC			4.000		07/01/48		1,549
	4,394,507		FGLMC			4.500		08/01/48		4,830
	3,923		Federal National Mortgage Association (FNMA)			8.000		07/01/24		4
	17,438,558	i	FNMA			2.784		02/25/27		18,426
	3,500,000	i	FNMA			3.325		06/25/28		3,830
	15,250,000	i	FNMA			1.510		11/25/30		14,867
	15,500,000	i	FNMA			1.250		01/25/31		14,776
	1,424,608		FNMA			3.500		05/01/32		1,510
	1,631,531		FNMA			3.000		10/01/32		1,714
	1,546,426		FNMA			5.000		05/01/35		1,745
	1,025,240		FNMA			5.000		10/01/35		1,159
	767,910		FNMA			5.000		02/01/36		868
	14,200,000	h	FNMA			1.500		01/25/37		14,238
	38,150,000	h	FNMA			2.000		01/25/37		39,063
	18,655,000	h	FNMA			2.500		01/25/37		19,282
	36,450,000	h	FNMA			2.000		02/25/37		37,259

451

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	1,403,544		FNMA			5.500	%	11/01/38	$	1,608
	194,512		FNMA			3.000		05/01/40		203
	633,855		FNMA			5.000		09/01/40		714
	1,329,745		FNMA			5.000		05/01/41		1,507
	984,625		FNMA			4.000		09/01/42		1,070
	1,995,316	i	FNMA	LIBOR 1 M + 5.950%		5.848		09/25/43		359
	450,018		FNMA			4.000		01/01/44		494
	1,473,721		FNMA			4.500		03/01/44		1,640
	332,002		FNMA			4.500		06/01/44		365
	4,701,564		FNMA			4.500		06/01/44		5,162
	1,068,033		FNMA			4.500		08/01/44		1,174
	2,720,114		FNMA			4.500		10/01/44		3,001
	5,156,824		FNMA			4.500		11/01/44		5,688
	897,637		FNMA			5.000		11/01/44		1,016
	1,265,829		FNMA			4.500		12/01/44		1,386
	517,537		FNMA			4.000		01/01/45		562
	244,095		FNMA			4.500		03/01/45		268
	337,970		FNMA			4.500		04/01/45		373
	2,573,089		FNMA			3.500		05/01/45		2,787
	1,327,704		FNMA			4.000		12/01/45		1,457
	3,784,493		FNMA			3.500		01/01/46		4,075
	4,490,434		FNMA			4.000		01/01/46		4,915
	763,388		FNMA			4.000		04/01/46		832
	4,425,410		FNMA			3.500		06/01/46		4,765
	2,696,363		FNMA			3.500		07/01/46		2,903
	4,659,874		FNMA			3.500		07/01/46		5,030
	1,244,797		FNMA			3.500		08/01/46		1,340
	390,272		FNMA			3.000		10/01/46		400
	3,521,376		FNMA			3.500		10/01/46		3,791
	4,486,886		FNMA			3.000		11/01/46		4,685
	6,682,523		FNMA			3.500		01/01/47		7,109
	1,479,869		FNMA			4.500		05/01/47		1,634
	3,031,626		FNMA			4.000		09/01/47		3,251
	1,007,913		FNMA			4.000		09/01/47		1,079
	2,523,500		FNMA			4.000		10/01/47		2,697
	388,055		FNMA			3.000		11/01/47		396
	297,072		FNMA			3.500		11/01/47		320
	391,214		FNMA			4.500		11/01/47		430
	3,147,251		FNMA			4.000		12/01/47		3,442
	8,184,007		FNMA			4.000		12/01/47		8,764
	3,999,533		FNMA			3.500		01/01/48		4,235
	2,583,088		FNMA			4.500		01/01/48		2,838
	2,224,132		FNMA			4.500		02/01/48		2,447
	6,432,129		FNMA			3.500		03/01/48		6,805
	2,477,132		FNMA			4.000		03/01/48		2,711
	8,893,358		FNMA			4.500		03/01/48		9,782
	2,471,101		FNMA			4.000		04/01/48		2,626
	1,810,964		FNMA			4.500		05/01/48		1,992
	1,390,668		FNMA			4.500		05/01/48		1,530
	3,346,812		FNMA			5.000		08/01/48		3,731
	15,268,223		FNMA			3.000		07/01/50		16,099
	6,410,162		FNMA			2.000		08/25/50		730
	16,464,725		FNMA			2.500		11/25/50		2,284
	31,100,000	h	FNMA			2.000		01/25/51		31,004
	32,750,000	h	FNMA			2.500		01/25/51		33,413
	170,260,000	h	FNMA			2.500		02/25/51		173,274

452

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,703,226		FNMA		3.000	%	02/25/51	$	747
	5,091,454		FNMA		3.000		09/01/51		5,397
	5,464,476		FNMA		2.500		11/25/51		768
	2,630,000	h	FNMA		3.000		01/01/52		2,735
	53,670,000	h	FNMA		3.000		01/25/52		55,600
	68,640,000	h	FNMA		3.000		02/25/52		71,004
	153,620,000	h	FNMA		2.000		02/25/52		152,805
	2,075,000	g,i	Federal Home Loan STACR REMIC Trust		3.450		10/25/41		2,088
	3,530,000	g,i	Federal Home Loan Structured Agency Credit Risk Debt Notes (STACR)		3.450		11/25/41		3,585
	2,794,626		Government National Mortgage Association (GNMA)		2.580		08/15/25		2,847
	8,871,213		GNMA		2.690		06/15/33		9,020
	7,322,556		GNMA		3.700		10/15/33		7,694
	67,210		GNMA		5.000		04/15/38		76
	136,976		GNMA		6.500		11/20/38		159
	7,376,417		GNMA		3.700		08/15/40		7,714
	11,836,405		GNMA		2.750		01/15/45		12,506
	1,859,217		GNMA		4.500		12/20/45		2,077
	1,881,918		GNMA		4.000		06/20/46		222
	5,785,008		GNMA		3.500		12/20/46		6,091
	3,979,464		GNMA		3.500		01/20/47		4,187
	3,874,355		GNMA		3.500		01/20/49		4,141
	2,176,333		GNMA		3.500		10/20/50		2,341
	67,535,000	h	GNMA		2.000		01/20/51		68,145
	36,115,000	h	GNMA		3.000		01/20/51		37,367
	6,387,271		GNMA		3.000		07/20/51		6,815
	87,870,000	h	GNMA		2.500		01/20/52		89,984
	30,270,000	h	GNMA		2.500		02/20/52		30,931
	37,350,000	h	GNMA		3.000		02/20/52		38,576
	3,430,117	g,i	GS Mortgage-Backed Securities Trust		2.500		03/25/52		3,402
	3,468,784	g,i	GS Mortgage-Backed Securities Trust		2.500		03/25/52		3,504
			TOTAL MORTGAGE BACKED						1,295,964

MUNICIPAL BONDS - 3.1%
	4,500,000	g	Basin Electric Power Coop		6.127		06/01/41		6,075
	1,170,000		Brunswick & Glynn County Development Authority		3.060		04/01/25		1,228
	3,000,000		California Earthquake Authority		1.477		07/01/23		3,027
	675,000	g	California Municipal Finance Authority		4.250		11/01/23		681
	455,000		California Municipal Finance Authority		2.138		08/15/27		453
	350,000		California Municipal Finance Authority		2.288		08/15/28		348
	500,000		California Municipal Finance Authority		3.694		08/15/56		484
	16,250,000		Chicago Housing Authority		4.361		01/01/38		19,273
	11,645,000		Chicago Metropolitan Water Reclamation District-Greater Chicago		5.720		12/01/38		16,039
	3,035,000		City & County of Honolulu HI		2.668		10/01/27		3,187
	5,645,000		City & County of Honolulu HI		3.974		09/01/35		6,359
	1,615,000		City & County of Honolulu HI		4.004		09/01/36		1,817
	7,085,000		City & County of San Francisco CA		4.000		04/01/47		7,576
	5,500,000		City & County of San Francisco CA Community Facilities District		4.000		09/01/48		5,914
	350,000		City & County of San Francisco CA Community Facilities District No 2014-		3.091		09/01/36		358
	5,465,000		City & County of San Francisco CA Community Facilities District No 2014-		3.482		09/01/50		5,569

453

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	5,395,000		City of Chicago IL			7.750	%	01/01/42	$	6,446
	1,105,000		City of Chicago IL			7.750		01/01/42		1,258
	1,250,000		City of Florence SC			4.250		12/01/34		1,323
	1,000,000		City of Houston TX Combined Utility System Revenue			3.375		11/15/24		1,066
	1,275,000		City of Houston TX Combined Utility System Revenue			4.172		11/15/38		1,426
	7,500,000		City of Los Angeles CA			3.880		09/01/38		8,290
	1,780,000	g	City of Miami FL			4.808		01/01/39		2,006
	3,665,000		City of Norfolk VA			3.050		10/01/36		3,986
	4,835,000		City of Oakland CA			2.070		01/15/29		4,912
	3,345,000		City of San Francisco CA Public Utilities Commission Water Revenue			3.000		11/01/26		3,570
	3,725,000		City of San Francisco CA Public Utilities Commission Water Revenue			3.950		11/01/36		4,083
	8,615,000		City of San Francisco CA Public Utilities Commission Water Revenue			3.303		11/01/39		8,907
	18,050,000		City of San Francisco CA Public Utilities Commission Water Revenue			2.825		11/01/41		17,673
	18,500,000		City of San Francisco CA Public Utilities Commission Water Revenue			4.185		11/01/46		20,349
	1,000,000		City of San Juan Capistrano CA			3.700		08/01/31		1,085
	5,255,000		City of Seattle WA Local Improvement District No 6751			2.999		11/01/43		5,347
	5,235,000		City of Seattle WA Local Improvement District No 6751			3.079		11/01/43		5,332
	2,730,000		Commonwealth Financing Authority			3.864		06/01/38		3,092
	11,650,000	i	Connecticut Housing Finance Authority	SOFR + 0.650%		0.700		05/15/49		11,653
	7,650,000		County of Alameda CA			3.820		08/01/38		8,421
	1,500,000		County of Miami-Dade FL Aviation Revenue			2.218		10/01/22		1,517
	12,015,000		County of Miami-Dade FL Water & Sewer System Revenue			3.490		10/01/42		12,651
	235,000		County of Saline AR			3.550		06/01/42		241
	3,500,000		District of Columbia			3.432		04/01/42		3,653
	15,000,000		District of Columbia Water & Sewer Authority			4.814		10/01/14		22,539
	1,000,000		Grant County Public Utility District No 2			5.470		01/01/34		1,069
	1,250,000		Grant County Public Utility District No 2			4.164		01/01/35		1,452
	22,445,000		Grant County Public Utility District No 2			2.918		01/01/40		22,739
	9,255,000		Grant County Public Utility District No 2			3.210		01/01/40		9,569
	3,230,000		Great Lakes Water Authority Sewage Disposal System Revenue			3.056		07/01/39		3,408
	16,915,000		Great Lakes Water Authority Water Supply System Revenue			3.473		07/01/41		17,898
	1,100,000		Guadalupe Valley Electric Coop, Inc			5.671		10/01/32		1,310
	410,000		Guadalupe-Blanco River Authority Industrial Development Corp			3.287		04/15/23		419
	640,000		Henry County Water Authority			3.000		01/01/43		631
	850,000		Henry County Water Authority			3.200		01/01/49		850
	1,000,000		Honolulu City & County Board of Water Supply			2.327		07/01/32		1,022
	2,000,000		Kern County Water Agency Improvement District No 4			4.276		05/01/36		2,350
	6,430,000		Lavaca-Navidad River Authority			4.430		08/01/35		6,709
	8,655,000		Los Angeles Community College District			2.106		08/01/32		8,481
	2,800,000		Maryland Community Development Administration Housing Revenue			3.797		03/01/39		2,915
	3,000,000		Massachusetts Clean Energy Cooperative Corp			2.020		07/01/28		2,998
	3,000,000		Massachusetts Clean Energy Cooperative Corp			2.485		07/01/32		3,019

454

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,595,000		Massachusetts St. Water Pollution Abatement		5.192	%	08/01/40	$	5,357
	10,735,000		Metropolitan Transportation Authority		5.175		11/15/49		14,695
	2,000,000		Michigan Finance Authority		5.000		07/01/31		2,218
	7,400,000		New Jersey Economic Development Authority		5.706		06/15/30		9,137
	3,000,000		New Jersey Economic Development Authority		5.756		06/15/31		3,749
	3,375,000		New Mexico Finance Authority		4.090		06/15/38		3,720
	4,065,000		New York City Housing Development Corp		3.119		08/01/38		4,201
	2,500,000		New York City Housing Development Corp		3.720		11/01/39		2,658
	1,225,000		New York State Environmental Facilities Corp		3.195		06/15/25		1,300
	2,120,000		New York State Environmental Facilities Corp		3.520		07/15/27		2,334
	17,500,000		New York Transportation Development Corp		5.000		01/01/26		20,325
	11,245,000		Ohio State Water Development Authority		4.879		12/01/34		13,268
	13,250,000	†,g,q	Oregon State Business Development Commission		6.500		04/01/31		795
	3,470,000	†,g	Oregon State Business Development Commission		0.000		04/01/37		208
	2,500,000		Palm Beach County Solid Waste Authority		2.636		10/01/24		2,613
	4,615,000		Papio-Missouri River Natural Resource District		2.088		12/15/24		4,733
	4,500,000		Pend Oreille County Public Utility District No Box Canyon		5.000		01/01/30		4,561
	7,250,000	g	Pennsylvania Economic Development Financing Authority		10.000		12/01/29		7,376
	1,735,000	g	Public Finance Authority		9.000		06/01/29		1,734
	1,250,000		Redevelopment Authority of the City of Philadelphia		1.927		09/01/27		1,239
	1,710,000		Redevelopment Authority of the City of Philadelphia		3.172		09/01/41		1,719
	2,000,000		San Francisco City & County Redevelopment Agency		4.375		08/01/44		2,166
	36,330,000		State of California		3.750		10/01/37		38,978
	11,565,000		State of California		4.600		04/01/38		13,313
	10,050,000		State of California		4.988		04/01/39		10,604
	8,000,000		State of Illinois		5.000		02/01/22		8,029
	9,000,000		State of Illinois		5.520		04/01/38		10,892
	4,405,000		State of Michigan		3.590		12/01/26		4,523
	2,500,000		State of Ohio		5.412		09/01/28		3,090
	3,370,000		State of Texas		3.726		08/01/43		3,520
	3,000		State of Wisconsin		5.700		05/01/26		3
	1,650,000	g	Syracuse Industrial Development Agency		5.000		01/01/36		1,441
	2,280,000		Tampa Bay Water		2.612		10/01/25		2,403
	3,225,000		Tampa Bay Water		2.782		10/01/26		3,406
	3,000,000		Tampa Bay Water		2.952		10/01/27		3,187
	1,255,000		Texas Water Development Board		4.248		10/15/35		1,367
	5,880,000		Texas Water Development Board		4.340		10/15/48		6,586
	4,170,000		Texas Water Development Board		4.648		04/15/50		4,514
	5,000,000		Tuolumne Wind Project Authority		6.918		01/01/34		6,697
	3,035,000		University of California		3.809		05/15/28		3,392
	11,400,000		University of California		4.009		05/15/30		13,125
	1,000,000		University of Cincinnati		3.250		06/01/29		1,060
	1,560,000		University of Cincinnati		3.650		06/01/34		1,663
	1,615,000		University of Cincinnati		3.700		06/01/35		1,724
	18,000,000		University of New Mexico		3.532		06/20/32		19,111
	500,000		Upper Allegheny Joint Sanitary Authority		3.550		09/01/39		536
	1,500,000		Upper Allegheny Joint Sanitary Authority		3.800		09/01/49		1,587

455

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	5,000,000		Vermont Educational & Health Buildings Financing Agency			4.000	%	12/01/42	$	5,518
	3,000,000		Vermont Educational & Health Buildings Financing Agency			4.000		12/01/46		3,303
	1,000,000		Washington County Clean Water Services			5.078		10/01/24		1,110
			TOTAL MUNICIPAL BONDS							610,841

U.S. TREASURY SECURITIES - 3.7%
	6,000,000		United States Treasury Bond			3.125		02/15/43		7,232
	35,830,000		United States Treasury Bond			2.875		11/15/46		42,379
	2,500,000		United States Treasury Bond			3.000		02/15/49		3,073
	9,350,000		United States Treasury Note			0.125		05/31/22		9,349
	4,150,000		United States Treasury Note			2.000		07/31/22		4,193
	4,500,000		United States Treasury Note			1.750		09/30/22		4,548
	21,821,000		United States Treasury Note			0.125		10/31/22		21,784
	10,350,000		United States Treasury Note			0.125		12/31/22		10,318
	19,250,000		United States Treasury Note			0.125		03/31/23		19,161
	3,780,000		United States Treasury Note			0.250		09/30/23		3,753
	31,765,000		United States Treasury Note			2.875		09/30/23		32,976
	2,500,000		United States Treasury Note			0.750		12/31/23		2,501
	6,100,000		United States Treasury Note			2.625		12/31/23		6,327
	1,525,000		United States Treasury Note			2.250		10/31/24		1,581
	26,938,000		United States Treasury Note			0.875		12/15/24		26,968
	18,842,000		United States Treasury Note			2.500		02/28/26		19,833
	178,783,000		United States Treasury Note			1.250		12/31/26		178,587
	15,031,000		United States Treasury Note			0.500		10/31/27		14,304
	35,275,000		United States Treasury Note			0.625		11/30/27		33,785
	28,250,000		United States Treasury Note			1.125		08/31/28		27,703
	37,265,000		United States Treasury Note			1.375		12/31/28		37,131
	29,957,000		United States Treasury Note			1.375		11/15/31		29,578
	14,508,000		United States Treasury Note			1.875		02/15/41		14,360
	4,700,000		United States Treasury Note			2.250		05/15/41		4,937
	50,525,000		United States Treasury Note			1.750		08/15/41		48,986
	6,000,000		United States Treasury Note			2.000		11/15/41		6,068
	135,057,000		United States Treasury Note			2.000		08/15/51		137,674
			TOTAL U.S. TREASURY SECURITIES							749,089

			TOTAL GOVERNMENT BONDS							3,535,243
			(Cost $3,465,319)

STRUCTURED ASSETS - 3.9%

ASSET BACKED - 1.4%
	99,904	g	AMSR Trust			1.819		04/17/37		100
			Series - 2020 SFR1 (Class A)
	900,000	g	AMSR Trust			3.148		01/19/39		925
			Series - 2019 SFR1 (Class C)
	800,000	g	AMSR Trust			3.247		01/19/39		817
			Series - 2019 SFR1 (Class D)
	2,093,060	g,i	AREIT Trust	LIBOR 1 M + 1.134%		1.184		09/14/36		2,092
			Series - 2019 CRE3 (Class A)
	35,340	i	Bear Stearns Asset Backed Securities Trust	LIBOR 1 M + 1.005%		1.107		04/25/36		35
			Series - 2006 SD1 (Class M1)
	4,500,000	g,i	BFLD Trust	LIBOR 1 M + 2.100%		2.210		10/15/35		4,496
			Series - 2020 EYP (Class C)

456

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	3,617,912	g	Capital Automotive REIT			3.870	%	04/15/47	$	3,618
			Series - 2017 1A (Class A1)
	309,983	i	C-BASS Trust	LIBOR 1 M + 0.160%		0.262		07/25/36		303
			Series - 2006 CB6 (Class A1)
	3,278,974	i	Chase Funding Loan Acquisition Trust	LIBOR 1 M + 0.855%		0.957		06/25/34		3,226
			Series - 2004 OPT1 (Class M1)
	179,162	g	Corevest American Finance Trust			1.832		03/15/50		179
			Series - 2020 1 (Class A1)
	1,497,394		Delta Air Lines Pass Through Trust			4.250		07/30/23		1,547
			Series - 2015 1 (Class B)
	7,150,000		Delta Air Lines Pass Through Trust			3.204		04/25/24		7,392
			Series - 2019 1 (Class AA)
	4,551,546		Delta Air Lines Pass Through Trust			2.000		06/10/28		4,450
			Series - 2020 1 (Class AA)
	11,929,571		Delta Air Lines Pass Through Trust			2.500		06/10/28		11,878
			Series - 2020 1 (Class A)
	172,062	g,i	Ellington Loan Acquisition Trust	LIBOR 1 M + 1.100%		1.202		05/25/37		172
			Series - 2007 2 (Class A2C)
	3,896,248	g	GoodLeap Sustainable Home Solutions Trust			2.100		05/20/48		3,829
			Series - 2021 3CS (Class A)
	4,237,617	g	GoodLeap Sustainable Home Solutions Trust			1.930		07/20/48		4,144
			Series - 2021 4GS (Class A)
	15,750,000	g	GoodLeap Sustainable Home Solutions Trust			2.310		10/20/48		15,702
			Series - 2021 5CS (Class A)
	3,160,654	g	HERO Funding Trust			3.840		09/21/40		3,273
			Series - 2015 1A (Class A)
	920,799	g	HERO Funding Trust			3.990		09/21/40		962
			Series - 2014 2A (Class A)
	1,560,449	g	HERO Funding Trust			3.750		09/20/41		1,613
			Series - 2016 2A (Class A)
	1,473,072	g	HERO Funding Trust			4.050		09/20/41		1,536
			Series - 2016 1A (Class A)
	568,314	g	HERO Funding Trust			3.080		09/20/42		582
			Series - 2016 3A (Class A1)
	4,249,794	g	HERO Funding Trust			3.710		09/20/47		4,392
			Series - 2017 1A (Class A1)
	4,267,557	g	HERO Funding Trust			3.190		09/20/48		4,367
			Series - 2017 3A (Class A1)
	1,007,279	g	HERO Funding Trust			3.280		09/20/48		1,032
			Series - 2017 2A (Class A1)
	4,597,158	g	HERO Funding Trust			4.670		09/20/48		4,827
			Series - 2018 1A (Class A2)
	3,539,513	g	HERO Funding Trust			2.240		09/20/51		3,481
			Series - 2021 1A (Class A)
	19,736	i	Home Equity Asset Trust	LIBOR 1 M + 1.500%		1.608		06/25/33		20
			Series - 2003 1 (Class M1)
	599,972	g,i	Invitation Homes Trust	LIBOR 1 M + 1.250%		1.359		01/17/38		600
			Series - 2018 SFR4 (Class B)
	480,371	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.320%		0.422		03/25/37		479
			Series - 2007 CH3 (Class A1B)
	4,466,677	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.160%		0.262		06/25/37		4,415
			Series - 2007 CH5 (Class A1)
	3,986,255	g	Loanpal Solar Loan Ltd			2.290		01/20/48		3,985
			Series - 2021 1GS (Class A)
	6,584,359	g	Loanpal Solar Loan Ltd			2.220		03/20/48		6,529
			Series - 2021 2GS (Class A)

457

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	2,418,632	†,g	Mosaic Solar Loan Trust			0.000	%	04/20/46	$	2,128
			Series - 2020 1A (Class R)
	1,783,929	g	Mosaic Solar Loan Trust			2.100		04/20/46		1,789
			Series - 2020 1A (Class A)
	2,468,831	g	Mosaic Solar Loan Trust			3.100		04/20/46		2,546
			Series - 2020 1A (Class B)
	2,802,060	g	Mosaic Solar Loan Trust			2.050		12/20/46		2,768
			Series - 2021 1A (Class B)
	4,093,308	g	Mosaic Solar Loan Trust			1.440		06/20/52		3,961
			Series - 2021 3A (Class A)
	3,941,766	g	Mosaic Solar Loans LLC			3.820		06/22/43		4,099
			Series - 2017 2A (Class A)
	4,390,172	g	Mosaic Solar Loans LLC			1.640		04/22/47		4,263
			Series - 2021 2A (Class A)
	2,500,000	g	Progress Residential Trust			2.082		10/17/38		2,444
			Series - 2021 SFR8 (Class D)
	750,000	g	Progress Residential Trust			2.711		11/17/40		731
			Series - 2021 SFR9 (Class D)
	313,877	i	RASC Trust	LIBOR 1 M + 0.590%		3.080		08/25/35		314
			Series - 2005 KS8 (Class M4)
	2,567,077	g	Renew			3.670		09/20/52		2,643
			Series - 2017 1A (Class A)
	5,605,696	g	Renew			3.950		09/20/53		5,828
			Series - 2018 1 (Class A)
	4,927,858	g	Renew			2.060		11/20/56		4,856
			Series - 2021 1 (Class A)
	6,193,630		SCE Recovery Funding LLC			0.861		11/15/31		5,903
	11,583	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 0.900%		1.002		09/25/34		12
			Series - 2004 8 (Class M1)
	48,488	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 1.000%		1.102		09/25/34		49
			Series - 2004 8 (Class A9)
	1,202,529	i	Structured Asset Securities Corp Mortgage Loan Trust	LIBOR 1 M + 1.500%		1.599		04/25/35		1,213
			Series - 2005 7XS (Class 2A1A)
	7,333,657	g	Sunnova Helios VII Issuer LLC			2.030		10/20/48		7,255
			Series - 2021 C (Class A)
	2,794,385	g	Sunrun Athena Issuer LLC			5.310		04/30/49		3,056
			Series - 2018 1 (Class A)
	9,229,035	g	Sunrun Atlas Issuer LLC			3.610		02/01/55		9,657
			Series - 2019 2 (Class A)
	6,080,000	g	Sunrun Callisto Issuer LLC			2.270		01/30/57		6,037
			Series - 2021 2A (Class A)
	11,362,346	g	TES LLC			4.330		10/20/47		11,867
			Series - 2017 1A (Class A)
	2,500,000	g	TES LLC			7.740		10/20/47		2,395
			Series - 2017 1A (Class B)
	6,930,236	g	TES LLC			4.120		02/20/48		7,220
			Series - 2017 2A (Class A)
	4,125,000	g	Tesla Auto Lease Trust			2.200		11/21/22		4,158
			Series - 2019 A (Class A4)
	5,400,000	g	Tesla Auto Lease Trust			0.560		03/20/25		5,367
			Series - 2021 A (Class A3)
	6,650,000	g	Tesla Auto Lease Trust			0.660		03/20/25		6,598
			Series - 2021 A (Class A4)

458

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	6,250,000	g	Tesla Auto Lease Trust			1.180	%	03/20/25	$	6,207
			Series - 2021 A (Class C)
	4,500,000	g	Tesla Auto Lease Trust			0.600		09/22/25		4,445
			Series - 2021 B (Class A3)
	5,000,000	g	Tesla Auto Lease Trust			0.630		09/22/25		4,932
			Series - 2021 B (Class A4)
	9,500,000		Toyota Auto Receivables Owner Trust			0.260		11/17/25		9,408
			Series - 2021 B (Class A3)
	9,900,000		Toyota Auto Receivables Owner Trust			0.530		10/15/26		9,696
			Series - 2021 B (Class A4)
	1,066,367	g	Tricon American Homes Trust			2.928		01/17/36		1,072
			Series - 2017 SFR2 (Class A)
	200,000	g	Tricon American Homes Trust			3.275		01/17/36		201
			Series - 2017 SFR2 (Class B)
	475,000	g	Tricon American Homes Trust			2.049		07/17/38		467
			Series - 2020 SFR1 (Class B)
	14,127,839	g	Vivint Colar Financing V LLC			4.730		04/30/48		15,038
			Series - 2018 1A (Class A)
	5,044,787	g	Vivint Solar Financing VII LLC			2.210		07/31/51		4,939
			Series - 2020 1A (Class A)
			TOTAL ASSET BACKED							272,560

OTHER MORTGAGE BACKED - 2.5%
	100,643	g,i	Agate Bay Mortgage Trust			3.500		09/25/45		101
			Series - 2015 6 (Class A9)
	4,075,000	g,i	Alen Mortgage Trust	LIBOR 1 M + 2.250%		2.360		04/15/34		4,067
			Series - 2021 ACEN (Class C)
	123,233	i	Alternative Loan Trust	LIBOR 1 M + 0.750%		0.852		06/25/34		126
			Series - 2004 8CB (Class M1)
	5,000,000	g	BANK			2.500		10/17/52		4,388
			Series - 2019 BN21 (Class D)
	6,500,000	i	BANK			3.517		10/17/52		6,563
			Series - 2019 BN21 (Class C)
	8,000,000	i	BANK			3.461		11/15/62		8,305
			Series - 2019 BN22 (Class C)
	4,940,000	g,i	BBCMS Mortgage Trust			4.267		08/05/38		4,332
			Series - 2018 CHRS (Class E)
	12,500,000	g	BBCMS Trust			3.593		09/15/32		12,559
			Series - 2015 MSQ (Class A)
	3,600,000	g	BBCMS Trust			3.894		09/15/32		3,616
			Series - 2015 MSQ (Class B)
	3,000,000	g,i	BBCMS Trust			3.688		02/15/53		3,090
			Series - 2020 C6 (Class F5TA)
	1,000,000		Benchmark Mortgage Trust			3.419		08/15/52		1,071
			Series - 2019 B12 (Class AS)
	8,870,000	g,i	Benchmark Mortgage Trust			3.899		03/15/62		9,270
			Series - 2019 B10 (Class 3CCA)
	11,225,000	g,i	BX Commercial Mortgage Trust	LIBOR 1 M + 1.197%		1.307		10/15/38		11,155
			Series - 2021 XL2 (Class C)
	2,000,000	i	CD Mortgage Trust			3.879		11/10/49		2,071
			Series - 2016 CD2 (Class B)

459

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	2,000,000	i	Citigroup Commercial Mortgage Trust			4.142	%	04/10/48	$	2,072
			Series - 2015 GC29 (Class C)
	4,000,000		Citigroup Commercial Mortgage Trust			3.300		11/10/52		4,259
			Series - 2019 GC43 (Class AS)
	3,115,000		Citigroup Commercial Mortgage Trust			3.018		08/10/56		3,249
			Series - 2019 GC41 (Class AS)
	203,363	i	Citigroup Mortgage Loan Trust	LIBOR 1 M + 0.750%		0.852		01/25/36		203
			Series - 2006 WFH1 (Class M4)
	3,000,000	g,i	Cityline Commercial Mortgage Trust			2.778		11/10/31		3,051
			Series - 2016 CLNE (Class A)
	3,740,000	g,i	COMM Mortgage Trust			3.413		10/10/29		3,803
			Series - 2017 PANW (Class B)
	3,000,000	g,i	COMM Mortgage Trust			3.538		10/10/29		3,041
			Series - 2017 PANW (Class C)
	5,120,000	g	COMM Mortgage Trust			4.353		08/10/30		5,308
			Series - 2013 300P (Class A1)
	3,500,000	g,i	COMM Mortgage Trust			4.106		03/10/48		3,473
			Series - 2015 CR22 (Class D)
	1,100,000	i	COMM Mortgage Trust			4.286		05/10/48		1,147
			Series - 2015 CR23 (Class C)
	1,000,000	i	COMM Mortgage Trust			4.286		05/10/48		991
			Series - 2015 CR23 (Class D)
	2,500,000	i	COMM Mortgage Trust			3.463		08/10/48		2,308
			Series - 2015 CR24 (Class D)
	1,000,000		COMM Mortgage Trust			3.263		08/15/57		1,055
			Series - 2019 GC44 (Class AM)
	1,472,373	i	Connecticut Avenue Securities	LIBOR 1 M + 2.600%		2.703		05/25/24		1,500
			Series - 2014 C02 (Class 1M2)
	3,995,233	i	Connecticut Avenue Securities	LIBOR 1 M + 3.000%		3.103		07/25/24		4,057
			Series - 2014 C03 (Class 1M2)
	2,800,000	g,i	Connecticut Avenue Securities			3.350		11/25/41		2,821
			Series - 2021 R02 (Class 2B1)
	1,155,000	g,i	Connecticut Avenue Securities Trust			1.600		10/25/41		1,156
			Series - 2021 R01 (Class 1M2)
	250,000	g,i	Connecticut Avenue Securities Trust			1.700		12/25/41		250
			Series - 2021 R03 (Class 1M2)
	1,685,000	g,i	Connecticut Avenue Securities Trust			2.800		12/25/41		1,685
			Series - 2021 R03 (Class 1B1)
	15,000,000	g	CPT Mortgage Trust			2.865		11/13/39		15,605
			Series - 2019 CPT (Class A)
	2,000,000	g,i	CPT Mortgage Trust			2.997		11/13/39		1,904
			Series - 2019 CPT (Class E)
	5,000,000	g,i	Credit Suisse Commercial Mortgage Trust			3.728		11/10/32		5,134
			Series - 2017 CALI (Class B)
	1,631,295	g,i	Credit Suisse Commercial Mortgage Trust			3.500		02/25/48		1,645
			Series - 2018 J1 (Class A11)
	3,922,000	g,i	Credit Suisse Mortgage Capital Certificates			2.405		10/25/66		3,919
			Series - 2021 NQM8 (Class A3)
	6,650,000	g,i	CSAIL Commercial Mortgage Trust			3.677		06/15/37		6,740
			Series - 2017 C8 (Class 85BA)
	6,100,000	g,i	CSAIL Commercial Mortgage Trust			3.677		06/15/37		5,905
			Series - 2017 C8 (Class 85BB)

460

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	2,000,000	g,i	CSMC Series			3.388	%	10/25/59	$	2,024
			Series - 2019 NQM1 (Class M1)
	2,340,454	g,i	CSMC Trust			3.500		02/25/48		2,376
			Series - 2018 J1 (Class A2)
	102,725,000	g,i	DOLP Trust			0.665		05/10/41		5,030
			Series - 2021 NYC (Class X)
	12,500,000	g,i	ELP Commercial Mortgage Trust	LIBOR 1 M + 1.320%		1.430		11/15/38		12,426
			Series - 2021 ELP (Class C)
	7,500,000	g,i	ELP Commercial Mortgage Trust	LIBOR 1 M + 2.118%		2.228		11/15/38		7,456
			Series - 2021 ELP (Class E)
	405,880	i	Fieldstone Mortgage Investment Trust	LIBOR 1 M + 0.735%		0.837		12/25/35		405
			Series - 2005 2 (Class M2)
	644,195	g,i	FirstKey Mortgage Trust			3.500		11/25/44		651
			Series - 2014 1 (Class A8)
	545,732	g,i	Flagstar Mortgage Trust			4.080		10/25/47		552
			Series - 2017 2 (Class B3)
	100,415	g,i	Flagstar Mortgage Trust			4.000		09/25/48		101
			Series - 2018 5 (Class A11)
	1,551,982	g,i	Flagstar Mortgage Trust			2.500		04/25/51		1,538
			Series - 2021 2 (Class A4)
	4,787,968	g,i	Flagstar Mortgage Trust			2.500		06/01/51		4,755
			Series - 2021 4 (Class A21)
	13,187,944	g,i	Flagstar Mortgage Trust			3.000		10/25/51		13,378
			Series - 2021 10IN (Class A1)
	10,260,000		Freddie Mac Multiclass Certificates Series			1.878		01/25/31		10,412
			Series - 2021 P009 (Class A2)
	6,794,994		Freddie Mac Multifamily ML Certificates			1.877		07/25/37		6,742
			Series - 2021 ML08 (Class )
	40,267,322	†,i	Freddie Mac Multifamily ML Certificates			1.768		11/25/37		6,467
			Series - 2021 ML08 (Class XCA)
	3,218,850		Freddie Mac Multifamily ML Certificates			1.896		11/25/37		3,202
			Series - 2021 ML08 (Class )
	16,738,084		Freddie Mac Multifamily ML Certificates			2.340		07/25/41		17,449
			Series - 2021 ML12 (Class AUS)
	4,829,758		Freddie Mac Multifamily Structured Pass Through Certificates			1.555		01/25/36		4,716
			Series - 2020 Q014 (Class A1)
	6,140,000		Freddie Mac Multifamily Variable Rate Certificate			1.761		09/15/38		6,357
			Series - 2020 M061 (Class A)
	1,520,000	g,i	Freddie Mac STACR REMIC Trust			2.100		12/25/33		1,523
			Series - 2021 HQA2 (Class M2)
	2,860,000	g,i	Freddie Mac STACR REMIC Trust			1.700		01/25/34		2,872
			Series - 2021 DNA5 (Class M2)
	429,669	g,i	GS Mortage-Backed Securities Trust			3.687		05/25/50		436
			Series - 2020 PJ1 (Class B2)
	2,000,000	g,i	GS Mortgage Securities Trust	LIBOR 1 M + 1.090%		1.200		10/15/31		1,999
			Series - 2018 HART (Class A)
	3,000,000		GS Mortgage Securities Trust			3.143		10/10/49		3,118
			Series - 2016 GS3 (Class AS)
	830,000	i	GS Mortgage Securities Trust			3.961		11/10/49		812
			Series - 2016 GS4 (Class C)
	1,183,478	g,i	GS Mortgage-Backed Securities Corp Trust			3.500		07/25/50		1,191
			Series - 2020 PJ2 (Class A4)
	471,679	g,i	GS Mortgage-Backed Securities Corp Trust			3.000		01/25/51		476
			Series - 2020 PJ4 (Class A4)

461

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	369,355	i	GS Mortgage-Backed Securities Corp Trust			3.000	%	03/27/51	$	373
			Series - 2020 PJ5 (Class A4)
	1,128,743	g,i	GS Mortgage-Backed Securities Corp Trust			2.500		05/25/51		1,117
			Series - 2020 PJ6 (Class A4)
	3,036,492	g,i	GS Mortgage-Backed Securities Corp Trust			2.500		10/25/51		3,010
			Series - 2021 PJ5 (Class A4)
	1,235,708	g,i	GS Mortgage-Backed Securities Trust			2.500		07/25/51		1,222
			Series - 2021 PJ2 (Class A4)
	11,672,370	g,i	GS Mortgage-Backed Securities Trust			2.500		01/25/52		11,580
			Series - 2021 PJ7 (Class A4)
	5,248,476	g,i	GS Mortgage-Backed Securities Trust			2.500		01/25/52		5,204
			Series - 2021 PJ8 (Class A4)
	9,095,307	g,i	GS MortSecurities Trust			2.500		11/25/51		9,021
			Series - 2021 PJ6 (Class A4)
	790,417	i	HarborView Mortgage Loan Trust	LIBOR 1 M + 0.620%		0.724		08/19/45		797
			Series - 2005 11 (Class 2A1A)
	6,000,000	g	Hudson Yards Mortgage Trust			2.835		08/10/38		6,222
			Series - 2016 10HY (Class A)
	5,000,000	g,i	Hudson Yards Mortgage Trust			2.977		08/10/38		5,159
			Series - 2016 10HY (Class B)
	5,000,000	g,i	Hudson Yards Mortgage Trust			2.977		08/10/38		5,089
			Series - 2016 10HY (Class C)
	7,000,000	g	Hudson Yards Mortgage Trust			3.228		07/10/39		7,461
			Series - 2019 30HY (Class A)
	1,000,000	g,i	Hudson Yards Mortgage Trust			2.943		12/10/41		981
			Series - 2019 55HY (Class D)
	7,000,000	g,i	Hudson Yards Mortgage Trust			2.943		12/10/41		6,727
			Series - 2019 55HY (Class E)
	2,500,000	g,i	Hudson Yards Mortgage Trust			2.943		12/10/41		2,313
			Series - 2019 55HY (Class F)
	174,807	i	Impac CMB Trust	LIBOR 1 M + 0.660%		0.762		03/25/35		179
			Series - 2004 11 (Class 2A1)
	480,000	g,i	Imperial Fund Mortgage Trust			3.531		10/25/55		487
			Series - 2020 NQM1 (Class M1)
	2,800,000		JP Morgan Chase Commercial Mortgage Securities Corp			3.372		12/15/47		2,856
			Series - 2013 C10 (Class AS)
	2,504,262	g,i	JP Morgan Mortgage Trust	LIBOR 1 M - 0.000%		2.116		12/25/44		2,551
			Series - 2015 1 (Class B1)
	122,262	g,i	JP Morgan Mortgage Trust			3.500		05/25/45		123
			Series - 2015 3 (Class A19)
	557,227	g,i	JP Morgan Mortgage Trust			3.500		10/25/45		555
			Series - 2015 6 (Class A13)
	293,990	g,i	JP Morgan Mortgage Trust			3.500		05/25/46		297
			Series - 2016 1 (Class A13)
	287,937	g,i	JP Morgan Mortgage Trust			3.500		05/25/47		290
			Series - 2017 2 (Class A13)
	254,794	g,i	JP Morgan Mortgage Trust			3.500		09/25/48		254
			Series - 2018 3 (Class A13)
	171,642	g,i	JP Morgan Mortgage Trust			3.500		10/25/48		172
			Series - 2018 4 (Class A13)
	881,046	g,i	JP Morgan Mortgage Trust			3.500		10/25/48		889
			Series - 2018 5 (Class A13)
	883,755	g,i	JP Morgan Mortgage Trust			3.063		10/26/48		910
			Series - 2017 5 (Class A2)
	184,809	g,i	JP Morgan Mortgage Trust			4.000		01/25/49		186
			Series - 2018 8 (Class A13)

462

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	319,564	g,i	JP Morgan Mortgage Trust			4.000	%	02/25/49	$	322
			Series - 2018 9 (Class A13)
	58,013	g,i	JP Morgan Mortgage Trust			4.000		05/25/49		58
			Series - 2019 1 (Class A3)
	376,388	g,i	JP Morgan Mortgage Trust			4.000		05/25/49		378
			Series - 2019 1 (Class A15)
	137,937	g,i	JP Morgan Mortgage Trust			4.681		09/25/49		137
			Series - 2019 3 (Class B1)
	754,670	g,i	JP Morgan Mortgage Trust	LIBOR 1 M + 0.950%		1.052		10/25/49		758
			Series - 2019 INV1 (Class A11)
	1,619,083	g,i	JP Morgan Mortgage Trust			3.871		06/25/50		1,676
			Series - 2020 1 (Class B2)
	4,838,738	g,i	JP Morgan Mortgage Trust			2.500		10/25/51		4,796
			Series - 2021 6 (Class A15)
	2,504,199	g,i	JP Morgan Mortgage Trust			2.500		11/25/51		2,474
			Series - 2021 7 (Class A15)
	3,190,390	g,i	JP Morgan Mortgage Trust			2.500		12/25/51		3,172
			Series - 2021 8 (Class A15)
	4,592,396	g,i	JP Morgan Mortgage Trust			2.500		01/25/52		4,552
			Series - 2021 11 (Class A15)
	6,610,000	g,i	JP Morgan Mortgage Trust			2.500		06/25/52		6,535
			Series - 2021 15 (Class A15)
	10,000,000	g	Liberty Street Trust			3.597		02/10/36		10,565
			Series - 2016 225L (Class A)
	4,000,000	g,i	MAD Mortgage Trust			3.188		08/15/34		4,047
			Series - 2017 330M (Class A)
	4,000,000	g,i	MAD Mortgage Trust			3.366		08/15/34		4,042
			Series - 2017 330M (Class B)
	3,000,000	g,i	Manhattan West			2.335		09/10/39		2,955
			Series - 2020 1MW (Class C)
	298,285	i	Morgan Stanley Capital I Trust	LIBOR 1 M + 0.825%		0.927		08/25/34		296
			Series - 2004 HE6 (Class M1)
	132,584	†,i	Morgan Stanley Capital I Trust			6.261		12/12/49		71
			Series - 2007 IQ16 (Class AJFX)
	1,089,687	g,i	Morgan Stanley Residential Mortgage Loan Trust			2.500		07/25/51		1,098
			Series - 2021 4 (Class A4)
	4,336,685	g,i	Morgan Stanley Residential Mortgage Loan Trust			2.500		08/25/51		4,299
			Series - 2021 5 (Class A9)
	3,382,440	g,i	Morgan Stanley Residential Mortgage Loan Trust			2.500		09/25/51		3,407
			Series - 2021 6 (Class A4)
	2,800,207	g,i	Morgan Stanley Residential Mortgage Loan Trust			2.500		09/25/51		2,776
			Series - 2021 6 (Class A9)
	3,000,000	g,i	MSDB Trust			3.316		07/11/39		3,137
			Series - 2017 712F (Class A)
	5,750,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 1.500%		1.610		07/15/36		5,750
			Series - 2019 MILE (Class A)
	9,000,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 3.500%		3.610		07/15/36		8,980
			Series - 2019 MILE (Class E)
	1,500,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 4.250%		4.360		07/15/36		1,490
			Series - 2019 MILE (Class F)
	784,217	g,i	New Residential Mortgage Loan Trust			2.797		09/25/59		784
			Series - 2019 NQM4 (Class A3)

463

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	470,000	g,i	New Residential Mortgage Loan Trust			2.986	%	09/25/59	$	469
			Series - 2019 NQM4 (Class M1)
	70,573	i	New York Mortgage Trust	LIBOR 1 M + 0.480%		0.582		02/25/36		71
			Series - 2005 3 (Class A1)
	5,629,444	g,i	OBX Trust			2.500		07/25/51		5,560
			Series - 2021 J2 (Class A19)
	483,193	g,i	OBX Trust	LIBOR 1 M + 0.650%		0.752		06/25/57		484
			Series - 2018 1 (Class A2)
	1,756,467	g,i	Oceanview Mortgage Trust			2.500		05/25/51		1,740
			Series - 2021 1 (Class A19)
	11,800,000	g	One Bryant Park Trust			2.516		09/15/54		11,941
			Series - 2019 OBP (Class A)
	3,900,000	g	One Market Plaza Trust			3.614		02/10/32		3,910
			Series - 2017 1MKT (Class A)
	588,176	g,i	Sequoia Mortgage Trust			3.500		05/25/45		593
			Series - 2015 2 (Class A1)
	240,865	g,i	Sequoia Mortgage Trust			3.500		06/25/46		243
			Series - 2016 1 (Class A19)
	8,851	g,i	Sequoia Mortgage Trust			3.500		11/25/46		9
			Series - 2016 3 (Class A10)
	560,195	g,i	Sequoia Mortgage Trust			3.500		04/25/47		564
			Series - 2017 3 (Class A19)
	693,406	g,i	Sequoia Mortgage Trust			3.760		09/25/47		701
			Series - 2017 6 (Class B1)
	160,193	g,i	Sequoia Mortgage Trust			3.500		02/25/48		162
			Series - 2018 2 (Class A1)
	128,154	g,i	Sequoia Mortgage Trust			3.500		02/25/48		129
			Series - 2018 2 (Class A19)
	24,461	g,i	Sequoia Mortgage Trust			4.000		09/25/48		25
			Series - 2018 7 (Class A19)
	5,824	g,i	Sequoia Mortgage Trust			4.000		11/25/48		6
			Series - 2018 8 (Class A19)
	465,725	g,i	Sequoia Mortgage Trust			4.000		06/25/49		470
			Series - 2019 2 (Class A1)
	110,205	g,i	Sequoia Mortgage Trust			4.000		06/25/49		111
			Series - 2019 2 (Class A19)
	375,455	g,i	Sequoia Mortgage Trust			3.500		11/25/49		374
			Series - 2019 4 (Class A1)
	462,671	g,i	Sequoia Mortgage Trust			3.500		12/25/49		470
			Series - 2019 5 (Class A1)
	258,551	g,i	Sequoia Mortgage Trust			3.500		12/25/49		262
			Series - 2019 5 (Class A19)
	1,388,009	g,i	Sequoia Mortgage Trust			3.500		03/25/50		1,404
			Series - 2020 2 (Class A1)
	1,172,689	g,i	Sequoia Mortgage Trust			3.000		04/25/50		1,186
			Series - 2020 3 (Class A19)
	2,804,331	g,i	Sequoia Mortgage Trust			2.500		06/25/51		2,776
			Series - 2021 4 (Class A19)
	488,606	g,i	Shellpoint Co-Originator Trust			3.500		10/25/47		491
			Series - 2017 2 (Class A1)
	14,390,000	g	SLG Office Trust			2.585		07/15/41		14,725
			Series - 2021 OVA (Class A)
	154,364	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 1.200%		1.303		10/25/29		154
			Series - 2017 DNA2 (Class M1)
	2,213,636	i	STACR	LIBOR 1 M + 2.300%		2.472		08/25/30		2,239
			Series - 2018 HQA1 (Class M2)

464

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	85,000	g,i	STACR		2.300	%	08/25/33	$	86
			Series - 2021 HQA1 (Class M2)
	5,350,000	g,i	STACR		2.150		10/25/33		5,446
			Series - 2021 DNA3 (Class M2)
	75,568	g,i	STACR		3.730		02/25/48		75
			Series - 2018 SPI1 (Class M2)
	136,273	g,i	STACR		3.808		05/25/48		136
			Series - 2018 SPI2 (Class M2)
	65,000	g,i	STACR		4.050		11/25/50		68
			Series - 2020 HQA5 (Class B1)
	1,600,000	g,i	Verus Securitization Trust		3.139		07/25/59		1,605
			Series - 2019 3 (Class M1)
	982,000	g,i	Verus Securitization Trust		3.207		11/25/59		992
			Series - 2019 4 (Class M1)
	807,772	g	Verus Securitization Trust		1.733		05/25/65		805
			Series - 2020 5 (Class A3)
	3,275,236	g,i	Verus Securitization Trust		2.240		10/25/66		3,267
			Series - 2021 7 (Class A3)
	1,030,000		Wells Fargo Commercial Mortgage Trust		3.539		10/15/45		1,043
			Series - 2012 LC5 (Class AS)
	110,697	g,i	Wells Fargo Mortgage Backed Securities Trust		4.000		04/25/49		110
			Series - 2019 2 (Class A17)
	331,175	g,i	Wells Fargo Mortgage Backed Securities Trust		3.000		07/25/50		334
			Series - 2020 4 (Class A17)
	5,848,645	g,i	Wells Fargo Mortgage Backed Securities Trust		2.500		06/25/51		5,794
			Series - 2021 2 (Class A17)
	221,204	g,i	WinWater Mortgage Loan Trust		3.906		06/20/44		221
			Series - 2014 1 (Class B4)
			TOTAL OTHER MORTGAGE BACKED						501,290

			TOTAL STRUCTURED ASSETS						773,850
			(Cost $772,284)

			TOTAL BONDS						7,645,948
			(Cost $7,513,234)

SHARES			COMPANY
COMMON STOCKS - 59.8%

AUTOMOBILES & COMPONENTS - 1.8%
	211,252	*	American Axle & Manufacturing Holdings, Inc						1,971
	119,198	*	Aptiv plc						19,662
	157,863		Bayerische Motoren Werke AG.						15,793
	61,010		Bayerische Motoren Werke AG. (Preference)						5,059
	14,525		BorgWarner, Inc						655
	187,486		Daimler AG. (Registered)						14,325
	207,582		Denso Corp						17,202
	146,222	*,e	Lordstown Motors Corp						504
	169,939		Magna International, Inc						13,750
	78,081		Michelin (C.G.D.E.) (Class B)						12,788
	142,100		Stanley Electric Co Ltd						3,568
	178,349	*	Tesla, Inc						188,476
	2,417,500	*	Toyota Motor Corp						44,682
	243,482		Valeo S.A.						7,343
	202,382	*,e	Workhorse Group, Inc						882
			TOTAL AUTOMOBILES & COMPONENTS						346,660

465

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
BANKS - 3.1%
	2,364		Ameris Bancorp	$	117
	27,986		Associated Banc-Corp		632
	1,009,452		Australia & New Zealand Banking Group Ltd		20,221
	2,600,974		Banco Bilbao Vizcaya Argentaria S.A.		15,426
	1,249,895		Bank Hapoalim Ltd		12,864
	206,061		Bank of Montreal		22,185
	378,879		Bank of Nova Scotia		26,822
	50,471		Bank OZK		2,348
	2,405		Banner Corp		146
	50,885		Berkshire Hills Bancorp, Inc		1,447
	362,625		BNP Paribas S.A.		25,072
	3,966,000		BOC Hong Kong Holdings Ltd		13,007
	8,511		Brookline Bancorp, Inc		138
	10,169		Bryn Mawr Bank Corp		458
	1,840		Cadence BanCorp		55
	3,827,772		CaixaBank S.A.		10,456
	6,038		Camden National Corp		291
	162,922		Canadian Imperial Bank of Commerce		18,991
	892,785		Citigroup, Inc		53,915
	498,982		Citizens Financial Group, Inc		23,577
	2,120		Columbia Banking System, Inc		69
	113,045		Comerica, Inc		9,835
	784		Commerce Bancshares, Inc		54
	434,454		Commonwealth Bank of Australia		31,937
	889		Community Trust Bancorp, Inc		39
	3,881		Cullen/Frost Bankers, Inc		489
	49,821	*	Customers Bancorp, Inc		3,257
	747,493		DBS Group Holdings Ltd		18,104
	84,052		Erste Bank der Oesterreichischen Sparkassen AG.		3,940
	7,467		Federal Agricultural Mortgage Corp (FAMC)		925
	7,030		First Busey Corp		191
	47,521		First Republic Bank		9,814
	1,019		Glacier Bancorp, Inc		58
	56,928		Great Western Bancorp, Inc		1,933
	1,984		Hancock Whitney Corp		99
	680,700		Hang Seng Bank Ltd		12,465
	10,817		Heartland Financial USA, Inc		548
	4,964		Heritage Financial Corp		121
	22,048		HomeStreet, Inc		1,147
	4,199,909		HSBC Holdings plc		25,364
	303,495		Huntington Bancshares, Inc		4,680

466

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	7,236,339		Intesa Sanpaolo S.p.A.	$	18,691
	122,862		KBC Groep NV		10,557
	229,018		Keycorp		5,297
	25,729		Live Oak Bancshares, Inc		2,246
	291,686		MGIC Investment Corp		4,206
	17,431	*	Mr Cooper Group, Inc		725
	27,409		National Bank Holdings Corp		1,204
	28,534		National Bank of Canada		2,175
	938		NBT Bancorp, Inc		36
	9,051		Old National Bancorp		164
	1,100		Oversea-Chinese Banking Corp		9
	179,441		People’s United Financial, Inc		3,198
	56,233		Pinnacle Financial Partners, Inc		5,370
	258,107		PNC Financial Services Group, Inc		51,756
	714,787		Regions Financial Corp		15,582
	2,027,100		Resona Holdings, Inc		7,878
	926,229		Skandinaviska Enskilda Banken AB (Class A)		12,859
	447,897		Societe Generale		15,394
	2,041,856		Standard Chartered plc		12,416
	301,200		Sumitomo Mitsui Trust Holdings, Inc		10,072
	20,449	*	SVB Financial Group		13,869
	1,113,834		Svenska Handelsbanken AB		12,038
	2,226	*	Texas Capital Bancshares, Inc		134
	6,965		TFS Financial Corp		125
	20,196	*	The Bancorp, Inc		511
	4,787		Trico Bancshares		206
	33,943	*	Tristate Capital Holdings, Inc		1,027
	548,557		Truist Financial Corp		32,118
	1,700		Trustmark Corp		55
	2,114		UMB Financial Corp		224
	2,050		Umpqua Holdings Corp		39
	18,027		Univest Financial Corp		539
	3,957		Webster Financial Corp		221
	2,021		Westamerica Bancorporation		117
	1,110		Wintrust Financial Corp		101
	1,706		WSFS Financial Corp		86
	57,728		Zions Bancorporation		3,646
			TOTAL BANKS		618,128

CAPITAL GOODS - 4.1%
	227,489		3M Co		40,409
	353,727		ABB Ltd		13,482

467

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	790		Acuity Brands, Inc	$	167
	247		Allegion plc		33
	186,861		Ashtead Group plc		15,064
	167,866		Assa Abloy AB		5,117
	214,258		Atlas Copco AB (A Shares)		14,805
	202,746		Atlas Copco AB (B Shares)		11,909
	90,628	*	Axon Enterprise, Inc		14,229
	250,209	*,e	Ballard Power Systems, Inc		3,143
	688	*	Beacon Roofing Supply, Inc		40
	243,450	*	Bloom Energy Corp		5,339
	237,076		Bouygues S.A.		8,486
	38,706		Brenntag AG.		3,495
	353,323	*	CAE, Inc		8,913
	18,395		Carlisle Cos, Inc		4,564
	258,917		Carrier Global Corp		14,044
	285,113		Caterpillar, Inc		58,944
	731,123		CNH Industrial NV		14,136
	38,004		Cummins, Inc		8,290
	77,587		Curtiss-Wright Corp		10,759
	38,900		Daifuku Co Ltd		3,181
	84,700		Daikin Industries Ltd		19,186
	93,743	*	Daimler Truck Holding AG.		3,446
	92,545		DCC plc		7,576
	159,524		Deere & Co		54,699
	396		Dover Corp		72
	191,855		Eaton Corp		33,156
	28,212		Eiffage S.A.		2,909
	1,733		EMCOR Group, Inc		221
	53,308		Emerson Electric Co		4,956
	126,277		Fastenal Co		8,089
	99,134		Ferguson plc		17,609
	106,189		Fortive Corp		8,101
	1,653		Fortune Brands Home & Security, Inc		177
	422	*	Generac Holdings, Inc		149
	12,219		Herc Holdings, Inc		1,913
	149,572	*	Hexcel Corp		7,748
	58,000	*	Hitachi Construction Machinery Co Ltd		1,676
	1,811		IDEX Corp		428
	171,542		Illinois Tool Works, Inc		42,337
	342,973		Johnson Controls International plc		27,887
	303,500		Kajima Corp		3,488
	1,335,270		Keppel Corp Ltd		5,078

468

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	417,800		Komatsu Ltd	$	9,771
	573,800		Kubota Corp		12,759
	14,151		Legrand S.A.		1,657
	86		Lennox International, Inc		28
	181,419		Masco Corp		12,739
	103,077	*	Mercury Systems, Inc		5,675
	532,200		Mitsubishi Corp		16,899
	24,647		Moog, Inc (Class A)		1,996
	59,826		MTU Aero Engines Holding AG.		12,147
	4,501	*	MYR Group, Inc		498
	333,800		Obayashi Corp		2,583
	7,069		Owens Corning, Inc		640
	66,313		PACCAR, Inc		5,853
	43,564	*	PAE, Inc		433
	50,923		Parker-Hannifin Corp		16,200
	41,431		Rockwell Automation, Inc		14,453
	39,756		Roper Technologies Inc		19,554
	4,744		Rush Enterprises, Inc (Class A)		264
	297,860		Sandvik AB		8,302
	156,517		Schneider Electric S.A.		30,771
	355,600		Shimizu Corp		2,205
	201,991		Siemens AG.		34,985
	829,300		Singapore Technologies Engineering Ltd		2,314
	10,969		Skanska AB (B Shares)		283
	29,742		SKF AB (B Shares)		703
	10,254		Snap-On, Inc		2,209
	73,935		Trane Technologies plc		14,937
	32,283	*	United Rentals, Inc		10,727
	20,908	*	Vectrus, Inc		957
	232,500		Vestas Wind Systems A.S.		7,081
	697,434		Volvo AB (B Shares)		16,129
	14,019		W.W. Grainger, Inc		7,265
	1,964		Wabash National Corp		38
	350,496		Wartsila Oyj (B Shares)		4,916
	3,684	*	WESCO International, Inc		485
	38,384		Woodward Inc		4,202
	12,800		WSP Global, Inc		1,858
	39,243		Xylem, Inc		4,706
			TOTAL CAPITAL GOODS		798,672

COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	834		ABM Industries, Inc		34
	11,940		ACCO Brands Corp		99

469

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	134,701		Adecco S.A.	$	6,864
	295,491		ADT, Inc		2,485
	1,000	*	ASGN Inc		123
	372		Booz Allen Hamilton Holding Co		32
	3,969		Brambles Ltd		31
	16,903		Cintas Corp		7,491
	299,733	*	Copart, Inc		45,445
	12,844	*	FTI Consulting, Inc		1,971
	5,059		Heidrick & Struggles International, Inc		221
	309,428		IHS Markit Ltd		41,129
	125,772		Intertek Group plc		9,595
	219,671	*	KAR Auction Services, Inc		3,431
	45,168		Kelly Services, Inc (Class A)		757
	37,666		Randstad Holdings NV		2,569
	319,000		Recruit Holdings Co Ltd		19,413
	674,477		RELX plc (London)		22,020
	304		Ritchie Bros Auctioneers, Inc		19
	55,353		Robert Half International, Inc		6,173
	1,100		Secom Co Ltd		76
	3,476		SGS S.A.		11,588
	13,606		Teleperformance		6,083
	126,568		TransUnion		15,008
	2,948	*	TriNet Group, Inc		281
	15,743		Verisk Analytics, Inc		3,601
	153,725		Waste Management, Inc		25,657
	29,805		Wolters Kluwer NV		3,508
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		235,704

CONSUMER DURABLES & APPAREL - 1.3%
	63,624		Adidas-Salomon AG.		18,320
	540,582		Barratt Developments plc		5,489
	67,810		Berkeley Group Holdings plc		4,391
	92,878		Burberry Group plc		2,292
	15,787	*	Callaway Golf Co		433
	51,782		DR Horton, Inc		5,616
	104,411		Essilor International S.A.		22,227
	46,726		Ethan Allen Interiors, Inc		1,228
	58,468	*	GoPro, Inc		603
	9,916	*	Green Brick Partners, Inc		301
	804		Hasbro, Inc		82
	6,871		Hermes International		12,006
	25,198	*	iRobot Corp		1,660

470

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	18,915	*	Lovesac Co	$	1,253
	28,998	*	Lululemon Athletica, Inc		11,351
	10,439		Newell Brands Inc		228
	443,605		Nike, Inc (Class B)		73,936
	1,991	*	NVR, Inc		11,765
	990,000		Panasonic Corp		10,883
	23,595		Pandora AS		2,935
	38,776		Persimmon plc		1,503
	714		Pulte Homes, Inc		41
	9,035		Puma AG. Rudolf Dassler Sport		1,103
	1,667		PVH Corp		178
	6,447		SEB S.A.		1,005
	296,900		Sekisui House Ltd		6,388
	141,735	*	Sonos, Inc		4,224
	311,100		Sony Corp		39,285
	1,162,041		Taylor Wimpey plc		2,770
	80,777	*	Tupperware Brands Corp		1,235
	64,187		VF Corp		4,700
			TOTAL CONSUMER DURABLES & APPAREL		249,431

CONSUMER SERVICES - 1.3%
	138,079	*	Accor S.A.		4,476
	30,274	*	American Public Education, Inc		674
	23,897	*	Booking Holdings, Inc		57,334
	35,108	*	Bright Horizons Family Solutions		4,419
	29,278		Carriage Services, Inc		1,887
	781,741	*	Compass Group plc		17,600
	46,354		Darden Restaurants, Inc		6,983
	85,084	*	Dave & Buster’s Entertainment, Inc		3,267
	25,226		Domino’s Pizza, Inc		14,236
	40,919	*	El Pollo Loco Holdings, Inc		581
	4,469		Graham Holdings Co		2,815
	251,538	*	Hilton Worldwide Holdings, Inc		39,237
	168		IDP Education Ltd		4
	177,301	*	InterContinental Hotels Group plc		11,462
	65,700		Oriental Land Co Ltd		11,079
	30,085	*	Planet Fitness, Inc		2,725
	3,541	*	Shake Shack, Inc		256
	78,908	*	Six Flags Entertainment Corp		3,360
	540,313		Starbucks Corp		63,200
	92,092	*	Terminix Global Holdings, Inc		4,165
	20,491		Vail Resorts, Inc		6,719

471

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	81,211	e	Wendy’s	$	1,937
	129,335	*	Whitbread plc		5,261
	26,116	*	WW International Inc		421
			TOTAL CONSUMER SERVICES		264,098

DIVERSIFIED FINANCIALS - 3.8%
	725,995		3i Group plc		14,232
	189,176		Ally Financial, Inc		9,007
	350,364		American Express Co		57,319
	65,740		Ameriprise Financial, Inc		19,831
	63,534	g	Amundi S.A.		5,241
	24,514		Annaly Capital Management, Inc		192
	538,689		Bank of New York Mellon Corp		31,287
	66,998		BlackRock, Inc		61,341
	392,269		Brookfield Asset Management, Inc		23,689
	716,294		Charles Schwab Corp		60,240
	136,040		CME Group, Inc		31,080
	47,319		Deutsche Boerse AG.		7,901
	333,909		Discover Financial Services		38,586
	39,964		Eurazeo		3,487
	9,442		Factset Research Systems, Inc		4,589
	103,844		Franklin Resources, Inc		3,478
	39,027		Goldman Sachs Group, Inc		14,930
	10,629	*	Green Dot Corp		385
	390,146		Hong Kong Exchanges and Clearing Ltd		22,817
	379,244		Intercontinental Exchange Group, Inc		51,869
	43,051		Invesco Ltd		991
	231,196	*	Kinnevik AB		8,220
	157,367		London Stock Exchange Group plc		14,803
	127,179		Macquarie Group Ltd		19,011
	19,831		MarketAxess Holdings, Inc		8,156
	83,317		Moody’s Corp		32,542
	595,136		Morgan Stanley		58,418
	24,409		Nasdaq Inc		5,126
	281,900	*	Nomura Holdings, Inc		1,228
	126,073		Northern Trust Corp		15,080
	5,978	*	PRA Group, Inc		300
	2,150	*	PROG Holdings, Inc		97
	122,346		S&P Global, Inc		57,739
	126,498		Schroders plc		6,106
	2,200		Singapore Exchange Ltd		15
	2,304,641		Standard Life Aberdeen plc		7,508
	131,993		State Street Corp		12,275

472

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	68,699		T Rowe Price Group, Inc	$	13,509
	32,500		Tokyo Century Corp		1,578
	1,219,136		UBS Group AG		21,883
	27,954		Voya Financial, Inc		1,854
	26,666		Wendel		3,195
			TOTAL DIVERSIFIED FINANCIALS		751,135

ENERGY - 1.9%
	380,386		Antero Midstream Corp		3,682
	174,861		APA Corp		4,702
	277,322		Baker Hughes Co		6,672
	1,028,738		Cenovus Energy, Inc		12,614
	3,725	*	ChampionX Corp		75
	140,902		Cheniere Energy, Inc		14,290
	773,232		ConocoPhillips		55,812
	2,773	*	Delek US Holdings, Inc		42
	174		Devon Energy Corp		8
	622,360		Enbridge, Inc		24,310
	20,400		ENEOS Holdings, Inc		76
	1,229,412		ENI S.p.A.		17,086
	137,130		EOG Resources, Inc		12,181
	219,457	*	EQT Corp		4,786
	544,048		Equinor ASA		14,406
	547,391		Galp Energia SGPS S.A.		5,311
	588		Halliburton Co		13
	102,038		Hess Corp		7,554
	100,631		Imperial Oil Ltd		3,629
	11,900		Inpex Holdings, Inc		104
	5,808	e	Keyera Corp		131
	1,005,414		Kinder Morgan, Inc		15,946
	725,888	*	Kosmos Energy Ltd		2,512
	1,472,099		Marathon Oil Corp		24,172
	1,757		Marathon Petroleum Corp		112
	273,168		Neste Oil Oyj		13,444
	730,958		NOV, Inc		9,905
	2,570		Occidental Petroleum Corp		75
	5,830	*	Oceaneering International, Inc		66
	151,704		OMV AG.		8,579
	25,563		ONEOK, Inc		1,502
	65,921		Parkland Corp		1,812
	638		Pioneer Natural Resources Co		116
	1,037,413		Repsol YPF S.A.		12,286
	1,086,320		Schlumberger Ltd		32,535

473

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	774,216	*	Southwestern Energy Co	$	3,608
	697,888		Suncor Energy, Inc		17,462
	1,300		Tenaris S.A.		14
	670,596	e	Total S.A.		34,134
	212,679		Valero Energy Corp		15,974
	2,653		Woodside Petroleum Ltd		42
			TOTAL ENERGY		381,780

FOOD & STAPLES RETAILING - 0.6%
	293,800		Aeon Co Ltd		6,924
	354,454		Alimentation Couche-Tard, Inc		14,851
	203,289	*	BJ’s Wholesale Club Holdings, Inc		13,614
	253,286		Coles Group Ltd		3,305
	77,367		George Weston Ltd		8,970
	1,743,514		J Sainsbury plc		6,517
	1,474		Jeronimo Martins SGPS S.A.		34
	98,864		Kesko Oyj (B Shares)		3,295
	800		Lawson, Inc		38
	138,558		Loblaw Cos Ltd		11,352
	37,655		Metro, Inc		2,004
	51,050	*	Performance Food Group Co		2,343
	38,843		Pricesmart, Inc		2,842
	63,935		SpartanNash Co		1,647
	209,998	*	Sprouts Farmers Market, Inc		6,233
	4,087,739		Tesco plc		16,094
	95,857	*	United Natural Foods, Inc		4,705
	259,850	*	US Foods Holding Corp		9,050
	339,683		Woolworths Ltd		9,390
			TOTAL FOOD & STAPLES RETAILING		123,208

FOOD, BEVERAGE & TOBACCO - 2.1%
	282,500		Ajinomoto Co, Inc		8,600
	78,364		Archer-Daniels-Midland Co		5,297
	383,095		Associated British Foods plc		10,487
	3,904		Barry Callebaut AG.		9,477
	50,699	*,e	Beyond Meat, Inc		3,303
	1,758		Bunge Ltd		164
	54,454		Campbell Soup Co		2,367
	1,335,199		Coca-Cola Co		79,057
	201,458	*	Coca-Cola European Partners plc (Class A)		11,267
	211,279		Coca-Cola HBC AG.		7,316
	295,366		Danone		18,360
	14,883	*	Darling International, Inc		1,031

474

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	56,665		Fresh Del Monte Produce, Inc	$	1,564
	393,303		General Mills, Inc		26,501
	2,360	*	Hain Celestial Group, Inc		101
	221,467		Hormel Foods Corp		10,810
	141,266		Kellogg Co		9,100
	103,681		Kerry Group plc (Class A)		13,376
	136,700		Kikkoman Corp		11,512
	78,501		McCormick & Co, Inc		7,584
	113,527		Mowi ASA		2,687
	598,750		Nestle S.A.		83,596
	29,600		Nissin Food Products Co Ltd		2,160
	304,982		Orkla ASA		3,057
	465,088		PepsiCo, Inc		80,790
	141,100		Suntory Beverage & Food Ltd		5,110
	6,454	*	TreeHouse Foods, Inc		262
			TOTAL FOOD, BEVERAGE & TOBACCO		414,936

HEALTH CARE EQUIPMENT & SERVICES - 3.0%
	38,759	*	Abiomed, Inc		13,921
	40,357	*,e	Accelerate Diagnostics, Inc		211
	44,978	*	Align Technology, Inc		29,559
	175,429	*	Allscripts Healthcare Solutions, Inc		3,237
	41,162		Ambu A.S.		1,086
	99,959		Amplifon S.p.A.		5,379
	64,063	*	Angiodynamics, Inc		1,767
	35,194		Anthem, Inc		16,314
	8,730	*	AtriCure, Inc		607
	1,253	*	Axonics Modulation Technologies, Inc		70
	1,376		Baxter International, Inc		118
	34,133		BioMerieux		4,854
	4,607		Cardinal Health, Inc		237
	9,667		Carl Zeiss Meditec AG.		2,028
	302,142		Cerner Corp		28,060
	249,927	*	Cerus Corp		1,702
	196,527		Cigna Corp		45,128
	17,639		Cochlear Ltd		2,768
	50,637		Coloplast AS		8,916
	22,324	*	Computer Programs & Systems, Inc		654
	36,863		Cooper Cos, Inc		15,443
	91,950	*	Covetrus, Inc		1,836
	188	*	DaVita, Inc		21
	185,909		Dentsply Sirona, Inc		10,372
	50,676	*	DexCom, Inc		27,210

475

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	377,910	*	Edwards Lifesciences Corp	$	48,958
	147,158	*	Envista Holdings Corp		6,631
	376,593		Fisher & Paykel Healthcare Corp		8,437
	14,264	*	Glaukos Corp		634
	13,596	*	Globus Medical, Inc		982
	82,796		GN Store Nord		5,195
	10,855	*	Guardant Health, Inc		1,086
	113,502		HCA Healthcare, Inc		29,161
	59,326	*	Health Catalyst, Inc		2,351
	26,027	*	Henry Schein, Inc		2,018
	5,801	*	Heska Corp		1,059
	99,838	*	Hologic, Inc		7,644
	93,311		Humana, Inc		43,283
	53,162	*	IDEXX Laboratories, Inc		35,005
	8,609	*	Inogen, Inc		293
	527	*	Insulet Corp		140
	19,717	*	Integer Holding Corp		1,688
	20,890	*	Intersect ENT, Inc		571
	155,926	*	Intuitive Surgical, Inc		56,024
	40,745	*	Laboratory Corp of America Holdings		12,802
	27,738		LeMaitre Vascular, Inc		1,393
	8,932	*	LivaNova plc		781
	1,600	*	Magellan Health Services, Inc		152
	14,728	*	Meridian Bioscience, Inc		300
	39,504	*	Merit Medical Systems, Inc		2,461
	98,516	*	NextGen Healthcare, Inc		1,753
	257	*	Novocure Ltd		19
	38,104	*	Omnicell, Inc		6,875
	57,111	*	OraSure Technologies, Inc		496
	32,369	*	Orthofix Medical Inc		1,006
	13,628	*	Penumbra, Inc		3,916
	2,830		Premier, Inc		117
	25,841		Quest Diagnostics, Inc		4,471
	62,644	*	Quidel Corp		8,456
	143,876		Ramsay Health Care Ltd		7,477
	74,315		Resmed, Inc		19,358
	282,183		Ryman Healthcare Ltd		2,366
	34,038		Sonova Holdings AG		13,302
	42,938	*	Staar Surgical Co		3,920
	29,676		STERIS plc		7,223
	78,900		Sysmex Corp		10,650
	29,138	*	Tactile Systems Technology, Inc		555

476

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	15,158	*	Tandem Diabetes Care, Inc	$	2,282
	90,696	*	Teladoc, Inc		8,328
	16,267	*	Triple-S Management Corp (Class B)		580
	46,410	*	Vocera Communications, Inc		3,009
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		596,706

HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	33,243		Beiersdorf AG.		3,408
	34,657		Clorox Co		6,043
	275,933		Colgate-Palmolive Co		23,548
	367,053		Essity AB		11,975
	146,847		Estee Lauder Cos (Class A)		54,363
	113,463		Henkel KGaA		8,844
	148,576		Henkel KGaA (Preference)		11,989
	172,700		Kao Corp		9,045
	59,574		Kimberly-Clark Corp		8,514
	68,995		L’Oreal S.A.		32,898
	664,450		Procter & Gamble Co		108,691
	189,400		Shiseido Co Ltd		10,566
	234,200		Uni-Charm Corp		10,189
	42,698	*	Veru, Inc		251
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		300,324

INSURANCE - 2.0%
	1,841,148		Aegon NV		9,153
	287,827		Aflac, Inc		16,806
	1,267,400		AIA Group Ltd		12,792
	118,453		Allianz AG.		27,938
	101,926		Allstate Corp		11,992
	11,186		Arthur J. Gallagher & Co		1,898
	519,493		Assicurazioni Generali S.p.A.		10,979
	2,426,453		Aviva plc		13,526
	574,060		AXA S.A.		17,086
	210,391		Chubb Ltd		40,671
	179,712		CNP Assurances		4,445
	37,622	*	eHealth, Inc		959
	970,098	*	Genworth Financial, Inc (Class A)		3,929
	1,068		Insurance Australia Group Ltd		3
	485		Intact Financial Corp		63
	3,659,787		Legal & General Group plc		14,779
	77,179		Lincoln National Corp		5,268
	186,877		Loews Corp		10,794

477

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	249,748		Marsh & McLennan Cos, Inc	$	43,411
	38,449		Metlife, Inc		2,403
	82,300		MS&AD Insurance Group Holdings Inc		2,534
	31,684		Muenchener Rueckver AG.		9,353
	49,367		NN Group NV		2,670
	642		Principal Financial Group		46
	263,499		Progressive Corp		27,048
	286,747		Prudential Financial, Inc		31,038
	304,703		QBE Insurance Group Ltd		2,516
	232,800		Sompo Holdings, Inc		9,818
	75,475		Sun Life Financial, Inc		4,201
	4,443		Swiss Life Holding		2,715
	127,451		Swiss Re Ltd		12,581
	137,678		Travelers Cos, Inc		21,537
	14,487		Willis Towers Watson plc		3,441
	49,305		Zurich Insurance Group AG		21,600
			TOTAL INSURANCE		399,993

MATERIALS - 2.5%
	117,018		Agnico-Eagle Mines Ltd		6,216
	63		Akzo Nobel NV		7
	19,088		Amcor plc		229
	422,169		Antofagasta plc		7,678
	10,825		Aptargroup, Inc		1,326
	480,800		Asahi Kasei Corp		4,529
	255,812		Ball Corp		24,627
	175,954		BASF SE		12,349
	210,005		BlueScope Steel Ltd		3,206
	301,096		Boliden AB		11,610
	83,968	*	Century Aluminum Co		1,391
	290		Chr Hansen Holding A/S		23
	91,048	*	Cleveland-Cliffs, Inc		1,982
	19,088	*	Coeur Mining, Inc		96
	1,679		Compass Minerals International, Inc		86
	322,410		CRH plc		17,068
	64,645		Croda International plc		8,855
	45,685		DSM NV		10,289
	397,826		DuPont de Nemours, Inc		32,136
	205,304		Ecolab, Inc		48,162
	496,318		Evolution Mining Ltd		1,472
	1,070,804		Fortescue Metals Group Ltd		15,052
	65,998		Franco-Nevada Corp		9,127
	3,439		Givaudan S.A.		18,043

478

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	102,204		HeidelbergCement AG.	$	6,917
	204,900	*	Hitachi Metals Ltd		3,797
	61,177		International Flavors & Fragrances, Inc		9,216
	1,576		International Paper Co		74
	11,455		Johnson Matthey plc		318
	26,338	*	Koppers Holdings, Inc		824
	2,995		Linde plc		1,038
	16,162		Martin Marietta Materials, Inc		7,120
	302,800		Mitsubishi Chemical Holdings Corp		2,246
	61,692		Mitsui Chemicals, Inc		1,658
	279,116		Mondi plc		6,923
	134,533		Mosaic Co		5,286
	431,268		Newcrest Mining Ltd		7,724
	440,842		Newmont Goldcorp Corp		27,341
	301,600		Nippon Paint Co Ltd		3,294
	600,800		Nippon Steel Corp		9,815
	89,700		Nitto Denko Corp		6,930
	1,384,725		Norsk Hydro ASA		10,896
	375,868		Northern Star Resources Ltd		2,585
	137,837		Nucor Corp		15,734
	242,924		Nutrien Ltd		18,259
	1,122		Orica Ltd		11
	20,642		PPG Industries, Inc		3,559
	2,785		Reliance Steel & Aluminum Co		452
	5,386		Schnitzer Steel Industries, Inc (Class A)		280
	116,800		Shin-Etsu Chemical Co Ltd		20,274
	48,119		Sika AG.		19,999
	152,065		Stora Enso Oyj (R Shares)		2,791
	1,341,900		Sumitomo Chemical Co Ltd		6,328
	241,100		Sumitomo Metal Mining Co Ltd		9,132
	151,235	*	Summit Materials, Inc		6,071
	369,939		Svenska Cellulosa AB (B Shares)		6,564
	422,529		Teck Cominco Ltd		12,169
	9,000		Toray Industries, Inc		53
	20,355		Trimas Corp		753
	24,182		Trinseo plc		1,269
	174,527		Umicore S.A.		7,120
	25,842		UPM-Kymmene Oyj		983
	112,930		Voestalpine AG.		4,097
	120,838		Wheaton Precious Metals Corp		5,185
			TOTAL MATERIALS		490,644

479

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
MEDIA & ENTERTAINMENT - 2.5%
	1,413	*,e	AMC Entertainment Holdings, Inc	$	38
	78		Cable One, Inc		138
	23,422	*	Cardlytics, Inc		1,548
	195,835	*,e	Cinemark Holdings, Inc		3,157
	1,125,296		Comcast Corp (Class A)		56,636
	465	*,e	Discovery, Inc (Class A)		11
	304,868	*	Discovery, Inc (Class C)		6,981
	166,563		Electronic Arts, Inc		21,970
	162,479		Gray Television, Inc		3,276
	109,942	*	iHeartMedia, Inc		2,313
	90,725	*	Imax Corp		1,619
	1,140,341	*	Informa plc		7,984
	110,370		Interpublic Group of Cos, Inc		4,133
	16,923		John Wiley & Sons, Inc (Class A)		969
	20,610	*	Liberty Broadband Corp (Class A)		3,316
	181,878	*	Liberty Broadband Corp (Class C)		29,301
	236,170	*	Live Nation, Inc		28,267
	131,390	*	Netflix, Inc		79,155
	62,705		New York Times Co (Class A)		3,029
	42,800		Nintendo Co Ltd		20,024
	311,355		Omnicom Group, Inc		22,813
	2,083		Pearson plc		17
	52,277		Publicis Groupe S.A.		3,522
	5,556	*	Roku, Inc		1,268
	31,159		Scholastic Corp		1,245
	10,426		Seek Ltd		249
	84,576		Sinclair Broadcast Group, Inc (Class A)		2,235
	1,707,477	e	Sirius XM Holdings, Inc		10,843
	9,104	*	Snap, Inc		428
	84,307	*	Take-Two Interactive Software, Inc		14,983
	9,574		TEGNA, Inc		178
	187,136	*	TripAdvisor, Inc		5,101
	989,715	*	Twitter, Inc		42,776
	1,668		ViacomCBS, Inc (Class B)		50
	121,660	*	Vimeo, Inc		2,185
	319,074		Vivendi Universal S.A.		4,316
	563,977	*	Walt Disney Co		87,354
	6,997		World Wrestling Entertainment, Inc (Class A)		345
	766,310		WPP plc		11,669
	1,073,300		Z Holdings Corp		6,193
	619	*	ZoomInfo Technologies, Inc		40

480

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,601,731	*	Zynga, Inc	$	10,251
			TOTAL MEDIA & ENTERTAINMENT		501,926

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.9%
	56,930	*	Acadia Pharmaceuticals, Inc		1,329
	77,531	*,e	Aerie Pharmaceuticals, Inc		544
	238,517		Agilent Technologies, Inc		38,079
	49,927	*	Agios Pharmaceuticals, Inc		1,641
	191,735		Amgen, Inc		43,135
	22,172	*	AnaptysBio, Inc		770
	224,873	*	Antares Pharma, Inc		803
	789,014		Astellas Pharma, Inc		12,842
	323,275		AstraZeneca plc		37,749
	12,920		AstraZeneca plc (ADR)		753
	73,556	*	Atara Biotherapeutics, Inc		1,159
	2,859	*,e	Axsome Therapeutics, Inc		108
	107,053	*	Bausch Health Cos, Inc		2,957
	263,424	*	BioCryst Pharmaceuticals, Inc		3,648
	63,315	*	Biogen, Inc		15,191
	50,127	*	BioMarin Pharmaceutical, Inc		4,429
	56,307	*	Bluebird Bio, Inc		562
	769,849		Bristol-Myers Squibb Co		48,000
	257,619	*,e	Canopy Growth Corp		2,248
	469	*	Catalent, Inc		60
	36,414	*	Chimerix, Inc		234
	321,891		Chugai Pharmaceutical Co Ltd		10,492
	58,062	*	Collegium Pharmaceutical, Inc		1,085
	121,183		CSL Ltd		25,630
	85,752	*	Curis, Inc		408
	431,800		Daiichi Sankyo Co Ltd		10,990
	229,372		Danaher Corp		75,466
	92,800		Eisai Co Ltd		5,268
	294,385		Eli Lilly & Co		81,315
	2,088	*	Exact Sciences Corp		162
	9,127	*	Genmab AS		3,643
	395,328		Gilead Sciences, Inc		28,705
	1,401,058		GlaxoSmithKline plc		30,505
	35,779	*	Halozyme Therapeutics, Inc		1,439
	72,695	*	Humanigen, Inc		270
	17,383	*	Illumina, Inc		6,613
	35,026	*	Insmed, Inc		954
	94,825	*	Intra-Cellular Therapies, Inc		4,963
	70,399	*	IQVIA Holdings, Inc		19,862

481

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	29,343	*	Jazz Pharmaceuticals plc	$	3,738
	106,403	*,e	Karyopharm Therapeutics, Inc		684
	26,790		Lonza Group AG.		22,305
	34,997	*	MacroGenics, Inc		562
	293,962		Merck & Co, Inc		22,529
	65,542		Merck KGaA		16,861
	6,278	*	Mettler-Toledo International, Inc		10,655
	3,119	*	Mirati Therapeutics, Inc		458
	396,180		Novo Nordisk AS		44,501
	341,800		Ono Pharmaceutical Co Ltd		8,496
	387,642	*,e	Opko Health, Inc		1,865
	96,567		Orion Oyj (Class B)		4,011
	45,551		Perrigo Co plc		1,772
	70,172	*	Prothena Corp plc		3,466
	99,790	*,e	Provention Bio, Inc		561
	10,834	*	Regeneron Pharmaceuticals, Inc		6,842
	15,548	*	Repligen Corp		4,118
	80,012	*	Revance Therapeutics, Inc		1,306
	151,818		Roche Holding AG.		62,983
	6,648	*	Sage Therapeutics, Inc		283
	94,032	*	Sangamo Therapeutics Inc		705
	18,000		Santen Pharmaceutical Co Ltd		220
	125,300		Shionogi & Co Ltd		8,814
	181,200		Sumitomo Dainippon Pharma Co Ltd		2,091
	128,344		Thermo Fisher Scientific, Inc		85,636
	103,681		UCB S.A.		11,833
	30,351	*	Ultragenyx Pharmaceutical, Inc		2,552
	147,780	*	Vertex Pharmaceuticals, Inc		32,452
	17,175		Vifor Pharma AG.		3,051
	19,812	*	Waters Corp		7,382
	40,638		West Pharmaceutical Services, Inc		19,060
	235,487	*,e	ZIOPHARM Oncology, Inc		257
	243,161		Zoetis, Inc		59,339
	15,799	*	Zogenix, Inc		257
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		975,656

REAL ESTATE - 2.0%
	52,631		Alexandria Real Estate Equities, Inc		11,735
	211,503		American Tower Corp		61,865
	76,706		Boston Properties, Inc		8,835
	768,947		British Land Co plc		5,553
	60,579		Brixmor Property Group, Inc		1,539

482

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	2,693,773	*,e	Capitaland Investment Ltd	$	6,811
	416,653		CapitaMall Trust		630
	32,768		CatchMark Timber Trust, Inc		285
	89,742	*	CBRE Group, Inc		9,738
	177,700	e	City Developments Ltd		899
	49,700		Crown Castle International Corp		10,374
	33,379		CyrusOne, Inc		2,995
	301,100		Daiwa House Industry Co Ltd		8,653
	333,288	*	DiamondRock Hospitality Co		3,203
	6,866		Douglas Emmett, Inc		230
	38,725		Equinix, Inc		32,755
	35,008		First Industrial Realty Trust, Inc		2,318
	5,328		FirstService Corp		1,047
	28,310		Fonciere Des Regions		2,324
	55,983		Franklin Street Properties Corp		333
	665		Gecina S.A.		93
	715,023		Goodman Group		13,783
	683,337		GPT Group		2,695
	216,041		Healthpeak Properties Inc		7,797
	34,542	*	Howard Hughes Corp		3,516
	274,300		Hulic Co Ltd		2,608
	945		Iron Mountain, Inc		49
	30,104	e	iStar Inc		778
	6,486	*	Jones Lang LaSalle, Inc		1,747
	4,380		Kilroy Realty Corp		291
	95,863		Kimco Realty Corp		2,363
	104,398		Klepierre		2,470
	1,939		Land Securities Group plc		21
	6,470		LEG Immobilien AG.		902
	459,925		Lend Lease Corp Ltd		3,581
	1,513,600		Link REIT		13,334
	253,105		Macerich Co		4,374
	1,039,835		Mirvac Group		2,201
	559,000		Mitsubishi Estate Co Ltd		7,755
	357,710		Mitsui Fudosan Co Ltd		7,090
	97,100		Nomura Real Estate Holdings, Inc		2,237
	429,657	*	Park Hotels & Resorts, Inc		8,112
	1,743		Piedmont Office Realty Trust, Inc		32
	359,442		Prologis, Inc		60,516
	66,712	*	Realogy Holdings Corp		1,121
	2,740		RMR Group, Inc		95
	672,078		Segro plc		13,080

483

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	888,670		Stockland Trust Group	$	2,742
	541,500		Swire Pacific Ltd (Class A)		3,080
	1,269,400		Swire Properties Ltd		3,182
	126,814	*	Unibail-Rodamco-Westfield		8,874
	1,300		UOL Group Ltd		7
	70,270		Ventas, Inc		3,592
	182,973		Vicinity Centres		225
	190,371		Welltower, Inc		16,328
	251,449		Weyerhaeuser Co		10,355
	63,158	*	Xenia Hotels & Resorts, Inc		1,144
			TOTAL REAL ESTATE		384,292

RETAILING - 2.3%
	45,506	*	1-800-FLOWERS.COM, Inc (Class A)		1,063
	17,171		Advance Auto Parts, Inc		4,119
	621		Best Buy Co, Inc		63
	184	*	Burlington Stores, Inc		54
	158		Canadian Tire Corp Ltd		23
	2,874	*	CarMax, Inc		374
	101,392	*,g	Delivery Hero AG.		11,223
	116,465	*	Designer Brands, Inc		1,655
	699,740		eBay, Inc		46,533
	13,700		Fast Retailing Co Ltd		7,788
	7,052	*	Five Below, Inc		1,459
	23,876		Gap, Inc		421
	25,942	*	Genesco, Inc		1,665
	679		Genuine Parts Co		95
	289,675	e	Hennes & Mauritz AB (B Shares)		5,684
	31,149		Hibbett Sports, Inc		2,241
	279,281		Home Depot, Inc		115,904
	266,617		Industria De Diseno Textil S.A.		8,598
	1,425,770	*	JD Sports Fashion plc		4,204
	24,243		Kering		19,451
	585,495		Kingfisher plc		2,693
	27,150	*	Lands’ End, Inc		533
	83,685		LKQ Corp		5,024
	229,305		Lowe’s Companies, Inc		59,271
	441,333		Macy’s, Inc		11,554
	38,743	*	MarineMax, Inc		2,287
	370	*	MercadoLibre, Inc		499
	40,823		Next plc		4,515
	569		Pool Corp		322
	284,110		Prosus NV		23,531

484

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	157,019	*	Quotient Technology, Inc	$	1,165
	144,672	*	RealReal, Inc		1,680
	47,226		Ross Stores, Inc		5,397
	1,746	*	Sally Beauty Holdings, Inc		32
	34,896		Shoe Carnival, Inc		1,364
	231,411		Target Corp		53,558
	495,395		TJX Companies, Inc		37,610
	17,873		Tractor Supply Co		4,265
	62,274		Wesfarmers Ltd		2,687
	874		Winmark Corp		217
	44,752	*,g	Zalando SE		3,605
	20,869	*	Zumiez, Inc		1,002
			TOTAL RETAILING		455,428

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.2%
	417,605		Applied Materials, Inc		65,714
	89,481		ASML Holding NV		71,676
	23,227	*	Cirrus Logic, Inc		2,137
	78,288	*	First Solar, Inc		6,824
	1,438,463		Intel Corp		74,081
	79,109		Lam Research Corp		56,891
	543,594		NVIDIA Corp		159,876
	212,159		NXP Semiconductors NV		48,326
	670,895	*	ON Semiconductor Corp		45,567
	19,466	*	Silicon Laboratories, Inc		4,018
	365,987		Texas Instruments, Inc		68,978
	46,000		Tokyo Electron Ltd		26,476
	14,129		Universal Display Corp		2,332
	29,210	*	Wolfspeed Inc		3,265
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		636,161

SOFTWARE & SERVICES - 8.1%
	149,083	*	Adobe, Inc		84,539
	9,303	*	Anaplan, Inc		427
	9,776	*	Ansys, Inc		3,921
	23,321	*	Aspen Technology, Inc		3,549
	174,913	*	Autodesk, Inc		49,184
	236,997		Automatic Data Processing, Inc		58,439
	157,497	*	Avaya Holdings Corp		3,118
	59,147	*	Benefitfocus, Inc		630
	90,107	*	Blackline, Inc		9,330
	144,088	*	Cadence Design Systems, Inc		26,851

485

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	75,268		Cap Gemini S.A.	$	18,447
	54,183	*	ChannelAdvisor Corp		1,337
	342		Citrix Systems, Inc		32
	73,408		Computershare Ltd		1,069
	28,256		Concentrix Corp		5,047
	59,654		CSG Systems International, Inc		3,437
	118,450		Dolby Laboratories, Inc (Class A)		11,279
	463,295	*	DXC Technology Co		14,913
	40,306	*	Elastic NV		4,961
	59,442	*	ExlService Holdings, Inc		8,605
	113,443	*	Five9, Inc		15,578
	96,100		Fujitsu Ltd		16,513
	24,921	*	HubSpot, Inc		16,427
	458,782		International Business Machines Corp		61,321
	106,355		Intuit, Inc		68,410
	261,486		Mastercard, Inc (Class A)		93,957
	1,412,900		Microsoft Corp		475,187
	270,081		NEC Corp		12,488
	91,100	*	New Relic, Inc		10,017
	211,300		Nomura Research Institute Ltd		9,033
	1,601		NortonLifelock, Inc		42
	128,391	*	Nutanix, Inc		4,091
	194,094	*	Okta, Inc		43,510
	6,151	*	OneSpan, Inc		104
	38,600		Otsuka Corp		1,841
	28,957	*	Paylocity Holding Corp		6,838
	408,669	*	PayPal Holdings, Inc		77,067
	57,183	*	Perficient, Inc		7,393
	29,937	*	Rapid7, Inc		3,523
	312,159	*	salesforce.com, Inc		79,329
	270,041		SAP AG.		38,005
	92,812	*	ServiceNow, Inc		60,245
	27,795	*	Shopify, Inc (Class A)		38,270
	37,192	*	Smartsheet, Inc		2,881
	451	*	Splunk, Inc		52
	63,735	*	SPS Commerce, Inc		9,073
	73,600		Sumisho Computer Systems Corp		1,465
	119,055	*	SVMK, Inc		2,518
	60,958	*	Teradata Corp		2,589
	31,388		TTEC Holdings, Inc		2,842
	356,926		VMware, Inc (Class A)		41,361
	1,119		Western Union Co		20

486

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	83,115	*	WEX, Inc	$	11,669
	163,815		Wisetech Global Ltd		6,948
	169,834	*	Workday, Inc		46,395
	9,773	*	Workiva, Inc		1,275
	122,223	*	Xero Ltd		12,511
			TOTAL SOFTWARE & SERVICES		1,589,903

TECHNOLOGY HARDWARE & EQUIPMENT - 2.2%
	76,602		Avnet, Inc		3,158
	3,200		Azbil Corp		146
	64,337		Benchmark Electronics, Inc		1,744
	137,743	*	Ciena Corp		10,602
	1,373,303		Cisco Systems, Inc		87,026
	206,775		Cognex Corp		16,079
	48,700		CTS Corp		1,788
	12,042	*	ePlus, Inc		649
	53,745	*	Fabrinet		6,367
	5,198	*	FARO Technologies, Inc		364
	40,800		Fujifilm Holdings Corp		3,025
	1,617,450		Hewlett Packard Enterprise Co		25,507
	1,262,119		HP, Inc		47,544
	16,400		Ibiden Co Ltd		974
	41,421	*	Insight Enterprises, Inc		4,415
	4,037	*	Itron, Inc		277
	50,374		Keyence Corp		31,673
	167,669	*	Keysight Technologies, Inc		34,625
	39,615	*	Kimball Electronics, Inc		862
	134,929	*	Knowles Corp		3,151
	15,513	*	Lumentum Holdings, Inc		1,641
	8,736		Methode Electronics, Inc		430
	4,828		Motorola Solutions, Inc		1,312
	236,500		Murata Manufacturing Co Ltd		18,864
	56,510		National Instruments Corp		2,468
	3,862	*	Novanta, Inc		681
	57,800		Omron Corp		5,760
	732	*	OSI Systems, Inc		68
	44,932	*,e	PAR Technology Corp		2,371
	64,222	*	Ribbon Communications, Inc		389
	32,265	*	Rogers Corp		8,808
	5,900		Shimadzu Corp		249
	32,734		SYNNEX Corp		3,743
	151,500		TDK Corp		5,912
	472,344	*	Trimble Inc		41,184

487

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	191,199	*	TTM Technologies, Inc	$	2,849
	76,602		Vishay Intertechnology, Inc		1,675
	18,093	*	Vishay Precision Group, Inc		672
	288,088		Vontier Corp		8,853
	264,233		Xerox Holdings Corp		5,982
	76,721	*	Zebra Technologies Corp (Class A)		45,664
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		439,551

TELECOMMUNICATION SERVICES - 1.2%
	5,021,923		BT Group plc		11,553
	10,000		HKT Trust and HKT Ltd		13
	174,314	*	Iridium Communications, Inc		7,197
	562,532		KDDI Corp		16,451
	108,559		Koninklijke KPN NV		337
	2,960	*	Liberty Global plc (Class A)		82
	7,192	*	Liberty Global plc (Class C)		202
	2,586		Lumen Technologies, Inc		32
	285,900		Nippon Telegraph & Telephone Corp		7,819
	1,232,129		Orange S. A.		13,162
	185,118		Rogers Communications, Inc (Class B)		8,814
	3,175,800		Singapore Telecommunications Ltd		5,467
	1,198,900		Softbank Corp		15,143
	6,454		Swisscom AG.		3,641
	8,252		Tele2 AB (B Shares)		118
	394,386		Telefonica Deutschland Holding AG.		1,094
	230,397		Telenor ASA		3,622
	322,622		TeliaSonera AB		1,262
	14,204		TELUS Corp		334
	402,842	*	T-Mobile US, Inc		46,722
	1,337,473		Verizon Communications, Inc		69,495
	11,612,517		Vodafone Group plc		17,491
			TOTAL TELECOMMUNICATION SERVICES		230,051

TRANSPORTATION - 1.4%
	115,400	*,e	All Nippon Airways Co Ltd		2,412
	45,355		ArcBest Corp		5,436
	147,420	*	Auckland International Airport Ltd		776
	5,067		Aurizon Holdings Ltd		13
	27,696	*	Avis Budget Group, Inc		5,743
	211,486		Canadian National Railway Co		25,978
	47,700		Central Japan Railway Co		6,348
	58,063		CH Robinson Worldwide, Inc		6,249

488

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,337,820		CSX Corp	$	50,302
	831,893	*	Delta Air Lines, Inc		32,510
	134,300		East Japan Railway Co		8,256
	106,713		Expeditors International of Washington, Inc		14,330
	100		Keio Corp		4
	200	*	Kintetsu Corp		6
	29,378		Kuehne & Nagel International AG.		9,461
	459		Landstar System, Inc		82
	1,680,864		MTR Corp		9,023
	25,400		Nippon Express Co Ltd		1,520
	111,478		Nippon Yusen Kabushiki Kaisha		8,501
	120,768		Norfolk Southern Corp		35,954
	54,955		Old Dominion Freight Line		19,695
	85,700		SG Holdings Co Ltd		2,010
	676,449	*,e	Singapore Airlines Ltd		2,508
	485,581	*	Sydney Airport		3,066
	1,606,942		Transurban Group		16,141
	11,000		West Japan Railway Co		460
			TOTAL TRANSPORTATION		266,784

UTILITIES - 1.8%
	478,619	e	Algonquin Power & Utilities Corp		6,913
	689		Alliant Energy Corp		42
	295,772		American Electric Power Co, Inc		26,315
	500,415		APA Group		3,661
	1,300,000		CLP Holdings Ltd		13,136
	11,970		CMS Energy Corp		779
	197,499		Consolidated Edison, Inc		16,851
	21,990		DTE Energy Co		2,629
	2,829,342		Enel S.p.A.		22,624
	911,108		Energias de Portugal S.A.		5,005
	142,997		Eversource Energy		13,010
	118,617		Fortis, Inc		5,723
	1,987,529		Iberdrola S.A.		23,532
	1,875		Mercury NZ Ltd		8
	520,402		Meridian Energy Ltd		1,727
	285,175		National Grid plc		4,112
	202,403	e	Naturgy Energy Group S.A.		6,583
	670,641		NextEra Energy, Inc		62,611
	4,849		Origin Energy Ltd		19
	98,908	g	Orsted AS		12,667
	145,500		Osaka Gas Co Ltd		2,406
	219,128		Public Service Enterprise Group, Inc		14,622

489

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	620,099		Scottish & Southern Energy plc	$	13,862
	172,317		Sempra Energy		22,794
	7,999	e	South Jersey Industries, Inc		209
	536,816		Southern Co		36,815
	20,822	*	Sunnova Energy International, Inc		581
	181,100		Tokyo Gas Co Ltd		3,251
	34,209		UGI Corp		1,571
	119,845		WEC Energy Group, Inc		11,633
	193,358		Xcel Energy, Inc		13,090
			TOTAL UTILITIES		348,781

			TOTAL COMMON STOCKS		11,799,952
			(Cost $8,007,594)

PREFERRED STOCKS - 0.3%

BANKS - 0.1%
	233,115	*,e	Federal Home Loan Mortgage Corp (FHLMC)		669
	740,991	*,e	Federal National Mortgage Association (FNMA)		2,312
	490,000	e	First Republic Bank		12,593
			TOTAL BANKS		15,574

INSURANCE - 0.0%
	180,000	e	Assurant, Inc		4,855
			TOTAL INSURANCE		4,855

REAL ESTATE - 0.1%
	390,000	e	Brookfield Property Partners LP		10,008
	695,000		Brookfield Property Partners LP		16,374
			TOTAL REAL ESTATE		26,382

UTILITIES - 0.1%
	490,000	e	Brookfield Infrastructure Partners LP		12,402
	308,000	e	Brookfield Renewable Partners LP		8,143
			TOTAL UTILITIES		20,545

			TOTAL PREFERRED STOCKS		67,356
			(Cost $88,178)

490

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COMPANY

VALUE
(000)

RIGHTS/WARRANTS - 0.0%

MEDIA & ENTERTAINMENT - 0.0%

38,808

†

Media General, Inc

TOTAL MEDIA & ENTERTAINMENT

TOTAL RIGHTS/WARRANTS

(Cost $0)

PRINCIPAL		ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 5.6%

GOVERNMENT AGENCY DEBT - 5.1%
$	25,000,000	Federal Agricultural Mortgage Corp (FAMC)	0.000	%	01/04/22	25,000
	12,500,000	FAMC	0.000		02/28/22	12,500
	15,000,000	Federal Farm Credit Bank (FFCB)	0.000		01/05/22	15,000
	9,209,000	FFCB	0.000		01/13/22	9,209
	5,000,000	FFCB	0.000		02/10/22	5,000
	20,000,000	FFCB	0.000		02/15/22	19,999
	6,980,000	FFCB	0.000		02/25/22	6,980
	25,000,000	FFCB	0.000		02/28/22	24,999
	12,500,000	FFCB	0.000		03/01/22	12,499
	12,500,000	FFCB	0.000		03/02/22	12,499
	8,000,000	FFCB	0.000		04/11/22	7,998
	13,750,000	FFCB	0.000		05/27/22	13,742
	29,205,000	FFCB	0.000		06/08/22	29,181
	17,427,000	FFCB	0.000		06/16/22	17,412
	10,000,000	FFCB	0.000		07/06/22	9,989
	19,231,000	FFCB	0.000		09/01/22	19,197
	15,000,000	FFCB	0.000		09/13/22	14,972
	25,000,000	Federal Home Loan Bank (FHLB)	0.000		01/03/22	25,000
	57,198,000	FHLB	0.000		01/05/22	57,198
	25,430,000	FHLB	0.000		01/12/22	25,430
	20,000,000	FHLB	0.000		01/18/22	20,000
	25,000,000	FHLB	0.000		01/20/22	25,000
	34,290,000	FHLB	0.000		01/21/22	34,290
	10,000,000	FHLB	0.000		01/24/22	10,000
	25,000,000	FHLB	0.000		01/26/22	25,000
	43,340,000	FHLB	0.000		01/28/22	43,340
	106,655,000	FHLB	0.000		02/02/22	106,653
	36,656,000	FHLB	0.000		02/04/22	36,655
	25,000,000	FHLB	0.000		02/07/22	25,000
	34,985,000	FHLB	0.000		02/09/22	34,984
	25,000,000	FHLB	0.000		02/18/22	24,999
	25,000,000	FHLB	0.000		02/22/22	24,999
	24,450,000	FHLB	0.000		02/23/22	24,449
	9,700,000	FHLB	0.000		03/21/22	9,699
	53,885,000	FHLB	0.000		03/23/22	53,879
	10,681,000	FHLB	0.000		04/06/22	10,679
	18,695,000	FHLB	0.000		04/20/22	18,690
	12,500,000	FHLB	0.000		04/22/22	12,497
	20,543,000	FHLB	0.000		05/05/22	20,533
	29,188,000	FHLB	0.000		05/25/22	29,172
	15,000,000	FHLB	0.000		07/15/22	14,982
	20,000,000	FHLB	0.000		08/04/22	19,972
	8,000,000	FHLB	0.000		08/05/22	7,989

491

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE		MATURITY DATE	VALUE (000)
$	2,000,000		Federal National Mortgage Association (FNMA)	0.000	%	02/02/22	$	2,000
			TOTAL GOVERNMENT AGENCY DEBT					999,265

REPURCHASE AGREEMENT - 0.0%
	4,800,000	r	Fixed Income Clearing Corp (FICC)	0.010		01/03/22		4,800
			TOTAL REPURCHASE AGREEMENT					4,800

TREASURY DEBT - 0.1%
	10,000,000		United States Treasury Bill	0.000		10/06/22		9,980
	10,195,000		United States Treasury Note	2.250		04/15/22		10,256
			TOTAL TREASURY DEBT					20,236

SHARES			COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.4%

	78,705,014	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.030				78,705
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					78,705

			TOTAL SHORT-TERM INVESTMENTS					1,103,006
			(Cost $1,103,116)
			TOTAL INVESTMENTS - 104.5%					20,632,092
			(Cost $16,727,922)
			OTHER ASSETS & LIABILITIES, NET - (4.5)%					(880,558	)
			NET ASSETS - 100.0%				$	19,751,534


	ADR		American Depositary Receipt
	CLP		Chilean Peso
	EUR		Euro
	LIBOR		London Interbank Offered Rate
	M		Month
	REIT		Real Estate Investment Trust
	SOFR		Secure Overnight Financing Rate
	REMIC		Real Estate Mortgage Investment Conduit

	^		Amount represents less than $1,000.
	†		Security is categorized as Level 3 in the fair value hierarchy.
	‡		Perpetual security
	c		Investments made with cash collateral received from securities on loan.
	e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $123,770,484.
	g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/21, the aggregate value of these securities is $2,042,381,458 or 10.3% of net assets.
	h		All or a portion of these securities were purchased on a delayed delivery basis.
	i		Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
	q		In default
	r		Agreement with Fixed Income Clearing Corporation, 0.010% dated 12/31/21 to be repurchased at $4,800,000 on 1/3/22, collateralized by Government Agency Securities, with coupon rate 1.875% and maturity date 2/15/41, valued at $4,896,076.

			Cost amounts are in thousands.

492

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

Forward foreign currency contracts outstanding as of December 31, 2021 were as follows (dollar amounts are in thousands):

Currency
to be
purchased

Receive

Currency
to be
sold

Deliver

Counterparty

Settlement
date

Unrealized
appreciation
(depreciation)

12,721

EUR

10,901

JPMorgan

01/31/22

303


EUR		Euro

493

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2021

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 100.4%

GOVERNMENT AGENCY DEBT - 52.5%
$	42,580,000		Federal Agricultural Mortgage Corp (FAMC)			0.000	%	02/02/22	$	42,578
	12,750,000		FAMC			0.000		02/14/22		12,749
	57,284,000		FAMC			0.000		02/16/22		57,281
	12,750,000		FAMC			0.000		02/24/22		12,749
	51,000,000		FAMC			0.000		02/28/22		50,996
	25,800,000		FAMC			0.000		03/01/22		25,798
	40,500,000		FAMC			0.000		03/02/22		40,496
	164,000		Federal Farm Credit Bank (FFCB)			0.000		01/03/22		164
	50,256,000		FFCB			0.000		01/10/22		50,255
	93,509,000		FFCB			0.000		01/13/22		93,508
	8,900,000		FFCB			0.000		01/18/22		8,900
	16,016,000		FFCB			0.530		01/18/22		16,020
	2,180,000		FFCB			2.600		01/18/22		2,182
	10,084,000		FFCB			1.600		01/21/22		10,092
	25,000,000		FFCB			0.000		01/27/22		24,998
	9,329,000		FFCB			1.550		01/28/22		9,339
	12,800,000		FFCB			0.000		01/31/22		12,799
	21,300,000		FFCB			0.000		02/03/22		21,299
	33,750,000		FFCB			0.000		02/11/22		33,748
	1,250,000		FFCB			2.530		02/14/22		1,254
	40,000,000		FFCB			0.000		02/17/22		39,997
	17,650,000		FFCB			0.000		02/23/22		17,649
	6,550,000		FFCB			0.150		02/24/22		6,551
	2,500,000		FFCB			1.450		02/24/22		2,505
	9,000,000		FFCB			0.000		02/28/22		8,999
	103,000		FFCB			0.000		03/01/22		103
	1,200,000		FFCB			2.550		03/01/22		1,205
	1,845,000		FFCB			0.700		03/11/22		1,847
	11,650,000		FFCB			0.625		03/18/22		11,664
	2,215,000		FFCB			0.070		03/29/22		2,215
	25,000,000		FFCB			0.000		04/01/22		24,996
	7,125,000		FFCB			0.140		04/01/22		7,126
	2,610,000		FFCB			2.000		04/04/22		2,623
	13,500,000		FFCB			0.250		04/06/22		13,506
	26,790,000		FFCB			0.375		04/08/22		26,811
	4,960,000		FFCB			0.250		05/06/22		4,963
	17,200,000		FFCB			0.000		05/12/22		17,196
	19,775,000		FFCB			0.000		05/16/22		19,770
	430,000		FFCB			0.160		05/18/22		430
	25,750,000		FFCB			0.000		05/20/22		25,743
	17,775,000		FFCB			0.000		05/25/22		17,770
	3,200,000	i	FFCB	SOFR + 0.008%		0.058		01/12/23		3,199
	2,400,000		Federal Home Loan Bank (FHLB)			0.000		01/05/22		2,400
	170,443,000		FHLB			0.000		01/07/22		170,442
	64,000,000		FHLB			0.040		01/07/22		64,000
	400,000		FHLB			0.000		01/10/22		400

494

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
$	3,000,000	FHLB		0.000	%	01/11/22	$	3,000
	36,000,000	FHLB		0.000		01/12/22		35,999
	41,397,000	FHLB		0.000		01/13/22		41,396
	64,000,000	FHLB		0.045		01/13/22		64,000
	104,349,000	FHLB		0.000		01/14/22		104,347
	100,512,000	FHLB		0.000		01/19/22		100,510
	254,073,000	FHLB		0.000		01/21/22		254,066
	149,250,000	FHLB		0.000		01/26/22		149,245
	164,743,000	FHLB		0.000		01/28/22		164,737
	89,250,000	FHLB		0.040		01/28/22		89,249
	192,750,000	FHLB		0.035		02/01/22		192,747
	165,750,000	FHLB		0.000		02/02/22		165,743
	52,000,000	FHLB		0.000		02/03/22		51,998
	102,559,000	FHLB		0.000		02/04/22		102,554
	19,465,000	FHLB		0.050		02/07/22		19,465
	284,492,000	FHLB		0.000		02/09/22		284,477
	85,250,000	FHLB		0.050		02/10/22		85,249
	62,300,000	FHLB		0.000		02/11/22		62,296
	10,400,000	FHLB		0.000		02/15/22		10,399
	172,939,000	FHLB		0.000		02/18/22		172,927
	151,640,000	FHLB		0.000		02/23/22		151,629
	42,500,000	FHLB		0.050		02/23/22		42,500
	1,050,000	FHLB		0.000		02/25/22		1,050
	4,200,000	FHLB		0.000		02/28/22		4,200
	13,125,000	FHLB		2.430		02/28/22		13,173
	900,000	FHLB		0.000		03/01/22		900
	42,500,000	FHLB		0.050		03/01/22		42,500
	9,300,000	FHLB		0.000		03/02/22		9,299
	2,500,000	FHLB		0.080		03/03/22		2,500
	15,785,000	FHLB		2.250		03/11/22		15,851
	12,965,000	FHLB		2.500		03/11/22		13,025
	750,000	FHLB		2.750		03/11/22		754
	4,330,000	FHLB		0.050		03/14/22		4,330
	40,245,000	FHLB		0.000		03/16/22		40,241
	72,000,000	FHLB		0.045		03/17/22		71,999
	29,498,000	FHLB		0.000		03/18/22		29,495
	80,246,000	FHLB		0.000		03/23/22		80,235
	52,000,000	FHLB		0.000		03/25/22		51,992
	4,300,000	FHLB		0.055		03/30/22		4,300
	115,697,000	FHLB		0.000		04/01/22		115,682
	23,383,000	FHLB		0.000		04/22/22		23,379
	21,000,000	FHLB		0.000		04/27/22		20,996
	43,000,000	FHLB		0.080		04/28/22		42,999
	28,550,000	FHLB		0.000		05/25/22		28,540
	7,650,000	FHLB		0.250		06/03/22		7,654
	28,675,000	FHLB		2.125		06/10/22		28,931
	131,820,000	Federal Home Loan Mortgage Corp (FHLMC)		2.375		01/13/22		131,920
	1,055,000	FHLMC		0.250		06/08/22		1,055
	84,530,000	Federal National Mortgage Association (FNMA)		2.000		01/05/22		84,548
	33,707,000	FNMA		2.625		01/11/22		33,730
	21,250,000	FNMA		0.000		01/19/22		21,250
	25,000,000	FNMA		0.000		02/02/22		24,999
	2,000,000	FNMA		2.070		02/28/22		2,006
	24,750,000	FNMA		0.000		03/16/22		24,747

495

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	31,639,000		FNMA			1.875	%	04/05/22	$	31,787
	9,448,000		FNMA			2.250		04/12/22		9,505
			TOTAL GOVERNMENT AGENCY DEBT							4,389,420
TREASURY DEBT - 24.2%
	120,812,000		United States Cash Management Bill			0.000		03/08/22		120,800
	29,881,000		United States Cash Management Bill			0.000		03/15/22		29,878
	28,565,000		United States Cash Management Bill			0.000		03/22/22		28,562
	85,000,000		United States Cash Management Bill			0.000		03/29/22		84,986
	77,200,000		United States Cash Management Bill			0.000		04/05/22		77,186
	63,750,000		United States Cash Management Bill			0.000		04/12/22		63,734
	41,649,000		United States Cash Management Bill			0.000		04/19/22		41,641
	112,817,000		United States Cash Management Bill			0.000		04/26/22		112,786
	16,389,000		United States Treasury Bill			0.000		01/06/22		16,389
	49,980,000		United States Treasury Bill			0.000		02/10/22		49,977
	118,800,000		United States Treasury Bill			0.000		02/17/22		118,792
	55,611,000		United States Treasury Bill			0.000		02/24/22		55,607
	126,351,000		United States Treasury Bill			0.000		03/01/22		126,340
	51,000,000		United States Treasury Bill			0.000		03/03/22		50,994
	49,878,000		United States Treasury Bill			0.000		03/10/22		49,873
	151,214,000		United States Treasury Bill			0.000		03/24/22		151,191
	25,000,000		United States Treasury Bill			0.000		03/31/22		24,997
	27,653,000		United States Treasury Bill			0.000		04/07/22		27,649
	44,935,000		United States Treasury Note			2.500		01/15/22		44,977
	72,200,000		United States Treasury Note			1.375		01/31/22		72,278
	42,700,000		United States Treasury Note			1.875		01/31/22		42,763
	114,570,000		United States Treasury Note			2.000		02/15/22		114,840
	32,267,000		United States Treasury Note			2.500		02/15/22		32,363
	50,000,000		United States Treasury Note			1.125		02/28/22		50,085
	35,000,000		United States Treasury Note			1.750		02/28/22		35,095
	79,200,000		United States Treasury Note			1.875		02/28/22		79,431
	21,500,000		United States Treasury Note			2.375		03/15/22		21,599
	100,925,000		United States Treasury Note			0.375		03/31/22		100,999
	51,000,000		United States Treasury Note			1.750		03/31/22		51,209
	72,200,000		United States Treasury Note			1.875		03/31/22		72,519
	19,700,000		United States Treasury Note			2.250		04/15/22		19,822
	52,856,000		United States Treasury Note			0.125		04/30/22		52,862
			TOTAL TREASURY DEBT							2,022,224

VARIABLE RATE SECURITIES - 23.7%
	22,150,000	i	Federal Agricultural Mortgage Corp (FAMC)	SOFR + 0.020%		0.070		10/24/22		22,150
	64,000,000	i	Federal Farm Credit Bank (FFCB)	SOFR + 0.070%		0.120		02/17/22		64,000
	50,700,000	i	FFCB	SOFR + 0.170%		0.220		03/15/22		50,700
	101,000,000	i	FFCB	SOFR + 0.040%		0.090		06/01/22		101,000
	127,700,000	i	FFCB	SOFR + 0.005%		0.055		07/12/22		127,698
	34,750,000	i	FFCB	SOFR + 0.190%		0.240		07/14/22		34,751
	22,465,000	i	FFCB	SOFR + 0.145%		0.195		07/28/22		22,467
	15,250,000	i	FFCB	SOFR + 0.070%		0.120		08/11/22		15,250
	19,750,000	i	FFCB	SOFR + 0.050%		0.100		08/12/22		19,754
	127,400,000	i	FFCB	SOFR + 0.045%		0.095		09/08/22		127,407
	63,750,000	i	FFCB	SOFR + 0.005%		0.055		10/05/22		63,748
	28,200,000	i	FFCB	SOFR + 0.060%		0.110		10/21/22		28,202
	69,491,000	i	FFCB	SOFR + 0.010%		0.060		11/16/22		69,490
	51,000,000	i	FFCB	SOFR + 0.008%		0.058		11/22/22		50,999

496

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	8,000,000	i	FFCB	SOFR + 0.060%		0.110	%	12/01/22	$	8,000
	50,000,000	i	FFCB	SOFR + 0.025%		0.075		12/06/22		50,000
	43,195,000	i	FFCB	SOFR + 0.060%		0.110		12/28/22		43,214
	14,155,000	i	FFCB	SOFR + 0.060%		0.110		01/13/23		14,159
	12,000,000	i	FFCB	SOFR + 0.060%		0.110		01/20/23		12,001
	8,415,000	i	FFCB	SOFR + 0.055%		0.105		02/09/23		8,417
	11,172,000	i	FFCB	SOFR + 0.050%		0.100		02/17/23		11,174
	4,350,000	i	FFCB	SOFR + 0.040%		0.090		03/10/23		4,351
	30,500,000	i	FFCB	SOFR + 0.035%		0.085		05/04/23		30,500
	30,500,000	i	FFCB	SOFR + 0.035%		0.085		05/12/23		30,500
	88,250,000	i	FFCB	SOFR + 0.018%		0.068		07/13/23		88,234
	25,450,000	i	FFCB	SOFR + 0.050%		0.100		09/15/23		25,450
	12,850,000	i	FFCB	SOFR + 0.025%		0.075		09/27/23		12,850
	13,700,000	i	FFCB	SOFR + 0.025%		0.075		10/27/23		13,700
	84,000,000	i	Federal Home Loan Bank (FHLB)	SOFR + 0.080%		0.130		02/22/22		84,000
	2,900,000	i	FHLB	SOFR + 0.015%		0.065		04/11/22		2,900
	64,000,000	i	FHLB	SOFR + 0.055%		0.105		05/13/22		64,000
	38,500,000	i	FHLB	SOFR + 0.090%		0.140		05/26/22		38,500
	51,400,000	i	FHLB	SOFR + 0.010%		0.060		06/23/22		51,400
	63,500,000	i	FHLB	SOFR + 0.045%		0.095		07/29/22		63,500
	51,625,000	i	FHLB	SOFR + 0.010%		0.060		08/10/22		51,625
	1,700,000	i	FHLB	SOFR + 0.090%		0.140		09/08/22		1,701
	63,750,000	i	FHLB	SOFR + 0.010%		0.060		09/09/22		63,750
	64,000,000	i	FHLB	SOFR + 0.085%		0.135		10/05/22		64,000
	121,850,000	i	FHLB	SOFR + 0.060%		0.110		12/08/22		121,873
	14,750,000	i	FHLB	SOFR + 0.035%		0.085		05/19/23		14,750
	42,500,000	i	FHLB	SOFR + 0.030%		0.080		08/11/23		42,500
	3,175,000	i	Federal Home Loan Mortgage Corp (FHLMC)	SOFR + 0.150%		0.200		03/04/22		3,176
	9,600,000	i	FHLMC	SOFR + 0.190%		0.240		06/02/22		9,607
	840,000	i	FHLMC	SOFR + 0.130%		0.180		08/05/22		841
	64,750,000	i	FHLMC	SOFR + 0.095%		0.145		08/19/22		64,750
	600,000	i	Federal National Mortgage Association (FNMA)	SOFR + 0.300%		0.350		01/07/22		600
	5,400,000	i	FNMA	SOFR + 0.110%		0.160		03/04/22		5,401
	16,300,000	i	FNMA	SOFR + 0.190%		0.240		05/27/22		16,312
	2,350,000	i	FNMA	SOFR + 0.180%		0.230		07/08/22		2,352
	43,450,000	i	FNMA	SOFR + 0.120%		0.170		07/29/22		43,464
	17,246,000	i	United States Treasury Note	US Treasury Bill 3 M + 0.034%		0.119		04/30/23		17,246
			TOTAL VARIABLE RATE SECURITIES							1,978,414

			TOTAL SHORT-TERM INVESTMENTS							8,390,058
			(Cost $8,390,058)
			TOTAL INVESTMENTS - 100.4%							8,390,058
			(Cost $8,390,058)
			OTHER ASSETS & LIABILITIES, NET - (0.4)%							(34,802	)
			NET ASSETS - 100.0%						$	8,355,256



M		Month
SOFR		Secure Overnight Financing Rate

i		Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

		Cost amounts are in thousands.

497

Report of Independent Registered Public Accounting Firm

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account and Money Market Account (constituting College Retirement Equities Fund, hereafter collectively referred to as the “Accounts”) as of December 31, 2021, the related statements of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Accounts as of December 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2021 and each of the financial highlights for each of the five years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland
February 23, 2022

We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.

(A10944-A 2/22)

498

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Exhibits.

13(a)(1) Copy of current SOX code of conduct for Senior Financial Officers

13(a)(2)(i) Section 302 certification of the principal executive officer

13(a)(2)(ii) Section 302 certification of the principal financial officer

13(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	COLLEGE RETIREMENT EQUITIES FUND

Dated: February 23, 2022	By:	/s/ Colbert Narcisse
		Colbert Narcisse Principal Executive Officer and President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Dated: February 23, 2022	By:	/s/ Colbert Narcisse
		Colbert Narcisse Principal Executive Officer and President and Chief Executive Officer (principal executive officer)

Dated: February 23, 2022	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)