UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number File No. 811-04415
COLLEGE RETIREMENT EQUITIES FUND
(Exact Name of Registrant as specified in charter)
730 Third Avenue, New York, New York 10017-3206
(Address of Principal Executive Offices) (Zip code)
F. Scott Thomas, Esq.
College Retirement Equities Fund
8500 Andrew Carnegie Blvd.
Charlotte, North Carolina 28262-8500
(Name and address of agent for service)
Registrant’s telephone number, including area code: 704-595-1000
Date of fiscal year end: December 31
Date of reporting period: December 31, 2017
Item 1. Reports to Stockholders.
Annual Report
December 31, 2017
College Retirement Equities Fund
The annual report contains the audited financial statements.
| Stock | Equity Index | Social Choice |
| Global Equities | Bond Market | Money Market |
| Growth | Inflation-Linked Bond |
Contents
Understanding your CREF report
This annual report contains information about the eight CREF variable annuity accounts and describes the accounts’ results for the twelve months ended December 31, 2017. The report contains four main sections:
| • | A letter to participants from Carol Deckbar, Principal Executive Officer, CREF; Executive Vice President, TIAA Institutional Investments and Endowment Services. | |
| • | 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, 2017. | |
| • | The financial statements provide detailed information about the operations and financial condition of each account. |
The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. The risks of investing in the CREF accounts vary from account to account; to see the risks of investing in an individual account, please refer to the latest CREF prospectus.
As always, you should carefully consider the investment objectives, risks, charges and expenses of any account before investing. For a prospectus that contains this and other important information, please visit our website at TIAA.org, or call 877-518-9161. We urge you to read the prospectus carefully before investing.
| College Retirement Equities Fund ■ 2017 Annual Report | 3 |
Global equities produced strong results in 2017, with many markets recording all-time highs. The pace of U.S. economic growth accelerated during the year, helping to push domestic stocks higher. Expanding economies around the world drove foreign stocks to impressive gains. In response to U.S. economic growth, the Federal Reserve raised the federal funds target rate three times in 2017. Some central banks around the world—including those in the United Kingdom and China—also began to reconsider their accommodative monetary policies. Long-term yields in the U.S. bond market declined, however, reflecting the continued attractiveness of longer-term U.S. Treasuries among foreign investors.
| • | Returns for the five CREF accounts with significant exposure to U.S. equities ranged from 13.9% for the Social Choice Account to 31.4% for the Growth Account. | |
| • | The Bond Market Account returned 3.8% for the year and the Inflation-Linked Bond Account gained 1.5%. | |
| • | All account returns are for Class R1. |
During the period, three accounts outperformed, one was roughly in line and three lagged their respective benchmarks (not including the Money Market Account).
All CREF accounts produced positive returns in 2017
For the twelve-month period, all CREF accounts had positive performance. Among domestic stocks, growth equities outpaced value shares. In general, international stocks outperformed domestic shares, and equities topped fixed-income securities by a large margin.
Looking at individual account performance highlights, the Growth Account recorded a 31.4% gain that outpaced its benchmark. An underweight in weak-performing General Electric and an out-of-index position in a Chinese Internet company helped boost relative performance.
The Global Equities Account outpaced its benchmark, the MSCI World Index, with a gain of 24.4%. The Account benefited from overweight investments in Swiss pharmaceutical supplier Lonza and Japanese electronics giant Sony.
The Bond Market Account gained 3.8% for the year to outpace its benchmark, the Bloomberg Barclays US. Aggregate Bond Index. An overweight in the corporate bond sector was the biggest factor contributing to relative performance.
The Stock Account, which is the largest CREF account in terms of net assets, returned a solid 23.0% but slightly lagged its composite benchmark. Underweight positions in several poor-performing blue chip stocks helped but were offset by overweight holdings in other equities with negative returns.
The Equity Index Account, which gained 20.4%, and the Inflation-Linked Bond Account, which returned 1.5%, lagged their respective benchmarks by modest margins, mostly due to the effect of expenses.
| 4 | 2017 Annual Report ■ College Retirement Equities Fund |
The Social Choice Account gained 13.9% but trailed its composite benchmark. Overweight positions in car parts distributor AutoZone and Canada-based Cenovus Energy hurt relative performance.
For full details on performance for all of the accounts, please see the commentaries on the following pages.
Global equity markets posted double-digit gains
The U.S. stock market, as measured by the broad-based Russell 3000® Index, rose 21.1% for the twelve months, driven by strong corporate profits and optimism over accelerated economic growth.
Foreign equities, as represented in U.S.-dollar terms by the MSCI EAFE Index, advanced at an even stronger pace, gaining 25.0%.
U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, rose by a more modest 3.5%. Corporate and municipal bonds continued to show strong returns among sectors in the Aggregate Bond index.
Carol Deckbar
Keep long-term goals in mind
Without question, 2017 was a good year for equity investors. Markets around the world advanced steadily, and many of them reached all-time highs, only to break their own records again and again during the year. However, it’s important to remember that times like these may understandably cause investors to rush into rising equity markets, specific sectors or popular individual stocks.
Rising prices tend to mask risks and the inherent difficulty of predicting the future—of markets, economies and geopolitical events. We encourage investors to keep in mind their long-term financial goals and their plans for trying to achieve them. We believe that the patience and discipline to remain invested in a diversified and well-balanced portfolio of financial assets can help investors work toward those long-term objectives.
As always, we recommend that you consult your financial advisor or call a TIAA financial consultant with any questions about your investments. To learn more, visit us at TIAA.org or call 800-842-2252. We would be happy to assist you.
/s/ Carol W. Deckbar
Carol W. Deckbar
Principal Executive Officer, CREF;
Executive Vice President, TIAA Institutional Investments and Endowment Services
| College Retirement Equities Fund ■ 2017 Annual Report | 5 |
Information for CREF participants
Portfolio holdings
Securities and Exchange Commission (SEC) rules allow investment companies to list the top holdings of each account in their annual and semiannual reports, instead of providing complete portfolio listings. CREF also files complete portfolio listings with the SEC, and they are available to the public.
You can obtain a complete list of CREF’s portfolio holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:
| • | By visiting our website at TIAA.org; or | |
| • | By calling us at 800-842-2252 to request a copy, which will be provided free of charge. |
You can also obtain a complete list of CREF’s portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-Q filings. Form N-CSR filings are as of December 31 or June 30; Form N-Q filings are as of March 31 or September 30. Copies of these forms are available:
| • | Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at 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 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 | 2017 Annual Report ■ College Retirement Equities Fund |
About the accounts’ benchmarks
CREF Stock Account
The Account’s composite benchmark is a weighted average of two unmanaged indexes: the Russell 3000® Index, which measures the performance of the broad U.S. stock market, and the MSCI All Country World ex USA Investable Market Index, which measures the performance of small-, mid- and large-cap stocks in 46 developed- and emerging-markets nations throughout the world, excluding the United States.
On December 15, 2017, the Morningstar Aggressive Target Risk Index was added as a broad-based securities market index for the Stock Account. This index is part of a family of Morningstar asset allocation indexes that serve as benchmarks for target-risk investments. The Morningstar Aggressive Target Risk Index has the highest global equity market exposure in the index series, and it has a multi-asset class exposure that is similar to the Stock Account.
CREF Global Equities Account
The Account’s benchmark is the MSCI World Index, an aggregate of 23 country indexes in developed-market nations, including the United States.
CREF Growth Account
The Account’s benchmark is the Russell 1000® Growth Index, a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 Index with higher relative forecasted growth rates and price/book ratios.
CREF Equity Index Account
The Account’s benchmark is the Russell 3000 Index, which measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.
CREF Bond Market Account
The Account’s benchmark is the Bloomberg Barclays U.S. Aggregate Bond Index, which measures the performance of the domestic investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.
| College Retirement Equities Fund ■ 2017 Annual Report | 7 |
About the accounts’ benchmarks
CREF Inflation-Linked Bond Account
The Account’s benchmark is the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index, which measures the performance of fixed-income securities with maturities between 1 and 10 years that are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U).
CREF Social Choice Account
The Account’s composite benchmark is a weighted average of three unmanaged indexes: the Russell 3000® Index, which measures the performance of the broad U.S. stock market; the Bloomberg Barclays U.S. Aggregate Bond Index, which measures the performance of the domestic investment-grade, fixed-rate bond market; and the MSCI EAFE+Canada Index, which measures stock performance in 22 developed-market nations, excluding the United States.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
Russell 1000® and Russell 3000 are trademarks and service marks of Frank Russell Company. TIAA products are not promoted or sponsored by, or affiliated with, Frank Russell Company. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. EAFE stands for Europe, Australasia, Far East.
| 8 | 2017 Annual Report ■ College Retirement Equities Fund |
Important information about expenses
All participants in the CREF accounts incur ongoing costs, including management fees and other account expenses.
The expense examples for each Class that appear on the performance pages are intended to help you understand your ongoing costs (in U.S. dollars) and do not reflect transactional costs incurred by the account for buying and selling securities. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other variable annuity accounts and mutual funds. Participants in the CREF accounts do not incur a sales charge for purchases or other distributions.
The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2017–December 31, 2017).
Actual expenses
The first section in each table uses the account’s actual expenses and its actual rate of return. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the six-month period.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period.
Hypothetical example for comparison purposes
The second section in the table shows hypothetical account values and expenses based on the account’s actual expense ratio for each Class for the six-month period and an assumed 5% per year rate of return before expenses. This was not the account’s actual return.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period but rather allows you to compare the ongoing costs of investing in the account with the costs of other accounts. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other variable annuity accounts and mutual funds.
| College Retirement Equities Fund ■ 2017 Annual Report | 9 |
Performance for the twelve months ended December 31, 2017
The CREF Stock Account returned 23.01% for the year, compared with the 23.13% return of its composite benchmark, a weighted average of the Russell 3000® Index and the MSCI All Country World ex USA Investable Market Index. (All returns for the Account are for Class R1.)
U.S. stocks, as measured by the Russell 3000 Index, climbed 21.13% in 2017, as investors responded to a more business-friendly political environment, the strengthening global economy and continued low inflation. In response to the growing economy, the Federal Reserve raised the federal funds target rate in December to a range of 1.25%–1.50%, which was the Fed’s third rate increase in 2017. By contrast, foreign stocks returned a more robust 27.81%, as measured in U.S.-dollar terms by the MSCI All Country World ex USA Investable Market Index, which represents the performance of small-, mid- and large-cap stocks in 46 developed- and emerging-markets countries outside the United States. The economies of most European nations grew in 2017, boosted by household consumption and exports. China maintained moderate economic growth and most emerging-markets economies improved. Japan’s economy expanded at an annualized rate of 2.5% during the third quarter of 2017, the country’s seventh consecutive quarter of expansion.
Account slightly underperformed its benchmark
For the year, the Account modestly trailed its composite benchmark, due primarily to unfavorable security selection. Specifically, overweight positions in three stocks with negative returns during the year—retailer Dick’s Sporting Goods, insurer American International Group (AIG) and toy manufacturer Mattel—were the biggest detractors from the Account’s relative performance. On the positive side, underweighting three negative performers gave the Account its biggest boost relative to its benchmark, as industrial conglomerate General Electric, energy titan Exxon Mobil, and technology giant International Business Machines (IBM) all posted losses during the past 12 months.
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.
| 10 | 2017 Annual Report ■ College Retirement Equities Fund |
CREF Stock Account
Performance as of December 31, 2017
CREF Stock Account
| Estimated | ||||||||||||||||||||||||
| Total | Average annual | annual | ||||||||||||||||||||||
| return | total return | operating | ||||||||||||||||||||||
| Ticker | Inception date | 1 year | 5 years | 10 years | expenses | * | ||||||||||||||||||
| Class R1 | QCSTRX | 7/31/1952 | 23.01 | % | 12.47 | % | 6.34 | % | 0.705 | % | ||||||||||||||
| Class R2 | QCSTPX | 4/24/2015 | 23.33 | 12.64 | † | 6.42 | † | 0.430 | ||||||||||||||||
| Class R3 | QCSTIX | 4/24/2015 | 23.43 | 12.69 | † | 6.44 | † | 0.320 | ||||||||||||||||
| CREF Stock Composite | ||||||||||||||||||||||||
| Benchmark‡ | — | 23.13 | 13.07 | 6.71 | — | |||||||||||||||||||
| Broad market indexes | ||||||||||||||||||||||||
| Morningstar Aggressive Target Risk Index§ | — | 21.95 | 11.61 | 6.50 | — | |||||||||||||||||||
| Russell 3000® Index | — | 21.13 | 15.58 | 8.60 | — | |||||||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| * | The estimated annual operating expenses are taken from the accounts’ 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. |
| † | The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of Classes R2 and R3. If those expenses had been reflected, the performance would have been higher. |
| ‡ | On December 31, 2017, the CREF Stock Composite Benchmark consisted of: 70.0% Russell 3000 Index and 30.0% MSCI All Country World ex USA Investable Market Index. The Account’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
| § | On December 15, 2017, the Morningstar Aggressive Target Risk Index was added as an additional broad-based securities market index for the Stock Account. The returns of this index are appropriate for comparison purposes because they reflect a multi-asset class exposure that is similar to the Stock Account. For more information, please see the Account’s current prospectus (as supplemented). |
| College Retirement Equities Fund ■ 2017 Annual Report | 11 |
CREF Stock Account
$10,000 over 10 years (Class R1)
For the purpose of comparison, the graph also shows the change in the value of the Account’s composite benchmark and two broad market indexes during the same period. The performance of other Classes varies due to differences in expense charges.
Expense example
Six months ended December 31, 2017
| CREF Stock Account | Beginning account value (7/1/17 | ) | Ending account value (12/31/17 | ) | Expenses paid during period (7/1/17–12/31/17 | * ) | ||||||
| Actual return | ||||||||||||
| Class R1 | $1,000.00 | $1,110.93 | $3.30 | |||||||||
| Class R2 | 1,000.00 | 1,112.34 | 1.97 | |||||||||
| Class R3 | 1,000.00 | 1,112.72 | 1.60 | |||||||||
| 5% annual hypothetical return | ||||||||||||
| Class R1 | 1,000.00 | 1,022.08 | 3.16 | |||||||||
| Class R2 | 1,000.00 | 1,023.34 | 1.89 | |||||||||
| Class R3 | 1,000.00 | 1,023.69 | 1.53 | |||||||||
| * | “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, 2017. The Account’s annualized six-month expense ratios for that period were 0.62% for Class R1, 0.37% for Class R2 and 0.30% for Class R3. |
For more information about this expense example, please see page 9.
Actual expenses
| Net expense ratio for the one-year period ended 12/31/2017 | ||
| Class R1 | 0.65% | |
| Class R2 | 0.39% | |
| Class R3 | 0.32% |
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CREF Stock Account
Account profile
| as of 12/31/2017 | ||
| Net assets | $126.89 billion | |
| Portfolio turnover rate | 48% | |
| Number of holdings | 9,510 | |
| Weighted median market capitalization | $46.84 billion | |
| Price/earnings ratio (weighted 12-month trailing average)† | 24.2 | |
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Portfolio composition
| % of net assets | ||
| Sector | as of 12/31/2017 | |
| Information technology | 19.9 | |
| Financials | 16.9 | |
| Consumer discretionary | 12.7 | |
| Industrials | 11.4 | |
| Health care | 11.3 | |
| Consumer staples | 7.5 | |
| Energy | 6.1 | |
| Materials | 5.3 | |
| Real estate | 3.5 | |
| Utilities | 2.6 | |
| Telecommunication services | 2.1 | |
| Short-term investments, other assets & liabilities, net | 0.7 | |
| Total | 100.0 | |
Holdings by company size
| % of equity investments | ||
| Market capitalization | as of 12/31/2017 | |
| More than $50 billion | 47.8 | |
| More than $15 billion–$50 billion | 22.5 | |
| More than $2 billion–$15 billion | 23.9 | |
| $2 billion or less | 5.8 | |
| Total | 100.0 |
Holdings by country
| % of portfolio investments | ||
| as of 12/31/2017 | ||
| United States | 67.6 | |
| Japan | 5.0 | |
| United Kingdom | 3.2 | |
| France | 2.3 | |
| China | 2.2 | |
| Germany | 2.0 | |
| Canada | 2.0 | |
| Switzerland | 1.5 | |
| 61 other nations | 11.8 | |
| Short-term investments | 2.4 | |
| Total | 100.0 |
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Performance for the twelve months ended December 31, 2017
The CREF Global Equities Account returned 24.38% for the year, compared with the 22.40% return of its benchmark, the MSCI World Index. (All returns for the Account are for Class R1.)
During the twelve-month period, gains by international stocks exceeded those of U.S. equities amid consistent worldwide economic growth. The economies of most European nations grew in 2017, boosted by household consumption and exports. Japan’s economy expanded at an annualized rate of 2.5% during the third quarter of 2017, the country’s seventh consecutive quarter of expansion. Inflation generally remained low to moderate around the world, while the U.S. dollar weakened against most major currencies. The U.S. Federal Reserve raised the federal funds target rate in December to a range of 1.25%–1.50%, the third rate increase in 2017. The European Central Bank and the Bank of Japan left their benchmark interest rates unchanged.
Although market performance varied significantly, most developed markets produced double-digit gains in U.S.-dollar terms for the twelve months. Returns were higher when converted from local currencies into U.S. dollars. The United States, Japan and the United Kingdom—the three largest markets in the index—produced returns of more than 20.0% in U.S.-dollar terms.
Account surpassed benchmark, helped by stock selection
Stock selection drove the Account’s relative performance. An underweight position in General Electric was the largest contributor as GE’s share price declined steadily in 2017. Overweight investments in Swiss pharmaceutical supplier Lonza and Japanese consumer electronics giant Sony also contributed. Lonza reported strong business momentum, driving shares to a record high, while strong sales helped lift Sony’s stock to levels not seen since 2008.
Some of the Account’s stocks detracted, namely an out-of-benchmark position in AK Steel and overweight positions in Canada-based Cenovus Energy and toy maker Mattel. Cenovus contended with volatile oil prices and the CEO stepping down. Mattel faced deteriorating business conditions.
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.
| 14 | 2017 Annual Report ■ College Retirement Equities Fund |
CREF Global Equities Account
Performance as of December 31, 2017
CREF Global Equities Account
| Estimated | ||||||||||||||||||||||
| Total | Average annual | annual | ||||||||||||||||||||
| return | total return | operating | ||||||||||||||||||||
| Ticker | Inception date | 1 year | 5 years | 10 years | expenses | * | ||||||||||||||||
| Class R1 | QCGLRX | 5/1/1992 | 24.38 | % | 11.41 | % | 4.91 | % | 0.715 | % | ||||||||||||
| Class R2 | QCGLPX | 4/24/2015 | 24.71 | 11.57 | † | 4.99 | † | 0.440 | ||||||||||||||
| Class R3 | QCGLIX | 4/24/2015 | 24.81 | 11.63 | † | 5.01 | † | 0.330 | ||||||||||||||
| MSCI World Index | — | 22.40 | 11.64 | 5.03 | — | |||||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| * | The estimated annual operating expenses are taken from the accounts’ 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. |
| † | The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of the Classes R2 and R3. If those expenses had been reflected, the performance would have been higher. |
$10,000 over 10 years (Class R1)
For the purpose of comparison, the graph also shows the change in the value of the Account’s benchmark during the same period. The performance of other Classes varies due to differences in expense charges.
| College Retirement Equities Fund ■ 2017 Annual Report | 15 |
CREF Global Equities Account
Expense example
Six months ended December 31, 2017
| CREF Global Equities Account | Beginning account value (7/1/17 | ) | Ending account value (12/31/17 | ) | Expenses paid during period (7/1/17–12/31/17 | * ) | ||||||
| Actual return | ||||||||||||
| Class R1 | $1,000.00 | $1,119.99 | $3.47 | |||||||||
| Class R2 | 1,000.00 | 1,121.41 | 2.14 | |||||||||
| Class R3 | 1,000.00 | 1,121.79 | 1.76 | |||||||||
| 5% annual hypothetical return | ||||||||||||
| Class R1 | 1,000.00 | 1,021.93 | 3.31 | |||||||||
| Class R2 | 1,000.00 | 1,023.19 | 2.04 | |||||||||
| Class R3 | 1,000.00 | 1,023.54 | 1.68 | |||||||||
| * | “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, 2017. The Account’s annualized six-month expense ratios for that period were 0.65% for Class R1, 0.40% for Class R2 and 0.33% for Class R3. |
For more information about this expense example, please see page 9.
Actual expenses
| Net expense ratio for the one-year period ended 12/31/2017 | ||
| Class R1 | 0.69% | |
| Class R2 | 0.43% | |
| Class R3 | 0.35% |
| 16 | 2017 Annual Report ■ College Retirement Equities Fund |
CREF Global Equities Account
Account profile
| as of 12/31/2017 | ||
| Net assets | $20.77 billion | |
| Portfolio turnover rate | 36% | |
| Number of holdings | 2,037 | |
| Weighted median market capitalization | $55.00 billion | |
| Price/earnings ratio (weighted 12-month trailing average)† | 23.1 | |
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Portfolio composition
| % of net assets | ||
| Sector | as of 12/31/2017 | |
| Financials | 18.7 | |
| Information technology | 17.7 | |
| Consumer discretionary | 13.2 | |
| Industrials | 11.6 | |
| Health care | 11.0 | |
| Consumer staples | 7.4 | |
| Energy | 6.5 | |
| Materials | 6.3 | |
| Real estate | 2.1 | |
| Telecommunication services | 1.9 | |
| Utilities | 1.9 | |
| Short-term investments, other assets & liabilities, net | 1.7 | |
| Total | 100.0 | |
Holdings by company size
| % of equity investments | ||
| Market capitalization | as of 12/31/2017 | |
| More than $50 billion | 52.5 | |
| More than $15 billion–$50 billion | 26.2 | |
| More than $2 billion–$15 billion | 19.9 | |
| $2 billion or less | 1.4 | |
| Total | 100.0 |
Holdings by country
| % of portfolio investments | ||
| as of 12/31/2017 | ||
| United States | 58.9 | |
| Japan | 7.6 | |
| United Kingdom | 5.0 | |
| France | 3.6 | |
| Canada | 2.9 | |
| Germany | 2.8 | |
| Switzerland | 2.5 | |
| Netherlands | 2.4 | |
| 40 other nations | 11.1 | |
| Short-term investments | 3.2 | |
| Total | 100.0 |
| College Retirement Equities Fund ■ 2017 Annual Report | 17 |
Performance for the twelve months ended December 31, 2017
The CREF Growth Account returned 31.38% for the year, compared with the 30.21% return of its benchmark, the Russell 1000® Growth Index. (All returns for the Account are for Class R1.)
U.S. economic growth accelerated during the twelve-month period, while unemployment declined and inflation remained muted. Gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at a rate of 2.3% in 2017, according to the U.S. government’s “advance” estimate for the full year. Unemployment declined to 4.1%—its lowest level in 17 years—and remained at that rate for the last three months of the period. In response to the growing economy, the Federal Reserve raised the federal funds target rate in December to a range of 1.25%–1.50%, which was the Fed’s third rate increase in 2017. Inflation remained modest throughout the period, while the price per barrel of West Texas Intermediate crude oil increased from nearly $54 at the end of 2016 to more than $60 at the close of 2017.
U.S. stocks, as measured by the Russell 3000® Index, rose 21.13% over the period as investors responded to a more business-friendly political environment, the strengthening global economy and continued low inflation. Growth stocks outperformed their value counterparts by a substantial margin, while large-cap stocks surpassed shares of smaller companies. (Returns by investment style and capitalization size are based on the Russell indexes.)
For the ten years ended December 31, 2017, the Russell 1000 Growth Index posted an annual average return of 10.00%, outperforming the 7.10% average annual return of the Russell 1000 Value Index.
Account posted double-digit gains, outperformed its benchmark
Ten of the eleven industry sectors within the Account’s benchmark advanced for the year. Information technology (up 41.5%)—the benchmark’s largest sector—made the biggest impact on performance amid robust demand for mobile devices, digital content and other technology-related products and services. Other strong-performing sectors included industrials (up 31.4%), consumer discretionary (up 25.8%) and health care (up 25.7%). Together, these four sectors represented more than 80.0% of the benchmark’s total market capitalization on December 31, 2017. Utilities, which had the lowest weighting, had the highest performance (up 71.3%). Energy (down 6.7%) was the worst-performing sector.
The Account outperformed its benchmark due to favorable security selections. An underweight in industrial conglomerate General Electric had the largest positive impact on performance, followed by an out-of-index position in Chinese Internet company Tencent Holdings and an overweight in software maker Adobe Systems.
By contrast, certain holdings detracted, including an underweight position in technology giant Apple and overweight positions in drug maker Allergan and energy company EOG Resources.
| 18 | 2017 Annual Report ■ College Retirement Equities Fund |
CREF Growth Account
Performance as of December 31, 2017
CREF Growth Account
| Estimated | ||||||||||||||||||||||
| Total | Average annual | annual | ||||||||||||||||||||
| return | total return | operating | ||||||||||||||||||||
| Ticker | Inception date | 1 year | 5 years | 10 years | expenses | * | ||||||||||||||||
| Class R1 | QCGRRX | 4/29/1994 | 31.38 | % | 17.03 | % | 9.30 | % | 0.650 | % | ||||||||||||
| Class R2 | QCGRPX | 4/24/2015 | 31.73 | 17.20 | † | 9.38 | † | 0.375 | ||||||||||||||
| Class R3 | QCGRIX | 4/24/2015 | 31.83 | 17.26 | † | 9.41 | † | 0.265 | ||||||||||||||
| Russell 1000® Growth Index | — | 30.21 | 17.33 | 10.00 | — | |||||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| * | The estimated annual operating expenses are taken from the accounts’ 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. |
| † | The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of the Classes R2 and R3. If those expenses had been reflected, the performance would have been higher. |
$10,000 over 10 years (Class R1)
For the purpose of comparison, the graph also shows the change in the value of the Account’s benchmark during the same period. The performance of other Classes varies due to differences in expense charges.
| College Retirement Equities Fund ■ 2017 Annual Report | 19 |
CREF Growth Account
Expense example
Six months ended December 31, 2017
| CREF Growth Account | Beginning account value (7/1/17 | ) | Ending account value (12/31/17 | ) | Expenses paid during period (7/1/17–12/31/17 | * ) | ||||||
| Actual return | ||||||||||||
| Class R1 | $1,000.00 | $1,144.88 | $3.08 | |||||||||
| Class R2 | 1,000.00 | 1,146.34 | 1.73 | |||||||||
| Class R3 | 1,000.00 | 1,146.73 | 1.35 | |||||||||
| 5% annual hypothetical return | ||||||||||||
| Class R1 | 1,000.00 | 1,022.33 | 2.91 | |||||||||
| Class R2 | 1,000.00 | 1,023.59 | 1.63 | |||||||||
| Class R3 | 1,000.00 | 1,023.95 | 1.28 | |||||||||
| * | “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, 2017. The Account’s annualized six-month expense ratios for that period were 0.57% for Class R1, 0.32% for Class R2 and 0.25% for Class R3. |
For more information about this expense example, please see page 9.
Actual expenses
| Net expense ratio for the one-year period ended 12/31/2017 | ||
| Class R1 | 0.60% | |
| Class R2 | 0.34% | |
| Class R3 | 0.26% |
| 20 | 2017 Annual Report ■ College Retirement Equities Fund |
CREF Growth Account
Account profile
| as of 12/31/2017 | ||
| Net assets | $25.58 billion | |
| Portfolio turnover rate | 48% | |
| Number of holdings | 637 | |
| Weighted median market capitalization | $86.61 billion | |
| Price/earnings ratio (weighted 12-month trailing average)† | 28.0 | |
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Portfolio composition
| % of net assets | ||
| Sector | as of 12/31/2017 | |
| Information technology | 41.3 | |
| Consumer discretionary | 18.7 | |
| Health care | 13.2 | |
| Industrials | 10.7 | |
| Consumer staples | 5.3 | |
| Financials | 4.9 | |
| Materials | 3.0 | |
| Energy | 1.1 | |
| Real estate | 0.8 | |
| Telecommunication services | 0.4 | |
| Short-term investments, other assets & liabilities, net | 0.6 | |
| Total | 100.0 | |
Holdings by company size
| % of equity investments | ||
| Market capitalization | as of 12/31/2017 | |
| More than $50 billion | 60.9 | |
| More than $15 billion–$50 billion | 24.8 | |
| More than $2 billion–$15 billion | 14.1 | |
| $2 billion or less | 0.2 | |
| Total | 100.0 |
| College Retirement Equities Fund ■ 2017 Annual Report | 21 |
Performance for the twelve months ended December 31, 2017
The CREF Equity Index Account returned 20.43% for the year, compared with the 21.13% 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.
U.S. economic growth accelerated during the twelve-month period, while unemployment declined and inflation remained muted. Gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at a rate of 2.3% in 2017, according to the U.S. government’s “advance” estimate for the full year. Unemployment declined to 4.1%—its lowest level in 17 years—and remained at that rate for the last three months of the period. In response to the growing economy, the Federal Reserve raised the federal funds target rate in December to a range of 1.25%-1.50%, which was the Fed’s third rate increase in 2017. Inflation remained modest throughout the period, while the price per barrel of West Texas Intermediate crude oil increased from nearly $54 at the end of 2016 to more than $60 at the close of 2017, reflecting growing price pressure over the twelve months.
U.S. stocks, as measured by the Russell 3000 Index, had strong gains over the period as investors responded to a more business-friendly political environment, the strengthening global economy and continued low inflation. Growth stocks outperformed their value counterparts by a substantial margin, while large-cap stocks surpassed shares of smaller companies. (Returns by investment style and capitalization size are based on the Russell indexes).
Nine of eleven sectors posted positive returns
Nine of the eleven industry sectors in the Account’s benchmark index delivered positive performance for the year. Information technology (up 37.1%)—the benchmark’s largest sector—performed best amid robust demand for mobile devices, digital content and other technology-related products and services. Next in line were health care (up 22.9%), materials (up 22.9%), consumer discretionary (up 22.7%) and industrials (up 21.4%). Together, these five sectors represented more than three-fifths of the benchmark’s total market capitalization on December 31, 2017. Energy (down 2.3%) and telecommunication services (down 1.4%) were the benchmark’s only decliners.
All of the benchmark’s five largest stocks outperformed the benchmark for the twelve months. Amazon.com performed best with sizable double-digit gains, followed closely by Facebook. Apple was next in line, rising on strong international sales and investor enthusiasm for new products such as the iPhone 8 and Apple Watch Series 3. Microsoft and Berkshire Hathaway also posted strong results.
| 22 | 2017 Annual Report ■ College Retirement Equities Fund |
CREF Equity Index Account
Performance as of December 31, 2017
| CREF Equity Index Account | ||||||||||||||||||||
| Total return | Average annual total return | Estimated annual operating | ||||||||||||||||||
| Ticker | Inception date | 1 year | 5 years | 10 years | expenses | * | ||||||||||||||
| Class R1 | QCEQRX | 4/29/1994 | 20.43 | % | 15.02 | % | 8.14 | % | 0.610 | % | ||||||||||
| Class R2 | QCEQPX | 4/24/2015 | 20.74 | 15.19 | † | 8.22 | † | 0.335 | ||||||||||||
| Class R3 | QCEQIX | 4/24/2015 | 20.84 | 15.24 | † | 8.25 | † | 0.225 | ||||||||||||
| Russell 3000® Index | — | 21.13 | 15.58 | 8.60 | — | |||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| * | The estimated annual operating expenses are taken from the accounts’ 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. |
| † | The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of the Classes R2 and R3. If those expenses had been reflected, the performance would have been higher. |
$10,000 over 10 years (Class R1)
For the purpose of comparison, the graph also shows the change in the value of the Account’s benchmark during the same period. The performance of other Classes varies due to differences in expense charges.
| College Retirement Equities Fund ■ 2017 Annual Report | 23 |
CREF Equity Index Account
Expense example
Six months ended December 31, 2017
| Beginning | Ending | Expenses paid | ||||||||||
| account value | account value | during period | * | |||||||||
| CREF Equity Index Account | (7/1/17 | ) | (12/31/17 | ) | (7/1/17–12/31/17 | ) | ||||||
| Actual return | ||||||||||||
| Class R1 | $1,000.00 | $1,108.80 | $2.87 | |||||||||
| Class R2 | 1,000.00 | 1,110.21 | 1.54 | |||||||||
| Class R3 | 1,000.00 | 1,110.59 | 1.17 | |||||||||
| 5% annual hypothetical return | ||||||||||||
| Class R1 | 1,000.00 | 1,022.48 | 2.75 | |||||||||
| Class R2 | 1,000.00 | 1,023.74 | 1.48 | |||||||||
| Class R3 | 1,000.00 | 1,024.10 | 1.12 | |||||||||
| * | “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, 2017. The Account’s annualized six-month expense ratios for that period were 0.54% for Class R1, 0.29% for Class R2 and 0.22% for Class R3. |
For more information about this expense example, please see page 9.
Actual expenses
| Net expense ratio for the one-year period ended 12/31/2017 | |||
| Class R1 | 0.57% | ||
| Class R2 | 0.31% | ||
| Class R3 | 0.23% | ||
| 24 | 2017 Annual Report ■ College Retirement Equities Fund |
CREF Equity Index Account
Account profile
| as of 12/31/2017 | ||||
| Net assets | $19.53 billion | |||
| Portfolio turnover rate | 4% | |||
| Number of holdings | 2,919 | |||
| Weighted median market capitalization | $68.09 billion | |||
| Price/earnings ratio (weighted 12-month trailing average)† | 26.7 | |||
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
| Portfolio composition | ||||
| % of net assets | ||||
| Sector | as of 12/31/2017 | |||
| Information technology | 22.8 | |||
| Financials | 15.1 | |||
| Health care | 13.2 | |||
| Consumer discretionary | 12.5 | |||
| Industrials | 10.8 | |||
| Consumer staples | 7.3 | |||
| Energy | 5.7 | |||
| Real estate | 3.8 | |||
| Materials | 3.4 | |||
| Utilities | 3.0 | |||
| Telecommunication services | 1.9 | |||
| Short-term investments, other assets & liabilities, net | 0.5 | |||
| Total | 100.0 | |||
| Holdings by company size | ||||
| % of equity investments | ||||
| Market capitalization | as of 12/31/2017 | |||
| More than $50 billion | 56.2 | |||
| More than $15 billion–$50 billion | 21.0 | |||
| More than $2 billion–$15 billion | 19.2 | |||
| $2 billion or less | 3.6 | |||
| Total | 100.0 | |||
| College Retirement Equities Fund ■ 2017 Annual Report | 25 |
Performance for the twelve months ended December 31, 2017
The CREF Bond Market Account returned 3.77% for the year, compared with the 3.54% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. (All returns for the Account are for Class R1.)
U.S. economic growth accelerated during the twelve-month period, while unemployment declined and inflation remained muted. Gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at a rate of 2.3% in 2017, according to the U.S. government’s “advance” estimate for the full year. Unemployment declined to 4.1%—its lowest level in 17 years—and remained at that rate for the last three months of the period. In response to the growing economy, the Federal Reserve raised the federal funds target rate in December to a range of 1.25%–1.50%, which was the Fed’s third rate increase in 2017. Inflation remained modest throughout the period, while the price per barrel of West Texas Intermediate crude oil increased from nearly $54 at the end of 2016 to more than $60 at the close of 2017, reflecting growing price pressure over the twelve months.
Throughout 2017, enthusiasm for a strengthening global economy, steady labor markets, continued low inflation and a pro-business political environment led investors to favor higher-yielding fixed-income sectors, including corporate investment-grade bonds. Relatively stable credit conditions and reduced supply also bolstered performance for municipal bonds. At the same time, government credit and agency securities benefited from investor uncertainty over the potential for Federal Reserve interest-rate increases and a federal tax overhaul.
Account outperformed its benchmark during the period
For the twelve-month period, the benchmark’s returns were driven primarily by corporate bonds, which gained 6.4% and accounted for 25.5% of the index’s total market capitalization. U.S. Treasuries, the largest index sector with a weighting of 36.7%, and mortgage-backed securities (MBS), at 27.7%, rose 2.3% and 2.5%, respectively. All sectors in the benchmark had positive performance, with notable gains from municipals (the smallest sector in the index), which returned 12.3%, and government credit securities, up 4.9%.
The Account outperformed its benchmark during the period, with an overweight to corporate bonds making the largest contribution to relative performance. The next-largest contributors were commercial mortgage-backed securities, where an overweight position and security selection contributed positively, and government credit securities, where asset allocation drove outperformance. By contrast, the Account was held back by its yield curve positioning across the portfolio as well as by a small position in cash.
| 26 | 2017 Annual Report ■ College Retirement Equities Fund |
CREF Bond Market Account
Performance as of December 31, 2017
| CREF Bond Market Account | ||||||||||||||||||||
| Total return | Average annual total return | Estimated annual operating | ||||||||||||||||||
| Ticker | Inception date | 1 year | 5 years | 10 years | expenses | * | ||||||||||||||
| Class R1 | QCBMRX | 3/1/1990 | 3.77 | % | 2.09 | % | 3.74 | % | 0.675 | % | ||||||||||
| Class R2 | QCBMPX | 4/24/2015 | 4.04 | 2.23 | † | 3.82 | † | 0.400 | ||||||||||||
| Class R3 | QCBMIX | 4/24/2015 | 4.12 | 2.29 | † | 3.84 | † | 0.290 | ||||||||||||
| Bloomberg Barclays | ||||||||||||||||||||
| U.S. Aggregate Bond Index | — | 3.54 | 2.10 | 4.01 | — | |||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| * | The estimated annual operating expenses are taken from the accounts’ 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. |
| † | The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of the Classes R2 and R3. If those expenses had been reflected, the performance would have been higher. |
$10,000 over 10 years (Class R1)
For the purpose of comparison, the graph also shows the change in the value of the Account’s benchmark during the same period. The performance of other Classes varies due to differences in expense charges.
| College Retirement Equities Fund ■ 2017 Annual Report | 27 |
CREF Bond Market Account
Expense example
Six months ended December 31, 2017
| Beginning | Ending | Expenses paid | ||||||||||
| account value | account value | during period | * | |||||||||
| CREF Bond Market Account | (7/1/17 | ) | (12/31/17 | ) | (7/1/17–12/31/17 | ) | ||||||
| Actual return | ||||||||||||
| Class R1 | $1,000.00 | $1,013.18 | $3.10 | |||||||||
| Class R2 | 1,000.00 | 1,014.46 | 1.83 | |||||||||
| Class R3 | 1,000.00 | 1,014.80 | 1.47 | |||||||||
| 5% annual hypothetical return | ||||||||||||
| Class R1 | 1,000.00 | 1,022.13 | 3.11 | |||||||||
| Class R2 | 1,000.00 | 1,023.39 | 1.84 | |||||||||
| Class R3 | 1,000.00 | 1,023.74 | 1.48 | |||||||||
| * | “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, 2017. The Account’s annualized six-month expense ratios for that period were 0.61% for Class R1, 0.36% for Class R2 and 0.29% for Class R3. |
For more information about this expense example, please see page 9.
Actual expenses
| Net expense ratio for the one-year period ended 12/31/2017 | |||
| Class R1 | 0.64% | ||
| Class R2 | 0.38% | ||
| Class R3 | 0.30% |
| 28 | 2017 Annual Report ■ College Retirement Equities Fund |
CREF Bond Market Account
Account profile
| as of 12/31/2017 | |||
| Net assets | $13.84 billion | ||
| Portfolio turnover rate | 140% | ||
| Portfolio turnover rate, excluding mortgage dollar roll transactions | 96% | ||
| Number of issues | 1,851 | ||
| Option-adjusted duration† | 5.69 years | ||
| Average maturity‡ | 7.84 years |
| † | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
| ‡ | Average maturity is a simple average of the maturities of all the bonds in an account’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
Portfolio composition
| % of net assets | |||
| as of 12/31/2017 | |||
| Corporate bonds | 25.1 | ||
| Mortgage-backed securities | 18.7 | ||
| Foreign government & corporate bonds denominated in U.S. dollars | 14.4 | ||
| U.S. Treasury securities | 13.7 | ||
| Asset-backed securities | 11.2 | ||
| Commercial mortgage-backed securities | 8.7 | ||
| Municipal bonds | 3.6 | ||
| U.S. agency securities | 1.4 | ||
| Bank loan obligations | 0.3 | ||
| Preferred stock | 0.1 | ||
| Short-term investments, other assets & liabilities, net | 2.8 | ||
| Total | 100.0 | ||
| Holdings by maturity | |||
| % of fixed-income investments | |||
| (excluding short-term investments) | |||
| as of 12/31/2017 | |||
| Less than 1 year | 6.2 | ||
| 1–3 years | 14.9 | ||
| 3–5 years | 21.0 | ||
| 5–10 years | 41.0 | ||
| Over 10 years | 16.9 | ||
| Total | 100.0 | ||
| Holdings by credit quality# | |||
| % of fixed-income investments | |||
| (excluding short-term investments) | |||
| as of 12/31/2017 | |||
| Aaa/AAA | 50.1 | ||
| Aa/AA | 7.5 | ||
| A/A | 14.7 | ||
| Baa/BBB | 22.0 | ||
| Ba/BB | 2.6 | ||
| B/B | 1.2 | ||
| Below B/B | 0.8 | ||
| Non-rated | 1.1 | ||
| Total | 100.0 | ||
| # | Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice. |
| College Retirement Equities Fund ■ 2017 Annual Report | 29 |
CREF Inflation-Linked Bond Account
Performance for the twelve months ended December 31, 2017
The CREF Inflation-Linked Bond Account returned 1.51% for the period, compared with the 1.90% return of its benchmark, the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. (All returns for the Account are for Class R1.)
U.S. economic growth accelerated during the twelve-month period, while unemployment declined and inflation remained muted. Gross domestic product (GDP), which measures the value of all goods and services produced in the United States, grew at a rate of 2.3% in 2017, according to the U.S. government’s “advance” estimate for the full year. Unemployment declined to 4.1%—its lowest level in 17 years—and remained at that rate for the last three months of the period.
In response to the growing economy, the Federal Reserve raised the federal funds target rate in December to a range of 1.25%–1.50%, which was the Fed’s third rate increase in 2017. The Fed’s action contributed to rising yields on short-term U.S. Treasury securities, but yields on 10- and 30-year Treasury bonds declined during the period (bond yields move in the opposite direction of prices). Central banks around the world took varied actions in response to global economic growth. Notably, the European Central Bank and the Bank of Japan left their benchmark interest rates unchanged, while the Bank of England increased its benchmark interest rate in November, marking the first upward move for that rate in a decade.
Annual core inflation, which includes all items except food and energy, rose modestly by 1.8% for the year ended December 31, 2017. The price per barrel of West Texas Intermediate crude oil, which affects inflation more broadly, increased from nearly $54 at the end of 2016 to more than $60 at the close of 2017.
TIPS underperformed the broader market
In 2017, the return of the TIPS 1–10 Year index trailed the 3.54% return of the broad U.S. investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The combination of solid economic growth and low inflation led to gains from most fixed-income securities, particularly those with longer-term maturities, while inflation-protected securities were held back by the continued low rate of inflation.
The Account underperformed its benchmark primarily due to its expense charge. The Account’s return includes a deduction for expenses, while the benchmark’s does not. Since the Account’s portfolio resembled the composition of its benchmark, the above discussion of the benchmark’s performance also applies to the Account’s performance.
During the period, the Account’s portfolio managers kept the Account’s duration—a measure of its sensitivity to interest-rate changes—close to 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.
| 30 | 2017 Annual Report ■ College Retirement Equities Fund |
CREF Inflation-Linked Bond Account
Performance as of December 31, 2017
| CREF Inflation-Linked Bond Account | ||||||||||||||||||||
| Total return | Average annual total return | Estimated annual operating | ||||||||||||||||||
| Ticker | Inception date | 1 year | 5 years | 10 years | expenses | * | ||||||||||||||
| Class R1 | QCILRX | 5/1/1997 | 1.51 | % | –0.57 | % | 2.92 | % | 0.625 | % | ||||||||||
| Class R2 | QCILPX | 4/24/2015 | 1.77 | –0.43 | † | 3.00 | † | 0.350 | ||||||||||||
| Class R3 | QCILIX | 4/24/2015 | 1.85 | –0.38 | † | 3.02 | † | 0.240 | ||||||||||||
| Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index | — | 1.90 | 0.09 | 2.83 | — | |||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| * | The estimated annual operating expenses are taken from the accounts’ 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. |
| † | The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of the Classes R2 and R3. If those expenses had been reflected, the performance would have been higher. |
$10,000 over 10 years (Class R1)
For the purpose of comparison, the graph also shows the change in the value of the Account’s benchmark during the same period. The performance of other Classes varies due to differences in expense charges.
| College Retirement Equities Fund ■ 2017 Annual Report | 31 |
CREF Inflation-Linked Bond Account
Expense example
Six months ended December 31, 2017
| CREF Inflation-Linked | Beginning account value | Ending account value | Expenses paid during period | * | ||||||||
| Bond Account | (7/1/17 | ) | (12/31/17 | ) | (7/1/17–12/31/17 | ) | ||||||
| Actual return | ||||||||||||
| Class R1 | $1,000.00 | $1,010.48 | $2.79 | |||||||||
| Class R2 | 1,000.00 | 1,011.75 | 1.52 | |||||||||
| Class R3 | 1,000.00 | 1,012.09 | 1.17 | |||||||||
| 5% annual hypothetical return | ||||||||||||
| Class R1 | 1,000.00 | 1,022.43 | 2.80 | |||||||||
| Class R2 | 1,000.00 | 1,023.69 | 1.53 | |||||||||
| Class R3 | 1,000.00 | 1,024.05 | 1.17 | |||||||||
| * | “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, 2017. The Account’s annualized six-month expense ratios for that period were 0.55% for Class R1, 0.30% for Class R2 and 0.23% for Class R3. |
For more information about this expense example, please see page 9.
Actual expenses
| Net expense ratio for the one-year period ended 12/31/2017 | ||||
| Class R1 | 0.58% | |||
| Class R2 | 0.32% | |||
| Class R3 | 0.24% |
| 32 | 2017 Annual Report ■ College Retirement Equities Fund |
CREF Inflation-Linked Bond Account
| Account profile | |||
| as of 12/31/2017 | |||
| Net assets | $6.55 billion | ||
| Portfolio turnover rate | 18% | ||
| Number of issues | 40 | ||
| Option-adjusted duration† | 5.07 years | ||
| Average maturity‡ | 5.38 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 | |||
| % of net assets | |||
| as of 12/31/2017 | |||
| U.S. Treasury securities | 98.6 | ||
| U.S. agency securities | 0.6 | ||
| Mortgage-backed securities | 0.2 | ||
| Foreign government & corporate bonds denominated in U.S. dollars | 0.1 | ||
| Short-term investments, other assets & liabilities, net | 0.5 | ||
| Total | 100.0 | ||
| Holdings by maturity | |||
| % of fixed-income investments | |||
| (excluding short-term investments) | |||
| as of 12/31/2017 | |||
| 1–3 years | 23.0 | ||
| 3–5 years | 30.3 | ||
| 5–10 years | 34.4 | ||
| Over 10 years | 12.3 | ||
| Total | 100.0 | ||
| Holdings by credit quality# | |||
| % of fixed-income investments | |||
| (excluding short-term investments) | |||
| as of 12/31/2017 | |||
| Aaa/AAA | 99.6 | ||
| Aa/AA | 0.3 | ||
| Non-rated | 0.1 | ||
| Total | 100.0 | ||
| # | Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice. |
| College Retirement Equities Fund ■ 2017 Annual Report | 33 |
Performance for the twelve months ended December 31, 2017
The CREF Social Choice Account returned 13.88% for the year, compared with the 14.34% return of its composite benchmark, a weighted average of the Russell 3000® Index, the MSCI EAFE+Canada Index and the Bloomberg Barclays U.S. Aggregate Bond Index. The Account 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 underperformed its benchmark.
The Account’s domestic component underperformed the Russell 3000 Index, primarily due to the omissions of Apple, Amazon.com and Facebook, which were the largest detractors. Conversely, the domestic portion of the Account benefited from the avoidance of General Electric, Exxon Mobil and AT&T. The Account’s international investments underperformed the MSCI EAFE+Canada Index, in part due to the exclusion of pan-Asian life insurance firm AIA Group, luxury products company LVMH and British bank HSBC Holdings. On the other hand, avoiding Israeli drug maker Teva, Japanese car maker Toyota and British drug firm Shire helped the Account’s relative returns.
Stock choices hindered Account’s performance versus the benchmark
To compensate for the Account’s exclusion of some stocks, its managers use quantitative (mathematical) modeling and other techniques in an attempt to match the overall investment characteristics of the portfolio with those of the respective equity components of its composite benchmark.
Overweight positions in car parts distributor AutoZone, online travel service provider Priceline.com and energy giant Schlumberger were the main detractors from the Account’s performance versus the Russell 3000 Index. The top contributing domestic holdings were overweight positions in computer graphics company NVIDIA, semiconductor equipment supplier Applied Materials and hotel operator Marriott.
Among the Account’s international investments, the largest detractors relative to the MSCI EAFE+Canada Index were overweight positions in Canada-based Cenovus Energy, Japanese automaker Subaru and British telecommunications company BT Group. The leading international contributors were overweight investments in French luxury goods company Kering, Swiss pharmaceutical supplier Lonza and Japanese industrial automation and measurement equipment manufacturer Keyence.
The Account’s fixed-income component outperformed the Bloomberg Barclays U.S. Aggregate Bond Index, which gained 3.54% for the year. Municipal, corporate and government agency bonds aided the Account’s performance relative to the Bloomberg Barclays Aggregate index. Yield curve positioning, along with a small allocation to cash, were the only detractors.
| 34 | 2017 Annual Report ■ College Retirement Equities Fund |
CREF Social Choice Account
Performance as of December 31, 2017
CREF Social Choice Account
| Total return |
Average annual total return |
Estimated annual operating |
||||||||||||||||||
| Ticker | Inception date | 1 year | 5 years | 10 years | expenses | * | ||||||||||||||
| Class R1 | QCSCRX | 3/1/1990 | 13.88 | % | 8.47 | % | 5.94 | % | 0.650 | % | ||||||||||
| Class R2 | QCSCPX | 4/24/2015 | 14.18 | 8.63 | † | 6.01 | † | 0.375 | ||||||||||||
| Class R3 | QCSCIX | 4/24/2015 | 14.27 | 8.68 | † | 6.04 | † | 0.265 | ||||||||||||
| CREF Social Choice Composite Benchmark‡ |
— | 14.34 | 8.99 | 6.15 | — | |||||||||||||||
| Broad market index Russell 3000® Index |
— | 21.13 | 15.58 | 8.60 | — | |||||||||||||||
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| * | The estimated annual operating expenses are taken from the accounts’ 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. |
| † | The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of the Classes R2 and R3. If those expenses had been reflected, the performance would have been higher. |
| ‡ | On December 31, 2017, the CREF Social Choice Composite Benchmark consisted of: 42.0% Russell 3000 Index; 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; and 18.0% MSCI EAFE+Canada Index. The Account’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
| College Retirement Equities Fund ■ 2017 Annual Report | 35 |
CREF Social Choice Account
$10,000 over 10 years (Class R1)
For the purpose of comparison, the graph also shows the change in the value of the Account’s composite benchmark and of a broad market index during the same period. The performance of other Classes varies due to differences in expense charges.
Expense example
Six months ended December 31, 2017
| CREF Social Choice Account | Beginning account value (7/1/17 | ) | Ending account value (12/31/17 | ) | Expenses paid during period (7/1/17–12/31/17 | * ) | ||||||
| Actual return | ||||||||||||
| Class R1 | $1,000.00 | $1,065.65 | $2.97 | |||||||||
| Class R2 | 1,000.00 | 1,067.00 | 1.67 | |||||||||
| Class R3 | 1,000.00 | 1,067.36 | 1.35 | |||||||||
| 5% annual hypothetical return | ||||||||||||
| Class R1 | 1,000.00 | 1,022.33 | 2.91 | |||||||||
| Class R2 | 1,000.00 | 1,023.59 | 1.63 | |||||||||
| Class R3 | 1,000.00 | 1,023.89 | 1.33 | |||||||||
| * | “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, 2017. The Account’s annualized six-month expense ratios for that period were 0.57% for Class R1, 0.32% for Class R2 and 0.26% for Class R3. |
For more information about this expense example, please see page 9.
Actual expenses
| Net expense ratio for the one-year period ended 12/31/2017 | |||
| Class R1 | 0.60% | ||
| Class R2 | 0.34% | ||
| Class R3 | 0.26% | ||
| 36 | 2017 Annual Report ■ College Retirement Equities Fund |
CREF Social Choice Account
| Account profile | |||
| as of 12/31/2017 | |||
| Net assets | $14.43 billion | ||
| Portfolio turnover rate | 53% | ||
| Portfolio turnover rate, excluding mortgage dollar roll transactions | 37% | ||
| Equity segment | |||
| Number of holdings | 1,935 | ||
| Weighted median market capitalization | $46.71 billion | ||
| Price/earnings ratio (weighted 12-month trailing average)† | 24.0 | ||
| Fixed-income segment | |||
| Number of issues | 787 | ||
| Option-adjusted duration‡ | 5.70 years | ||
| Average maturity§ | 8.85 years | ||
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
| ‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
| § | Average maturity is a simple average of the maturities of all the bonds in an account’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
| Portfolio composition | |||
| % of net assets as of 12/31/2017 | |||
| Equities | 59.8 | ||
| Fixed-income securities | 39.4 | ||
| Short-term investments, other assets & liabilities, net | 0.8 | ||
| Total | 100.0 | ||
| Holdings by company size | |||
| Market capitalization | % of equity investments as of 12/31/2017 | ||
| More than $50 billion | 45.4 | ||
| More than $15 billion–$50 billion | 36.5 | ||
| More than $2 billion–$15 billion | 15.8 | ||
| $2 billion or less | 2.3 | ||
| Total | 100.0 | ||
| Holdings by maturity | |||
| % of fixed-income investments (excluding short-term investments) as of 12/31/2017 | |||
| Less than 1 year | 7.0 | ||
| 1–3 years | 14.6 | ||
| 3–5 years | 18.6 | ||
| 5–10 years | 37.2 | ||
| Over 10 years | 22.6 | ||
| Total | 100.0 | ||
| College Retirement Equities Fund ■ 2017 Annual Report | 37 |
Performance for the twelve months ended December 31, 2017
The CREF Money Market Account returned 0.25% for the year, compared with the 0.47% 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.)
U.S. economic growth accelerated during the twelve-month period, while unemployment declined and inflation remained muted. Gross domestic product (GDP), which measures the value of all goods and services produced in the United States, advanced at annualized rates of 3.1% and 3.2% in the second and third quarters of 2017, respectively. Unemployment declined to 4.1%—its lowest level in 17 years—and remained at that rate for the last three months of the period.
The Federal Reserve raised the federal funds target rate three times during the period, with the final increase in December 2017. At period-end, the rate stood at 1.25%–1.50%. As a result of the Fed’s actions and signals, yields on LIBOR—a key interest-rate benchmark for money market funds—saw impressive gains. For the twelve-month period, one-month LIBOR yields more than doubled, rising from 0.77% on January 3, 2017, to 1.56% on December 29, 2017. Over the same period, three-month LIBOR rose from 1.00% to 1.69%; six-month LIBOR rose from 1.32% to 1.84%; and twelve-month LIBOR rose from 1.69% to 2.11%. (LIBOR is an indication of the interest rates that banks expect to pay to other banks for loans on the London market and is the most widely used benchmark for short-term rates.) In another beneficial development, the supply of short-term Treasuries and government agency securities increased in 2017.
Account posted gains, but trailed the iMoneyNet average
In this environment of rising interest rates, the return of the Money Market Account lagged that of the iMoneyNet government fund average for the twelve-month period, primarily due to the effect of expenses. In pursuit of additional yield, the Account held longer-dated floating-rate government agency securities. This strategy was generally successful due to the rise in short-term interest rates during the period, as floating-rate securities adjust more quickly to interest-rate changes than fixed-rate securities. As of December 26, 2017, the Account’s weighted average maturity (WAM) was 45 days, versus 32 days for the iMoneyNet government fund average. (iMoneyNet releases their data on a weekly basis, and December 26 was the last date of release for the month.)
In response to the historically low interest rates since 2009, part or all of the 12b-1 distribution and/or administrative expenses for Class R1 of the Money Market Account were voluntarily waived by TIAA for part of the reporting period. Class R2 and Class R3 did not waive expenses during the reporting period. For more information, please see page 39 or the Notes to the Financial Statements.
| 38 | 2017 Annual Report ■ College Retirement Equities Fund |
CREF Money Market Account
| Net annualized yield for the 7 days ended December 26, 2017* | ||||||||
| Current yield | Effective yield | |||||||
| CREF Money Market Account† | ||||||||
| Class R1 | 0.58 | % | 0.58 | % | ||||
| Class R2 | 0.72 | 0.72 | ||||||
| Class R3 | 0.76 | 0.76 | ||||||
| iMoneyNet Money Fund Averages™—All Government‡ | 0.82 | 0.83 | ||||||
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, 2017
CREF Money Market Account†
| Total return |
Average annual total return |
Estimated annual operating |
||||||||||||||||||
| Ticker | Inception date | 1 year | 5 years | 10 years | expenses | § | ||||||||||||||
| Class R1 | QCMMRX | 4/1/1988 | 0.25 | % | 0.05 | % | 0.28 | % | 0.615 | % | ||||||||||
| Class R2 | QCMMPX | 4/24/2015 | 0.44 | 0.10 | # | 0.30 | # | 0.340 | ||||||||||||
| Class R3 | QCMMIX | 4/24/2015 | 0.50 | 0.13 | # | 0.32 | # | 0.230 | ||||||||||||
| iMoneyNet Money Fund Averages—All Government‡ | — | 0.47 | 0.12 | 0.23 | — | |||||||||||||||
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 could lose money by investing in the Money Market Account. Because the accumulation unit value of the Account will fluctuate, the value of your investment may increase or decrease. An investment in the Account is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Account’s sponsor has no legal obligation to provide support to the Account, and you should not expect that the sponsor will provide financial support to the Account at any time. The current yield more closely reflects current earnings than does the total return.
Note: Unlike most money market funds, the CREF Money Market Account does not distribute income on a daily basis. Therefore, the Account does not maintain a constant value of $1.00 per accumulation unit.
| † | Between July 16, 2009 and March 7, 2017, TIAA agreed to voluntarily withhold (“waive”) a portion of the 12b-1 distribution and/or administrative expenses for each class of the CREF Money Market Account when a class’s yield was less than zero. Without this waiver, the effective yields and total returns of the Money Market Account would have been lower. TIAA may, for a period of three years after the date an amount was waived, recover from the Money Market 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 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. As a result of the share class conversion on April 24, 2015, previously recoverable amounts have been allocated to the various classes. |
| § | The estimated annual operating expenses are taken from the Account’s 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. |
| # | The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of the Classes R2 and R3. If those expenses had been reflected, the performance would have been higher. |
| ‡ | The iMoneyNet Money Fund Averages—All Government is a simple average of over 500 money market funds that invest in U.S. Treasuries, U.S. Agencies, repurchase agreements and government-backed floating rate notes, and you cannot invest directly in it. |
| College Retirement Equities Fund ■ 2017 Annual Report | 39 |
CREF Money Market Account
Expense example
Six months ended December 31, 2017
| CREF Money Market Account | Beginning account value (7/1/17 | ) | Ending account value (12/31/17 | ) | Expenses paid during period (7/1/17–12/31/17 | * ) | ||||||
| Actual return | ||||||||||||
| Class R1 | $1,000.00 | $1,002.03 | $3.43 | |||||||||
| Class R2 | 1,000.00 | 1,002.98 | 2.47 | |||||||||
| Class R3 | 1,000.00 | 1,003.23 | 2.22 | |||||||||
| 5% annual hypothetical return | ||||||||||||
| Class R1 | 1,000.00 | 1,021.78 | 3.47 | |||||||||
| Class R2 | 1,000.00 | 1,022.74 | 2.50 | |||||||||
| Class R3 | 1,000.00 | 1,022.99 | 2.24 | |||||||||
| * | “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, 2017. The Account’s annualized six-month expense ratios for that period were 0.68% for Class R1, 0.49% for Class R2 and 0.44% for Class R3. |
For more information about this expense example, please see page 9.
Actual expenses
| Net expense ratio for the one-year period ended 12/31/2017 | |||
| Class R1 | 0.64% | ||
| Class R2 | 0.45% | ||
| Class R3 | 0.40% | ||
| Account profile | |||
| as of 12/31/2017 | |||
| Net assets | $9.36 billion | ||
| Number of holdings | 221 | ||
| Portfolio composition | |||
| % of net assets as of 12/31/2017 | |||
| U.S. government agency securities | 62.2 | ||
| U.S. Treasury securities | 19.0 | ||
| Floating-rate securities, government | 18.7 | ||
| Other assets & liabilities, net | 0.1 | ||
| Total | 100.0 | ||
| 40 | 2017 Annual Report ■ College Retirement Equities Fund |
Summary portfolio of investments
CREF Stock Account ■ December 31, 2017
| Principal | Issuer | Value (000) | %
of net assets |
||||||||||||||||
| BONDS | |||||||||||||||||||
| CORPORATE BONDS | |||||||||||||||||||
| DIVERSIFIED FINANCIALS | $ | 0 | ^ | 0.0 | % | ||||||||||||||
| TOTAL CORPORATE BONDS | (Cost $466) | 0 | ^ | 0.0 | |||||||||||||||
| GOVERNMENT BONDS | |||||||||||||||||||
| U.S. TREASURY SECURITIES | 295 | 0.0 | |||||||||||||||||
| TOTAL GOVERNMENT BONDS | (Cost $302) | 295 | 0.0 | ||||||||||||||||
| TOTAL BONDS | (Cost $768) | 295 | 0.0 | ||||||||||||||||
| EQUITY LINKED NOTES | |||||||||||||||||||
| DIVERSIFIED FINANCIALS | 7,071 | 0.0 | |||||||||||||||||
| TOTAL EQUITY LINKED NOTES | (Cost $6,950) | 7,071 | 0.0 | ||||||||||||||||
| Shares | Company | ||||||||||||||||||
| COMMON STOCKS | |||||||||||||||||||
| AUTOMOBILES & COMPONENTS | 2,488,648 | 2.0 | |||||||||||||||||
| BANKS | |||||||||||||||||||
| 42,463,146 | Bank of America Corp | 1,253,512 | 1.0 | ||||||||||||||||
| 7,658,183 | n | Citigroup, Inc | 569,845 | 0.4 | |||||||||||||||
| 12,950,840 | JPMorgan Chase & Co | 1,384,963 | 1.1 | ||||||||||||||||
| 11,738,743 | Wells Fargo & Co | 712,190 | 0.6 | ||||||||||||||||
| Other | 7,420,058 | 5.8 | |||||||||||||||||
| 11,340,568 | 8.9 | ||||||||||||||||||
| CAPITAL GOODS | |||||||||||||||||||
| 2,580,142 | 3M Co | 607,288 | 0.5 | ||||||||||||||||
| 1,730,621 | Boeing Co | 510,377 | 0.4 | ||||||||||||||||
| 4,346,248 | Honeywell International, Inc | 666,541 | 0.5 | ||||||||||||||||
| Other | 8,497,805 | 6.7 | |||||||||||||||||
| 10,282,011 | 8.1 | ||||||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 1,120,562 | 0.9 | |||||||||||||||||
| CONSUMER DURABLES & APPAREL | 2,536,597 | 2.0 | |||||||||||||||||
| CONSUMER SERVICES | 2,775,852 | 2.2 | |||||||||||||||||
| DIVERSIFIED FINANCIALS | |||||||||||||||||||
| 1,732,665 | Goldman Sachs Group, Inc | 441,413 | 0.3 | ||||||||||||||||
| Other | 4,403,960 | 3.5 | |||||||||||||||||
| 4,845,373 | 3.8 | ||||||||||||||||||
| ENERGY | |||||||||||||||||||
| 5,360,475 | Chevron Corp | 671,078 | 0.6 | ||||||||||||||||
| 2,667,206 | * | Concho Resources, Inc | 400,668 | 0.3 | |||||||||||||||
| 4,697,088 | EOG Resources, Inc | 506,863 | 0.4 | ||||||||||||||||
| 9,465,965 | d | Exxon Mobil Corp | 791,733 | 0.6 | |||||||||||||||
| Other | 5,349,539 | 4.2 | |||||||||||||||||
| 7,719,881 | 6.1 | ||||||||||||||||||
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 41 |
| Summary portfolio of investments | continued |
CREF Stock Account ■ December 31, 2017
| Shares | Company | Value (000) | % of net assets |
|||||||||||||
| FOOD & STAPLES RETAILING | ||||||||||||||||
| 3,903,576 | Wal-Mart Stores, Inc | $ | 385,478 | 0.3 | % | |||||||||||
| Other | 1,253,172 | 1.0 | ||||||||||||||
| 1,638,650 | 1.3 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO | ||||||||||||||||
| 10,729,104 | Coca-Cola Co | 492,251 | 0.4 | |||||||||||||
| 3,949,012 | n | PepsiCo, Inc | 473,566 | 0.4 | ||||||||||||
| 5,039,597 | Philip Morris International, Inc | 532,433 | 0.4 | |||||||||||||
| Other | 4,571,480 | 3.6 | ||||||||||||||
| 6,069,730 | 4.8 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
| 7,552,598 | Abbott Laboratories | 431,027 | 0.3 | |||||||||||||
| 1,925,088 | Cigna Corp | 390,966 | 0.3 | |||||||||||||
| 2,884,662 | UnitedHealth Group, Inc | 635,953 | 0.5 | |||||||||||||
| Other | 3,801,159 | 3.0 | ||||||||||||||
| 5,259,105 | 4.1 | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
| 5,694,221 | Procter & Gamble Co | 523,185 | 0.4 | |||||||||||||
| Other | 1,315,570 | 1.0 | ||||||||||||||
| 1,838,755 | 1.4 | |||||||||||||||
| INSURANCE | ||||||||||||||||
| 9,707,008 | American International Group, Inc | 578,344 | 0.5 | |||||||||||||
| 4,605,594 | * | Berkshire Hathaway, Inc (Class B) | 912,921 | 0.7 | ||||||||||||
| Other | 3,797,852 | 3.0 | ||||||||||||||
| 5,289,117 | 4.2 | |||||||||||||||
| MATERIALS | ||||||||||||||||
| 7,983,200 | DowDuPont, Inc | 568,563 | 0.5 | |||||||||||||
| Other | 6,092,835 | 4.8 | ||||||||||||||
| 6,661,398 | 5.3 | |||||||||||||||
| MEDIA | ||||||||||||||||
| 18,825,330 | Comcast Corp (Class A) | 753,955 | 0.6 | |||||||||||||
| 3,962,975 | Walt Disney Co | 426,059 | 0.4 | |||||||||||||
| Other | 1,806,786 | 1.4 | ||||||||||||||
| 2,986,800 | 2.4 | |||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
| 6,095,473 | AbbVie, Inc | 589,493 | 0.5 | |||||||||||||
| 8,319,440 | Johnson & Johnson | 1,162,392 | 0.9 | |||||||||||||
| 19,646,198 | Pfizer, Inc | 711,585 | 0.5 | |||||||||||||
| 7,045,339 | * | Schering-Plough Corp | 396,441 | 0.3 | ||||||||||||
| Other | 6,175,559 | 4.9 | ||||||||||||||
| 9,035,470 | 7.1 | |||||||||||||||
| REAL ESTATE | 4,443,412 | 3.5 | ||||||||||||||
| 42 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments | continued |
CREF Stock Account ■ December 31, 2017
| Shares | Company | Value (000) | % of net assets |
||||||||||||||||
| RETAILING | |||||||||||||||||||
| 1,264,461 | * | Amazon.com, Inc | $ | 1,478,749 | 1.2 | % | |||||||||||||
| 4,141,913 | n | Home Depot, Inc | 785,017 | 0.6 | |||||||||||||||
| Other | 3,059,814 | 2.4 | |||||||||||||||||
| 5,323,580 | 4.2 | ||||||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | |||||||||||||||||||
| 1,726,568 | Broadcom Ltd | 443,556 | 0.4 | ||||||||||||||||
| 15,297,245 | Intel Corp | 706,121 | 0.6 | ||||||||||||||||
| 180,017 | Samsung Electronics Co Ltd | 427,704 | 0.3 | ||||||||||||||||
| Other | 3,082,742 | 2.4 | |||||||||||||||||
| 4,660,123 | 3.7 | ||||||||||||||||||
| SOFTWARE & SERVICES | |||||||||||||||||||
| 2,140,718 | *,n | Alibaba Group Holding Ltd (ADR) | 369,124 | 0.3 | |||||||||||||||
| 872,441 | * | Alphabet, Inc (Class A) | 919,029 | 0.7 | |||||||||||||||
| 1,042,198 | *,n | Alphabet, Inc (Class C) | 1,090,556 | 0.9 | |||||||||||||||
| 7,525,141 | * | Facebook, Inc | 1,327,886 | 1.0 | |||||||||||||||
| 21,086,064 | n | Microsoft Corp | 1,803,702 | 1.4 | |||||||||||||||
| 12,845,715 | Oracle Corp | 607,345 | 0.5 | ||||||||||||||||
| 5,211,341 | * | PayPal Holdings, Inc | 383,659 | 0.3 | |||||||||||||||
| 4,838,819 | *,n | salesforce.com, Inc | 494,673 | 0.4 | |||||||||||||||
| 9,868,514 | Tencent Holdings Ltd | 510,774 | 0.4 | ||||||||||||||||
| 7,267,111 | Visa, Inc (Class A) | 828,596 | 0.7 | ||||||||||||||||
| Other | 6,137,775 | 4.8 | |||||||||||||||||
| 14,473,119 | 11.4 | ||||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | |||||||||||||||||||
| 15,562,681 | n | Apple, Inc | 2,633,672 | 2.1 | |||||||||||||||
| 19,674,429 | n | Cisco Systems, Inc | 753,531 | 0.6 | |||||||||||||||
| Other | 2,714,050 | 2.1 | |||||||||||||||||
| 6,101,253 | 4.8 | ||||||||||||||||||
| TELECOMMUNICATION SERVICES | |||||||||||||||||||
| 15,706,643 | AT&T, Inc | 610,674 | 0.5 | ||||||||||||||||
| 10,188,257 | Verizon Communications, Inc | 539,265 | 0.4 | ||||||||||||||||
| Other | 1,545,273 | 1.2 | |||||||||||||||||
| 2,695,212 | 2.1 | ||||||||||||||||||
| TRANSPORTATION | |||||||||||||||||||
| 4,594,931 | Union Pacific Corp | 616,180 | 0.5 | ||||||||||||||||
| Other | 2,457,138 | 1.9 | |||||||||||||||||
| 3,073,318 | 2.4 | ||||||||||||||||||
| UTILITIES | 3,326,188 | 2.6 | |||||||||||||||||
| TOTAL COMMON STOCKS | (Cost $103,320,541) | 125,984,722 | 99.3 | ||||||||||||||||
| PURCHASED OPTIONS | |||||||||||||||||||
| BANKS | 9 | 0.0 | |||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 16 | 0.0 | |||||||||||||||||
| MATERIALS | 11 | 0.0 | |||||||||||||||||
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 43 |
| Summary portfolio of investments | continued |
CREF Stock Account ■ December 31, 2017
| Shares | Company | Value (000) | % of net assets |
||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | $ | 1 | 0.0 | % | |||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,798 | 0.0 | |||||||||||||||||
| SOFTWARE & SERVICES | 47 | 0.0 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 12 | 0.0 | |||||||||||||||||
| TOTAL PURCHASED OPTIONS | (Cost $2,442) | 1,894 | 0.0 | ||||||||||||||||
| PREFERRED STOCKS | |||||||||||||||||||
| CAPITAL GOODS | 622 | 0.0 | |||||||||||||||||
| DIVERSIFIED FINANCIALS | 2,477 | 0.0 | |||||||||||||||||
| REAL ESTATE | 17 | 0.0 | |||||||||||||||||
| TOTAL PREFERRED STOCKS | (Cost $4,260) | 3,116 | 0.0 | ||||||||||||||||
| RIGHTS / WARRANTS | |||||||||||||||||||
| AUTOMOBILES & COMPONENTS | 1,568 | 0.0 | |||||||||||||||||
| CAPITAL GOODS | 10 | 0.0 | |||||||||||||||||
| CONSUMER DURABLES & APPAREL | 4 | 0.0 | |||||||||||||||||
| DIVERSIFIED FINANCIALS | 209 | 0.0 | |||||||||||||||||
| ENERGY | 1,280 | 0.0 | |||||||||||||||||
| FOOD, BEVERAGE & TOBACCO | 4 | 0.0 | |||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 1 | 0.0 | |||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 149 | 0.0 | |||||||||||||||||
| REAL ESTATE | 55 | 0.0 | |||||||||||||||||
| TRANSPORTATION | 0 | ^ | 0.0 | ||||||||||||||||
| UTILITIES | 5 | 0.0 | |||||||||||||||||
| TOTAL RIGHTS / WARRANTS | (Cost $3,922) | 3,285 | 0.0 | ||||||||||||||||
| Principal | Issuer | ||||||||||||||||||
| SHORT-TERM INVESTMENTS | |||||||||||||||||||
| GOVERNMENT AGENCY DEBT | 125,963 | 0.1 | |||||||||||||||||
| TREASURY DEBT | 705,388 | 0.6 | |||||||||||||||||
| INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED | |||||||||||||||||||
| GOVERNMENT AGENCY DEBT | 37,999 | 0.0 | |||||||||||||||||
| REPURCHASE AGREEMENT | |||||||||||||||||||
| $ | 605,000,000 | r | Royal Bank of Scotland | 1.330%, 01/04/18 | 605,000 | 0.5 | |||||||||||||
| s | Other Repurchase Agreements | 1.300%–1.420%, 01/02/18–01/05/18 | 1,142,508 | 0.9 | |||||||||||||||
| 1,747,508 | 1.4 | ||||||||||||||||||
| 44 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments | continued |
CREF Stock Account ■ December 31, 2017
| Principal | Issuer | Value (000) | % of net assets |
||||||||||||||||
| VARIABLE RATE SECURITIES | $ | 48,196 | 0.0 | % | |||||||||||||||
| TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED | 1,833,703 | 1.4 | |||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | (Cost $2,665,133) | 2,665,054 | 2.1 | ||||||||||||||||
| TOTAL PORTFOLIO | (Cost $106,004,016) | 128,665,437 | 101.4 | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET | (1,771,175 | ) | (1.4 | ) | |||||||||||||||
| NET ASSETS | $ | 126,894,262 | 100.0 | % | |||||||||||||||
| Abbreviation(s): | |
| ADR American Depositary Receipt | |
| * | Non-income producing |
| ^ | Amount represents less than $1,000. |
| d | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. |
| n | All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts. |
| r | Agreement with Royal Bank of Scotland, 1.33% dated 12/28/17 to be repurchased at $605,000,000 on 1/4/18, collateralized by U.S. Government Agency Securities valued at $617,104,000. |
| s | Agreements 1.30%–1.42% dated 12/29/17 to be repurchased at $1,142,508,000 on 1/02/18–1/05/18, collateralized by U.S. Government Agency Securities valued at $1,162,875,000. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 12/31/17, the aggregate value of securities on loan is $2,187,949,000.
At 12/31/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $665,926,000 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.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 45 |
| Summary portfolio of investments | continued |
CREF Stock Account ■ December 31, 2017
Futures contracts outstanding as of December 31, 2017 were as follows (notional amounts and values are in thousands) (See Note 3):
| Description | Number of long (short contracts | ) | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation | ) | |||||||||||
| Russell 2000 E Mini Index | 258 | 3/16/18 | $ | 19,604 | $ | 19,821 | $ | 217 | ||||||||||
| S&P 500 E Mini Index | 1,624 | 3/16/18 | 215,463 | 217,291 | 1,828 | |||||||||||||
| S&P Mid-Cap 400 E Mini Index | 142 | 3/16/18 | 26,755 | 27,014 | 259 | |||||||||||||
| Total | 2,024 | $ | 261,822 | $ | 264,126 | $ | 2,304 | |||||||||||
Purchased options outstanding as of December 31, 2017 were as follows (notional amounts and values are in thousands) (See Note 3):
| Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
| Alphabet, Inc, Call | 10 | $ | 20 | $ | 1,035.00 | 1/19/18 | $ | 22 | ||||||||||
| Biomarin Pharmaceuticals, Inc, Call | 15 | 13 | 100.00 | 1/19/18 | 1 | |||||||||||||
| Cisco Systems, Inc, Call | 50 | 6 | 36.00 | 1/19/18 | 12 | |||||||||||||
| Citigroup, Inc, Call | 20 | 12 | 80.00 | 1/18/19 | 9 | |||||||||||||
| GrubHub Inc, Put | 998 | 221 | 67.50 | 1/5/18 | 25 | |||||||||||||
| Qualcomm, Inc, Call | 30 | 4 | 70.00 | 1/19/18 | 0 | ^ | ||||||||||||
| Qualcomm, Inc, Call | 8,900 | 2,141 | 65.00 | 2/16/18 | 1,798 | |||||||||||||
| Tronox Ltd, Call | 30 | 9 | 23.00 | 8/17/18 | 11 | |||||||||||||
| Wellcare Health Plans, Inc, Call | 20 | 16 | 220.00 | 6/15/18 | 16 | |||||||||||||
| Total | 10,073 | $ | 2,442 | $ | 1,894 | |||||||||||||
| ^ | Amount represents less than $1,000. |
Written options outstanding as of December 31, 2017 were as follows (notional amounts and values are in thousands) (See Note 3):
| Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
| Advanced Micro Devices, Inc, Put | 30 | $ | (3 | ) | $ | 10.00 | 4/20/18 | $ | (3 | ) | ||||||||
| Alibaba Group Holding Ltd, Put | 10 | (0 | )^ | 140.00 | 1/19/18 | (0 | )^ | |||||||||||
| Alphabet, Inc, Call | 20 | (15 | ) | 1,075.00 | 1/19/18 | (9 | ) | |||||||||||
| Alphabet, Inc, Put | 10 | (5 | ) | 950.00 | 1/19/18 | (1 | ) | |||||||||||
| AmerisourceBergen Corp, Put | 30 | (1 | ) | 80.00 | 1/19/18 | (0 | )^ | |||||||||||
| Biomarin Pharmaceuticals, Inc, Call | 15 | (8 | ) | 110.00 | 1/19/18 | (0 | )^ | |||||||||||
| Biomarin Pharmaceuticals, Inc, Put | 15 | (5 | ) | 80.00 | 1/19/18 | (1 | ) | |||||||||||
| CarMax, Inc, Put | 30 | (1 | ) | 60.00 | 1/19/18 | (1 | ) | |||||||||||
| CBS Corp, Put | 30 | (1 | ) | 52.50 | 1/19/18 | (0 | )^ | |||||||||||
| Cisco Systems, Inc, Call | 50 | (2 | ) | 38.00 | 1/19/18 | (3 | ) | |||||||||||
| Cisco Systems, Inc, Put | 50 | (3 | ) | 28.00 | 1/19/18 | (0 | )^ | |||||||||||
| Citigroup, Inc, Call | 60 | (11 | ) | 95.00 | 1/18/19 | (8 | ) | |||||||||||
| Citigroup, Inc, Put | 30 | (6 | ) | 55.00 | 1/18/19 | (4 | ) | |||||||||||
| Citrix Systems, Inc, Call | 20 | (1 | ) | 95.00 | 1/19/18 | (0 | )^ | |||||||||||
| Costco Wholesale Corp, Call | 25 | (1 | ) | 203.00 | 1/19/18 | (0 | )^ | |||||||||||
| CSX Corp, Put | 10 | (0 | )^ | 48.00 | 1/12/18 | (0 | )^ | |||||||||||
| CSX Corp, Put | 10 | (0 | )^ | 47.00 | 1/19/18 | (0 | )^ | |||||||||||
| CSX Corp, Put | 10 | (0 | )^ | 45.00 | 2/16/18 | (0 | )^ | |||||||||||
| General Dynamics Corp, Put | 30 | (0 | )^ | 170.00 | 1/19/18 | (0 | )^ | |||||||||||
| General Electric Co, Put | 50 | (3 | ) | 18.00 | 1/19/18 | (3 | ) | |||||||||||
| General Electric Co, Put | 50 | (6 | ) | 18.00 | 3/16/18 | (5 | ) | |||||||||||
| GrubHub, Inc, Call | 998 | (298 | ) | 72.50 | 1/26/18 | (220 | ) | |||||||||||
| 46 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments | concluded |
CREF Stock Account ■ December 31, 2017
| Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
| GrubHub, Inc, Put | 998 | $ | (49 | ) | $ | 62.00 | 1/5/18 | $ | (7 | ) | ||||||||
| Hain Celestial Group, Inc, Put | 30 | (0 | )^ | 34.00 | 1/19/18 | (0 | )^ | |||||||||||
| Home Depot, Inc, Put | 30 | (11 | ) | 135.00 | 1/19/18 | (0 | )^ | |||||||||||
| Infosys Ltd, Put | 40 | (0 | )^ | 14.00 | 1/19/18 | (1 | ) | |||||||||||
| Microsoft Corp, Call | 3,500 | (796 | ) | 85.00 | 2/16/18 | (1,040 | ) | |||||||||||
| Microsoft Corp, Call | 4,000 | (853 | ) | 87.50 | 4/20/18 | (1,160 | ) | |||||||||||
| Microsoft Corp, Put | 3,500 | (456 | ) | 77.50 | 2/16/18 | (175 | ) | |||||||||||
| Microsoft Corp, Put | 4,000 | (833 | ) | 77.50 | 4/20/18 | (392 | ) | |||||||||||
| Monsanto Co, Put | 30 | (6 | ) | 100.00 | 4/20/18 | (5 | ) | |||||||||||
| NXP Semiconductors NV, Call | 30 | (1 | ) | 135.00 | 1/19/18 | (0 | )^ | |||||||||||
| PepsiCo, Inc, Put | 20 | (6 | ) | 105.00 | 1/19/18 | (0 | )^ | |||||||||||
| Qualcomm, Inc, Call | 60 | (2 | ) | 75.00 | 1/19/18 | (0 | )^ | |||||||||||
| Qualcomm, Inc, Call | 8,900 | (264 | ) | 72.50 | 2/16/18 | (245 | ) | |||||||||||
| Qualcomm, Inc, Put | 30 | (1 | ) | 52.50 | 1/19/18 | (0 | )^ | |||||||||||
| Qualcomm, Inc, Put | 30 | (1 | ) | 60.00 | 1/26/18 | (1 | ) | |||||||||||
| Qualcomm, Inc, Put | 8,900 | (749 | ) | 60.00 | 2/16/18 | (810 | ) | |||||||||||
| salesforce.com, Inc, Put | 30 | (4 | ) | 95.00 | 1/19/18 | (0 | )^ | |||||||||||
| Tronox Ltd, Call | 30 | (4 | ) | 33.00 | 8/17/18 | (4 | ) | |||||||||||
| Tronox Ltd, Put | 50 | (1 | ) | 12.00 | 2/16/18 | (1 | ) | |||||||||||
| Tronox Ltd, Put | 30 | (5 | ) | 15.00 | 8/17/18 | (5 | ) | |||||||||||
| Viacom, Inc, Put | 40 | (0 | )^ | 26.50 | 1/19/18 | (0 | )^ | |||||||||||
| Wellcare Health Plans Inc, Put | 20 | (10 | ) | 165.00 | 6/15/18 | (7 | ) | |||||||||||
| Wellcare Health Plans, Inc, Call | 20 | (7 | ) | 240.00 | 6/15/18 | (7 | ) | |||||||||||
| Zimmer Biomet Holdings, Inc, Put | 30 | (1 | ) | 100.00 | 1/19/18 | (0 | )^ | |||||||||||
| Total | 35,931 | $ | (4,430 | ) | $ | (4,118 | ) | |||||||||||
| ^ | Amount represents less than $1,000. |
Bilateral total return swap contracts outstanding as of December 31, 2017 were as follows (notional amounts and values are in thousands) (See Note 3):
| Reference entity | Terms of payment to be paid | Terms of payment to be received | Counterparty | Maturity date | Notional amount | Value | Unrealized appreciation (depreciation | ) | ||||||||
| Custom Basket A* | LIBOR 1M | Total return of Basket A as specified in contract | Goldman Sachs | 1/8/18 | 40,235 | 40,828 | 593 | |||||||||
| Custom Basket B* | Total return of Basket B as specified in contract | LIBOR 1M + 0.450% | Goldman Sachs | 1/8/18 | 43,336 | 42,499 | (837 | ) | ||||||||
| GSVIUS71 Index | 0.300% | Total return of GSVIUS71 as specified in contract | Goldman Sachs | 3/5/18 | 8,173 | 8,227 | 54 | |||||||||
| Total | (190 | ) | ||||||||||||||
| * | Custom Baskets A and B consist of all domestic equity securities. |
Abbreviation(s):
| LIBOR | London Interbank Offered Rate |
| M | Month |
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 47 |
Summary of market values by country
CREF Stock Account ■ December 31, 2017
| Country | Value (000) | % of total portfolio | ||||||
| DOMESTIC | ||||||||
| UNITED STATES | $ | 89,449,584 | 69.5 | % | ||||
| TOTAL DOMESTIC | 89,449,584 | 69.5 | ||||||
| FOREIGN | ||||||||
| ARGENTINA | 45,087 | 0.0 | ||||||
| AUSTRALIA | 1,454,317 | 1.1 | ||||||
| AUSTRIA | 184,394 | 0.1 | ||||||
| BELGIUM | 155,201 | 0.1 | ||||||
| BERMUDA | 134,568 | 0.1 | ||||||
| BRAZIL | 695,342 | 0.6 | ||||||
| CANADA | 2,550,998 | 2.0 | ||||||
| CAYMAN ISLANDS | 2,945 | 0.0 | ||||||
| CHILE | 112,563 | 0.1 | ||||||
| CHINA | 2,778,520 | 2.2 | ||||||
| COLOMBIA | 45,640 | 0.0 | ||||||
| CYPRUS | 68 | 0.0 | ||||||
| CZECH REPUBLIC | 24,018 | 0.0 | ||||||
| DENMARK | 565,117 | 0.5 | ||||||
| EGYPT | 20,022 | 0.0 | ||||||
| FAROE ISLANDS | 4,485 | 0.0 | ||||||
| FINLAND | 306,368 | 0.2 | ||||||
| FRANCE | 2,946,370 | 2.3 | ||||||
| GEORGIA | 4,897 | 0.0 | ||||||
| GERMANY | 2,610,328 | 2.0 | ||||||
| GHANA | 3,053 | 0.0 | ||||||
| GREECE | 32,178 | 0.0 | ||||||
| GUERNSEY, C.I. | 697 | 0.0 | ||||||
| HONG KONG | 951,735 | 0.8 | ||||||
| HUNGARY | 33,416 | 0.0 | ||||||
| INDIA | 971,737 | 0.8 | ||||||
| INDONESIA | 208,910 | 0.2 | ||||||
| IRELAND | 346,661 | 0.3 | ||||||
| ISLE OF MAN | 2,211 | 0.0 | ||||||
| ISRAEL | 172,947 | 0.1 | ||||||
| ITALY | 837,770 | 0.7 | ||||||
| JAPAN | 6,427,551 | 5.0 | ||||||
| JERSEY, C.I. | 9,834 | 0.0 | ||||||
| JORDAN | 1,618 | 0.0 | ||||||
| Country | Value (000) | % of total portfolio | ||||||
| KAZAKHSTAN | $ | 2,773 | 0.0 | % | ||||
| KOREA, REPUBLIC OF | 1,499,056 | 1.2 | ||||||
| LUXEMBOURG | 122,725 | 0.1 | ||||||
| MACAU | 9,416 | 0.0 | ||||||
| MALAYSIA | 227,714 | 0.2 | ||||||
| MALTA | 9,242 | 0.0 | ||||||
| MEXICO | 254,559 | 0.2 | ||||||
| MONACO | 3,966 | 0.0 | ||||||
| NETHERLANDS | 1,383,614 | 1.1 | ||||||
| NEW ZEALAND | 71,560 | 0.1 | ||||||
| NORWAY | 234,923 | 0.2 | ||||||
| PAKISTAN | 8,629 | 0.0 | ||||||
| PANAMA | 26,295 | 0.0 | ||||||
| PERU | 41,023 | 0.0 | ||||||
| PHILIPPINES | 118,272 | 0.1 | ||||||
| POLAND | 102,852 | 0.1 | ||||||
| PORTUGAL | 47,695 | 0.0 | ||||||
| PUERTO RICO | 24,971 | 0.0 | ||||||
| QATAR | 34,894 | 0.0 | ||||||
| ROMANIA | 8,231 | 0.0 | ||||||
| RUSSIA | 293,859 | 0.2 | ||||||
| SINGAPORE | 391,068 | 0.3 | ||||||
| SOUTH AFRICA | 627,637 | 0.5 | ||||||
| SPAIN | 667,493 | 0.5 | ||||||
| SRI LANKA | 4,778 | 0.0 | ||||||
| SWEDEN | 533,465 | 0.4 | ||||||
| SWITZERLAND | 1,980,557 | 1.6 | ||||||
| TAIWAN | 1,195,283 | 0.9 | ||||||
| THAILAND | 248,584 | 0.2 | ||||||
| TURKEY | 136,692 | 0.1 | ||||||
| UNITED ARAB EMIRATES | 72,508 | 0.1 | ||||||
| UNITED KINGDOM | 4,120,199 | 3.2 | ||||||
| URUGUAY | 47,824 | 0.0 | ||||||
| ZAMBIA | 21,930 | 0.0 | ||||||
| TOTAL FOREIGN | 39,215,853 | 30.5 | ||||||
| TOTAL PORTFOLIO | $ | 128,665,437 | 100.0 | % | ||||
| 48 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements |
Summary portfolio of investments
CREF Global Equities Account ■ December 31, 2017
| Shares | Company | Value (000) | % of net assets | |||||||||||
| COMMON STOCKS | ||||||||||||||
| ARGENTINA | $ | 48,761 | 0.2 | % | ||||||||||
| AUSTRALIA | 310,268 | 1.5 | ||||||||||||
| AUSTRIA | 68,767 | 0.3 | ||||||||||||
| BELGIUM | 13,657 | 0.1 | ||||||||||||
| BERMUDA | 8,404 | 0.0 | ||||||||||||
| BRAZIL | 93,982 | 0.5 | ||||||||||||
| CANADA | 610,655 | 2.9 | ||||||||||||
| CHILE | 1,887 | 0.0 | ||||||||||||
| CHINA | 163,369 | 0.8 | ||||||||||||
| CZECH REPUBLIC | 4,389 | 0.0 | ||||||||||||
| DENMARK | ||||||||||||||
| 1,609,348 | Novo Nordisk AS | 86,479 | 0.4 | |||||||||||
| Other | 89,964 | 0.5 | ||||||||||||
| 176,443 | 0.9 | |||||||||||||
| FINLAND | 87,802 | 0.4 | ||||||||||||
| FRANCE | 751,351 | 3.6 | ||||||||||||
| GERMANY | ||||||||||||||
| 470,045 | * | Linde AG. | 109,779 | 0.6 | ||||||||||
| Other | 483,636 | 2.3 | ||||||||||||
| 593,415 | 2.9 | |||||||||||||
| HONG KONG | 175,669 | 0.8 | ||||||||||||
| HUNGARY | 6,493 | 0.0 | ||||||||||||
| INDIA | 91,912 | 0.4 | ||||||||||||
| INDONESIA | 974 | 0.0 | ||||||||||||
| IRELAND | 161,998 | 0.8 | ||||||||||||
| ISRAEL | 5,355 | 0.0 | ||||||||||||
| ITALY | 187,196 | 0.9 | ||||||||||||
| JAPAN | ||||||||||||||
| 1,931,504 | Sony Corp | 86,691 | 0.4 | |||||||||||
| 1,599,252 | Toyota Motor Corp | 101,920 | 0.5 | |||||||||||
| Other | 1,409,279 | 6.8 | ||||||||||||
| 1,597,890 | 7.7 | |||||||||||||
| JERSEY, C.I. | 1,184 | 0.0 | ||||||||||||
| KOREA, REPUBLIC OF | 51,532 | 0.3 | ||||||||||||
| LUXEMBOURG | 64,062 | 0.3 | ||||||||||||
| MACAU | 161 | 0.0 | ||||||||||||
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 49 |
| Summary portfolio of investments | continued |
CREF Global Equities Account ■ December 31, 2017
| Shares | Company | Value (000) | % of net assets | |||||||||||
| MALAYSIA | $ | 9,198 | 0.0 | % | ||||||||||
| MEXICO | 227 | 0.0 | ||||||||||||
| NETHERLANDS | ||||||||||||||
| 555,621 | ASML Holding NV | 96,599 | 0.5 | |||||||||||
| 8,683,627 | ING Groep NV | 159,403 | 0.8 | |||||||||||
| Other | 254,654 | 1.2 | ||||||||||||
| 510,656 | 2.5 | |||||||||||||
| NEW ZEALAND | 9,694 | 0.0 | ||||||||||||
| NORWAY | 94,940 | 0.5 | ||||||||||||
| PHILIPPINES | 22,645 | 0.1 | ||||||||||||
| POLAND | 4,776 | 0.0 | ||||||||||||
| PORTUGAL | 13,781 | 0.1 | ||||||||||||
| RUSSIA | 12,385 | 0.1 | ||||||||||||
| SINGAPORE | 82,760 | 0.4 | ||||||||||||
| SOUTH AFRICA | 37,675 | 0.2 | ||||||||||||
| SPAIN | 129,845 | 0.6 | ||||||||||||
| SWEDEN | 127,938 | 0.6 | ||||||||||||
| SWITZERLAND | ||||||||||||||
| 302,810 | Lonza Group AG. | 81,670 | 0.4 | |||||||||||
| 921,774 | Nestle S.A. | 79,251 | 0.4 | |||||||||||
| 1,416,455 | Novartis AG. | 119,198 | 0.6 | |||||||||||
| Other | 257,606 | 1.2 | ||||||||||||
| 537,725 | 2.6 | |||||||||||||
| TAIWAN | 52,877 | 0.3 | ||||||||||||
| THAILAND | 20,871 | 0.1 | ||||||||||||
| TURKEY | 16,730 | 0.1 | ||||||||||||
| UNITED ARAB EMIRATES | 4,674 | 0.0 | ||||||||||||
| UNITED KINGDOM | ||||||||||||||
| 1,379,550 | British American Tobacco plc | 93,256 | 0.4 | |||||||||||
| 5,661,236 | CNH Industrial NV | 75,739 | 0.4 | |||||||||||
| Other | 884,422 | 4.3 | ||||||||||||
| 1,053,417 | 5.1 | |||||||||||||
| UNITED STATES | ||||||||||||||
| 454,377 | 3M Co | 106,947 | 0.5 | |||||||||||
| 1,986,884 | Abbott Laboratories | 113,391 | 0.5 | |||||||||||
| 964,189 | AbbVie, Inc | 93,247 | 0.4 | |||||||||||
| 135,797 | * | Alphabet, Inc (Class A) | 143,049 | 0.7 | ||||||||||
| 183,937 | * | Alphabet, Inc (Class C) | 192,472 | 0.9 | ||||||||||
| 235,213 | * | Amazon.com, Inc | 275,074 | 1.3 | ||||||||||
| 2,526,772 | Apple, Inc | 427,606 | 2.1 | |||||||||||
| 1,989,211 | AT&T, Inc | 77,340 | 0.4 | |||||||||||
| 50 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments | continued |
CREF Global Equities Account ■ December 31, 2017
| Shares | Company | Value (000) |
% of net assets |
||||||||||||||||
| UNITED STATES—continued | |||||||||||||||||||
| 8,114,492 | Bank of America Corp | $ | 239,540 | 1.2 | % | ||||||||||||||
| 648,439 | * | Berkshire Hathaway, Inc (Class B) | 128,534 | 0.6 | |||||||||||||||
| 309,458 | Broadcom Ltd | 79,500 | 0.4 | ||||||||||||||||
| 533,579 | Caterpillar, Inc | 84,081 | 0.4 | ||||||||||||||||
| 1,004,085 | Chevron Corp | 125,701 | 0.6 | ||||||||||||||||
| 561,618 | Cigna Corp | 114,059 | 0.5 | ||||||||||||||||
| 4,574,063 | Cisco Systems, Inc | 175,187 | 0.8 | ||||||||||||||||
| 1,163,778 | Citigroup, Inc | 86,597 | 0.4 | ||||||||||||||||
| 2,002,059 | Coca-Cola Co | 91,854 | 0.4 | ||||||||||||||||
| 4,602,619 | Comcast Corp (Class A) | 184,335 | 0.9 | ||||||||||||||||
| 631,437 | * | Concho Resources, Inc | 94,854 | 0.5 | |||||||||||||||
| 1,439,135 | DowDuPont, Inc | 102,495 | 0.5 | ||||||||||||||||
| 1,129,465 | EOG Resources, Inc | 121,881 | 0.6 | ||||||||||||||||
| 1,527,387 | d | Exxon Mobil Corp | 127,751 | 0.6 | |||||||||||||||
| 1,330,362 | * | Facebook, Inc | 234,756 | 1.1 | |||||||||||||||
| 612,394 | Home Depot, Inc | 116,067 | 0.6 | ||||||||||||||||
| 515,427 | Honeywell International, Inc | 79,046 | 0.4 | ||||||||||||||||
| 2,516,197 | Intel Corp | 116,148 | 0.6 | ||||||||||||||||
| 1,436,256 | iShares MSCI EAFE Index Fund | 100,983 | 0.5 | ||||||||||||||||
| 1,126,972 | Johnson & Johnson | 157,460 | 0.8 | ||||||||||||||||
| 2,239,659 | JPMorgan Chase & Co | 239,509 | 1.1 | ||||||||||||||||
| 562,620 | McDonald’s Corp | 96,838 | 0.5 | ||||||||||||||||
| 3,604,230 | Microsoft Corp | 308,306 | 1.5 | ||||||||||||||||
| 1,864,755 | Oracle Corp | 88,166 | 0.4 | ||||||||||||||||
| 1,126,744 | * | PayPal Holdings, Inc | 82,951 | 0.4 | |||||||||||||||
| 3,766,561 | Pfizer, Inc | 136,425 | 0.7 | ||||||||||||||||
| 981,708 | Philip Morris International, Inc | 103,717 | 0.5 | ||||||||||||||||
| 780,098 | Union Pacific Corp | 104,611 | 0.5 | ||||||||||||||||
| 492,266 | UnitedHealth Group, Inc | 108,525 | 0.5 | ||||||||||||||||
| Other | 7,097,629 | 34.2 | |||||||||||||||||
| 12,356,632 | 59.5 | ||||||||||||||||||
| URUGUAY | 38,627 | 0.2 | |||||||||||||||||
| ZAMBIA | 2,250 | 0.0 | |||||||||||||||||
| TOTAL COMMON STOCKS | (Cost $16,325,362) | 20,417,899 | 98.3 | ||||||||||||||||
| RIGHTS / WARRANTS | |||||||||||||||||||
| SPAIN | 116 | 0.0 | |||||||||||||||||
| TOTAL RIGHTS / WARRANTS | (Cost $116) | 116 | 0.0 | ||||||||||||||||
| Principal | Issuer | ||||||||||||||||||
| SHORT-TERM INVESTMENTS | |||||||||||||||||||
| GOVERNMENT AGENCY DEBT | 10,108 | 0.1 | |||||||||||||||||
| TREASURY DEBT | |||||||||||||||||||
| $ | 98,275,000 | United States Treasury Bill | 1.094%–1.211%, 01/04/18 | 98,269 | 0.5 | ||||||||||||||
| 88,000,000 | United States Treasury Bill | 1.193%, 01/18/18 | 87,951 | 0.4 | |||||||||||||||
| Other | 142,938 | 0.7 | |||||||||||||||||
| 329,158 | 1.6 | ||||||||||||||||||
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 51 |
| Summary portfolio of investments | concluded |
CREF Global Equities Account ■ December 31, 2017
| Principal | Issuer | Value (000) |
% of net assets |
||||||||||||||||
| INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED | |||||||||||||||||||
| GOVERNMENT AGENCY DEBT | $ | 5,000 | 0.0 | % | |||||||||||||||
| REPURCHASE AGREEMENTS | 273,000 | 1.3 | |||||||||||||||||
| VARIABLE RATE SECURITIES | 8,505 | 0.0 | |||||||||||||||||
| TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED | 286,505 | 1.3 | |||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | (Cost $625,774) | 625,771 | 3.0 | ||||||||||||||||
| TOTAL PORTFOLIO | (Cost $16,951,252) | $ | 21,043,786 | 101.3 | |||||||||||||||
| OTHER ASSETS & LIABILITIES, NET | (269,548 | ) | (1.3 | ) | |||||||||||||||
| NET ASSETS | $ | 20,774,238 | 100.0 | % | |||||||||||||||
| * | 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 12/31/17, the aggregate value of securities on loan is $328,662,000.
At 12/31/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $183,550,000 or 0.9% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
Agreements, 1.30%–1.42% dated 12/28/17–12/29/17 to be repurchased at $273,000,000 on 1/02/18–1/04/18, collateralized by U.S. Government Agency Securities valued at $278,471,000.
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.
Futures contracts outstanding as of December 31, 2017 were as follows (notional amounts and values are in thousands) (See Note 3):
| Description | Number of long (short contracts | ) | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation | ) | |||||||||||
| Mini MSCI EAFE Index | 302 | 3/16/18 | $ | 30,243 | $ | 30,887 | $ | 644 | ||||||||||
| S&P 500 E Mini Index | 1,604 | 3/16/18 | 211,081 | 214,615 | 3,534 | |||||||||||||
| Total | 1,906 | $ | 241,324 | $ | 245,502 | $ | 4,178 | |||||||||||
| 52 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements |
Summary of market values by sector
CREF Global Equities Account ■ December 31, 2017
| Sector | Value (000) | % of net assets | |||||||
| FINANCIALS | $ | 3,873,983 | 18.7 | % | |||||
| INFORMATION TECHNOLOGY | 3,670,116 | 17.7 | |||||||
| CONSUMER DISCRETIONARY | 2,741,536 | 13.2 | |||||||
| INDUSTRIALS | 2,412,595 | 11.6 | |||||||
| HEALTH CARE | 2,290,489 | 11.0 | |||||||
| CONSUMER STAPLES | 1,539,602 | 7.4 | |||||||
| ENERGY | 1,356,127 | 6.5 | |||||||
| MATERIALS | 1,310,719 | 6.3 | |||||||
| REAL ESTATE | 432,709 | 2.1 | |||||||
| TELECOMMUNICATION SERVICES | 395,647 | 1.9 | |||||||
| UTILITIES | 394,492 | 1.9 | |||||||
| SHORT-TERM INVESTMENTS | 625,771 | 3.0 | |||||||
| OTHER ASSETS & LIABILITES, NET | (269,548 | ) | (1.3 | ) | |||||
| NET ASSETS | $ | 20,774,238 | 100.0 | % | |||||
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 53 |
Summary portfolio of investments
CREF Growth Account ■ December 31, 2017
| Shares | Company | Value (000) | % of net assets |
|||||||||||||
| COMMON STOCKS | ||||||||||||||||
| AUTOMOBILES & COMPONENTS | $ | 292,040 | 1.1 | % | ||||||||||||
| BANKS | ||||||||||||||||
| 4,732,950 | Bank of America Corp | 139,717 | 0.5 | |||||||||||||
| Other | 79,581 | 0.3 | ||||||||||||||
| 219,298 | 0.8 | |||||||||||||||
| CAPITAL GOODS | ||||||||||||||||
| 897,205 | 3M Co | 211,175 | 0.8 | |||||||||||||
| 1,112,527 | Boeing Co | 328,095 | 1.3 | |||||||||||||
| 1,305,815 | Honeywell International, Inc | 200,260 | 0.8 | |||||||||||||
| 833,725 | Parker-Hannifin Corp | 166,395 | 0.7 | |||||||||||||
| 537,884 | Roper Industries, Inc | 139,312 | 0.5 | |||||||||||||
| Other | 902,883 | 3.5 | ||||||||||||||
| 1,948,120 | 7.6 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 99,545 | 0.4 | ||||||||||||||
| CONSUMER DURABLES & APPAREL | 430,799 | 1.7 | ||||||||||||||
| CONSUMER SERVICES | ||||||||||||||||
| 1,423,704 | Marriott International, Inc (Class A) | 193,239 | 0.8 | |||||||||||||
| 3,756,322 | Starbucks Corp | 215,726 | 0.8 | |||||||||||||
| Other | 375,334 | 1.5 | ||||||||||||||
| 784,299 | 3.1 | |||||||||||||||
| DIVERSIFIED FINANCIALS | ||||||||||||||||
| 1,259,500 | e | iShares Russell 1000 Growth Index Fund | 169,629 | 0.7 | ||||||||||||
| Other | 719,314 | 2.8 | ||||||||||||||
| 888,943 | 3.5 | |||||||||||||||
| ENERGY | 277,248 | 1.1 | ||||||||||||||
| FOOD & STAPLES RETAILING | ||||||||||||||||
| 1,225,234 | Wal-Mart Stores, Inc | 120,992 | 0.5 | |||||||||||||
| Other | 111,802 | 0.4 | ||||||||||||||
| 232,794 | 0.9 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO | ||||||||||||||||
| 1,355,648 | Costco Wholesale Corp | 252,313 | 1.0 | |||||||||||||
| 2,837,926 | * | Monster Beverage Corp | 179,613 | 0.7 | ||||||||||||
| Other | 431,097 | 1.7 | ||||||||||||||
| 863,023 | 3.4 | |||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
| 703,465 | Cigna Corp | 142,867 | 0.6 | |||||||||||||
| 668,558 | * | Intuitive Surgical, Inc | 243,984 | 0.9 | ||||||||||||
| 1,597,943 | UnitedHealth Group, Inc | 352,282 | 1.4 | |||||||||||||
| Other | 645,877 | 2.5 | ||||||||||||||
| 1,385,010 | 5.4 | |||||||||||||||
| 54 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments | continued |
| CREF Growth Account ■ December 31, 2017 |
| Shares | Company | Value (000) | % of net assets |
|||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
| 1,466,049 | Estee Lauder Cos (Class A) | $ | 186,540 | 0.7 | % | |||||||||||
| Other | 61,174 | 0.3 | ||||||||||||||
| 247,714 | 1.0 | |||||||||||||||
| INSURANCE | 155,982 | 0.6 | ||||||||||||||
| MATERIALS | ||||||||||||||||
| 334,349 | Sherwin-Williams Co | 137,097 | 0.5 | |||||||||||||
| Other | 634,305 | 2.5 | ||||||||||||||
| 771,402 | 3.0 | |||||||||||||||
| MEDIA | ||||||||||||||||
| 7,164,226 | Comcast Corp (Class A) | 286,927 | 1.1 | |||||||||||||
| 1,124,854 | Walt Disney Co | 120,933 | 0.5 | |||||||||||||
| Other | 147,321 | 0.6 | ||||||||||||||
| 555,181 | 2.2 | |||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
| 2,134,518 | AbbVie, Inc | 206,429 | 0.8 | |||||||||||||
| 1,265,160 | * | Alexion Pharmaceuticals, Inc | 151,300 | 0.6 | ||||||||||||
| 420,300 | * | Biogen Idec, Inc | 133,895 | 0.5 | ||||||||||||
| 1,937,597 | Bristol-Myers Squibb Co | 118,736 | 0.5 | |||||||||||||
| 1,841,022 | * | Celgene Corp | 192,129 | 0.8 | ||||||||||||
| 739,622 | * | Illumina, Inc | 161,600 | 0.6 | ||||||||||||
| 2,611,660 | Zoetis, Inc | 188,144 | 0.7 | |||||||||||||
| Other | 829,544 | 3.2 | ||||||||||||||
| 1,981,777 | 7.7 | |||||||||||||||
| REAL ESTATE | 200,044 | 0.8 | ||||||||||||||
| RETAILING | ||||||||||||||||
| 921,567 | * | Amazon.com, Inc | 1,077,745 | 4.2 | ||||||||||||
| 2,392,976 | Home Depot, Inc | 453,541 | 1.8 | |||||||||||||
| 653,952 | * | NetFlix, Inc | 125,532 | 0.5 | ||||||||||||
| 1,598,873 | TJX Companies, Inc | 122,250 | 0.5 | |||||||||||||
| Other | 952,170 | 3.7 | ||||||||||||||
| 2,731,238 | 10.7 | |||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
| 5,273,238 | Applied Materials, Inc | 269,568 | 1.1 | |||||||||||||
| 1,483,271 | Broadcom Ltd | 381,052 | 1.5 | |||||||||||||
| 948,860 | NVIDIA Corp | 183,605 | 0.7 | |||||||||||||
| Other | 341,548 | 1.3 | ||||||||||||||
| 1,175,773 | 4.6 | |||||||||||||||
| SOFTWARE & SERVICES | ||||||||||||||||
| 2,086,383 | Activision Blizzard, Inc | 132,110 | 0.5 | |||||||||||||
| 1,769,439 | * | Adobe Systems, Inc | 310,076 | 1.2 | ||||||||||||
| 410,748 | * | Alphabet, Inc (Class A) | 432,682 | 1.7 | ||||||||||||
| 883,761 | * | Alphabet, Inc (Class C) | 924,768 | 3.6 | ||||||||||||
| 4,094,844 | * | eBay, Inc | 154,539 | 0.6 | ||||||||||||
| 5,057,402 | * | Facebook, Inc | 892,429 | 3.5 | ||||||||||||
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 55 |
| Summary portfolio of investments | continued |
| CREF Growth Account ■ December 31, 2017 |
| Shares | Company | Value (000) | % of net assets |
|||||||||||||||
| SOFTWARE & SERVICES—continued | ||||||||||||||||||
| 1,541,782 | * | IAC/InterActiveCorp | $ | 188,529 | 0.7 | % | ||||||||||||
| 2,775,014 | Intuit, Inc | 437,842 | 1.7 | |||||||||||||||
| 2,743,490 | MasterCard, Inc (Class A) | 415,255 | 1.6 | |||||||||||||||
| 15,045,817 | Microsoft Corp | 1,287,019 | 5.0 | |||||||||||||||
| 5,054,500 | * | PayPal Holdings, Inc | 372,112 | 1.5 | ||||||||||||||
| 3,495,941 | * | salesforce.com, Inc | 357,390 | 1.4 | ||||||||||||||
| 5,341,612 | Visa, Inc (Class A) | 609,051 | 2.4 | |||||||||||||||
| Other | 1,446,045 | 5.7 | ||||||||||||||||
| 7,959,847 | 31.1 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||||
| 7,544,997 | Apple, Inc | 1,276,840 | 5.0 | |||||||||||||||
| Other | 188,737 | 0.7 | ||||||||||||||||
| 1,465,577 | 5.7 | |||||||||||||||||
| TELECOMMUNICATION SERVICES | 91,544 | 0.4 | ||||||||||||||||
| TRANSPORTATION | ||||||||||||||||||
| 714,853 | FedEx Corp | 178,385 | 0.7 | |||||||||||||||
| 2,278,713 | Union Pacific Corp | 305,575 | 1.2 | |||||||||||||||
| Other | 192,443 | 0.7 | ||||||||||||||||
| 676,403 | 2.6 | |||||||||||||||||
| UTILITIES | 183 | 0.0 | ||||||||||||||||
| TOTAL COMMON STOCKS | (Cost $18,292,993) | 25,433,784 | 99.4 | |||||||||||||||
| Principal | Issuer | |||||||||||||||||
| SHORT-TERM INVESTMENTS | ||||||||||||||||||
| GOVERNMENT AGENCY DEBT | 9,078 | 0.1 | ||||||||||||||||
| TREASURY DEBT | 123,770 | 0.5 | ||||||||||||||||
| Shares | Company | |||||||||||||||||
| INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||||
| 234,708,304 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 234,708 | 0.9 | ||||||||||||||
| 234,708 | 0.9 | |||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | (Cost $367,546) | 367,556 | 1.5 | |||||||||||||||
| TOTAL PORTFOLIO | (Cost $18,660,539) | 25,801,340 | 100.9 | |||||||||||||||
| OTHER ASSETS & LIABILITIES, NET | (220,305 | ) | (0.9 | ) | ||||||||||||||
| NET ASSETS | $ | 25,581,035 | 100.0 | % | ||||||||||||||
| 56 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments | concluded |
| CREF Growth Account ■ December 31, 2017 |
| * | 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 $225,447,000. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 12/31/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $35,023,000 or 0.1% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 57 |
Summary portfolio of investments
CREF Equity Index Account ■ December 31, 2017
| Shares | Company | Value (000) | % of net assets |
|||||||||||||
| COMMON STOCKS | ||||||||||||||||
| AUTOMOBILES & COMPONENTS | $ | 185,583 | 0.9 | % | ||||||||||||
| BANKS | ||||||||||||||||
| 6,879,382 | Bank of America Corp | 203,080 | 1.0 | |||||||||||||
| 1,876,485 | Citigroup, Inc | 139,629 | 0.7 | |||||||||||||
| 2,450,698 | JPMorgan Chase & Co | 262,078 | 1.4 | |||||||||||||
| 3,140,565 | Wells Fargo & Co | 190,538 | 1.0 | |||||||||||||
| Other | 549,461 | 2.8 | ||||||||||||||
| 1,344,786 | 6.9 | |||||||||||||||
| CAPITAL GOODS | ||||||||||||||||
| 411,223 | 3M Co | 96,790 | 0.5 | |||||||||||||
| 393,913 | Boeing Co | 116,169 | 0.6 | |||||||||||||
| 6,154,149 | General Electric Co | 107,390 | 0.6 | |||||||||||||
| 539,184 | Honeywell International, Inc | 82,689 | 0.4 | |||||||||||||
| Other | 1,115,420 | 5.7 | ||||||||||||||
| 1,518,458 | 7.8 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 174,859 | 0.9 | ||||||||||||||
| CONSUMER DURABLES & APPAREL | 275,564 | 1.4 | ||||||||||||||
| CONSUMER SERVICES | ||||||||||||||||
| 566,374 | McDonald’s Corp | 97,484 | 0.5 | |||||||||||||
| Other | 351,908 | 1.8 | ||||||||||||||
| 449,392 | 2.3 | |||||||||||||||
| DIVERSIFIED FINANCIALS | 779,091 | 4.0 | ||||||||||||||
| ENERGY | ||||||||||||||||
| 1,341,045 | Chevron Corp | 167,885 | 0.8 | |||||||||||||
| 3,008,437 | d | Exxon Mobil Corp | 251,626 | 1.3 | ||||||||||||
| Other | 699,536 | 3.6 | ||||||||||||||
| 1,119,047 | 5.7 | |||||||||||||||
| FOOD & STAPLES RETAILING | ||||||||||||||||
| 1,018,845 | Wal-Mart Stores, Inc | 100,611 | 0.5 | |||||||||||||
| Other | 154,881 | 0.8 | ||||||||||||||
| 255,492 | 1.3 | |||||||||||||||
| FOOD, BEVERAGE & TOBACCO | ||||||||||||||||
| 1,354,690 | Altria Group, Inc | 96,738 | 0.5 | |||||||||||||
| 2,724,282 | Coca-Cola Co | 124,990 | 0.7 | |||||||||||||
| 1,010,205 | PepsiCo, Inc | 121,144 | 0.6 | |||||||||||||
| 1,098,105 | Philip Morris International, Inc | 116,015 | 0.6 | |||||||||||||
| Other | 397,311 | 2.0 | ||||||||||||||
| 856,198 | 4.4 | |||||||||||||||
| 58 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments | continued |
| CREF Equity Index Account ■ December 31, 2017 |
| Shares | Company | Value (000) | % of net assets |
|||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | ||||||||||||||||
| 1,196,420 | Abbott Laboratories | $ | 68,280 | 0.4 | % | |||||||||||
| 962,283 | Medtronic plc | 77,704 | 0.4 | |||||||||||||
| 679,008 | UnitedHealth Group, Inc | 149,694 | 0.8 | |||||||||||||
| Other | 750,129 | 3.7 | ||||||||||||||
| 1,045,807 | 5.3 | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | ||||||||||||||||
| 1,816,986 | Procter & Gamble Co | 166,945 | 0.9 | |||||||||||||
| Other | 143,355 | 0.7 | ||||||||||||||
| 310,300 | 1.6 | |||||||||||||||
| INSURANCE | ||||||||||||||||
| 1,365,511 | * | Berkshire Hathaway, Inc (Class B) | 270,672 | 1.4 | ||||||||||||
| Other | 549,528 | 2.8 | ||||||||||||||
| 820,200 | 4.2 | |||||||||||||||
| MATERIALS | ||||||||||||||||
| 1,652,252 | DowDuPont, Inc | 117,673 | 0.6 | |||||||||||||
| Other | 553,255 | 2.8 | ||||||||||||||
| 670,928 | 3.4 | |||||||||||||||
| MEDIA | ||||||||||||||||
| 3,292,900 | Comcast Corp (Class A) | 131,881 | 0.7 | |||||||||||||
| 1,095,574 | Walt Disney Co | 117,785 | 0.6 | |||||||||||||
| Other | 266,556 | 1.3 | ||||||||||||||
| 516,222 | 2.6 | |||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | ||||||||||||||||
| 1,126,960 | AbbVie, Inc | 108,988 | 0.5 | |||||||||||||
| 521,244 | Amgen, Inc | 90,645 | 0.5 | |||||||||||||
| 1,163,954 | Bristol-Myers Squibb Co | 71,327 | 0.4 | |||||||||||||
| 1,913,923 | Johnson & Johnson | 267,413 | 1.4 | |||||||||||||
| 4,192,182 | Pfizer, Inc | 151,841 | 0.8 | |||||||||||||
| 1,936,964 | * | Schering-Plough Corp | 108,993 | 0.5 | ||||||||||||
| Other | 736,362 | 3.8 | ||||||||||||||
| 1,535,569 | 7.9 | |||||||||||||||
| REAL ESTATE | 747,003 | 3.8 | ||||||||||||||
| RETAILING | ||||||||||||||||
| 281,953 | * | Amazon.com, Inc | 329,736 | 1.7 | ||||||||||||
| 836,846 | Home Depot, Inc | 158,607 | 0.8 | |||||||||||||
| Other | 522,769 | 2.7 | ||||||||||||||
| 1,011,112 | 5.2 | |||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | ||||||||||||||||
| 285,428 | Broadcom Ltd | 73,326 | 0.4 | |||||||||||||
| 3,338,534 | Intel Corp | 154,107 | 0.8 | |||||||||||||
| 401,167 | NVIDIA Corp | 77,626 | 0.4 | |||||||||||||
| 707,335 | Texas Instruments, Inc | 73,874 | 0.4 | |||||||||||||
| Other | 364,628 | 1.8 | ||||||||||||||
| 743,561 | 3.8 | |||||||||||||||
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 59 |
| Summary portfolio of investments | continued |
| CREF Equity Index Account ■ December 31, 2017 |
| Shares | Company | Value (000) | % of net assets |
|||||||||||||||
| SOFTWARE & SERVICES | ||||||||||||||||||
| 211,256 | * | Alphabet, Inc (Class A) | $ | 222,537 | 1.1 | % | ||||||||||||
| 214,608 | * | Alphabet, Inc (Class C) | 224,566 | 1.2 | ||||||||||||||
| 1,656,330 | * | Facebook, Inc | 292,276 | 1.5 | ||||||||||||||
| 600,790 | International Business Machines Corp | 92,173 | 0.5 | |||||||||||||||
| 667,120 | MasterCard, Inc (Class A) | 100,975 | 0.5 | |||||||||||||||
| 5,322,804 | Microsoft Corp | 455,313 | 2.3 | |||||||||||||||
| 2,069,569 | Oracle Corp | 97,849 | 0.5 | |||||||||||||||
| 1,291,614 | Visa, Inc (Class A) | 147,270 | 0.8 | |||||||||||||||
| Other | 1,002,303 | 5.1 | ||||||||||||||||
| 2,635,262 | 13.5 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | ||||||||||||||||||
| 3,646,101 | Apple, Inc | 617,030 | 3.2 | |||||||||||||||
| 3,517,494 | Cisco Systems, Inc | 134,720 | 0.7 | |||||||||||||||
| Other | 319,134 | 1.6 | ||||||||||||||||
| 1,070,884 | 5.5 | |||||||||||||||||
| TELECOMMUNICATION SERVICES | ||||||||||||||||||
| 4,364,685 | AT&T, Inc | 169,699 | 0.9 | |||||||||||||||
| 2,894,879 | Verizon Communications, Inc | 153,226 | 0.8 | |||||||||||||||
| Other | 45,484 | 0.2 | ||||||||||||||||
| 368,409 | 1.9 | |||||||||||||||||
| TRANSPORTATION | ||||||||||||||||||
| 558,898 | Union Pacific Corp | 74,948 | 0.4 | |||||||||||||||
| Other | 349,981 | 1.8 | ||||||||||||||||
| 424,929 | 2.2 | |||||||||||||||||
| UTILITIES | 576,657 | 3.0 | ||||||||||||||||
| TOTAL COMMON STOCKS | (Cost $8,789,287) | 19,435,313 | 99.5 | |||||||||||||||
| RIGHTS / WARRANTS | ||||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 13 | 0.0 | ||||||||||||||||
| TOTAL RIGHTS / WARRANTS | (Cost $1) | 13 | 0.0 | |||||||||||||||
| Principal | Issuer | |||||||||||||||||
| SHORT-TERM INVESTMENTS | ||||||||||||||||||
| GOVERNMENT AGENCY DEBT | 13,747 | 0.1 | ||||||||||||||||
| TREASURY DEBT | 56,208 | 0.3 | ||||||||||||||||
| Shares | Company | |||||||||||||||||
| INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | ||||||||||||||||||
| 298,568,066 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 298,568 | 1.5 | ||||||||||||||
| 298,568 | 1.5 | |||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | (Cost $368,521) | 368,523 | 1.9 | |||||||||||||||
| TOTAL PORTFOLIO | (Cost $9,157,809) | 19,803,849 | 101.4 | |||||||||||||||
| OTHER ASSETS & LIABILITIES, NET | (269,742 | ) | (1.4 | ) | ||||||||||||||
| NET ASSETS | $ | 19,534,107 | 100.0 | % | ||||||||||||||
| 60 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments | concluded |
| CREF Equity Index Account ■ December 31, 2017 |
| * | 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 12/31/17, the aggregate value of securities on loan is $287,356,000.
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.
Futures contracts outstanding as of December 31, 2017 were as follows (notional amounts and values are in thousands) (See Note 3):
| Description | Number of long (short contracts | ) | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation | ) | |||||||||||
| Russell 2000 E Mini Index | 74 | 3/16/18 | $ | 5,606 | $ | 5,685 | $ 79 | |||||||||||
| S&P 500 E Mini Index | 347 | 3/16/18 | 45,848 | 46,429 | 581 | |||||||||||||
| S&P Mid-Cap 400 E Mini Index | 29 | 3/16/18 | 5,448 | 5,517 | 69 | |||||||||||||
| Total | 450 | $ | 56,902 | $ | 57,631 | $729 | ||||||||||||
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 61 |
Summary portfolio of investments
CREF Bond Market Account ■ December 31, 2017
| Principal | Issuer | Value (000) | % of net assets |
||||||||||||||||
| BANK LOAN OBLIGATIONS | |||||||||||||||||||
| CAPITAL GOODS | $ | 2,293 | 0.0 | % | |||||||||||||||
| CONSUMER DURABLES & APPAREL | 903 | 0.0 | |||||||||||||||||
| CONSUMER SERVICES | 3,397 | 0.0 | |||||||||||||||||
| DIVERSIFIED FINANCIALS | 198 | 0.0 | |||||||||||||||||
| ENERGY | 1,886 | 0.0 | |||||||||||||||||
| FOOD & STAPLES RETAILING | 203 | 0.0 | |||||||||||||||||
| FOOD, BEVERAGE & TOBACCO | 3,011 | 0.0 | |||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 7,535 | 0.1 | |||||||||||||||||
| MATERIALS | 4,410 | 0.1 | |||||||||||||||||
| MEDIA | 5,639 | 0.1 | |||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 125 | 0.0 | |||||||||||||||||
| REAL ESTATE | 1,651 | 0.0 | |||||||||||||||||
| RETAILING | 2,239 | 0.0 | |||||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,488 | 0.0 | |||||||||||||||||
| SOFTWARE & SERVICES | 1,519 | 0.0 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 872 | 0.0 | |||||||||||||||||
| TRANSPORTATION | 1,285 | 0.0 | |||||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | (Cost $39,079) | 38,654 | 0.3 | ||||||||||||||||
| BONDS | |||||||||||||||||||
| CORPORATE BONDS | |||||||||||||||||||
| AUTOMOBILES & COMPONENTS | 73,636 | 0.5 | |||||||||||||||||
| BANKS | |||||||||||||||||||
| $ | 50,075,000 | Citigroup, Inc | 3.200%, 10/21/26 | 49,670 | 0.4 | ||||||||||||||
| 40,000,000 | Royal Bank of Canada | 1.875%, 02/05/20 | 39,665 | 0.2 | |||||||||||||||
| Other | 815,856 | 5.9 | |||||||||||||||||
| 905,191 | 6.5 | ||||||||||||||||||
| CAPITAL GOODS | 113,599 | 0.8 | |||||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 71,557 | 0.5 | |||||||||||||||||
| CONSUMER DURABLES & APPAREL | 20,794 | 0.2 | |||||||||||||||||
| CONSUMER SERVICES | 163,748 | 1.2 | |||||||||||||||||
| DIVERSIFIED FINANCIALS | |||||||||||||||||||
| 45,550,000 | Wells Fargo & Co | 2.625%, 07/22/22 | 45,299 | 0.3 | |||||||||||||||
| Other | 486,283 | 3.5 | |||||||||||||||||
| 531,582 | 3.8 | ||||||||||||||||||
| ENERGY | 385,768 | 2.8 | |||||||||||||||||
| FOOD & STAPLES RETAILING | 40,849 | 0.3 | |||||||||||||||||
| FOOD, BEVERAGE & TOBACCO | 132,791 | 1.0 | |||||||||||||||||
| 62 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments | continued |
| CREF Bond Market Account ■ December 31, 2017 |
| Principal | Issuer | Value (000) | % of net assets |
||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | $ | 113,103 | 0.8 | % | |||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | 21,531 | 0.2 | |||||||||||||||||
| INSURANCE | 176,657 | 1.3 | |||||||||||||||||
| MATERIALS | 182,495 | 1.4 | |||||||||||||||||
| MEDIA | 180,916 | 1.4 | |||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 200,066 | 1.4 | |||||||||||||||||
| REAL ESTATE | 193,930 | 1.4 | |||||||||||||||||
| RETAILING | 84,805 | 0.6 | |||||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 30,685 | 0.2 | |||||||||||||||||
| SOFTWARE & SERVICES | 117,032 | 0.9 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 130,061 | 0.9 | |||||||||||||||||
| TELECOMMUNICATION SERVICES | 205,414 | 1.5 | |||||||||||||||||
| TRANSPORTATION | 109,368 | 0.8 | |||||||||||||||||
| UTILITIES | 513,988 | 3.7 | |||||||||||||||||
| TOTAL CORPORATE BONDS | (Cost $4,608,466) | 4,699,566 | 34.1 | ||||||||||||||||
| GOVERNMENT BONDS | |||||||||||||||||||
| AGENCY SECURITIES | |||||||||||||||||||
| $ | 35,000,000 | Private Export Funding Corp (PEFCO) | 4.300%, 12/15/21 | 37,676 | 0.3 | ||||||||||||||
| Other | 166,400 | 1.1 | |||||||||||||||||
| 204,076 | 1.4 | ||||||||||||||||||
| FOREIGN GOVERNMENT BONDS | 741,548 | 5.4 | |||||||||||||||||
| MORTGAGE BACKED | |||||||||||||||||||
| 38,022,291 | Federal Home Loan Mortgage Corp (FHLMC) | 3.500%, 08/15/43 | 39,252 | 0.3 | |||||||||||||||
| 69,130,144 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 3.500%, 10/01/45 | 71,471 | 0.5 | |||||||||||||||
| 42,771,835 | FGLMC | 4.000%, 12/01/45 | 45,210 | 0.3 | |||||||||||||||
| 129,894,034 | FGLMC | 3.500%, 08/01/46 | 134,260 | 1.0 | |||||||||||||||
| 57,543,481 | h | Federal National Mortgage Association (FNMA) | 3.000%, 11/01/32 | 58,656 | 0.4 | ||||||||||||||
| 43,382,447 | FNMA | 3.000%, 02/25/45 | 43,514 | 0.3 | |||||||||||||||
| 48,732,726 | FNMA | 4.000%, 09/01/45 | 51,421 | 0.4 | |||||||||||||||
| 44,244,477 | FNMA | 4.000%, 01/01/46 | 46,786 | 0.3 | |||||||||||||||
| 77,223,526 | FNMA | 3.000%, 11/01/46 | 77,278 | 0.6 | |||||||||||||||
| 85,449,579 | FNMA | 3.000%, 12/01/46 | 85,510 | 0.6 | |||||||||||||||
| 98,959,100 | FNMA | 3.500%, 12/01/46 | 101,715 | 0.8 | |||||||||||||||
| 58,330,295 | h | FNMA | 3.000%, 01/01/47 | 58,372 | 0.4 | ||||||||||||||
| 143,757,628 | FNMA | 3.500%, 01/01/47 | 147,761 | 1.1 | |||||||||||||||
| 166,626,426 | h | FNMA | 4.000%, 09/01/47 | 174,505 | 1.3 | ||||||||||||||
| 96,383,610 | FNMA | 4.500%, 10/01/47 | 102,667 | 0.7 | |||||||||||||||
| 745,619,494 | FNMA | 2.500%–9.000%, 03/01/23–02/25/48 | 782,119 | 5.6 | |||||||||||||||
| 74,383,762 | Government National Mortgage Association (GNMA) | 3.500%, 08/20/47 | 77,027 | 0.6 | |||||||||||||||
| 153,841,632 | h | GNMA | 3.000%, 12/20/47 | 155,347 | 1.1 | ||||||||||||||
| 106,980,000 | h | GNMA | 3.500%, 12/20/47 | 110,781 | 0.8 | ||||||||||||||
| Other | 224,671 | 1.5 | |||||||||||||||||
| 2,588,323 | 18.6 | ||||||||||||||||||
| MUNICIPAL BONDS | 496,878 | 3.6 | |||||||||||||||||
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 63 |
| Summary portfolio of investments | continued |
| CREF Bond Market Account ■ December 31, 2017 |
| Principal | Issuer | Value (000) | % of net assets |
||||||||||||||||
| U.S. TREASURY SECURITIES | |||||||||||||||||||
| $ | 106,186,000 | United States Treasury Bond | 5.375%, 02/15/31 | $ | 141,033 | 1.0 | % | ||||||||||||
| 65,602,000 | United States Treasury Bond | 4.500%, 02/15/36 | 84,396 | 0.6 | |||||||||||||||
| 38,000,000 | United States Treasury Bond | 3.500%, 02/15/39 | 43,363 | 0.3 | |||||||||||||||
| 56,375,000 | United States Treasury Bond | 3.625%, 08/15/43 | 65,729 | 0.5 | |||||||||||||||
| 35,680,000 | United States Treasury Bond | 3.000%, 05/15/45 | 37,430 | 0.2 | |||||||||||||||
| 81,710,000 | United States Treasury Bond | 2.875%, 08/15/45 | 83,705 | 0.6 | |||||||||||||||
| 102,850,000 | United States Treasury Bond | 2.500%, 05/15/46 | 97,725 | 0.7 | |||||||||||||||
| 72,500,000 | United States Treasury Bond | 2.750%, 11/15/47 | 72,537 | 0.5 | |||||||||||||||
| 120,000,000 | United States Treasury Note | 0.875%, 05/31/18 | 119,728 | 0.9 | |||||||||||||||
| 37,665,000 | United States Treasury Note | 0.875%, 07/15/18 | 37,530 | 0.2 | |||||||||||||||
| 71,675,000 | United States Treasury Note | 0.750%, 10/31/18 | 71,083 | 0.5 | |||||||||||||||
| 43,115,000 | United States Treasury Note | 1.250%, 05/31/19 | 42,755 | 0.3 | |||||||||||||||
| 50,000,000 | United States Treasury Note | 1.250%, 06/30/19 | 49,553 | 0.4 | |||||||||||||||
| 68,575,000 | United States Treasury Note | 1.375%, 07/31/19 | 68,052 | 0.5 | |||||||||||||||
| 48,700,000 | United States Treasury Note | 1.250%, 08/31/19 | 48,199 | 0.4 | |||||||||||||||
| 51,565,000 | United States Treasury Note | 1.500%, 08/15/20 | 50,990 | 0.4 | |||||||||||||||
| 40,110,000 | United States Treasury Note | 1.375%, 09/15/20 | 39,534 | 0.3 | |||||||||||||||
| 83,872,000 | United States Treasury Note | 8.000%, 11/15/21 | 102,177 | 0.7 | |||||||||||||||
| 100,000,000 | United States Treasury Note | 2.125%, 11/30/24 | 98,664 | 0.7 | |||||||||||||||
| Other | 540,101 | 4.0 | |||||||||||||||||
| 1,894,284 | 13.7 | ||||||||||||||||||
| TOTAL GOVERNMENT BONDS | (Cost $5,898,294) | 5,925,109 | 42.7 | ||||||||||||||||
| STRUCTURED ASSETS | |||||||||||||||||||
| ASSET BACKED | |||||||||||||||||||
| 39,990,000 | CNH Equipment Trust Series - 2017 C (Class A4) | 2.360%, 11/15/24 | 39,773 | 0.3 | |||||||||||||||
| 64,837,500 | g | Domino’s Pizza Master Issuer LLC Series - 2017 1A (Class A2II) | 3.082%, 07/25/47 | 64,126 | 0.4 | ||||||||||||||
| 40,569,592 | g | SpringCastle America Funding LLC Series - 2016 AA (Class A) | 3.050%, 04/25/29 | 40,821 | 0.3 | ||||||||||||||
| Other | 1,177,878 | 8.5 | |||||||||||||||||
| 1,322,598 | 9.5 | ||||||||||||||||||
| OTHER MORTGAGE BACKED | |||||||||||||||||||
| 44,000,000 | g | DBUBS Mortgage Trust Series - 2011 LC2A (Class A4) | 4.537%, 07/10/44 | 46,336 | 0.4 | ||||||||||||||
| 42,379,430 | i | Structured Agency Credit Risk Debt Note (STACR) Series - 2017 DNA3 (Class M1), LIBOR 1 M + 0.750% | 2.302%, 03/25/30 | 42,543 | 0.3 | ||||||||||||||
| 55,000,000 | g,i | WFRBS Commercial Mortgage Trust Series - 2011 C4 (Class A4) | 4.902%, 06/15/44 | 58,780 | 0.4 | ||||||||||||||
| Other | 1,300,282 | 9.4 | |||||||||||||||||
| 1,447,941 | 10.5 | ||||||||||||||||||
| TOTAL STRUCTURED ASSETS | (Cost $2,787,539) | 2,770,539 | 20.0 | ||||||||||||||||
| TOTAL BONDS | (Cost $13,294,299) | 13,395,214 | 96.8 | ||||||||||||||||
| 64 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments | continued |
| CREF Bond Market Account ■ December 31, 2017 |
| Shares | Company | Value (000) | % of net assets |
||||||||||||||||
| PREFERRED STOCKS | |||||||||||||||||||
| BANKS | $ | 17,485 | 0.1 | % | |||||||||||||||
| TOTAL PREFERRED STOCKS | (Cost $49,941) | 17,485 | 0.1 | ||||||||||||||||
| Principal | Issuer | ||||||||||||||||||
| SHORT-TERM INVESTMENTS | |||||||||||||||||||
| GOVERNMENT AGENCY DEBT | 20,285 | 0.2 | |||||||||||||||||
| TREASURY DEBT | |||||||||||||||||||
| $ | 49,370,000 | United States Treasury Bill | 1.176%–1.211%, 01/04/18 | 49,367 | 0.3 | ||||||||||||||
| 85,300,000 | United States Treasury Bill | 1.136%–1.168%, 01/11/18 | 85,275 | 0.6 | |||||||||||||||
| 105,000,000 | United States Treasury Bill | 1.121%–1.193%, 01/18/18 | 104,942 | 0.8 | |||||||||||||||
| Other | 11,065 | 0.1 | |||||||||||||||||
| 250,649 | 1.8 | ||||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | (Cost $270,881) | 270,934 | 2.0 | ||||||||||||||||
| TOTAL PORTFOLIO | (Cost $13,654,200) | 13,722,287 | 99.2 | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET | 118,444 | 0.8 | |||||||||||||||||
| NET ASSETS | $ | 13,840,731 | 100.0 | % | |||||||||||||||
Abbreviation(s):
| LIBOR | London Interbank Offered Rate |
| M | Month |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/17, the aggregate value of these securities, including those in “Other,” was $2,442,767,000 or 17.6% of net assets. |
| h | All or 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. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 65 |
| Summary portfolio of investments | concluded |
CREF Bond Market Account ■ December 31, 2017
Forward foreign currency contracts outstanding as of December 31, 2017 were as follows (dollar amounts are in thousands) (See Note 3):
| Currency | Currency | Unrealized | |||||||||||
| to be | to be | appreciation | |||||||||||
| purchased | Receive | sold | Deliver | Counterparty | Settlement date | (depreciation | ) | ||||||
| $ | 5,709 | AUD | 7,513 | Bank of America | 1/31/2018 | $ | (153 | ) | |||||
| $ | 24,090 | GBP | 18,118 | Bank of America | 1/31/2018 | (398 | ) | ||||||
| $ | 39,688 | JPY | 4,404,792 | Bank of America | 1/31/2018 | 535 | |||||||
| $ | 9,784 | KRW | 10,675,255 | Bank of America | 1/31/2018 | (223 | ) | ||||||
| $ | 1,503 | NOK | 12,473 | Bank of America | 1/31/2018 | (18 | ) | ||||||
| $ | 277 | NZD | 400 | Bank of America | 1/31/2018 | (6 | ) | ||||||
| $ | 953 | SGD | 1,287 | Bank of America | 1/31/2018 | (9 | ) | ||||||
| $ | 636 | SGD | 858 | Bank of America | 1/31/2018 | (6 | ) | ||||||
| $ | 818 | THB | 26,584 | Bank of America | 1/31/2018 | 1 | |||||||
| SEK | 12,808 | $ | 1,521 | Bank of America | 1/31/2018 | 44 | |||||||
| EUR | 2,391 | $ | 2,843 | Bank of America | 1/31/2018 | 31 | |||||||
| $ | 985 | ZAR | 13,650 | Bank of America | 1/31/2018 | (113 | ) | ||||||
| Total | $ | (315 | ) | ||||||||||
| $ | 7,458 | CAD | 9,544 | Morgan Stanley | 1/31/2018 | $ | (138 | ) | |||||
| $ | 971 | EUR | 825 | Morgan Stanley | 1/31/2018 | (21 | ) | ||||||
| $ | 872 | EUR | 733 | Morgan Stanley | 1/31/2018 | (8 | ) | ||||||
| $ | 91,211 | EUR | 76,474 | Morgan Stanley | 1/31/2018 | (721 | ) | ||||||
| $ | 462 | EUR | 388 | Morgan Stanley | 1/31/2018 | (5 | ) | ||||||
| $ | 903 | JPY | 100,456 | Morgan Stanley | 1/31/2018 | 10 | |||||||
| $ | 921 | NOK | 7,556 | Morgan Stanley | 1/31/2018 | (0 | )^ | ||||||
| $ | 917 | NOK | 7,521 | Morgan Stanley | 1/31/2018 | 0^ | |||||||
| $ | 1,725 | PLN | 6,103 | Morgan Stanley | 1/31/2018 | (29 | ) | ||||||
| $ | 2,154 | SEK | 17,873 | Morgan Stanley | 1/31/2018 | (29 | ) | ||||||
| KRW | 2,698,410 | $ | 2,483 | Morgan Stanley | 1/31/2018 | 47 | |||||||
| GBP | 1,411 | $ | 1,907 | Morgan Stanley | 1/31/2018 | 1 | |||||||
| KRW | 2,713,726 | $ | 2,494 | Morgan Stanley | 1/31/2018 | 50 | |||||||
| JPY | 200,912 | $ | 1,795 | Morgan Stanley | 1/31/2018 | (10 | ) | ||||||
| EUR | 930 | $ | 1,100 | Morgan Stanley | 1/31/2018 | 18 | |||||||
| Total | $ | (835 | ) | ||||||||||
| Total | $ | (1,150 | ) | ||||||||||
| ^ | Amount represents less than $1,000. |
Abbreviation(s):
| AUD | Australian Dollar | KRW | South Korean Won | SGD | Singapore Dollar |
| CAD | Canadian Dollar | NOK | Norwegian Krone | THB | Thailand Baht |
| EUR | Euro | NZD | New Zealand Dollar | ZAR | South African Rand |
| GBP | Pound Sterling | PLN | Polish Zloty | ||
| JPY | Japanese Yen | SEK | Swedish Krona | ||
| 66 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements |
Portfolio of investments
CREF Inflation-Linked Bond Account ■ December 31, 2017
| Value | % of net | ||||||||||||||||||
| Principal | Issuer | (000) | assets | ||||||||||||||||
| GOVERNMENT BONDS | |||||||||||||||||||
| AGENCY SECURITIES | |||||||||||||||||||
| $ | 16,740,000 | Montefiore Medical Center | 2.895%, 04/20/32 | $ | 16,216 | 0.2 | % | ||||||||||||
| 3,500,000 | Private Export Funding Corp (PEFCO) | 2.300%, 09/15/20 | 3,510 | 0.1 | |||||||||||||||
| 3,000,000 | PEFCO | 3.250%, 06/15/25 | 3,149 | 0.0 | |||||||||||||||
| 5,592,105 | Reliance Industries Ltd | 2.444%, 01/15/26 | 5,572 | 0.1 | |||||||||||||||
| 3,500,000 | Ukraine Government AID Bonds | 1.847%, 05/29/20 | 3,485 | 0.1 | |||||||||||||||
| 15,000,000 | Ukraine Government AID Bonds | 1.471%, 09/29/21 | 14,612 | 0.2 | |||||||||||||||
| 46,544 | 0.7 | ||||||||||||||||||
| MORTGAGE BACKED | |||||||||||||||||||
| 12,942,722 | Government National Mortgage Association (GNMA) | 3.650%, 02/15/32 | 13,466 | 0.2 | |||||||||||||||
| 13,466 | 0.2 | ||||||||||||||||||
| U.S. TREASURY SECURITIES | |||||||||||||||||||
| 92,486,450 | k | United States Treasury Inflation Indexed Bonds | 2.125%, 01/15/19 | 94,399 | 1.4 | ||||||||||||||
| 361,076,100 | k | United States Treasury Inflation Indexed Bonds | 0.125%, 04/15/19 | 360,306 | 5.5 | ||||||||||||||
| 142,096,980 | k | United States Treasury Inflation Indexed Bonds | 1.875%, 07/15/19 | 146,528 | 2.2 | ||||||||||||||
| 158,896,724 | k | United States Treasury Inflation Indexed Bonds | 1.375%, 01/15/20 | 163,085 | 2.5 | ||||||||||||||
| 470,307,380 | k | United States Treasury Inflation Indexed Bonds | 0.125%, 04/15/20 | 469,436 | 7.2 | ||||||||||||||
| 250,676,828 | k | United States Treasury Inflation Indexed Bonds | 1.250%, 07/15/20 | 258,894 | 3.9 | ||||||||||||||
| 339,342,953 | k | United States Treasury Inflation Indexed Bonds | 1.125%, 01/15/21 | 349,560 | 5.3 | ||||||||||||||
| 336,165,480 | k | United States Treasury Inflation Indexed Bonds | 0.125%, 04/15/21 | 334,873 | 5.1 | ||||||||||||||
| 351,096,352 | k | United States Treasury Inflation Indexed Bonds | 0.625%, 07/15/21 | 357,956 | 5.5 | ||||||||||||||
| 355,266,043 | k | United States Treasury Inflation Indexed Bonds | 0.125%, 01/15/22 | 353,954 | 5.4 | ||||||||||||||
| 169,891,900 | k | United States Treasury Inflation Indexed Bonds | 0.125%, 04/15/22 | 168,747 | 2.6 | ||||||||||||||
| 372,206,080 | k | United States Treasury Inflation Indexed Bonds | 0.125%, 07/15/22 | 371,845 | 5.7 | ||||||||||||||
| 314,183,100 | k | United States Treasury Inflation Indexed Bonds | 0.125%, 01/15/23 | 311,873 | 4.8 | ||||||||||||||
| 175,420,070 | k | United States Treasury Inflation Indexed Bonds | 0.375%, 07/15/23 | 176,818 | 2.7 | ||||||||||||||
| 134,523,610 | k | United States Treasury Inflation Indexed Bonds | 0.625%, 01/15/24 | 136,947 | 2.1 | ||||||||||||||
| 106,481,100 | k | United States Treasury Inflation Indexed Bonds | 0.125%, 07/15/24 | 105,286 | 1.6 | ||||||||||||||
| 169,753,090 | k | United States Treasury Inflation Indexed Bonds | 0.250%, 01/15/25 | 168,346 | 2.6 | ||||||||||||||
| 212,335,059 | k | United States Treasury Inflation Indexed Bonds | 2.375%, 01/15/25 | 242,097 | 3.7 | ||||||||||||||
| 91,534,080 | k | United States Treasury Inflation Indexed Bonds | 0.375%, 07/15/25 | 91,729 | 1.4 | ||||||||||||||
| 135,474,660 | k | United States Treasury Inflation Indexed Bonds | 0.625%, 01/15/26 | 137,729 | 2.1 | ||||||||||||||
| 230,943,310 | d,k | United States Treasury Inflation Indexed Bonds | 2.000%, 01/15/26 | 259,922 | 4.0 | ||||||||||||||
| 131,719,680 | k | United States Treasury Inflation Indexed Bonds | 0.125%, 07/15/26 | 128,788 | 2.0 | ||||||||||||||
| 165,936,875 | k | United States Treasury Inflation Indexed Bonds | 0.375%, 01/15/27 | 164,855 | 2.5 | ||||||||||||||
| 166,594,392 | k | United States Treasury Inflation Indexed Bonds | 2.375%, 01/15/27 | 195,035 | 3.0 | ||||||||||||||
| 53,948,330 | k | United States Treasury Inflation Indexed Bonds | 0.375%, 07/15/27 | 53,699 | 0.8 | ||||||||||||||
| 202,988,932 | k | United States Treasury Inflation Indexed Bonds | 1.750%, 01/15/28 | 228,312 | 3.5 | ||||||||||||||
| 99,168,977 | k | United States Treasury Inflation Indexed Bonds | 3.625%, 04/15/28 | 130,204 | 2.0 | ||||||||||||||
| 181,411,310 | k | United States Treasury Inflation Indexed Bonds | 2.500%, 01/15/29 | 220,225 | 3.4 | ||||||||||||||
| 148,681,572 | k | United States Treasury Inflation Indexed Bonds | 3.875%, 04/15/29 | 202,844 | 3.1 | ||||||||||||||
| 28,640,000 | United States Treasury Note | 1.625%, 08/31/22 | 27,929 | 0.4 | |||||||||||||||
| 2,500,000 | United States Treasury Note | 2.000%, 05/31/24 | 2,453 | 0.0 | |||||||||||||||
| 40,000,000 | United States Treasury Note | 2.000%, 06/30/24 | 39,225 | 0.6 | |||||||||||||||
| 6,453,899 | 98.6 | ||||||||||||||||||
| TOTAL GOVERNMENT BONDS | (Cost $6,300,353) | 6,513,909 | 99.5 | ||||||||||||||||
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 67 |
| Portfolio of investments | concluded |
CREF Inflation-Linked Bond Account ■ December 31, 2017
| Value | % of net | ||||||||||||||||||
| Principal | Issuer | (000) | assets | ||||||||||||||||
| SHORT-TERM INVESTMENTS | |||||||||||||||||||
| GOVERNMENT AGENCY DEBT | |||||||||||||||||||
| $ | 12,220,000 | Federal Home Loan Bank (FHLB) | 1.050%, 01/02/18 | $ | 12,220 | 0.2 | % | ||||||||||||
| 12,220 | 0.2 | ||||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | (Cost $12,220) | 12,220 | 0.2 | ||||||||||||||||
| TOTAL PORTFOLIO | (Cost $6,312,573) | 6,526,129 | 99.7 | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET | 20,426 | 0.3 | |||||||||||||||||
| NET ASSETS | $ | 6,546,555 | 100.0% | ||||||||||||||||
| d | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. |
| k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
| Cost amounts are in thousands. | |
Futures contracts outstanding as of December 31, 2017 were as follows (notional amounts and values are in thousands) (See Note 3):
| Number of | Unrealized | ||||||||||
| long (short | ) | Expiration | Notional | appreciation | |||||||
| Description | contracts | date | amount | Value | (depreciation | ) | |||||
| US 10YR NOTE (CBT) | (100) | 3/20/18 | $(12,442 | ) | $(12,405) | $37 |
| 68 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements |
Summary portfolio of investments
CREF Social Choice Account ■ December 31, 2017
| Value | % of net | ||||||||||||||||||
| Principal | Issuer | (000) | assets | ||||||||||||||||
| BANK LOAN OBLIGATIONS | |||||||||||||||||||
| CAPITAL GOODS | $ | 2,587 | 0.0 | % | |||||||||||||||
| MATERIALS | 3,325 | 0.0 | |||||||||||||||||
| MEDIA | 8,578 | 0.1 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 9,546 | 0.1 | |||||||||||||||||
| UTILITIES | 21,000 | 0.1 | |||||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | (Cost $46,112) | 45,036 | 0.3 | ||||||||||||||||
| BONDS | |||||||||||||||||||
| CORPORATE BONDS | |||||||||||||||||||
| AUTOMOBILES & COMPONENTS | 26,667 | 0.2 | |||||||||||||||||
| BANKS | 384,153 | 2.8 | |||||||||||||||||
| CAPITAL GOODS | 61,463 | 0.4 | |||||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 6,539 | 0.0 | |||||||||||||||||
| CONSUMER SERVICES | 71,368 | 0.5 | |||||||||||||||||
| DIVERSIFIED FINANCIALS | 130,231 | 0.9 | |||||||||||||||||
| ENERGY | 144,649 | 1.0 | |||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 32,109 | 0.2 | |||||||||||||||||
| INSURANCE | 54,230 | 0.4 | |||||||||||||||||
| MATERIALS | 96,874 | 0.7 | |||||||||||||||||
| MEDIA | 30,332 | 0.2 | |||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 15,663 | 0.1 | |||||||||||||||||
| REAL ESTATE | 77,052 | 0.5 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | 42,651 | 0.3 | |||||||||||||||||
| TELECOMMUNICATION SERVICES | 37,529 | 0.2 | |||||||||||||||||
| TRANSPORTATION | 139,887 | 1.0 | |||||||||||||||||
| UTILITIES | 413,270 | 2.9 | |||||||||||||||||
| TOTAL CORPORATE BONDS | (Cost $1,731,743) | 1,764,667 | 12.3 | ||||||||||||||||
| GOVERNMENT BONDS | |||||||||||||||||||
| AGENCY SECURITIES | |||||||||||||||||||
| $ | 45,500,000 | Iraq Government AID Bond | 2.149%, 01/18/22 | 45,239 | 0.3 | ||||||||||||||
| 185,025,002 | j | Overseas Private Investment | |||||||||||||||||
| Corp (OPIC) | 0.000%–3.938%, 02/11/18–07/31/33 | 188,090 | 1.3 | ||||||||||||||||
| Other | 315,957 | 2.2 | |||||||||||||||||
| 549,286 | 3.8 | ||||||||||||||||||
| FOREIGN GOVERNMENT BONDS | |||||||||||||||||||
| 45,000,000 | Inter-American Development Bank | 1.185%, 07/09/18 | 44,701 | 0.3 | |||||||||||||||
| 46,500,000 | International Finance Corp | 1.546%, 11/04/21 | 45,058 | 0.3 | |||||||||||||||
| Other | 665,181 | 4.6 | |||||||||||||||||
| 754,940 | 5.2 | ||||||||||||||||||
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 69 |
| Summary portfolio of investments | continued |
CREF Social Choice Account ■ December 31, 2017
| Value | % of net | ||||||||||||||||||
| Principal | Issuer | (000) | assets | ||||||||||||||||
| MORTGAGE BACKED | |||||||||||||||||||
| $ | 50,552,258 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 3.500%, 08/01/46 | $ | 52,251 | 0.4 | % | ||||||||||||
| 53,314,559 | Federal National Mortgage Association (FNMA) | 3.500%, 01/01/47 | 54,799 | 0.4 | |||||||||||||||
| 69,578,330 | FNMA | 4.000%, 09/01/47 | 72,868 | 0.5 | |||||||||||||||
| 546,091,131 | FNMA | 2.500%–8.000%, 03/01/23–01/01/48 | 567,426 | 3.9 | |||||||||||||||
| 65,539,339 | Government National Mortgage Association (GNMA) | 3.000%, 12/20/47 | 66,181 | 0.4 | |||||||||||||||
| 46,000,000 | GNMA | 3.500%, 12/20/47 | 47,635 | 0.3 | |||||||||||||||
| Other | 196,647 | 1.4 | |||||||||||||||||
| 1,057,807 | 7.3 | ||||||||||||||||||
| MUNICIPAL BONDS | 635,071 | 4.4 | |||||||||||||||||
| U.S. TREASURY SECURITIES | |||||||||||||||||||
| 66,090,000 | United States Treasury Bond | 2.875%, 11/15/46 | 67,721 | 0.5 | |||||||||||||||
| 88,925,000 | United States Treasury Bond | 3.000%, 05/15/47 | 93,390 | 0.7 | |||||||||||||||
| 62,006,500 | United States Treasury Note | 2.000%, 11/30/22 | 61,433 | 0.4 | |||||||||||||||
| 165,274,500 | United States Treasury Note | 1.125%–2.250%, 01/31/19–11/15/27 | 162,660 | 1.1 | |||||||||||||||
| Other | 39,999 | 0.3 | |||||||||||||||||
| 425,203 | 3.0 | ||||||||||||||||||
| TOTAL GOVERNMENT BONDS | (Cost $3,400,286) | 3,422,307 | 23.7 | ||||||||||||||||
| STRUCTURED ASSETS | |||||||||||||||||||
| ASSET BACKED | 245,391 | 1.7 | |||||||||||||||||
| OTHER MORTGAGE BACKED | 211,924 | 1.4 | |||||||||||||||||
| TOTAL STRUCTURED ASSETS | (Cost $458,553) | 457,315 | 3.1 | ||||||||||||||||
| TOTAL BONDS | (Cost $5,590,582) | 5,644,289 | 39.1 | ||||||||||||||||
| Shares | Company | ||||||||||||||||||
| COMMON STOCKS | |||||||||||||||||||
| AUTOMOBILES & COMPONENTS | 174,968 | 1.2 | |||||||||||||||||
| BANKS | |||||||||||||||||||
| 303,968 | PNC Financial Services Group, Inc | 43,859 | 0.3 | ||||||||||||||||
| 858,994 | US Bancorp | 46,025 | 0.3 | ||||||||||||||||
| Other | 604,347 | 4.2 | |||||||||||||||||
| 694,231 | 4.8 | ||||||||||||||||||
| CAPITAL GOODS | |||||||||||||||||||
| 248,120 | 3M Co | 58,400 | 0.4 | ||||||||||||||||
| Other | 656,574 | 4.6 | |||||||||||||||||
| 714,974 | 5.0 | ||||||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES | 73,639 | 0.5 | |||||||||||||||||
| CONSUMER DURABLES & APPAREL | |||||||||||||||||||
| 735,507 | Nike, Inc (Class B) | 46,006 | 0.3 | ||||||||||||||||
| Other | 90,134 | 0.6 | |||||||||||||||||
| 136,140 | 0.9 | ||||||||||||||||||
| 70 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments | continued |
CREF Social Choice Account ■ December 31, 2017
| Value | % of net | ||||||||||||||||||
| Shares | Company | (000) | assets | ||||||||||||||||
| CONSUMER SERVICES | |||||||||||||||||||
| 356,611 | McDonald’s Corp | $ | 61,380 | 0.4 | % | ||||||||||||||
| 781,044 | Starbucks Corp | 44,855 | 0.3 | ||||||||||||||||
| Other | 101,073 | 0.7 | |||||||||||||||||
| 207,308 | 1.4 | ||||||||||||||||||
| DIVERSIFIED FINANCIALS | |||||||||||||||||||
| 455,176 | American Express Co | 45,204 | 0.3 | ||||||||||||||||
| 81,465 | BlackRock, Inc | 41,849 | 0.3 | ||||||||||||||||
| 794,771 | Charles Schwab Corp | 40,827 | 0.3 | ||||||||||||||||
| Other | 338,897 | 2.3 | |||||||||||||||||
| 466,777 | 3.2 | ||||||||||||||||||
| ENERGY | 512,010 | 3.5 | |||||||||||||||||
| FOOD & STAPLES RETAILING | 81,394 | 0.6 | |||||||||||||||||
| FOOD, BEVERAGE & TOBACCO | |||||||||||||||||||
| 1,524,979 | Coca-Cola Co | 69,966 | 0.5 | ||||||||||||||||
| 972,857 | Mondelez International, Inc | 41,638 | 0.3 | ||||||||||||||||
| 577,381 | PepsiCo, Inc | 69,240 | 0.5 | ||||||||||||||||
| Other | 177,305 | 1.2 | |||||||||||||||||
| 358,149 | 2.5 | ||||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES | 332,886 | 2.3 | |||||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS | |||||||||||||||||||
| 904,627 | Procter & Gamble Co | 83,117 | 0.6 | ||||||||||||||||
| Other | 123,561 | 0.8 | |||||||||||||||||
| 206,678 | 1.4 | ||||||||||||||||||
| INSURANCE | 406,628 | 2.8 | |||||||||||||||||
| MATERIALS | 487,669 | 3.4 | |||||||||||||||||
| MEDIA | |||||||||||||||||||
| 460,805 | Time Warner, Inc | 42,150 | 0.3 | ||||||||||||||||
| 597,950 | Walt Disney Co | 64,285 | 0.4 | ||||||||||||||||
| Other | 110,286 | 0.8 | |||||||||||||||||
| 216,721 | 1.5 | ||||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | |||||||||||||||||||
| 325,587 | Amgen, Inc | 56,620 | 0.4 | ||||||||||||||||
| 838,806 | Bristol-Myers Squibb Co | 51,402 | 0.4 | ||||||||||||||||
| 628,247 | Gilead Sciences, Inc | 45,008 | 0.3 | ||||||||||||||||
| 803,164 | Johnson & Johnson | 112,218 | 0.8 | ||||||||||||||||
| 1,109,400 | * | Schering-Plough Corp | 62,426 | 0.4 | |||||||||||||||
| Other | 378,855 | 2.6 | |||||||||||||||||
| 706,529 | 4.9 | ||||||||||||||||||
| REAL ESTATE | 327,210 | 2.3 | |||||||||||||||||
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 71 |
| Summary portfolio of investments | continued |
CREF Social Choice Account ■ December 31, 2017
| Value | % of net | ||||||||||||||||||
| Shares | Company | (000) | assets | ||||||||||||||||
| RETAILING | |||||||||||||||||||
| 518,571 | Lowe’s Companies, Inc | $ | 48,196 | 0.3 | % | ||||||||||||||
| 240,769 | * | NetFlix, Inc | 46,218 | 0.3 | |||||||||||||||
| 26,289 | * | Priceline.com, Inc | 45,683 | 0.3 | |||||||||||||||
| Other | 183,901 | 1.3 | |||||||||||||||||
| 323,998 | 2.2 | ||||||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | |||||||||||||||||||
| 1,659,333 | Intel Corp | 76,595 | 0.5 | ||||||||||||||||
| 274,714 | NVIDIA Corp | 53,157 | 0.4 | ||||||||||||||||
| 511,365 | Texas Instruments, Inc | 53,407 | 0.4 | ||||||||||||||||
| Other | 98,618 | 0.7 | |||||||||||||||||
| 281,777 | 2.0 | ||||||||||||||||||
| SOFTWARE & SERVICES | |||||||||||||||||||
| 326,046 | Accenture plc | 49,914 | 0.3 | ||||||||||||||||
| 75,368 | * | Alphabet, Inc (Class A) | 79,393 | 0.6 | |||||||||||||||
| 80,378 | * | Alphabet, Inc (Class C) | 84,108 | 0.6 | |||||||||||||||
| 379,056 | International Business Machines Corp | 58,155 | 0.4 | ||||||||||||||||
| 406,903 | MasterCard, Inc (Class A) | 61,589 | 0.4 | ||||||||||||||||
| 2,046,286 | Microsoft Corp | 175,039 | 1.2 | ||||||||||||||||
| 1,200,384 | Oracle Corp | 56,754 | 0.4 | ||||||||||||||||
| 418,852 | * | salesforce.com, Inc | 42,819 | 0.3 | |||||||||||||||
| Other | 267,863 | 1.9 | |||||||||||||||||
| 875,634 | 6.1 | ||||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT | |||||||||||||||||||
| 1,835,297 | Cisco Systems, Inc | 70,292 | 0.5 | ||||||||||||||||
| Other | 243,768 | 1.7 | |||||||||||||||||
| 314,060 | 2.2 | ||||||||||||||||||
| TELECOMMUNICATION SERVICES | |||||||||||||||||||
| 1,444,494 | Verizon Communications, Inc | 76,457 | 0.5 | ||||||||||||||||
| Other | 132,489 | 0.9 | |||||||||||||||||
| 208,946 | 1.4 | ||||||||||||||||||
| TRANSPORTATION | |||||||||||||||||||
| 396,285 | Union Pacific Corp | 53,142 | 0.4 | ||||||||||||||||
| 371,822 | United Parcel Service, Inc (Class B) | 44,303 | 0.3 | ||||||||||||||||
| Other | 156,814 | 1.1 | |||||||||||||||||
| 254,259 | 1.8 | ||||||||||||||||||
| UTILITIES | 241,948 | 1.7 | |||||||||||||||||
| TOTAL COMMON STOCKS | (Cost $5,966,012) | 8,604,533 | 59.6 | ||||||||||||||||
| PREFERRED STOCKS | |||||||||||||||||||
| BANKS | 24,120 | 0.2 | |||||||||||||||||
| TOTAL PREFERRED STOCKS | (Cost $38,865) | 24,120 | 0.2 | ||||||||||||||||
| RIGHTS / WARRANTS | |||||||||||||||||||
| ENERGY | 278 | 0.0 | |||||||||||||||||
| TOTAL RIGHTS / WARRANTS | (Cost $280) | 278 | 0.0 | ||||||||||||||||
| 72 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments | concluded |
CREF Social Choice Account ■ December 31, 2017
| Value | % of net | ||||||||||||||||||
| Principal | Issuer | (000) | assets | ||||||||||||||||
| SHORT-TERM INVESTMENTS | |||||||||||||||||||
| GOVERNMENT AGENCY DEBT | $ | 27,399 | 0.2 | % | |||||||||||||||
| TREASURY DEBT | 18,484 | 0.1 | |||||||||||||||||
| Shares | Company | ||||||||||||||||||
| INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | |||||||||||||||||||
| 162,347,558 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 162,348 | 1.1 | |||||||||||||||
| 162,348 | 1.1 | ||||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | (Cost $208,230) | 208,231 | 1.4 | ||||||||||||||||
| TOTAL PORTFOLIO | (Cost $11,850,081) | 14,526,487 | 100.6 | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET | (93,805 | ) | (0.6 | ) | |||||||||||||||
| NET ASSETS | $ | 14,432,682 | 100.0 | % | |||||||||||||||
| * | Non-income producing |
| c | Investments made with cash collateral received from securities on loan. |
| j | Zero coupon |
“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 12/31/17, the aggregate value of securities on loan is $156,301,000.
At 12/31/17, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $1,014,678,000 or 7.0% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 73 |
Summary portfolio of investments
CREF Money Market Account ■ December 31, 2017
| Value | % of net | ||||||||||||||||||
| Principal | Issuer | (000) | assets | ||||||||||||||||
| SHORT-TERM INVESTMENTS | |||||||||||||||||||
| GOVERNMENT AGENCY DEBT | |||||||||||||||||||
| $ | 124,205,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.010%–1.230%, 01/05/18–05/29/18 | $ | 123,974 | 1.3 | % | ||||||||||||
| 411,070,000 | Federal Farm Credit Bank (FFCB) | 0.010%–1.280%, 01/16/18–06/05/18 | 410,266 | 4.4 | |||||||||||||||
| 90,090,000 | Federal Home Loan Bank (FHLB) | 0.010%–1.145%, 01/03/18 | 90,085 | 1.0 | |||||||||||||||
| 82,310,000 | FHLB | 0.010%–1.075%, 01/05/18 | 82,300 | 0.9 | |||||||||||||||
| 84,850,000 | FHLB | 1.080%–1.105%, 01/08/18 | 84,832 | 0.9 | |||||||||||||||
| 122,995,000 | FHLB | 0.010%–1.090%, 01/10/18 | 122,961 | 1.3 | |||||||||||||||
| 120,615,000 | FHLB | 0.010%–1.120%, 01/12/18 | 120,574 | 1.3 | |||||||||||||||
| 72,759,000 | FHLB | 0.010%–1.100%, 01/17/18 | 72,723 | 0.8 | |||||||||||||||
| 90,840,000 | FHLB | 1.109%–1.160%, 01/19/18 | 90,789 | 1.0 | |||||||||||||||
| 70,000,000 | FHLB | 0.010%, 01/23/18 | 69,950 | 0.8 | |||||||||||||||
| 95,100,000 | FHLB | 1.115%–1.175%, 01/24/18 | 95,031 | 1.0 | |||||||||||||||
| 86,263,000 | FHLB | 0.010%–1.145%, 01/26/18 | 86,192 | 0.9 | |||||||||||||||
| 70,000,000 | FHLB | 0.010%–1.070%, 01/29/18 | 69,937 | 0.8 | |||||||||||||||
| 72,480,000 | FHLB | 0.010%–1.200%, 01/30/18 | 72,412 | 0.8 | |||||||||||||||
| 79,900,000 | FHLB | 0.010%–1.205%, 02/02/18 | 79,812 | 0.9 | |||||||||||||||
| 78,700,000 | FHLB | 0.010%–1.225%, 02/07/18 | 78,600 | 0.8 | |||||||||||||||
| 112,600,000 | FHLB | 0.010%, 02/12/18 | 112,433 | 1.2 | |||||||||||||||
| 115,000,000 | FHLB | 0.010%, 02/13/18 | 114,825 | 1.2 | |||||||||||||||
| 149,700,000 | FHLB | 0.010%–1.095%, 02/16/18 | 149,464 | 1.6 | |||||||||||||||
| 93,900,000 | FHLB | 0.010%–1.220%, 02/20/18 | 93,734 | 1.0 | |||||||||||||||
| 109,950,000 | FHLB | 0.010%, 02/26/18 | 109,731 | 1.2 | |||||||||||||||
| 120,800,000 | FHLB | 0.010%, 02/27/18 | 120,555 | 1.3 | |||||||||||||||
| 105,400,000 | FHLB | 0.010%, 03/16/18 | 105,118 | 1.1 | |||||||||||||||
| 72,900,000 | FHLB | 0.010%–1.175%, 03/28/18 | 72,676 | 0.8 | |||||||||||||||
| 817,380,000 | FHLB | 0.010%–1.265%, 01/02/18–10/19/18 | 815,548 | 8.7 | |||||||||||||||
| 71,010,000 | Federal Home Loan Mortgage Corp (FHLMC) | 1.165%–1.070%, 01/09/18 | 70,993 | 0.8 | |||||||||||||||
| 68,187,000 | FHLMC | 1.080%–1.090%, 01/16/18 | 68,156 | 0.7 | |||||||||||||||
| 67,000,000 | FHLMC | 1.100%, 01/22/18 | 66,957 | 0.7 | |||||||||||||||
| 88,650,000 | FHLMC | 1.125%–1.180%, 01/26/18 | 88,580 | 0.9 | |||||||||||||||
| 141,770,000 | FHLMC | 0.010%–1.220%, 02/05/18 | 141,614 | 1.5 | |||||||||||||||
| 123,975,000 | FHLMC | 1.105%–1.230%, 02/09/18 | 123,820 | 1.3 | |||||||||||||||
| 97,110,000 | FHLMC | 0.010%–1.100%, 02/21/18 | 96,940 | 1.0 | |||||||||||||||
| 539,234,000 | FHLMC | 0.010%–1.305%, 01/12/18–05/04/18 | 537,923 | 5.7 | |||||||||||||||
| 68,250,000 | Federal National Mortgage Association (FNMA) | 0.010%–1.060%, 01/23/18 | 68,205 | 0.7 | |||||||||||||||
| 82,000,000 | FNMA | 0.010%, 02/14/18 | 81,875 | 0.9 | |||||||||||||||
| 85,168,000 | FNMA | 0.010%, 03/07/18 | 84,968 | 0.9 | |||||||||||||||
| 911,717,000 | FNMA | 0.010%–1.215%, 01/03/18–03/13/18 | 910,686 | 9.7 | |||||||||||||||
| Other | 39,984 | 0.4 | |||||||||||||||||
| 5,825,223 | 62.2 | ||||||||||||||||||
| TREASURY DEBT | |||||||||||||||||||
| 99,840,000 | United States Cash Management Bill | 0.010%–1.047%, 01/02/18 | 99,837 | 1.1 | |||||||||||||||
| 143,380,000 | United States Treasury Bill | 0.010%–1.065%, 01/04/18 | 143,367 | 1.5 | |||||||||||||||
| 100,000,000 | United States Treasury Bill | 0.010%–1.085%, 01/11/18 | 99,970 | 1.1 | |||||||||||||||
| 120,000,000 | United States Treasury Bill | 0.010%–1.120%, 01/18/18 | 119,939 | 1.3 | |||||||||||||||
| 140,925,000 | United States Treasury Bill | 0.010%–1.130%, 01/25/18 | 140,823 | 1.5 | |||||||||||||||
| 74 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments | concluded |
CREF Money Market Account ■ December 31, 2017
| Value | % of net | ||||||||||||||||||
| Principal | Issuer | (000) | assets | ||||||||||||||||
| TREASURY DEBT—continued | |||||||||||||||||||
| $ | 100,315,000 | United States Treasury Bill | 0.010%–1.180%, 02/01/18 | $ | 100,219 | 1.1 | % | ||||||||||||
| 105,000,000 | United States Treasury Bill | 0.010%–1.126%, 02/08/18 | 104,877 | 1.1 | |||||||||||||||
| 81,357,000 | United States Treasury Bill | 0.010%–1.175%, 02/22/18 | 81,217 | 0.9 | |||||||||||||||
| 81,070,000 | United States Treasury Bill | 0.010%–1.355%, 07/19/18 | 80,423 | 0.8 | |||||||||||||||
| 156,275,000 | United States Treasury Bill | 0.010–1.342%, 02/15/18–08/16/18 | 155,596 | 1.7 | |||||||||||||||
| 100,000,000 | United States Treasury Note | 0.875%, 01/31/18 | 99,977 | 1.1 | |||||||||||||||
| 139,480,000 | United States Treasury Note | 1.000%, 02/15/18 | 139,452 | 1.5 | |||||||||||||||
| 110,000,000 | United States Treasury Note | 0.750%, 02/28/18 | 109,926 | 1.2 | |||||||||||||||
| 100,000,000 | United States Treasury Note | 1.000%, 03/15/18 | 99,969 | 1.1 | |||||||||||||||
| 80,000,000 | United States Treasury Note | 1.125%, 06/15/18 | 79,940 | 0.8 | |||||||||||||||
| 119,840,000 | United States Treasury Note | 0.625–1.000%, 01/31/18–08/15/18 | 119,535 | 1.2 | |||||||||||||||
| 1,775,067 | 19.0 | ||||||||||||||||||
| VARIABLE RATE SECURITIES | |||||||||||||||||||
| 402,500,000 | i | Federal Agricultural Mortgage Corp (FAMC), LIBOR 3 M – 0.250% – LIBOR 1 M + 0.060% | 1.121%–1.595%, 01/26/18–04/01/19 | 402,516 | 4.3 | ||||||||||||||
| 95,000,000 | i | Federal Farm Credit Bank (FFCB), LIBOR 1 M – 0.05% | 1.441%, 09/17/18 | 94,993 | 1.0 | ||||||||||||||
| 836,650,000 | i | FFCB, LIBOR 3 M + 0.160%–LIBOR 1 M + 0.150% | 1.199%–1.702%, 01/17/18–10/18/19 | 836,818 | 9.0 | ||||||||||||||
| 75,000,000 | i | Federal Home Loan Bank (FHLB), LIBOR 3 M – 0.150% | 1.304%, 02/23/18 | 75,002 | 0.8 | ||||||||||||||
| 72,500,000 | i | FHLB, LIBOR 3 M – 0.200% | 1.154%, 01/18/19 | 72,502 | 0.8 | ||||||||||||||
| 158,000,000 | i | FHLB, LIBOR 3 M – 0.265%–LIBOR 1 M – 0.040% | 1.098%–1.495%, 04/20/18–03/06/19 | 158,012 | 1.6 | ||||||||||||||
| 64,500,000 | i | Federal National Mortgage Association (FNMA), LIBOR 3 M – 0.03% | 1.326%, 01/11/18 | 64,504 | 0.7 | ||||||||||||||
| Other | 50,007 | 0.5 | |||||||||||||||||
| 1,754,354 | 18.7 | ||||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | (Cost $9,354,644) | 9,354,644 | 99.9 | ||||||||||||||||
| TOTAL PORTFOLIO | (Cost $9,354,644) | 9,354,644 | 99.9 | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET | 5,780 | 0.1 | |||||||||||||||||
| NET ASSETS | $ | 9,360,424 | 100.0 | % | |||||||||||||||
Abbreviation(s):
| LIBOR | London Interbank Offered Rate |
| M | Month |
| 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.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.
| See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 75 |
Statements of assets and liabilities
College Retirement Equities Fund ■ December 31, 2017
| (amounts in thousands, except accumulation unit value) | Stock Account | Global Equities Account | Growth Account | Equity Index Account | Bond Market Account | Inflation-Linked Bond Account | Social Choice Account | Money Market Account | ||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||||||
| Portfolio investments, at value*† | $ | 128,498,573 | $ | 21,043,786 | $ | 25,801,340 | $ | 19,803,849 | $ | 13,722,287 | $ | 6,526,129 | $ | 14,526,487 | $ | 9,354,644 | ||||||||||||||||||
| Affiliated investment, at value‡ | 166,864 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Total portfolio investments, at value | $ | 128,665,437 | $ | 21,043,786 | $ | 25,801,340 | $ | 19,803,849 | $ | 13,722,287 | $ | 6,526,129 | $ | 14,526,487 | $ | 9,354,644 | ||||||||||||||||||
| Cash**#§ | 473,018 | 60,366 | 3 | 247 | 103,568 | 107 | 28,045 | 237 | ||||||||||||||||||||||||||
| Cash – foreign^ | 13,639 | 673 | — | — | 5 | — | 278 | — | ||||||||||||||||||||||||||
| Dividends and interest receivable | 150,045 | 26,453 | 8,619 | 21,383 | 80,365 | 23,174 | 49,736 | 4,098 | ||||||||||||||||||||||||||
| Receivable from securities transactions | 250,730 | 19,948 | 49,256 | 16,957 | 13,211 | — | 1,971 | — | ||||||||||||||||||||||||||
| Receivable for delayed delivery securities | 7,003 | — | — | — | 39,870 | — | — | — | ||||||||||||||||||||||||||
| Due from affiliates | — | — | — | — | — | — | 346 | 2,305 | ||||||||||||||||||||||||||
| Other | 10,808 | 2,104 | 2,087 | 1,823 | 1,813 | 1,349 | 1,889 | 1,702 | ||||||||||||||||||||||||||
| Total assets | 129,570,680 | 21,153,330 | 25,861,305 | 19,844,259 | 13,961,119 | 6,550,759 | 14,608,752 | 9,362,986 | ||||||||||||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||||||||||||
| Investment management fees payable | 2,329 | 416 | 155 | 67 | 181 | 75 | 224 | 272 | ||||||||||||||||||||||||||
| Service agreement fees payable | 3,765 | 567 | 708 | 525 | 231 | 288 | — | 409 | ||||||||||||||||||||||||||
| Payable for collateral for securities loaned | 2,303,587 | 346,505 | 234,708 | 298,568 | — | — | 162,348 | — | ||||||||||||||||||||||||||
| Payable for securities transactions | 201,952 | 19,679 | 39,443 | 5,597 | — | — | 8,843 | — | ||||||||||||||||||||||||||
| Payable for delayed delivery securities | 6,900 | 1,838 | — | — | 116,960 | — | 3,000 | — | ||||||||||||||||||||||||||
| Due to affiliates | 128,578 | 5,594 | 3,169 | 3,332 | 101 | 2,472 | 5 | — | ||||||||||||||||||||||||||
| Payable for variation margin on open futures contracts | 1,121 | 775 | — | 266 | — | 20 | — | — | ||||||||||||||||||||||||||
| Written options◊ | 4,118 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Unrealized depreciation on forward foreign currency contracts | — | — | — | — | 1,150 | — | — | — | ||||||||||||||||||||||||||
| Unrealized depreciation on swap contracts | 190 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Payable for trustee compensation | 9,966 | 2,029 | 2,087 | 1,797 | 1,757 | 1,349 | 1,650 | 1,691 | ||||||||||||||||||||||||||
| Other | 13,912 | 1,689 | — | — | 8 | — | — | 190 | ||||||||||||||||||||||||||
| Total liabilities | 2,676,418 | 379,092 | 280,270 | 310,152 | 120,388 | 4,204 | 176,070 | 2,562 | ||||||||||||||||||||||||||
| NET ASSETS | $ | 126,894,262 | $ | 20,774,238 | $ | 25,581,035 | $ | 19,534,107 | $ | 13,840,731 | $ | 6,546,555 | $ | 14,432,682 | $ | 9,360,424 | ||||||||||||||||||
| CLASS R1 (Accumulation): | Net assets | $ | 15,853,194 | $ | 3,680,871 | $ | 4,840,671 | $ | 3,911,866 | $ | 2,208,668 | $ | 1,041,252 | $ | 2,426,264 | $ | 1,842,404 | |||||||||||||||||
| Units outstanding | 32,788 | 20,485 | 26,302 | 17,944 | 18,153 | 15,143 | 10,360 | 71,976 | ||||||||||||||||||||||||||
| Unit value | $ | 483.51 | $ | 179.69 | $ | 184.04 | $ | 218.01 | $ | 121.67 | $ | 68.76 | $ | 234.20 | $ | 25.60 | ||||||||||||||||||
| CLASS R2 (Accumulation): | Net assets | 38,158,918 | 7,131,349 | 8,788,390 | 6,707,772 | 4,818,049 | 2,095,766 | 5,082,180 | 2,837,523 | |||||||||||||||||||||||||
| Units outstanding | 78,343 | 39,398 | 47,403 | 30,544 | 39,311 | 30,257 | 21,542 | 110,574 | ||||||||||||||||||||||||||
| Unit value | $ | 487.08 | $ | 181.01 | $ | 185.40 | $ | 219.61 | $ | 122.56 | $ | 69.27 | $ | 235.92 | $ | 25.66 | ||||||||||||||||||
| CLASS R3 (Accumulation): | Net assets | 60,531,026 | 9,557,503 | 11,524,360 | 8,485,801 | 6,526,889 | 3,214,250 | 6,546,939 | 4,538,595 | |||||||||||||||||||||||||
| Units outstanding | 123,964 | 52,670 | 62,006 | 38,545 | 53,119 | 46,290 | 27,683 | 176,632 | ||||||||||||||||||||||||||
| Unit value | $ | 488.30 | $ | 181.46 | $ | 185.86 | $ | 220.15 | $ | 122.87 | $ | 69.44 | $ | 236.50 | $ | 25.70 | ||||||||||||||||||
| ANNUITY: | Net assets | $ | 12,351,124 | $ | 404,515 | $ | 427,614 | $ | 428,668 | $ | 287,125 | $ | 195,287 | $ | 377,299 | $ | 141,902 | |||||||||||||||||
| * Includes securities loaned of | $ | 2,187,949 | $ | 328,662 | $ | 225,447 | $ | 287,356 | $ | — | $ | — | $ | 156,301 | $ | — | ||||||||||||||||||
| ** Includes cash collateral for securities loaned of | $ | 29,690 | $ | 336 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
| # Includes cash collateral for mortgage dollar rolls of | $ | — | $ | — | $ | — | $ | — | $ | 95,000 | $ | — | $ | 27,549 | $ | — | ||||||||||||||||||
| § Includes cash collateral for open futures contracts of | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 105 | $ | — | $ | — | ||||||||||||||||||
| † Portfolio investments; unaffiliated issuers cost | $ | 105,828,438 | $ | 16,951,252 | $ | 18,660,539 | $ | 9,157,809 | $ | 13,654,200 | $ | 6,312,573 | $ | 11,850,081 | $ | 9,354,644 | ||||||||||||||||||
| ‡ Portfolio investments; affiliated issuers cost | $ | 175,578 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
| ^ Foreign cash, cost | $ | 13,593 | $ | 673 | $ | — | $ | — | $ | 5 | $ | — | $ | 278 | $ | — | ||||||||||||||||||
| ◊ Written options premiums | $ | 4,430 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
| 76 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 77 |
College Retirement Equities Fund ■ For the year ended December 31, 2017
| (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* | $ | 2,399,830 | $ | 392,695 | $ | 258,096 | $ | 353,008 | $ | — | $ | — | $ | 191,243 | $ | — | ||||||||||||||||||
| Affiliated issuers | 1,854 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Income from securities lending | 46,807 | 6,143 | 1,709 | 4,237 | — | — | 2,263 | — | ||||||||||||||||||||||||||
| Interest | 6,091 | 2,264 | 1,366 | 266 | 400,706 | 169,043 | 163,484 | 87,284 | ||||||||||||||||||||||||||
| Other | 903 | 7 | — | 158 | 466 | — | 584 | — | ||||||||||||||||||||||||||
| Total income | 2,455,485 | 401,109 | 261,171 | 357,669 | 401,172 | 169,043 | 357,574 | 87,284 | ||||||||||||||||||||||||||
| EXPENSES | ||||||||||||||||||||||||||||||||||
| Investment management fees | 126,379 | 27,354 | 11,811 | 3,344 | 11,891 | 1,892 | 7,449 | 2,087 | ||||||||||||||||||||||||||
| Administrative — Class R1 | 58,755 | 13,465 | 17,256 | 14,453 | 8,536 | 4,206 | 9,200 | 7,554 | ||||||||||||||||||||||||||
| Administrative — Class R2 | 75,350 | 13,887 | 16,749 | 13,260 | 9,867 | 4,418 | 10,281 | 6,189 | ||||||||||||||||||||||||||
| Administrative — Class R3 | 101,764 | 13,667 | 16,068 | 12,390 | 9,926 | 5,109 | 9,839 | 7,239 | ||||||||||||||||||||||||||
| Distribution fees — Class R1 | 23,260 | 5,330 | 6,825 | 5,720 | 3,385 | 1,670 | 3,645 | 3,002 | ||||||||||||||||||||||||||
| Distribution fees — Class R2 | 27,340 | 5,038 | 6,078 | 4,812 | 3,576 | 1,602 | 3,729 | 2,237 | ||||||||||||||||||||||||||
| Distribution fees — Class R3 | 40,607 | 5,448 | 6,397 | 4,940 | 3,966 | 2,043 | 3,927 | 2,904 | ||||||||||||||||||||||||||
| Mortality and expense risk charges | 6,022 | 970 | 1,169 | 925 | 684 | 334 | 699 | 492 | ||||||||||||||||||||||||||
| Total expenses | 459,477 | 85,159 | 82,353 | 59,844 | 51,831 | 21,274 | 48,769 | 31,704 | ||||||||||||||||||||||||||
| Less: Expenses withheld by TIAA | — | — | — | — | — | — | — | 137 | ||||||||||||||||||||||||||
| Plus: Recovery of expenses previously withheld by TIAA | — | — | — | — | — | — | — | 13,929 | ||||||||||||||||||||||||||
| Net expenses | 459,477 | 85,159 | 82,353 | 59,844 | 51,831 | 21,274 | 48,769 | 45,496 | ||||||||||||||||||||||||||
| Net investment income (loss) | 1,996,008 | 315,950 | 178,818 | 297,825 | 349,341 | 147,769 | 308,805 | 41,788 | ||||||||||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||||||||||||||||
| Realized gain (loss): | ||||||||||||||||||||||||||||||||||
| Portfolio investments: | ||||||||||||||||||||||||||||||||||
| Unaffiliated issuers | 10,231,719 | 1,137,120 | 1,965,132 | 797,684 | 51,339 | 18,938 | 552,954 | (3 | ) | |||||||||||||||||||||||||
| Affiliated issuers | 5,494 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Futures contracts | 37,252 | 28,322 | 16,459 | 4,279 | — | 59 | — | — | ||||||||||||||||||||||||||
| Purchased options | 6,036 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Written options | 65 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Forward foreign currency contracts | — | — | — | — | (11,763 | ) | — | — | — | |||||||||||||||||||||||||
| Swap contracts | (2,729 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||
| Foreign currency transactions | (4,101 | ) | 345 | (311 | ) | 1 | 133 | — | 104 | — | ||||||||||||||||||||||||
| Net realized gain (loss) on total investments | 10,273,736 | 1,165,787 | 1,981,280 | 801,964 | 39,709 | 18,997 | 553,058 | (3 | ) | |||||||||||||||||||||||||
| Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||||
| Portfolio investments: | ||||||||||||||||||||||||||||||||||
| Unaffiliated issuers‡ | 12,940,083 | 2,788,588 | 4,220,924 | 2,383,545 | 153,915 | (49,832 | ) | 989,124 | — | |||||||||||||||||||||||||
| Affiliated issuers | (8,714 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||
| Futures contracts | 3,856 | 4,247 | 481 | 729 | — | 37 | — | — | ||||||||||||||||||||||||||
| Purchased options | (514 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||
| Written options | 234 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Forward foreign currency contracts | — | — | — | — | (3,260 | ) | — | — | — | |||||||||||||||||||||||||
| Swap contracts | (560 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||
| Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | 4,493 | 1,265 | 20 | — | 79 | — | 448 | — | ||||||||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on total investments | 12,938,878 | 2,794,100 | 4,221,425 | 2,384,274 | 150,734 | (49,795 | ) | 989,572 | — | |||||||||||||||||||||||||
| Net realized and unrealized gain (loss) on total investments | 23,212,614 | 3,959,887 | 6,202,705 | 3,186,238 | 190,443 | (30,798 | ) | 1,542,630 | (3 | ) | ||||||||||||||||||||||||
| Net increase (decrease) in net assets from operations | $ | 25,208,622 | $ | 4,275,837 | $ | 6,381,523 | $ | 3,484,063 | $ | 539,784 | $ | 116,971 | $ | 1,851,435 | $ | 41,785 | ||||||||||||||||||
| * Net of foreign withholding taxes of unaffiliated issuers | $ | 102,134 | $ | 19,760 | $ | 262 | $ | 43 | $ | 40 | $ | — | $ | 7,281 | $ | — | ||||||||||||||||||
| ‡ Includes net change in unrealized foreign capital gains taxes of | $ | (11,532 | ) | $ | (443 | ) | $ | — | $ | — | $ | 13 | $ | — | $ | — | $ | — | ||||||||||||||||
| 78 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 79 |
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, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | ||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 1,996,008 | $ | 2,094,241 | $ | 315,950 | $ | 336,255 | $ | 178,818 | $ | 194,504 | ||||||||||||||
| Net realized gain (loss) on total investments | 10,273,736 | 1,376,670 | 1,165,787 | 483,626 | 1,981,280 | 1,818,486 | ||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on total investments | 12,938,878 | 6,185,252 | 2,794,100 | 50,721 | 4,221,425 | (1,450,104 | ) | |||||||||||||||||||
| Net increase (decrease) in net assets from operations | 25,208,622 | 9,656,163 | 4,275,837 | 870,602 | 6,381,523 | 562,886 | ||||||||||||||||||||
| FROM PARTICIPANT TRANSACTIONS | ||||||||||||||||||||||||||
| Premiums and contributions: | Class R1 | 562,937 | 635,256 | 167,345 | 183,121 | 269,213 | 235,407 | |||||||||||||||||||
| Class R2 | 1,096,517 | 1,145,808 | 251,551 | 276,429 | 383,624 | 308,893 | ||||||||||||||||||||
| Class R3 | 1,796,500 | 1,896,368 | 399,103 | 407,233 | 477,167 | 424,934 | ||||||||||||||||||||
| Net transfers between CREF Accounts: | Class R1 | (157,164 | ) | (131,886 | ) | (11,609 | ) | (19,640 | ) | (23,121 | ) | (66,393 | ) | |||||||||||||
| Class R2 | (369,898 | ) | (455,093 | ) | (26,675 | ) | (96,443 | ) | (65,068 | ) | (130,566 | ) | ||||||||||||||
| Class R3 | (242,297 | ) | (392,230 | ) | 29,658 | (40,698 | ) | 13,161 | (150,715 | ) | ||||||||||||||||
| Withdrawals and death benefits: | Class R1 | (1,838,633 | ) | (1,648,601 | ) | (456,836 | ) | (391,545 | ) | (542,934 | ) | (495,802 | ) | |||||||||||||
| Class R2 | (4,132,496 | ) | (3,561,982 | ) | (786,449 | ) | (691,189 | ) | (897,313 | ) | (794,556 | ) | ||||||||||||||
| Class R3 | (6,731,436 | ) | (5,798,474 | ) | (1,145,370 | ) | (968,069 | ) | (1,250,681 | ) | (1,120,732 | ) | ||||||||||||||
| Annuity payments: | (1,363,308 | ) | (1,328,572 | ) | (36,450 | ) | (34,018 | ) | (36,769 | ) | (33,268 | ) | ||||||||||||||
| Net increase (decrease) from participant transactions | (11,379,278 | ) | (9,639,406 | ) | (1,615,732 | ) | (1,374,819 | ) | (1,672,721 | ) | (1,822,798 | ) | ||||||||||||||
| Net increase (decrease) in net assets | 13,829,344 | 16,757 | 2,660,105 | (504,217 | ) | 4,708,802 | (1,259,912 | ) | ||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 113,064,918 | 113,048,161 | 18,114,133 | 18,618,350 | 20,872,233 | 22,132,145 | ||||||||||||||||||||
| End of period | $ | 126,894,262 | $ | 113,064,918 | $ | 20,774,238 | $ | 18,114,133 | $ | 25,581,035 | $ | 20,872,233 | ||||||||||||||
| ACCUMULATION UNITS: | ||||||||||||||||||||||||||
| Units purchased: | Class R1 | 1,287,244 | 1,724,625 | 1,036,261 | 1,342,318 | 1,653,539 | 1,745,905 | |||||||||||||||||||
| Class R2 | 2,487,252 | 3,112,380 | 1,542,146 | 2,023,095 | 2,356,504 | 2,294,773 | ||||||||||||||||||||
| Class R3 | 3,662,867 | 4,683,709 | 2,298,296 | 2,844,698 | 2,752,948 | 2,996,751 | ||||||||||||||||||||
| Units sold/transferred: | Class R1 | (4,559,634 | ) | (4,826,099 | ) | (2,911,570 | ) | (2,987,366 | ) | (3,488,438 | ) | (4,158,917 | ) | |||||||||||||
| Class R2 | (10,225,025 | ) | (10,849,766 | ) | (5,022,346 | ) | (5,699,626 | ) | (5,914,089 | ) | (6,806,195 | ) | ||||||||||||||
| Class R3 | (15,744,720 | ) | (16,588,638 | ) | (6,880,321 | ) | (7,240,863 | ) | (7,591,087 | ) | (9,345,028 | ) | ||||||||||||||
| Outstanding: | ||||||||||||||||||||||||||
| Beginning of period | 258,187,383 | 280,931,172 | 122,490,137 | 132,207,881 | 145,941,362 | 159,214,073 | ||||||||||||||||||||
| End of period | 235,095,367 | 258,187,383 | 112,552,603 | 122,490,137 | 135,710,739 | 145,941,362 | ||||||||||||||||||||
| 80 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 81 |
| 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, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | ||||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||||
| Net investment income (loss) | $ | 297,825 | $ | 300,069 | $ | 349,341 | $ | 325,888 | $ | 147,769 | $ | 123,413 | ||||||||||||||
| Net realized gain (loss) on total investments | 801,964 | 461,331 | 39,709 | 118,065 | 18,997 | 42,359 | ||||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on total investments | 2,384,274 | 1,180,082 | 150,734 | 3,509 | (49,795 | ) | 108,697 | |||||||||||||||||||
| Net increase (decrease) in net assets from operations | 3,484,063 | 1,941,482 | 539,784 | 447,462 | 116,971 | 274,469 | ||||||||||||||||||||
| FROM PARTICIPANT TRANSACTIONS | ||||||||||||||||||||||||||
| Premiums and contributions: | Class R1 | 236,397 | 238,666 | 155,840 | 175,178 | 69,648 | 85,084 | |||||||||||||||||||
| Class R2 | 308,385 | 315,730 | 327,534 | 334,752 | 154,467 | 164,794 | ||||||||||||||||||||
| Class R3 | 372,915 | 388,623 | 487,490 | 522,481 | 256,823 | 263,574 | ||||||||||||||||||||
| Net transfers between CREF Accounts: | Class R1 | (12,562 | ) | 52,601 | 109,837 | 97,428 | 11,522 | 16,088 | ||||||||||||||||||
| Class R2 | (66,983 | ) | 35,755 | 239,495 | 190,097 | 67,789 | 43,026 | |||||||||||||||||||
| Class R3 | 62,438 | 192,967 | 341,833 | 321,658 | 112,192 | 117,987 | ||||||||||||||||||||
| Withdrawals and death benefits: | Class R1 | (501,867 | ) | (430,882 | ) | (312,433 | ) | (313,085 | ) | (162,852 | ) | (164,459 | ) | |||||||||||||
| Class R2 | (768,991 | ) | (655,413 | ) | (608,059 | ) | (606,340 | ) | (286,394 | ) | (289,692 | ) | ||||||||||||||
| Class R3 | (1,007,528 | ) | (890,824 | ) | (911,805 | ) | (904,443 | ) | (478,592 | ) | (459,118 | ) | ||||||||||||||
| Annuity payments: | (39,262 | ) | (33,505 | ) | (27,849 | ) | (27,202 | ) | (19,915 | ) | (20,223 | ) | ||||||||||||||
| Net increase (decrease) from participant transactions | (1,417,058 | ) | (786,282 | ) | (198,117 | ) | (209,476 | ) | (275,312 | ) | (242,939 | ) | ||||||||||||||
| Net increase (decrease) in net assets | 2,067,005 | 1,155,200 | 341,667 | 237,986 | (158,341 | ) | 31,530 | |||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||||
| Beginning of period | 17,467,102 | 16,311,902 | 13,499,064 | 13,261,078 | 6,704,896 | 6,673,366 | ||||||||||||||||||||
| End of period | $ | 19,534,107 | $ | 17,467,102 | $ | 13,840,731 | $ | 13,499,064 | $ | 6,546,555 | $ | 6,704,896 | ||||||||||||||
| ACCUMULATION UNITS: | ||||||||||||||||||||||||||
| Units purchased: | Class R1 | 1,197,768 | 1,429,650 | 1,300,109 | 1,484,557 | 1,018,589 | 1,256,448 | |||||||||||||||||||
| Class R2 | 1,551,881 | 1,884,270 | 2,713,650 | 2,829,461 | 2,245,476 | 2,427,433 | ||||||||||||||||||||
| Class R3 | 1,735,236 | 2,199,019 | 3,841,293 | 4,230,382 | 3,586,822 | 3,724,684 | ||||||||||||||||||||
| Units sold/transferred: | Class R1 | (2,592,555 | ) | (2,273,190 | ) | (1,694,376 | ) | (1,829,119 | ) | (2,212,715 | ) | (2,192,745 | ) | |||||||||||||
| Class R2 | (4,186,789 | ) | (3,716,985 | ) | (3,062,047 | ) | (3,518,943 | ) | (3,176,740 | ) | (3,637,308 | ) | ||||||||||||||
| Class R3 | (4,742,130 | ) | (4,243,582 | ) | (4,702,871 | ) | (4,932,066 | ) | (5,279,162 | ) | (5,000,157 | ) | ||||||||||||||
| Outstanding: | ||||||||||||||||||||||||||
| Beginning of period | 94,069,307 | 98,790,125 | 112,186,899 | 113,922,627 | 95,508,174 | 98,929,819 | ||||||||||||||||||||
| End of period | 87,032,718 | 94,069,307 | 110,582,657 | 112,186,899 | 91,690,444 | 95,508,174 | ||||||||||||||||||||
| 82 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 83 |
| 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, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | ||||||||||||||
| OPERATIONS | ||||||||||||||||||
| Net investment income (loss) | $ | 308,805 | $ | 308,142 | $ | 41,788 | $ | 9,408 | ||||||||||
| Net realized gain (loss) on total investments | 553,058 | 662,333 | (3 | ) | 3 | |||||||||||||
| Net change in unrealized appreciation (depreciation) on total investments | 989,572 | (28,612 | ) | — | — | |||||||||||||
| Net increase (decrease) in net assets from operations | 1,851,435 | 941,863 | 41,785 | 9,411 | ||||||||||||||
| FROM PARTICIPANT TRANSACTIONS | ||||||||||||||||||
| Premiums and contributions: | Class R1 | 119,019 | 117,728 | 840,606 | 1,162,493 | |||||||||||||
| Class R2 | 225,417 | 247,236 | 753,090 | 1,248,675 | ||||||||||||||
| Class R3 | 293,384 | 316,408 | 1,286,365 | 1,833,038 | ||||||||||||||
| Net transfers between CREF Accounts: | Class R1 | (14,789 | ) | (26,303 | ) | (81,617 | ) | (11,179 | ) | |||||||||
| Class R2 | (51,616 | ) | (76,257 | ) | 11,156 | 161,745 | ||||||||||||
| Class R3 | 71,683 | 31,523 | 52,635 | 336,528 | ||||||||||||||
| Withdrawals and death benefits: | Class R1 | (271,321 | ) | (248,429 | ) | (1,066,634 | ) | (1,230,543 | ) | |||||||||
| Class R2 | (530,080 | ) | (470,771 | ) | (1,245,857 | ) | (1,613,510 | ) | ||||||||||
| Class R3 | (716,951 | ) | (663,221 | ) | (2,065,474 | ) | (2,450,296 | ) | ||||||||||
| Annuity payments: | (34,518 | ) | (32,710 | ) | (16,521 | ) | (20,235 | ) | ||||||||||
| Net increase (decrease) from participant transactions | (909,772 | ) | (804,796 | ) | (1,532,251 | ) | (583,284 | ) | ||||||||||
| Net increase (decrease) in net assets | 941,663 | 137,067 | (1,490,466 | ) | (573,873 | ) | ||||||||||||
| NET ASSETS | ||||||||||||||||||
| Beginning of period | 13,491,019 | 13,353,952 | 10,850,890 | 11,424,763 | ||||||||||||||
| End of period | $ | 14,432,682 | $ | 13,491,019 | $ | 9,360,424 | $ | 10,850,890 | ||||||||||
| ACCUMULATION UNITS: | ||||||||||||||||||
| Units purchased: | Class R1 | 541,328 | 595,633 | 32,902,182 | 45,527,588 | |||||||||||||
| Class R2 | 1,019,875 | 1,245,129 | 29,428,852 | 48,893,276 | ||||||||||||||
| Class R3 | 1,229,882 | 1,485,381 | 49,905,789 | 71,250,130 | ||||||||||||||
| Units sold/transferred: | Class R1 | (1,302,201 | ) | (1,387,415 | ) | (44,947,545 | ) | (48,630,542 | ) | |||||||||
| Class R2 | (2,631,542 | ) | (2,756,896 | ) | (48,263,532 | ) | (56,844,425 | ) | ||||||||||
| Class R3 | (2,916,334 | ) | (3,166,545 | ) | (77,878,520 | ) | (81,988,055 | ) | ||||||||||
| Outstanding: | ||||||||||||||||||
| Beginning of period | 63,643,797 | 67,628,510 | 418,035,180 | 439,827,208 | ||||||||||||||
| End of period | 59,584,805 | 63,643,797 | 359,182,406 | 418,035,180 | ||||||||||||||
| 84 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 85 |
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 | b | Gross expenses | Net investment income (loss | ) | Portfolio turnover rate | units outstanding end of period (in millions | ) | Accumulation | )i | |||||||||||||||||||||||||||||||||
| STOCK ACCOUNT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class R1: | 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 | ||||||||||||||||||||||||||||||||||||
| 12/31/16 | 8.586 | 2.727 | 5.859 | 25.797 | 31.656 | 361.404 | 393.060 | 8.76 | 0.74 | 1.59 | 56 | 36 | 14,174 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | h | 8.076 | 2.108 | 5.968 | (9.995 | ) | (4.027 | ) | 365.431 | 361.404 | (1.10 | ) | 0.57 | 1.60 | 52 | 39 | 14,153 | |||||||||||||||||||||||||||||||||||||
| 12/31/14 | 7.897 | 1.620 | 6.277 | 15.744 | 22.021 | 343.410 | 365.431 | 6.41 | 0.46 | 1.77 | 58 | 306 | 111,823 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/13 | 6.581 | 1.476 | 5.105 | 69.661 | 74.766 | 268.644 | 343.410 | 27.83 | 0.48 | 1.68 | 59 | 330 | 113,325 | |||||||||||||||||||||||||||||||||||||||||
| Class R2: | 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 | ||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 8.610 | 1.724 | 6.866 | 25.913 | 32.799 | 362.129 | 394.928 | 9.06 | 0.47 | 1.87 | 56 | 86 | 33,996 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | g | 5.699 | 1.215 | 4.484 | (30.621 | ) | (26.137 | ) | 388.266 | 362.129 | (6.73 | )c | 0.48 | d | 1.75 | d | 52 | 94 | 33,974 | |||||||||||||||||||||||||||||||||||
| Class R3: | 12/31/17 | 9.010 | 1.395 | 7.615 | 85.073 | 92.688 | 395.607 | 488.295 | 23.43 | 0.32 | 1.72 | 48 | 124 | 60,531 | ||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 8.619 | 1.346 | 7.273 | 25.956 | 33.229 | 362.378 | 395.607 | 9.17 | 0.36 | 1.97 | 56 | 136 | 53,821 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | g | 5.698 | 0.960 | 4.738 | (30.626 | ) | (25.888 | ) | 388.266 | 362.378 | (6.67 | )c | 0.38 | d | 1.85 | d | 52 | 148 | 53,614 | |||||||||||||||||||||||||||||||||||
| GLOBAL EQUITIES ACCOUNT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class R1: | 12/31/17 | 3.346 | 1.117 | 2.229 | 32.997 | 35.226 | 144.462 | 179.688 | 24.38 | 0.69 | 1.38 | 36 | 20 | 3,681 | ||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 3.218 | 1.027 | 2.191 | 4.314 | 6.505 | 137.957 | 144.462 | 4.72 | 0.75 | 1.60 | 78 | 22 | 3,230 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | h | 3.077 | 0.823 | 2.254 | (3.090 | ) | (0.836 | ) | 138.793 | 137.957 | (0.60 | ) | 0.58 | 1.59 | 49 | 24 | 3,312 | |||||||||||||||||||||||||||||||||||||
| 12/31/14 | 3.394 | 0.623 | 2.771 | 2.779 | 5.550 | 133.243 | 138.793 | 4.17 | 0.46 | 2.04 | 59 | 136 | 18,808 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/13 | 2.590 | 0.616 | 1.974 | 26.579 | 28.553 | 104.690 | 133.243 | 27.27 | 0.52 | 1.67 | 63 | 141 | 18,770 | |||||||||||||||||||||||||||||||||||||||||
| Class R2: | 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 | ||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 3.228 | 0.655 | 2.573 | 4.341 | 6.914 | 138.230 | 145.144 | 5.00 | 0.48 | 1.87 | 78 | 43 | 6,224 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | g | 2.030 | 0.468 | 1.562 | (11.301 | ) | (9.739 | ) | 147.969 | 138.230 | (6.58 | )c | 0.48 | d | 1.60 | d | 49 | 47 | 6,435 | |||||||||||||||||||||||||||||||||||
| Class R3: | 12/31/17 | 3.372 | 0.574 | 2.798 | 33.270 | 36.068 | 145.393 | 181.461 | 24.81 | 0.35 | 1.71 | 36 | 53 | 9,558 | ||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 3.232 | 0.514 | 2.718 | 4.350 | 7.068 | 138.325 | 145.393 | 5.11 | 0.37 | 1.98 | 78 | 57 | 8,324 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | g | 2.030 | 0.370 | 1.660 | (11.304 | ) | (9.644 | ) | 147.969 | 138.325 | (6.52 | )c | 0.38 | d | 1.70 | d | 49 | 62 | 8,527 | |||||||||||||||||||||||||||||||||||
| GROWTH ACCOUNT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class R1: | 12/31/17 | 1.818 | 0.977 | 0.841 | 43.121 | 43.962 | 140.081 | 184.043 | 31.38 | 0.60 | 0.52 | 48 | 26 | 4,841 | ||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 1.782 | 0.902 | 0.880 | 2.577 | 3.457 | 136.624 | 140.081 | 2.53 | 0.67 | 0.65 | 64 | 28 | 3,941 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | h | 1.663 | 0.683 | 0.980 | 6.976 | 7.956 | 128.668 | 136.624 | 6.19 | 0.51 | 0.73 | 47 | 31 | 4,174 | ||||||||||||||||||||||||||||||||||||||||
| 12/31/14 | 1.501 | 0.482 | 1.019 | 14.445 | 15.464 | 113.204 | 128.668 | 13.66 | 0.41 | 0.86 | 57 | 164 | 21,048 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/13 | 1.288 | 0.450 | 0.838 | 28.513 | 29.351 | 83.853 | 113.204 | 35.00 | 0.46 | 0.86 | 63 | 169 | 19,129 | |||||||||||||||||||||||||||||||||||||||||
| Class R2: | 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 | ||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 1.788 | 0.534 | 1.254 | 2.593 | 3.847 | 136.896 | 140.743 | 2.81 | 0.39 | 0.93 | 64 | 51 | 7,172 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | g | 1.117 | 0.380 | 0.737 | (1.993 | ) | (1.256 | ) | 138.152 | 136.896 | (0.91 | )c | 0.41 | d | 0.79 | d | 47 | 55 | 7,594 | |||||||||||||||||||||||||||||||||||
| Class R3: | 12/31/17 | 1.834 | 0.429 | 1.405 | 43.471 | 44.876 | 140.984 | 185.860 | 31.83 | 0.26 | 0.86 | 48 | 62 | 11,524 | ||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 1.790 | 0.395 | 1.395 | 2.599 | 3.994 | 136.990 | 140.984 | 2.92 | 0.29 | 1.03 | 64 | 67 | 9,424 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | g | 1.117 | 0.287 | 0.830 | (1.992 | ) | (1.162 | ) | 138.152 | 136.990 | (0.84 | )c | 0.31 | d | 0.89 | d | 47 | 73 | 10,027 | |||||||||||||||||||||||||||||||||||
| 86 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 87 |
| 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 at end of period (in millions | ) | Accumulation fund net assets (in millions | )i | ||||||||||||||||||||||||||||||||||||
| EQUITY INDEX ACCOUNT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class R1: | 12/31/17 | $ 3.836 | $1.126 | $ 2.710 | $34.271 | $36.981 | $181.024 | $218.005 | 20.43 | % | 0.57 | % | 1.37 | % | 4 | % | 4 | % | 18 | $ 3,912 | ||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 3.648 | 1.044 | 2.604 | 16.892 | 19.496 | 161.528 | 181.024 | 12.07 | 0.63 | 1.56 | 4 | 4 | 19 | 3,501 | ||||||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | h | 3.254 | 0.765 | 2.489 | (2.523 | ) | (0.034 | ) | 161.562 | 161.528 | (0.02 | ) | 0.47 | 1.52 | 5 | 5 | 20 | 3,260 | ||||||||||||||||||||||||||||||||||||||||
| 12/31/14 | 2.937 | 0.558 | 2.379 | 15.145 | 17.524 | 144.038 | 161.562 | 12.17 | 0.37 | 1.58 | 4 | 4 | 104 | 16,841 | ||||||||||||||||||||||||||||||||||||||||||||
| 12/31/13 | 2.546 | 0.531 | 2.015 | 33.715 | 35.730 | 108.308 | 144.038 | 32.99 | 0.42 | 1.59 | 5 | 5 | 108 | 15,563 | ||||||||||||||||||||||||||||||||||||||||||||
| Class R2: | 12/31/17 | 3.859 | 0.612 | 3.247 | 34.480 | 37.727 | 181.880 | 219.607 | 20.74 | 0.31 | 1.63 | 4 | 4 | 31 | 6,708 | |||||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 3.662 | 0.591 | 3.071 | 16.959 | 20.030 | 161.850 | 181.880 | 12.38 | 0.35 | 1.84 | 4 | 4 | 33 | 6,035 | ||||||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | g | 2.443 | 0.414 | 2.029 | (8.184 | ) | (6.155 | ) | 168.005 | 161.850 | (3.66 | )c | 0.37 | d | 1.81 | d | 5 | 5 | 35 | 5,667 | ||||||||||||||||||||||||||||||||||||||
| Class R3: | 12/31/17 | 3.869 | 0.458 | 3.411 | 34.551 | 37.962 | 182.192 | 220.154 | 20.84 | 0.23 | 1.71 | 4 | 4 | 39 | 8,486 | |||||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 3.667 | 0.419 | 3.248 | 16.983 | 20.231 | 161.961 | 182.192 | 12.49 | 0.25 | 1.94 | 4 | 4 | 42 | 7,570 | ||||||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | g | 2.443 | 0.302 | 2.141 | (8.185 | ) | (6.044 | ) | 168.005 | 161.961 | (3.60 | )c | 0.27 | d | 1.90 | d | 5 | 5 | 44 | 7,061 | ||||||||||||||||||||||||||||||||||||||
| BOND MARKET ACCOUNT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class R1: | 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 | |||||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 3.430 | 0.827 | 2.603 | 0.897 | 3.500 | 113.749 | 117.249 | 3.08 | 0.70 | 2.21 | 240 | 131 | 19 | 2,175 | ||||||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | h | 3.015 | 0.637 | 2.378 | (2.100 | ) | 0.278 | 113.471 | 113.749 | 0.25 | 0.56 | 2.07 | 293 | 123 | 19 | 2,149 | ||||||||||||||||||||||||||||||||||||||||||
| 12/31/14 | 2.665 | 0.494 | 2.171 | 3.764 | 5.935 | 107.536 | 113.471 | 5.52 | 0.44 | 1.95 | 290 | 89 | 117 | 13,254 | ||||||||||||||||||||||||||||||||||||||||||||
| 12/31/13 | 2.485 | 0.482 | 2.003 | (4.211 | ) | (2.208 | ) | 109.744 | 107.536 | (2.01 | ) | 0.45 | 1.85 | 363 | 105 | 119 | 12,814 | |||||||||||||||||||||||||||||||||||||||||
| Class R2: | 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 | |||||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 3.442 | 0.506 | 2.936 | 0.892 | 3.828 | 113.974 | 117.802 | 3.36 | 0.43 | 2.48 | 240 | 131 | 40 | 4,672 | ||||||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | g | 2.181 | 0.369 | 1.812 | (3.573 | ) | (1.761 | ) | 115.735 | 113.974 | (1.52 | )c | 0.47 | d | 2.31 | d | 293 | 123 | 40 | 4,599 | ||||||||||||||||||||||||||||||||||||||
| Class R3: | 12/31/17 | 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 | |||||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 3.446 | 0.385 | 3.061 | 0.891 | 3.952 | 114.052 | 118.004 | 3.47 | 0.32 | 2.58 | 240 | 131 | 54 | 6,370 | ||||||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | g | 2.182 | 0.292 | 1.890 | (3.573 | ) | (1.683 | ) | 115.735 | 114.052 | (1.45 | )c | 0.37 | d | 2.41 | d | 293 | 123 | 55 | 6,237 | ||||||||||||||||||||||||||||||||||||||
| INFLATION-LINKED BOND ACCOUNT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class R1: | 12/31/17 | 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 | ||||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 1.465 | 0.433 | 1.032 | 1.474 | 2.506 | 65.234 | 67.740 | 3.84 | 0.64 | 1.52 | 23 | 23 | 16 | 1,107 | ||||||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | h | (0.930 | ) | 0.324 | (1.254 | ) | (0.034 | ) | (1.288 | ) | 66.522 | 65.234 | (1.94 | ) | 0.48 | (1.87 | ) | 6 | 6 | 17 | 1,127 | |||||||||||||||||||||||||||||||||||||
| 12/31/14 | 1.573 | 0.257 | 1.316 | 0.824 | 2.140 | 64.382 | 66.522 | 3.32 | 0.39 | 1.97 | 9 | 9 | 107 | 7,143 | ||||||||||||||||||||||||||||||||||||||||||||
| 12/31/13 | 1.207 | 0.301 | 0.906 | (7.289 | ) | (6.383 | ) | 70.765 | 64.382 | (9.02 | ) | 0.45 | 1.34 | 13 | 13 | 115 | 7,404 | |||||||||||||||||||||||||||||||||||||||||
| Class R2: | 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 | ||||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 1.471 | 0.249 | 1.222 | 1.475 | 2.697 | 65.362 | 68.059 | 4.13 | 0.37 | 1.80 | 23 | 23 | 31 | 2,123 | ||||||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | g | 1.272 | 0.185 | 1.087 | (3.973 | ) | (2.886 | ) | 68.248 | 65.362 | (4.23 | )c | 0.41 | d | 2.38 | d | 6 | 6 | 32 | 2,118 | ||||||||||||||||||||||||||||||||||||||
| Class R3: | 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 | ||||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 1.480 | 0.179 | 1.301 | 1.468 | 2.769 | 65.407 | 68.176 | 4.23 | 0.26 | 1.91 | 23 | 23 | 48 | 3,271 | ||||||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | g | 1.274 | 0.140 | 1.134 | (3.975 | ) | (2.841 | ) | 68.248 | 65.407 | (4.16 | )c | 0.31 | d | 2.48 | d | 6 | 6 | 49 | 3,222 | ||||||||||||||||||||||||||||||||||||||
| 88 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 89 |
| Financial highlights | concluded |
| College Retirement Equities Fund |
| Selected per accumulation unit data | Ratios and supplemental data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net realized | Ratios to average net assets | Portfolio | Accumulation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net | & unrealized | Net | Accumulation | Accumulation | Net | turnover rate | units | Accumulation | |||||||||||||||||||||||||||||||||||||||||||||||
| For the | investment | gain (loss | ) | change in | unit value | unit value | investment | Portfolio | excluding | outstanding | fund net | ||||||||||||||||||||||||||||||||||||||||||||
| year ended |
Investment income | a | Expenses | a | income (loss | )a | on total investments | accumulation unit value | beginning of period | end of period | Total return | b | Gross expenses | income (loss | ) | turnover rate | mortgage dollar rolls | end of period (in millions | ) | assets (in millions | )i | ||||||||||||||||||||||||||||||||||
| SOCIAL CHOICE ACCOUNT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class R1: | 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 | |||||||||||||||||||||||||||||||||||
| 12/31/16 | 5.437 | 1.336 | 4.101 | 9.343 | 13.444 | 192.202 | 205.646 | 7.00 | 0.68 | 2.07 | 93 | 50 | 11 | 2,287 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | h | 4.618 | 1.017 | 3.601 | (5.795 | ) | (2.194 | ) | 194.396 | 192.202 | (1.13 | ) | 0.52 | 1.83 | 115 | 57 | 12 | 2,290 | |||||||||||||||||||||||||||||||||||||
| 12/31/14 | 4.446 | 0.773 | 3.673 | 8.760 | 12.433 | 181.963 | 194.396 | 6.83 | 0.41 | 1.95 | 120 | 52 | 72 | 14,017 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/13 | 3.804 | 0.757 | 3.047 | 22.950 | 25.997 | 155.966 | 181.963 | 16.67 | 0.45 | 1.79 | 133 | 46 | 72 | 13,016 | |||||||||||||||||||||||||||||||||||||||||
| Class R2: | 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 | ||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 5.456 | 0.799 | 4.657 | 9.377 | 14.034 | 192.583 | 206.617 | 7.29 | 0.40 | 2.35 | 93 | 50 | 23 | 4,784 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | g | 3.229 | 0.560 | 2.669 | (11.025 | ) | (8.356 | ) | 200.939 | 192.583 | (4.16 | )c | 0.42 | d | 1.99 | d | 115 | 57 | 25 | 4,750 | |||||||||||||||||||||||||||||||||||
| Class R3: | 12/31/17 | 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 | ||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 5.461 | 0.594 | 4.867 | 9.391 | 14.258 | 192.714 | 206.972 | 7.40 | 0.30 | 2.45 | 93 | 50 | 29 | 6,078 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | g | 3.230 | 0.427 | 2.803 | (11.028 | ) | (8.225 | ) | 200.939 | 192.714 | (4.09 | )c | 0.32 | d | 2.09 | d | 115 | 57 | 31 | 5,984 | |||||||||||||||||||||||||||||||||||
| Selected per accumulation unit data | Ratios and supplemental data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) from investment operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net realized | Ratios to average net assets | Accumulation | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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: | 12/31/17 | $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 | |||||||||||||||||||||||||||||||||||||
| 12/31/16 | 0.111 | 0.111 | 0.000 | 0.000 | 0.000 | 25.534 | 25.534 | 0.00 | 0.64 | 0.43 | 0.00 | 84 | 2,145 | ||||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | h | 0.036 | 0.036 | 0.000 | 0.000 | 0.000 | 25.534 | 25.534 | 0.00 | 0.50 | 0.14 | 0.00 | 87 | 2,225 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/14 | 0.029 | 0.029 | 0.000 | 0.000 | 0.000 | 25.534 | 25.534 | 0.00 | 0.39 | 0.11 | 0.00 | 441 | 11,261 | ||||||||||||||||||||||||||||||||||||||||||
| 12/31/13 | 0.036 | 0.036 | 0.000 | 0.000 | 0.000 | 25.534 | 25.534 | 0.00 | 0.41 | 0.14 | 0.00 | 461 | 11,774 | ||||||||||||||||||||||||||||||||||||||||||
| Class R2: | 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 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 0.111 | 0.096 | 0.015 | 0.000 | 0.015 | 25.534 | 25.549 | 0.06 | 0.36 | 0.37 | 0.08 | 129 | 3,306 | ||||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | g | 0.030 | 0.030 | 0.000 | 0.000 | 0.000 | 25.534 | 25.534 | 0.00 | c | 0.40 | d | 0.17 | d | 0.00 | d | 137 | 3,507 | |||||||||||||||||||||||||||||||||||||
| Class R3: | 12/31/17 | 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 | |||||||||||||||||||||||||||||||||||||||||
| 12/31/16 | 0.111 | 0.078 | 0.033 | 0.000 | 0.033 | 25.534 | 25.567 | 0.13 | 0.26 | 0.30 | 0.17 | 205 | 5,231 | ||||||||||||||||||||||||||||||||||||||||||
| 12/31/15 | g | 0.030 | 0.030 | 0.000 | 0.000 | 0.000 | 25.534 | 25.534 | 0.00 | c | 0.30 | d | 0.17 | d | 0.00 | d | 215 | 5,499 | |||||||||||||||||||||||||||||||||||||
| a | Based on average units outstanding. |
| b | Based on per accumulation unit data. |
| c | The percentages shown for this period are not annualized. |
| d | The percentages shown for this period are annualized. |
| g | Classes R2 and R3 commenced operations on April 24, 2015. |
| h | Prior to April 24, 2015, CREF offered only one class of units, which became Class R1 on that date. |
| i | Does not include annuity net assets. |
| 90 | 2017 Annual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2017 Annual Report | 91 |
College Retirement Equities Fund
Note 1—organization and significant accounting policies
The purpose of the College Retirement Equities Fund (“CREF”), as stated in its charter, is to aid and strengthen non-profit educational and research organizations, governmental entities, and other non-profit institutions by providing their employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. It consists of eight investment portfolios: the Stock, Global Equities, Growth, Equity Index, Bond Market, Inflation-Linked Bond, Social Choice and Money Market Accounts (individually referred to as the “Account” or collectively referred to as the “Accounts”).
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Accounts are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The Accumulation Unit Value (“AUV”) for financial reporting purposes may differ from the AUV for processing transactions. The AUV for financial reporting purposes includes security and participant transactions through the date of the report. Total return is computed based on the AUV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Accounts.
Security valuation: For all Accounts (other than the Money Market Account), investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements. Investments held by the Money Market Account are recorded at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter accreting or amortizing any discount or premium to its face value at a constant rate until maturity.
Accumulation and Annuity Funds: The Accumulation Fund represents the net assets attributable to participants in the accumulation phase of their investment. The Annuity Fund represents the net assets attributable to the participants currently receiving annuity payments. The net increase or decrease in net assets from investment operations is apportioned between the funds based upon their relative daily net asset values. Annuitants bear the mortality risk under their contracts. Initial 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
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annuitant dies during the accumulation period, or during the annuity period while payments are still due for the remainder of a guaranteed period.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Accounts determine the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Accounts estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.
Income, expenses, realized gains and losses and unrealized appreciation and depreciation of an Account are allocated on a pro rata basis to each class, except for administrative service fees and distribution fees, which are unique to each class of each Account. Most expenses of CREF can be directly attributed to an Account or class. Expenses that cannot be directly attributed are allocated based upon the average net assets of each Account or class.
Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day using exchange rates obtained from an independent third party. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.
Income taxes: CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. CREF should incur no federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF’s Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. CREF files income tax returns in U.S. federal and applicable state jurisdictions. CREF’s federal income tax return is generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Accounts’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Accounts’ financial statements.
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
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Notes to financial statements
Accounts will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Accounts invest.
Trustee compensation: The Accounts pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Accounts until paid. Amounts payable to the trustees for compensation are included 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.
New accounting pronouncement: In March 2017, FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the premium amortization period on a purchased callable debt security from the security’s contractual life to the earliest call date. It is anticipated that this change will reduce losses recognized when a security is called on an earlier date. This guidance is effective for fiscal years beginning after December 15, 2018. The Accounts adopted this accounting pronouncement for this annual report. The adoption did not have a material impact on the Accounts’ financial statements and notes disclosures.
New rule issuances: In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new Forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to Form N-CEN must be complied with by June 1, 2018. In December 2017, the Commission issued Temporary Final Rule Release No. 33-10442, which delayed the filing requirements related to Form N-PORT from June 1, 2018 to April 1, 2019, but still requires the Accounts to maintain the data that would have been filed on Form N-PORT during the deferral period. Management is currently assessing the impact of Forms N-PORT and N-CEN on the Accounts’ various filings. On August 1, 2017, the Accounts implemented amendments to Regulation S-X related to derivatives and other disclosures in the financial statements and other filings. The amended S-X disclosures required under this rule did not have an impact on net assets or results of operations but resulted in new disclosures in the schedules of investments for certain investment types. Please refer to the schedules of investments, Note 3, and Note 4 of the financial statements disclosures for details.
In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires accounts to establish a liquidity risk management program and enhances disclosures regarding accounts’ liquidity. The requirements of this final rule must be adopted by December 1, 2018. Management is currently assessing the impact of this rule to the Accounts’ financial statements and other filings.
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continued
In March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule was September 5, 2017. This rule did not materially impact the Accounts’ financial statements and other filings.
Note 2—valuation of investments
Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:
| • | Level 1 – quoted prices in active markets for identical securities |
| • | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.) |
| • | Level 3 – significant unobservable inputs (including the Accounts’ own assumptions in determining the fair value of investments) |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
In accordance with ASC 820, certain portfolio investments that are measured at fair value using the net asset value per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the Statements of Assets and Liabilities. As of December 31, 2017, no investments were valued utilizing the practical expedient.
A description of the valuation techniques applied to the Accounts’ major categories of assets and liabilities measured at fair value follows:
Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date, or if there is no official close of business, the latest sale price, or at the mean of the latest available bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date
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Notes to financial statements
of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Accounts’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized as Level 2 of the fair value hierarchy.
Debt securities: Debt securities, including equity-linked notes, will generally be valued using prices provided by a pricing service that may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized as Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized as Level 3 of the hierarchy.
The Money Market Account: The Money Market Account’s portfolio securities are valued on an amortized cost basis. Money Market investments are generally categorized as Level 2 of the fair value hierarchy.
Investments in registered investment companies: These investments are valued at their net asset value on the valuation date. These investments are categorized as Level 1 of the fair value hierarchy.
Futures contracts: Stock and bond index futures contracts, which are traded on commodity exchanges, are valued at the last sale price as of the close of such commodity exchanges and are categorized as Level 1 of the fair value hierarchy.
Options: Purchased and written options listed or traded on a national market or exchange are valued at the last sale price as of the close of such exchange or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.
Total return swap contracts: Total return swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Total return swaps are generally categorized as Level 2 in the fair value hierarchy.
Forward foreign currency contracts: Forward foreign currency contracts are valued using the prevailing forward exchange rate and are categorized as Level 2 of the fair value hierarchy.
Any portfolio security for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. To the extent the inputs are observable and timely, the values would be categorized as Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.
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continued
Transfers between levels are recognized at the end of the reporting period. For the year ended December 31, 2017, there were no material transfers between levels by the Accounts.
As of December 31, 2017, 100% of the value of investments in the Inflation-Linked Bond Account and Money Market Account were valued based on Level 2 inputs.
The following table summarizes the market value of the Accounts’ investments as of December 31, 2017, based on the inputs used to value them (dollar amounts are in thousands):
| Account | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Stock | ||||||||||||||||
| Equity investments: | ||||||||||||||||
| Consumer discretionary | $ | 11,182,449 | $ | 4,930,249 | $ | 351 | $ | 16,113,049 | ||||||||
| Consumer staples | 6,243,274 | 3,303,858 | 7 | 9,547,139 | ||||||||||||
| Energy | 5,594,431 | 2,125,623 | 1,107 | 7,721,161 | ||||||||||||
| Financials | 13,395,568 | 8,081,571 | 605 | 21,477,744 | ||||||||||||
| Health care | 11,522,343 | 2,772,153 | 229 | 14,294,725 | ||||||||||||
| Industrials | 9,939,781 | 4,536,025 | 717 | 14,476,523 | ||||||||||||
| Information technology | 21,190,902 | 4,043,382 | 211 | 25,234,495 | ||||||||||||
| Materials | 3,312,369 | 3,345,854 | 3,175 | 6,661,398 | ||||||||||||
| Real estate | 2,768,995 | 1,666,730 | 7,759 | 4,443,484 | ||||||||||||
| Telecommunication services | 1,380,757 | 1,314,442 | 13 | 2,695,212 | ||||||||||||
| Utilities | 2,320,879 | 1,005,314 | — | 3,326,193 | ||||||||||||
| Government bonds | — | 295 | — | 295 | ||||||||||||
| Equity-linked notes | — | 7,071 | — | 7,071 | ||||||||||||
| Short-term investments | — | 2,665,054 | — | 2,665,054 | ||||||||||||
| Purchased options** | 1,894 | — | — | 1,894 | ||||||||||||
| Written options** | (4,118 | ) | — | — | (4,118 | ) | ||||||||||
| Futures contracts** | 2,304 | — | — | 2,304 | ||||||||||||
| Swaps contracts** | — | (190 | ) | — | (190 | ) | ||||||||||
| Total | $ | 88,851,828 | $ | 39,797,431 | $ | 14,174 | $ | 128,663,433 | ||||||||
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Notes to financial statements
| Account | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Global Equities | ||||||||||||||||
| Equity investments: | ||||||||||||||||
| Asia | $ | — | $ | 1,597,890 | $ | — | $ | 1,597,890 | ||||||||
| Australasia | 26,480 | 283,785 | 3 | 310,268 | ||||||||||||
| Europe | 52,190 | 3,581,570 | — | 3,633,760 | ||||||||||||
| Latin America | — | — | — | — | ||||||||||||
| North America | 12,369,271 | 598,016 | — | 12,967,287 | ||||||||||||
| All other equity investments* | 256,863 | 1,651,928 | 19 | 1,908,810 | ||||||||||||
| Short-term investments | — | 625,771 | — | 625,771 | ||||||||||||
| Futures contracts** | 4,178 | — | — | 4,178 | ||||||||||||
| Total | $ | 12,708,982 | $ | 8,338,960 | $ | 22 | $ | 21,047,964 | ||||||||
| Growth | ||||||||||||||||
| Equity investments: | ||||||||||||||||
| Consumer discretionary | $ | 4,585,022 | $ | 208,535 | $ | — | $ | 4,793,557 | ||||||||
| Consumer staples | 1,288,346 | 55,185 | — | 1,343,531 | ||||||||||||
| Health care | 3,183,412 | 183,375 | — | 3,366,787 | ||||||||||||
| Information technology | 10,436,201 | 164,996 | — | 10,601,197 | ||||||||||||
| All other equity investments* | 5,328,712 | — | — | 5,328,712 | ||||||||||||
| Short-term investments | 234,708 | 132,848 | — | 367,556 | ||||||||||||
| Total | $ | 25,056,401 | $ | 744,939 | $ | — | $ | 25,801,340 | ||||||||
| Equity Index | ||||||||||||||||
| Equity investments: | ||||||||||||||||
| Consumer discretionary | $ | 2,437,866 | $ | 7 | $ | — | $ | 2,437,873 | ||||||||
| Financials | 2,944,065 | 12 | — | 2,944,077 | ||||||||||||
| Health care | 2,581,376 | — | 13 | 2,581,389 | ||||||||||||
| Industrials | 2,118,127 | — | 119 | 2,118,246 | ||||||||||||
| All other equity investments * | 9,353,741 | — | — | 9,353,741 | ||||||||||||
| Short-term investments | 298,568 | 69,955 | — | 368,523 | ||||||||||||
| Futures contracts** | 729 | — | — | 729 | ||||||||||||
| Total | $ | 19,734,472 | $ | 69,974 | $ | 132 | $ | 19,804,578 | ||||||||
| Bond Market | ||||||||||||||||
| Bank loan obligations | $ | — | $ | 38,654 | $ | — | $ | 38,654 | ||||||||
| Corporate bonds | — | 4,697,676 | 1,890 | 4,699,566 | ||||||||||||
| Government bonds | — | 5,925,109 | — | 5,925,109 | ||||||||||||
| Structured assets | — | 2,760,384 | 10,155 | 2,770,539 | ||||||||||||
| Preferred stocks | 17,485 | — | — | 17,485 | ||||||||||||
| Short-term investments | — | 270,934 | — | 270,934 | ||||||||||||
| Forward foreign currency contracts** | — | (1,150 | ) | — | (1,150 | ) | ||||||||||
| Total | $ | 17,485 | $ | 13,691,607 | $ | 12,045 | $ | 13,721,137 | ||||||||
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continued
| Account | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Social Choice | ||||||||||||||||
| Equity investments: | ||||||||||||||||
| Consumer discretionary | $ | 743,792 | $ | 315,343 | $ | — | $ | 1,059,135 | ||||||||
| Consumer staples | 425,337 | 220,884 | — | 646,221 | ||||||||||||
| Energy | 350,170 | 162,118 | — | 512,288 | ||||||||||||
| Financials | 973,776 | 617,980 | — | 1,591,756 | ||||||||||||
| Health care | 790,829 | 248,586 | — | 1,039,415 | ||||||||||||
| Industrials | 712,986 | 329,886 | — | 1,042,872 | ||||||||||||
| Information technology | 1,321,782 | 149,689 | — | 1,471,471 | ||||||||||||
| Materials | 246,314 | 241,355 | — | 487,669 | ||||||||||||
| Real estate | 238,034 | 89,176 | — | 327,210 | ||||||||||||
| Telecommunication services | 100,230 | 108,716 | — | 208,946 | ||||||||||||
| Utilities | 148,479 | 93,469 | — | 241,948 | ||||||||||||
| Bank loan obligations | — | 31,895 | 13,141 | 45,036 | ||||||||||||
| Corporate bonds | — | 1,752,000 | 12,667 | 1,764,667 | ||||||||||||
| Government bonds | — | 3,398,642 | 23,665 | 3,422,307 | ||||||||||||
| Structured assets | — | 398,239 | 59,076 | 457,315 | ||||||||||||
| Short-term investments | 162,348 | 45,883 | — | 208,231 | ||||||||||||
| Total | $ | 6,214,077 | $ | 8,203,861 | $ | 108,549 | $ | 14,526,487 | ||||||||
| * | 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 3—derivative instruments
As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Derivatives require little or no initial investment and permit or require net settlement. The Accounts value derivatives at fair value.
At December 31, 2017, 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):
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Notes to financial statements
| Asset derivatives | Liabilities derivatives | |||||||||||
| Fair value | Fair value | |||||||||||
| Derivative contracts | Location | amount | Location | amount | ||||||||
| Stock Account | ||||||||||||
| Equity contracts | Futures contracts* | $2,304 | Written options | $(4,118 | ) | |||||||
| Equity contracts | Portfolio investments | 1,894 | Swap contracts | (190 | ) | |||||||
| Global Equities Account | ||||||||||||
| Equity contracts | Futures contracts* | 4,178 | ||||||||||
| Equity Index Account | ||||||||||||
| Equity contracts | Futures contracts* | 729 | ||||||||||
| Bond Market Account | ||||||||||||
| Foreign exchange contracts | Forward foreign currency contracts | (1,150 | ) | |||||||||
| Inflation-Linked Bond Account | ||||||||||||
| Interest-rate contracts | Futures contracts* | 37 | ||||||||||
| * | The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected on the accompanying Statements of Assets and Liabilities is only the receivable or payable for variation margin on open futures contracts. |
For the year ended December 31, 2017, the effect of derivative contracts on the Accounts’ Statements of Operations was as follows (dollar amounts are in thousands):
| Change in | ||||||||||
| unrealized | ||||||||||
| Realized | appreciation | |||||||||
| Derivative contract | Location | gain (loss | ) | (depreciation) | ||||||
| Stock Account | ||||||||||
| Equity contracts | Futures contracts | $37,252 | $3,856 | |||||||
| Equity contracts | Purchased options | 6,036 | (514 | ) | ||||||
| Equity contracts | Written options | 65 | 234 | |||||||
| Equity contracts | Swap contracts | (2,729 | ) | (560 | ) | |||||
| Global Equities Account | ||||||||||
| Equity contracts | Futures contracts | 28,322 | 4,247 | |||||||
| Growth Account | ||||||||||
| Equity contracts | Futures contracts | 16,459 | 481 | |||||||
| Equity Index Account | ||||||||||
| Equity contracts | Futures contracts | 4,279 | 729 | |||||||
| Bond Market Account | ||||||||||
| Foreign-exchange contracts |
|
Forward foreign currency contracts |
|
|
(11,763 |
) |
|
|
(3,260 |
) |
| Inflation-Linked Bond Account | ||||||||||
| Equity contracts | Futures contracts | 59 | 37 | |||||||
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
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continued
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, 2017, the Stock Account, Global Equities Account, Growth Account, Equity Index Account and the Inflation-Linked Bond Account had exposure to futures contracts, based on underlying notional values, generally between 0% and 2% of net assets. The futures contracts outstanding as of December 31, 2017 are disclosed in the summary portfolio of investments and the full schedules of investments.
Options: Certain Accounts are subject to equity price risk in the normal course of pursuing their investment objectives. To manage the risk, the Accounts may invest in both equity and index options. The Accounts use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Purchased options are included in the summary portfolio of investments, and written options are separately reflected as a liability in the Statements of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of Assets and Liabilities. During the year ended December 31, 2017, the Stock 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, 2017 are disclosed in the summary portfolio of investments and the full schedules of investments.
Total return swap contracts: Total return swaps are agreements that provide an Account with a return based on the performance of an underlying asset, in exchange for fee payments to a counterparty based on a specific rate. To the extent the total
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Notes to financial statements
return of the reference security or index underlying the total return swap exceeds or falls short of the offsetting interest rate obligation, the Account will receive a payment or make a payment to the counterparty, respectively. Payments received or made at the end of each measurement period are recorded as a realized gain or loss in the Statements of Operations. The swap is valued daily and any change in the value of the swap is reflected separately as a change in unrealized appreciation (depreciation) in the Statements of Operations. The value of the swap contract is reflected in unrealized appreciation (depreciation) on swap agreements in the Statements of Assets and Liabilities. Total return swaps are exposed to the market risk factor of the specific underlying financial instrument or index. Additional risks to the Account include the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The Account’s maximum loss from counterparty risk is the fair value of the contract. Certain Accounts may invest in total return swaps to gain or hedge exposure to the underlying reference assets. During the year ended December 31, 2017, the Stock Account had exposure to total return swaps, based on underlying notional amounts, generally between 0% and 1% of net assets. The total return swap contracts outstanding as of December 31, 2017 are disclosed in the summary portfolio of investments and the full schedule 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 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, 2017, the Bond Market Account had exposure to forwards, based on underlying notional values, generally between 0% and 1%. The forward contracts outstanding as of December 31, 2017 are disclosed in the summary portfolio of investments and the full schedules of investments.
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continued
Note 4—investment adviser and affiliates
Investment advisory services for the Accounts are provided by TIAA-CREF Investment Management, LLC (“TCIM”) in accordance with an Investment Management Services Agreement. TCIM is a registered investment adviser and a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), a companion organization of CREF. Investment management expenses generally include investment management, portfolio accounting and custodial services and are the same across all classes of an Account.
Administrative services are provided to the Accounts by TIAA, pursuant to an Administrative Services Agreement with CREF. Distribution functions are provided to the Accounts by TIAA-CREF Individual & Institutional Services, LLC (“Services”), a wholly owned subsidiary of TIAA, pursuant to a Principal Underwriting and Distribution Services Agreement with CREF and the Rule 12b-1 plan. Teachers Personal Investors Services, Inc. (“TPIS”), a wholly owned subsidiary of TIAA, may also provide distribution functions for the Accounts on a limited basis. Participants invested in a particular CREF Account will be subject to different administrative and distribution expenses depending upon the class of the Account they own.
TIAA charges a mortality and expense charge of 0.005% to guarantee that CREF participants transferring Accounts to TIAA for the immediate purchase of lifetime payout annuities will not be charged more than the rate stipulated in the CREF contract. This charge is the same across all Accounts and classes.
The services provided by TCIM, Services, TPIS, and TIAA are provided to CREF at cost, and CREF also reimburses TCIM, Services, TPIS, and TIAA for certain third party expenses and trustee fees paid on its behalf. Payments from the CREF Accounts are made on a daily basis according to formulas established each year with the objective of keeping the estimated expenses as close as possible to each Account’s actual expenses. Any differences between actual expenses and the estimated expenses remitted are adjusted.
As of December 31, 2017, the following table represents the effective expense deductions as an annual percentage of average daily net assets to approximate the costs that CREF incurred:
| College Retirement Equities Fund ■ 2017 Annual Report | 103 |
Notes to financial statements
| Investment | ||||||||||||||||||||||||||||
| management | ||||||||||||||||||||||||||||
| fee | Administrative fee | Distribution fee | ||||||||||||||||||||||||||
| All classes | Class R1 | Class R2 | Class R3 | Class R1 | Class R2 | Class R3 | ||||||||||||||||||||||
| Stock | 0.105 | % | 0.390 | % | 0.208 | % | 0.147 | % | 0.154 | % | 0.076 | % | 0.059 | % | ||||||||||||||
| Global Equities | 0.141 | 0.390 | 0.208 | 0.147 | 0.154 | 0.076 | 0.059 | |||||||||||||||||||||
| Growth | 0.051 | 0.390 | 0.208 | 0.147 | 0.154 | 0.076 | 0.059 | |||||||||||||||||||||
| Equity Index | 0.018 | 0.390 | 0.208 | 0.147 | 0.154 | 0.076 | 0.059 | |||||||||||||||||||||
| Bond Market | 0.087 | 0.390 | 0.208 | 0.147 | 0.155 | 0.075 | 0.059 | |||||||||||||||||||||
| Inflation-Linked Bond | 0.028 | 0.390 | 0.208 | 0.147 | 0.155 | 0.075 | 0.059 | |||||||||||||||||||||
| Social Choice | 0.053 | 0.390 | 0.208 | 0.147 | 0.155 | 0.075 | 0.059 | |||||||||||||||||||||
| Money Market | 0.021 | 0.390 | 0.208 | 0.147 | 0.155 | 0.075 | 0.059 | |||||||||||||||||||||
Between July 16, 2009 and March 7, 2017, TIAA withheld (“waived”) a portion of the distribution Rule 12b-1 and as necessary, administrative expenses for the Money Market Account. For the year ended December 31, 2017, these amounts totaled to $137,447 for Class R1, $0 for Class R2 and $0 for Class R3. TIAA terminated the waiver on April 14, 2017. 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 absent the effect of the waiver, and in such event the amount of recovery on any day will be approximately 25% of the class’s yield (net of all other expenses) on that day. As a result of the conversion, previously recoverable amounts have been allocated to the newly formed classes, using conversion date April 24, 2015 end of day net assets. For the year ended December 31, 2017, TIAA recovered previously waived expenses from the Account of $1,531,704 for Class R1, $4,299,244 for Class R2 and $8,068,427 for Class R3. As of December 31, 2017, the cumulative amount of expenses waived subject to recovery is $13,684,064 for Class R1, $8,026,340 for Class R2 and $8,776,506 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, 2017, these transactions did not materially impact the accounts.
| 104 | 2017 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):
| Change in | ||||||||||||||||||||||||
| unrealized | ||||||||||||||||||||||||
| Value at | Purchase | Sales | Realized | appreciation | Dividend | Shares at | Value at | |||||||||||||||||
| Issue | 12/31/16 | cost | proceeds | gain (loss) | (depreciation) | income | 12/31/17 | 12/31/17 | ||||||||||||||||
| Stock Account | ||||||||||||||||||||||||
| Dick’s Sporting Goods, Inc | $11,156 | ‡ | $237,002 | $163,670 | $(80,913) | $ (272) | $1,389 | 114,930 | ‡ | $ 3,303 | ‡ | |||||||||||||
| Tronox Ltd | 5,192 | § | 175,127 | 8,783 | 5,494 | (10,166) | 465 | 8,135,718 | 166,864 |
| ‡ | At December 31, 2016 and December 31, 2017, the issuer was not an affiliated company of the Account, but it was affiliated during the year. |
| § | At December 31, 2016, the issuer was not an affiliated company of the Account. |
Note 5—investments
Securities lending: Certain Accounts may lend their securities to qualified institutional borrowers to earn additional income. An Account receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Account the next business day. Cash collateral received by the Account will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of Assets and Liabilities. As of December 31, 2017, securities lending transactions (with the exception of the Social Choice Account) are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. For the Social Choice Account, all loans from securities lending transactions are continuous, can be recalled at any time, and have no set maturity, with $49,722,557 related to equity securities and $106,578,849 related to fixed income 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.
| College Retirement Equities Fund ■ 2017 Annual Report | 105 |
Notes to financial statements
Repurchase agreements: Each Account may enter into repurchase agreements with banks or broker-dealers. Repurchase agreements involve the purchase of securities from an institution, subject to the seller’s agreement to repurchase and the Account’s agreement to resell such securities at a mutually agreed-upon price. Pursuant to the terms of the repurchase agreement, securities purchased subject to repurchase agreements must have an aggregate market value greater than or equal to the agreed-upon repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Account will require the seller to deposit additional collateral by the next business day. If a request for additional collateral is not met, or if the seller defaults on its repurchase obligation, the Account maintains the right to sell the underlying securities at market value and pursue a claim for any remaining loss against the seller.
Securities purchased on a when-issued or delayed-delivery basis: The Accounts may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time an Account enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments.
Treasury Inflation-Protected Securities: The Accounts (other than the Money Market Account) may invest in Treasury Inflation-Protected Securities, specially structured bonds in which the principal amount is adjusted periodically to keep pace with inflation, as measured by the U.S. Consumer Price Index. The adjustments for interest income due to inflation or deflation are reflected in interest income in the Statements of Operations.
Mortgage dollar roll transactions: Some of the Accounts may enter into mortgage dollar rolls in which an Account sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, an Account forgoes principal and interest paid on the securities. The Account is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the lower repurchase price is recorded as a realized gain. The Account maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.
Restricted securities: Restricted securities held by the Accounts, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
Equity-linked notes: Equity-linked notes are debt securities issued by banks or broker-dealers and are designed to offer a return linked to an underlying security or market index. Equity-linked notes are structured with a defined maturity date. When the note matures, the issuer will pay to, or receive from the Account, the difference between
| 106 | 2017 Annual Report ■ College Retirement Equities Fund |
continued
the nominal value of the underlying instrument at the time of purchase and that instrument’s value at maturity. The Account will record a realized gain or loss on the transaction. The note is valued daily and any change in the value of the note is reflected in net unrealized gains and losses. Investments in equity-linked notes involve the same risks associated with a direct investment in the underlying security or index that the notes seek to replicate. In addition, there is also counterparty risk associated with these investments because the Account is relying on the creditworthiness of such counterparty and has no rights under an equity-linked note against the issuer of the underlying security.
Net unrealized appreciation (depreciation): At December 31, 2017, 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):
| Gross | Gross | Net unrealized | ||||||||||||||
| unrealized | unrealized | appreciation | ||||||||||||||
| Account | Tax cost | appreciation | depreciation | (depreciation) | ||||||||||||
| Stock | $105,966,331 | $24,859,773 | $(2,195,925 | ) | $22,663,848 | |||||||||||
| Global Equities | 16,951,252 | 4,393,639 | (296,927 | ) | 4,096,712 | |||||||||||
| Growth | 18,660,539 | 7,298,799 | (158,154 | ) | 7,140,645 | |||||||||||
| Equity Index | 9,157,809 | 11,145,447 | (498,678 | ) | 10,646,769 | |||||||||||
| Bond Market | 13,654,200 | 193,183 | (126,246 | ) | 66,937 | |||||||||||
| Inflation-Linked Bond | 6,312,573 | 262,597 | (49,004 | ) | 213,593 | |||||||||||
| Social Choice | 11,850,081 | 2,935,200 | (258,794 | ) | 2,676,406 | |||||||||||
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.
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Accounts for the year ended December 31, 2017 were as follows (dollar amounts are in thousands):
| Inflation- | ||||||||||||||||||||||||||||
| Global | Equity | Bond | Linked | Social | ||||||||||||||||||||||||
| Stock | Equities | Growth | Index | Market | Bond | Choice | ||||||||||||||||||||||
| Account | Account | Account | Account | Account | Account | Account | ||||||||||||||||||||||
| Purchases: | ||||||||||||||||||||||||||||
| Non-U.S. Government | $ | 57,354,950 | $ | 6,962,563 | $ | 11,196,049 | $ | 829,523 | $ | 5,201,547 | $ | — | $ | 2,387,832 | ||||||||||||||
| U.S. Government | — | — | — | — | 14,641,502 | 1,195,145 | 4,892,667 | |||||||||||||||||||||
| Total Purchases | $ | 57,354,950 | $ | 6,962,563 | $ | 11,196,049 | $ | 829,523 | $ | 19,843,049 | $ | 1,195,145 | $ | 7,280,499 | ||||||||||||||
| Sales: | ||||||||||||||||||||||||||||
| Non-U.S. Government | $ | 66,804,305 | $ | 8,415,754 | $ | 12,644,859 | $ | 2,004,330 | $ | 4,152,674 | $ | 5,214 | $ | 2,792,559 | ||||||||||||||
| U.S. Government | — | — | — | — | 14,542,836 | 1,401,387 | 4,708,551 | |||||||||||||||||||||
| Total Sales | $ | 66,804,305 | $ | 8,415,754 | $ | 12,644,859 | $ | 2,004,330 | $ | 18,695,510 | $ | 1,406,601 | $ | 7,501,110 | ||||||||||||||
| College Retirement Equities Fund ■ 2017 Annual Report | 107 |
| Notes to financial statements | concluded |
Note 6—line of credit
Each of the Accounts, except the Money Market Account, participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of participant withdrawals. The current facility was entered into on June 20, 2017 expiring on June 19, 2018, replacing the previous facility, which expired June 2017. 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, 2017, there were no borrowings under this credit facility by the Accounts.
Note 7—indemnification
In the normal course of business, each Account enters into contracts that contain a variety of representations and warranties and that provide general indemnities. An Account’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Account that have not yet occurred. Also, under the Accounts’ organizational documents, the trustees and officers of the Accounts are indemnified against certain liabilities that may arise out of their duties to the Accounts. However, based on experience, the Accounts expect the risk of loss due to these warranties and indemnities to be unlikely.
| 108 | 2017 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, Social Choice Account, Money Market Account and portfolio of investments, of Inflation-Linked Bond Account (constituting College Retirement Equities Fund, hereafter collectively referred to as the “Accounts”) as of December 31, 2017, the related statements of operations for the year ended December 31, 2017, the statements of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Accounts as of December 31, 2017, 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, 2017 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Accounts’ management. Our responsibility is to express an opinion on the Accounts’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Accounts in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included
| College Retirement Equities Fund ■ 2017 Annual Report | 109 |
| Report of independent registered public accounting firm | concluded |
confirmation of securities owned as of December 31, 2017 by correspondence with the custodian, transfer agent 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
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 16, 2018
We have served as the auditor of one or more investment companies in TIAA-CREF
Funds’ investment company group since 2005.
| 110 | 2017 Annual Report ■ College Retirement Equities Fund |
Trustees and officers (unaudited)
College Retirement Equities Fund ■ December 31, 2017
Trustees
| Name, address and year of birth (“YOB”) |
Position(s) held with CREF |
Term of office and length of time served |
Principal occupation(s) during past 5 years | Number of portfolios in fund complex overseen by Trustee |
Other directorship(s) held by Trustee | |||||
| Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954 |
Trustee | Four-year term commencing 2014. Trustee since 2006. | Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003–2005). | 88 | Investment Committee member, Maine Community Foundation and the Elmina B. Sewall Foundation. | |||||
| Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962 |
Trustee | Four-year term commencing 2014. Trustee since 2007. | Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc. | 88 | Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc. | |||||
| Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967 |
Trustee | Four-year term commencing 2014. Trustee since 2007. | Chief Executive Officer (since 2014) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Chief Operating Officer, DDJ Capital Management (2003–2006). | 88 | Director of Copper Rock Capital Partners, LLC (investment adviser). | |||||
| Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954 |
Trustee | Four-year term commencing 2014. Trustee since 2005. | James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to the President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School. | 88 | Director, Commonwealth (non-profit organization). |
| College Retirement Equities Fund ■ 2017 Annual Report | 111 |
| Trustees and officers (unaudited) | continued |
College Retirement Equities Fund ■ December 31, 2017
| Name, address and year of birth (“YOB”) |
Position(s) held with CREF |
Term of office and length of time served |
Principal occupation(s) during past 5 years | Number of portfolios in fund complex overseen by Trustee |
Other directorship(s) held by Trustee | |||||
| 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 commencing 2014. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since September 13, 2017. | Partner (2004–2010) and Managing Director (1999–2004), Goldman Sachs Asset Management. | 88 | Director, Aflac Insurance. Inc.; Director and Investment Committee member, Sansum Clinic; Investment Committee member, Cottage Health System; Member, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Chairman, Crane Country Day School. | |||||
| Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1948 |
Trustee | Four-year term commencing 2014. Trustee since 2003. | Chairman, First Eagle Holdings (since 2016), Chief Executive Officer (2010–2016), President (2009–2016) and Chief Operating Officer (2009–2010), First Eagle Investment Management, LLC; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009). | 88 | Director, First Eagle Holdings, LLC; Jones Lang LaSalle Incorporated; Close Brothers Group plc; Jupiter Fund Management plc; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); the North Shore Land Alliance; and Prep for Prep. | |||||
| James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958 |
Trustee | Four-year term commencing 2014. Trustee since 2006. | President and Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Affiliated Faculty Member of the Finance Group at the Alfred P. Sloan School of Management, Massachusetts Institute of Technology (“MIT”) (since 2014); Mitsui Professor of Economics, MIT (since 1996); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Program Director, NBER (1990–2008). | 88 | Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers. |
| 112 | 2017 Annual Report ■ College Retirement Equities Fund |
| Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949 |
Trustee | Four-year term commencing 2014. Trustee since 1991. | Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2016); Chairman and Chief Executive Officer (1991–2016) and Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman and Chief Executive Officer (2003–2016) and Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012). | 88 | Director, SCANA Corporation (energy holding company). | |||||
| Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1950 |
Trustee | Four-year term commencing 2014. Trustee since 2006. | Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002) and Professor, University of Texas at Austin (since 1987). Chairman, Department of Finance, University of Texas at Austin (2002–2011). | 88 | Member of the Board of Governors of the Investment Company Institute, the Governing Council of Independent Directors Council (an association for mutual fund directors); and Investment Advisory Committee, Employees Retirement System of Texas. |
| College Retirement Equities Fund ■ 2017 Annual Report | 113 |
| Trustees and officers (unaudited) | concluded |
College Retirement Equities Fund ■ December 31, 2017
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 | |||
| Mona Bhalla TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1969 |
Senior Managing Director and Corporate Secretary | One-year term. Senior Managing Director and Corporate Secretary since 2017. | Senior Managing Director and Corporate Secretary of Teachers Insurance and Annuity Association of America (“TIAA”) and 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”). Prior to joining TIAA, Ms. Bhalla served as Senior Vice President, Counsel and Corporate Secretary, Head of Corporate, Securities and M&A Group of AllianceBernstein L.P. | |||
| Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962 |
Chief Compliance Officer | One-year term. Chief Compliance Officer since 2008. | Managing Director, Senior Compliance Officer of TIAA. Chief Compliance Officer of the TIAA-CREF Fund Complex. | |||
| Glenn Brightman TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1972 |
Executive Vice President, Chief Financial Officer and Principal Accounting Officer | One-year term. Executive Vice President, Chief Financial Officer and Principal Accounting Officer since 2017. | Executive Vice President, Chief Financial Officer of Nuveen. Executive Vice President, Chief Financial Officer and Principal Accounting Officer of CREF. | |||
| Carol W. Deckbar TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962 |
Executive Vice President | One-year term. Executive Vice President since 2013. | Executive Vice President, Institutional Investment and Endowment Services of TIAA and Executive Vice President of CREF and VA-1. |
| 114 | 2017 Annual Report ■ College Retirement Equities Fund |
| Roger W. Ferguson, Jr. TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1951 |
President and Chief Executive Officer | One-year term. President and Chief Executive Officer since 2008. | President and Chief Executive Officer of TIAA, CREF and TIAA Separate Account VA-1. | |||
| Stephen Gruppo TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1959 |
Executive Vice President | One-year term. Executive Vice President since 2009. | Senior Executive Vice President, Chief Risk Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. | |||
| J. Keith Morgan TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1951 |
Executive Vice President and Chief Legal Officer | One-year term. Executive Vice President and Chief Legal Officer since 2015. | Senior Executive Vice President and Chief Legal Officer of TIAA and Executive Vice President and Chief Legal Officer of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Morgan served as Founder and Chief Executive Officer of Morris Lane Capital LLC (consultant), and as Senior Vice President and General Counsel of General Electric Capital Corporation. | |||
| Ronald R. Pressman TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1958 |
Executive Vice President | One-year term. Executive Vice President since 2012. | Senior Executive Vice President, Chief Executive Officer, Institutional Financial Services of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Pressman served as President and Chief Executive Officer of General Electric Capital Real Estate. | |||
| Otha T. Spriggs, III TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1951 |
Executive Vice President | One-year term. Executive Vice President since 2012. | Senior Executive Vice President and Chief Human Resources Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Spriggs served as Senior Vice President of Human Resources, Boston Scientific; President of Integrated People Solutions; Senior Vice President, Human Resources and various human resources leadership roles, CIGNA Corp. | |||
| E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973 |
Treasurer | One-year term. Treasurer since 2017. | Managing Director, Funds Treasurer, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1; and Treasurer of CREF. |
Please note that CREF’s Statement of Additional Information (SAI) includes additional information about CREF’s trustees and is available, without charge, through our website, tiaa.org, or by calling 877-518-9161.
| College Retirement Equities Fund ■ 2017 Annual Report | 115 |
Additional information about index providers (unaudited)
Russell Indexes
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
Bloomberg Barclays Indexes
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or 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.
MSCI Indexes
The accounts are not sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index (collectively, the “MSCI Parties”). The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names are service marks of MSCI or its affiliates and have been licensed for use for certain purposes by Teachers Advisors, Inc. None of the MSCI parties makes any representation or warranty, express or implied, to the issuer or owners of these accounts or any other person or entity regarding the advisability of investing in accounts generally or in these accounts particularly or the ability of any MSCI index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI indexes which are determined, composed and calculated by MSCI without regard to these accounts or the issuer or owners of these accounts or any other person or entity. None of the MSCI parties has any obligation to take the needs of the issuer or owners of these accounts or any other person or entity into consideration in determining, composing or calculating the MSCI indexes. None of the MSCI parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of these accounts to be issued or in the determination or calculation of the equation by or the consideration into which these
| 116 | 2017 Annual Report ■ College Retirement Equities Fund |
accounts is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of these accounts or any other person or entity in connection with the administration, marketing or offering of these accounts.
although msci shall obtain information for inclusion in or for use in the calculation of the msci indexes from sources that msci considers reliable, none of the msci parties warrants or guarantees the originality, accuracy and/or the completeness of any msci index or any data included therein. none of the msci parties makes any warranty, express or implied, as to results to be obtained by the issuer of these accounts, owners of these accounts, or any other person or entity, from the use of any msci index or any data included therein. none of the msci parties shall have any liability for any errors, omissions or interruptions of or in connection with any msci index or any data included therein. further, none of the msci parties makes any express or implied warranties of any kind, and the msci parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to each msci index and any data included therein. without limiting any of the foregoing, in no event shall any of the msci parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
No purchaser, seller or holder of these securities, products or accounts, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote these securities without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.
Morningstar index
© 2018 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.
| College Retirement Equities Fund ■ 2017 Annual Report | 117 |
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Item 2. Code of Ethics.
2(a) The Board of Trustees of the College Retirement Equities Fund (the “Registrant”) has adopted a code of ethics for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.
2(b) No response required.
2(c) During the reporting period, there were no amendments to the code of ethics.
2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics.
2(e) Not applicable.
2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert.
3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.
3(a)(2) Nancy A. Eckl is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.
4(a) Audit Fees.
For the fiscal years ended December 31, 2017 and December 31, 2016, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $787,040 and $767,830, respectively.
4(b) Audit Related Fees.
For the fiscal years ended December 31, 2017 and December 31, 2016, 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, 2017 and December 31, 2016, 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, 2017 and December 31, 2016, PwC’s aggregate fees for tax services billed to the Registrant were $67,975 and $246,547, respectively.
For the fiscal years ended December 31, 2017 and December 31, 2016, PwC’s aggregate fees for tax services billed to the Fund Service Providers were $0 and $0, respectively.
4(d) All Other Fees.
For the fiscal years ended December 31, 2017 and December 31, 2016, PwC’s aggregate fees for all other services billed to the Registrant were $21,500 and $21,000, respectively.
For the fiscal years ended December 31, 2017 and December 31, 2016, 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, 2017 and December 31, 2016 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, 2017 and December 31, 2016 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, 2017 and December 31, 2016 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, 2017 and December 31, 2016 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting 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, 2017 and December 31, 2016 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, 2017 and December 31, 2016 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.
4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.
4(g) Non-Audit Fees for Related Entities.
For the fiscal years ended December 31, 2017 and December 31, 2016, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $208,315 and $305,800, 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, 2017
| MATURITY | VALUE | |||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | (000) | ||||||||||||
| BONDS - 0.0% | ||||||||||||||||
| CORPORATE BONDS - 0.0% | ||||||||||||||||
| DIVERSIFIED FINANCIALS - 0.0% | ||||||||||||||||
| $ | 466,000 | †,m | Asia Pacific Investment Partners | 15.000 | % | 04/23/17 | $ | 0 | ^ | |||||||
| TOTAL DIVERSIFIED FINANCIALS | 0 | ^ | ||||||||||||||
| TOTAL CORPORATE BONDS | 0 | ^ | ||||||||||||||
| (Cost $466) | ||||||||||||||||
| GOVERNMENT BONDS - 0.0% | ||||||||||||||||
| U.S. TREASURY SECURITIES - 0.0% | ||||||||||||||||
| 300,000 | United States Treasury Note | 1.750 | 05/15/22 | 295 | ||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 295 | |||||||||||||||
| TOTAL GOVERNMENT BONDS | 295 | |||||||||||||||
| (Cost $302) | ||||||||||||||||
| TOTAL BONDS | 295 | |||||||||||||||
| (Cost $768) | ||||||||||||||||
| EQUITY LINKED NOTES - 0.0% | ||||||||||||||||
| DIVERSIFIED FINANCIALS - 0.0% | ||||||||||||||||
| 413,600 | j | Morgan Stanley BV | 0.000 | 07/02/18 | 7,071 | |||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 7,071 | |||||||||||||||
| TOTAL EQUITY LINKED NOTES | 7,071 | |||||||||||||||
| (Cost $6,950) | ||||||||||||||||
| SHARES | COMPANY | |||||||||||||||
| COMMON STOCKS - 99.3% | ||||||||||||||||
| AUTOMOBILES & COMPONENTS - 2.0% | ||||||||||||||||
| 173,085 | Actron Technology Corp | 670 | ||||||||||||||
| 360,691 | Adient plc | 28,386 | ||||||||||||||
| 77,800 | Aisan Industry Co Ltd | 911 | ||||||||||||||
| 1,002,448 | Aisin Seiki Co Ltd | 56,160 | ||||||||||||||
| 69,700 | *,e | Akebono Brake Industry Co Ltd | 190 | |||||||||||||
| 166,987 | * | American Axle & Manufacturing Holdings, Inc | 2,844 | |||||||||||||
| 740,996 | * | Apollo Tyres Ltd | 3,109 | |||||||||||||
| 53,653 | ARB Corp Ltd | 782 | ||||||||||||||
| 1 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 36,122 | Asahi India Glass Ltd | $ | 209 | ||||||
| 3,582 | e | Autoliv, Inc | 455 | ||||||
| 8,461 | Autoneum Holding AG. | 2,436 | |||||||
| 124,418 | Bajaj Holdings and Investment Ltd | 6,498 | |||||||
| 25,236 | Balkrishna Industries Ltd | 471 | |||||||
| 25,236 | *,m | Balkrishna Industries Ltd | 471 | ||||||
| 508,818 | Bayerische Motoren Werke AG. | 52,755 | |||||||
| 5,902 | Bayerische Motoren Werke AG. (Preference) | 527 | |||||||
| 375,477 | Bharat Forge Ltd | 4,299 | |||||||
| 663,410 | BorgWarner, Inc | 33,894 | |||||||
| 11,251 | Bosch Ltd | 3,549 | |||||||
| 211,707 | Brembo S.p.A | 3,216 | |||||||
| 705,689 | Bridgestone Corp | 32,661 | |||||||
| 3,026,135 | Brilliance China Automotive Holdings Ltd | 8,042 | |||||||
| 1,411,963 | e | Byd Co Ltd | 12,266 | ||||||
| 17,000 | Cayman Engley Industrial Co Ltd | 82 | |||||||
| 72,098 | * | Ceat Ltd | 2,199 | ||||||
| 453,000 | e | Chaowei Power Holdings Ltd | 276 | ||||||
| 1,707,251 | Cheng Shin Rubber Industry Co Ltd | 3,012 | |||||||
| 1,994,000 | * | China First Capital Group Ltd | 771 | ||||||
| 1,396,000 | China Motor Corp | 1,218 | |||||||
| 263,389 | Cie Automotive S.A. | 7,634 | |||||||
| 171,085 | Compagnie Plastic-Omnium S.A. | 7,765 | |||||||
| 331,319 | Continental AG. | 89,085 | |||||||
| 90,204 | Cooper Tire & Rubber Co | 3,189 | |||||||
| 138,465 | * | Cooper-Standard Holding, Inc | 16,962 | ||||||
| 29,551 | Cub Elecparts, Inc | 271 | |||||||
| 30,800 | Daido Metal Co Ltd | 304 | |||||||
| 93,200 | Daikyonishikawa Corp | 1,507 | |||||||
| 1,461,767 | Daimler AG. (Registered) | 123,608 | |||||||
| 273,894 | Dana Holding Corp | 8,767 | |||||||
| 1,415,838 | * | Delphi Automotive plc | 120,106 | ||||||
| 527,265 | * | Delphi Technologies plc | 27,666 | ||||||
| 452,601 | Denso Corp | 27,115 | |||||||
| 53,000 | Depo Auto Parts Ind Co Ltd | 160 | |||||||
| 183,264 | Dometic Group AB | 1,867 | |||||||
| 1,451 | * | Dong Ah Tire & Rubber Co Ltd | 14 | ||||||
| 5,268 | Dong Ah Tire & Rubber Co Ltd | 157 | |||||||
| 2,369,787 | Dongfeng Motor Group Co Ltd | 2,860 | |||||||
| 45,690 | * | Dorman Products, Inc | 2,793 | ||||||
| 460,800 | Drb-Hicom BHD | 208 | |||||||
| 161,300 | Eagle Industry Co Ltd | 3,009 | |||||||
| 6,762 | EDAG Engineering Group AG. | 119 | |||||||
| 17,142 | ElringKlinger AG. | 383 | |||||||
| 33,180 | * | Endurance Technologies Ltd | 709 | ||||||
| 128,782 | Exedy Corp | 3,968 | |||||||
| 349,192 | * | Exide Industries Ltd | 1,219 | ||||||
| 389,917 | Faurecia | 30,388 | |||||||
| 23,800 | FCC Co Ltd | 623 | |||||||
| 67,689 | Ferrari NV | 7,092 | |||||||
| 2,953,858 | * | Fiat DaimlerChrysler Automobiles NV | 52,736 | ||||||
| 10,883,456 | Ford Motor Co | 135,934 | |||||||
| 52,953 | Ford Otomotiv Sanayi AS | 842 | |||||||
| 63,636 | * | Fox Factory Holding Corp | 2,472 | ||||||
| 2 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 246,036 | Fuji Heavy Industries Ltd | $ | 7,801 | ||||||
| 45,297 | Futaba Industrial Co Ltd | 420 | |||||||
| 1,970,800 | Fuyao Glass Industry Group Co Ltd | 8,291 | |||||||
| 11,741,202 | Geely Automobile Holdings Ltd | 40,441 | |||||||
| 6,062,000 | *,†,m | General Motors Co | 0 | ||||||
| 26,439,191 | *,†,m | General Motors Co | 0 | ||||||
| 24,057,000 | *,†,m | General Motors Co | 0 | ||||||
| 1,486,744 | General Motors Co | 60,942 | |||||||
| 722,689 | *,†,e,m | General Motors Co | 0 | ||||||
| 4,230,271 | *,†,m | General Motors Co | 0 | ||||||
| 35,983,677 | *,†,m | General Motors Co | 0 | ||||||
| 18,507,434 | *,†,m | General Motors Co | 0 | ||||||
| 40,684,487 | *,†,e,m | General Motors Co | 0 | ||||||
| 7,950,000 | *,†,m | General Motors Co | 0 | ||||||
| 85,268,000 | *,†,e,m | General Motors Co | 0 | ||||||
| 813,253 | Gentex Corp | 17,038 | |||||||
| 60,693 | * | Gentherm, Inc | 1,927 | ||||||
| 107,133 | *,e | Gestamp Automocion S.A. | 764 | ||||||
| 1,503,181 | GKN plc | 6,464 | |||||||
| 4,386 | Global & Yuasa Battery Co Ltd | 146 | |||||||
| 23,000 | Global PMX Co Ltd | 127 | |||||||
| 64,461 | Goodyear Lastikleri Turk AS. | 72 | |||||||
| 540,829 | Goodyear Tire & Rubber Co | 17,474 | |||||||
| 32,777 | Grammer AG. | 2,031 | |||||||
| 3,191,189 | e | Great Wall Motor Co Ltd | 3,642 | ||||||
| 15,600 | G-Tekt Corp | 320 | |||||||
| 6,408,861 | Guangzhou Automobile Group Co Ltd | 15,138 | |||||||
| 237,403 | GUD Holdings Ltd | 2,252 | |||||||
| 5,968 | Halla Holdings Corp | 350 | |||||||
| 49,732 | Hanil E-Hwa Co Ltd | 466 | |||||||
| 70,700 | Hankook Tire Co Ltd | 3,602 | |||||||
| 176,102 | Hanon Systems | 2,287 | |||||||
| 439,207 | e | Harley-Davidson, Inc | 22,347 | ||||||
| 94,595 | Hero Honda Motors Ltd | 5,603 | |||||||
| 34,000 | Hiroca Holdings Ltd | 131 | |||||||
| 17,450 | Honda Atlas Cars Pakistan Ltd | 81 | |||||||
| 1,581,636 | Honda Motor Co Ltd | 53,977 | |||||||
| 42,750 | * | Horizon Global Corp | 599 | ||||||
| 142,990 | Hota Industrial Manufacturing Co Ltd | 701 | |||||||
| 50,199 | Hu Lane Associate, Inc | 256 | |||||||
| 65,900 | * | Hunan Tyen Machinery Co Ltd | 30 | ||||||
| 68,012 | Hyundai Mobis | 16,708 | |||||||
| 151,242 | Hyundai Motor Co | 22,011 | |||||||
| 49,917 | Hyundai Motor Co Ltd (2nd Preference) | 4,756 | |||||||
| 23,178 | Hyundai Motor Co Ltd (Preference) | 2,025 | |||||||
| 14,671 | e | Hyundai Wia Corp | 891 | ||||||
| 23,600 | Ichikoh Industries Ltd | 209 | |||||||
| 52,640 | Indus Motor Co Ltd | 801 | |||||||
| 24,000 | Iron Force Industrial Co Ltd | 95 | |||||||
| 218,595 | Isuzu Motors Ltd | 3,650 | |||||||
| 24,900 | Jiangling Motors Corp Ltd | 41 | |||||||
| 424,786 | * | JK Tyre & Industries Ltd | 981 | ||||||
| 140,600 | Kasai Kogyo Co Ltd | 2,312 | |||||||
| 3 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 78,189 | Kayaba Industry Co Ltd | $ | 4,551 | ||||||
| 128,600 | Keihin Corp | 2,612 | |||||||
| 355,455 | Kenda Rubber Industrial Co Ltd | 448 | |||||||
| 311,245 | Kia Motors Corp | 9,740 | |||||||
| 76,436 | Koito Manufacturing Co Ltd | 5,352 | |||||||
| 1,282,429 | * | Kongsberg Automotive ASA | 1,835 | ||||||
| 44,694 | Kordsa Teknik Tekstil AS. | 90 | |||||||
| 56,900 | Korea Autoglass Corp | 893 | |||||||
| 72,190 | *,e | Kumho Tire Co, Inc | 298 | ||||||
| 111,000 | Launch Tech Co Ltd | 129 | |||||||
| 41,661 | LCI Industries, Inc | 5,416 | |||||||
| 447,770 | Lear Corp | 79,103 | |||||||
| 30,790 | Leoni AG. | 2,294 | |||||||
| 34,383 | Linamar Corp | 2,002 | |||||||
| 26,000 | Macauto Industrial Co Ltd | 153 | |||||||
| 611,334 | Magna International, Inc | 34,647 | |||||||
| 1,162,038 | Mahindra & Mahindra Ltd | 13,652 | |||||||
| 51,285 | * | Mahindra CIE Automotive Ltd | 207 | ||||||
| 25,900 | Mahle-Metal Leve S.A. Industria e Comercio | 186 | |||||||
| 11,294 | Mando Corp | 3,256 | |||||||
| 77,253 | Martinrea International, Inc | 986 | |||||||
| 169,904 | Maruti Suzuki India Ltd | 25,871 | |||||||
| 527,931 | Mazda Motor Corp | 7,055 | |||||||
| 318,962 | Metair Investments Ltd | 554 | |||||||
| 35,490 | MGI Coutier | 1,435 | |||||||
| 196,659 | Michelin (C.G.D.E.) (Class B) | 28,133 | |||||||
| 13,080 | * | Minda Industries Ltd | 263 | ||||||
| 492,000 | Minth Group Ltd | 2,959 | |||||||
| 18,600 | Mitsuba Corp | 279 | |||||||
| 169,117 | Mitsubishi Motors Corp | 1,217 | |||||||
| 291,259 | * | Modine Manufacturing Co | 5,883 | ||||||
| 1,030,260 | * | Motherson Sumi Systems Ltd | 6,114 | ||||||
| 32,430 | * | Motorcar Parts of America, Inc | 810 | ||||||
| 16,200 | Musashi Seimitsu Industry Co Ltd | 515 | |||||||
| 321,949 | Nan Kang Rubber Tire Co Ltd | 288 | |||||||
| 10,044 | Nexen Corp | 71 | |||||||
| 23,009 | Nexen Tire Corp | 254 | |||||||
| 892,000 | Nexteer Automotive Group Ltd | 2,120 | |||||||
| 1,110,344 | NGK Spark Plug Co Ltd | 26,912 | |||||||
| 542,100 | NHK Spring Co Ltd | 5,950 | |||||||
| 130,251 | Nifco, Inc | 8,867 | |||||||
| 132,000 | Nippon Seiki Co Ltd | 2,832 | |||||||
| 3,322,892 | Nissan Motor Co Ltd | 33,083 | |||||||
| 194,541 | Nissan Shatai Co Ltd | 1,986 | |||||||
| 24,500 | Nissin Kogyo Co Ltd | 485 | |||||||
| 119,939 | NOK Corp | 2,791 | |||||||
| 468,216 | Nokian Renkaat Oyj | 21,236 | |||||||
| 361,200 | Pacific Industrial Co Ltd | 5,603 | |||||||
| 1,959,229 | Peugeot S.A. | 39,794 | |||||||
| 743,088 | Piaggio & C S.p.A. | 2,051 | |||||||
| 16,900 | Piolax Inc | 501 | |||||||
| 44,025 | POLYTEC Holding AG. | 977 | |||||||
| 61,855 | Porsche AG. | 5,169 | |||||||
| 80,400 | Press Kogyo Co Ltd | 485 | |||||||
| 4 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 29,965,107 | PT Astra International Tbk | $ | 18,304 | ||||||
| 7,888,000 | Qingling Motors Co Ltd | 2,511 | |||||||
| 187,600 | Rassini SAB de C.V. | 673 | |||||||
| 844,765 | Renault S.A. | 84,796 | |||||||
| 19,100 | Riken Corp | 1,076 | |||||||
| 39,729 | S&T Daewoo Co Ltd | 1,739 | |||||||
| 121,047 | SAF-Holland S.A. | 2,605 | |||||||
| 13,400 | * | Sanden Corp | 268 | ||||||
| 345,920 | Sanyang Industry Co Ltd | 249 | |||||||
| 358,418 | Schaeffler AG. | 6,324 | |||||||
| 115,356 | * | Shiloh Industries, Inc | 946 | ||||||
| 431,700 | Showa Corp | 5,347 | |||||||
| 68,131 | SL Corp | 1,556 | |||||||
| 34,923 | *,e | Sogefi S.p.A. | 168 | ||||||
| 139,587 | Spartan Motors, Inc | 2,198 | |||||||
| 635,880 | Sri Trang Agro-Industry PCL (Foreign) | 274 | |||||||
| 27,486 | * | Ssangyong Motor Co | 131 | ||||||
| 150,730 | Standard Motor Products, Inc | 6,769 | |||||||
| 283,487 | Stanley Electric Co Ltd | 11,471 | |||||||
| 274,058 | * | Stoneridge, Inc | 6,265 | ||||||
| 501,325 | Sumitomo Electric Industries Ltd | 8,451 | |||||||
| 72,873 | Sumitomo Rubber Industries, Inc | 1,351 | |||||||
| 132,410 | Sundram Fasteners Ltd | 1,213 | |||||||
| 24,570 | Sungwoo Hitech Co Ltd | 149 | |||||||
| 73,343 | Superior Industries International, Inc | 1,089 | |||||||
| 19,419 | * | Suprajit Engineering Ltd | 101 | ||||||
| 386,803 | Suzuki Motor Corp | 22,390 | |||||||
| 150,000 | e | T RAD Co Ltd | 5,323 | ||||||
| 18,400 | Tachi-S Co Ltd | 336 | |||||||
| 21,400 | Taiho Kogyo Co Ltd | 318 | |||||||
| 2,473,825 | * | Tata Motors Ltd | 16,692 | ||||||
| 18,100 | Teikoku Piston Ring Co Ltd | 598 | |||||||
| 197,603 | Tenneco, Inc | 11,568 | |||||||
| 217,680 | *,e | Tesla, Inc | 67,775 | ||||||
| 20,350 | Thal Ltd | 94 | |||||||
| 321,887 | Thor Industries, Inc | 48,515 | |||||||
| 5,572,000 | Tianneng Power International Ltd | 5,781 | |||||||
| 105,713 | Tofas Turk Otomobil Fabrik | 920 | |||||||
| 31,863 | Tokai Rika Co Ltd | 669 | |||||||
| 23,600 | Tokai Rubber Industries, Inc | 252 | |||||||
| 888,699 | Tong Yang Industry Co Ltd | 1,715 | |||||||
| 97,000 | Topre Corp | 2,737 | |||||||
| 35,219 | Tower International, Inc | 1,076 | |||||||
| 63,100 | Toyo Tire & Rubber Co Ltd | 1,297 | |||||||
| 50,015 | Toyoda Gosei Co Ltd | 1,269 | |||||||
| 104,800 | Toyota Boshoku Corp | 2,187 | |||||||
| 189,441 | Toyota Industries Corp | 12,143 | |||||||
| 5,306,189 | Toyota Motor Corp | 338,163 | |||||||
| 145,600 | TS Tech Co Ltd | 5,974 | |||||||
| 105,913 | Tube Investments of India Ltd | 447 | |||||||
| 40,089 | Tung Thih Electronic Co Ltd | 230 | |||||||
| 198,400 | Tupy S.A. | 1,092 | |||||||
| 1,967,000 | TYC Brother Industrial Co Ltd | 2,194 | |||||||
| 5 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 305,541 | * | UMW Holdings BHD | $ | 391 | |||||
| 144,300 | Unipres Corp | 3,871 | |||||||
| 152,500 | Valeo S.A. | 11,360 | |||||||
| 217,707 | * | Visteon Corp | 27,244 | ||||||
| 35,859 | Volkswagen AG. | 7,237 | |||||||
| 25,284 | Volkswagen AG. (Preference) | 5,022 | |||||||
| 39,535 | * | VOXX International Corp (Class A) | 221 | ||||||
| 7,003 | WABCO India Ltd | 805 | |||||||
| 69,189 | Winnebago Industries, Inc | 3,847 | |||||||
| 121,000 | Xin Point Holdings Ltd | 77 | |||||||
| 4,178,247 | Xingda International Holdings Ltd | 1,478 | |||||||
| 5,688,785 | Xinyi Glass Holdings Co Ltd | 7,395 | |||||||
| 2,412,000 | Yadea Group Holdings Ltd | 827 | |||||||
| 287,072 | Yamaha Motor Co Ltd | 9,404 | |||||||
| 100,500 | e | Yokohama Rubber Co Ltd | 2,455 | ||||||
| 200,600 | Yorozu Corp | 4,299 | |||||||
| 486,000 | Yulon Motor Co Ltd | 394 | |||||||
| 174,000 | Zhejiang Shibao Co Ltd | 58 | |||||||
| TOTAL AUTOMOBILES & COMPONENTS | 2,488,648 | ||||||||
| BANKS - 8.9% | |||||||||
| 27,253 | 1st Source Corp | 1,348 | |||||||
| 101,006 | 77 Bank Ltd | 2,542 | |||||||
| 35,227 | Aareal Bank AG. | 1,591 | |||||||
| 1,476,489 | ABN AMRO Group NV (ADR) | 47,603 | |||||||
| 2,735,047 | * | Abu Dhabi Commercial Bank PJSC | 5,064 | ||||||
| 26,712 | e | Access National Corp | 744 | ||||||
| 13,238 | ACNB Corp | 391 | |||||||
| 76,385,649 | Agricultural Bank of China | 35,499 | |||||||
| 7,259,888 | e | AIB Group plc | 47,909 | ||||||
| 13,200 | Aichi Bank Ltd | 625 | |||||||
| 5,040,563 | Akbank TAS | 13,081 | |||||||
| 9,400 | Akita Bank Ltd | 259 | |||||||
| 250,077 | Albaraka Turk Katilim Bankasi AS | 102 | |||||||
| 652,631 | * | Aldermore Group plc | 2,734 | ||||||
| 80,503 | * | Alior Bank S.A. | 1,834 | ||||||
| 106,861 | * | Allahabad Bank | 123 | ||||||
| 19,604 | * | Allegiance Bancshares, Inc | 738 | ||||||
| 925,256 | Alliance Financial Group BHD | 931 | |||||||
| 1,461,846 | * | Alpha Bank AE | 3,134 | ||||||
| 315,270 | *,†,m | Amagerbanken AS | 0 | ||||||
| 14,953 | American National Bankshares, Inc | 573 | |||||||
| 62,262 | Ameris Bancorp | 3,001 | |||||||
| 14,884 | e | Ames National Corp | 415 | ||||||
| 468,565 | * | Amlak Finance PJSC | 128 | ||||||
| 1,327,138 | AMMB Holdings BHD | 1,446 | |||||||
| 451,056 | * | Andhra Bank | 410 | ||||||
| 11,200 | e | Aomori Bank Ltd | 355 | ||||||
| 159,366 | Aozora Bank Ltd | 6,184 | |||||||
| 20,383 | Arrow Financial Corp | 692 | |||||||
| 1,938,400 | Ashikaga Holdings Co Ltd | 8,189 | |||||||
| 119,892 | Associated Banc-Corp | 3,045 | |||||||
| 36,156 | * | Atlantic Capital Bancshares, Inc | 636 | ||||||
| 2,160,950 | Australia & New Zealand Banking Group Ltd | 48,209 | |||||||
| 6 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 109,721 | Awa Bank Ltd | $ | 699 | ||||||
| 1,711,907 | Axis Bank Ltd | 15,103 | |||||||
| 72,138 | e | Banc of California, Inc | 1,490 | ||||||
| 34,980,704 | Banca Intesa S.p.A. | 116,061 | |||||||
| 3,322,084 | Banca Intesa S.p.A. RSP | 10,591 | |||||||
| 176,803 | *,e | Banca Monte dei Paschi di Siena S.p.A | 830 | ||||||
| 1,194,360 | e | Banca Popolare dell’Emilia Romagna Scrl | 6,017 | ||||||
| 390,700 | Banca Popolare di Sondrio SCARL | 1,427 | |||||||
| 28,745 | Bancfirst Corp | 1,470 | |||||||
| 656,661 | e | Banche Popolari Unite Scpa | 2,863 | ||||||
| 542,983 | Banco ABC Brasil S.A. | 2,812 | |||||||
| 2,842,976 | Banco Bilbao Vizcaya Argentaria S.A. | 24,160 | |||||||
| 941,536 | *,e | Banco BPM S.p.A | 2,949 | ||||||
| 858,537 | Banco Bradesco S.A. | 8,300 | |||||||
| 3,850,202 | Banco Bradesco S.A. (Preference) | 39,260 | |||||||
| 7,508,034 | * | Banco Comercial Portugues S.A. | 2,444 | ||||||
| 19,889,683 | Banco de Chile | 3,187 | |||||||
| 26,939 | Banco de Credito e Inversiones | 1,873 | |||||||
| 1,745,540 | Banco de Oro Universal Bank | 5,728 | |||||||
| 782,327 | Banco de Sabadell S.A. | 1,551 | |||||||
| 220,400 | * | Banco del Bajio S.A. | 404 | ||||||
| 3,082,732 | Banco do Brasil S.A. | 29,555 | |||||||
| 618,100 | Banco do Estado do Rio Grande do Sul | 2,776 | |||||||
| 16,063,377 | *,†,m | Banco Espirito Santo S.A. | 193 | ||||||
| 58,200 | *,†,m | Banco Industrial e Comercial S.A. | 146 | ||||||
| 4,820,365 | Banco Itau Holding Financeira S.A. | 61,815 | |||||||
| 52,166 | Banco Latinoamericano de Exportaciones S.A. (Class E) | 1,403 | |||||||
| 1,530,648 | Banco Santander Brasil S.A. | 14,696 | |||||||
| 55,555,033 | Banco Santander Chile S.A. | 4,350 | |||||||
| 22,512,904 | Banco Santander S.A. | 147,600 | |||||||
| 232,399 | BanColombia S.A. | 2,335 | |||||||
| 977,464 | BanColombia S.A. (Preference) | 9,799 | |||||||
| 225,785 | BancorpSouth Bank | 7,101 | |||||||
| 175,400 | Bangkok Bank PCL (ADR) | 1,087 | |||||||
| 1,137,200 | Bangkok Bank PCL (Foreign) | 7,642 | |||||||
| 331,000 | * | Bank Alfalah Ltd | 127 | ||||||
| 17,008 | Bank Handlowy w Warszawie S.A. | 400 | |||||||
| 1,500,882 | Bank Hapoalim Ltd | 11,022 | |||||||
| 1,834,210 | Bank Leumi Le-Israel | 11,040 | |||||||
| 467,038 | * | Bank Millennium S.A. | 1,199 | ||||||
| 81,365 | Bank Mutual Corp | 867 | |||||||
| 42,463,146 | Bank of America Corp | 1,253,512 | |||||||
| 121,689,472 | Bank of China Ltd | 59,596 | |||||||
| 322,500 | Bank of Chongqing Co Ltd | 256 | |||||||
| 29,212 | Bank of Commerce Holdings | 336 | |||||||
| 21,749,946 | Bank of Communications Co Ltd | 16,098 | |||||||
| 1,068,165 | Bank of East Asia Ltd | 4,620 | |||||||
| 102,310 | Bank of Georgia Holdings plc | 4,897 | |||||||
| 35,924 | Bank of Hawaii Corp | 3,079 | |||||||
| 4,325,976 | * | Bank of Ireland Group plc | 36,827 | ||||||
| 9,300 | Bank of Iwate Ltd | 370 | |||||||
| 315,000 | Bank of Kaohsiung | 97 | |||||||
| 7 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 458,297 | Bank of Kyoto Ltd | $ | 23,801 | ||||||
| 11,117 | Bank of Marin Bancorp | 756 | |||||||
| 911,502 | Bank of Montreal | 72,942 | |||||||
| 7,099 | e | Bank of Nagoya Ltd | 276 | ||||||
| 1,789,045 | Bank of Nova Scotia | 115,455 | |||||||
| 510,269 | Bank of NT Butterfield & Son Ltd | 18,518 | |||||||
| 64,100 | Bank of Okinawa Ltd | 2,605 | |||||||
| 252,414 | Bank of Queensland Ltd | 2,497 | |||||||
| 7,654 | Bank of Saga Ltd | 174 | |||||||
| 246,096 | Bank of the Ozarks, Inc | 11,923 | |||||||
| 971,019 | Bank of the Philippine Islands | 2,102 | |||||||
| 120,900 | Bank of the Ryukyus Ltd | 1,811 | |||||||
| 150,560 | Bank Pekao S.A. | 5,591 | |||||||
| 79,145,355 | Bank Rakyat Indonesia | 21,234 | |||||||
| 31,036 | Bank Zachodni WBK S.A. | 3,527 | |||||||
| 63,407 | BankFinancial Corp | 973 | |||||||
| 709,740 | Bankia S.A. | 3,388 | |||||||
| 213,380 | Bankinter S.A. | 2,019 | |||||||
| 198,650 | BankUnited | 8,089 | |||||||
| 10,360 | Bankwell Financial Group, Inc | 356 | |||||||
| 85,066 | Banner Corp | 4,689 | |||||||
| 2,728 | Banque Cantonale Vaudoise | 2,058 | |||||||
| 151,500 | Banregio Grupo Financiero SAB de C.V. | 827 | |||||||
| 32,905 | Bar Harbor Bankshares | 889 | |||||||
| 916,738 | Barclays Africa Group Ltd | 13,430 | |||||||
| 7,218,876 | Barclays plc | 19,761 | |||||||
| 1,013,539 | BB&T Corp | 50,393 | |||||||
| 219,320 | e | BBVA Banco Frances S.A. (ADR) | 5,527 | ||||||
| 22,830 | BCB Bancorp, Inc | 331 | |||||||
| 38,702 | Bear State Financial, Inc | 396 | |||||||
| 299,289 | Bendigo Bank Ltd | 2,716 | |||||||
| 354,665 | Beneficial Bancorp, Inc | 5,834 | |||||||
| 295,115 | Berkshire Hills Bancorp, Inc | 10,801 | |||||||
| 80,717 | Blue Hills Bancorp, Inc | 1,622 | |||||||
| 1,495,143 | BNP Paribas | 111,222 | |||||||
| 4,419,616 | BOC Hong Kong Holdings Ltd | 22,336 | |||||||
| 103,197 | *,e | BofI Holding, Inc | 3,086 | ||||||
| 22,956 | BOK Financial Corp | 2,119 | |||||||
| 144,071 | Boston Private Financial Holdings, Inc | 2,226 | |||||||
| 11,259 | * | BRE Bank S.A. | 1,504 | ||||||
| 32,433 | Bridge Bancorp, Inc | 1,135 | |||||||
| 316,933 | Brookline Bancorp, Inc | 4,976 | |||||||
| 31,300 | Bryn Mawr Bank Corp | 1,383 | |||||||
| 800,187 | BS Financial Group, Inc | 7,033 | |||||||
| 16,176 | * | BSB Bancorp, Inc | 473 | ||||||
| 4,873,727 | Bumiputra-Commerce Holdings BHD | 7,876 | |||||||
| 27,059 | * | Byline Bancorp, Inc | 622 | ||||||
| 6,513 | C&F Financial Corp | 378 | |||||||
| 206,112 | * | Cadence BanCorp | 5,590 | ||||||
| 7,995,538 | CaixaBank S.A. | 37,170 | |||||||
| 25,712 | Camden National Corp | 1,083 | |||||||
| 16,610 | Can Fin Homes Ltd | 123 | |||||||
| 455,442 | e | Canadian Imperial Bank of Commerce/Canada | 44,399 | ||||||
| 102,707 | e | Canadian Western Bank | 3,207 | ||||||
| 8 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 229,966 | * | Canara Bank | $ | 1,295 | |||||
| 19,850 | Capital City Bank Group, Inc | 455 | |||||||
| 33,431 | Capitec Bank Holdings Ltd | 2,967 | |||||||
| 224,502 | Capitol Federal Financial | 3,011 | |||||||
| 15,123 | *,e | Capstar Financial Holdings, Inc | 314 | ||||||
| 31,886 | Carolina Financial Corp | 1,185 | |||||||
| 407,782 | l | Cathay General Bancorp | 17,196 | ||||||
| 4,528 | *,e | CBTX, Inc | 134 | ||||||
| 264,829 | Centerstate Banks of Florida, Inc | 6,814 | |||||||
| 307,473 | Central Pacific Financial Corp | 9,172 | |||||||
| 18,548 | Central Valley Community Bancorp | 374 | |||||||
| 6,020 | Century Bancorp, Inc | 471 | |||||||
| 5,109,885 | Chang Hwa Commercial Bank | 2,838 | |||||||
| 51,216 | Charter Financial Corp | 898 | |||||||
| 219,039 | Chemical Financial Corp | 11,712 | |||||||
| 6,216 | Chemung Financial Corp | 299 | |||||||
| 1,774,666 | Chiba Bank Ltd | 14,717 | |||||||
| 31,300 | Chiba Kogyo Bank Ltd | 155 | |||||||
| 8,382,481 | China Citic Bank | 5,247 | |||||||
| 136,321,748 | China Construction Bank | 125,491 | |||||||
| 12,593,861 | China Development Financial Holding Corp | 4,288 | |||||||
| 3,690,685 | China Everbright Bank Co Ltd | 1,720 | |||||||
| 4,931,896 | China Merchants Bank Co Ltd | 19,526 | |||||||
| 5,802,310 | e | China Minsheng Banking Corp Ltd | 5,799 | ||||||
| 42,804,781 | Chinatrust Financial Holding Co | 29,424 | |||||||
| 294,000 | Chong Hing Bank Ltd | 631 | |||||||
| 11,703,584 | Chongqing Rural Commercial Bank | 8,243 | |||||||
| 109,300 | Chugoku Bank Ltd | 1,457 | |||||||
| 6,100 | Chukyo Bank Ltd | 126 | |||||||
| 293,062 | CIT Group, Inc | 14,427 | |||||||
| 7,658,183 | n | Citigroup, Inc | 569,845 | ||||||
| 21,375 | Citizens & Northern Corp | 513 | |||||||
| 4,176,387 | Citizens Financial Group, Inc | 175,325 | |||||||
| 25,049 | City Holding Co | 1,690 | |||||||
| 17,608 | Civista Bancshares, Inc | 387 | |||||||
| 48,835 | Clifton Bancorp, Inc | 835 | |||||||
| 27,112 | CNB Financial Corp | 711 | |||||||
| 90,700 | CoBiz, Inc | 1,813 | |||||||
| 15,036 | Codorus Valley Bancorp, Inc | 414 | |||||||
| 18,502 | *,e | Collector AB | 183 | ||||||
| 126,155 | Columbia Banking System, Inc | 5,480 | |||||||
| 20,185 | Comdirect Bank AG. | 277 | |||||||
| 2,270,215 | Comerica, Inc | 197,077 | |||||||
| 75,911 | Commerce Bancshares, Inc | 4,239 | |||||||
| 13,084 | Commerce Union Bancshares, Inc | 335 | |||||||
| 170,774 | * | Commercial Bank of Qatar QSC | 1,360 | ||||||
| 1,411,139 | Commercial International Bank | 6,141 | |||||||
| 3,189,988 | * | Commerzbank AG. | 47,586 | ||||||
| 1,454,423 | Commonwealth Bank of Australia | 90,768 | |||||||
| 86,002 | Community Bank System, Inc | 4,623 | |||||||
| 41,448 | *,e | Community Bankers Trust Corp | 338 | ||||||
| 7,850 | Community Financial Corp | 301 | |||||||
| 27,080 | Community Trust Bancorp, Inc | 1,275 | |||||||
| 9 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,057,029 | Concordia Financial Group Ltd | $ | 6,357 | ||||||
| 197,033 | ConnectOne Bancorp, Inc | 5,074 | |||||||
| 723,078,206 | Corpbanca S.A. | 6,575 | |||||||
| 9,688 | County Bancorp, Inc | 288 | |||||||
| 89,041 | Credicorp Ltd (NY) | 18,470 | |||||||
| 4,598,164 | Credit Agricole S.A. | 75,925 | |||||||
| 51,599 | Credito Emiliano S.p.A. | 438 | |||||||
| 67,673 | *,e | Credito Valtellinese SC | 98 | ||||||
| 36,557 | Cullen/Frost Bankers, Inc | 3,460 | |||||||
| 211,928 | * | Customers Bancorp, Inc | 5,508 | ||||||
| 179,914 | CVB Financial Corp | 4,239 | |||||||
| 881,670 | *,e | CYBG plc | 4,035 | ||||||
| 5,646,074 | *,†,m | Cyprus Popular Bank Public Co Ltd | 68 | ||||||
| 1,307,627 | Dah Sing Banking Group Ltd | 2,835 | |||||||
| 499,908 | Dah Sing Financial Holdings Ltd | 3,202 | |||||||
| 17,200 | Daishi Bank Ltd | 781 | |||||||
| 1,063,467 | Danske Bank AS | 41,392 | |||||||
| 4,067,462 | DBS Group Holdings Ltd | 75,233 | |||||||
| 386,407 | Deutsche Pfandbriefbank AG. | 6,173 | |||||||
| 99,656 | * | Development Credit Bank Ltd | 306 | ||||||
| 665,073 | * | Dewan Housing Finance Corp Ltd | 6,061 | ||||||
| 149,219 | DGB Financial Group Co Ltd | 1,468 | |||||||
| 51,242 | Dime Community Bancshares | 1,074 | |||||||
| 5,529 | DNB Financial Corp | 186 | |||||||
| 792,163 | DNB NOR Holding ASA | 14,664 | |||||||
| 74,496 | * | Doha Bank QSC | 581 | ||||||
| 4,592,550 | * | Dubai Islamic Bank PJSC | 7,728 | ||||||
| 9,195,093 | E.Sun Financial Holding Co Ltd | 5,831 | |||||||
| 107,444 | * | Eagle Bancorp, Inc | 6,221 | ||||||
| 507,275 | East West Bancorp, Inc | 30,858 | |||||||
| 229,200 | EastWest Banking Corp | 147 | |||||||
| 53,000 | Ehime Bank Ltd | 633 | |||||||
| 86,000 | Eighteenth Bank Ltd | 221 | |||||||
| 12,029 | * | Entegra Financial Corp | 352 | ||||||
| 17,825 | Enterprise Bancorp, Inc | 607 | |||||||
| 108,313 | Enterprise Financial Services Corp | 4,890 | |||||||
| 15,421 | e | Equitable Group, Inc | 877 | ||||||
| 18,868 | * | Equity Bancshares, Inc | 668 | ||||||
| 871,179 | Erste Bank der Oesterreichischen Sparkassen AG. | 37,753 | |||||||
| 15,983 | ESSA Bancorp, Inc | 250 | |||||||
| 490,495 | * | Essent Group Ltd | 21,297 | ||||||
| 1,666,438 | * | Eurobank Ergasias S.A. | 1,700 | ||||||
| 8,680 | Evans Bancorp, Inc | 364 | |||||||
| 1,957,074 | Far Eastern International Bank | 627 | |||||||
| 16,887 | e | Farmers & Merchants Bancorp, Inc | 689 | ||||||
| 13,904 | Farmers Capital Bank Corp | 535 | |||||||
| 46,159 | Farmers National Banc Corp | 681 | |||||||
| 21,562 | * | FB Financial Corp | 905 | ||||||
| 129,318 | * | FCB Financial Holdings, Inc | 6,569 | ||||||
| 72,557 | Federal Agricultural Mortgage Corp (Class C) | 5,677 | |||||||
| 920,739 | Federal Bank Ltd | 1,562 | |||||||
| 69,323 | Fidelity Southern Corp | 1,511 | |||||||
| 530,044 | Fifth Third Bancorp | 16,082 | |||||||
| 50,610 | Financial Institutions, Inc | 1,574 | |||||||
| 10 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,170,452 | FinecoBank Banca Fineco S.p.A | $ | 11,956 | ||||||
| 46,561 | First Bancorp (NC) | 1,644 | |||||||
| 840,508 | * | First Bancorp (Puerto Rico) | 4,287 | ||||||
| 17,619 | First Bancorp, Inc | 480 | |||||||
| 18,535 | e | First Bancshares, Inc | 634 | ||||||
| 93,726 | First Busey Corp | 2,806 | |||||||
| 18,086 | First Business Financial Services, Inc | 400 | |||||||
| 12,956 | First Citizens Bancshares, Inc (Class A) | 5,221 | |||||||
| 168,093 | First Commonwealth Financial Corp | 2,407 | |||||||
| 29,995 | First Community Bancshares, Inc | 862 | |||||||
| 24,922 | First Connecticut Bancorp | 652 | |||||||
| 24,989 | First Defiance Financial Corp | 1,299 | |||||||
| 200,338 | First Financial Bancorp | 5,279 | |||||||
| 109,549 | e | First Financial Bankshares, Inc | 4,935 | ||||||
| 23,301 | First Financial Corp | 1,057 | |||||||
| 8,958,568 | First Financial Holding Co Ltd | 5,877 | |||||||
| 14,872 | First Financial Northwest, Inc | 231 | |||||||
| 82,418 | * | First Foundation, Inc | 1,528 | ||||||
| 8,752 | e | First Guaranty Bancshares, Inc | 219 | ||||||
| 126,003 | First Hawaiian, Inc | 3,677 | |||||||
| 196,454 | First Horizon National Corp | 3,927 | |||||||
| 111,810 | First International Bank Of Israel Ltd | 2,319 | |||||||
| 15,678 | First Internet Bancorp | 598 | |||||||
| 132,564 | First Interstate Bancsystem, Inc | 5,309 | |||||||
| 166,292 | First Merchants Corp | 6,994 | |||||||
| 17,944 | First Mid-Illinois Bancshares, Inc | 692 | |||||||
| 365,288 | First Midwest Bancorp, Inc | 8,771 | |||||||
| 11,261 | e | First National Financial Corp | 258 | ||||||
| 21,935 | * | First Northwest Bancorp | 358 | ||||||
| 59,821 | First of Long Island Corp | 1,705 | |||||||
| 198,701 | First Republic Bank | 17,215 | |||||||
| 154,056 | * | Flagstar Bancorp, Inc | 5,765 | ||||||
| 49,062 | Flushing Financial Corp | 1,349 | |||||||
| 9,506 | e | FNB Bancorp | 347 | ||||||
| 726,096 | FNB Corp | 10,035 | |||||||
| 45,492 | * | Franklin Financial Network, Inc | 1,551 | ||||||
| 3,688,812 | Fukuoka Financial Group, Inc | 20,642 | |||||||
| 299,301 | Fulton Financial Corp | 5,357 | |||||||
| 263,287 | e | Genworth MI Canada, Inc | 9,111 | ||||||
| 168,558 | Genworth Mortgage Insurance Australia Ltd | 394 | |||||||
| 35,828 | German American Bancorp, Inc | 1,266 | |||||||
| 270,499 | * | Get Bank S.A. | 126 | ||||||
| 244,869 | Glacier Bancorp, Inc | 9,645 | |||||||
| 18,709 | Great Southern Bancorp, Inc | 966 | |||||||
| 229,440 | Great Western Bancorp, Inc | 9,132 | |||||||
| 154,921 | * | Green Bancorp, Inc | 3,145 | ||||||
| 5,650 | e | Greene County Bancorp, Inc | 184 | ||||||
| 97,326 | * | Gruh Finance Ltd | 766 | ||||||
| 3,374,515 | Grupo Aval Acciones y Valores | 1,459 | |||||||
| 3,059,468 | Grupo Financiero Banorte S.A. de C.V. | 16,778 | |||||||
| 351,204 | e | Grupo Financiero Galicia S.A. (ADR) (Class B) | 23,127 | ||||||
| 1,841,265 | Grupo Financiero Inbursa S.A. | 3,008 | |||||||
| 66,200 | Grupo Financiero Interacciones S.A. de C.V. | 294 | |||||||
| 11 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,448,074 | Grupo Financiero Santander Mexico SAB de C.V. | $ | 2,116 | ||||||
| 100,000 | e | Grupo Supervielle S.A. (ADR) | 2,932 | ||||||
| 41,516 | Guaranty Bancorp | 1,148 | |||||||
| 4,769 | Guaranty Bancshares, Inc | 146 | |||||||
| 497,883 | Gunma Bank Ltd | 3,000 | |||||||
| 749,900 | Habib Bank Ltd | 1,135 | |||||||
| 590,316 | Hachijuni Bank Ltd | 3,373 | |||||||
| 286,448 | Hana Financial Group, Inc | 13,315 | |||||||
| 170,188 | Hancock Holding Co | 8,424 | |||||||
| 837,888 | Hang Seng Bank Ltd | 20,787 | |||||||
| 129,746 | Hanmi Financial Corp | 3,938 | |||||||
| 23,808 | * | HarborOne Bancorp, Inc | 456 | ||||||
| 61,364 | HDFC Bank Ltd | 1,801 | |||||||
| 41,102 | Heartland Financial USA, Inc | 2,205 | |||||||
| 107,635 | Heritage Commerce Corp | 1,649 | |||||||
| 51,485 | Heritage Financial Corp | 1,586 | |||||||
| 519,749 | Hilltop Holdings, Inc | 13,165 | |||||||
| 2,441 | Hingham Institution for Savings | 505 | |||||||
| 170,500 | Hiroshima Bank Ltd | 1,479 | |||||||
| 13,600 | Hokkoku Bank Ltd | 540 | |||||||
| 39,000 | Hokuetsu Bank Ltd | 896 | |||||||
| 88,100 | Hokuhoku Financial Group, Inc | 1,373 | |||||||
| 11,604 | Home Bancorp, Inc | 502 | |||||||
| 487,179 | Home Bancshares, Inc | 11,327 | |||||||
| 39,097 | e | Home Capital Group, Inc | 538 | ||||||
| 44,110 | * | HomeStreet, Inc | 1,277 | ||||||
| 52,481 | * | HomeTrust Bancshares, Inc | 1,351 | ||||||
| 646,616 | Hong Leong Bank BHD | 2,716 | |||||||
| 94,120 | Hong Leong Credit BHD | 416 | |||||||
| 368,363 | Hope Bancorp, Inc | 6,723 | |||||||
| 73,228 | Horizon Bancorp | 2,036 | |||||||
| 2,038,143 | Housing Development Finance Corp | 54,579 | |||||||
| 15,354 | * | Howard Bancorp, Inc | 338 | ||||||
| 9,136,754 | HSBC Holdings plc | 94,365 | |||||||
| 6,854,975 | Hua Nan Financial Holdings Co Ltd | 3,854 | |||||||
| 10,683,381 | Huntington Bancshares, Inc | 155,550 | |||||||
| 139,692 | Hyakugo Bank Ltd | 665 | |||||||
| 159,000 | Hyakujushi Bank Ltd | 526 | |||||||
| 211,995 | IBERIABANK Corp | 16,430 | |||||||
| 2,840,642 | ICICI Bank Ltd | 13,922 | |||||||
| 2,848,801 | ICICI Bank Ltd (ADR) | 27,719 | |||||||
| 1,173,388 | IDFC Bank Ltd | 995 | |||||||
| 21,774 | *,e | Impac Mortgage Holdings, Inc | 221 | ||||||
| 57,464 | Independent Bank Corp (MA) | 4,014 | |||||||
| 32,949 | Independent Bank Corp (MI) | 736 | |||||||
| 29,676 | Independent Bank Group, Inc | 2,006 | |||||||
| 100,772,949 | Industrial & Commercial Bank of China | 80,783 | |||||||
| 207,664 | Industrial Bank of Korea | 3,185 | |||||||
| 15,741,343 | ING Groep NV | 288,960 | |||||||
| 115,819 | International Bancshares Corp | 4,598 | |||||||
| 14,873 | e | Investar Holding Corp | 358 | ||||||
| 5,641,841 | Investimentos Itau S.A. - PR | 18,402 | |||||||
| 1,003,326 | Investors Bancorp, Inc | 13,926 | |||||||
| 541,290 | *,†,m | Irish Bank Resolution Corp Ltd | 0 | ||||||
| 12 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 721,348 | * | Israel Discount Bank Ltd | $ | 2,094 | |||||
| 163,400 | Iyo Bank Ltd | 1,306 | |||||||
| 128,821 | * | Jammu & Kashmir Bank Ltd | 158 | ||||||
| 272,003 | Japan Post Bank Co Ltd | 3,533 | |||||||
| 76,645 | JB Financial Group Co Ltd | 434 | |||||||
| 113,100 | Jimoto Holdings Inc | 193 | |||||||
| 12,950,840 | JPMorgan Chase & Co | 1,384,963 | |||||||
| 17,555 | Juroku Bank Ltd | 516 | |||||||
| 41,205 | Jyske Bank | 2,343 | |||||||
| 65,400 | Kansai Urban Banking Corp | 851 | |||||||
| 166,400 | Kanto Tsukuba Bank Ltd | 569 | |||||||
| 841,603 | Karnataka Bank Ltd | 1,994 | |||||||
| 690,240 | * | Karur Vysya Bank Ltd | 1,351 | ||||||
| 950,600 | Kasikornbank PCL - NVDR | 6,751 | |||||||
| 1,686,497 | Kasikornbank PCL (Foreign) | 12,342 | |||||||
| 744,448 | KB Financial Group, Inc | 44,059 | |||||||
| 389,556 | KBC Groep NV | 33,195 | |||||||
| 392,598 | Kearny Financial Corp | 5,673 | |||||||
| 768,000 | Keiyo Bank Ltd | 3,509 | |||||||
| 1,422,742 | Keycorp | 28,697 | |||||||
| 1,616,232 | Kiatnakin Bank PCL (Foreign) | 3,925 | |||||||
| 466,000 | King’s Town Bank | 583 | |||||||
| 144,000 | Kiyo Bank Ltd | 2,389 | |||||||
| 17,308 | KJB Financial Group Co Ltd | 194 | |||||||
| 64,382 | Komercni Banka AS | 2,767 | |||||||
| 3,601,024 | Krung Thai Bank PCL (Foreign) | 2,117 | |||||||
| 241,600 | Kyushu Financial Group, Inc | 1,456 | |||||||
| 84,151 | Lakeland Bancorp, Inc | 1,620 | |||||||
| 41,570 | Lakeland Financial Corp | 2,016 | |||||||
| 28,074 | Laurentian Bank of Canada | 1,263 | |||||||
| 14,320 | LCNB Corp | 293 | |||||||
| 302,135 | LegacyTexas Financial Group, Inc | 12,753 | |||||||
| 16,950 | *,e | LendingTree, Inc | 5,771 | ||||||
| 1,724,828 | LH Financial Group PCL | 89 | |||||||
| 794,542 | * | Liberbank S.A. | 420 | ||||||
| 238,310 | LIC Housing Finance Ltd | 2,100 | |||||||
| 40,553 | e | Live Oak Bancshares, Inc | 967 | ||||||
| 103,181,655 | Lloyds TSB Group plc | 94,616 | |||||||
| 117,085 | M&T Bank Corp | 20,020 | |||||||
| 50,081 | Macatawa Bank Corp | 501 | |||||||
| 68,031 | MainSource Financial Group, Inc | 2,470 | |||||||
| 3,587,288 | Malayan Banking BHD | 8,682 | |||||||
| 790,637 | Malaysia Building Society | 203 | |||||||
| 12,249 | *,e | Malvern Bancorp, Inc | 321 | ||||||
| 321,038 | * | Masraf Al Rayan | 3,271 | ||||||
| 213,015 | MB Financial, Inc | 9,483 | |||||||
| 30,536 | MBT Financial Corp | 324 | |||||||
| 130,300 | MCB Bank Ltd | 251 | |||||||
| 7,375,117 | Mediobanca S.p.A. | 83,565 | |||||||
| 11,389,734 | Mega Financial Holding Co Ltd | 9,184 | |||||||
| 27,801 | Mercantile Bank Corp | 983 | |||||||
| 11,159 | * | Merchants Bancorp | 220 | ||||||
| 309,635 | Meridian Bancorp, Inc | 6,378 | |||||||
| 13 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 44,789 | Meta Financial Group, Inc | $ | 4,150 | ||||||
| 46,591 | *,e | Metro Bank plc | 2,249 | ||||||
| 3,784,627 | Metropolitan Bank & Trust | 7,678 | |||||||
| 5,870 | * | Metropolitan Bank Holding Corp | 247 | ||||||
| 1,005,321 | * | MGIC Investment Corp | 14,185 | ||||||
| 4,647 | e | Middlefield Banc Corp | 224 | ||||||
| 29,945 | Midland States Bancorp, Inc | 973 | |||||||
| 26,065 | e | Midsouth Bancorp, Inc | 345 | ||||||
| 19,159 | MidWestOne Financial Group, Inc | 642 | |||||||
| 6,100 | Mie Bank Ltd | 137 | |||||||
| 10,000 | e | Minato Bank Ltd | 187 | ||||||
| 16,802,029 | Mitsubishi UFJ Financial Group, Inc | 122,285 | |||||||
| 1,313,646 | Mitsui Trust Holdings, Inc | 51,976 | |||||||
| 10,400 | Miyazaki Bank Ltd | 354 | |||||||
| 73,290 | Mizrahi Tefahot Bank Ltd | 1,350 | |||||||
| 17,542,763 | Mizuho Financial Group, Inc | 31,719 | |||||||
| 3,158,456 | Moneta Money Bank AS. | 12,221 | |||||||
| 16,368 | Musashino Bank Ltd | 545 | |||||||
| 12,124 | MutualFirst Financial, Inc | 467 | |||||||
| 59,692 | Nanto Bank Ltd | 1,602 | |||||||
| 2,179,058 | National Australia Bank Ltd | 50,042 | |||||||
| 154,654 | National Bank Holdings Corp | 5,015 | |||||||
| 1,265,607 | * | National Bank of Abu Dhabi PJSC | 3,532 | ||||||
| 545,143 | National Bank of Canada | 27,201 | |||||||
| 5,096,471 | * | National Bank of Greece S.A. | 1,948 | ||||||
| 249,000 | National Bank Of Pakistan | 110 | |||||||
| 11,630 | e | National Bankshares, Inc | 529 | ||||||
| 36,993 | * | National Commerce Corp | 1,489 | ||||||
| 220,204 | * | Nationstar Mortgage Holdings, Inc | 4,074 | ||||||
| 80,742 | NBT Bancorp, Inc | 2,971 | |||||||
| 200,509 | Nedbank Group Ltd | 4,136 | |||||||
| 395,660 | New York Community Bancorp, Inc | 5,151 | |||||||
| 15,222 | * | Nicolet Bankshares, Inc | 833 | ||||||
| 332,760 | Nishi-Nippon Financial Holdings, Inc | 3,971 | |||||||
| 216,344 | * | NMI Holdings, Inc | 3,678 | ||||||
| 3,125,567 | Nordax Group AB | 20,194 | |||||||
| 857,558 | Nordea Bank AB | 10,383 | |||||||
| 225,000 | North Pacific Bank Ltd | 752 | |||||||
| 13,094 | Northeast Bancorp | 303 | |||||||
| 81,616 | Northfield Bancorp, Inc | 1,394 | |||||||
| 13,644 | Northrim BanCorp, Inc | 462 | |||||||
| 171,775 | Northwest Bancshares, Inc | 2,874 | |||||||
| 68,530 | * | Norwegian Finans Holding ASA | 768 | ||||||
| 10,894 | e | Norwood Financial Corp | 360 | ||||||
| 553,000 | O-Bank Co Ltd | 165 | |||||||
| 100,477 | OceanFirst Financial Corp | 2,638 | |||||||
| 1,990 | e | Oconee Federal Financial Corp | 57 | ||||||
| 735 | *,e | Ocwen Financial Corp | 2 | ||||||
| 98,081 | OFG Bancorp | 922 | |||||||
| 20,400 | Ogaki Kyoritsu Bank Ltd | 515 | |||||||
| 7,092 | e | Ohio Valley Banc Corp | 287 | ||||||
| 10,800 | Oita Bank Ltd | 420 | |||||||
| 17,267 | Old Line Bancshares, Inc | 508 | |||||||
| 236,630 | Old National Bancorp | 4,129 | |||||||
| 14 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 6,817 | e | Old Point Financial Corp | $ | 203 | |||||
| 50,038 | Old Second Bancorp, Inc | 683 | |||||||
| 574,986 | OneSavings Bank plc | 3,203 | |||||||
| 34,435 | * | Opus Bank | 940 | ||||||
| 46,321 | * | Oriental Bank of Commerce | 87 | ||||||
| 65,633 | Oritani Financial Corp | 1,076 | |||||||
| 15,129 | Orrstown Financial Services, Inc | 382 | |||||||
| 353,796 | OTP Bank | 14,612 | |||||||
| 3,955,333 | Oversea-Chinese Banking Corp | 36,540 | |||||||
| 28,536 | * | Pacific Mercantile Bancorp | 250 | ||||||
| 176,487 | * | Pacific Premier Bancorp, Inc | 7,059 | ||||||
| 241,212 | PacWest Bancorp | 12,157 | |||||||
| 7,754 | * | Paragon Commercial Corp | 413 | ||||||
| 178,965 | Paragon Group of Cos plc | 1,184 | |||||||
| 22,738 | Park National Corp | 2,365 | |||||||
| 10,677 | e | Parke Bancorp, Inc | 219 | ||||||
| 31,749 | *,e | PCSB Financial Corp | 605 | ||||||
| 59,879 | Peapack Gladstone Financial Corp | 2,097 | |||||||
| 9,048 | Penns Woods Bancorp, Inc | 421 | |||||||
| 55,453 | * | PennyMac Financial Services, Inc | 1,239 | ||||||
| 9,437 | e | Peoples Bancorp of North Carolina, Inc | 290 | ||||||
| 44,453 | Peoples Bancorp, Inc | 1,450 | |||||||
| 13,206 | e | Peoples Financial Services Corp | 615 | ||||||
| 290,492 | People’s United Financial, Inc | 5,432 | |||||||
| 24,202 | People’s Utah Bancorp | 733 | |||||||
| 4,190,520 | *,e | Permanent TSB Group Holdings plc | 11,313 | ||||||
| 403,187 | * | PHH Corp | 4,153 | ||||||
| 3,000,000 | * | Philippine National Bank | 3,407 | ||||||
| 168,763 | Pinnacle Financial Partners, Inc | 11,189 | |||||||
| 265,376 | * | Piraeus Bank S.A. | 978 | ||||||
| 2,192,310 | PNC Financial Services Group, Inc | 316,328 | |||||||
| 146,490 | Popular, Inc | 5,199 | |||||||
| 940,681 | * | Powszechna Kasa Oszczednosci Bank Polski S.A. | 11,942 | ||||||
| 50,520 | Preferred Bank | 2,970 | |||||||
| 19,098 | Premier Financial Bancorp, Inc | 383 | |||||||
| 153,936 | Prosperity Bancshares, Inc | 10,786 | |||||||
| 9,137 | * | Provident Bancorp, Inc | 242 | ||||||
| 12,071 | Provident Financial Holdings, Inc | 222 | |||||||
| 232,146 | Provident Financial Services, Inc | 6,261 | |||||||
| 16,058 | e | Prudential Bancorp, Inc | 283 | ||||||
| 61,911,900 | PT Bank Bukopin Tbk | 2,692 | |||||||
| 12,406,774 | PT Bank Central Asia Tbk | 20,018 | |||||||
| 2,988,257 | PT Bank Danamon Indonesia Tbk | 1,531 | |||||||
| 1,594,900 | PT Bank Jabar Banten Tbk | 282 | |||||||
| 17,884,160 | PT Bank Mandiri Persero Tbk | 10,531 | |||||||
| 7,842,319 | PT Bank Negara Indonesia | 5,722 | |||||||
| 44,500,000 | * | PT Bank Pan Indonesia Tbk | 3,735 | ||||||
| 42,918,500 | PT Bank Pembangunan Daerah Jawa Timur Tbk | 2,243 | |||||||
| 1,784,600 | PT Bank Tabungan Negara Tbk | 470 | |||||||
| 3,150,484 | Public Bank BHD | 16,177 | |||||||
| 105,552 | * | Qatar First Bank | 187 | ||||||
| 118,838 | * | Qatar Islamic Bank SAQ | 3,199 | ||||||
| 233,341 | * | Qatar National Bank | 8,138 | ||||||
| 15 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 43,680 | QCR Holdings, Inc | $ | 1,872 | ||||||
| 909,484 | Radian Group, Inc | 18,744 | |||||||
| 68,440 | * | Raiffeisen International Bank Holding AG. | 2,480 | ||||||
| 5,921 | RBB Bancorp | 162 | |||||||
| 61,623 | RBL Bank Ltd | 492 | |||||||
| 1,949,088 | Regions Financial Corp | 33,680 | |||||||
| 78,607 | Renasant Corp | 3,214 | |||||||
| 19,653 | Republic Bancorp, Inc (Class A) | 747 | |||||||
| 87,071 | *,e | Republic First Bancorp, Inc | 736 | ||||||
| 1,179,094 | Resona Holdings, Inc | 7,026 | |||||||
| 628,402 | RHB Capital BHD | 776 | |||||||
| 55,523 | Riverview Bancorp, Inc | 481 | |||||||
| 5,200 | *,†,m | Roskilde Bank | 0 | ||||||
| 1,879,536 | Royal Bank of Canada | 153,488 | |||||||
| 2,450,603 | * | Royal Bank of Scotland Group plc | 9,189 | ||||||
| 58,481 | S&T Bancorp, Inc | 2,328 | |||||||
| 86,533 | Sandy Spring Bancorp, Inc | 3,377 | |||||||
| 87,100 | San-In Godo Bank Ltd | 839 | |||||||
| 5,279,129 | Sberbank of Russian Federation (ADR) | 88,982 | |||||||
| 72,220 | * | Seacoast Banking Corp of Florida | 1,821 | ||||||
| 140,930 | Security Bank Corp | 710 | |||||||
| 152,580 | Senshu Ikeda Holdings, Inc | 562 | |||||||
| 79,649 | ServisFirst Bancshares, Inc | 3,305 | |||||||
| 1,113,293 | Seven Bank Ltd | 3,802 | |||||||
| 324,000 | Shiga Bank Ltd | 1,655 | |||||||
| 34,000 | Shikoku Bank Ltd | 479 | |||||||
| 1,080,343 | Shinhan Financial Group Co Ltd | 49,866 | |||||||
| 411,457 | Shinsei Bank Ltd | 7,091 | |||||||
| 303,400 | Shizuoka Bank Ltd | 3,123 | |||||||
| 35,185 | Shore Bancshares, Inc | 588 | |||||||
| 21,068 | SI Financial Group, Inc | 310 | |||||||
| 3,331,100 | Siam Commercial Bank PCL (ADR) | 15,290 | |||||||
| 1,858,317 | Siam Commercial Bank PCL (Foreign) | 8,530 | |||||||
| 23,334 | Sierra Bancorp | 620 | |||||||
| 153,321 | * | Signature Bank | 21,045 | ||||||
| 73,483 | Simmons First National Corp (Class A) | 4,196 | |||||||
| 10,747,666 | SinoPac Financial Holdings Co Ltd | 3,492 | |||||||
| 45,255 | Skandiabanken ASA | 446 | |||||||
| 1,281,135 | Skandinaviska Enskilda Banken AB (Class A) | 15,044 | |||||||
| 13,870 | *,e | SmartFinancial, Inc | 301 | ||||||
| 788,336 | Societe Generale | 40,643 | |||||||
| 2,578,170 | * | South Indian Bank Ltd | 1,250 | ||||||
| 87,482 | South State Corp | 7,624 | |||||||
| 12,771 | * | Southern First Bancshares, Inc | 527 | ||||||
| 13,670 | Southern Missouri Bancorp, Inc | 514 | |||||||
| 36,880 | Southern National Bancorp of Virginia, Inc | 591 | |||||||
| 47,617 | Southside Bancshares, Inc | 1,604 | |||||||
| 182,664 | Spar Nord Bank A/s | 2,121 | |||||||
| 19,928 | * | Sparebank Oestlandet | 220 | ||||||
| 260,744 | Sparebanken Midt-Norge | 2,618 | |||||||
| 282,439 | Sparebanken Nord-Norge | 2,141 | |||||||
| 2,296 | St Galler Kantonalbank | 1,140 | |||||||
| 2,258,848 | Standard Bank Group Ltd | 35,566 | |||||||
| 1,078,863 | * | Standard Chartered plc | 11,330 | ||||||
| 16 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 85,568 | State Bank & Trust Co | $ | 2,553 | ||||||
| 1,751,357 | State Bank of India | 8,484 | |||||||
| 746,529 | Sterling Bancorp/DE | 18,365 | |||||||
| 59,369 | Stock Yards Bancorp, Inc | 2,238 | |||||||
| 3,134,412 | Sumitomo Mitsui Financial Group, Inc | 135,107 | |||||||
| 19,509 | Summit Financial Group, Inc | 513 | |||||||
| 20,320 | Sun Bancorp, Inc | 494 | |||||||
| 13,525 | * | Sunshine Bancorp, Inc | 310 | ||||||
| 3,784,338 | SunTrust Banks, Inc | 244,430 | |||||||
| 67,490 | Suruga Bank Ltd | 1,443 | |||||||
| 88,600 | * | SVB Financial Group | 20,712 | ||||||
| 297,731 | Svenska Handelsbanken AB | 4,069 | |||||||
| 582,320 | Swedbank AB (A Shares) | 14,048 | |||||||
| 119,888 | Sydbank AS | 4,826 | |||||||
| 823,931 | * | Syndicate Bank | 1,032 | ||||||
| 240,731 | Synovus Financial Corp | 11,541 | |||||||
| 1,366,338 | Taichung Commercial Bank | 455 | |||||||
| 9,018,620 | Taishin Financial Holdings Co Ltd | 4,190 | |||||||
| 2,972,669 | Taiwan Business Bank | 837 | |||||||
| 12,141,005 | Taiwan Cooperative Financial Holding | 6,766 | |||||||
| 1,532,209 | TCF Financial Corp | 31,410 | |||||||
| 403,397 | TCS Group Holding plc (ADR) | 7,604 | |||||||
| 13,445 | Territorial Bancorp, Inc | 415 | |||||||
| 101,265 | * | Texas Capital Bancshares, Inc | 9,002 | ||||||
| 234,775 | TFS Financial Corp | 3,508 | |||||||
| 3,642,000 | Thanachart Capital PCL | 6,281 | |||||||
| 358,806 | * | The Bancorp, Inc | 3,545 | ||||||
| 115,467 | Timbercreek Financial Corp | 884 | |||||||
| 10,664 | Timberland Bancorp, Inc | 283 | |||||||
| 2,559,980 | Tisco Bank PCL | 6,952 | |||||||
| 10,264,187 | TMB Bank PCL (Foreign) | 951 | |||||||
| 217,600 | Tochigi Bank Ltd | 874 | |||||||
| 113,800 | Toho Bank Ltd | 399 | |||||||
| 16,093 | Tokyo TY Financial Group, Inc | 465 | |||||||
| 497,400 | Tomony Holdings, Inc | 2,553 | |||||||
| 24,384 | Tompkins Trustco, Inc | 1,984 | |||||||
| 2,560,669 | Toronto-Dominion Bank | 150,034 | |||||||
| 25,100 | Towa Bank Ltd | 340 | |||||||
| 95,776 | e | TowneBank | 2,945 | ||||||
| 62,441 | Trico Bancshares | 2,364 | |||||||
| 39,189 | * | Tristate Capital Holdings, Inc | 901 | ||||||
| 60,954 | * | Triumph Bancorp, Inc | 1,920 | ||||||
| 385,463 | Trustco Bank Corp NY | 3,546 | |||||||
| 117,893 | Trustmark Corp | 3,756 | |||||||
| 2,727,709 | Turkiye Garanti Bankasi AS | 7,708 | |||||||
| 517,367 | Turkiye Halk Bankasi AS | 1,470 | |||||||
| 1,335,490 | Turkiye Is Bankasi (Series C) | 2,452 | |||||||
| 7,589,418 | Turkiye Sinai Kalkinma Bankasi AS | 2,883 | |||||||
| 4,199,503 | Turkiye Vakiflar Bankasi Tao | 7,490 | |||||||
| 14,694 | e | Two River Bancorp | 266 | ||||||
| 96,664 | UMB Financial Corp | 6,952 | |||||||
| 387,262 | Umpqua Holdings Corp | 8,055 | |||||||
| 499,125 | * | Unicaja Banco S.A. | 787 | ||||||
| 17 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 6,467,988 | * | UniCredit S.p.A | $ | 120,655 | |||||
| 95,008 | * | Union Bank of India | 214 | ||||||
| 147,288 | Union Bankshares Corp | 5,327 | |||||||
| 7,475 | e | Union Bankshares, Inc | 396 | ||||||
| 208,700 | United Bank Ltd | 355 | |||||||
| 186,464 | e | United Bankshares, Inc | 6,480 | ||||||
| 357,579 | United Community Banks, Inc | 10,062 | |||||||
| 106,368 | United Community Financial Corp | 971 | |||||||
| 160,623 | United Financial Bancorp, Inc (New) | 2,833 | |||||||
| 1,972,672 | United Overseas Bank Ltd | 38,887 | |||||||
| 24,881 | United Security Bancshares | 274 | |||||||
| 14,000 | e | Unity Bancorp, Inc | 277 | ||||||
| 44,053 | Univest Corp of Pennsylvania | 1,236 | |||||||
| 2,294,220 | US Bancorp | 122,924 | |||||||
| 13,758 | Valiant Holding | 1,488 | |||||||
| 1,098,746 | Valley National Bancorp | 12,328 | |||||||
| 149,859 | Van Lanschot Kempen NV (ADR) | 4,702 | |||||||
| 27,905 | * | Veritex Holdings, Inc | 770 | ||||||
| 586,861 | * | Vijaya Bank | 627 | ||||||
| 1,108,560 | Virgin Money Holdings UK plc | 4,246 | |||||||
| 5,027,412 | VTB Bank OJSC (GDR) | 9,140 | |||||||
| 194,166 | * | Walker & Dunlop, Inc | 9,223 | ||||||
| 152,632 | Washington Federal, Inc | 5,228 | |||||||
| 27,432 | Washington Trust Bancorp, Inc | 1,461 | |||||||
| 17,877 | WashingtonFirst Bankshares, Inc | 612 | |||||||
| 77,894 | Waterstone Financial, Inc | 1,328 | |||||||
| 67,498 | Webster Financial Corp | 3,791 | |||||||
| 11,738,743 | Wells Fargo & Co | 712,190 | |||||||
| 71,860 | WesBanco, Inc | 2,921 | |||||||
| 37,319 | West Bancorporation, Inc | 939 | |||||||
| 43,178 | e | Westamerica Bancorporation | 2,571 | ||||||
| 389,597 | * | Western Alliance Bancorp | 22,059 | ||||||
| 50,447 | Western New England Bancorp, Inc | 550 | |||||||
| 3,480,979 | Westpac Banking Corp | 84,670 | |||||||
| 217,718 | Wintrust Financial Corp | 17,933 | |||||||
| 356,122 | * | WMIH Corp | 302 | ||||||
| 1,082,225 | Woori Bank | 15,909 | |||||||
| 119,651 | WSFS Financial Corp | 5,725 | |||||||
| 9,212 | * | Xenith Bankshares, Inc | 312 | ||||||
| 17,800 | e | Yamagata Bank Ltd | 388 | ||||||
| 255,492 | Yamaguchi Financial Group, Inc | 3,028 | |||||||
| 84,000 | Yamanashi Chuo Bank Ltd | 365 | |||||||
| 846,471 | * | Yapi ve Kredi Bankasi | 968 | ||||||
| 2,354,623 | Yes Bank Ltd | 11,601 | |||||||
| 2,658,682 | Zions Bancorporation | 135,141 | |||||||
| TOTAL BANKS | 11,340,568 | ||||||||
| CAPITAL GOODS - 8.1% | |||||||||
| 2,580,142 | 3M Co | 607,288 | |||||||
| 363,637 | A.O. Smith Corp | 22,284 | |||||||
| 65,297 | Aalberts Industries NV | 3,317 | |||||||
| 69,468 | Aaon, Inc | 2,549 | |||||||
| 55,027 | AAR Corp | 2,162 | |||||||
| 423,655 | ABB Ltd | 11,347 | |||||||
| 18 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 3,242,689 | *,e | Abengoa S.A. | $ | 109 | |||||
| 1,863,437 | Aboitiz Equity Ventures, Inc | 2,762 | |||||||
| 264,000 | AcBel Polytech, Inc | 197 | |||||||
| 434,827 | ACS Actividades Construccion y Servicios S.A. | 16,986 | |||||||
| 101,000 | Actuant Corp (Class A) | 2,555 | |||||||
| 15,209 | Acuity Brands, Inc | 2,677 | |||||||
| 647,748 | * | Adani Enterprises Ltd | 1,682 | ||||||
| 1,148,400 | Advan Co Ltd | 11,094 | |||||||
| 59,812 | Advanced Drainage Systems, Inc | 1,427 | |||||||
| 323,009 | * | Aecom Technology Corp | 12,000 | ||||||
| 36,421 | Aecon Group, Inc | 578 | |||||||
| 53,186 | * | Aegion Corp | 1,353 | ||||||
| 466,545 | * | AerCap Holdings NV | 24,545 | ||||||
| 121,237 | * | Aerojet Rocketdyne Holdings, Inc | 3,783 | ||||||
| 35,775 | * | Aerovironment, Inc | 2,009 | ||||||
| 27,204 | * | AFG Arbonia-Forster Hldg | 454 | ||||||
| 9,886 | AG Growth International Inc | 420 | |||||||
| 288,765 | AGCO Corp | 20,626 | |||||||
| 209,580 | Ahlsell AB | 1,349 | |||||||
| 42,327 | AIA Engineering Ltd | 1,028 | |||||||
| 118,999 | Aica Kogyo Co Ltd | 4,411 | |||||||
| 91,300 | Aichi Corp | 674 | |||||||
| 31,700 | Aida Engineering Ltd | 387 | |||||||
| 192,728 | Air Lease Corp | 9,268 | |||||||
| 123,432 | Aircastle Ltd | 2,887 | |||||||
| 235,611 | Airtac International Group | 4,220 | |||||||
| 45,824 | Alamo Group, Inc | 5,172 | |||||||
| 58,684 | Alarko Holding AS | 112 | |||||||
| 48,637 | Albany International Corp (Class A) | 2,989 | |||||||
| 227,753 | Alfa Laval AB | 5,387 | |||||||
| 2,677,714 | Alfa S.A. de C.V. (Class A) | 2,944 | |||||||
| 19,656 | e | Alimak Group AB | 307 | ||||||
| 391,516 | Allegion plc | 31,149 | |||||||
| 18,741,465 | * | Alliance Global Group, Inc | 6,007 | ||||||
| 19,577 | Allied Motion Technologies, Inc | 648 | |||||||
| 586,474 | Allison Transmission Holdings, Inc | 25,259 | |||||||
| 27,843 | Alstom Projects India Ltd | 317 | |||||||
| 39,271 | Alstom RGPT | 1,628 | |||||||
| 77,733 | * | Alstom T&D India Ltd | 540 | ||||||
| 48,183 | Altra Holdings, Inc | 2,428 | |||||||
| 194,536 | Amada Co Ltd | 2,641 | |||||||
| 24,364 | Amara Raja Batteries Ltd | 320 | |||||||
| 34,832 | * | Ameresco, Inc | 300 | ||||||
| 12,257 | e | American Railcar Industries, Inc | 510 | ||||||
| 64,202 | * | American Woodmark Corp | 8,362 | ||||||
| 294,395 | Ametek, Inc | 21,335 | |||||||
| 9,719 | Andritz AG. | 548 | |||||||
| 18,400 | Anest Iwata Corp | 206 | |||||||
| 48,012 | Apogee Enterprises, Inc | 2,196 | |||||||
| 261,342 | e | Applied Industrial Technologies, Inc | 17,797 | ||||||
| 425,997 | * | Arabtec Holding Co | 276 | ||||||
| 43,320 | Arcadis NV | 990 | |||||||
| 3,822 | *,e | Arcam AB | 161 | ||||||
| 19 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 817,419 | Arconic, Inc | $ | 22,275 | ||||||
| 90,634 | Argan, Inc | 4,079 | |||||||
| 36,007 | * | Armstrong Flooring, Inc | 609 | ||||||
| 115,725 | * | Armstrong World Industries, Inc | 7,007 | ||||||
| 31,100 | Asahi Diamond Industrial Co Ltd | 354 | |||||||
| 250,546 | Asahi Glass Co Ltd | 10,830 | |||||||
| 99,306 | Aselsan Elektronik Sanayi Ve Ticaret AS | 832 | |||||||
| 1,124,925 | Ashok Leyland Ltd | 2,099 | |||||||
| 30,223 | Ashoka Buildcon Ltd | 116 | |||||||
| 1,372,640 | Ashtead Group plc | 36,816 | |||||||
| 1,558,540 | Assa Abloy AB | 32,311 | |||||||
| 86,627 | e | Astaldi S.p.A. | 220 | ||||||
| 117,763 | Astec Industries, Inc | 6,889 | |||||||
| 19,383 | Astral Polytechnik Ltd | 257 | |||||||
| 35,903 | * | Astronics Corp | 1,489 | ||||||
| 858,016 | Asunaro Aoki Construction Co Ltd | 7,709 | |||||||
| 336,825 | * | Atkore International Group, Inc | 7,225 | ||||||
| 814,091 | Atlas Copco AB (A Shares) | 35,133 | |||||||
| 182,147 | Atlas Copco AB (B Shares) | 6,981 | |||||||
| 46,142 | * | ATS Automation Tooling Systems, Inc | 571 | ||||||
| 4,165 | * | Aumann AG. | 318 | ||||||
| 3,271,754 | Austal Ltd | 4,639 | |||||||
| 2,282,019 | AviChina Industry & Technology Co | 1,215 | |||||||
| 89,099 | *,e | Axon Enterprise, Inc | 2,361 | ||||||
| 44,788 | AZZ, Inc | 2,289 | |||||||
| 40,117 | B&B Tools AB | 421 | |||||||
| 88,310 | e | Badger Daylighting Ltd | 1,910 | ||||||
| 5,128,800 | BAE Systems plc | 39,627 | |||||||
| 440,050 | Balfour Beatty plc | 1,760 | |||||||
| 101,805 | *,e | Ballard Power Systems, Inc | 450 | ||||||
| 76,000 | Bando Chemical Industries Ltd | 891 | |||||||
| 142,000 | * | Baoye Group Co Ltd | 100 | ||||||
| 134,199 | Barloworld Ltd | 1,731 | |||||||
| 95,103 | Barnes Group, Inc | 6,017 | |||||||
| 5,678 | Bauer AG. | 204 | |||||||
| 8,980 | BayWa AG. | 346 | |||||||
| 53 | *,†,m | Beacon Power Corp | 0 | ^ | |||||
| 160,416 | * | Beacon Roofing Supply, Inc | 10,228 | ||||||
| 439,299 | Beijing Enterprises Holdings Ltd | 2,600 | |||||||
| 183,000 | Beijing Urban Construction Design & Development Group Co Ltd | 106 | |||||||
| 6,787 | * | BEML Ltd | 172 | ||||||
| 1,722,637 | * | Berjaya Corp BHD | 143 | ||||||
| 1,491,400 | Berli Jucker PCL | 3,015 | |||||||
| 885,000 | BES Engineering Corp | 244 | |||||||
| 221,575 | Besalco S.A. | 262 | |||||||
| 2,345 | BGF retail Co Ltd | 33 | |||||||
| 859,800 | Bharat Heavy Electricals | 1,243 | |||||||
| 531,703 | Bidvest Group Ltd | 9,331 | |||||||
| 8,314 | Biesse S.p.A. | 421 | |||||||
| 27,609 | Bird Construction Income Fund | 223 | |||||||
| 891,155 | Bizlink Holdings Inc | 8,280 | |||||||
| 14,918 | *,e | Blue Bird Corp | 297 | ||||||
| 15,412 | * | Blue Star Ltd | 197 | ||||||
| 20 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 114,271 | * | BMC Stock Holdings, Inc | $ | 2,891 | |||||
| 25,136 | Bobst Group AG. | 3,339 | |||||||
| 7,500 | BOC Aviation Ltd | 40 | |||||||
| 234,676 | Bodycote plc | 2,887 | |||||||
| 1,730,621 | Boeing Co | 510,377 | |||||||
| 4,270,233 | * | Bombardier, Inc | 10,293 | ||||||
| 23,813 | Boskalis Westminster | 897 | |||||||
| 13,853 | Bossard Holding AG. | 3,265 | |||||||
| 182,627 | Boustead Singapore Ltd | 117 | |||||||
| 520,461 | Bouygues S.A. | 27,006 | |||||||
| 24,650 | Brenntag AG. | 1,554 | |||||||
| 71,019 | Briggs & Stratton Corp | 1,802 | |||||||
| 51 | Brookfield Business Partners LP | 2 | |||||||
| 4,462 | Bucher Industries AG. | 1,813 | |||||||
| 7,536 | Budimex S.A. | 459 | |||||||
| 20,201 | Bufab AB | 262 | |||||||
| 265,238 | * | Builders FirstSource, Inc | 5,780 | ||||||
| 32,500 | Bunka Shutter Co Ltd | 312 | |||||||
| 269,724 | Bunzl plc | 7,536 | |||||||
| 29,970 | e | Burckhardt Compression Holding AG. | 9,711 | ||||||
| 6,839 | Burkhalter Holding AG. | 891 | |||||||
| 236,747 | BWX Technologies, Inc | 14,321 | |||||||
| 211,446 | CAE, Inc | 3,928 | |||||||
| 140,698 | * | Caesarstone Sdot-Yam Ltd | 3,095 | ||||||
| 198,801 | * | CAI International, Inc | 5,630 | ||||||
| 8,117 | Carbone Lorraine | 363 | |||||||
| 30,487 | Carborundum Universal Ltd | 180 | |||||||
| 23,929 | Cargotec Corp (B Shares) | 1,355 | |||||||
| 75,633 | Carlisle Cos, Inc | 8,596 | |||||||
| 2,128,510 | Caterpillar, Inc | 335,411 | |||||||
| 127,900 | Central Glass Co Ltd | 2,710 | |||||||
| 21,366 | CENTROTEC Sustainable AG. | 397 | |||||||
| 2,492 | * | Cera Sanitaryware Ltd | 146 | ||||||
| 282,625 | CH Karnchang PCL | 230 | |||||||
| 400,000 | CH Karnchang PCL (ADR) | 325 | |||||||
| 53,266 | * | Chart Industries, Inc | 2,496 | ||||||
| 209,520 | Cheil Industries, Inc | 24,628 | |||||||
| 284,590 | Chemring Group plc | 706 | |||||||
| 170,685 | e | Chicago Bridge & Iron Co NV | 2,755 | ||||||
| 1,016,875 | Chicony Power Technology Co Ltd | 2,112 | |||||||
| 160,000 | e | China Aircraft Leasing Group Holdings Ltd | 167 | ||||||
| 1,722,000 | *,e | China Chengtong Development Group Ltd | 112 | ||||||
| 3,951,192 | China Communications Construction Co Ltd | 4,483 | |||||||
| 1,733,500 | China Conch Venture Holdings Ltd | 4,010 | |||||||
| 1,220,000 | *,e | China Energine International Holdings Ltd | 58 | ||||||
| 1,132,318 | China Fangda Group Co Ltd | 686 | |||||||
| 218,000 | e | China High Speed Transmission Equipment Group Co Ltd | 376 | ||||||
| 689,000 | China Lesso Group Holdings Ltd | 445 | |||||||
| 3,390,443 | China Railway Construction Corp | 3,932 | |||||||
| 3,767,127 | China Railway Group Ltd | 2,782 | |||||||
| 368,080 | e | China Singyes Solar Technologies Holdings Ltd | 160 | ||||||
| 1,786,685 | China State Construction International Holdings Ltd | 2,496 | |||||||
| 21 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 113,838 | China Yuchai International Ltd | $ | 2,732 | ||||||
| 1,595,700 | Chip Eng Seng Corp Ltd | 1,161 | |||||||
| 97,000 | e | Chiyoda Corp | 713 | ||||||
| 9,300 | Chiyoda Integre Co Ltd | 226 | |||||||
| 19,010,000 | Chongqing Machinery & Electric Co Ltd | 1,990 | |||||||
| 17,700 | Chudenko Corp | 515 | |||||||
| 669,375 | Chung Hsin Electric & Machinery Manufacturing Corp | 500 | |||||||
| 405,391 | CIMIC Group Ltd | 16,214 | |||||||
| 211,476 | CIR-Compagnie Industriali Riunite S.p.A. | 296 | |||||||
| 28,285 | CIRCOR International, Inc | 1,377 | |||||||
| 8,198,796 | Citic Pacific Ltd | 11,829 | |||||||
| 1,789,000 | Citic Resources Holdings Ltd | 176 | |||||||
| 14,784 | CJ Corp | 2,503 | |||||||
| 2,867,725 | CK Hutchison Holdings Ltd | 35,933 | |||||||
| 159,700 | CKD Corp | 3,580 | |||||||
| 9,323,892 | CNH Industrial NV | 124,740 | |||||||
| 7,628,126 | CNH Industrial NV (NYSE) | 102,217 | |||||||
| 595,176 | * | Cobham plc | 1,015 | ||||||
| 17,099 | * | Cochin Shipyard Ltd | 148 | ||||||
| 883,999 | * | Colfax Corp | 35,024 | ||||||
| 43,081 | Columbus McKinnon Corp | 1,722 | |||||||
| 212,807 | Comfort Systems USA, Inc | 9,289 | |||||||
| 49,735 | * | Commercial Vehicle Group, Inc | 532 | ||||||
| 2,000,837 | Compagnie de Saint-Gobain | 110,119 | |||||||
| 5,559 | Compagnie d’Entreprises CFE | 812 | |||||||
| 240,500 | COMSYS Holdings Corp | 6,973 | |||||||
| 26,190,000 | Concord New Energy Group Ltd | 1,154 | |||||||
| 11,564 | Construcciones y Auxiliar de Ferrocarriles S.A. | 474 | |||||||
| 306,027 | * | Continental Building Products Inc | 8,615 | ||||||
| 1,618,450 | Continental Engineering Corp | 882 | |||||||
| 2,285 | Conzzeta AG. | 2,382 | |||||||
| 606,200 | *,e | Cosco Corp Singapore Ltd | 169 | ||||||
| 73,185 | Cosel Co Ltd | 1,201 | |||||||
| 270,175 | Costain Group plc | 1,706 | |||||||
| 135,627 | Cramo Oyj (Series B) | 3,216 | |||||||
| 97,982 | Crane Co | 8,742 | |||||||
| 306,500 | e | CRCC High-Tech Equipment Corp Ltd | 74 | ||||||
| 251,448 | * | Crompton Greaves Ltd | 366 | ||||||
| 4,753,321 | CRRC Corp Ltd | 5,070 | |||||||
| 3,318 | e | CS Wind Corp | 81 | ||||||
| 280,590 | * | CSBC Corp Taiwan | 107 | ||||||
| 27,124 | * | CSW Industrials, Inc | 1,246 | ||||||
| 373,000 | CTCI Corp | 566 | |||||||
| 66,974 | Cubic Corp | 3,948 | |||||||
| 389,154 | Cummins, Inc | 68,740 | |||||||
| 186,706 | Curtiss-Wright Corp | 22,750 | |||||||
| 68,205 | Daelim Industrial Co | 5,250 | |||||||
| 4,690 | Daetwyler Holding AG. | 906 | |||||||
| 111,311 | * | Daewoo Engineering & Construction Co Ltd | 616 | ||||||
| 34,366 | Daewoo International Corp | 582 | |||||||
| 8,300 | Dai-Dan Co Ltd | 222 | |||||||
| 125,400 | Daifuku Co Ltd | 6,813 | |||||||
| 57,641 | Daihen Corp | 544 | |||||||
| 22 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 59,000 | Daiho Corp | $ | 293 | ||||||
| 20,200 | Daiichi Jitsugyo Co Ltd | 609 | |||||||
| 219,474 | Daikin Industries Ltd | 25,934 | |||||||
| 18,500 | Daiwa Industries Ltd | 212 | |||||||
| 139,160 | Dalian Refrigeration Co Ltd | 68 | |||||||
| 7,630 | Danieli & Co S.p.A. | 181 | |||||||
| 32,035 | Danieli & Co S.p.A. (RSP) | 533 | |||||||
| 2,736 | Dassault Aviation S.A. | 4,254 | |||||||
| 77,512 | DCC plc | 7,801 | |||||||
| 952,524 | Deere & Co | 149,080 | |||||||
| 10,800 | Denyo Co Ltd | 193 | |||||||
| 72,773 | Deutz AG. | 658 | |||||||
| 14,674 | *,e | Dialight plc | 109 | ||||||
| 77,201 | * | Dilip Buildcon Ltd | 1,193 | ||||||
| 184,301 | Diploma plc | 3,103 | |||||||
| 50,934 | * | DIRTT Environmental Solutions | 273 | ||||||
| 27,682 | DMC Global, Inc | 693 | |||||||
| 16,114,080 | DMCI Holdings, Inc | 4,648 | |||||||
| 16,016 | DMG Mori AG. | 882 | |||||||
| 851,825 | * | Dogan Sirketler Grubu Holdings | 196 | ||||||
| 90,884 | Donaldson Co, Inc | 4,449 | |||||||
| 14,859 | Dongkuk Structures & Construction Co Ltd | 79 | |||||||
| 35,010 | Doosan Bobcat, Inc | 1,169 | |||||||
| 50,621 | e | Doosan Heavy Industries and Construction Co Ltd | 726 | ||||||
| 84,908 | * | Doosan Infracore Co Ltd | 688 | ||||||
| 36,644 | e | Douglas Dynamics, Inc | 1,385 | ||||||
| 902,447 | Dover Corp | 91,138 | |||||||
| 314,906 | * | Drake & Scull International PJSC | 193 | ||||||
| 33,169 | * | Ducommun, Inc | 944 | ||||||
| 82,250 | Duerr AG. | 10,461 | |||||||
| 27,759 | * | DXP Enterprises, Inc | 821 | ||||||
| 52,130 | * | Dycom Industries, Inc | 5,809 | ||||||
| 4,377,900 | Dynasty Ceramic PCL | 465 | |||||||
| 5,909 | e Tec E&C Ltd | 705 | |||||||
| 9,785 | Eastern Co | 256 | |||||||
| 1,907,974 | Eaton Corp | 150,749 | |||||||
| 171,065 | Ebara Corp | 6,499 | |||||||
| 16,216 | Eicher Motors Ltd | 7,690 | |||||||
| 40,542 | Eiffage S.A. | 4,437 | |||||||
| 730,100 | Ekovest BHD | 167 | |||||||
| 16,617 | Elbit Systems Ltd | 2,220 | |||||||
| 3,712 | Electra Israel Ltd | 895 | |||||||
| 481,250 | *,e | Elementia SAB de C.V. | 581 | ||||||
| 373,489 | ElSwedy Cables Holding Co | 3,138 | |||||||
| 173,514 | *,e | Eltel AB | 612 | ||||||
| 362,340 | EMCOR Group, Inc | 29,621 | |||||||
| 580,333 | Emerson Electric Co | 40,443 | |||||||
| 1,618,926 | Empresa Brasileira de Aeronautica S.A. | 9,761 | |||||||
| 33,597 | Encore Wire Corp | 1,634 | |||||||
| 34,068 | *,e | Energous Corp | 663 | ||||||
| 61,909 | *,e | Energy Recovery, Inc | 542 | ||||||
| 120,743 | EnerSys | 8,407 | |||||||
| 150,776 | * | Engility Holdings, Inc | 4,278 | ||||||
| 23 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 99,835 | Engineers India Ltd | $ | 312 | ||||||
| 101,034 | EnPro Industries, Inc | 9,448 | |||||||
| 376,000 | *,e | Enric Energy Equipment Holdings Ltd | 315 | ||||||
| 7,009 | e | EnviroStar, Inc | 280 | ||||||
| 214,454 | Equifax, Inc | 25,288 | |||||||
| 43,580 | ESCO Technologies, Inc | 2,626 | |||||||
| 37,085 | * | Escorts Ltd | 457 | ||||||
| 45,529 | * | Esterline Technologies Corp | 3,401 | ||||||
| 725,794 | European Aeronautic Defence and Space Co | 72,134 | |||||||
| 48,041 | Exco Technologies Ltd | 388 | |||||||
| 14,960 | * | FACC AG. | 311 | ||||||
| 44,341 | Fanuc Ltd | 10,637 | |||||||
| 2,600,517 | Far Eastern Textile Co Ltd | 2,337 | |||||||
| 516,410 | Fastenal Co | 28,242 | |||||||
| 9,120,000 | *,e | FDG Electric Vehicles Ltd | 384 | ||||||
| 65,000 | *,e | FDK Corp | 123 | ||||||
| 119,764 | Federal Signal Corp | 2,406 | |||||||
| 1,210 | Feintool International Holding AG. | 147 | |||||||
| 114,195 | Fenner plc | 616 | |||||||
| 382,978 | Ferrovial S.A. | 8,691 | |||||||
| 3,974 | *,e | FIGEAC-AERO | 90 | ||||||
| 329,887 | *,e | Fincantieri S.p.A | 495 | ||||||
| 6,989 | * | Finetex EnE, Inc | 30 | ||||||
| 292,422 | Finmeccanica S.p.A. | 3,475 | |||||||
| 221,669 | Finning International, Inc | 5,594 | |||||||
| 120,330 | * | Finolex Cables Ltd | 1,334 | ||||||
| 264,000 | e | First Tractor Co | 114 | ||||||
| 98,071 | Flowserve Corp | 4,132 | |||||||
| 25,339 | FLSmidth & Co AS | 1,474 | |||||||
| 299,031 | Fluor Corp | 15,445 | |||||||
| 77,346 | * | Fomento de Construcciones y Contratas S.A. | 799 | ||||||
| 2,050 | * | Force Motors Ltd | 119 | ||||||
| 2,219,195 | Fortive Corp | 160,559 | |||||||
| 600,362 | Fortune Brands Home & Security, Inc | 41,089 | |||||||
| 666,130 | Foshan Electrical and Lighting Co Ltd | 523 | |||||||
| 2,551,624 | e | Fosun International | 5,639 | ||||||
| 63,682 | *,e | Foundation Building Materials, Inc | 942 | ||||||
| 78,865 | Franklin Electric Co, Inc | 3,620 | |||||||
| 22,631 | Freightcar America, Inc | 387 | |||||||
| 242,100 | Fudo Tetra Corp | 393 | |||||||
| 337,540 | Fuji Electric Holdings Co Ltd | 2,536 | |||||||
| 127,792 | Fuji Machine Manufacturing Co Ltd | 2,451 | |||||||
| 845,578 | Fujikura Ltd | 7,437 | |||||||
| 33,900 | Fujitec Co Ltd | 489 | |||||||
| 22,400 | Fukuda Corp | 1,347 | |||||||
| 33,900 | Fukushima Industries Corp | 1,494 | |||||||
| 28,800 | Furukawa Co Ltd | 589 | |||||||
| 249,100 | Furukawa Electric Co Ltd | 12,247 | |||||||
| 68,519 | Futaba Corp/Chiba | 1,430 | |||||||
| 204,058 | Galliford Try plc | 3,543 | |||||||
| 707,088 | e | Gamesa Corp Tecnologica S.A. | 9,683 | ||||||
| 1,970,303 | Gamuda BHD | 2,415 | |||||||
| 611,911 | * | Gardner Denver Holdings, Inc | 20,762 | ||||||
| 66,491 | e | GATX Corp | 4,133 | ||||||
| 24 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 59,111 | * | Gayatri Projects Ltd | $ | 209 | |||||
| 599,268 | GEA Group AG. | 28,671 | |||||||
| 5,074 | Geberit AG. | 2,233 | |||||||
| 10,000 | Gecoss Corp | 123 | |||||||
| 14,951 | * | Gencor Industries, Inc | 247 | ||||||
| 166,716 | * | Generac Holdings, Inc | 8,256 | ||||||
| 83,424 | General Cable Corp | 2,469 | |||||||
| 695,659 | n | General Dynamics Corp | 141,532 | ||||||
| 18,602,806 | e,n | General Electric Co | 324,619 | ||||||
| 10,805 | Georg Fischer AG. | 14,264 | |||||||
| 202,000 | George Kent Malaysia BHD | 175 | |||||||
| 52,040 | * | Gibraltar Industries, Inc | 1,717 | ||||||
| 7,600 | Giken Seisakusho Co, Inc | 199 | |||||||
| 230,857 | Global Brass & Copper Holdings, Inc | 7,641 | |||||||
| 89,756 | Glory Ltd | 3,383 | |||||||
| 1,348,263 | * | GMR Infrastructure Ltd | 473 | ||||||
| 319,452 | * | GMS, Inc | 12,024 | ||||||
| 56,317 | Gorman-Rupp Co | 1,758 | |||||||
| 452,373 | Graco, Inc | 20,456 | |||||||
| 451,632 | Grafton Group plc | 4,890 | |||||||
| 17,199 | Graham Corp | 360 | |||||||
| 69,482 | *,e | Grana y Montero S.A. (ADR) | 198 | ||||||
| 68,529 | Granite Construction, Inc | 4,347 | |||||||
| 102,001 | * | Great Lakes Dredge & Dock Corp | 551 | ||||||
| 52,066 | Greaves Cotton Ltd | 112 | |||||||
| 47,097 | e | Greenbrier Cos, Inc | 2,510 | ||||||
| 47,287 | Griffon Corp | 962 | |||||||
| 281,484 | Grupo Carso S.A. de C.V. (Series A1) | 930 | |||||||
| 73,000 | Grupo Rotoplas SAB de C.V. | 112 | |||||||
| 49,951 | *,e | GS Engineering & Construction Corp | 1,320 | ||||||
| 258,000 | GS Yuasa Corp | 1,281 | |||||||
| 1,511,593 | Gunkul Engineering PCL | 184 | |||||||
| 590,232 | GWA International Ltd | 1,305 | |||||||
| 52,929 | H&E Equipment Services, Inc | 2,152 | |||||||
| 663,813 | Haitian International Holdings Ltd | 1,997 | |||||||
| 23,949 | * | Haldex AB | 255 | ||||||
| 189,096 | * | Hangzhou Steam Turbine Co | 194 | ||||||
| 44,183 | * | Hanjin Heavy Industries & Construction Co Ltd | 137 | ||||||
| 419,879 | h | Hanwa Co Ltd | 19,378 | ||||||
| 105,857 | Hanwha Corp | 4,093 | |||||||
| 34,375 | Hanwha Corp (3P) | 583 | |||||||
| 450,500 | HAP Seng Consolidated BHD | 1,062 | |||||||
| 1,810,000 | Harbin Power Equipment | 758 | |||||||
| 21,709 | Hardinge, Inc | 378 | |||||||
| 18,600 | e | Harmonic Drive Systems, Inc | 1,083 | ||||||
| 341,659 | * | Harsco Corp | 6,372 | ||||||
| 236,945 | Havells India Ltd | 2,084 | |||||||
| 260,700 | Hazama Ando Corp | 2,037 | |||||||
| 73,441 | * | HC2 Holdings, Inc | 437 | ||||||
| 1,039,997 | * | HD Supply Holdings, Inc | 41,631 | ||||||
| 52,669 | e | HEICO Corp | 4,969 | ||||||
| 159,037 | HEICO Corp (Class A) | 12,572 | |||||||
| 168,101 | * | Heidelberger Druckmaschinen | 577 | ||||||
| 25 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 330,259 | * | Hellenic Technodomiki Tev S.A. | $ | 642 | |||||
| 95,868 | * | Herc Holdings, Inc | 6,002 | ||||||
| 60,039 | * | Hexagon Composites ASA | 201 | ||||||
| 120,681 | Hexcel Corp | 7,464 | |||||||
| 37,600 | Hibiya Engineering Ltd | 800 | |||||||
| 225,518 | Hillenbrand, Inc | 10,081 | |||||||
| 337,422 | * | Hindustan Construction Co | 216 | ||||||
| 876,320 | Hino Motors Ltd | 11,319 | |||||||
| 12,700 | e | Hirata Corp | 1,306 | ||||||
| 13,200 | Hisaka Works Ltd | 140 | |||||||
| 68,091 | Hitachi Construction Machinery Co Ltd | 2,468 | |||||||
| 100,300 | Hitachi Zosen Corp | 527 | |||||||
| 166,977 | Hiwin Technologies Corp | 1,796 | |||||||
| 35,873 | Hochtief AG. | 6,335 | |||||||
| 35 | Hock Seng Lee BHD | 0 | ^ | ||||||
| 4,346,248 | Honeywell International, Inc | 666,541 | |||||||
| 46,800 | Hong Leong Industries BHD | 112 | |||||||
| 1,097,300 | Hopewell Holdings | 4,049 | |||||||
| 26,709 | Hoshizaki Electric Co Ltd | 2,366 | |||||||
| 89,642 | Hosken Consolidated Investments Ltd | 1,007 | |||||||
| 1,798,065 | Howden Joinery Group plc | 11,319 | |||||||
| 2,285,000 | *,†,e,m | Hsin Chong Construction Group Ltd | 3 | ||||||
| 77,200 | Huangshi Dongbei Electrical Appliance Co Ltd | 127 | |||||||
| 76,963 | Hubbell, Inc | 10,416 | |||||||
| 7,195 | Huber & Suhner AG. | 375 | |||||||
| 50,460 | Hudaco Industries Ltd | 587 | |||||||
| 132,462 | Huntington Ingalls | 31,221 | |||||||
| 10,290 | Hurco Cos, Inc | 434 | |||||||
| 43,797 | *,e | Huttig Building Products, Inc | 291 | ||||||
| 6,148 | Hy-Lok Corp | 129 | |||||||
| 65,890 | Hyster-Yale Materials Handling, Inc | 5,611 | |||||||
| 3,496 | * | Hyundai Construction Equipment Co Ltd | 551 | ||||||
| 62,686 | Hyundai Development Co | 2,255 | |||||||
| 3,496 | *,e | Hyundai Electric & Energy System Co Ltd | 372 | ||||||
| 48,613 | Hyundai Elevator Co Ltd | 2,470 | |||||||
| 80,138 | Hyundai Engineering & Construction Co Ltd | 2,717 | |||||||
| 24,235 | * | Hyundai Heavy Industries | 2,273 | ||||||
| 7,658 | * | Hyundai Mipo Dockyard | 563 | ||||||
| 15,947 | * | Hyundai Rotem Co Ltd | 279 | ||||||
| 38,400 | Idec Corp | 913 | |||||||
| 99,156 | IDEX Corp | 13,086 | |||||||
| 18,178 | * | IES Holdings, Inc | 314 | ||||||
| 3,158,012 | IJM Corp BHD | 2,380 | |||||||
| 264,471 | Illinois Tool Works, Inc | 44,127 | |||||||
| 11,335 | IMARKETKOREA, Inc | 95 | |||||||
| 361,199 | IMI plc | 6,501 | |||||||
| 9,667 | Implenia AG. | 653 | |||||||
| 111,340 | e | Impregilo S.p.A. | 430 | ||||||
| 32,034 | IMS-Intl Metal Service | 1,057 | |||||||
| 49,600 | Inaba Denki Sangyo Co Ltd | 2,313 | |||||||
| 29,900 | Inabata & Co Ltd | 452 | |||||||
| 37,989 | Indus Holding AG. | 2,703 | |||||||
| 40,273 | Industria Macchine Automatiche S.p.A. | 3,273 | |||||||
| 132,183 | * | Industries Qatar QSC | 3,558 | ||||||
| 26 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 57,746 | Indutrade AB | $ | 1,574 | ||||||
| 1,759,755 | Ingersoll-Rand plc | 156,953 | |||||||
| 31,957 | Insteel Industries, Inc | 905 | |||||||
| 46,436 | Interpump Group S.p.A. | 1,457 | |||||||
| 96,926 | Invicta Holdings Ltd | 400 | |||||||
| 224,804 | Inwido AB | 2,295 | |||||||
| 65,500 | Iochpe-Maxion S.A. | 454 | |||||||
| 537,580 | IRB Infrastructure Developers Ltd | 2,000 | |||||||
| 140,634 | IS Dongseo Co Ltd | 4,572 | |||||||
| 53,200 | Iseki & Co Ltd | 1,341 | |||||||
| 4,171 | ISGEC Heavy Engineering Ltd | 515 | |||||||
| 2,577,623 | Ishikawajima-Harima Heavy Industries Co Ltd | 85,490 | |||||||
| 835,450 | Italian-Thai Development PCL | 101 | |||||||
| 32,599 | Italmobiliare S.p.A | 933 | |||||||
| 1,943,794 | Itochu Corp | 36,235 | |||||||
| 167,667 | ITT, Inc | 8,948 | |||||||
| 65,200 | Iwatani International Corp | 2,096 | |||||||
| 263,199 | Jacobs Engineering Group, Inc | 17,361 | |||||||
| 558,199 | Jain Irrigation Systems Ltd | 1,097 | |||||||
| 694,673 | * | Jaiprakash Associates Ltd | 282 | ||||||
| 6,900 | Jamco Corp | 162 | |||||||
| 20,660 | Japan Pulp & Paper Co Ltd | 792 | |||||||
| 39,000 | Japan Steel Works Ltd | 1,253 | |||||||
| 247,614 | Jardine Matheson Holdings Ltd | 15,023 | |||||||
| 259,100 | Jardine Strategic Holdings Ltd | 10,255 | |||||||
| 211,342 | * | JELD-WEN Holding, Inc | 8,321 | ||||||
| 2,794,037 | JG Summit Holdings (Series B) | 4,035 | |||||||
| 26,081 | JGC Corp | 504 | |||||||
| 54,383 | John Bean Technologies Corp | 6,026 | |||||||
| 4,938,400 | John Keells Holdings plc | 4,778 | |||||||
| 486,291 | John Laing Group plc | 1,930 | |||||||
| 657,713 | e | Johnson Controls International plc | 25,065 | ||||||
| 1,180,375 | Johnson Electric Holdings Ltd | 4,936 | |||||||
| 6,006 | * | JOST Werke AG. | 302 | ||||||
| 997,591 | JTEKT Corp | 17,093 | |||||||
| 31,567 | Jungheinrich AG. | 1,484 | |||||||
| 2,120 | JVM Co Ltd | 114 | |||||||
| 61,155 | Kadant, Inc | 6,140 | |||||||
| 73,264 | Kajaria Ceramics Ltd | 836 | |||||||
| 1,563,938 | Kajima Corp | 15,026 | |||||||
| 25,040 | * | Kalpataru Power Transmission Ltd | 185 | ||||||
| 163,100 | * | Kama Co Ltd | 160 | ||||||
| 47,934 | Kaman Corp | 2,820 | |||||||
| 49,300 | Kamei Corp | 852 | |||||||
| 94,100 | Kanamoto Co Ltd | 2,911 | |||||||
| 296,000 | Kandenko Co Ltd | 3,109 | |||||||
| 204,300 | Kanematsu Corp | 2,819 | |||||||
| 1,680,911 | KAP Industrial Holdings Ltd | 1,080 | |||||||
| 3,824 | Kardex AG. | 469 | |||||||
| 30,100 | e | Katakura Industries Co Ltd | 410 | ||||||
| 6,700 | Kato Works Co Ltd | 203 | |||||||
| 15,648 | Kawasaki Heavy Industries Ltd | 547 | |||||||
| 570,849 | KBR, Inc | 11,320 | |||||||
| 27 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 33,706 | KC Tech Co Ltd | $ | 776 | ||||||
| 5,563 | KCC Corp | 1,980 | |||||||
| 149,883 | KEC International Ltd | 898 | |||||||
| 67,029 | Keihan Electric Railway Co Ltd | 1,972 | |||||||
| 91,435 | Keller Group plc | 1,201 | |||||||
| 23,100 | Kendrion NV | 1,113 | |||||||
| 617,578 | Kennametal, Inc | 29,897 | |||||||
| 8,524 | e | KEPCO Engineering & Construction Co, Inc | 190 | ||||||
| 973,977 | Keppel Corp Ltd | 5,330 | |||||||
| 79,317 | *,e | KEYW Holding Corp, The | 466 | ||||||
| 60,326 | Kier Group plc | 884 | |||||||
| 216,900 | Kinden Corp | 3,532 | |||||||
| 37,000 | King Slide Works Co Ltd | 498 | |||||||
| 366,231 | * | Kingspan Group plc | 16,047 | ||||||
| 68,000 | Kinik Co | 198 | |||||||
| 50,048 | KION Group AG. | 4,308 | |||||||
| 48,900 | Kitz Corp | 378 | |||||||
| 408,231 | Kloeckner & Co AG. | 5,016 | |||||||
| 125,928 | * | KLX, Inc | 8,595 | ||||||
| 675,369 | KOC Holding AS | 3,291 | |||||||
| 22,762 | Koenig & Bauer AG. | 1,710 | |||||||
| 3,776 | Kolon Corp | 216 | |||||||
| 577,683 | Komatsu Ltd | 20,877 | |||||||
| 2,251 | Komax Holding AG. | 737 | |||||||
| 30,790 | Komori Corp | 432 | |||||||
| 88,807 | Kone Oyj (Class B) | 4,769 | |||||||
| 73,541 | Konecranes Oyj | 3,366 | |||||||
| 144,074 | Koninklijke BAM Groep NV | 661 | |||||||
| 80,965 | Koninklijke Volkerwessels NV | 2,307 | |||||||
| 71,542 | Korea Aerospace Industries Ltd | 3,170 | |||||||
| 3,412 | Korea Electric Terminal Co Ltd | 214 | |||||||
| 18,808 | *,e | Kornit Digital Ltd | 304 | ||||||
| 148,911 | * | Kratos Defense & Security Solutions, Inc | 1,577 | ||||||
| 10,116 | Krones AG. | 1,385 | |||||||
| 67,000 | KS Terminals, Inc | 143 | |||||||
| 972,000 | *,e | KuangChi Science Ltd | 309 | ||||||
| 321,658 | Kubota Corp | 6,291 | |||||||
| 87,600 | Kumagai Gumi Co Ltd | 2,444 | |||||||
| 10,323 | Kumho Industrial Co Ltd | 92 | |||||||
| 40,000 | Kung Long Batteries Industrial Co Ltd | 193 | |||||||
| 77,598 | Kurita Water Industries Ltd | 2,516 | |||||||
| 15,470 | Kuroda Electric Co Ltd | 371 | |||||||
| 59,700 | Kyokuto Kaihatsu Kogyo Co Ltd | 1,050 | |||||||
| 247,200 | Kyowa Exeo Corp | 6,391 | |||||||
| 33,300 | Kyudenko Corp | 1,608 | |||||||
| 3,608 | Kyung Dong Navien Co Ltd | 173 | |||||||
| 222,986 | L3 Technologies, Inc | 44,118 | |||||||
| 1,881 | * | Lakshmi Machine Works Ltd | 172 | ||||||
| 659,713 | Larsen & Toubro Ltd | 12,990 | |||||||
| 13,735 | * | Lawson Products, Inc | 340 | ||||||
| 33,164 | *,e | Layne Christensen Co | 416 | ||||||
| 15,330 | * | LB Foster Co (Class A) | 416 | ||||||
| 36,989 | Legrand S.A. | 2,844 | |||||||
| 15,015 | Lehto Group Oyj | 228 | |||||||
| 28 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 95,851 | Lennox International, Inc | $ | 19,962 | ||||||
| 364,487 | LG Corp | 30,975 | |||||||
| 24,903 | LG Hausys Ltd | 2,256 | |||||||
| 18,217 | LG International Corp | 462 | |||||||
| 6,828 | LIG Nex1 Co Ltd | 381 | |||||||
| 115,844 | Lincoln Electric Holdings, Inc | 10,609 | |||||||
| 40,278 | Lindab International AB | 335 | |||||||
| 17,579 | e | Lindsay Corp | 1,550 | ||||||
| 27,645 | LISI | 1,330 | |||||||
| 170,665 | LIXIL Group Corp | 4,611 | |||||||
| 472,358 | Lockheed Martin Corp | 151,651 | |||||||
| 1,241,000 | Lonking Holdings Ltd | 543 | |||||||
| 26,008 | Lotte Confectionery Co Ltd | 1,586 | |||||||
| 67,357 | LS Cable Ltd | 4,558 | |||||||
| 9,600 | LS Industrial Systems Co Ltd | 584 | |||||||
| 131,248 | LSI Industries, Inc | 903 | |||||||
| 116,040 | Luceco plc | 174 | |||||||
| 152,000 | *,e | Luoyang Glass Co Ltd | 79 | ||||||
| 88,404 | * | Lydall, Inc | 4,487 | ||||||
| 5,585 | Mabuchi Motor Co Ltd | 302 | |||||||
| 1,243,000 | Maeda Corp | 17,109 | |||||||
| 12,400 | Maeda Kosen Co Ltd | 229 | |||||||
| 314,000 | Maeda Road Construction Co Ltd | 7,194 | |||||||
| 31,617 | Magellan Aerospace Corp | 528 | |||||||
| 1,625,881 | e | Maire Tecnimont S.p.A | 8,402 | ||||||
| 73,748 | Makino Milling Machine Co Ltd | 743 | |||||||
| 26,714 | Makita Corp | 1,120 | |||||||
| 1,011,700 | Malaysian Resources Corp BHD | 279 | |||||||
| 22,423 | MAN AG. | 2,567 | |||||||
| 16,159 | Manitou BF S.A. | 591 | |||||||
| 53,072 | * | Manitowoc Co, Inc | 2,088 | ||||||
| 319,000 | * | Marcopolo S.A. | 384 | ||||||
| 1,447,958 | Marubeni Corp | 10,468 | |||||||
| 2,355,246 | Masco Corp | 103,490 | |||||||
| 95,535 | * | Masonite International Corp | 7,084 | ||||||
| 235,664 | * | Mastec, Inc | 11,536 | ||||||
| 56,900 | Max Co Ltd | 814 | |||||||
| 35,526 | Maxar Technologies Ltd | 2,287 | |||||||
| 1,193 | MBB SE | 124 | |||||||
| 475,200 | Megawide Construction Corp | 171 | |||||||
| 739,575 | Meggitt plc | 4,802 | |||||||
| 134,000 | Meidensha Corp | 553 | |||||||
| 1,208,896 | Melrose Industries plc | 3,458 | |||||||
| 82,065 | * | Mercury Systems, Inc | 4,214 | ||||||
| 145,656 | * | Meritor, Inc | 3,417 | ||||||
| 7,200 | METAWATER Co Ltd | 186 | |||||||
| 12,674 | Metso Oyj | 432 | |||||||
| 213,009 | Micron Machinery Co Ltd | 2,855 | |||||||
| 103,774 | * | Middleby Corp | 14,004 | ||||||
| 386,949 | * | Milacron Holdings Corp | 7,406 | ||||||
| 63,820 | Millat Tractors Ltd | 678 | |||||||
| 18,164 | Miller Industries, Inc | 469 | |||||||
| 818,300 | Minebea Co Ltd | 17,067 | |||||||
| 29 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 854,300 | Miraito Holdings Corp | $ | 12,701 | ||||||
| 383,500 | MISUMI Group, Inc | 11,134 | |||||||
| 1,778,387 | Mitsubishi Corp | 49,037 | |||||||
| 1,070,957 | Mitsubishi Electric Corp | 17,749 | |||||||
| 71,091 | Mitsubishi Heavy Industries Ltd | 2,651 | |||||||
| 20,700 | Mitsubishi Nichiyu Forklift Co Ltd | 183 | |||||||
| 85,700 | Mitsuboshi Belting Co Ltd | 1,175 | |||||||
| 2,387,569 | Mitsui & Co Ltd | 38,735 | |||||||
| 45,900 | Mitsui Engineering & Shipbuilding Co Ltd | 686 | |||||||
| 78,100 | Miura Co Ltd | 2,097 | |||||||
| 3,138,230 | MMC Corp BHD | 1,590 | |||||||
| 255,755 | Monadelphous Group Ltd | 3,452 | |||||||
| 86,600 | e | MonotaRO Co Ltd | 2,760 | ||||||
| 97,986 | * | Moog, Inc (Class A) | 8,510 | ||||||
| 666,013 | Morgan Crucible Co plc | 3,033 | |||||||
| 85,000 | Mori Seiki Co Ltd | 1,750 | |||||||
| 17,400 | Morita Holdings Corp | 327 | |||||||
| 799,951 | Mota Engil SGPS S.A. | 3,516 | |||||||
| 330,784 | * | MRC Global, Inc | 5,597 | ||||||
| 118,369 | MSC Industrial Direct Co (Class A) | 11,442 | |||||||
| 62,562 | MTU Aero Engines Holding AG. | 11,179 | |||||||
| 120,315 | Mueller Industries, Inc | 4,263 | |||||||
| 643,927 | Mueller Water Products, Inc (Class A) | 8,068 | |||||||
| 205,300 | Muhibbah Engineering M BHD | 144 | |||||||
| 43,168 | *,e | Munters Group AB | 291 | ||||||
| 1,007,554 | Murray & Roberts Holdings Ltd | 986 | |||||||
| 121,504 | * | MYR Group, Inc | 4,341 | ||||||
| 14,227 | Nabtesco Corp | 544 | |||||||
| 120,332 | Nachi-Fujikoshi Corp | 805 | |||||||
| 232,485 | Nagarjuna Construction Co | 486 | |||||||
| 227,700 | Nagase & Co Ltd | 4,093 | |||||||
| 191,200 | Namura Shipbuilding Co Ltd | 1,176 | |||||||
| 119,943 | National Central Cooling Co PJSC | 59 | |||||||
| 8,587 | e | National Presto Industries, Inc | 854 | ||||||
| 300,699 | * | Navistar International Corp | 12,894 | ||||||
| 90,622 | NCC AB (B Shares) | 1,738 | |||||||
| 133,294 | * | NCI Building Systems, Inc | 2,573 | ||||||
| 164,589 | New Flyer Industries, Inc | 7,071 | |||||||
| 14,960,000 | *,e | New Provenance Everlasting Holdings Ltd | 297 | ||||||
| 18,131 | Nexans S.A. | 1,108 | |||||||
| 44,953 | *,e | Nexeo Solutions, Inc | 409 | ||||||
| 25,551 | NGK Insulators Ltd | 481 | |||||||
| 220,666 | e | Nibe Industrier AB | 2,114 | ||||||
| 324,424 | Nichias Corp | 4,311 | |||||||
| 21,200 | Nichiden Corp | 435 | |||||||
| 20,100 | Nichiha Corp | 840 | |||||||
| 61,625 | Nidec Corp | 8,629 | |||||||
| 3,200 | Nihon Trim Co Ltd | 145 | |||||||
| 17,295 | * | Nilfisk Holding A.S. | 1,012 | ||||||
| 41,000 | Nippo Corp | 958 | |||||||
| 18,500 | Nippon Densetsu Kogyo Co Ltd | 400 | |||||||
| 43,200 | Nippon Koei Co Ltd | 1,339 | |||||||
| 4,800 | Nippon Road Co Ltd | 280 | |||||||
| 278,730 | *,e | Nippon Sharyo Ltd | 837 | ||||||
| 30 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 55,700 | * | Nippon Sheet Glass Co Ltd | $ | 504 | |||||
| 72,145 | Nippon Steel Trading Co Ltd | 4,369 | |||||||
| 206,300 | Nippon Thompson Co Ltd | 1,643 | |||||||
| 207,800 | Nishimatsu Construction Co Ltd | 5,814 | |||||||
| 16,700 | Nishio Rent All Co Ltd | 541 | |||||||
| 4,600 | Nissei ASB Machine Co Ltd | 280 | |||||||
| 293,252 | Nisshinbo Industries, Inc | 3,971 | |||||||
| 117,900 | Nissin Electric Co Ltd | 1,369 | |||||||
| 11,900 | Nitta Corp | 458 | |||||||
| 106,800 | Nitto Boseki Co Ltd | 3,072 | |||||||
| 15,400 | Nitto Kogyo Corp | 247 | |||||||
| 6,573 | Nitto Kohki Co Ltd | 166 | |||||||
| 8,200 | Nittoku Engineering Co Ltd | 346 | |||||||
| 16,684 | * | NKT Holding AS | 762 | ||||||
| 46,613 | NN, Inc | 1,287 | |||||||
| 681,580 | *,e | Noble Group Ltd | 101 | ||||||
| 50,996 | Nolato AB (B Shares) | 3,351 | |||||||
| 38,843 | *,e | Nordex AG. | 412 | ||||||
| 140,608 | Nordson Corp | 20,585 | |||||||
| 29,391 | Noritake Co Ltd | 1,486 | |||||||
| 16,800 | Noritz Corp | 329 | |||||||
| 21,003 | NORMA Group | 1,406 | |||||||
| 663,074 | Northrop Grumman Corp | 203,504 | |||||||
| 17,682 | * | Northwest Pipe Co | 338 | ||||||
| 184,789 | *,e | NOW, Inc | 2,038 | ||||||
| 91,931 | NSK Ltd | 1,440 | |||||||
| 424,000 | NTN Corp | 2,093 | |||||||
| 14,134 | * | NV5 Holdings, Inc | 765 | ||||||
| 2,904,490 | NWS Holdings Ltd | 5,231 | |||||||
| 7,000 | Obara Corp | 479 | |||||||
| 717,415 | Obayashi Corp | 8,666 | |||||||
| 80,611 | * | Obrascon Huarte Lain S.A. | 481 | ||||||
| 527,007 | OC Oerlikon Corp AG. | 8,896 | |||||||
| 3,245 | OHB AG. | 174 | |||||||
| 120,000 | Oiles Corp | 2,398 | |||||||
| 19,500 | Okabe Co Ltd | 186 | |||||||
| 19,028 | Okuma Holdings, Inc | 1,258 | |||||||
| 18,600 | Okumura Corp | 764 | |||||||
| 5,363 | Omega Flex, Inc | 383 | |||||||
| 38,371 | * | Orascom Construction Ltd | 317 | ||||||
| 133,285 | Orbital ATK, Inc | 17,527 | |||||||
| 4,400 | Organo Corp | 128 | |||||||
| 172,693 | * | Orion Marine Group, Inc | 1,352 | ||||||
| 45,200 | OSG Corp | 976 | |||||||
| 205,923 | Oshkosh Truck Corp | 18,716 | |||||||
| 78,300 | OSJB Holdings Corp | 233 | |||||||
| 351,962 | Osram Licht AG. | 31,516 | |||||||
| 5,487 | Otokar Otobus Karoseri Sanayi AS | 179 | |||||||
| 86,540 | * | Outotec Oyj | 737 | ||||||
| 1,381,298 | Owens Corning, Inc | 126,997 | |||||||
| 192,524 | PACCAR, Inc | 13,685 | |||||||
| 139,400 | Pak Elektron Ltd | 60 | |||||||
| 300,000 | Pantaloon Retail India Ltd | 228 | |||||||
| 31 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 993,648 | Parker-Hannifin Corp | $ | 198,312 | ||||||
| 40,793 | * | Patrick Industries, Inc | 2,833 | ||||||
| 624,237 | Peab AB (Series B) | 5,371 | |||||||
| 96,331 | Pentair plc | 6,803 | |||||||
| 727,500 | Penta-Ocean Construction Co Ltd | 5,420 | |||||||
| 38,494 | PER Aarsleff A.S. | 1,213 | |||||||
| 243,000 | PESTECH International Bhd | 105 | |||||||
| 17,549 | Pfeiffer Vacuum Technology AG. | 3,288 | |||||||
| 150,886 | * | PGT, Inc | 2,542 | ||||||
| 321,706 | Philips Lighting NV | 11,799 | |||||||
| 8,293 | Pinguely-Haulotte | 160 | |||||||
| 393,479 | *,e | Plug Power, Inc | 929 | ||||||
| 160,690 | * | Ply Gem Holdings, Inc | 2,973 | ||||||
| 41,756 | * | PNC Infratech Ltd | 133 | ||||||
| 405,527 | Polypipe Group plc | 2,153 | |||||||
| 195,600 | Polyplex PCL | 79 | |||||||
| 23,283 | Ponsse Oy | 737 | |||||||
| 8,643 | e | Porr AG. | 289 | ||||||
| 17,180 | Powell Industries, Inc | 492 | |||||||
| 5,177 | Preformed Line Products Co | 368 | |||||||
| 2,531 | Prima Industrie S.p.A | 102 | |||||||
| 118,403 | Primoris Services Corp | 3,219 | |||||||
| 42,735 | * | Proto Labs, Inc | 4,402 | ||||||
| 46,478 | Prysmian S.p.A. | 1,514 | |||||||
| 1,132,632 | PT Adhi Karya Persero Tbk | 157 | |||||||
| 1,852,400 | PT AKR Corporindo Tbk | 867 | |||||||
| 5,000,000 | PT Arwana Citramulia Tbk | 126 | |||||||
| 1,217,100 | PT Asahimas Flat Glass Tbk | 540 | |||||||
| 2,803,600 | *,†,m | PT Inovisi Infracom Tbk | 24 | ||||||
| 7,135,788 | PT Pembangunan Perumahan Tbk | 1,385 | |||||||
| 2,245,700 | * | PT Sitara Propertindo Tbk | 129 | ||||||
| 14,727,500 | PT Waskita Karya Persero Tbk | 2,399 | |||||||
| 1,944,123 | PT Wijaya Karya | 222 | |||||||
| 1,657,873 | QinetiQ plc | 5,173 | |||||||
| 19,000 | QST International Corp | 70 | |||||||
| 58,477 | Quanex Building Products Corp | 1,368 | |||||||
| 539,545 | * | Quanta Services, Inc | 21,102 | ||||||
| 150,800 | Raito Kogyo Co Ltd | 1,722 | |||||||
| 181,223 | Ramirent Oyj | 1,698 | |||||||
| 121,813 | Randon Participacoes S.A. | 263 | |||||||
| 2,116 | Rational AG. | 1,361 | |||||||
| 190,266 | Raubex Group Ltd | 307 | |||||||
| 68,591 | Raven Industries, Inc | 2,356 | |||||||
| 919,653 | Raytheon Co | 172,757 | |||||||
| 42,874 | * | RBC Bearings, Inc | 5,419 | ||||||
| 484,193 | RCR Tomlinson Ltd | 1,509 | |||||||
| 201,797 | Rechi Precision Co Ltd | 194 | |||||||
| 100,621 | Regal-Beloit Corp | 7,708 | |||||||
| 633,501 | e | Reliance Worldwide Corp Ltd | 1,918 | ||||||
| 512,515 | Reunert Ltd | 2,987 | |||||||
| 39,056 | REV Group, Inc | 1,270 | |||||||
| 33,054 | *,e | Revolution Lighting Technologies, Inc | 109 | ||||||
| 50,218 | Rexel S.A. | 909 | |||||||
| 367,960 | * | Rexnord Corp | 9,574 | ||||||
| 32 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 118,713 | Rheinmetall AG. | $ | 15,013 | ||||||
| 1,856 | Rieter Holding AG. | 453 | |||||||
| 305,786 | Rockwell Automation, Inc | 60,041 | |||||||
| 192,064 | Rockwell Collins, Inc | 26,048 | |||||||
| 5,802 | Rockwool International AS (B Shares) | 1,645 | |||||||
| 1,031,986 | Rolls-Royce Group plc | 11,778 | |||||||
| 599,037 | Roper Industries, Inc | 155,151 | |||||||
| 539,404 | Rotork plc | 1,936 | |||||||
| 78,000 | Run Long Construction Co Ltd | 113 | |||||||
| 19,066 | * | Rush Enterprises, Inc | 919 | ||||||
| 211,407 | * | Rush Enterprises, Inc (Class A) | 10,742 | ||||||
| 211,354 | Russel Metals, Inc | 4,905 | |||||||
| 158,800 | Ryobi Ltd | 4,503 | |||||||
| 39,892 | Saab AB (Class B) | 1,940 | |||||||
| 254,622 | * | Sacyr Vallehermoso S.A. | 719 | ||||||
| 100,455 | * | Sadbhav Engineering Ltd | 671 | ||||||
| 397,349 | Safran S.A. | 40,985 | |||||||
| 501,706 | Salfacorp S.A. | 926 | |||||||
| 80,609 | *,e | Samsung Engineering Co Ltd | 933 | ||||||
| 206,702 | *,e | Samsung Heavy Industries Co Ltd | 1,413 | ||||||
| 32,135 | * | Samsung Techwin Co Ltd | 1,067 | ||||||
| 72,623 | San Shing Fastech Corp | 144 | |||||||
| 1,479,894 | Sandvik AB | 25,905 | |||||||
| 24,900 | Sanki Engineering Co Ltd | 303 | |||||||
| 14,100 | Sankyo Tateyama, Inc | 213 | |||||||
| 284,100 | Sanwa Shutter Corp | 3,904 | |||||||
| 652,000 | * | Sany Heavy Equipment International | 143 | ||||||
| 5,200 | Sanyo Denki Co Ltd | 372 | |||||||
| 16,177 | Savaria Corp | 234 | |||||||
| 28,991 | Schindler Holding AG. | 6,668 | |||||||
| 15,817 | Schindler Holding AG. (Registered) | 3,577 | |||||||
| 33,577 | * | Schneider Electric Infrastructure Ltd | 66 | ||||||
| 2,326,718 | Schneider Electric S.A. | 197,260 | |||||||
| 1,462 | Schweiter Technologies AG. | 1,895 | |||||||
| 227,191 | Seibu Holdings, Inc | 4,292 | |||||||
| 117,100 | Sekisui Jushi Corp | 2,384 | |||||||
| 769,883 | e | SembCorp Industries Ltd | 1,739 | ||||||
| 460,800 | e | SembCorp Marine Ltd | 631 | ||||||
| 6,311 | e | Semperit AG. Holding | 167 | ||||||
| 264,530 | Senior plc | 931 | |||||||
| 377,160 | * | Sensata Technologies Holding BV | 19,277 | ||||||
| 15,622 | * | Senvion S.A. | 193 | ||||||
| 69,385 | Seven Network Ltd | 823 | |||||||
| 10,447 | SFS Group AG. | 1,212 | |||||||
| 81,277 | * | SGL Carbon AG. | 1,107 | ||||||
| 163,708 | * | SGSB Group Co Ltd | 156 | ||||||
| 11,096,000 | e | Shanghai Dasheng Agricultural Finance Technology Co Ltd | 909 | ||||||
| 230,980 | Shanghai Diesel Engine Co Ltd | 176 | |||||||
| 3,103,025 | *,e | Shanghai Electric Group Co Ltd | 1,276 | ||||||
| 194,600 | Shanghai Highly Group Co Ltd | 164 | |||||||
| 2,139,508 | Shanghai Industrial Holdings Ltd | 6,119 | |||||||
| 1,964,000 | Shanghai Prime Machinery Co Ltd | 377 | |||||||
| 33 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 198,971 | Shapir Engineering and Industry Ltd | $ | 799 | ||||||
| 9,300 | Shibuya Kogyo Co Ltd | 384 | |||||||
| 464,329 | Shikun & Binui Ltd | 1,034 | |||||||
| 14,700 | Shima Seiki Manufacturing Ltd | 926 | |||||||
| 130,551 | Shimizu Corp | 1,346 | |||||||
| 94,000 | Shin Zu Shing Co Ltd | 237 | |||||||
| 63,000 | Shinko Electric Co Ltd | 243 | |||||||
| 199,190 | Shinmaywa Industries Ltd | 1,894 | |||||||
| 204,600 | Shinnihon Corp | 1,792 | |||||||
| 28,400 | SHO-BOND Holdings Co Ltd | 2,021 | |||||||
| 1,318,883 | Siemens AG. | 182,609 | |||||||
| 115,463 | Siemens India Ltd | 2,235 | |||||||
| 5,809 | e | SIF Holding NV | 121 | ||||||
| 348,340 | SIG plc | 829 | |||||||
| 2,179,260 | Sime Darby BHD | 1,190 | |||||||
| 164,291 | Simpson Manufacturing Co, Inc | 9,432 | |||||||
| 4,366,000 | Singamas Container Holdings Ltd | 892 | |||||||
| 1,536,287 | Singapore Technologies Engineering Ltd | 3,738 | |||||||
| 11,200 | Sinko Industries Ltd | 216 | |||||||
| 430,957 | Sino Thai Engineering & Construction PCL | 309 | |||||||
| 2,135,000 | e | Sinotruk Hong Kong Ltd | 2,405 | ||||||
| 1,218,366 | * | Sintex Plastics Technology Ltd | 1,599 | ||||||
| 85,600 | Sintokogio Ltd | 1,091 | |||||||
| 58,319 | * | SiteOne Landscape Supply, Inc | 4,473 | ||||||
| 70,651 | SK C&C Co Ltd | 18,677 | |||||||
| 129,286 | SK Networks Co Ltd | 803 | |||||||
| 99,386 | Skanska AB (B Shares) | 2,059 | |||||||
| 232,077 | SKF AB (B Shares) | 5,156 | |||||||
| 7,260,600 | SKP Resources BHD | 4,090 | |||||||
| 28,578 | *,e | SLM Solutions Group AG. | 1,635 | ||||||
| 189,810 | SM Investments Corp | 3,764 | |||||||
| 30,192 | SMC Corp | 12,390 | |||||||
| 218,090 | Smiths Group plc | 4,377 | |||||||
| 143,933 | Snap-On, Inc | 25,088 | |||||||
| 123,887 | SNC-Lavalin Group, Inc | 5,623 | |||||||
| 96,400 | e | Sodick Co Ltd | 1,249 | ||||||
| 2,169,600 | Sojitz Holdings Corp | 6,647 | |||||||
| 9,338 | Solar Holdings AS (B Shares) | 614 | |||||||
| 10,104 | * | Somany Ceramics Ltd | 144 | ||||||
| 47,510 | *,e | Sparton Corp | 1,096 | ||||||
| 82,342 | Spirax-Sarco Engineering plc | 6,225 | |||||||
| 379,193 | Spirit Aerosystems Holdings, Inc (Class A) | 33,085 | |||||||
| 367,102 | * | SPX Corp | 11,523 | ||||||
| 409,968 | * | SPX FLOW, Inc | 19,494 | ||||||
| 20,892 | Standex International Corp | 2,128 | |||||||
| 532,813 | Stanley Works | 90,413 | |||||||
| 20,100 | e | Star Micronics Co Ltd | 347 | ||||||
| 153,709 | * | Ste Industrielle d’Aviation Latecoere S.A. | 1,053 | ||||||
| 74,410 | * | Sterling Construction Co, Inc | 1,211 | ||||||
| 8,724 | e | Sulzer AG. | 1,058 | ||||||
| 1,187,570 | Sumitomo Corp | 20,143 | |||||||
| 11,800 | Sumitomo Densetsu Co Ltd | 251 | |||||||
| 1,117,497 | Sumitomo Heavy Industries Ltd | 47,086 | |||||||
| 857,740 | Sumitomo Mitsui Construction C | 4,780 | |||||||
| 34 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 39,833 | Sun Hydraulics Corp | $ | 2,577 | ||||||
| 110,000 | Sunonwealth Electric Machine Industry Co Ltd | 193 | |||||||
| 141,736 | *,e | Sunrun, Inc | 836 | ||||||
| 1,682,422 | Sunway Construction Group BHD | 1,043 | |||||||
| 1,455,589 | * | Suzlon Energy Ltd | 354 | ||||||
| 55,368 | e | Sweco AB (B Shares) | 1,227 | ||||||
| 1,092,000 | Syncmold Enterprise Corp | 2,330 | |||||||
| 64,200 | Tadano Ltd | 1,061 | |||||||
| 5,198 | * | Taewoong Co Ltd | 94 | ||||||
| 26,456 | * | Taeyoung Engineering & Construction | 255 | ||||||
| 1,025,000 | Tai United Holdings Ltd | 133 | |||||||
| 41,500 | Taihei Dengyo Kaisha Ltd | 1,070 | |||||||
| 14,400 | Taikisha Ltd | 486 | |||||||
| 221,719 | Taisei Corp | 11,026 | |||||||
| 749,670 | * | Taiwan Glass Industrial Corp | 561 | ||||||
| 214,293 | Takamatsu Corp | 6,033 | |||||||
| 22,264 | Takara Standard Co Ltd | 359 | |||||||
| 117,400 | Takasago Thermal Engineering Co Ltd | 2,147 | |||||||
| 20,600 | Takeuchi Manufacturing Co Ltd | 487 | |||||||
| 78,600 | Takuma Co Ltd | 1,098 | |||||||
| 110,510 | e | Talgo S.A. | 564 | ||||||
| 72,106 | Tarkett S.A. | 3,024 | |||||||
| 27,300 | Tatsuta Electric Wire and Cable Co Ltd | 217 | |||||||
| 292,300 | * | Tebrau Teguh BHD | 103 | ||||||
| 14,704 | * | Techno Electric & Engineering Co Ltd | 95 | ||||||
| 1,784,679 | Teco Electric and Machinery Co Ltd | 1,704 | |||||||
| 11,500 | Teikoku Sen-I Co Ltd | 231 | |||||||
| 98,727 | Tekfen Holding AS | 442 | |||||||
| 41,800 | Tekken Corp | 1,266 | |||||||
| 79,554 | * | Teledyne Technologies, Inc | 14,411 | ||||||
| 29,318 | Tennant Co | 2,130 | |||||||
| 1,653,742 | Terex Corp | 79,743 | |||||||
| 47,230 | *,e | Textainer Group Holdings Ltd | 1,015 | ||||||
| 3,089,891 | Textron, Inc | 174,857 | |||||||
| 129,228 | Thales S.A. | 13,907 | |||||||
| 21,654 | *,e | The ExOne Company | 182 | ||||||
| 37,446 | * | Thermax Ltd | 718 | ||||||
| 183,608 | * | Thermon Group Holdings | 4,346 | ||||||
| 228,092 | THK Co Ltd | 8,526 | |||||||
| 52,176 | Timken Co | 2,564 | |||||||
| 11,540 | * | Timken India Ltd | 159 | ||||||
| 80,964 | Titan International, Inc | 1,043 | |||||||
| 76,684 | * | Titan Machinery, Inc | 1,623 | ||||||
| 83,164 | TKH Group NV | 5,282 | |||||||
| 8,400 | * | Toa Corp/Tokyo | 226 | ||||||
| 30,700 | Tocalo Co Ltd | 1,365 | |||||||
| 329,000 | Toda Corp | 2,633 | |||||||
| 5,200 | Toenec Corp | 158 | |||||||
| 267,100 | Tokai Corp | 2,268 | |||||||
| 88,460 | Tokyu Construction Co Ltd | 860 | |||||||
| 300,226 | Toro Co | 19,584 | |||||||
| 113,244 | Toromont Industries Ltd | 4,964 | |||||||
| 870,443 | * | Toshiba Corp | 2,449 | ||||||
| 35 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 62,964 | Toshiba Machine Co Ltd | $ | 468 | ||||||
| 30,100 | Toshiba Plant Systems & Services Corp | 561 | |||||||
| 1,067,400 | * | Totalindo Eka Persada Tbk PT | 282 | ||||||
| 53,800 | Totetsu Kogyo Co Ltd | 1,784 | |||||||
| 15,900 | Toto Ltd | 936 | |||||||
| 1,019,800 | Toyo Construction Co Ltd | 5,946 | |||||||
| 17,399 | e | Toyo Engineering Corp | 201 | ||||||
| 6,200 | Toyo Tanso Co Ltd | 194 | |||||||
| 241,836 | Toyota Tsusho Corp | 9,715 | |||||||
| 77,636 | * | TPI Composites, Inc | 1,588 | ||||||
| 3,365,861 | Trakya Cam Sanayi AS | 4,102 | |||||||
| 15,735 | TransDigm Group, Inc | 4,321 | |||||||
| 2,037,553 | Travis Perkins plc | 43,108 | |||||||
| 319,687 | Trelleborg AB (B Shares) | 7,398 | |||||||
| 108,673 | Trencor Ltd | 422 | |||||||
| 69,514 | * | Trex Co, Inc | 7,535 | ||||||
| 82,227 | * | Trimas Corp | 2,200 | ||||||
| 103,848 | Trinity Industries, Inc | 3,890 | |||||||
| 79,226 | Triton International Ltd | 2,967 | |||||||
| 678,320 | Triumph Group, Inc | 18,450 | |||||||
| 26,600 | Trusco Nakayama Corp | 775 | |||||||
| 24,200 | Tsubaki Nakashima Co Ltd | 575 | |||||||
| 397,000 | Tsubakimoto Chain Co | 3,203 | |||||||
| 35,000 | Tsugami Corp | 448 | |||||||
| 16,500 | Tsukishima Kikai Co Ltd | 220 | |||||||
| 11,200 | Tsurumi Manufacturing Co Ltd | 206 | |||||||
| 6,303,715 | Turk Sise ve Cam Fabrikalari AS | 7,811 | |||||||
| 8,755 | Turk Traktor ve Ziraat Makineleri AS | 176 | |||||||
| 61,661 | * | Tutor Perini Corp | 1,563 | ||||||
| 16,435 | * | Twin Disc, Inc | 437 | ||||||
| 445,700 | UEM Edgenta BHD | 275 | |||||||
| 48,115 | Ultra Electronics Holdings | 874 | |||||||
| 5,500 | Union Tool Co | 201 | |||||||
| 400,100 | Unique Engineering & Construction PCL | 200 | |||||||
| 429,900 | e | United Engineers Ltd | 848 | ||||||
| 1,496,000 | United Integrated Services Co Ltd | 2,944 | |||||||
| 284,550 | * | United Rentals, Inc | 48,917 | ||||||
| 566,358 | United Technologies Corp | 72,250 | |||||||
| 182,812 | * | Univar, Inc | 5,660 | ||||||
| 304,327 | Universal Forest Products, Inc | 11,449 | |||||||
| 33,966 | Uponor Oyj | 684 | |||||||
| 1,765,115 | * | USG Corp | 68,063 | ||||||
| 410,200 | Ushio, Inc | 5,851 | |||||||
| 283,645 | Valmet Corp | 5,597 | |||||||
| 52,700 | Valmont Industries, Inc | 8,740 | |||||||
| 225,100 | Vanachai Group PCL | 76 | |||||||
| 67,127 | VAT Group AG. | 9,927 | |||||||
| 153,845 | * | Vectrus, Inc | 4,746 | ||||||
| 19,303 | * | Veritiv Corp | 558 | ||||||
| 148,776 | Vestas Wind Systems AS | 10,280 | |||||||
| 161,889 | Vesuvius plc | 1,271 | |||||||
| 67,232 | V-Guard Industries Ltd | 257 | |||||||
| 32,039 | * | Vicor Corp | 670 | ||||||
| 1,168,331 | Vinci S.A. | 119,277 | |||||||
| 36 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,702,000 | *,e | Vision Fame International Holding Ltd | $ | 66 | |||||
| 63,731 | * | Voltas Ltd | 654 | ||||||
| 33,995 | Voltronic Power Technology Corp | 588 | |||||||
| 846,074 | Volvo AB (B Shares) | 15,755 | |||||||
| 6,236 | * | Vossloh AG. | 350 | ||||||
| 70,420 | W.W. Grainger, Inc | 16,637 | |||||||
| 97,878 | Wabash National Corp | 2,124 | |||||||
| 257,392 | * | WABCO Holdings, Inc | 36,936 | ||||||
| 100,902 | e | Wabtec Corp | 8,216 | ||||||
| 17,460 | Wacker Construction Equipment AG. | 628 | |||||||
| 24,777 | Wajax Income Fund | 486 | |||||||
| 113,500 | Wakita & Co Ltd | 1,389 | |||||||
| 18,344,000 | Walsin Lihwa Corp | 10,818 | |||||||
| 2,379 | e | Walter Meier AG. | 95 | ||||||
| 118,728 | Wartsila Oyj (B Shares) | 7,493 | |||||||
| 21,561 | Washtec AG. | 2,030 | |||||||
| 66,928 | Watsco, Inc | 11,380 | |||||||
| 165,572 | Watts Water Technologies, Inc (Class A) | 12,575 | |||||||
| 597,361 | * | WCT Berhad | 239 | ||||||
| 461,718 | Weg S.A. | 3,357 | |||||||
| 1,977,284 | Weichai Power Co Ltd | 2,160 | |||||||
| 1,151,033 | Weir Group plc | 32,993 | |||||||
| 412,379 | * | Welbilt, Inc | 9,695 | ||||||
| 4,018,000 | Welling Holding Ltd | 1,026 | |||||||
| 102,058 | * | Wesco Aircraft Holdings, Inc | 755 | ||||||
| 466,947 | * | WESCO International, Inc | 31,822 | ||||||
| 7,341 | * | Willis Lease Finance Corp | 183 | ||||||
| 32,550 | Wilson Bayly Holmes-Ovcon Ltd | 409 | |||||||
| 354,801 | Wolseley plc | 25,462 | |||||||
| 112,757 | Woodward Governor Co | 8,630 | |||||||
| 149,224 | e | WSP Global, Inc | 7,112 | ||||||
| 79,112 | Xxentria Technology Materials Corp | 173 | |||||||
| 114,027 | Xylem, Inc | 7,777 | |||||||
| 14,700 | Yahagi Construction Co Ltd | 128 | |||||||
| 19,700 | YAMABIKO Corp | 311 | |||||||
| 35,400 | Yamazen Corp | 416 | |||||||
| 9,443,418 | Yangzijiang Shipbuilding | 10,355 | |||||||
| 23,149 | * | Yazicilar Holding AS | 145 | ||||||
| 74,435 | e | YIT Oyj | 569 | ||||||
| 70,600 | Yokogawa Bridge Holdings Corp | 1,649 | |||||||
| 61,100 | Yuasa Trading Co Ltd | 2,218 | |||||||
| 236,000 | Yungtay Engineering Co Ltd | 381 | |||||||
| 198,900 | Yurtec Corp | 1,697 | |||||||
| 4,900 | e | Yushin Precision Equipment Co Ltd | 140 | ||||||
| 160,236 | Zardoya Otis S.A. | 1,752 | |||||||
| 5,880 | Zehnder Group AG. | 241 | |||||||
| 164,400 | Zhengzhou Coal Mining Machinery Group Co Ltd | 82 | |||||||
| 596,041 | Zhuzhou CSR Times Electric Co Ltd | 3,868 | |||||||
| 68,500 | Zodiac S.A. | 2,047 | |||||||
| 16,759 | Zumtobel AG. | 201 | |||||||
| TOTAL CAPITAL GOODS | 10,282,011 | ||||||||
| 37 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.9% | |||||||||
| 15,600 | *,e | 51job, Inc (ADR) | $ | 949 | |||||
| 149,789 | ABM Industries, Inc | 5,650 | |||||||
| 261,128 | * | Acacia Research (Acacia Technologies) | 1,058 | ||||||
| 253,652 | * | ACCO Brands Corp | 3,095 | ||||||
| 238,664 | Adecco S.A. | 18,239 | |||||||
| 210,368 | * | Advanced Disposal Services, Inc | 5,036 | ||||||
| 13,400 | Aeon Delight Co Ltd | 501 | |||||||
| 114,052 | AF AB | 2,515 | |||||||
| 160,317 | e | Aggreko plc | 1,725 | ||||||
| 560,057 | ALS Ltd | 3,043 | |||||||
| 8,876 | Amadeus Fire AG | 822 | |||||||
| 121,327 | American Banknote S.A. | 678 | |||||||
| 88,573 | Applus Services S.A. | 1,197 | |||||||
| 130,573 | * | ARC Document Solutions, Inc | 333 | ||||||
| 14,024 | Assystem | 503 | |||||||
| 599,794 | Babcock International Group | 5,713 | |||||||
| 20,103 | Barrett Business Services, Inc | 1,296 | |||||||
| 19,800 | Bell System24 Holdings, Inc | 249 | |||||||
| 19,000 | Benefit One, Inc | 397 | |||||||
| 3,394 | Bertrandt AG. | 412 | |||||||
| 14,574 | BG Staffing, Inc | 232 | |||||||
| 320,197 | Biffa plc | 1,133 | |||||||
| 288,209 | Bilfinger Berger AG. | 13,651 | |||||||
| 193,839 | * | Bingo Industries Ltd | 386 | ||||||
| 254,879 | Blue Label Telecoms Ltd | 308 | |||||||
| 180,387 | Brady Corp (Class A) | 6,837 | |||||||
| 1,393,614 | Brambles Ltd | 10,922 | |||||||
| 363,451 | Bravida Holding AB | 2,430 | |||||||
| 106,338 | Brink’s Co | 8,369 | |||||||
| 12,050 | Brunel International NV | 219 | |||||||
| 217,949 | Bureau Veritas S.A. | 5,953 | |||||||
| 555,110 | Capita Group plc | 2,999 | |||||||
| 3,558,000 | *,e | Capital Environment Holdings Ltd | 162 | ||||||
| 245,843 | * | Casella Waste Systems, Inc (Class A) | 5,659 | ||||||
| 53,195 | *,e | Caverion Corp | 376 | ||||||
| 326,408 | * | CBIZ, Inc | 5,043 | ||||||
| 177,318 | Ceco Environmental Corp | 910 | |||||||
| 13,646 | Cewe Color Holding AG. | 1,439 | |||||||
| 2,203,951 | China Everbright International Ltd | 3,144 | |||||||
| 532,000 | e | China Greenland Broad Greenstate Group Co Ltd | 102 | ||||||
| 207,718 | Cintas Corp | 32,369 | |||||||
| 110,893 | * | Clean Harbors, Inc | 6,010 | ||||||
| 243,883 | *,e | Clean TeQ Holdings Ltd | 283 | ||||||
| 49,000 | Cleanaway Co Ltd | 288 | |||||||
| 1,319,627 | Cleanaway Waste Management Ltd | 1,537 | |||||||
| 39,713 | *,e | Cogint, Inc | 175 | ||||||
| 2,988 | Compx International, Inc | 40 | |||||||
| 960,934 | * | Copart, Inc | 41,503 | ||||||
| 204,470 | e | Covanta Holding Corp | 3,456 | ||||||
| 39,950 | CRA International, Inc | 1,796 | |||||||
| 48,905 | Dai Nippon Printing Co Ltd | 1,089 | |||||||
| 22,200 | Daiseki Co Ltd | 617 | |||||||
| 160,827 | De La Rue plc | 1,393 | |||||||
| 84,952 | Deluxe Corp | 6,528 | |||||||
| 38 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 47,425 | Derichebourg | $ | 518 | ||||||
| 1,741,617 | Downer EDI Ltd | 9,369 | |||||||
| 80,657 | Dun & Bradstreet Corp | 9,551 | |||||||
| 103,098 | Duskin Co Ltd | 2,718 | |||||||
| 360,271 | *,†,m | Dyax Corp | 400 | ||||||
| 976,000 | e | Dynagreen Environmental Protection Group Co Ltd | 561 | ||||||
| 1,117,182 | Edenred | 32,342 | |||||||
| 13,016 | e | Elanders AB | 130 | ||||||
| 115,858 | Elis S.A. | 3,199 | |||||||
| 42,400 | en-japan, Inc | 1,995 | |||||||
| 42,290 | Ennis, Inc | 877 | |||||||
| 63,155 | Essendant, Inc | 585 | |||||||
| 868,902 | Experian Group Ltd | 19,153 | |||||||
| 75,554 | Exponent, Inc | 5,372 | |||||||
| 9,728 | e | Fila S.p.A | 230 | ||||||
| 22,326 | Forrester Research, Inc | 987 | |||||||
| 19,390 | * | Franklin Covey Co | 402 | ||||||
| 66,022 | * | FTI Consulting, Inc | 2,836 | ||||||
| 11,600 | Fullcast Co Ltd | 237 | |||||||
| 21,150 | Funai Soken Holdings, Inc | 473 | |||||||
| 13,110 | GL Events | 385 | |||||||
| 21,944 | * | GP Strategies Corp | 509 | ||||||
| 458,000 | Greentown Service Group Co Ltd | 358 | |||||||
| 1,305,059 | Group 4 Securicor plc | 4,697 | |||||||
| 3,554 | Groupe CRIT | 310 | |||||||
| 25,019 | Gunnebo AB | 103 | |||||||
| 3,999,857 | Hays plc | 9,851 | |||||||
| 124,152 | Healthcare Services Group | 6,545 | |||||||
| 41,787 | Heidrick & Struggles International, Inc | 1,026 | |||||||
| 78,689 | * | Heritage-Crystal Clean, Inc | 1,711 | ||||||
| 125,357 | Herman Miller, Inc | 5,021 | |||||||
| 64,534 | * | Hill International, Inc | 352 | ||||||
| 73,860 | HNI Corp | 2,849 | |||||||
| 517,115 | HomeServe plc | 5,652 | |||||||
| 67,617 | * | Hudson Technologies, Inc | 410 | ||||||
| 58,986 | * | Huron Consulting Group, Inc | 2,386 | ||||||
| 48,183 | * | ICF International, Inc | 2,530 | ||||||
| 693,542 | * | IHS Markit Ltd | 31,313 | ||||||
| 4,477 | * | Indiabulls Wholesale Service | 16 | ||||||
| 76,472 | * | Innerworkings, Inc | 767 | ||||||
| 311,492 | Insperity, Inc | 17,864 | |||||||
| 286,228 | Interface, Inc | 7,199 | |||||||
| 195,002 | Intertek Group plc | 13,637 | |||||||
| 39,916 | e | Intertrust NV | 749 | ||||||
| 158,455 | e | Intrum Justitia AB | 5,859 | ||||||
| 63,491 | IPH Ltd | 272 | |||||||
| 187,661 | ISS A.S. | 7,265 | |||||||
| 22,071 | e | ITAB Shop Concept AB | 139 | ||||||
| 44,000 | Itoki Corp | 325 | |||||||
| 423,671 | IWG plc | 1,472 | |||||||
| 8,400 | e | JAC Recruitment Co Ltd | 163 | ||||||
| 1,953 | Kaba Holding AG. | 1,819 | |||||||
| 487,377 | KAR Auction Services, Inc | 24,617 | |||||||
| 39 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 20,000 | KD Holding Corp | $ | 111 | ||||||
| 50,850 | Kelly Services, Inc (Class A) | 1,387 | |||||||
| 25,778 | KEPCO Plant Service & Engineering Co Ltd | 977 | |||||||
| 141,835 | Kforce, Inc | 3,581 | |||||||
| 207,930 | Kimball International, Inc (Class B) | 3,882 | |||||||
| 123,992 | Knoll, Inc | 2,857 | |||||||
| 237,300 | Kokuyo Co Ltd | 4,399 | |||||||
| 256,823 | Korn/Ferry International | 10,627 | |||||||
| 9,100 | Kyodo Printing Co Ltd | 293 | |||||||
| 20,800 | e | Link And Motivation, Inc | 170 | ||||||
| 173,512 | Loomis AB | 7,289 | |||||||
| 59,888 | LSC Communications, Inc | 907 | |||||||
| 312,095 | Manpower, Inc | 39,358 | |||||||
| 26,562 | Matsuda Sangyo Co Ltd | 437 | |||||||
| 54,371 | Matthews International Corp (Class A) | 2,871 | |||||||
| 38,928 | McGrath RentCorp | 1,829 | |||||||
| 51,496 | McMillan Shakespeare Ltd | 694 | |||||||
| 230,631 | *,†,m | Media General, Inc | 0 | ||||||
| 14,900 | Meitec Corp | 782 | |||||||
| 1,007,889 | Michael Page International plc | 6,351 | |||||||
| 28,329 | * | Mistras Group, Inc | 665 | ||||||
| 223,972 | e | Mitie Group | 584 | ||||||
| 24,144 | Mitsubishi Pencil Co Ltd | 527 | |||||||
| 74,899 | Mobile Mini, Inc | 2,584 | |||||||
| 60,619 | Morneau Sobeco Income Fund | 1,075 | |||||||
| 25,500 | e | Moshi Moshi Hotline, Inc | 297 | ||||||
| 124,327 | MSA Safety, Inc | 9,638 | |||||||
| 23,039 | Multi-Color Corp | 1,724 | |||||||
| 118,630 | * | Navigant Consulting, Inc | 2,303 | ||||||
| 478,168 | Nielsen NV | 17,405 | |||||||
| 159,400 | Nihon M&A Center, Inc | 7,589 | |||||||
| 10,200 | Nippon Kanzai Co Ltd | 186 | |||||||
| 125,200 | Nippon Parking Development Co Ltd | 213 | |||||||
| 18,161 | * | NL Industries, Inc | 259 | ||||||
| 73,300 | Nomura Co Ltd | 1,670 | |||||||
| 141,700 | Okamura Corp | 2,070 | |||||||
| 201,420 | * | On Assignment, Inc | 12,945 | ||||||
| 141,115 | Outsourcing, Inc | 2,565 | |||||||
| 12,868 | Oyo Corp | 165 | |||||||
| 76,400 | e | Park24 Co Ltd | 1,829 | ||||||
| 117,800 | e | Pasona Group, Inc | 2,384 | ||||||
| 23,200 | Pilot Corp | 1,117 | |||||||
| 397,547 | Pitney Bowes, Inc | 4,445 | |||||||
| 27,200 | Prestige International, Inc | 346 | |||||||
| 172,002 | Prosegur Cia de Seguridad S.A. | 1,349 | |||||||
| 176,183 | Quad Graphics, Inc | 3,982 | |||||||
| 16,832 | * | Quess Corp Ltd | 304 | ||||||
| 197,789 | Randstad Holdings NV | 12,136 | |||||||
| 244,000 | *,e | Realord Group Holdings Ltd | 173 | ||||||
| 1,417,177 | Recruit Holdings Co Ltd | 35,188 | |||||||
| 3,915,270 | Rentokil Initial plc | 16,774 | |||||||
| 573,395 | Republic Services, Inc | 38,767 | |||||||
| 48,607 | Resources Connection, Inc | 751 | |||||||
| 66,473 | Restore plc | 528 | |||||||
| 40 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 76,369 | e | Ritchie Bros Auctioneers, Inc | $ | 2,287 | |||||
| 118,200 | Riverstone Holdings Ltd | 95 | |||||||
| 337,584 | Robert Half International, Inc | 18,749 | |||||||
| 315,784 | Rollins, Inc | 14,693 | |||||||
| 227,363 | RPS Group plc | 836 | |||||||
| 243,013 | RPX Corp | 3,266 | |||||||
| 401,851 | RR Donnelley & Sons Co | 3,737 | |||||||
| 16,856 | S1 Corp (Korea) | 1,685 | |||||||
| 15,052 | Sato Corp | 457 | |||||||
| 178,254 | Secom Co Ltd | 13,448 | |||||||
| 233,900 | Securitas AB (B Shares) | 4,080 | |||||||
| 470,563 | Seek Ltd | 6,959 | |||||||
| 681,211 | * | Serco Group plc | 907 | ||||||
| 220,662 | SG Fleet Group Ltd | 699 | |||||||
| 4,808 | SGS S.A. | 12,535 | |||||||
| 100,500 | *,†,m | Shanghai Youngsun Investment C | 136 | ||||||
| 248,800 | * | Shanghai Zhongyida Co Ltd | 96 | ||||||
| 457,616 | e | Shanks Group plc | 638 | ||||||
| 126,425 | Shenzhen Dongjiang Environmental Co Ltd | 198 | |||||||
| 196,137 | SmartGroup Corp Ltd | 1,660 | |||||||
| 24,791 | Societe BIC S.A. | 2,724 | |||||||
| 46,500 | Sohgo Security Services Co Ltd | 2,527 | |||||||
| 235,548 | * | SP Plus Corp | 8,739 | ||||||
| 66,799 | SPIE S.A. | 1,737 | |||||||
| 44,310 | Sporton International, Inc | 239 | |||||||
| 12,136 | Staffline Group plc | 170 | |||||||
| 77,063 | e | Stantec, Inc | 2,156 | ||||||
| 146,360 | Steelcase, Inc (Class A) | 2,225 | |||||||
| 186,758 | * | Stericycle, Inc | 12,698 | ||||||
| 36,000 | Sunny Friend Environmental Technology Co Ltd | 308 | |||||||
| 8,424 | Synergie S.A | 444 | |||||||
| 181,660 | Taiwan Secom Co Ltd | 559 | |||||||
| 293,020 | Taiwan-Sogo Shinkong Security Corp | 381 | |||||||
| 90,000 | Takeei Corp | 1,060 | |||||||
| 22,700 | Tanseisha Co Ltd | 255 | |||||||
| 52,851 | *,e | Team, Inc | 787 | ||||||
| 21,200 | TechnoPro Holdings, Inc | 1,149 | |||||||
| 40,865 | Teleperformance | 5,850 | |||||||
| 119,200 | Temp Holdings Co Ltd | 2,984 | |||||||
| 193,860 | Tetra Tech, Inc | 9,334 | |||||||
| 232,000 | e | Tianjin Capital Environmental Protection Group Co Ltd | 132 | ||||||
| 27,700 | Toppan Forms Co Ltd | 313 | |||||||
| 266,669 | Toppan Printing Co Ltd | 2,409 | |||||||
| 14,300 | e | Tosho Printing Co Ltd | 129 | ||||||
| 344,225 | Tox Free Solutions Ltd | 928 | |||||||
| 221,429 | Transcontinental, Inc | 4,376 | |||||||
| 345,307 | * | TransUnion | 18,978 | ||||||
| 319,508 | * | TriNet Group, Inc | 14,167 | ||||||
| 193,820 | * | TrueBlue, Inc | 5,330 | ||||||
| 5,600 | Trust Tech, Inc | 168 | |||||||
| 26,436 | Unifirst Corp | 4,359 | |||||||
| 14,700 | * | United Technology Holdings Co Ltd | 426 | ||||||
| 41 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 37,149 | US Ecology, Inc | $ | 1,895 | ||||||
| 291,788 | * | Verisk Analytics, Inc | 28,012 | ||||||
| 34,874 | Viad Corp | 1,932 | |||||||
| 15,211 | VSE Corp | 737 | |||||||
| 118,755 | * | WageWorks, Inc | 7,363 | ||||||
| 18 | Waste Connections, Inc | 1 | |||||||
| 1,554,923 | Waste Management, Inc | 134,190 | |||||||
| 14,023 | * | Willdan Group, Inc | 336 | ||||||
| 119,974 | Wolters Kluwer NV | 6,254 | |||||||
| 5,200 | e | World Holdings Co Ltd | 165 | ||||||
| 23,900 | Yumeshin Holdings Co Ltd | 229 | |||||||
| 208,000 | * | Zhi Sheng Group Holdings Ltd | 32 | ||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 1,120,562 | ||||||||
| CONSUMER DURABLES & APPAREL - 2.0% | |||||||||
| 426,000 | e | 361 Degrees International Ltd | 147 | ||||||
| 15,451 | Accell Group | 434 | |||||||
| 54,372 | e | Acushnet Holdings Corp | 1,146 | ||||||
| 201,844 | Adidas-Salomon AG. | 40,367 | |||||||
| 159,881 | Aksa Akrilik Kimya Sanayii | 542 | |||||||
| 298,000 | Alpargatas S.A. | 1,568 | |||||||
| 25,400 | Alpine Electronics, Inc | 525 | |||||||
| 467,463 | Amer Sports Oyj (A Shares) | 12,939 | |||||||
| 92,592 | *,e | American Outdoor Brands Corp | 1,189 | ||||||
| 444,157 | AmTRAN Technology Co Ltd | 244 | |||||||
| 1,093,235 | Anta Sports Products Ltd | 4,960 | |||||||
| 214,635 | Arcelik AS | 1,217 | |||||||
| 29,700 | Arezzo Industria e Comercio S.A. | 490 | |||||||
| 33,530 | *,e | Aritzia, Inc | 338 | ||||||
| 82,379 | Arvind Ltd | 581 | |||||||
| 104,238 | e | Asics Corp | 1,657 | ||||||
| 70,599 | * | Bajaj Electricals Ltd | 550 | ||||||
| 9,756 | * | Balta Group NV | 102 | ||||||
| 25,165 | * | Bang & Olufsen AS (B Shares) | 606 | ||||||
| 1,625,694 | Barratt Developments plc | 14,182 | |||||||
| 18,457 | Bassett Furniture Industries, Inc | 694 | |||||||
| 74,000 | Basso Industry Corp | 165 | |||||||
| 20,784 | Bata India Ltd | 243 | |||||||
| 358,026 | * | Beazer Homes USA, Inc | 6,878 | ||||||
| 384,218 | Bellway plc | 18,419 | |||||||
| 60,876 | Beneteau S.A. | 1,457 | |||||||
| 416,136 | Berkeley Group Holdings plc | 23,581 | |||||||
| 218,000 | e | Best Pacific International Holdings Ltd | 134 | ||||||
| 39,399 | * | Bombay Dyeing & Manufacturing Co Ltd | 171 | ||||||
| 215,864 | Bonava AB | 3,016 | |||||||
| 1,530,000 | Bosideng International Holdings Ltd | 133 | |||||||
| 181,950 | Bovis Homes Group plc | 2,879 | |||||||
| 211,673 | Breville Group Ltd | 2,074 | |||||||
| 82,522 | BRP, Inc | 3,053 | |||||||
| 70,104 | Brunello Cucinelli S.p.A | 2,268 | |||||||
| 152,756 | Brunswick Corp | 8,435 | |||||||
| 113,915 | Burberry Group plc | 2,746 | |||||||
| 684,000 | * | C.banner International Holdings Ltd | 229 | ||||||
| 872,343 | * | Cairn Homes plc | 1,978 | ||||||
| 42 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 5,552,409 | * | Cairn Homes plc | $ | 13,036 | |||||
| 164,807 | CalAtlantic Group, Inc | 9,293 | |||||||
| 704,317 | Callaway Golf Co | 9,811 | |||||||
| 26,925 | * | Canada Goose Holdings, Inc | 851 | ||||||
| 142,475 | Carter’s, Inc | 16,739 | |||||||
| 27,115 | Casio Computer Co Ltd | 389 | |||||||
| 45,393 | * | Cavco Industries, Inc | 6,927 | ||||||
| 24,582 | CCC S.A. | 2,010 | |||||||
| 110,307 | * | Century Communities, Inc | 3,431 | ||||||
| 12,511 | Chargeurs S.A. | 380 | |||||||
| 2,915,400 | China Dongxiang Group Co | 540 | |||||||
| 916,000 | China Lilang Ltd | 740 | |||||||
| 12,000 | e | Chofu Seisakusho Co Ltd | 277 | ||||||
| 1,223 | Christian Dior S.A. | 447 | |||||||
| 846,164 | Cie Financiere Richemont S.A. | 76,635 | |||||||
| 886,000 | e | Citychamp Watch & Jewellery Group Ltd | 221 | ||||||
| 79,000 | Clarion Co Ltd | 293 | |||||||
| 38,506 | * | Clarus Corp | 302 | ||||||
| 10,500 | Cleanup Corp | 83 | |||||||
| 61,348 | Columbia Sportswear Co | 4,410 | |||||||
| 1,389,300 | e | Consorcio ARA, S.A. de C.V. | 542 | ||||||
| 9,200 | Corona Corp | 116 | |||||||
| 424,000 | e | Cosmo Lady China Holdings Co Ltd | 154 | ||||||
| 209,223 | Countryside Properties plc | 997 | |||||||
| 717,851 | Crest Nicholson Holdings plc | 5,282 | |||||||
| 596,116 | * | CROCS, Inc | 7,535 | ||||||
| 422,680 | Crompton Greaves Consumer Electricals Ltd | 1,822 | |||||||
| 26,192 | CSS Industries, Inc | 729 | |||||||
| 1,611 | †,m | Cuckoo Electronics Co Ltd | 250 | ||||||
| 19,739 | Culp, Inc | 661 | |||||||
| 3,091,700 | Cyrela Brazil Realty S.A. | 12,312 | |||||||
| 227,446 | * | Deckers Outdoor Corp | 18,253 | ||||||
| 52,090 | De’Longhi S.p.A. | 1,577 | |||||||
| 12,864 | * | Delta Apparel, Inc | 260 | ||||||
| 5,505 | Delta-Galil Industries Ltd | 190 | |||||||
| 25,690 | Descente Ltd | 442 | |||||||
| 362,303 | DFS Furniture plc | 959 | |||||||
| 300,000 | * | Direcional Engenharia S.A. | 511 | ||||||
| 16,230 | Dorel Industries, Inc (Class B) | 402 | |||||||
| 869,118 | DR Horton, Inc | 44,386 | |||||||
| 181,468 | Eclat Textile Co Ltd | 1,808 | |||||||
| 993,474 | Electrolux AB (Series B) | 31,985 | |||||||
| 19,220 | Escalade, Inc | 236 | |||||||
| 200,809 | Ethan Allen Interiors, Inc | 5,743 | |||||||
| 84,300 | * | Even Construtora e Incorporadora S.A. | 146 | ||||||
| 39,035 | Ez Tec Empreendimentos e Participacoes S.A. | 255 | |||||||
| 59,359 | F&F Co Ltd | 2,326 | |||||||
| 331,672 | Feng TAY Enterprise Co Ltd | 1,510 | |||||||
| 8,600 | e | Fields Corp | 92 | ||||||
| 7,140 | e | Fila Korea Ltd | 544 | ||||||
| 13,008 | Flexsteel Industries, Inc | 609 | |||||||
| 726 | Forbo Holding AG. | 1,121 | |||||||
| 1,609,852 | Formosa Taffeta Co Ltd | 1,690 | |||||||
| 43 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 64,691 | Forus S.A. | $ | 291 | ||||||
| 78,761 | *,e | Fossil Group, Inc | 612 | ||||||
| 61,391 | Foster Electric Co Ltd | 1,519 | |||||||
| 14,700 | France Bed Holdings Co Ltd | 139 | |||||||
| 339,999 | *,e,m | Fuguiniao Co Ltd | 0 | ^ | |||||
| 75,700 | Fujibo Holdings Inc | 2,498 | |||||||
| 38,400 | Fujitsu General Ltd | 842 | |||||||
| 12,400 | e | Funai Electric Co Ltd | 96 | ||||||
| 193,270 | Garmin Ltd | 11,513 | |||||||
| 46,882 | e | Geox S.p.A. | 163 | ||||||
| 15,891 | Gerry Weber International AG. | 182 | |||||||
| 307,439 | Giant Manufacturing Co Ltd | 1,685 | |||||||
| 72,553 | * | G-III Apparel Group Ltd | 2,676 | ||||||
| 344,664 | Gildan Activewear, Inc | 11,135 | |||||||
| 2,700,000 | *,e | Glenveagh Properties plc | 3,802 | ||||||
| 20,732,000 | * | Global Brands Group Holding Ltd | 1,696 | ||||||
| 3,400 | e | Goldwin, Inc | 269 | ||||||
| 505,000 | Goodbaby International Holding | 277 | |||||||
| 354,230 | *,e | GoPro, Inc | 2,682 | ||||||
| 46,112 | * | Green Brick Partners, Inc | 521 | ||||||
| 5,500 | Guararapes Confeccoes S.A. | 249 | |||||||
| 97,200 | Gunze Ltd | 5,552 | |||||||
| 1,295,944 | Haier Electronics Group Co Ltd | 3,532 | |||||||
| 7,010 | Hamilton Beach Brands Holding Co | 180 | |||||||
| 8,938 | Handsome Co Ltd | 263 | |||||||
| 762,829 | e | Hanesbrands, Inc | 15,951 | ||||||
| 11,528 | e | Hansae Co Ltd | 290 | ||||||
| 10,994 | Hanssem Co Ltd | 1,849 | |||||||
| 364,797 | Hasbro, Inc | 33,156 | |||||||
| 303,100 | Haseko Corp | 4,698 | |||||||
| 64 | Hefei Meiling Co Ltd | 0 | ^ | ||||||
| 49,300 | Heiwa Corp | 925 | |||||||
| 88,321 | * | Helen of Troy Ltd | 8,510 | ||||||
| 14,168,000 | *,e | HengTen Networks Group Ltd | 660 | ||||||
| 21,590 | Hermes International | 11,550 | |||||||
| 16,386 | * | Himatsingka Seide Ltd | 103 | ||||||
| 3,139,000 | Hisense Kelon Electrical Holdings Co Ltd | 3,700 | |||||||
| 4,307 | Hitachi Home & Life Solutions India Ltd | 180 | |||||||
| 18,419 | *,e | HLB, Inc | 663 | ||||||
| 66,241 | Hooker Furniture Corp | 2,812 | |||||||
| 504,000 | e | Hosa International Ltd | 170 | ||||||
| 658,547 | * | Hovnanian Enterprises, Inc (Class A) | 2,206 | ||||||
| 21,463 | e | HS Industries Co Ltd | 205 | ||||||
| 36,330 | Hugo Boss AG. | 3,083 | |||||||
| 320,139 | Husqvarna AB (B Shares) | 3,046 | |||||||
| 111,101 | Hwaseung Enterprise Co Ltd | 2,491 | |||||||
| 18,669 | Hyundai Livart Furniture Co Ltd | 557 | |||||||
| 5,264 | IC Companys AS | 123 | |||||||
| 166,325 | Iida Group Holdings Co Ltd | 3,131 | |||||||
| 57,012 | * | Installed Building Products Inc | 4,330 | ||||||
| 88,886 | *,e | iRobot Corp | 6,818 | ||||||
| 30,600 | Japan Wool Textile Co Ltd | 295 | |||||||
| 132,499 | * | Jinshan Development & Construction Co Ltd | 114 | ||||||
| 317,331 | JM AB | 7,229 | |||||||
| 44 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 73,430 | Johnson Health Tech Co Ltd | $ | 88 | ||||||
| 17,466 | Johnson Outdoors, Inc | 1,084 | |||||||
| 83,600 | JVC KENWOOD Holdings, Inc | 287 | |||||||
| 10,038 | Kaufman & Broad S.A. | 476 | |||||||
| 146,513 | e | KB Home | 4,681 | ||||||
| 609,000 | Kinpo Electronics | 216 | |||||||
| 41,244 | KMC Kuei Meng International In | 180 | |||||||
| 462,200 | * | Konka Group Co Ltd | 185 | ||||||
| 12,359 | * | KPR Mill Ltd | 155 | ||||||
| 460,000 | Kurabo Industries Ltd | 1,491 | |||||||
| 6,014 | Kyungbang Ltd | 78 | |||||||
| 4,722 | * | LA Opala RG Ltd | 45 | ||||||
| 637,904 | Lao Feng Xiang Co Ltd | 2,362 | |||||||
| 234,317 | La-Z-Boy, Inc | 7,311 | |||||||
| 377,776 | * | Lealea Enterprise Co Ltd | 149 | ||||||
| 429,161 | Leggett & Platt, Inc | 20,484 | |||||||
| 32,711 | Lennar Corp (B Shares) | 1,691 | |||||||
| 441,170 | Lennar Corp (Class A) | 27,900 | |||||||
| 237,749 | LG Electronics, Inc | 23,507 | |||||||
| 53,570 | LG Fashion Corp | 1,566 | |||||||
| 28,808 | *,e | LGI Homes, Inc | 2,161 | ||||||
| 51,584 | Li Cheng Enterprise Co Ltd | 84 | |||||||
| 985,020 | * | Li Ning Co Ltd | 798 | ||||||
| 302,965 | * | Li Peng Enterprise Co Ltd | 93 | ||||||
| 149,822 | Libbey, Inc | 1,127 | |||||||
| 37,249 | Lifetime Brands, Inc | 615 | |||||||
| 2,154 | LPP S.A. | 5,513 | |||||||
| 376,310 | * | Lululemon Athletica, Inc | 29,574 | ||||||
| 633,550 | Luthai Textile Co Ltd | 689 | |||||||
| 129,185 | Luxottica Group S.p.A. | 7,928 | |||||||
| 464,533 | LVMH Moet Hennessy Louis Vuitton S.A. | 136,343 | |||||||
| 190,853 | * | M/I Homes, Inc | 6,565 | ||||||
| 121,735 | Makalot Industrial Co Ltd | 510 | |||||||
| 34,837 | * | Malibu Boats Inc | 1,036 | ||||||
| 4,476,800 | e | Man Wah Holdings Ltd | 4,245 | ||||||
| 6,442 | *,†,m | Mariella Burani S.p.A. | 0 | ||||||
| 13,591 | Marine Products Corp | 173 | |||||||
| 6,900 | Mars Engineering Corp | 153 | |||||||
| 542,766 | Matsushita Electric Industrial Co Ltd | 7,921 | |||||||
| 1,708,226 | e | Mattel, Inc | 26,273 | ||||||
| 16,635 | * | Mavi Giyim Sanayi Ve Ticaret AS. | 254 | ||||||
| 321,600 | MC Group PCL | 156 | |||||||
| 210,557 | * | MCBC Holdings, Inc | 4,679 | ||||||
| 299,845 | McCarthy & Stone plc | 639 | |||||||
| 123,083 | MDC Holdings, Inc | 3,924 | |||||||
| 130,000 | Merida Industry Co Ltd | 545 | |||||||
| 66,541 | * | Meritage Homes Corp | 3,407 | ||||||
| 718,482 | * | Michael Kors Holdings Ltd | 45,228 | ||||||
| 1,020,000 | *,e | Ming Fung Jewellery Group Ltd | 208 | ||||||
| 47,800 | Misawa Homes Co Ltd | 420 | |||||||
| 60,000 | Mitsui Home Co Ltd | 415 | |||||||
| 10,800 | Mizuno Corp | 317 | |||||||
| 439,644 | * | Mohawk Industries, Inc | 121,298 | ||||||
| 45 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 348,175 | Moncler S.p.A | $ | 10,883 | ||||||
| 52,146 | Movado Group, Inc | 1,679 | |||||||
| 1,186,065 | MRV Engenharia e Participacoes S.A. | 5,371 | |||||||
| 7,189 | Nacco Industries, Inc (Class A) | 271 | |||||||
| 288,335 | Namco Bandai Holdings, Inc | 9,411 | |||||||
| 374,000 | Nameson Holdings Ltd | 151 | |||||||
| 28,000 | Nan Liu Enterprise Co Ltd | 145 | |||||||
| 52,177 | * | Nautilus, Inc | 697 | ||||||
| 44,098 | * | Neinor Homes S.A. | 968 | ||||||
| 86,206 | * | New Home Co Inc | 1,080 | ||||||
| 101,963 | New Wave Group AB (B Shares) | 677 | |||||||
| 703,364 | Newell Rubbermaid, Inc | 21,734 | |||||||
| 142,000 | Nien Made Enterprise Co Ltd | 1,513 | |||||||
| 3,104,535 | Nike, Inc (Class B) | 194,189 | |||||||
| 88,924 | Nikon Corp | 1,789 | |||||||
| 111,400 | Nishat Mills Ltd | 151 | |||||||
| 66,918 | Nobia AB | 566 | |||||||
| 34,312 | * | NVR, Inc | 120,374 | ||||||
| 753,731 | Onward Kashiyama Co Ltd | 6,514 | |||||||
| 853,218 | Oriental Weavers | 805 | |||||||
| 819,513 | OVS S.p.A | 5,462 | |||||||
| 27,297 | Oxford Industries, Inc | 2,052 | |||||||
| 317,000 | *,e | Ozner Water International Holding Ltd | 101 | ||||||
| 643,778 | Pacific Textile Holdings Ltd | 680 | |||||||
| 7,523 | Page Industries Ltd | 3,010 | |||||||
| 57,000 | Paiho Shih Holdings Corp | 117 | |||||||
| 83,688 | e | Pandora AS | 9,097 | ||||||
| 402,000 | *,†,m | Peace Mark Holdings Ltd | 0 | ||||||
| 45,100 | * | Perry Ellis International, Inc | 1,129 | ||||||
| 735,544 | Persimmon plc | 27,191 | |||||||
| 237,932 | * | Peter England Fashions and Retail Ltd | 643 | ||||||
| 262,319 | Photo-Me International PLC | 652 | |||||||
| 20,656 | *,m | PIK Group (GDR) | 117 | ||||||
| 199,000 | * | Pioneer Corp | 402 | ||||||
| 81,048,570 | Playmates Holdings Ltd | 10,581 | |||||||
| 144,892 | e | Polaris Industries, Inc | 17,965 | ||||||
| 81,517 | Pool Corp | 10,569 | |||||||
| 2,127,341 | Pou Chen Corp | 2,750 | |||||||
| 14,479,583 | Prada S.p.A | 52,288 | |||||||
| 25,200 | Pressance Corp | 336 | |||||||
| 122,731,800 | PT Sri Rejeki Isman Tbk | 3,437 | |||||||
| 1,554,407 | Pulte Homes, Inc | 51,684 | |||||||
| 319,968 | PVH Corp | 43,903 | |||||||
| 218,000 | e | Q Technology Group Co Ltd | 305 | ||||||
| 32,000 | Quang Viet Enterprise Co Ltd | 140 | |||||||
| 206,457 | Rajesh Exports Ltd | 2,601 | |||||||
| 178,360 | Ralph Lauren Corp | 18,494 | |||||||
| 68,083 | Raymond Ltd | 1,125 | |||||||
| 1,335,134 | Redrow plc | 11,798 | |||||||
| 240,000 | e | Regina Miracle International Holdings Ltd | 237 | ||||||
| 23,797 | Rinnai Corp | 2,153 | |||||||
| 535,000 | * | Roo Hsing Co Ltd | 317 | ||||||
| 390,956 | Ruentex Industries Ltd | 663 | |||||||
| 17,660 | * | Safilo Group S.p.A. | 101 | ||||||
| 46 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 32,290 | e | Salvatore Ferragamo Italia S.p.A | $ | 858 | |||||
| 33,000 | Sangetsu Co Ltd | 607 | |||||||
| 57,821 | Sankyo Co Ltd | 1,818 | |||||||
| 15,923 | SEB S.A. | 2,948 | |||||||
| 153,317 | Sega Sammy Holdings, Inc | 1,903 | |||||||
| 17,900 | Seiko Holdings Corp | 520 | |||||||
| 808,330 | Seiren Co Ltd | 15,799 | |||||||
| 409,553 | Sekisui Chemical Co Ltd | 8,199 | |||||||
| 2,424,009 | Sekisui House Ltd | 43,726 | |||||||
| 88,140 | *,e | Sequential Brands Group, Inc | 157 | ||||||
| 301,100 | Shanghai Haixin Group Co | 196 | |||||||
| 154,392 | *,e | Sharp Corp | 5,285 | ||||||
| 171,500 | * | Shenzhen China Bicycle Co Holdings Ltd | 59 | ||||||
| 1,080,124 | Shenzhou International Group Holdings Ltd | 10,286 | |||||||
| 7,345 | Shimano, Inc | 1,032 | |||||||
| 1,127 | Sintex Industries Ltd | 0 | ^ | ||||||
| 4,184 | Sioen Industries NV | 153 | |||||||
| 865,686 | * | Skechers U.S.A., Inc (Class A) | 32,758 | ||||||
| 1,262,913 | Skyworth Digital Holdings Ltd | 542 | |||||||
| 37,022 | * | SodaStream International Ltd | 2,604 | ||||||
| 4,713,706 | Sony Corp | 211,564 | |||||||
| 110,048 | Sony Corp (ADR) | 4,947 | |||||||
| 649,005 | * | Spin Master Corp | 27,891 | ||||||
| 39,093 | SRF Ltd | 1,213 | |||||||
| 60,900 | e,m | SRI Sports Ltd | 885 | ||||||
| 90,500 | Starts Corp, Inc | 2,364 | |||||||
| 103,487 | * | Steven Madden Ltd | 4,833 | ||||||
| 28,206 | e | Sturm Ruger & Co, Inc | 1,575 | ||||||
| 511,954 | Sumitomo Forestry Co Ltd | 9,130 | |||||||
| 15,812 | Superior Uniform Group, Inc | 422 | |||||||
| 17,813 | Surteco SE | 575 | |||||||
| 17,726 | Swatch Group AG. | 7,218 | |||||||
| 258,544 | Swatch Group AG. (Registered) | 19,720 | |||||||
| 11,215 | Symphony Ltd | 307 | |||||||
| 726,602 | Tainan Spinning Co Ltd | 332 | |||||||
| 157,600 | Taiwan Paiho Ltd | 641 | |||||||
| 10,500 | Tamron Co Ltd | 225 | |||||||
| 1,135,497 | Tapestry, Inc | 50,223 | |||||||
| 1,198,298 | * | Tatung Co Ltd | 770 | ||||||
| 555,399 | * | Taylor Morrison Home Corp | 13,591 | ||||||
| 5,726,615 | Taylor Wimpey plc | 15,958 | |||||||
| 222,000 | e | TCL Multimedia Technology Holdings Ltd | 111 | ||||||
| 353,067 | Technogym S.p.A | 3,413 | |||||||
| 996,500 | Techtronic Industries Co | 6,483 | |||||||
| 18,565 | Ted Baker plc | 680 | |||||||
| 230,421 | Telford Homes plc | 1,305 | |||||||
| 376,217 | * | Tempur Sealy International, Inc | 23,585 | ||||||
| 2,035,000 | Texhong Textile Group Ltd | 2,641 | |||||||
| 458,000 | Texwinca Holdings Ltd | 252 | |||||||
| 230,196 | Thomson | 793 | |||||||
| 267,135 | Thule Group AB | 6,018 | |||||||
| 473,065 | * | Titan Industries Ltd | 6,360 | ||||||
| 5,981 | e | Tod’s S.p.A. | 437 | ||||||
| 47 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 31,190 | Token Corp | $ | 3,681 | ||||||
| 502,780 | Toll Brothers, Inc | 24,143 | |||||||
| 81,454 | * | TomTom NV | 806 | ||||||
| 59,968 | Tomy Co Ltd | 815 | |||||||
| 107,381 | * | TopBuild Corp | 8,133 | ||||||
| 58,000 | Toung Loong Textile Manufacturing | 140 | |||||||
| 251,395 | * | TRI Pointe Homes, Inc | 4,505 | ||||||
| 23,159 | Trigano S.A. | 4,090 | |||||||
| 40,800 | TSI Holdings Co Ltd | 300 | |||||||
| 169,703 | Tsutsumi Jewelry Co Ltd | 3,308 | |||||||
| 1,859 | TTK Prestige Ltd | 224 | |||||||
| 110,098 | Tupperware Corp | 6,903 | |||||||
| 312,195 | *,e | Under Armour, Inc | 4,158 | ||||||
| 350,781 | *,e | Under Armour, Inc (Class A) | 5,062 | ||||||
| 26,358 | * | Unifi, Inc | 945 | ||||||
| 163,400 | *,e | Unitika Ltd | 1,199 | ||||||
| 22,846 | * | Universal Electronics, Inc | 1,079 | ||||||
| 41,900 | e | Universal Entertainment Corp | 1,541 | ||||||
| 3,870 | VAN DE Velde | 206 | |||||||
| 27,403 | * | Vardhman Textiles Ltd | 592 | ||||||
| 89,566 | * | Vera Bradley, Inc | 1,091 | ||||||
| 57,764 | * | Vestel Elektronik Sanayi | 115 | ||||||
| 735,429 | VF Corp | 54,422 | |||||||
| 181,330 | * | Victoria plc | 2,026 | ||||||
| 20,886 | VIP Industries Ltd | 115 | |||||||
| 96,194 | * | Vista Outdoor, Inc | 1,402 | ||||||
| 31,113 | Wacoal Holdings Corp | 981 | |||||||
| 534,188 | * | Welspun India Ltd | 596 | ||||||
| 12,661 | Weyco Group, Inc | 376 | |||||||
| 169,382 | Whirlpool Corp | 28,565 | |||||||
| 36,031 | Whirlpool of India Ltd | 899 | |||||||
| 46,446 | * | William Lyon Homes, Inc | 1,351 | ||||||
| 162,263 | Wolverine World Wide, Inc | 5,173 | |||||||
| 51,500 | Woongjin Coway Co Ltd | 4,693 | |||||||
| 174,631 | Wuxi Little Swan Co Ltd | 991 | |||||||
| 3,288,000 | e | XTEP International Holdings | 1,282 | ||||||
| 24,950 | Yamaha Corp | 920 | |||||||
| 10,600 | e | Yondoshi Holdings, Inc | 281 | ||||||
| 33,800 | e | Yonex Co Ltd | 217 | ||||||
| 14,252 | Youngone Corp | 419 | |||||||
| 9,145 | Youngone Holdings Co Ltd | 474 | |||||||
| 661,907 | Yue Yuen Industrial Holdings | 2,599 | |||||||
| 287,011 | * | Zagg, Inc | 5,295 | ||||||
| 21,764 | Zeng Hsing Industrial Co Ltd | 95 | |||||||
| 60,100 | *,†,m | Zhonglu Co Ltd | 94 | ||||||
| 26,700 | e | Zojirushi Corp | 272 | ||||||
| TOTAL CONSUMER DURABLES & APPAREL | 2,536,597 | ||||||||
| CONSUMER SERVICES - 2.2% | |||||||||
| 14,200 | *,e | 500.com Ltd (ADR) | 144 | ||||||
| 724,029 | 888 Holdings plc | 2,754 | |||||||
| 384,413 | AA plc | 882 | |||||||
| 55,110 | * | AcadeMedia AB | 435 | ||||||
| 3,779,076 | Accor S.A. | 194,546 | |||||||
| 48 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 15,037,400 | Accordia Golf Trust | $ | 7,702 | ||||||
| 104,102 | * | Adtalem Global Education, Inc | 4,377 | ||||||
| 664,881 | Advtech Ltd | 905 | |||||||
| 3,900 | Aeon Fantasy Co Ltd | 172 | |||||||
| 80,424 | *,e | Ainsworth Game Technology Ltd | 136 | ||||||
| 330,000 | Ajisen China Holdings Ltd | 157 | |||||||
| 353,302 | e | Alsea SAB de C.V. | 1,157 | ||||||
| 27,262 | * | American Public Education, Inc | 683 | ||||||
| 1,804,493 | ARAMARK Holdings Corp | 77,124 | |||||||
| 9,200 | ARCLAND SERVICE Co Ltd | 217 | |||||||
| 4,620,717 | * | Arcos Dorados Holdings, Inc | 47,824 | ||||||
| 296,723 | e | Ardent Leisure Group | 462 | ||||||
| 1,335,400 | Aristocrat Leisure Ltd | 24,590 | |||||||
| 37,002 | * | Ascent Media Corp (Series A) | 425 | ||||||
| 59,200 | e | Atom Corp | 492 | ||||||
| 315,264 | Autogrill S.p.A. | 4,350 | |||||||
| 18,652 | * | Basic-Fit NV | 450 | ||||||
| 1,302,624 | * | Belmond Ltd. | 15,957 | ||||||
| 51,825 | Benesse Holdings Inc | 1,823 | |||||||
| 511,700 | Berjaya Sports Toto BHD | 283 | |||||||
| 15,415 | bet-at-home.com AG. | 1,915 | |||||||
| 71,641 | Betsson AB | 528 | |||||||
| 66,117 | BJ’s Restaurants, Inc | 2,407 | |||||||
| 2,465,200 | * | Bloomberry Resorts Corp | 538 | ||||||
| 400,561 | Bloomin’ Brands, Inc | 8,548 | |||||||
| 79,603 | Bob Evans Farms, Inc | 6,274 | |||||||
| 79,363 | * | Bojangles’, Inc | 936 | ||||||
| 645,254 | Boyd Gaming Corp | 22,616 | |||||||
| 249,854 | * | Bridgepoint Education, Inc | 2,074 | ||||||
| 133,200 | * | Bright Horizons Family Solutions | 12,521 | ||||||
| 309,468 | e | Brinker International, Inc | 12,020 | ||||||
| 5,500 | BRONCO BILLY Co Ltd | 163 | |||||||
| 76,413 | * | Buffalo Wild Wings, Inc | 11,947 | ||||||
| 643,613 | * | Caesars Entertainment Corp | 8,142 | ||||||
| 332,000 | Cafe de Coral Holdings Ltd | 911 | |||||||
| 44,242 | * | Cambium Learning Group, Inc | 251 | ||||||
| 47,229 | Capella Education Co | 3,656 | |||||||
| 84,136 | Cara Operations Ltd | 1,738 | |||||||
| 193,235 | * | Career Education Corp | 2,334 | ||||||
| 2,050,043 | Carnival Corp | 136,061 | |||||||
| 79,884 | Carnival plc | 5,256 | |||||||
| 129,770 | Carriage Services, Inc | 3,336 | |||||||
| 142,445 | * | Carrols Restaurant Group, Inc | 1,731 | ||||||
| 39,470 | * | Century Casinos, Inc | 360 | ||||||
| 75,005 | e | Cheesecake Factory | 3,614 | ||||||
| 162,720 | *,e | Chegg, Inc | 2,656 | ||||||
| 35,837 | *,e | Cherry AB | 215 | ||||||
| 410,000 | China Maple Leaf Educational Systems Ltd | 480 | |||||||
| 227,000 | China New Higher Education Group Ltd | 117 | |||||||
| 1,458,000 | China Travel International Inv HK | 542 | |||||||
| 726,640 | China Yuhua Education Corp Ltd | 364 | |||||||
| 17,028 | * | Chipotle Mexican Grill, Inc (Class A) | 4,922 | ||||||
| 26,068 | Choice Hotels International, Inc | 2,023 | |||||||
| 49 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 23,069 | Churchill Downs, Inc | $ | 5,368 | ||||||
| 27,611 | * | Chuy’s Holdings, Inc | 774 | ||||||
| 10,336 | Cie des Alpes | 405 | |||||||
| 52,696 | City Lodge Hotels Ltd | 615 | |||||||
| 32,124 | * | Codere S.A. | 308 | ||||||
| 13,118 | Collectors Universe | 376 | |||||||
| 63,226 | Collins Foods Ltd | 268 | |||||||
| 34,000 | e | Colowide Co Ltd | 687 | ||||||
| 811,407 | Compass Group plc | 17,496 | |||||||
| 49,280 | Corporate Travel Management Lt | 800 | |||||||
| 99,994 | * | Cox & Kings India Ltd | 425 | ||||||
| 33,196 | e | Cracker Barrel Old Country Store, Inc | 5,275 | ||||||
| 25,700 | Create Restaurants Holdings, Inc | 303 | |||||||
| 397,070 | Crown Resorts Ltd | 4,025 | |||||||
| 129,331 | *,e | Curro Holdings Ltd | 443 | ||||||
| 66,000 | CVC Brasil Operadora e Agencia de Viagens S.A. | 965 | |||||||
| 100,654 | Daekyo Co Ltd | 771 | |||||||
| 101,000 | Dahan Development Corp | 233 | |||||||
| 23,300 | e | Daisyo Corp | 364 | ||||||
| 135,073 | * | Dalata Hotel Group plc | 1,022 | ||||||
| 88,603 | Darden Restaurants, Inc | 8,508 | |||||||
| 223,378 | * | Dave & Buster’s Entertainment, Inc | 12,324 | ||||||
| 60,899 | * | Del Frisco’s Restaurant Group, Inc | 929 | ||||||
| 56,614 | * | Del Taco Restaurants, Inc | 686 | ||||||
| 42,715 | * | Delta Corp Ltd | 206 | ||||||
| 183,520 | * | Denny’s Corp | 2,430 | ||||||
| 31,427 | Dignity plc | 772 | |||||||
| 29,291 | e | DineEquity, Inc | 1,486 | ||||||
| 4,227 | e | DO & CO AG. | 239 | ||||||
| 40,140 | e | Domino’s Pizza Enterprises Ltd | 1,459 | ||||||
| 304,791 | Domino’s Pizza Group plc | 1,423 | |||||||
| 31,590 | Domino’s Pizza, Inc | 5,969 | |||||||
| 10,162,147 | e | Donaco International Ltd | 2,854 | ||||||
| 18,400 | Doutor Nichires Holdings Co Ltd | 454 | |||||||
| 113,629 | Drive Shack, Inc | 628 | |||||||
| 3,265,470 | * | Dubai Parks & Resorts PJSC | 565 | ||||||
| 266,259 | Dunkin Brands Group, Inc | 17,166 | |||||||
| 1,734,800 | Dynam Japan Holdings Co Ltd | 2,540 | |||||||
| 127,910 | * | EIH Ltd | 291 | ||||||
| 35,491 | * | El Pollo Loco Holdings, Inc | 351 | ||||||
| 80,081 | *,e | Eldorado Resorts, Inc | 2,655 | ||||||
| 73,336 | Elior Participations S.C.A | 1,512 | |||||||
| 4,168 | * | Emerson Pacific, Inc | 112 | ||||||
| 1,705,000 | Emperor Entertainment Hotel Ltd | 375 | |||||||
| 7,026 | *,e | Empire Resorts, Inc | 190 | ||||||
| 199,945 | EnerCare, Inc | 3,262 | |||||||
| 611,239 | * | Enterprise Inns plc | 1,166 | ||||||
| 946,100 | Erawan Group PCL | 253 | |||||||
| 1,319,900 | Estacio Participacoes S.A. | 13,059 | |||||||
| 19,003 | Evolution Gaming Group AB | 1,345 | |||||||
| 1,192,596 | Extended Stay America, Inc | 22,659 | |||||||
| 189,000 | Fairwood Holdings Ltd | 774 | |||||||
| 42,860 | *,e | Famous Brands Ltd | 357 | ||||||
| 44,217 | *,e | Fiesta Restaurant Group, Inc | 840 | ||||||
| 50 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 80,220 | e | Flight Centre Travel Group Ltd | $ | 2,765 | |||||
| 515,020 | *,e | Fogo De Chao, Inc | 5,974 | ||||||
| 32,990 | Formosa International Hotels Corp | 171 | |||||||
| 579,000 | e | Fu Shou Yuan International Group Ltd | 494 | ||||||
| 13,199 | Fuji Kyuko Co Ltd | 380 | |||||||
| 4,500 | e | Fujita Kanko, Inc | 141 | ||||||
| 276,230 | G8 Education Ltd | 731 | |||||||
| 24,400 | GAEC Educacao S.A. | 208 | |||||||
| 3,964,155 | Galaxy Entertainment Group Ltd | 31,649 | |||||||
| 5,567,192 | Genting BHD | 12,646 | |||||||
| 8,143,793 | Genting Singapore plc | 7,954 | |||||||
| 241,730 | Gold Reef Resorts Ltd | 476 | |||||||
| 21,933 | * | Golden Entertainment, Inc | 716 | ||||||
| 47,300 | Gourmet Master Co Ltd | 689 | |||||||
| 4,200 | Graham Holdings Co | 2,345 | |||||||
| 139,444 | * | Grand Canyon Education, Inc | 12,484 | ||||||
| 20,385 | Grand Korea Leisure Co Ltd | 557 | |||||||
| 77,193 | * | Great Canadian Gaming Corp | 2,075 | ||||||
| 192,108 | Greene King plc | 1,435 | |||||||
| 495,922 | Greggs plc | 9,354 | |||||||
| 177,023 | e | GVC Holdings plc | 2,211 | ||||||
| 927,843 | H&R Block, Inc | 24,328 | |||||||
| 38,740 | *,e | Habit Restaurants, Inc | 370 | ||||||
| 854,000 | * | Haichang Holdings Ltd | 191 | ||||||
| 6,365 | Hana Tour Service, Inc | 612 | |||||||
| 10,680 | Hiday Hidaka Corp | 327 | |||||||
| 252,529 | * | Hilton Grand Vacations, Inc | 10,594 | ||||||
| 63,032 | Hilton Worldwide Holdings, Inc | 5,034 | |||||||
| 54,000 | Hiramatsu Inc | 273 | |||||||
| 25,500 | HIS Co Ltd | 923 | |||||||
| 212,400 | *,e | Hoteles City Express SAB de C.V. | 262 | ||||||
| 400,532 | * | Houghton Mifflin Harcourt Co | 3,725 | ||||||
| 164,175 | Huangshan Tourism Development Co Ltd | 224 | |||||||
| 109,831 | * | Hyatt Hotels Corp | 8,077 | ||||||
| 8,400 | e | Ichibanya Co Ltd | 339 | ||||||
| 90,969 | IDP Education Ltd | 437 | |||||||
| 672,580 | ILG, Inc | 19,155 | |||||||
| 498,612 | * | Indian Hotels Co Ltd | 919 | ||||||
| 57,750 | InterContinental Hotels Group plc | 3,673 | |||||||
| 314,029 | International Game Technology plc | 8,325 | |||||||
| 500,000 | International Meal Company Alimentacao S.A. | 1,310 | |||||||
| 66,322 | International Speedway Corp (Class A) | 2,643 | |||||||
| 276,432 | Invocare Ltd | 3,460 | |||||||
| 26,871 | * | J Alexander’s Holdings, Inc | 261 | ||||||
| 160,623 | Jack in the Box, Inc | 15,759 | |||||||
| 32,036 | *,e | Jackpotjoy plc | 358 | ||||||
| 445,437 | Jollibee Foods Corp | 2,258 | |||||||
| 21,573 | Jubilant Foodworks Ltd | 594 | |||||||
| 134,157 | * | K12, Inc | 2,133 | ||||||
| 120,252 | Kangwon Land, Inc | 3,909 | |||||||
| 14,200 | * | Kappa Create Co Ltd | 161 | ||||||
| 12,600 | Kisoji Co Ltd | 311 | |||||||
| 8,500 | * | KNT-CT Holdings Co Ltd | 137 | ||||||
| 51 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 32,100 | e | KOMEDA Holdings Co Ltd | $ | 591 | |||||
| 8,200 | Koshidaka Holdings Co Ltd | 384 | |||||||
| 2,541,245 | Kroton Educacional S.A. | 14,101 | |||||||
| 7,300 | Kura Corp | 427 | |||||||
| 18,100 | e | Kyoritsu Maintenance Co Ltd | 730 | ||||||
| 495,189 | * | La Quinta Holdings, Inc | 9,141 | ||||||
| 949,629 | Ladbrokes plc | 2,332 | |||||||
| 857,647 | Las Vegas Sands Corp | 59,598 | |||||||
| 89,552 | *,e | Laureate Education, Inc | 1,214 | ||||||
| 339,354 | LeoVegas AB | 3,465 | |||||||
| 170,000 | e | Li Bao GE Group Ltd | 9 | ||||||
| 13,930 | Liberty Tax, Inc | 153 | |||||||
| 35,112 | * | Lindblad Expeditions Holdings, Inc | 344 | ||||||
| 1,231,000 | *,e | Macau Legend Development Ltd | 184 | ||||||
| 454,300 | Magnum BHD | 195 | |||||||
| 21,993 | Mahindra Holidays & Resorts India Ltd | 116 | |||||||
| 183,963 | Mantra Group Ltd | 560 | |||||||
| 122,970 | Marcus Corp | 3,363 | |||||||
| 1,202,313 | Marriott International, Inc (Class A) | 163,190 | |||||||
| 37,065 | Marriott Vacations Worldwide Corp | 5,012 | |||||||
| 388,522 | Marston’s plc | 590 | |||||||
| 5,300 | Matsuya Foods Co Ltd | 196 | |||||||
| 1,200,000 | Max’s Group, Inc | 447 | |||||||
| 1,969,347 | McDonald’s Corp | 338,964 | |||||||
| 107,053 | e | McDonald’s Holdings Co Japan Ltd | 4,704 | ||||||
| 16,500 | Meiko Network Japan Co Ltd | 195 | |||||||
| 2,983,002 | Melco Crown Entertainment Ltd (ADR) | 86,626 | |||||||
| 588,000 | Melco International Development | 1,724 | |||||||
| 30,793,700 | * | Melco Resorts And Entertainment Philippines Corp | 4,583 | ||||||
| 72,214 | Melia Hotels International S.A. | 994 | |||||||
| 171,232 | Merlin Entertainments plc | 839 | |||||||
| 642,900 | e | MGM China Holdings Ltd | 1,940 | ||||||
| 2,392,234 | MGM Resorts International | 79,877 | |||||||
| 2,140,608 | Minor International PCL (Foreign) | 2,874 | |||||||
| 128,101 | Mitchells & Butlers plc | 490 | |||||||
| 9,367 | Modetour Network, Inc | 267 | |||||||
| 63,263 | * | Monarch Casino & Resort, Inc | 2,835 | ||||||
| 16,600 | MOS Food Services, Inc | 507 | |||||||
| 24,543 | MTY Food Group, Inc | 1,095 | |||||||
| 8,297 | * | Nathan’s Famous, Inc | 626 | ||||||
| 332,186 | Navitas Ltd | 1,406 | |||||||
| 134,998 | New Oriental Education & Technology Group (ADR) | 12,690 | |||||||
| 141,833 | NH Hoteles S.A. | 1,021 | |||||||
| 28,559 | *,e | Noodles & Co | 150 | ||||||
| 104,702 | * | Norwegian Cruise Line Holdings Ltd | 5,575 | ||||||
| 8,000 | Ohsho Food Service Corp | 383 | |||||||
| 538,647 | OPAP S.A. | 6,786 | |||||||
| 58,200 | Oriental Land Co Ltd | 5,295 | |||||||
| 332,400 | Overseas Union Enterprise Ltd | 464 | |||||||
| 9,761 | Paddy Power plc | 1,162 | |||||||
| 67,270 | Pandox AB | 1,300 | |||||||
| 59,746 | Papa John’s International, Inc | 3,352 | |||||||
| 29,633 | e | Paradise Co Ltd | 617 | ||||||
| 52 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,000,000 | Parques Reunidos Servicios Centrales SAU | $ | 17,818 | ||||||
| 349,235 | * | Penn National Gaming, Inc | 10,942 | ||||||
| 7,900 | e | Pepper Food Service Co Ltd | 351 | ||||||
| 3,600 | e | PIA Corp | 230 | ||||||
| 2,772 | * | Pierre & Vacances | 152 | ||||||
| 121,647 | * | Pinnacle Entertainment, Inc | 3,982 | ||||||
| 148,902 | * | Planet Fitness, Inc | 5,156 | ||||||
| 71,400 | Plenus Co Ltd | 1,555 | |||||||
| 40,131 | * | Potbelly Corp | 494 | ||||||
| 5,590,000 | Premium Leisure Corp | 151 | |||||||
| 192,323 | Rank Group plc | 627 | |||||||
| 16,451 | RCI Hospitality Holdings, Inc | 460 | |||||||
| 33,578 | * | Red Lion Hotels Corp | 331 | ||||||
| 22,824 | * | Red Robin Gourmet Burgers, Inc | 1,287 | ||||||
| 1,381,372 | Red Rock Resorts, Inc | 46,607 | |||||||
| 164,000 | Regal Hotels International Holdings Ltd | 129 | |||||||
| 227,219 | * | Regis Corp | 3,490 | ||||||
| 3,071,029 | Resorts World BHD | 4,272 | |||||||
| 53,200 | Resorttrust, Inc | 1,209 | |||||||
| 1,063,220 | e | Restaurant Brands International, Inc | 65,367 | ||||||
| 169,934 | Restaurant Brands International, Inc (Toronto) | 10,446 | |||||||
| 124,219 | Restaurant Group plc | 505 | |||||||
| 88,134 | e | Retail Food Group Ltd | 170 | ||||||
| 30,482 | Rezidor Hotel Group AB | 95 | |||||||
| 13,400 | e | Ringer Hut Co Ltd | 304 | ||||||
| 41,200 | Round One Corp | 692 | |||||||
| 168,659 | Royal Caribbean Cruises Ltd | 20,118 | |||||||
| 16,200 | e | Royal Holdings Co Ltd | 446 | ||||||
| 148,500 | Ruth’s Chris Steak House, Inc | 3,215 | |||||||
| 17,700 | Saizeriya Co Ltd | 592 | |||||||
| 1,778,495 | Sands China Ltd | 9,154 | |||||||
| 455,502 | Scandic Hotels Group AB | 6,538 | |||||||
| 153,047 | * | Scientific Games Corp (Class A) | 7,851 | ||||||
| 119,749 | *,e | SeaWorld Entertainment, Inc | 1,625 | ||||||
| 261,806 | Ser Educacional S.A. | 2,470 | |||||||
| 442,187 | Service Corp International | 16,502 | |||||||
| 494,385 | * | ServiceMaster Global Holdings, Inc | 25,347 | ||||||
| 39,212 | *,e | Shake Shack, Inc | 1,694 | ||||||
| 3,482,000 | Shanghai Jinjiang International Hotels Group Co Ltd | 1,208 | |||||||
| 45,649 | Shanghai Jinjiang International Travel Co Ltd | 129 | |||||||
| 1,018,120 | Shangri-La Asia Ltd | 2,306 | |||||||
| 1,207 | Shinsegae Food Co Ltd | 149 | |||||||
| 52,388 | e | Six Flags Entertainment Corp | 3,487 | ||||||
| 1,338,148 | SJM Holdings Ltd | 1,196 | |||||||
| 33,824 | SkiStar AB (Series B) | 651 | |||||||
| 413,707 | Sky City Entertainment Group Ltd | 1,217 | |||||||
| 80,700 | e | Skylark Co Ltd | 1,147 | ||||||
| 15,642 | Sodexho Alliance S.A. | 2,097 | |||||||
| 66,481 | e | Sonic Corp | 1,827 | ||||||
| 66,062 | * | Sotheby’s (Class A) | 3,409 | ||||||
| 39,347 | Speedway Motorsports, Inc | 742 | |||||||
| 1,289,500 | SSP Group plc | 11,844 | |||||||
| 9,300 | St Marc Holdings Co Ltd | 256 | |||||||
| 53 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 152,510 | * | Stadio Holdings Ltd | $ | 99 | |||||
| 486,117 | Star Entertainment Grp Ltd | 2,297 | |||||||
| 3,690,340 | Starbucks Corp | 211,936 | |||||||
| 136,142 | * | Stars Group, Inc | 3,168 | ||||||
| 1,805 | * | Steak N Shake Co | 748 | ||||||
| 18,451 | e | Strayer Education, Inc | 1,653 | ||||||
| 18,400 | Studio Alice Co Ltd | 465 | |||||||
| 71,925 | * | Sun International Ltd | 351 | ||||||
| 13,600 | Sushiro Global Holdings Ltd | 545 | |||||||
| 1,288,665 | Tabcorp Holdings Ltd | 5,591 | |||||||
| 286,726 | TAL Education Group (ADR) | 8,519 | |||||||
| 22,200 | e | Tarena International, Inc (ADR) | 333 | ||||||
| 60,744 | * | Telepizza Group S.A. | 342 | ||||||
| 141,852 | Texas Roadhouse, Inc (Class A) | 7,473 | |||||||
| 1,190,816 | Thomas Cook Group plc | 1,976 | |||||||
| 58,798 | Thomas Cook India Ltd | 236 | |||||||
| 51,900 | Tokyo Dome Corp | 525 | |||||||
| 9,800 | Tokyotokeiba Co Ltd | 370 | |||||||
| 16,600 | Toridoll.corp | 618 | |||||||
| 9,500 | Tosho Co Ltd | 307 | |||||||
| 2,238,978 | TUI AG. (DI) | 46,386 | |||||||
| 17,700 | * | Tuniu Corp (ADR) | 136 | ||||||
| 603,265 | Unibet Group plc (ADR) | 8,614 | |||||||
| 23,454 | Vail Resorts, Inc | 4,983 | |||||||
| 4,321 | * | Vapiano SE | 126 | ||||||
| 13,200 | Watami Co Ltd | 193 | |||||||
| 136,718 | *,e | Weight Watchers International, Inc | 6,054 | ||||||
| 310,878 | Wendy’s | 5,105 | |||||||
| 74,875 | Wetherspoon (J.D.) plc | 1,271 | |||||||
| 31,376 | Whitbread plc | 1,694 | |||||||
| 623,580 | William Hill plc | 2,711 | |||||||
| 580,280 | e | Wingstop, Inc | 22,619 | ||||||
| 410,000 | Wisdom Education International Holdings Co Ltd | 247 | |||||||
| 38,220 | Wowprime Corp | 172 | |||||||
| 208,854 | Wyndham Worldwide Corp | 24,200 | |||||||
| 2,306,371 | Wynn Macau Ltd | 7,292 | |||||||
| 671,947 | Wynn Resorts Ltd | 113,284 | |||||||
| 14,100 | Yomiuri Land Co Ltd | 619 | |||||||
| 8,233 | Yong Pyong Resort Co Ltd | 80 | |||||||
| 41,700 | Yoshinoya D&C Co Ltd | 707 | |||||||
| 1,917,759 | Yum China Holdings, Inc | 76,749 | |||||||
| 429,354 | Yum! Brands, Inc | 35,040 | |||||||
| 102,100 | Zensho Co Ltd | 1,753 | |||||||
| 717,781 | *,e | Zoe’s Kitchen, Inc | 12,001 | ||||||
| TOTAL CONSUMER SERVICES | 2,775,852 | ||||||||
| DIVERSIFIED FINANCIALS - 3.8% | |||||||||
| 728,089 | 3i Group plc | 8,964 | |||||||
| 21,851 | ABC Arbitrage | 165 | |||||||
| 22,793 | Ackermans & Van Haaren | 3,967 | |||||||
| 272,530 | *,e | Acom Co Ltd | 1,145 | ||||||
| 128,400 | Aeon Credit Service M BHD | 427 | |||||||
| 39,848 | AEON Financial Service Co Ltd | 926 | |||||||
| 86,901 | Affiliated Managers Group, Inc | 17,836 | |||||||
| 54 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 44,990 | AG Mortgage Investment Trust | $ | 855 | ||||||
| 148,010 | AGF Management Ltd | 963 | |||||||
| 799,454 | AGNC Investment Corp | 16,141 | |||||||
| 972,600 | *,e | Aiful Corp | 3,331 | ||||||
| 96,707 | Aker ASA (A Shares) | 4,751 | |||||||
| 1,765,399 | Al Waha Capital PJSC | 897 | |||||||
| 82,542 | e | Alaris Royalty Corp | 1,357 | ||||||
| 485,025 | Alexander Forbes Group Holdings Ltd | 271 | |||||||
| 126,953 | * | Allied Minds plc | 283 | ||||||
| 1,230,545 | Ally Financial, Inc | 35,883 | |||||||
| 64,830 | Altamir Amboise | 1,185 | |||||||
| 815,047 | * | Amanat Holdings PJSC | 328 | ||||||
| 1,781,120 | American Express Co | 176,883 | |||||||
| 574,050 | Ameriprise Financial, Inc | 97,284 | |||||||
| 3,353,950 | AMP Ltd | 13,538 | |||||||
| 525,189 | Amundi S.A. | 44,481 | |||||||
| 1,951,284 | Anima Holding S.p.A | 13,928 | |||||||
| 1,917,982 | Annaly Capital Management, Inc | 22,805 | |||||||
| 173,836 | Anworth Mortgage Asset Corp | 946 | |||||||
| 442,759 | e | Apollo Commercial Real Estate Finance, Inc | 8,169 | ||||||
| 113,878 | Ares Commercial Real Estate Corp | 1,469 | |||||||
| 46,329 | e | Arlington Asset Investment Corp (Class A) | 546 | ||||||
| 71,320 | ARMOUR Residential REIT, Inc | 1,834 | |||||||
| 102,867 | Arrow Global Group plc | 551 | |||||||
| 90,704 | Artisan Partners Asset Management, Inc | 3,583 | |||||||
| 1,184,160 | Ashmore Group plc | 6,453 | |||||||
| 12,981 | *,†,m | Asia Pacific Investment Partners Ltd | 0 | ^ | |||||
| 17,672 | e | Associated Capital Group, Inc | 603 | ||||||
| 33,988 | e | Aurelius AG. | 2,318 | ||||||
| 315,692 | Australian Stock Exchange Ltd | 13,476 | |||||||
| 15,096 | e | Avanza AB | 633 | ||||||
| 732,836 | *,e | Axactor AB | 256 | ||||||
| 314,496 | Ayala Corp | 6,393 | |||||||
| 2,215 | *,†,m | Ayala Corp Preferred | 0 | ^ | |||||
| 71,050 | Azimut Holding S.p.A. | 1,359 | |||||||
| 37,288 | e | B. Riley Financial, Inc | 675 | ||||||
| 139,657 | B2Holding ASA | 356 | |||||||
| 161,530 | Bajaj Finance Ltd | 4,435 | |||||||
| 41,034 | * | Banca Farmafactoring S.p.A | 315 | ||||||
| 312,080 | Banca Generali S.p.A | 10,370 | |||||||
| 127,997 | Banca IFIS S.p.A. | 6,257 | |||||||
| 160,687 | Banca Mediolanum S.p.A | 1,391 | |||||||
| 3,159,964 | Bank of New York Mellon Corp | 170,196 | |||||||
| 675,716 | BGC Partners, Inc (Class A) | 10,210 | |||||||
| 34,526 | BinckBank NV | 184 | |||||||
| 151,717 | BlackRock, Inc | 77,939 | |||||||
| 466,391 | Blackstone Group LP | 14,934 | |||||||
| 132,212 | e | Blackstone Mortgage Trust, Inc | 4,255 | ||||||
| 30,894 | Blue Sky Alternative Investments Ltd | 350 | |||||||
| 3,058,253 | BM&F Bovespa S.A. | 20,989 | |||||||
| 327,000 | * | BOCOM International Holdings Co Ltd | 111 | ||||||
| 238,300 | Bolsa Mexicana de Valores S.A. de C.V. | 410 | |||||||
| 46,689 | e | Bolsas y Mercados Espanoles | 1,487 | ||||||
| 55 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 358,343 | *,e | Brait S.A. | $ | 1,207 | |||||
| 473,261 | Brewin Dolphin Holdings plc | 2,482 | |||||||
| 382,000 | e | Bright Smart Securities & Commodities Group Ltd | 116 | ||||||
| 988,572 | Brookfield Asset Management, Inc | 43,035 | |||||||
| 8,724 | BSE Ltd | 124 | |||||||
| 584,443 | BT Investment Management Ltd | 5,130 | |||||||
| 56,768 | Bure Equity AB | 680 | |||||||
| 116,163 | Burford Capital Ltd | 1,807 | |||||||
| 309,500 | Bursa Malaysia BHD | 774 | |||||||
| 66,522 | Canaccord Financial, Inc | 307 | |||||||
| 252,654 | * | Cannae Holdings, Inc | 4,303 | ||||||
| 1,224,634 | Capital First Ltd | 13,256 | |||||||
| 2,759,541 | Capital One Financial Corp | 274,795 | |||||||
| 1,103,000 | Capital Securities Corp | 430 | |||||||
| 166,601 | Capstead Mortgage Corp | 1,441 | |||||||
| 235,178 | CBOE Holdings, Inc | 29,301 | |||||||
| 76,490 | Cembra Money Bank AG. | 7,126 | |||||||
| 15,547 | * | Central Depository Services India Ltd | 87 | ||||||
| 26,401 | Century Leasing System, Inc | 1,278 | |||||||
| 142,985 | Cerved Information Solutions S.p.A | 1,819 | |||||||
| 1,158,123 | Chailease Holding Co Ltd | 3,359 | |||||||
| 538,076 | Challenger Financial Services Group Ltd | 5,868 | |||||||
| 850,672 | Charles Schwab Corp | 43,699 | |||||||
| 20,634 | Cherry Hill Mortgage Investment Corp | 371 | |||||||
| 436,735 | Chimera Investment Corp | 8,071 | |||||||
| 664,000 | China Bills Finance Corp | 344 | |||||||
| 9,481,105 | China Cinda Asset Management Co Ltd | 3,462 | |||||||
| 1,071,125 | China Everbright Ltd | 2,390 | |||||||
| 3,290,000 | *,e | China Financial International Investments Ltd | 98 | ||||||
| 6,455,045 | China Galaxy Securities Co Ltd | 4,742 | |||||||
| 10,327,000 | China Huarong Asset Management Co Ltd | 4,868 | |||||||
| 800,000 | China International Capital Corp Ltd | 1,661 | |||||||
| 4,195 | *,e | China Internet Nationwide Financial Services, Inc | 176 | ||||||
| 552,000 | * | China Investment Fund International Holdings Co Ltd | 606 | ||||||
| 1,294,000 | *,e | China LNG Group Ltd | 212 | ||||||
| 6,610,000 | *,e | China Minsheng Financial Holding Corp Ltd | 288 | ||||||
| 930,000 | *,e | China Oceanwide International Financial Ltd | 126 | ||||||
| 9,988,000 | * | Chong Sing Holdings FinTech Gr | 1,315 | ||||||
| 345,597 | e | CI Financial Corp | 8,185 | ||||||
| 2,500,915 | CITIC Securities Co Ltd | 5,144 | |||||||
| 5,073,816 | ClearView Wealth Ltd | 5,879 | |||||||
| 366,313 | Close Brothers Group plc | 7,161 | |||||||
| 817,460 | e | CMC Markets plc | 1,656 | ||||||
| 791,274 | CME Group, Inc | 115,566 | |||||||
| 70,347 | Coface S.A. | 754 | |||||||
| 36,963 | Cohen & Steers, Inc | 1,748 | |||||||
| 312,100 | Concentradora Hipotecaria SAPI de C.V. | 298 | |||||||
| 195,416 | Coronation Fund Managers Ltd | 1,167 | |||||||
| 19,924 | Corp Financiera Alba | 1,141 | |||||||
| 55,861 | Corp Financiera Colombiana S.A. | 547 | |||||||
| 43,505 | *,e | Cowen Group, Inc | 594 | ||||||
| 92,549 | *,e | Credit Acceptance Corp | 29,938 | ||||||
| 22,917 | * | Credit Analysis & Research Ltd | 478 | ||||||
| 56 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 46,613 | e | Credit Corp Group Ltd | $ | 809 | |||||
| 78,764 | Credit Saison Co Ltd | 1,430 | |||||||
| 11,047,917 | Credit Suisse Group | 197,047 | |||||||
| 743,351 | Credito Real SAB de C.V. | 929 | |||||||
| 25,619 | CRISIL Ltd | 752 | |||||||
| 263,846 | CYS Investments, Inc | 2,119 | |||||||
| 373,154 | Daewoo Securities Co Ltd | 3,193 | |||||||
| 47,752 | Daishin Securities Co Ltd | 642 | |||||||
| 14,090 | Daishin Securities Co Ltd PF | 125 | |||||||
| 3,712,011 | Daiwa Securities Group, Inc | 23,224 | |||||||
| 8,926 | Daou Data Corp | 86 | |||||||
| 41,310 | Daou Technology, Inc | 742 | |||||||
| 60,281 | * | DeA Capital S.p.A. | 98 | ||||||
| 357,200 | Deutsche Bank AG. (Registered) | 6,756 | |||||||
| 8,508 | Deutsche Beteiligungs AG. | 479 | |||||||
| 48,382 | Deutsche Boerse AG. | 5,600 | |||||||
| 6,193 | Diamond Hill Investment Group, Inc | 1,280 | |||||||
| 926,000 | * | Differ Group Holding Co Ltd | 72 | ||||||
| 560,411 | Discover Financial Services | 43,107 | |||||||
| 649,043 | *,e | doBank S.p.A | 10,552 | ||||||
| 169,194 | * | Donnelley Financial Solutions, Inc | 3,298 | ||||||
| 1,514,850 | * | Dubai Investments PJSC | 994 | ||||||
| 18,567 | *,e | Dundee Corp | 37 | ||||||
| 88,270 | Dynex Capital, Inc | 619 | |||||||
| 2,236,142 | * | E*TRADE Financial Corp | 110,846 | ||||||
| 328,163 | Eaton Vance Corp | 18,505 | |||||||
| 147,112 | Eclipx Group Ltd | 463 | |||||||
| 236,841 | e | ECN Capital Corp | 740 | ||||||
| 627,734 | Edelweiss Capital Ltd | 2,916 | |||||||
| 4,872 | *,e | EFG Financial Products Holding AG. | 314 | ||||||
| 253,145 | EFG International | 2,673 | |||||||
| 1,818,614 | Egyptian Financial Group-Hermes Holding | 2,410 | |||||||
| 266,583 | e | Element Financial Corp | 2,015 | ||||||
| 116,114 | *,e | Elevate Credit, Inc | 874 | ||||||
| 18,608 | Ellington Residential Mortgage REIT | 224 | |||||||
| 6,864,000 | e | Emperor Capital Group Ltd | 499 | ||||||
| 41,133 | *,e | Encore Capital Group, Inc | 1,732 | ||||||
| 398,022 | * | Enova International, Inc | 6,050 | ||||||
| 11,731 | Eurazeo | 1,084 | |||||||
| 1,044,104 | Euronext NV | 64,765 | |||||||
| 183,278 | Evercore Partners, Inc (Class A) | 16,495 | |||||||
| 115,615 | EXOR NV | 7,089 | |||||||
| 103,606 | * | Ezcorp, Inc (Class A) | 1,264 | ||||||
| 117,057 | Factset Research Systems, Inc | 22,564 | |||||||
| 4,534,276 | Far East Horizon Ltd | 3,871 | |||||||
| 924,000 | *,e | FDG Kinetic Ltd | 89 | ||||||
| 242,167 | Federated Investors, Inc (Class B) | 8,737 | |||||||
| 7,347 | Ferratum Oyj | 269 | |||||||
| 29,070 | Fiera Capital Corp | 301 | |||||||
| 102,728 | Financial Engines, Inc | 3,113 | |||||||
| 403,000 | e | Financial Products Group Co Ltd | 4,883 | ||||||
| 2,676,785 | First Pacific Co | 1,820 | |||||||
| 143,869 | FirstCash, Inc | 9,704 | |||||||
| 57 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 3,378,296 | FirstRand Ltd | $ | 18,289 | ||||||
| 209,825 | FlexiGroup Ltd | 281 | |||||||
| 18,497 | Flow Traders | 443 | |||||||
| 267,786 | Franklin Resources, Inc | 11,603 | |||||||
| 4,180,000 | * | Freeman Financial Corp Ltd | 278 | ||||||
| 11,691,061 | Fubon Financial Holding Co Ltd | 19,874 | |||||||
| 33,868,242 | Fuhwa Financial Holdings Co Ltd | 15,661 | |||||||
| 15,200 | Fuyo General Lease Co Ltd | 1,006 | |||||||
| 63,930 | e | Gain Capital Holdings, Inc | 639 | ||||||
| 7,117 | GAMCO Investors, Inc (Class A) | 211 | |||||||
| 904,662 | e | Gentera SAB de C.V. | 754 | ||||||
| 1,596,000 | GF Securities Co Ltd | 3,203 | |||||||
| 14,932 | Gimv NV | 905 | |||||||
| 55,647 | e | Gluskin Sheff + Associates, Inc | 737 | ||||||
| 2,868,000 | e | Golden Resorts Group Ltd | 2,748 | ||||||
| 1,732,665 | Goldman Sachs Group, Inc | 441,413 | |||||||
| 1,410,000 | * | Good Resources Holdings Ltd | 66 | ||||||
| 130,316 | e | Granite Point Mortgage Trust, Inc | 2,312 | ||||||
| 30,172 | Great Ajax Corp | 417 | |||||||
| 173,713 | * | Green Dot Corp | 10,468 | ||||||
| 44,457 | e | Greenhill & Co, Inc | 867 | ||||||
| 16,469 | GRENKELEASING AG. | 1,561 | |||||||
| 254,400 | Group Lease PCL (FO) | 53 | |||||||
| 66,450 | Groupe Bruxelles Lambert S.A. | 7,169 | |||||||
| 375,082 | Grupo de Inversiones Suramericana S.A. | 5,065 | |||||||
| 225,635 | Grupo de Inversiones Suramericana S.A. (Preference) | 2,949 | |||||||
| 114,435 | GT Capital Holdings, Inc | 2,962 | |||||||
| 276,500 | e | Guolian Securities Co Ltd | 134 | ||||||
| 8,337,800 | e | Guotai Junan International Hol | 2,608 | ||||||
| 879,015 | Haci Omer Sabanci Holding AS | 2,575 | |||||||
| 5,114,162 | Haitong Securities Co Ltd | 7,403 | |||||||
| 23,883 | e | Hamilton Lane, Inc | 845 | ||||||
| 15,218 | Hankook Tire Worldwide Co Ltd | 269 | |||||||
| 118,415 | e | Hannon Armstrong Sustainable Infrastructure Capital, Inc | 2,849 | ||||||
| 72,249 | * | Hanwha Securities Co | 182 | ||||||
| 319,843 | Hargreaves Lansdown plc | 7,768 | |||||||
| 37,314 | Hellenic Exchanges S.A. | 236 | |||||||
| 108,600 | Hitachi Capital Corp | 2,723 | |||||||
| 10,130 | HMC Investment Securities Co Ltd | 103 | |||||||
| 84,907 | e | Hoist Finance AB | 955 | ||||||
| 1,435,122 | Hong Kong Exchanges and Clearing Ltd | 43,898 | |||||||
| 153,186 | Houlihan Lokey, Inc | 6,959 | |||||||
| 761,500 | *,e | Huarong International Financial Holdings Ltd | 247 | ||||||
| 2,877,000 | Huatai Securities Co Ltd | 5,714 | |||||||
| 1,923 | *,e | Hypoport AG. | 334 | ||||||
| 49,500 | IBJ Leasing Co Ltd | 1,263 | |||||||
| 143,300 | Ichiyoshi Securities Co Ltd | 1,631 | |||||||
| 407,209 | * | IFCI Ltd | 197 | ||||||
| 964,133 | IG Group Holdings plc | 9,340 | |||||||
| 256,848 | e | IGM Financial, Inc | 9,021 | ||||||
| 159,606 | India Infoline Ltd | 1,669 | |||||||
| 58 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,407,069 | Indiabulls Housing Finance Ltd | $ | 26,379 | ||||||
| 100,007 | * | Indiabulls Securities Ltd | 416 | ||||||
| 30,195 | Industrivarden AB | 745 | |||||||
| 613,073 | * | Infrastructure Development Finance Co Ltd | 603 | ||||||
| 139,931 | Interactive Brokers Group, Inc (Class A) | 8,285 | |||||||
| 886,876 | IntercontinentalExchange Group, Inc | 62,578 | |||||||
| 299,863 | Intermediate Capital Group plc | 4,630 | |||||||
| 166,799 | International Personal Finance plc | 445 | |||||||
| 37,391 | * | INTL FCStone, Inc | 1,590 | ||||||
| 172,471 | Inversiones La Construccion S.A. | 3,252 | |||||||
| 642,186 | Invesco Ltd | 23,465 | |||||||
| 194,142 | Invesco Mortgage Capital, Inc | 3,462 | |||||||
| 1,153,350 | Investec Ltd | 8,364 | |||||||
| 73,156 | Investec plc | 527 | |||||||
| 40,214 | Investment AB Kinnevik (B Shares) | 1,359 | |||||||
| 15,813 | Investment AB Oresund | 254 | |||||||
| 83,597 | Investment Technology Group, Inc | 1,609 | |||||||
| 128,820 | Investor AB (B Shares) | 5,875 | |||||||
| 402,009 | IOOF Holdings Ltd | 3,350 | |||||||
| 213,219 | iShares MSCI Canada Index Fund | 6,320 | |||||||
| 1,142,425 | iShares MSCI EAFE Index Fund | 80,324 | |||||||
| 628,295 | iShares MSCI Emerging Markets | 29,605 | |||||||
| 161,300 | e | J Trust Co Ltd | 1,049 | ||||||
| 77,100 | Jaccs Co Ltd | 1,798 | |||||||
| 230,232 | Jafco Co Ltd | 13,281 | |||||||
| 82,128 | Janus Henderson Group plc | 3,142 | |||||||
| 83,200 | Japan Investment Adviser Co Ltd | 2,321 | |||||||
| 1,800,000 | Japan Securities Finance Co Ltd | 10,175 | |||||||
| 375,000 | *,e | Jianpu Technology, Inc (ADR) | 2,430 | ||||||
| 981,346 | Jih Sun Financial Holdings Co Ltd | 276 | |||||||
| 128,670 | JM Financial Ltd | 316 | |||||||
| 196,741 | JSE Ltd | 2,446 | |||||||
| 205,095 | Julius Baer Group Ltd | 12,542 | |||||||
| 680,290 | Julius Baer Holding AG. | 10,977 | |||||||
| 1,655,413 | Jupiter Investment Management Group Ltd | 14,007 | |||||||
| 966,600 | kabu.com Securities Co Ltd | 3,010 | |||||||
| 99,089 | KBC Ancora | 6,236 | |||||||
| 7,146 | KIWOOM Securities Co Ltd | 584 | |||||||
| 17,387 | e | KKR Real Estate Finance Trust, Inc | 348 | ||||||
| 36,785 | Korea Investment Holdings Co Ltd | 2,369 | |||||||
| 8,412,400 | * | Kresna Graha Investama PT Tbk | 329 | ||||||
| 28,356 | KRUK S.A. | 2,130 | |||||||
| 56,400 | Krungthai Card PCL | 322 | |||||||
| 12,032 | Kyobo Securities Co | 102 | |||||||
| 12,600 | Kyokuto Securities Co Ltd | 185 | |||||||
| 139,177 | Ladder Capital Corp | 1,897 | |||||||
| 345,051 | Ladenburg Thalmann Financial Services, Inc | 1,090 | |||||||
| 794,571 | Lazard Ltd (Class A) | 41,715 | |||||||
| 236,184 | Legg Mason, Inc | 9,915 | |||||||
| 557,899 | * | LendingClub Corp | 2,304 | ||||||
| 736,291 | Leucadia National Corp | 19,504 | |||||||
| 550,383 | London Stock Exchange Group plc | 28,150 | |||||||
| 315,387 | LPL Financial Holdings, Inc | 18,021 | |||||||
| 59 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 29,869 | Lundbergs AB (B Shares) | $ | 2,231 | ||||||
| 30,000 | *,e | M&A Capital Partners Co Ltd | 1,957 | ||||||
| 326,770 | Macquarie Group Ltd | 25,274 | |||||||
| 182,706 | Magellan Financial Group Ltd | 3,831 | |||||||
| 278,626 | * | Mahindra & Mahindra Financial Services Ltd | 2,065 | ||||||
| 8,610,066 | Man Group plc | 23,959 | |||||||
| 720,885 | Manappuram General Finance & Leasing Ltd | 1,388 | |||||||
| 92,699 | MarketAxess Holdings, Inc | 18,702 | |||||||
| 15,912 | Marlin Business Services Corp | 356 | |||||||
| 218,000 | Marusan Securities Co Ltd | 1,950 | |||||||
| 33,742,399 | *,e | Mason Financial Holdings Ltd | 555 | ||||||
| 414,401 | Masterlink Securities Corp | 121 | |||||||
| 238,400 | Matsui Securities Co Ltd | 2,008 | |||||||
| 15,870 | Medley Management, Inc | 103 | |||||||
| 183,457 | Meritz finance Holdings Co Ltd | 2,579 | |||||||
| 251,350 | Meritz Securities Co Ltd | 1,071 | |||||||
| 15,238,706 | Metro Pacific Investments Corp | 2,091 | |||||||
| 913,598 | MFA Mortgage Investments, Inc | 7,236 | |||||||
| 498,451 | Mitsubishi UFJ Lease & Finance Co Ltd | 2,958 | |||||||
| 34,940 | MLP AG. | 235 | |||||||
| 150,655 | Moelis & Co | 7,307 | |||||||
| 1,535,100 | e | Monex Beans Holdings, Inc | 4,338 | ||||||
| 326,338 | Moody’s Corp | 48,171 | |||||||
| 6,331,550 | Morgan Stanley | 332,216 | |||||||
| 53,618 | Morningstar, Inc | 5,199 | |||||||
| 46,977 | Motilal Oswal Financial Services Ltd | 1,099 | |||||||
| 247,885 | MSCI, Inc (Class A) | 31,367 | |||||||
| 128,602 | MTGE Investment Corp | 2,379 | |||||||
| 412,900 | Muangthai Leasing PCL | 490 | |||||||
| 714,177 | * | Multi Commodity Exchange of India Ltd | 10,199 | ||||||
| 143,983 | * | Muthoot Finance Ltd | 1,069 | ||||||
| 246,658 | NASDAQ OMX Group, Inc | 18,951 | |||||||
| 750,329 | Natixis | 5,926 | |||||||
| 567,383 | Navient Corp | 7,558 | |||||||
| 6,200 | NEC Capital Solutions Ltd | 127 | |||||||
| 32,918 | Nelnet, Inc (Class A) | 1,803 | |||||||
| 18,224 | * | Netmarble Games Corp | 3,201 | ||||||
| 776,842 | New Residential Investment Corp | 13,890 | |||||||
| 205,208 | e | New York Mortgage Trust, Inc | 1,266 | ||||||
| 56,823 | *,m | NewStar Financial, Inc | 31 | ||||||
| 516,677 | NEX Group plc | 4,231 | |||||||
| 10,586 | NICE Holdings Co Ltd | 145 | |||||||
| 21,922 | NICE Information Service Co Ltd | 178 | |||||||
| 41,500 | *,e | Noah Holdings Ltd (ADR) | 1,921 | ||||||
| 3,052,939 | Nomura Holdings, Inc | 17,896 | |||||||
| 128,092 | Northern Trust Corp | 12,795 | |||||||
| 3,417,866 | e | NZX Ltd | 2,713 | ||||||
| 95,000 | Okasan Holdings, Inc | 586 | |||||||
| 835,436 | OM Asset Management plc | 13,994 | |||||||
| 312,519 | * | On Deck Capital, Inc | 1,794 | ||||||
| 128,292 | * | OneMain Holdings, Inc | 3,334 | ||||||
| 130,239 | Onex Corp | 9,552 | |||||||
| 572,000 | e | OP Financial Investments Ltd | 203 | ||||||
| 18,687 | Oppenheimer Holdings, Inc | 501 | |||||||
| 60 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 78,041 | e | Orchid Island Capital, Inc | $ | 724 | |||||
| 281,700 | e | Orient Corp | 449 | ||||||
| 2,533,176 | ORIX Corp | 42,712 | |||||||
| 660,562 | Osaka Securities Exchange Co Ltd | 11,461 | |||||||
| 174,912 | OSK Holdings BHD | 46 | |||||||
| 35,568 | Owens Realty Mortgage, Inc | 569 | |||||||
| 148,016 | e | OzForex Group Ltd | 164 | ||||||
| 72,895 | P2P Global Investments plc | 803 | |||||||
| 10,370 | Pargesa Holding S.A. | 898 | |||||||
| 7,785 | e | Partners Group | 5,334 | ||||||
| 114,166 | PennyMac Mortgage Investment Trust | 1,835 | |||||||
| 481,246 | Peregrine Holdings Ltd | 993 | |||||||
| 517,000 | *,†,m | Peregrine Investment Holdings | 0 | ||||||
| 162,452 | Perpetual Trustees Australia Ltd | 6,107 | |||||||
| 40,329 | Pico Holdings, Inc | 516 | |||||||
| 224,790 | * | Pioneers Holding | 105 | ||||||
| 82,178 | Piper Jaffray Cos | 7,088 | |||||||
| 31,415 | PJT Partners, Inc | 1,433 | |||||||
| 940,320 | e | Platinum Asset Mangement Ltd | 5,644 | ||||||
| 457,695 | Plus500 Ltd | 5,606 | |||||||
| 1,271,378 | Power Finance Corp Ltd | 2,425 | |||||||
| 76,118 | *,e | PRA Group, Inc | 2,527 | ||||||
| 524,082 | * | President Securities Corp | 252 | ||||||
| 99,318 | e | Provident Financial plc | 1,204 | ||||||
| 77,003 | PSG Group Ltd | 1,680 | |||||||
| 108,922 | * | PTC India Financial Services Ltd | 64 | ||||||
| 90,986 | Pzena Investment Management, Inc (Class A) | 971 | |||||||
| 8,343 | * | Qatar Industrial Manufacturing Co | 98 | ||||||
| 709,500 | Ratchthani Leasing PCL | 235 | |||||||
| 49,534 | Rathbone Brothers | 1,708 | |||||||
| 125,719 | Ratos AB (B Shares) | 549 | |||||||
| 287,102 | Raymond James Financial, Inc | 25,638 | |||||||
| 181,267 | Redwood Trust, Inc | 2,686 | |||||||
| 19,140 | * | Regional Management Corp | 504 | ||||||
| 235,745 | * | Reliance Capital Ltd | 2,134 | ||||||
| 878,160 | Remgro Ltd | 16,733 | |||||||
| 38,027 | Repco Home Finance Ltd | 408 | |||||||
| 55,074 | e | Resource Capital Corp | 516 | ||||||
| 259,835 | e | Resurs Holding AB | 1,845 | ||||||
| 10,800 | Ricoh Leasing Co Ltd | 373 | |||||||
| 1,171,714 | RMB Holdings Ltd | 7,479 | |||||||
| 1,574,125 | Rural Electrification Corp Ltd | 3,841 | |||||||
| 687,452 | S&P Global, Inc | 116,454 | |||||||
| 35,638 | * | Safeguard Scientifics, Inc | 399 | ||||||
| 26,188 | Samsung Card Co | 969 | |||||||
| 68,857 | Samsung Securities Co Ltd | 2,350 | |||||||
| 481,246 | * | Sandown Capital Pty Ltd | 126 | ||||||
| 493,164 | Santander Consumer USA Holdings, Inc | 9,183 | |||||||
| 246,100 | Sawada Holdings Co Ltd | 2,476 | |||||||
| 290,144 | SBI Holdings, Inc | 6,045 | |||||||
| 173,551 | Schroders plc | 8,215 | |||||||
| 402,877 | SEI Investments Co | 28,951 | |||||||
| 5 | *,†,m | SFCG Co Ltd | 0 | ||||||
| 61 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 227,100 | *,†,m | Shanghai Dajiang Group | $ | 131 | |||||
| 8,584 | Shinyoung Securities Co Ltd | 454 | |||||||
| 464,830 | Shriram Transport Finance Co Ltd | 10,775 | |||||||
| 14,122 | Silvercrest Asset Management Group, Inc | 227 | |||||||
| 1,051,327 | Singapore Exchange Ltd | 5,838 | |||||||
| 176,654 | * | SK Securities Co Ltd | 189 | ||||||
| 6,890,000 | e | Skyway Securities Group Ltd | 467 | ||||||
| 904,457 | * | SLM Corp | 10,220 | ||||||
| 768,475 | *,†,e,m | SNS Reaal | 9 | ||||||
| 21,637,743 | Sociedad de Inversiones Oro Blanco S.A. | 253 | |||||||
| 4,060 | Societe Fonciere Financiere et de Participations FFP | 488 | |||||||
| 14,121 | Sofina S.A. | 2,222 | |||||||
| 455,748 | Sparx Group Co Ltd | 1,259 | |||||||
| 9,004 | SPDR Trust Series 1 | 2,403 | |||||||
| 144,455 | Sprott, Inc | 280 | |||||||
| 688,936 | SREI Infrastructure Finance Ltd | 1,075 | |||||||
| 347,879 | Srisawad Corp PCL | 697 | |||||||
| 494,331 | St. James’s Place plc | 8,166 | |||||||
| 2,228,232 | Standard Life plc | 13,106 | |||||||
| 828,542 | Starwood Property Trust, Inc | 17,689 | |||||||
| 1,465,617 | State Street Corp | 143,059 | |||||||
| 226,691 | Stifel Financial Corp | 13,502 | |||||||
| 5,629,000 | Sun Hung Kai & Co Ltd | 3,589 | |||||||
| 33,809 | Sundaram Finance Ltd | 994 | |||||||
| 5,250 | Swissquote Group Holding S.A. | 206 | |||||||
| 2,508,881 | Synchrony Financial | 96,868 | |||||||
| 536,700 | T Rowe Price Group, Inc | 56,316 | |||||||
| 2,539,366 | e | Tai Fook Securities Group Ltd | 1,444 | ||||||
| 75,000 | Taiwan Acceptance Corp | 277 | |||||||
| 44,796 | Tamburi Investment Partners S.p.A. | 298 | |||||||
| 9,089 | Tata Investment Corp Ltd | 127 | |||||||
| 132,906 | TD Ameritrade Holding Corp | 6,795 | |||||||
| 355,474 | Thomson Corp (Toronto) | 15,494 | |||||||
| 99,418 | TI Financial Holdings Ltd | 1,071 | |||||||
| 47,917 | Tiptree Financial, Inc | 285 | |||||||
| 84,174 | TMX Group Ltd | 4,717 | |||||||
| 844,880 | Tokai Tokyo Securities Co Ltd | 5,431 | |||||||
| 77,545 | * | Tong Yang Investment Bank | 279 | ||||||
| 17,314 | TPG RE Finance Trust, Inc | 330 | |||||||
| 374,686 | Tullett Prebon plc | 2,686 | |||||||
| 402,735 | Two Harbors Investment Corp | 6,548 | |||||||
| 1,799,178 | UBS AG. | 33,056 | |||||||
| 629,800 | e | Unifin Financiera SAPI de C.V. SOFOM ENR | 2,134 | ||||||
| 1,101,083 | UOB-Kay Hian Holdings Ltd | 1,120 | |||||||
| 154,757 | * | Uranium Participation Corp | 521 | ||||||
| 1,983 | Value Line, Inc | 38 | |||||||
| 631,000 | e | Value Partners Group Ltd | 669 | ||||||
| 16,561 | Verusa Holding AS. | 100 | |||||||
| 45,326 | e | Virtu Financial, Inc | 829 | ||||||
| 11,659 | Virtus Investment Partners, Inc | 1,341 | |||||||
| 13,676 | Volati AB | 105 | |||||||
| 52,160 | Vontobel Holding AG. | 3,288 | |||||||
| 1,619,686 | Voya Financial, Inc | 80,126 | |||||||
| 2,646 | VZ Holding AG. | 897 | |||||||
| 62 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 367,842 | e | Waddell & Reed Financial, Inc (Class A) | $ | 8,218 | |||||
| 16,072 | Warsaw Stock Exchange | 217 | |||||||
| 1,785,160 | Waterland Financial Holdings | 569 | |||||||
| 25,385 | Wendel | 4,399 | |||||||
| 70,700 | Western Asset Mortgage Capital Corp | 703 | |||||||
| 30,023 | Westwood Holdings Group, Inc | 1,988 | |||||||
| 198,196 | e | WisdomTree Investments, Inc | 2,487 | ||||||
| 729,883 | Woori Investment & Securities Co Ltd | 9,447 | |||||||
| 10,125 | * | World Acceptance Corp | 817 | ||||||
| 31,128 | ZAIS Financial Corp | 472 | |||||||
| 836,230 | Zeder Investments Ltd | 466 | |||||||
| 127,000 | Zenkoku Hosho Co Ltd | 5,456 | |||||||
| TOTAL DIVERSIFIED FINANCIALS | 4,845,373 | ||||||||
| ENERGY - 6.1% | |||||||||
| 1,053,020 | * | Abraxas Petroleum Corp | 2,590 | ||||||
| 4,326 | Adams Resources & Energy, Inc | 188 | |||||||
| 57,600,804 | Adaro Energy Tbk | 7,875 | |||||||
| 120,412 | * | Advantage Oil & Gas Ltd | 517 | ||||||
| 52,649 | Aegis Logistics Ltd | 237 | |||||||
| 92,072 | *,e | Akastor ASA | 184 | ||||||
| 224,622 | Aker BP ASA | 5,533 | |||||||
| 93,396 | * | Aker Solutions ASA | 526 | ||||||
| 125,244 | e | AltaGas Income Trust | 2,852 | ||||||
| 590,781 | *,e | Amerisur Resources plc | 148 | ||||||
| 1,114,292 | Anadarko Petroleum Corp | 59,771 | |||||||
| 249,904 | Andeavor | 28,574 | |||||||
| 283,479 | * | Antero Resources Corp | 5,386 | ||||||
| 974,000 | *,e | Anton Oilfield Services Group | 107 | ||||||
| 100,000 | AOC Holdings, Inc | 554 | |||||||
| 596,039 | Apache Corp | 25,165 | |||||||
| 209,589 | *,e | Approach Resources, Inc | 620 | ||||||
| 1,374,084 | e | ARC Resources Ltd | 16,124 | ||||||
| 108,777 | Arch Coal, Inc | 10,134 | |||||||
| 409,817 | Archrock, Inc | 4,303 | |||||||
| 50,367 | *,e | Ardmore Shipping Corp | 403 | ||||||
| 814,856 | * | Athabasca Oil Corp | 694 | ||||||
| 1,195,096 | Baker Hughes a GE Co | 37,813 | |||||||
| 229,600 | Bangchak Corp PCL | 287 | |||||||
| 2,748,810 | Banpu PCL (Foreign) | 1,643 | |||||||
| 193,507 | * | Basic Energy Services, Inc | 4,542 | ||||||
| 477,387 | *,e | Baytex Energy Trust | 1,432 | ||||||
| 10,448,659 | Beach Petroleum Ltd | 10,091 | |||||||
| 1,284,854 | Bharat Petroleum Corp Ltd | 10,414 | |||||||
| 2,013,554 | * | Bill Barrett Corp | 10,330 | ||||||
| 139,296 | Birchcliff Energy Ltd | 488 | |||||||
| 300,632 | * | Bonanza Creek Energy, Inc | 8,294 | ||||||
| 140,771 | e | Bonavista Energy Trust | 252 | ||||||
| 15,756 | Bonterra Oil & Gas Ltd | 192 | |||||||
| 426,226 | * | Borr Drilling Ltd | 1,796 | ||||||
| 20,628 | e | Bourbon S.A. | 173 | ||||||
| 19,612,314 | BP plc | 137,586 | |||||||
| 253,979 | BP plc (ADR) | 10,675 | |||||||
| 63 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 4,650,000 | *,†,m | Brightoil Petroleum Holdings Ltd | $ | 893 | |||||
| 370,768 | e | Bristow Group, Inc | 4,994 | ||||||
| 1,700,600 | * | Bumi Armada BHD | 321 | ||||||
| 45,094 | *,e | BW LPG Ltd | 212 | ||||||
| 178,613 | * | BW Offshore Ltd | 779 | ||||||
| 160,999 | * | C&J Energy Services, Inc | 5,389 | ||||||
| 400,998 | Cabot Oil & Gas Corp | 11,469 | |||||||
| 645,240 | * | Cairn Energy plc | 1,859 | ||||||
| 73,879 | *,e | California Resources Corp | 1,436 | ||||||
| 348,017 | *,e | Callon Petroleum Co | 4,228 | ||||||
| 285,171 | Caltex Australia Ltd | 7,555 | |||||||
| 193,980 | e | Cameco Corp (Toronto) | 1,792 | ||||||
| 333,412 | *,e | Canacol Energy Ltd | 1,191 | ||||||
| 1,211,396 | Canadian Natural Resources Ltd (Canada) | 43,290 | |||||||
| 43,609 | *,e | CARBO Ceramics, Inc | 444 | ||||||
| 488,064 | e | Cardinal Energy Ltd | 1,976 | ||||||
| 130,813 | *,e | Carrizo Oil & Gas, Inc | 2,784 | ||||||
| 1,657,076 | e | Cenovus Energy, Inc | 15,129 | ||||||
| 2,446,718 | Cenovus Energy, Inc (Toronto) | 22,346 | |||||||
| 262,897 | *,e | Centennial Resource Development, Inc | 5,205 | ||||||
| 184,804 | CES Energy Solutions Corp | 960 | |||||||
| 385,092 | * | Cheniere Energy, Inc | 20,733 | ||||||
| 187,292 | * | Chennai Petroleum Corp Ltd | 1,254 | ||||||
| 1,238,584 | *,e | Chesapeake Energy Corp | 4,905 | ||||||
| 5,360,475 | Chevron Corp | 671,078 | |||||||
| 744,800 | e | China Aviation Oil Singapore Corp Ltd | 900 | ||||||
| 2,155,826 | China Oilfield Services Ltd | 2,092 | |||||||
| 11,523,295 | China Shenhua Energy Co Ltd | 29,770 | |||||||
| 8,957,000 | China Suntien Green Energy Cor | 2,368 | |||||||
| 186,250 | Cimarex Energy Co | 22,724 | |||||||
| 1,165,864 | * | Clean Energy Fuels Corp | 2,367 | ||||||
| 133,490 | * | Cloud Peak Energy, Inc | 594 | ||||||
| 22,488,246 | CNOOC Ltd | 32,284 | |||||||
| 473,592 | * | CNX Resources Corp | 6,929 | ||||||
| 877,120 | Coal India Ltd | 3,610 | |||||||
| 118 | *,b | Cobalt International Energy, Inc | 0 | ^ | |||||
| 2,667,206 | * | Concho Resources, Inc | 400,668 | ||||||
| 1,247,456 | ConocoPhillips | 68,473 | |||||||
| 59,688 | * | CONSOL Energy, Inc | 2,358 | ||||||
| 113,184 | * | Contango Oil & Gas Co | 533 | ||||||
| 2,553,806 | * | Continental Resources, Inc | 135,275 | ||||||
| 2,511 | e | Core Laboratories NV | 275 | ||||||
| 212,028 | Cosan SA Industria e Comercio | 2,657 | |||||||
| 216,800 | Cosmo Energy Holdings Co Ltd | 8,163 | |||||||
| 258,520 | Crescent Point Energy Corp | 1,970 | |||||||
| 89,867 | * | Crew Energy, Inc | 225 | ||||||
| 26,754 | e | CVR Energy, Inc | 996 | ||||||
| 2,204,472 | * | Dana Gas PJSC | 486 | ||||||
| 11,762 | Delek Group Ltd | 1,900 | |||||||
| 1,432,381 | Delek US Holdings, Inc | 50,047 | |||||||
| 1,188,607 | *,e | Denbury Resources, Inc | 2,627 | ||||||
| 633,974 | Devon Energy Corp | 26,247 | |||||||
| 142,000 | DHT Holdings, Inc | 510 | |||||||
| 3,370,751 | Dialog Group BHD | 2,089 | |||||||
| 64 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 114,985 | *,e | Diamond Offshore Drilling, Inc | $ | 2,138 | |||||
| 1,568,211 | * | Diamondback Energy, Inc | 197,987 | ||||||
| 412,510 | * | DNO International ASA | 477 | ||||||
| 41,093 | * | Dorian LPG Ltd | 338 | ||||||
| 65,877 | * | Dril-Quip, Inc | 3,142 | ||||||
| 1,723 | E1 Corp | 92 | |||||||
| 81,749 | *,e | Earthstone Energy, Inc | 869 | ||||||
| 304,678 | * | Eclipse Resources Corp | 731 | ||||||
| 9,073,516 | Ecopetrol S.A. | 6,719 | |||||||
| 461,214 | Empresas COPEC S.A. | 7,281 | |||||||
| 184,842 | Enagas | 5,286 | |||||||
| 96,224 | e | Enbridge Income Fund | 2,282 | ||||||
| 1,685,758 | e | Enbridge, Inc | 65,928 | ||||||
| 10,607 | e | Enbridge, Inc | 415 | ||||||
| 1,110,859 | EnCana Corp | 14,820 | |||||||
| 181,067 | Enerflex Ltd | 2,210 | |||||||
| 487,498 | * | Energen Corp | 28,065 | ||||||
| 1,056,414 | Energy Absolute PCL (Foreign) | 1,702 | |||||||
| 1,168,600 | †,m | Energy Earth PCL | 39 | ||||||
| 1,053,134 | *,e | Energy Resources of Australia Ltd | 748 | ||||||
| 56,016 | * | Energy XXI Gulf Coast, Inc | 322 | ||||||
| 877,081 | Enerplus Resources Fund | 8,589 | |||||||
| 2,230,665 | ENI S.p.A. | 36,913 | |||||||
| 3,062,169 | * | Enquest plc (London) | 1,178 | ||||||
| 736,984 | e | Ensco plc | 4,356 | ||||||
| 236,516 | Ensign Energy Services, Inc | 1,217 | |||||||
| 4,697,088 | EOG Resources, Inc | 506,863 | |||||||
| 88,211 | *,e | EP Energy Corp | 208 | ||||||
| 467,931 | EQT Corp | 26,635 | |||||||
| 79,764 | * | Era Group, Inc | 857 | ||||||
| 825,600 | Esso Malaysia BHD | 2,762 | |||||||
| 3,219 | * | Esso SA Francaise | 221 | ||||||
| 2,636,200 | * | Esso Thailand PCL (Foreign) | 1,424 | ||||||
| 24,323 | * | Etablissements Maurel et Prom | 105 | ||||||
| 76,660 | e | Euronav NV | 706 | ||||||
| 45,023 | Evolution Petroleum Corp | 308 | |||||||
| 16,942 | *,e | Exmar NV | 131 | ||||||
| 389,230 | * | Exterran Corp | 12,237 | ||||||
| 246,582 | *,e | Extraction Oil & Gas, Inc | 3,529 | ||||||
| 738,577 | Exxaro Resources Ltd | 9,700 | |||||||
| 9,465,965 | d | Exxon Mobil Corp | 791,733 | ||||||
| 1,141,997 | *,†,e,m | Ezion Holdings Ltd | 168 | ||||||
| 262,984 | *,e | Fairmount Santrol Holdings, Inc | 1,375 | ||||||
| 199,151 | * | Faroe Petroleum plc | 282 | ||||||
| 4,354,814 | Formosa Petrochemical Corp | 16,844 | |||||||
| 137,352 | * | Forum Energy Technologies, Inc | 2,136 | ||||||
| 91,638 | e | Frank’s International NV | 609 | ||||||
| 139,578 | Freehold Royalty Trust | 1,560 | |||||||
| 133,761 | e | Frontline Ltd | 614 | ||||||
| 50,200 | e | Frontline Ltd (Sigmax MTF) | 233 | ||||||
| 52,609 | * | Fugro NV | 819 | ||||||
| 534,124 | Galp Energia SGPS S.A. | 9,813 | |||||||
| 72,042 | e | GasLog Ltd | 1,603 | ||||||
| 65 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 337,341 | *,e | Gastar Exploration, Inc | $ | 354 | |||||
| 5,963,606 | Gazprom OAO (ADR) | 26,215 | |||||||
| 62,015 | Gazpromneft OAO (ADR) | 1,329 | |||||||
| 55,021 | e | Gaztransport Et Technigaz S.A. | 3,307 | ||||||
| 88,613 | *,e | Gener8 Maritime, Inc | 587 | ||||||
| 4,805,000 | * | Genesis Energy Holdings Ltd | 86 | ||||||
| 24,884 | * | Geospace Technologies Corp | 323 | ||||||
| 293,075 | e | Gibson Energy, Inc | 4,239 | ||||||
| 167,629 | e | Golar LNG Ltd | 4,997 | ||||||
| 95,538 | Great Eastern Shipping Co Ltd | 598 | |||||||
| 304,208 | Green Plains Renewable Energy, Inc | 5,126 | |||||||
| 110,145 | Grupa Lotos S.A. | 1,822 | |||||||
| 55,943 | GS Holdings Corp | 3,248 | |||||||
| 51,190 | * | Gujarat Mineral Development Corp Ltd | 134 | ||||||
| 29,118 | * | Gulf International Services OSC | 139 | ||||||
| 25,095 | Gulf Island Fabrication, Inc | 337 | |||||||
| 424,273 | * | Gulfport Energy Corp | 5,414 | ||||||
| 211,575 | *,e | Halcon Resources Corp | 1,602 | ||||||
| 37,007 | Hallador Energy Co | 225 | |||||||
| 2,387,322 | Halliburton Co | 116,668 | |||||||
| 313 | Hankook Shell Oil Co Ltd | 112 | |||||||
| 230,183 | * | Helix Energy Solutions Group, Inc | 1,736 | ||||||
| 31,028 | Hellenic Petroleum S.A. | 283 | |||||||
| 222,679 | e | Helmerich & Payne, Inc | 14,394 | ||||||
| 344,211 | Hess Corp | 16,340 | |||||||
| 509,000 | Hilong Holding Ltd | 73 | |||||||
| 1,260,497 | Hindustan Petroleum Corp Ltd | 8,266 | |||||||
| 28,557 | e | Hoegh LNG Holdings Ltd | 226 | ||||||
| 281,359 | HollyFrontier Corp | 14,411 | |||||||
| 1,410,000 | *,e | Honghua Group Ltd | 121 | ||||||
| 86,784 | * | Hunting plc | 709 | ||||||
| 3,284,906 | *,e | Hurricane Energy plc | 1,375 | ||||||
| 224,152 | * | Husky Energy, Inc | 3,165 | ||||||
| 122,194 | Idemitsu Kosan Co Ltd | 4,895 | |||||||
| 346,580 | Imperial Oil Ltd | 10,816 | |||||||
| 161,603 | * | Independence Contract Drilling, Inc | 643 | ||||||
| 739,968 | Indian Oil Corp Ltd | 4,497 | |||||||
| 670,800 | Inner Mongolia Yitai Coal Co | 967 | |||||||
| 952,448 | Inpex Holdings, Inc | 11,854 | |||||||
| 886,348 | e | Inter Pipeline Ltd | 18,355 | ||||||
| 1,914 | * | International Petroleum Corp | 8 | ||||||
| 52,440 | * | International Seaways, Inc | 968 | ||||||
| 59,146 | * | Ipek Matbacilik Sanayi Ve Ticaret AS | 84 | ||||||
| 13,739,007 | IRPC PCL (Foreign) | 2,972 | |||||||
| 1,548 | *,e | Isramco, Inc | 162 | ||||||
| 127,653 | Itochu Enex Co Ltd | 1,228 | |||||||
| 799,905 | *,e | Jagged Peak Energy, Inc | 12,622 | ||||||
| 3,900 | *,e | Japan Drilling Co Ltd | 83 | ||||||
| 22,900 | Japan Petroleum Exploration Co | 605 | |||||||
| 8,941 | * | Jerusalem Oil Exploration | 545 | ||||||
| 478,521 | John Wood Group plc | 4,187 | |||||||
| 292,000 | * | Jutal Offshore Oil Services Ltd | 80 | ||||||
| 5,253,510 | JX Holdings, Inc | 33,761 | |||||||
| 156,378 | *,e | Karoon Gas Australia Ltd | 159 | ||||||
| 66 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 192,835 | *,e | Keane Group, Inc | $ | 3,666 | |||||
| 90,479 | * | Kelt Exploration Ltd | 518 | ||||||
| 22,270 | *,e | Key Energy Services, Inc | 263 | ||||||
| 372,872 | Keyera Corp | 10,507 | |||||||
| 63,793 | Kinder Morgan Canada Ltd | 863 | |||||||
| 2,028,427 | Kinder Morgan, Inc | 36,654 | |||||||
| 59,947 | Koninklijke Vopak NV | 2,626 | |||||||
| 498,077 | * | Kosmos Energy LLC | 3,412 | ||||||
| 231,568 | * | Laredo Petroleum Holdings, Inc | 2,457 | ||||||
| 79,861 | *,e | Lilis Energy, Inc | 408 | ||||||
| 7,747 | Lubelski Wegiel Bogdanka S.A. | 149 | |||||||
| 623,844 | LUKOIL PJSC (ADR) | 35,544 | |||||||
| 138,600 | * | Lundin Petroleum AB | 3,173 | ||||||
| 14,226 | *,e | Mammoth Energy Services, Inc | 279 | ||||||
| 1,696,980 | Marathon Oil Corp | 28,730 | |||||||
| 1,048,701 | Marathon Petroleum Corp | 69,193 | |||||||
| 3,138,787 | * | Matador Resources Co | 97,710 | ||||||
| 155,517 | * | Matrix Service Co | 2,768 | ||||||
| 805,986 | * | McDermott International, Inc | 5,303 | ||||||
| 4,184,628 | * | MEG Energy Corp | 17,111 | ||||||
| 73,834 | * | Midstates Petroleum Co, Inc | 1,224 | ||||||
| 580,000 | * | MIE Holdings Corp | 41 | ||||||
| 166,100 | Modec, Inc | 4,280 | |||||||
| 1,084,703 | MOL Hungarian Oil & Gas plc | 12,576 | |||||||
| 182,803 | Motor Oil Hellas Corinth Refineries S.A. | 4,119 | |||||||
| 184,675 | e | Mullen Group Ltd | 2,312 | ||||||
| 127,874 | e | Murphy Oil Corp | 3,970 | ||||||
| 1,213,709 | Nabors Industries Ltd | 8,290 | |||||||
| 47,861 | Naphtha Israel Petroleum Corp Ltd | 340 | |||||||
| 751,823 | National Oilwell Varco, Inc | 27,081 | |||||||
| 13,350 | National Refinery Ltd | 52 | |||||||
| 21,143 | * | Natural Gas Services Group, Inc | 554 | ||||||
| 167,799 | e | Navios Maritime Acq Corp | 186 | ||||||
| 42,061 | *,e | NCS Multistage Holdings, Inc | 620 | ||||||
| 185,647 | Neste Oil Oyj | 11,883 | |||||||
| 353,845 | New Zealand Refining Co Ltd | 665 | |||||||
| 536,210 | * | Newfield Exploration Co | 16,907 | ||||||
| 22,924,000 | *,e | Newocean Energy Holdings Ltd | 6,015 | ||||||
| 146,301 | * | Newpark Resources, Inc | 1,258 | ||||||
| 183,550 | * | NexGen Energy Ltd | 469 | ||||||
| 403,292 | * | Noble Corp plc | 1,823 | ||||||
| 441,321 | Noble Energy, Inc | 12,860 | |||||||
| 175,763 | e | Nordic American Tanker Shipping | 432 | ||||||
| 57,460 | * | Nostrum Oil & Gas plc | 253 | ||||||
| 134,521 | NovaTek OAO (GDR) | 16,169 | |||||||
| 528,100 | * | NuVista Energy Ltd | 3,369 | ||||||
| 477,801 | *,e | Oasis Petroleum, Inc | 4,018 | ||||||
| 352,639 | * | Obsidian Energy Ltd | 438 | ||||||
| 2,467,299 | Occidental Petroleum Corp | 181,741 | |||||||
| 33,037 | e | Ocean Yield ASA | 280 | ||||||
| 209,318 | Oceaneering International, Inc | 4,425 | |||||||
| 42,857 | * | Odfjell Drilling Ltd | 191 | ||||||
| 752,900 | Oil & Gas Development Co Ltd | 1,110 | |||||||
| 67 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 9,183,880 | Oil Refineries Ltd | $ | 4,388 | ||||||
| 1,232,176 | Oil Search Ltd | 7,460 | |||||||
| 85,633 | * | Oil States International, Inc | 2,423 | ||||||
| 296,046 | OMV AG. | 18,766 | |||||||
| 337,190 | Oneok, Inc | 18,023 | |||||||
| 444,694 | * | Ophir Energy plc | 408 | ||||||
| 1,285,707 | * | Origin Energy Ltd | 9,418 | ||||||
| 131,437 | * | Overseas Shipholding Group, Inc | 360 | ||||||
| 346,785 | * | Pacific Ethanol, Inc | 1,578 | ||||||
| 78,724 | *,e | Painted Pony Energy Ltd | 167 | ||||||
| 58,300 | Pakistan Oilfields Ltd | 313 | |||||||
| 112,217 | Pakistan State Oil Co Ltd | 298 | |||||||
| 31,560 | Panhandle Oil and Gas, Inc (Class A) | 649 | |||||||
| 54,126 | * | Par Pacific Holdings, Inc | 1,044 | ||||||
| 301,321 | * | Paramount Resources Ltd (Class A) | 4,655 | ||||||
| 193,752 | * | Parex Resources, Inc | 2,799 | ||||||
| 362,775 | * | Parker Drilling Co | 363 | ||||||
| 126,236 | Parkland Fuel Corp | 2,696 | |||||||
| 7,556,451 | * | Parsley Energy, Inc | 222,462 | ||||||
| 142,669 | Pason Systems, Inc | 2,065 | |||||||
| 616,105 | Patterson-UTI Energy, Inc | 14,177 | |||||||
| 12,912 | Paz Oil Co Ltd | 2,231 | |||||||
| 187,892 | e | PBF Energy, Inc | 6,661 | ||||||
| 129,567 | * | PDC Energy, Inc | 6,678 | ||||||
| 534,879 | * | Peabody Energy Corp | 21,058 | ||||||
| 623,217 | Pembina Pipeline Income Fund | 22,564 | |||||||
| 313,500 | *,e | Pengrowth Energy Trust | 249 | ||||||
| 24,288 | *,e | Penn Virginia Corp | 950 | ||||||
| 618,412 | Petrofac Ltd | 4,246 | |||||||
| 5,158,905 | * | Petroleo Brasileiro S.A. | 26,290 | ||||||
| 7,818,119 | * | Petroleo Brasileiro S.A. (Preference) | 37,939 | ||||||
| 219,157 | *,e | Petroleum Geo-Services ASA | 446 | ||||||
| 1,419,500 | Petron | 261 | |||||||
| 469,759 | Petronas Dagangan BHD | 2,810 | |||||||
| 551,924 | Petronet LNG Ltd | 2,198 | |||||||
| 184,030 | e | Peyto Exploration & Development Corp | 2,200 | ||||||
| 24,524 | * | PHI, Inc | 284 | ||||||
| 827,130 | Phillips 66 | 83,664 | |||||||
| 131,796 | * | Pioneer Energy Services Corp | 402 | ||||||
| 544,925 | Pioneer Natural Resources Co | 94,190 | |||||||
| 3,909,193 | Plains All American Pipeline LP | 80,686 | |||||||
| 1,358,690 | Plains GP Holdings LP | 29,823 | |||||||
| 4,679,691 | Polish Oil & Gas Co | 8,456 | |||||||
| 450,499 | Polski Koncern Naftowy Orlen S.A. | 13,693 | |||||||
| 100,100 | *,†,m | Poseidon Concepts Corp | 1 | ^ | |||||
| 97,453 | e | PrairieSky Royalty Ltd | 2,486 | ||||||
| 181,702 | * | Precision Drilling Trust | 551 | ||||||
| 1,903,530 | *,e | Premier Oil plc | 1,960 | ||||||
| 100,083 | *,e | ProPetro Holding Corp | 2,018 | ||||||
| 15,628,900 | * | PT Bumi Resources Tbk | 310 | ||||||
| 3,037,200 | * | PT Delta Dunia Petroindo Tbk | 160 | ||||||
| 530,000 | * | PT Harum Energy Indonesia Tbk | 80 | ||||||
| 1,170,300 | * | PT Indika Energy Tbk | 263 | ||||||
| 2,791,100 | PT Indo Tambangraya Megah | 4,250 | |||||||
| 68 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 4,973,866 | * | PT Medco Energi Internasional Tbk | $ | 326 | |||||
| 18,113,400 | * | PT Sugih Energy Tbk | 67 | ||||||
| 2,120,400 | PT Tambang Batubara Bukit Asam Tbk | 384 | |||||||
| 5,614,106 | PT United Tractors Tbk | 14,648 | |||||||
| 1,459,721 | PTT Exploration & Production PCL (Foreign) | 4,473 | |||||||
| 1,094,095 | PTT PCL (Foreign) | 14,704 | |||||||
| 469,244 | * | Qatar Gas Transport Co Ltd | 2,074 | ||||||
| 419,900 | QGEP Participacoes S.A. | 1,361 | |||||||
| 847,113 | * | Questar Market Resources, Inc | 8,107 | ||||||
| 136,063 | * | Raging River Exploration, Inc | 866 | ||||||
| 536,167 | Range Resources Corp | 9,147 | |||||||
| 12,315 | *,e | Ranger Energy Services, Inc | 114 | ||||||
| 4,716,999 | Reliance Industries Ltd | 67,992 | |||||||
| 202,543 | *,e | Renewable Energy Group, Inc | 2,390 | ||||||
| 2,738,814 | Repsol YPF S.A. | 48,358 | |||||||
| 35,320 | *,e | Resolute Energy Corp | 1,112 | ||||||
| 10,143 | * | Rex American Resources Corp | 840 | ||||||
| 24,329 | * | RigNet, Inc | 364 | ||||||
| 86,319 | * | Ring Energy, Inc | 1,200 | ||||||
| 3,946 | *,e | Rosehill Resources, Inc | 31 | ||||||
| 1,293,857 | Rosneft Oil Co (GDR) | 6,438 | |||||||
| 645,727 | * | Rowan Cos plc | 10,112 | ||||||
| 4,966,029 | Royal Dutch Shell plc (A Shares) | 165,782 | |||||||
| 4,449,607 | Royal Dutch Shell plc (B Shares) | 149,836 | |||||||
| 312,216 | e | RPC, Inc | 7,971 | ||||||
| 4,650,247 | * | RSP Permian, Inc | 189,172 | ||||||
| 380,524 | * | Saipem S.p.A | 1,736 | ||||||
| 33,000 | San-Ai Oil Co Ltd | 480 | |||||||
| 120,826 | *,e | Sanchez Energy Corp | 642 | ||||||
| 59,556 | *,e | SandRidge Energy, Inc | 1,255 | ||||||
| 1,444,591 | * | Santos Ltd | 6,115 | ||||||
| 4,508,176 | Sapurakencana Petroleum BHD | 789 | |||||||
| 751,334 | Saras S.p.A. | 1,804 | |||||||
| 728,591 | Sasol Ltd | 25,186 | |||||||
| 121,643 | SBM Offshore NV | 2,141 | |||||||
| 3,910,088 | Schlumberger Ltd | 263,501 | |||||||
| 6,942 | *,e | Schoeller-Bleckmann Oilfield Equipment AG. | 708 | ||||||
| 397,406 | Scorpio Tankers, Inc | 1,212 | |||||||
| 31,913 | * | SEACOR Holdings, Inc | 1,475 | ||||||
| 27,556 | * | SEACOR Marine Holdings, Inc | 322 | ||||||
| 1,163 | *,b | Seadrill Ltd (Oslo Exchange) | 0 | ^ | |||||
| 292,175 | e | Secure Energy Services, Inc | 2,036 | ||||||
| 41,654 | *,e | Select Energy Services, Inc | 760 | ||||||
| 263,076 | SemGroup Corp | 7,945 | |||||||
| 261,600 | Serba Dinamik Holdings Bhd | 209 | |||||||
| 50 | *,†,m | Serval Integrated Energy Services | 0 | ||||||
| 606,028 | * | Seven Generations Energy Ltd | 8,572 | ||||||
| 92 | * | Shanxi Guoxin Energy Corp Ltd | 0 | ^ | |||||
| 43,336 | e | ShawCor Ltd | 945 | ||||||
| 64,200 | * | Shell Refining Co Federation Of Malaya Bhd | 258 | ||||||
| 147,000 | Shinko Plantech Co Ltd | 1,555 | |||||||
| 107,140 | e | Ship Finance International Ltd | 1,661 | ||||||
| 438,765 | Showa Shell Sekiyu KK | 5,937 | |||||||
| 69 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 11,406,100 | Siamgas & Petrochemicals PCL (Foreign) | $ | 8,505 | ||||||
| 11,903 | * | SilverBow Resources, Inc | 354 | ||||||
| 5,000 | Sinanen Co Ltd | 119 | |||||||
| 622,000 | Sinopec Kantons Holdings Ltd | 401 | |||||||
| 67,280 | SK Energy Co Ltd | 12,835 | |||||||
| 7,351 | SK Gas Co Ltd | 645 | |||||||
| 190,375 | SM Energy Co | 4,203 | |||||||
| 40,494 | *,e | Smart Sand, Inc | 351 | ||||||
| 2,111,235 | Snam Rete Gas S.p.A. | 10,340 | |||||||
| 321,783 | Soco International plc | 486 | |||||||
| 50,052 | S-Oil Corp | 5,467 | |||||||
| 121,343 | * | Solaris Oilfield Infrastructure, Inc | 2,598 | ||||||
| 148,716 | * | Songa Offshore SE | 1,091 | ||||||
| 403,803 | *,e | Sound Energy plc | 278 | ||||||
| 934,044 | * | Southwestern Energy Co | 5,212 | ||||||
| 103,135 | * | Spartan Energy Corp | 590 | ||||||
| 404,162 | * | SRC Energy, Inc | 3,448 | ||||||
| 3,522,364 | Statoil ASA | 75,408 | |||||||
| 580,955 | Stobart Group Ltd | 2,208 | |||||||
| 138,311 | *,e | Stone Energy Corp | 4,448 | ||||||
| 454,000 | Strong Petrochemical Holdings Ltd | 81 | |||||||
| 670,214 | Subsea 7 S.A. | 10,041 | |||||||
| 2,962,613 | Suncor Energy, Inc | 108,771 | |||||||
| 430,424 | * | Superior Energy Services | 4,145 | ||||||
| 137,133 | e | Surge Energy, Inc | 228 | ||||||
| 1,074,719 | Surgutneftegaz (ADR) | 5,045 | |||||||
| 354,200 | Surgutneftegaz (ADR) (London) | 1,668 | |||||||
| 83,538 | *,e | Tamarack Valley Energy Ltd | 190 | ||||||
| 423,833 | Targa Resources Investments, Inc | 20,522 | |||||||
| 438,895 | Tatneft PAO (ADR) | 21,614 | |||||||
| 4,254 | TechnipFMC plc | 132 | |||||||
| 5,437 | TechnipFMC plc | 170 | |||||||
| 168,561 | e | Tecnicas Reunidas S.A. | 5,345 | ||||||
| 91,096 | e | Teekay Corp | 849 | ||||||
| 341,736 | e | Teekay Tankers Ltd (Class A) | 478 | ||||||
| 96,844 | *,e | Tellurian, Inc | 943 | ||||||
| 381,489 | Tenaris S.A. | 6,055 | |||||||
| 195,493 | * | Tetra Technologies, Inc | 835 | ||||||
| 63,306 | TGS Nopec Geophysical Co ASA | 1,499 | |||||||
| 5,527,455 | Thai Oil PCL (Foreign) | 17,554 | |||||||
| 73,031 | TMK OAO (GDR) | 338 | |||||||
| 87,194 | e | TORC Oil & Gas Ltd | 523 | ||||||
| 16,940 | e | TORM plc | 146 | ||||||
| 49,988 | Total Energy Services, Inc | 591 | |||||||
| 2,977,368 | Total S.A. | 164,350 | |||||||
| 110,704 | * | Tourmaline Oil Corp | 2,006 | ||||||
| 31,300 | Toyo Kanetsu K K | 1,270 | |||||||
| 1,312,835 | e | TransCanada Corp | 63,898 | ||||||
| 1,124 | * | Transocean Ltd | 12 | ||||||
| 1,779,649 | *,e | Transocean Ltd (NYSE) | 19,007 | ||||||
| 331,518 | * | Trican Well Service Ltd | 1,076 | ||||||
| 190,921 | *,e | Trinidad Drilling Ltd | 258 | ||||||
| 1,096,616 | * | Tullow Oil plc | 3,053 | ||||||
| 133,735 | Tupras Turkiye Petrol Rafine | 4,286 | |||||||
| 70 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 330,000 | * | Ultra Petroleum Corp | $ | 2,990 | |||||
| 377,894 | Ultrapar Participacoes S.A. | 8,546 | |||||||
| 2,160,562 | * | UMW Oil & Gas Corp BHD | 163 | ||||||
| 363,778 | * | Unit Corp | 8,003 | ||||||
| 254,136 | *,e | Uranium Energy Corp | 450 | ||||||
| 140,808 | e | US Silica Holdings Inc | 4,585 | ||||||
| 1,255,337 | Valero Energy Corp | 115,378 | |||||||
| 196,610 | *,e | Vallourec SA | 1,185 | ||||||
| 115,102 | Verbio AG. | 1,126 | |||||||
| 61,440 | e | Vermilion Energy, Inc | 2,233 | ||||||
| 2,754,972 | * | W&T Offshore, Inc | 9,119 | ||||||
| 66,680 | Washington H Soul Pattinson & Co Ltd | 925 | |||||||
| 4,899,859 | *,e | Weatherford International Ltd | 20,432 | ||||||
| 784,578 | e | Whitecap Resources, Inc | 5,586 | ||||||
| 946,698 | Whitehaven Coal Ltd | 3,283 | |||||||
| 198,035 | * | Whiting Petroleum Corp | 5,244 | ||||||
| 84,352 | *,e | WildHorse Resource Development Corp | 1,553 | ||||||
| 66,342 | * | Willbros Group, Inc | 94 | ||||||
| 5,461,731 | Williams Cos, Inc | 166,528 | |||||||
| 656,000 | Wison Engineering Services Co Ltd | 144 | |||||||
| 1,315,041 | Woodside Petroleum Ltd | 33,833 | |||||||
| 238,349 | World Fuel Services Corp | 6,707 | |||||||
| 169,425 | * | WorleyParsons Ltd | 1,888 | ||||||
| 3,343,681 | * | WPX Energy, Inc | 47,046 | ||||||
| 2,521,066 | Yanzhou Coal Mining Co Ltd | 2,940 | |||||||
| 324,300 | Yinson Holdings BHD | 325 | |||||||
| 247,710 | * | YPF S.A. (ADR) (Class D) | 5,675 | ||||||
| 1,252,000 | * | Yuan Heng Gas Holdings Ltd | 149 | ||||||
| 404,195 | Z Energy Ltd | 2,194 | |||||||
| TOTAL ENERGY | 7,719,881 | ||||||||
| FOOD & STAPLES RETAILING - 1.3% | |||||||||
| 979,300 | 7-Eleven Malaysia Holdings BHD | 373 | |||||||
| 440,344 | Aeon Co Ltd | 7,428 | |||||||
| 19,300 | Ain Pharmaciez Inc | 1,153 | |||||||
| 2,735 | * | Al Meera Consumer Goods Co | 109 | ||||||
| 1,077,552 | Alimentation Couche Tard, Inc | 56,226 | |||||||
| 1,617,766 | Almacenes Exito S.A. | 8,977 | |||||||
| 45,236 | Andersons, Inc | 1,409 | |||||||
| 72,644 | Arcs Co Ltd | 1,690 | |||||||
| 2,388,500 | * | Atacadao Distribuicao Comercio e Industria Ltd | 10,981 | ||||||
| 76,986 | Axfood AB | 1,483 | |||||||
| 26,200 | Axial Retailing, Inc | 984 | |||||||
| 20,700 | Belc Co Ltd | 1,246 | |||||||
| 7,842 | * | BGF retail Co Ltd | 1,538 | ||||||
| 330,264 | Bid Corp Ltd | 8,027 | |||||||
| 195,655 | BIM Birlesik Magazalar AS | 4,024 | |||||||
| 5,805,103 | Booker Group plc | 17,949 | |||||||
| 1,375,672 | Carrefour S.A. | 29,660 | |||||||
| 93,014 | e | Casey’s General Stores, Inc | 10,412 | ||||||
| 55,670 | Casino Guichard Perrachon S.A. | 3,375 | |||||||
| 44,700 | Cawachi Ltd | 1,103 | |||||||
| 2,254,082 | Centros Comerciales Sudamericanos S.A. | 6,655 | |||||||
| 71 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 51,177 | * | Chefs’ Warehouse Holdings, Inc | $ | 1,049 | |||||
| 231,617 | Cia Brasileira de Distribuicao Grupo Pao de Acucar | 5,512 | |||||||
| 3,586 | CJ Freshway Corp | 133 | |||||||
| 160,619 | Clicks Group Ltd | 2,351 | |||||||
| 11,260 | Cocokara Fine Holdings, Inc | 725 | |||||||
| 20,269 | Colruyt S.A. | 1,054 | |||||||
| 102,200 | Conviviality plc | 557 | |||||||
| 6,112,000 | Cosco Capital, Inc | 943 | |||||||
| 21,900 | Cosmos Pharmaceutical Corp | 4,570 | |||||||
| 4,827,429 | CP Seven Eleven PCL (Foreign) | 11,393 | |||||||
| 86,200 | Create SD Holdings Co Ltd | 2,313 | |||||||
| 2,075,696 | CVS Health Corp | 150,488 | |||||||
| 4,500 | e | Daikokutenbussaan Co Ltd | 200 | ||||||
| 9,560 | * | Dino Polska S.A. | 216 | ||||||
| 176,100 | Dis-Chem Pharmacies Ltd | 520 | |||||||
| 418,463 | Distribuidora Internacional de Alimentacion S.A. | 2,158 | |||||||
| 24,308 | Dongsuh Co, Inc | 661 | |||||||
| 9,729 | E-Mart Co Ltd | 2,460 | |||||||
| 439,195 | Empire Co Ltd | 8,557 | |||||||
| 52,902 | Eurocash S.A. | 402 | |||||||
| 82,191 | FamilyMart Co Ltd | 5,757 | |||||||
| 6,200 | *,e | Genky DrugStores Co Ltd | 226 | ||||||
| 70,463 | George Weston Ltd | 6,119 | |||||||
| 103,300 | Growell Holdings Co Ltd | 4,459 | |||||||
| 217,900 | Grupo Comercial Chedraui S.a. DE C.V. | 400 | |||||||
| 28,083 | GS Retail Co Ltd | 1,056 | |||||||
| 4,900 | Halows Co Ltd | 113 | |||||||
| 17,700 | Heiwado Co Ltd | 367 | |||||||
| 29,022 | Hyundai Greenfood Co Ltd | 405 | |||||||
| 353,521 | e | ICA Gruppen AB | 12,843 | ||||||
| 33,984 | Ingles Markets, Inc (Class A) | 1,176 | |||||||
| 8,200 | Itochu-Shokuhin Co Ltd | 450 | |||||||
| 2,722,364 | J Sainsbury plc | 8,865 | |||||||
| 283,467 | Jean Coutu Group PJC, Inc | 5,507 | |||||||
| 305,001 | Jeronimo Martins SGPS S.A. | 5,927 | |||||||
| 10,300 | Kansai Super Market Ltd | 113 | |||||||
| 50,500 | Kato Sangyo Co Ltd | 1,848 | |||||||
| 41,138 | Kesko Oyj (B Shares) | 2,233 | |||||||
| 8,700 | Kobe Bussan Co Ltd | 333 | |||||||
| 2,582,877 | Koninklijke Ahold Delhaize NV | 56,779 | |||||||
| 2,975,733 | Kroger Co | 81,684 | |||||||
| 37,200 | Kusuri no Aoki Holdings Co Ltd | 1,968 | |||||||
| 288,700 | * | La Comer SAB de C.V. | 297 | ||||||
| 91,814 | Lawson, Inc | 6,101 | |||||||
| 253,000 | * | Lianhua Supermarket Holdings Co Ltd | 92 | ||||||
| 8,100 | Life Corp | 218 | |||||||
| 259,907 | e | Loblaw Cos Ltd | 14,106 | ||||||
| 448,173 | Magnit OAO (GDR) | 12,198 | |||||||
| 31,205 | e | Majestic Wine plc | 189 | ||||||
| 484,000 | *,e | Major Holdings Ltd | 9 | ||||||
| 72,477 | e | MARR S.p.A. | 1,871 | ||||||
| 69,443 | Massmart Holdings Ltd | 783 | |||||||
| 187,200 | Matsumotokiyoshi Holdings Co Ltd | 7,690 | |||||||
| 1,379,897 | e | Metcash Ltd | 3,346 | ||||||
| 72 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 65,299 | * | Metro Wholesale & Food Specialist AG. | $ | 1,301 | |||||
| 546,792 | Metro, Inc | 17,509 | |||||||
| 18,761 | * | Migros Ticaret AS | 136 | ||||||
| 45,200 | Ministop Co Ltd | 976 | |||||||
| 98,369 | *,e | Natural Grocers by Vitamin C | 878 | ||||||
| 4,700 | Nihon Chouzai Co Ltd | 143 | |||||||
| 108,941 | North West Co, Inc | 2,606 | |||||||
| 42,000 | Okuwa Co Ltd | 434 | |||||||
| 2,000 | e | Olam International Ltd | 3 | ||||||
| 523,413 | * | Performance Food Group Co | 17,325 | ||||||
| 1,279,140 | Pick’n Pay Stores Ltd | 7,192 | |||||||
| 583,822 | President Chain Store Corp | 5,560 | |||||||
| 38,180 | Pricesmart, Inc | 3,287 | |||||||
| 11,700 | Qol Co Ltd | 219 | |||||||
| 201,202 | Raia Drogasil S.A. | 5,566 | |||||||
| 62,857 | Rallye S.A. | 1,117 | |||||||
| 14,490 | Rami Levi Chain Stores Hashikma Marketing 2006 Ltd | 769 | |||||||
| 1,562,948 | *,e | Rite Aid Corp | 3,079 | ||||||
| 515,620 | Robinsons Retail Holdings, Inc | 994 | |||||||
| 9,079 | Ryoshoku Ltd | 266 | |||||||
| 10,900 | San-A Co Ltd | 527 | |||||||
| 740,373 | Seven & I Holdings Co Ltd | 30,671 | |||||||
| 1,380,800 | e | Sheng Siong Group Ltd | 955 | ||||||
| 28,300 | e | Shoei Foods Corp | 1,200 | ||||||
| 600,647 | Shoprite Holdings Ltd | 10,738 | |||||||
| 405,810 | Shufersal Ltd | 2,694 | |||||||
| 41,294 | * | Smart & Final Stores, Inc | 353 | ||||||
| 18,400 | Sogo Medical Co Ltd | 968 | |||||||
| 2,778,048 | Sonae SPGS S.A. | 3,753 | |||||||
| 184,251 | Spar Group Ltd | 3,028 | |||||||
| 257,667 | Spartan Stores, Inc | 6,875 | |||||||
| 634,000 | Springland International Holdings Ltd | 154 | |||||||
| 209,271 | * | Sprouts Farmers Market, Inc | 5,096 | ||||||
| 23,500 | Sugi Pharmacy Co Ltd | 1,197 | |||||||
| 9,268,427 | Sun Art Retail Group Ltd | 9,777 | |||||||
| 130,512 | Sundrug Co Ltd | 6,054 | |||||||
| 62,993 | * | SUPERVALU, Inc | 1,361 | ||||||
| 560,100 | Sysco Corp | 34,015 | |||||||
| 361,000 | Taiwan TEA Corp | 187 | |||||||
| 29,386,735 | Tesco plc | 83,023 | |||||||
| 26,800 | Tsuruha Holdings, Inc | 3,640 | |||||||
| 317,338 | * | United Natural Foods, Inc | 15,635 | ||||||
| 32,650 | United Super Markets Holdings, Inc | 331 | |||||||
| 998,514 | * | US Foods Holding Corp | 31,883 | ||||||
| 28,700 | Valor Co Ltd | 670 | |||||||
| 13,308 | Village Super Market (Class A) | 305 | |||||||
| 2,682,373 | Walgreens Boots Alliance, Inc | 194,794 | |||||||
| 16,063,550 | Wal-Mart de Mexico SAB de C.V. | 39,370 | |||||||
| 3,903,576 | Wal-Mart Stores, Inc | 385,478 | |||||||
| 16,578 | Weis Markets, Inc | 686 | |||||||
| 1,102,612 | Wesfarmers Ltd | 38,126 | |||||||
| 2,878,803 | WM Morrison Supermarkets plc | 8,547 | |||||||
| 73 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,025,043 | Woolworths Ltd | $ | 21,778 | ||||||
| 146,500 | * | X 5 Retail Group NV (GDR) | 5,533 | ||||||
| 30,000 | Yakuodo Co Ltd | 835 | |||||||
| 27,900 | Yaoko Co Ltd | 1,360 | |||||||
| 23,500 | e | Yokohama Reito Co Ltd | 243 | ||||||
| 6,384 | * | Zur Rose Group AG. | 858 | ||||||
| TOTAL FOOD & STAPLES RETAILING | 1,638,650 | ||||||||
| FOOD, BEVERAGE & TOBACCO - 4.8% | |||||||||
| 1,425,628 | * | a2 Milk Co Ltd | 8,153 | ||||||
| 21,818 | AarhusKarlshamn AB | 1,868 | |||||||
| 60,086 | * | Adecoagro S.A. | 621 | ||||||
| 12,440 | e | AGT Food & Ingredients, Inc | 199 | ||||||
| 252,930 | Agthia Group PJSC | 331 | |||||||
| 374,285 | Ajinomoto Co, Inc | 7,042 | |||||||
| 6,877 | Alico, Inc | 203 | |||||||
| 3,119,746 | Altria Group, Inc | 222,781 | |||||||
| 6,637,374 | AMBEV S.A. | 42,602 | |||||||
| 57,673 | *,e | Amplify Snack Brands, Inc | 693 | ||||||
| 626,537 | Anadolu Efes Biracilik Ve Malt Sanayii AS | 4,000 | |||||||
| 279,329 | Anheuser-Busch InBev S.A. | 31,185 | |||||||
| 80,200 | Anhui Gujing Distillery Co Ltd | 453 | |||||||
| 576,204 | Archer Daniels Midland Co | 23,094 | |||||||
| 11,200 | Ariake Japan Co Ltd | 955 | |||||||
| 61,945 | Aryzta AG. | 2,457 | |||||||
| 292,640 | Asahi Breweries Ltd | 14,521 | |||||||
| 705,754 | Associated British Foods plc | 26,871 | |||||||
| 480,555 | Astral Foods Ltd | 10,405 | |||||||
| 11,834 | Atria Group plc | 172 | |||||||
| 56,403 | Austevoll Seafood ASA | 469 | |||||||
| 219,839 | *,e | Australian Agricultural Co Ltd | 223 | ||||||
| 32,160 | Avanti Feeds Ltd | 1,274 | |||||||
| 636,477 | AVI Ltd | 5,688 | |||||||
| 114,618 | e | B&G Foods, Inc (Class A) | 4,029 | ||||||
| 105,829 | Bakkafrost P | 4,485 | |||||||
| 222,599 | Balrampur Chini Mills Ltd | 461 | |||||||
| 2,931 | Barry Callebaut AG. | 6,109 | |||||||
| 4,471,100 | * | Becle SAB de C.V. | 7,163 | ||||||
| 796,508 | e | Bega Cheese Ltd | 4,477 | ||||||
| 1,030 | Bell AG. | 454 | |||||||
| 52,338 | * | Bellamy’s Australia Ltd | 427 | ||||||
| 10,422 | *,e | Belvedere S.A. | 157 | ||||||
| 3,612 | Binggrae Co Ltd | 213 | |||||||
| 120,500 | * | Biostime International Holdings Ltd | 800 | ||||||
| 167,858 | *,e | Blue Buffalo Pet Products, Inc | 5,504 | ||||||
| 17,982 | Bonduelle S.C.A. | 951 | |||||||
| 33,542 | *,e | Boston Beer Co, Inc (Class A) | 6,410 | ||||||
| 417,686 | * | BRF S.A. | 4,609 | ||||||
| 24,425 | Britannia Industries Ltd | 1,800 | |||||||
| 131,604 | British American Tobacco Malaysia BHD | 1,301 | |||||||
| 3,927,874 | British American Tobacco plc | 265,520 | |||||||
| 83,911 | British American Tobacco plc (ADR) | 5,621 | |||||||
| 2,078,365 | Britvic plc | 22,809 | |||||||
| 109,850 | Brown-Forman Corp | 7,386 | |||||||
| 74 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 154,376 | Brown-Forman Corp (Class B) | $ | 10,601 | ||||||
| 317,200 | Bumitama Agri Ltd | 177 | |||||||
| 827,213 | Bunge Ltd | 55,489 | |||||||
| 198,824 | C&C Group plc | 686 | |||||||
| 27,555 | e | Calavo Growers, Inc | 2,326 | ||||||
| 64,074 | e | Calbee, Inc | 2,082 | ||||||
| 49,269 | *,e | Cal-Maine Foods, Inc | 2,190 | ||||||
| 260,604 | Campbell Soup Co | 12,538 | |||||||
| 99,131 | Carlsberg AS (Class B) | 11,890 | |||||||
| 213,000 | Carlsberg Brewery-Malay BHD | 805 | |||||||
| 161,207 | *,e | Castle Brands, Inc | 197 | ||||||
| 596,300 | Century Pacific Food, Inc | 193 | |||||||
| 2,029,000 | Charoen Pokphand Enterprise | 4,377 | |||||||
| 3,106,906 | Charoen Pokphand Foods PCL | 2,288 | |||||||
| 20,608,000 | China Agri-Industries Holdings Ltd | 9,006 | |||||||
| 4,375,889 | *,†,e,m | China Huishan Dairy Holdings Co Ltd | 6 | ||||||
| 370,000 | * | China Huiyuan Juice Group Ltd | 102 | ||||||
| 2,802,946 | China Mengniu Dairy Co Ltd | 8,326 | |||||||
| 984,000 | *,e | China Modern Dairy Holdings | 190 | ||||||
| 1,737,164 | China Resources Beer Holdings Company Ltd | 6,223 | |||||||
| 3,853,000 | *,e | China Shengmu Organic Milk Ltd | 621 | ||||||
| 14,300 | Chubu Shiryo Co Ltd | 317 | |||||||
| 413,774 | Cia Cervecerias Unidas S.A. | 6,204 | |||||||
| 8,323 | CJ CheilJedang Corp | 2,846 | |||||||
| 24,722 | e | Clearwater Seafoods, Inc | 144 | ||||||
| 140,128 | Cloetta AB | 507 | |||||||
| 491,419 | Coca-Cola Amatil Ltd | 3,256 | |||||||
| 8,233 | Coca-Cola Bottling Co Consolidated | 1,772 | |||||||
| 10,729,104 | Coca-Cola Co | 492,251 | |||||||
| 10 | Coca-Cola European Partners plc | 0 | ^ | ||||||
| 705,524 | Coca-Cola European Partners plc (Class A) | 28,115 | |||||||
| 714,627 | Coca-Cola Femsa S.A. de C.V. | 4,977 | |||||||
| 452,685 | Coca-Cola HBC AG. | 14,791 | |||||||
| 70,457 | Coca-Cola Icecek AS | 635 | |||||||
| 89,000 | Coca-Cola West Japan Co Ltd | 3,247 | |||||||
| 2,172,000 | e | Cofco International Ltd | 1,268 | ||||||
| 1,341,000 | *,e | COFCO Meat Holdings Ltd | 271 | ||||||
| 4,020,573 | ConAgra Foods, Inc | 151,455 | |||||||
| 309,300 | Constellation Brands, Inc (Class A) | 70,697 | |||||||
| 7,469 | Corby Spirit and Wine Ltd | 137 | |||||||
| 891,677 | Costa Group Holdings Ltd | 4,578 | |||||||
| 1,806,752 | n | Costco Wholesale Corp | 336,273 | ||||||
| 98,985 | Cott Corp (Toronto) | 1,652 | |||||||
| 23,800 | * | Craft Brewers Alliance, Inc | 457 | ||||||
| 84,858 | Daesang Corp | 2,183 | |||||||
| 47,347 | Daesang Holdings Co Ltd | 440 | |||||||
| 202,525 | e | Dairy Crest Group plc | 1,576 | ||||||
| 358,941 | * | Darling International, Inc | 6,508 | ||||||
| 7,378,599 | Davide Campari-Milano S.p.A | 57,012 | |||||||
| 257,289 | Dean Foods Co | 2,974 | |||||||
| 5,821,476 | Diageo plc | 213,383 | |||||||
| 786 | Dongwon F&B Co Ltd | 172 | |||||||
| 6,866 | Dongwon Industries Co Ltd | 2,155 | |||||||
| 75 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 283,337 | Dr Pepper Snapple Group, Inc | $ | 27,501 | ||||||
| 5,500 | Dydo Drinco, Inc | 290 | |||||||
| 1,214,000 | *,†,e,m | Dynasty Fine Wines Group Ltd | 2 | ||||||
| 194,623 | Easy Bio, Inc | 1,166 | |||||||
| 43,639 | Ebro Puleva S.A. | 1,022 | |||||||
| 243,589 | Embotelladora Andina S.A. | 1,215 | |||||||
| 396,601 | Embotelladoras Arca SAB de C.V. | 2,742 | |||||||
| 1,570 | Emmi AG. | 1,129 | |||||||
| 28,000 | Ezaki Glico Co Ltd | 1,397 | |||||||
| 15,523 | * | Farmer Bros Co | 499 | ||||||
| 9,224 | Farmsco | 100 | |||||||
| 71,300 | Feed One Co Ltd | 167 | |||||||
| 1,156,304 | Felda Global Ventures Holdings BHD | 483 | |||||||
| 592,392 | Fevertree Drinks plc | 18,212 | |||||||
| 866,368 | e | First Resources Ltd | 1,209 | ||||||
| 220,799 | Flowers Foods, Inc | 4,264 | |||||||
| 1,777,363 | Fomento Economico Mexicano S.A. de C.V. | 16,718 | |||||||
| 362,007 | e | Fonterra Shareholders’ Fund | 1,644 | ||||||
| 13,236 | ForFarmers NV | 166 | |||||||
| 55,960 | e | Freedom Foods Group Ltd | 226 | ||||||
| 295,320 | Fresh Del Monte Produce, Inc | 14,078 | |||||||
| 43,299 | *,e | Freshpet, Inc | 821 | ||||||
| 51,273 | Fuji Oil Co Ltd | 1,497 | |||||||
| 11,632 | Fujicco Co Ltd | 259 | |||||||
| 27,800 | e | Fujiya Co Ltd | 646 | ||||||
| 619,167 | General Mills, Inc | 36,710 | |||||||
| 258,814 | Genting Plantations BHD | 671 | |||||||
| 359,000 | GFPT PCL (Foreign) | 155 | |||||||
| 119,280 | Glanbia plc | 2,132 | |||||||
| 8,146 | Godfrey Phillips India Ltd | 126 | |||||||
| 3,889,734 | e | Golden Agri-Resources Ltd | 1,074 | ||||||
| 691,191 | GrainCorp Ltd-A | 4,403 | |||||||
| 2,831,272 | Great Wall Enterprise Co | 3,185 | |||||||
| 436,957 | Greencore Group plc | 1,355 | |||||||
| 9,254 | e | Greenyard Foods | 223 | ||||||
| 314,908 | e | Grieg Seafood ASA | 2,766 | ||||||
| 1,295,705 | Groupe Danone | 108,568 | |||||||
| 335,020 | Gruma SAB de C.V. | 4,248 | |||||||
| 1,510,216 | Grupo Bimbo S.A. de C.V. (Series A) | 3,342 | |||||||
| 144,495 | Grupo Herdez SAB de C.V. | 336 | |||||||
| 536,648 | e | Grupo Lala SAB de C.V. | 754 | ||||||
| 114,025 | *,n | Hain Celestial Group, Inc | 4,834 | ||||||
| 3,919 | Haitai Confectionery & Foods Co Ltd | 57 | |||||||
| 538,868 | Harim & Co Ltd | 1,570 | |||||||
| 25,644 | Heineken Holding NV | 2,535 | |||||||
| 868,285 | Heineken NV | 90,516 | |||||||
| 383,800 | Hershey Co | 43,565 | |||||||
| 12,632 | e | High Liner Foods, Inc | 149 | ||||||
| 64,400 | Hokuto Corp | 1,172 | |||||||
| 161,000 | e | Honworld Group Ltd | 84 | ||||||
| 317,456 | Hormel Foods Corp | 11,552 | |||||||
| 137,787 | *,e | Hostess Brands, Inc | 2,041 | ||||||
| 28,117 | Hotel Chocolat Group Ltd | 140 | |||||||
| 40,052 | House Foods Corp | 1,328 | |||||||
| 76 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 314,800 | * | Ichitan Group PCL | $ | 88 | |||||
| 299,637 | Imperial Tobacco Group plc | 12,781 | |||||||
| 271,878 | Indofood Agri Resources Ltd | 79 | |||||||
| 2,234,330 | Indofood CBP Sukses Makmur Tbk | 1,466 | |||||||
| 380,800 | Industrias Bachoco SAB de C.V. | 1,813 | |||||||
| 147,965 | e | Inghams Group Ltd | 394 | ||||||
| 230,659 | Ingredion, Inc | 32,246 | |||||||
| 19,440,500 | * | Inti Agri Resources Tbk PT | 473 | ||||||
| 2,346,497 | IOI Corp BHD | 2,632 | |||||||
| 5,028,022 | ITC Ltd | 20,738 | |||||||
| 33,200 | Ito En Ltd | 1,306 | |||||||
| 296,100 | Itoham Yonekyu Holdings, Inc | 2,707 | |||||||
| 60,897 | J&J Snack Foods Corp | 9,246 | |||||||
| 114,076 | J.M. Smucker Co | 14,173 | |||||||
| 1,200,409 | Japan Tobacco, Inc | 38,657 | |||||||
| 200,700 | Japfa Ltd | 76 | |||||||
| 784,597 | JBS S.A. | 2,320 | |||||||
| 361,116 | * | Jeil Holdings Co Ltd | 5,684 | ||||||
| 19,551 | Jinro Ltd | 440 | |||||||
| 13,837 | John B. Sanfilippo & Son, Inc | 875 | |||||||
| 5,500 | J-Oil Mills, Inc | 192 | |||||||
| 330,786 | Juhayna Food Industries | 196 | |||||||
| 48,173 | Kagome Co Ltd | 1,788 | |||||||
| 7,400 | Kameda Seika Co Ltd | 340 | |||||||
| 18,847 | Kaveri Seed Co Ltd | 161 | |||||||
| 309,583 | Kellogg Co | 21,045 | |||||||
| 7,400 | e | Kenko Mayonnaise Co Ltd | 268 | ||||||
| 563,446 | Kerry Group plc (Class A) | 63,211 | |||||||
| 10,200 | KEY Coffee, Inc | 197 | |||||||
| 808,860 | Khon Kaen Sugar Industry PCL | 116 | |||||||
| 106,971 | Kikkoman Corp | 4,326 | |||||||
| 1,163,690 | Kirin Brewery Co Ltd | 29,327 | |||||||
| 44,762 | Koninklijke Wessanen NV | 923 | |||||||
| 13,500 | Kotobuki Spirits Co Ltd | 751 | |||||||
| 4,165,264 | Kraft Heinz Co | 323,891 | |||||||
| 77,230 | * | KRBL Ltd | 726 | ||||||
| 117,482 | KT&G Corp | 12,675 | |||||||
| 498,151 | Kuala Lumpur Kepong BHD | 3,077 | |||||||
| 1,708 | KWS Saat AG. | 684 | |||||||
| 60,372 | La Doria S.p.A | 1,187 | |||||||
| 617,802 | Lamb Weston Holdings, Inc | 34,875 | |||||||
| 64,241 | Lancaster Colony Corp | 8,301 | |||||||
| 45,520 | * | Landec Corp | 574 | ||||||
| 918,304 | Leroy Seafood Group ASA | 4,919 | |||||||
| 394,753 | Lien Hwa Industrial Corp | 485 | |||||||
| 11,110 | * | Lifeway Foods, Inc | 89 | ||||||
| 23,813 | Limoneira Co | 533 | |||||||
| 459 | Lindt & Spruengli AG. | 2,803 | |||||||
| 20 | Lindt & Spruengli AG. (Registered) | 1,447 | |||||||
| 259 | Lotte Chilsung Beverage Co Ltd | 322 | |||||||
| 1,094 | * | Lotte Confectionery Co Ltd | 149 | ||||||
| 364 | Lotte Samkang Co Ltd | 188 | |||||||
| 154,180 | M Dias Branco S.A. | 2,422 | |||||||
| 77 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 2,050 | * | Maeil Dairies Co Ltd | $ | 127 | |||||
| 97,900 | Malee Group PCL | 115 | |||||||
| 318,542 | Maple Leaf Foods, Inc | 9,077 | |||||||
| 146,800 | * | Marfrig Global Foods S.A. | 324 | ||||||
| 185,000 | Marudai Food Co Ltd | 830 | |||||||
| 230,700 | Maruha Nichiro Corp | 6,958 | |||||||
| 105,357 | McCormick & Co, Inc | 10,737 | |||||||
| 52,514 | * | McLeod Russel India Ltd | 169 | ||||||
| 118,700 | Megmilk Snow Brand Co Ltd | 3,511 | |||||||
| 93,368 | MEIJI Holdings Co Ltd | 7,946 | |||||||
| 21,121 | MGP Ingredients, Inc | 1,624 | |||||||
| 70,300 | Minerva S.A. | 226 | |||||||
| 66,600 | Mitsui Sugar Co Ltd | 2,808 | |||||||
| 1,554,021 | Molson Coors Brewing Co (Class B) | 127,538 | |||||||
| 6,312,715 | Mondelez International, Inc | 270,184 | |||||||
| 4,461,322 | * | Monster Beverage Corp | 282,357 | ||||||
| 28,560 | Morinaga & Co Ltd | 1,446 | |||||||
| 118,500 | Morinaga Milk Industry Co Ltd | 5,364 | |||||||
| 9,397 | Muhak Co Ltd | 173 | |||||||
| 13,000 | Nagatanien Co Ltd | 164 | |||||||
| 90,000 | Namchow Chemical Industrial Ltd | 193 | |||||||
| 216 | Namyang Dairy Products Co Ltd | 141 | |||||||
| 68,264 | e | National Beverage Corp | 6,652 | ||||||
| 5,871 | *,e | Naturex | 624 | ||||||
| 33,156 | Nestle India Ltd | 4,086 | |||||||
| 43,700 | Nestle Malaysia Bhd | 1,114 | |||||||
| 2,688,649 | Nestle S.A. | 231,160 | |||||||
| 286,200 | Nichirei Corp | 7,911 | |||||||
| 20,600 | Nippon Beet Sugar Manufacturing Co Ltd | 498 | |||||||
| 112,800 | Nippon Flour Mills Co Ltd | 1,728 | |||||||
| 279,705 | Nippon Meat Packers, Inc | 6,813 | |||||||
| 671,713 | Nippon Suisan Kaisha Ltd | 3,512 | |||||||
| 81,000 | Nisshin Oillio Group Ltd | 2,451 | |||||||
| 237,307 | Nisshin Seifun Group, Inc | 4,790 | |||||||
| 45,173 | Nissin Food Products Co Ltd | 3,293 | |||||||
| 1,945 | Nong Shim Co Ltd | 643 | |||||||
| 1,111 | Nong Shim Holdings Co Ltd | 119 | |||||||
| 43,694 | Norway Royal Salmon ASA | 716 | |||||||
| 30,224 | Oceana Group Ltd | 207 | |||||||
| 207,573 | Origin Enterprises plc | 1,579 | |||||||
| 14,072 | Orion Corp | 350 | |||||||
| 20,149 | * | Orion Corp | 1,963 | ||||||
| 11,923 | Orior AG. | 944 | |||||||
| 189,838 | Orkla ASA | 2,012 | |||||||
| 1,274 | Ottogi Corp | 959 | |||||||
| 957,435 | PAN Fish ASA | 16,191 | |||||||
| 3,949,012 | n | PepsiCo, Inc | 473,566 | ||||||
| 30,204 | Pernod-Ricard S.A. | 4,777 | |||||||
| 1,000 | * | Philip Morris CR | 777 | ||||||
| 5,039,597 | Philip Morris International, Inc | 532,433 | |||||||
| 342,181 | * | Pilgrim’s Pride Corp | 10,628 | ||||||
| 2,857,371 | Pinnacle Foods, Inc | 169,928 | |||||||
| 118,843 | Pioneer Foods Ltd | 1,308 | |||||||
| 915,628 | * | Post Holdings, Inc | 72,545 | ||||||
| 78 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,062,591 | PPB Group BHD | $ | 4,518 | ||||||
| 492,987 | * | Premier Foods plc | 285 | ||||||
| 61,782 | Premium Brands Holdings Corp | 5,070 | |||||||
| 367,000 | Prima Meat Packers Ltd | 2,691 | |||||||
| 40,802 | * | Primo Water Corp | 513 | ||||||
| 5,692,200 | PT Austindo Nusantara Jaya | 503 | |||||||
| 6,904,600 | * | PT BW Plantation Tbk | 93 | ||||||
| 15,237,318 | PT Charoen Pokphand Indonesia Tbk | 3,369 | |||||||
| 461,611 | PT Gudang Garam Tbk | 2,851 | |||||||
| 9,167,600 | PT Hanjaya Mandala Sampoerna Tbk | 3,196 | |||||||
| 4,311,991 | PT Indofood Sukses Makmur Tbk | 2,423 | |||||||
| 10,203,700 | PT Japfa Comfeed Indonesia Tbk | 978 | |||||||
| 1,169,544 | PT Nippon Indosari Corpindo Tbk | 110 | |||||||
| 2,004,900 | PT Perusahaan Perkebunan London Sumatra Indonesia Tbk | 210 | |||||||
| 7,021,600 | PT Salim Ivomas Pratama Tbk | 240 | |||||||
| 1,454,500 | * | PT Sawit Sumbermas Sarana Tbk | 161 | ||||||
| 1,915,500 | PT Tunas Baru Lampung Tbk | 173 | |||||||
| 3,495 | Pulmuone Co Ltd | 562 | |||||||
| 66,400 | Q.P. Corp | 1,769 | |||||||
| 512,815 | QAF Ltd | 429 | |||||||
| 812,085 | QL Resources BHD | 873 | |||||||
| 33,180 | Radico Khaitan Ltd | 152 | |||||||
| 35,217 | Refresco Gerber NV | 837 | |||||||
| 239,805 | Remy Cointreau S.A. | 33,226 | |||||||
| 12,000,000 | RFM Corp | 1,195 | |||||||
| 88,003 | Rhodes Food Group Pty Ltd | 159 | |||||||
| 5,300 | Riken Vitamin Co Ltd | 211 | |||||||
| 12,200 | Rock Field Co Ltd | 221 | |||||||
| 57,483 | Rogers Sugar, Inc | 289 | |||||||
| 36,800 | Rokko Butter Co Ltd | 889 | |||||||
| 113,771 | Royal Unibrew A.S. | 6,814 | |||||||
| 29,000 | S Foods, Inc | 1,316 | |||||||
| 1,706 | Sajo Industries Co Ltd | 109 | |||||||
| 17,955 | Sakata Seed Corp | 622 | |||||||
| 203,075 | Salmar ASA | 6,101 | |||||||
| 1,449 | Samlip General Foods Co Ltd | 212 | |||||||
| 2,054 | Samyang Corp | 178 | |||||||
| 1,870 | Samyang Foods Co Ltd | 169 | |||||||
| 10,290 | Samyang Holdings Corp | 1,173 | |||||||
| 45,139 | e | Sanderson Farms, Inc | 6,264 | ||||||
| 106,000 | Sao Martinho S.A. | 618 | |||||||
| 199,100 | e | Sapporo Holdings Ltd | 6,092 | ||||||
| 327,819 | Saputo, Inc | 11,783 | |||||||
| 27,098 | Scandi Standard AB | 210 | |||||||
| 158,363 | Scandinavian Tobacco Group A.S. | 3,063 | |||||||
| 27,466 | Schouw & Co | 2,574 | |||||||
| 787 | Seaboard Corp | 3,471 | |||||||
| 59,181 | e | Select Harvests Ltd | 217 | ||||||
| 13,142 | * | Seneca Foods Corp | 404 | ||||||
| 12,300 | Showa Sangyo Co Ltd | 320 | |||||||
| 8,702,060 | * | Sime Darby Plantation Bhd | 12,901 | ||||||
| 35,000 | SLC Agricola S.A. | 282 | |||||||
| 79 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 150,356 | Snyder’s-Lance, Inc | $ | 7,530 | ||||||
| 500,541 | Standard Foods Corp | 1,245 | |||||||
| 16,800 | Starzen Co Ltd | 814 | |||||||
| 268,296 | Stock Spirits Group plc | 974 | |||||||
| 33,265 | Strauss Group Ltd | 713 | |||||||
| 190,451 | Suedzucker AG. | 4,123 | |||||||
| 207,683 | Suntory Beverage & Food Ltd | 9,236 | |||||||
| 297,783 | Swedish Match AB | 11,730 | |||||||
| 101,100 | Takara Holdings, Inc | 1,179 | |||||||
| 147,400 | Taokaenoi Food & Marketing PCL | 95 | |||||||
| 124,019 | Tassal Group Ltd | 363 | |||||||
| 450,583 | Tata Tea Ltd | 2,228 | |||||||
| 329,696 | Tate & Lyle plc | 3,125 | |||||||
| 362,000 | e | Tenwow International Holdings Ltd | 85 | ||||||
| 1,788,609 | Thai Union Group PCL | 1,092 | |||||||
| 258,200 | Thai Vegetable Oil PCL | 236 | |||||||
| 839,600 | Thaifoods Group PCL | 147 | |||||||
| 1,446,000 | *,e | Tibet 5100 Water Resources Holdings Ltd | 663 | ||||||
| 197,620 | e | Tiger Brands Ltd | 7,347 | ||||||
| 10,007,190 | Tingyi Cayman Islands Holding Corp | 19,469 | |||||||
| 68,251 | Tongaat Hulett Ltd | 632 | |||||||
| 27,319 | e | Tootsie Roll Industries, Inc | 994 | ||||||
| 71,046 | Toyo Suisan Kaisha Ltd | 3,033 | |||||||
| 524,332 | Treasury Wine Estates Ltd | 6,506 | |||||||
| 198,311 | * | TreeHouse Foods, Inc | 9,808 | ||||||
| 393,579 | Tsingtao Brewery Co Ltd | 2,030 | |||||||
| 112,000 | Ttet Union Corp | 339 | |||||||
| 11,025 | Turning Point Brands, Inc | 233 | |||||||
| 710,069 | Tyson Foods, Inc (Class A) | 57,565 | |||||||
| 150,505 | Ulker Biskuvi Sanayi AS | 781 | |||||||
| 4,913,977 | Uni-President Enterprises Corp | 10,883 | |||||||
| 118,338 | * | United Spirits Ltd | 6,792 | ||||||
| 79,458 | Universal Corp | 4,172 | |||||||
| 948,444 | Universal Robina | 2,869 | |||||||
| 665,910 | Vector Group Ltd | 14,903 | |||||||
| 285,509 | Vina Concha y Toro S.A. | 540 | |||||||
| 44,706 | Viscofan S.A. | 2,948 | |||||||
| 5,164,614 | e | Want Want China Holdings Ltd | 4,324 | ||||||
| 41,800 | Warabeya Nichiyo Co Ltd | 1,184 | |||||||
| 218,000 | * | Wei Chuan Food Corp | 155 | ||||||
| 13,019,318 | WH Group Ltd | 14,698 | |||||||
| 2,596,708 | Wilmar International Ltd | 5,984 | |||||||
| 193,131 | Yakult Honsha Co Ltd | 14,573 | |||||||
| 113,135 | e | Yamazaki Baking Co Ltd | 2,203 | ||||||
| 645,000 | *,e | Yashili International | 124 | ||||||
| 261,000 | e | Yihai International Holding Ltd | 250 | ||||||
| 388,000 | e | Zhou Hei Ya International Holdings Co Ltd | 407 | ||||||
| 5,552 | Zydus Wellness Ltd | 90 | |||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 6,069,730 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 4.1% | |||||||||
| 25,107 | *,e | AAC Holdings, Inc | 226 | ||||||
| 38,176 | Abaxis, Inc | 1,890 | |||||||
| 7,552,598 | Abbott Laboratories | 431,027 | |||||||
| 80 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 80,857 | * | Abiomed, Inc | $ | 15,153 | |||||
| 208,808 | *,e | Acadia Healthcare Co, Inc | 6,813 | ||||||
| 148,765 | *,e | Accuray, Inc | 640 | ||||||
| 168,368 | Aceto Corp | 1,739 | |||||||
| 18,000 | * | Addus HomeCare Corp | 626 | ||||||
| 360,211 | Advanced Medical Solutions Group plc | 1,545 | |||||||
| 677,166 | Aetna Inc | 122,154 | |||||||
| 455,924 | * | AGFA-Gevaert NV | 2,126 | ||||||
| 339,555 | Alfresa Holdings Corp | 7,953 | |||||||
| 3,740,659 | *,e | Alibaba Health Information Technology Ltd | 1,891 | ||||||
| 143,293 | * | Align Technology, Inc | 31,838 | ||||||
| 27,600 | * | Alliar Medicos A Frente S.A. | 123 | ||||||
| 318,597 | * | Allscripts Healthcare Solutions, Inc | 4,636 | ||||||
| 20,950 | * | Almost Family, Inc | 1,160 | ||||||
| 18,146 | Ambu A.S. | 1,622 | |||||||
| 72,165 | * | Amedisys, Inc | 3,804 | ||||||
| 71,848 | *,e | American Renal Associates Holdings, Inc | 1,250 | ||||||
| 834,620 | n | AmerisourceBergen Corp | 76,635 | ||||||
| 81,859 | * | AMN Healthcare Services, Inc | 4,032 | ||||||
| 308,570 | Amplifon S.p.A. | 4,754 | |||||||
| 32,207 | Analogic Corp | 2,697 | |||||||
| 189,711 | * | Angiodynamics, Inc | 3,155 | ||||||
| 25,058 | * | Anika Therapeutics, Inc | 1,351 | ||||||
| 184,514 | Ansell Ltd | 3,484 | |||||||
| 253,624 | *,e | Antares Pharma, Inc | 505 | ||||||
| 933,435 | Anthem, Inc | 210,032 | |||||||
| 157,497 | Apollo Hospitals Enterprise Ltd | 2,969 | |||||||
| 190,158 | *,e | Arjo AB | 543 | ||||||
| 10,300 | As One Corp | 644 | |||||||
| 82,600 | Asahi Intecc Co Ltd | 2,831 | |||||||
| 43,408 | * | athenahealth, Inc | 5,775 | ||||||
| 55,814 | * | AtriCure, Inc | 1,018 | ||||||
| 4,992 | Atrion Corp | 3,148 | |||||||
| 176,579 | Attendo AB | 1,893 | |||||||
| 3,920,865 | Australian Pharmaceutical Industries Ltd | 5,138 | |||||||
| 45,196 | * | AxoGen, Inc | 1,279 | ||||||
| 803,350 | Bangkok Chain Hospital PCL | 399 | |||||||
| 19,279,045 | Bangkok Dusit Medical Services PCL | 12,364 | |||||||
| 1,855,912 | Baxter International, Inc | 119,966 | |||||||
| 346,840 | Becton Dickinson & Co | 74,245 | |||||||
| 3,072,000 | *,e | Beijing Enterprises Medical & Health Group Ltd | 151 | ||||||
| 12,098 | *,e | Biocartis NV | 174 | ||||||
| 5,014 | BioMerieux | 449 | |||||||
| 188,417 | *,e | BioScrip, Inc | 548 | ||||||
| 148,917 | * | BioTelemetry, Inc | 4,453 | ||||||
| 76,000 | BML, Inc | 1,889 | |||||||
| 8,397 | e | Boditech Med, Inc | 140 | ||||||
| 6,463,435 | * | Boston Scientific Corp | 160,229 | ||||||
| 358,765 | * | Brookdale Senior Living, Inc | 3,480 | ||||||
| 344,465 | Bumrungrad Hospital PCL (Foreign) | 1,998 | |||||||
| 116,907 | Cantel Medical Corp | 12,026 | |||||||
| 235,778 | Capio AB | 1,262 | |||||||
| 45,156 | * | Capital Senior Living Corp | 609 | ||||||
| 81 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 795,583 | Cardinal Health, Inc | $ | 48,745 | ||||||
| 168,120 | * | Cardiovascular Systems, Inc | 3,983 | ||||||
| 90,663 | Carl Zeiss Meditec AG. | 5,610 | |||||||
| 119,265 | *,e | Castlight Health, Inc | 447 | ||||||
| 153 | Celesio AG. | 5 | |||||||
| 33,486 | * | Celltrion Healthcare Co Ltd | 3,386 | ||||||
| 747,395 | * | Centene Corp | 75,397 | ||||||
| 792,624 | * | Cerner Corp | 53,415 | ||||||
| 184,773 | *,e | Cerus Corp | 625 | ||||||
| 23,733 | * | CHA Bio & Diostech Co Ltd | 499 | ||||||
| 27,596 | Chemed Corp | 6,706 | |||||||
| 1,092,500 | China NT Pharma Group Co Ltd | 266 | |||||||
| 278,000 | China Pioneer Pharma Holdings Ltd | 86 | |||||||
| 368,500 | e | China Resources Phoenix Healthcare Holdings Co Ltd | 464 | ||||||
| 3,136,400 | Chularat Hospital PCL | 202 | |||||||
| 1,925,088 | Cigna Corp | 390,966 | |||||||
| 51,792 | * | Civitas Solutions, Inc | 886 | ||||||
| 93,139 | Cochlear Ltd | 12,416 | |||||||
| 23,407 | Coloplast AS | 1,861 | |||||||
| 156,085 | *,e | Community Health Systems, Inc | 665 | ||||||
| 17,569 | CompuGroup Medical AG. | 1,150 | |||||||
| 20,257 | e | Computer Programs & Systems, Inc | 609 | ||||||
| 74,142 | *,e | ConforMIS, Inc | 176 | ||||||
| 48,348 | Conmed Corp | 2,464 | |||||||
| 957,196 | ConvaTec Group plc | 2,639 | |||||||
| 91,929 | Cooper Cos, Inc | 20,030 | |||||||
| 223,863 | *,e | Corindus Vascular Robotics, Inc | 226 | ||||||
| 41,863 | * | Corvel Corp | 2,215 | ||||||
| 184,201 | * | Cotiviti Holdings, Inc | 5,933 | ||||||
| 153,009 | * | Cross Country Healthcare, Inc | 1,952 | ||||||
| 71,901 | * | CryoLife, Inc | 1,377 | ||||||
| 114,774 | * | Cutera, Inc | 5,205 | ||||||
| 77,293 | CVS Group plc | 1,086 | |||||||
| 147,600 | *,e | CYBERDYNE, Inc | 2,537 | ||||||
| 1,327,937 | Danaher Corp | 123,259 | |||||||
| 366,408 | * | DaVita, Inc | 26,473 | ||||||
| 4,210 | * | Dentium Co Ltd | 245 | ||||||
| 265,214 | Dentsply Sirona, Inc | 17,459 | |||||||
| 177,048 | * | DexCom, Inc | 10,161 | ||||||
| 80,951 | DiaSorin S.p.A. | 7,178 | |||||||
| 6,226 | *,e | DIO Corp | 206 | ||||||
| 282,860 | * | Diplomat Pharmacy, Inc | 5,677 | ||||||
| 10,853 | Dr Lal PathLabs Ltd | 150 | |||||||
| 25,745 | Draegerwerk AG. | 2,227 | |||||||
| 5,503 | Draegerwerk AG. & Co KGaA | 403 | |||||||
| 610,698 | * | Edwards Lifesciences Corp | 68,832 | ||||||
| 9,200 | Eiken Chemical Co Ltd | 439 | |||||||
| 50,989 | El.En. S.p.A | 1,593 | |||||||
| 230,538 | e | Elekta AB (B Shares) | 1,904 | ||||||
| 129,880 | EMIS Group plc | 1,773 | |||||||
| 133,345 | *,e | Endologix, Inc | 713 | ||||||
| 82,975 | Ensign Group, Inc | 1,842 | |||||||
| 22,791 | * | Entellus Medical, Inc | 556 | ||||||
| 82 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 137,468 | * | Envision Healthcare Corp | $ | 4,751 | |||||
| 27,719 | Essilor International S.A. | 3,818 | |||||||
| 1,777,539 | Estia Health Ltd | 4,840 | |||||||
| 97,390 | *,e | Evolent Health, Inc | 1,198 | ||||||
| 18,788 | * | Exactech, Inc | 929 | ||||||
| 1,851,829 | * | Express Scripts Holding Co | 138,221 | ||||||
| 178,665 | e | Extendicare, Inc | 1,301 | ||||||
| 150,904 | *,e | Fagron NV | 2,068 | ||||||
| 454,313 | Fisher & Paykel Healthcare Corp | 4,609 | |||||||
| 188,800 | Fleury S.A. | 1,685 | |||||||
| 11,176 | * | FONAR Corp | 272 | ||||||
| 1,213,659 | * | Fortis Healthcare Ltd | 3,042 | ||||||
| 365,231 | Fresenius Medical Care AG. | 38,353 | |||||||
| 402,024 | Fresenius SE | 31,266 | |||||||
| 16,300 | Fukuda Denshi Co Ltd | 1,191 | |||||||
| 74,821 | *,e | Genesis Health Care, Inc | 57 | ||||||
| 92,007 | *,e | GenMark Diagnostics, Inc | 384 | ||||||
| 67,114 | Getinge AB (B Shares) | 973 | |||||||
| 29,000 | Ginko International Co Ltd | 211 | |||||||
| 48,328 | *,e | Glaukos Corp | 1,240 | ||||||
| 213,770 | * | Globus Medical, Inc | 8,786 | ||||||
| 502,137 | GN Store Nord | 16,218 | |||||||
| 640,000 | *,e | Golden Meditech Holdings Ltd | 90 | ||||||
| 27,100 | Green Hospital Supply, Inc | 896 | |||||||
| 11,076 | e | Guerbet | 1,054 | ||||||
| 229,738 | * | Haemonetics Corp | 13,343 | ||||||
| 174,185 | * | Halyard Health, Inc | 8,044 | ||||||
| 240,000 | e | Harmonicare Medical Holdings Ltd | 96 | ||||||
| 2,965,700 | Hartalega Holdings BHD | 7,826 | |||||||
| 937,595 | * | HCA Holdings, Inc | 82,358 | ||||||
| 122,588 | * | HealthEquity, Inc | 5,720 | ||||||
| 429,278 | Healthscope Ltd | 702 | |||||||
| 618,414 | * | HealthSouth Corp | 30,556 | ||||||
| 53,632 | * | HealthStream, Inc | 1,242 | ||||||
| 256,492 | * | Henry Schein, Inc | 17,924 | ||||||
| 26,775 | *,e | Heska Corp | 2,148 | ||||||
| 135,899 | Hill-Rom Holdings, Inc | 11,455 | |||||||
| 328,098 | * | HMS Holdings Corp | 5,561 | ||||||
| 35,694 | Hogy Medical Co Ltd | 2,701 | |||||||
| 386,694 | * | Hologic, Inc | 16,531 | ||||||
| 128,536 | Hoya Corp | 6,402 | |||||||
| 46,439 | Humana AB | 311 | |||||||
| 731,730 | Humana, Inc | 181,520 | |||||||
| 2,739 | Huons Global Co Ltd | 142 | |||||||
| 25,824 | * | ICU Medical, Inc | 5,578 | ||||||
| 275,904 | * | Idexx Laboratories, Inc | 43,146 | ||||||
| 1,827,342 | IHH Healthcare BHD | 2,646 | |||||||
| 31,500 | *,e | iKang Healthcare Group, Inc (ADR) | 498 | ||||||
| 6,732 | InBody Co Ltd | 252 | |||||||
| 79,603 | * | Inogen Inc | 9,479 | ||||||
| 132,901 | *,e | Inovalon Holdings, Inc | 1,994 | ||||||
| 34,900 | Instituto Hermes Pardini S.A. | 351 | |||||||
| 100,739 | * | Insulet Corp | 6,951 | ||||||
| 83 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 93,831 | * | Integer Holding Corp | $ | 4,251 | |||||
| 109,711 | * | Integra LifeSciences Holdings Corp | 5,251 | ||||||
| 4,834 | Interojo Co Ltd | 175 | |||||||
| 454,368 | * | Intuitive Surgical, Inc | 165,817 | ||||||
| 54,140 | e | Invacare Corp | 912 | ||||||
| 13,060 | e | Ion Beam Applications | 373 | ||||||
| 65,621 | * | iRhythm Technologies, Inc | 3,678 | ||||||
| 5,718 | i-SENS Inc | 135 | |||||||
| 72,000 | e | Japan Lifeline Co Ltd | 1,494 | ||||||
| 1,403,792 | e | Japara Healthcare Ltd | 2,138 | ||||||
| 45,000 | Jeol Ltd | 254 | |||||||
| 68,466 | * | K2M Group Holdings, Inc | 1,232 | ||||||
| 147,437 | Kindred Healthcare, Inc | 1,430 | |||||||
| 1,336,532 | Koninklijke Philips Electronics NV | 50,466 | |||||||
| 59,368 | Korian-Medica | 2,097 | |||||||
| 585,600 | Kossan Rubber Industries | 1,174 | |||||||
| 2,781,892 | KPJ Healthcare BHD | 667 | |||||||
| 129,205 | * | Laboratory Corp of America Holdings | 20,610 | ||||||
| 242,507 | * | Lantheus Holdings, Inc | 4,959 | ||||||
| 17,356 | Le Noble Age | 1,227 | |||||||
| 118,281 | LeMaitre Vascular, Inc | 3,766 | |||||||
| 139,210 | * | LHC Group, Inc | 8,527 | ||||||
| 1,216,291 | Life Healthcare Group Holdings Pte Ltd | 2,728 | |||||||
| 53,675 | * | LifePoint Hospitals, Inc | 2,673 | ||||||
| 1,402,000 | *,e | Lifetech Scientific Corp | 336 | ||||||
| 136,822 | * | LivaNova plc | 10,935 | ||||||
| 128,835 | M3, Inc | 4,516 | |||||||
| 88,888 | * | Magellan Health Services, Inc | 8,582 | ||||||
| 14,200 | Mani, Inc | 432 | |||||||
| 170,416 | * | Masimo Corp | 14,451 | ||||||
| 25,511 | * | Mazor Robotics Ltd | 667 | ||||||
| 315,605 | McKesson Corp | 49,219 | |||||||
| 134,955 | e | Medical Facilities Corp | 1,528 | ||||||
| 9,102 | * | Medicare Group | 159 | ||||||
| 301,035 | Mediceo Paltac Holdings Co Ltd | 5,877 | |||||||
| 319,356 | e | Mediclinic International plc | 2,801 | ||||||
| 117,685 | * | Medidata Solutions, Inc | 7,458 | ||||||
| 4,838 | * | Medipost Co Ltd | 529 | ||||||
| 139,889 | * | MEDNAX, Inc | 7,476 | ||||||
| 2,918,532 | Medtronic plc | 235,671 | |||||||
| 58,000 | Menicon Co Ltd | 1,614 | |||||||
| 74,460 | Meridian Bioscience, Inc | 1,042 | |||||||
| 125,745 | * | Merit Medical Systems, Inc | 5,432 | ||||||
| 686,524 | Metlifecare Ltd | 2,968 | |||||||
| 126,500 | Microlife Corp | 312 | |||||||
| 229,832 | e | Microport Scientific Corp | 222 | ||||||
| 44,092 | Miraca Holdings, Inc | 1,881 | |||||||
| 361,261 | *,e | Molina Healthcare, Inc | 27,702 | ||||||
| 13,636 | Nagaileben Co Ltd | 342 | |||||||
| 27,900 | Nakanishi, Inc | 1,455 | |||||||
| 145,443 | * | Nanosonics Ltd | 314 | ||||||
| 32,835 | *,e | NantHealth, Inc | 100 | ||||||
| 33,696 | * | Narayana Hrudayalaya Ltd | 157 | ||||||
| 53,824 | National Healthcare Corp | 3,280 | |||||||
| 84 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 17,580 | National Research Corp | $ | 656 | ||||||
| 59,959 | * | Natus Medical, Inc | 2,290 | ||||||
| 65,075 | * | Neogen Corp | 5,350 | ||||||
| 989,680 | Network Healthcare Holdings Ltd | 2,012 | |||||||
| 1,458 | Neuca S.A. | 112 | |||||||
| 224,471 | * | Nevro Corp | 15,497 | ||||||
| 249,200 | Nichii Gakkan Co | 3,180 | |||||||
| 52,000 | Nihon Kohden Corp | 1,202 | |||||||
| 39,667 | Nikkiso Co Ltd | 432 | |||||||
| 694,000 | Nipro Corp | 10,257 | |||||||
| 202,387 | NMC Health plc | 7,883 | |||||||
| 23,024 | e | NNIT A.S. | 636 | ||||||
| 96,710 | *,e | Novocure Ltd | 1,954 | ||||||
| 805,210 | * | NuVasive, Inc | 47,097 | ||||||
| 168,762 | * | NxStage Medical, Inc | 4,089 | ||||||
| 17,478 | *,e | Obalon Therapeutics, Inc | 116 | ||||||
| 817,970 | Odontoprev S.A. | 3,923 | |||||||
| 445,282 | Olympus Corp | 17,034 | |||||||
| 65,183 | * | Omnicell, Inc | 3,161 | ||||||
| 308,297 | * | OraSure Technologies, Inc | 5,814 | ||||||
| 214,528 | Oriola-KD Oyj (B Shares) | 721 | |||||||
| 30,887 | Orpea | 3,637 | |||||||
| 158,013 | * | Orthofix International NV | 8,643 | ||||||
| 6,797 | * | OrthoPediatrics Corp | 130 | ||||||
| 7,374 | * | Osstem Implant Co Ltd | 407 | ||||||
| 103,026 | Owens & Minor, Inc | 1,945 | |||||||
| 70,734 | *,e | Oxford Immunotec Global plc | 988 | ||||||
| 48,800 | Paramount Bed Holdings Co Ltd | 2,411 | |||||||
| 129,607 | e | Patterson Cos, Inc | 4,683 | ||||||
| 50,686 | * | Penumbra, Inc | 4,770 | ||||||
| 32,446 | *,e | PetIQ, Inc | 709 | ||||||
| 51,204 | Phonak Holding AG. | 7,998 | |||||||
| 79,000 | *,†,m | Pihsiang Machinery Manufacturing Co Ltd | 46 | ||||||
| 306,413 | * | Premier, Inc | 8,944 | ||||||
| 1,119,817 | Primary Health Care Ltd | 3,151 | |||||||
| 30,148 | Pro Medicus Ltd | 205 | |||||||
| 101,891 | * | Providence Service Corp | 6,046 | ||||||
| 22,000,000 | * | PT Modern Internasional Tbk | 81 | ||||||
| 252,962 | * | PT Siloam International Hospitals Tbk | 179 | ||||||
| 14,896 | *,e | Pulse Biosciences, Inc | 352 | ||||||
| 456,000 | * | PW Medtech Group Ltd | 83 | ||||||
| 196,687 | Qualicorp S.A. | 1,838 | |||||||
| 87,151 | * | Quality Systems, Inc | 1,184 | ||||||
| 272,350 | Quest Diagnostics, Inc | 26,824 | |||||||
| 65,249 | * | Quidel Corp | 2,829 | ||||||
| 57,094 | *,e | Quotient Ltd | 283 | ||||||
| 175,581 | *,e | R1 RCM, Inc | 774 | ||||||
| 182,668 | * | RadNet, Inc | 1,845 | ||||||
| 550,084 | e | Raffles Medical Group Ltd | 461 | ||||||
| 81,069 | Ramsay Health Care Ltd | 4,427 | |||||||
| 14,326 | *,e | RaySearch Laboratories AB | 299 | ||||||
| 436,822 | e | Regis Healthcare Ltd | 1,196 | ||||||
| 7,957,500 | Religare Health Trust | 4,999 | |||||||
| 85 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 156,714 | Resmed, Inc | $ | 13,272 | ||||||
| 5,521 | * | Restoration Robotics, Inc | 25 | ||||||
| 18,731 | Rhoen Klinikum AG. | 671 | |||||||
| 283,000 | * | Rici Healthcare Holdings Ltd | 76 | ||||||
| 205,000 | Rion Co Ltd | 4,076 | |||||||
| 82,327 | *,e | Rockwell Medical, Inc | 479 | ||||||
| 107,799 | * | RTI Biologics, Inc | 442 | ||||||
| 260,035 | Ryman Healthcare Ltd | 1,949 | |||||||
| 22,037 | Sartorius AG. | 2,093 | |||||||
| 17,148 | Sartorius Stedim Biotech | 1,240 | |||||||
| 1,195,716 | Selcuk Ecza Deposu Ticaret ve Sanayi AS | 1,136 | |||||||
| 314,510 | * | Select Medical Holdings Corp | 5,551 | ||||||
| 1,844,415 | Shandong Weigao Group Medical Polymer Co Ltd | 1,340 | |||||||
| 663,040 | Shanghai Pharmaceuticals Holding Co Ltd | 1,790 | |||||||
| 191,220 | e | Sienna Senior Living, Inc | 2,772 | ||||||
| 34,429 | *,e | Sientra, Inc | 484 | ||||||
| 989,186 | Sigma Healthcare Ltd | 762 | |||||||
| 21,149 | Simulations Plus, Inc | 341 | |||||||
| 1,086,271 | Sinopharm Group Co | 4,679 | |||||||
| 871,538 | Smith & Nephew plc | 15,080 | |||||||
| 12,100 | Solasto Corp | 273 | |||||||
| 1,369,002 | Sonic Healthcare Ltd | 24,346 | |||||||
| 212,599 | Spire Healthcare Group plc | 728 | |||||||
| 29,000 | St. Shine Optical Co Ltd | 946 | |||||||
| 78,901 | * | Staar Surgical Co | 1,223 | ||||||
| 333,754 | STERIS Plc | 29,193 | |||||||
| 11,197 | STRATEC Biomedical AG. | 870 | |||||||
| 18,372 | Straumann Holding AG. | 12,961 | |||||||
| 930,487 | Stryker Corp | 144,077 | |||||||
| 3,890 | Suheung Capsule Co Ltd | 119 | |||||||
| 471,653 | Summerset Group Holdings Ltd | 1,838 | |||||||
| 933,800 | Supermax Corp BHD | 461 | |||||||
| 35,072 | *,e | Surgery Partners, Inc | 424 | ||||||
| 47,659 | * | SurModics, Inc | 1,334 | ||||||
| 67,645 | Suzuken Co Ltd | 2,777 | |||||||
| 38,798 | Sysmex Corp | 3,046 | |||||||
| 18,695 | * | Tabula Rasa HealthCare, Inc | 524 | ||||||
| 22,883 | *,e | Tactile Systems Technology, Inc | 663 | ||||||
| 485,204 | *,e | Teladoc, Inc | 16,909 | ||||||
| 44,493 | Teleflex, Inc | 11,071 | |||||||
| 206,213 | *,e | Tenet Healthcare Corp | 3,126 | ||||||
| 131,876 | Terumo Corp | 6,239 | |||||||
| 98,209 | * | Tivity Health, Inc | 3,590 | ||||||
| 114,100 | Toho Pharmaceutical Co Ltd | 2,572 | |||||||
| 14,000 | Tokai Corp (GIFU) | 319 | |||||||
| 2,112,000 | Top Glove Corp BHD | 4,170 | |||||||
| 2,414,000 | †,e,m | Town Health International Medical Group Ltd | 107 | ||||||
| 369,385 | * | Triple-S Management Corp (Class B) | 9,179 | ||||||
| 33,700 | Tsuki Corp | 302 | |||||||
| 905,375 | United Drug plc | 10,308 | |||||||
| 2,884,662 | UnitedHealth Group, Inc | 635,953 | |||||||
| 379,971 | Universal Health Services, Inc (Class B) | 43,070 | |||||||
| 2,483,000 | e | Universal Medical Financial & Technical Advisory Services Co Ltd | 2,383 | ||||||
| 86 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 56,925 | US Physical Therapy, Inc | $ | 4,110 | ||||||
| 8,672 | Utah Medical Products, Inc | 706 | |||||||
| 4,886 | Value Added Technologies Co Lt | 155 | |||||||
| 72,013 | * | Varex Imaging Corp | 2,893 | ||||||
| 135,006 | * | Varian Medical Systems, Inc | 15,006 | ||||||
| 433,124 | * | Veeva Systems, Inc | 23,943 | ||||||
| 2,866,400 | Vibhavadi Medical Center PCL (Foreign) | 225 | |||||||
| 4,377 | Vieworks Co Ltd | 167 | |||||||
| 113,644 | *,e | ViewRay, Inc | 1,052 | ||||||
| 211,699 | Virtus Health Ltd | 866 | |||||||
| 65,600 | VITAL KSK Holdings, Inc | 600 | |||||||
| 30,856 | *,e | Viveve Medical, Inc | 153 | ||||||
| 76,869 | * | Vocera Communications, Inc | 2,323 | ||||||
| 505,206 | *,n | WellCare Health Plans, Inc | 101,602 | ||||||
| 9,900 | Wenzhou Kangning Hospital Co Ltd | 54 | |||||||
| 63,072 | West Pharmaceutical Services, Inc | 6,223 | |||||||
| 118,889 | * | William Demant Holding A.S. | 3,321 | ||||||
| 182,011 | * | Wright Medical Group NV | 4,041 | ||||||
| 13,129 | e | Ypsomed Holding AG. | 2,162 | ||||||
| 945,879 | n | Zimmer Holdings, Inc | 114,139 | ||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 5,259,105 | ||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 1.4% | |||||||||
| 33,986 | e | Able C&C Co Ltd | 527 | ||||||
| 32,475 | Amorepacific Corp | 9,237 | |||||||
| 9,281 | Amorepacific Corp (Preference) | 1,439 | |||||||
| 210,248 | Asaleo Care Ltd | 245 | |||||||
| 2,708 | * | Avon Products, Inc | 6 | ||||||
| 54,221 | Bajaj Corp Ltd | 406 | |||||||
| 181,142 | Beiersdorf AG. | 21,236 | |||||||
| 1,678,100 | e | Best World International Ltd | 1,653 | ||||||
| 8,004 | e | Blackmores Ltd | 1,054 | ||||||
| 135,758 | BWX Ltd | 801 | |||||||
| 198,240 | * | Central Garden & Pet Co | 7,716 | ||||||
| 175,319 | * | Central Garden and Pet Co (Class A) | 6,611 | ||||||
| 30,000 | Chlitina Holding Ltd | 151 | |||||||
| 429,438 | Church & Dwight Co, Inc | 21,545 | |||||||
| 3,340 | e | CLIO Cosmetics Co Ltd | 115 | ||||||
| 141,382 | Clorox Co | 21,029 | |||||||
| 3,441,146 | Colgate-Palmolive Co | 259,634 | |||||||
| 2,592 | Cosmax BTI, Inc | 80 | |||||||
| 4,762 | e | Cosmax, Inc | 520 | ||||||
| 569,797 | Coty, Inc | 11,333 | |||||||
| 846,792 | Dabur India Ltd | 4,639 | |||||||
| 42,500 | Dr Ci:Labo Co Ltd | 2,167 | |||||||
| 7,900 | Earth Chemical Co Ltd | 398 | |||||||
| 65,035 | * | Edgewell Personal Care Co | 3,862 | ||||||
| 98,671 | EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 115 | |||||||
| 34,284 | *,e | elf Beauty, Inc | 765 | ||||||
| 211,286 | Energizer Holdings, Inc | 10,138 | |||||||
| 490,259 | * | Essity AB | 13,932 | ||||||
| 87 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,731,607 | Estee Lauder Cos (Class A) | $ | 220,330 | ||||||
| 38,100 | *,e | Euglena Co Ltd | 356 | ||||||
| 21,175 | * | Eveready Industries India Ltd | 146 | ||||||
| 22,200 | Fancl Corp | 656 | |||||||
| 9,278 | Gillette India Ltd | 984 | |||||||
| 341,551 | Godrej Consumer Products Ltd | 5,340 | |||||||
| 66,000 | Grape King Industrial Co | 461 | |||||||
| 2,588,147 | Hengan International Group Co Ltd | 28,656 | |||||||
| 64,610 | Henkel KGaA | 7,737 | |||||||
| 34,223 | Henkel KGaA (Preference) | 4,519 | |||||||
| 138,025 | *,e | Herbalife Ltd | 9,347 | ||||||
| 975,267 | Hindustan Lever Ltd | 20,900 | |||||||
| 279,048 | * | HRG Group, Inc | 4,730 | ||||||
| 20,382 | Inter Parfums S.A. | 845 | |||||||
| 50,256 | Inter Parfums, Inc | 2,184 | |||||||
| 5,491 | e | It’s Skin Co Ltd | 233 | ||||||
| 74,181 | Jamieson Wellness, Inc | 1,318 | |||||||
| 11,992 | *,e | Jayjun Cosmetic Co Ltd | 167 | ||||||
| 51,152 | Jyothy Laboratories Ltd | 306 | |||||||
| 486,409 | Kao Corp | 32,866 | |||||||
| 238,350 | Karex BHD | 77 | |||||||
| 448,609 | Kimberly-Clark Corp | 54,129 | |||||||
| 1,351,116 | Kimberly-Clark de Mexico S.A. de C.V. (Class A) | 2,381 | |||||||
| 30,500 | Kobayashi Pharmaceutical Co Ltd | 1,977 | |||||||
| 5,904 | Kolmar BNH Co Ltd | 179 | |||||||
| 8,688 | e | Korea Kolmar Co Ltd | 665 | ||||||
| 5,095 | Korea Kolmar Holdings Co Ltd | 194 | |||||||
| 30,500 | Kose Corp | 4,753 | |||||||
| 14,327 | LG Household & Health Care Ltd | 15,912 | |||||||
| 2,067 | LG Household & Health Care Ltd (Preference) | 1,348 | |||||||
| 217,100 | Lion Corp | 4,104 | |||||||
| 526,925 | L’Oreal S.A. | 116,756 | |||||||
| 98,158 | Mandom Corp | 3,212 | |||||||
| 852,393 | Marico Ltd | 4,300 | |||||||
| 144,541 | Medifast, Inc | 10,090 | |||||||
| 216,924 | * | Microbio Co Ltd | 162 | ||||||
| 17,400 | Milbon Co Ltd | 584 | |||||||
| 545,898 | Natura Cosmeticos S.A. | 5,441 | |||||||
| 15,163 | e | Natural Health Trends Corp | 230 | ||||||
| 22,348 | Nature’s Sunshine Products, Inc | 258 | |||||||
| 10,100 | Noevir Holdings Co Ltd | 749 | |||||||
| 120,066 | Nu Skin Enterprises, Inc (Class A) | 8,192 | |||||||
| 6,979 | *,e | NUTRIBIOTECH Co Ltd | 143 | ||||||
| 920,000 | NVC Lighting Holdings Ltd | 91 | |||||||
| 9,072 | Oil-Dri Corp of America | 376 | |||||||
| 51,011 | Ontex Group NV | 1,688 | |||||||
| 17,006 | e | Orchids Paper Products Co | 218 | ||||||
| 30,580 | Oriflame Holding AG. | 1,260 | |||||||
| 29,326 | Pacific Corp | 3,862 | |||||||
| 233,100 | Pigeon Corp | 8,857 | |||||||
| 336,300 | e | Pola Orbis Holdings, Inc | 11,784 | ||||||
| 5,694,221 | Procter & Gamble Co | 523,185 | |||||||
| 6,890,900 | PT Industri Jamu Dan Farmasi Sido Muncul Tbk | 277 | |||||||
| 2,176,929 | PT Unilever Indonesia Tbk | 8,969 | |||||||
| 88 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 175,262 | PZ Cussons plc | $ | 766 | ||||||
| 237,769 | Reckitt Benckiser Group plc | 22,182 | |||||||
| 19,313 | *,e | Revlon, Inc (Class A) | 421 | ||||||
| 9,902 | Sarantis S.A. | 150 | |||||||
| 325,391 | Shiseido Co Ltd | 15,679 | |||||||
| 54,440 | e | Spectrum Brands, Inc | 6,119 | ||||||
| 8,100 | ST Corp | 194 | |||||||
| 34,616 | TCI Co Ltd | 334 | |||||||
| 3,764 | e | Tonymoly Co Ltd | 62 | ||||||
| 411,999 | Uni-Charm Corp | 10,698 | |||||||
| 2,640,785 | Unilever NV | 148,684 | |||||||
| 1,539,383 | Unilever plc | 85,384 | |||||||
| 64,466 | * | USANA Health Sciences, Inc | 4,774 | ||||||
| 159,000 | e | Vinda International Holdings Ltd | 319 | ||||||
| 24,045 | WD-40 Co | 2,837 | |||||||
| 18,700 | YA-MAN Ltd | 314 | |||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 1,838,755 | ||||||||
| INSURANCE - 4.2% | |||||||||
| 150,324 | Admiral Group plc | 4,055 | |||||||
| 1,185,548 | Aegon NV | 7,533 | |||||||
| 300,969 | Aflac, Inc | 26,419 | |||||||
| 39,254 | Ageas | 1,918 | |||||||
| 14,507,114 | AIA Group Ltd | 123,392 | |||||||
| 13,395 | * | Alleghany Corp | 7,985 | ||||||
| 577,862 | Allianz AG. | 132,242 | |||||||
| 769,683 | Allstate Corp | 80,593 | |||||||
| 302,430 | Alm Brand AS | 3,948 | |||||||
| 108,429 | * | AMBAC Financial Group, Inc | 1,733 | ||||||
| 382,712 | American Equity Investment Life Holding Co | 11,761 | |||||||
| 84,905 | American Financial Group, Inc | 9,216 | |||||||
| 9,707,008 | American International Group, Inc | 578,344 | |||||||
| 6,997 | American National Insurance Co | 897 | |||||||
| 33,054 | Amerisafe, Inc | 2,036 | |||||||
| 332,633 | e | Amtrust Financial Services, Inc | 3,350 | ||||||
| 66,066 | Anadolu Hayat Emeklilik AS | 144 | |||||||
| 128,162 | Anadolu Sigorta | 105 | |||||||
| 10,200 | Anicom Holdings, Inc | 329 | |||||||
| 89,551 | Aon plc | 12,000 | |||||||
| 223,499 | * | Arch Capital Group Ltd | 20,287 | ||||||
| 652,977 | Argo Group International Holdings Ltd | 40,256 | |||||||
| 107,139 | Arthur J. Gallagher & Co | 6,780 | |||||||
| 161,839 | Aspen Insurance Holdings Ltd | 6,571 | |||||||
| 493,561 | ASR Nederland NV | 20,318 | |||||||
| 917,559 | Assicurazioni Generali S.p.A. | 16,701 | |||||||
| 145,420 | Assurant, Inc | 14,664 | |||||||
| 172,230 | Assured Guaranty Ltd | 5,833 | |||||||
| 3,260,522 | * | Athene Holding Ltd | 168,602 | ||||||
| 17,856 | * | Atlas Financial Holdings, Inc | 367 | ||||||
| 7,181,812 | Aviva plc | 48,982 | |||||||
| 18,353 | AvivaSA Emeklilik ve Hayat AS. | 88 | |||||||
| 4,020,101 | AXA S.A. | 119,129 | |||||||
| 117,740 | Axis Capital Holdings Ltd | 5,918 | |||||||
| 89 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 29,717 | Bajaj Finserv Ltd | $ | 2,431 | ||||||
| 15,348 | Baldwin & Lyons, Inc (Class B) | 368 | |||||||
| 25,578 | Baloise Holding AG. | 3,976 | |||||||
| 697,774 | BB Seguridade Participacoes S.A. | 5,987 | |||||||
| 1,116,168 | Beazley plc | 8,050 | |||||||
| 4,605,594 | * | Berkshire Hathaway, Inc (Class B) | 912,921 | ||||||
| 13,832 | Blue Capital Reinsurance Holdings Ltd | 167 | |||||||
| 47,101 | * | Brighthouse Financial, Inc | 2,762 | ||||||
| 138,294 | Brown & Brown, Inc | 7,117 | |||||||
| 14,516,816 | Cathay Financial Holding Co Ltd | 26,007 | |||||||
| 24,449 | Chesnara plc | 128 | |||||||
| 1,631,794 | China Insurance International Holdings Co Ltd | 6,090 | |||||||
| 11,491,290 | China Life Insurance Co Ltd | 35,836 | |||||||
| 2,055,805 | China Life Insurance Co Ltd (Taiwan) | 2,062 | |||||||
| 3,782,239 | China Pacific Insurance Group Co Ltd | 18,100 | |||||||
| 2,218,690 | Chubb Ltd | 324,217 | |||||||
| 105,701 | Cincinnati Financial Corp | 7,924 | |||||||
| 79,313 | *,e | Citizens, Inc (Class A) | 583 | ||||||
| 11,247 | * | Clal Insurance | 202 | ||||||
| 56,623 | CNA Financial Corp | 3,004 | |||||||
| 154,752 | CNP Assurances | 3,570 | |||||||
| 385,334 | Conseco, Inc | 9,514 | |||||||
| 3,630,000 | *,†,e,m | Convoy Financial Holdings Ltd | 58 | ||||||
| 330,904 | Corp Mapfre S.A. | 1,061 | |||||||
| 42,673 | Crawford & Co (Class B) | 410 | |||||||
| 2,743,311 | Dai-ichi Mutual Life Insurance Co | 56,381 | |||||||
| 765,095 | Direct Line Insurance Group plc | 3,937 | |||||||
| 343,515 | Discovery Holdings Ltd | 5,165 | |||||||
| 26,665 | Donegal Group, Inc (Class A) | 461 | |||||||
| 138,270 | Dongbu Insurance Co Ltd | 9,196 | |||||||
| 20,000 | e | Dream Incubator, Inc | 416 | ||||||
| 26,255 | * | eHealth, Inc | 456 | ||||||
| 15,233 | EMC Insurance Group, Inc | 437 | |||||||
| 53,428 | Employers Holdings, Inc | 2,372 | |||||||
| 19,491 | * | Enstar Group Ltd | 3,913 | ||||||
| 28,726 | Erie Indemnity Co (Class A) | 3,500 | |||||||
| 568,826 | esure Group plc | 1,908 | |||||||
| 28,296 | Euler Hermes S.A. | 4,136 | |||||||
| 65,426 | Everest Re Group Ltd | 14,476 | |||||||
| 38,765 | Fairfax Financial Holdings Ltd | 20,642 | |||||||
| 17,204 | FBL Financial Group, Inc (Class A) | 1,198 | |||||||
| 65,155 | Federated National Holding Co | 1,080 | |||||||
| 420,870 | First American Financial Corp | 23,586 | |||||||
| 588,414 | FNF Group | 23,089 | |||||||
| 2,341,467 | Fondiaria-Sai S.p.A | 5,462 | |||||||
| 1,251,850 | * | Genworth Financial, Inc (Class A) | 3,893 | ||||||
| 217,904 | Gjensidige Forsikring BA | 4,110 | |||||||
| 14,406 | * | Global Indemnity Ltd | 605 | ||||||
| 279,890 | Great-West Lifeco, Inc | 7,816 | |||||||
| 58,329 | * | Greenlight Capital Re Ltd (Class A) | 1,172 | ||||||
| 75,675 | Grupo Catalana Occidente S.A. | 3,354 | |||||||
| 45,023 | * | Hallmark Financial Services | 470 | ||||||
| 63,663 | Hannover Rueckversicherung AG. | 7,987 | |||||||
| 40,947 | Hanover Insurance Group, Inc | 4,426 | |||||||
| 90 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 162,375 | Hanwha Non-Life Insurance Co Ltd | $ | 1,235 | ||||||
| 395,983 | Harel Insurance Investments & Finances Ltd | 2,897 | |||||||
| 598,485 | Hartford Financial Services Group, Inc | 33,683 | |||||||
| 295,341 | Hastings Group Holdings Ltd | 1,276 | |||||||
| 14,474 | e | HCI Group, Inc | 433 | ||||||
| 22,886 | *,e | Health Insurance Innovations, Inc | 571 | ||||||
| 4,002 | Helvetia Holding AG. | 2,251 | |||||||
| 36,165 | e | Heritage Insurance Holdings, Inc | 652 | ||||||
| 354,759 | Hiscox Ltd | 7,012 | |||||||
| 72,227 | Horace Mann Educators Corp | 3,185 | |||||||
| 219,924 | Hyundai Marine & Fire Insurance Co Ltd | 9,645 | |||||||
| 4,260 | IDI Insurance Co Ltd | 285 | |||||||
| 25,100 | * | IGI Insurance Ltd | 67 | ||||||
| 26,742 | Independence Holding Co | 734 | |||||||
| 74,234 | Industrial Alliance Insurance and Financial Services, Inc | 3,533 | |||||||
| 44,452 | Infinity Property & Casualty Corp | 4,712 | |||||||
| 96,875 | ING Life Insurance Korea Ltd | 4,832 | |||||||
| 2,575,335 | Insurance Australia Group Ltd | 14,505 | |||||||
| 177,405 | Intact Financial Corp | 14,818 | |||||||
| 2,835 | Investors Title Co | 562 | |||||||
| 118,894 | James River Group Holdings Ltd | 4,757 | |||||||
| 629,000 | Japan Post Holdings Co Ltd | 7,204 | |||||||
| 1,800 | Japan Post Insurance Co Ltd | 42 | |||||||
| 435,885 | Just Retirement Group plc | 996 | |||||||
| 68,427 | Kemper Corp | 4,715 | |||||||
| 18,645 | Kingstone Cos, Inc | 351 | |||||||
| 58,277 | Kinsale Capital Group, Inc | 2,622 | |||||||
| 1,657,905 | Korea Life Insurance Co Ltd | 10,686 | |||||||
| 57,280 | Korean Reinsurance Co | 589 | |||||||
| 118,000 | Lancashire Holdings Ltd | 1,085 | |||||||
| 13,419,915 | Legal & General Group plc | 49,406 | |||||||
| 103,388 | Liberty Holdings Ltd | 1,040 | |||||||
| 1,314,130 | Lincoln National Corp | 101,017 | |||||||
| 194,546 | Loews Corp | 9,733 | |||||||
| 32,506 | Lotte Non-Life Insurance Co Ltd | 88 | |||||||
| 265,788 | Maiden Holdings Ltd | 1,754 | |||||||
| 2,571,587 | Manulife Financial Corp | 53,641 | |||||||
| 344,189 | Manulife Financial Corp | 7,180 | |||||||
| 8,172 | * | Markel Corp | 9,309 | ||||||
| 2,053,284 | Marsh & McLennan Cos, Inc | 167,117 | |||||||
| 120,753 | * | Max India Ltd | 1,119 | ||||||
| 189,100 | * | Max India Ltd (New) | 369 | ||||||
| 152,297 | *,e | MBIA, Inc | 1,115 | ||||||
| 2,665,755 | Medibank Pvt Ltd | 6,827 | |||||||
| 44,738 | Menorah Mivtachim Holdings Ltd | 566 | |||||||
| 1,073,444 | Mercuries & Associates Holding Ltd | 909 | |||||||
| 520,549 | * | Mercuries Life Insurance Co Lt | 283 | ||||||
| 67,957 | Mercury General Corp | 3,632 | |||||||
| 373,421 | Meritz Fire & Marine Insurance Co Ltd | 8,184 | |||||||
| 1,942,995 | Metlife, Inc | 98,238 | |||||||
| 779,651 | Metropolitan Holdings Ltd | 1,323 | |||||||
| 895,903 | Migdal Insurance Holdings Ltd | 1,004 | |||||||
| 91 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 47,340 | Mirae Asset Life Insurance Co Ltd | $ | 232 | ||||||
| 674,198 | Mitsui Sumitomo Insurance Group Holdings, Inc | 22,741 | |||||||
| 42,331 | Muenchener Rueckver AG. | 9,141 | |||||||
| 273,232 | National General Holdings Corp | 5,366 | |||||||
| 4,013 | National Western Life Group, Inc | 1,328 | |||||||
| 35,845 | Navigators Group, Inc | 1,746 | |||||||
| 698,182 | New China Life insurance Co Ltd | 4,761 | |||||||
| 19,881 | * | NI Holdings, Inc | 338 | ||||||
| 468,399 | NKSJ Holdings, Inc | 18,081 | |||||||
| 301,174 | NN Group NV | 13,027 | |||||||
| 2,036,761 | Old Mutual plc | 6,372 | |||||||
| 477,903 | Old Republic International Corp | 10,218 | |||||||
| 7,734,288 | People’s Insurance Co Group of China Ltd | 3,798 | |||||||
| 231,463 | Phoenix Group Holdings | 2,440 | |||||||
| 38,329 | * | Phoenix Holdings Ltd | 210 | ||||||
| 5,287,826 | PICC Property & Casualty Co Ltd | 10,130 | |||||||
| 10,501,326 | e | Ping An Insurance Group Co of China Ltd | 108,920 | ||||||
| 73,374 | Porto Seguro S.A. | 804 | |||||||
| 709,647 | Poste Italiane S.p.A | 5,343 | |||||||
| 619,794 | e | Power Corp Of Canada | 15,961 | ||||||
| 535,244 | Power Financial Corp | 14,707 | |||||||
| 606,999 | Powszechny Zaklad Ubezpieczen S.A. | 7,342 | |||||||
| 76,592 | Primerica, Inc | 7,778 | |||||||
| 384,281 | Principal Financial Group | 27,115 | |||||||
| 181,473 | ProAssurance Corp | 10,371 | |||||||
| 4,423,277 | Progressive Corp | 249,119 | |||||||
| 39,071 | e | Protector Forsikring ASA | 428 | ||||||
| 464,856 | Prudential Financial, Inc | 53,449 | |||||||
| 5,521,485 | Prudential plc | 141,407 | |||||||
| 57,256,000 | * | PT Panin Insurance Tbk | 3,714 | ||||||
| 280,859,000 | * | PT Panin Life Tbk | 5,134 | ||||||
| 118,719 | * | Qatar Insurance Co SAQ | 1,751 | ||||||
| 1,850,961 | QBE Insurance Group Ltd | 15,364 | |||||||
| 612,900 | Qualitas Controladora SAB de C.V. | 1,138 | |||||||
| 561,634 | Rand Merchant Investment Holdings Ltd | 2,079 | |||||||
| 131,944 | Reinsurance Group of America, Inc (Class A) | 20,574 | |||||||
| 113,545 | RenaissanceRe Holdings Ltd | 14,260 | |||||||
| 67,030 | RLI Corp | 4,066 | |||||||
| 837,957 | RSA Insurance Group plc | 7,143 | |||||||
| 24,699 | Safety Insurance Group, Inc | 1,986 | |||||||
| 694,053 | Saga plc | 1,181 | |||||||
| 1,775,192 | Sampo Oyj (A Shares) | 97,426 | |||||||
| 26,693 | Samsung Fire & Marine Insurance Co Ltd | 6,656 | |||||||
| 119,653 | Samsung Life Insurance Co Ltd | 13,881 | |||||||
| 2,386,830 | Sanlam Ltd | 16,728 | |||||||
| 198,394 | SCOR SE | 7,974 | |||||||
| 139,011 | Selective Insurance Group, Inc | 8,160 | |||||||
| 11,014,361 | Shin Kong Financial Holding Co Ltd | 3,875 | |||||||
| 130,000 | Shinkong Insurance Co Ltd | 125 | |||||||
| 530,028 | Societa Cattolica di Assicurazioni SCRL | 5,755 | |||||||
| 183,892 | Sony Financial Holdings, Inc | 3,250 | |||||||
| 28,796 | State Auto Financial Corp | 839 | |||||||
| 464,469 | Steadfast Group Ltd | 1,019 | |||||||
| 36,657 | Stewart Information Services Corp | 1,551 | |||||||
| 92 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,388,744 | Storebrand ASA | $ | 11,298 | ||||||
| 150,994 | Sul America SA | 849 | |||||||
| 584,161 | Sun Life Financial, Inc | 24,110 | |||||||
| 969,868 | Suncorp-Metway Ltd | 10,453 | |||||||
| 16,564 | Swiss Life Holding | 5,855 | |||||||
| 202,401 | Swiss Re Ltd | 18,929 | |||||||
| 173,800 | Syarikat Takaful Malaysia BHD | 161 | |||||||
| 821,442 | T&D Holdings, Inc | 14,014 | |||||||
| 1,889,091 | * | Third Point Reinsurance Ltd | 27,675 | ||||||
| 2,465,687 | Tokio Marine Holdings, Inc | 112,147 | |||||||
| 25,568 | Tong Yang Life Insurance | 181 | |||||||
| 176,554 | * | Topdanmark AS | 7,625 | ||||||
| 107,189 | Torchmark Corp | 9,723 | |||||||
| 231,070 | Travelers Cos, Inc | 31,342 | |||||||
| 34 | * | Trisura Group Ltd | 1 | ^ | |||||
| 37,874 | *,e | Trupanion, Inc | 1,109 | ||||||
| 135,161 | Tryg A.S. | 3,381 | |||||||
| 1,606,951 | Unipol Gruppo Finanziario S.p.A | 7,527 | |||||||
| 242,140 | Uniqa Versicherungen AG. | 2,562 | |||||||
| 81,833 | United Fire & Casualty Co | 3,730 | |||||||
| 37,031 | United Insurance Holdings Corp | 639 | |||||||
| 210,254 | Universal Insurance Holdings, Inc | 5,750 | |||||||
| 286,695 | UnumProvident Corp | 15,737 | |||||||
| 272,445 | Validus Holdings Ltd | 12,783 | |||||||
| 66,682 | Vittoria Assicurazioni S.p.A. | 954 | |||||||
| 746,433 | W.R. Berkley Corp | 53,482 | |||||||
| 4,137 | White Mountains Insurance Group Ltd | 3,522 | |||||||
| 83,151 | Wiener Staedtische Allgemeine Versicherung AG. | 2,565 | |||||||
| 241,810 | Willis Towers Watson plc | 36,438 | |||||||
| 42,000 | Wiz Solucoes e Corretagem de Seguros S.A. | 148 | |||||||
| 14,897 | Wuestenrot & Wuerttembergische AG. | 416 | |||||||
| 259,315 | XL Group Ltd | 9,117 | |||||||
| 368,756 | Zurich Financial Services AG. | 112,118 | |||||||
| TOTAL INSURANCE | 5,289,117 | ||||||||
| MATERIALS - 5.3% | |||||||||
| 150,660 | A. Schulman, Inc | 5,612 | |||||||
| 13,455 | Aarti Industries | 239 | |||||||
| 124,708 | Acerinox S.A. | 1,780 | |||||||
| 27,999 | Achilles Corp | 592 | |||||||
| 26,789 | m | Acron JSC (GDR) | 179 | ||||||
| 43,529 | Adana Cimento | 69 | |||||||
| 213,500 | ADEKA Corp | 3,755 | |||||||
| 262,108 | Adelaide Brighton Ltd | 1,328 | |||||||
| 36,842 | e | Advanced Emissions Solutions, Inc | 356 | ||||||
| 20,278 | Advanced Enzyme Technologies Ltd | 88 | |||||||
| 15,770 | Advanced Metallurgical Group NV | 792 | |||||||
| 51,065 | Advansa Sasa Polyester Sanayi AS | 154 | |||||||
| 94,923 | * | AdvanSix, Inc | 3,993 | ||||||
| 78,703 | Aeci Ltd | 636 | |||||||
| 273,022 | Aekyung Petrochemical Co Ltd | 4,477 | |||||||
| 109,248 | African Barrick Gold Ltd | 290 | |||||||
| 68,407 | African Rainbow Minerals Ltd | 738 | |||||||
| 93 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 186,865 | Agnico-Eagle Mines Ltd | $ | 8,628 | ||||||
| 345,945 | e | Agrium, Inc | 39,791 | ||||||
| 111,289 | *,e | AgroFresh Solutions, Inc | 824 | ||||||
| 51,000 | Aichi Steel Corp | 2,038 | |||||||
| 289,477 | Air Liquide | 36,391 | |||||||
| 222,438 | Air Products & Chemicals, Inc | 36,498 | |||||||
| 18,322 | Air Water, Inc | 386 | |||||||
| 3,116 | AK Holdings, Inc | 199 | |||||||
| 2,269,320 | *,e | AK Steel Holding Corp | 12,844 | ||||||
| 17,566 | Akcansa Cimento AS | 50 | |||||||
| 6,307 | Akzo Nobel India Ltd | 181 | |||||||
| 403,947 | Akzo Nobel NV | 35,444 | |||||||
| 241,024 | Alamos Gold, Inc | 1,570 | |||||||
| 654,809 | Albemarle Corp | 83,744 | |||||||
| 457,590 | * | Alcoa Corp | 24,650 | ||||||
| 2,056,865 | Alexandria Mineral Oils Co | 1,591 | |||||||
| 215,332 | *,e | Allegheny Technologies, Inc | 5,198 | ||||||
| 24,685 | Altius Minerals Corp | 294 | |||||||
| 333,842 | Altri SGPS S.A. | 2,071 | |||||||
| 1,728,358 | Alumina Ltd | 3,257 | |||||||
| 3,949,445 | *,e | Aluminum Corp of China Ltd | 2,819 | ||||||
| 799,307 | Ambuja Cements Ltd | 3,407 | |||||||
| 786,878 | Amcor Ltd | 9,429 | |||||||
| 111,545 | American Vanguard Corp | 2,192 | |||||||
| 19,701 | e | Ampco-Pittsburgh Corp | 244 | ||||||
| 3,729,000 | AMVIG Holdings Ltd | 998 | |||||||
| 1,959,515 | Anadolu Cam Sanayii AS | 1,359 | |||||||
| 209,069 | * | Anatolia Minerals Development Ltd | 371 | ||||||
| 74,802 | * | Anglo American Platinum Ltd | 2,137 | ||||||
| 1,850,241 | e | Anglo American plc (London) | 38,483 | ||||||
| 431,784 | AngloGold Ashanti Ltd | 4,502 | |||||||
| 1,564,369 | Anhui Conch Cement Co Ltd | 7,343 | |||||||
| 505,346 | Antofagasta plc | 6,820 | |||||||
| 161,749 | APERAM | 8,310 | |||||||
| 3,444 | * | APL Apollo Tubes Ltd | 107 | ||||||
| 66,468 | Aptargroup, Inc | 5,735 | |||||||
| 1,201,113 | * | ArcelorMittal | 38,968 | ||||||
| 381,004 | *,e | ArcelorMittal (ADR) | 12,310 | ||||||
| 31,122 | Ardagh Group S.A. | 657 | |||||||
| 100,728 | *,e | Arizona Mining, Inc | 277 | ||||||
| 312,686 | Arkema | 38,099 | |||||||
| 21,874 | Asahi Holdings, Inc | 410 | |||||||
| 1,149,555 | Asahi Kasei Corp | 14,794 | |||||||
| 1,096,546 | Ashland Global Holdings, Inc | 78,074 | |||||||
| 900,500 | Asia Cement China Holdings Corp | 315 | |||||||
| 2,244,024 | Asia Cement Corp | 2,123 | |||||||
| 108,754 | Asia Polymer | 70 | |||||||
| 383,350 | Asian Paints Ltd | 6,949 | |||||||
| 90,042 | Associated Cement Co Ltd | 2,477 | |||||||
| 191,005 | Assore Ltd | 5,558 | |||||||
| 4,803 | Atul Ltd | 206 | |||||||
| 60,044 | Aurubis AG. | 5,573 | |||||||
| 184,179 | Ausdrill Ltd | 378 | |||||||
| 254,040 | Avery Dennison Corp | 29,179 | |||||||
| 94 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,448,000 | * | Axalta Coating Systems Ltd | $ | 46,857 | |||||
| 606,369 | * | B2Gold Corp | 1,872 | ||||||
| 55,366 | Balchem Corp | 4,462 | |||||||
| 612,161 | Ball Corp | 23,170 | |||||||
| 1,689,481 | Barrick Gold Corp (Canada) | 24,435 | |||||||
| 6,910 | BASF India Ltd | 232 | |||||||
| 1,030,590 | BASF SE | 112,985 | |||||||
| 12,300 | * | Bayer CropScience Ltd | 864 | ||||||
| 12,000,000 | e | BBMG Corp | 5,433 | ||||||
| 81,994 | Bekaert S.A. | 3,576 | |||||||
| 76,765 | Bemis Co, Inc | 3,669 | |||||||
| 224,300 | * | Bengang Steel Plates Co | 93 | ||||||
| 3,199,835 | * | Berry Plastics Group, Inc | 187,734 | ||||||
| 4,127,572 | BHP Billiton Ltd | 94,814 | |||||||
| 3,969,353 | BHP Billiton plc | 80,262 | |||||||
| 466,637 | Billerud AB | 7,991 | |||||||
| 4,500 | *,e | Bio On Spa | 157 | ||||||
| 12,584 | * | Birla Corp Ltd | 227 | ||||||
| 545,161 | BlueScope Steel Ltd | 6,493 | |||||||
| 190,013 | Boise Cascade Co | 7,582 | |||||||
| 366,758 | Boliden AB | 12,542 | |||||||
| 1,068,957 | Boral Ltd | 6,471 | |||||||
| 185,628 | Borregaard ASA | 1,843 | |||||||
| 35,346 | Borusan Mannesmann Boru Sanayi | 109 | |||||||
| 55,545 | * | Boryszew S.A. | 147 | ||||||
| 146,100 | Bradespar S.A. | 1,265 | |||||||
| 171,475 | Braskem S.A. | 2,215 | |||||||
| 227,467 | Brickworks Ltd | 2,631 | |||||||
| 46,118 | Buzzi Unicem S.p.A. | 1,244 | |||||||
| 54,371 | Buzzi Unicem S.p.A. RSP | 830 | |||||||
| 55,132 | Cabot Corp | 3,396 | |||||||
| 270,400 | Cahya Mata Sarawak BHD | 261 | |||||||
| 87,247 | Calgon Carbon Corp | 1,858 | |||||||
| 349,941 | * | Canfor Corp | 6,899 | ||||||
| 82,316 | Canfor Pulp Products, Inc | 874 | |||||||
| 48,226 | CAP S.A. | 618 | |||||||
| 203,267 | Carpenter Technology Corp | 10,365 | |||||||
| 174,909 | e | Cascades, Inc | 1,895 | ||||||
| 240,291 | CCL Industries | 11,103 | |||||||
| 73,799 | Celanese Corp (Series A) | 7,902 | |||||||
| 24,909 | Cementir S.p.A. | 226 | |||||||
| 364,946 | Cementos Argos S.A. | 1,409 | |||||||
| 1,536,800 | * | CEMEX Holdings Philippines, Inc | 150 | ||||||
| 95,247 | * | Cemex Latam Holdings S.A. | 351 | ||||||
| 17,028,478 | * | Cemex S.A. de C.V. | 12,731 | ||||||
| 674,707 | Centamin plc | 1,437 | |||||||
| 476,253 | * | Centerra Gold, Inc | 2,440 | ||||||
| 286,054 | Central Asia Metals plc | 1,182 | |||||||
| 84,916 | * | Century Aluminum Co | 1,668 | ||||||
| 35,774 | Century Plyboards India Ltd | 190 | |||||||
| 17,342 | Century Textile & Industries Ltd | 389 | |||||||
| 146,216 | e | CF Industries Holdings, Inc | 6,220 | ||||||
| 212,530 | * | Chambal Fertilizers & Chemicals Ltd | 506 | ||||||
| 95 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 20,957 | Chase Corp | $ | 2,525 | ||||||
| 2,397,223 | Chemours Co | 120,005 | |||||||
| 443,560 | Cheng Loong Corp | 242 | |||||||
| 258,000 | *,e | Chiho-Tiande Group Ltd | 133 | ||||||
| 1,168,695 | China BlueChemical Ltd | 369 | |||||||
| 193,640 | China General Plastics Corp | 210 | |||||||
| 127,000 | China Hi-ment Corp | 252 | |||||||
| 632,250 | * | China Manmade Fibers Corp | 215 | ||||||
| 178,112 | China Metal Products | 170 | |||||||
| 858,455 | *,†,e,m | China Metal Recycling Holdings Ltd | 1 | ||||||
| 396,000 | * | China Metal Resources Utilization Ltd | 245 | ||||||
| 4,002,000 | e | China Molybdenum Co Ltd | 2,558 | ||||||
| 3,069,282 | e | China National Building Material Co Ltd | 2,735 | ||||||
| 8,750,000 | China National Materials Co Ltd | 6,525 | |||||||
| 1,394,628 | * | China Petrochemical Development Corp | 718 | ||||||
| 7,943,000 | China Sanjiang Fine Chemicals | 3,040 | |||||||
| 4,114,400 | *,†,e,m | China Shanshui Cement Group Ltd | 2,301 | ||||||
| 14,876,000 | e | China Silver Group Ltd | 4,551 | ||||||
| 5,334 | * | China Singyes New Materials Holdings Ltd | 1 | ^ | |||||
| 97,000 | China Steel Chemical Corp | 415 | |||||||
| 13,430,303 | China Steel Corp | 11,161 | |||||||
| 320,817 | China Synthetic Rubber Corp | 473 | |||||||
| 297,000 | China XLX Fertiliser Ltd | 127 | |||||||
| 12,000 | * | Chongqing Iron & Steel Co Ltd | 3 | ||||||
| 70,245 | Christian Hansen Holding | 6,589 | |||||||
| 34,500 | Chugoku Marine Paints Ltd | 288 | |||||||
| 613,000 | * | Chung Hung Steel Corp | 255 | ||||||
| 199,540 | * | Chung Hwa Pulp Corp | 78 | ||||||
| 570,383 | Cia de Minas Buenaventura S.A. (ADR) (Series B) | 8,031 | |||||||
| 571,648 | * | Cia Siderurgica Nacional S.A. | 1,443 | ||||||
| 18,219 | * | Ciech S.A. | 301 | ||||||
| 140,705 | Cimsa Cimento Sanayi Ve Tica | 508 | |||||||
| 29,256 | Clariant AG. | 817 | |||||||
| 26,392 | * | Clearwater Paper Corp | 1,198 | ||||||
| 506,011 | *,e | Cleveland-Cliffs, Inc | 3,648 | ||||||
| 73,847 | * | Codexis, Inc | 617 | ||||||
| 729,566 | * | Coeur Mining, Inc | 5,472 | ||||||
| 201,188 | Commercial Metals Co | 4,289 | |||||||
| 86,132 | *,†,m | Companhia Vale do Rio Doce | 0 | ||||||
| 58,235 | e | Compass Minerals International, Inc | 4,207 | ||||||
| 129,322 | Corbion NV | 4,189 | |||||||
| 12,378 | Core Molding Technologies, Inc | 269 | |||||||
| 89,220 | Coromandel International Ltd | 809 | |||||||
| 26,223 | Corticeira Amorim SGPS S.A. | 324 | |||||||
| 262,228 | Covestro AG. | 27,001 | |||||||
| 143,000 | CPMC Holdings Ltd | 113 | |||||||
| 426,220 | CRH plc | 15,340 | |||||||
| 33,796 | Croda International plc | 2,015 | |||||||
| 732,633 | * | Crown Holdings, Inc | 41,211 | ||||||
| 1,772,649 | CSR Ltd | 6,554 | |||||||
| 1,651,200 | D&L Industries Inc | 366 | |||||||
| 1,154,000 | e | Da Ming International Holdings Ltd | 446 | ||||||
| 333,999 | Daicel Chemical Industries Ltd | 3,790 | |||||||
| 74,700 | Daido Steel Co Ltd | 4,579 | |||||||
| 96 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 28,000 | Daiken Corp | $ | 728 | ||||||
| 16,171 | Dainichiseika Color & Chemicals Manufacturing Co Ltd | 807 | |||||||
| 129,400 | Dainippon Ink and Chemicals, Inc | 4,868 | |||||||
| 40,772 | e | Daio Paper Corp | 539 | ||||||
| 35,300 | e | Daiso Co Ltd | 902 | ||||||
| 27,959 | Dalmia Bharat Ltd | 1,403 | |||||||
| 94,964 | DCM Shriram Ltd | 829 | |||||||
| 64,646 | Deepak Fertilizers & Petrochemicals Corp Ltd | 431 | |||||||
| 19,412 | Deltic Timber Corp | 1,777 | |||||||
| 176,200 | Denki Kagaku Kogyo KK | 7,031 | |||||||
| 128,106 | * | Detour Gold Corp | 1,506 | ||||||
| 155,700 | DG Khan Cement Co Ltd | 189 | |||||||
| 8,103 | * | Dhanuka Agritech Ltd | 93 | ||||||
| 169,346 | Domtar Corp | 8,386 | |||||||
| 19,531 | Dongjin Semichem Co Ltd | 402 | |||||||
| 37,626 | Dongkuk Steel Mill Co Ltd | 387 | |||||||
| 2,031 | Dongwha Enterprise Co Ltd | 60 | |||||||
| 161,200 | Dowa Holdings Co Ltd | 6,547 | |||||||
| 7,983,200 | DowDuPont, Inc | 568,563 | |||||||
| 882,477 | DS Smith plc | 6,151 | |||||||
| 246,911 | DSM NV | 23,586 | |||||||
| 6,409 | * | Duk San Neolux Co Ltd | 147 | ||||||
| 866,778 | DuluxGroup Ltd | 5,165 | |||||||
| 114,961 | Eagle Materials, Inc | 13,025 | |||||||
| 619,800 | Eastern Polymer Group PCL | 215 | |||||||
| 121,179 | Eastman Chemical Co | 11,226 | |||||||
| 115,869 | Ecolab, Inc | 15,547 | |||||||
| 12,036 | * | Ecopro Co Ltd | 442 | ||||||
| 112,917 | EID Parry India Ltd | 656 | |||||||
| 124,405 | * | El Ezz Steel Co | 144 | ||||||
| 534,379 | Eldorado Gold Corp | 774 | |||||||
| 291,757 | Elementis plc | 1,135 | |||||||
| 3,745,125 | Empresas CMPC S.A. | 12,726 | |||||||
| 3,399 | EMS-Chemie Holding AG. | 2,268 | |||||||
| 780,816 | Ence Energia y Celulosa S.A. | 5,153 | |||||||
| 45,552 | * | Endeavour Mining Corp | 929 | ||||||
| 88,777 | *,e | Endeavour Silver Corp | 213 | ||||||
| 182,000 | Engro Chemical Pakistan Ltd | 452 | |||||||
| 979,500 | Engro Fertilizers Ltd | 601 | |||||||
| 5,985 | * | Eramet | 710 | ||||||
| 4,345,885 | Eregli Demir ve Celik Fabrikalari TAS | 11,467 | |||||||
| 26,404 | Essel Propack Ltd | 122 | |||||||
| 162,961 | e | Essentra plc | 1,165 | ||||||
| 461,032 | Eternal Chemical Co Ltd | 477 | |||||||
| 29,467 | Eugene Corp | 135 | |||||||
| 250,128 | Everlight Chemical Industrial Corp | 159 | |||||||
| 1,009,930 | Evolution Mining Ltd | 2,091 | |||||||
| 63,840 | Evonik Industries AG. | 2,398 | |||||||
| 1,569,600 | Evraz plc | 7,205 | |||||||
| 381,000 | Fauji Cement Co Ltd | 87 | |||||||
| 196,500 | Fauji Fertilizer Bin Qasim Ltd | 63 | |||||||
| 330,300 | Fauji Fertilizer Co Ltd | 237 | |||||||
| 97 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 320,050 | Feng Hsin Iron & Steel Co | $ | 599 | ||||||
| 1,885,213 | Ferrexpo plc | 7,460 | |||||||
| 261,131 | * | Ferro Corp | 6,160 | ||||||
| 202,348 | *,m | Ferroglobe plc | 0 | ||||||
| 222,530 | Fibria Celulose S.A. | 3,214 | |||||||
| 17,645 | Finolex Industries Ltd | 182 | |||||||
| 102,476 | *,e | First Majestic Silver Corp | 691 | ||||||
| 1,565,291 | First Quantum Minerals Ltd | 21,929 | |||||||
| 1,148,277 | Fletcher Building Ltd | 6,185 | |||||||
| 95,591 | *,e | Flotek Industries, Inc | 445 | ||||||
| 352,105 | FMC Corp | 33,330 | |||||||
| 34,017 | *,e | Foosung Co Ltd | 322 | ||||||
| 2,944,354 | Formosa Chemicals & Fibre Corp | 10,158 | |||||||
| 10,140,176 | Formosa Plastics Corp | 33,553 | |||||||
| 467,091 | Forterra plc | 1,881 | |||||||
| 5,235,354 | Fortescue Metals Group Ltd | 19,813 | |||||||
| 117,171 | * | Fortuna Silver Mines, Inc | 611 | ||||||
| 118,691 | Foshan Huaxin Packaging Co Ltd | 65 | |||||||
| 15,100 | FP Corp | 810 | |||||||
| 223,913 | Franco-Nevada Corp | 17,895 | |||||||
| 5,967,512 | * | Freeport-McMoRan Copper & Gold, Inc (Class B) | 113,144 | ||||||
| 223,928 | Fresnillo plc | 4,303 | |||||||
| 3,701 | Frutarom Industries Ltd | 347 | |||||||
| 56,784 | Fuchs Petrolub AG. (Preference) | 3,007 | |||||||
| 8,232,200 | e | Fufeng Group Ltd | 5,374 | ||||||
| 25,500 | Fuji Seal International, Inc | 833 | |||||||
| 10,400 | Fujimi, Inc | 218 | |||||||
| 17,800 | Fujimori Kogyo Co Ltd | 631 | |||||||
| 252,699 | e | Furukawa-Sky Aluminum Corp | 6,588 | ||||||
| 1,643,800 | Fushan International Energy Group Ltd | 352 | |||||||
| 22,700 | Fuso Chemical Co Ltd | 615 | |||||||
| 41,229 | FutureFuel Corp | 581 | |||||||
| 280,190 | *,e | Galaxy Resources Ltd | 834 | ||||||
| 1,044,842 | * | GCP Applied Technologies, Inc | 33,330 | ||||||
| 3,124,312 | Gerdau S.A. (Preference) | 11,645 | |||||||
| 7,253 | Givaudan S.A. | 16,754 | |||||||
| 21,463,464 | Glencore Xstrata plc | 112,339 | |||||||
| 195,900 | Global Green Chemicals PCL | 92 | |||||||
| 328,959 | Gloria Material Technology Corp | 219 | |||||||
| 6,000 | Godo Steel Ltd | 126 | |||||||
| 67,381 | * | Godrej Industries Ltd | 640 | ||||||
| 798,365 | Gold Fields Ltd | 3,460 | |||||||
| 102,240 | Gold Resource Corp | 450 | |||||||
| 748,924 | Goldcorp, Inc | 9,551 | |||||||
| 7,364,418 | * | Goldsun Development & Construction Co Ltd | 2,418 | ||||||
| 502,000 | Grand Pacific Petrochemical | 529 | |||||||
| 132,611 | Granges AB | 1,360 | |||||||
| 1,180,520 | Graphic Packaging Holding Co | 18,239 | |||||||
| 418,224 | Grasim Industries Ltd | 7,625 | |||||||
| 605,755 | *,†,m | Great Basin Gold Ltd | 5 | ||||||
| 49,000 | Great China Metal Industry | 41 | |||||||
| 1,706,000 | Greatview Aseptic Packaging Co | 1,245 | |||||||
| 31,900 | Green Seal Holding Ltd | 69 | |||||||
| 20,505 | * | Greenply Industries Ltd | 108 | ||||||
| 98 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 10,969 | Greif, Inc | $ | 761 | ||||||
| 44,571 | Greif, Inc (Class A) | 2,700 | |||||||
| 15,096,942 | * | G-Resources Group Ltd | 187 | ||||||
| 5,306 | Groupe Guillin | 219 | |||||||
| 277,239 | Grupo Argos S.A. | 1,940 | |||||||
| 6,034,344 | Grupo Mexico S.A. de C.V. (Series B) | 19,921 | |||||||
| 64,436 | * | Gubre Fabrikalari TAS | 72 | ||||||
| 10,837 | Gujarat Alkalies & Chemicals Ltd | 127 | |||||||
| 26,696 | * | Gujarat Flourochemicals | 381 | ||||||
| 511,207 | Gujarat Narmada Valley Fertilizers Co Ltd | 3,943 | |||||||
| 6,594 | * | Gulf Oil Lubricants India Ltd | 102 | ||||||
| 893 | Gurit Holding AG. | 965 | |||||||
| 465,134 | * | Guyana Goldfields, Inc | 1,880 | ||||||
| 9,076 | * | H&R GmbH & Co KGaA | 159 | ||||||
| 88,364 | H.B. Fuller Co | 4,760 | |||||||
| 8,996 | Hanil Cement Manufacturing | 1,202 | |||||||
| 5,953 | Hansol Chemical Co Ltd | 403 | |||||||
| 8,791 | Hansol Paper Co Ltd | 115 | |||||||
| 112,719 | Hanwha Chemical Corp | 3,325 | |||||||
| 252,126 | Harmony Gold Mining Co Ltd | 461 | |||||||
| 20,408 | Hawkins, Inc | 718 | |||||||
| 20,785 | Haynes International, Inc | 666 | |||||||
| 1,135,941 | Hecla Mining Co | 4,510 | |||||||
| 22,807 | HeidelbergCement AG. | 2,459 | |||||||
| 37,145 | * | HeidelbergCement India Ltd | 89 | ||||||
| 157,662 | Hexpol AB | 1,598 | |||||||
| 61,959 | Hill & Smith Holdings plc | 1,120 | |||||||
| 53,018 | Himadri Speciality Chemical Ltd | 127 | |||||||
| 1,877,786 | Hindalco Industries Ltd | 8,025 | |||||||
| 179,326 | Hitachi Chemical Co Ltd | 4,592 | |||||||
| 170,234 | Hitachi Metals Ltd | 2,435 | |||||||
| 421,971 | * | Ho Tung Chemical Corp | 144 | ||||||
| 160,756 | Hochschild Mining plc | 571 | |||||||
| 3,500 | e | Hodogaya Chemical Co Ltd | 185 | ||||||
| 629,629 | Hokuetsu Paper Mills Ltd | 3,757 | |||||||
| 174,660 | Holcim Ltd | 9,837 | |||||||
| 105,920 | Holmen AB (B Shares) | 5,630 | |||||||
| 15,868 | Honam Petrochemical Corp | 5,449 | |||||||
| 17,360 | HSIL Ltd | 137 | |||||||
| 625,000 | Huabao International Holdings Ltd | 411 | |||||||
| 171,520 | Huaxin Cement Co Ltd | 209 | |||||||
| 128,300 | * | Hubei Sanonda Co Ltd | 140 | ||||||
| 13,904 | Huchems Fine Chemical Corp | 319 | |||||||
| 343,856 | HudBay Minerals, Inc | 3,045 | |||||||
| 57,935 | Huhtamaki Oyj | 2,432 | |||||||
| 1,038,338 | Huntsman Corp | 34,566 | |||||||
| 21,937 | Hyosung Corp | 2,855 | |||||||
| 82,858 | Hyundai Steel Co | 4,537 | |||||||
| 1,083,106 | * | IAMGOLD Corp | 6,316 | ||||||
| 967,074 | Ibstock plc | 3,480 | |||||||
| 399,616 | Iluka Resources Ltd | 3,153 | |||||||
| 47,663 | IMCD Group NV | 2,997 | |||||||
| 6,503 | Imerys S.A. | 612 | |||||||
| 99 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 424,901 | *,e | Impala Platinum Holdings Ltd | $ | 1,114 | |||||
| 2,283,487 | Incitec Pivot Ltd | 6,919 | |||||||
| 309,123 | e | Independence Group NL | 1,141 | ||||||
| 114,388 | * | India Cements Ltd | 328 | ||||||
| 1,350,578 | Indorama Ventures PCL (Foreign) | 2,203 | |||||||
| 103,800 | *,e | Industrias CH SAB de C.V. | 443 | ||||||
| 219,271 | Industrias Penoles S.A. de C.V. | 4,568 | |||||||
| 195,760 | * | Ingevity Corp | 13,795 | ||||||
| 209,920 | Inner Mongolia Eerduosi Resourses Co Ltd | 234 | |||||||
| 91,941 | Innophos Holdings, Inc | 4,296 | |||||||
| 86,802 | Innospec, Inc | 6,128 | |||||||
| 212,802 | * | Interfor Corp | 3,575 | ||||||
| 35,348 | International Flavors & Fragrances, Inc | 5,394 | |||||||
| 1,004,154 | International Paper Co | 58,181 | |||||||
| 71,500 | International Steels Ltd | 69 | |||||||
| 191,449 | Intertape Polymer Group, Inc | 3,273 | |||||||
| 173,234 | *,e | Intrepid Potash, Inc | 825 | ||||||
| 23,100 | * | Ishihara Sangyo Kaisha Ltd | 436 | ||||||
| 90,904 | Israel Chemicals Ltd | 368 | |||||||
| 2,293 | * | Israel Corp Ltd | 388 | ||||||
| 389,965 | *,e | Ivanhoe Mines Ltd | 1,315 | ||||||
| 31,459 | *,†,m | Jacana Minerals Ltd | 5 | ||||||
| 290,875 | James Hardie Industries NV | 5,109 | |||||||
| 103,979 | * | Jastrzebska Spolka Weglowa S.A. | 2,868 | ||||||
| 6,400 | JCU Corp | 311 | |||||||
| 401,352 | JFE Holdings, Inc | 9,591 | |||||||
| 1,511,445 | Jiangxi Copper Co Ltd | 2,392 | |||||||
| 918,000 | * | Jinchuan Group International Resources Co Ltd | 139 | ||||||
| 421,025 | * | Jindal Saw Ltd | 920 | ||||||
| 208,131 | * | Jindal Steel & Power Ltd | 666 | ||||||
| 176,607 | * | Jinshan Gold Mines, Inc | 330 | ||||||
| 11,360 | JK Cement Ltd | 198 | |||||||
| 20,106 | * | JK Lakshmi Cement Ltd | 139 | ||||||
| 28,419 | Johnson Matthey plc | 1,178 | |||||||
| 58,427 | * | JSL Ltd | 95 | ||||||
| 35,900 | JSP Corp | 1,228 | |||||||
| 998,565 | JSR Corp | 19,616 | |||||||
| 877,136 | JSW Steel Ltd | 3,698 | |||||||
| 139,324 | e | K&S AG. | 3,459 | ||||||
| 74,035 | Kaiser Aluminum Corp | 7,911 | |||||||
| 185,638 | Kaneka Corp | 1,692 | |||||||
| 286,017 | Kansai Paint Co Ltd | 7,422 | |||||||
| 24,200 | Kanto Denka Kogyo Co Ltd | 293 | |||||||
| 150,602 | Kapstone Paper and Packaging Corp | 3,417 | |||||||
| 123,183 | * | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class A) | 96 | ||||||
| 522,611 | * | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D) | 442 | ||||||
| 209,646 | * | KAZ Minerals plc | 2,520 | ||||||
| 62,545 | Kemira Oyj | 863 | |||||||
| 359,836 | KGHM Polska Miedz S.A. | 11,458 | |||||||
| 16,900 | KH Neochem Co Ltd | 432 | |||||||
| 1,696,161 | * | Kinross Gold Corp | 7,314 | ||||||
| 219,923 | Kirkland Lake Gold Ltd | 3,371 | |||||||
| 100 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 2,807 | KISCO Corp | $ | 99 | ||||||
| 4,297 | KISWIRE Ltd | 132 | |||||||
| 529,051 | Klabin S.A. | 2,803 | |||||||
| 1,349,700 | Klabin S.A. (Preference) | 1,278 | |||||||
| 305,238 | *,e | Klondex Mines Ltd | 797 | ||||||
| 108,880 | *,e | Klondex Mines Ltd | 282 | ||||||
| 48,035 | KMG Chemicals, Inc | 3,174 | |||||||
| 16,800 | Koatsu Gas Kogyo Co Ltd | 142 | |||||||
| 437,079 | * | Kobe Steel Ltd | 4,034 | ||||||
| 10,413 | Kolon Industries, Inc | 865 | |||||||
| 56,200 | Konishi Co Ltd | 1,051 | |||||||
| 146,223 | * | Koppers Holdings, Inc | 7,443 | ||||||
| 16,712 | Korea Kumho Petrochemical | 1,552 | |||||||
| 19,070 | Korea Petrochemical Ind Co Ltd | 4,694 | |||||||
| 9,433 | Korea Zinc Co Ltd | 4,344 | |||||||
| 28,590 | * | Koza Altin Isletmeleri AS | 288 | ||||||
| 120,745 | * | Koza Anadolu Metal Madencilik Isletmeleri AS | 205 | ||||||
| 51,338 | * | Kraton Polymers LLC | 2,473 | ||||||
| 60,931 | Kronos Worldwide, Inc | 1,570 | |||||||
| 3,699 | Kukdo Chemical Co Ltd | 218 | |||||||
| 56,193 | Kumba Iron Ore Ltd | 1,722 | |||||||
| 52,148 | Kumiai Chemical Industry Co Ltd | 350 | |||||||
| 39,649 | Kuraray Co Ltd | 747 | |||||||
| 39,800 | Kureha CORP | 2,886 | |||||||
| 13,400 | e | Kyoei Steel Ltd | 255 | ||||||
| 192,853 | e | Labrador Iron Ore Royalty Corp | 4,173 | ||||||
| 198,000 | * | Lafarge Malayan Cement BHD | 303 | ||||||
| 551 | LafargeHolcim Ltd | 31 | |||||||
| 534,166 | Lanxess AG. | 42,343 | |||||||
| 1,675,000 | Lee & Man Paper Manufacturing Ltd | 1,972 | |||||||
| 1,551,448 | LEE Chang Yung Chem IND Corp | 2,524 | |||||||
| 34,188 | Lenzing AG. | 4,342 | |||||||
| 46,290 | LG Chem Ltd | 17,512 | |||||||
| 8,425 | LG Chem Ltd (Preference) | 1,957 | |||||||
| 924,376 | * | Linde AG. | 215,889 | ||||||
| 32,072 | Linde AG. | 6,951 | |||||||
| 28,900 | Lintec Corp | 805 | |||||||
| 34,236 | *,e | Lithium Americas Corp | 305 | ||||||
| 11,066 | Lock & Lock Co Ltd | 282 | |||||||
| 286,440 | * | Loma Negra Cia Industrial Argentina S.A. (ADR) | 6,600 | ||||||
| 393,220 | Long Chen Paper Co Ltd | 551 | |||||||
| 154,288 | *,e | Lonmin plc | 174 | ||||||
| 1,694,684 | * | Louisiana-Pacific Corp | 44,502 | ||||||
| 36,949 | *,e | LSB Industries, Inc | 324 | ||||||
| 501,115 | e | Lucara Diamond Corp | 1,120 | ||||||
| 68,400 | Lucky Cement Ltd | 321 | |||||||
| 476,000 | Luks Group Vietnam Holdings Ltd | 149 | |||||||
| 39,796 | *,e | Lundin Gold, Inc | 143 | ||||||
| 410,079 | Lundin Mining Corp | 2,727 | |||||||
| 315,149 | * | Lynas Corp Ltd | 536 | ||||||
| 565,332 | LyondellBasell Industries AF S.C.A | 62,367 | |||||||
| 68,841 | Madras Cements Ltd | 847 | |||||||
| 45,126 | * | MAG. Silver Corp | 557 | ||||||
| 101 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 98,960 | Magnesita Refratarios S.A. | $ | 1,504 | ||||||
| 48,670 | *,e | Major Drilling Group International | 273 | ||||||
| 167,400 | Maple Leaf Cement Factory Ltd | 104 | |||||||
| 349,005 | Marshalls plc | 2,144 | |||||||
| 22,790 | Martin Marietta Materials, Inc | 5,038 | |||||||
| 40,572 | Maruichi Steel Tube Ltd | 1,186 | |||||||
| 34,625 | Materion Corp | 1,683 | |||||||
| 416,900 | Metalurgica Gerdau S.A. | 727 | |||||||
| 199,569 | Methanex Corp | 12,092 | |||||||
| 1,685,843 | Mexichem SAB de C.V. | 4,169 | |||||||
| 764,500 | *,e | Minera Frisco SAB de C.V. | 444 | ||||||
| 389,753 | Mineral Resources Ltd | 6,396 | |||||||
| 140,863 | Minerals Technologies, Inc | 9,698 | |||||||
| 20,561 | Miquel y Costas & Miquel S.A. | 887 | |||||||
| 2,309,665 | Mitsubishi Chemical Holdings Corp | 25,272 | |||||||
| 300,678 | Mitsubishi Gas Chemical Co, Inc | 8,610 | |||||||
| 98,268 | Mitsubishi Materials Corp | 3,487 | |||||||
| 34,200 | Mitsubishi Steel Manufacturing Co Ltd | 848 | |||||||
| 345,876 | Mitsui Chemicals, Inc | 11,091 | |||||||
| 74,800 | Mitsui Mining & Smelting Co Ltd | 4,353 | |||||||
| 175,199 | * | Mittal Steel South Africa Ltd | 55 | ||||||
| 581,283 | MMC Norilsk Nickel PJSC (ADR) | 10,847 | |||||||
| 1,268,000 | * | MMG Ltd | 627 | ||||||
| 173,210 | MOIL Ltd | 657 | |||||||
| 114,229 | Mondi Ltd | 2,948 | |||||||
| 311,434 | Mondi plc | 8,094 | |||||||
| 12,981 | *,†,m | Mongolian Metals Corporation | 0 | ||||||
| 527,521 | n | Monsanto Co | 61,604 | ||||||
| 2,790 | Monsanto India Ltd | 111 | |||||||
| 309,573 | Mosaic Co | 7,944 | |||||||
| 282,909 | Mpact Ltd | 558 | |||||||
| 118,759 | M-real Oyj (B Shares) | 1,017 | |||||||
| 96,044 | Myers Industries, Inc | 1,873 | |||||||
| 134,387 | * | Mytilineos Holdings S.A. | 1,474 | ||||||
| 88,400 | Nakayama Steel Works Ltd | 568 | |||||||
| 16,382 | Namhae Chemical Corp | 164 | |||||||
| 377,813 | * | Nampak Ltd | 495 | ||||||
| 11,257,071 | Nan Ya Plastics Corp | 29,411 | |||||||
| 169,405 | Nantex Industry Co Ltd | 134 | |||||||
| 247,593 | * | National Aluminium Co Ltd | 334 | ||||||
| 42,024 | Neenah Paper, Inc | 3,809 | |||||||
| 193,126 | *,e | Nemaska Lithium, Inc | 361 | ||||||
| 63,500 | Neturen Co Ltd | 695 | |||||||
| 180,823 | e | Nevsun Resources Ltd | 440 | ||||||
| 358,708 | * | New Gold, Inc | 1,179 | ||||||
| 944,900 | Newcrest Mining Ltd | 16,821 | |||||||
| 14,704 | NewMarket Corp | 5,843 | |||||||
| 1,282,470 | Newmont Mining Corp | 48,118 | |||||||
| 687,850 | Nickel Asia Corp | 87 | |||||||
| 26,900 | Nihon Nohyaku Co Ltd | 159 | |||||||
| 57,500 | Nihon Parkerizing Co Ltd | 967 | |||||||
| 1,696,902 | Nine Dragons Paper Holdings Ltd | 2,711 | |||||||
| 63,800 | e | Nippon Denko Co Ltd | 265 | ||||||
| 140,500 | Nippon Kayaku Co Ltd | 2,083 | |||||||
| 102 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 2,088,600 | Nippon Light Metal Holdings Co Ltd | $ | 5,933 | ||||||
| 118,132 | e | Nippon Paint Co Ltd | 3,733 | ||||||
| 197,300 | Nippon Paper Industries Co Ltd | 3,745 | |||||||
| 16,400 | Nippon Shokubai Co Ltd | 1,106 | |||||||
| 84,000 | Nippon Soda Co Ltd | 559 | |||||||
| 1,039,945 | Nippon Steel Corp | 26,570 | |||||||
| 79,900 | Nissan Chemical Industries Ltd | 3,183 | |||||||
| 35,300 | Nisshin Steel Holdings Co Ltd | 578 | |||||||
| 3,700 | Nittetsu Mining Co Ltd | 271 | |||||||
| 142,763 | Nitto Denko Corp | 12,627 | |||||||
| 45,360 | NOF Corp | 1,215 | |||||||
| 244,698 | Norbord, Inc | 8,283 | |||||||
| 1,401,745 | Norsk Hydro ASA | 10,626 | |||||||
| 8,210,000 | *,e | North Mining Shares Co Ltd | 173 | ||||||
| 229,985 | * | Northam Platinum Ltd | 972 | ||||||
| 164,744 | *,e | Northern Dynasty Minerals | 294 | ||||||
| 438,686 | Northern Star Resources Ltd | 2,089 | |||||||
| 222,655 | *,e | Novagold Resources, Inc | 875 | ||||||
| 12,248 | Novolipetsk Steel (GDR) | 311 | |||||||
| 191,734 | Novozymes AS | 10,946 | |||||||
| 859,902 | Nucor Corp | 54,673 | |||||||
| 313,130 | Nufarm Ltd | 2,128 | |||||||
| 54,053 | *,e | Nyrstar NV | 435 | ||||||
| 450,840 | OceanaGold Corp | 1,158 | |||||||
| 18,547 | e | OCI Co LTD | 2,357 | ||||||
| 48,968 | * | OCI NV | 1,235 | ||||||
| 15,575 | Oeneo S.A. | 191 | |||||||
| 838,148 | OJI Paper Co Ltd | 5,566 | |||||||
| 31,000 | Okamoto Industries, Inc | 314 | |||||||
| 5,552,963 | Olin Corp | 197,574 | |||||||
| 17,100 | Olympic Steel, Inc | 367 | |||||||
| 39,834 | Omnia Holdings Ltd | 476 | |||||||
| 91,883 | * | Omnova Solutions, Inc | 919 | ||||||
| 248,038 | Orica Ltd | 3,487 | |||||||
| 34,145 | Orient Cement Ltd | 91 | |||||||
| 358,000 | Oriental Union Chemical Corp | 381 | |||||||
| 414,388 | * | Orocobre Ltd | 2,238 | ||||||
| 1,511,725 | Orora Ltd | 3,982 | |||||||
| 8,500 | Osaka Steel Co Ltd | 178 | |||||||
| 72,784 | e | Osisko Gold Royalties Ltd | 841 | ||||||
| 95,697 | * | Osisko Mining, Inc | 258 | ||||||
| 523,836 | Outokumpu Oyj | 4,861 | |||||||
| 523,182 | * | Owens-Illinois, Inc | 11,599 | ||||||
| 780,919 | Oxiana Ltd | 5,546 | |||||||
| 9,650 | * | Pacific Metals Co Ltd | 267 | ||||||
| 7,200 | Pack Corp | 232 | |||||||
| 18,600 | Packages Ltd | 85 | |||||||
| 341,270 | Packaging Corp of America | 41,140 | |||||||
| 124,224 | Pact Group Holdings Ltd | 550 | |||||||
| 1,206,507 | Pan African Resources plc | 216 | |||||||
| 197,060 | Pan American Silver Corp | 3,070 | |||||||
| 285,960 | Papeles y Cartones de Europa S.A. | 3,884 | |||||||
| 340,500 | * | Pelat Timah Nusantara Tbk PT | 124 | ||||||
| 103 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 700,094 | Petkim Petrokimya Holding | $ | 1,434 | ||||||
| 320,703 | *,e | Petra Diamonds Ltd | 338 | ||||||
| 11,056,816 | Petronas Chemicals Group BHD | 21,037 | |||||||
| 70,718 | PH Glatfelter Co | 1,516 | |||||||
| 97,623 | PhosAgro OAO (GDR) | 1,493 | |||||||
| 63,708 | PI Industries Ltd | 960 | |||||||
| 868,534 | *,e | Pilbara Minerals Ltd | 752 | ||||||
| 22,013 | Plastivaloire | 493 | |||||||
| 986,456 | * | Platform Specialty Products Corp | 9,786 | ||||||
| 166,281 | PolyOne Corp | 7,233 | |||||||
| 67,827 | Polyus PJSC (GDR) | 2,600 | |||||||
| 20,000 | Polyus PJSC (GDR) | 767 | |||||||
| 1,702 | Poongsan | 83 | |||||||
| 159,333 | Poongsan Corp | 7,070 | |||||||
| 672,872 | Portucel Empresa Produtora de Pasta e Papel S.A. | 3,426 | |||||||
| 105,626 | POSCO | 32,855 | |||||||
| 13,559 | POSCO Refractories & Environment Co Ltd | 504 | |||||||
| 612,466 | Potash Corp of Saskatchewan | 12,561 | |||||||
| 964,307 | * | PPC Ltd | 539 | ||||||
| 444,089 | PPG Industries, Inc | 51,878 | |||||||
| 52,813 | * | PQ Group Holdings, Inc | 869 | ||||||
| 442,562 | Praxair, Inc | 68,455 | |||||||
| 552,209 | * | Premier Gold Mines Ltd | 1,582 | ||||||
| 3,740,700 | Press Metal BHD | 4,982 | |||||||
| 95,495 | *,e | Pretium Resources, Inc | 1,089 | ||||||
| 81,507 | * | Prism Cement Ltd | 144 | ||||||
| 5,471,504 | * | PT Aneka Tambang Tbk | 252 | ||||||
| 1,661,243 | PT Indocement Tunggal Prakarsa Tbk | 2,688 | |||||||
| 2,724,098 | * | PT Krakatau Steel Tbk | 85 | ||||||
| 8,218,300 | *,†,m | PT Sekawan Intipratama Tbk | 0 | ^ | |||||
| 3,035,738 | PT Semen Gresik Persero Tbk | 2,215 | |||||||
| 1,852,757 | PT Timah Tbk | 106 | |||||||
| 2,046,000 | PT Wijaya Karya Beton Tbk | 75 | |||||||
| 2,081,877 | PTT Global Chemical PCL (Foreign) | 5,426 | |||||||
| 7,630 | * | Qatar National Cement Co | 131 | ||||||
| 22,587 | Quaker Chemical Corp | 3,406 | |||||||
| 264,380 | *,†,e,m | Quintis Ltd | 46 | ||||||
| 51,642 | Rain Commodities Ltd | 299 | |||||||
| 31,833 | * | Rallis India Ltd | 132 | ||||||
| 10,652 | *,e | Ramaco Resources, Inc | 73 | ||||||
| 84,563 | Randgold Resources Ltd | 8,397 | |||||||
| 74,901 | e | Rayonier Advanced Materials, Inc | 1,532 | ||||||
| 23,006 | Recticel S.A. | 213 | |||||||
| 1,319,733 | Regis Resources Ltd | 4,427 | |||||||
| 186,136 | Reliance Steel & Aluminum Co | 15,969 | |||||||
| 133,067 | Rengo Co Ltd | 970 | |||||||
| 444,127 | Resolute Mining Ltd | 395 | |||||||
| 15,711 | * | Rhi Magnesita NV | 822 | ||||||
| 497 | *,e | Rhi Magnesita NV | 26 | ||||||
| 484,492 | Rio Tinto Ltd | 28,486 | |||||||
| 2,301,542 | Rio Tinto plc | 120,733 | |||||||
| 40,749 | * | Royal Bafokeng Platinum Ltd | 92 | ||||||
| 145,234 | Royal Gold, Inc | 11,927 | |||||||
| 645,510 | RPC Group plc | 7,668 | |||||||
| 104 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 65,121 | RPM International, Inc | $ | 3,414 | ||||||
| 30,365 | * | Ryerson Holding Corp | 316 | ||||||
| 11,144 | Sa des Ciments Vicat | 880 | |||||||
| 10,400 | Sakai Chemical Industry Co Ltd | 278 | |||||||
| 103,800 | Sakata INX Corp | 1,653 | |||||||
| 85,217 | Salzgitter AG. | 4,841 | |||||||
| 11,822 | Samsung Fine Chemicals Co Ltd | 717 | |||||||
| 338,651 | San Fang Chemical Industry Co Ltd | 386 | |||||||
| 938,927 | Sandfire Resources NL | 5,033 | |||||||
| 114,120 | *,e | Sandstorm Gold Ltd | 570 | ||||||
| 35,608 | Sanyo Chemical Industries Ltd | 1,861 | |||||||
| 144,800 | Sanyo Special Steel Co Ltd | 3,703 | |||||||
| 514,916 | Sappi Ltd | 3,725 | |||||||
| 806,402 | * | Saracen Mineral Holdings Ltd | 1,064 | ||||||
| 195,200 | Satipel Industrial S.A. | 541 | |||||||
| 85,720 | Scapa Group plc | 507 | |||||||
| 277,910 | * | Schmolz + Bickenbach AG. | 240 | ||||||
| 43,511 | Schnitzer Steel Industries, Inc (Class A) | 1,458 | |||||||
| 159,707 | Schweitzer-Mauduit International, Inc | 7,244 | |||||||
| 110,700 | Scientex BHD | 237 | |||||||
| 116,907 | Scotts Miracle-Gro Co (Class A) | 12,508 | |||||||
| 28,791 | *,e | Seabridge Gold, Inc | 327 | ||||||
| 57,241 | Seah Besteel Corp | 1,553 | |||||||
| 19,955 | SeAH Steel Corp | 1,792 | |||||||
| 259,118 | Sealed Air Corp | 12,775 | |||||||
| 877,400 | Sekisui Plastics Co Ltd | 11,545 | |||||||
| 237,882 | * | SEMAFO, Inc | 676 | ||||||
| 73,581 | Semapa-Sociedade de Investimento e Gestao | 1,571 | |||||||
| 200,284 | Sensient Technologies Corp | 14,651 | |||||||
| 2,828,492 | * | Sesa Sterlite Ltd | 14,571 | ||||||
| 400,263 | Severstal (GDR) | 6,125 | |||||||
| 12,613 | SH Kelkar & Co Ltd | 59 | |||||||
| 3,431,500 | e | Shandong Chenming Paper Holdings Ltd | 6,181 | ||||||
| 1,551,271 | Shandong Chenming Paper Holdings Ltd (Class B) | 2,593 | |||||||
| 280,600 | * | Shanghai Chlor-Alkali Chemical Co Ltd | 219 | ||||||
| 127,543 | Shanghai Yaohua Pilkington Glass Co Ltd | 80 | |||||||
| 11,920 | Sharda Cropchem Ltd | 84 | |||||||
| 186,196 | Sherwin-Williams Co | 76,348 | |||||||
| 21,000 | Shikoku Chemicals Corp | 340 | |||||||
| 9,620 | * | Shine Co Ltd | 298 | ||||||
| 543,071 | Shin-Etsu Chemical Co Ltd | 55,026 | |||||||
| 124,400 | Shin-Etsu Polymer Co Ltd | 1,404 | |||||||
| 744,032 | Shinkong Synthetic Fibers Corp | 251 | |||||||
| 6,072,000 | *,e | Shougang Concord International Enterprises Co Ltd | 175 | ||||||
| 101,600 | Showa Denko KK | 4,324 | |||||||
| 12,876 | Shree Cement Ltd | 3,646 | |||||||
| 435,125 | Siam Cement PCL (Foreign) | 6,535 | |||||||
| 1,688,198 | Sibanye Gold Ltd | 2,156 | |||||||
| 568,439 | Sidi Kerir Petrochemcials Co | 788 | |||||||
| 423 | Sika AG. | 3,356 | |||||||
| 222,435 | Silgan Holdings, Inc | 6,537 | |||||||
| 526,572 | e | Silvercorp Metals, Inc | 1,374 | ||||||
| 270,536 | Sims Group Ltd | 3,309 | |||||||
| 105 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,462,000 | * | Sinofert Holdings Ltd | $ | 243 | |||||
| 3,386,674 | Sinopec Shanghai Petrochemical Co Ltd | 1,925 | |||||||
| 2,628,495 | *,e | Sirius Minerals plc | 834 | ||||||
| 10,109 | †,m | SK Chemicals Co Ltd | 786 | ||||||
| 34,433 | SKC Co Ltd | 1,511 | |||||||
| 8,763 | SKCKOLONPI, Inc | 386 | |||||||
| 299,575 | Smurfit Kappa Group plc | 10,133 | |||||||
| 87,005 | Sociedad Quimica y Minera de Chile S.A. (Class B) | 5,167 | |||||||
| 2,080,272 | Soda Sanayii AS | 2,766 | |||||||
| 3,707 | SODIFF Advanced Materials Co Ltd | 623 | |||||||
| 458,019 | *,e | SolGold plc | 181 | ||||||
| 18,865 | Solvay S.A. | 2,623 | |||||||
| 9,855 | Songwon Industrial Co Ltd | 248 | |||||||
| 134,606 | Sonoco Products Co | 7,153 | |||||||
| 5,700,100 | South32 Ltd | 15,450 | |||||||
| 13,152 | e | South32 Ltd (W/I) | 36 | ||||||
| 250,341 | e | Southern Copper Corp (NY) | 11,879 | ||||||
| 127,854 | * | Ssab Svenskt Stal AB (Series A) | 699 | ||||||
| 399,693 | * | Ssab Svenskt Stal AB (Series B) | 1,781 | ||||||
| 178,811 | Ssangyong Cement Industrial Co Ltd | 3,121 | |||||||
| 237,151 | * | SSR Mining, Inc | 2,089 | ||||||
| 496,153 | St Barbara Ltd | 1,478 | |||||||
| 1,206 | Stalprodukt S.A. | 175 | |||||||
| 799,315 | Steel Dynamics, Inc | 34,474 | |||||||
| 5,600 | e | Stella Chemifa Corp | 184 | ||||||
| 27,951 | Stella-Jones, Inc | 1,123 | |||||||
| 116,450 | Stepan Co | 9,196 | |||||||
| 4,001 | STO AG. | 604 | |||||||
| 751,584 | Stora Enso Oyj (R Shares) | 11,907 | |||||||
| 322,506 | *,e | Stornoway Diamond Corp | 169 | ||||||
| 635,221 | Sumitomo Bakelite Co Ltd | 5,330 | |||||||
| 1,353,511 | Sumitomo Chemical Co Ltd | 9,685 | |||||||
| 297,618 | Sumitomo Metal Mining Co Ltd | 13,616 | |||||||
| 757,193 | Sumitomo Osaka Cement Co Ltd | 3,647 | |||||||
| 7,800 | Sumitomo Seika Chemicals Co Ltd | 433 | |||||||
| 72,012 | e | Sumitomo Titanium Corp | 1,321 | ||||||
| 404,551 | * | Summit Materials, Inc | 12,719 | ||||||
| 108,098 | * | SunCoke Energy, Inc | 1,296 | ||||||
| 2,444,500 | *,†,e,m | Superb Summit International Group Ltd | 31 | ||||||
| 75,591 | * | Supreme Industries Ltd | 1,528 | ||||||
| 367,488 | Suzano Papel e Celulose S.A. | 2,071 | |||||||
| 413,281 | Svenska Cellulosa AB (B Shares) | 4,260 | |||||||
| 91,454 | Symrise AG. | 7,841 | |||||||
| 161,273 | *,e | Syrah Resources Ltd | 564 | ||||||
| 14,100 | T Hasegawa Co Ltd | 294 | |||||||
| 81,400 | Ta Ann Holdings BHD | 74 | |||||||
| 2,137,741 | TA Chen Stainless Pipe | 1,533 | |||||||
| 213 | Taekwang Industrial Co Ltd | 262 | |||||||
| 733,052 | e | Tahoe Resources, Inc | 3,511 | ||||||
| 679,253 | Tahoe Resources, Inc (Toronto) | 3,258 | |||||||
| 179,334 | Taiheiyo Cement Corp | 7,721 | |||||||
| 3,204,728 | Taiwan Cement Corp | 3,921 | |||||||
| 409,000 | Taiwan Fertilizer Co Ltd | 526 | |||||||
| 142,725 | Taiwan Hon Chuan Enterprise Co Ltd | 276 | |||||||
| 106 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 3,243,329 | Taiwan Styrene Monomer | $ | 2,466 | ||||||
| 10,600 | Taiyo Ink Manufacturing Co Ltd | 471 | |||||||
| 12,915 | Taiyo Nippon Sanso Corp | 180 | |||||||
| 26,800 | Takasago International Corp | 867 | |||||||
| 128,000 | Takiron Co Ltd | 911 | |||||||
| 7,600 | *,e | Tanaka Chemical Corp | 130 | ||||||
| 597,220 | * | Taseko Mines Ltd | 1,397 | ||||||
| 881,064 | Tata Steel Ltd | 10,090 | |||||||
| 9,300 | Tayca Corp | 273 | |||||||
| 5,734 | Technosemichem Co Ltd | 361 | |||||||
| 918,527 | Teck Cominco Ltd | 24,019 | |||||||
| 1,986,201 | Teijin Ltd | 44,133 | |||||||
| 11,900 | Tenma Corp | 233 | |||||||
| 17,358 | * | Tessenderlo Chemie NV | 810 | ||||||
| 4,739,488 | ThyssenKrupp AG. | 136,666 | |||||||
| 22,635 | Tikkurila Oy | 484 | |||||||
| 69,880 | * | Time Technoplast Ltd | 227 | ||||||
| 209,100 | *,e | TimkenSteel Corp | 3,176 | ||||||
| 50,153 | Titan Cement Co S.A. | 1,378 | |||||||
| 25,590 | *,e | TMAC Resources, Inc | 197 | ||||||
| 249,600 | Toagosei Co Ltd | 3,168 | |||||||
| 19,900 | Toho Titanium Co Ltd | 211 | |||||||
| 93,444 | Toho Zinc Co Ltd | 5,054 | |||||||
| 118,500 | Tokai Carbon Co Ltd | 1,462 | |||||||
| 6,900 | Tokushu Tokai Holdings Co Ltd | 260 | |||||||
| 41,700 | Tokuyama Corp | 1,353 | |||||||
| 22,400 | Tokyo Ohka Kogyo Co Ltd | 964 | |||||||
| 56,500 | Tokyo Steel Manufacturing Co Ltd | 506 | |||||||
| 352,750 | Ton Yi Industrial Corp | 165 | |||||||
| 80,511 | b | Tong Yang Major Corp | 149 | ||||||
| 1,092,000 | * | Tongfang Kontafarma Holdings Ltd | 71 | ||||||
| 22,319 | * | Tongyang Cement & Energy Corp | 64 | ||||||
| 75,100 | Topy Industries Ltd | 2,310 | |||||||
| 214,790 | Toray Industries, Inc | 2,022 | |||||||
| 224,985 | * | Torex Gold Resources, Inc | 2,135 | ||||||
| 706,300 | Tosoh Corp | 15,934 | |||||||
| 419,000 | Toyo Ink Manufacturing Co Ltd | 2,475 | |||||||
| 184,300 | Toyo Kohan Co Ltd | 796 | |||||||
| 110,441 | Toyo Seikan Kaisha Ltd | 1,773 | |||||||
| 688,867 | Toyobo Co Ltd | 12,502 | |||||||
| 34,132 | * | Trecora Resources | 461 | ||||||
| 77,191 | Tredegar Corp | 1,482 | |||||||
| 398,995 | * | Trevali Mining Corp | 482 | ||||||
| 100,026 | Trinseo S.A. | 7,262 | |||||||
| 8,135,718 | a,n | Tronox Ltd | 166,864 | ||||||
| 418,000 | TSRC Corp | 523 | |||||||
| 64,815 | *,e | Tubacex S.A. | 261 | ||||||
| 451,000 | Tung Ho Steel Enterprise Corp | 391 | |||||||
| 1,039,835 | * | Turquoise Hill Resources Ltd | 3,549 | ||||||
| 458,364 | UBE Industries Ltd | 13,427 | |||||||
| 14,818 | * | Uflex Ltd | 113 | ||||||
| 11,752 | * | UFP Technologies, Inc | 327 | ||||||
| 107,368 | Ultra Tech Cement Ltd | 7,259 | |||||||
| 107 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 26,512 | Umicore S.A. | $ | 1,255 | ||||||
| 2,934 | Unid Co Ltd | 128 | |||||||
| 536,439 | * | United Phosphorus Ltd | 6,406 | ||||||
| 5,395 | United States Lime & Minerals, Inc | 416 | |||||||
| 401,619 | e | United States Steel Corp | 14,133 | ||||||
| 277,676 | Universal Cement Corp | 214 | |||||||
| 11,734,095 | UPC Technology Corp | 7,391 | |||||||
| 1,262,089 | UPM-Kymmene Oyj | 39,181 | |||||||
| 27,571 | *,e | US Concrete, Inc | 2,306 | ||||||
| 1,900,487 | USI Corp | 1,045 | |||||||
| 279,800 | * | Usinas Siderurgicas de Minas Gerais S.A. (Preference) | 767 | ||||||
| 4,264,145 | Vale S.A. | 51,658 | |||||||
| 135,981 | Valhi, Inc | 839 | |||||||
| 2,836,753 | Valvoline, Inc | 71,089 | |||||||
| 50,442 | Vedanta Resources plc | 546 | |||||||
| 171,412 | * | Verso Corp | 3,012 | ||||||
| 221,642 | Victrex plc | 7,892 | |||||||
| 8,659 | Vinati Organics Ltd | 135 | |||||||
| 145,600 | Vinythai PCL | 92 | |||||||
| 212,705 | Voestalpine AG. | 12,699 | |||||||
| 4,603,403 | Volcan Cia Minera S.A. | 1,874 | |||||||
| 135,517 | Vulcan Materials Co | 17,396 | |||||||
| 193,578 | Wacker Chemie AG. | 37,507 | |||||||
| 118,239 | e | Warrior Met Coal, Inc | 2,974 | ||||||
| 7,353,600 | Waskita Beton Precast Tbk PT | 221 | |||||||
| 49,465 | * | Welspun-Gujarat Stahl Ltd | 105 | ||||||
| 1,668,000 | * | West China Cement Ltd | 250 | ||||||
| 237,272 | West Fraser Timber Co Ltd | 14,642 | |||||||
| 167,195 | e | Western Areas NL | 420 | ||||||
| 834,799 | e | Western Forest Products, Inc | 1,627 | ||||||
| 115,261 | * | Westgold Resources Ltd | 159 | ||||||
| 285,520 | Westlake Chemical Corp | 30,416 | |||||||
| 620,412 | WestRock Co | 39,216 | |||||||
| 664,379 | Wheaton Precious Metals Corp | 14,688 | |||||||
| 2,865,014 | Wienerberger AG. | 69,340 | |||||||
| 57,083 | Winpak Ltd | 2,125 | |||||||
| 2,346 | * | Wonik Materials Co Ltd | 152 | ||||||
| 117,561 | Worthington Industries, Inc | 5,180 | |||||||
| 2,761,344 | WR Grace and Co | 193,653 | |||||||
| 127,600 | e | W-Scope Corp | 2,637 | ||||||
| 526,000 | * | Xinjiang Xinxin Mining Industry Co Ltd | 72 | ||||||
| 635,862 | e | Yamana Gold, Inc | 1,983 | ||||||
| 24,900 | Yamato Kogyo Co Ltd | 721 | |||||||
| 319,784 | Yara International ASA | 14,683 | |||||||
| 59,573 | Yeong Guan Energy Technology Group Co Ltd | 128 | |||||||
| 1,941,100 | Yeun Chyang Industrial Co Ltd | 1,742 | |||||||
| 708,551 | Yieh Phui Enterprise | 290 | |||||||
| 83,900 | Yodogawa Steel Works Ltd | 2,593 | |||||||
| 6,147 | Youlchon Chemical Co Ltd | 122 | |||||||
| 231,000 | * | Youyuan International Holdings Ltd | 100 | ||||||
| 668,285 | * | Yuen Foong Yu Paper Manufacturing Co Ltd | 313 | ||||||
| 668,328 | Yule Catto & Co plc | 4,417 | |||||||
| 52,000 | Yung Chi Paint & Varnish Manufacturing Co Ltd | 142 | |||||||
| 108 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 38,925 | Zaklady Azotowe w Tarnowie-Moscicach S.A. | $ | 778 | ||||||
| 712,202 | Zeon Corp | 10,278 | |||||||
| 647,000 | e | Zhaojin Mining Industry Co Ltd | 502 | ||||||
| 17,240 | Zignago Vetro S.p.A. | 168 | |||||||
| 8,234,731 | Zijin Mining Group Co Ltd | 3,109 | |||||||
| TOTAL MATERIALS | 6,661,398 | ||||||||
| MEDIA - 2.4% | |||||||||
| 40,500 | ABB ASEA Brown Boveri Ltd | 801 | |||||||
| 1,200,000 | ABS-CBN Holdings Corp (ADR) | 829 | |||||||
| 763,870 | Aimia, Inc | 2,273 | |||||||
| 14,037,467 | *,e | Alibaba Pictures Group Ltd | 1,885 | ||||||
| 375,396 | *,e | Altice NV (Class A) | 3,937 | ||||||
| 553 | * | Altice NV (Class B) | 6 | ||||||
| 91,814 | e | AMC Entertainment Holdings, Inc | 1,386 | ||||||
| 385,317 | * | AMC Networks, Inc | 20,838 | ||||||
| 6,800 | Amuse, Inc | 193 | |||||||
| 303,957 | e | Antena 3 de Television S.A. | 3,172 | ||||||
| 2,535 | APG SGA S.A. | 1,183 | |||||||
| 104,680 | APN Outdoor Group Ltd | 401 | |||||||
| 90,398 | * | Arnoldo Mondadori Editore S.p.A. | 226 | ||||||
| 129,000 | e | Asatsu-DK, Inc | 4,157 | ||||||
| 248,152 | Ascential plc | 1,287 | |||||||
| 7,210,200 | Asian Pay Television Trust | 3,177 | |||||||
| 1,174,870 | Astro Malaysia Holdings BHD | 769 | |||||||
| 20,659 | Avex Group Holdings, Inc | 294 | |||||||
| 42,994 | Axel Springer AG. | 3,353 | |||||||
| 9,165 | Beasley Broadcasting Group, Inc | 123 | |||||||
| 763,700 | BEC World PCL (Foreign) | 307 | |||||||
| 84,649 | * | Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS | 91 | ||||||
| 705,057 | Borussia Dortmund GmbH & Co KGaA | 5,175 | |||||||
| 3,706 | Cable One, Inc | 2,607 | |||||||
| 43,085 | Cairo Communication S.p.A. | 192 | |||||||
| 3,256,690 | n | CBS Corp (Class B) | 192,145 | ||||||
| 44,063 | * | Central European Media Enterprises Ltd (Class A) | 207 | ||||||
| 136,625 | *,e | Central European Media Enterprises Ltd (Class A) (NASDAQ) | 635 | ||||||
| 363,754 | * | Charter Communications, Inc | 122,207 | ||||||
| 65,657 | Cheil Communications, Inc | 1,300 | |||||||
| 161,865 | *,†,m | Chennai Super Kings Cricket Ltd | 6 | ||||||
| 252,210 | Cinemark Holdings, Inc | 8,782 | |||||||
| 39,402 | e | Cineplex Galaxy Income Fund | 1,170 | ||||||
| 471,154 | Cineworld Group plc | 3,813 | |||||||
| 8,704 | CJ CGV Co Ltd | 603 | |||||||
| 20,353 | CJ E&M Corp | 1,857 | |||||||
| 16,923 | CJ Hellovision Co Ltd | 112 | |||||||
| 61,059 | Clear Channel Outdoor Holdings, Inc (Class A) | 281 | |||||||
| 63,234 | Cogeco Communications, Inc | 4,350 | |||||||
| 34,004 | Cogeco, Inc | 2,448 | |||||||
| 18,825,330 | Comcast Corp (Class A) | 753,955 | |||||||
| 75,062 | Corus Entertainment, Inc | 699 | |||||||
| 31,452 | CTS Eventim AG. | 1,462 | |||||||
| 62,700 | CyberAgent, Inc | 2,444 | |||||||
| 109 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 470,642 | Cyfrowy Polsat S.A. | $ | 3,361 | ||||||
| 75,400 | Daiichikosho Co Ltd | 3,757 | |||||||
| 1,976 | *,e | Daily Journal Corp | 455 | ||||||
| 484,054 | Daily Mail & General Trust | 3,887 | |||||||
| 100,155 | Dentsu, Inc | 4,235 | |||||||
| 8,040,000 | *,e | Digital Domain Holdings Ltd | 179 | ||||||
| 345,157 | *,e | Discovery Communications, Inc (Class A) | 7,725 | ||||||
| 151,903 | * | Discovery Communications, Inc (Class C) | 3,216 | ||||||
| 601,026 | * | DISH Network Corp (Class A) | 28,699 | ||||||
| 31,084 | e | Emerald Expositions Events, Inc | 632 | ||||||
| 220,864 | Entercom Communications Corp (Class A) | 2,385 | |||||||
| 328,641 | Entertainment One Ltd | 1,444 | |||||||
| 493,576 | Entravision Communications Corp (Class A) | 3,529 | |||||||
| 42,697 | *,e | Eros International plc | 412 | ||||||
| 4,000,000 | * | eSun Holdings Ltd | 655 | ||||||
| 216,049 | Eutelsat Communications | 5,002 | |||||||
| 97,786 | * | EW Scripps Co (Class A) | 1,528 | ||||||
| 3,879 | * | Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS | 35 | ||||||
| 354,000 | Fuji Television Network, Inc | 5,556 | |||||||
| 191,282 | Gannett Co, Inc | 2,217 | |||||||
| 513,226 | Gestevision Telecinco S.A. | 5,756 | |||||||
| 359,967 | * | Gray Television, Inc | 6,029 | ||||||
| 2,216,727 | Grupo Televisa S.A. | 8,295 | |||||||
| 104,875 | * | Gruppo Editoriale L’Espresso S.p.A. | 88 | ||||||
| 29,811 | Hakuhodo DY Holdings, Inc | 386 | |||||||
| 52,974 | * | Hemisphere Media Group, Inc | 612 | ||||||
| 274,331 | HT&E Ltd | 401 | |||||||
| 640,000 | *,e | Huanxi Media Group Ltd | 137 | ||||||
| 3,200,000 | *,e | Huayi Tencent Entertainment Co Ltd | 145 | ||||||
| 26,807 | Hyundai Hy Communications & Network Co | 99 | |||||||
| 284,979 | * | IBN18 Broadcast Ltd | 273 | ||||||
| 660,707 | *,e | I-Cable Communications Ltd | 19 | ||||||
| 75,300 | *,e | IMAX China Holding, Inc | 225 | ||||||
| 594,732 | * | Imax Corp | 13,768 | ||||||
| 695,372 | Informa plc | 6,766 | |||||||
| 5,266 | Innocean Worldwide, Inc | 360 | |||||||
| 28,868 | * | Inox Leisure Ltd | 132 | ||||||
| 3,292,420 | Interpublic Group of Cos, Inc | 66,375 | |||||||
| 62,880 | IPSOS | 2,316 | |||||||
| 240,626 | ITE Group plc | 591 | |||||||
| 4,137,028 | ITV plc | 9,244 | |||||||
| 115,754 | * | Jagran Prakashan Ltd | 323 | ||||||
| 232,111 | JC Decaux S.A. | 9,336 | |||||||
| 24,441 | * | Jcontentree Corp | 125 | ||||||
| 4,536,749 | John Fairfax Holdings Ltd | 2,753 | |||||||
| 59,230 | John Wiley & Sons, Inc (Class A) | 3,894 | |||||||
| 262,771 | *,e | Juventus Football Club S.p.A. | 241 | ||||||
| 70 | Kabel Deutschland Holding AG. | 9 | |||||||
| 33,132 | Kadokawa Dwango Corp | 409 | |||||||
| 15,620 | Kinepolis Group NV | 1,043 | |||||||
| 48,507 | KT Skylife Co Ltd | 609 | |||||||
| 19,334 | Lagardere S.C.A. | 619 | |||||||
| 18,255 | * | Liberty Braves Group (Class A) | 403 | ||||||
| 54,938 | * | Liberty Braves Group (Class C) | 1,221 | ||||||
| 110 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 58,031 | * | Liberty Broadband Corp (Class A) | $ | 4,936 | |||||
| 209,479 | * | Liberty Broadband Corp (Class C) | 17,839 | ||||||
| 10,763 | * | Liberty Global plc | 364 | ||||||
| 201,068 | * | Liberty Global plc (Class A) | 7,206 | ||||||
| 135 | *,e | Liberty Global plc LiLAC (Class A) | 3 | ||||||
| 380 | * | Liberty Global plc LiLAC (Class C) | 8 | ||||||
| 43,335 | * | Liberty Media Group (Class A) | 1,418 | ||||||
| 361,963 | *,e | Liberty Media Group (Class C) | 12,365 | ||||||
| 186,038 | * | Liberty SiriusXM Group (Class A) | 7,378 | ||||||
| 373,308 | * | Liberty SiriusXM Group (Class C) | 14,805 | ||||||
| 182,280 | *,e | Lions Gate Entertainment Corp (Class A) | 6,163 | ||||||
| 190,356 | * | Lions Gate Entertainment Corp (Class B) | 6,042 | ||||||
| 530,799 | * | Live Nation, Inc | 22,596 | ||||||
| 3,721 | Loen Entertainment, Inc | 391 | |||||||
| 21,742 | * | Loral Space & Communications, Inc | 958 | ||||||
| 92,435 | M6-Metropole Television | 2,386 | |||||||
| 112,000 | e | Macromill, Inc | 2,667 | ||||||
| 54,731 | * | Madison Square Garden Co | 11,540 | ||||||
| 301,000 | Major Cineplex Group PCL-Foreign | 267 | |||||||
| 623,092 | * | MDC Partners, Inc | 6,075 | ||||||
| 292,869 | *,e | Mediaset S.p.A. | 1,135 | ||||||
| 186,033 | e | Meredith Corp | 12,288 | ||||||
| 33,866 | Modern Times Group AB (B Shares) | 1,423 | |||||||
| 99,129 | * | MSG Networks, Inc | 2,007 | ||||||
| 244,600 | Multiplus S.A. | 2,580 | |||||||
| 9,000,000 | Nan Hai Corp Ltd | 310 | |||||||
| 2,333 | Nasmedia Co Ltd | 162 | |||||||
| 741,566 | Naspers Ltd (N Shares) | 205,453 | |||||||
| 301,550 | National CineMedia, Inc | 2,069 | |||||||
| 38,468 | * | Navneet Publications India | 99 | ||||||
| 82,404 | New Media Investment Group, Inc | 1,383 | |||||||
| 270,844 | New York Times Co (Class A) | 5,011 | |||||||
| 253,260 | News Corp | 4,105 | |||||||
| 111,678 | News Corp (Class B) | 1,854 | |||||||
| 76,796 | Nexstar Broadcasting Group, Inc (Class A) | 6,005 | |||||||
| 32,400 | Next Co Ltd | 289 | |||||||
| 2,509,862 | Nine Entertainment Co Holdings Ltd | 2,995 | |||||||
| 186,842 | Omnicom Group, Inc | 13,608 | |||||||
| 85,951 | e | oOh!media Ltd | 301 | ||||||
| 509,902 | Pearson plc | 5,051 | |||||||
| 658,000 | Phoenix Satellite Television Holdings Ltd | 93 | |||||||
| 661,900 | Plan B Media PCL | 130 | |||||||
| 58,500 | Poly Culture Group Corp Ltd | 118 | |||||||
| 220,521 | ProSiebenSat. Media AG. | 7,570 | |||||||
| 25,600 | Proto Corp | 367 | |||||||
| 14,785,000 | * | PT Bhakti Investama Tbk | 98 | ||||||
| 4,386,400 | PT Global MediaCom Tbk | 191 | |||||||
| 3,171,000 | PT Media Nusantara Citra Tbk | 300 | |||||||
| 367,874 | PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A. | 2,419 | |||||||
| 5,880,536 | PT Surya Citra Media Tbk | 1,075 | |||||||
| 5,297,100 | * | PT Visi Media Asia Tbk | 127 | ||||||
| 41,121 | Publicis Groupe S.A. | 2,788 | |||||||
| 111 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 33,668 | * | PVR Ltd | $ | 744 | |||||
| 348,270 | Quebecor, Inc | 6,566 | |||||||
| 69,936 | RAI Way S.p.A | 426 | |||||||
| 369 | * | RCS MediaGroup S.p.A. | 1 | ^ | |||||
| 33,165 | * | Reading International, Inc | 554 | ||||||
| 1,871,474 | Reed Elsevier NV | 43,015 | |||||||
| 1,357,039 | Reed Elsevier plc | 31,820 | |||||||
| 93,145 | Regal Entertainment Group (Class A) | 2,143 | |||||||
| 16,368 | *,m | Rovi Guides, Inc | 66 | ||||||
| 338,100 | * | RS PCL | 287 | ||||||
| 15,276 | RTL Group | 1,226 | |||||||
| 8,768 | Saga Communications, Inc | 355 | |||||||
| 21,857 | Salem Communications | 98 | |||||||
| 140,651 | Sanoma-WSOY Oyj | 1,834 | |||||||
| 28,798 | SBS Media Holdings Co Ltd | 82 | |||||||
| 16 | Schibsted ASA | 0 | ^ | ||||||
| 92,009 | Schibsted ASA (B Shares) | 2,446 | |||||||
| 48,189 | Scholastic Corp | 1,933 | |||||||
| 715,156 | Scripps Networks Interactive (Class A) | 61,060 | |||||||
| 72,000 | Septeni Holdings Co Ltd | 222 | |||||||
| 292,827 | SES Global S.A. | 4,571 | |||||||
| 302,194 | Shaw Communications, Inc (B Shares) | 6,897 | |||||||
| 5,700 | Shochiku Co Ltd | 971 | |||||||
| 20,051 | SHOWBOX Corp | 101 | |||||||
| 170,074 | e | Sinclair Broadcast Group, Inc (Class A) | 6,437 | ||||||
| 962,501 | e | Singapore Press Holdings Ltd | 1,904 | ||||||
| 2,987,813 | e | Sirius XM Holdings, Inc | 16,015 | ||||||
| 130,938 | * | SITI Networks Ltd | 53 | ||||||
| 1,156,308 | Sky Network Television Ltd | 2,303 | |||||||
| 982,500 | Sky Perfect Jsat Corp | 4,497 | |||||||
| 1,137,374 | * | Sky plc | 15,522 | ||||||
| 11,288 | * | SM Entertainment Co | 366 | ||||||
| 717,600 | e | SMI Holdings Group Ltd | 377 | ||||||
| 51,900 | Smiles Fidelidade S.A. | 1,188 | |||||||
| 242,002 | Societe Television Francaise 1 | 3,567 | |||||||
| 333,457 | *,e | Solocal Group | 332 | ||||||
| 2,152,721 | Southern Cross Media Group | 1,983 | |||||||
| 21,379 | e | Stroer Out-of-Home Media AG. | 1,575 | ||||||
| 900,000 | T4F Entretenimento S.A. | 1,994 | |||||||
| 155,699 | TEGNA, Inc | 2,192 | |||||||
| 42,148 | * | Telenet Group Holding NV | 2,936 | ||||||
| 203,543 | e | Television Broadcasts Ltd | 732 | ||||||
| 3,195,424 | Time Warner, Inc | 292,285 | |||||||
| 170,760 | Time, Inc | 3,151 | |||||||
| 5,300 | Toei Animation Co Ltd | 516 | |||||||
| 105,988 | Toei Co Ltd | 10,683 | |||||||
| 130,123 | Toho Co Ltd | 4,504 | |||||||
| 124,900 | Tohokushinsha Film Corp | 928 | |||||||
| 171,200 | Tokyo Broadcasting System, Inc | 4,267 | |||||||
| 21,468 | * | Townsquare Media, Inc | 165 | ||||||
| 144,196 | Tribune Co | 6,124 | |||||||
| 113,016 | * | tronc, Inc | 1,988 | ||||||
| 14,000 | TV Asahi Corp | 281 | |||||||
| 681,500 | e | TV Azteca S.A. de C.V. | 121 | ||||||
| 112 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,571,806 | Twenty-First Century Fox, Inc | $ | 54,274 | ||||||
| 928,840 | Twenty-First Century Fox, Inc (Class B) | 31,692 | |||||||
| 252,556 | UBM plc | 2,543 | |||||||
| 15,100 | e | Vector, Inc | 222 | ||||||
| 1,185,600 | VGI Global Media PCL | 238 | |||||||
| 375,493 | VHQ Media Holdings Ltd | 2,140 | |||||||
| 21,120 | n | Viacom, Inc | 737 | ||||||
| 1,980,025 | Viacom, Inc (Class B) | 61,005 | |||||||
| 47,077 | * | Village Roadshow Ltd | 143 | ||||||
| 1,733,600 | *,e | Viva China Holdings Ltd | 173 | ||||||
| 531,005 | Vivendi Universal S.A. | 14,252 | |||||||
| 3,962,975 | Walt Disney Co | 426,059 | |||||||
| 545,732 | West Australian Newspapers Holdings Ltd | 261 | |||||||
| 32,812 | *,e | WideOpenWest, Inc | 347 | ||||||
| 108,700 | Workpoint Entertainment PCL | 281 | |||||||
| 84,939 | e | World Wrestling Entertainment, Inc (Class A) | 2,597 | ||||||
| 21,000 | Wowow, Inc | 617 | |||||||
| 216,120 | WPP AUNZ Ltd | 155 | |||||||
| 2,092,854 | WPP plc | 37,809 | |||||||
| 6,513 | e | YG Entertainment, Inc | 176 | ||||||
| 215,846 | * | Zee Entertainment Enterprises Ltd | 277 | ||||||
| 666,061 | * | ZEE Telefilms Ltd | 6,064 | ||||||
| 14,100 | Zenrin Co Ltd | 474 | |||||||
| TOTAL MEDIA | 2,986,800 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.1% | |||||||||
| 1,059,500 | * | 3SBio, Inc | 2,077 | ||||||
| 45,009 | *,e | AB Science S.A. | 450 | ||||||
| 6,095,473 | AbbVie, Inc | 589,493 | |||||||
| 386,200 | Abcam plc | 5,501 | |||||||
| 47,540 | *,e | Abeona Therapeutics, Inc | 754 | ||||||
| 49,028 | *,e | Ablynx NV | 1,220 | ||||||
| 495,831 | *,e | Acadia Pharmaceuticals, Inc | 14,929 | ||||||
| 42,182 | *,e | Accelerate Diagnostics, Inc | 1,105 | ||||||
| 64,180 | * | Acceleron Pharma, Inc | 2,724 | ||||||
| 58,617 | *,e | Achaogen, Inc | 630 | ||||||
| 277,318 | * | Achillion Pharmaceuticals, Inc | 799 | ||||||
| 188,028 | *,e | Aclaris Therapeutics, Inc | 4,637 | ||||||
| 103,079 | * | Acorda Therapeutics, Inc | 2,211 | ||||||
| 25,414 | *,e | Adamas Pharmaceuticals, Inc | 861 | ||||||
| 267,358 | Adcock Ingram Holdings Ltd | 1,257 | |||||||
| 80,961 | *,e | Aduro Biotech, Inc | 607 | ||||||
| 78,760 | *,e | Advaxis, Inc | 224 | ||||||
| 67,589 | * | Aerie Pharmaceuticals, Inc | 4,038 | ||||||
| 124,803 | *,e | Agenus, Inc | 407 | ||||||
| 1,330,121 | Agilent Technologies, Inc | 89,078 | |||||||
| 74,436 | *,e | Agios Pharmaceuticals, Inc | 4,256 | ||||||
| 6,440 | *,e | Aileron Therapeutics, Inc | 68 | ||||||
| 59,752 | * | Aimmune Therapeutics, Inc | 2,260 | ||||||
| 50,336 | Ajanta Pharma Ltd | 1,176 | |||||||
| 36,105 | *,e | Akcea Therapeutics, Inc | 627 | ||||||
| 222,203 | * | Akebia Therapeutics, Inc | 3,304 | ||||||
| 69,204 | * | Akorn, Inc | 2,230 | ||||||
| 113 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 360,425 | * | Alder Biopharmaceuticals, Inc | $ | 4,127 | |||||
| 75,804 | * | Alembic Pharmaceuticals Ltd | 630 | ||||||
| 1,892,768 | * | Alexion Pharmaceuticals, Inc | 226,356 | ||||||
| 3,692 | e | ALK-Abello AS | 440 | ||||||
| 102,278 | *,e | Alkermes plc | 5,598 | ||||||
| 7,613 | *,e | Allena Pharmaceuticals, Inc | 77 | ||||||
| 911,179 | Allergan plc | 149,051 | |||||||
| 169,020 | * | Alnylam Pharmaceuticals, Inc | 21,474 | ||||||
| 119,324 | *,e | AMAG Pharmaceuticals, Inc | 1,581 | ||||||
| 1,787,700 | Amgen, Inc | 310,881 | |||||||
| 4,691 | * | Amicogen, Inc | 209 | ||||||
| 430,752 | *,e | Amicus Therapeutics, Inc | 6,199 | ||||||
| 64,320 | * | Amphastar Pharmaceuticals, Inc | 1,238 | ||||||
| 90,864 | *,e | AnaptysBio, Inc | 9,152 | ||||||
| 67,060 | *,e | Anavex Life Sciences Corp | 216 | ||||||
| 39,061 | * | ANI Pharmaceuticals, Inc | 2,518 | ||||||
| 15,829 | *,e | Apellis Pharmaceuticals, Inc | 344 | ||||||
| 253,377 | *,e | Aphria, Inc | 3,769 | ||||||
| 75,370 | * | Aratana Therapeutics, Inc | 396 | ||||||
| 71,925 | * | Ardelyx, Inc | 475 | ||||||
| 175,278 | * | Arena Pharmaceuticals, Inc | 5,954 | ||||||
| 701,847 | * | Array Biopharma, Inc | 8,984 | ||||||
| 111,341 | Ascendis Health Ltd | 159 | |||||||
| 72,000 | ASKA Pharmaceutical Co Ltd | 1,269 | |||||||
| 1,105,068 | Aspen Pharmacare Holdings Ltd | 24,770 | |||||||
| 62,288 | * | Assembly Biosciences, Inc | 2,819 | ||||||
| 1,597,552 | Astellas Pharma, Inc | 20,294 | |||||||
| 66,199 | *,e | Asterias Biotherapeutics, Inc | 149 | ||||||
| 1,458,213 | AstraZeneca plc | 100,625 | |||||||
| 861,083 | e | AstraZeneca plc (ADR) | 29,880 | ||||||
| 44,610 | *,e | Atara Biotherapeutics, Inc | 807 | ||||||
| 11,514 | * | ATGen Co Ltd | 214 | ||||||
| 11,387 | *,e | Athenex, Inc | 181 | ||||||
| 182,882 | *,e | Athersys, Inc | 331 | ||||||
| 44,769 | * | Audentes Therapeutics, Inc | 1,399 | ||||||
| 61,536 | *,e | Aurinia Pharmaceuticals, Inc | 280 | ||||||
| 325,007 | Aurobindo Pharma Ltd | 3,498 | |||||||
| 206,978 | *,e | Aurora Cannabis, Inc | 1,581 | ||||||
| 54,364 | * | Avexis, Inc | 6,016 | ||||||
| 161,695 | *,e | Axovant Sciences Ltd | 852 | ||||||
| 3,532 | Bachem Holding AG. | 558 | |||||||
| 6,782 | *,e | Basilea Pharmaceutica | 528 | ||||||
| 86,200 | *,e | Bavarian Nordic AS | 3,109 | ||||||
| 1,599,921 | Bayer AG. | 198,811 | |||||||
| 164,000 | e | Beijing Tong Ren Tang Chinese Medicine Co Ltd | 222 | ||||||
| 47,025 | *,e | Bellicum Pharmaceuticals, Inc | 396 | ||||||
| 92,443 | Biocon Ltd | 778 | |||||||
| 313,321 | *,e | BioCryst Pharmaceuticals, Inc | 1,538 | ||||||
| 41,439 | Biogaia AB (B Shares) | 1,647 | |||||||
| 635,146 | * | Biogen Idec, Inc | 202,338 | ||||||
| 48,696 | *,e | Biohaven Pharmaceutical Holding Co Ltd | 1,314 | ||||||
| 579,334 | *,n | BioMarin Pharmaceuticals, Inc | 51,659 | ||||||
| 66,615 | * | Bio-Rad Laboratories, Inc (Class A) | 15,899 | ||||||
| 21,527 | * | Biospecifics Technologies Corp | 933 | ||||||
| 114 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 101,969 | Biotage AB | $ | 1,044 | ||||||
| 85,639 | Bio-Techne Corp | 11,095 | |||||||
| 5,149 | Biotest AG. | 135 | |||||||
| 39,111 | Biotest AG. (Preference) | 948 | |||||||
| 146,727 | *,e | BioTime, Inc | 315 | ||||||
| 227,655 | * | Bioverativ, Inc | 12,275 | ||||||
| 100,549 | * | Biovitrum AB | 1,374 | ||||||
| 199,327 | * | Bluebird Bio, Inc | 35,500 | ||||||
| 87,487 | * | Blueprint Medicines Corp | 6,597 | ||||||
| 11,346 | Boiron S.A. | 1,019 | |||||||
| 2,972 | Boryung Pharmaceutical Co Ltd | 133 | |||||||
| 5,925,252 | Bristol-Myers Squibb Co | 363,099 | |||||||
| 366,619 | Bruker BioSciences Corp | 12,582 | |||||||
| 244,761 | * | BTG plc | 2,520 | ||||||
| 17,108 | Bukwang Pharmaceutical Co Ltd | 377 | |||||||
| 188,278 | Cadila Healthcare Ltd | 1,279 | |||||||
| 191,843 | *,e | Calithera Biosciences, Inc | 1,602 | ||||||
| 12,191 | *,e | Calyxt, Inc | 269 | ||||||
| 152,309 | * | Cambrex Corp | 7,311 | ||||||
| 9,311 | * | Camurus AB | 154 | ||||||
| 119,819 | *,e | Canopy Growth Corp | 2,835 | ||||||
| 11,394 | Caplin Point Laboratories Ltd | 113 | |||||||
| 44,433 | *,e | Cara Therapeutics Inc | 544 | ||||||
| 1,972 | Caregen Co Ltd | 158 | |||||||
| 63,948 | * | Cascadian Therapeutics, Inc | 237 | ||||||
| 643,127 | * | Catalent, Inc | 26,420 | ||||||
| 132,705 | * | Catalyst Pharmaceuticals, Inc | 519 | ||||||
| 4,047 | * | Celcuity, Inc | 77 | ||||||
| 2,468,019 | * | Celgene Corp | 257,562 | ||||||
| 3,793 | Cell Biotech Co Ltd | 142 | |||||||
| 451,352 | *,e | Celldex Therapeutics, Inc | 1,282 | ||||||
| 15,444 | * | Cellectis S.A. | 445 | ||||||
| 9,991 | * | Celltrion Pharm Inc | 571 | ||||||
| 92,901 | *,e | Celltrion, Inc | 19,163 | ||||||
| 3,443 | *,e | Celyad S.A. | 142 | ||||||
| 123,852 | * | Center Laboratories, Inc | 203 | ||||||
| 134,122 | * | Charles River Laboratories International, Inc | 14,680 | ||||||
| 102,828 | * | ChemoCentryx, Inc | 612 | ||||||
| 85,868 | * | Chimerix, Inc | 398 | ||||||
| 10,235,300 | *,†,e,m | China Animal Healthcare Ltd | 13 | ||||||
| 1,382,900 | China Medical System Holdings Ltd | 3,219 | |||||||
| 6,650,000 | *,e | China Regenerative Medicine International Ltd | 140 | ||||||
| 1,962,500 | China Resources Pharmaceutical Group Ltd | 2,539 | |||||||
| 643,000 | China Shineway Pharmaceutical Group Ltd | 600 | |||||||
| 36,733 | Chong Kun Dang Pharm Corp | 2,485 | |||||||
| 26,587 | Chong Kun Dang Pharmaceutical Corp | 3,434 | |||||||
| 7,452 | Choongwae Pharma Corp | 315 | |||||||
| 475,300 | Chugai Pharmaceutical Co Ltd | 24,292 | |||||||
| 601,032 | * | Cipla Ltd | 5,730 | ||||||
| 1,660,000 | e | CK Life Sciences International Holdings, Inc | 127 | ||||||
| 43,320 | *,e | Clearside Biomedical, Inc | 303 | ||||||
| 68,188 | Clinigen Group plc | 948 | |||||||
| 282,141 | *,e | Clovis Oncology, Inc | 19,186 | ||||||
| 115 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 53,184 | * | CMG Pharmaceutical Co Ltd | $ | 310 | |||||
| 50,300 | CMIC Co Ltd | 899 | |||||||
| 963,515 | *,e | Coherus Biosciences, Inc | 8,479 | ||||||
| 43,157 | *,e | Collegium Pharmaceutical, Inc | 797 | ||||||
| 162,218 | * | Concert Pharmaceuticals Inc | 4,197 | ||||||
| 1,557,000 | e | Consun Pharmaceutical Group Ltd | 1,411 | ||||||
| 198,114 | *,e | Contatus Pharmaceuticals, Inc | 915 | ||||||
| 82,828 | * | Corbus Pharmaceuticals Holdings, Inc | 588 | ||||||
| 410,483 | *,e | Corcept Therapeutics, Inc | 7,413 | ||||||
| 41,353 | * | Corium International, Inc | 397 | ||||||
| 16,558 | *,e | Corvus Pharmaceuticals, Inc | 172 | ||||||
| 4,993 | e | COSMO Pharmaceuticals NV | 750 | ||||||
| 13,022 | * | CrystalGenomics, Inc | 289 | ||||||
| 613,335 | CSL Ltd | 67,402 | |||||||
| 10,006,961 | CSPC Pharmaceutical Group Ltd | 20,160 | |||||||
| 209,954 | * | Curis, Inc | 147 | ||||||
| 202,721 | * | Cytokinetics, Inc | 1,652 | ||||||
| 190,736 | * | CytomX Therapeutics, Inc | 4,026 | ||||||
| 6,916 | Dae Hwa Pharmaceutical Co Ltd | 160 | |||||||
| 90,778 | Daewon Pharmaceutical Co Ltd | 1,806 | |||||||
| 328,835 | Daewoong Co Ltd | 5,931 | |||||||
| 2,942 | Daewoong Pharmaceutical Co Ltd | 452 | |||||||
| 461,952 | Daiichi Sankyo Co Ltd | 12,012 | |||||||
| 284,000 | Dawnrays Pharmaceutical Holdings Ltd | 155 | |||||||
| 10,163 | *,e | DBV Technologies S.A. | 510 | ||||||
| 202,838 | Dechra Pharmaceuticals plc | 5,723 | |||||||
| 11,355 | * | Deciphera Pharmaceuticals, Inc | 257 | ||||||
| 370,135 | * | Depomed, Inc | 2,980 | ||||||
| 67,951 | * | Dermira, Inc | 1,890 | ||||||
| 156,002 | * | Dishman Carbogen Amcis India Ltd | 794 | ||||||
| 209,411 | Divi S Laboratories Ltd | 3,604 | |||||||
| 2,109 | Dong-A Pharmaceutical Co Ltd | 252 | |||||||
| 2,924 | Dong-A ST Co Ltd | 272 | |||||||
| 24,894 | DongKook Pharmaceutical Co Ltd | 1,471 | |||||||
| 7,792 | *,e | Dova Pharmaceuticals, Inc | 224 | ||||||
| 96,206 | Dr Reddy’s Laboratories Ltd | 3,637 | |||||||
| 397,170 | * | Durect Corp | 366 | ||||||
| 175,043 | *,e | Dynavax Technologies Corp | 3,273 | ||||||
| 13,928 | *,e | Eagle Pharmaceuticals, Inc | 744 | ||||||
| 37,227 | *,e | Edge Therapeutics, Inc | 349 | ||||||
| 343,998 | *,e | Editas Medicine, Inc | 10,571 | ||||||
| 191,721 | Eisai Co Ltd | 10,892 | |||||||
| 1,994,707 | Eli Lilly & Co | 168,473 | |||||||
| 144,455 | * | Emergent Biosolutions, Inc | 6,713 | ||||||
| 26,455 | * | Enanta Pharmaceuticals, Inc | 1,552 | ||||||
| 221,538 | * | Endo International plc | 1,717 | ||||||
| 624,870 | * | Enzo Biochem, Inc | 5,093 | ||||||
| 83,026 | *,e | Epizyme, Inc | 1,042 | ||||||
| 48,700 | EPS Co Ltd | 1,100 | |||||||
| 21,524 | * | Eris Lifesciences Ltd | 268 | ||||||
| 28,098 | *,e | Esperion Thereapeutics, Inc | 1,850 | ||||||
| 16,299 | Eurofins Scientific | 9,907 | |||||||
| 211,229 | *,e | Evotec AG. | 3,398 | ||||||
| 227,606 | * | Exact Sciences Corp | 11,958 | ||||||
| 116 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 957,502 | * | Exelixis, Inc | $ | 29,108 | |||||
| 679,560 | Faes Farma S.A. (Sigma) | 2,395 | |||||||
| 71,626 | *,e | Fate Therapeutics, Inc | 438 | ||||||
| 73,284 | * | FDC Ltd | 290 | ||||||
| 249,820 | * | FibroGen, Inc | 11,841 | ||||||
| 43,956 | * | Five Prime Therapeutics, Inc | 964 | ||||||
| 56,041 | *,e | Flexion Therapeutics Inc | 1,403 | ||||||
| 65,070 | * | Fluidigm Corp | 383 | ||||||
| 69,482 | *,e | Fortress Biotech, Inc | 277 | ||||||
| 23,525 | *,e | Foundation Medicine, Inc | 1,604 | ||||||
| 23,800 | Fuji Pharma Co Ltd | 917 | |||||||
| 11,789 | * | G1 Therapeutics, Inc | 234 | ||||||
| 28,371 | *,e | Galapagos NV | 2,673 | ||||||
| 34,795 | * | Galenica AG. | 1,786 | ||||||
| 6,904 | * | Genexine Co Ltd | 470 | ||||||
| 17,370 | * | Genfit | 499 | ||||||
| 34,869 | * | Genmab AS | 5,783 | ||||||
| 83,413 | *,e | Genocea Biosciences Inc | 97 | ||||||
| 35,257 | * | Genomic Health, Inc | 1,206 | ||||||
| 503,400 | * | Genomma Lab Internacional S.A. de C.V. | 525 | ||||||
| 268,000 | e | Genscript Biotech Corp | 683 | ||||||
| 61,178 | Genus plc | 2,091 | |||||||
| 268,529 | *,e | Geron Corp | 483 | ||||||
| 19,461 | Gerresheimer AG. | 1,610 | |||||||
| 3,111,800 | Gilead Sciences, Inc | 222,929 | |||||||
| 2,551,435 | GlaxoSmithKline plc | 45,184 | |||||||
| 120,077 | Glenmark Pharmaceuticals Ltd | 1,118 | |||||||
| 63,661 | * | Global Blood Therapeutics, Inc | 2,505 | ||||||
| 83,000 | *,e | GNI Group Ltd | 434 | ||||||
| 220,808 | * | Granules India Ltd | 475 | ||||||
| 3,692 | Green Cross Corp | 779 | |||||||
| 14,866 | Green Cross Holdings Corp | 545 | |||||||
| 287,612 | Grifols S.A. | 8,410 | |||||||
| 8 | *,m | GW Pharmaceuticals plc | 0 | ^ | |||||
| 120,024 | H Lundbeck AS | 6,087 | |||||||
| 208,780 | * | Halozyme Therapeutics, Inc | 4,230 | ||||||
| 16,822 | * | Han All Pharmarceutical Co | 383 | ||||||
| 3,428 | Handok Pharmaceuticals Co Ltd | 106 | |||||||
| 13,277 | * | Hanmi Holdings Co Ltd | 1,374 | ||||||
| 20,510 | * | Hanmi Pharm Co Ltd | 11,166 | ||||||
| 13,946 | *,e | Hansa Medical AB | 424 | ||||||
| 7,400 | * | HEALIOS KK | 127 | ||||||
| 80,181 | *,e | Heron Therapeutics, Inc | 1,451 | ||||||
| 105,905 | e | Hikma Pharmaceuticals plc | 1,618 | ||||||
| 25,139 | Hisamitsu Pharmaceutical Co, Inc | 1,519 | |||||||
| 383,084 | * | Horizon Pharma plc | 5,593 | ||||||
| 2,548,684 | *,e,m | Hua Han Bio-Pharmaceutical Holdings Ltd | 20 | ||||||
| 1,496 | * | Hugel, Inc | 779 | ||||||
| 3,307 | Humedix Co Ltd | 133 | |||||||
| 2,739 | * | Huons Co Ltd | 229 | ||||||
| 25,747 | *,e | Hutchison China MediTech Ltd | 1,943 | ||||||
| 307,067 | Hypermarcas S.A. | 3,333 | |||||||
| 368,415 | *,e | Idera Pharmaceuticals, Inc | 777 | ||||||
| 117 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 138,321 | * | Idorsia Ltd | $ | 3,613 | |||||
| 252,610 | * | Ignyta, Inc | 6,745 | ||||||
| 54,024 | Il Dong Pharmaceutical Co Ltd | 1,181 | |||||||
| 625,393 | * | Illumina, Inc | 136,642 | ||||||
| 8,384 | Ilyang Pharmaceutical Co Ltd | 302 | |||||||
| 54,708 | *,e | Immune Design Corp | 213 | ||||||
| 654,754 | *,e | Immunogen, Inc | 4,197 | ||||||
| 173,906 | *,e | Immunomedics, Inc | 2,810 | ||||||
| 161,507 | * | Impax Laboratories, Inc | 2,689 | ||||||
| 190,604 | * | INC Research Holdings, Inc | 8,310 | ||||||
| 437,323 | * | Incyte Corp | 41,419 | ||||||
| 815,013 | * | Indivior plc | 4,476 | ||||||
| 426,700 | * | Indofarma Persero Tbk PT | 186 | ||||||
| 24,284 | *,e | Innate Pharma S.A. | 138 | ||||||
| 128,881 | * | Innoviva, Inc | 1,829 | ||||||
| 146,222 | *,e | Inovio Pharmaceuticals, Inc | 604 | ||||||
| 199,172 | * | Insmed, Inc | 6,210 | ||||||
| 44,999 | *,e | Insys Therapeutics, Inc | 433 | ||||||
| 29,658 | *,e | Intellia Therapeutics, Inc | 570 | ||||||
| 48,307 | *,e | Intercept Pharmaceuticals, Inc | 2,822 | ||||||
| 84,449 | * | Intersect ENT, Inc | 2,736 | ||||||
| 149,272 | * | Intra-Cellular Therapies, Inc | 2,161 | ||||||
| 95,796 | *,e | Intrexon Corp | 1,104 | ||||||
| 7,608 | *,e | iNtRON Biotechnology, Inc | 317 | ||||||
| 129,146 | *,e | Invitae Corp | 1,173 | ||||||
| 219,342 | * | Ionis Pharmaceuticals, Inc | 11,033 | ||||||
| 237,609 | * | Iovance Biotherapeutics, Inc | 1,901 | ||||||
| 28,034 | Ipca Laboratories Ltd | 263 | |||||||
| 302,709 | Ipsen | 36,029 | |||||||
| 360,904 | * | IQVIA Holdings, Inc | 35,333 | ||||||
| 234,385 | *,e | Ironwood Pharmaceuticals, Inc | 3,513 | ||||||
| 10,900 | *,e | Japan Tissue Engineering Co Lt | 118 | ||||||
| 483,314 | * | Jazz Pharmaceuticals plc | 65,078 | ||||||
| 10,300 | JCR Pharmaceuticals Co Ltd | 484 | |||||||
| 2,816 | * | Jeil Pharmaceutical Co Ltd | 163 | ||||||
| 8,319,440 | Johnson & Johnson | 1,162,392 | |||||||
| 24,276 | *,e | Jounce Therapeutics, Inc | 310 | ||||||
| 118,951 | Jubilant Organosys Ltd | 1,466 | |||||||
| 146,848 | *,e | Juno Therapeutics, Inc | 6,712 | ||||||
| 69,321 | JW Holdings Corp | 542 | |||||||
| 56,400 | Kaken Pharmaceutical Co Ltd | 2,906 | |||||||
| 22,483 | *,e | Kala Pharmaceuticals, Inc | 416 | ||||||
| 56,266 | * | Karyopharm Therapeutics, Inc | 540 | ||||||
| 145,540 | *,e | Keryx Biopharmaceuticals, Inc | 677 | ||||||
| 45,807 | * | Kindred Biosciences Inc | 433 | ||||||
| 17,800 | Kissei Pharmaceutical Co Ltd | 503 | |||||||
| 140,255 | * | Knight Therapeutics, Inc | 927 | ||||||
| 4,797 | e | Kolon Life Science, Inc | 472 | ||||||
| 22,640 | * | Komipharm International Co Ltd | 808 | ||||||
| 107,203 | Korea United Pharm Inc | 3,049 | |||||||
| 37,508 | *,e | Kura Oncology, Inc | 574 | ||||||
| 115,205 | Kwang Dong Pharmaceutical Co Ltd | 940 | |||||||
| 59,520 | Kyongbo Pharmaceutical Co Ltd | 698 | |||||||
| 25,436 | Kyorin Co Ltd | 475 | |||||||
| 118 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 245,082 | Kyowa Hakko Kogyo Co Ltd | $ | 4,718 | ||||||
| 30,048 | *,e | La Jolla Pharmaceutical Co | 967 | ||||||
| 39,521 | e | Laboratorios Almirall S.A. | 396 | ||||||
| 49,616 | *,e | Lannett Co, Inc | 1,151 | ||||||
| 24,290 | Laurus Labs Ltd | 207 | |||||||
| 603,000 | e | Lee’s Pharmaceutical Holdings Ltd | 529 | ||||||
| 70,266 | *,e | Lexicon Pharmaceuticals, Inc | 694 | ||||||
| 41,433 | * | Ligand Pharmaceuticals, Inc (Class B) | 5,673 | ||||||
| 8,200 | Linical Co Ltd | 117 | |||||||
| 61,418 | Livzon Pharmaceutical Group, Inc | 485 | |||||||
| 491,944 | Lonza Group AG. | 132,680 | |||||||
| 34,000 | * | Lotus Pharmaceutical Co Ltd | 58 | ||||||
| 53,827 | *,e | Loxo Oncology, Inc | 4,531 | ||||||
| 140,067 | Luminex Corp | 2,759 | |||||||
| 187,128 | * | Lupin Ltd | 2,593 | ||||||
| 736,000 | e | Luye Pharma Group Ltd | 581 | ||||||
| 56,707 | * | MacroGenics, Inc | 1,077 | ||||||
| 24,189 | *,e | Madrigal Pharmaceuticals, Inc | 2,220 | ||||||
| 105,697 | *,e | Mallinckrodt plc | 2,385 | ||||||
| 140,549 | Marksans Pharma Ltd | 88 | |||||||
| 123,517 | *,e | Matinas BioPharma Holdings, Inc | 143 | ||||||
| 821,168 | *,e | Mayne Pharma Group Ltd | 444 | ||||||
| 129,694 | *,e | Medicines Co | 3,546 | ||||||
| 70,723 | *,e | MediciNova, Inc | 458 | ||||||
| 35,672 | * | Medpace Holdings, Inc | 1,293 | ||||||
| 19,047 | * | MedReleaf Corp | 322 | ||||||
| 3,782 | Medy-Tox, Inc | 1,713 | |||||||
| 225,300 | Mega Lifesciences PCL | 304 | |||||||
| 70,861 | * | Melinta Therapeutics, Inc | 1,120 | ||||||
| 143,635 | Merck KGaA | 15,417 | |||||||
| 477,837 | e | Merrimack Pharmaceuticals, Inc | 4,898 | ||||||
| 8,037 | *,e | Mersana Therapeutics, Inc | 132 | ||||||
| 168,829 | *,e | Mesoblast Ltd | 192 | ||||||
| 51,698 | * | Mettler-Toledo International, Inc | 32,028 | ||||||
| 246,243 | *,e | MiMedx Group, Inc | 3,105 | ||||||
| 128,284 | *,e | Minerva Neurosciences, Inc | 776 | ||||||
| 27,888 | *,e | Miragen Therapeutics, Inc | 291 | ||||||
| 21,900 | Mochida Pharmaceutical Co Ltd | 1,674 | |||||||
| 5,649 | * | Molecular Partners AG. | 152 | ||||||
| 254,367 | * | Momenta Pharmaceuticals, Inc | 3,548 | ||||||
| 19,736 | *,e | Morphosys AG. | 1,804 | ||||||
| 3,378,758 | * | Mylan NV | 142,955 | ||||||
| 161,142 | *,e | MyoKardia, Inc | 6,784 | ||||||
| 113,781 | * | Myriad Genetics, Inc | 3,908 | ||||||
| 21,400 | *,e | NanoCarrier Co Ltd | 122 | ||||||
| 35,449 | * | NanoString Technologies, Inc | 265 | ||||||
| 55,278 | *,e | NantKwest, Inc | 248 | ||||||
| 98,584 | Natco Pharma Ltd | 1,485 | |||||||
| 106,802 | * | Natera, Inc | 960 | ||||||
| 9,152 | * | Naturalendo Tech Co Ltd | 199 | ||||||
| 365,004 | * | Nektar Therapeutics | 21,798 | ||||||
| 99,377 | *,e | NeoGenomics, Inc | 881 | ||||||
| 80,890 | *,e | Neos Therapeutics, Inc | 825 | ||||||
| 119 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 221,830 | *,e | Neurocrine Biosciences, Inc | $ | 17,212 | |||||
| 128,609 | *,e | NewLink Genetics Corp | 1,043 | ||||||
| 143,350 | Nichi-iko Pharmaceutical Co Ltd | 2,207 | |||||||
| 46,800 | Nippon Shinyaku Co Ltd | 3,481 | |||||||
| 23,096 | *,e | Nordic Nanovector ASA | 228 | ||||||
| 3,698,364 | Novartis AG. | 311,226 | |||||||
| 651,004 | *,e | Novavax, Inc | 807 | ||||||
| 29,826 | *,e | Novelion Therapeutics, Inc | 93 | ||||||
| 4,705,471 | Novo Nordisk AS | 252,851 | |||||||
| 58,016 | *,e | Nymox Pharmaceutical Corp | 191 | ||||||
| 71,000 | * | OBI Pharma, Inc | 359 | ||||||
| 39,236 | *,e | Ocular Therapeutix, Inc | 175 | ||||||
| 73,997 | *,e | Omeros Corp | 1,438 | ||||||
| 7,393 | *,e | Oncocyte Corp | 34 | ||||||
| 78,900 | *,e | OncoTherapy Science, Inc | 160 | ||||||
| 315,080 | Ono Pharmaceutical Co Ltd | 7,329 | |||||||
| 732,919 | *,e | Opko Health, Inc | 3,591 | ||||||
| 9,177 | *,e | Optinose, Inc | 173 | ||||||
| 168,832 | *,e | Organovo Holdings, Inc | 226 | ||||||
| 84,398 | Orion Oyj (Class B) | 3,147 | |||||||
| 232,333 | * | Otonomy, Inc | 1,289 | ||||||
| 191,946 | e | Otsuka Holdings KK | 8,418 | ||||||
| 12,597 | *,e | Ovid therapeutics, Inc | 124 | ||||||
| 184,505 | *,e | Pacific Biosciences of California, Inc | 487 | ||||||
| 167,279 | * | Pacira Pharmaceuticals, Inc | 7,636 | ||||||
| 2,559,486 | *,e | Paion AG. | 8,307 | ||||||
| 74,381 | *,e | Paratek Pharmaceuticals, Inc | 1,331 | ||||||
| 345,542 | * | PDL BioPharma, Inc | 947 | ||||||
| 46,200 | * | PeptiDream, Inc | 1,576 | ||||||
| 3,282 | * | Peptron, Inc | 202 | ||||||
| 331,763 | PerkinElmer, Inc | 24,259 | |||||||
| 264,338 | Perrigo Co plc | 23,040 | |||||||
| 15,290 | Pfizer Ltd | 494 | |||||||
| 19,646,198 | Pfizer, Inc | 711,585 | |||||||
| 111,452 | * | Pharma Mar S.A. | 331 | ||||||
| 2,394 | PHARMA RESEARCH PRODUCTS Co Ltd | 131 | |||||||
| 143,472 | PharmaEngine Inc | 732 | |||||||
| 91,000 | * | PharmaEssentia Corp | 437 | ||||||
| 18,902 | Pharmally International Holding Co Ltd | 263 | |||||||
| 157,593 | Phibro Animal Health Corp | 5,279 | |||||||
| 247,760 | *,e | Pieris Pharmaceuticals, Inc | 1,871 | ||||||
| 119,589 | * | Piramal Healthcare Ltd | 5,359 | ||||||
| 185,297 | * | Portola Pharmaceuticals, Inc | 9,020 | ||||||
| 219,108 | * | PRA Health Sciences, Inc | 19,954 | ||||||
| 160,762 | * | Prestige Brands Holdings, Inc | 7,139 | ||||||
| 4,120 | e | Probi AB | 171 | ||||||
| 123,282 | *,e | Progenics Pharmaceuticals, Inc | 734 | ||||||
| 597,280 | *,e | Prometic Life Sciences, Inc | 618 | ||||||
| 27,674 | *,e | Protagonist Therapeutics, Inc | 576 | ||||||
| 82,702 | *,e | Prothena Corp plc | 3,101 | ||||||
| 16,589,331 | PT Kalbe Farma Tbk | 2,066 | |||||||
| 101,344 | * | PTC Therapeutics, Inc | 1,690 | ||||||
| 96,565 | *,e | Puma Biotechnology, Inc | 9,545 | ||||||
| 467,320 | QIAGEN NV | 14,454 | |||||||
| 120 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 132,674 | * | QIAGEN NV | $ | 4,138 | |||||
| 21,089 | * | Ra Pharmaceuticals, Inc | 179 | ||||||
| 65,743 | *,e | Radius Health, Inc | 2,089 | ||||||
| 19,873 | *,e | Reata Pharmaceuticals, Inc | 563 | ||||||
| 28,839 | e | Recipharm AB | 347 | ||||||
| 111,046 | Recordati S.p.A. | 4,935 | |||||||
| 27,373 | * | Recro Pharma, Inc | 253 | ||||||
| 149,628 | * | Regeneron Pharmaceuticals, Inc | 56,254 | ||||||
| 47,688 | * | REGENXBIO, Inc | 1,586 | ||||||
| 65,294 | * | Repligen Corp | 2,369 | ||||||
| 549,793 | * | Retrophin, Inc | 11,584 | ||||||
| 47,369 | *,e | Revance Therapeutics, Inc | 1,693 | ||||||
| 4,052 | Reyon Pharmaceutical Co Ltd | 81 | |||||||
| 12,809 | *,e | Rhythm Pharmaceuticals, Inc | 372 | ||||||
| 154,031 | Richter Gedeon Rt | 4,033 | |||||||
| 245,576 | * | Rigel Pharmaceuticals, Inc | 953 | ||||||
| 946,059 | Roche Holding AG. | 239,216 | |||||||
| 169,517 | Rohto Pharmaceutical Co Ltd | 4,508 | |||||||
| 102,865 | * | Sage Therapeutics, Inc | 16,943 | ||||||
| 54,918 | Samjin Pharmaceutical Co Ltd | 1,839 | |||||||
| 18,519 | * | Samsung Biologics Co Ltd | 6,406 | ||||||
| 11,200 | *,e | SanBio Co Ltd | 321 | ||||||
| 695,821 | * | Sangamo Biosciences, Inc | 11,411 | ||||||
| 7,679 | Sanofi India Ltd | 570 | |||||||
| 1,440,048 | Sanofi-Aventis | 123,977 | |||||||
| 379,338 | Santen Pharmaceutical Co Ltd | 5,941 | |||||||
| 155,851 | * | Sarepta Therapeutics, Inc | 8,672 | ||||||
| 68,400 | Sawai Pharmaceutical Co Ltd | 3,053 | |||||||
| 7,045,339 | * | Schering-Plough Corp | 396,441 | ||||||
| 49,847 | * | Schnell Biopharmaceuticals, Inc | 191 | ||||||
| 160,960 | Scinopharm Taiwan Ltd | 191 | |||||||
| 59,083 | Searle Co Ltd | 168 | |||||||
| 356,200 | * | Seattle Genetics, Inc | 19,057 | ||||||
| 50,805 | * | Seegene, Inc | 1,590 | ||||||
| 1,053,500 | Seikagaku Corp | 15,630 | |||||||
| 24,543 | *,e | Selecta Biosciences, Inc | 241 | ||||||
| 62,456 | Sequent Scientific Ltd | 96 | |||||||
| 37,612 | *,e | Seres Therapeutics, Inc | 381 | ||||||
| 94,000 | * | Shandong Xinhua Pharmaceutical Co Ltd | 100 | ||||||
| 166,800 | m | Shanghai Dingli Technology Dev | 120 | ||||||
| 497,751 | Shanghai Fosun Pharmaceutical Group Co Ltd | 3,195 | |||||||
| 159,000 | e | Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd | 94 | ||||||
| 27,300 | e | Shanghai Haohai Biological Technology Co Ltd | 131 | ||||||
| 16,687 | Shilpa Medicare Ltd | 162 | |||||||
| 512,179 | Shionogi & Co Ltd | 27,676 | |||||||
| 580,962 | Shire Ltd | 30,106 | |||||||
| 742 | Shire plc (ADR) | 115 | |||||||
| 9,906 | Siegfried Holding AG. | 3,293 | |||||||
| 7,433 | *,e | Sienna Biopharmaceuticals, Inc | 135 | ||||||
| 3,315,000 | Sihuan Pharmaceutical Holdings | 1,190 | |||||||
| 51,646 | *,e | SillaJen, Inc | 4,505 | ||||||
| 4,383,205 | Sino Biopharmaceutical | 7,749 | |||||||
| 121 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 33,686 | Sirtex Medical Ltd | $ | 433 | ||||||
| 11,200 | *,e | Sosei Group | 1,082 | ||||||
| 58,204 | * | Spark Therapeutics, Inc | 2,993 | ||||||
| 352,180 | * | Spectrum Pharmaceuticals, Inc | 6,674 | ||||||
| 8,806 | *,e | Spero Therapeutics, Inc | 103 | ||||||
| 4,271,703 | SSY Group Ltd | 2,630 | |||||||
| 44,016 | ST Pharm Co Ltd | 1,357 | |||||||
| 58,299 | Stada Arzneimittel AG. | 6,172 | |||||||
| 2,694 | * | Stallergenes Greer plc | 125 | ||||||
| 38,274 | * | Stemline Therapeutics, Inc | 597 | ||||||
| 26,857 | * | Strides Arcolab Ltd | 346 | ||||||
| 45,365 | *,e | Strongbridge Biopharma plc | 329 | ||||||
| 38,584 | *,e | Sucampo Pharmaceuticals, Inc (Class A) | 693 | ||||||
| 331,149 | Sumitomo Dainippon Pharma Co Ltd | 4,902 | |||||||
| 40,330 | * | Sun Pharma Advanced Research Company Ltd | 321 | ||||||
| 792,228 | Sun Pharmaceutical Industries Ltd | 7,089 | |||||||
| 84,211 | * | Supernus Pharmaceuticals, Inc | 3,356 | ||||||
| 30,912 | Suven Life Sciences Ltd | 98 | |||||||
| 46,401 | * | Syndax Pharmaceuticals, Inc | 406 | ||||||
| 433,113 | *,e | Synergy Pharmaceuticals, Inc | 966 | ||||||
| 27,196 | Syngene International Ltd | 231 | |||||||
| 21,004 | *,e | Syros Pharmaceuticals, Inc | 204 | ||||||
| 183,799 | * | Taigen Biopharmaceuticals Holdings Ltd | 134 | ||||||
| 146,000 | * | TaiMed Biologics, Inc | 904 | ||||||
| 15,868 | Taisho Pharmaceutical Holdings Co Ltd | 1,264 | |||||||
| 31,200 | Takara Bio, Inc | 434 | |||||||
| 1,562,364 | Takeda Pharmaceutical Co Ltd | 88,457 | |||||||
| 666,154 | Tanabe Seiyaku Co Ltd | 13,730 | |||||||
| 4 | *,e | Taro Pharmaceutical Industries Ltd | 0 | ^ | |||||
| 24,262 | Tecan Group AG. | 5,039 | |||||||
| 80,712 | *,e | Teligent, Inc | 293 | ||||||
| 181,774 | *,e | TESARO, Inc | 15,064 | ||||||
| 90,927 | * | Tetraphase Pharmaceuticals, Inc | 573 | ||||||
| 1,336,572 | e | Teva Pharmaceutical Industries Ltd (ADR) | 25,328 | ||||||
| 88,286 | *,e | TG Therapeutics, Inc | 724 | ||||||
| 279,780 | *,e | TherapeuticsMD, Inc | 1,690 | ||||||
| 71,782 | *,e | Theravance Biopharma, Inc | 2,002 | ||||||
| 669,270 | Thermo Fisher Scientific, Inc | 127,081 | |||||||
| 1,650,200 | Tianjin ZhongXin Pharmaceutical Group Corp Ltd | 1,510 | |||||||
| 29,835 | *,e | Tocagen, Inc | 306 | ||||||
| 359,000 | Tong Ren Tang Technologies Co Ltd | 518 | |||||||
| 30,100 | Torii Pharmaceutical Co Ltd | 807 | |||||||
| 67,968 | Towa Pharmaceutical Co Ltd | 3,702 | |||||||
| 124,877 | * | Trevena, Inc | 200 | ||||||
| 131,692 | Tsumura & Co | 4,363 | |||||||
| 136,917 | TTY Biopharm Co Ltd | 471 | |||||||
| 45,000 | * | TWi Pharmaceuticals, Inc | 127 | ||||||
| 69,093 | UCB S.A. | 5,479 | |||||||
| 78,936 | * | Ultragenyx Pharmaceutical, Inc | 3,661 | ||||||
| 50,023 | Unichem Laboratories Ltd | 259 | |||||||
| 2,119,500 | *,e | United Laboratories Ltd | 1,723 | ||||||
| 60,700 | * | United Therapeutics Corp | 8,981 | ||||||
| 339,493 | * | Valeant Pharmaceuticals International, Inc | 7,076 | ||||||
| 415,087 | * | Vanda Pharmaceuticals, Inc | 6,309 | ||||||
| 122 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 61,013 | *,e | VBI Vaccines, Inc | $ | 261 | |||||
| 379,398 | * | Vectura Group plc | 603 | ||||||
| 86,593 | * | Veracyte, Inc | 565 | ||||||
| 183,111 | * | Versartis, Inc | 403 | ||||||
| 900,736 | * | Vertex Pharmaceuticals, Inc | 134,984 | ||||||
| 218,330 | e | Vifor Pharma AG. | 27,951 | ||||||
| 2,547 | *,e | Virbac S.A. | 377 | ||||||
| 8,744 | *,e | ViroMed Co Ltd | 1,330 | ||||||
| 8,273 | Vitrolife AB | 629 | |||||||
| 27,809 | *,e | Voyager Therapeutics, Inc | 462 | ||||||
| 15,064 | *,e | vTv Therapeutics, Inc | 91 | ||||||
| 202,827 | * | Waters Corp | 39,184 | ||||||
| 20,761 | *,e | WaVe Life Sciences Pte Ltd | 729 | ||||||
| 144,415 | Whanin Pharmaceutical Co Ltd | 3,001 | |||||||
| 1,274,000 | e | Winteam Pharmaceutical Group Ltd | 676 | ||||||
| 17,667 | * | Wockhardt Ltd | 257 | ||||||
| 37,320 | *,e | XBiotech, Inc | 147 | ||||||
| 122,384 | * | Xencor Inc | 2,683 | ||||||
| 1,013,400 | YiChang HEC ChangJiang Pharmaceutical Co Ltd | 3,542 | |||||||
| 8,892 | Yuhan Corp | 1,817 | |||||||
| 58,087 | *,e | Yungjin Pharmaceutical Co Ltd | 476 | ||||||
| 135,000 | YungShin Global Holding Corp | 181 | |||||||
| 16,975 | *,e | Zealand Pharma AS | 232 | ||||||
| 90,000 | Zeria Pharmaceutical Co Ltd | 1,717 | |||||||
| 212,653 | *,e | ZIOPHARM Oncology, Inc | 880 | ||||||
| 1,818,432 | Zoetis, Inc | 131,000 | |||||||
| 76,434 | * | Zogenix, Inc | 3,061 | ||||||
| 20,947 | *,e | Zynerba Pharmaceuticals, Inc | 262 | ||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 9,035,470 | ||||||||
| REAL ESTATE - 3.5% | |||||||||
| 18,050,000 | 8990 Holdings, Inc | 2,433 | |||||||
| 1,435,064 | Abacus Property Group | 4,602 | |||||||
| 145,608 | Acadia Realty Trust | 3,984 | |||||||
| 919 | Activia Properties Inc | 3,847 | |||||||
| 17,217 | * | ADLER Real Estate AG. | 274 | ||||||
| 46,124 | ADO Properties S.A. | 2,335 | |||||||
| 1,365 | Advance Residence Investment Corp | 3,355 | |||||||
| 175,000 | * | Aedas Homes SAU | 6,425 | ||||||
| 12,736 | Aedifica S.A. | 1,203 | |||||||
| 13,394 | Aeon Mall Co Ltd | 262 | |||||||
| 7,994 | AEON REIT Investment Corp | 8,407 | |||||||
| 8,528 | * | Africa Israel Properties Ltd | 210 | ||||||
| 1,252,000 | Agile Property Holdings Ltd | 1,894 | |||||||
| 229,962 | Agree Realty Corp | 11,829 | |||||||
| 485,841 | AIMS AMP Capital Industrial REIT | 494 | |||||||
| 47,696 | * | Airport City Ltd | 597 | ||||||
| 2,977,070 | Aldar Properties PJSC | 1,783 | |||||||
| 78,343 | Alexander & Baldwin, Inc | 2,173 | |||||||
| 3,504 | Alexander’s, Inc | 1,387 | |||||||
| 88,216 | Alexandria Real Estate Equities, Inc | 11,520 | |||||||
| 52,420 | * | Aliansce Shopping Centers S.A. | 285 | ||||||
| 10,204,246 | Allco Commercial Real Estate Investment Trust | 11,363 | |||||||
| 123 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 28,149 | Allied Properties Real Estate Investment Trust | $ | 942 | ||||||
| 29,520 | Allreal Holding AG. | 4,992 | |||||||
| 215,077 | Alony Hetz Properties & Investments Ltd | 2,305 | |||||||
| 403,132 | Alstria Office REIT-AG. | 6,230 | |||||||
| 19,689 | *,e | Altisource Portfolio Solutions S.A. | 551 | ||||||
| 82,732 | Altisource Residential Corp | 981 | |||||||
| 23,673 | Altus Group Ltd | 695 | |||||||
| 332,600 | Amata Corp PCL (Foreign) | 265 | |||||||
| 263,567 | American Assets Trust,Inc | 10,079 | |||||||
| 232,040 | American Campus Communities, Inc | 9,521 | |||||||
| 693,571 | American Homes 4 Rent | 15,148 | |||||||
| 853,822 | American Tower Corp | 121,815 | |||||||
| 262,598 | Amot Investments Ltd | 1,573 | |||||||
| 835,900 | Ananda Development PCL (FOREIGN) | 151 | |||||||
| 3,535 | ANF Immobilier | 93 | |||||||
| 377,535 | e | Apartment Investment & Management Co (Class A) | 16,502 | ||||||
| 488,716 | Apple Hospitality REIT, Inc | 9,584 | |||||||
| 73,800 | e | Ardepro Co Ltd | 57 | ||||||
| 1,434,896 | Argosy Property Ltd | 1,103 | |||||||
| 78,439 | Armada Hoffler Properties, Inc | 1,218 | |||||||
| 670,441 | Arrowhead Properties Ltd (Class A) | 355 | |||||||
| 180,846 | Artis Real Estate Investment Trust | 2,029 | |||||||
| 1,249,200 | Ascendas Hospitality Trust | 803 | |||||||
| 624,709 | Ascendas REIT | 1,268 | |||||||
| 1,826,791 | Ascott Residence Trust | 1,666 | |||||||
| 101,805 | Ashford Hospitality Prime, Inc | 991 | |||||||
| 135,297 | Ashford Hospitality Trust, Inc | 911 | |||||||
| 3,486,160 | Asian Property Development PCL (Foreign) | 979 | |||||||
| 2,243,635 | Assura Group Ltd | 1,936 | |||||||
| 307,942 | * | Attacq Ltd | 495 | ||||||
| 22,253 | * | AV Homes, Inc | 371 | ||||||
| 313,954 | AvalonBay Communities, Inc | 56,013 | |||||||
| 450,028 | Aventus Retail Property Fund Ltd | 787 | |||||||
| 251,934 | Aveo Group | 525 | |||||||
| 2,272,000 | *,e | AVIC International Holding HK Ltd | 137 | ||||||
| 46,683 | Axia Real Estate SOCIMI S.A. | 1,032 | |||||||
| 844,466 | Axis Real Estate Investment Trust | 313 | |||||||
| 7,489,815 | Ayala Land, Inc | 6,682 | |||||||
| 4,761,352 | *,m | AZ BGP Holdings | 118 | ||||||
| 79,409 | Azrieli Group | 4,438 | |||||||
| 5,830,400 | Bangkokland PCL | 320 | |||||||
| 92,331 | * | Barwa Real Estate Co | 822 | ||||||
| 1,564 | Bayside Land Corp | 779 | |||||||
| 21,868 | Befimmo SCA Sicafi | 1,405 | |||||||
| 4,082,000 | Beijing Capital Land Ltd | 2,119 | |||||||
| 482,000 | Beijing North Star Co | 176 | |||||||
| 1,320,000 | *,e | Beijing Properties Holdings Ltd | 55 | ||||||
| 2,955,777 | Beni Stabili S.p.A. | 2,734 | |||||||
| 10,819 | Big Shopping Centers Ltd | 752 | |||||||
| 425,019 | Big Yellow Group plc | 4,990 | |||||||
| 1,191 | BLife Investment Corp | 2,830 | |||||||
| 9,145 | Blue Square Real Estate Ltd | 382 | |||||||
| 195,859 | Bluerock Residential Growth REIT, Inc | 1,980 | |||||||
| 28,799 | Boardwalk REIT | 987 | |||||||
| 124 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 572,714 | Boston Properties, Inc | $ | 74,470 | ||||||
| 1,260,262 | BR Malls Participacoes S.A. | 4,837 | |||||||
| 73,108 | BR Properties S.A. | 234 | |||||||
| 2,839 | * | Brack Capital Properties NV | 327 | ||||||
| 241,531 | Brandywine Realty Trust | 4,393 | |||||||
| 569,311 | British Land Co plc | 5,302 | |||||||
| 710,112 | Brixmor Property Group, Inc | 13,251 | |||||||
| 687,643 | Bunnings Warehouse Property Trust | 1,654 | |||||||
| 104,342 | BUWOG AG. | 3,596 | |||||||
| 29,613,014 | * | C C Land Holdings Ltd | 6,557 | ||||||
| 181,233 | CA Immobilien Anlagen AG. | 5,611 | |||||||
| 730,320 | Cache Logistics Trust | 467 | |||||||
| 567,936 | Cambridge Industrial Trust | 240 | |||||||
| 455,077 | Camden Property Trust | 41,894 | |||||||
| 265,010 | Canadian Apartment Properties REIT | 7,868 | |||||||
| 25,346 | Canadian Real Estate Investment Trust | 934 | |||||||
| 3,005,948 | CapitaCommercial Trust | 4,330 | |||||||
| 508,600 | Capital & Counties Properties | 2,193 | |||||||
| 4,098,118 | CapitaLand Ltd | 10,781 | |||||||
| 1,093,301 | CapitaMall Trust | 1,739 | |||||||
| 573,100 | CapitaMalls Malaysia Trust | 259 | |||||||
| 1,171,832 | CapitaRetail China Trust | 1,419 | |||||||
| 198,136 | CareTrust REIT, Inc | 3,321 | |||||||
| 4,762,500 | *,e | Carnival Group International Holdings Ltd | 271 | ||||||
| 254,524 | Castellum AB | 4,293 | |||||||
| 112,720 | CatchMark Timber Trust Inc | 1,480 | |||||||
| 515,300 | Cathay Real Estate Development Co Ltd | 285 | |||||||
| 287,940 | e | CBL & Associates Properties, Inc | 1,630 | ||||||
| 901,734 | * | CBRE Group, Inc | 39,054 | ||||||
| 1,281,320 | CDL Hospitality Trusts | 1,619 | |||||||
| 15,000,000 | Cebu Holdings, Inc | 1,728 | |||||||
| 395,046 | Cedar Realty Trust, Inc | 2,402 | |||||||
| 38,119 | Cedar Woods Properties Ltd | 181 | |||||||
| 506,000 | * | Central China Real Estate Ltd | 237 | ||||||
| 1,396,058 | Central Pattana PCL (Foreign) | 3,623 | |||||||
| 138,066 | Centuria Industrial REIT | 274 | |||||||
| 5,266,636 | Champion Real Estate Investment Trust | 3,863 | |||||||
| 1,381,748 | Charter Hall Group | 6,474 | |||||||
| 106,399 | e | Charter Hall Long Wale REIT | 345 | ||||||
| 93,057 | Chatham Lodging Trust | 2,118 | |||||||
| 101,515 | Chesapeake Lodging Trust | 2,750 | |||||||
| 4,217,722 | Cheuk Nang Holdings Ltd | 2,429 | |||||||
| 3,464,500 | China Aoyuan Property Group Ltd | 1,896 | |||||||
| 1,920,000 | China Electronics Optics Valley Union Holding Co Ltd | 184 | |||||||
| 4,634,663 | *,e | China Evergrande Group | 15,913 | ||||||
| 882,000 | *,e | China Logistics Property Holdings Co Ltd | 286 | ||||||
| 4,734,000 | China Merchants Land Ltd | 870 | |||||||
| 9,385,021 | * | China New Town Development Co Ltd | 372 | ||||||
| 592,000 | e | China Overseas Grand Oceans Group Ltd | 323 | ||||||
| 12,117,767 | China Overseas Land & Investment Ltd | 38,897 | |||||||
| 880,000 | China Overseas Property Holdings Ltd | 238 | |||||||
| 10,263,877 | China Resources Land Ltd | 30,111 | |||||||
| 125 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 2,050,400 | China SCE Property Holdings Ltd | $ | 883 | ||||||
| 1,822,000 | China South City Holdings Ltd | 478 | |||||||
| 2,455,015 | China Vanke Co Ltd | 9,770 | |||||||
| 335,500 | Chinese Estates Holdings Ltd | 540 | |||||||
| 74,236 | Choice Properties REIT | 788 | |||||||
| 106,088 | Chong Hong Construction Co | 273 | |||||||
| 16,636,758 | CIFI Holdings Group Co Ltd | 9,996 | |||||||
| 117,191 | City Developments Ltd | 1,090 | |||||||
| 178,169 | City Office REIT, Inc | 2,318 | |||||||
| 318,529 | e | Citycon Oyj | 825 | ||||||
| 415,681 | Civitas Social Housing plc | 636 | |||||||
| 3,379,230 | CK Asset Holdings Ltd | 29,457 | |||||||
| 29,223 | e | Clipper Realty, Inc | 292 | ||||||
| 41,905 | Cofinimmo | 5,518 | |||||||
| 69,475 | Colliers International Group, Inc | 4,193 | |||||||
| 1,092,886 | Colony NorthStar, Inc | 12,470 | |||||||
| 170,000 | e | Colour Life Services Group | 113 | ||||||
| 443,109 | Columbia Property Trust, Inc | 10,169 | |||||||
| 313 | Comforia Residential REIT, Inc | 669 | |||||||
| 57,210 | Cominar Real Estate Investment Trust | 655 | |||||||
| 29,928 | Community Healthcare Trust, Inc | 841 | |||||||
| 596,100 | Concentradora Fibra Danhos S.A. de C.V. | 928 | |||||||
| 496,600 | Concentradora Fibra Hotelera Mexicana S.A. de C.V. | 294 | |||||||
| 7,260 | Consolidated-Tomoka Land Co | 461 | |||||||
| 243,605 | CoreCivic, Inc | 5,481 | |||||||
| 19,713 | e | CorEnergy Infrastructure Trust, Inc | 753 | ||||||
| 81,801 | Coresite Realty | 9,317 | |||||||
| 1,744,436 | Corp Inmobiliaria Vesta SAB de C.V. | 2,161 | |||||||
| 197,418 | Corporate Office Properties Trust | 5,765 | |||||||
| 4,407,391 | Country Garden Holdings Co Ltd | 8,373 | |||||||
| 97,849 | * | Countrywide plc | 159 | ||||||
| 1,571,195 | Cousins Properties, Inc | 14,534 | |||||||
| 1,425 | Crescendo Investment Corp | 1,184 | |||||||
| 66,410 | Crombie Real Estate Investment Trust | 729 | |||||||
| 1,986,215 | Cromwell Group | 1,563 | |||||||
| 1,079,817 | Crown Castle International Corp | 119,870 | |||||||
| 574,000 | *,e | Crown International Corp Ltd | 105 | ||||||
| 6,378,943 | CSI Properties Ltd | 330 | |||||||
| 20,637 | CT Real Estate Investment Trust | 238 | |||||||
| 453,625 | CubeSmart | 13,119 | |||||||
| 436,966 | CyrusOne, Inc | 26,013 | |||||||
| 23,172 | * | D Carnegie & Co AB | 345 | ||||||
| 954 | DA Office Investment Corp | 5,029 | |||||||
| 170,400 | Daibiru Corp | 2,141 | |||||||
| 22,600 | Daikyo, Inc | 438 | |||||||
| 2,595,900 | Daiman Development BHD | 1,430 | |||||||
| 65,634 | Daito Trust Construction Co Ltd | 13,372 | |||||||
| 323,187 | Daiwa House Industry Co Ltd | 12,393 | |||||||
| 1,404,992 | * | DAMAC Properties Dubai Co PJSC | 1,262 | ||||||
| 253,219 | DCT Industrial Trust, Inc | 14,884 | |||||||
| 1,859,356 | DDR Corp | 16,660 | |||||||
| 1,083,112 | Delta Property Fund Ltd | 573 | |||||||
| 153,153 | Derwent London plc | 6,447 | |||||||
| 126 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 575,858 | Deutsche Annington Immobilien SE | $ | 28,532 | ||||||
| 37,843 | Deutsche Euroshop AG. | 1,538 | |||||||
| 348,997 | Deutsche Wohnen AG. | 15,222 | |||||||
| 566,074 | Dexus Property Group | 4,296 | |||||||
| 1,174,929 | * | Deyaar Development PJSC | 157 | ||||||
| 500,580 | DiamondRock Hospitality Co | 5,652 | |||||||
| 27,593 | DIC Asset AG. | 348 | |||||||
| 358,873 | Digital Realty Trust, Inc | 40,876 | |||||||
| 152,076 | Dios Fastigheter AB | 1,034 | |||||||
| 1,000,000 | DLF Ltd | 4,045 | |||||||
| 509,374 | Dongwon Development Co Ltd | 2,370 | |||||||
| 733,130 | * | DoubleDragon Properties Corp | 583 | ||||||
| 203,758 | Douglas Emmett, Inc | 8,366 | |||||||
| 492,120 | Dream Global REIT | 4,784 | |||||||
| 22,283 | Dream Industrial Real Estate Investment Trust | 156 | |||||||
| 24,413 | Dream Office Real Estate Investment Trust | 430 | |||||||
| 44,656 | * | Dream Unlimited Corp | 276 | ||||||
| 312,834 | Duke Realty Corp | 8,512 | |||||||
| 73,329 | Easterly Government Properties, Inc | 1,565 | |||||||
| 377,762 | Eastern & Oriental BHD | 133 | |||||||
| 57,807 | EastGroup Properties, Inc | 5,109 | |||||||
| 718,800 | * | Eco World Development Group BHD | 245 | ||||||
| 371,900 | * | Eco World International Bhd | 95 | ||||||
| 191,427 | Education Realty Trust, Inc | 6,685 | |||||||
| 1,972,410 | Emaar Malls Group PJSC | 1,144 | |||||||
| 7,793,594 | * | Emaar Properties PJSC | 14,740 | ||||||
| 321,599 | Emira Property Fund Ltd | 350 | |||||||
| 2,091,721 | * | Emlak Konut Gayrimenkul Yatiri | 1,549 | ||||||
| 2,181,333 | Emperor International Holdings | 730 | |||||||
| 274,226 | Empire State Realty Trust, Inc | 5,630 | |||||||
| 358,640 | Empiric Student Property plc | 449 | |||||||
| 154,901 | Entertainment Properties Trust | 10,140 | |||||||
| 331,661 | Entra ASA | 4,928 | |||||||
| 171,746 | Equinix, Inc | 77,839 | |||||||
| 185,312 | * | Equity Commonwealth | 5,654 | ||||||
| 393,496 | Equity Lifestyle Properties, Inc | 35,029 | |||||||
| 847,735 | Equity Residential | 54,060 | |||||||
| 768,716 | * | Eshraq Properties Co PJSC | 149 | ||||||
| 180,457 | Essex Property Trust, Inc | 43,557 | |||||||
| 27,628 | Eurobank Properties Real Estate Investment Co | 305 | |||||||
| 41,911 | Eurocommercial Properties NV | 1,826 | |||||||
| 419,180 | Extra Space Storage, Inc | 36,657 | |||||||
| 754,344 | * | Ezdan Holding Group QSC | 2,546 | ||||||
| 228,214 | Fabege AB | 4,863 | |||||||
| 3,328,000 | Fantasia Holdings Group Co Ltd | 455 | |||||||
| 3,652,356 | Far East Consortium | 2,196 | |||||||
| 520,100 | Far East Hospitality Trust | 280 | |||||||
| 215,812 | Farglory Land Development Co Ltd | 233 | |||||||
| 78,407 | e | Farmland Partners, Inc | 681 | ||||||
| 121,506 | * | Fastighets AB Balder | 3,249 | ||||||
| 210,264 | Federal Realty Investment Trust | 27,925 | |||||||
| 2,560,606 | Fibra Uno Administracion S.A. de C.V. | 3,795 | |||||||
| 18,000,000 | Filinvest Development Corp | 2,794 | |||||||
| 127 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 63,302,000 | Filinvest Land, Inc | $ | 2,384 | ||||||
| 498,941 | First Capital Realty, Inc | 8,224 | |||||||
| 602,903 | First Industrial Realty Trust, Inc | 18,973 | |||||||
| 313,646 | First Real Estate Investment Trust | 326 | |||||||
| 55,755 | FirstService Corp | 3,900 | |||||||
| 220,609 | Folkestone Education Trust | 496 | |||||||
| 54,386 | Fonciere Des Regions | 6,157 | |||||||
| 686,342 | Forest City Realty Trust, Inc | 16,541 | |||||||
| 20,684 | *,e | Forestar Group, Inc | 455 | ||||||
| 549,641 | Fortress REIT Ltd | 825 | |||||||
| 711,823 | e | Fortress REIT Ltd | 2,428 | ||||||
| 517,351 | Four Corners Property Trust, Inc | 13,296 | |||||||
| 199,239 | Franklin Street Properties Corp | 2,140 | |||||||
| 4,125,725 | Franshion Properties China Ltd | 1,813 | |||||||
| 351,100 | Frasers Centrepoint Trust | 588 | |||||||
| 3,544,300 | Frasers Logistics & Industrial Trust | 3,074 | |||||||
| 1,015 | Frontier Real Estate Investment Corp | 3,946 | |||||||
| 12,593 | * | FRP Holdings, Inc | 557 | ||||||
| 477 | Fukuoka REIT Corp | 712 | |||||||
| 7,350,000 | e | Fullshare Holdings Ltd | 3,387 | ||||||
| 1,090,000 | Future Land Development Holdin | 684 | |||||||
| 1,786,821 | Gaming and Leisure Properties, Inc | 66,112 | |||||||
| 325,728 | Gateway Lifestyle | 553 | |||||||
| 228,985 | Gazit Globe Ltd | 2,432 | |||||||
| 21,050 | Gazit, Inc | 430 | |||||||
| 1,122,603 | GDI Property Group | 1,095 | |||||||
| 30,554 | Gecina S.A. | 5,642 | |||||||
| 2,438,000 | Gemdale Properties and Investment Corp Ltd | 253 | |||||||
| 211,519 | Geo Group, Inc | 4,992 | |||||||
| 129,016 | Getty Realty Corp | 3,504 | |||||||
| 1,677,336 | GGP, Inc | 39,233 | |||||||
| 47,802 | Gladstone Commercial Corp | 1,007 | |||||||
| 1,987,791 | Global Logistic Properties | 5,009 | |||||||
| 36,314 | e | Global Medical REIT, Inc | 298 | ||||||
| 116,303 | Global Net Lease, Inc | 2,394 | |||||||
| 135 | Global One Real Estate Investment Corp | 479 | |||||||
| 339,514 | Globe Trade Centre S.A. | 956 | |||||||
| 2,211,895 | * | Glorious Property Holdings Ltd | 212 | ||||||
| 3,266 | GLP J-Reit | 3,530 | |||||||
| 34,511 | * | Godrej Properties Ltd | 374 | ||||||
| 45,980 | Goldcrest Co Ltd | 927 | |||||||
| 286,100 | Golden Land Property Development PCL | 72 | |||||||
| 790,662 | Goodman Property Trust | 773 | |||||||
| 164,993 | Government Properties Income Trust | 3,059 | |||||||
| 835,692 | GPT Group (ASE) | 3,324 | |||||||
| 879,896 | Grainger plc | 3,439 | |||||||
| 337,350 | Gramercy Property Trust | 8,994 | |||||||
| 78,341 | Grand City Properties S.A. | 1,844 | |||||||
| 58,554 | Granite REIT | 2,294 | |||||||
| 277,096 | Great Eagle Holdings Ltd | 1,454 | |||||||
| 402,609 | Great Portland Estates plc | 3,736 | |||||||
| 2,351,911 | Green REIT plc | 4,388 | |||||||
| 2,169,000 | Greenland Hong Kong Holdings Ltd | 860 | |||||||
| 421,500 | e | Greentown China Holdings Ltd | 541 | ||||||
| 128 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,446 | Griffin Land & Nurseries, Inc (Class A) | $ | 53 | ||||||
| 790,000 | * | Ground International Development Ltd | 192 | ||||||
| 122,618 | e | Growthpoint Properties Australia Ltd | 326 | ||||||
| 8,916,540 | Growthpoint Properties Ltd | 19,934 | |||||||
| 528,100 | * | Grupo GICSA S.A. de C.V. | 247 | ||||||
| 394,000 | * | Guangdong Land Holdings Ltd | 88 | ||||||
| 1,038,685 | Guangzhou R&F Properties Co Ltd | 2,335 | |||||||
| 611,000 | Guorui Properties Ltd | 182 | |||||||
| 232,335 | H&R Real Estate Investment Trust | 3,948 | |||||||
| 46,915 | Hamborner AG. | 555 | |||||||
| 374,328 | Hammerson plc | 2,762 | |||||||
| 107,000 | Hang Lung Group Ltd | 393 | |||||||
| 4,092,279 | Hang Lung Properties Ltd | 9,969 | |||||||
| 315 | Hankyu Reit, Inc | 364 | |||||||
| 1,558,467 | Hansteen Holdings plc | 3,009 | |||||||
| 1,196,321 | HCP, Inc | 31,200 | |||||||
| 1,050 | Health Care & Medical Investment Corp | 1,001 | |||||||
| 353,307 | Healthcare Realty Trust, Inc | 11,348 | |||||||
| 690,813 | Healthcare Trust of America, Inc | 20,752 | |||||||
| 124,400 | Heiwa Real Estate Co Ltd | 2,238 | |||||||
| 159,450 | Helical Bar plc | 732 | |||||||
| 91,780 | Heliopolis Housing | 182 | |||||||
| 639,123 | Hemfosa Fastigheter AB | 8,564 | |||||||
| 2,283,540 | Henderson Land Development Co Ltd | 15,014 | |||||||
| 165,828 | Hersha Hospitality Trust | 2,885 | |||||||
| 236,954 | HFF, Inc (Class A) | 11,525 | |||||||
| 28,263,179 | Hibernia REIT plc | 51,681 | |||||||
| 821,042 | Highwealth Construction Corp | 1,165 | |||||||
| 223,789 | Highwoods Properties, Inc | 11,393 | |||||||
| 360,941 | Hispania Activos Inmobiliarios SAU | 6,799 | |||||||
| 133,880 | e | HKC Holdings Ltd | 98 | ||||||
| 1,680,000 | Hongkong Land Holdings Ltd | 11,817 | |||||||
| 410,000 | Hopson Development Holdings Ltd | 402 | |||||||
| 440 | Hoshino Resorts REIT, Inc | 2,136 | |||||||
| 144,709 | Hospitality Properties Trust | 4,320 | |||||||
| 2,061,875 | Host Marriott Corp | 40,928 | |||||||
| 169,629 | * | Housing Development & Infrastruture Ltd | 173 | ||||||
| 75,331 | * | Howard Hughes Corp | 9,889 | ||||||
| 1,000,235 | Huaku Development Co Ltd | 2,333 | |||||||
| 72,000 | Huang Hsiang Construction Co | 73 | |||||||
| 609,046 | Hudson Pacific Properties | 20,860 | |||||||
| 250,533 | Hufvudstaden AB (Series A) | 4,012 | |||||||
| 618 | Hulic Reit, Inc | 899 | |||||||
| 306,000 | Hung Sheng Construction Co Ltd | 263 | |||||||
| 730,000 | *,e | Hydoo International Holding Ltd | 78 | ||||||
| 224,452 | Hyprop Investments Ltd | 2,128 | |||||||
| 1,660,752 | Hysan Development Co Ltd | 8,811 | |||||||
| 34,698 | Icade | 3,411 | |||||||
| 140,400 | e | Ichigo Holdings Co Ltd | 530 | ||||||
| 738 | e | Ichigo Real Estate Investment Corp | 506 | ||||||
| 946,800 | *,e | IDU Co | 1,057 | ||||||
| 1,205,100 | IGB Real Estate Investment Trust | 536 | |||||||
| 53,700 | Iguatemi Empresa de Shopping Centers S.A. | 637 | |||||||
| 129 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,296,535 | Immobiliare Grande Distribuzione | $ | 1,500 | ||||||
| 658,721 | *,†,m | Immofinanz ANSPR NACHB AG. | 0 | ||||||
| 528,193 | e | Immofinanz Immobilien Anlagen AG. | 1,357 | ||||||
| 141,569 | Independence Realty Trust, Inc | 1,428 | |||||||
| 145,831 | * | Indiabulls Real Estate Ltd | 509 | ||||||
| 225 | Industrial & Infrastructure Fund Investment Corp | 966 | |||||||
| 367,287 | ING Office Fund | 1,300 | |||||||
| 2,771,641 | Ingenia Communities Group | 5,969 | |||||||
| 301,501 | Inmobiliaria Colonial S.A. | 2,993 | |||||||
| 92,248 | InterRent Real Estate Investment Trust | 670 | |||||||
| 603 | Intershop Holding AG. | 301 | |||||||
| 7,675 | Intervest Offices | 207 | |||||||
| 653,102 | Intu Properties plc | 2,226 | |||||||
| 4,072 | Invesco Office J-Reit, Inc | 3,954 | |||||||
| 2,038 | Investis Holding S.A. | 131 | |||||||
| 843,300 | e,h | Investors Cloud Co Ltd | 12,464 | ||||||
| 414,331 | Investors Real Estate Trust | 2,353 | |||||||
| 31,172 | Invincible Investment Corp | 13,266 | |||||||
| 1,149,415 | e | Invitation Homes, Inc | 27,092 | ||||||
| 985,565 | IOI Properties Group Sdn BHD | 451 | |||||||
| 325,752 | Irish Residential Properties REIT plc | 586 | |||||||
| 530,159 | Iron Mountain, Inc | 20,003 | |||||||
| 205,580 | Is Gayrimenkul Yatirim Ortakligi AS | 74 | |||||||
| 45,000 | e | iShares Dow Jones US Real Estate Index Fund | 3,645 | ||||||
| 115,711 | * | iStar Financial, Inc | 1,308 | ||||||
| 728 | Japan Excellent, Inc | 847 | |||||||
| 8,325 | Japan Hotel REIT Investment Corp | 5,586 | |||||||
| 620 | Japan Logistics Fund Inc | 1,143 | |||||||
| 124 | Japan Prime Realty Investment Corp | 394 | |||||||
| 642 | Japan Real Estate Investment Corp | 3,048 | |||||||
| 1,537 | e | Japan Rental Housing Investments, Inc | 1,121 | ||||||
| 2,308 | Japan Retail Fund Investment Corp | 4,231 | |||||||
| 170,113 | JBG SMITH Properties | 5,908 | |||||||
| 24,860 | e | Jernigan Capital, Inc | 473 | ||||||
| 99,821 | * | Jerusalem Economy Ltd | 276 | ||||||
| 1,596,750 | *,†,m | Jiangsu Future Land Co Ltd | 7,709 | ||||||
| 488,000 | *,e | Jiayuan International Group Ltd | 453 | ||||||
| 32,721 | Jones Lang LaSalle, Inc | 4,873 | |||||||
| 13,000,000 | Joy City Property Ltd | 2,093 | |||||||
| 729,000 | K Wah International Holdings Ltd | 398 | |||||||
| 1,373,000 | *,e | Kaisa Group Holdings Ltd | 772 | ||||||
| 46,900 | *,e | Katitas Co Ltd | 1,076 | ||||||
| 676 | Kenedix Realty Investment Corp | 3,840 | |||||||
| 219 | Kenedix Residential Investment Corp | 636 | |||||||
| 734 | Kenedix Retail REIT Corp | 1,516 | |||||||
| 530,800 | e | Kenedix, Inc | 3,239 | ||||||
| 365,949 | Kennedy-Wilson Holdings, Inc | 6,349 | |||||||
| 537,517 | e | Keppel DC REIT | 575 | ||||||
| 1,447,670 | Kerry Properties Ltd | 6,503 | |||||||
| 47,835 | Killam Apartment Real Estate Investment Trust | 541 | |||||||
| 260,308 | Kilroy Realty Corp | 19,432 | |||||||
| 283,473 | Kimco Realty Corp | 5,145 | |||||||
| 228,000 | Kindom Construction Co | 156 | |||||||
| 426,702 | Kite Realty Group Trust | 8,363 | |||||||
| 130 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 979,957 | Kiwi Property Group Ltd | $ | 976 | ||||||
| 117,500 | KLCC Property Holdings BHD | 251 | |||||||
| 179,793 | Klepierre | 7,903 | |||||||
| 1,299,504 | e | Klovern AB (B Shares) | 1,698 | ||||||
| 30,267 | e | Korea Asset In Trust Co Ltd | 209 | ||||||
| 101,108 | Korea Real Estate Investment Trust Co | 296 | |||||||
| 2,722,130 | Kowloon Development Co Ltd | 2,885 | |||||||
| 1,699,644 | K-REIT Asia | 1,601 | |||||||
| 363,249 | * | KSL Holdings BHD | 96 | ||||||
| 161,445 | Kungsleden AB | 1,171 | |||||||
| 1,411,930 | KWG Property Holding Ltd | 1,646 | |||||||
| 1,607,778 | Lai Fung Holdings Ltd | 2,696 | |||||||
| 432,706 | Lai Sun Development Co Ltd | 737 | |||||||
| 85,662 | Lamar Advertising Co | 6,360 | |||||||
| 28,741 | * | Lamda Development S.A. | 238 | ||||||
| 303,473 | Land Securities Group plc | 4,123 | |||||||
| 4,898,500 | Langham Hospitality Investments Ltd | 2,144 | |||||||
| 67,383 | Lar Espana Real Estate Socimi S.A. | 717 | |||||||
| 196,336 | LaSalle Hotel Properties | 5,511 | |||||||
| 4,872 | LaSalle Logiport REIT | 4,985 | |||||||
| 146,607 | LEG Immobilien AG. | 16,735 | |||||||
| 365,548 | Lend Lease Corp Ltd | 4,647 | |||||||
| 330,311 | Leopalace21 Corp | 2,565 | |||||||
| 369,894 | Lexington Realty Trust | 3,569 | |||||||
| 226,838 | Liberty Property Trust | 9,756 | |||||||
| 92,672 | Life Storage, Inc | 8,254 | |||||||
| 872,497 | Link REIT | 8,072 | |||||||
| 4,127,300 | Lippo-Mapletree Indonesia Retail Trust | 1,234 | |||||||
| 316,000 | Liu Chong Hing Investment | 546 | |||||||
| 947,562 | London & Stamford Property plc | 2,380 | |||||||
| 1,495,678 | Longfor Properties Co Ltd | 3,748 | |||||||
| 295,300 | LPN Development PCL (Foreign) | 120 | |||||||
| 203,495 | LSR Group (GDR) | 559 | |||||||
| 184,666 | LTC Properties, Inc | 8,042 | |||||||
| 248,853 | Macerich Co | 16,345 | |||||||
| 288,951 | Mack-Cali Realty Corp | 6,230 | |||||||
| 219,170 | Macquarie CountryWide Trust | 710 | |||||||
| 1,236,674 | Macquarie Goodman Group | 8,103 | |||||||
| 855,390 | Macquarie MEAG Prime REIT | 496 | |||||||
| 1,644,176 | Mah Sing Group BHD | 589 | |||||||
| 589,100 | e | Manulife US Real Estate Investment Trust | 533 | ||||||
| 35,779 | *,†,e,m | Mapeley Ltd | 0 | ^ | |||||
| 1,241,682 | Mapletree Commercial Trust | 1,504 | |||||||
| 4,502,100 | Mapletree Greater China Commercial Trust | 4,140 | |||||||
| 847,399 | Mapletree Industrial Trust | 1,286 | |||||||
| 4,606,060 | Mapletree Logistics Trust | 4,546 | |||||||
| 98,282 | * | Marcus & Millichap, Inc | 3,205 | ||||||
| 838,292 | Matrix Concepts Holdings BHD | 454 | |||||||
| 13,583 | * | Maui Land & Pineapple Co, Inc | 235 | ||||||
| 40,630 | * | Mazaya Qatar Real Estate Development Q.S.C | 96 | ||||||
| 342,598 | MedEquities Realty Trust, Inc | 3,844 | |||||||
| 793,374 | Medical Properties Trust, Inc | 10,933 | |||||||
| 1,743,725 | Medinet Nasr Housing | 1,051 | |||||||
| 131 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 33,851,028 | Megaworld Corp | $ | 3,499 | ||||||
| 35,174 | Melisron Ltd | 1,662 | |||||||
| 32,011 | Mercialys S.A | 708 | |||||||
| 857,545 | Merlin Properties Socimi S.A. | 11,615 | |||||||
| 3,482,300 | Mexico Real Estate Management S.A. de C.V. | 3,675 | |||||||
| 1,572,922 | e | MGM Growth Properties LLC | 45,851 | ||||||
| 4,365 | MID Reit, Inc | 2,905 | |||||||
| 299,369 | Mid-America Apartment Communities, Inc | 30,105 | |||||||
| 970,929 | * | Midland Holdings Ltd | 281 | ||||||
| 832,000 | Minmetals Land Ltd | 139 | |||||||
| 1,949,470 | Mirvac Group | 3,565 | |||||||
| 1,013,481 | Mitsubishi Estate Co Ltd | 17,597 | |||||||
| 991,783 | Mitsui Fudosan Co Ltd | 22,182 | |||||||
| 125 | Mitsui Fudosan Logistics Park, Inc | 397 | |||||||
| 214,920 | * | MKH BHD | 87 | ||||||
| 11,055 | Mobimo Holding AG. | 2,966 | |||||||
| 602,000 | e | Modern Land China Co Ltd | 129 | ||||||
| 592,527 | Monmouth Real Estate Investment Corp (Class A) | 10,547 | |||||||
| 18,206 | Morguard Real Estate Investment Trust | 200 | |||||||
| 1,173 | Mori Hills REIT Investment Corp | 1,418 | |||||||
| 195 | Mori Trust Hotel Reit, Inc | 247 | |||||||
| 887 | Mori Trust Sogo Reit, Inc | 1,234 | |||||||
| 77,343 | Multiplan Empreendimentos Imobiliarios S.A. | 1,653 | |||||||
| 80,518 | National Health Investors, Inc | 6,069 | |||||||
| 121,879 | National Retail Properties, Inc | 5,257 | |||||||
| 320,485 | National Storage Affiliates Trust | 8,736 | |||||||
| 883,780 | e | National Storage REIT | 1,056 | ||||||
| 934,000 | e | Neo-China Land Group Holdings Ltd | 223 | ||||||
| 476,849 | NEPI Rockcastle plc | 8,231 | |||||||
| 9,561 | * | NESCO Ltd | 79 | ||||||
| 144,542 | New Senior Investment Group, Inc | 1,093 | |||||||
| 7,480,966 | New World Development Co Ltd | 11,212 | |||||||
| 349,886 | NewRiver REIT plc | 1,580 | |||||||
| 284,800 | Nexity | 16,941 | |||||||
| 79,106 | NexPoint Residential Trust, Inc | 2,210 | |||||||
| 270 | Nippon Accommodations Fund, Inc | 1,114 | |||||||
| 293 | Nippon Building Fund, Inc | 1,433 | |||||||
| 900 | e | Nippon Healthcare Investment Corp | 1,310 | ||||||
| 1,694 | Nippon ProLogis REIT, Inc | 3,583 | |||||||
| 3,033 | e | NIPPON REIT Investment Corp | 8,708 | ||||||
| 412,189 | Nomura Real Estate Holdings, Inc | 9,209 | |||||||
| 5,806 | Nomura Real Estate Master Fund, Inc | 7,209 | |||||||
| 94,210 | NorthStar Realty Europe Corp | 1,265 | |||||||
| 100,960 | Northview Apartment Real Estate Investment Trust | 2,007 | |||||||
| 237,687 | NorthWest Healthcare Properties Real Estate Investment Trust | 2,150 | |||||||
| 252,959 | Norwegian Property ASA | 327 | |||||||
| 11,377 | NSI NV | 475 | |||||||
| 545,000 | NTT Urban Development Corp | 6,295 | |||||||
| 87,835 | * | Oberoi Realty Ltd | 661 | ||||||
| 274,358 | e | Omega Healthcare Investors, Inc | 7,556 | ||||||
| 55,951 | One Liberty Properties, Inc | 1,450 | |||||||
| 88,500 | Open House Co Ltd | 4,760 | |||||||
| 261,900 | Origin Property PCL | 155 | |||||||
| 132 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 4,444 | Orix JREIT, Inc | $ | 6,157 | ||||||
| 626,000 | OUE Hospitality Trust | 398 | |||||||
| 801,523 | Outfront Media, Inc | 18,595 | |||||||
| 886,941 | * | Palm Hills Developments SAE | 197 | ||||||
| 408,795 | Paramount Group, Inc | 6,479 | |||||||
| 294,608 | Park Hotels & Resorts, Inc | 8,470 | |||||||
| 760,100 | e | Parkway Life Real Estate Investment Trust | 1,699 | ||||||
| 1,103,114 | Parque Arauco S.A. | 3,418 | |||||||
| 27,808 | * | Patrizia Immobilien AG. | 643 | ||||||
| 547,700 | Pavilion Real Estate Investment Trust | 218 | |||||||
| 118,516 | e | Pebblebrook Hotel Trust | 4,405 | ||||||
| 114,189 | e | Pennsylvania REIT | 1,358 | ||||||
| 488,370 | * | Phoenix Mills Ltd | 4,797 | ||||||
| 990,487 | Physicians Realty Trust | 17,819 | |||||||
| 393,721 | Piedmont Office Realty Trust, Inc | 7,721 | |||||||
| 1,283,600 | PLA Administradora Industrial S de RL de C.V. | 1,954 | |||||||
| 446,500 | Platinum Group PCL | 112 | |||||||
| 1,298,817 | * | Poly Hong Kong Investment Ltd | 675 | ||||||
| 6,766,160 | Polytec Asset Holdings Ltd | 537 | |||||||
| 106,893 | Potlatch Corp | 5,334 | |||||||
| 6,257,000 | e | Powerlong Real Estate Holdings Ltd | 3,026 | ||||||
| 13,686,562 | PP Properti Tbk PT | 191 | |||||||
| 1,230,650 | Precinct Properties New Zealand Ltd | 1,186 | |||||||
| 385,918 | Preferred Apartment Communities, Inc | 7,815 | |||||||
| 797 | Premier Investment Co | 754 | |||||||
| 173,583 | * | Prestige Estates Projects Ltd | 864 | ||||||
| 639,444 | e | Primary Health Properties plc | 1,010 | ||||||
| 736,826 | Prince Housing & Development Corp | 298 | |||||||
| 1,822,600 | ProLogis Property Mexico S.A. de C.V. | 3,153 | |||||||
| 1,616,889 | Prologis, Inc | 104,306 | |||||||
| 749,000 | Prosperity REIT | 320 | |||||||
| 41,810 | PS Business Parks, Inc | 5,230 | |||||||
| 31,928 | PSP Swiss Property AG. | 3,027 | |||||||
| 6,238,900 | PT Alam Sutera Realty Tbk | 164 | |||||||
| 22,815,847 | PT Bumi Serpong Damai | 2,859 | |||||||
| 21,163,729 | PT Ciputra Development Tbk | 1,848 | |||||||
| 39,498,000 | * | PT Hanson International Tbk | 320 | ||||||
| 3,558,000 | PT Intiland Development Tbk | 92 | |||||||
| 111,421,983 | PT Kawasan Industri Jababeka Tbk | 2,349 | |||||||
| 34,830,600 | PT Lippo Karawaci Tbk | 1,253 | |||||||
| 14,130,100 | PT Modernland Realty Tbk | 305 | |||||||
| 21,371,900 | PT Pakuwon Jati Tbk | 1,079 | |||||||
| 14,174,500 | * | PT Sentul City Tbk | 136 | ||||||
| 6,437,900 | PT Summarecon Agung Tbk | 448 | |||||||
| 250,401 | Public Storage, Inc | 52,334 | |||||||
| 1,875,000 | * | Puravankara Projects Ltd | 4,910 | ||||||
| 619,077 | Pure Industrial Real Estate Trust | 3,334 | |||||||
| 475,666 | *,e | Purplebricks Group plc | 2,673 | ||||||
| 247,224 | QTS Realty Trust, Inc | 13,390 | |||||||
| 159,441 | * | Quality Care Properties, Inc | 2,202 | ||||||
| 15,504,422 | Quality House PCL | 1,541 | |||||||
| 431,433 | * | Radium Life Tech Co Ltd | 184 | ||||||
| 3,797,948 | * | RAK Properties PJSC | 732 | ||||||
| 133 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 235,266 | Ramco-Gershenson Properties | $ | 3,465 | ||||||
| 283,084 | Rayonier, Inc | 8,954 | |||||||
| 29,332 | Re/Max Holdings, Inc | 1,423 | |||||||
| 147,817 | * | Realia Business S.A. | 195 | ||||||
| 328,279 | Realogy Holdings Corp | 8,699 | |||||||
| 180,017 | Realty Income Corp | 10,265 | |||||||
| 290,957 | Rebosis Property Fund Ltd | 232 | |||||||
| 548,000 | Redco Properties Group Ltd | 250 | |||||||
| 838,792 | Redefine International plc | 415 | |||||||
| 4,583,957 | Redefine Properties Ltd | 3,964 | |||||||
| 67,998 | *,e | Redfin Corp | 2,130 | ||||||
| 26,843,000 | Regal Real Estate Investment Trust | 8,234 | |||||||
| 531,248 | Regency Centers Corp | 36,752 | |||||||
| 386,068 | Reit Ltd | 1,677 | |||||||
| 106,600 | Relo Holdings, Inc | 2,899 | |||||||
| 9,795,250 | *,e | Renhe Commercial Holdings Co Ltd | 278 | ||||||
| 243,817 | Resilient REIT Ltd | 2,979 | |||||||
| 532,930 | Retail Opportunities Investment Corp | 10,632 | |||||||
| 494,201 | Retail Properties of America, Inc | 6,642 | |||||||
| 767,714 | Rexford Industrial Realty, Inc | 22,387 | |||||||
| 368,015 | RioCan Real Estate Investment Trust | 7,132 | |||||||
| 703,946 | RLJ Lodging Trust | 15,466 | |||||||
| 45,898 | RMR Group, Inc | 2,722 | |||||||
| 2,502,000 | Road King Infrastructure | 4,311 | |||||||
| 1,350,100 | Robinsons Land Corp | 575 | |||||||
| 339,000 | *,e | Ronshine China Holdings Ltd | 377 | ||||||
| 945,090 | * | Ruentex Development Co Ltd | 1,013 | ||||||
| 75,598 | Ryman Hospitality Properties | 5,218 | |||||||
| 1,165,491 | S.A. Corporate Real Estate Fund Nominees Pty Ltd | 453 | |||||||
| 2,059,473 | Sabana Shari’ah Compliant Industrial REIT | 608 | |||||||
| 307,883 | Sabra Healthcare REIT, Inc | 5,779 | |||||||
| 612,523 | Safestore Holdings plc | 4,112 | |||||||
| 36,594 | Safety Income and Growth, Inc | 644 | |||||||
| 900 | Samty Residential Investment Corp | 732 | |||||||
| 63,506,077 | Sansiri PCL | 4,239 | |||||||
| 34,857 | Saul Centers, Inc | 2,152 | |||||||
| 284,725 | Savills plc | 3,817 | |||||||
| 206,130 | * | SBA Communications Corp | 33,673 | ||||||
| 3,102,900 | SC Asset Corp PCL | 371 | |||||||
| 8,505,358 | Scentre Group | 27,744 | |||||||
| 852,772 | Schroder Real Estate Investment Trust Ltd | 697 | |||||||
| 644,914 | Segro plc | 5,105 | |||||||
| 557 | Sekisui House Reit, Inc | 651 | |||||||
| 636 | Sekisui House SI Residential Investment Corp | 635 | |||||||
| 109,344 | Select Income REIT | 2,748 | |||||||
| 33,568 | Selvaag Bolig ASA | 139 | |||||||
| 203,458 | Senior Housing Properties Trust | 3,896 | |||||||
| 44,601 | e | Seritage Growth Properties | 1,805 | ||||||
| 372,333 | Shaftesbury plc | 5,248 | |||||||
| 69,100 | * | Shanghai Automation Instrumentation Co Ltd | 116 | ||||||
| 311,800 | Shanghai Erfangji Co Ltd | 179 | |||||||
| 1,215,487 | Shanghai Lujiazui Finance & Trade Zone Development Co Ltd | 1,758 | |||||||
| 3,888,000 | * | Shanghai Real Estate Ltd | 99 | ||||||
| 134 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 54,000 | *,†,m | Shenzhen International Enterprise Co Ltd | $ | 32 | |||||
| 6,642,450 | Shenzhen Investment Ltd | 2,750 | |||||||
| 132,300 | Shenzhen SEG Co Ltd | 63 | |||||||
| 4,804,761 | Shimao Property Holdings Ltd | 10,423 | |||||||
| 271,858 | * | Shining Building Business Co Ltd | 98 | ||||||
| 114,234 | Shoei Co Ltd | 1,281 | |||||||
| 2,200,362 | Shopping Centres Australasia Property Group | 3,990 | |||||||
| 32,651,500 | Shui On Land Ltd | 9,019 | |||||||
| 1,100 | SIA Reit, Inc | 2,439 | |||||||
| 524,000 | Siam Future Development PCL | 125 | |||||||
| 1,990,960 | * | Sime Darby Property Bhd | 876 | ||||||
| 860,031 | Simon Property Group, Inc | 147,702 | |||||||
| 1,518,500 | * | Singha Estate PCL | 162 | ||||||
| 1,930,332 | Sino Land Co | 3,415 | |||||||
| 1,316,000 | *,e | Sinolink Worldwide Holdings Ltd | 173 | ||||||
| 25,671,081 | Sino-Ocean Land Holdings Ltd | 17,677 | |||||||
| 142,891 | Sinyi Realty Co | 187 | |||||||
| 1,110,980 | * | Six of October Development & Investment | 1,198 | ||||||
| 4,390 | SK D&D Co Ltd | 138 | |||||||
| 502,000 | * | Skyfame Realty Holdings Ltd | 263 | ||||||
| 420,914 | SL Green Realty Corp | 42,483 | |||||||
| 8,194,990 | SM Prime Holdings | 6,156 | |||||||
| 95,738 | Smart Real Estate Investment Trust | 2,354 | |||||||
| 423,892 | Sobha Developers Ltd | 4,111 | |||||||
| 2,456,135 | Soho China Ltd | 1,434 | |||||||
| 539,800 | Soilbuild Business Space REIT | 270 | |||||||
| 52,300 | Sonae Sierra Brasil S.A. | 400 | |||||||
| 107,700 | SP Setia BHD | 106 | |||||||
| 141,648 | Sparkassen Immobilien AG. | 2,745 | |||||||
| 1,559,443 | SPH REIT | 1,224 | |||||||
| 3,059,987 | Spirit Realty Capital, Inc | 26,255 | |||||||
| 581,000 | e | Spring Real Estate Investment Trust | 253 | ||||||
| 357,541 | ST Modwen Properties plc | 1,959 | |||||||
| 74,123 | * | St. Joe Co | 1,338 | ||||||
| 423,335 | STAG Industrial, Inc | 11,570 | |||||||
| 676,756 | Standard Life Investment Property Income Trust Ltd | 852 | |||||||
| 5,901 | Star Asia Investment Corp | 5,871 | |||||||
| 2,200 | e | Starts Proceed Investment Corp | 3,212 | ||||||
| 6,090,347 | e | Stockland Trust Group | 21,245 | ||||||
| 700,000 | e | StorageVault Canada, Inc | 1,465 | ||||||
| 432,844 | STORE Capital Corp | 11,271 | |||||||
| 11,241 | Stratus Properties, Inc | 334 | |||||||
| 262,377 | Sumitomo Realty & Development Co Ltd | 8,611 | |||||||
| 303,842 | Summit Hotel Properties, Inc | 4,628 | |||||||
| 402,450 | Sun Communities, Inc | 37,339 | |||||||
| 113,800 | Sun Frontier Fudousan Co Ltd | 1,292 | |||||||
| 1,814,334 | Sun Hung Kai Properties Ltd | 30,207 | |||||||
| 2,040,522 | e | Sunac China Holdings Ltd | 8,408 | ||||||
| 1,260,000 | *,e | Suncity Group Holdings Ltd | 75 | ||||||
| 2,227,000 | Sunlight Real Estate Investment Trust | 1,528 | |||||||
| 829,340 | Sunstone Hotel Investors, Inc | 13,709 | |||||||
| 2,102,600 | Suntec Real Estate Investment Trust | 3,372 | |||||||
| 310,070 | * | Sunway BHD | 44 | ||||||
| 135 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,902,647 | Sunway BHD | $ | 766 | ||||||
| 928,500 | Sunway Real Estate Investment | 436 | |||||||
| 370,000 | Supalai PCL | 269 | |||||||
| 927,693 | Swire Pacific Ltd (Class A) | 8,583 | |||||||
| 5,862,226 | Swire Properties Ltd | 18,908 | |||||||
| 88,943 | Swiss Prime Site AG. | 8,216 | |||||||
| 409,904 | TAG Tegernsee Immobilien und Beteiligungs AG. | 7,781 | |||||||
| 447,814 | * | Taiwan Land Development Corp | 154 | ||||||
| 376,900 | Takara Leben Co Ltd | 1,663 | |||||||
| 1,477 | Takara Leben Infrastructure Fu | 1,362 | |||||||
| 614,734 | Talaat Moustafa Group | 340 | |||||||
| 258,054 | e | Tanger Factory Outlet Centers, Inc | 6,841 | ||||||
| 194,639 | e | Taubman Centers, Inc | 12,735 | ||||||
| 203,950 | Technopolis plc | 1,023 | |||||||
| 29,922 | * | Tejon Ranch Co | 621 | ||||||
| 353,248 | Terreno Realty Corp | 12,385 | |||||||
| 257,980 | Ticon Industrial Connection PCL (Foreign) | 129 | |||||||
| 82,422 | Tier REIT, Inc | 1,681 | |||||||
| 201,563 | TLG Immobilien AG. | 5,346 | |||||||
| 92,100 | TOC Co Ltd | 785 | |||||||
| 356,000 | Tokyo Tatemono Co Ltd | 4,798 | |||||||
| 1,052,367 | Tokyu Fudosan Holdings Corp | 7,595 | |||||||
| 665 | Tokyu REIT, Inc | 826 | |||||||
| 1,424,500 | Tosei Corp | 13,866 | |||||||
| 2,400 | e | Tosei Reit Investment Corp | 2,281 | ||||||
| 2,843 | * | Transcontinental Realty Investors, Inc | 89 | ||||||
| 83,132 | e | Tricon Capital Group, Inc | 764 | ||||||
| 37,921 | *,e | Trinity Place Holdings, Inc | 264 | ||||||
| 933,046 | Tritax Big Box REIT plc | 1,876 | |||||||
| 166,195,200 | * | U City PCL | 153 | ||||||
| 233,219 | UDR, Inc | 8,984 | |||||||
| 782,500 | * | UEM Land Holdings BHD | 201 | ||||||
| 80,261 | UMH Properties, Inc | 1,196 | |||||||
| 99,657 | Unibail-Rodamco | 25,079 | |||||||
| 623,872 | Unite Group plc | 6,781 | |||||||
| 20,366,919 | * | Unitech Ltd | 3,056 | ||||||
| 115,533 | * | United Development Co PSC | 455 | ||||||
| 659 | United Urban Investment Corp | 948 | |||||||
| 389,900 | e | Uniti Group, Inc | 6,936 | ||||||
| 352,300 | Univentures PCL | 98 | |||||||
| 20,655 | Universal Health Realty Income Trust | 1,551 | |||||||
| 15,000 | Unizo Holdings Co Ltd | 406 | |||||||
| 373,885 | UOA Development BHD | 221 | |||||||
| 315,415 | UOL Group Ltd | 2,086 | |||||||
| 180,316 | Urban Edge Properties | 4,596 | |||||||
| 139,587 | Urstadt Biddle Properties, Inc (Class A) | 3,035 | |||||||
| 54,725 | Vastned Retail NV | 2,712 | |||||||
| 748,074 | Ventas, Inc | 44,892 | |||||||
| 699,912 | VEREIT, Inc | 5,452 | |||||||
| 6,984,004 | Vicinity Centres | 14,793 | |||||||
| 123,145 | Victoria Park AB | 441 | |||||||
| 11,908,900 | Vista Land & Lifescapes, Inc | 1,429 | |||||||
| 284,312 | Viva Energy REIT | 501 | |||||||
| 775,000 | Viva Industrial Trust | 541 | |||||||
| 136 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 354,341 | Vornado Realty Trust | $ | 27,702 | ||||||
| 1,869,850 | Vukile Property Fund Ltd | 3,136 | |||||||
| 130,989 | e | Wallenstam AB | 1,260 | ||||||
| 32,536 | Warehouses De Pauw SCA | 3,645 | |||||||
| 555,424 | e | Washington Prime Group, Inc | 3,955 | ||||||
| 136,763 | Washington REIT | 4,256 | |||||||
| 576,102 | Watkin Jones plc | 1,707 | |||||||
| 103,534 | Weingarten Realty Investors | 3,403 | |||||||
| 769,305 | Welltower, Inc | 49,059 | |||||||
| 32,167 | Wereldhave NV | 1,542 | |||||||
| 1,103,544 | Westfield Corp | 8,153 | |||||||
| 2,084,951 | Weyerhaeuser Co | 73,515 | |||||||
| 4,251,935 | WHA Corp PCL | 522 | |||||||
| 4,070,332 | Wharf Holdings Ltd | 14,036 | |||||||
| 2,614,332 | * | Wharf Real Estate Investment Co Ltd | 17,400 | ||||||
| 1,307,591 | Wheelock & Co Ltd | 9,321 | |||||||
| 66,498 | e | Whitestone REIT | 958 | ||||||
| 175,770 | Wihlborgs Fastigheter AB | 4,201 | |||||||
| 235,340 | Wing Tai Holdings Ltd | 401 | |||||||
| 238,634 | Workspace Group plc | 3,228 | |||||||
| 86,560 | WP Carey, Inc | 5,964 | |||||||
| 28,198 | WPT Industrial Real Estate Investment Trust | 359 | |||||||
| 256,447 | Xenia Hotels & Resorts, Inc | 5,537 | |||||||
| 21,800 | e | Xinyuan Real Estate Co Ltd (ADR) | 148 | ||||||
| 3,157,818 | Yanlord Land Group Ltd | 3,818 | |||||||
| 821,466 | e | Yoma Strategic Holdings Ltd | 331 | ||||||
| 481,300 | YTL Hospitality REIT | 152 | |||||||
| 811,000 | Yuexiu Real Estate Investment Trust | 531 | |||||||
| 31,046,912 | Yuexiul Property Co Ltd | 5,784 | |||||||
| 4,679,120 | Yuzhou Properties Co | 2,494 | |||||||
| 1,398,000 | * | Zhuguang Holdings Group Co Ltd | 190 | ||||||
| TOTAL REAL ESTATE | 4,443,412 | ||||||||
| RETAILING - 4.2% | |||||||||
| 153,560 | * | 1-800-FLOWERS.COM, Inc (Class A) | 1,643 | ||||||
| 219,842 | Aaron’s, Inc | 8,761 | |||||||
| 24,239 | ABC-Mart, Inc | 1,389 | |||||||
| 113,800 | Abercrombie & Fitch Co (Class A) | 1,984 | |||||||
| 1,015,448 | e | Accent Group Ltd | 648 | ||||||
| 68,500 | Adastria Holdings Co Ltd | 1,384 | |||||||
| 301,089 | Advance Auto Parts, Inc | 30,016 | |||||||
| 50,200 | Alpen Co Ltd | 1,080 | |||||||
| 1,264,461 | * | Amazon.com, Inc | 1,478,749 | ||||||
| 352,752 | American Eagle Outfitters, Inc | 6,632 | |||||||
| 12,282 | * | America’s Car-Mart, Inc | 548 | ||||||
| 151,829 | *,e | AO World plc | 225 | ||||||
| 22,400 | AOKI Holdings, Inc | 329 | |||||||
| 27,441 | Aoyama Trading Co Ltd | 1,025 | |||||||
| 6,900 | Arata Corp | 375 | |||||||
| 73,300 | Arc Land Sakamoto Co Ltd | 1,187 | |||||||
| 10,100 | e | Asahi Co Ltd | 117 | ||||||
| 31,768 | * | Asbury Automotive Group, Inc | 2,033 | ||||||
| 25,400 | e | ASKUL Corp | 719 | ||||||
| 137 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 315,384 | * | ASOS plc | $ | 28,453 | |||||
| 10,048 | *,e | At Home Group, Inc | 305 | ||||||
| 44,288 | Autobacs Seven Co Ltd | 849 | |||||||
| 15,401 | AutoCanada, Inc | 277 | |||||||
| 138,341 | e | Automotive Holdings Group Ltd | 392 | ||||||
| 146,668 | *,e | Autonation, Inc | 7,528 | ||||||
| 133,167 | * | AutoZone, Inc | 94,731 | ||||||
| 6,554,838 | B&M European Value Retail S.A. | 37,405 | |||||||
| 130,807 | * | B2W Companhia Global Do Varejo | 808 | ||||||
| 388,566 | * | Barnes & Noble Education, Inc | 3,202 | ||||||
| 423,656 | Barnes & Noble, Inc | 2,838 | |||||||
| 1,231,900 | Beauty Community PCL (Foreign) | 786 | |||||||
| 1,206,145 | Bed Bath & Beyond, Inc | 26,523 | |||||||
| 28,100 | Belluna Co Ltd | 345 | |||||||
| 453,160 | Berjaya Auto BHD | 246 | |||||||
| 457,947 | Best Buy Co, Inc | 31,356 | |||||||
| 58,500 | BIC CAMERA, Inc | 843 | |||||||
| 43,375 | e | Big 5 Sporting Goods Corp | 330 | ||||||
| 913,400 | Big Camera Corp PCL | 87 | |||||||
| 144,671 | e | Big Lots, Inc | 8,123 | ||||||
| 195,253 | Bilia AB | 1,904 | |||||||
| 899,826 | * | boohoo.com plc | 2,290 | ||||||
| 134,038 | * | Boot Barn Holdings, Inc | 2,226 | ||||||
| 156,572 | *,e | Boozt AB | 1,395 | ||||||
| 537,000 | *,†,e,m | Boshiwa International Holding | 1 | ^ | |||||
| 50,639 | e | Buckle, Inc | 1,203 | ||||||
| 29,586 | * | Build-A-Bear Workshop, Inc | 272 | ||||||
| 275,773 | * | Burlington Stores, Inc | 33,928 | ||||||
| 159,407 | Burson Group Ltd | 701 | |||||||
| 34,847 | Byggmax Group AB | 233 | |||||||
| 72,861 | Caleres, Inc | 2,439 | |||||||
| 53,351 | Camping World Holdings, Inc | 2,386 | |||||||
| 47,118 | Canadian Tire Corp Ltd | 6,144 | |||||||
| 149,800 | Canon Marketing Japan, Inc | 4,043 | |||||||
| 576,738 | Card Factory plc | 2,298 | |||||||
| 1,095,739 | *,n | Carmax, Inc | 70,270 | ||||||
| 80,919 | *,e | Carvana Co | 1,547 | ||||||
| 12,428 | e | Cashbuild Ltd | 445 | ||||||
| 89,112 | Cato Corp (Class A) | 1,419 | |||||||
| 217,310 | Chico’s FAS, Inc | 1,917 | |||||||
| 29,892 | Children’s Place Retail Stores, Inc | 4,345 | |||||||
| 307,000 | e | China Animation Characters Co Ltd | 118 | ||||||
| 2,048,000 | * | China Beidahuang Industry Group Holdings Ltd | 100 | ||||||
| 506,000 | *,e | China Harmony New Energy Auto Holding Ltd | 368 | ||||||
| 3,130,500 | China ZhengTong Auto Services Holdings Ltd | 3,161 | |||||||
| 10,000 | Chiyoda Co Ltd | 268 | |||||||
| 18,000 | Chori Co Ltd | 334 | |||||||
| 197,000 | Chow Sang Sang Holding | 476 | |||||||
| 94,700 | Cia Hering | 731 | |||||||
| 117,109 | Citi Trends, Inc | 3,099 | |||||||
| 2,024 | CJ O Shopping Co Ltd | 437 | |||||||
| 23,403 | Clas Ohlson AB (B Shares) | 321 | |||||||
| 4,888,000 | e | Cogobuy Group | 2,588 | ||||||
| 217,800 | Com7 PCL | 109 | |||||||
| 138 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 31,935 | *,e | Conn’s, Inc | $ | 1,135 | |||||
| 247,215 | *,e | Container Store Group, Inc | 1,172 | ||||||
| 139,698 | Core-Mark Holding Co, Inc | 4,412 | |||||||
| 569,689 | * | Ctrip.com International Ltd (ADR) | 25,123 | ||||||
| 575,714 | Dah Chong Hong Holdings Ltd | 267 | |||||||
| 346,700 | DCM Japan Holdings Co Ltd | 3,228 | |||||||
| 2,267,212 | e | Debenhams plc | 1,064 | ||||||
| 73,588 | Delek Automotive Systems Ltd | 549 | |||||||
| 114,930 | Dick’s Sporting Goods, Inc | 3,303 | |||||||
| 492,286 | Dickson Concepts International Ltd | 192 | |||||||
| 15,338 | Dieteren S.A. | 690 | |||||||
| 23,585 | e | Dillard’s, Inc (Class A) | 1,416 | ||||||
| 783,618 | Dollar General Corp | 72,884 | |||||||
| 516,918 | * | Dollar Tree, Inc | 55,470 | ||||||
| 183,216 | Dollarama, Inc | 22,891 | |||||||
| 78,200 | Don Quijote Co Ltd | 4,077 | |||||||
| 11,900 | Doshisha Co Ltd | 253 | |||||||
| 268,215 | DSW, Inc (Class A) | 5,742 | |||||||
| 24,852 | * | Dufry Group | 3,689 | ||||||
| 16,026 | *,e | Duluth Holdings, Inc | 286 | ||||||
| 64,998 | Dunelm Group plc | 606 | |||||||
| 101,106 | Dustin Group AB | 1,005 | |||||||
| 142,883 | e | EDION Corp | 1,661 | ||||||
| 186,736 | El Puerto de Liverpool SAB de C.V. | 1,180 | |||||||
| 1,080,100 | *,e | Esprit Holdings Ltd | 577 | ||||||
| 97,697 | * | Europris ASA | 397 | ||||||
| 464,689 | Expedia, Inc | 55,656 | |||||||
| 695,719 | * | Express Parent LLC | 7,062 | ||||||
| 588,000 | Far Eastern Department Stores Co Ltd | 296 | |||||||
| 47,875 | Fast Retailing Co Ltd | 19,036 | |||||||
| 67,910 | e | Finish Line, Inc (Class A) | 987 | ||||||
| 169,674 | * | Five Below, Inc | 11,253 | ||||||
| 781,557 | * | Floor & Decor Holdings, Inc | 38,046 | ||||||
| 285,765 | Foot Locker, Inc | 13,397 | |||||||
| 193,530 | Foschini Ltd | 3,087 | |||||||
| 191,433 | * | Francesca’s Holdings Corp | 1,399 | ||||||
| 45,753 | * | FTD Cos, Inc | 329 | ||||||
| 12,600 | Fuji Co Ltd | 271 | |||||||
| 17,041 | *,e | Funko, Inc | 113 | ||||||
| 26,018 | Future Lifestyle Fashions Ltd | 141 | |||||||
| 10,835 | *,m | Future Retail Ltd | 3 | ||||||
| 17,580 | * | Gaia, Inc | 218 | ||||||
| 233,874 | e | GameStop Corp (Class A) | 4,198 | ||||||
| 1,362,507 | Gap, Inc | 46,407 | |||||||
| 34,217 | * | Genesco, Inc | 1,112 | ||||||
| 292,868 | Genuine Parts Co | 27,825 | |||||||
| 18,600 | e | Geo Holdings Corp | 360 | ||||||
| 2,294,000 | Giordano International Ltd | 1,219 | |||||||
| 121,093 | *,e | GNC Holdings, Inc | 447 | ||||||
| 224,799 | e | Golden Eagle Retail Group Ltd | 272 | ||||||
| 11,005,844 | e | GOME Electrical Appliances Holdings Ltd | 1,322 | ||||||
| 67,323 | Greencross Ltd | 330 | |||||||
| 79,168 | Group 1 Automotive, Inc | 5,619 | |||||||
| 139 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 12,945 | * | Groupe Fnac | $ | 1,564 | |||||
| 2,848,633 | *,e | Groupon, Inc | 14,528 | ||||||
| 10,166 | GS Home Shopping, Inc | 2,062 | |||||||
| 102,989 | Guess?, Inc | 1,738 | |||||||
| 37,900 | Gulliver International Co Ltd | 268 | |||||||
| 333 | GwangjuShinsegae Co Ltd | 71 | |||||||
| 528,056 | Halfords Group plc | 2,494 | |||||||
| 288,625 | Hankyu Department Stores, Inc | 6,034 | |||||||
| 958,433 | e | Harvey Norman Holdings Ltd | 3,108 | ||||||
| 31,160 | Haverty Furniture Cos, Inc | 706 | |||||||
| 24,654 | * | Hellenic Duty Free Shops S.A. | 562 | ||||||
| 4,417,037 | Hengdeli Holdings Ltd | 212 | |||||||
| 544,952 | e | Hennes & Mauritz AB (B Shares) | 11,272 | ||||||
| 68,543 | * | Hibbett Sports, Inc | 1,398 | ||||||
| 16,600 | Hikari Tsushin, Inc | 2,383 | |||||||
| 4,141,913 | n | Home Depot, Inc | 785,017 | ||||||
| 28,444,894 | Home Product Center PCL (Foreign) | 11,172 | |||||||
| 6,577 | Hornbach Baumarkt AG. | 245 | |||||||
| 146,977 | Hostelworld Group PLC | 760 | |||||||
| 254,518 | Hotai Motor Co Ltd | 3,019 | |||||||
| 133,438 | Hotel Shilla Co Ltd | 10,582 | |||||||
| 77,956 | HSN, Inc | 3,146 | |||||||
| 43,495 | e | Hudson’s Bay Co | 390 | ||||||
| 34,450 | Hyundai Department Store Co Ltd | 3,358 | |||||||
| 3,934 | Hyundai Home Shopping Network Corp | 443 | |||||||
| 130,626 | Imperial Holdings Ltd | 2,760 | |||||||
| 931,213 | Inchcape plc | 9,810 | |||||||
| 1,410,628 | Industria De Diseno Textil S.A. | 49,050 | |||||||
| 86,736 | * | Infibeam Incorporation Ltd | 192 | ||||||
| 8,748 | Interpark INT Corp | 76 | |||||||
| 225,128 | Isetan Mitsukoshi Holdings Ltd | 2,786 | |||||||
| 268,000 | IT Ltd | 114 | |||||||
| 26,300 | Izumi Co Ltd | 1,632 | |||||||
| 444,919 | J Front Retailing Co Ltd | 8,361 | |||||||
| 27,924 | *,e | J. Jill, Inc | 218 | ||||||
| 72,760 | Jardine Cycle & Carriage Ltd | 2,209 | |||||||
| 343,164 | e | JB Hi-Fi Ltd | 6,654 | ||||||
| 510,323 | *,e | JC Penney Co, Inc | 1,613 | ||||||
| 1,168,791 | JD Sports Fashion plc | 5,296 | |||||||
| 693,900 | * | JD.com, Inc (ADR) | 28,741 | ||||||
| 8,200 | e | Jin Co Ltd | 431 | ||||||
| 92,656 | John Menzies plc | 851 | |||||||
| 11,600 | Joshin Denki Co Ltd | 412 | |||||||
| 15,500 | Joyful Honda Co Ltd | 481 | |||||||
| 83,765 | JUMBO S.A. | 1,498 | |||||||
| 38,400 | *,e | Jumei International Holding Ltd (ADR) | 112 | ||||||
| 213,799 | KappAhl Holding AB | 1,186 | |||||||
| 21,387 | e | Keiyo Co Ltd | 129 | ||||||
| 278,231 | Kering | 130,971 | |||||||
| 444,929 | Kingfisher plc | 2,029 | |||||||
| 5,000 | * | Kintetsu Department Store Co Ltd | 183 | ||||||
| 128,428 | * | Kirkland’s, Inc | 1,537 | ||||||
| 150,000 | e | Kogan.com Ltd | 790 | ||||||
| 430,457 | Kohl’s Corp | 23,344 | |||||||
| 140 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 65,200 | Kohnan Shoji Co Ltd | $ | 1,406 | ||||||
| 81,900 | Komeri Co Ltd | 2,365 | |||||||
| 240,800 | e | K’s Holdings Corp | 6,163 | ||||||
| 317,367 | e | L Brands, Inc | 19,112 | ||||||
| 22,161 | *,e | Lands’ End, Inc | 433 | ||||||
| 16,400 | * | Laox Co Ltd | 85 | ||||||
| 4,103,119 | Li & Fung Ltd | 2,248 | |||||||
| 168,633 | * | Liberty Expedia Holdings, Inc | 7,475 | ||||||
| 1,947,968 | * | Liberty Interactive Corp | 47,569 | ||||||
| 426,532 | * | Liberty TripAdvisor Holdings, Inc | 4,020 | ||||||
| 162,812 | * | Liberty Ventures | 8,831 | ||||||
| 532,500 | * | Lifestyle China Group Ltd | 164 | ||||||
| 40,384 | Lithia Motors, Inc (Class A) | 4,587 | |||||||
| 14,300 | LIXIL VIVA Corp | 246 | |||||||
| 628,340 | * | LKQ Corp | 25,555 | ||||||
| 595,394 | Lojas Americanas S.A.(Preference) | 3,059 | |||||||
| 972,789 | Lojas Renner S.A. | 10,399 | |||||||
| 546,867 | Lookers plc | 760 | |||||||
| 63,505 | LOTTE Himart Co Ltd | 4,087 | |||||||
| 11,441 | Lotte Shopping Co Ltd | 2,127 | |||||||
| 2,207,980 | Lowe’s Companies, Inc | 205,210 | |||||||
| 869,000 | Luk Fook Holdings International Ltd | 3,732 | |||||||
| 46,435 | *,e | Lumber Liquidators, Inc | 1,458 | ||||||
| 393,395 | Macy’s, Inc | 9,910 | |||||||
| 49,200 | Magazine Luiza S.A. | 1,189 | |||||||
| 43,162 | Maisons du Monde S.A. | 1,955 | |||||||
| 724,000 | e | Maoye International Holdings Ltd | 74 | ||||||
| 38,247 | * | MarineMax, Inc | 723 | ||||||
| 45,590 | * | Marisa Lojas S.A. | 100 | ||||||
| 1,672,234 | e | Marks & Spencer Group plc | 7,095 | ||||||
| 432,623 | Marui Co Ltd | 7,908 | |||||||
| 118,167 | Matas A.S. | 1,495 | |||||||
| 20,400 | Matsuya Co Ltd | 281 | |||||||
| 13,942 | e | Mekonomen AB | 254 | ||||||
| 113,483 | Metro AG. | 1,713 | |||||||
| 148,169 | Michael Hill International Ltd | 142 | |||||||
| 296,030 | * | Michaels Cos, Inc | 7,161 | ||||||
| 15,557 | e | Mobilezone Holding AG. | 205 | ||||||
| 29,000 | momo.com, Inc | 211 | |||||||
| 53,562 | e | Monro Muffler, Inc | 3,050 | ||||||
| 247,655 | Mr Price Group Ltd | 4,884 | |||||||
| 76,674 | * | Murphy USA, Inc | 6,162 | ||||||
| 471,206 | e | Myer Holdings Ltd | 243 | ||||||
| 113,899 | N Brown Group plc | 416 | |||||||
| 41,106 | * | National Vision Holdings, Inc | 1,669 | ||||||
| 1,106,981 | * | NetFlix, Inc | 212,496 | ||||||
| 11,400 | *,e | Netshoes Cayman Ltd | 90 | ||||||
| 650,682 | New Carphone Warehouse plc | 1,746 | |||||||
| 85,929 | Next plc | 5,237 | |||||||
| 27,600 | Nishimatsuya Chain Co Ltd | 307 | |||||||
| 53,212 | Nitori Co Ltd | 7,573 | |||||||
| 49,200 | Nojima Corp | 1,175 | |||||||
| 190,531 | e | Nordstrom, Inc | 9,027 | ||||||
| 141 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 12,006 | NS Shopping Co Ltd | $ | 183 | ||||||
| 51,183 | Nutri/System, Inc | 2,692 | |||||||
| 331,973 | *,e | Ocado Ltd | 1,773 | ||||||
| 1,045,566 | Office Depot, Inc | 3,701 | |||||||
| 81,870 | * | Ollie’s Bargain Outlet Holdings, Inc | 4,360 | ||||||
| 310,751 | On the Beach Group plc | 1,972 | |||||||
| 111,147 | * | O’Reilly Automotive, Inc | 26,735 | ||||||
| 75,081 | *,e | Overstock.com, Inc | 4,798 | ||||||
| 1,197,700 | Padini Holdings BHD | 1,563 | |||||||
| 6,400 | Pal Co Ltd | 201 | |||||||
| 78,800 | Paltac Corp | 3,591 | |||||||
| 68,801 | e | Parco Co Ltd | 948 | ||||||
| 792,500 | e | Parkson Retail Group Ltd | 91 | ||||||
| 49,790 | *,e | Party City Holdco, Inc | 695 | ||||||
| 19,600 | PC Depot Corp | 150 | |||||||
| 71,630 | * | PC Jeweller Ltd | 513 | ||||||
| 2,442,128 | Pendragon plc | 940 | |||||||
| 74,959 | Penske Auto Group, Inc | 3,587 | |||||||
| 169,175 | e | PetMed Express, Inc | 7,697 | ||||||
| 6,808,000 | * | Petrobras Distribuidora S.A. | 35,096 | ||||||
| 255,880 | e | Pets at Home Group plc | 609 | ||||||
| 134,476 | Pier 1 Imports, Inc | 557 | |||||||
| 1,404,500 | e | Pou Sheng International Holdings Ltd | 203 | ||||||
| 520,000 | *,e | Powerwell Pacific Holdings Ltd | 224 | ||||||
| 35,701 | Poya Co Ltd | 447 | |||||||
| 60,003 | Premier Investments Ltd | 693 | |||||||
| 120,697 | * | Priceline.com, Inc | 209,740 | ||||||
| 5,060,100 | PT ACE Hardware Indonesia Tbk | 431 | |||||||
| 11,223,023 | PT Matahari Department Store Tbk | 8,245 | |||||||
| 1,170,900 | PT Mitra Adiperkasa Tbk | 535 | |||||||
| 8,228,900 | PT Ramayana Lestari Sentosa Tbk | 728 | |||||||
| 455,200 | PTG Energy PCL | 304 | |||||||
| 617,723 | Rakuten, Inc | 5,646 | |||||||
| 73,874 | e | Rent-A-Center, Inc | 820 | ||||||
| 187,363 | *,e | RH | 16,153 | ||||||
| 539,196 | Ripley Corp S.A. | 585 | |||||||
| 353,500 | Robinson PCL | 792 | |||||||
| 714,034 | Ross Stores, Inc | 57,301 | |||||||
| 15,900 | Ryohin Keikaku Co Ltd | 4,949 | |||||||
| 672,060 | e | SA SA International Holdings Ltd | 259 | ||||||
| 1,065,457 | SACI Falabella | 10,625 | |||||||
| 152,947 | * | Sally Beauty Holdings, Inc | 2,869 | ||||||
| 30,300 | e | Sanrio Co Ltd | 506 | ||||||
| 108 | *,e | Sears Holdings Corp | 0 | ^ | |||||
| 280,000 | Senao International Co Ltd | 472 | |||||||
| 16,300 | e | Senshukai Co Ltd | 94 | ||||||
| 17,176 | Seobu Truck Terminal Co Ltd | 210 | |||||||
| 39,900 | Seria Co Ltd | 2,401 | |||||||
| 35,807 | * | Shankara Building Products Ltd | 998 | ||||||
| 27,100 | Shimachu Co Ltd | 778 | |||||||
| 24,203 | Shimamura Co Ltd | 2,659 | |||||||
| 7,395 | Shinsegae Co Ltd | 2,072 | |||||||
| 1,694 | Shinsegae International Co Ltd | 117 | |||||||
| 80,798 | Shoe Carnival, Inc | 2,161 | |||||||
| 142 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 12,294 | * | Shopper’s Stop Ltd | $ | 108 | |||||
| 57,624 | * | Shutterfly, Inc | 2,867 | ||||||
| 872,968 | Siam Global House PCL | 455 | |||||||
| 239,000 | Sichuan Xinhua Winshare Chainstore Co Ltd | 190 | |||||||
| 106,175 | e | Signet Jewelers Ltd | 6,004 | ||||||
| 60,521 | Sleep Country Canada Holdings, Inc | 1,608 | |||||||
| 301,074 | * | Sleep Number Corp | 11,317 | ||||||
| 43,641 | Sonic Automotive, Inc (Class A) | 805 | |||||||
| 659,129 | * | Sports Direct International plc | 3,355 | ||||||
| 62,793 | *,e | Sportsman’s Warehouse Holdings, Inc | 415 | ||||||
| 9,512 | *,e | SRP Groupe S.A. | 72 | ||||||
| 314,116 | Start Today Co Ltd | 9,534 | |||||||
| 22,383 | *,e | Stockmann Oyj Abp (B Share) | 117 | ||||||
| 555,139 | Super Cheap Auto Group Ltd | 3,565 | |||||||
| 220,520 | * | Super Group Ltd | 737 | ||||||
| 47,818 | * | SuperGroup plc | 1,276 | ||||||
| 5,000 | h | Syuppin Co Ltd | 68 | ||||||
| 84,712 | Tailored Brands, Inc | 1,849 | |||||||
| 215,819 | Takashimaya Co Ltd | 2,268 | |||||||
| 56,781 | Takkt AG. | 1,285 | |||||||
| 2,698,062 | Target Corp | 176,049 | |||||||
| 49,200 | Telepark Corp | 1,142 | |||||||
| 7,290,099 | Test-Rite International Co | 5,607 | |||||||
| 528,107 | Tiffany & Co | 54,897 | |||||||
| 67,471 | Tile Shop Holdings, Inc | 648 | |||||||
| 303,149 | Tilly’s, Inc | 4,474 | |||||||
| 2,150,746 | TJX Companies, Inc | 164,446 | |||||||
| 130,509 | e | Tokmanni Group Corp | 1,134 | ||||||
| 4,000 | *,e | Tokyo Base Co Ltd | 175 | ||||||
| 11,100 | e | Tokyo Derica Co Ltd | 137 | ||||||
| 208,746 | Tractor Supply Co | 15,604 | |||||||
| 519,409 | Trade Me Ltd | 1,782 | |||||||
| 246,157 | * | TripAdvisor, Inc | 8,483 | ||||||
| 649,919 | e | Truworths International Ltd | 4,962 | ||||||
| 405,762 | * | Ulta Beauty, Inc | 90,753 | ||||||
| 24,459 | Uni-Select, Inc | 553 | |||||||
| 16,699 | United Arrows Ltd | 678 | |||||||
| 152,952 | * | Urban Outfitters, Inc | 5,362 | ||||||
| 210,286 | USS Co Ltd | 4,447 | |||||||
| 1,922 | Valora Holding AG. | 640 | |||||||
| 3,798,203 | Via Varejo S.A. | 28,044 | |||||||
| 356,400 | * | Vipshop Holdings Ltd (ADR) | 4,177 | ||||||
| 44,444 | * | Vitamin Shoppe, Inc | 196 | ||||||
| 107,100 | VT Holdings Co Ltd | 533 | |||||||
| 107,724 | *,e | Wayfair, Inc | 8,647 | ||||||
| 71,640 | e | Webjet Ltd | 581 | ||||||
| 397,551 | WH Smith plc | 12,598 | |||||||
| 192,806 | e | Williams-Sonoma, Inc | 9,968 | ||||||
| 4,022 | Winmark Corp | 520 | |||||||
| 937,723 | Woolworths Holdings Ltd | 4,950 | |||||||
| 95,600 | Xebio Co Ltd | 1,817 | |||||||
| 59,876 | XXL ASA | 620 | |||||||
| 580,185 | e | Yamada Denki Co Ltd | 3,195 | ||||||
| 143 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 247,000 | *,e | Yatra Online, Inc | $ | 1,848 | |||||
| 65,500 | Yellow Hat Ltd | 1,976 | |||||||
| 33,864 | *,e | Yoox S.p.A | 1,181 | ||||||
| 14,800 | Yume No Machi Souzou Iinkai Co Ltd | 271 | |||||||
| 99,663 | * | Zalando SE | 5,255 | ||||||
| 3,814,523 | e | Zhongsheng Group Holdings Ltd | 8,668 | ||||||
| 3,637 | * | zooplus AG. | 656 | ||||||
| 216,115 | * | Zumiez, Inc | 4,501 | ||||||
| TOTAL RETAILING | 5,323,580 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.7% | |||||||||
| 35,256 | * | ,NV Measuring Instruments Ltd | 912 | ||||||
| 32,374 | *,e | Acacia Communications, Inc | 1,173 | ||||||
| 3,005,615 | A-DATA Technology Co Ltd | 7,097 | |||||||
| 155,159 | * | Advanced Energy Industries, Inc | 10,470 | ||||||
| 7,848,832 | *,e,n | Advanced Micro Devices, Inc | 80,686 | ||||||
| 7,834 | * | Advanced Process Systems Corp | 255 | ||||||
| 6,371,707 | Advanced Semiconductor Engineering, Inc | 8,156 | |||||||
| 700,198 | Advanced Semiconductor Engineering, Inc (ADR) | 4,537 | |||||||
| 90,000 | Advanced Wireless Semiconductor Co | 205 | |||||||
| 105,300 | Advantest Corp | 1,943 | |||||||
| 904,408 | * | Aixtron AG. | 12,501 | ||||||
| 230,484 | * | Alpha & Omega Semiconductor Ltd | 3,771 | ||||||
| 56,141 | *,e | Ambarella, Inc | 3,298 | ||||||
| 286,874 | * | Amkor Technology, Inc | 2,883 | ||||||
| 93,029 | ams AG. | 8,428 | |||||||
| 485,702 | Analog Devices, Inc | 43,242 | |||||||
| 2,600 | e | AOI Electronics Co Ltd | 134 | ||||||
| 5,558,498 | Applied Materials, Inc | 284,150 | |||||||
| 200,000 | * | APS Holdings Corp | 1,403 | ||||||
| 10,223 | * | Aquantia Corp | 116 | ||||||
| 234,738 | Ardentec Corp | 295 | |||||||
| 30,924 | ASM International NV | 2,088 | |||||||
| 650,304 | ASM Pacific Technology | 9,022 | |||||||
| 14,884 | ASMedia Technology, Inc | 181 | |||||||
| 554,785 | ASML Holding NV | 96,454 | |||||||
| 15,000 | ASPEED Technology, Inc | 362 | |||||||
| 22,944 | * | Atto Co Ltd | 169 | ||||||
| 48,849 | * | Axcelis Technologies, Inc | 1,402 | ||||||
| 62,186 | * | AXT, Inc | 541 | ||||||
| 182,111 | BE Semiconductor Industries NV | 15,213 | |||||||
| 179,000 | BOE Varitronix Ltd | 118 | |||||||
| 1,726,568 | Broadcom Ltd | 443,556 | |||||||
| 474,798 | Brooks Automation, Inc | 11,324 | |||||||
| 101,224 | Cabot Microelectronics Corp | 9,523 | |||||||
| 237,011 | * | Cavium, Inc | 19,869 | ||||||
| 40,864 | * | Ceva, Inc | 1,886 | ||||||
| 572,000 | China Electronics Corp Holdings Co Ltd | 100 | |||||||
| 11,538 | *,†,e,m | China Energy Savings Technology, Inc | 0 | ||||||
| 403,000 | Chipbond Technology Corp | 761 | |||||||
| 165,000 | ChipMOS Technologies, Inc | 147 | |||||||
| 232,805 | * | Cirrus Logic, Inc | 12,073 | ||||||
| 125,401 | Cohu, Inc | 2,753 | |||||||
| 424,727 | * | Cree, Inc | 15,774 | ||||||
| 144 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 12,634 | *,e | CyberOptics Corp | $ | 189 | |||||
| 1,001,232 | e | Cypress Semiconductor Corp | 15,259 | ||||||
| 26,023 | Dainippon Screen Manufacturing Co Ltd | 2,116 | |||||||
| 47,339 | * | Dialog Semiconductor plc | 1,466 | ||||||
| 153,554 | * | Diodes, Inc | 4,402 | ||||||
| 59,500 | Disco Corp | 13,188 | |||||||
| 22,658 | * | Dongbu HiTek Co Ltd | 253 | ||||||
| 49,898 | * | DSP Group, Inc | 624 | ||||||
| 261,000 | Elan Microelectronics Corp | 403 | |||||||
| 84,456 | Elite Advanced Laser Corp | 366 | |||||||
| 169,000 | Elite Semiconductor Memory Technology, Inc | 242 | |||||||
| 35,746 | Elmos Semiconductor AG. | 990 | |||||||
| 47,571 | eMemory Technology, Inc | 683 | |||||||
| 312,097 | Entegris, Inc | 9,503 | |||||||
| 5,575 | Eo Technics Co Ltd | 566 | |||||||
| 633,000 | * | Epistar Corp | 954 | ||||||
| 241,167 | * | E-Ton Solar Tech Co Ltd | 68 | ||||||
| 9,223 | Eugene Technology Co Ltd | 181 | |||||||
| 282,000 | Everlight Electronics Co Ltd | 425 | |||||||
| 141,060 | Faraday Technology Corp | 273 | |||||||
| 25,100 | Ferrotec | 509 | |||||||
| 276,888 | * | First Solar, Inc | 18,695 | ||||||
| 211,000 | Forhouse Corp | 262 | |||||||
| 475,050 | * | Formfactor, Inc | 7,435 | ||||||
| 226,000 | Formosa Advanced Technologies Co Ltd | 239 | |||||||
| 32,000 | Foxsemicon Integrated Technology, Inc | 223 | |||||||
| 11,641,308 | *,e | GCL Poly Energy Holdings Ltd | 2,077 | ||||||
| 16,980 | *,e | GemVax & Kael Co Ltd | 226 | ||||||
| 17,686 | Giga Solar Materials Corp | 148 | |||||||
| 330,454 | * | Gintech Energy Corp | 197 | ||||||
| 57,000 | Global Unichip Corp | 485 | |||||||
| 338,000 | Globalwafers Co Ltd | 4,484 | |||||||
| 153,100 | Globetronics Technology BHD | 250 | |||||||
| 869,000 | Greatek Electronics, Inc | 1,516 | |||||||
| 27,544 | * | GSI Technology, Inc | 219 | ||||||
| 1,137,300 | Hana Microelectronics PCL (Foreign) | 1,549 | |||||||
| 17,032 | Hanmi Semiconductor Co Ltd | 188 | |||||||
| 11,366 | * | Hansol LCD, Inc | 177 | ||||||
| 122,000 | Holtek Semiconductor, Inc | 281 | |||||||
| 779,000 | Hua Hong Semiconductor Ltd | 1,647 | |||||||
| 760,935 | Hynix Semiconductor, Inc | 54,046 | |||||||
| 8,405 | * | Hyundai Robotics Co Ltd | 2,991 | ||||||
| 32,138 | * | Ichor Holdings Ltd | 791 | ||||||
| 30,170 | *,e | Impinj, Inc | 680 | ||||||
| 852,445 | Infineon Technologies AG. | 23,216 | |||||||
| 3,878 | * | Innox Advanced Materials Co Ltd | 310 | ||||||
| 336,456 | *,e | Inphi Corp | 12,314 | ||||||
| 359,883 | * | Integrated Device Technology, Inc | 10,699 | ||||||
| 15,297,245 | Intel Corp | 706,121 | |||||||
| 473,636 | *,e | IQE plc | 876 | ||||||
| 45,483 | * | IXYS Corp | 1,089 | ||||||
| 327,500 | *,e | JA Solar Holdings Co Ltd (ADR) | 2,443 | ||||||
| 19,800 | Japan Material Co Ltd | 716 | |||||||
| 145 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 134,300 | *,e | JinkoSolar Holding Co Ltd (ADR) | $ | 3,230 | |||||
| 23,562 | * | Jusung Engineering Co Ltd | 298 | ||||||
| 49,336 | * | KC Tech Co Ltd | 982 | ||||||
| 732,000 | King Yuan Electronics Co Ltd | 742 | |||||||
| 181,000 | Kinsus Interconnect Technology Corp | 329 | |||||||
| 552,083 | Kla-Tencor Corp | 58,007 | |||||||
| 7,291 | Koh Young Technology, Inc | 562 | |||||||
| 105,121 | *,e | Kopin Corp | 336 | ||||||
| 8,899 | L&F Co Ltd | 355 | |||||||
| 572,062 | Lam Research Corp | 105,299 | |||||||
| 38,800 | Land Mark Optoelectronics Corp | 497 | |||||||
| 46,475,000 | * | Landing International Development Ltd | 1,841 | ||||||
| 28,300 | Lasertec Corp | 711 | |||||||
| 622,438 | * | Lattice Semiconductor Corp | 3,598 | ||||||
| 6,603 | LEENO Industrial Inc | 355 | |||||||
| 204,726 | * | Lextar Electronics Corp | 184 | ||||||
| 124,048 | Lite-On Semiconductor Corp | 179 | |||||||
| 68,941 | *,e | MA-COM Technology Solutions | 2,243 | ||||||
| 1,351,000 | * | Macronix International | 1,996 | ||||||
| 195,700 | Malaysian Pacific Industries BHD | 609 | |||||||
| 2,670 | * | Manz Automation AG. | 101 | ||||||
| 2,059,320 | Marvell Technology Group Ltd | 44,214 | |||||||
| 593,372 | Maxim Integrated Products, Inc | 31,021 | |||||||
| 135,528 | * | MaxLinear, Inc | 3,581 | ||||||
| 6,383,894 | MediaTek, Inc | 62,752 | |||||||
| 33,200 | e | Megachips Corp | 991 | ||||||
| 29,856 | Melexis NV | 3,019 | |||||||
| 161,853 | *,e | Mellanox Technologies Ltd | 10,472 | ||||||
| 316,133 | *,e | Meyer Burger Technology AG. | 542 | ||||||
| 376,399 | Microchip Technology, Inc | 33,078 | |||||||
| 2,437,942 | * | Micron Technology, Inc | 100,248 | ||||||
| 20,700 | e | Micronics Japan Co Ltd | 213 | ||||||
| 863,998 | * | Microsemi Corp | 44,625 | ||||||
| 40,400 | Mimasu Semiconductor Industry Co Ltd | 772 | |||||||
| 18,200 | e | Mitsui High-Tec, Inc | 329 | ||||||
| 152,963 | MKS Instruments, Inc | 14,455 | |||||||
| 149,279 | Monolithic Power Systems, Inc | 16,773 | |||||||
| 275,118 | * | Motech Industries, Inc | 207 | ||||||
| 64,427 | * | Nanometrics, Inc | 1,606 | ||||||
| 6,845,000 | Nanya Technology Corp | 17,423 | |||||||
| 329,200 | * | NEC Electronics Corp | 3,818 | ||||||
| 450,324 | * | Neo Solar Power Corp | 207 | ||||||
| 59,281 | *,e | NeoPhotonics Corp Ltd | 390 | ||||||
| 75,207 | * | Nordic Semiconductor ASA | 385 | ||||||
| 486,752 | Novatek Microelectronics Corp Ltd | 1,850 | |||||||
| 2,500 | Nuflare Technology, Inc | 150 | |||||||
| 51,000 | Nuvoton Technology Corp | 109 | |||||||
| 8,005 | NVE Corp | 688 | |||||||
| 1,604,008 | NVIDIA Corp | 310,376 | |||||||
| 1,041,912 | *,n | NXP Semiconductors NV | 121,997 | ||||||
| 1,411,846 | * | ON Semiconductor Corp | 29,564 | ||||||
| 20,440 | On-Bright Electronics, Inc | 155 | |||||||
| 149,127 | Orise Technology Co Ltd | 155 | |||||||
| 42,401 | Parade Technologies Ltd | 836 | |||||||
| 146 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 47,112 | *,e | PDF Solutions, Inc | $ | 740 | |||||
| 115,895 | Phison Electronics Corp | 1,132 | |||||||
| 116,593 | * | Photronics, Inc | 994 | ||||||
| 75,613 | Pixart Imaging, Inc | 374 | |||||||
| 54,421 | * | Pixelworks, Inc | 344 | ||||||
| 58,104 | Power Integrations, Inc | 4,274 | |||||||
| 578,397 | Powertech Technology, Inc | 1,703 | |||||||
| 8,944 | PSK, Inc | 214 | |||||||
| 237,254 | * | Qorvo, Inc | 15,801 | ||||||
| 3,690,632 | n | QUALCOMM, INC | 236,274 | ||||||
| 2,011,000 | Radiant Opto-Electronics Corp | 4,764 | |||||||
| 279,726 | * | Rambus, Inc | 3,978 | ||||||
| 395,333 | Realtek Semiconductor Corp | 1,441 | |||||||
| 1,282,788 | *,e | REC Silicon ASA | 216 | ||||||
| 454,391 | Rohm Co Ltd | 50,056 | |||||||
| 304,196 | * | Rudolph Technologies, Inc | 7,270 | ||||||
| 180,017 | Samsung Electronics Co Ltd | 427,704 | |||||||
| 21,139 | Samsung Electronics Co Ltd (Preference) | 41,166 | |||||||
| 67,000 | Sanken Electric Co Ltd | 481 | |||||||
| 75,000 | SDI Corp | 216 | |||||||
| 2,482,047 | *,e | Semiconductor Manufacturing International Corp | 4,277 | ||||||
| 310,000 | * | Semtech Corp | 10,602 | ||||||
| 24,285 | Seoul Semiconductor Co Ltd | 631 | |||||||
| 166,000 | *,e | Shanghai Fudan Microelectronics Group Co Ltd | 147 | ||||||
| 30,200 | Shindengen Electric Manufacturing Co Ltd | 2,381 | |||||||
| 950,000 | *,e | Shinkawa Ltd | 9,752 | ||||||
| 423,500 | Shinko Electric Industries | 3,422 | |||||||
| 25,000 | ShunSin Technology Holding Ltd | 117 | |||||||
| 68,475 | * | Sigma Designs, Inc | 476 | ||||||
| 182,000 | Sigurd Microelectronics Corp | 201 | |||||||
| 38,934 | Silergy Corp | 890 | |||||||
| 144,303 | * | Silicon Laboratories, Inc | 12,742 | ||||||
| 6,954 | Silicon Works Co Ltd | 342 | |||||||
| 1,740,807 | Siliconware Precision Industries Co | 2,938 | |||||||
| 69,961 | * | Siltronic AG. | 10,114 | ||||||
| 337,000 | Sino-American Silicon Products, Inc | 857 | |||||||
| 180,000 | Sitronix Technology Corp | 505 | |||||||
| 463,743 | Skyworks Solutions, Inc | 44,032 | |||||||
| 66,204 | e | SMA Solar Technology AG. | 2,845 | ||||||
| 10,796 | *,e | SMART Global Holdings, Inc | 364 | ||||||
| 10,860 | * | SOITEC | 775 | ||||||
| 1,130,839 | STMicroelectronics NV | 24,668 | |||||||
| 44,386 | * | STS Semiconductor & Telecommunications | 97 | ||||||
| 464,400 | Sumco Corp | 11,790 | |||||||
| 107,960 | *,e | SunPower Corp | 910 | ||||||
| 898,300 | SVI PCL (Foreign) | 116 | |||||||
| 638,000 | Taiwan Semiconductor Co Ltd | 1,476 | |||||||
| 34,726,196 | Taiwan Semiconductor Manufacturing Co Ltd | 265,901 | |||||||
| 290,702 | * | Taiwan Surface Mounting Technology Co Ltd | 343 | ||||||
| 408,136 | Teradyne, Inc | 17,089 | |||||||
| 9,355 | TES Co Ltd | 332 | |||||||
| 2,031,634 | Texas Instruments, Inc | 212,184 | |||||||
| 3,091 | Tokai Carbon Korea Co Ltd | 221 | |||||||
| 147 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 207,540 | Tokyo Electron Ltd | $ | 37,438 | ||||||
| 36,100 | Tokyo Seimitsu Co Ltd | 1,421 | |||||||
| 638,550 | Topco Scientific Co Ltd | 1,730 | |||||||
| 12,998 | e | Toptec Co Ltd | 346 | ||||||
| 211,730 | * | Tower Semiconductor Ltd | 7,196 | ||||||
| 1,746,000 | *,†,m | Trony Solar Holdings Co Ltd. | 2 | ||||||
| 4,082 | U-Blox AG. | 803 | |||||||
| 7,800 | UKC Holdings Corp | 172 | |||||||
| 53,899 | * | Ultra Clean Holdings | 1,245 | ||||||
| 89,900 | Ulvac, Inc | 5,638 | |||||||
| 645,500 | Unisem M BHD | 582 | |||||||
| 9,939,871 | United Microelectronics Corp | 4,720 | |||||||
| 711,228 | Vanguard International Semiconductor Corp | 1,575 | |||||||
| 76,664 | * | Veeco Instruments, Inc | 1,138 | ||||||
| 450,347 | Versum Materials, Inc | 17,046 | |||||||
| 116,068 | Visual Photonics Epitaxy Co Ltd | 363 | |||||||
| 271,000 | * | Wafer Works Corp | 385 | ||||||
| 2,256,000 | Win Semiconductors Corp | 21,321 | |||||||
| 2,359,832 | Winbond Electronics Corp | 1,850 | |||||||
| 17,064 | * | WONIK IPS Co Ltd | 530 | ||||||
| 101,490 | *,e | Xcerra Corp | 994 | ||||||
| 95,332 | *,e | X-Fab Silicon Foundries SE | 1,098 | ||||||
| 580,446 | Xilinx, Inc | 39,134 | |||||||
| 109,000 | * | XinTec, Inc | 300 | ||||||
| 1,898,000 | Xinyi Solar Holdings Ltd | 732 | |||||||
| 82,337 | Xperi Corp | 2,009 | |||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 4,660,123 | ||||||||
| SOFTWARE & SERVICES - 11.4% | |||||||||
| 48,600 | *,e | 21Vianet Group, Inc (ADR) | 388 | ||||||
| 84,282 | *,e | 2U, Inc | 5,437 | ||||||
| 144,200 | * | 58.COM, Inc (ADR) | 10,320 | ||||||
| 151,740 | * | 8x8, Inc | 2,140 | ||||||
| 664,992 | * | A10 Networks, Inc | 5,134 | ||||||
| 1,814,879 | Accenture plc | 277,840 | |||||||
| 203,944 | * | ACI Worldwide, Inc | 4,623 | ||||||
| 97,175 | *,e | Aconex Ltd | 580 | ||||||
| 2,374,634 | Activision Blizzard, Inc | 150,362 | |||||||
| 134,292 | * | Actua Corp | 2,095 | ||||||
| 138,372 | * | Acxiom Corp | 3,814 | ||||||
| 7,513 | Addcn Technology Co Ltd | 60 | |||||||
| 1,239,084 | * | Adobe Systems, Inc | 217,137 | ||||||
| 64,736 | * | Afterpay Touch Group Ltd | 302 | ||||||
| 1,836,000 | *,e | AGTech Holdings Ltd | 284 | ||||||
| 3,998 | Ahnlab, Inc | 201 | |||||||
| 226,766 | * | Akamai Technologies, Inc | 14,749 | ||||||
| 2,100 | *,e | Akatsuki, Inc | 123 | ||||||
| 35,413 | * | Alarm.com Holdings, Inc | 1,337 | ||||||
| 58,786 | * | Alfa Financial Software Holdings plc | 425 | ||||||
| 2,140,718 | *,n | Alibaba Group Holding Ltd (ADR) | 369,124 | ||||||
| 169,350 | Alliance Data Systems Corp | 42,927 | |||||||
| 249,787 | Alpha Systems, Inc | 5,440 | |||||||
| 872,441 | * | Alphabet, Inc (Class A) | 919,029 | ||||||
| 1,042,198 | *,n | Alphabet, Inc (Class C) | 1,090,556 | ||||||
| 148 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 25,693 | Alten | $ | 2,143 | ||||||
| 41,643 | *,e | Alteryx, Inc | 1,052 | ||||||
| 314,501 | Altium Ltd | 3,251 | |||||||
| 296,438 | e | Altran Technologies S.A. | 4,933 | ||||||
| 482,903 | Amadeus IT Holding S.A. | 34,751 | |||||||
| 38,470 | * | Amber Road, Inc | 282 | ||||||
| 376,896 | Amdocs Ltd | 24,679 | |||||||
| 44,511 | American Software, Inc (Class A) | 518 | |||||||
| 98,728 | * | Ansys, Inc | 14,571 | ||||||
| 76,309 | * | Appfolio, Inc | 3,167 | ||||||
| 90,101 | * | Apptio, Inc | 2,119 | ||||||
| 232,759 | * | Aspen Technology, Inc | 15,409 | ||||||
| 48,661 | Asseco Poland S.A. | 614 | |||||||
| 101,800 | e | Ateam, Inc | 2,440 | ||||||
| 87,063 | * | Atlassian Corp plc | 3,963 | ||||||
| 146,124 | Atos Origin S.A. | 21,245 | |||||||
| 11,637 | Aubay | 483 | |||||||
| 1,300,090 | Auto Trader Group plc | 6,193 | |||||||
| 213,743 | * | Autodesk, Inc | 22,407 | ||||||
| 81,233 | * | Autohome, Inc (ADR) | 5,253 | ||||||
| 944,211 | Automatic Data Processing, Inc | 110,652 | |||||||
| 22,600 | * | AutoWeb, Inc | 204 | ||||||
| 43,957 | Aveva Group plc | 1,641 | |||||||
| 4,064 | Axway Software S.A. | 111 | |||||||
| 572,781 | * | Baidu, Inc (ADR) | 134,151 | ||||||
| 17,200 | *,e | Baozun, Inc (ADR) | 543 | ||||||
| 109,929 | * | Barracuda Networks, Inc | 3,023 | ||||||
| 387,673 | * | Bazaarvoice, Inc | 2,113 | ||||||
| 27,765 | Bechtle AG. | 2,309 | |||||||
| 492,000 | * | Beijing Beida Jade Bird Universal Sci-Tech Co Ltd | 104 | ||||||
| 28,525 | *,e | Benefitfocus, Inc | 770 | ||||||
| 15,800 | *,e | Bitauto Holdings Ltd (ADR) | 502 | ||||||
| 392,103 | * | Black Knight, Inc | 17,311 | ||||||
| 83,186 | Blackbaud, Inc | 7,860 | |||||||
| 94,762 | * | Blackhawk Network Holdings, Inc | 3,378 | ||||||
| 197,478 | *,e | Blackline, Inc | 6,477 | ||||||
| 77,071 | * | Blucora, Inc | 1,703 | ||||||
| 87,115 | *,e | Blue Prism Group plc | 1,481 | ||||||
| 653,985 | Booz Allen Hamilton Holding Co | 24,936 | |||||||
| 67,676 | * | Bottomline Technologies, Inc | 2,347 | ||||||
| 544,892 | * | Box, Inc | 11,508 | ||||||
| 273,000 | * | Boyaa Interactive International Ltd | 113 | ||||||
| 120,209 | * | Brightcove, Inc | 853 | ||||||
| 29,300 | e | Broadleaf Co Ltd | 272 | ||||||
| 253,155 | Broadridge Financial Solutions, Inc | 22,931 | |||||||
| 54,830 | *,e | BroadSoft, Inc | 3,010 | ||||||
| 18,900 | Brogent Technologies, Inc | 167 | |||||||
| 562,573 | CA, Inc | 18,722 | |||||||
| 146,200 | CAC Holdings Corp | 1,375 | |||||||
| 90,676 | * | CACI International, Inc (Class A) | 12,001 | ||||||
| 839,909 | * | Cadence Design Systems, Inc | 35,125 | ||||||
| 117,539 | * | Callidus Software, Inc | 3,368 | ||||||
| 9,737 | Cancom SE | 808 | |||||||
| 149 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 326,562 | Cap Gemini S.A. | $ | 38,679 | ||||||
| 447,886 | h | Capcom Co Ltd | 14,164 | ||||||
| 43,008 | * | Carbonite, Inc | 1,080 | ||||||
| 75,767 | * | Cardtronics plc | 1,403 | ||||||
| 191,347 | * | Care.com, Inc | 3,452 | ||||||
| 125,227 | *,e | Cars.com, Inc | 3,612 | ||||||
| 754,912 | carsales.com Ltd | 8,507 | |||||||
| 21,447 | Cass Information Systems, Inc | 1,248 | |||||||
| 40,428 | *,e | Catena Media plc | 511 | ||||||
| 54,830 | CD Projekt Red S.A. | 1,528 | |||||||
| 298,627 | CDK Global, Inc | 21,286 | |||||||
| 220,250 | * | CGI Group, Inc | 11,967 | ||||||
| 11,200 | *,e | Changyou.com Ltd (ADR) | 408 | ||||||
| 44,200 | * | Chanjet Information Technology Co Ltd | 63 | ||||||
| 117,160 | * | ChannelAdvisor Corp | 1,054 | ||||||
| 259,188 | * | Check Point Software Technologies | 26,857 | ||||||
| 20,900 | *,e | Cheetah Mobile, Inc (ADR) | 252 | ||||||
| 35,300 | *,e | China Rapid Finance Ltd (ADR) | 202 | ||||||
| 1,314,000 | e | Chinasoft International Ltd | 871 | ||||||
| 1,112,813 | Cielo S.A. | 7,889 | |||||||
| 160,318 | *,e | Cimpress NV | 19,219 | ||||||
| 406,810 | *,n | Citrix Systems, Inc | 35,799 | ||||||
| 223,968 | *,e | Cloudera, Inc | 3,700 | ||||||
| 1,388,314 | Cognizant Technology Solutions Corp (Class A) | 98,598 | |||||||
| 31,900 | e | COLOPL, Inc | 346 | ||||||
| 6,166 | Com2uSCorp | 784 | |||||||
| 94,462 | * | CommerceHub, Inc | 1,945 | ||||||
| 30,846 | *,e | CommerceHub, Inc (Series A) | 678 | ||||||
| 429,577 | * | Commvault Systems, Inc | 22,553 | ||||||
| 132,323 | Computer Modelling Group Ltd | 1,011 | |||||||
| 519,470 | Computershare Ltd | 6,582 | |||||||
| 331,755 | * | Conduent, Inc | 5,361 | ||||||
| 53,351 | Constellation Software, Inc | 32,343 | |||||||
| 337,498 | Convergys Corp | 7,931 | |||||||
| 35,000 | e | COOKPAD, Inc | 188 | ||||||
| 91,663 | * | Cornerstone OnDemand, Inc | 3,238 | ||||||
| 66,747 | * | CoStar Group, Inc | 19,821 | ||||||
| 53,582 | * | Coupa Software, Inc | 1,673 | ||||||
| 69,800 | e | CROOZ, Inc | 1,534 | ||||||
| 114,785 | CSG Systems International, Inc | 5,030 | |||||||
| 287,807 | CSRA, Inc | 8,611 | |||||||
| 20,457 | *,e | CyberArk Software Ltd | 847 | ||||||
| 435,097 | Dassault Systemes S.A. | 46,198 | |||||||
| 329,000 | Datasonic Group BHD | 94 | |||||||
| 1,202,863 | * | Dell Technologies, Inc-VMware Inc | 97,769 | ||||||
| 205,200 | Dena Co Ltd | 4,224 | |||||||
| 485,685 | * | Descartes Systems Group, Inc | 13,809 | ||||||
| 8,096 | Devoteam S.A. | 727 | |||||||
| 171,971 | * | DHI Group, Inc | 327 | ||||||
| 17,879 | *,e | Digimarc Corp | 646 | ||||||
| 6,000 | Digital Arts, Inc | 239 | |||||||
| 464,000 | *,e | Digital China Holdings Ltd | 315 | ||||||
| 22,000 | Digital Garage, Inc | 580 | |||||||
| 53,400 | Dip Corp | 1,376 | |||||||
| 150 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 293,933 | * | Domain Holdings Australia Ltd | $ | 787 | |||||
| 5,587 | DoubleUGames Co Ltd | 270 | |||||||
| 241,250 | DST Systems, Inc | 14,974 | |||||||
| 58,500 | DTS Corp | 1,903 | |||||||
| 12,666 | DuzonBIzon Co Ltd | 393 | |||||||
| 3,107,212 | DXC Technology Co | 294,874 | |||||||
| 4,074,427 | * | eBay, Inc | 153,769 | ||||||
| 41,288 | e | Ebix, Inc | 3,272 | ||||||
| 25,020 | eClerx Services Ltd | 614 | |||||||
| 77,943 | * | Econocom Group S.A. | 557 | ||||||
| 97,858 | * | EDB Business Partner ASA | 387 | ||||||
| 983,298 | * | Electronic Arts, Inc | 103,305 | ||||||
| 58,297 | *,e | Ellie Mae, Inc | 5,212 | ||||||
| 144,767 | Ementor ASA | 2,036 | |||||||
| 103,220 | * | Endurance International Group Holdings, Inc | 867 | ||||||
| 32,070 | Enghouse Systems Ltd | 1,569 | |||||||
| 130,000 | *,e | Enigmo, Inc | 1,268 | ||||||
| 158,775 | * | Envestnet, Inc | 7,915 | ||||||
| 84,356 | EOH Holdings Ltd | 461 | |||||||
| 211,005 | * | EPAM Systems, Inc | 22,668 | ||||||
| 819,773 | Equiniti Group plc | 3,158 | |||||||
| 638,132 | * | Etsy, Inc | 13,050 | ||||||
| 166,966 | * | Euronet Worldwide, Inc | 14,070 | ||||||
| 29,075 | * | Everbridge, Inc | 864 | ||||||
| 218,006 | * | Everi Holdings, Inc | 1,644 | ||||||
| 394,416 | EVERTEC, Inc | 5,384 | |||||||
| 138,533 | * | ExlService Holdings, Inc | 8,360 | ||||||
| 28,700 | F@N Communications, Inc | 228 | |||||||
| 7,525,141 | * | Facebook, Inc | 1,327,886 | ||||||
| 122,904 | Fair Isaac Corp | 18,829 | |||||||
| 152,200 | *,e | Fang Holdings Ltd (ADR) | 849 | ||||||
| 2,900 | *,e | FFRI, Inc | 101 | ||||||
| 777,274 | Fidelity National Information Services, Inc | 73,134 | |||||||
| 213,774 | *,e | FireEye, Inc | 3,036 | ||||||
| 245,909 | * | First American Corp | 11,363 | ||||||
| 1,041,439 | * | First Data Corp | 17,402 | ||||||
| 453,680 | * | Fiserv, Inc | 59,491 | ||||||
| 257,358 | * | Five9, Inc | 6,403 | ||||||
| 254,222 | * | FleetCor Technologies, Inc | 48,920 | ||||||
| 8,384 | *,e | ForeScout Technologies, Inc | 267 | ||||||
| 18,535 | Formula Systems 1985 Ltd | 765 | |||||||
| 205,300 | Forth Smart Service PCL | 111 | |||||||
| 168,591 | * | Fortinet, Inc | 7,366 | ||||||
| 97,922 | F-Secure Oyj | 457 | |||||||
| 65,000 | FUJI SOFT, Inc | 2,083 | |||||||
| 6,255,137 | Fujitsu Ltd | 44,346 | |||||||
| 4,200 | Fukui Computer Holdings, Inc | 120 | |||||||
| 53,600 | Future Architect, Inc | 579 | |||||||
| 9,294 | * | GameHi Co Ltd | 115 | ||||||
| 3,044 | *,e | Gamevil, Inc | 262 | ||||||
| 195,549 | *,e | Gaming Innovation Group, Inc | 117 | ||||||
| 332,063 | * | Gartner, Inc | 40,894 | ||||||
| 85,367 | e | GB Group plc | 502 | ||||||
| 151 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 11,949 | *,e | GDS Holdings Ltd (ADR) | $ | 269 | |||||
| 593,276 | Genpact Ltd | 18,831 | |||||||
| 9,601 | GFT Technologies AG. | 150 | |||||||
| 69,230 | * | Global Dominion Access S.A. | 358 | ||||||
| 421,318 | Global Payments, Inc | 42,233 | |||||||
| 177,726 | * | Glu Mobile, Inc | 647 | ||||||
| 72,700 | e | GMO internet, Inc | 1,234 | ||||||
| 10,300 | e | GMO Payment Gateway, Inc | 850 | ||||||
| 176,604 | Gocompare.Com Group plc | 255 | |||||||
| 437,594 | * | GoDaddy, Inc | 22,002 | ||||||
| 98,217 | *,e | Gogo, Inc | 1,108 | ||||||
| 16,300 | Gourmet Navigator, Inc | 193 | |||||||
| 81,250 | *,e | Gravity Co Ltd (ADR) | 7,678 | ||||||
| 67,500 | Gree, Inc | 423 | |||||||
| 10,907 | *,e | Gridsum Holding, Inc (ADR) | 100 | ||||||
| 561,149 | *,e,n | GrubHub, Inc | 40,291 | ||||||
| 10,733 | * | G-treeBNT Co Ltd | 353 | ||||||
| 53,723 | *,e | GTT Communications, Inc | 2,522 | ||||||
| 224,013 | * | Guidewire Software, Inc | 16,635 | ||||||
| 271,100 | e | GungHo Online Entertainment Inc | 744 | ||||||
| 6,900 | * | Gunosy, Inc | 209 | ||||||
| 10,966 | Haansoft, Inc | 184 | |||||||
| 195,620 | Hackett Group, Inc | 3,073 | |||||||
| 92,936 | Hansen Technologies Ltd | 286 | |||||||
| 274,000 | e | HC International, Inc | 201 | ||||||
| 746,487 | HCL Technologies Ltd | 10,415 | |||||||
| 8,100 | e | Hearts United Group Co Ltd | 123 | ||||||
| 59,535 | Hexaware Technologies Ltd | 317 | |||||||
| 1,221,000 | * | Hi Sun Technology China Ltd | 238 | ||||||
| 179,225 | * | Hortonworks, Inc | 3,604 | ||||||
| 58,592 | * | HubSpot, Inc | 5,180 | ||||||
| 732,439 | * | IAC/InterActiveCorp | 89,563 | ||||||
| 523,000 | e | IGG, Inc | 562 | ||||||
| 140,714 | * | Imperva, Inc | 5,586 | ||||||
| 76,645 | * | Indra Sistemas S.A. | 1,048 | ||||||
| 523,500 | Ines Corp | 5,421 | |||||||
| 198,386 | Inesa Intelligent Tech, Inc - B | 134 | |||||||
| 88,275 | Info Edge India Ltd | 1,923 | |||||||
| 17,700 | Infocom Corp | 430 | |||||||
| 1,275,060 | Infomart Corp | 7,588 | |||||||
| 74,911 | * | Information Services Group, Inc | 312 | ||||||
| 6,700 | Information Services International-Dentsu Ltd | 151 | |||||||
| 3,429,554 | n | Infosys Technologies Ltd | 55,742 | ||||||
| 6,609 | * | Inspired Entertainment, Inc | 65 | ||||||
| 38,359 | * | Instructure, Inc | 1,270 | ||||||
| 36,224 | * | Internap Corp | 569 | ||||||
| 1,239,612 | International Business Machines Corp | 190,181 | |||||||
| 36,000 | International Games System Co Ltd | 189 | |||||||
| 17,400 | Internet Initiative Japan, Inc | 317 | |||||||
| 45,735 | * | InterXion Holding NV | 2,695 | ||||||
| 1,176,469 | Intuit, Inc | 185,623 | |||||||
| 69,124 | iomart Group plc | 364 | |||||||
| 92,902 | Iress Market Technology Ltd | 835 | |||||||
| 28,500 | e | Istyle, Inc | 222 | ||||||
| 152 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 174,330 | IT Holdings Corp | $ | 6,071 | ||||||
| 170,100 | Itochu Techno-Science Corp | 7,378 | |||||||
| 81,020 | e | j2 Global, Inc | 6,079 | ||||||
| 92,417 | Jack Henry & Associates, Inc | 10,809 | |||||||
| 2,300 | *,e | JIG-SAW, Inc | 105 | ||||||
| 22,742 | * | Just Dial Ltd | 186 | ||||||
| 604,837 | * | Just Eat plc | 6,362 | ||||||
| 23,600 | Justsystems Corp | 448 | |||||||
| 177,823 | Kainos Group plc | 815 | |||||||
| 126,220 | Kakaku.com, Inc | 2,131 | |||||||
| 28,359 | e | Kakao Corp | 3,618 | ||||||
| 7,100 | Kanematsu Electronics Ltd | 213 | |||||||
| 8,032 | * | KCP Co Ltd | 126 | ||||||
| 34,826 | Keywords Studios plc | 750 | |||||||
| 70,625 | Kginicis Co Ltd | 1,240 | |||||||
| 128,730 | * | Kinaxis, Inc | 7,864 | ||||||
| 1,244,000 | *,e | Kingdee International Software Group Co Ltd | 699 | ||||||
| 860,061 | e | Kingsoft Corp Ltd | 2,850 | ||||||
| 19,500 | *,e | KLab, Inc | 309 | ||||||
| 159,368 | Konami Corp | 8,764 | |||||||
| 8,889 | * | Korea Information & Communications Co Ltd | 101 | ||||||
| 514,089 | KPIT Cummins Infosystems Ltd | 1,456 | |||||||
| 23,688 | KPS AG. | 398 | |||||||
| 52,588 | Larsen & Toubro Infotech Ltd | 920 | |||||||
| 24,644 | * | Leaf Group Ltd | 244 | ||||||
| 498,640 | Leidos Holdings, Inc | 32,197 | |||||||
| 705,000 | * | Leyou Technologies Holdings Ltd | 160 | ||||||
| 647,386 | * | Limelight Networks, Inc | 2,855 | ||||||
| 36,900 | * | LINE Corp | 1,507 | ||||||
| 542,497 | Link Administration Holdings Ltd | 3,557 | |||||||
| 81,367 | Linx S.A. | 525 | |||||||
| 53,610 | * | Liquidity Services, Inc | 260 | ||||||
| 275,698 | * | Liveperson, Inc | 3,171 | ||||||
| 194,614 | LogMeIn, Inc | 22,283 | |||||||
| 10,369 | * | Logo Yazilim Sanayi Ve Ticaret AS. | 161 | ||||||
| 186,400 | * | Mail.ru (GDR) | 5,351 | ||||||
| 9,832 | * | Majesco | 53 | ||||||
| 135,976 | * | Manhattan Associates, Inc | 6,736 | ||||||
| 69,567 | Mantech International Corp (Class A) | 3,492 | |||||||
| 118,000 | e | Marvelous, Inc | 1,086 | ||||||
| 2,343,848 | MasterCard, Inc (Class A) | 354,765 | |||||||
| 65,378 | *,e | Match Group, Inc | 2,047 | ||||||
| 70,526 | Matrix IT Ltd | 886 | |||||||
| 210,033 | MAXIMUS, Inc | 15,034 | |||||||
| 122,614 | * | Meet Group, Inc | 346 | ||||||
| 335,689 | Micro Focus International plc | 11,409 | |||||||
| 3,720 | * | Micro Focus International plc (ADR) | 125 | ||||||
| 21,086,064 | n | Microsoft Corp | 1,803,702 | ||||||
| 75,272 | * | MicroStrategy, Inc (Class A) | 9,883 | ||||||
| 73,372 | * | MINDBODY, Inc | 2,234 | ||||||
| 145,978 | MindTree Ltd | 1,401 | |||||||
| 13,500 | Miroku Jyoho Service Co Ltd | 363 | |||||||
| 111,105 | * | Mitek Systems, Inc | 994 | ||||||
| 153 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 4,300 | Mitsubishi Research Institute, Inc | $ | 151 | ||||||
| 134,560 | e | Mixi Inc | 6,027 | ||||||
| 362,536 | * | MobileIron, Inc | 1,414 | ||||||
| 71,466 | * | Model N, Inc | 1,126 | ||||||
| 111,500 | * | Momo, Inc (ADR) | 2,730 | ||||||
| 61,575 | * | MoneyGram International, Inc | 812 | ||||||
| 1,324,742 | Moneysupermarket.com Group plc | 6,366 | |||||||
| 69,122 | Monotype Imaging Holdings, Inc | 1,666 | |||||||
| 124,829 | Mphasis Ltd | 1,417 | |||||||
| 11,600 | MTI Ltd | 66 | |||||||
| 199,059 | *,e | MuleSoft, Inc | 4,630 | ||||||
| 1,418,750 | My EG Services BHD | 782 | |||||||
| 375,838 | MYOB Ltd | 1,056 | |||||||
| 852,000 | *,†,e,m | National Agricultural Holdings Ltd | 1 | ||||||
| 23,291 | Naver Corp | 18,921 | |||||||
| 196,831 | NCC Group plc | 622 | |||||||
| 29,988 | NCsoft | 12,535 | |||||||
| 16,400 | NEC Networks & System Integration Corp | 431 | |||||||
| 11,926 | Nemetschek AG. | 1,067 | |||||||
| 635,200 | NET One Systems Co Ltd | 9,740 | |||||||
| 135,000 | e | NetDragon Websoft, Inc | 374 | ||||||
| 137,753 | Netease.com (ADR) | 47,534 | |||||||
| 106,269 | NetEnt AB | 732 | |||||||
| 74,505 | * | Nets A.S. | 1,960 | ||||||
| 53,286 | * | New Relic, Inc | 3,078 | ||||||
| 447,464 | * | Nexon Co Ltd | 12,977 | ||||||
| 177,759 | * | NEXTDC Ltd | 830 | ||||||
| 6,922 | * | NHN Entertainment Corp | 442 | ||||||
| 113,249 | NIC, Inc | 1,880 | |||||||
| 65,544 | Nice Systems Ltd | 5,989 | |||||||
| 249,100 | Nihon Unisys Ltd | 5,172 | |||||||
| 74,106 | * | NIIT Technologies Ltd | 749 | ||||||
| 260,982 | Nintendo Co Ltd | 93,979 | |||||||
| 21,200 | Nippon System Development Co Ltd | 451 | |||||||
| 88,448 | Nomura Research Institute Ltd | 4,105 | |||||||
| 57,200 | *,e | NQ Mobile, Inc (ADR) | 230 | ||||||
| 20,900 | NS Solutions Corp | 571 | |||||||
| 311,135 | NTT Data Corp | 3,691 | |||||||
| 424,288 | * | Nuance Communications, Inc | 6,937 | ||||||
| 686,280 | *,e | Nutanix, Inc | 24,212 | ||||||
| 6,800 | OBIC Business Consultants Ltd | 396 | |||||||
| 51,500 | Obic Co Ltd | 3,783 | |||||||
| 33,444 | *,e | Okta, Inc | 857 | ||||||
| 388,835 | Open Text Corp | 13,830 | |||||||
| 67,844 | *,e | Opera Software ASA | 217 | ||||||
| 12,845,715 | Oracle Corp | 607,345 | |||||||
| 64,649 | Oracle Corp Japan | 5,350 | |||||||
| 45,595 | Otsuka Corp | 3,492 | |||||||
| 2,392,602 | *,e | Pandora Media, Inc | 11,532 | ||||||
| 70,155 | Paradox Interactive AB | 798 | |||||||
| 23,977 | *,e | Park City Group, Inc | 229 | ||||||
| 614,031 | Paychex, Inc | 41,803 | |||||||
| 86,053 | *,e | Paycom Software, Inc | 6,913 | ||||||
| 127,819 | * | Paylocity Holding Corp | 6,028 | ||||||
| 154 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 5,211,341 | * | PayPal Holdings, Inc | $ | 383,659 | |||||
| 59,780 | PC Home Online | 274 | |||||||
| 263,000 | PCA Corp | 4,199 | |||||||
| 165,709 | Pegasystems, Inc | 7,813 | |||||||
| 98,423 | * | Perficient, Inc | 1,877 | ||||||
| 51,092 | Persistent Systems Ltd | 575 | |||||||
| 13,400 | * | PFSweb, Inc | 100 | ||||||
| 19,000 | *,e | Phoenix New Media Ltd (ADR) | 123 | ||||||
| 893,973 | Playtech Ltd | 10,375 | |||||||
| 35,975 | POSDATA Co Ltd | 280 | |||||||
| 39,189 | * | Presidio, Inc | 751 | ||||||
| 247,248 | Progress Software Corp | 10,525 | |||||||
| 1,089,053 | * | Proofpoint, Inc | 96,719 | ||||||
| 46,622 | * | PROS Holdings, Inc | 1,233 | ||||||
| 296,652 | * | PTC, Inc | 18,028 | ||||||
| 54,021 | * | Q2 Holdings, Inc | 1,991 | ||||||
| 22,895 | QAD, Inc (Class A) | 889 | |||||||
| 158,481 | * | Qualys, Inc | 9,406 | ||||||
| 126,052 | * | QuinStreet, Inc | 1,056 | ||||||
| 218,416 | * | Quotient Technology, Inc | 2,566 | ||||||
| 47,697 | * | Rapid7, Inc | 890 | ||||||
| 57,583 | REA Group Ltd | 3,434 | |||||||
| 51,153 | * | RealNetworks, Inc | 175 | ||||||
| 102,889 | *,e | RealPage, Inc | 4,558 | ||||||
| 342,668 | * | Red Hat, Inc | 41,154 | ||||||
| 16,404 | Reis, Inc | 339 | |||||||
| 11,280 | *,e | Renren, Inc (ADR) | 117 | ||||||
| 2,010,000 | * | Rentian Technology Holdings Ltd | 99 | ||||||
| 85,865 | Reply S.p.A | 4,757 | |||||||
| 21,713 | RIB Software AG. | 644 | |||||||
| 213,791 | Rightmove plc | 12,974 | |||||||
| 315,461 | * | RingCentral, Inc | 15,268 | ||||||
| 36,365 | * | Rocket Internet SE | 917 | ||||||
| 49,404 | * | Rosetta Stone, Inc | 616 | ||||||
| 313,449 | * | Rubicon Project, Inc | 586 | ||||||
| 718,044 | e | Sabre Corp | 14,720 | ||||||
| 101,714 | e | SafeCharge International Group Ltd | 407 | ||||||
| 1,154,088 | Sage Group plc | 12,407 | |||||||
| 33,563 | Saipens International Corp NV | 386 | |||||||
| 4,838,819 | *,n | salesforce.com, Inc | 494,673 | ||||||
| 28,902 | Samsung SDS Co Ltd | 5,389 | |||||||
| 968,378 | SAP AG. | 108,337 | |||||||
| 184,172 | Science Applications International Corp | 14,102 | |||||||
| 551,866 | Scout24 AG. | 22,492 | |||||||
| 1,754,274 | *,e | Sea Ltd (ADR) | 23,384 | ||||||
| 15,200 | *,e | SecureWorks Corp | 135 | ||||||
| 13,045 | * | SendGrid, Inc | 313 | ||||||
| 1,114,352 | * | ServiceNow, Inc | 145,300 | ||||||
| 143,216 | * | ServiceSource International LLC | 443 | ||||||
| 147,860 | Shanghai Baosight Software Co Ltd | 223 | |||||||
| 59,856 | * | Shopify, Inc | 6,053 | ||||||
| 30,684 | *,e | Shutterstock, Inc | 1,320 | ||||||
| 74,373 | * | Silver Spring Networks, Inc | 1,208 | ||||||
| 155 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 2,485,000 | Silverlake Axis Ltd | $ | 1,078 | ||||||
| 23,958 | SimCorp AS | 1,364 | |||||||
| 144,159 | * | Sina Corp | 14,461 | ||||||
| 5,440,000 | * | Sino-I Technology Ltd | 61 | ||||||
| 436,600 | e | Sinosoft Technology Group Ltd | 123 | ||||||
| 20,200 | SMS Co Ltd | 635 | |||||||
| 461,040 | Softcat plc | 3,237 | |||||||
| 30,792 | Software AG. | 1,727 | |||||||
| 53,540 | Soft-World International Corp | 126 | |||||||
| 18,658 | * | Sohu.com, Inc | 809 | ||||||
| 15,477 | * | Solutions 30 SE | 474 | ||||||
| 303,885 | Sonda S.A. | 604 | |||||||
| 172,290 | Sophos Group plc | 1,327 | |||||||
| 42,924 | Sopra Group S.A. | 8,022 | |||||||
| 224,319 | * | Splunk, Inc | 18,583 | ||||||
| 29,926 | * | SPS Commerce, Inc | 1,454 | ||||||
| 89,427 | Square Enix Co Ltd | 4,243 | |||||||
| 466,881 | *,e | Square, Inc | 16,187 | ||||||
| 467,166 | SS&C Technologies Holdings, Inc | 18,911 | |||||||
| 34,135 | * | Stamps.com, Inc | 6,417 | ||||||
| 139,314 | *,e | Starbreeze AB | 143 | ||||||
| 46,900 | * | StarTek, Inc | 468 | ||||||
| 30,142 | Sumisho Computer Systems Corp | 1,387 | |||||||
| 420,000 | SUNeVision Holdings Ltd | 319 | |||||||
| 65,145 | e | Switch, Inc | 1,185 | ||||||
| 66,880 | * | Sykes Enterprises, Inc | 2,103 | ||||||
| 1,370,836 | Symantec Corp | 38,466 | |||||||
| 77,379 | * | Synchronoss Technologies, Inc | 692 | ||||||
| 720,762 | * | Synopsys, Inc | 61,438 | ||||||
| 190,828 | * | Syntel, Inc | 4,387 | ||||||
| 11,100 | Systena Corp | 354 | |||||||
| 120,000 | Systex Corp | 239 | |||||||
| 67,061 | * | Tableau Software, Inc | 4,641 | ||||||
| 11,009 | * | Takeaway.com Holding BV | 672 | ||||||
| 647,596 | * | Take-Two Interactive Software, Inc | 71,093 | ||||||
| 601,797 | Tata Consultancy Services Ltd | 25,445 | |||||||
| 10,452 | Tata Elxsi Ltd | 160 | |||||||
| 794,793 | Tech Mahindra Ltd | 6,277 | |||||||
| 212,703 | Technology One Ltd | 820 | |||||||
| 36,598 | * | TechTarget, Inc | 509 | ||||||
| 23,900 | Tecmo Koei Holdings Co Ltd | 482 | |||||||
| 82,961 | * | TeleNav, Inc | 456 | ||||||
| 24,218 | TeleTech Holdings, Inc | 975 | |||||||
| 60,575 | Temenos Group AG. | 7,752 | |||||||
| 9,868,514 | Tencent Holdings Ltd | 510,774 | |||||||
| 2,211,423 | *,e | Teradata Corp | 85,051 | ||||||
| 302,000 | Tian GE Interactive Holdings Ltd | 238 | |||||||
| 35,750 | Tietoenator Oyj | 1,114 | |||||||
| 555,659 | TiVo Corp | 8,668 | |||||||
| 10,500 | TKC | 383 | |||||||
| 565,443 | Total System Services, Inc | 44,721 | |||||||
| 74,400 | Totvus S.A. | 670 | |||||||
| 84,841 | *,e | Trade Desk, Inc | 3,880 | ||||||
| 15,100 | Trans Cosmos, Inc/Japan | 385 | |||||||
| 156 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 984,785 | Travelport Worldwide Ltd | $ | 12,871 | ||||||
| 1,006,000 | Travelsky Technology Ltd | 3,007 | |||||||
| 129,503 | e | Trend Micro, Inc | 7,330 | ||||||
| 122,611 | *,e | TrueCar, Inc | 1,373 | ||||||
| 16,157 | *,e | Tucows, Inc | 1,132 | ||||||
| 107,356 | *,e | Twilio, Inc | 2,534 | ||||||
| 1,948,765 | * | Twitter, Inc | 46,790 | ||||||
| 72,910 | * | Tyler Technologies, Inc | 12,909 | ||||||
| 144,106 | * | Ubisoft Entertainment | 11,072 | ||||||
| 56,357 | * | Ultimate Software Group, Inc | 12,299 | ||||||
| 138,558 | *,e | Unisys Corp | 1,129 | ||||||
| 143,522 | United Internet AG. | 9,834 | |||||||
| 21,000 | e | UNITED, Inc | 683 | ||||||
| 24,310 | * | Upland Software, Inc | 527 | ||||||
| 505,235 | *,m | Vakrangee Ltd | 3,320 | ||||||
| 505,235 | Vakrangee Ltd | 3,320 | |||||||
| 297,060 | *,e | Vantiv, Inc | 21,849 | ||||||
| 119,984 | * | Varonis Systems, Inc | 5,825 | ||||||
| 140,293 | * | Vasco Data Security International | 1,950 | ||||||
| 130,021 | * | Verint Systems, Inc | 5,441 | ||||||
| 169,964 | *,e | VeriSign, Inc | 19,451 | ||||||
| 17,841 | *,e | Veritone, Inc | 414 | ||||||
| 86,367 | *,e | VirnetX Holding Corp | 320 | ||||||
| 45,374 | * | Virtusa Corp | 2,000 | ||||||
| 7,267,111 | Visa, Inc (Class A) | 828,596 | |||||||
| 367,070 | *,e | VMware, Inc (Class A) | 46,001 | ||||||
| 64,610 | * | Website Pros, Inc | 1,409 | ||||||
| 10,268 | * | Webzen, Inc | 375 | ||||||
| 214,256 | *,e | Weibo Corp (ADR) | 22,167 | ||||||
| 5,956 | WeMade Entertainment Co Ltd | 280 | |||||||
| 989,658 | Western Union Co | 18,813 | |||||||
| 72,063 | * | WEX, Inc | 10,177 | ||||||
| 1,545,933 | Wipro Ltd | 7,581 | |||||||
| 169,366 | Wirecard AG. | 18,824 | |||||||
| 283,124 | Wisetech Global Ltd | 3,126 | |||||||
| 37,254 | * | Wix.com Ltd | 2,144 | ||||||
| 117,692 | * | Workday, Inc | 11,974 | ||||||
| 121,854 | * | Workiva, Inc | 2,608 | ||||||
| 31,588 | * | Worldline S.A. | 1,541 | ||||||
| 1,509,457 | Worldpay Group plc | 8,662 | |||||||
| 51,871 | * | Xero Ltd | 1,155 | ||||||
| 7,067 | XING AG. | 2,271 | |||||||
| 148,051 | * | XO Group, Inc | 2,733 | ||||||
| 16,700 | *,e | Xunlei Ltd (ADR) | 257 | ||||||
| 8,300,000 | Xurpas, Inc | 926 | |||||||
| 1,178,938 | Yahoo! Japan Corp | 5,401 | |||||||
| 361,196 | * | Yelp, Inc | 15,156 | ||||||
| 40,181 | *,e | Yext, Inc | 483 | ||||||
| 7,854 | e | Yirendai Ltd (ADR) | 345 | ||||||
| 196,500 | * | YY, Inc (ADR) | 22,216 | ||||||
| 312,332 | * | Zendesk, Inc | 10,569 | ||||||
| 7,138 | Zensar Technologies Ltd | 100 | |||||||
| 22,400 | * | ZIGExN Co Ltd | 179 | ||||||
| 157 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 116,189 | * | Zillow Group, Inc | $ | 4,734 | |||||
| 216,022 | *,e | Zillow Group, Inc (Class C) | 8,840 | ||||||
| 232,635 | * | Zix Corp | 1,019 | ||||||
| 1,194,400 | ZPG plc | 5,331 | |||||||
| 5,275,333 | * | Zynga, Inc | 21,101 | ||||||
| TOTAL SOFTWARE & SERVICES | 14,473,119 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 4.8% | |||||||||
| 182,134 | *,e | 3D Systems Corp | 1,574 | ||||||
| 732,422 | AAC Technologies Holdings, Inc | 12,963 | |||||||
| 72,188 | * | accesso Technology Group plc | 1,913 | ||||||
| 2,469,292 | Accton Technology Corp | 8,752 | |||||||
| 12,608,762 | Acer, Inc | 10,208 | |||||||
| 92,492 | Adlink Technology, Inc | 199 | |||||||
| 158,206 | Adtran, Inc | 3,061 | |||||||
| 28,800 | *,e | ADVA AG. Optical Networking | 207 | ||||||
| 27,000 | Advanced Ceramic X Corp | 361 | |||||||
| 300,932 | Advantech Co Ltd | 2,126 | |||||||
| 213,788 | * | Aerohive Networks, Inc | 1,246 | ||||||
| 28,005 | * | Agilysys, Inc | 344 | ||||||
| 22,700 | Ai Holdings Corp | 547 | |||||||
| 22,444 | *,e | Akoustis Technologies, Inc | 140 | ||||||
| 182,400 | Alpha Networks, Inc | 145 | |||||||
| 145,500 | Alps Electric Co Ltd | 4,139 | |||||||
| 12,537 | ALSO Holding AG. | 1,724 | |||||||
| 38,000 | Amano Corp | 991 | |||||||
| 500,105 | Amphenol Corp (Class A) | 43,909 | |||||||
| 780,314 | * | Anixter International, Inc | 59,304 | ||||||
| 83,600 | Anritsu Corp | 941 | |||||||
| 2,796,000 | *,†,e,m | Anxin-China Holdings Ltd | 4 | ||||||
| 15,562,681 | n | Apple, Inc | 2,633,672 | ||||||
| 30,646 | *,e | Applied Optoelectronics, Inc | 1,159 | ||||||
| 87,000 | Arcadyan Technology Corp | 151 | |||||||
| 165,263 | * | Arista Networks, Inc | 38,933 | ||||||
| 592,793 | * | ARRIS International plc | 15,229 | ||||||
| 183,651 | * | Arrow Electronics, Inc | 14,767 | ||||||
| 85,044 | Ascom Holding AG. | 2,195 | |||||||
| 144,000 | Asia Optical Co, Inc | 461 | |||||||
| 5,205,464 | Asia Vital Components Co Ltd | 5,668 | |||||||
| 1,727,044 | Asustek Computer, Inc | 16,221 | |||||||
| 60,000 | Aten International Co Ltd | 169 | |||||||
| 48,036,893 | AU Optronics Corp | 19,964 | |||||||
| 166,800 | Aurora Corp | 483 | |||||||
| 43,596 | Austria Technologie & Systemtechnik AG. | 1,225 | |||||||
| 60,644 | * | Avid Technology, Inc | 327 | ||||||
| 162,841 | * | Avigilon Corp | 2,732 | ||||||
| 369,389 | Avnet, Inc | 14,635 | |||||||
| 79,263 | AVX Corp | 1,371 | |||||||
| 47,703 | Badger Meter, Inc | 2,280 | |||||||
| 16,367 | Barco NV | 1,748 | |||||||
| 844 | Basler AG. | 198 | |||||||
| 17,103 | Bel Fuse, Inc (Class B) | 431 | |||||||
| 73,601 | Belden CDT, Inc | 5,680 | |||||||
| 182,578 | * | Benchmark Electronics, Inc | 5,313 | ||||||
| 158 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 12,408,000 | Benq Corp | $ | 8,791 | ||||||
| 16,090 | * | BH Co Ltd | 409 | ||||||
| 3,916,000 | Big Media Group Ltd | 120 | |||||||
| 510,191 | * | Blackberry Ltd (New) | 5,699 | ||||||
| 369,959 | Brother Industries Ltd | 9,093 | |||||||
| 653,000 | e | BYD Electronic International Co Ltd | 1,416 | ||||||
| 59,656 | * | CalAmp Corp | 1,278 | ||||||
| 648,406 | CalComp Electronics Thailand PCL | 59 | |||||||
| 111,042 | * | Calix, Inc | 661 | ||||||
| 260,000 | *,e | Camsing International Holding Ltd | 219 | ||||||
| 73,900 | Canon Electronics, Inc | 1,613 | |||||||
| 1,021,782 | Canon, Inc | 38,070 | |||||||
| 85,000 | Casetek Holdings Ltd | 291 | |||||||
| 546,857 | Catcher Technology Co Ltd | 5,992 | |||||||
| 194,000 | Catic Shenzhen Holdings Ltd | 200 | |||||||
| 506,655 | CDW Corp | 35,207 | |||||||
| 255,456 | * | Celestica, Inc | 2,679 | ||||||
| 37,000 | Chaun-Choung Technology Corp | 122 | |||||||
| 251,602 | Cheng Uei Precision Industry Co Ltd | 421 | |||||||
| 684,452 | Chicony Electronics Co Ltd | 1,720 | |||||||
| 97,000 | Chilisin Electronics Corp | 320 | |||||||
| 339,663 | * | Chimei Materials Technology Corp | 138 | ||||||
| 1,414,000 | e | China Aerospace International Holdings Ltd | 170 | ||||||
| 1,232,000 | e | China All Access Holdings Ltd | 353 | ||||||
| 489,600 | *,†,m | China Fiber Optic Network System Group Ltd | 1 | ^ | |||||
| 3,488,000 | *,e | China Innovationpay Group Ltd | 192 | ||||||
| 207,000 | Chin-Poon Industrial Co | 403 | |||||||
| 234,840 | Chroma ATE, Inc | 1,274 | |||||||
| 11,000 | Chunghwa Precision Test Tech Co Ltd | 421 | |||||||
| 1,890,199 | * | Ciena Corp | 39,562 | ||||||
| 19,674,429 | n | Cisco Systems, Inc | 753,531 | ||||||
| 566,654 | Citizen Watch Co Ltd | 4,150 | |||||||
| 23,353 | *,e | Clearfield, Inc | 286 | ||||||
| 310,393 | Clevo Co | 302 | |||||||
| 1,212,394 | * | CMC Magnetics Corp | 173 | ||||||
| 30,400 | CMK Corp | 275 | |||||||
| 605,520 | Cognex Corp | 37,034 | |||||||
| 71,594 | * | Coherent, Inc | 20,205 | ||||||
| 899,089 | e | Comba Telecom Systems Holdings Ltd | 172 | ||||||
| 4,996 | Comet Holding AG. | 785 | |||||||
| 944,748 | * | CommScope Holding Co, Inc | 35,740 | ||||||
| 3,356,688 | Compal Electronics, Inc | 2,399 | |||||||
| 3,630,000 | Compeq Manufacturing Co | 4,652 | |||||||
| 39,524 | Comtech Telecommunications Corp | 874 | |||||||
| 24,250 | Concraft Holding Co Ltd | 289 | |||||||
| 172,482 | * | Control4 Corp | 5,133 | ||||||
| 2,615,399 | *,†,e,m | Coolpad Group Ltd | 181 | ||||||
| 971,000 | Coretronic Corp | 1,113 | |||||||
| 1,342,458 | Corning, Inc | 42,945 | |||||||
| 76,000 | * | Co-Tech Development Corp | 103 | ||||||
| 68,104 | * | Cray, Inc | 1,648 | ||||||
| 51,662 | CTS Corp | 1,330 | |||||||
| 63,411 | Daeduck Electronics Co | 584 | |||||||
| 159 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 10,080 | Daeduck GDS Co Ltd | $ | 258 | ||||||
| 83,000 | Daiwabo Co Ltd | 3,406 | |||||||
| 61,485 | Daktronics, Inc | 561 | |||||||
| 42,938 | Datalogic S.p.A. | 1,585 | |||||||
| 126,240 | * | DataTec Ltd | 583 | ||||||
| 368,400 | Delta Electronics Thai PCL | 828 | |||||||
| 1,669,988 | Delta Electronics, Inc | 8,023 | |||||||
| 7,000 | Denki Kogyo Co Ltd | 198 | |||||||
| 29,400 | Dexerials Corp | 379 | |||||||
| 126,112 | e | Diebold, Inc | 2,062 | ||||||
| 100,199 | * | Digi International, Inc | 957 | ||||||
| 149,633 | Dolby Laboratories, Inc (Class A) | 9,277 | |||||||
| 209,600 | Eastern Communications Co Ltd | 136 | |||||||
| 27,830 | *,e | Eastman Kodak Co | 86 | ||||||
| 115,981 | * | EchoStar Corp (Class A) | 6,947 | ||||||
| 40,000 | * | Egis Technology, Inc | 304 | ||||||
| 11,571 | Eizo Nanao Corp | 544 | |||||||
| 52,400 | Elecom Co Ltd | 1,206 | |||||||
| 250,429 | * | Electro Scientific Industries, Inc | 5,367 | ||||||
| 1,603,634 | Electrocomponents plc | 13,537 | |||||||
| 79,104 | * | Electronics for Imaging, Inc | 2,336 | ||||||
| 38,600 | Elematec Corp | 887 | |||||||
| 174,654 | Elite Material Co Ltd | 593 | |||||||
| 211,390 | * | Elitegroup Computer Systems Co Ltd | 141 | ||||||
| 45,224 | * | EMCORE Corp | 292 | ||||||
| 28,822 | Ennoconn Corp | 434 | |||||||
| 5,800 | Enplas Corp | 240 | |||||||
| 32,936 | * | ePlus, Inc | 2,477 | ||||||
| 2,320,881 | Ericsson (LM) (B Shares) | 15,317 | |||||||
| 57,188 | Evertz Technologies Ltd | 828 | |||||||
| 23,416 | EVS Broadcast Equipment S.A. | 821 | |||||||
| 3,729,766 | * | Extreme Networks, Inc | 46,697 | ||||||
| 271,888 | * | F5 Networks, Inc | 35,677 | ||||||
| 60,409 | * | Fabrinet | 1,734 | ||||||
| 61,191 | * | FARO Technologies, Inc | 2,876 | ||||||
| 1,923,000 | FIH Mobile Ltd | 586 | |||||||
| 191,214 | *,e | Fingerprint Cards AB | 369 | ||||||
| 588,721 | * | Finisar Corp | 11,980 | ||||||
| 141,672 | Firich Enterprises Co Ltd | 198 | |||||||
| 330,736 | *,e | Fitbit, Inc | 1,889 | ||||||
| 192,339 | FLEXium Interconnect, Inc | 686 | |||||||
| 1,466,550 | * | Flextronics International Ltd | 26,383 | ||||||
| 596,276 | Flir Systems, Inc | 27,798 | |||||||
| 75,310 | Flytech Technology Co Ltd | 207 | |||||||
| 4,332,868 | Foxconn Technology Co Ltd | 12,350 | |||||||
| 867,963 | Fujifilm Holdings Corp | 35,417 | |||||||
| 80,000 | Fujitsu Frontech Ltd | 1,413 | |||||||
| 52,817 | Gemalto NV | 3,128 | |||||||
| 167,000 | General Interface Solution Holding Ltd | 1,107 | |||||||
| 38,000 | * | Genius Electronic Optical Co Ltd | 342 | ||||||
| 2,472,000 | Getac Technology Corp | 3,667 | |||||||
| 5,845,000 | Gigabyte Technology Co Ltd | 10,575 | |||||||
| 3,710 | Green Cross Cell Corp | 169 | |||||||
| 274,083 | Halma plc | 4,657 | |||||||
| 160 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 193,700 | Hamamatsu Photonics KK | $ | 6,497 | ||||||
| 26,249,330 | HannStar Display Corp | 8,760 | |||||||
| 168,160 | *,e | Harmonic, Inc | 706 | ||||||
| 172,806 | Harris Corp | 24,478 | |||||||
| 2,506,274 | Hewlett Packard Enterprise Co | 35,990 | |||||||
| 39,851 | Hexagon AB (B Shares) | 1,999 | |||||||
| 541,799 | * | High Tech Computer Corp | 1,331 | ||||||
| 45,100 | Hirose Electric Co Ltd | 6,585 | |||||||
| 729,479 | Hitachi High-Technologies Corp | 30,660 | |||||||
| 22,267 | Hitachi Kokusai Electric, Inc | 613 | |||||||
| 18,769,249 | Hitachi Ltd | 145,616 | |||||||
| 311,300 | Hitachi Maxell Ltd | 6,627 | |||||||
| 20,700 | Hochiki Corp | 445 | |||||||
| 280,270 | Holystone Enterprise Co Ltd | 1,055 | |||||||
| 17,281 | * | Homecast Co Ltd | 235 | ||||||
| 30,473,287 | Hon Hai Precision Industry Co, Ltd | 96,892 | |||||||
| 41,895 | Horiba Ltd | 2,522 | |||||||
| 540,100 | Hosiden Corp | 7,946 | |||||||
| 2,266,477 | HP, Inc | 47,619 | |||||||
| 487,600 | Ibiden Co Ltd | 7,278 | |||||||
| 7,600 | Icom, Inc | 178 | |||||||
| 137,476 | ICP Electronics, Inc | 181 | |||||||
| 279,756 | *,e | IDEX ASA | 176 | ||||||
| 105,944 | * | II-VI, Inc | 4,974 | ||||||
| 11,670 | Iljin Materials Co Ltd | 417 | |||||||
| 52,746 | *,e | Immersion Corp | 372 | ||||||
| 885,080 | Inari Amertron BHD | 742 | |||||||
| 4,796 | Inficon Holding AG. | 2,989 | |||||||
| 591,427 | *,e | Infinera Corp | 3,744 | ||||||
| 94,194 | Ingenico | 10,060 | |||||||
| 7,529,219 | InnoLux Display Corp | 3,125 | |||||||
| 287,717 | * | Insight Enterprises, Inc | 11,017 | ||||||
| 184,073 | InterDigital, Inc | 14,017 | |||||||
| 7,394 | * | Interflex Co Ltd | 309 | ||||||
| 50,729 | * | Intevac, Inc | 347 | ||||||
| 2,086,535 | Inventec Co Ltd | 1,661 | |||||||
| 46,120 | * | IPG Photonics Corp | 9,876 | ||||||
| 30,600 | Iriso Electronics Co Ltd | 1,827 | |||||||
| 1,979 | Isra Vision AG. | 504 | |||||||
| 38,700 | ITC Networks Corp | 804 | |||||||
| 697,357 | ITEQ Corp | 1,527 | |||||||
| 39,466 | * | Iteris, Inc | 275 | ||||||
| 255,057 | * | Itron, Inc | 17,395 | ||||||
| 29,239 | Ituran Location and Control Ltd | 1,000 | |||||||
| 287,235 | Jabil Circuit, Inc | 7,540 | |||||||
| 120,000 | Japan Aviation Electronics Industry Ltd | 2,023 | |||||||
| 11,300 | e | Japan Cash Machine Co Ltd | 114 | ||||||
| 236,500 | *,e | Japan Display, Inc | 477 | ||||||
| 125,864 | Jenoptik AG. | 4,146 | |||||||
| 2,849,125 | Ju Teng International Holdings Ltd | 928 | |||||||
| 2,105,194 | Juniper Networks, Inc | 59,998 | |||||||
| 30,700 | Kaga Electronics Co Ltd | 839 | |||||||
| 9,282 | Kapsch TrafficCom AG. | 556 | |||||||
| 161 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 64,400 | KCE Electronics PCL | $ | 163 | ||||||
| 323,672 | * | Kemet Corp | 4,874 | ||||||
| 27,400 | Keyence Corp | 15,306 | |||||||
| 404,617 | * | Keysight Technologies, Inc | 16,832 | ||||||
| 48,440 | * | Kimball Electronics, Inc | 884 | ||||||
| 1,065,000 | Kingboard Chemical Holdings Ltd | 5,745 | |||||||
| 1,190,500 | Kingboard Laminates Holdings Ltd | 1,852 | |||||||
| 16,411 | Kingpak Technology, Inc | 152 | |||||||
| 153,547 | * | Knowles Corp | 2,251 | ||||||
| 105,400 | Koa Corp | 2,171 | |||||||
| 899,425 | e | Konica Minolta Holdings, Inc | 8,630 | ||||||
| 192,328 | e | Kudelski S.A. | 2,374 | ||||||
| 31,552 | * | KVH Industries, Inc | 327 | ||||||
| 311,110 | Kyocera Corp | 20,311 | |||||||
| 520,195 | Laird Group plc | 966 | |||||||
| 16,452 | * | Landis&Gyr Group AG. | 1,308 | ||||||
| 126,666 | Largan Precision Co Ltd | 17,003 | |||||||
| 414 | LEM Holding S.A. | 702 | |||||||
| 6,630,753 | e | Lenovo Group Ltd | 3,734 | ||||||
| 10,887 | LG Innotek Co Ltd | 1,460 | |||||||
| 193,695 | LG.Philips LCD Co Ltd | 5,391 | |||||||
| 1,772,825 | Lite-On Technology Corp | 2,411 | |||||||
| 52,083 | Littelfuse, Inc | 10,303 | |||||||
| 358,214 | Logitech International S.A. | 12,067 | |||||||
| 38,000 | Lotes Co Ltd | 257 | |||||||
| 1,748,199 | *,e | Lumentum Holdings, Inc | 85,487 | ||||||
| 216,900 | Macnica Fuji Electronics Holdings, Inc | 4,722 | |||||||
| 123,300 | Marubun Corp | 1,266 | |||||||
| 16,400 | Maruwa Co Ltd | 1,094 | |||||||
| 69,295 | *,e | Maxwell Technologies, Inc | 399 | ||||||
| 21,500 | Mcj Co Ltd | 225 | |||||||
| 1,380,000 | *,e | Meitu, Inc | 1,915 | ||||||
| 4,800 | Melco Holdings, Inc | 165 | |||||||
| 106,076 | Merry Electronics Co Ltd | 689 | |||||||
| 5,735 | e | Mesa Laboratories, Inc | 713 | ||||||
| 236,434 | Methode Electronics, Inc | 9,481 | |||||||
| 280,675 | e | Micronic Laser Systems AB | 2,909 | ||||||
| 575,000 | Micro-Star International Co Ltd | 1,476 | |||||||
| 161,592 | *,e | Microvision, Inc | 263 | ||||||
| 2,917,082 | Mitac Holdings Corp | 3,492 | |||||||
| 414,350 | Motorola, Inc | 37,432 | |||||||
| 30,364 | e | MTS Systems Corp | 1,631 | ||||||
| 181,645 | Murata Manufacturing Co Ltd | 24,320 | |||||||
| 153,000 | Nan Ya Printed Circuit Board Corp | 134 | |||||||
| 108,000 | Nanjing Panda Electronics | 65 | |||||||
| 23,842 | * | Napco Security Technologies, Inc | 209 | ||||||
| 340,131 | National Instruments Corp | 14,160 | |||||||
| 225,412 | * | NCR Corp | 7,662 | ||||||
| 166,927 | NEC Corp | 4,497 | |||||||
| 88,178 | Neopost S.A. | 2,539 | |||||||
| 767,201 | NetApp, Inc | 42,442 | |||||||
| 65,487 | * | Netgear, Inc | 3,847 | ||||||
| 146,020 | * | Netscout Systems, Inc | 4,446 | ||||||
| 38,126 | Nichicon Corp | 497 | |||||||
| 162 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 41,500 | Nippon Ceramic Co Ltd | $ | 1,064 | ||||||
| 37,700 | Nippon Chemi-Con Corp | 1,166 | |||||||
| 53,804 | Nippon Electric Glass Co Ltd | 2,048 | |||||||
| 31,600 | Nippon Signal Co Ltd | 336 | |||||||
| 20,260 | Nissha Printing Co Ltd | 588 | |||||||
| 12,100 | e | Nohmi Bosai Ltd | 220 | ||||||
| 2,204,500 | Nokia Corp | 10,273 | |||||||
| 5,339,376 | Nokia Oyj (Turquoise) | 24,947 | |||||||
| 87,205 | * | Novanta, Inc | 4,360 | ||||||
| 1,653,492 | *,e | Oclaro, Inc | 11,145 | ||||||
| 165,400 | Oki Electric Industry Co Ltd | 2,315 | |||||||
| 647,356 | Omron Corp | 38,504 | |||||||
| 229,000 | *,e | O-Net Communications Group | 146 | ||||||
| 10,100 | Optex Co Ltd | 531 | |||||||
| 68,007 | * | Orbotech Ltd | 3,417 | ||||||
| 102,100 | Osaki Electric Co Ltd | 736 | |||||||
| 31,352 | * | OSI Systems, Inc | 2,018 | ||||||
| 71,199 | Oxford Instruments plc | 818 | |||||||
| 96,060 | * | Palo Alto Networks, Inc | 13,923 | ||||||
| 245,224 | Pan-International Industrial | 208 | |||||||
| 36,122 | Park Electrochemical Corp | 710 | |||||||
| 12,206 | *,e | Parrot S.A. | 129 | ||||||
| 25,887 | Partron Co Ltd | 228 | |||||||
| 2,126,000 | e | PAX Global Technology Ltd | 952 | ||||||
| 39,344 | e | PC Connection, Inc | 1,031 | ||||||
| 21,191 | * | PC Mall, Inc | 210 | ||||||
| 1,673,917 | Pegatron Technology Corp | 4,033 | |||||||
| 149,036 | Plantronics, Inc | 7,508 | |||||||
| 58,318 | * | Plexus Corp | 3,541 | ||||||
| 24,176 | Posiflex Technology, Inc | 111 | |||||||
| 1,576,000 | Primax Electronics Ltd | 4,165 | |||||||
| 503,000 | Prime View International Co Ltd | 806 | |||||||
| 1,171,635 | * | Pure Storage, Inc | 18,582 | ||||||
| 2,239,338 | Quanta Computer, Inc | 4,658 | |||||||
| 36,733 | *,e | Quantenna Communications, Inc | 448 | ||||||
| 52,339 | * | Quantum Corp | 295 | ||||||
| 70,887 | *,e | Radisys Corp | 71 | ||||||
| 32,426 | * | Radware Ltd | 629 | ||||||
| 496,727 | Redington India Ltd | 1,359 | |||||||
| 155,855 | Renishaw plc | 10,936 | |||||||
| 159,142 | * | Ribbon Communications, Inc | 1,230 | ||||||
| 143,033 | Ricoh Co Ltd | 1,325 | |||||||
| 9,879 | *,†,m | RICOH INDIA Ltd | 22 | ||||||
| 12,300 | Riken Keiki Co Ltd | 283 | |||||||
| 14,300 | Riso Kagaku Corp | 272 | |||||||
| 1,116,062 | * | Ritek Corp | 174 | ||||||
| 56,488 | * | Rogers Corp | 9,147 | ||||||
| 8,200 | Roland DG Corp | 220 | |||||||
| 16,600 | Ryosan Co Ltd | 637 | |||||||
| 55,900 | Ryoyo Electro Corp | 1,022 | |||||||
| 28,851 | S&T AG. | 620 | |||||||
| 309,500 | Samart Corp PCL | 111 | |||||||
| 43,956 | Samsung Electro-Mechanics Co Ltd | 4,098 | |||||||
| 163 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 118,738 | Samsung SDI Co Ltd | $ | 22,637 | ||||||
| 242,052 | * | Sanmina Corp | 7,988 | ||||||
| 102,249 | * | Scansource, Inc | 3,661 | ||||||
| 4,225 | e | Seagate Technology, Inc | 177 | ||||||
| 66,700 | Seiko Epson Corp | 1,570 | |||||||
| 897,000 | Sercomm Corp | 2,547 | |||||||
| 158,692 | SFA Engineering Corp | 5,744 | |||||||
| 131,976 | Shimadzu Corp | 2,994 | |||||||
| 74,519 | * | Sierra Wireless, Inc | 1,524 | ||||||
| 9,200 | e | Siix Corp | 394 | ||||||
| 2,900 | Silicom Ltd | 203 | |||||||
| 111,600 | Simplo Technology Co Ltd | 623 | |||||||
| 143,123 | Sinbon Electronics Co Ltd | 414 | |||||||
| 3,273 | Sindoh Co Ltd | 194 | |||||||
| 70,603 | Smart Metering Systems plc | 834 | |||||||
| 32,000 | SMK Corp | 180 | |||||||
| 87,551 | Spectris plc | 2,931 | |||||||
| 40,494 | *,m | Sterlite Power Transmission Ltd | 71 | ||||||
| 61,481 | * | Sterlite Technologies Ltd | 281 | ||||||
| 83,332 | *,e | Stratasys Ltd | 1,663 | ||||||
| 1,296,000 | Sunny Optical Technology Group Co Ltd | 16,456 | |||||||
| 67,973 | * | Super Micro Computer, Inc | 1,422 | ||||||
| 4,201,000 | Supreme Electronics Co Ltd | 4,204 | |||||||
| 58,071 | * | Synaptics, Inc | 2,319 | ||||||
| 184,201 | SYNNEX Corp | 25,042 | |||||||
| 1,130,238 | Synnex Technology International Corp | 1,537 | |||||||
| 156,376 | Systemax, Inc | 5,203 | |||||||
| 404,359 | Taiwan PCB Techvest Co Ltd | 431 | |||||||
| 129,000 | Taiwan Union Technology Corp | 363 | |||||||
| 210,903 | Taiyo Yuden Co Ltd | 3,265 | |||||||
| 153,690 | TDK Corp | 12,214 | |||||||
| 1,027,399 | TE Connectivity Ltd | 97,644 | |||||||
| 135,360 | * | Tech Data Corp | 13,261 | ||||||
| 22,033 | * | Tejas Networks Ltd | 136 | ||||||
| 34,606 | * | TELCON, Inc | 482 | ||||||
| 75,179 | e | Telit Communications plc | 152 | ||||||
| 109,495 | Test Research, Inc | 165 | |||||||
| 18,950 | * | Texcell-NetCom Co Ltd | 217 | ||||||
| 46,000 | Thinking Electronic Industrial Co Ltd | 130 | |||||||
| 53,763 | *,e | Tobii AB | 232 | ||||||
| 94,625 | Tong Hsing Electronic Industries Ltd | 427 | |||||||
| 2,130,000 | e | Tongda Group Holdings Ltd | 543 | ||||||
| 63,600 | Topcon Corp | 1,371 | |||||||
| 440,000 | Toshiba TEC Corp | 2,768 | |||||||
| 208,000 | * | TPK Holding Co Ltd | 580 | ||||||
| 678,000 | Tpv Technology Ltd | 92 | |||||||
| 109,000 | Transcend Information, Inc | 302 | |||||||
| 816,165 | * | Trimble Navigation Ltd | 33,169 | ||||||
| 1,407,832 | Tripod Technology Corp | 4,387 | |||||||
| 1,084,000 | e | Truly International Holdings | 468 | ||||||
| 15,800 | TSC Auto ID Technology Co Ltd | 121 | |||||||
| 158,005 | * | TTM Technologies, Inc | 2,476 | ||||||
| 170,039 | TXC Corp | 227 | |||||||
| 38,240 | *,e | Ubiquiti Networks, Inc | 2,716 | ||||||
| 164 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 843,883 | Unimicron Technology Corp | $ | 460 | ||||||
| 167,960 | Universal Display Corp | 28,998 | |||||||
| 81,731 | * | USA Technologies, Inc | 797 | ||||||
| 2,600 | e | V Technology Co Ltd | 419 | ||||||
| 855,195 | Venture Corp Ltd | 13,056 | |||||||
| 194,851 | * | VeriFone Systems, Inc | 3,451 | ||||||
| 91,622 | *,e | Viasat, Inc | 6,858 | ||||||
| 397,305 | * | Viavi Solutions, Inc | 3,472 | ||||||
| 231,875 | Vishay Intertechnology, Inc | 4,811 | |||||||
| 73,028 | * | Vishay Precision Group, Inc | 1,837 | ||||||
| 3,197,000 | VS Industry Bhd | 2,378 | |||||||
| 1,388,800 | VST Holdings Ltd | 857 | |||||||
| 327,400 | Vtech Holdings Ltd | 4,282 | |||||||
| 101,200 | e | Wacom Co Ltd | 547 | ||||||
| 2,796,000 | Wah Lee Industrial Corp | 5,235 | |||||||
| 201,872 | Walsin Technology Corp | 710 | |||||||
| 3,146,000 | e | Wasion Group Holdings Ltd | 1,534 | ||||||
| 1,009,117 | Western Digital Corp | 80,255 | |||||||
| 29,267 | Wincor Nixdorf AG. | 2,558 | |||||||
| 190,500 | *,†,b,m | Wintek Corp | 0 | ^ | |||||
| 2,123,548 | Wistron Corp | 1,702 | |||||||
| 168,055 | Wistron NeWeb Corp | 482 | |||||||
| 4,952,000 | World Wide Touch Technology Ho | 411 | |||||||
| 1,323,732 | WPG Holdings Co Ltd | 1,748 | |||||||
| 1,639,744 | WT Microelectronics Co Ltd | 2,491 | |||||||
| 3,277,433 | Xerox Corp | 95,537 | |||||||
| 184,000 | * | XI’an Haitiantian Holdings Co Ltd | 183 | ||||||
| 15,750 | *,†,m | Ya Hsin Industrial Co Ltd | 0 | ||||||
| 144,000 | Yageo Corp | 1,701 | |||||||
| 73,793 | Yamatake Corp | 3,196 | |||||||
| 203,000 | Yangtze Optical Fibre and Cable Joint Stock Ltd | 929 | |||||||
| 67,938 | Yaskawa Electric Corp | 2,977 | |||||||
| 58,284 | Yokogawa Electric Corp | 1,113 | |||||||
| 179,511 | * | Zebra Technologies Corp (Class A) | 18,633 | ||||||
| 401,405 | Zhen Ding Technology Holding Ltd | 879 | |||||||
| 183,000 | Zinwell Corp | 194 | |||||||
| 620,138 | *,e | ZTE Corp | 2,318 | ||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 6,101,253 | ||||||||
| TELECOMMUNICATION SERVICES - 2.1% | |||||||||
| 8,206 | * | 012 Smile.Communications Ltd | 150 | ||||||
| 2,572,889 | Advanced Info Service PCL (Foreign) | 15,079 | |||||||
| 114,606 | AFK Sistema (GDR) | 479 | |||||||
| 41,435,184 | America Movil S.A. de C.V. (Series L) | 35,719 | |||||||
| 243,750 | APT Satellite Holdings Ltd | 106 | |||||||
| 1,284,836 | * | Asia Pacific Telecom Co Ltd | 430 | ||||||
| 15,706,643 | AT&T, Inc | 610,674 | |||||||
| 18,802 | ATN International, Inc | 1,039 | |||||||
| 509,400 | *,e | Axtel SAB de C.V. | 98 | ||||||
| 739,900 | BCE, Inc | 35,541 | |||||||
| 647,546 | Bezeq Israeli Telecommunication Corp Ltd | 979 | |||||||
| 1,987,604 | * | Bharti Airtel Ltd | 16,460 | ||||||
| 893,230 | Bharti Infratel Ltd | 5,286 | |||||||
| 165 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 373,955 | * | Boingo Wireless, Inc | $ | 8,414 | |||||
| 7,550,969 | BT Group plc | 27,700 | |||||||
| 33,381 | * | Cellcom Israel Ltd | 344 | ||||||
| 98,701 | Cellnex Telecom SAU | 2,525 | |||||||
| 2,003,200 | CenturyLink, Inc | 33,413 | |||||||
| 2,309,371 | China Communications Services Corp Ltd | 1,545 | |||||||
| 6,610,499 | China Mobile Hong Kong Ltd | 66,846 | |||||||
| 48,436,457 | China Telecom Corp Ltd | 22,974 | |||||||
| 6,013,681 | * | China Unicom Ltd | 8,130 | ||||||
| 1,331,630 | Chorus Ltd | 3,958 | |||||||
| 3,236,988 | Chunghwa Telecom Co Ltd | 11,514 | |||||||
| 158,287 | * | Cincinnati Bell, Inc | 3,300 | ||||||
| 8,582,000 | Citic 1616 Holdings Ltd | 2,271 | |||||||
| 71,889 | Cogent Communications Group, Inc | 3,257 | |||||||
| 182,693 | Com Hem Holding AB | 2,793 | |||||||
| 110,417 | Consolidated Communications Holdings, Inc | 1,346 | |||||||
| 4,893,846 | Deutsche Telekom AG. | 86,506 | |||||||
| 2,640,939 | Digi.Com BHD | 3,327 | |||||||
| 10,502 | Digital Multimedia Technologies S.p.A. | 674 | |||||||
| 124,151 | DNA Oyj | 2,331 | |||||||
| 83,155 | Drillisch AG. | 6,858 | |||||||
| 112,056 | Elisa Oyj (Series A) | 4,395 | |||||||
| 3,252,721 | Emirates Telecommunications Group Co PJSC | 15,499 | |||||||
| 148,380 | Empresa Nacional de Telecomunicaciones S.A. | 1,667 | |||||||
| 219,937 | Euskaltel S.A. | 1,794 | |||||||
| 1,392,236 | Far EasTone Telecommunications Co Ltd | 3,439 | |||||||
| 2,220,613 | France Telecom S.A. | 38,485 | |||||||
| 145,062 | Freenet AG. | 5,352 | |||||||
| 138,416 | e | Frontier Communications Corp | 936 | ||||||
| 45,288 | * | General Communication, Inc (Class A) | 1,767 | ||||||
| 1,329,315 | *,e | Globalstar, Inc | 1,741 | ||||||
| 25,571 | Globe Telecom, Inc | 973 | |||||||
| 9,943 | * | Hawaiian Telcom Holdco, Inc | 307 | ||||||
| 218,121 | Hellenic Telecommunications Organization S.A. | 3,010 | |||||||
| 1,634,763 | * | Himachal Futuristic Communications | 731 | ||||||
| 1,731,000 | HKBN Ltd | 2,189 | |||||||
| 2,878,127 | HKT Trust and HKT Ltd | 3,669 | |||||||
| 854,651 | Hutchison Telecommunications Hong Kong Holdings Ltd | 343 | |||||||
| 1,466,123 | * | Idea Cellular Ltd | 2,484 | ||||||
| 35,872 | IDT Corp (Class B) | 380 | |||||||
| 53,885 | Iliad S.A. | 12,912 | |||||||
| 162,620 | Infrastrutture Wireless Italiane S.p.A | 1,207 | |||||||
| 728,477 | Inmarsat plc | 4,819 | |||||||
| 129,873 | *,e | Intelsat S.A. | 440 | ||||||
| 143,183 | *,e | Iridium Communications, Inc | 1,690 | ||||||
| 1,500,400 | Jasmine International PCL | 327 | |||||||
| 740,792 | Kcom Group plc | 908 | |||||||
| 1,013,452 | KDDI Corp | 25,174 | |||||||
| 4,323,874 | Koninklijke KPN NV | 15,096 | |||||||
| 22,788 | KT Corp | 644 | |||||||
| 222,725 | *,†,e,m | Let’s GOWEX S.A. | 13 | ||||||
| 1,241,499 | Magyar Telekom | 2,194 | |||||||
| 5,549,790 | Maxis BHD | 8,237 | |||||||
| 166 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 17,925 | MegaFon OAO (GDR) | $ | 166 | ||||||
| 49,110 | Millicom International Cellular S.A. | 3,317 | |||||||
| 935,818 | Mobile TeleSystems (ADR) | 9,536 | |||||||
| 802,409 | e | MobileOne Ltd | 1,068 | ||||||
| 61,548 | Mobistar S.A. | 1,291 | |||||||
| 1,808,885 | MTN Group Ltd | 19,971 | |||||||
| 460,031 | Netia S.A. | 710 | |||||||
| 2,284,600 | * | NetLink NBN Trust | 1,426 | ||||||
| 1,110,533 | Nippon Telegraph & Telephone Corp | 52,211 | |||||||
| 2,883,445 | NTT DoCoMo, Inc | 68,176 | |||||||
| 47,043 | *,e | Ooma, Inc | 562 | ||||||
| 165,030 | * | Ooredoo QSC | 4,125 | ||||||
| 1,919,444 | * | Orascom Telecom Holding SAE | 801 | ||||||
| 118,572 | * | Orbcomm, Inc | 1,207 | ||||||
| 75,415 | * | Partner Communications | 471 | ||||||
| 8,363,842 | PCCW Ltd | 4,854 | |||||||
| 17,698 | * | pdvWireless, Inc | 568 | ||||||
| 86,165 | * | PLAY Communications S.A. | 836 | ||||||
| 148,712 | PLDT, Inc | 4,411 | |||||||
| 119,520 | Proximus plc | 3,922 | |||||||
| 2,472,111 | * | PT Excelcomindo Pratama | 539 | ||||||
| 646,900 | PT Link Net Tbk | 262 | |||||||
| 43,011,524 | PT Telekomunikasi Indonesia Persero Tbk | 14,077 | |||||||
| 611,495 | * | Reliance Communication Ventures Ltd | 346 | ||||||
| 1,068,893 | Rogers Communications, Inc (Class B) | 54,465 | |||||||
| 49,325 | Rostelecom (ADR) | 322 | |||||||
| 185,902 | * | Sejong Telecom, Inc | 107 | ||||||
| 80,094 | Shenandoah Telecom Co | 2,707 | |||||||
| 14,845,663 | Singapore Telecommunications Ltd | 39,580 | |||||||
| 97,340 | SK Telecom Co Ltd | 24,277 | |||||||
| 409,377 | SmarTone Telecommunications Holding Ltd | 494 | |||||||
| 1,004,366 | Softbank Corp | 79,516 | |||||||
| 143,725 | SpeedCast International Ltd | 599 | |||||||
| 35,129 | Spok Holdings, Inc | 550 | |||||||
| 1,985,371 | *,e | Sprint Corp | 11,694 | ||||||
| 681,740 | StarHub Ltd | 1,451 | |||||||
| 16,537 | * | Straight Path Communications, Inc | 3,006 | ||||||
| 165,595 | Sunrise Communications Group AG. | 15,112 | |||||||
| 34,350 | Swisscom AG. | 18,266 | |||||||
| 1,405,942 | Taiwan Mobile Co Ltd | 5,079 | |||||||
| 324,279 | e | TalkTalk Telecom Group plc | 665 | ||||||
| 42,913 | Tata Communications Ltd | 458 | |||||||
| 636,440 | TDC AS | 3,911 | |||||||
| 1,443,816 | Tele2 AB (B Shares) | 17,745 | |||||||
| 1,285,616 | Telecom Corp of New Zealand Ltd | 3,307 | |||||||
| 1,229,724 | Telecom Egypt | 936 | |||||||
| 17,598,735 | Telecom Italia RSP | 12,484 | |||||||
| 1,219,796 | * | Telecom Italia S.p.A. | 1,053 | ||||||
| 801,699 | Telefonica Brasil S.A. | 11,754 | |||||||
| 121,559 | Telefonica Deutschland Holding AG. | 608 | |||||||
| 133,470 | Telefonica O2 Czech Republic AS | 1,733 | |||||||
| 4,109,423 | Telefonica S.A. | 40,016 | |||||||
| 228,480 | Telekom Austria AG. | 2,119 | |||||||
| 167 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 552,783 | Telekom Malaysia BHD | $ | 861 | ||||||
| 559,256 | * | Telekomunikacja Polska S.A. | 929 | ||||||
| 1,252,320 | Telenor ASA | 26,808 | |||||||
| 673,562 | Telephone & Data Systems, Inc | 18,725 | |||||||
| 833,801 | * | Telesites SAB de C.V. | 635 | ||||||
| 2,151,025 | TeliaSonera AB | 9,588 | |||||||
| 226,193 | Telkom S.A. Ltd | 880 | |||||||
| 6,837,752 | Telstra Corp Ltd | 19,329 | |||||||
| 192,689 | TELUS Corp | 7,300 | |||||||
| 177,300 | Thaicom PCL | 68 | |||||||
| 1,803,484 | Tim Participacoes S.A. | 7,124 | |||||||
| 240,720 | Time dotCom BHD | 541 | |||||||
| 2,338,483 | TM International BHD | 3,166 | |||||||
| 1,329,342 | * | T-Mobile US, Inc | 84,427 | ||||||
| 1,790,383 | Tower Bersama Infrastructure | 846 | |||||||
| 265,563 | e | TPG Telecom Ltd | 1,359 | ||||||
| 8,480,416 | * | True Corp PCL | 1,609 | ||||||
| 3,645,201 | * | Turk Telekomunikasyon AS | 6,184 | ||||||
| 6,739,536 | Turkcell Iletisim Hizmet AS | 27,480 | |||||||
| 31,508 | * | US Cellular Corp | 1,186 | ||||||
| 10,188,257 | Verizon Communications, Inc | 539,265 | |||||||
| 561,478 | Vocus Communications Ltd | 1,324 | |||||||
| 594,003 | Vodacom Group Pty Ltd | 6,966 | |||||||
| 49,376,578 | Vodafone Group plc | 156,079 | |||||||
| 179,160 | Vodafone Group plc (ADR) | 5,715 | |||||||
| 218,747 | * | Vodafone Qatar | 479 | ||||||
| 1,243,828 | * | Vonage Holdings Corp | 12,650 | ||||||
| 378,287 | e | Windstream Holdings, Inc | 700 | ||||||
| 522,663 | * | Zayo Group Holdings, Inc | 19,234 | ||||||
| TOTAL TELECOMMUNICATION SERVICES | 2,695,212 | ||||||||
| TRANSPORTATION - 2.4% | |||||||||
| 746,765 | Abertis Infraestructuras S.A. (Continuous) | 16,615 | |||||||
| 27,412 | Aegean Airlines S.A. | 270 | |||||||
| 78,804 | Aena S.A. | 15,948 | |||||||
| 10,000 | Aeroflot PJSC (ADR) | 119 | |||||||
| 7,630 | Aeroporto Guglielmo Marconi Di Bologna S.p.A | 147 | |||||||
| 38,963 | Aeroports de Paris | 7,409 | |||||||
| 7,812,318 | * | Air Arabia PJSC | 2,638 | ||||||
| 57,317 | * | Air Canada | 1,180 | ||||||
| 1,225,225 | Air China Ltd | 1,484 | |||||||
| 323,211 | * | Air France-KLM | 5,250 | ||||||
| 1,802,701 | Air New Zealand Ltd | 4,075 | |||||||
| 100,400 | * | Air Transport Services Group, Inc | 2,323 | ||||||
| 9,204,758 | AirAsia BHD | 7,619 | |||||||
| 1,515,625 | * | AirAsia X BHD | 124 | ||||||
| 4,277,200 | Airports of Thailand PCL | 8,906 | |||||||
| 374,559 | Alaska Air Group, Inc | 27,534 | |||||||
| 1,032,976 | *,e | ALD S.A. | 16,007 | ||||||
| 237,345 | All Nippon Airways Co Ltd | 9,901 | |||||||
| 26,477 | Allcargo Logistics Ltd | 86 | |||||||
| 22,015 | Allegiant Travel Co | 3,407 | |||||||
| 11,837 | Amerco, Inc | 4,473 | |||||||
| 1,134,604 | American Airlines Group, Inc | 59,033 | |||||||
| 168 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 634,771 | *,†,m | AMR Corporation | $ | 6 | |||||
| 280,000 | e | Anhui Expressway Co | 233 | ||||||
| 4,481 | AP Moller - Maersk AS (Class A) | 7,466 | |||||||
| 5,283 | AP Moller - Maersk AS (Class B) | 9,208 | |||||||
| 72,546 | Arkansas Best Corp | 2,594 | |||||||
| 73,358 | * | Asiana Airlines | 310 | ||||||
| 40,258 | * | Atlas Air Worldwide Holdings, Inc | 2,361 | ||||||
| 646,943 | Auckland International Airport Ltd | 2,970 | |||||||
| 125,534 | Autostrada Torino-Milano S.p.A. | 3,645 | |||||||
| 480,022 | Autostrade S.p.A. | 15,133 | |||||||
| 834,592 | Avianca Holdings S.A. | 825 | |||||||
| 213,818 | *,e | Avis Budget Group, Inc | 9,382 | ||||||
| 605,700 | Bangkok Airways Co Ltd | 318 | |||||||
| 135,150 | Bangkok Aviation Fuel Services PCL | 194 | |||||||
| 7,445,753 | Bangkok Expressway & Metro PCL | 1,759 | |||||||
| 657,943 | BBA Aviation plc | 3,101 | |||||||
| 1,556,097 | Beijing Capital International Airport Co Ltd | 2,346 | |||||||
| 330,600 | Blue Bird Tbk PT | 84 | |||||||
| 6,733 | Blue Dart Express Ltd | 480 | |||||||
| 653,740 | Bollore | 3,546 | |||||||
| 297,569 | bpost S.A. | 9,056 | |||||||
| 6,633,327 | BTS Group Holdings PCL (Foreign) | 1,689 | |||||||
| 913,405 | Canadian National Railway Co | 75,318 | |||||||
| 253,229 | Canadian Pacific Railway Ltd (Toronto) | 46,266 | |||||||
| 476,000 | *,e | CAR, Inc | 417 | ||||||
| 212,660 | *,e | Cathay Pacific Airways Ltd | 330 | ||||||
| 657,100 | Cebu Air, Inc | 1,316 | |||||||
| 122,969 | Central Japan Railway Co | 22,007 | |||||||
| 486,730 | CH Robinson Worldwide, Inc | 43,363 | |||||||
| 1,249,335 | * | China Airlines | 488 | ||||||
| 1,126,591 | China Merchants Holdings International Co Ltd | 2,943 | |||||||
| 1,345,500 | China Southern Airlines Co Ltd | 1,390 | |||||||
| 673,311 | Chorus Aviation, Inc | 5,169 | |||||||
| 174,000 | Chu Kong Shipping Development | 46 | |||||||
| 1,211,799 | Cia de Concessoes Rodoviarias | 5,902 | |||||||
| 94,775 | Cia de Distribucion Integral Logista Holdings SAU | 2,180 | |||||||
| 1,514,210 | ComfortDelgro Corp Ltd | 2,237 | |||||||
| 9,563,637 | * | Compania SudAmericana de Vapores S.A. | 516 | ||||||
| 41,301 | Container Corp Of India Ltd | 893 | |||||||
| 418,100 | *,e | Controladora Vuela Cia de Aviacion SAB de C.V. | 334 | ||||||
| 185,673 | Copa Holdings S.A. (Class A) | 24,891 | |||||||
| 93,563 | * | Cosan Logistica S.A. | 262 | ||||||
| 384,000 | Cosco International Holdings Ltd | 149 | |||||||
| 1,634,949 | COSCO Pacific Ltd | 1,701 | |||||||
| 234,267 | Costamare, Inc | 1,352 | |||||||
| 40,685 | * | Covenant Transportation Group, Inc | 1,169 | ||||||
| 2,030,948 | n | CSX Corp | 111,722 | ||||||
| 81,346 | CTT-Correios de Portugal S.A. | 342 | |||||||
| 15,249 | * | D/S Norden | 286 | ||||||
| 430,209 | Dart Group plc | 3,953 | |||||||
| 40,797 | *,e | Daseke, Inc | 583 | ||||||
| 457,075 | Dazhong Transportation Group Co Ltd | 303 | |||||||
| 1,852,249 | Delta Air Lines, Inc | 103,726 | |||||||
| 169 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,004,008 | Deutsche Lufthansa AG. | $ | 36,871 | ||||||
| 1,654,973 | Deutsche Post AG. | 78,667 | |||||||
| 113,955 | Dfds A.S. | 6,086 | |||||||
| 153,099 | DP World Ltd | 3,827 | |||||||
| 986,991 | DSV AS | 77,662 | |||||||
| 66,023 | * | Eagle Bulk Shipping, Inc | 296 | ||||||
| 509,050 | East Japan Railway Co | 49,642 | |||||||
| 255,627 | easyJet plc | 5,053 | |||||||
| 193,646 | * | Echo Global Logistics, Inc | 5,422 | ||||||
| 144,800 | EcoRodovias Infraestrutura e Logistica S.A. | 537 | |||||||
| 15,300 | *,e | eHi Car Services Ltd (ADR) | 177 | ||||||
| 1,989,264 | El Al Israel Airlines | 826 | |||||||
| 593,193 | Enav S.p.A | 3,210 | |||||||
| 53,480 | Europcar Groupe S.A. | 658 | |||||||
| 458,401 | Eva Airways Corp | 244 | |||||||
| 246,000 | Evergreen International Storage & Transport Corp | 117 | |||||||
| 1,325,582 | * | Evergreen Marine Corp Tawain Ltd | 726 | ||||||
| 4,223 | e | Exchange Income Corp | 120 | ||||||
| 205,646 | Expeditors International of Washington, Inc | 13,303 | |||||||
| 1,222,545 | FedEx Corp | 305,074 | |||||||
| 484,953 | Finnair Oyj | 7,460 | |||||||
| 840,147 | * | Firstgroup plc | 1,250 | ||||||
| 45,958 | Flughafen Zuerich AG. | 10,504 | |||||||
| 126,061 | Forward Air Corp | 7,241 | |||||||
| 169,932 | Fraport AG. Frankfurt Airport Services Worldwide | 18,665 | |||||||
| 269,379 | Freightways Ltd | 1,464 | |||||||
| 19,000 | Fukuyama Transporting Co Ltd | 717 | |||||||
| 99,453 | Gateway Distriparks Ltd | 367 | |||||||
| 981,600 | GD Express Carrier Bhd | 146 | |||||||
| 75,139 | *,e | Genco Shipping & Trading Ltd | 1,001 | ||||||
| 126,852 | * | Genesee & Wyoming, Inc (Class A) | 9,987 | ||||||
| 19,158 | GLOVIS Co Ltd | 2,435 | |||||||
| 103,317 | Go-Ahead Group plc | 2,077 | |||||||
| 68,000 | * | Gol Linhas Aereas Inteligentes S.A. | 299 | ||||||
| 109,298 | *,e | Golden Ocean Group Ltd | 891 | ||||||
| 298,363 | * | Grindrod Ltd | 329 | ||||||
| 354,041 | Groupe Eurotunnel S.A. | 4,554 | |||||||
| 201,900 | * | Grupo Aeromexico SAB de C.V. | 294 | ||||||
| 194,600 | Grupo Aeroportuario del Centro Norte Sab de C.V. | 1,006 | |||||||
| 523,431 | Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares) | 5,380 | |||||||
| 268,070 | Grupo Aeroportuario del Sureste S.A. de C.V. (Class B) | 4,882 | |||||||
| 826,525 | Guangdong Provincial Expressway Development Co Ltd | 718 | |||||||
| 623,000 | Guangdong Yueyun Transportation Co Ltd | 404 | |||||||
| 226,436 | * | Gujarat Pipavav Port Ltd | 484 | ||||||
| 19,179 | * | Gulf Warehousing Co | 226 | ||||||
| 77,000 | Hainan Meilan International Airport Co Ltd | 76 | |||||||
| 10,900 | Hamakyorex Co Ltd | 312 | |||||||
| 76,563 | Hamburger Hafen und Logistik AG. | 2,170 | |||||||
| 29,213 | * | Hanjin Kal Corp | 499 | ||||||
| 5,447 | Hanjin Transportation Co Ltd | 132 | |||||||
| 373,425 | Hankyu Hanshin Holdings, Inc | 15,000 | |||||||
| 170 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 29,022 | * | Hapag-Lloyd AG. | $ | 1,167 | |||||
| 299,201 | Hawaiian Holdings, Inc | 11,923 | |||||||
| 83,706 | Heartland Express, Inc | 1,954 | |||||||
| 91,593 | *,e | Hertz Global Holdings, Inc | 2,024 | ||||||
| 153,000 | Hitachi Transport System Ltd | 3,981 | |||||||
| 3,399,239 | Hopewell Highway Infrastructure Ltd | 2,163 | |||||||
| 151,716 | * | Hub Group, Inc (Class A) | 7,267 | ||||||
| 4,845,513 | Hutchison Port Holdings Trust | 2,006 | |||||||
| 153,255 | * | Hyundai Merchant Marine Co Ltd | 719 | ||||||
| 1,516 | * | ID Logistics Group | 246 | ||||||
| 54,957 | Iino Kaiun Kaisha Ltd | 309 | |||||||
| 896,855 | International Consolidated Airlines Group S.A. | 7,772 | |||||||
| 100,000 | International Consolidated Airlines Group S.A. (London) | 876 | |||||||
| 426,477 | International Container Term Services, Inc | 901 | |||||||
| 286,550 | Irish Continental Group plc | 1,992 | |||||||
| 666,693 | J.B. Hunt Transport Services, Inc | 76,656 | |||||||
| 889,987 | Japan Airlines Co Ltd | 34,772 | |||||||
| 29,900 | Japan Airport Terminal Co Ltd | 1,107 | |||||||
| 4,334 | Jeju Air Co Ltd | 143 | |||||||
| 93,146 | * | Jet Airways India Ltd | 1,211 | ||||||
| 770,081 | * | JetBlue Airways Corp | 17,204 | ||||||
| 751,834 | Jiangsu Express | 1,143 | |||||||
| 186,510 | Jinzhou Port Co Ltd | 93 | |||||||
| 35,500 | * | Julio Simoes Logistica S.A. | 88 | ||||||
| 331,993 | Kamigumi Co Ltd | 7,337 | |||||||
| 265,092 | Kansas City Southern Industries, Inc | 27,893 | |||||||
| 117,239 | *,e | Kawasaki Kisen Kaisha Ltd | 2,979 | ||||||
| 31,919 | Keihin Electric Express Railway Co Ltd | 612 | |||||||
| 16,117 | Keio Corp | 708 | |||||||
| 19,361 | Keisei Electric Railway Co Ltd | 622 | |||||||
| 1,051,547 | Kerry Logistics Network Ltd | 1,490 | |||||||
| 121,817 | Kintetsu Corp | 4,662 | |||||||
| 21,900 | Kintetsu World Express, Inc | 453 | |||||||
| 355,632 | * | Kirby Corp | 23,756 | ||||||
| 672,625 | Knight-Swift Transportation Holdings, Inc | 29,407 | |||||||
| 68,200 | Konoike Transport Co Ltd | 1,206 | |||||||
| 8,285 | * | Korea Express Co Ltd | 1,083 | ||||||
| 8,003 | * | Korea Line Corp | 171 | ||||||
| 25,111 | * | Korean Air Lines Co Ltd | 793 | ||||||
| 17,515 | Kuehne & Nagel International AG. | 3,099 | |||||||
| 104,900 | Kyushu Railway Co | 3,247 | |||||||
| 250,534 | Lan Airlines S.A. | 3,544 | |||||||
| 72,557 | Landstar System, Inc | 7,553 | |||||||
| 111,400 | Lingkaran Trans Kota Holdings BHD | 153 | |||||||
| 637,611 | Localiza Rent A Car | 4,242 | |||||||
| 675,283 | Macquarie Atlas Roads Group | 3,302 | |||||||
| 173,359 | Macquarie Infrastructure Co LLC | 11,130 | |||||||
| 787,106 | Malaysia Airports Holdings BHD | 1,710 | |||||||
| 63,637 | Marten Transport Ltd | 1,292 | |||||||
| 6,800 | e | Maruwa Unyu Kikan Co Ltd | 218 | ||||||
| 87,000 | e | Maruzen Showa Unyu Co Ltd | 390 | ||||||
| 247,828 | Matson, Inc | 7,395 | |||||||
| 171 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 3,177,456 | MISC BHD | $ | 5,812 | ||||||
| 40,550 | Mitsubishi Logistics Corp | 1,051 | |||||||
| 42,121 | Mitsui OSK Lines Ltd | 1,400 | |||||||
| 65,610 | * | Mitsui-Soko Co Ltd | 224 | ||||||
| 57,700 | * | Movida Participacoes S.A. | 123 | ||||||
| 1,723,453 | e | MTR Corp | 10,088 | ||||||
| 1,174,613 | Mundra Port and Special Economic Zone Ltd | 7,448 | |||||||
| 126,110 | e | Nagoya Railroad Co Ltd | 3,176 | ||||||
| 106,800 | Nankai Electric Railway Co Ltd | 2,643 | |||||||
| 810,320 | National Express Group plc | 4,167 | |||||||
| 185,500 | *,e | Navios Maritime Holdings, Inc | 223 | ||||||
| 19,037 | * | Navkar Corp Ltd | 56 | ||||||
| 19,126 | Nippon Express Co Ltd | 1,270 | |||||||
| 122,700 | Nippon Konpo Unyu Soko Co Ltd | 3,449 | |||||||
| 209,308 | * | Nippon Yusen Kabushiki Kaisha | 5,093 | ||||||
| 46,500 | Nishi-Nippon Railroad Co Ltd | 1,253 | |||||||
| 40,000 | Nissin Corp | 1,123 | |||||||
| 299,011 | Nobina AB | 1,968 | |||||||
| 473,987 | Norfolk Southern Corp | 68,681 | |||||||
| 82,945 | Northgate plc | 427 | |||||||
| 17,781 | *,e | Norwegian Air Shuttle AS | 381 | ||||||
| 34,818 | Odakyu Electric Railway Co Ltd | 744 | |||||||
| 66,156 | Oesterreichische Post AG. | 2,972 | |||||||
| 127,020 | Old Dominion Freight Line | 16,710 | |||||||
| 102,000 | e | Orient Overseas International Ltd | 983 | ||||||
| 2,520,290 | *,e | Pacific Basin Shipping Ltd | 543 | ||||||
| 6,628 | Panalpina Welttransport Holding AG. | 1,028 | |||||||
| 15,710 | Park-Ohio Holdings Corp | 722 | |||||||
| 27,637 | * | Pegasus Hava Tasimaciligi AS. | 246 | ||||||
| 3,490 | Piraeus Port Authority | 65 | |||||||
| 64,751 | * | PKP Cargo S.A. | 1,025 | ||||||
| 259,900 | Pos Malaysia & Services Holdings BHD | 337 | |||||||
| 511,950 | * | Precious Shipping PCL | 164 | ||||||
| 210,802 | Promotora y Operadora de Infraestructura SAB de C.V. | 2,087 | |||||||
| 49,900 | * | Prumo Logistica S.A. | 172 | ||||||
| 12,753,500 | *,†,m | PT Berlian Laju Tanker Tbk | 0 | ^ | |||||
| 2,183,354 | PT Jasa Marga Tbk | 1,029 | |||||||
| 171,985 | Qantas Airways Ltd | 674 | |||||||
| 656,000 | Qingdao Port International Co Ltd | 440 | |||||||
| 1,960,567 | QR National Ltd | 7,555 | |||||||
| 895,018 | e | Qube Logistics Holdings Ltd | 1,804 | ||||||
| 323,050 | * | Radiant Logistics, Inc | 1,486 | ||||||
| 578,689 | Redde plc | 1,369 | |||||||
| 82,916 | * | Roadrunner Transportation Services Holdings, Inc | 639 | ||||||
| 1,602,634 | Royal Mail plc | 9,791 | |||||||
| 1,115,300 | * | Rumo S.A. | 4,363 | ||||||
| 3,051 | * | Ryanair Holdings plc | 55 | ||||||
| 141,101 | * | Ryanair Holdings plc (ADR) | 14,701 | ||||||
| 122,080 | Ryder System, Inc | 10,275 | |||||||
| 91,704 | * | Safe Bulkers, Inc | 296 | ||||||
| 50,800 | Sagami Railway Co Ltd | 1,334 | |||||||
| 43,282 | * | Saia, Inc | 3,062 | ||||||
| 96 | *,†,m | SAir Group | 0 | ||||||
| 172 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 6,400 | Sakai Moving Service Co Ltd | $ | 315 | ||||||
| 126,500 | Sankyu, Inc | 5,445 | |||||||
| 160,600 | * | Santos Brasil Participacoes S.A. | 164 | ||||||
| 398,786 | *,e | SAS AB | 1,035 | ||||||
| 146,072 | e | Schneider National, Inc | 4,172 | ||||||
| 227,167 | Scorpio Bulkers, Inc | 1,681 | |||||||
| 31,834 | e | Seaspan Corp | 215 | ||||||
| 170,481 | Seino Holdings Corp | 2,705 | |||||||
| 86,300 | Senko Co Ltd | 623 | |||||||
| 103,800 | Shandong Airlines Co Ltd | 200 | |||||||
| 114,900 | Shanghai Jinjiang International Investment Holdings Co | 150 | |||||||
| 46,700 | * | Shenzhen Chiwan Petroleum | 142 | ||||||
| 89,100 | †,m | Shenzhen Chiwan Wharf Holdings Ltd | 148 | ||||||
| 464,000 | Shenzhen Expressway Co Ltd | 470 | |||||||
| 566,448 | Shenzhen International Holdings Ltd | 1,078 | |||||||
| 28,500 | Shinwa Kaiun Kaisha Ltd | 692 | |||||||
| 80,121 | * | Shipping Corp of India Ltd | 118 | ||||||
| 3,331,097 | Shun TAK Holdings Ltd | 1,298 | |||||||
| 2,708,000 | Sichuan Expressway Co Ltd | 988 | |||||||
| 165,000 | Sincere Navigation | 117 | |||||||
| 168,649 | Singapore Airlines Ltd | 1,343 | |||||||
| 432,900 | Singapore Airport Terminal Services Ltd | 1,683 | |||||||
| 917,119 | e | Singapore Post Ltd | 850 | ||||||
| 4,417,000 | Sinotrans Ltd | 2,161 | |||||||
| 945,000 | e | Sinotrans Shipping Ltd | 240 | ||||||
| 3,400,000 | SITC International Co Ltd | 3,356 | |||||||
| 13,698 | Sixt AG. | 1,223 | |||||||
| 35,785 | Sixt AG. (Preference) | 2,268 | |||||||
| 7,087 | Sixt Leasing AG. | 162 | |||||||
| 125,902 | Skywest, Inc | 6,685 | |||||||
| 262,729 | Societa Iniziative Autostradali e Servizi S.p.A. | 4,892 | |||||||
| 1,535,357 | Southwest Airlines Co | 100,489 | |||||||
| 1,080,032 | * | SpiceJet Ltd | 2,464 | ||||||
| 304,742 | *,e | Spirit Airlines, Inc | 13,668 | ||||||
| 265,883 | Stagecoach Group plc | 591 | |||||||
| 34,765 | Stolt-Nielsen S.A. | 462 | |||||||
| 171,640 | e | Student Transportation, Inc | 1,057 | ||||||
| 171,587 | *,e | STX Pan Ocean Co Ltd | 843 | ||||||
| 339,767 | Sumitomo Warehouse Co Ltd | 2,452 | |||||||
| 1,284,183 | Sydney Airport | 7,046 | |||||||
| 256,000 | T.Join Transportation Co | 329 | |||||||
| 1,650,000 | Taiwan High Speed Rail Corp | 1,301 | |||||||
| 375,819 | TAV Havalimanlari Holding AS | 2,224 | |||||||
| 179,800 | Tegma Gestao Logistica | 1,074 | |||||||
| 94,031 | e | TFI International, Inc | 2,458 | ||||||
| 457,200 | * | Thai Airways International PCL-Foreign | 243 | ||||||
| 611,335 | Thoresen Thai Agencies PCL | 168 | |||||||
| 1,302,000 | Tianjin Port Development Holdings Ltd | 191 | |||||||
| 315,880 | TNT NV | 1,542 | |||||||
| 133,406 | Tobu Railway Co Ltd | 4,305 | |||||||
| 715,537 | Tokyu Corp | 11,406 | |||||||
| 4,400 | Trancom Co Ltd | 309 | |||||||
| 173 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,732,782 | Transurban Group (ASE) | $ | 16,770 | ||||||
| 469,218 | * | Turk Hava Yollari | 1,942 | ||||||
| 278,000 | U-Ming Marine Transport Corp | 340 | |||||||
| 4,594,931 | Union Pacific Corp | 616,180 | |||||||
| 613,366 | * | United Continental Holdings, Inc | 41,341 | ||||||
| 1,569,703 | United Parcel Service, Inc (Class B) | 187,030 | |||||||
| 14,666 | Universal Truckload Services, Inc | 348 | |||||||
| 60,603 | * | Virgin Australia Holdings Ltd | 13 | ||||||
| 67,336 | *,†,m | Virgin Australia Int Holdings | 0 | ^ | |||||
| 16,099 | VRL Logistics Ltd | 109 | |||||||
| 26,105 | VTG AG. | 1,491 | |||||||
| 330,000 | Wan Hai Lines Ltd | 213 | |||||||
| 83,285 | Werner Enterprises, Inc | 3,219 | |||||||
| 86,402 | West Japan Railway Co | 6,303 | |||||||
| 18,134 | WestJet Airlines Ltd | 380 | |||||||
| 524,300 | Westports Holdings BHD | 479 | |||||||
| 145,289 | Westshore Terminals Investment Corp | 3,039 | |||||||
| 68,518 | * | Wilh. Wilhelmsen ASA | 494 | ||||||
| 168,033 | Wisdom Marine Lines Co Ltd | 163 | |||||||
| 4,408,000 | Xiamen International Port Co Ltd | 856 | |||||||
| 306,855 | *,e | XPO Logistics, Inc | 28,105 | ||||||
| 42,766 | Yamato Transport Co Ltd | 859 | |||||||
| 585,523 | * | Yang Ming Marine Transport | 226 | ||||||
| 219,107 | * | YRC Worldwide, Inc | 3,151 | ||||||
| 400,000 | Yuexiu Transport Infrastructure Ltd | 294 | |||||||
| 1,400,194 | Zhejiang Expressway Co Ltd | 1,545 | |||||||
| TOTAL TRANSPORTATION | 3,073,318 | ||||||||
| UTILITIES - 2.6% | |||||||||
| 1,760,662 | A2A S.p.A. | 3,258 | |||||||
| 3,506,410 | Aboitiz Power Corp | 2,918 | |||||||
| 76,730 | Acciona S.A. | 6,254 | |||||||
| 128,329 | ACEA S.p.A. | 2,371 | |||||||
| 503,131 | Actelios S.p.A. | 1,307 | |||||||
| 571,038 | * | Adani Power Ltd | 373 | ||||||
| 1,789,701 | AES Corp | 19,382 | |||||||
| 2,485,395 | AES Gener S.A. | 823 | |||||||
| 100,900 | AES Tiete S.A. | 388 | |||||||
| 348,364 | *,†,m | AET&D Holdings No 1 Ptd Ltd | 0 | ||||||
| 747,100 | AGL Energy Ltd | 14,158 | |||||||
| 2,912,699 | Aguas Andinas S.A. | 1,928 | |||||||
| 104,213 | * | Aksa Enerji Uretim AS | 113 | ||||||
| 275,361 | e | Algonquin Power & Utilities Corp | 3,080 | ||||||
| 98,132 | Allete, Inc | 7,297 | |||||||
| 209,443 | Alliant Energy Corp | 8,924 | |||||||
| 313,210 | Alupar Investimento S.A. | 1,742 | |||||||
| 213,455 | Ameren Corp | 12,592 | |||||||
| 3,216,092 | American Electric Power Co, Inc | 236,608 | |||||||
| 125,095 | American States Water Co | 7,244 | |||||||
| 452,816 | American Water Works Co, Inc | 41,428 | |||||||
| 1,099,348 | APA Group | 7,129 | |||||||
| 155,338 | Aqua America, Inc | 6,094 | |||||||
| 22,419 | *,e | AquaVenture Holdings Ltd | 348 | ||||||
| 13,397 | Artesian Resources Corp | 517 | |||||||
| 174 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 157,188 | Ascopiave S.p.A. | $ | 669 | ||||||
| 225,439 | Atco Ltd | 8,071 | |||||||
| 128,125 | Athens Water Supply & Sewage Co S.A. | 962 | |||||||
| 486,909 | * | Atlantic Power Corp | 1,144 | ||||||
| 165,932 | * | Atlantic Power Corp (Toronto) | 395 | ||||||
| 549,218 | Atmos Energy Corp | 47,172 | |||||||
| 3,218,774 | AusNet Services | 4,523 | |||||||
| 107,274 | Avangrid, Inc | 5,426 | |||||||
| 110,620 | Avista Corp | 5,696 | |||||||
| 391,298 | Aygaz AS | 1,657 | |||||||
| 2,262,484 | * | Babcock & Brown Wind Partners | 1,215 | ||||||
| 402,500 | BCPG PCL | 294 | |||||||
| 4,352,191 | Beijing Enterprises Water Group Ltd | 3,362 | |||||||
| 668,000 | Beijing Jingneng Clean Energy Co Ltd | 179 | |||||||
| 15,373,100 | Benpres Holdings Corp | 1,724 | |||||||
| 81,580 | BKW S.A. | 4,844 | |||||||
| 93,357 | e | Black Hills Corp | 5,612 | ||||||
| 3,040,000 | * | Blue Sky Power Holdings Ltd | 198 | ||||||
| 38,034 | Boralex, Inc | 711 | |||||||
| 37,269 | *,e | Cadiz, Inc | 531 | ||||||
| 81,528 | California Water Service Group | 3,697 | |||||||
| 286,656 | * | Calpine Corp | 4,337 | ||||||
| 127,641 | Canadian Utilities Ltd | 3,799 | |||||||
| 390,000 | e | Canvest Environment Protection Group Co Ltd | 230 | ||||||
| 213,614 | Capital Power Corp | 4,162 | |||||||
| 49,803 | e | Capital Stage AG. | 386 | ||||||
| 825,779 | Centerpoint Energy, Inc | 23,419 | |||||||
| 288,400 | * | Centrais Eletricas Brasileiras S.A. | 1,682 | ||||||
| 200,679 | Centrais Eletricas Brasileiras S.A. (Preference) | 1,375 | |||||||
| 7,085,896 | Centrica plc | 13,136 | |||||||
| 91,048 | CESC Ltd | 1,493 | |||||||
| 279,606 | CEZ AS | 6,519 | |||||||
| 4,612,000 | e | CGN New Energy Holdings Co Ltd | 648 | ||||||
| 9,986,000 | e | CGN Power Co Ltd | 2,704 | ||||||
| 37,141 | Chesapeake Utilities Corp | 2,917 | |||||||
| 1,591,000 | China Datang Corp Renewable Power Co Ltd | 189 | |||||||
| 245,000 | * | China Everbright Greentech Ltd | 226 | ||||||
| 380,000 | China Everbright Water Ltd | 124 | |||||||
| 1,546,308 | China Gas Holdings Ltd | 4,266 | |||||||
| 3,100,627 | China Longyuan Power Group Corp | 2,202 | |||||||
| 3,048,000 | e | China Oil and Gas Group Ltd | 331 | ||||||
| 208,500 | China Power Clean Energy Development Co Ltd | 110 | |||||||
| 2,773,000 | China Power International Development Ltd | 728 | |||||||
| 965,580 | China Resources Gas Group Ltd | 3,495 | |||||||
| 7,448,983 | China Resources Power Holdings Co | 13,855 | |||||||
| 544,000 | China Water Affairs Group Ltd | 492 | |||||||
| 796,000 | * | China Water Industry Group Ltd | 172 | ||||||
| 566,936 | Chubu Electric Power Co, Inc | 7,032 | |||||||
| 200,452 | Chugoku Electric Power Co, Inc | 2,152 | |||||||
| 99,500 | Cia de Gas de Sao Paulo-COMGAS | 1,800 | |||||||
| 336,400 | Cia de Saneamento Basico do Estado de Sao Paulo | 3,482 | |||||||
| 40,280 | Cia de Saneamento de Minas Gerais-COPASA | 528 | |||||||
| 383,800 | * | Cia de Saneamento do Parana | 6,931 | ||||||
| 175 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 169,900 | Cia de Saneamento do Parana | $ | 600 | ||||||
| 754,533 | Cia Energetica de Minas Gerais | 1,561 | |||||||
| 118,900 | Cia Energetica de Sao Paulo (Class B) | 473 | |||||||
| 8,504 | Cia Energetica do Ceara | 140 | |||||||
| 64,000 | Cia Paranaense de Energia | 481 | |||||||
| 868,344 | CK Infrastructure Holdings Ltd | 7,451 | |||||||
| 1,459,700 | CK Power PCL | 181 | |||||||
| 2,045,144 | CLP Holdings Ltd | 20,928 | |||||||
| 252,844 | CMS Energy Corp | 11,959 | |||||||
| 9,022,829 | Colbun S.A. | 2,074 | |||||||
| 20,475 | Connecticut Water Service, Inc | 1,175 | |||||||
| 258,329 | Consolidated Edison, Inc | 21,945 | |||||||
| 26,778 | Consolidated Water Co, Inc | 337 | |||||||
| 801,673 | Contact Energy Ltd | 3,158 | |||||||
| 1,506,000 | e | CT Environmental Group Ltd | 279 | ||||||
| 1,876,358 | Dominion Resources, Inc | 152,098 | |||||||
| 401,505 | DONG Energy A.S. | 21,917 | |||||||
| 252,033 | Drax Group plc | 919 | |||||||
| 1,033,351 | DTE Energy Co | 113,111 | |||||||
| 1,240,240 | Duke Energy Corp | 104,317 | |||||||
| 296,196 | * | Dynegy, Inc | 3,510 | ||||||
| 6,777,525 | E.ON AG. | 73,442 | |||||||
| 262,300 | Eastern Water Resources Development and Management PCL | 100 | |||||||
| 722,284 | Edison International | 45,677 | |||||||
| 298,478 | EDP - Energias do Brasil S.A. | 1,261 | |||||||
| 144,105 | El Paso Electric Co | 7,976 | |||||||
| 329,600 | Electric Power Development Co | 8,866 | |||||||
| 1,327,354 | e | Electricite de France | 16,595 | ||||||
| 28,000 | Electricity Generating PCL | 186 | |||||||
| 66,900 | Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. | 330 | |||||||
| 33,175 | Elia System Operator S.A. | 1,907 | |||||||
| 73,312 | Emera, Inc | 2,740 | |||||||
| 342,274 | Empresa Electrica del Norte Grande S.A. | 735 | |||||||
| 3,198,525 | * | Empresa Nacional de Electricidad S.A. | 2,896 | ||||||
| 407,357 | Endesa S.A. | 8,712 | |||||||
| 328,614 | Enea S.A. | 1,086 | |||||||
| 8,040,539 | Enel S.p.A. | 49,443 | |||||||
| 871,246 | Energa S.A. | 3,182 | |||||||
| 2,802,731 | Energias de Portugal S.A. | 9,702 | |||||||
| 56,728,964 | Enersis Chile S.A. | 6,712 | |||||||
| 29,765,375 | Enersis S.A. | 6,628 | |||||||
| 277,741 | Engie Brasil Energia S.A. | 2,974 | |||||||
| 795,228 | ENN Energy Holdings Ltd | 5,656 | |||||||
| 499,361 | Entergy Corp | 40,643 | |||||||
| 194,000 | Equatorial Energia S.A. | 3,839 | |||||||
| 21,900 | e | eRex Co Ltd | 206 | ||||||
| 36,504 | ERG S.p.A. | 675 | |||||||
| 237,281 | Eversource Energy | 14,991 | |||||||
| 60,790 | EVN AG. | 1,218 | |||||||
| 833,398 | * | Evoqua Water Technologies Corp | 19,760 | ||||||
| 3,078,395 | Exelon Corp | 121,320 | |||||||
| 86,300 | m | Federal Grid Co Unified Energy System JSC (GDR) | 121 | ||||||
| 176 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 964,700 | First Gen Corp | $ | 328 | ||||||
| 626,090 | First Philippine Holdings Corp | 778 | |||||||
| 6,455,835 | FirstEnergy Corp | 197,678 | |||||||
| 342,554 | Fortis, Inc | 12,566 | |||||||
| 425,934 | Fortum Oyj | 8,430 | |||||||
| 1,121,088 | GAIL India Ltd | 8,762 | |||||||
| 181,800 | Gas Malaysia BHD | 130 | |||||||
| 411,809 | Gas Natural SDG S.A. | 9,504 | |||||||
| 2,844,130 | Gaz de France | 48,895 | |||||||
| 4,886,000 | *,e | GCL New Energy Holdings Ltd | 343 | ||||||
| 851,395 | Genesis Energy Ltd | 1,521 | |||||||
| 35,781 | Genie Energy Ltd | 156 | |||||||
| 18,439 | e | Global Water Resources, Inc | 172 | ||||||
| 227,171 | Glow Energy PCL (Foreign) | 566 | |||||||
| 649,405 | Great Plains Energy, Inc | 20,937 | |||||||
| 2,569,066 | Guangdong Investments Ltd | 3,435 | |||||||
| 55,223 | * | Gujarat Gas Co Ltd | 727 | ||||||
| 87,171 | Gujarat State Petronet Ltd | 310 | |||||||
| 98,090 | Hawaiian Electric Industries, Inc | 3,546 | |||||||
| 704,050 | Hera S.p.A. | 2,457 | |||||||
| 2,178,052 | e | HK Electric Investments & HK Electric Investments Ltd | 1,993 | ||||||
| 114,100 | Hokkaido Electric Power Co, Inc | 750 | |||||||
| 121,400 | e | Hokuriku Electric Power Co | 977 | ||||||
| 75,843 | * | Holding CO ADMIE IPTO S.A. | 176 | ||||||
| 6,664,277 | Hong Kong & China Gas Ltd | 13,051 | |||||||
| 1,343,819 | Hong Kong Electric Holdings Ltd | 11,327 | |||||||
| 277,230 | * | Huadian Energy Co Ltd | 106 | ||||||
| 9,712,000 | Huadian Fuxin Energy Corp Ltd | 2,372 | |||||||
| 4,119,756 | Huaneng Power International, Inc | 2,582 | |||||||
| 4,472,000 | Huaneng Renewables Corp Ltd | 1,514 | |||||||
| 476,800 | Hub Power Co Ltd | 392 | |||||||
| 252,789 | Hydro One Ltd | 4,505 | |||||||
| 5,934,120 | Iberdrola S.A. | 45,938 | |||||||
| 190,347 | Idacorp, Inc | 17,390 | |||||||
| 105,685 | * | Indiabulls Infrastructure and Power Ltd | 13 | ||||||
| 2,117,100 | e | Infraestructura Energetica ,NV SAB de C.V. | 10,385 | ||||||
| 1,843,870 | Infratil Ltd | 4,334 | |||||||
| 99,969 | e | Innergex Renewable Energy, Inc | 1,145 | ||||||
| 311,428 | Innogy SE | 12,188 | |||||||
| 1,027,900 | *,†,m | Inter Far East Energy Corp | 0 | ^ | |||||
| 686,638 | Interconexion Electrica S.A. | 3,267 | |||||||
| 848,532 | Inversiones Aguas Metropolitanas S.A. | 1,610 | |||||||
| 3,306,511 | e | Iride S.p.A. | 9,918 | ||||||
| 89,291 | e | iShares NASDAQ Biotechnology ETF | 9,534 | ||||||
| 308,123 | Italgas S.p.A | 1,880 | |||||||
| 250,787 | Just Energy Income Fund | 1,077 | |||||||
| 8,400 | K&O Energy Group, Inc | 141 | |||||||
| 395,000 | Kangda International Environmental Co Ltd | 84 | |||||||
| 1,206,515 | Kansai Electric Power Co, Inc | 14,756 | |||||||
| 19,620 | * | Kenon Holdings Ltd | 418 | ||||||
| 5,322,900 | Keppel Infrastructure Trust | 2,288 | |||||||
| 3,450,000 | * | Kong Sun Holdings Ltd | 137 | ||||||
| 177 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 6,935 | Korea District Heating Corp | $ | 473 | ||||||
| 217,936 | Korea Electric Power Corp | 7,747 | |||||||
| 18,689 | * | Korea Gas Corp | 744 | ||||||
| 151,500 | Kot Addu Power Co Ltd | 74 | |||||||
| 460,077 | Kyushu Electric Power Co, Inc | 4,819 | |||||||
| 52,900 | * | Light S.A. | 266 | ||||||
| 15,359 | * | Mahanagar Gas Ltd | 263 | ||||||
| 1,034,520 | Manila Electric Co | 6,810 | |||||||
| 775,400 | Manila Water Co, Inc | 435 | |||||||
| 436,070 | MDU Resources Group, Inc | 11,722 | |||||||
| 867,795 | Meridian Energy Ltd | 1,799 | |||||||
| 64,469 | MGE Energy, Inc | 4,068 | |||||||
| 37,563 | Middlesex Water Co | 1,499 | |||||||
| 594,415 | Mighty River Power Ltd | 1,420 | |||||||
| 3,091,052 | m | Mosenergo PJSC (ADR) | 7,034 | ||||||
| 95,980 | e | National Fuel Gas Co | 5,270 | ||||||
| 3,540,246 | National Grid plc | 41,734 | |||||||
| 197,096 | New Jersey Resources Corp | 7,923 | |||||||
| 1,501,715 | NextEra Energy, Inc | 234,553 | |||||||
| 22,100 | Nippon Gas Co Ltd | 801 | |||||||
| 800,441 | NiSource, Inc | 20,547 | |||||||
| 260,351 | e | Northland Power Income Fund | 4,836 | ||||||
| 49,664 | Northwest Natural Gas Co | 2,962 | |||||||
| 84,288 | NorthWestern Corp | 5,032 | |||||||
| 695,727 | NRG Energy, Inc | 19,814 | |||||||
| 151,520 | NRG Yield, Inc (Class A) | 2,856 | |||||||
| 114,487 | NRG Yield, Inc (Class C) | 2,164 | |||||||
| 2,683,770 | NTPC Ltd | 7,442 | |||||||
| 504,828 | OGE Energy Corp | 16,614 | |||||||
| 282,820 | Okinawa Electric Power Co, Inc | 7,354 | |||||||
| 119,284 | ONE Gas, Inc | 8,739 | |||||||
| 94,381 | Ormat Technologies, Inc | 6,037 | |||||||
| 0 | Ormat Technologies, Inc (Foreign) | 0 | ^ | ||||||
| 719,737 | Osaka Gas Co Ltd | 13,840 | |||||||
| 103,105 | Otter Tail Corp | 4,583 | |||||||
| 9,000 | *,e | Pampa Energia S.A. (ADR) | 605 | ||||||
| 2,290,000 | *,e | Panda Green Energy Group Ltd | 287 | ||||||
| 413,637 | e | Pattern Energy Group, Inc | 8,889 | ||||||
| 793,257 | Pennon Group plc | 8,375 | |||||||
| 552,791 | Petronas Gas BHD | 2,388 | |||||||
| 2,048,340 | PG&E Corp | 91,827 | |||||||
| 706,243 | Pinnacle West Capital Corp | 60,158 | |||||||
| 162,412 | PNM Resources, Inc | 6,570 | |||||||
| 763,295 | * | Polska Grupa Energetyczna S.A. | 2,638 | ||||||
| 248,020 | Portland General Electric Co | 11,305 | |||||||
| 5,394 | Poweo | 256 | |||||||
| 1,246,856 | PPL Corp | 38,590 | |||||||
| 11,305,432 | PT Perusahaan Gas Negara Persero Tbk | 1,456 | |||||||
| 2,075,458 | * | PTC India Ltd | 3,851 | ||||||
| 74,073 | * | Public Power Corp | 173 | ||||||
| 568,565 | Public Service Enterprise Group, Inc | 29,281 | |||||||
| 34,045 | * | Pure Cycle Corp | 284 | ||||||
| 27,991 | * | Qatar Electricity & Water Co | 1,391 | ||||||
| 178 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 500,000 | Ratchaburi Electricity Generating Holding PCL (ADR) | $ | 832 | ||||||
| 312,618 | Red Electrica Corp S.A. | 7,017 | |||||||
| 737,739 | e | Redes Energeticas Nacionais S.A. | 2,194 | ||||||
| 418,245 | * | Reliance Energy Ltd | 3,619 | ||||||
| 344,726 | * | Reliance Power Ltd | 271 | ||||||
| 12,400 | RGC Resources, Inc | 336 | |||||||
| 65,348 | Rubis S.C.A | 4,619 | |||||||
| 2,279,721 | RusHydro PJSC (ADR) | 2,711 | |||||||
| 497,525 | * | RWE AG. | 10,125 | ||||||
| 27,810 | Saeta Yield S.A. | 327 | |||||||
| 6,654 | Samchully Co Ltd | 702 | |||||||
| 266,184 | SCANA Corp | 10,589 | |||||||
| 48,255 | Scatec Solar ASA | 294 | |||||||
| 1,146,010 | Scottish & Southern Energy plc | 20,374 | |||||||
| 16,099 | Sechilienne-Sidec | 406 | |||||||
| 877,476 | Sempra Energy | 93,820 | |||||||
| 311,470 | Severn Trent plc | 9,076 | |||||||
| 126,300 | * | Shanghai Lingyun Industries Development Co Ltd | 122 | ||||||
| 710,400 | Shikoku Electric Power Co, Inc | 7,733 | |||||||
| 115,600 | Shizuoka Gas Co Ltd | 980 | |||||||
| 19,693,480 | e | SIIC Environment Holdings Ltd | 7,583 | ||||||
| 92,050 | SJW Corp | 5,876 | |||||||
| 128,000 | *,†,m | Sound Global Ltd | 0 | ^ | |||||
| 326,737 | South Jersey Industries, Inc | 10,204 | |||||||
| 1,816,518 | Southern Co | 87,356 | |||||||
| 263,971 | Southwest Gas Corp | 21,244 | |||||||
| 35,216 | e | Spark Energy, Inc | 437 | ||||||
| 2,056,898 | Spark Infrastructure Group | 4,021 | |||||||
| 187,800 | SPCG PCL | 126 | |||||||
| 82,469 | Spire, Inc | 6,198 | |||||||
| 741,884 | Suez Environnement S.A. | 13,033 | |||||||
| 122,400 | SUI Northern Gas Pipeline | 104 | |||||||
| 7,160,300 | * | Superblock PCL-Foreign | 257 | ||||||
| 385,391 | Superior Plus Corp | 3,639 | |||||||
| 252,450 | Taiwan Cogeneration Corp | 227 | |||||||
| 264,400 | Taliworks Corp BHD | 72 | |||||||
| 1,127,288 | Tata Power Co Ltd | 1,650 | |||||||
| 1,844,126 | * | Tauron Polska Energia S.A. | 1,614 | ||||||
| 52,774 | Telecom Plus plc | 856 | |||||||
| 4,820,441 | Tenaga Nasional BHD | 18,161 | |||||||
| 83,831 | Terna Energy S.A. | 444 | |||||||
| 1,296,197 | Terna Rete Elettrica Nazionale S.p.A. | 7,535 | |||||||
| 80,562 | e | TerraForm Power, Inc | 963 | ||||||
| 398,000 | Thai Solar Energy PCL | 60 | |||||||
| 813,600 | Thai Tap Water Supply PCL | 315 | |||||||
| 248,000 | Tianjin Development Hldgs Ltd | 117 | |||||||
| 50,875 | Toho Gas Co Ltd | 1,393 | |||||||
| 707,094 | Tohoku Electric Power Co, Inc | 9,027 | |||||||
| 2,110,219 | * | Tokyo Electric Power Co, Inc | 8,328 | ||||||
| 427,262 | Tokyo Gas Co Ltd | 9,762 | |||||||
| 186,239 | Torrent Power Ltd | 825 | |||||||
| 694,944 | e | Towngas China Co Ltd | 558 | ||||||
| 271,770 | e | TransAlta Corp | 1,611 | ||||||
| 179 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 137,952 | TransAlta Renewables, Inc | $ | 1,469 | ||||||
| 181,700 | Transmissora Alianca de Energia Eletrica S.A. | 1,169 | |||||||
| 253,551 | UGI Corp | 11,904 | |||||||
| 256,526 | Uniper SE | 8,003 | |||||||
| 710,243 | United Utilities Group plc | 7,954 | |||||||
| 39,354 | Unitil Corp | 1,795 | |||||||
| 27,293 | VA Tech Wabag Ltd | 260 | |||||||
| 62,817 | Valener, Inc | 1,135 | |||||||
| 25,000 | Vanguard FTSE Developed Markets ETF | 1,121 | |||||||
| 128,354 | Vectren Corp | 8,346 | |||||||
| 698,774 | Veolia Environnement | 17,818 | |||||||
| 705,259 | * | Vistra Energy Corp | 12,920 | ||||||
| 47,386 | *,e | Vivint Solar, Inc | 192 | ||||||
| 239,462 | WEC Energy Group, Inc | 15,907 | |||||||
| 251,369 | Westar Energy, Inc | 13,272 | |||||||
| 88,432 | WGL Holdings, Inc | 7,591 | |||||||
| 841,600 | * | WHA Utilities and Power PCL | 209 | ||||||
| 1,180,520 | Xcel Energy, Inc | 56,795 | |||||||
| 23,296 | York Water Co | 790 | |||||||
| 3,876,290 | YTL Corp BHD | 1,310 | |||||||
| 1,974,505 | YTL Power International BHD | 629 | |||||||
| 203,000 | e | Yunnan Water Investment Co Ltd | 83 | ||||||
| 510,411 | * | Zorlu Enerji Elektrik Uretim AS | 213 | ||||||
| TOTAL UTILITIES | 3,326,188 | ||||||||
| TOTAL COMMON STOCKS | 125,984,722 | ||||||||
| (Cost $103,320,541) | |||||||||
| PURCHASED OPTIONS - 0.0% | |||||||||
| BANKS - 0.0% | |||||||||
| 2,000 | Citigroup, Inc | 9 | |||||||
| TOTAL BANKS | 9 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.0% | |||||||||
| 2,000 | Wellcare Health Plans, Inc | 16 | |||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 16 | ||||||||
| MATERIALS - 0.0% | |||||||||
| 3,000 | Tronox Ltd | 11 | |||||||
| TOTAL MATERIALS | 11 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | |||||||||
| 1,500 | Biomarin Pharmaceuticals, Inc | 1 | |||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 1 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0% | |||||||||
| 890,000 | Qualcomm, Inc | 1,798 | |||||||
| 3,000 | Qualcomm, Inc | 0 | ^ | ||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,798 | ||||||||
| 180 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| SOFTWARE & SERVICES - 0.0% | |||||||||
| 1,000 | Alphabet, Inc | $ | 22 | ||||||
| 99,800 | GrubHub Inc | 25 | |||||||
| TOTAL SOFTWARE & SERVICES | 47 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% | |||||||||
| 5,000 | Cisco Systems, Inc | 12 | |||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 12 | ||||||||
| TOTAL PURCHASED OPTIONS | 1,894 | ||||||||
| (Cost $2,442) | |||||||||
| PREFERRED STOCKS - 0.0% | |||||||||
| CAPITAL GOODS - 0.0% | |||||||||
| 3,300,256 | * | Cairn India Ltd | 541 | ||||||
| 3,509 | Villeroy & Boch AG | 81 | |||||||
| TOTAL CAPITAL GOODS | 622 | ||||||||
| DIVERSIFIED FINANCIALS - 0.0% | |||||||||
| 300,000 | Daishin Securities Co Ltd Pref 2 | 2,477 | |||||||
| TOTAL DIVERSIFIED FINANCIALS | 2,477 | ||||||||
| REAL ESTATE - 0.0% | |||||||||
| 8,497,223 | *,†,m | Ayala Land, Inc | 17 | ||||||
| TOTAL REAL ESTATE | 17 | ||||||||
| TOTAL PREFERRED STOCKS | 3,116 | ||||||||
| (Cost $4,260) | |||||||||
| RIGHTS / WARRANTS - 0.0% | |||||||||
| AUTOMOBILES & COMPONENTS - 0.0% | |||||||||
| 411,185 | Tata Motors Ltd (DVR) | 1,568 | |||||||
| TOTAL AUTOMOBILES & COMPONENTS | 1,568 | ||||||||
| CAPITAL GOODS - 0.0% | |||||||||
| 304,956 | †,e,m | Abengoa S.A. (B Shares) | 0 | ||||||
| 108,740 | Malaysian Resources Corp Bhd | 10 | |||||||
| TOTAL CAPITAL GOODS | 10 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.0% | |||||||||
| 287,016 | m | Cleanaway Waste Management Ltd | 0 | ||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 0 | ||||||||
| CONSUMER DURABLES & APPAREL - 0.0% | |||||||||
| 74,000 | m | TCL Multimedia Technology Holdings Ltd | 4 | ||||||
| TOTAL CONSUMER DURABLES & APPAREL | 4 | ||||||||
| 181 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | COMPANY | VALUE (000) | |||||||
| DIVERSIFIED FINANCIALS - 0.0% | |||||||||
| 11,467 | m | Emergent Capital Inc | $ | 0 | |||||
| 1,000,000 | Group Lease PCL (NVDR) | 209 | |||||||
| TOTAL DIVERSIFIED FINANCIALS | 209 | ||||||||
| ENERGY - 0.0% | |||||||||
| 244,517 | †,m | Ezion Holdings Ltd | 6 | ||||||
| 1,243,466 | Medco Energi Internasional Tbk PT | 25 | |||||||
| 2,747,007 | Repsol S.A. | 1,249 | |||||||
| TOTAL ENERGY | 1,280 | ||||||||
| FOOD & STAPLES RETAILING - 0.0% | |||||||||
| 135,947 | m | Safeway Casa Ley | 0 | ||||||
| 135,947 | m | Safeway PDC LLC | 0 | ||||||
| TOTAL FOOD & STAPLES RETAILING | 0 | ||||||||
| FOOD, BEVERAGE & TOBACCO - 0.0% | |||||||||
| 122,260 | Thaifoods Group PCL | 4 | |||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 4 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.0% | |||||||||
| 190,191 | Community Health Systems, Inc | 1 | |||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 1 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | |||||||||
| 2,121 | e | BioTime, Inc | 0 | ^ | |||||
| 679,560 | Faes Farma S.A. | 84 | |||||||
| 55,620 | †,m | Forest Laboratories, Inc CVR | 53 | ||||||
| 17,790 | †,e,m | Omthera Pharmaceuticals, Inc CVR | 11 | ||||||
| 20,027 | e,m | Tobira Therapeutics, Inc | 1 | ||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 149 | ||||||||
| REAL ESTATE - 0.0% | |||||||||
| 92,500 | Supalai PCL | 55 | |||||||
| TOTAL REAL ESTATE | 55 | ||||||||
| SOFTWARE & SERVICES - 0.0% | |||||||||
| 141,205 | †,m | Gerber Scientific, Inc | 0 | ||||||
| TOTAL SOFTWARE & SERVICES | 0 | ||||||||
| TRANSPORTATION - 0.0% | |||||||||
| 2 | Thoresen Thai Agencies PCL | 0 | ^ | ||||||
| TOTAL TRANSPORTATION | 0 | ^ | |||||||
| UTILITIES - 0.0% | |||||||||
| 26,242 | Westgold Resources Ltd | 5 | |||||||
| TOTAL UTILITIES | 5 | ||||||||
| TOTAL RIGHTS / WARRANTS | 3,285 | ||||||||
| (Cost $3,922) | |||||||||
| 182 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| MATURITY | VALUE | ||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | (000) | |||||||||||
| SHORT-TERM INVESTMENTS - 2.1% | |||||||||||||||
| GOVERNMENT AGENCY DEBT - 0.1% | |||||||||||||||
| $ | 125,990,000 | Federal Home Loan Bank (FHLB) | 1.080 | % | 01/08/18 | $ | 125,963 | ||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 125,963 | ||||||||||||||
| TREASURY DEBT - 0.6% | |||||||||||||||
| 94,655,000 | United States Treasury Bill | 1.081-1.211 | 01/04/18 | 94,649 | |||||||||||
| 102,685,000 | United States Treasury Bill | 1.101-1.219 | 01/11/18 | 102,655 | |||||||||||
| 142,000,000 | United States Treasury Bill | 1.193 | 01/18/18 | 141,922 | |||||||||||
| 38,980,000 | United States Treasury Bill | 1.166 | 01/25/18 | 38,949 | |||||||||||
| 100,000,000 | United States Treasury Bill | 1.225 | 02/08/18 | 99,871 | |||||||||||
| 27,960,000 | United States Treasury Bill | 1.278 | 03/01/18 | 27,903 | |||||||||||
| 100,000,000 | United States Treasury Bill | 1.285 | 03/08/18 | 99,766 | |||||||||||
| 100,000,000 | United States Treasury Bill | 1.397 | 03/29/18 | 99,673 | |||||||||||
| TOTAL TREASURY DEBT | 705,388 | ||||||||||||||
| INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.4% | |||||||||||||||
| GOVERNMENT AGENCY DEBT - 0.0% | |||||||||||||||
| 38,000,000 | Federal National Mortgage Association (FNMA) | 0.960 | 01/02/18 | 37,999 | |||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 37,999 | ||||||||||||||
| REPURCHASE AGREEMENT - 1.4% | |||||||||||||||
| 25,000,000 | o | Barclays | 1.370 | 25,000 | |||||||||||
| 125,000,000 | p | Barclays | 1.370 | 125,000 | |||||||||||
| 19,508,000 | q | Calyon | 1.380 | 19,508 | |||||||||||
| 275,000,000 | r | Citigroup | 1.380 | 275,000 | |||||||||||
| 25,000,000 | s | HSBC | 1.300 | 25,000 | |||||||||||
| 104,000,000 | t | HSBC | 1.370 | 104,000 | |||||||||||
| 200,000,000 | u | JP Morgan | 1.410 | 200,000 | |||||||||||
| 169,000,000 | v | Nomura | 1.420 | 169,000 | |||||||||||
| 133,000,000 | w | Royal Bank of Scotland | 1.380 | 133,000 | |||||||||||
| 605,000,000 | x | Royal Bank of Scotland | 1.330 | 605,000 | |||||||||||
| 67,000,000 | y | Societe Generale | 1.370 | 67,000 | |||||||||||
| TOTAL REPURCHASE AGREEMENT | 1,747,508 | ||||||||||||||
| VARIABLE RATE SECURITIES - 0.0% | |||||||||||||||
| 48,293,630 | i | SLM Student Loan Trust | 1.407 | 48,196 | |||||||||||
| TOTAL VARIABLE RATE SECURITIES | 48,196 | ||||||||||||||
| TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED | 1,833,703 | ||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 2,665,054 | ||||||||||||||
| (Cost $2,665,133) | |||||||||||||||
| TOTAL INVESTMENTS - 101.4% | 128,665,437 | ||||||||||||||
| (Cost $106,004,016) | |||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - (1.4)% | (1,771,175 | ) | |||||||||||||
| NET ASSETS - 100.0% | $ | 126,894,262 | |||||||||||||
| 183 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| Abbreviation(s): | |||
| ADR | American Depositary Receipt | ||
| CVR | Contingent Value Right | ||
| DVR | Differential Voting Rights | ||
| ETF | Exchange Traded Fund | ||
| GDR | Global Depositary Receipt | ||
| NVDR | Non Voting Depository Receipt | ||
| REIT | Real Estate Investment Trust | ||
| SPDR | Standard & Poor’s Depository Receipts | ||
| ^ | 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 $2,187,949,000. | ||
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/17, the aggregate value of these securities was $665,926,000 or 0.5% 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. | ||
| j | Zero coupon | ||
| l | All or a portion of these securities have been segregated by the custodian to cover collateral requirements on swap contracts. | ||
| m | Indicates a security that has been deemed illiquid. | ||
| n | All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts. | ||
| o | Agreement with Barclays, 1.37% dated 12/29/17 to be repurchased at $25,000,000 on 1/02/18, collateralized by U.S. Government Agency Securities valued at $25,500,000. | ||
| p | Agreement with Barclays, 1.37% dated 12/29/17 to be repurchased at $125,000,000 on 1/02/18, collateralized by U.S. Government Agency Securities valued at $125,009,000. | ||
| q | Agreement with Calyon, 1.38% dated 12/29/17 to be repurchased at $19,508,000 on 1/02/18, collateralized by U.S. Government Agency Securities valued at $19,898,000. | ||
| r | Agreement with Citigroup, 1.38% dated 12/29/17 to be repurchased at $275,000,000 on 1/05/18, collateralized by U.S. Government Agency Securities valued at $280,500,000. | ||
| s | Agreement with HSBC, 1.30% dated 12/29/17 to be repurchased at $25,000,000 on 1/02/18, collateralized by U.S. Government Agency Securities valued at $25,500,000. | ||
| t | Agreement with HSBC, 1.37% dated 12/29/17 to be repurchased at $104,000,000 on 1/02/18, collateralized by U.S. Government Agency Securities valued at $106,084,000. | ||
| u | Agreement with JP Morgan, 1.41% dated 12/29/17 to be repurchased at $200,000,000 on 1/02/18, collateralized by U.S. Government Agency Securities valued at $204,000,000. | ||
| v | Agreement with Nomura, 1.42% dated 12/29/17 to be repurchased at $169,000,000 on 1/02/18, collateralized by U.S. Government Agency Securities valued at $172,380,000. | ||
| w | Agreement with Royal Bank of Scotland, 1.38% dated 12/29/17 to be repurchased at $133,000,000 on 1/02/18, collateralized by U.S. Government Agency Securities valued at $135,663,000. | ||
| x | Agreement with Royal Bank of Scotland, 1.33% dated 12/28/17 to be repurchased at $605,000,000 on 1/04/18, collateralized by U.S. Government Agency Securities valued at $617,104,000. | ||
| y | Agreement with Societe Generale, 1.37% dated 12/29/17 to be repurchased at $67,000,000 on 1/02/18, collateralized by U.S. Government Agency Securities valued at $68,340,000. | ||
| Cost amounts are in thousands. | |||
| 184 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
Futures contracts outstanding as of December 31, 2017 were as follows (notional amounts and values are in thousands) (See Note 3):
| Description | Number
of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||||||||||
| Russell 2000 E Mini Index | 258 | 3/16/18 | $ | 19,604 | $ | 19,821 | $ | 217 | ||||||||||
| S&P 500 E Mini Index | 1,624 | 3/16/18 | 215,463 | 217,291 | 1,828 | |||||||||||||
| S&P Mid-Cap 400 E Mini Index | 142 | 3/16/18 | 26,755 | 27,014 | 259 | |||||||||||||
| Total | 2,024 | $ | 261,822 | $ | 264,126 | $ | 2,304 | |||||||||||
Purchased options outstanding as of December 31, 2017 were as follows (notional amounts and values are in thousands) (See Note 3):
| Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
| Alphabet, Inc, Call | 10 | $ | 20 | $ | 1,035.00 | 1/19/18 | $ | 22 | ||||||||||
| Biomarin Pharmaceuticals, Inc, Call | 15 | 13 | 100.00 | 1/19/18 | 1 | |||||||||||||
| Cisco Systems, Inc, Call | 50 | 6 | 36.00 | 1/19/18 | 12 | |||||||||||||
| Citigroup, Inc, Call | 20 | 12 | 80.00 | 1/18/19 | 9 | |||||||||||||
| GrubHub Inc, Put | 998 | 221 | 67.50 | 1/5/18 | 25 | |||||||||||||
| Qualcomm, Inc, Call | 30 | 4 | 70.00 | 1/19/18 | 0 | ^ | ||||||||||||
| Qualcomm, Inc, Call | 8,900 | 2,141 | 65.00 | 2/16/18 | 1,798 | |||||||||||||
| Tronox Ltd, Call | 30 | 9 | 23.00 | 8/17/18 | 11 | |||||||||||||
| Wellcare Health Plans, Inc, Call | 20 | 16 | 220.00 | 6/15/18 | 16 | |||||||||||||
| Total | 10,073 | $ | 2,442 | $ | 1,894 | |||||||||||||
^ Amount represents less than $1,000.
Written options outstanding as of December 31, 2017 were as follows (notional amounts and values are in thousands) (See Note 3):
| Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
| Advanced Micro Devices, Inc, Put | 30 | $ | (3 | ) | $ | 10.00 | 4/20/18 | $ | (3 | ) | ||||||||
| Alibaba Group Holding Ltd, Put | 10 | (0 | )^ | 140.00 | 1/19/18 | (0 | )^ | |||||||||||
| Alphabet, Inc, Call | 20 | (15 | ) | 1,075.00 | 1/19/18 | (9 | ) | |||||||||||
| Alphabet, Inc, Put | 10 | (5 | ) | 950.00 | 1/19/18 | (1 | ) | |||||||||||
| AmerisourceBergen Corp, Put | 30 | (1 | ) | 80.00 | 1/19/18 | (0 | )^ | |||||||||||
| Biomarin Pharmaceuticals, Inc, Call | 15 | (8 | ) | 110.00 | 1/19/18 | (0 | )^ | |||||||||||
| Biomarin Pharmaceuticals, Inc, Put | 15 | (5 | ) | 80.00 | 1/19/18 | (1 | ) | |||||||||||
| CarMax, Inc, Put | 30 | (1 | ) | 60.00 | 1/19/18 | (1 | ) | |||||||||||
| CBS Corp, Put | 30 | (1 | ) | 52.50 | 1/19/18 | (0 | )^ | |||||||||||
| Cisco Systems, Inc, Call | 50 | (2 | ) | 38.00 | 1/19/18 | (3 | ) | |||||||||||
| Cisco Systems, Inc, Put | 50 | (3 | ) | 28.00 | 1/19/18 | (0 | )^ | |||||||||||
| Citigroup, Inc, Call | 60 | (11 | ) | 95.00 | 1/18/19 | (8 | ) | |||||||||||
| Citigroup, Inc, Put | 30 | (6 | ) | 55.00 | 1/18/19 | (4 | ) | |||||||||||
| Citrix Systems, Inc, Call | 20 | (1 | ) | 95.00 | 1/19/18 | (0 | )^ | |||||||||||
| Costco Wholesale Corp, Call | 25 | (1 | ) | 203.00 | 1/19/18 | (0 | )^ | |||||||||||
| CSX Corp, Put | 10 | (0 | )^ | 48.00 | 1/12/18 | (0 | )^ | |||||||||||
| CSX Corp, Put | 10 | (0 | )^ | 47.00 | 1/19/18 | (0 | )^ | |||||||||||
| CSX Corp, Put | 10 | (0 | )^ | 45.00 | 2/16/18 | (0 | )^ | |||||||||||
| General Dynamics Corp, Put | 30 | (0 | )^ | 170.00 | 1/19/18 | (0 | )^ | |||||||||||
| General Electric Co, Put | 50 | (3 | ) | 18.00 | 1/19/18 | (3 | ) | |||||||||||
| General Electric Co, Put | 50 | (6 | ) | 18.00 | 3/16/18 | (5 | ) | |||||||||||
| 185 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| Description/underlying investment | Number of contracts | Notional amount | Exercise price | Expiration date | Value | |||||||||||||
| GrubHub, Inc, Call | 998 | $ | (298 | ) | $ | 72.50 | 1/26/18 | $ | (220 | ) | ||||||||
| GrubHub, Inc, Put | 998 | (49 | ) | 62.00 | 1/5/18 | (7 | ) | |||||||||||
| Hain Celestial Group, Inc, Put | 30 | (0 | )^ | 34.00 | 1/19/18 | (0 | )^ | |||||||||||
| Home Depot, Inc, Put | 30 | (11 | ) | 135.00 | 1/19/18 | (0 | )^ | |||||||||||
| Infosys Ltd, Put | 40 | (0 | )^ | 14.00 | 1/19/18 | (1 | ) | |||||||||||
| Microsoft Corp, Call | 3,500 | (796 | ) | 85.00 | 2/16/18 | (1,040 | ) | |||||||||||
| Microsoft Corp, Call | 4,000 | (853 | ) | 87.50 | 4/20/18 | (1,160 | ) | |||||||||||
| Microsoft Corp, Put | 3,500 | (456 | ) | 77.50 | 2/16/18 | (175 | ) | |||||||||||
| Microsoft Corp, Put | 4,000 | (833 | ) | 77.50 | 4/20/18 | (392 | ) | |||||||||||
| Monsanto Co, Put | 30 | (6 | ) | 100.00 | 4/20/18 | (5 | ) | |||||||||||
| NXP Semiconductors NV, Call | 30 | (1 | ) | 135.00 | 1/19/18 | (0 | )^ | |||||||||||
| PepsiCo, Inc, Put | 20 | (6 | ) | 105.00 | 1/19/18 | (0 | )^ | |||||||||||
| Qualcomm, Inc, Call | 60 | (2 | ) | 75.00 | 1/19/18 | (0 | )^ | |||||||||||
| Qualcomm, Inc, Call | 8,900 | (264 | ) | 72.50 | 2/16/18 | (245 | ) | |||||||||||
| Qualcomm, Inc, Put | 30 | (1 | ) | 52.50 | 1/19/18 | (0 | )^ | |||||||||||
| Qualcomm, Inc, Put | 30 | (1 | ) | 60.00 | 1/26/18 | (1 | ) | |||||||||||
| Qualcomm, Inc, Put | 8,900 | (749 | ) | 60.00 | 2/16/18 | (810 | ) | |||||||||||
| salesforce.com, Inc, Put | 30 | (4 | ) | 95.00 | 1/19/18 | (0 | )^ | |||||||||||
| Tronox Ltd, Call | 30 | (4 | ) | 33.00 | 8/17/18 | (4 | ) | |||||||||||
| Tronox Ltd, Put | 50 | (1 | ) | 12.00 | 2/16/18 | (1 | ) | |||||||||||
| Tronox Ltd, Put | 30 | (5 | ) | 15.00 | 8/17/18 | (5 | ) | |||||||||||
| Viacom, Inc, Put | 40 | (0 | )^ | 26.50 | 1/19/18 | (0 | )^ | |||||||||||
| Wellcare Health Plans Inc, Put | 20 | (10 | ) | 165.00 | 6/15/18 | (7 | ) | |||||||||||
| Wellcare Health Plans, Inc, Call | 20 | (7 | ) | 240.00 | 6/15/18 | (7 | ) | |||||||||||
| Zimmer Biomet Holdings, Inc, Put | 30 | (1 | ) | 100.00 | 1/19/18 | (0 | )^ | |||||||||||
| Total | 35,931 | $ | (4,430 | ) | $ | (4,118 | ) | |||||||||||
^ Amount represents less than $1,000.
Bilateral total return swap contracts outstanding as of December 31, 2017 were as follows (notional amounts and values are in thousands) (See Note 3):
| Reference entity | Terms of payment to be paid | Terms of payment to be received | Counterparty | Maturity date | Notional amount | Value | Unrealized appreciation (depreciation) | ||||||||
| Custom Basket A* | LIBOR 1 M | Total return of Basket A as specified in contract | Goldman Sachs | 1/8/18 | $40,235 | $40,828 | $ 593 | ||||||||
| Custom Basket B* | Total return of Basket B as specified in contract | LIBOR 1 M + 0.450% | Goldman Sachs | 1/8/18 | 43,336 | 42,499 | (837 | ) | |||||||
| GSVIUS71 Index | 0.300% | Total return of GSVIUS71 as specified in contract | Goldman Sachs | 3/5/18 | 8,173 | 8,227 | 54 | ||||||||
| Total | $(190 | ) |
* Custom Baskets A and B consist of all domestic equity securities.
| Abbreviation(s): | |||
| LIBOR | London Interbank Offered Rate | ||
| M | Month | ||
| 186 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY
December 31, 2017
| Value | % of total | |||||||
| Country | (000) | portfolio | ||||||
| DOMESTIC | ||||||||
| UNITED STATES | $ | 89,449,584 | 69.5 | % | ||||
| TOTAL DOMESTIC | 89,449,584 | 69.5 | ||||||
| FOREIGN | ||||||||
| ARGENTINA | 45,087 | 0.0 | ||||||
| AUSTRALIA | 1,454,317 | 1.1 | ||||||
| AUSTRIA | 184,394 | 0.1 | ||||||
| BELGIUM | 155,201 | 0.1 | ||||||
| BERMUDA | 134,568 | 0.1 | ||||||
| BRAZIL | 695,342 | 0.6 | ||||||
| CANADA | 2,550,998 | 2.0 | ||||||
| CAYMAN ISLANDS | 2,945 | 0.0 | ||||||
| CHILE | 112,563 | 0.1 | ||||||
| CHINA | 2,778,520 | 2.2 | ||||||
| COLOMBIA | 45,640 | 0.0 | ||||||
| CYPRUS | 68 | 0.0 | ||||||
| CZECH REPUBLIC | 24,018 | 0.0 | ||||||
| DENMARK | 565,117 | 0.5 | ||||||
| EGYPT | 20,022 | 0.0 | ||||||
| FAROE ISLANDS | 4,485 | 0.0 | ||||||
| FINLAND | 306,368 | 0.2 | ||||||
| FRANCE | 2,946,370 | 2.3 | ||||||
| GEORGIA | 4,897 | 0.0 | ||||||
| GERMANY | 2,610,328 | 2.0 | ||||||
| GHANA | 3,053 | 0.0 | ||||||
| GREECE | 32,178 | 0.0 | ||||||
| GUERNSEY, C.I. | 697 | 0.0 | ||||||
| HONG KONG | 951,735 | 0.8 | ||||||
| HUNGARY | 33,416 | 0.0 | ||||||
| INDIA | 971,737 | 0.8 | ||||||
| INDONESIA | 208,910 | 0.2 | ||||||
| IRELAND | 346,661 | 0.3 | ||||||
| ISLE OF MAN | 2,211 | 0.0 | ||||||
| ISRAEL | 172,947 | 0.1 | ||||||
| ITALY | 837,770 | 0.7 | ||||||
| JAPAN | 6,427,551 | 5.0 | ||||||
| JERSEY, C.I. | 9,834 | 0.0 | ||||||
| JORDAN | 1,618 | 0.0 | ||||||
| KAZAKHSTAN | 2,773 | 0.0 | ||||||
| KOREA, REPUBLIC OF | 1,499,056 | 1.2 | ||||||
| LUXEMBOURG | 122,725 | 0.1 | ||||||
| MACAU | 9,416 | 0.0 | ||||||
| MALAYSIA | 227,714 | 0.2 | ||||||
| MALTA | 9,242 | 0.0 | ||||||
| MEXICO | 254,559 | 0.2 | ||||||
| MONACO | 3,966 | 0.0 | ||||||
| NETHERLANDS | 1,383,614 | 1.1 | ||||||
| NEW ZEALAND | 71,560 | 0.1 | ||||||
| 187 |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| Value | % of total | |||||||
| Country | (000) | portfolio | ||||||
| NORWAY | $ | 234,923 | 0.2 | % | ||||
| PAKISTAN | 8,629 | 0.0 | ||||||
| PANAMA | 26,295 | 0.0 | ||||||
| PERU | 41,023 | 0.0 | ||||||
| PHILIPPINES | 118,272 | 0.1 | ||||||
| POLAND | 102,852 | 0.1 | ||||||
| PORTUGAL | 47,695 | 0.0 | ||||||
| PUERTO RICO | 24,971 | 0.0 | ||||||
| QATAR | 34,894 | 0.0 | ||||||
| ROMANIA | 8,231 | 0.0 | ||||||
| RUSSIA | 293,859 | 0.2 | ||||||
| SINGAPORE | 391,068 | 0.3 | ||||||
| SOUTH AFRICA | 627,637 | 0.5 | ||||||
| SPAIN | 667,493 | 0.5 | ||||||
| SRI LANKA | 4,778 | 0.0 | ||||||
| SWEDEN | 533,465 | 0.4 | ||||||
| SWITZERLAND | 1,980,557 | 1.6 | ||||||
| TAIWAN | 1,195,283 | 0.9 | ||||||
| THAILAND | 248,584 | 0.2 | ||||||
| TURKEY | 136,692 | 0.1 | ||||||
| UNITED ARAB EMIRATES | 72,508 | 0.1 | ||||||
| UNITED KINGDOM | 4,120,199 | 3.2 | ||||||
| URUGUAY | 47,824 | 0.0 | ||||||
| ZAMBIA | 21,930 | 0.0 | ||||||
| TOTAL FOREIGN | 39,215,853 | 30.5 | ||||||
| TOTAL PORTFOLIO | $ | 128,665,437 | 100.0 | % | ||||
| 188 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2017
| SHARES | COMPANY | VALUE (000) | |||||||
| COMMON STOCKS - 98.3% | |||||||||
| ARGENTINA - 0.2% | |||||||||
| 603,952 | Grupo Financiero Galicia S.A. (ADR) (Class B) | $ | 39,770 | ||||||
| 180,000 | Grupo Supervielle S.A. (ADR) | 5,278 | |||||||
| 11,801 | Mercadolibre, Inc | 3,713 | |||||||
| TOTAL ARGENTINA | 48,761 | ||||||||
| AUSTRALIA - 1.5% | |||||||||
| 138,567 | AGL Energy Ltd | 2,626 | |||||||
| 637,398 | e | Alumina Ltd | 1,201 | ||||||
| 215,445 | Amcor Ltd | 2,582 | |||||||
| 895,430 | AMP Ltd | 3,614 | |||||||
| 107,014 | APA Group | 694 | |||||||
| 12,583 | Aristocrat Leisure Ltd | 232 | |||||||
| 321,889 | *,†,e,m | Arrium Ltd | 2 | ||||||
| 43,013 | AusNet Services | 60 | |||||||
| 1,185,697 | Australia & New Zealand Banking Group Ltd | 26,452 | |||||||
| 62,087 | Australian Stock Exchange Ltd | 2,650 | |||||||
| 681,005 | *,m | AZ BGP Holdings | 17 | ||||||
| 9,030 | Bank of Queensland Ltd | 89 | |||||||
| 11,361 | Bendigo Bank Ltd | 103 | |||||||
| 1,929,901 | e | BHP Billiton Ltd | 44,332 | ||||||
| 575,767 | e | BHP Billiton Ltd (ADR) | 26,480 | ||||||
| 833,210 | BHP Billiton plc | 16,848 | |||||||
| 139,256 | BlueScope Steel Ltd | 1,659 | |||||||
| 26,474 | Boral Ltd | 160 | |||||||
| 253,275 | Brambles Ltd | 1,985 | |||||||
| 6,175 | Caltex Australia Ltd | 164 | |||||||
| 66,567 | Challenger Financial Services Group Ltd | 726 | |||||||
| 35,244 | CIMIC Group Ltd | 1,410 | |||||||
| 117,719 | Coca-Cola Amatil Ltd | 780 | |||||||
| 1,183 | Cochlear Ltd | 158 | |||||||
| 500,103 | e | Commonwealth Bank of Australia | 31,211 | ||||||
| 95,608 | Computershare Ltd | 1,211 | |||||||
| 8,652 | Crown Resorts Ltd | 88 | |||||||
| 141,904 | CSL Ltd | 15,594 | |||||||
| 68,025 | Dexus Property Group | 516 | |||||||
| 1,131 | e | Domino’s Pizza Enterprises Ltd | 41 | ||||||
| 1,400,000 | Downer EDI Ltd | 7,532 | |||||||
| 71,877 | DuluxGroup Ltd | 428 | |||||||
| 1,149 | e | Flight Centre Travel Group Ltd | 40 | ||||||
| 794,627 | e | Fortescue Metals Group Ltd | 3,007 | ||||||
| 101,909 | GPT Group (ASE) | 405 | |||||||
| 11,014 | e | Harvey Norman Holdings Ltd | 36 | ||||||
| 40,332 | Healthscope Ltd | 66 | |||||||
| 137,746 | Incitec Pivot Ltd | 417 | |||||||
| 583,333 | Insurance Australia Group Ltd | 3,285 | |||||||
| 189 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 167,127 | Lend Lease Corp Ltd | $ | 2,125 | ||||||
| 140,269 | Macquarie Goodman Group | 919 | |||||||
| 53,447 | Macquarie Group Ltd | 4,134 | |||||||
| 61,760 | Medibank Pvt Ltd | 158 | |||||||
| 888,392 | Mirvac Group | 1,625 | |||||||
| 470,547 | National Australia Bank Ltd | 10,806 | |||||||
| 320,978 | Newcrest Mining Ltd | 5,714 | |||||||
| 28,915 | Oil Search Ltd | 175 | |||||||
| 75,664 | Orica Ltd | 1,064 | |||||||
| 394,550 | * | Origin Energy Ltd | 2,890 | ||||||
| 1,689,414 | Orora Ltd | 4,450 | |||||||
| 72,671 | Oxiana Ltd | 516 | |||||||
| 3,596 | Perpetual Trustees Australia Ltd | 135 | |||||||
| 80,165 | Qantas Airways Ltd | 314 | |||||||
| 419,064 | e | QBE Insurance Group Ltd | 3,478 | ||||||
| 43,291 | QR National Ltd | 167 | |||||||
| 7,273 | Ramsay Health Care Ltd | 397 | |||||||
| 1,232 | REA Group Ltd | 73 | |||||||
| 307,324 | * | Santos Ltd | 1,301 | ||||||
| 3,248,346 | Scentre Group | 10,596 | |||||||
| 7,493 | Seek Ltd | 111 | |||||||
| 45,039 | Shopping Centres Australasia Property Group | 82 | |||||||
| 47,624 | Sonic Healthcare Ltd | 847 | |||||||
| 768,992 | South32 Ltd | 2,084 | |||||||
| 778,951 | e | Stockland Trust Group | 2,717 | ||||||
| 398,909 | Suncorp-Metway Ltd | 4,300 | |||||||
| 101,503 | Sydney Airport | 557 | |||||||
| 40,670 | e | Tabcorp Holdings Ltd | 176 | ||||||
| 1,401,158 | Telstra Corp Ltd | 3,961 | |||||||
| 8,784 | e | TPG Telecom Ltd | 45 | ||||||
| 275,062 | Transurban Group (ASE) | 2,662 | |||||||
| 15,384 | Treasury Wine Estates Ltd | 191 | |||||||
| 167,959 | Vicinity Centres | 356 | |||||||
| 173,990 | * | Virgin Australia Holdings Ltd | 38 | ||||||
| 229,918 | Wesfarmers Ltd | 7,950 | |||||||
| 495,721 | Westfield Corp | 3,662 | |||||||
| 895,538 | Westpac Banking Corp | 21,783 | |||||||
| 146,657 | e | Woodside Petroleum Ltd | 3,773 | ||||||
| 228,793 | Woolworths Ltd | 4,861 | |||||||
| 15,586 | * | WorleyParsons Ltd | 174 | ||||||
| TOTAL AUSTRALIA | 310,268 | ||||||||
| AUSTRIA - 0.3% | |||||||||
| 181,300 | ams AG. | 16,424 | |||||||
| 124,219 | Andritz AG. | 7,009 | |||||||
| 178,362 | Erste Bank der Oesterreichischen Sparkassen AG. | 7,729 | |||||||
| 8,388 | OMV AG. | 532 | |||||||
| 8,157 | * | Raiffeisen International Bank Holding AG. | 296 | ||||||
| 6,533 | Voestalpine AG. | 390 | |||||||
| 1,503,453 | Wienerberger AG. | 36,387 | |||||||
| TOTAL AUSTRIA | 68,767 | ||||||||
| 190 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| BELGIUM - 0.1% | |||||||||
| 10,736 | Ageas | $ | 524 | ||||||
| 77,285 | Anheuser-Busch InBev S.A. | 8,628 | |||||||
| 2,500 | Befimmo SCA Sicafi | 161 | |||||||
| 2,000 | Cofinimmo | 263 | |||||||
| 2,970 | Colruyt S.A. | 154 | |||||||
| 4,645 | Groupe Bruxelles Lambert S.A. | 501 | |||||||
| 14,223 | KBC Groep NV | 1,212 | |||||||
| 8,647 | e | Proximus plc | 284 | ||||||
| 4,269 | Solvay S.A. | 594 | |||||||
| 2,727 | * | Telenet Group Holding NV | 190 | ||||||
| 6,932 | UCB S.A. | 550 | |||||||
| 10,227 | Umicore S.A. | 484 | |||||||
| 1,000 | Warehouses De Pauw SCA | 112 | |||||||
| TOTAL BELGIUM | 13,657 | ||||||||
| BERMUDA - 0.0% | |||||||||
| 133,709 | Marvell Technology Group Ltd | 2,871 | |||||||
| 18,725 | RenaissanceRe Holdings Ltd | 2,352 | |||||||
| 133,871 | * | Third Point Reinsurance Ltd | 1,961 | ||||||
| 34,705 | XL Group Ltd | 1,220 | |||||||
| TOTAL BERMUDA | 8,404 | ||||||||
| BRAZIL - 0.5% | |||||||||
| 445,500 | Banco do Brasil S.A. | 4,271 | |||||||
| 888,866 | Banco Itau Holding Financeira S.A. | 11,399 | |||||||
| 484,600 | Cia Brasileira de Distribuicao Grupo Pao de Acucar | 11,533 | |||||||
| 620,000 | Cyrela Brazil Realty S.A. | 2,469 | |||||||
| 3,006,900 | Localiza Rent A Car | 20,004 | |||||||
| 4,083,600 | * | Petrobras Distribuidora S.A. | 21,051 | ||||||
| 1,195,300 | * | Petroleo Brasileiro S.A. | 6,091 | ||||||
| 2,324,595 | Via Varejo S.A. | 17,164 | |||||||
| TOTAL BRAZIL | 93,982 | ||||||||
| CANADA - 2.9% | |||||||||
| 23,794 | Agnico-Eagle Mines Ltd | 1,099 | |||||||
| 41,702 | Agrium, Inc | 4,797 | |||||||
| 629,577 | Alimentation Couche Tard, Inc | 32,851 | |||||||
| 5,120 | e | AltaGas Income Trust | 117 | ||||||
| 120,074 | e | ARC Resources Ltd | 1,409 | ||||||
| 76,786 | Atco Ltd | 2,749 | |||||||
| 385,432 | Bank of Montreal | 30,844 | |||||||
| 394,233 | e | Bank of Nova Scotia | 25,442 | ||||||
| 218,765 | Barrick Gold Corp (Canada) | 3,164 | |||||||
| 4,380 | BCE, Inc | 210 | |||||||
| 15,610 | * | Blackberry Ltd (New) | 174 | ||||||
| 10,000 | Boardwalk REIT | 343 | |||||||
| 308,617 | * | Bombardier, Inc | 744 | ||||||
| 188,796 | Brookfield Asset Management, Inc | 8,219 | |||||||
| 8,546 | CAE, Inc | 159 | |||||||
| 12,716 | e | Cameco Corp (Toronto) | 117 | ||||||
| 4,000 | Canadian Apartment Properties REIT | 119 | |||||||
| 119,961 | Canadian Imperial Bank of Commerce/Canada | 11,695 | |||||||
| 118,138 | Canadian National Railway Co | 9,741 | |||||||
| 191 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 621,898 | Canadian Natural Resources Ltd (Canada) | $ | 22,224 | ||||||
| 72,605 | Canadian Pacific Railway Ltd (Toronto) | 13,265 | |||||||
| 2,500 | Canadian Real Estate Investment Trust | 92 | |||||||
| 50,050 | e | Canadian Tire Corp Ltd | 6,526 | ||||||
| 12,716 | Canadian Utilities Ltd | 378 | |||||||
| 220,617 | Cara Operations Ltd | 4,556 | |||||||
| 73,244 | CCL Industries | 3,384 | |||||||
| 1,887,304 | Cenovus Energy, Inc (Toronto) | 17,237 | |||||||
| 38,196 | * | CGI Group, Inc | 2,075 | ||||||
| 7,860 | e | CI Financial Corp | 186 | ||||||
| 7,562 | Constellation Software, Inc | 4,584 | |||||||
| 16,978 | Crescent Point Energy Corp | 129 | |||||||
| 244,041 | * | Descartes Systems Group, Inc | 6,939 | ||||||
| 317,581 | Dollarama, Inc | 39,679 | |||||||
| 12,519 | e | Element Financial Corp | 95 | ||||||
| 1,690 | Emera, Inc | 63 | |||||||
| 5,562 | Empire Co Ltd | 108 | |||||||
| 367,873 | e | Enbridge, Inc | 14,387 | ||||||
| 228,183 | EnCana Corp | 3,044 | |||||||
| 9,685 | Fairfax Financial Holdings Ltd | 5,157 | |||||||
| 50,696 | Finning International, Inc | 1,279 | |||||||
| 172,163 | First Capital Realty, Inc | 2,838 | |||||||
| 18,503 | Fortis, Inc | 679 | |||||||
| 51,440 | Franco-Nevada Corp | 4,111 | |||||||
| 57,938 | e | George Weston Ltd | 5,031 | ||||||
| 95,050 | Gildan Activewear, Inc | 3,071 | |||||||
| 112,386 | Goldcorp, Inc | 1,433 | |||||||
| 23,421 | Great-West Lifeco, Inc | 654 | |||||||
| 18,801 | H&R Real Estate Investment Trust | 320 | |||||||
| 11,168 | * | Husky Energy, Inc | 158 | ||||||
| 9,226 | g | Hydro One Ltd | 164 | ||||||
| 2,250 | e | IGM Financial, Inc | 79 | ||||||
| 17,164 | Imperial Oil Ltd | 536 | |||||||
| 3,073 | Industrial Alliance Insurance and Financial Services, Inc | 146 | |||||||
| 52,391 | Intact Financial Corp | 4,376 | |||||||
| 179,247 | Inter Pipeline Ltd | 3,712 | |||||||
| 2,104 | Jean Coutu Group PJC, Inc | 41 | |||||||
| 118,625 | e | Keyera Corp | 3,343 | ||||||
| 55,000 | * | Kinaxis, Inc | 3,360 | ||||||
| 536,879 | * | Kinross Gold Corp | 2,315 | ||||||
| 131,615 | Linamar Corp | 7,666 | |||||||
| 6,638 | e | Loblaw Cos Ltd | 360 | ||||||
| 20,219 | Lundin Mining Corp | 134 | |||||||
| 104,426 | Magna International, Inc | 5,918 | |||||||
| 1,254,484 | Manulife Financial Corp | 26,168 | |||||||
| 1,164,100 | *,e | MEG Energy Corp | 4,760 | ||||||
| 55,254 | Methanex Corp | 3,348 | |||||||
| 354,015 | Metro, Inc | 11,336 | |||||||
| 102,746 | National Bank of Canada | 5,127 | |||||||
| 20,419 | Onex Corp | 1,498 | |||||||
| 36,474 | Open Text Corp | 1,297 | |||||||
| 77,966 | Pembina Pipeline Income Fund | 2,823 | |||||||
| 46,252 | Potash Corp of Saskatchewan | 949 | |||||||
| 192 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 82,040 | Power Corp Of Canada | $ | 2,113 | ||||||
| 147,998 | Power Financial Corp | 4,067 | |||||||
| 6,740 | e | PrairieSky Royalty Ltd | 172 | ||||||
| 198,559 | Restaurant Brands International, Inc | 12,207 | |||||||
| 15,264 | Restaurant Brands International, Inc (Toronto) | 938 | |||||||
| 44,873 | RioCan Real Estate Investment Trust | 870 | |||||||
| 113,757 | Rogers Communications, Inc (Class B) | 5,796 | |||||||
| 438,011 | Royal Bank of Canada | 35,769 | |||||||
| 88,107 | Saputo, Inc | 3,167 | |||||||
| 214,659 | * | Seven Generations Energy Ltd | 3,036 | ||||||
| 13,069 | Shaw Communications, Inc (B Shares) | 298 | |||||||
| 91,693 | * | Shopify, Inc | 9,272 | ||||||
| 12,216 | Smart Real Estate Investment Trust | 300 | |||||||
| 5,373 | SNC-Lavalin Group, Inc | 244 | |||||||
| 365,626 | *,g | Spin Master Corp | 15,713 | ||||||
| 93,267 | Sun Life Financial, Inc | 3,849 | |||||||
| 1,420,665 | Suncor Energy, Inc | 52,159 | |||||||
| 134,423 | Teck Cominco Ltd | 3,515 | |||||||
| 6,236 | TELUS Corp | 236 | |||||||
| 43,894 | Thomson Corp (Toronto) | 1,913 | |||||||
| 677,026 | Toronto-Dominion Bank | 39,668 | |||||||
| 240,513 | * | Tourmaline Oil Corp | 4,359 | ||||||
| 247,296 | e | TransCanada Corp | 12,036 | ||||||
| 125,755 | * | Turquoise Hill Resources Ltd | 429 | ||||||
| 10,408 | e | Vermilion Energy, Inc | 378 | ||||||
| 34,812 | Waste Connections, Inc | 2,470 | |||||||
| 10,288 | West Fraser Timber Co Ltd | 635 | |||||||
| 180,000 | WestJet Airlines Ltd | 3,775 | |||||||
| 187,271 | Wheaton Precious Metals Corp | 4,140 | |||||||
| TOTAL CANADA | 610,655 | ||||||||
| CHILE - 0.0% | |||||||||
| 139,825 | Antofagasta plc | 1,887 | |||||||
| TOTAL CHILE | 1,887 | ||||||||
| CHINA - 0.8% | |||||||||
| 249,076 | * | Alibaba Group Holding Ltd (ADR) | 42,948 | ||||||
| 38,869 | * | Baidu, Inc (ADR) | 9,104 | ||||||
| 230,000 | e | Byd Co Ltd | 1,998 | ||||||
| 9,579,000 | *,†,e,m | China Animal Healthcare Ltd | 12 | ||||||
| 1,238,000 | China Aoyuan Property Group Ltd | 678 | |||||||
| 7,346,800 | e | China Everbright International Ltd | 10,481 | ||||||
| 1,300,255 | * | China New Town Development Co Ltd | 52 | ||||||
| 2,384,545 | China Overseas Land & Investment Ltd | 7,654 | |||||||
| 4,063,390 | China Resources Land Ltd | 11,921 | |||||||
| 203,000 | CNOOC Ltd | 291 | |||||||
| 2,510,600 | *,e,g | Meitu, Inc | 3,484 | ||||||
| 16,000 | Minth Group Ltd | 96 | |||||||
| 1,664,500 | Ping An Insurance Group Co of China Ltd | 17,264 | |||||||
| 8,000,000 | Sinopec Shanghai Petrochemical Co Ltd | 4,548 | |||||||
| 832,500 | Sunny Optical Technology Group Co Ltd | 10,570 | |||||||
| 815,700 | Tencent Holdings Ltd | 42,219 | |||||||
| 44,549 | Yangzijiang Shipbuilding | 49 | |||||||
| TOTAL CHINA | 163,369 | ||||||||
| 193 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| CZECH REPUBLIC - 0.0% | |||||||||
| 1,134,176 | g | Moneta Money Bank AS. | $ | 4,389 | |||||
| TOTAL CZECH REPUBLIC | 4,389 | ||||||||
| DENMARK - 0.9% | |||||||||
| 217 | AP Moller - Maersk AS (Class A) | 361 | |||||||
| 365 | AP Moller - Maersk AS (Class B) | 636 | |||||||
| 6,008 | Carlsberg AS (Class B) | 721 | |||||||
| 5,284 | Christian Hansen Holding | 496 | |||||||
| 6,802 | Coloplast AS | 541 | |||||||
| 837,574 | Danske Bank AS | 32,600 | |||||||
| 85,000 | Dfds A.S. | 4,540 | |||||||
| 282,453 | g | DONG Energy A.S. | 15,418 | ||||||
| 260,505 | DSV AS | 20,498 | |||||||
| 5,259 | * | Genmab AS | 872 | ||||||
| 82,850 | GN Store Nord | 2,676 | |||||||
| 3,915 | H Lundbeck AS | 199 | |||||||
| 9,081 | ISS A.S. | 352 | |||||||
| 1,609,348 | Novo Nordisk AS | 86,479 | |||||||
| 12,758 | Novozymes AS | 728 | |||||||
| 5,997 | Pandora AS | 652 | |||||||
| 180,000 | Sydbank AS | 7,245 | |||||||
| 43,758 | TDC AS | 269 | |||||||
| 6,466 | Tryg A.S. | 162 | |||||||
| 12,044 | Vestas Wind Systems AS | 832 | |||||||
| 5,949 | * | William Demant Holding A.S. | 166 | ||||||
| TOTAL DENMARK | 176,443 | ||||||||
| FINLAND - 0.4% | |||||||||
| 178,007 | Amer Sports Oyj (A Shares) | 4,927 | |||||||
| 40,000 | Citycon Oyj | 103 | |||||||
| 8,015 | Elisa Oyj (Series A) | 314 | |||||||
| 25,204 | Fortum Oyj | 499 | |||||||
| 352,600 | Huhtamaki Oyj | 14,800 | |||||||
| 19,225 | Kone Oyj (Class B) | 1,032 | |||||||
| 6,449 | Metso Oyj | 220 | |||||||
| 7,495 | Neste Oil Oyj | 480 | |||||||
| 327,474 | Nokia Oyj (Turquoise) | 1,530 | |||||||
| 6,586 | Nokian Renkaat Oyj | 299 | |||||||
| 115,587 | Orion Oyj (Class B) | 4,310 | |||||||
| 1,248,000 | Outokumpu Oyj | 11,582 | |||||||
| 691,740 | Sampo Oyj (A Shares) | 37,964 | |||||||
| 66,314 | Stora Enso Oyj (R Shares) | 1,051 | |||||||
| 15,000 | Technopolis plc | 75 | |||||||
| 70,080 | UPM-Kymmene Oyj | 2,176 | |||||||
| 300,000 | Valmet Corp | 5,920 | |||||||
| 8,237 | Wartsila Oyj (B Shares) | 520 | |||||||
| TOTAL FINLAND | 87,802 | ||||||||
| FRANCE - 3.6% | |||||||||
| 410,798 | Accor S.A. | 21,148 | |||||||
| 194 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,654 | Aeroports de Paris | $ | 314 | ||||||
| 23,978 | Air Liquide | 3,014 | |||||||
| 8,967 | Alstom RGPT | 372 | |||||||
| 99,398 | g | Amundi S.A. | 8,418 | ||||||
| 340,814 | Arkema | 41,526 | |||||||
| 5,354 | Atos Origin S.A. | 778 | |||||||
| 349,403 | AXA S.A. | 10,354 | |||||||
| 2,331 | BioMerieux | 209 | |||||||
| 620,550 | BNP Paribas | 46,162 | |||||||
| 49,019 | Bollore | 266 | |||||||
| 12,052 | Bouygues S.A. | 625 | |||||||
| 15,256 | Bureau Veritas S.A. | 417 | |||||||
| 104,977 | Cap Gemini S.A. | 12,434 | |||||||
| 32,686 | Carrefour S.A. | 705 | |||||||
| 3,155 | Casino Guichard Perrachon S.A. | 191 | |||||||
| 9,265 | CNP Assurances | 214 | |||||||
| 566,227 | Compagnie de Saint-Gobain | 31,163 | |||||||
| 1,710,121 | Credit Agricole S.A. | 28,238 | |||||||
| 132 | Dassault Aviation S.A. | 205 | |||||||
| 166,347 | Dassault Systemes S.A. | 17,663 | |||||||
| 11,845 | Edenred | 343 | |||||||
| 4,090 | Eiffage S.A. | 448 | |||||||
| 32,142 | Electricite de France | 402 | |||||||
| 11,690 | Essilor International S.A. | 1,610 | |||||||
| 2,484 | Eurazeo | 229 | |||||||
| 129,297 | European Aeronautic Defence and Space Co | 12,850 | |||||||
| 9,796 | Eutelsat Communications | 227 | |||||||
| 119,096 | Faurecia | 9,282 | |||||||
| 3,931 | Fonciere Des Regions | 445 | |||||||
| 958,263 | France Telecom S.A. | 16,607 | |||||||
| 526,291 | Gaz de France | 9,048 | |||||||
| 5,167 | Gecina S.A. | 954 | |||||||
| 492,989 | Groupe Danone | 41,308 | |||||||
| 25,312 | Groupe Eurotunnel S.A. | 326 | |||||||
| 1,764 | Hermes International | 944 | |||||||
| 5,957 | Icade | 586 | |||||||
| 1,426 | Iliad S.A. | 342 | |||||||
| 2,106 | Imerys S.A. | 198 | |||||||
| 3,241 | Ingenico | 346 | |||||||
| 12,083 | Ipsen | 1,438 | |||||||
| 188,780 | JC Decaux S.A. | 7,593 | |||||||
| 55,091 | Kering | 25,933 | |||||||
| 32,260 | Klepierre | 1,418 | |||||||
| 6,505 | Lagardere S.C.A. | 208 | |||||||
| 14,996 | Legrand S.A. | 1,153 | |||||||
| 200,080 | L’Oreal S.A. | 44,334 | |||||||
| 182,053 | LVMH Moet Hennessy Louis Vuitton S.A. | 53,433 | |||||||
| 89,391 | Michelin (C.G.D.E.) (Class B) | 12,788 | |||||||
| 51,513 | Natixis | 407 | |||||||
| 12,092 | Pernod-Ricard S.A. | 1,912 | |||||||
| 705,462 | Peugeot S.A. | 14,329 | |||||||
| 11,465 | Publicis Groupe S.A. | 777 | |||||||
| 31,256 | Remy Cointreau S.A. | 4,331 | |||||||
| 195 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 236,412 | Renault S.A. | $ | 23,731 | ||||||
| 17,045 | Rexel S.A. | 309 | |||||||
| 18,733 | Safran S.A. | 1,932 | |||||||
| 270,296 | Sanofi-Aventis | 23,270 | |||||||
| 647,117 | Schneider Electric S.A. | 54,863 | |||||||
| 9,699 | SCOR SE | 390 | |||||||
| 1,242 | SEB S.A. | 230 | |||||||
| 1,599 | Societe BIC S.A. | 176 | |||||||
| 323,981 | Societe Generale | 16,703 | |||||||
| 5,109 | Sodexho Alliance S.A. | 685 | |||||||
| 317,921 | Suez Environnement S.A. | 5,585 | |||||||
| 278,199 | Teleperformance | 39,824 | |||||||
| 5,926 | Thales S.A. | 638 | |||||||
| 761,950 | Total S.A. | 42,059 | |||||||
| 3,546 | * | Ubisoft Entertainment | 272 | ||||||
| 15,691 | Unibail-Rodamco | 3,949 | |||||||
| 385,890 | Valeo S.A. | 28,745 | |||||||
| 188,768 | Veolia Environnement | 4,813 | |||||||
| 98,425 | Vinci S.A. | 10,048 | |||||||
| 58,111 | Vivendi Universal S.A. | 1,560 | |||||||
| 1,607 | Wendel | 278 | |||||||
| 10,920 | Zodiac S.A. | 326 | |||||||
| TOTAL FRANCE | 751,351 | ||||||||
| GERMANY - 2.9% | |||||||||
| 43,406 | Adidas-Salomon AG. | 8,681 | |||||||
| 2,000 | g | ADO Properties S.A. | 101 | ||||||
| 1,004,407 | * | Aixtron AG. | 13,883 | ||||||
| 105,290 | Allianz AG. | 24,095 | |||||||
| 290,710 | Alstria Office REIT-AG. | 4,493 | |||||||
| 2,670 | Axel Springer AG. | 208 | |||||||
| 290,076 | BASF SE | 31,801 | |||||||
| 443,931 | Bayer AG. | 55,164 | |||||||
| 72,000 | Bayerische Motoren Werke AG. | 7,465 | |||||||
| 2,738 | Bayerische Motoren Werke AG. (Preference) | 244 | |||||||
| 224,439 | Beiersdorf AG. | 26,312 | |||||||
| 1,112,591 | Borussia Dortmund GmbH & Co KGaA | 8,166 | |||||||
| 8,821 | Brenntag AG. | 556 | |||||||
| 2,707,805 | * | Commerzbank AG. | 40,393 | ||||||
| 71,565 | Continental AG. | 19,242 | |||||||
| 86,825 | g | Covestro AG. | 8,940 | ||||||
| 54,174 | Daimler AG. (Registered) | 4,581 | |||||||
| 62,464 | Deutsche Annington Immobilien SE | 3,095 | |||||||
| 115,708 | Deutsche Bank AG. (Registered) | 2,189 | |||||||
| 10,836 | Deutsche Boerse AG. | 1,254 | |||||||
| 3,500 | Deutsche Euroshop AG. | 142 | |||||||
| 12,324 | Deutsche Lufthansa AG. | 453 | |||||||
| 54,614 | Deutsche Post AG. | 2,596 | |||||||
| 987,387 | Deutsche Telekom AG. | 17,454 | |||||||
| 46,580 | Deutsche Wohnen AG. | 2,032 | |||||||
| 2,983 | Drillisch AG. | 246 | |||||||
| 65,000 | Duerr AG. | 8,267 | |||||||
| 1,406,055 | E.ON AG. | 15,236 | |||||||
| 196 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 9,366 | Evonik Industries AG. | $ | 352 | ||||||
| 2,246 | Fraport AG. Frankfurt Airport Services Worldwide | 247 | |||||||
| 111,857 | Fresenius Medical Care AG. | 11,746 | |||||||
| 50,506 | Fresenius SE | 3,928 | |||||||
| 3,802 | Fuchs Petrolub AG. (Preference) | 201 | |||||||
| 10,157 | GEA Group AG. | 486 | |||||||
| 8,000 | Grand City Properties S.A. | 188 | |||||||
| 73,480 | Hannover Rueckversicherung AG. | 9,219 | |||||||
| 8,308 | HeidelbergCement AG. | 896 | |||||||
| 5,838 | Henkel KGaA | 699 | |||||||
| 9,984 | Henkel KGaA (Preference) | 1,319 | |||||||
| 36,154 | Hochtief AG. | 6,385 | |||||||
| 3,618 | Hugo Boss AG. | 307 | |||||||
| 63,833 | Infineon Technologies AG. | 1,739 | |||||||
| 7,482 | g | Innogy SE | 293 | ||||||
| 9,964 | e | K&S AG. | 247 | ||||||
| 4,055 | KION Group AG. | 349 | |||||||
| 5,231 | Lanxess AG. | 415 | |||||||
| 5,000 | LEG Immobilien AG. | 571 | |||||||
| 470,045 | * | Linde AG. | 109,779 | ||||||
| 1,875 | MAN AG. | 215 | |||||||
| 37,275 | Merck KGaA | 4,001 | |||||||
| 10,198 | * | Metro Wholesale & Food Specialist AG. | 203 | ||||||
| 2,921 | MTU Aero Engines Holding AG. | 522 | |||||||
| 8,772 | Muenchener Rueckver AG. | 1,894 | |||||||
| 103,825 | Osram Licht AG. | 9,297 | |||||||
| 400,546 | * | Paion AG. | 1,300 | ||||||
| 8,621 | Porsche AG. | 721 | |||||||
| 12,869 | ProSiebenSat. Media AG. | 442 | |||||||
| 29,091 | * | RWE AG. | 592 | ||||||
| 88,226 | SAP AG. | 9,870 | |||||||
| 9,234 | Schaeffler AG. | 163 | |||||||
| 122,192 | g | Scout24 AG. | 4,980 | ||||||
| 331,858 | Siemens AG. | 45,948 | |||||||
| 65,000 | *,e | SLM Solutions Group AG. | 3,718 | ||||||
| 7,045 | Symrise AG. | 604 | |||||||
| 10,000 | TAG Tegernsee Immobilien und Beteiligungs AG. | 190 | |||||||
| 38,443 | Telefonica Deutschland Holding AG. | 192 | |||||||
| 1,150,847 | ThyssenKrupp AG. | 33,185 | |||||||
| 5,000 | TLG Immobilien AG. | 133 | |||||||
| 24,621 | TUI AG. (DI) | 510 | |||||||
| 11,315 | Uniper SE | 353 | |||||||
| 6,908 | United Internet AG. | 473 | |||||||
| 3,885 | Volkswagen AG. | 784 | |||||||
| 8,348 | Volkswagen AG. (Preference) | 1,658 | |||||||
| 130,294 | Wirecard AG. | 14,481 | |||||||
| 6,284 | *,g | Zalando SE | 331 | ||||||
| TOTAL GERMANY | 593,415 | ||||||||
| HONG KONG - 0.8% | |||||||||
| 5,928,858 | AIA Group Ltd | 50,429 | |||||||
| 5,118 | ASM Pacific Technology | 71 | |||||||
| 127,921 | Bank of East Asia Ltd | 553 | |||||||
| 197 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 658,853 | BOC Hong Kong Holdings Ltd | $ | 3,330 | ||||||
| 85,000 | *,e | Cathay Pacific Airways Ltd | 132 | ||||||
| 625,000 | Chow Sang Sang Holding | 1,510 | |||||||
| 489,625 | CK Asset Holdings Ltd | 4,268 | |||||||
| 605,043 | CK Hutchison Holdings Ltd | 7,581 | |||||||
| 42,453 | CK Infrastructure Holdings Ltd | 364 | |||||||
| 496,954 | CLP Holdings Ltd | 5,085 | |||||||
| 49,463 | First Pacific Co | 34 | |||||||
| 52,803 | Galaxy Entertainment Group Ltd | 422 | |||||||
| 1,063,434 | * | Global Brands Group Holding Ltd | 87 | ||||||
| 553,000 | * | Glorious Property Holdings Ltd | 53 | ||||||
| 94,000 | e | Golden Resorts Group Ltd | 90 | ||||||
| 20,000 | Hang Lung Group Ltd | 74 | |||||||
| 813,576 | Hang Lung Properties Ltd | 1,982 | |||||||
| 363,972 | Hang Seng Bank Ltd | 9,030 | |||||||
| 136,052 | Henderson Land Development Co Ltd | 895 | |||||||
| 66,500 | e,g | HK Electric Investments & HK Electric Investments Ltd | 61 | ||||||
| 75,660 | HKT Trust and HKT Ltd | 96 | |||||||
| 2,726,299 | Hong Kong & China Gas Ltd | 5,339 | |||||||
| 294,988 | Hong Kong Electric Holdings Ltd | 2,486 | |||||||
| 128,525 | Hong Kong Exchanges and Clearing Ltd | 3,931 | |||||||
| 198,000 | Hongkong Land Holdings Ltd | 1,393 | |||||||
| 7,000 | Hopewell Highway Infrastructure Ltd | 4 | |||||||
| 136,147 | Hutchison Port Holdings Trust | 56 | |||||||
| 927,760 | Hysan Development Co Ltd | 4,922 | |||||||
| 161,316 | * | I-Cable Communications Ltd | 5 | ||||||
| 4,800 | Jardine Matheson Holdings Ltd | 291 | |||||||
| 5,000 | Jardine Strategic Holdings Ltd | 198 | |||||||
| 48,000 | Kerry Logistics Network Ltd | 68 | |||||||
| 84,026 | Kerry Properties Ltd | 377 | |||||||
| 1,203,027 | Li & Fung Ltd | 659 | |||||||
| 126,026 | Link REIT | 1,166 | |||||||
| 1,310,308 | Melco Crown Entertainment Ltd (ADR) | 38,051 | |||||||
| 363,678 | MTR Corp | 2,129 | |||||||
| 1,729,376 | New World Development Co Ltd | 2,592 | |||||||
| 3 | *,e | Noble Group Ltd | 0 | ^ | |||||
| 25,638 | NWS Holdings Ltd | 46 | |||||||
| 98,262 | PCCW Ltd | 57 | |||||||
| 711,533 | Sands China Ltd | 3,662 | |||||||
| 21,992 | Shangri-La Asia Ltd | 50 | |||||||
| 158,000 | Shun TAK Holdings Ltd | 62 | |||||||
| 74,365 | Sino Land Co | 132 | |||||||
| 46,611 | SJM Holdings Ltd | 42 | |||||||
| 249,468 | Sun Hung Kai Properties Ltd | 4,153 | |||||||
| 108,128 | Swire Pacific Ltd (Class A) | 1,000 | |||||||
| 2,036,400 | Swire Properties Ltd | 6,568 | |||||||
| 29,402 | Techtronic Industries Co | 191 | |||||||
| 198,000 | g | WH Group Ltd | 224 | ||||||
| 423,053 | Wharf Holdings Ltd | 1,459 | |||||||
| 423,053 | * | Wharf Real Estate Investment Co Ltd | 2,816 | ||||||
| 18,334 | Wheelock & Co Ltd | 131 | |||||||
| 4,000,000 | Xinyi Glass Holdings Co Ltd | 5,199 | |||||||
| 15,912 | Yue Yuen Industrial Holdings | 63 | |||||||
| TOTAL HONG KONG | 175,669 | ||||||||
| 198 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| HUNGARY - 0.0% | |||||||||
| 560,000 | MOL Hungarian Oil & Gas plc | $ | 6,493 | ||||||
| TOTAL HUNGARY | 6,493 | ||||||||
| INDIA - 0.4% | |||||||||
| 387,000 | Asian Paints Ltd | 7,015 | |||||||
| 804,300 | Bharat Petroleum Corp Ltd | 6,519 | |||||||
| 487,996 | Capital First Ltd | 5,282 | |||||||
| 167,000 | Container Corp Of India Ltd | 3,609 | |||||||
| 322,531 | * | DEN Networks Ltd | 535 | ||||||
| 415,000 | HDFC Bank Ltd | 12,180 | |||||||
| 1,575,000 | Hindustan Petroleum Corp Ltd | 10,328 | |||||||
| 1,665,577 | ICICI Bank Ltd (ADR) | 16,206 | |||||||
| 537,527 | Indiabulls Housing Finance Ltd | 10,077 | |||||||
| 181,381 | * | Multi Commodity Exchange of India Ltd | 2,590 | ||||||
| 90,834 | * | Prestige Estates Projects Ltd | 452 | ||||||
| 175,000 | * | Puravankara Projects Ltd | 458 | ||||||
| 605,138 | Reliance Industries Ltd | 8,723 | |||||||
| 130,351 | Shriram Transport Finance Co Ltd | 3,022 | |||||||
| 6,544,612 | * | Unitech Ltd | 982 | ||||||
| 299,300 | *,m | Vakrangee Ltd | 1,967 | ||||||
| 299,300 | Vakrangee Ltd | 1,967 | |||||||
| TOTAL INDIA | 91,912 | ||||||||
| INDONESIA - 0.0% | |||||||||
| 1,325,600 | PT Matahari Department Store Tbk | 974 | |||||||
| TOTAL INDONESIA | 974 | ||||||||
| IRELAND - 0.8% | |||||||||
| 224,258 | * | AerCap Holdings NV | 11,798 | ||||||
| 4,160,372 | e | AIB Group plc | 27,455 | ||||||
| 372,425 | * | Bank of Ireland Group plc | 3,171 | ||||||
| 772,512 | CRH plc | 27,803 | |||||||
| 2,902,262 | Green REIT plc | 5,415 | |||||||
| 8,074,391 | Hibernia REIT plc | 14,765 | |||||||
| 147,992 | *,†,m | Irish Bank Resolution Corp Ltd | 0 | ||||||
| 10,476 | James Hardie Industries NV | 184 | |||||||
| 244,150 | Kerry Group plc (Class A) | 27,390 | |||||||
| 526,576 | Keywords Studios plc | 11,344 | |||||||
| 4,408 | Paddy Power plc | 525 | |||||||
| 4,593 | * | Ryanair Holdings plc | 82 | ||||||
| 120,428 | * | Ryanair Holdings plc (ADR) | 12,547 | ||||||
| 577,088 | Smurfit Kappa Group plc | 19,519 | |||||||
| TOTAL IRELAND | 161,998 | ||||||||
| ISRAEL - 0.0% | |||||||||
| 2,119 | Azrieli Group | 119 | |||||||
| 142,896 | Bank Hapoalim Ltd | 1,049 | |||||||
| 183,973 | Bank Leumi Le-Israel | 1,107 | |||||||
| 109,685 | Bezeq Israeli Telecommunication Corp Ltd | 166 | |||||||
| 199 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 7,303 | * | Check Point Software Technologies | $ | 757 | |||||
| 1,297 | Elbit Systems Ltd | 173 | |||||||
| 2,032 | Frutarom Industries Ltd | 191 | |||||||
| 25,855 | Israel Chemicals Ltd | 105 | |||||||
| 22,279 | Mizrahi Tefahot Bank Ltd | 410 | |||||||
| 3,368 | Nice Systems Ltd | 308 | |||||||
| 51,204 | e | Teva Pharmaceutical Industries Ltd (ADR) | 970 | ||||||
| TOTAL ISRAEL | 5,355 | ||||||||
| ITALY - 0.9% | |||||||||
| 4,000,000 | A2A S.p.A. | 7,401 | |||||||
| 69,912 | Assicurazioni Generali S.p.A. | 1,273 | |||||||
| 25,344 | Autostrade S.p.A. | 799 | |||||||
| 13,093,423 | Banca Intesa S.p.A. | 43,442 | |||||||
| 51,467 | Banca Intesa S.p.A. RSP | 164 | |||||||
| 200,000 | Beni Stabili S.p.A. | 185 | |||||||
| 144,000 | Brunello Cucinelli S.p.A | 4,659 | |||||||
| 751,837 | Davide Campari-Milano S.p.A | 5,809 | |||||||
| 933,303 | Enel S.p.A. | 5,739 | |||||||
| 401,314 | ENI S.p.A. | 6,641 | |||||||
| 6,892 | Ferrari NV | 722 | |||||||
| 23,242 | Finmeccanica S.p.A. | 276 | |||||||
| 53,286 | e | Fondiaria-Sai S.p.A | 124 | ||||||
| 9,506 | Luxottica Group S.p.A. | 583 | |||||||
| 2,060,027 | Mediobanca S.p.A. | 23,342 | |||||||
| 586,788 | Moncler S.p.A | 18,342 | |||||||
| 1,224,644 | g | OVS S.p.A | 8,162 | ||||||
| 27,956 | g | Poste Italiane S.p.A | 210 | ||||||
| 6,547,533 | Prada S.p.A | 23,644 | |||||||
| 11,553 | Prysmian S.p.A. | 376 | |||||||
| 5,615 | Recordati S.p.A. | 250 | |||||||
| 128,547 | Snam Rete Gas S.p.A. | 630 | |||||||
| 340,614 | Telecom Italia RSP | 242 | |||||||
| 630,946 | * | Telecom Italia S.p.A. | 545 | ||||||
| 77,725 | Terna Rete Elettrica Nazionale S.p.A. | 452 | |||||||
| 1,210,071 | * | UniCredit S.p.A | 22,573 | ||||||
| 304,209 | *,e | Yoox S.p.A | 10,611 | ||||||
| TOTAL ITALY | 187,196 | ||||||||
| JAPAN - 7.7% | |||||||||
| 800 | ABC-Mart, Inc | 46 | |||||||
| 611,000 | *,e | Acom Co Ltd | 2,567 | ||||||
| 105 | Activia Properties Inc | 439 | |||||||
| 8 | Advance Residence Investment Corp | 20 | |||||||
| 17,646 | Aeon Co Ltd | 298 | |||||||
| 21,252 | AEON Financial Service Co Ltd | 494 | |||||||
| 3,197 | Aeon Mall Co Ltd | 62 | |||||||
| 800 | AEON REIT Investment Corp | 841 | |||||||
| 4,500 | Air Water, Inc | 95 | |||||||
| 330,290 | Aisin Seiki Co Ltd | 18,504 | |||||||
| 95,875 | Ajinomoto Co, Inc | 1,804 | |||||||
| 23,405 | Alfresa Holdings Corp | 548 | |||||||
| 26,852 | All Nippon Airways Co Ltd | 1,120 | |||||||
| 200 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 489,029 | Alps Electric Co Ltd | $ | 13,911 | ||||||
| 9,744 | Amada Co Ltd | 132 | |||||||
| 3,384 | Aozora Bank Ltd | 131 | |||||||
| 78,131 | Asahi Breweries Ltd | 3,877 | |||||||
| 40,701 | Asahi Glass Co Ltd | 1,759 | |||||||
| 294,434 | Asahi Kasei Corp | 3,789 | |||||||
| 154,700 | Ashikaga Holdings Co Ltd | 654 | |||||||
| 4,600 | e | Asics Corp | 73 | ||||||
| 207,205 | Astellas Pharma, Inc | 2,632 | |||||||
| 37,721 | Bank of Kyoto Ltd | 1,959 | |||||||
| 1,953 | Benesse Holdings Inc | 69 | |||||||
| 156 | BLife Investment Corp | 371 | |||||||
| 129,804 | Bridgestone Corp | 6,008 | |||||||
| 6,985 | Brother Industries Ltd | 172 | |||||||
| 2,200 | Calbee, Inc | 71 | |||||||
| 199,697 | Canon, Inc | 7,440 | |||||||
| 4,633 | Casio Computer Co Ltd | 66 | |||||||
| 32,244 | Central Japan Railway Co | 5,770 | |||||||
| 570,562 | Chiba Bank Ltd | 4,732 | |||||||
| 189,766 | Chubu Electric Power Co, Inc | 2,354 | |||||||
| 77,558 | Chugai Pharmaceutical Co Ltd | 3,964 | |||||||
| 58,366 | Chugoku Electric Power Co, Inc | 627 | |||||||
| 3,400 | Coca-Cola West Japan Co Ltd | 124 | |||||||
| 235,100 | Concordia Financial Group Ltd | 1,414 | |||||||
| 441,000 | Cosmo Energy Holdings Co Ltd | 16,605 | |||||||
| 3,468 | Credit Saison Co Ltd | 63 | |||||||
| 10,000 | CyberAgent, Inc | 390 | |||||||
| 139,000 | *,e | CYBERDYNE, Inc | 2,390 | ||||||
| 6,938 | Dai Nippon Printing Co Ltd | 154 | |||||||
| 8,446 | Daicel Chemical Industries Ltd | 96 | |||||||
| 17,800 | Daifuku Co Ltd | 967 | |||||||
| 642,439 | Dai-ichi Mutual Life Insurance Co | 13,204 | |||||||
| 38,994 | Daiichi Sankyo Co Ltd | 1,014 | |||||||
| 123,555 | Daikin Industries Ltd | 14,600 | |||||||
| 18,017 | Daito Trust Construction Co Ltd | 3,671 | |||||||
| 15,756 | Daiwa House Industry Co Ltd | 604 | |||||||
| 495,480 | Daiwa Securities Group, Inc | 3,100 | |||||||
| 21,000 | Dena Co Ltd | 432 | |||||||
| 90,487 | Denso Corp | 5,421 | |||||||
| 136,155 | Dentsu, Inc | 5,757 | |||||||
| 14,800 | Disco Corp | 3,280 | |||||||
| 3,433 | Don Quijote Co Ltd | 179 | |||||||
| 160,368 | East Japan Railway Co | 15,639 | |||||||
| 40,000 | Ebara Corp | 1,520 | |||||||
| 7,228 | Eisai Co Ltd | 411 | |||||||
| 26,093 | Electric Power Development Co | 702 | |||||||
| 2,344 | FamilyMart Co Ltd | 164 | |||||||
| 39,443 | Fanuc Ltd | 9,462 | |||||||
| 10,619 | Fast Retailing Co Ltd | 4,222 | |||||||
| 1,165,822 | Fuji Electric Holdings Co Ltd | 8,758 | |||||||
| 109,180 | Fuji Heavy Industries Ltd | 3,462 | |||||||
| 343,293 | Fujifilm Holdings Corp | 14,008 | |||||||
| 1,340,991 | Fujitsu Ltd | 9,507 | |||||||
| 201 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 155,733 | Fukuoka Financial Group, Inc | $ | 871 | ||||||
| 18 | GLP J-Reit | 19 | |||||||
| 132,600 | e | GMO Payment Gateway, Inc | 10,949 | ||||||
| 82,673 | Hachijuni Bank Ltd | 472 | |||||||
| 5,900 | Hakuhodo DY Holdings, Inc | 76 | |||||||
| 4,000 | Hamamatsu Photonics KK | 134 | |||||||
| 66,900 | Hankyu Hanshin Holdings, Inc | 2,687 | |||||||
| 532 | Hikari Tsushin, Inc | 76 | |||||||
| 66,882 | Hino Motors Ltd | 864 | |||||||
| 932 | Hirose Electric Co Ltd | 136 | |||||||
| 7,175 | Hisamitsu Pharmaceutical Co, Inc | 433 | |||||||
| 19,970 | Hitachi Chemical Co Ltd | 511 | |||||||
| 3,133 | Hitachi Construction Machinery Co Ltd | 114 | |||||||
| 98,200 | Hitachi High-Technologies Corp | 4,127 | |||||||
| 6,495,793 | Hitachi Ltd | 50,396 | |||||||
| 5,000 | Hitachi Metals Ltd | 72 | |||||||
| 310,796 | Honda Motor Co Ltd | 10,607 | |||||||
| 10,512 | Hoshizaki Electric Co Ltd | 931 | |||||||
| 78,853 | Hoya Corp | 3,927 | |||||||
| 3,400 | Idemitsu Kosan Co Ltd | 136 | |||||||
| 4,129 | Iida Group Holdings Co Ltd | 78 | |||||||
| 574,800 | Infomart Corp | 3,421 | |||||||
| 25,510 | Inpex Holdings, Inc | 318 | |||||||
| 300 | Invesco Office J-Reit, Inc | 291 | |||||||
| 3,837 | Invincible Investment Corp | 1,633 | |||||||
| 65,981 | Isetan Mitsukoshi Holdings Ltd | 817 | |||||||
| 625,594 | Ishikawajima-Harima Heavy Industries Co Ltd | 20,749 | |||||||
| 15,300 | Isuzu Motors Ltd | 255 | |||||||
| 260,970 | Itochu Corp | 4,865 | |||||||
| 16,800 | Itochu Techno-Science Corp | 729 | |||||||
| 261,500 | J Front Retailing Co Ltd | 4,914 | |||||||
| 117,315 | Japan Airlines Co Ltd | 4,583 | |||||||
| 1,403 | Japan Airport Terminal Co Ltd | 52 | |||||||
| 10,746 | Japan Post Bank Co Ltd | 140 | |||||||
| 43,940 | Japan Post Holdings Co Ltd | 503 | |||||||
| 20 | Japan Prime Realty Investment Corp | 64 | |||||||
| 34 | Japan Real Estate Investment Corp | 161 | |||||||
| 1,793 | Japan Rental Housing Investments, Inc | 1,308 | |||||||
| 1,342 | Japan Retail Fund Investment Corp | 2,460 | |||||||
| 95,000 | Japan Steel Works Ltd | 3,052 | |||||||
| 286,340 | Japan Tobacco, Inc | 9,221 | |||||||
| 34,604 | JFE Holdings, Inc | 827 | |||||||
| 36,978 | JGC Corp | 714 | |||||||
| 5,486 | JSR Corp | 108 | |||||||
| 346,103 | JTEKT Corp | 5,930 | |||||||
| 3,425,688 | JX Holdings, Inc | 22,015 | |||||||
| 370,000 | kabu.com Securities Co Ltd | 1,152 | |||||||
| 195,372 | Kajima Corp | 1,877 | |||||||
| 4,134 | Kakaku.com, Inc | 70 | |||||||
| 25,086 | Kamigumi Co Ltd | 554 | |||||||
| 7,129 | Kaneka Corp | 65 | |||||||
| 282,374 | Kansai Electric Power Co, Inc | 3,453 | |||||||
| 5,414 | Kansai Paint Co Ltd | 140 | |||||||
| 202 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 221,585 | Kao Corp | $ | 14,972 | ||||||
| 4,051 | Kawasaki Heavy Industries Ltd | 142 | |||||||
| 350,000 | KDDI Corp | 8,694 | |||||||
| 2,800 | Keihan Electric Railway Co Ltd | 82 | |||||||
| 45,611 | Keihin Electric Express Railway Co Ltd | 875 | |||||||
| 31,224 | Keio Corp | 1,372 | |||||||
| 3,913 | Keisei Electric Railway Co Ltd | 126 | |||||||
| 434 | Kenedix Realty Investment Corp | 2,465 | |||||||
| 166 | Kenedix Retail REIT Corp | 343 | |||||||
| 194,300 | e | Kenedix, Inc | 1,185 | ||||||
| 18,100 | Keyence Corp | 10,111 | |||||||
| 4,195 | Kikkoman Corp | 170 | |||||||
| 13,691 | Kintetsu Corp | 524 | |||||||
| 305,449 | Kirin Brewery Co Ltd | 7,698 | |||||||
| 58,708 | * | Kobe Steel Ltd | 542 | ||||||
| 3,200 | Koito Manufacturing Co Ltd | 224 | |||||||
| 185,636 | Komatsu Ltd | 6,709 | |||||||
| 2,286 | Konami Corp | 126 | |||||||
| 513,820 | Konica Minolta Holdings, Inc | 4,930 | |||||||
| 828 | Kose Corp | 129 | |||||||
| 1,127,407 | Kubota Corp | 22,051 | |||||||
| 9,874 | Kuraray Co Ltd | 186 | |||||||
| 2,777 | Kurita Water Industries Ltd | 90 | |||||||
| 8,900 | Kyocera Corp | 581 | |||||||
| 227,289 | Kyowa Hakko Kogyo Co Ltd | 4,376 | |||||||
| 103,835 | Kyushu Electric Power Co, Inc | 1,088 | |||||||
| 69,900 | Kyushu Financial Group, Inc | 421 | |||||||
| 4,500 | Kyushu Railway Co | 139 | |||||||
| 1,180 | Lawson, Inc | 78 | |||||||
| 1,200 | * | LINE Corp | 49 | ||||||
| 6,300 | Lion Corp | 119 | |||||||
| 7,264 | LIXIL Group Corp | 196 | |||||||
| 38,813 | M3, Inc | 1,361 | |||||||
| 13,405 | Mabuchi Motor Co Ltd | 725 | |||||||
| 290,000 | Maeda Corp | 3,992 | |||||||
| 50,772 | Makita Corp | 2,129 | |||||||
| 778,972 | Marubeni Corp | 5,632 | |||||||
| 5,809 | Marui Co Ltd | 106 | |||||||
| 11,696 | Maruichi Steel Tube Ltd | 342 | |||||||
| 1,222,100 | Matsui Securities Co Ltd | 10,294 | |||||||
| 230,455 | Matsushita Electric Industrial Co Ltd | 3,363 | |||||||
| 89,715 | Mazda Motor Corp | 1,199 | |||||||
| 1,800 | e | McDonald’s Holdings Co Japan Ltd | 79 | ||||||
| 4,559 | Mediceo Paltac Holdings Co Ltd | 89 | |||||||
| 283,100 | e | Megachips Corp | 8,451 | ||||||
| 27,800 | MEIJI Holdings Co Ltd | 2,366 | |||||||
| 650 | MID Reit, Inc | 433 | |||||||
| 185,700 | Minebea Co Ltd | 3,873 | |||||||
| 4,700 | Miraca Holdings, Inc | 200 | |||||||
| 137,600 | MISUMI Group, Inc | 3,995 | |||||||
| 280,819 | Mitsubishi Chemical Holdings Corp | 3,073 | |||||||
| 301,511 | Mitsubishi Corp | 8,314 | |||||||
| 468,214 | Mitsubishi Electric Corp | 7,760 | |||||||
| 203 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 237,258 | Mitsubishi Estate Co Ltd | $ | 4,120 | ||||||
| 43,580 | Mitsubishi Gas Chemical Co, Inc | 1,248 | |||||||
| 194,515 | Mitsubishi Heavy Industries Ltd | 7,252 | |||||||
| 163,053 | Mitsubishi Materials Corp | 5,786 | |||||||
| 128,900 | Mitsubishi Motors Corp | 927 | |||||||
| 4,296,496 | Mitsubishi UFJ Financial Group, Inc | 31,270 | |||||||
| 13,500 | Mitsubishi UFJ Lease & Finance Co Ltd | 80 | |||||||
| 382,920 | Mitsui & Co Ltd | 6,212 | |||||||
| 112,228 | Mitsui Chemicals, Inc | 3,599 | |||||||
| 290,129 | Mitsui Fudosan Co Ltd | 6,489 | |||||||
| 3,249 | Mitsui OSK Lines Ltd | 108 | |||||||
| 88,409 | Mitsui Sumitomo Insurance Group Holdings, Inc | 2,982 | |||||||
| 324,875 | Mitsui Trust Holdings, Inc | 12,854 | |||||||
| 900 | Mixi Inc | 40 | |||||||
| 4,574,056 | Mizuho Financial Group, Inc | 8,270 | |||||||
| 516,800 | e | MonotaRO Co Ltd | 16,470 | ||||||
| 101 | Mori Hills REIT Investment Corp | 122 | |||||||
| 87,835 | Murata Manufacturing Co Ltd | 11,760 | |||||||
| 3,239 | Nabtesco Corp | 124 | |||||||
| 35,100 | Nagoya Railroad Co Ltd | 884 | |||||||
| 5,406 | Namco Bandai Holdings, Inc | 176 | |||||||
| 59,361 | NEC Corp | 1,599 | |||||||
| 13,900 | * | NEC Electronics Corp | 161 | ||||||
| 5,300 | * | Nexon Co Ltd | 154 | ||||||
| 93,631 | NGK Insulators Ltd | 1,764 | |||||||
| 90,593 | NGK Spark Plug Co Ltd | 2,196 | |||||||
| 44,617 | Nidec Corp | 6,247 | |||||||
| 9,481 | Nikon Corp | 191 | |||||||
| 119,697 | Nintendo Co Ltd | 43,102 | |||||||
| 135 | Nippon Building Fund, Inc | 660 | |||||||
| 2,362 | Nippon Electric Glass Co Ltd | 90 | |||||||
| 2,444 | Nippon Express Co Ltd | 162 | |||||||
| 4,944 | Nippon Meat Packers, Inc | 120 | |||||||
| 4,726 | e | Nippon Paint Co Ltd | 149 | ||||||
| 860 | Nippon ProLogis REIT, Inc | 1,819 | |||||||
| 50,801 | Nippon Steel Corp | 1,298 | |||||||
| 677,500 | Nippon Telegraph & Telephone Corp | 31,852 | |||||||
| 241,767 | * | Nippon Yusen Kabushiki Kaisha | 5,883 | ||||||
| 3,500 | Nissan Chemical Industries Ltd | 139 | |||||||
| 1,157,462 | Nissan Motor Co Ltd | 11,524 | |||||||
| 5,931 | Nisshin Seifun Group, Inc | 120 | |||||||
| 1,645 | Nissin Food Products Co Ltd | 120 | |||||||
| 2,200 | Nitori Co Ltd | 313 | |||||||
| 239,437 | Nitto Denko Corp | 21,178 | |||||||
| 66,953 | NKSJ Holdings, Inc | 2,584 | |||||||
| 202,955 | NOK Corp | 4,723 | |||||||
| 2,868,380 | Nomura Holdings, Inc | 16,814 | |||||||
| 3,474 | Nomura Real Estate Holdings, Inc | 78 | |||||||
| 371 | Nomura Real Estate Master Fund, Inc | 461 | |||||||
| 27,100 | Nomura Research Institute Ltd | 1,258 | |||||||
| 82,335 | NSK Ltd | 1,290 | |||||||
| 269,100 | NTT Data Corp | 3,193 | |||||||
| 1,083,748 | NTT DoCoMo, Inc | 25,624 | |||||||
| 204 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 128,096 | Obayashi Corp | $ | 1,547 | ||||||
| 1,900 | Obic Co Ltd | 140 | |||||||
| 56,149 | Odakyu Electric Railway Co Ltd | 1,200 | |||||||
| 686,994 | OJI Paper Co Ltd | 4,562 | |||||||
| 170,442 | Olympus Corp | 6,520 | |||||||
| 157,213 | Omron Corp | 9,351 | |||||||
| 11,568 | Ono Pharmaceutical Co Ltd | 269 | |||||||
| 1,003 | Oracle Corp Japan | 83 | |||||||
| 41,600 | Oriental Land Co Ltd | 3,785 | |||||||
| 3,196,725 | ORIX Corp | 53,900 | |||||||
| 187 | Orix JREIT, Inc | 259 | |||||||
| 250,821 | Osaka Gas Co Ltd | 4,823 | |||||||
| 104,100 | Osaka Securities Exchange Co Ltd | 1,806 | |||||||
| 4,900 | Otsuka Corp | 375 | |||||||
| 78,900 | e | Otsuka Holdings KK | 3,460 | ||||||
| 311,100 | Paltac Corp | 14,178 | |||||||
| 8,500 | e | Park24 Co Ltd | 203 | ||||||
| 50,700 | Pola Orbis Holdings, Inc | 1,777 | |||||||
| 25,900 | Rakuten, Inc | 237 | |||||||
| 215,239 | Recruit Holdings Co Ltd | 5,344 | |||||||
| 430,000 | Rengo Co Ltd | 3,136 | |||||||
| 653,572 | Resona Holdings, Inc | 3,894 | |||||||
| 19,282 | Ricoh Co Ltd | 179 | |||||||
| 1,012 | Rinnai Corp | 92 | |||||||
| 138,924 | Rohm Co Ltd | 15,304 | |||||||
| 744 | Ryohin Keikaku Co Ltd | 232 | |||||||
| 1,280 | Sankyo Co Ltd | 40 | |||||||
| 106,800 | Santen Pharmaceutical Co Ltd | 1,673 | |||||||
| 37,491 | SBI Holdings, Inc | 781 | |||||||
| 43,834 | Secom Co Ltd | 3,307 | |||||||
| 3,952 | Sega Sammy Holdings, Inc | 49 | |||||||
| 5,800 | Seibu Holdings, Inc | 110 | |||||||
| 8,200 | Seiko Epson Corp | 193 | |||||||
| 400,000 | Seino Holdings Corp | 6,346 | |||||||
| 94,751 | Sekisui Chemical Co Ltd | 1,897 | |||||||
| 1,205,420 | Sekisui House Ltd | 21,744 | |||||||
| 151,800 | Seria Co Ltd | 9,135 | |||||||
| 143,212 | Seven & I Holdings Co Ltd | 5,933 | |||||||
| 15,000 | Seven Bank Ltd | 51 | |||||||
| 3,899 | *,e | Sharp Corp | 133 | ||||||
| 7,247 | Shimadzu Corp | 164 | |||||||
| 5,227 | Shimamura Co Ltd | 574 | |||||||
| 2,092 | Shimano, Inc | 294 | |||||||
| 1,602,962 | Shimizu Corp | 16,533 | |||||||
| 153,000 | Shin-Etsu Chemical Co Ltd | 15,502 | |||||||
| 40,377 | Shinsei Bank Ltd | 696 | |||||||
| 80,537 | Shionogi & Co Ltd | 4,352 | |||||||
| 10,593 | Shiseido Co Ltd | 510 | |||||||
| 114,301 | Shizuoka Bank Ltd | 1,177 | |||||||
| 111,528 | Shoei Co Ltd | 1,251 | |||||||
| 5,422 | Showa Shell Sekiyu KK | 73 | |||||||
| 11,591 | SMC Corp | 4,757 | |||||||
| 262,500 | SMS Co Ltd | 8,251 | |||||||
| 205 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 273,166 | Softbank Corp | $ | 21,627 | ||||||
| 2,000 | Sohgo Security Services Co Ltd | 109 | |||||||
| 2,400,000 | Sojitz Holdings Corp | 7,353 | |||||||
| 1,931,504 | Sony Corp | 86,691 | |||||||
| 132,128 | Sony Financial Holdings, Inc | 2,335 | |||||||
| 214,015 | Stanley Electric Co Ltd | 8,660 | |||||||
| 1,030 | Star Asia Investment Corp | 1,025 | |||||||
| 5,200 | Start Today Co Ltd | 158 | |||||||
| 400,600 | Sumco Corp | 10,170 | |||||||
| 304,883 | Sumitomo Chemical Co Ltd | 2,182 | |||||||
| 175,463 | Sumitomo Corp | 2,976 | |||||||
| 4,463 | Sumitomo Dainippon Pharma Co Ltd | 66 | |||||||
| 152,824 | Sumitomo Electric Industries Ltd | 2,576 | |||||||
| 328,625 | Sumitomo Heavy Industries Ltd | 13,847 | |||||||
| 6,415 | Sumitomo Metal Mining Co Ltd | 293 | |||||||
| 1,082,490 | Sumitomo Mitsui Financial Group, Inc | 46,660 | |||||||
| 110,421 | Sumitomo Realty & Development Co Ltd | 3,624 | |||||||
| 5,063 | Sumitomo Rubber Industries, Inc | 94 | |||||||
| 1,600 | Sundrug Co Ltd | 74 | |||||||
| 3,900 | Suntory Beverage & Food Ltd | 173 | |||||||
| 34,676 | Suruga Bank Ltd | 741 | |||||||
| 2,207 | Suzuken Co Ltd | 91 | |||||||
| 39,534 | Suzuki Motor Corp | 2,288 | |||||||
| 213,722 | Sysmex Corp | 16,782 | |||||||
| 144,531 | T&D Holdings, Inc | 2,466 | |||||||
| 23,200 | Taiheiyo Cement Corp | 999 | |||||||
| 41,373 | Taisei Corp | 2,058 | |||||||
| 3,956 | Taisho Pharmaceutical Holdings Co Ltd | 315 | |||||||
| 107,185 | Taiyo Nippon Sanso Corp | 1,496 | |||||||
| 8,117 | Takashimaya Co Ltd | 85 | |||||||
| 402,148 | Takeda Pharmaceutical Co Ltd | 22,769 | |||||||
| 44,081 | Tanabe Seiyaku Co Ltd | 909 | |||||||
| 43,456 | TDK Corp | 3,453 | |||||||
| 91,500 | TechnoPro Holdings, Inc | 4,961 | |||||||
| 75,422 | Teijin Ltd | 1,676 | |||||||
| 34,000 | Temp Holdings Co Ltd | 851 | |||||||
| 9,046 | Terumo Corp | 428 | |||||||
| 49,794 | THK Co Ltd | 1,861 | |||||||
| 46,375 | Tobu Railway Co Ltd | 1,497 | |||||||
| 3,175 | Toho Co Ltd | 110 | |||||||
| 1,900 | Toho Gas Co Ltd | 52 | |||||||
| 93,215 | Tohoku Electric Power Co, Inc | 1,190 | |||||||
| 657,564 | Tokio Marine Holdings, Inc | 29,908 | |||||||
| 205,600 | *,e | Tokyo Base Co Ltd | 9,018 | ||||||
| 404,768 | * | Tokyo Electric Power Co, Inc | 1,597 | ||||||
| 19,316 | Tokyo Electron Ltd | 3,484 | |||||||
| 187,584 | Tokyo Gas Co Ltd | 4,286 | |||||||
| 34,200 | Tokyo Tatemono Co Ltd | 461 | |||||||
| 182,676 | Tokyu Corp | 2,912 | |||||||
| 14,300 | Tokyu Fudosan Holdings Corp | 103 | |||||||
| 76,000 | Topcon Corp | 1,638 | |||||||
| 14,734 | Toppan Printing Co Ltd | 133 | |||||||
| 295,964 | Toray Industries, Inc | 2,786 | |||||||
| 206 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 179,554 | * | Toshiba Corp | $ | 505 | |||||
| 457,900 | Tosoh Corp | 10,330 | |||||||
| 4,142 | Toto Ltd | 244 | |||||||
| 4,539 | Toyo Seikan Kaisha Ltd | 73 | |||||||
| 2,599 | Toyo Suisan Kaisha Ltd | 111 | |||||||
| 1,897 | Toyoda Gosei Co Ltd | 48 | |||||||
| 104,493 | Toyota Industries Corp | 6,698 | |||||||
| 1,599,252 | Toyota Motor Corp | 101,920 | |||||||
| 6,194 | Toyota Tsusho Corp | 249 | |||||||
| 3,228 | Trend Micro, Inc | 183 | |||||||
| 200,000 | TS Tech Co Ltd | 8,206 | |||||||
| 900 | Tsuruha Holdings, Inc | 122 | |||||||
| 76,512 | Uni-Charm Corp | 1,987 | |||||||
| 245 | United Urban Investment Corp | 352 | |||||||
| 6,130 | USS Co Ltd | 130 | |||||||
| 106,343 | e | Wash House Co Ltd | 2,500 | ||||||
| 24,107 | West Japan Railway Co | 1,759 | |||||||
| 286,138 | Yahoo! Japan Corp | 1,311 | |||||||
| 2,504 | Yakult Honsha Co Ltd | 189 | |||||||
| 16,931 | e | Yamada Denki Co Ltd | 93 | ||||||
| 40,406 | Yamaguchi Financial Group, Inc | 479 | |||||||
| 4,808 | Yamaha Corp | 177 | |||||||
| 7,891 | Yamaha Motor Co Ltd | 258 | |||||||
| 9,455 | Yamato Transport Co Ltd | 190 | |||||||
| 3,853 | Yamazaki Baking Co Ltd | 75 | |||||||
| 6,924 | Yaskawa Electric Corp | 303 | |||||||
| 6,310 | Yokogawa Electric Corp | 120 | |||||||
| 3,000 | e | Yokohama Rubber Co Ltd | 73 | ||||||
| 215,300 | h | Yume No Machi Souzou Iinkai Co Ltd | 3,942 | ||||||
| TOTAL JAPAN | 1,597,890 | ||||||||
| JERSEY, C.I. - 0.0% | |||||||||
| 11,922 | Randgold Resources Ltd | 1,184 | |||||||
| TOTAL JERSEY, C.I. | 1,184 | ||||||||
| KOREA, REPUBLIC OF - 0.3% | |||||||||
| 135,000 | Hynix Semiconductor, Inc | 9,588 | |||||||
| 86,045 | * | Osstem Implant Co Ltd | 4,749 | ||||||
| 11,902 | Samsung Electronics Co Ltd | 28,278 | |||||||
| 25,100 | Samsung Life Insurance Co Ltd | 2,912 | |||||||
| 31,499 | Samsung SDI Co Ltd | 6,005 | |||||||
| TOTAL KOREA, REPUBLIC OF | 51,532 | ||||||||
| LUXEMBOURG - 0.3% | |||||||||
| 90,000 | APERAM | 4,624 | |||||||
| 872,816 | * | ArcelorMittal | 28,317 | ||||||
| 483,909 | *,e | ArcelorMittal (ADR) | 15,635 | ||||||
| 2,436,775 | B&M European Value Retail S.A. | 13,905 | |||||||
| 629 | Eurofins Scientific | 382 | |||||||
| 3,787 | Millicom International Cellular S.A. | 256 | |||||||
| 2,270 | RTL Group | 182 | |||||||
| 20,660 | SES Global S.A. | 323 | |||||||
| 27,569 | Tenaris S.A. | 438 | |||||||
| TOTAL LUXEMBOURG | 64,062 | ||||||||
| 207 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| MACAU - 0.0% | |||||||||
| 16,592 | MGM China Holdings Ltd | $ | 50 | ||||||
| 34,983 | Wynn Macau Ltd | 111 | |||||||
| TOTAL MACAU | 161 | ||||||||
| MALAYSIA - 0.0% | |||||||||
| 8,333,325 | Karex BHD | 2,677 | |||||||
| 1,266,980 | Public Bank BHD | 6,505 | |||||||
| 45,306 | * | YNH Property BHD | 16 | ||||||
| TOTAL MALAYSIA | 9,198 | ||||||||
| MEXICO - 0.0% | |||||||||
| 11,839 | Fresnillo plc | 227 | |||||||
| TOTAL MEXICO | 227 | ||||||||
| NETHERLANDS - 2.5% | |||||||||
| 1,775,263 | g | ABN AMRO Group NV (ADR) | 57,236 | ||||||
| 99,382 | Aegon NV | 631 | |||||||
| 14,363 | e | Akzo Nobel NV | 1,260 | ||||||
| 29,241 | *,e | Altice NV (Class A) | 307 | ||||||
| 555,621 | ASML Holding NV | 96,599 | |||||||
| 5,143 | Boskalis Westminster | 194 | |||||||
| 10,147 | DSM NV | 969 | |||||||
| 3,500 | Eurocommercial Properties NV | 153 | |||||||
| 829,285 | g | Euronext NV | 51,440 | ||||||
| 115,766 | EXOR NV | 7,098 | |||||||
| 6,481 | Heineken Holding NV | 641 | |||||||
| 78,423 | Heineken NV | 8,175 | |||||||
| 8,683,627 | ING Groep NV | 159,403 | |||||||
| 168,226 | Koninklijke Ahold Delhaize NV | 3,698 | |||||||
| 792,045 | Koninklijke KPN NV | 2,765 | |||||||
| 459,530 | Koninklijke Philips Electronics NV | 17,351 | |||||||
| 4,131 | Koninklijke Vopak NV | 181 | |||||||
| 16,810 | NN Group NV | 727 | |||||||
| 19,432 | * | NXP Semiconductors NV | 2,275 | ||||||
| 6,729 | Randstad Holdings NV | 413 | |||||||
| 1,025,651 | Royal Dutch Shell plc (A Shares) | 34,240 | |||||||
| 1,633,207 | Royal Dutch Shell plc (B Shares) | 54,997 | |||||||
| 3,000 | Wereldhave NV | 144 | |||||||
| 187,209 | Wolters Kluwer NV | 9,759 | |||||||
| TOTAL NETHERLANDS | 510,656 | ||||||||
| NEW ZEALAND - 0.0% | |||||||||
| 4,000,000 | Air New Zealand Ltd | 9,043 | |||||||
| 21,064 | Auckland International Airport Ltd | 97 | |||||||
| 12,859 | Fisher & Paykel Healthcare Corp | 130 | |||||||
| 15,758 | Fletcher Building Ltd | 85 | |||||||
| 79,970 | Kiwi Property Group Ltd | 79 | |||||||
| 28,805 | Meridian Energy Ltd | 60 | |||||||
| 16,216 | Mighty River Power Ltd | 39 | |||||||
| 208 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 9,028 | Ryman Healthcare Ltd | $ | 68 | ||||||
| 36,353 | Telecom Corp of New Zealand Ltd | 93 | |||||||
| TOTAL NEW ZEALAND | 9,694 | ||||||||
| NORWAY - 0.5% | |||||||||
| 1,017,200 | Aker BP ASA | 25,057 | |||||||
| 916,088 | DNB NOR Holding ASA | 16,958 | |||||||
| 10,952 | Gjensidige Forsikring BA | 206 | |||||||
| 76,884 | Norsk Hydro ASA | 583 | |||||||
| 45,686 | Orkla ASA | 484 | |||||||
| 22,290 | e | PAN Fish ASA | 377 | ||||||
| 5,178 | Schibsted ASA (B Shares) | 138 | |||||||
| 2,013,509 | e | Statoil ASA | 43,106 | ||||||
| 42,733 | Telenor ASA | 915 | |||||||
| 281,200 | TGS Nopec Geophysical Co ASA | 6,658 | |||||||
| 9,977 | Yara International ASA | 458 | |||||||
| TOTAL NORWAY | 94,940 | ||||||||
| PHILIPPINES - 0.1% | |||||||||
| 13,032,283 | Megaworld Corp | 1,347 | |||||||
| 5,300,354 | Metropolitan Bank & Trust | 10,754 | |||||||
| 5,471,450 | Robinsons Retail Holdings, Inc | 10,544 | |||||||
| TOTAL PHILIPPINES | 22,645 | ||||||||
| POLAND - 0.0% | |||||||||
| 150,000 | KGHM Polska Miedz S.A. | 4,776 | |||||||
| TOTAL POLAND | 4,776 | ||||||||
| PORTUGAL - 0.1% | |||||||||
| 129,563 | Energias de Portugal S.A. | 448 | |||||||
| 27,014 | Galp Energia SGPS S.A. | 496 | |||||||
| 660,603 | Jeronimo Martins SGPS S.A. | 12,837 | |||||||
| TOTAL PORTUGAL | 13,781 | ||||||||
| RUSSIA - 0.1% | |||||||||
| 734,800 | Sberbank of Russian Federation (ADR) | 12,385 | |||||||
| TOTAL RUSSIA | 12,385 | ||||||||
| SINGAPORE - 0.4% | |||||||||
| 228,645 | Ascendas REIT | 464 | |||||||
| 225,146 | CapitaCommercial Trust | 324 | |||||||
| 766,946 | CapitaLand Ltd | 2,018 | |||||||
| 476,617 | CapitaMall Trust | 758 | |||||||
| 143,700 | City Developments Ltd | 1,336 | |||||||
| 45,948 | ComfortDelgro Corp Ltd | 68 | |||||||
| 1,277,162 | DBS Group Holdings Ltd | 23,623 | |||||||
| 145,092 | Genting Singapore plc | 142 | |||||||
| 61,895 | Global Logistic Properties | 156 | |||||||
| 164,965 | e | Golden Agri-Resources Ltd | 46 | ||||||
| 2,066 | Jardine Cycle & Carriage Ltd | 63 | |||||||
| 314,368 | Keppel Corp Ltd | 1,720 | |||||||
| 54,756 | Keppel Infrastructure Trust | 23 | |||||||
| 209 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 79,650 | K-REIT Asia | $ | 75 | ||||||
| 1,339,348 | Oversea-Chinese Banking Corp | 12,373 | |||||||
| 785,500 | * | Sea Ltd (ADR) | 10,471 | ||||||
| 22,948 | e | SembCorp Industries Ltd | 52 | ||||||
| 286,485 | e | SembCorp Marine Ltd | 393 | ||||||
| 112,984 | Singapore Airlines Ltd | 900 | |||||||
| 15,300 | Singapore Airport Terminal Services Ltd | 59 | |||||||
| 449,643 | Singapore Exchange Ltd | 2,497 | |||||||
| 406,425 | e | Singapore Press Holdings Ltd | 804 | ||||||
| 369,907 | Singapore Technologies Engineering Ltd | 900 | |||||||
| 2,656,491 | Singapore Telecommunications Ltd | 7,082 | |||||||
| 14,030 | StarHub Ltd | 30 | |||||||
| 236,800 | Suntec Real Estate Investment Trust | 380 | |||||||
| 557,762 | United Overseas Bank Ltd | 10,995 | |||||||
| 52,231 | UOL Group Ltd | 345 | |||||||
| 300,000 | Venture Corp Ltd | 4,580 | |||||||
| 35,862 | Wilmar International Ltd | 83 | |||||||
| TOTAL SINGAPORE | 82,760 | ||||||||
| SOUTH AFRICA - 0.2% | |||||||||
| 140,000 | Aspen Pharmacare Holdings Ltd | 3,138 | |||||||
| 36,985 | Investec plc | 266 | |||||||
| 330,000 | e | Kumba Iron Ore Ltd | 10,112 | ||||||
| 19,985 | e | Mediclinic International plc | 175 | ||||||
| 578,498 | Mondi plc | 15,035 | |||||||
| 32,300 | Naspers Ltd (N Shares) | 8,949 | |||||||
| TOTAL SOUTH AFRICA | 37,675 | ||||||||
| SPAIN - 0.6% | |||||||||
| 39,300 | Abertis Infraestructuras S.A. (Continuous) | 874 | |||||||
| 13,279 | ACS Actividades Construccion y Servicios S.A. | 519 | |||||||
| 3,733 | g | Aena S.A. | 755 | ||||||
| 474,369 | Amadeus IT Holding S.A. | 34,137 | |||||||
| 4,000 | Axia Real Estate SOCIMI S.A. | 88 | |||||||
| 637,226 | Banco Bilbao Vizcaya Argentaria S.A. | 5,415 | |||||||
| 295,069 | Banco de Sabadell S.A. | 585 | |||||||
| 1,869,605 | Banco Santander S.A. | 12,258 | |||||||
| 55,088 | Bankia S.A. | 263 | |||||||
| 37,977 | Bankinter S.A. | 359 | |||||||
| 3,883,134 | CaixaBank S.A. | 18,052 | |||||||
| 60,719 | Corp Mapfre S.A. | 195 | |||||||
| 12,871 | e | Enagas | 368 | ||||||
| 166,968 | Endesa S.A. | 3,571 | |||||||
| 28,050 | Ferrovial S.A. | 637 | |||||||
| 13,428 | e | Gamesa Corp Tecnologica S.A. | 184 | ||||||
| 19,992 | Gas Natural SDG S.A. | 461 | |||||||
| 61,926 | e | Grifols S.A. | 1,811 | ||||||
| 7,000 | Hispania Activos Inmobiliarios SAU | 132 | |||||||
| 2,213,420 | Iberdrola S.A. | 17,135 | |||||||
| 486,062 | Industria De Diseno Textil S.A. | 16,901 | |||||||
| 15,000 | Inmobiliaria Colonial S.A. | 149 | |||||||
| 7,000 | Lar Espana Real Estate Socimi S.A. | 74 | |||||||
| 108,528 | *,†,e,m | Let’s GOWEX S.A. | 6 | ||||||
| 210 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 25,000 | Merlin Properties Socimi S.A. | $ | 339 | ||||||
| 24,719 | Red Electrica Corp S.A. | 555 | |||||||
| 254,398 | Repsol YPF S.A. | 4,492 | |||||||
| 978,659 | Telefonica S.A. | 9,530 | |||||||
| TOTAL SPAIN | 129,845 | ||||||||
| SWEDEN - 0.6% | |||||||||
| 16,742 | Alfa Laval AB | 396 | |||||||
| 836,853 | Assa Abloy AB | 17,349 | |||||||
| 367,660 | Atlas Copco AB (A Shares) | 15,867 | |||||||
| 106,735 | Atlas Copco AB (B Shares) | 4,091 | |||||||
| 20,330 | e | Autoliv, Inc | 2,583 | ||||||
| 389,191 | Boliden AB | 13,309 | |||||||
| 10,000 | Castellum AB | 169 | |||||||
| 13,407 | Electrolux AB (Series B) | 432 | |||||||
| 172,084 | Ericsson (LM) (B Shares) | 1,136 | |||||||
| 33,731 | * | Essity AB | 959 | ||||||
| 12,000 | Fabege AB | 256 | |||||||
| 22,000 | * | Fastighets AB Balder | 588 | ||||||
| 12,945 | e | Getinge AB (B Shares) | 188 | ||||||
| 53,211 | e | Hennes & Mauritz AB (B Shares) | 1,101 | ||||||
| 299,497 | Hexagon AB (B Shares) | 15,024 | |||||||
| 23,680 | Husqvarna AB (B Shares) | 225 | |||||||
| 4,553 | e | ICA Gruppen AB | 165 | ||||||
| 10,009 | Industrivarden AB | 247 | |||||||
| 413,283 | e | Intrum Justitia AB | 15,281 | ||||||
| 299,339 | Investment AB Kinnevik (B Shares) | 10,115 | |||||||
| 25,644 | Investor AB (B Shares) | 1,169 | |||||||
| 200,000 | JM AB | 4,556 | |||||||
| 20,000 | Kungsleden AB | 145 | |||||||
| 2,156 | Lundbergs AB (B Shares) | 161 | |||||||
| 10,291 | * | Lundin Petroleum AB | 236 | ||||||
| 170,544 | Nordea Bank AB | 2,065 | |||||||
| 63,726 | Sandvik AB | 1,115 | |||||||
| 11,712 | * | SAS AB | 30 | ||||||
| 17,523 | Securitas AB (B Shares) | 306 | |||||||
| 326,683 | Skandinaviska Enskilda Banken AB (Class A) | 3,836 | |||||||
| 19,564 | Skanska AB (B Shares) | 405 | |||||||
| 20,931 | SKF AB (B Shares) | 465 | |||||||
| 84,861 | Svenska Handelsbanken AB | 1,160 | |||||||
| 208,948 | Swedbank AB (A Shares) | 5,041 | |||||||
| 10,124 | Swedish Match AB | 399 | |||||||
| 19,545 | Tele2 AB (B Shares) | 240 | |||||||
| 147,830 | TeliaSonera AB | 659 | |||||||
| 347,404 | Volvo AB (B Shares) | 6,469 | |||||||
| TOTAL SWEDEN | 127,938 | ||||||||
| SWITZERLAND - 2.6% | |||||||||
| 180,954 | ABB Ltd | 4,847 | |||||||
| 9,409 | Adecco S.A. | 719 | |||||||
| 54,812 | Baloise Holding AG. | 8,520 | |||||||
| 126 | Barry Callebaut AG. | 263 | |||||||
| 304,367 | Cie Financiere Richemont S.A. | 27,566 | |||||||
| 211 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 13,061 | Clariant AG. | $ | 365 | ||||||
| 10,543 | Coca-Cola HBC AG. | 344 | |||||||
| 2,995,650 | Credit Suisse Group | 53,430 | |||||||
| 1,901 | * | Dufry Group | 282 | ||||||
| 466 | EMS-Chemie Holding AG. | 311 | |||||||
| 36,000 | Flughafen Zuerich AG. | 8,228 | |||||||
| 2,134 | Geberit AG. | 939 | |||||||
| 8,000 | Georg Fischer AG. | 10,561 | |||||||
| 522 | Givaudan S.A. | 1,206 | |||||||
| 7,319,801 | Glencore Xstrata plc | 38,312 | |||||||
| 25,814 | Holcim Ltd | 1,454 | |||||||
| 12,653 | Julius Baer Group Ltd | 774 | |||||||
| 300,000 | Julius Baer Holding AG. | 4,841 | |||||||
| 2,943 | Kuehne & Nagel International AG. | 521 | |||||||
| 58 | Lindt & Spruengli AG. | 354 | |||||||
| 6 | Lindt & Spruengli AG. (Registered) | 434 | |||||||
| 302,810 | Lonza Group AG. | 81,670 | |||||||
| 921,774 | Nestle S.A. | 79,251 | |||||||
| 1,416,455 | Novartis AG. | 119,198 | |||||||
| 2,215 | Pargesa Holding S.A. | 192 | |||||||
| 980 | e | Partners Group | 671 | ||||||
| 2,979 | Phonak Holding AG. | 465 | |||||||
| 3,500 | PSP Swiss Property AG. | 332 | |||||||
| 144,659 | Roche Holding AG. | 36,578 | |||||||
| 2,372 | Schindler Holding AG. | 545 | |||||||
| 1,149 | Schindler Holding AG. (Registered) | 260 | |||||||
| 306 | SGS S.A. | 798 | |||||||
| 122 | Sika AG. | 968 | |||||||
| 35,809 | STMicroelectronics NV | 781 | |||||||
| 572 | Straumann Holding AG. | 403 | |||||||
| 1,861 | Swatch Group AG. | 758 | |||||||
| 2,461 | Swatch Group AG. (Registered) | 188 | |||||||
| 1,864 | Swiss Life Holding | 659 | |||||||
| 7,583 | Swiss Prime Site AG. | 700 | |||||||
| 142,739 | Swiss Re Ltd | 13,349 | |||||||
| 1,463 | Swisscom AG. | 778 | |||||||
| 297,974 | UBS AG. | 5,475 | |||||||
| 22,711 | e | Vifor Pharma AG. | 2,907 | ||||||
| 217,243 | Wolseley plc | 15,590 | |||||||
| 35,976 | Zurich Financial Services AG. | 10,938 | |||||||
| TOTAL SWITZERLAND | 537,725 | ||||||||
| TAIWAN - 0.3% | |||||||||
| 2,350,322 | Advanced Semiconductor Engineering, Inc | 3,008 | |||||||
| 202,000 | Basso Industry Corp | 452 | |||||||
| 292,000 | Dadi Early-Childhood Education Group Ltd | 2,389 | |||||||
| 1,900,000 | Hon Hai Precision Industry Co, Ltd | 6,041 | |||||||
| 2,238,478 | Hota Industrial Manufacturing Co Ltd | 10,981 | |||||||
| 60,000 | Largan Precision Co Ltd | 8,054 | |||||||
| 1,830,000 | MediaTek, Inc | 17,989 | |||||||
| 372,000 | Nien Made Enterprise Co Ltd | 3,963 | |||||||
| TOTAL TAIWAN | 52,877 | ||||||||
| 212 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| THAILAND - 0.1% | |||||||||
| 3,000,000 | Delta Electronics Thai PCL | $ | 6,743 | ||||||
| 1,286,500 | Siam Commercial Bank PCL (ADR) | 5,905 | |||||||
| 3,028,000 | Tisco Financial Group PCL (ADR) | 8,223 | |||||||
| TOTAL THAILAND | 20,871 | ||||||||
| TURKEY - 0.1% | |||||||||
| 4,102,977 | Turkcell Iletisim Hizmet AS | 16,730 | |||||||
| TOTAL TURKEY | 16,730 | ||||||||
| UNITED ARAB EMIRATES - 0.0% | |||||||||
| 120,000 | NMC Health plc | 4,674 | |||||||
| TOTAL UNITED ARAB EMIRATES | 4,674 | ||||||||
| UNITED KINGDOM - 5.1% | |||||||||
| 54,980 | 3i Group plc | 677 | |||||||
| 10,532 | Admiral Group plc | 284 | |||||||
| 74,728 | e | Anglo American plc (London) | 1,554 | ||||||
| 1,480,155 | Ashtead Group plc | 39,700 | |||||||
| 156,900 | * | ASOS plc | 14,155 | ||||||
| 111,345 | Associated British Foods plc | 4,239 | |||||||
| 350,972 | AstraZeneca plc | 24,219 | |||||||
| 53,875 | g | Auto Trader Group plc | 257 | ||||||
| 1,402,859 | Aviva plc | 9,568 | |||||||
| 14,232 | e | Babcock International Group | 136 | ||||||
| 180,044 | BAE Systems plc | 1,391 | |||||||
| 2,017,941 | Barclays plc | 5,524 | |||||||
| 56,265 | Barratt Developments plc | 491 | |||||||
| 1,028,700 | Beazley plc | 7,419 | |||||||
| 296,731 | * | Belmond Ltd. | 3,635 | ||||||
| 107,230 | Berkeley Group Holdings plc | 6,076 | |||||||
| 100,000 | Big Yellow Group plc | 1,174 | |||||||
| 3,086,000 | *,e | boohoo.com plc | 7,854 | ||||||
| 5,319,613 | BP plc | 37,319 | |||||||
| 1,379,550 | British American Tobacco plc | 93,256 | |||||||
| 254,685 | British Land Co plc | 2,372 | |||||||
| 959,319 | Britvic plc | 10,528 | |||||||
| 474,725 | BT Group plc | 1,741 | |||||||
| 18,812 | Bunzl plc | 526 | |||||||
| 23,898 | Burberry Group plc | 576 | |||||||
| 36,582 | Capita Group plc | 198 | |||||||
| 20,000 | Capital & Counties Properties | 86 | |||||||
| 308,901 | Centrica plc | 573 | |||||||
| 686,400 | e | Cineworld Group plc | 5,554 | ||||||
| 5,661,236 | CNH Industrial NV | 75,739 | |||||||
| 130,289 | * | Cobham plc | 222 | ||||||
| 12,249 | Coca-Cola European Partners plc (Class A) | 488 | |||||||
| 88,982 | Compass Group plc | 1,919 | |||||||
| 71,443 | g | ConvaTec Group plc | 197 | ||||||
| 7,689 | Croda International plc | 458 | |||||||
| 102,330 | *,e | CYBG plc | 468 | ||||||
| 4,880 | DCC plc | 491 | |||||||
| 233,800 | Dechra Pharmaceuticals plc | 6,597 | |||||||
| 213 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 369,719 | * | Delphi Automotive plc | $ | 31,363 | |||||
| 30,000 | Derwent London plc | 1,263 | |||||||
| 1,221,588 | Diageo plc | 44,777 | |||||||
| 74,992 | Direct Line Insurance Group plc | 386 | |||||||
| 8,322 | easyJet plc | 164 | |||||||
| 2,992,457 | Electrocomponents plc | 25,261 | |||||||
| 52,694 | Experian Group Ltd | 1,162 | |||||||
| 861,174 | Fevertree Drinks plc | 26,475 | |||||||
| 898,092 | * | Fiat DaimlerChrysler Automobiles NV | 16,034 | ||||||
| 95,249 | GKN plc | 410 | |||||||
| 1,722,135 | GlaxoSmithKline plc | 30,498 | |||||||
| 140,000 | Great Portland Estates plc | 1,299 | |||||||
| 88,668 | Group 4 Securicor plc | 319 | |||||||
| 145,423 | Hammerson plc | 1,073 | |||||||
| 14,243 | Hargreaves Lansdown plc | 346 | |||||||
| 1,328,624 | HSBC Holdings plc | 13,722 | |||||||
| 16,043 | IMI plc | 289 | |||||||
| 53,873 | Imperial Tobacco Group plc | 2,298 | |||||||
| 800,000 | Inchcape plc | 8,428 | |||||||
| 10,206 | InterContinental Hotels Group plc | 649 | |||||||
| 35,245 | International Consolidated Airlines Group S.A. | 305 | |||||||
| 315,000 | International Consolidated Airlines Group S.A. (London) | 2,759 | |||||||
| 8,863 | Intertek Group plc | 620 | |||||||
| 25,000 | e | Intu Properties plc | 85 | ||||||
| 202,240 | ITV plc | 452 | |||||||
| 93,497 | J Sainsbury plc | 304 | |||||||
| 37,606 | John Wood Group plc | 329 | |||||||
| 10,892 | Johnson Matthey plc | 451 | |||||||
| 1,426,714 | * | Just Eat plc | 15,007 | ||||||
| 124,202 | Kingfisher plc | 566 | |||||||
| 142,066 | Land Securities Group plc | 1,930 | |||||||
| 6,248,892 | Legal & General Group plc | 23,006 | |||||||
| 119,119 | * | Liberty Global plc | 4,031 | ||||||
| 187,284 | * | Liberty Global plc (Class A) | 6,712 | ||||||
| 4,044,742 | Lloyds TSB Group plc | 3,709 | |||||||
| 101,589 | London Stock Exchange Group plc | 5,196 | |||||||
| 3,660,337 | Man Group plc | 10,185 | |||||||
| 91,687 | e | Marks & Spencer Group plc | 389 | ||||||
| 43,745 | Meggitt plc | 284 | |||||||
| 41,753 | g | Merlin Entertainments plc | 205 | ||||||
| 24,499 | Micro Focus International plc | 833 | |||||||
| 192,503 | National Grid plc | 2,269 | |||||||
| 20,628 | Next plc | 1,257 | |||||||
| 272,235 | Old Mutual plc | 852 | |||||||
| 44,855 | Pearson plc | 444 | |||||||
| 25,912 | Pentair plc | 1,830 | |||||||
| 17,321 | Persimmon plc | 640 | |||||||
| 2,703,944 | Prudential plc | 69,249 | |||||||
| 2,154,808 | *,e | Purplebricks Group plc | 12,110 | ||||||
| 121,717 | Reckitt Benckiser Group plc | 11,355 | |||||||
| 885,229 | Reed Elsevier NV | 20,346 | |||||||
| 153,190 | Reed Elsevier plc | 3,592 | |||||||
| 227,462 | Rightmove plc | 13,804 | |||||||
| 214 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 72,280 | Rio Tinto Ltd | $ | 4,250 | ||||||
| 641,724 | Rio Tinto plc | 33,663 | |||||||
| 92,455 | Rolls-Royce Group plc | 1,055 | |||||||
| 197,820 | * | Royal Bank of Scotland Group plc | 742 | ||||||
| 49,037 | Royal Mail plc | 300 | |||||||
| 54,636 | RSA Insurance Group plc | 466 | |||||||
| 50,000 | Safestore Holdings plc | 336 | |||||||
| 61,552 | Sage Group plc | 662 | |||||||
| 7,163 | Schroders plc | 339 | |||||||
| 56,222 | Scottish & Southern Energy plc | 999 | |||||||
| 172,669 | Segro plc | 1,367 | |||||||
| 12,976 | Severn Trent plc | 378 | |||||||
| 15,000 | Shaftesbury plc | 211 | |||||||
| 443,903 | Shire Ltd | 23,004 | |||||||
| 57,194 | * | Sky plc | 781 | ||||||
| 120,516 | Smith & Nephew plc | 2,085 | |||||||
| 22,767 | Smiths Group plc | 457 | |||||||
| 30,409 | St. James’s Place plc | 502 | |||||||
| 539,631 | * | Standard Chartered plc | 5,667 | ||||||
| 149,634 | Standard Life plc | 880 | |||||||
| 4,085,359 | Taylor Wimpey plc | 11,385 | |||||||
| 59,255 | TechnipFMC plc | 1,855 | |||||||
| 9,974,510 | Tesco plc | 28,180 | |||||||
| 14,013 | Travis Perkins plc | 296 | |||||||
| 389,422 | Unilever NV | 21,926 | |||||||
| 249,792 | Unilever plc | 13,855 | |||||||
| 38,845 | United Utilities Group plc | 435 | |||||||
| 1,991,100 | Vesuvius plc | 15,632 | |||||||
| 20,631,556 | Vodafone Group plc | 65,216 | |||||||
| 12,014 | Weir Group plc | 344 | |||||||
| 163,783 | Whitbread plc | 8,845 | |||||||
| 126,479 | WM Morrison Supermarkets plc | 376 | |||||||
| 112,500 | g | Worldpay Group plc | 646 | ||||||
| 850,936 | WPP plc | 15,373 | |||||||
| 431,478 | g | ZPG plc | 1,926 | ||||||
| TOTAL UNITED KINGDOM | 1,053,417 | ||||||||
| UNITED STATES - 59.5% | |||||||||
| 454,377 | 3M Co | 106,947 | |||||||
| 27,929 | A.O. Smith Corp | 1,711 | |||||||
| 191,200 | Aaron’s, Inc | 7,619 | |||||||
| 1,986,884 | Abbott Laboratories | 113,391 | |||||||
| 964,189 | AbbVie, Inc | 93,247 | |||||||
| 210,974 | Accenture plc | 32,298 | |||||||
| 197,467 | Activision Blizzard, Inc | 12,504 | |||||||
| 6,365 | Acuity Brands, Inc | 1,120 | |||||||
| 86,204 | * | Adobe Systems, Inc | 15,106 | ||||||
| 25,337 | Advance Auto Parts, Inc | 2,526 | |||||||
| 617,093 | *,e | Advanced Micro Devices, Inc | 6,344 | ||||||
| 165,951 | AES Corp | 1,797 | |||||||
| 249,928 | Aetna Inc | 45,085 | |||||||
| 8,027 | Affiliated Managers Group, Inc | 1,648 | |||||||
| 80,572 | Aflac, Inc | 7,073 | |||||||
| 215 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 20,572 | AGCO Corp | $ | 1,469 | ||||||
| 167,728 | Agilent Technologies, Inc | 11,233 | |||||||
| 47,641 | AGNC Investment Corp | 962 | |||||||
| 10,000 | Agree Realty Corp | 514 | |||||||
| 179,244 | Air Products & Chemicals, Inc | 29,410 | |||||||
| 63,149 | * | Akamai Technologies, Inc | 4,107 | ||||||
| 129,163 | Albemarle Corp | 16,519 | |||||||
| 31,195 | Alexandria Real Estate Equities, Inc | 4,074 | |||||||
| 526,826 | * | Alexion Pharmaceuticals, Inc | 63,003 | ||||||
| 21,162 | * | Align Technology, Inc | 4,702 | ||||||
| 40,661 | *,e | Alkermes plc | 2,225 | ||||||
| 5,305 | * | Alleghany Corp | 3,162 | ||||||
| 27,218 | Allegion plc | 2,165 | |||||||
| 61,695 | Allergan plc | 10,092 | |||||||
| 11,790 | Alliance Data Systems Corp | 2,989 | |||||||
| 82,609 | Alliant Energy Corp | 3,520 | |||||||
| 170,000 | e | Allison Transmission Holdings, Inc | 7,322 | ||||||
| 159,364 | Allstate Corp | 16,687 | |||||||
| 108,863 | Ally Financial, Inc | 3,174 | |||||||
| 17,399 | * | Alnylam Pharmaceuticals, Inc | 2,211 | ||||||
| 135,797 | * | Alphabet, Inc (Class A) | 143,049 | ||||||
| 183,937 | * | Alphabet, Inc (Class C) | 192,472 | ||||||
| 403,674 | Altria Group, Inc | 28,826 | |||||||
| 235,213 | * | Amazon.com, Inc | 275,074 | ||||||
| 130,000 | * | AMC Networks, Inc | 7,030 | ||||||
| 120,000 | Amdocs Ltd | 7,858 | |||||||
| 3,090 | Amerco, Inc | 1,168 | |||||||
| 71,482 | Ameren Corp | 4,217 | |||||||
| 28,558 | American Airlines Group, Inc | 1,486 | |||||||
| 285,666 | American Electric Power Co, Inc | 21,016 | |||||||
| 421,882 | American Express Co | 41,897 | |||||||
| 96,519 | American Financial Group, Inc | 10,476 | |||||||
| 35,000 | American Homes 4 Rent | 764 | |||||||
| 1,248,205 | American International Group, Inc | 74,368 | |||||||
| 68,975 | American Tower Corp | 9,841 | |||||||
| 48,256 | American Water Works Co, Inc | 4,415 | |||||||
| 135,237 | Ameriprise Financial, Inc | 22,919 | |||||||
| 44,759 | AmerisourceBergen Corp | 4,110 | |||||||
| 55,558 | Ametek, Inc | 4,026 | |||||||
| 206,369 | Amgen, Inc | 35,888 | |||||||
| 63,118 | Amphenol Corp (Class A) | 5,542 | |||||||
| 599,788 | Anadarko Petroleum Corp | 32,173 | |||||||
| 56,330 | Analog Devices, Inc | 5,015 | |||||||
| 31,911 | Andeavor | 3,649 | |||||||
| 362,783 | Annaly Capital Management, Inc | 4,313 | |||||||
| 21,507 | * | Ansys, Inc | 3,174 | ||||||
| 98,297 | * | Antero Resources Corp | 1,868 | ||||||
| 171,306 | Anthem, Inc | 38,546 | |||||||
| 49,338 | Aon plc | 6,611 | |||||||
| 56,130 | Apache Corp | 2,370 | |||||||
| 10,000 | Apartment Investment & Management Co (Class A) | 437 | |||||||
| 2,526,772 | Apple, Inc | 427,606 | |||||||
| 659,391 | Applied Materials, Inc | 33,708 | |||||||
| 216 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 75,546 | ARAMARK Holdings Corp | $ | 3,229 | ||||||
| 37,477 | * | Arch Capital Group Ltd | 3,402 | ||||||
| 118,362 | Archer Daniels Midland Co | 4,744 | |||||||
| 50,928 | Arconic, Inc | 1,388 | |||||||
| 12,411 | * | Arista Networks, Inc | 2,924 | ||||||
| 24,604 | * | Arrow Electronics, Inc | 1,978 | ||||||
| 51,917 | Arthur J. Gallagher & Co | 3,285 | |||||||
| 42,000 | * | Asbury Automotive Group, Inc | 2,688 | ||||||
| 162,562 | Ashland Global Holdings, Inc | 11,574 | |||||||
| 21,703 | Assurant, Inc | 2,189 | |||||||
| 1,989,211 | AT&T, Inc | 77,340 | |||||||
| 252,058 | * | Athene Holding Ltd | 13,034 | ||||||
| 35,278 | Atmos Energy Corp | 3,030 | |||||||
| 28,666 | * | Autodesk, Inc | 3,005 | ||||||
| 168,937 | Automatic Data Processing, Inc | 19,798 | |||||||
| 25,769 | *,e | Autonation, Inc | 1,323 | ||||||
| 6,761 | * | AutoZone, Inc | 4,810 | ||||||
| 35,300 | AvalonBay Communities, Inc | 6,298 | |||||||
| 29,289 | Avery Dennison Corp | 3,364 | |||||||
| 46,835 | Avnet, Inc | 1,856 | |||||||
| 145,026 | * | Axalta Coating Systems Ltd | 4,693 | ||||||
| 37,627 | Axis Capital Holdings Ltd | 1,891 | |||||||
| 52,315 | Baker Hughes a GE Co | 1,655 | |||||||
| 91,664 | Ball Corp | 3,469 | |||||||
| 8,114,492 | Bank of America Corp | 239,540 | |||||||
| 654,280 | Bank of New York Mellon Corp | 35,240 | |||||||
| 70,000 | Barnes Group, Inc | 4,429 | |||||||
| 724,356 | Baxter International, Inc | 46,822 | |||||||
| 149,936 | BB&T Corp | 7,455 | |||||||
| 51,419 | Becton Dickinson & Co | 11,007 | |||||||
| 25,720 | Bed Bath & Beyond, Inc | 566 | |||||||
| 648,439 | * | Berkshire Hathaway, Inc (Class B) | 128,534 | ||||||
| 778,280 | * | Berry Plastics Group, Inc | 45,662 | ||||||
| 168,928 | Best Buy Co, Inc | 11,567 | |||||||
| 75,390 | * | Biogen Idec, Inc | 24,017 | ||||||
| 62,163 | * | BioMarin Pharmaceuticals, Inc | 5,543 | ||||||
| 36,940 | BlackRock, Inc | 18,976 | |||||||
| 165,000 | Blackstone Group LP | 5,283 | |||||||
| 190,688 | Boeing Co | 56,236 | |||||||
| 33,307 | BorgWarner, Inc | 1,702 | |||||||
| 54,388 | Boston Properties, Inc | 7,072 | |||||||
| 563,326 | * | Boston Scientific Corp | 13,965 | ||||||
| 10,557 | * | Brighthouse Financial, Inc | 619 | ||||||
| 90,000 | e | Brinker International, Inc | 3,496 | ||||||
| 1,067,113 | Bristol-Myers Squibb Co | 65,393 | |||||||
| 122,707 | Brixmor Property Group, Inc | 2,290 | |||||||
| 309,458 | Broadcom Ltd | 79,500 | |||||||
| 36,639 | Broadridge Financial Solutions, Inc | 3,319 | |||||||
| 62,223 | Brown-Forman Corp (Class B) | 4,273 | |||||||
| 171,696 | Bunge Ltd | 11,517 | |||||||
| 90,822 | CA, Inc | 3,023 | |||||||
| 117,551 | Cabot Oil & Gas Corp | 3,362 | |||||||
| 97,000 | * | CACI International, Inc (Class A) | 12,838 | ||||||
| 217 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 85,397 | * | Cadence Design Systems, Inc | $ | 3,571 | |||||
| 150,000 | CalAtlantic Group, Inc | 8,458 | |||||||
| 45,960 | Camden Property Trust | 4,231 | |||||||
| 70,309 | e | Campbell Soup Co | 3,383 | ||||||
| 472,749 | Capital One Financial Corp | 47,076 | |||||||
| 71,236 | Cardinal Health, Inc | 4,365 | |||||||
| 31,075 | * | Carmax, Inc | 1,993 | ||||||
| 175,225 | Carnival Corp | 11,630 | |||||||
| 110,822 | Carnival plc | 7,292 | |||||||
| 50,000 | Carter’s, Inc | 5,874 | |||||||
| 533,579 | Caterpillar, Inc | 84,081 | |||||||
| 32,379 | CBOE Holdings, Inc | 4,034 | |||||||
| 41,775 | * | CBRE Group, Inc | 1,809 | ||||||
| 342,270 | CBS Corp (Class B) | 20,194 | |||||||
| 38,269 | CDK Global, Inc | 2,728 | |||||||
| 238,734 | CDW Corp | 16,590 | |||||||
| 29,939 | Celanese Corp (Series A) | 3,206 | |||||||
| 249,083 | * | Celgene Corp | 25,994 | ||||||
| 144,029 | * | Centene Corp | 14,530 | ||||||
| 180,951 | Centerpoint Energy, Inc | 5,132 | |||||||
| 263,158 | CenturyLink, Inc | 4,389 | |||||||
| 105,774 | * | Cerner Corp | 7,128 | ||||||
| 33,491 | CF Industries Holdings, Inc | 1,425 | |||||||
| 45,990 | e | CH Robinson Worldwide, Inc | 4,097 | ||||||
| 166,865 | Charles Schwab Corp | 8,572 | |||||||
| 55,717 | * | Charter Communications, Inc | 18,719 | ||||||
| 40,000 | Chemed Corp | 9,721 | |||||||
| 223,373 | Chemours Co | 11,182 | |||||||
| 66,699 | * | Cheniere Energy, Inc | 3,591 | ||||||
| 1,004,085 | Chevron Corp | 125,701 | |||||||
| 9,404 | * | Chipotle Mexican Grill, Inc (Class A) | 2,718 | ||||||
| 302,448 | Chubb Ltd | 44,197 | |||||||
| 76,689 | Church & Dwight Co, Inc | 3,847 | |||||||
| 168,600 | * | Ciena Corp | 3,529 | ||||||
| 561,618 | Cigna Corp | 114,059 | |||||||
| 51,052 | Cimarex Energy Co | 6,229 | |||||||
| 47,475 | Cincinnati Financial Corp | 3,559 | |||||||
| 23,714 | Cintas Corp | 3,695 | |||||||
| 80,000 | * | Cirrus Logic, Inc | 4,149 | ||||||
| 4,574,063 | Cisco Systems, Inc | 175,187 | |||||||
| 155,924 | CIT Group, Inc | 7,676 | |||||||
| 1,163,778 | Citigroup, Inc | 86,597 | |||||||
| 506,132 | Citizens Financial Group, Inc | 21,247 | |||||||
| 33,176 | * | Citrix Systems, Inc | 2,919 | ||||||
| 35,210 | Clorox Co | 5,237 | |||||||
| 77,172 | CME Group, Inc | 11,271 | |||||||
| 87,656 | CMS Energy Corp | 4,146 | |||||||
| 2,002,059 | Coca-Cola Co | 91,854 | |||||||
| 23,734 | Cognex Corp | 1,452 | |||||||
| 109,552 | Cognizant Technology Solutions Corp (Class A) | 7,780 | |||||||
| 251,001 | * | Colfax Corp | 9,945 | ||||||
| 267,770 | Colgate-Palmolive Co | 20,203 | |||||||
| 67,923 | Colony NorthStar, Inc | 775 | |||||||
| 218 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 4,602,619 | Comcast Corp (Class A) | $ | 184,335 | ||||||
| 224,193 | Comerica, Inc | 19,462 | |||||||
| 34,608 | * | CommScope Holding Co, Inc | 1,309 | ||||||
| 825,632 | ConAgra Foods, Inc | 31,102 | |||||||
| 631,437 | * | Concho Resources, Inc | 94,854 | ||||||
| 174,083 | ConocoPhillips | 9,555 | |||||||
| 300,000 | Conseco, Inc | 7,407 | |||||||
| 71,980 | Consolidated Edison, Inc | 6,115 | |||||||
| 46,121 | Constellation Brands, Inc (Class A) | 10,542 | |||||||
| 255,134 | * | Continental Resources, Inc | 13,514 | ||||||
| 18,440 | Cooper Cos, Inc | 4,018 | |||||||
| 9,776 | e | Core Laboratories NV | 1,071 | ||||||
| 176,784 | Corning, Inc | 5,655 | |||||||
| 8,582 | * | CoStar Group, Inc | 2,548 | ||||||
| 380,484 | Costco Wholesale Corp | 70,816 | |||||||
| 177,647 | Coty, Inc | 3,533 | |||||||
| 22,500 | *,e | Credit Acceptance Corp | 7,278 | ||||||
| 138,221 | Crown Castle International Corp | 15,344 | |||||||
| 46,325 | * | Crown Holdings, Inc | 2,606 | ||||||
| 120,000 | CSRA, Inc | 3,590 | |||||||
| 279,474 | CSX Corp | 15,374 | |||||||
| 14,000 | CubeSmart | 405 | |||||||
| 260,836 | Cummins, Inc | 46,074 | |||||||
| 168,384 | CVS Health Corp | 12,208 | |||||||
| 212,268 | Danaher Corp | 19,703 | |||||||
| 106,704 | Darden Restaurants, Inc | 10,246 | |||||||
| 44,990 | * | DaVita, Inc | 3,251 | ||||||
| 8,000 | DCT Industrial Trust, Inc | 470 | |||||||
| 65,000 | DDR Corp | 582 | |||||||
| 56,321 | Deere & Co | 8,815 | |||||||
| 303,016 | Delek US Holdings, Inc | 10,587 | |||||||
| 61,256 | * | Dell Technologies, Inc-VMware Inc | 4,979 | ||||||
| 105,975 | * | Delphi Technologies plc | 5,561 | ||||||
| 146,078 | Delta Air Lines, Inc | 8,180 | |||||||
| 110,000 | Deluxe Corp | 8,452 | |||||||
| 31,149 | Dentsply Sirona, Inc | 2,051 | |||||||
| 75,692 | Devon Energy Corp | 3,134 | |||||||
| 20,930 | *,e | DexCom, Inc | 1,201 | ||||||
| 173,773 | * | Diamondback Energy, Inc | 21,939 | ||||||
| 35,000 | DiamondRock Hospitality Co | 395 | |||||||
| 28,116 | Dick’s Sporting Goods, Inc | 808 | |||||||
| 43,130 | Digital Realty Trust, Inc | 4,913 | |||||||
| 173,431 | Discover Financial Services | 13,340 | |||||||
| 44,372 | *,e | Discovery Communications, Inc (Class A) | 993 | ||||||
| 65,531 | * | Discovery Communications, Inc (Class C) | 1,387 | ||||||
| 72,406 | * | DISH Network Corp (Class A) | 3,457 | ||||||
| 76,064 | Dollar General Corp | 7,075 | |||||||
| 103,005 | * | Dollar Tree, Inc | 11,053 | ||||||
| 145,158 | Dominion Resources, Inc | 11,767 | |||||||
| 16,266 | Domino’s Pizza, Inc | 3,074 | |||||||
| 132,745 | Dover Corp | 13,406 | |||||||
| 1,439,135 | DowDuPont, Inc | 102,495 | |||||||
| 62,649 | DR Horton, Inc | 3,199 | |||||||
| 219 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 51,064 | Dr Pepper Snapple Group, Inc | $ | 4,956 | ||||||
| 91,329 | DTE Energy Co | 9,997 | |||||||
| 122,080 | Duke Energy Corp | 10,268 | |||||||
| 120,500 | Duke Realty Corp | 3,279 | |||||||
| 684,903 | DXC Technology Co | 64,997 | |||||||
| 758,178 | * | E*TRADE Financial Corp | 37,583 | ||||||
| 28,267 | East West Bancorp, Inc | 1,719 | |||||||
| 34,408 | Eastman Chemical Co | 3,188 | |||||||
| 88,345 | Eaton Corp | 6,980 | |||||||
| 21,013 | Eaton Vance Corp | 1,185 | |||||||
| 1,202,076 | * | eBay, Inc | 45,366 | ||||||
| 216,238 | Ecolab, Inc | 29,015 | |||||||
| 73,626 | Edison International | 4,656 | |||||||
| 7,000 | Education Realty Trust, Inc | 244 | |||||||
| 74,196 | * | Edwards Lifesciences Corp | 8,363 | ||||||
| 191,419 | * | Electronic Arts, Inc | 20,110 | ||||||
| 523,036 | Eli Lilly & Co | 44,176 | |||||||
| 85,000 | EMCOR Group, Inc | 6,949 | |||||||
| 510,340 | Emerson Electric Co | 35,566 | |||||||
| 1,016 | Entercom Communications Corp (Class A) | 11 | |||||||
| 47,824 | Entergy Corp | 3,892 | |||||||
| 14,424 | * | Envision Healthcare Corp | 498 | ||||||
| 1,129,465 | EOG Resources, Inc | 121,881 | |||||||
| 61,243 | EQT Corp | 3,486 | |||||||
| 30,998 | Equifax, Inc | 3,655 | |||||||
| 17,021 | Equinix, Inc | 7,714 | |||||||
| 17,000 | Equity Lifestyle Properties, Inc | 1,513 | |||||||
| 104,649 | Equity Residential | 6,673 | |||||||
| 23,682 | Essex Property Trust, Inc | 5,716 | |||||||
| 283,902 | Estee Lauder Cos (Class A) | 36,124 | |||||||
| 14,272 | Everest Re Group Ltd | 3,158 | |||||||
| 78,156 | Eversource Energy | 4,938 | |||||||
| 243,472 | Exelon Corp | 9,595 | |||||||
| 41,364 | Expedia, Inc | 4,954 | |||||||
| 54,393 | Expeditors International of Washington, Inc | 3,519 | |||||||
| 223,215 | * | Express Scripts Holding Co | 16,661 | ||||||
| 44,319 | Extra Space Storage, Inc | 3,876 | |||||||
| 1,527,387 | d | Exxon Mobil Corp | 127,751 | ||||||
| 23,719 | * | F5 Networks, Inc | 3,112 | ||||||
| 1,330,362 | * | Facebook, Inc | 234,756 | ||||||
| 75,422 | Fastenal Co | 4,125 | |||||||
| 32,746 | Federal Realty Investment Trust | 4,349 | |||||||
| 283,502 | FedEx Corp | 70,745 | |||||||
| 69,439 | Fidelity National Information Services, Inc | 6,534 | |||||||
| 113,373 | Fifth Third Bancorp | 3,440 | |||||||
| 63,356 | * | First Data Corp | 1,059 | ||||||
| 33,530 | First Republic Bank | 2,905 | |||||||
| 594,358 | FirstEnergy Corp | 18,199 | |||||||
| 45,671 | * | Fiserv, Inc | 5,989 | ||||||
| 15,239 | * | FleetCor Technologies, Inc | 2,932 | ||||||
| 1,253,639 | * | Flextronics International Ltd | 22,553 | ||||||
| 62,980 | Flir Systems, Inc | 2,936 | |||||||
| 24,991 | Flowserve Corp | 1,053 | |||||||
| 220 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 23,058 | Fluor Corp | $ | 1,191 | ||||||
| 31,919 | FMC Corp | 3,021 | |||||||
| 88,500 | FNF Group | 3,473 | |||||||
| 45,416 | Foot Locker, Inc | 2,129 | |||||||
| 546,428 | Ford Motor Co | 6,825 | |||||||
| 39,043 | * | Fortinet, Inc | 1,706 | ||||||
| 164,440 | Fortive Corp | 11,897 | |||||||
| 29,698 | Fortune Brands Home & Security, Inc | 2,033 | |||||||
| 30,000 | Four Corners Property Trust, Inc | 771 | |||||||
| 56,773 | Franklin Resources, Inc | 2,460 | |||||||
| 1,830,233 | * | Freeport-McMoRan Copper & Gold, Inc (Class B) | 34,701 | ||||||
| 278,846 | Gaming and Leisure Properties, Inc | 10,317 | |||||||
| 278,035 | Gap, Inc | 9,470 | |||||||
| 33,288 | Garmin Ltd | 1,983 | |||||||
| 49,047 | * | Gartner, Inc | 6,040 | ||||||
| 193,864 | General Dynamics Corp | 39,442 | |||||||
| 2,120,627 | General Electric Co | 37,005 | |||||||
| 115,703 | General Mills, Inc | 6,860 | |||||||
| 4,461,000 | *,†,m | General Motors Co | 0 | ||||||
| 61,921,000 | *,†,e,m | General Motors Co | 0 | ||||||
| 69,850,000 | *,†,m | General Motors Co | 0 | ||||||
| 18,159,000 | *,†,m | General Motors Co | 0 | ||||||
| 26,439,985 | *,†,m | General Motors Co | 0 | ||||||
| 29,845,445 | *,†,m | General Motors Co | 0 | ||||||
| 183,095 | General Motors Co | 7,505 | |||||||
| 13,592,224 | *,†,m | General Motors Co | 0 | ||||||
| 18,106,794 | *,†,m | General Motors Co | 0 | ||||||
| 530,757 | *,†,m | General Motors Co | 0 | ||||||
| 19,417,463 | *,†,m | General Motors Co | 0 | ||||||
| 34,853 | Genuine Parts Co | 3,311 | |||||||
| 157,304 | GGP, Inc | 3,679 | |||||||
| 231,781 | Gilead Sciences, Inc | 16,605 | |||||||
| 37,077 | Global Payments, Inc | 3,717 | |||||||
| 296,565 | Goldman Sachs Group, Inc | 75,553 | |||||||
| 47,388 | Goodyear Tire & Rubber Co | 1,531 | |||||||
| 56,352 | *,e | GrubHub, Inc | 4,046 | ||||||
| 95,512 | H&R Block, Inc | 2,504 | |||||||
| 159,019 | Halliburton Co | 7,771 | |||||||
| 117,649 | e | Hanesbrands, Inc | 2,460 | ||||||
| 90,000 | e | Hannon Armstrong Sustainable Infrastructure Capital, Inc | 2,165 | ||||||
| 51,541 | e | Harley-Davidson, Inc | 2,622 | ||||||
| 29,872 | Harris Corp | 4,231 | |||||||
| 87,392 | Hartford Financial Services Group, Inc | 4,918 | |||||||
| 33,319 | Hasbro, Inc | 3,028 | |||||||
| 224,766 | * | HCA Holdings, Inc | 19,743 | ||||||
| 131,934 | HCP, Inc | 3,441 | |||||||
| 554,095 | * | HD Supply Holdings, Inc | 22,180 | ||||||
| 35,000 | Healthcare Trust of America, Inc | 1,051 | |||||||
| 170,000 | * | HealthSouth Corp | 8,400 | ||||||
| 21,348 | e | Helmerich & Payne, Inc | 1,380 | ||||||
| 48,224 | * | Henry Schein, Inc | 3,370 | ||||||
| 180,000 | Herman Miller, Inc | 7,209 | |||||||
| 221 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 40,969 | Hershey Co | $ | 4,650 | ||||||
| 41,396 | Hess Corp | 1,965 | |||||||
| 223,716 | Hewlett Packard Enterprise Co | 3,213 | |||||||
| 111,243 | Hilltop Holdings, Inc | 2,818 | |||||||
| 26,119 | Hilton Worldwide Holdings, Inc | 2,086 | |||||||
| 51,617 | HollyFrontier Corp | 2,644 | |||||||
| 101,165 | * | Hologic, Inc | 4,325 | ||||||
| 612,394 | Home Depot, Inc | 116,067 | |||||||
| 515,427 | Honeywell International, Inc | 79,046 | |||||||
| 115,148 | e | Hormel Foods Corp | 4,190 | ||||||
| 197,564 | Host Marriott Corp | 3,922 | |||||||
| 242,687 | HP, Inc | 5,099 | |||||||
| 35,000 | Hudson Pacific Properties | 1,199 | |||||||
| 113,530 | Humana, Inc | 28,163 | |||||||
| 1,612,090 | Huntington Bancshares, Inc | 23,472 | |||||||
| 73,998 | Huntington Ingalls | 17,441 | |||||||
| 41,138 | * | IAC/InterActiveCorp | 5,030 | ||||||
| 20,084 | IDEX Corp | 2,650 | |||||||
| 25,156 | * | Idexx Laboratories, Inc | 3,934 | ||||||
| 52,908 | * | IHS Markit Ltd | 2,389 | ||||||
| 54,939 | Illinois Tool Works, Inc | 9,167 | |||||||
| 77,011 | * | Illumina, Inc | 16,826 | ||||||
| 103,025 | * | Imax Corp | 2,385 | ||||||
| 43,427 | * | Incyte Corp | 4,113 | ||||||
| 266,298 | Ingersoll-Rand plc | 23,751 | |||||||
| 69,056 | Ingredion, Inc | 9,654 | |||||||
| 2,516,197 | Intel Corp | 116,148 | |||||||
| 141,223 | IntercontinentalExchange Group, Inc | 9,965 | |||||||
| 42,000 | InterDigital, Inc | 3,198 | |||||||
| 148,776 | International Business Machines Corp | 22,825 | |||||||
| 22,812 | International Flavors & Fragrances, Inc | 3,481 | |||||||
| 150,000 | International Game Technology plc | 3,976 | |||||||
| 91,133 | International Paper Co | 5,280 | |||||||
| 422,687 | Interpublic Group of Cos, Inc | 8,521 | |||||||
| 90,609 | Intuit, Inc | 14,296 | |||||||
| 36,969 | * | Intuitive Surgical, Inc | 13,491 | ||||||
| 61,754 | Invesco Ltd | 2,256 | |||||||
| 102,320 | Invitation Homes, Inc | 2,412 | |||||||
| 5,156 | * | IPG Photonics Corp | 1,104 | ||||||
| 46,810 | * | IQVIA Holdings, Inc | 4,583 | ||||||
| 61,400 | Iron Mountain, Inc | 2,317 | |||||||
| 7,456 | Iron Mountain, Inc (CDI) | 281 | |||||||
| 30,000 | e | iShares Dow Jones US Real Estate Index Fund | 2,430 | ||||||
| 430,940 | iShares MSCI Canada Index Fund | 12,773 | |||||||
| 1,436,256 | iShares MSCI EAFE Index Fund | 100,983 | |||||||
| 153,762 | e | iShares NASDAQ Biotechnology ETF | 16,417 | ||||||
| 140,000 | ITT, Inc | 7,472 | |||||||
| 80,233 | J.B. Hunt Transport Services, Inc | 9,225 | |||||||
| 37,674 | J.M. Smucker Co | 4,681 | |||||||
| 27,750 | Jack Henry & Associates, Inc | 3,246 | |||||||
| 21,499 | Jacobs Engineering Group, Inc | 1,418 | |||||||
| 77,739 | * | Jazz Pharmaceuticals plc | 10,468 | ||||||
| 7,000 | JBG SMITH Properties | 243 | |||||||
| 222 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 1,126,972 | Johnson & Johnson | $ | 157,460 | ||||||
| 124,893 | Johnson Controls International plc | 4,760 | |||||||
| 6,060 | Jones Lang LaSalle, Inc | 903 | |||||||
| 2,239,659 | JPMorgan Chase & Co | 239,509 | |||||||
| 105,038 | Juniper Networks, Inc | 2,994 | |||||||
| 56,152 | Kansas City Southern Industries, Inc | 5,908 | |||||||
| 72,667 | Kellogg Co | 4,940 | |||||||
| 52,000 | Kennametal, Inc | 2,517 | |||||||
| 217,774 | Keycorp | 4,393 | |||||||
| 17,000 | Kilroy Realty Corp | 1,269 | |||||||
| 94,158 | Kimberly-Clark Corp | 11,361 | |||||||
| 127,699 | Kimco Realty Corp | 2,318 | |||||||
| 453,849 | Kinder Morgan, Inc | 8,201 | |||||||
| 112,838 | Kla-Tencor Corp | 11,856 | |||||||
| 16,398 | Knight-Swift Transportation Holdings, Inc | 717 | |||||||
| 108,724 | Kohl’s Corp | 5,896 | |||||||
| 130,000 | Korn/Ferry International | 5,379 | |||||||
| 403,200 | Kraft Heinz Co | 31,353 | |||||||
| 309,600 | Kroger Co | 8,499 | |||||||
| 63,537 | L Brands, Inc | 3,826 | |||||||
| 10,493 | L3 Technologies, Inc | 2,076 | |||||||
| 85,941 | * | Laboratory Corp of America Holdings | 13,708 | ||||||
| 78,552 | Lam Research Corp | 14,459 | |||||||
| 133,990 | Las Vegas Sands Corp | 9,311 | |||||||
| 116,500 | Lazard Ltd (Class A) | 6,116 | |||||||
| 108,211 | Lear Corp | 19,117 | |||||||
| 46,298 | Leggett & Platt, Inc | 2,210 | |||||||
| 136,564 | Leidos Holdings, Inc | 8,818 | |||||||
| 257 | Lennar Corp (B Shares) | 13 | |||||||
| 39,715 | Lennar Corp (Class A) | 2,512 | |||||||
| 13,923 | Lennox International, Inc | 2,900 | |||||||
| 85,988 | Leucadia National Corp | 2,278 | |||||||
| 144 | * | Liberty Braves Group (Class A) | 3 | ||||||
| 30,233 | * | Liberty Broadband Corp (Class C) | 2,575 | ||||||
| 389,752 | * | Liberty Interactive Corp | 9,518 | ||||||
| 27,627 | *,e | Liberty Media Group (Class C) | 944 | ||||||
| 49,455 | Liberty Property Trust | 2,127 | |||||||
| 13,546 | * | Liberty SiriusXM Group (Class A) | 537 | ||||||
| 24,416 | * | Liberty SiriusXM Group (Class C) | 968 | ||||||
| 239,686 | Lincoln National Corp | 18,425 | |||||||
| 19,791 | * | Live Nation, Inc | 843 | ||||||
| 70,657 | * | LKQ Corp | 2,874 | ||||||
| 41,190 | Lockheed Martin Corp | 13,224 | |||||||
| 73,916 | Loews Corp | 3,698 | |||||||
| 265,432 | Lowe’s Companies, Inc | 24,669 | |||||||
| 36,755 | * | Lululemon Athletica, Inc | 2,889 | ||||||
| 217,840 | *,e | Lumentum Holdings, Inc | 10,652 | ||||||
| 64,512 | LyondellBasell Industries AF S.C.A | 7,117 | |||||||
| 51,645 | M&T Bank Corp | 8,831 | |||||||
| 50,566 | Macerich Co | 3,321 | |||||||
| 24,566 | Macquarie Infrastructure Co LLC | 1,577 | |||||||
| 86,887 | e | Macy’s, Inc | 2,189 | ||||||
| 31,826 | *,e | Mallinckrodt plc | 718 | ||||||
| 223 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 106,169 | Manpower, Inc | $ | 13,389 | ||||||
| 115,136 | Marathon Oil Corp | 1,949 | |||||||
| 136,826 | Marathon Petroleum Corp | 9,028 | |||||||
| 3,792 | * | Markel Corp | 4,320 | ||||||
| 62,790 | Marriott International, Inc (Class A) | 8,522 | |||||||
| 179,699 | Marsh & McLennan Cos, Inc | 14,626 | |||||||
| 14,861 | Martin Marietta Materials, Inc | 3,285 | |||||||
| 138,113 | Masco Corp | 6,069 | |||||||
| 125,000 | * | Mastec, Inc | 6,119 | ||||||
| 363,358 | MasterCard, Inc (Class A) | 54,998 | |||||||
| 211,916 | *,e | Matador Resources Co | 6,597 | ||||||
| 273,243 | e | Mattel, Inc | 4,202 | ||||||
| 65,988 | Maxim Integrated Products, Inc | 3,450 | |||||||
| 36,473 | McCormick & Co, Inc | 3,717 | |||||||
| 562,620 | McDonald’s Corp | 96,838 | |||||||
| 51,620 | McKesson Corp | 8,050 | |||||||
| 32,190 | * | MEDNAX, Inc | 1,720 | ||||||
| 278,374 | Medtronic plc | 22,479 | |||||||
| 64,455 | e | Merrimack Pharmaceuticals, Inc | 661 | ||||||
| 421,942 | Metlife, Inc | 21,333 | |||||||
| 6,190 | * | Mettler-Toledo International, Inc | 3,835 | ||||||
| 436,570 | e | MGM Growth Properties LLC | 12,726 | ||||||
| 749,704 | MGM Resorts International | 25,033 | |||||||
| 64,339 | * | Michael Kors Holdings Ltd | 4,050 | ||||||
| 200,000 | * | Michaels Cos, Inc | 4,838 | ||||||
| 37,242 | Microchip Technology, Inc | 3,273 | |||||||
| 311,442 | * | Micron Technology, Inc | 12,806 | ||||||
| 175,000 | * | Microsemi Corp | 9,039 | ||||||
| 3,604,230 | Microsoft Corp | 308,306 | |||||||
| 38,843 | Mid-America Apartment Communities, Inc | 3,906 | |||||||
| 11,942 | * | Middleby Corp | 1,612 | ||||||
| 61,096 | * | Mohawk Industries, Inc | 16,856 | ||||||
| 159,786 | Molson Coors Brewing Co (Class B) | 13,114 | |||||||
| 587,744 | Mondelez International, Inc | 25,155 | |||||||
| 197,079 | Monsanto Co | 23,015 | |||||||
| 482,434 | * | Monster Beverage Corp | 30,533 | ||||||
| 33,065 | Moody’s Corp | 4,881 | |||||||
| 1,091,768 | Morgan Stanley | 57,285 | |||||||
| 54,876 | Mosaic Co | 1,408 | |||||||
| 41,132 | Motorola, Inc | 3,716 | |||||||
| 24,177 | MSCI, Inc (Class A) | 3,059 | |||||||
| 1,838 | Murphy Oil Corp | 57 | |||||||
| 378,145 | * | Mylan NV | 15,999 | ||||||
| 39,613 | NASDAQ OMX Group, Inc | 3,043 | |||||||
| 60,586 | National Oilwell Varco, Inc | 2,182 | |||||||
| 68,055 | National Retail Properties, Inc | 2,935 | |||||||
| 8,030 | Navient Corp | 107 | |||||||
| 222,647 | NetApp, Inc | 12,317 | |||||||
| 89,092 | * | NetFlix, Inc | 17,102 | ||||||
| 181,383 | New York Community Bancorp, Inc | 2,362 | |||||||
| 232,250 | Newell Rubbermaid, Inc | 7,177 | |||||||
| 43,660 | * | Newfield Exploration Co | 1,377 | ||||||
| 419,023 | Newmont Mining Corp | 15,722 | |||||||
| 224 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 74,676 | News Corp | $ | 1,210 | ||||||
| 132,630 | NextEra Energy, Inc | 20,715 | |||||||
| 95,478 | Nielsen NV | 3,475 | |||||||
| 983,181 | Nike, Inc (Class B) | 61,498 | |||||||
| 126,523 | NiSource, Inc | 3,248 | |||||||
| 106,143 | Noble Energy, Inc | 3,093 | |||||||
| 23,839 | e | Nordstrom, Inc | 1,129 | ||||||
| 53,675 | Norfolk Southern Corp | 7,778 | |||||||
| 43,914 | Northern Trust Corp | 4,387 | |||||||
| 136,828 | Northrop Grumman Corp | 41,994 | |||||||
| 32,011 | * | Norwegian Cruise Line Holdings Ltd | 1,705 | ||||||
| 44,606 | * | Nuance Communications, Inc | 729 | ||||||
| 46,821 | Nucor Corp | 2,977 | |||||||
| 165,510 | NVIDIA Corp | 32,026 | |||||||
| 8,492 | * | NVR, Inc | 29,792 | ||||||
| 277,803 | Occidental Petroleum Corp | 20,463 | |||||||
| 70,846 | OGE Energy Corp | 2,332 | |||||||
| 7,697 | Old Dominion Freight Line | 1,013 | |||||||
| 674,605 | Olin Corp | 24,002 | |||||||
| 57,315 | Omnicom Group, Inc | 4,174 | |||||||
| 65,485 | Oneok, Inc | 3,500 | |||||||
| 1,864,755 | Oracle Corp | 88,166 | |||||||
| 20,639 | * | O’Reilly Automotive, Inc | 4,965 | ||||||
| 204,263 | Owens Corning, Inc | 18,780 | |||||||
| 70,616 | PACCAR, Inc | 5,019 | |||||||
| 28,775 | Packaging Corp of America | 3,469 | |||||||
| 23,332 | * | Palo Alto Networks, Inc | 3,382 | ||||||
| 361,021 | Parker-Hannifin Corp | 72,053 | |||||||
| 845,964 | * | Parsley Energy, Inc | 24,905 | ||||||
| 26,946 | Patterson Cos, Inc | 974 | |||||||
| 43,475 | Paychex, Inc | 2,960 | |||||||
| 1,126,744 | * | PayPal Holdings, Inc | 82,951 | ||||||
| 108,000 | * | Penn National Gaming, Inc | 3,384 | ||||||
| 109,719 | People’s United Financial, Inc | 2,052 | |||||||
| 493,428 | PepsiCo, Inc | 59,172 | |||||||
| 52,884 | Perrigo Co plc | 4,609 | |||||||
| 3,766,561 | Pfizer, Inc | 136,425 | |||||||
| 490,090 | PG&E Corp | 21,971 | |||||||
| 981,708 | Philip Morris International, Inc | 103,717 | |||||||
| 127,600 | Phillips 66 | 12,907 | |||||||
| 400,000 | *,e | Pilgrim’s Pride Corp | 12,424 | ||||||
| 666,253 | Pinnacle Foods, Inc | 39,622 | |||||||
| 40,232 | Pinnacle West Capital Corp | 3,427 | |||||||
| 93,161 | Pioneer Natural Resources Co | 16,103 | |||||||
| 377,000 | Plains All American Pipeline LP | 7,781 | |||||||
| 101,455 | Plains GP Holdings LP | 2,227 | |||||||
| 149,308 | PNC Financial Services Group, Inc | 21,544 | |||||||
| 17,948 | Polaris Industries, Inc | 2,225 | |||||||
| 146,080 | PPG Industries, Inc | 17,065 | |||||||
| 152,981 | PPL Corp | 4,735 | |||||||
| 83,414 | Praxair, Inc | 12,902 | |||||||
| 12,389 | * | Priceline.com, Inc | 21,529 | ||||||
| 45,646 | Principal Financial Group | 3,221 | |||||||
| 225 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 551,123 | Procter & Gamble Co | $ | 50,637 | ||||||
| 472,329 | Progressive Corp | 26,602 | |||||||
| 157,712 | Prologis, Inc | 10,174 | |||||||
| 54,000 | * | Proofpoint, Inc | 4,796 | ||||||
| 70,810 | Prudential Financial, Inc | 8,142 | |||||||
| 111,273 | Public Service Enterprise Group, Inc | 5,731 | |||||||
| 36,727 | Public Storage, Inc | 7,676 | |||||||
| 60,180 | Pulte Homes, Inc | 2,001 | |||||||
| 22,109 | PVH Corp | 3,034 | |||||||
| 17,289 | * | QIAGEN NV | 539 | ||||||
| 21,898 | * | Qorvo, Inc | 1,458 | ||||||
| 18,000 | QTS Realty Trust, Inc | 975 | |||||||
| 683,991 | QUALCOMM, INC | 43,789 | |||||||
| 54,701 | Quest Diagnostics, Inc | 5,388 | |||||||
| 18,047 | e | Ralph Lauren Corp | 1,871 | ||||||
| 111,218 | Range Resources Corp | 1,897 | |||||||
| 23,726 | Raymond James Financial, Inc | 2,119 | |||||||
| 280,818 | Raytheon Co | 52,752 | |||||||
| 83,142 | Realty Income Corp | 4,741 | |||||||
| 37,953 | * | Red Hat, Inc | 4,558 | ||||||
| 79,019 | Regency Centers Corp | 5,467 | |||||||
| 14,849 | * | Regeneron Pharmaceuticals, Inc | 5,583 | ||||||
| 186,242 | Regions Financial Corp | 3,218 | |||||||
| 79,842 | Reinsurance Group of America, Inc (Class A) | 12,450 | |||||||
| 61,923 | Republic Services, Inc | 4,187 | |||||||
| 41,357 | Resmed, Inc | 3,503 | |||||||
| 25,000 | Retail Opportunities Investment Corp | 499 | |||||||
| 70,000 | * | Retrophin, Inc | 1,475 | ||||||
| 178,000 | Rexford Industrial Realty, Inc | 5,190 | |||||||
| 24,489 | Robert Half International, Inc | 1,360 | |||||||
| 20,657 | Rockwell Automation, Inc | 4,056 | |||||||
| 35,359 | Rockwell Collins, Inc | 4,795 | |||||||
| 45,652 | Rollins, Inc | 2,124 | |||||||
| 86,746 | Roper Industries, Inc | 22,467 | |||||||
| 87,729 | Ross Stores, Inc | 7,040 | |||||||
| 83 | *,m | Rovi Guides, Inc | 0 | ^ | |||||
| 28,059 | Royal Caribbean Cruises Ltd | 3,347 | |||||||
| 770,943 | * | RSP Permian, Inc | 31,362 | ||||||
| 34,380 | S&P Global, Inc | 5,824 | |||||||
| 87,574 | Sabre Corp | 1,795 | |||||||
| 633,978 | * | salesforce.com, Inc | 64,812 | ||||||
| 657,600 | Samsonite International | 3,022 | |||||||
| 200,000 | * | Sanmina Corp | 6,600 | ||||||
| 16,019 | * | SBA Communications Corp | 2,617 | ||||||
| 59,611 | SCANA Corp | 2,371 | |||||||
| 684,390 | * | Schering-Plough Corp | 38,511 | ||||||
| 820,175 | Schlumberger Ltd | 55,272 | |||||||
| 94,052 | Scripps Networks Interactive (Class A) | 8,030 | |||||||
| 46,078 | e | Seagate Technology, Inc | 1,928 | ||||||
| 65,346 | Sealed Air Corp | 3,222 | |||||||
| 25,838 | * | Seattle Genetics, Inc | 1,382 | ||||||
| 35,574 | SEI Investments Co | 2,556 | |||||||
| 88,315 | Sempra Energy | 9,443 | |||||||
| 226 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 26,829 | *,e | Sensata Technologies Holding BV | $ | 1,371 | |||||
| 146,100 | * | ServiceMaster Global Holdings, Inc | 7,491 | ||||||
| 89,634 | * | ServiceNow, Inc | 11,687 | ||||||
| 16,460 | Sherwin-Williams Co | 6,749 | |||||||
| 10,952 | * | Signature Bank | 1,503 | ||||||
| 21,310 | e | Signet Jewelers Ltd | 1,205 | ||||||
| 76,368 | Simon Property Group, Inc | 13,115 | |||||||
| 463,205 | e | Sirius XM Holdings, Inc | 2,483 | ||||||
| 26,706 | Skyworks Solutions, Inc | 2,536 | |||||||
| 36,613 | SL Green Realty Corp | 3,695 | |||||||
| 13,870 | Snap-On, Inc | 2,418 | |||||||
| 198,694 | Southern Co | 9,555 | |||||||
| 243,207 | Southwest Airlines Co | 15,918 | |||||||
| 11,951 | e | Spectrum Brands, Inc | 1,343 | ||||||
| 143,433 | Spirit Aerosystems Holdings, Inc (Class A) | 12,515 | |||||||
| 100,000 | Spirit Realty Capital, Inc | 858 | |||||||
| 24,230 | * | Splunk, Inc | 2,007 | ||||||
| 216,228 | *,e | Sprint Corp | 1,274 | ||||||
| 31,832 | * | Square, Inc | 1,104 | ||||||
| 40,719 | SS&C Technologies Holdings, Inc | 1,648 | |||||||
| 157,987 | Stanley Works | 26,809 | |||||||
| 453,800 | Starbucks Corp | 26,062 | |||||||
| 178,603 | State Street Corp | 17,433 | |||||||
| 36,253 | Steel Dynamics, Inc | 1,564 | |||||||
| 31,460 | * | Stericycle, Inc | 2,139 | ||||||
| 76,216 | Stryker Corp | 11,801 | |||||||
| 101,400 | * | Summit Materials, Inc | 3,188 | ||||||
| 14,000 | Sun Communities, Inc | 1,299 | |||||||
| 45,000 | Sunstone Hotel Investors, Inc | 744 | |||||||
| 1,051,247 | SunTrust Banks, Inc | 67,900 | |||||||
| 7,464 | * | SVB Financial Group | 1,745 | ||||||
| 148,384 | Symantec Corp | 4,164 | |||||||
| 411,574 | Synchrony Financial | 15,891 | |||||||
| 38,606 | * | Synopsys, Inc | 3,291 | ||||||
| 108,499 | Sysco Corp | 6,589 | |||||||
| 49,821 | T Rowe Price Group, Inc | 5,228 | |||||||
| 69,591 | * | Take-Two Interactive Software, Inc | 7,640 | ||||||
| 78,657 | Tapestry, Inc | 3,479 | |||||||
| 28,007 | Targa Resources Investments, Inc | 1,356 | |||||||
| 202,481 | Target Corp | 13,212 | |||||||
| 221,834 | TCF Financial Corp | 4,548 | |||||||
| 42,540 | TD Ameritrade Holding Corp | 2,175 | |||||||
| 200,328 | TE Connectivity Ltd | 19,039 | |||||||
| 13,460 | Teleflex, Inc | 3,349 | |||||||
| 754,168 | Terex Corp | 36,366 | |||||||
| 14,000 | Terreno Realty Corp | 491 | |||||||
| 50,066 | *,e | TESARO, Inc | 4,149 | ||||||
| 18,849 | *,e | Tesla, Inc | 5,869 | ||||||
| 90,000 | Tetra Tech, Inc | 4,333 | |||||||
| 169,774 | Texas Instruments, Inc | 17,731 | |||||||
| 294,272 | Textron, Inc | 16,653 | |||||||
| 77,547 | Thermo Fisher Scientific, Inc | 14,725 | |||||||
| 60,000 | Thor Industries, Inc | 9,043 | |||||||
| 227 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 45,401 | Tiffany & Co | $ | 4,719 | ||||||
| 327,725 | Time Warner, Inc | 29,977 | |||||||
| 526,300 | TJX Companies, Inc | 40,241 | |||||||
| 180,798 | * | T-Mobile US, Inc | 11,482 | ||||||
| 36,918 | Toll Brothers, Inc | 1,773 | |||||||
| 33,942 | Torchmark Corp | 3,079 | |||||||
| 48,401 | Total System Services, Inc | 3,828 | |||||||
| 42,566 | Tractor Supply Co | 3,182 | |||||||
| 12,670 | e | TransDigm Group, Inc | 3,479 | ||||||
| 21,184 | * | TransUnion | 1,164 | ||||||
| 56,060 | Travelers Cos, Inc | 7,604 | |||||||
| 44,864 | * | Trimble Navigation Ltd | 1,823 | ||||||
| 51,962 | *,e | TripAdvisor, Inc | 1,791 | ||||||
| 309,325 | Tronox Ltd | 6,344 | |||||||
| 219,667 | Twenty-First Century Fox, Inc | 7,585 | |||||||
| 120,563 | Twenty-First Century Fox, Inc (Class B) | 4,114 | |||||||
| 106,118 | * | Twitter, Inc | 2,548 | ||||||
| 67,436 | Tyson Foods, Inc (Class A) | 5,467 | |||||||
| 82,888 | UDR, Inc | 3,193 | |||||||
| 66,868 | UGI Corp | 3,139 | |||||||
| 18,556 | * | Ulta Beauty, Inc | 4,150 | ||||||
| 21,385 | *,e | Under Armour, Inc | 285 | ||||||
| 41,467 | *,e | Under Armour, Inc (Class A) | 598 | ||||||
| 780,098 | Union Pacific Corp | 104,611 | |||||||
| 65,576 | * | United Continental Holdings, Inc | 4,420 | ||||||
| 123,903 | United Parcel Service, Inc (Class B) | 14,763 | |||||||
| 216,672 | * | United Rentals, Inc | 37,248 | ||||||
| 132,534 | United Technologies Corp | 16,907 | |||||||
| 50,447 | * | United Therapeutics Corp | 7,464 | ||||||
| 492,266 | UnitedHealth Group, Inc | 108,525 | |||||||
| 30,260 | Universal Health Services, Inc (Class B) | 3,430 | |||||||
| 36,359 | UnumProvident Corp | 1,996 | |||||||
| 292,355 | US Bancorp | 15,664 | |||||||
| 105,927 | * | USG Corp | 4,085 | ||||||
| 13,954 | Vail Resorts, Inc | 2,965 | |||||||
| 30,961 | * | Valeant Pharmaceuticals International, Inc | 645 | ||||||
| 140,423 | Valero Energy Corp | 12,906 | |||||||
| 684,107 | Valvoline, Inc | 17,144 | |||||||
| 50,000 | Vanguard FTSE Developed Markets ETF | 2,243 | |||||||
| 50,592 | *,e | Vantiv, Inc | 3,721 | ||||||
| 29,889 | * | Varian Medical Systems, Inc | 3,322 | ||||||
| 34,013 | * | Veeva Systems, Inc | 1,880 | ||||||
| 88,426 | Ventas, Inc | 5,306 | |||||||
| 284,689 | VEREIT, Inc | 2,218 | |||||||
| 28,198 | *,e | VeriSign, Inc | 3,227 | ||||||
| 45,237 | * | Verisk Analytics, Inc | 4,343 | ||||||
| 1,085,627 | Verizon Communications, Inc | 57,462 | |||||||
| 107,069 | * | Vertex Pharmaceuticals, Inc | 16,045 | ||||||
| 70,071 | VF Corp | 5,185 | |||||||
| 198,050 | Viacom, Inc (Class B) | 6,102 | |||||||
| 659,413 | Visa, Inc (Class A) | 75,186 | |||||||
| 75,000 | * | Visteon Corp | 9,385 | ||||||
| 29,502 | * | Vistra Energy Corp | 540 | ||||||
| 228 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 26,094 | *,e | VMware, Inc (Class A) | $ | 3,270 | |||||
| 47,023 | Vornado Realty Trust | 3,676 | |||||||
| 128,318 | Voya Financial, Inc | 6,348 | |||||||
| 31,550 | Vulcan Materials Co | 4,050 | |||||||
| 77,448 | W.R. Berkley Corp | 5,549 | |||||||
| 17,371 | W.W. Grainger, Inc | 4,104 | |||||||
| 13,696 | * | WABCO Holdings, Inc | 1,965 | ||||||
| 28,431 | e | Wabtec Corp | 2,315 | ||||||
| 290,344 | Walgreens Boots Alliance, Inc | 21,085 | |||||||
| 638,323 | Wal-Mart Stores, Inc | 63,034 | |||||||
| 456,563 | Walt Disney Co | 49,085 | |||||||
| 142,380 | Waste Management, Inc | 12,287 | |||||||
| 18,866 | * | Waters Corp | 3,645 | ||||||
| 34,230 | *,e | Weatherford International Ltd | 143 | ||||||
| 78,280 | WEC Energy Group, Inc | 5,200 | |||||||
| 1,245,571 | Wells Fargo & Co | 75,569 | |||||||
| 99,354 | Welltower, Inc | 6,336 | |||||||
| 61,144 | Westar Energy, Inc | 3,228 | |||||||
| 122,145 | Western Digital Corp | 9,714 | |||||||
| 144,890 | Western Union Co | 2,754 | |||||||
| 232,087 | Westlake Chemical Corp | 24,724 | |||||||
| 117,582 | WestRock Co | 7,432 | |||||||
| 131,940 | Weyerhaeuser Co | 4,652 | |||||||
| 12,485 | Whirlpool Corp | 2,105 | |||||||
| 944,161 | Williams Cos, Inc | 28,787 | |||||||
| 16,806 | Willis Towers Watson plc | 2,532 | |||||||
| 20,024 | * | Workday, Inc | 2,037 | ||||||
| 673,199 | * | WPX Energy, Inc | 9,472 | ||||||
| 534,112 | WR Grace and Co | 37,457 | |||||||
| 75,799 | Wyndham Worldwide Corp | 8,783 | |||||||
| 59,947 | Wynn Resorts Ltd | 10,106 | |||||||
| 411,458 | Xcel Energy, Inc | 19,795 | |||||||
| 212,322 | Xerox Corp | 6,189 | |||||||
| 59,521 | Xilinx, Inc | 4,013 | |||||||
| 50,167 | Xylem, Inc | 3,421 | |||||||
| 96,592 | Yum China Holdings, Inc | 3,866 | |||||||
| 367,897 | Yum! Brands, Inc | 30,024 | |||||||
| 75,996 | * | Zayo Group Holdings, Inc | 2,797 | ||||||
| 19,034 | *,e | Zillow Group, Inc (Class C) | 779 | ||||||
| 45,343 | Zimmer Holdings, Inc | 5,472 | |||||||
| 568,715 | Zions Bancorporation | 28,908 | |||||||
| 369,037 | Zoetis, Inc | 26,585 | |||||||
| TOTAL UNITED STATES | 12,356,632 | ||||||||
| URUGUAY - 0.2% | |||||||||
| 3,732,029 | * | Arcos Dorados Holdings, Inc | 38,627 | ||||||
| TOTAL URUGUAY | 38,627 | ||||||||
| ZAMBIA - 0.0% | |||||||||
| 160,610 | First Quantum Minerals Ltd | 2,250 | |||||||
| TOTAL ZAMBIA | 2,250 | ||||||||
| TOTAL COMMON STOCKS | 20,417,899 | ||||||||
| (Cost $16,325,362) | |||||||||
| 229 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | COMPANY | VALUE (000) | ||||||||||||||
| RIGHTS / WARRANTS - 0.0% | ||||||||||||||||
| SPAIN - 0.0% | ||||||||||||||||
| 254,398 | Repsol S.A. | $ | 116 | |||||||||||||
| TOTAL SPAIN | 116 | |||||||||||||||
| TOTAL RIGHTS / WARRANTS | 116 | |||||||||||||||
| (Cost $116) | ||||||||||||||||
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | |||||||||||||
| SHORT-TERM INVESTMENTS - 3.0% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT - 0.1% | ||||||||||||||||
| $ | 10,110,000 | Federal Home Loan Bank (FHLB) | 1.080 | % | 01/08/18 | 10,108 | ||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 10,108 | |||||||||||||||
| TREASURY DEBT - 1.6% | ||||||||||||||||
| 98,275,000 | United States Treasury Bill | 1.094-1.211 | 01/04/18 | 98,269 | ||||||||||||
| 47,200,000 | United States Treasury Bill | 1.168 | 01/11/18 | 47,186 | ||||||||||||
| 88,000,000 | United States Treasury Bill | 1.193 | 01/18/18 | 87,951 | ||||||||||||
| 46,010,000 | United States Treasury Bill | 1.278 | 03/01/18 | 45,916 | ||||||||||||
| 50,000,000 | United States Treasury Bill | 1.412 | 03/29/18 | 49,836 | ||||||||||||
| TOTAL TREASURY DEBT | 329,158 | |||||||||||||||
| INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.3% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT - 0.0% | ||||||||||||||||
| 5,000,000 | Federal National Mortgage Association (FNMA) | 0.960 | 01/02/18 | 5,000 | ||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 5,000 | |||||||||||||||
| REPURCHASE AGREEMENT - 1.3% | ||||||||||||||||
| 24,000,000 | r | Barclays | 1.370 | 01/02/18 | 24,000 | |||||||||||
| 10,000,000 | s | Citigroup | 1.380 | 01/02/18 | 10,000 | |||||||||||
| 32,000,000 | t | JP Morgan | 1.410 | 01/02/18 | 32,000 | |||||||||||
| 20,000,000 | u | Nomura | 1.420 | 01/02/18 | 20,000 | |||||||||||
| 75,000,000 | v | Royal Bank of Scotland | 1.330 | 01/04/18 | 75,000 | |||||||||||
| 72,000,000 | w | Royal Bank of Scotland | 1.380 | 01/02/18 | 72,000 | |||||||||||
| 40,000,000 | x | Societe Generale | 1.370 | 01/02/18 | 40,000 | |||||||||||
| TOTAL REPURCHASE AGREEMENT | 273,000 | |||||||||||||||
| VARIABLE RATE SECURITIES - 0.0% | ||||||||||||||||
| 8,522,405 | i | SLM Student Loan Trust | 1.407 | 01/25/19 | 8,505 | |||||||||||
| TOTAL VARIABLE RATE SECURITIES | 8,505 | |||||||||||||||
| TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED | 286,505 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 625,771 | |||||||||||||||
| (Cost $625,774) | ||||||||||||||||
| TOTAL INVESTMENTS - 101.3% | 21,043,786 | |||||||||||||||
| (Cost $16,951,252) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - (1.3)% | (269,548 | ) | ||||||||||||||
| NET ASSETS - 100.0% | $ | 20,774,238 | ||||||||||||||
| 230 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| Abbreviation(s): | ||
| ADR American Depositary Receipt | ||
| ETF Exchange Traded Fund | ||
| REIT Real Estate Investment Trust | ||
| * | Non-income producing | |
| ^ | Amount represents less than $1,000. | |
| † | Security is categorized as Level 3 in the fair value hierarchy. | |
| 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 $328,662,000. | |
| g | Security is exempt from registration under rule 144 (A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/17, the aggregate value of these securities was $183,550,000 or 0.9% 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. | |
| m | Indicates a security that has been deemed illiquid. | |
| r | Agreement with Barclays, 1.37% dated 12/29/17 to be repurchased at $24,000,000 on 1/02/18, collateralized by U.S. Government Agency Securities valued at $24,480,000. | |
| s | Agreement with Citigroup, 1.38% dated 12/29/17 to be repurchased at $10,000,000 on 1/02/18, collateralized by U.S. Government Agency Securities valued at $10,200,000. | |
| t | Agreement with JP Morgan, 1.41% dated 12/29/17 to be repurchased at $32,000,000 on 1/02/18, collateralized by U.S. Government Agency Securities valued at $32,642,000. | |
| u | Agreement with Nomura, 1.42% dated 12/29/17 to be repurchased at $20,000,000 on 1/02/18, collateralized by U.S. Government Agency Securities valued at $20,400,000. | |
| v | Agreement with Royal Bank of Scotland, 1.33% dated 12/28/17 to be repurchased at $75,000,000 on 1/04/18, collateralized by U.S. Government Agency Securities valued at $76,505,000. | |
| w | Agreement with Royal Bank of Scotland, 1.38% dated 12/29/17 to be repurchased at $72,000,000 on 1/02/18, collateralized by U.S. Government Agency Securities valued at $73,444,000. | |
| x | Agreement with Societe Generale, 1.37% dated 12/29/17 to be repurchased at $40,000,000 on 1/02/18, collateralized by U.S. Government Agency Securities valued at $40,800,000. | |
| Cost amounts are in thousands. |
Futures contracts outstanding as of December 31, 2017 were as follows (notional amounts and values are in thousands) (See Note 3):
| Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||
| Mini MSCI EAFE Index | 302 | 3/16/18 | $30,243 | $30,887 | $644 | |||||
| S&P 500 E Mini Index | 1,604 | 3/16/18 | 211,081 | 214,615 | 3,534 | |||||
| Total | 1,906 | $241,324 | $245,502 | $4,178 |
| 231 |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SUMMARY OF MARKET VALUES BY SECTOR
December 31, 2017
| VALUE | % OF | |||||||
| SECTOR | (000) | ASSETS | ||||||
| FINANCIALS | $ | 3,873,983 | 18.7 | % | ||||
| INFORMATION TECHNOLOGY | 3,670,116 | 17.7 | ||||||
| CONSUMER DISCRETIONARY | 2,741,536 | 13.2 | ||||||
| INDUSTRIALS | 2,412,595 | 11.6 | ||||||
| HEALTH CARE | 2,290,489 | 11.0 | ||||||
| CONSUMER STAPLES | 1,539,602 | 7.4 | ||||||
| ENERGY | 1,356,127 | 6.5 | ||||||
| MATERIALS | 1,310,719 | 6.3 | ||||||
| REAL ESTATE | 432,709 | 2.1 | ||||||
| TELECOMMUNICATION SERVICES | 395,647 | 1.9 | ||||||
| UTILITIES | 394,492 | 1.9 | ||||||
| SHORT-TERM INVESTMENTS | 625,771 | 3.0 | ||||||
| OTHER ASSETS & LIABILITES, NET | (269,548 | ) | (1.3 | ) | ||||
| NET ASSETS | $ | 20,774,238 | 100.0 | % | ||||
| 232 |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2017
| SHARES | COMPANY | VALUE (000) | ||||||||
| COMMON STOCKS - 99.4% | ||||||||||
| AUTOMOBILES & COMPONENTS - 1.1% | ||||||||||
| 3,244 | BorgWarner, Inc | $ | 166 | |||||||
| 1,034,415 | * | Delphi Automotive plc | 87,749 | |||||||
| 241,560 | * | Delphi Technologies plc | 12,675 | |||||||
| 17,574 | Gentex Corp | 368 | ||||||||
| 12,525 | e | Harley-Davidson, Inc | 637 | |||||||
| 295,550 | Lear Corp | 52,212 | ||||||||
| 234,820 | *,e | Tesla, Inc | 73,111 | |||||||
| 245,021 | Thor Industries, Inc | 36,930 | ||||||||
| 225,284 | * | Visteon Corp | 28,192 | |||||||
| TOTAL AUTOMOBILES & COMPONENTS | 292,040 | |||||||||
| BANKS - 0.8% | ||||||||||
| 4,732,950 | Bank of America Corp | 139,717 | ||||||||
| 5,047 | Bank of the Ozarks, Inc | 245 | ||||||||
| 759,700 | Citizens Financial Group, Inc | 31,892 | ||||||||
| 199 | East West Bancorp, Inc | 12 | ||||||||
| 14,515 | First Republic Bank | 1,258 | ||||||||
| 2,416 | Pinnacle Financial Partners, Inc | 160 | ||||||||
| 3,316 | * | Signature Bank | 455 | |||||||
| 4,127 | * | SVB Financial Group | 965 | |||||||
| 550,000 | Wells Fargo & Co | 33,368 | ||||||||
| 198,276 | * | Western Alliance Bancorp | 11,226 | |||||||
| TOTAL BANKS | 219,298 | |||||||||
| CAPITAL GOODS - 7.6% | ||||||||||
| 897,205 | 3M Co | 211,175 | ||||||||
| 15,041 | A.O. Smith Corp | 922 | ||||||||
| 2,655 | Acuity Brands, Inc | 467 | ||||||||
| 889 | Air Lease Corp | 43 | ||||||||
| 10,558 | Allegion plc | 840 | ||||||||
| 821,084 | Allison Transmission Holdings, Inc | 35,364 | ||||||||
| 179,563 | Ametek, Inc | 13,013 | ||||||||
| 4,178 | * | Armstrong World Industries, Inc | 253 | |||||||
| 1,112,527 | Boeing Co | 328,095 | ||||||||
| 111,756 | BWX Technologies, Inc | 6,760 | ||||||||
| 735,445 | Caterpillar, Inc | 115,891 | ||||||||
| 1,568,828 | CNH Industrial NV | 21,022 | ||||||||
| 239,583 | Cummins, Inc | 42,320 | ||||||||
| 33,314 | Deere & Co | 5,214 | ||||||||
| 12,900 | Donaldson Co, Inc | 631 | ||||||||
| 1,808 | Dover Corp | 183 | ||||||||
| 242,817 | Emerson Electric Co | 16,922 | ||||||||
| 12,225 | Equifax, Inc | 1,442 | ||||||||
| 30,273 | Fastenal Co | 1,656 | ||||||||
| 233 |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | COMPANY | VALUE (000) | ||||||||
| 949,472 | Fortive Corp | $ | 68,694 | |||||||
| 14,777 | Fortune Brands Home & Security, Inc | 1,011 | ||||||||
| 5,242 | * | Gardner Denver Holdings, Inc | 178 | |||||||
| 169,329 | General Dynamics Corp | 34,450 | ||||||||
| 158,669 | General Electric Co | 2,769 | ||||||||
| 17,097 | Graco, Inc | 773 | ||||||||
| 143,521 | * | HD Supply Holdings, Inc | 5,745 | |||||||
| 3,030 | HEICO Corp | 286 | ||||||||
| 4,656 | HEICO Corp (Class A) | 368 | ||||||||
| 5,835 | Hexcel Corp | 361 | ||||||||
| 1,305,815 | Honeywell International, Inc | 200,260 | ||||||||
| 66,293 | Hubbell, Inc | 8,972 | ||||||||
| 127,003 | Huntington Ingalls | 29,935 | ||||||||
| 7,876 | IDEX Corp | 1,039 | ||||||||
| 31,813 | Illinois Tool Works, Inc | 5,308 | ||||||||
| 460,028 | Ingersoll-Rand plc | 41,030 | ||||||||
| 3,691 | Lennox International, Inc | 769 | ||||||||
| 6,093 | Lincoln Electric Holdings, Inc | 558 | ||||||||
| 191,765 | Lockheed Martin Corp | 61,566 | ||||||||
| 819,171 | Masco Corp | 35,994 | ||||||||
| 5,389 | * | Middleby Corp | 727 | |||||||
| 1,854 | MSC Industrial Direct Co (Class A) | 179 | ||||||||
| 6,067 | Nordson Corp | 888 | ||||||||
| 182,640 | Northrop Grumman Corp | 56,054 | ||||||||
| 351,100 | Owens Corning, Inc | 32,280 | ||||||||
| 833,725 | Parker-Hannifin Corp | 166,395 | ||||||||
| 3,816 | * | Quanta Services, Inc | 149 | |||||||
| 93,276 | Raytheon Co | 17,522 | ||||||||
| 395,042 | Rockwell Automation, Inc | 77,567 | ||||||||
| 16,931 | Rockwell Collins, Inc | 2,296 | ||||||||
| 537,884 | Roper Industries, Inc | 139,312 | ||||||||
| 10,050 | * | Sensata Technologies Holding BV | 514 | |||||||
| 750 | Snap-On, Inc | 131 | ||||||||
| 472,200 | Spirit Aerosystems Holdings, Inc (Class A) | 41,199 | ||||||||
| 1,946 | Stanley Works | 330 | ||||||||
| 670,200 | Textron, Inc | 37,927 | ||||||||
| 10,773 | Toro Co | 703 | ||||||||
| 5,057 | TransDigm Group, Inc | 1,389 | ||||||||
| 302,065 | * | United Rentals, Inc | 51,928 | |||||||
| 11,177 | * | Univar, Inc | 346 | |||||||
| 5,349 | W.W. Grainger, Inc | 1,264 | ||||||||
| 104,912 | * | WABCO Holdings, Inc | 15,055 | |||||||
| 2,416 | e | Wabtec Corp | 197 | |||||||
| 2,955 | Watsco, Inc | 502 | ||||||||
| 13,105 | * | Welbilt, Inc | 308 | |||||||
| 9,951 | Xylem, Inc | 679 | ||||||||
| TOTAL CAPITAL GOODS | 1,948,120 | |||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.4% | ||||||||||
| 9,465 | Cintas Corp | 1,475 | ||||||||
| 3,173 | * | Clean Harbors, Inc | 172 | |||||||
| 443,389 | * | Copart, Inc | 19,150 | |||||||
| 1,097 | Dun & Bradstreet Corp | 130 | ||||||||
| 22,776 | * | IHS Markit Ltd | 1,028 | |||||||
| 234 |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | COMPANY | VALUE (000) | ||||||||
| 84,236 | KAR Auction Services, Inc | $ | 4,255 | |||||||
| 232,000 | Manpower, Inc | 29,257 | ||||||||
| 275,800 | Nielsen NV | 10,039 | ||||||||
| 12,241 | Robert Half International, Inc | 680 | ||||||||
| 10,246 | Rollins, Inc | 477 | ||||||||
| 16,758 | * | TransUnion | 921 | |||||||
| 15,852 | * | Verisk Analytics, Inc | 1,522 | |||||||
| 352,716 | Waste Management, Inc | 30,439 | ||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 99,545 | |||||||||
| CONSUMER DURABLES & APPAREL - 1.7% | ||||||||||
| 7,261 | Brunswick Corp | 401 | ||||||||
| 5,196 | Carter’s, Inc | 610 | ||||||||
| 279,300 | * | Deckers Outdoor Corp | 22,414 | |||||||
| 492,276 | DR Horton, Inc | 25,140 | ||||||||
| 35,202 | e | Hanesbrands, Inc | 736 | |||||||
| 8,924 | Hasbro, Inc | 811 | ||||||||
| 11,919 | Leggett & Platt, Inc | 569 | ||||||||
| 727,631 | * | Lululemon Athletica, Inc | 57,184 | |||||||
| 6,134 | e | Mattel, Inc | 94 | |||||||
| 278,230 | * | Michael Kors Holdings Ltd | 17,515 | |||||||
| 103,996 | * | Mohawk Industries, Inc | 28,692 | |||||||
| 337,774 | Nike, Inc (Class B) | 21,128 | ||||||||
| 22,563 | * | NVR, Inc | 79,156 | |||||||
| 215,458 | e | Polaris Industries, Inc | 26,715 | |||||||
| 3,800 | Pool Corp | 493 | ||||||||
| 4,121,700 | Prada S.p.A | 14,884 | ||||||||
| 1,244,381 | Pulte Homes, Inc | 41,376 | ||||||||
| 6,279 | * | Skechers U.S.A., Inc (Class A) | 238 | |||||||
| 940,800 | Sony Corp | 42,226 | ||||||||
| 127,815 | Tapestry, Inc | 5,653 | ||||||||
| 371,621 | * | Tempur Sealy International, Inc | 23,297 | |||||||
| 6,150 | Toll Brothers, Inc | 295 | ||||||||
| 4,511 | Tupperware Corp | 283 | ||||||||
| 13,092 | *,e | Under Armour, Inc | 174 | |||||||
| 13,249 | *,e | Under Armour, Inc (Class A) | 191 | |||||||
| 137,515 | VF Corp | 10,176 | ||||||||
| 61,359 | Whirlpool Corp | 10,348 | ||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 430,799 | |||||||||
| CONSUMER SERVICES - 3.1% | ||||||||||
| 1,465,223 | ARAMARK Holdings Corp | 62,624 | ||||||||
| 5,353 | * | Bright Horizons Family Solutions | 503 | |||||||
| 462,600 | e | Brinker International, Inc | 17,967 | |||||||
| 334,500 | Carnival Corp | 22,201 | ||||||||
| 2,563 | * | Chipotle Mexican Grill, Inc (Class A) | 741 | |||||||
| 3,167 | Choice Hotels International, Inc | 246 | ||||||||
| 13,585 | Darden Restaurants, Inc | 1,304 | ||||||||
| 4,559 | Domino’s Pizza, Inc | 861 | ||||||||
| 9,208 | Dunkin Brands Group, Inc | 594 | ||||||||
| 11,036 | Extended Stay America, Inc | 210 | ||||||||
| 2,114 | H&R Block, Inc | 55 | ||||||||
| 280,715 | * | Hilton Grand Vacations, Inc | 11,776 | |||||||
| 235 |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | COMPANY | VALUE (000) | ||||||||
| 19,971 | Hilton Worldwide Holdings, Inc | $ | 1,595 | |||||||
| 1,310,000 | ILG, Inc | 37,309 | ||||||||
| 692,943 | Las Vegas Sands Corp | 48,153 | ||||||||
| 1,423,704 | Marriott International, Inc (Class A) | 193,239 | ||||||||
| 392,973 | McDonald’s Corp | 67,638 | ||||||||
| 3,553 | MGM Resorts International | 119 | ||||||||
| 197,559 | Service Corp International | 7,373 | ||||||||
| 14,522 | * | ServiceMaster Global Holdings, Inc | 744 | |||||||
| 7,549 | Six Flags Entertainment Corp | 502 | ||||||||
| 3,756,322 | Starbucks Corp | 215,726 | ||||||||
| 4,235 | Vail Resorts, Inc | 900 | ||||||||
| 19,288 | Wendy’s | 317 | ||||||||
| 259,838 | Wyndham Worldwide Corp | 30,107 | ||||||||
| 106,742 | Wynn Resorts Ltd | 17,996 | ||||||||
| 498,595 | Yum China Holdings, Inc | 19,954 | ||||||||
| 288,506 | Yum! Brands, Inc | 23,545 | ||||||||
| TOTAL CONSUMER SERVICES | 784,299 | |||||||||
| DIVERSIFIED FINANCIALS - 3.5% | ||||||||||
| 464,692 | Ameriprise Financial, Inc | 78,751 | ||||||||
| 3,955 | BGC Partners, Inc (Class A) | 60 | ||||||||
| 581,102 | Capital One Financial Corp | 57,866 | ||||||||
| 75,364 | CBOE Holdings, Inc | 9,390 | ||||||||
| 188,244 | Charles Schwab Corp | 9,670 | ||||||||
| 90,601 | *,e | Credit Acceptance Corp | 29,308 | |||||||
| 337,700 | Discover Financial Services | 25,976 | ||||||||
| 410,900 | * | E*TRADE Financial Corp | 20,368 | |||||||
| 12,677 | Eaton Vance Corp | 715 | ||||||||
| 4,340 | Factset Research Systems, Inc | 837 | ||||||||
| 1,579 | Federated Investors, Inc (Class B) | 57 | ||||||||
| 250,857 | Goldman Sachs Group, Inc | 63,908 | ||||||||
| 1,221,900 | IntercontinentalExchange Group, Inc | 86,217 | ||||||||
| 525,894 | Invesco Ltd | 19,216 | ||||||||
| 1,259,500 | e | iShares Russell 1000 Growth Index Fund | 169,629 | |||||||
| 699,585 | Lazard Ltd (Class A) | 36,728 | ||||||||
| 1,428 | Legg Mason, Inc | 60 | ||||||||
| 144,468 | Leucadia National Corp | 3,827 | ||||||||
| 39,897 | LPL Financial Holdings, Inc | 2,280 | ||||||||
| 3,836 | MarketAxess Holdings, Inc | 774 | ||||||||
| 17,360 | Moody’s Corp | 2,563 | ||||||||
| 1,957 | Morningstar, Inc | 190 | ||||||||
| 12,835 | MSCI, Inc (Class A) | 1,624 | ||||||||
| 4,177 | Raymond James Financial, Inc | 373 | ||||||||
| 641,275 | S&P Global, Inc | 108,632 | ||||||||
| 83,709 | SEI Investments Co | 6,015 | ||||||||
| 371,332 | State Street Corp | 36,246 | ||||||||
| 2,315,500 | Synchrony Financial | 89,401 | ||||||||
| 203,134 | T Rowe Price Group, Inc | 21,315 | ||||||||
| 23,705 | TD Ameritrade Holding Corp | 1,212 | ||||||||
| 115,933 | Voya Financial, Inc | 5,735 | ||||||||
| TOTAL DIVERSIFIED FINANCIALS | 888,943 | |||||||||
| ENERGY - 1.1% | ||||||||||
| 10,880 | * | Antero Resources Corp | 207 | |||||||
| 236 |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | COMPANY | VALUE (000) | ||||||||
| 1,541 | Apache Corp | $ | 65 | |||||||
| 343,412 | Cabot Oil & Gas Corp | 9,822 | ||||||||
| 14,913 | * | Cheniere Energy, Inc | 803 | |||||||
| 9,353 | *,e | Chesapeake Energy Corp | 37 | |||||||
| 8,985 | Cimarex Energy Co | 1,096 | ||||||||
| 693,306 | * | Concho Resources, Inc | 104,148 | |||||||
| 3,913 | * | Continental Resources, Inc | 207 | |||||||
| 214,400 | Devon Energy Corp | 8,876 | ||||||||
| 2,712 | * | Diamondback Energy, Inc | 342 | |||||||
| 678,980 | EOG Resources, Inc | 73,269 | ||||||||
| 2,704 | EQT Corp | 154 | ||||||||
| 2,357 | * | Gulfport Energy Corp | 30 | |||||||
| 61,595 | Halliburton Co | 3,010 | ||||||||
| 12,091 | * | Laredo Petroleum Holdings, Inc | 128 | |||||||
| 399,307 | * | Newfield Exploration Co | 12,590 | |||||||
| 37,412 | Oneok, Inc | 2,000 | ||||||||
| 1,315,381 | * | Parsley Energy, Inc | 38,725 | |||||||
| 4,906 | e | RPC, Inc | 125 | |||||||
| 6,051 | * | RSP Permian, Inc | 246 | |||||||
| 310,723 | Schlumberger Ltd | 20,940 | ||||||||
| 14,020 | Williams Cos, Inc | 428 | ||||||||
| TOTAL ENERGY | 277,248 | |||||||||
| FOOD & STAPLES RETAILING - 0.9% | ||||||||||
| 674,180 | Kroger Co | 18,506 | ||||||||
| 17,320 | *,e | Rite Aid Corp | 34 | |||||||
| 14,053 | * | Sprouts Farmers Market, Inc | 342 | |||||||
| 522,563 | Sysco Corp | 31,735 | ||||||||
| 241,500 | * | United Natural Foods, Inc | 11,899 | |||||||
| 486,100 | * | US Foods Holding Corp | 15,521 | |||||||
| 464,951 | Walgreens Boots Alliance, Inc | 33,765 | ||||||||
| 1,225,234 | Wal-Mart Stores, Inc | 120,992 | ||||||||
| TOTAL FOOD & STAPLES RETAILING | 232,794 | |||||||||
| FOOD, BEVERAGE & TOBACCO - 3.4% | ||||||||||
| 567,163 | Altria Group, Inc | 40,501 | ||||||||
| 800,000 | Associated British Foods plc | 30,459 | ||||||||
| 9,019 | *,e | Blue Buffalo Pet Products, Inc | 296 | |||||||
| 250,000 | British American Tobacco plc (ADR) | 16,748 | ||||||||
| 5,368 | Brown-Forman Corp | 361 | ||||||||
| 16,954 | Brown-Forman Corp (Class B) | 1,164 | ||||||||
| 234,622 | Campbell Soup Co | 11,288 | ||||||||
| 877,514 | Coca-Cola Co | 40,260 | ||||||||
| 16,898 | Constellation Brands, Inc (Class A) | 3,862 | ||||||||
| 1,355,648 | Costco Wholesale Corp | 252,313 | ||||||||
| 3,200,000 | Davide Campari-Milano S.p.A | 24,725 | ||||||||
| 19,002 | Dr Pepper Snapple Group, Inc | 1,844 | ||||||||
| 57,744 | General Mills, Inc | 3,424 | ||||||||
| 84,564 | Hershey Co | 9,599 | ||||||||
| 306,600 | Ingredion, Inc | 42,863 | ||||||||
| 294,616 | Kellogg Co | 20,028 | ||||||||
| 375,000 | Kraft Heinz Co | 29,160 | ||||||||
| 252,138 | Lamb Weston Holdings, Inc | 14,233 | ||||||||
| 237 |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | COMPANY | VALUE (000) | ||||||||
| 12,562 | McCormick & Co, Inc | $ | 1,280 | |||||||
| 2,837,926 | * | Monster Beverage Corp | 179,613 | |||||||
| 507,408 | PepsiCo, Inc | 60,848 | ||||||||
| 115,912 | Philip Morris International, Inc | 12,246 | ||||||||
| 500,394 | *,e | Pilgrim’s Pride Corp | 15,542 | |||||||
| 321,920 | Pinnacle Foods, Inc | 19,145 | ||||||||
| 1,485 | * | TreeHouse Foods, Inc | 74 | |||||||
| 384,200 | Tyson Foods, Inc (Class A) | 31,147 | ||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 863,023 | |||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 5.4% | ||||||||||
| 54,172 | * | Abiomed, Inc | 10,152 | |||||||
| 270,409 | Aetna Inc | 48,779 | ||||||||
| 75,894 | * | Align Technology, Inc | 16,863 | |||||||
| 16,678 | AmerisourceBergen Corp | 1,531 | ||||||||
| 190,500 | Anthem, Inc | 42,865 | ||||||||
| 3,940 | * | athenahealth, Inc | 524 | |||||||
| 727,448 | Baxter International, Inc | 47,022 | ||||||||
| 195,380 | Becton Dickinson & Co | 41,823 | ||||||||
| 715,927 | * | Boston Scientific Corp | 17,748 | |||||||
| 308,378 | * | Centene Corp | 31,109 | |||||||
| 1,016,440 | * | Cerner Corp | 68,498 | |||||||
| 703,465 | Cigna Corp | 142,867 | ||||||||
| 20,228 | Cooper Cos, Inc | 4,407 | ||||||||
| 8,595 | * | DexCom, Inc | 493 | |||||||
| 167,431 | * | Edwards Lifesciences Corp | 18,871 | |||||||
| 685,236 | * | Express Scripts Holding Co | 51,146 | |||||||
| 332,204 | * | HCA Holdings, Inc | 29,181 | |||||||
| 362,800 | * | HealthSouth Corp | 17,926 | |||||||
| 16,571 | * | Henry Schein, Inc | 1,158 | |||||||
| 6,815 | Hill-Rom Holdings, Inc | 575 | ||||||||
| 17,017 | * | Hologic, Inc | 728 | |||||||
| 302,012 | Humana, Inc | 74,920 | ||||||||
| 61,918 | * | Idexx Laboratories, Inc | 9,683 | |||||||
| 668,558 | * | Intuitive Surgical, Inc | 243,984 | |||||||
| 1,014 | * | LifePoint Hospitals, Inc | 51 | |||||||
| 166,756 | McKesson Corp | 26,006 | ||||||||
| 98,899 | Medtronic plc | 7,986 | ||||||||
| 1,220 | Patterson Cos, Inc | 44 | ||||||||
| 770,439 | * | Premier, Inc | 22,489 | |||||||
| 14,538 | Resmed, Inc | 1,231 | ||||||||
| 35,528 | Stryker Corp | 5,501 | ||||||||
| 837 | Teleflex, Inc | 208 | ||||||||
| 1,597,943 | UnitedHealth Group, Inc | 352,282 | ||||||||
| 9,512 | * | Varian Medical Systems, Inc | 1,057 | |||||||
| 200,188 | * | Veeva Systems, Inc | 11,067 | |||||||
| 166,521 | * | WellCare Health Plans, Inc | 33,489 | |||||||
| 7,563 | West Pharmaceutical Services, Inc | 746 | ||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 1,385,010 | |||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 1.0% | ||||||||||
| 27,250 | Church & Dwight Co, Inc | 1,367 | ||||||||
| 11,487 | Clorox Co | 1,709 | ||||||||
| 13,784 | Colgate-Palmolive Co | 1,040 | ||||||||
| 238 |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | COMPANY | VALUE (000) | ||||||||
| 236,871 | Energizer Holdings, Inc | $ | 11,365 | |||||||
| 1,466,049 | Estee Lauder Cos (Class A) | 186,540 | ||||||||
| 88,348 | *,e | Herbalife Ltd | 5,983 | |||||||
| 221,341 | Kimberly-Clark Corp | 26,707 | ||||||||
| 22,371 | Nu Skin Enterprises, Inc (Class A) | 1,526 | ||||||||
| 13,459 | Procter & Gamble Co | 1,237 | ||||||||
| 91,103 | e | Spectrum Brands, Inc | 10,240 | |||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 247,714 | |||||||||
| INSURANCE - 0.6% | ||||||||||
| 249,800 | Allstate Corp | 26,156 | ||||||||
| 362,323 | American International Group, Inc | 21,587 | ||||||||
| 25,977 | Aon plc | 3,481 | ||||||||
| 1,636 | * | Arch Capital Group Ltd | 148 | |||||||
| 12,185 | Arthur J. Gallagher & Co | 771 | ||||||||
| 1,570 | Aspen Insurance Holdings Ltd | 64 | ||||||||
| 76,256 | Assurant, Inc | 7,690 | ||||||||
| 96,019 | Chubb Ltd | 14,031 | ||||||||
| 1,717 | Erie Indemnity Co (Class A) | 209 | ||||||||
| 53,786 | Marsh & McLennan Cos, Inc | 4,378 | ||||||||
| 1,370,294 | Progressive Corp | 77,175 | ||||||||
| 14 | RenaissanceRe Holdings Ltd | 2 | ||||||||
| 8,240 | XL Group Ltd | 290 | ||||||||
| TOTAL INSURANCE | 155,982 | |||||||||
| MATERIALS - 3.0% | ||||||||||
| 883,371 | Albemarle Corp | 112,974 | ||||||||
| 25,236 | Aptargroup, Inc | 2,177 | ||||||||
| 1,509 | Ardagh Group S.A. | 32 | ||||||||
| 158,907 | Avery Dennison Corp | 18,252 | ||||||||
| 22,923 | * | Axalta Coating Systems Ltd | 742 | |||||||
| 21,542 | Ball Corp | 815 | ||||||||
| 1,787,688 | * | Berry Plastics Group, Inc | 104,884 | |||||||
| 8,494 | Celanese Corp (Series A) | 910 | ||||||||
| 575,860 | Chemours Co | 28,828 | ||||||||
| 390,836 | * | Crown Holdings, Inc | 21,984 | |||||||
| 352,709 | DowDuPont, Inc | 25,120 | ||||||||
| 92,492 | Eagle Materials, Inc | 10,479 | ||||||||
| 26,738 | Ecolab, Inc | 3,588 | ||||||||
| 13,992 | FMC Corp | 1,324 | ||||||||
| 1,002,329 | * | Freeport-McMoRan Copper & Gold, Inc (Class B) | 19,004 | |||||||
| 23,642 | Graphic Packaging Holding Co | 365 | ||||||||
| 1,207,706 | Huntsman Corp | 40,204 | ||||||||
| 8,088 | International Flavors & Fragrances, Inc | 1,234 | ||||||||
| 364,735 | International Paper Co | 21,133 | ||||||||
| 468,216 | LyondellBasell Industries AF S.C.A | 51,654 | ||||||||
| 6,279 | Martin Marietta Materials, Inc | 1,388 | ||||||||
| 152,434 | Monsanto Co | 17,801 | ||||||||
| 745 | NewMarket Corp | 296 | ||||||||
| 1,261,300 | Olin Corp | 44,877 | ||||||||
| 50,255 | * | Owens-Illinois, Inc | 1,114 | |||||||
| 9,829 | Packaging Corp of America | 1,185 | ||||||||
| 10,639 | * | Platform Specialty Products Corp | 106 | |||||||
| 239 |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | COMPANY | VALUE (000) | ||||||||
| 464,918 | PPG Industries, Inc | $ | 54,312 | |||||||
| 26,216 | Praxair, Inc | 4,055 | ||||||||
| 2,148 | Royal Gold, Inc | 176 | ||||||||
| 12,953 | RPM International, Inc | 679 | ||||||||
| 21,354 | Scotts Miracle-Gro Co (Class A) | 2,285 | ||||||||
| 10,809 | Sealed Air Corp | 533 | ||||||||
| 334,349 | Sherwin-Williams Co | 137,097 | ||||||||
| 6,869 | Silgan Holdings, Inc | 202 | ||||||||
| 8,035 | Southern Copper Corp (NY) | 381 | ||||||||
| 2,831 | Steel Dynamics, Inc | 122 | ||||||||
| 140,759 | Vulcan Materials Co | 18,069 | ||||||||
| 1,939 | Westlake Chemical Corp | 207 | ||||||||
| 296,786 | WR Grace and Co | 20,814 | ||||||||
| TOTAL MATERIALS | 771,402 | |||||||||
| MEDIA - 2.2% | ||||||||||
| 478,020 | * | AMC Networks, Inc | 25,851 | |||||||
| 539 | Cable One, Inc | 379 | ||||||||
| 690,047 | CBS Corp (Class B) | 40,713 | ||||||||
| 32,329 | * | Charter Communications, Inc | 10,861 | |||||||
| 7,164,226 | Comcast Corp (Class A) | 286,927 | ||||||||
| 518,300 | *,e | Discovery Communications, Inc (Class A) | 11,600 | |||||||
| 17,859 | * | DISH Network Corp (Class A) | 853 | |||||||
| 34,879 | Interpublic Group of Cos, Inc | 703 | ||||||||
| 2,852 | *,e | Lions Gate Entertainment Corp (Class A) | 96 | |||||||
| 7,458 | * | Lions Gate Entertainment Corp (Class B) | 237 | |||||||
| 377,628 | * | Live Nation, Inc | 16,076 | |||||||
| 223 | * | Madison Square Garden Co | 47 | |||||||
| 24,159 | Omnicom Group, Inc | 1,759 | ||||||||
| 783 | Regal Entertainment Group (Class A) | 18 | ||||||||
| 4,656 | *,m | Rovi Guides, Inc | 19 | |||||||
| 4,799 | Scripps Networks Interactive (Class A) | 410 | ||||||||
| 151,654 | e | Sirius XM Holdings, Inc | 813 | |||||||
| 144,600 | Time Warner, Inc | 13,227 | ||||||||
| 5,959 | Twenty-First Century Fox, Inc | 206 | ||||||||
| 3,462 | Twenty-First Century Fox, Inc (Class B) | 118 | ||||||||
| 757,400 | Viacom, Inc (Class B) | 23,335 | ||||||||
| 1,124,854 | Walt Disney Co | 120,933 | ||||||||
| TOTAL MEDIA | 555,181 | |||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.7% | ||||||||||
| 2,134,518 | AbbVie, Inc | 206,429 | ||||||||
| 10,635 | * | Acadia Pharmaceuticals, Inc | 320 | |||||||
| 8,841 | Agilent Technologies, Inc | 592 | ||||||||
| 3,662 | * | Agios Pharmaceuticals, Inc | 209 | |||||||
| 9,034 | * | Akorn, Inc | 291 | |||||||
| 1,265,160 | * | Alexion Pharmaceuticals, Inc | 151,300 | |||||||
| 15,653 | * | Alkermes plc | 857 | |||||||
| 179,433 | Allergan plc | 29,352 | ||||||||
| 8,054 | * | Alnylam Pharmaceuticals, Inc | 1,023 | |||||||
| 377,843 | Amgen, Inc | 65,707 | ||||||||
| 230,000 | Bayer AG. | 28,581 | ||||||||
| 420,300 | * | Biogen Idec, Inc | 133,895 | |||||||
| 965,839 | * | BioMarin Pharmaceuticals, Inc | 86,124 | |||||||
| 240 |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | COMPANY | VALUE (000) | ||||||||
| 4,001 | Bio-Techne Corp | $ | 518 | |||||||
| 11,645 | * | Bioverativ, Inc | 628 | |||||||
| 1,937,597 | Bristol-Myers Squibb Co | 118,736 | ||||||||
| 3,543 | Bruker BioSciences Corp | 122 | ||||||||
| 1,841,022 | * | Celgene Corp | 192,129 | |||||||
| 152,984 | * | Charles River Laboratories International, Inc | 16,744 | |||||||
| 663,701 | Eli Lilly & Co | 56,056 | ||||||||
| 29,032 | * | Exelixis, Inc | 883 | |||||||
| 638,556 | Gilead Sciences, Inc | 45,746 | ||||||||
| 739,622 | * | Illumina, Inc | 161,600 | |||||||
| 18,040 | * | Incyte Corp | 1,709 | |||||||
| 983 | *,e | Intercept Pharmaceuticals, Inc | 57 | |||||||
| 2,915 | *,e | Intrexon Corp | 34 | |||||||
| 12,752 | * | Ionis Pharmaceuticals, Inc | 641 | |||||||
| 264,286 | Ipsen | 31,456 | ||||||||
| 343,333 | * | IQVIA Holdings, Inc | 33,612 | |||||||
| 420,977 | * | Jazz Pharmaceuticals plc | 56,685 | |||||||
| 521,576 | Johnson & Johnson | 72,875 | ||||||||
| 151,472 | Lonza Group AG. | 40,853 | ||||||||
| 2,642 | * | Mettler-Toledo International, Inc | 1,637 | |||||||
| 530,000 | * | Mylan NV | 22,424 | |||||||
| 66,944 | * | Neurocrine Biosciences, Inc | 5,194 | |||||||
| 1,535,042 | Novo Nordisk AS | 82,486 | ||||||||
| 5,606 | *,e | Opko Health, Inc | 27 | |||||||
| 2,200 | PerkinElmer, Inc | 161 | ||||||||
| 371,100 | Pfizer, Inc | 13,441 | ||||||||
| 7,400 | * | QIAGEN NV | 229 | |||||||
| 8,277 | * | Regeneron Pharmaceuticals, Inc | 3,112 | |||||||
| 209,556 | * | Schering-Plough Corp | 11,792 | |||||||
| 10,016 | * | Seattle Genetics, Inc | 536 | |||||||
| 3,754 | *,e | TESARO, Inc | 311 | |||||||
| 115,195 | Thermo Fisher Scientific, Inc | 21,873 | ||||||||
| 593,523 | * | Vertex Pharmaceuticals, Inc | 88,945 | |||||||
| 29,510 | * | Waters Corp | 5,701 | |||||||
| 2,611,660 | Zoetis, Inc | 188,144 | ||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 1,981,777 | |||||||||
| REAL ESTATE - 0.8% | ||||||||||
| 267,974 | American Tower Corp | 38,232 | ||||||||
| 89,188 | Boston Properties, Inc | 11,597 | ||||||||
| 807,561 | * | CBRE Group, Inc | 34,975 | |||||||
| 3,371 | Coresite Realty | 384 | ||||||||
| 41,976 | Crown Castle International Corp | 4,660 | ||||||||
| 197,498 | CubeSmart | 5,712 | ||||||||
| 8,391 | CyrusOne, Inc | 500 | ||||||||
| 45,831 | Digital Realty Trust, Inc | 5,220 | ||||||||
| 12,780 | Douglas Emmett, Inc | 525 | ||||||||
| 8,120 | Equinix, Inc | 3,680 | ||||||||
| 140,635 | Equity Lifestyle Properties, Inc | 12,519 | ||||||||
| 72,757 | Extra Space Storage, Inc | 6,363 | ||||||||
| 2,896 | Federal Realty Investment Trust | 385 | ||||||||
| 249,560 | Gaming and Leisure Properties, Inc | 9,234 | ||||||||
| 282,189 | Hudson Pacific Properties | 9,665 | ||||||||
| 241 |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | COMPANY | VALUE (000) | ||||||||
| 25,374 | Iron Mountain, Inc | $ | 957 | |||||||
| 7,427 | Lamar Advertising Co | 551 | ||||||||
| 870,000 | MGM Growth Properties LLC | 25,361 | ||||||||
| 13 | Outfront Media, Inc | 0 | ^ | |||||||
| 15,466 | Public Storage, Inc | 3,232 | ||||||||
| 105,821 | * | SBA Communications Corp | 17,287 | |||||||
| 51,038 | Simon Property Group, Inc | 8,765 | ||||||||
| 919 | e | Tanger Factory Outlet Centers, Inc | 24 | |||||||
| 3,294 | Taubman Centers, Inc | 216 | ||||||||
| TOTAL REAL ESTATE | 200,044 | |||||||||
| RETAILING - 10.7% | ||||||||||
| 1,481 | Advance Auto Parts, Inc | 148 | ||||||||
| 921,567 | * | Amazon.com, Inc | 1,077,745 | |||||||
| 555,000 | * | ASOS plc | 50,070 | |||||||
| 2,465 | * | AutoZone, Inc | 1,754 | |||||||
| 201,300 | Best Buy Co, Inc | 13,783 | ||||||||
| 110,431 | * | Burlington Stores, Inc | 13,586 | |||||||
| 949,198 | * | Carmax, Inc | 60,872 | |||||||
| 765,152 | * | Ctrip.com International Ltd (ADR) | 33,743 | |||||||
| 5,206 | Dick’s Sporting Goods, Inc | 150 | ||||||||
| 329,304 | Dollar General Corp | 30,629 | ||||||||
| 355,535 | * | Dollar Tree, Inc | 38,153 | |||||||
| 953,233 | Expedia, Inc | 114,169 | ||||||||
| 1,500 | * | Floor & Decor Holdings, Inc | 73 | |||||||
| 1,400 | Foot Locker, Inc | 66 | ||||||||
| 3,231,880 | Gap, Inc | 110,078 | ||||||||
| 5,936 | Genuine Parts Co | 564 | ||||||||
| 4,700,000 | * | Groupon, Inc | 23,970 | |||||||
| 2,392,976 | Home Depot, Inc | 453,541 | ||||||||
| 530,000 | Industria De Diseno Textil S.A. | 18,429 | ||||||||
| 176,128 | Kering | 82,908 | ||||||||
| 310,100 | Kohl’s Corp | 16,817 | ||||||||
| 3,177 | L Brands, Inc | 191 | ||||||||
| 1,540 | * | Liberty Expedia Holdings, Inc | 68 | |||||||
| 2,983,845 | * | Liberty Interactive Corp | 72,866 | |||||||
| 4,827 | * | LKQ Corp | 196 | |||||||
| 1,029,644 | Lowe’s Companies, Inc | 95,695 | ||||||||
| 6,546 | * | Michaels Cos, Inc | 158 | |||||||
| 44,999 | * | National Vision Holdings, Inc | 1,827 | |||||||
| 653,952 | * | NetFlix, Inc | 125,532 | |||||||
| 71,588 | e | Nordstrom, Inc | 3,392 | |||||||
| 8,756 | * | O’Reilly Automotive, Inc | 2,106 | |||||||
| 23,224 | * | Priceline.com, Inc | 40,357 | |||||||
| 304,453 | Ross Stores, Inc | 24,432 | ||||||||
| 4,314 | * | Sally Beauty Holdings, Inc | 81 | |||||||
| 818,147 | Tiffany & Co | 85,046 | ||||||||
| 1,598,873 | TJX Companies, Inc | 122,250 | ||||||||
| 14,091 | Tractor Supply Co | 1,053 | ||||||||
| 6,185 | * | TripAdvisor, Inc | 213 | |||||||
| 62,949 | * | Ulta Beauty, Inc | 14,079 | |||||||
| 3,936 | *,e | Wayfair, Inc | 316 | |||||||
| 2,550 | e | Williams-Sonoma, Inc | 132 | |||||||
| TOTAL RETAILING | 2,731,238 | |||||||||
| 242 |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | COMPANY | VALUE (000) | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.6% | ||||||||||
| 3,223,925 | *,e | Advanced Micro Devices, Inc | $ | 33,142 | ||||||
| 38,187 | Analog Devices, Inc | 3,400 | ||||||||
| 5,273,238 | Applied Materials, Inc | 269,568 | ||||||||
| 1,483,271 | Broadcom Ltd | 381,052 | ||||||||
| 7,243 | * | Cavium, Inc | 607 | |||||||
| 595,436 | Cypress Semiconductor Corp | 9,074 | ||||||||
| 899,900 | Intel Corp | 41,539 | ||||||||
| 353,712 | Kla-Tencor Corp | 37,165 | ||||||||
| 295,132 | Lam Research Corp | 54,325 | ||||||||
| 383,583 | Maxim Integrated Products, Inc | 20,054 | ||||||||
| 214,284 | Microchip Technology, Inc | 18,831 | ||||||||
| 680,185 | * | Micron Technology, Inc | 27,969 | |||||||
| 209,639 | * | Microsemi Corp | 10,828 | |||||||
| 948,860 | NVIDIA Corp | 183,605 | ||||||||
| 20,161 | * | NXP Semiconductors NV | 2,361 | |||||||
| 41,222 | * | ON Semiconductor Corp | 863 | |||||||
| 7,278 | * | Qorvo, Inc | 485 | |||||||
| 161,500 | QUALCOMM, INC | 10,339 | ||||||||
| 8,700 | Samsung Electronics Co Ltd | 20,670 | ||||||||
| 89,586 | Skyworks Solutions, Inc | 8,506 | ||||||||
| 19,415 | Teradyne, Inc | 813 | ||||||||
| 372,296 | Texas Instruments, Inc | 38,883 | ||||||||
| 1,512 | Versum Materials, Inc | 57 | ||||||||
| 24,273 | Xilinx, Inc | 1,637 | ||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,175,773 | |||||||||
| SOFTWARE & SERVICES - 31.1% | ||||||||||
| 523,951 | Accenture plc | 80,212 | ||||||||
| 2,086,383 | Activision Blizzard, Inc | 132,110 | ||||||||
| 1,769,439 | * | Adobe Systems, Inc | 310,076 | |||||||
| 415,285 | * | Alibaba Group Holding Ltd (ADR) | 71,608 | |||||||
| 38,733 | Alliance Data Systems Corp | 9,818 | ||||||||
| 410,748 | * | Alphabet, Inc (Class A) | 432,682 | |||||||
| 883,761 | * | Alphabet, Inc (Class C) | 924,768 | |||||||
| 356,691 | Amdocs Ltd | 23,356 | ||||||||
| 8,654 | * | Ansys, Inc | 1,277 | |||||||
| 10,090 | * | Atlassian Corp plc | 459 | |||||||
| 17,756 | * | Autodesk, Inc | 1,861 | |||||||
| 55,690 | Automatic Data Processing, Inc | 6,526 | ||||||||
| 184,000 | * | Baidu, Inc (ADR) | 43,095 | |||||||
| 10,969 | * | Black Knight, Inc | 484 | |||||||
| 261,917 | Booz Allen Hamilton Holding Co | 9,987 | ||||||||
| 131,271 | Broadridge Financial Solutions, Inc | 11,891 | ||||||||
| 28,840 | * | Cadence Design Systems, Inc | 1,206 | |||||||
| 155,081 | CDK Global, Inc | 11,054 | ||||||||
| 239,800 | * | Check Point Software Technologies | 24,848 | |||||||
| 500,000 | * | Cimpress NV | 59,940 | |||||||
| 237,789 | * | Citrix Systems, Inc | 20,925 | |||||||
| 116,800 | Cognizant Technology Solutions Corp (Class A) | 8,295 | ||||||||
| 3,685 | * | CoStar Group, Inc | 1,094 | |||||||
| 165,208 | CSRA, Inc | 4,943 | ||||||||
| 243 |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | COMPANY | VALUE (000) | ||||||||
| 153,295 | * | Dell Technologies, Inc-VMware Inc | $ | 12,460 | ||||||
| 959 | DST Systems, Inc | 60 | ||||||||
| 1,215,567 | DXC Technology Co | 115,357 | ||||||||
| 4,094,844 | * | eBay, Inc | 154,539 | |||||||
| 349,688 | * | Electronic Arts, Inc | 36,738 | |||||||
| 65,704 | * | Euronet Worldwide, Inc | 5,537 | |||||||
| 5,057,402 | * | Facebook, Inc | 892,429 | |||||||
| 222,320 | Fidelity National Information Services, Inc | 20,918 | ||||||||
| 307,408 | * | First American Corp | 14,205 | |||||||
| 51,098 | * | First Data Corp | 854 | |||||||
| 60,144 | * | Fiserv, Inc | 7,887 | |||||||
| 289,313 | * | FleetCor Technologies, Inc | 55,672 | |||||||
| 15,238 | * | Fortinet, Inc | 666 | |||||||
| 559,108 | * | Gartner, Inc | 68,854 | |||||||
| 438,458 | Genpact Ltd | 13,917 | ||||||||
| 250,185 | Global Payments, Inc | 25,079 | ||||||||
| 12,501 | * | GoDaddy, Inc | 629 | |||||||
| 970,000 | * | GrubHub, Inc | 69,646 | |||||||
| 3,556 | * | Guidewire Software, Inc | 264 | |||||||
| 1,541,782 | * | IAC/InterActiveCorp | 188,529 | |||||||
| 375,980 | International Business Machines Corp | 57,683 | ||||||||
| 2,775,014 | Intuit, Inc | 437,842 | ||||||||
| 8,089 | Jack Henry & Associates, Inc | 946 | ||||||||
| 233,700 | Leidos Holdings, Inc | 15,090 | ||||||||
| 219,978 | LogMeIn, Inc | 25,187 | ||||||||
| 6,316 | * | Manhattan Associates, Inc | 313 | |||||||
| 2,743,490 | MasterCard, Inc (Class A) | 415,255 | ||||||||
| 2,873 | *,e | Match Group, Inc | 90 | |||||||
| 15,045,817 | Microsoft Corp | 1,287,019 | ||||||||
| 94,500 | Netease.com (ADR) | 32,609 | ||||||||
| 2,335,303 | Oracle Corp | 110,413 | ||||||||
| 11,573 | *,e | Pandora Media, Inc | 56 | |||||||
| 33,594 | Paychex, Inc | 2,287 | ||||||||
| 5,054,500 | * | PayPal Holdings, Inc | 372,112 | |||||||
| 175,000 | * | Proofpoint, Inc | 15,542 | |||||||
| 12,609 | * | PTC, Inc | 766 | |||||||
| 516,710 | * | Red Hat, Inc | 62,057 | |||||||
| 103,180 | Sabre Corp | 2,115 | ||||||||
| 3,495,941 | * | salesforce.com, Inc | 357,390 | |||||||
| 859,333 | g | Scout24 AG. | 35,023 | |||||||
| 17,453 | * | ServiceNow, Inc | 2,276 | |||||||
| 15,013 | * | Splunk, Inc | 1,244 | |||||||
| 25,442 | * | Square, Inc | 882 | |||||||
| 77,887 | SS&C Technologies Holdings, Inc | 3,153 | ||||||||
| 96 | e | Switch, Inc | 2 | |||||||
| 63,951 | Symantec Corp | 1,794 | ||||||||
| 71,133 | * | Synopsys, Inc | 6,063 | |||||||
| 6,409 | * | Tableau Software, Inc | 443 | |||||||
| 136,752 | * | Take-Two Interactive Software, Inc | 15,013 | |||||||
| 2,111,803 | Tencent Holdings Ltd | 109,303 | ||||||||
| 420,200 | * | Teradata Corp | 16,161 | |||||||
| 191,651 | Total System Services, Inc | 15,158 | ||||||||
| 393,936 | * | Twitter, Inc | 9,458 | |||||||
| 3,587 | * | Tyler Technologies, Inc | 635 | |||||||
| 244 |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | COMPANY | VALUE (000) | ||||||||
| 2,980 | * | Ultimate Software Group, Inc | $ | 650 | ||||||
| 17,284 | * | Vantiv, Inc | 1,271 | |||||||
| 72,040 | *,e | VeriSign, Inc | 8,244 | |||||||
| 5,341,612 | Visa, Inc (Class A) | 609,051 | ||||||||
| 351,793 | *,e | VMware, Inc (Class A) | 44,087 | |||||||
| 48,427 | Western Union Co | 921 | ||||||||
| 3,571 | * | WEX, Inc | 504 | |||||||
| 63,939 | * | Workday, Inc | 6,505 | |||||||
| 3,861 | * | Zillow Group, Inc | 157 | |||||||
| 7,857 | *,e | Zillow Group, Inc (Class C) | 322 | |||||||
| TOTAL SOFTWARE & SERVICES | 7,959,847 | |||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 5.7% | ||||||||||
| 244,265 | Amphenol Corp (Class A) | 21,446 | ||||||||
| 7,544,997 | Apple, Inc | 1,276,840 | ||||||||
| 77,025 | * | Arista Networks, Inc | 18,146 | |||||||
| 373,100 | * | ARRIS International plc | 9,585 | |||||||
| 15,609 | CDW Corp | 1,085 | ||||||||
| 417,200 | * | Ciena Corp | 8,732 | |||||||
| 17,052 | Cognex Corp | 1,043 | ||||||||
| 2,671 | * | Coherent, Inc | 754 | |||||||
| 8,837 | * | CommScope Holding Co, Inc | 334 | |||||||
| 5,837 | Corning, Inc | 187 | ||||||||
| 83,478 | * | F5 Networks, Inc | 10,954 | |||||||
| 7,973 | Flir Systems, Inc | 372 | ||||||||
| 2,735 | Harris Corp | 387 | ||||||||
| 3,697 | * | IPG Photonics Corp | 792 | |||||||
| 102,944 | Motorola, Inc | 9,300 | ||||||||
| 8,897 | National Instruments Corp | 370 | ||||||||
| 12,571 | * | NCR Corp | 427 | |||||||
| 24,271 | NetApp, Inc | 1,343 | ||||||||
| 110,891 | * | Palo Alto Networks, Inc | 16,072 | |||||||
| 415,111 | TE Connectivity Ltd | 39,452 | ||||||||
| 370,172 | * | Trimble Navigation Ltd | 15,044 | |||||||
| 32,243 | Universal Display Corp | 5,567 | ||||||||
| 280,386 | Western Digital Corp | 22,299 | ||||||||
| 48,617 | * | Zebra Technologies Corp (Class A) | 5,046 | |||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 1,465,577 | |||||||||
| TELECOMMUNICATION SERVICES - 0.4% | ||||||||||
| 680,100 | AT&T, Inc | 26,442 | ||||||||
| 581,485 | * | T-Mobile US, Inc | 36,930 | |||||||
| 518,032 | Verizon Communications, Inc | 27,419 | ||||||||
| 20,448 | * | Zayo Group Holdings, Inc | 753 | |||||||
| TOTAL TELECOMMUNICATION SERVICES | 91,544 | |||||||||
| TRANSPORTATION - 2.6% | ||||||||||
| 9,753 | Alaska Air Group, Inc | 717 | ||||||||
| 469,527 | American Airlines Group, Inc | 24,429 | ||||||||
| 14,661 | CH Robinson Worldwide, Inc | 1,306 | ||||||||
| 347 | Copa Holdings S.A. (Class A) | 47 | ||||||||
| 80,058 | CSX Corp | 4,404 | ||||||||
| 245 |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | COMPANY | VALUE (000) | ||||||||||||||
| 834,300 | Delta Air Lines, Inc | $ | 46,721 | |||||||||||||
| 13,087 | Expeditors International of Washington, Inc | 847 | ||||||||||||||
| 714,853 | FedEx Corp | 178,385 | ||||||||||||||
| 9,037 | J.B. Hunt Transport Services, Inc | 1,039 | ||||||||||||||
| 4,274 | Landstar System, Inc | 445 | ||||||||||||||
| 4,040 | Old Dominion Freight Line | 531 | ||||||||||||||
| 582,485 | Southwest Airlines Co | 38,124 | ||||||||||||||
| 600,000 | * | Spirit Airlines, Inc | 26,910 | |||||||||||||
| 2,278,713 | Union Pacific Corp | 305,575 | ||||||||||||||
| 386,572 | United Parcel Service, Inc (Class B) | 46,060 | ||||||||||||||
| 9,428 | * | XPO Logistics, Inc | 863 | |||||||||||||
| TOTAL TRANSPORTATION | 676,403 | |||||||||||||||
| UTILITIES - 0.0% | ||||||||||||||||
| 6,419 | NRG Energy, Inc | 183 | ||||||||||||||
| TOTAL UTILITIES | 183 | |||||||||||||||
| TOTAL COMMON STOCKS | 25,433,784 | |||||||||||||||
| (Cost $18,292,993) | ||||||||||||||||
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | |||||||||||||
| SHORT-TERM INVESTMENTS - 1.5% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT - 0.1% | ||||||||||||||||
| $ | 9,080,000 | Federal Home Loan Bank (FHLB) | 1.080 | % | 01/08/18 | 9,078 | ||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 9,078 | |||||||||||||||
| TREASURY DEBT - 0.5% | ||||||||||||||||
| 13,150,000 | United States Treasury Bill | 1.211 | 01/04/18 | 13,149 | ||||||||||||
| 27,370,000 | United States Treasury Bill | 1.219 | 01/11/18 | 27,362 | ||||||||||||
| 33,790,000 | United States Treasury Bill | 1.278 | 03/01/18 | 33,721 | ||||||||||||
| 49,700,000 | United States Treasury Bill | 1.412 | 03/29/18 | 49,538 | ||||||||||||
| TOTAL TREASURY DEBT | 123,770 | |||||||||||||||
| SHARES | COMPANY | |||||||||||||||
| INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9% | ||||||||||||||||
| 234,708,304 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 234,708 | |||||||||||||
| TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 234,708 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 367,556 | |||||||||||||||
| (Cost $367,546) | ||||||||||||||||
| TOTAL INVESTMENTS - 100.9% | 25,801,340 | |||||||||||||||
| (Cost $18,660,539) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - (0.9)% | (220,305 | ) | ||||||||||||||
| NET ASSETS - 100.0% | $ | 25,581,035 | ||||||||||||||
| 246 |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| Abbreviation(s): | |||
| ADR American Depositary Receipt | |||
| ^ | Amount represents less than $1,000. | ||
| * | 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 $225,447,000. | ||
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/17, the aggregate value of these securities was $35,023,000 or 0.1% of net assets. | ||
| m | Indicates a security that has been deemed illiquid. | ||
| Cost amounts are in thousands. | |||
| 247 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2017
| SHARES | COMPANY | VALUE (000) | |||||||
| COMMON STOCKS - 99.5% | |||||||||
| AUTOMOBILES & COMPONENTS - 0.9% | |||||||||
| 67,741 | Adient plc | $ | 5,331 | ||||||
| 60,325 | * | American Axle & Manufacturing Holdings, Inc | 1,027 | ||||||
| 144,549 | BorgWarner, Inc | 7,385 | |||||||
| 37,696 | Cooper Tire & Rubber Co | 1,333 | |||||||
| 12,534 | * | Cooper-Standard Holding, Inc | 1,535 | ||||||
| 105,026 | Dana Holding Corp | 3,362 | |||||||
| 187,577 | * | Delphi Automotive plc | 15,912 | ||||||
| 62,525 | * | Delphi Technologies plc | 3,281 | ||||||
| 19,677 | * | Dorman Products, Inc | 1,203 | ||||||
| 2,750,403 | Ford Motor Co | 34,353 | |||||||
| 25,297 | * | Fox Factory Holding Corp | 983 | ||||||
| 912,885 | General Motors Co | 37,419 | |||||||
| 199,630 | Gentex Corp | 4,182 | |||||||
| 26,543 | * | Gentherm, Inc | 843 | ||||||
| 180,979 | Goodyear Tire & Rubber Co | 5,847 | |||||||
| 126,967 | e | Harley-Davidson, Inc | 6,460 | ||||||
| 18,367 | * | Horizon Global Corp | 257 | ||||||
| 17,506 | LCI Industries, Inc | 2,276 | |||||||
| 45,774 | Lear Corp | 8,086 | |||||||
| 36,302 | * | Modine Manufacturing Co | 733 | ||||||
| 13,147 | * | Motorcar Parts of America, Inc | 329 | ||||||
| 5,808 | * | Shiloh Industries, Inc | 48 | ||||||
| 24,709 | Spartan Motors, Inc | 389 | |||||||
| 15,087 | Standard Motor Products, Inc | 678 | |||||||
| 20,247 | * | Stoneridge, Inc | 463 | ||||||
| 17,815 | Superior Industries International, Inc | 265 | |||||||
| 38,429 | Tenneco, Inc | 2,250 | |||||||
| 94,230 | *,e | Tesla, Inc | 29,338 | ||||||
| 35,644 | Thor Industries, Inc | 5,372 | |||||||
| 15,398 | Tower International, Inc | 470 | |||||||
| 22,699 | * | Visteon Corp | 2,841 | ||||||
| 14,882 | * | VOXX International Corp (Class A) | 83 | ||||||
| 22,457 | Winnebago Industries, Inc | 1,249 | |||||||
| TOTAL AUTOMOBILES & COMPONENTS | 185,583 | ||||||||
| BANKS - 6.9% | |||||||||
| 12,408 | 1st Source Corp | 614 | |||||||
| 10,115 | Access National Corp | 282 | |||||||
| 4,570 | ACNB Corp | 135 | |||||||
| 7,958 | * | Allegiance Bancshares, Inc | 300 | ||||||
| 5,882 | American National Bankshares, Inc | 225 | |||||||
| 26,136 | Ameris Bancorp | 1,260 | |||||||
| 7,069 | Ames National Corp | 197 | |||||||
| 7,945 | Arrow Financial Corp | 270 | |||||||
| 248 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 110,942 | Associated Banc-Corp | $ | 2,818 | ||||||
| 14,762 | * | Atlantic Capital Bancshares, Inc | 260 | ||||||
| 31,112 | e | Banc of California, Inc | 642 | ||||||
| 11,574 | Bancfirst Corp | 592 | |||||||
| 21,466 | Banco Latinoamericano de Exportaciones S.A. (Class E) | 577 | |||||||
| 62,103 | BancorpSouth Bank | 1,953 | |||||||
| 34,155 | Bank Mutual Corp | 364 | |||||||
| 6,879,382 | Bank of America Corp | 203,080 | |||||||
| 11,787 | Bank of Commerce Holdings | 136 | |||||||
| 30,867 | Bank of Hawaii Corp | 2,645 | |||||||
| 3,864 | Bank of Marin Bancorp | 263 | |||||||
| 26,277 | Bank of NT Butterfield & Son Ltd | 954 | |||||||
| 82,422 | Bank of the Ozarks, Inc | 3,993 | |||||||
| 12,265 | BankFinancial Corp | 188 | |||||||
| 74,384 | BankUnited | 3,029 | |||||||
| 3,897 | Bankwell Financial Group, Inc | 134 | |||||||
| 23,725 | Banner Corp | 1,308 | |||||||
| 11,016 | Bar Harbor Bankshares | 298 | |||||||
| 557,556 | BB&T Corp | 27,722 | |||||||
| 7,059 | BCB Bancorp, Inc | 102 | |||||||
| 15,407 | Bear State Financial, Inc | 158 | |||||||
| 51,465 | Beneficial Bancorp, Inc | 847 | |||||||
| 22,749 | Berkshire Hills Bancorp, Inc | 833 | |||||||
| 17,706 | Blue Hills Bancorp, Inc | 356 | |||||||
| 43,167 | *,e | BofI Holding, Inc | 1,291 | ||||||
| 18,057 | BOK Financial Corp | 1,667 | |||||||
| 59,217 | Boston Private Financial Holdings, Inc | 915 | |||||||
| 13,328 | Bridge Bancorp, Inc | 466 | |||||||
| 54,590 | Brookline Bancorp, Inc | 857 | |||||||
| 12,987 | Bryn Mawr Bank Corp | 574 | |||||||
| 6,346 | * | BSB Bancorp, Inc | 186 | ||||||
| 5,576 | * | Byline Bancorp, Inc | 128 | ||||||
| 2,353 | C&F Financial Corp | 136 | |||||||
| 6,593 | * | Cadence BanCorp | 179 | ||||||
| 11,436 | Camden National Corp | 482 | |||||||
| 9,158 | Capital City Bank Group, Inc | 210 | |||||||
| 92,364 | Capitol Federal Financial | 1,239 | |||||||
| 5,956 | * | Capstar Financial Holdings, Inc | 124 | ||||||
| 10,298 | Carolina Financial Corp | 383 | |||||||
| 54,668 | Cathay General Bancorp | 2,305 | |||||||
| 38,989 | Centerstate Banks of Florida, Inc | 1,003 | |||||||
| 21,511 | Central Pacific Financial Corp | 642 | |||||||
| 6,214 | Central Valley Community Bancorp | 125 | |||||||
| 2,245 | Century Bancorp, Inc | 176 | |||||||
| 9,348 | Charter Financial Corp | 164 | |||||||
| 48,933 | Chemical Financial Corp | 2,616 | |||||||
| 2,189 | Chemung Financial Corp | 105 | |||||||
| 97,089 | CIT Group, Inc | 4,780 | |||||||
| 1,876,485 | Citigroup, Inc | 139,629 | |||||||
| 9,568 | Citizens & Northern Corp | 230 | |||||||
| 352,266 | Citizens Financial Group, Inc | 14,788 | |||||||
| 10,955 | City Holding Co | 739 | |||||||
| 7,262 | Civista Bancshares, Inc | 160 | |||||||
| 16,962 | Clifton Bancorp, Inc | 290 | |||||||
| 249 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 9,772 | CNB Financial Corp | $ | 256 | ||||||
| 26,184 | CoBiz, Inc | 523 | |||||||
| 6,146 | Codorus Valley Bancorp, Inc | 169 | |||||||
| 51,998 | Columbia Banking System, Inc | 2,259 | |||||||
| 126,545 | Comerica, Inc | 10,985 | |||||||
| 66,038 | Commerce Bancshares, Inc | 3,688 | |||||||
| 4,712 | Commerce Union Bancshares, Inc | 121 | |||||||
| 35,397 | Community Bank System, Inc | 1,903 | |||||||
| 15,668 | * | Community Bankers Trust Corp | 128 | ||||||
| 2,846 | Community Financial Corp | 109 | |||||||
| 11,638 | Community Trust Bancorp, Inc | 548 | |||||||
| 21,722 | ConnectOne Bancorp, Inc | 559 | |||||||
| 3,700 | County Bancorp, Inc | 110 | |||||||
| 40,574 | Cullen/Frost Bankers, Inc | 3,840 | |||||||
| 19,196 | * | Customers Bancorp, Inc | 499 | ||||||
| 75,634 | CVB Financial Corp | 1,782 | |||||||
| 23,810 | Dime Community Bancshares | 499 | |||||||
| 2,089 | DNB Financial Corp | 70 | |||||||
| 22,688 | * | Eagle Bancorp, Inc | 1,314 | ||||||
| 102,610 | East West Bancorp, Inc | 6,242 | |||||||
| 4,525 | * | Entegra Financial Corp | 132 | ||||||
| 6,481 | Enterprise Bancorp, Inc | 221 | |||||||
| 16,077 | Enterprise Financial Services Corp | 726 | |||||||
| 7,477 | * | Equity Bancshares, Inc | 265 | ||||||
| 6,121 | ESSA Bancorp, Inc | 96 | |||||||
| 55,323 | * | Essent Group Ltd | 2,402 | ||||||
| 3,168 | Evans Bancorp, Inc | 133 | |||||||
| 6,654 | Farmers & Merchants Bancorp, Inc | 271 | |||||||
| 5,336 | Farmers Capital Bank Corp | 205 | |||||||
| 18,150 | Farmers National Banc Corp | 268 | |||||||
| 4,563 | * | FB Financial Corp | 192 | ||||||
| 25,303 | * | FCB Financial Holdings, Inc | 1,285 | ||||||
| 6,481 | Federal Agricultural Mortgage Corp (Class C) | 507 | |||||||
| 15,456 | Fidelity Southern Corp | 337 | |||||||
| 498,708 | Fifth Third Bancorp | 15,131 | |||||||
| 10,211 | Financial Institutions, Inc | 318 | |||||||
| 20,427 | First Bancorp (NC) | 721 | |||||||
| 114,850 | * | First Bancorp (Puerto Rico) | 586 | ||||||
| 6,485 | First Bancorp, Inc | 177 | |||||||
| 6,018 | e | First Bancshares, Inc | 206 | ||||||
| 26,747 | First Busey Corp | 801 | |||||||
| 6,176 | First Business Financial Services, Inc | 137 | |||||||
| 5,135 | First Citizens Bancshares, Inc (Class A) | 2,069 | |||||||
| 69,402 | First Commonwealth Financial Corp | 994 | |||||||
| 12,139 | First Community Bancshares, Inc | 349 | |||||||
| 10,568 | First Connecticut Bancorp | 276 | |||||||
| 7,726 | First Defiance Financial Corp | 401 | |||||||
| 44,691 | First Financial Bancorp | 1,178 | |||||||
| 46,159 | e | First Financial Bankshares, Inc | 2,079 | ||||||
| 8,330 | First Financial Corp | 378 | |||||||
| 6,257 | First Financial Northwest, Inc | 97 | |||||||
| 19,660 | * | First Foundation, Inc | 364 | ||||||
| 3,022 | e | First Guaranty Bancshares, Inc | 76 | ||||||
| 250 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 38,811 | First Hawaiian, Inc | $ | 1,132 | ||||||
| 213,923 | First Horizon National Corp | 4,276 | |||||||
| 4,089 | First Internet Bancorp | 156 | |||||||
| 18,329 | First Interstate Bancsystem, Inc | 734 | |||||||
| 29,933 | First Merchants Corp | 1,259 | |||||||
| 7,120 | First Mid-Illinois Bancshares, Inc | 274 | |||||||
| 73,424 | First Midwest Bancorp, Inc | 1,763 | |||||||
| 7,602 | * | First Northwest Bancorp | 124 | ||||||
| 15,462 | First of Long Island Corp | 441 | |||||||
| 113,683 | First Republic Bank | 9,849 | |||||||
| 15,789 | * | Flagstar Bancorp, Inc | 591 | ||||||
| 20,105 | Flushing Financial Corp | 553 | |||||||
| 3,521 | FNB Bancorp | 128 | |||||||
| 228,101 | FNB Corp | 3,152 | |||||||
| 8,854 | * | Franklin Financial Network, Inc | 302 | ||||||
| 119,869 | Fulton Financial Corp | 2,146 | |||||||
| 14,703 | German American Bancorp, Inc | 519 | |||||||
| 55,696 | Glacier Bancorp, Inc | 2,194 | |||||||
| 7,809 | Great Southern Bancorp, Inc | 403 | |||||||
| 42,914 | Great Western Bancorp, Inc | 1,708 | |||||||
| 14,667 | * | Green Bancorp, Inc | 298 | ||||||
| 2,003 | e | Greene County Bancorp, Inc | 65 | ||||||
| 16,942 | Guaranty Bancorp | 468 | |||||||
| 1,224 | Guaranty Bancshares, Inc | 37 | |||||||
| 59,807 | Hancock Holding Co | 2,960 | |||||||
| 23,963 | Hanmi Financial Corp | 727 | |||||||
| 9,284 | * | HarborOne Bancorp, Inc | 178 | ||||||
| 17,800 | Heartland Financial USA, Inc | 955 | |||||||
| 25,661 | Heritage Commerce Corp | 393 | |||||||
| 22,188 | Heritage Financial Corp | 683 | |||||||
| 54,190 | Hilltop Holdings, Inc | 1,373 | |||||||
| 997 | Hingham Institution for Savings | 206 | |||||||
| 4,264 | Home Bancorp, Inc | 184 | |||||||
| 112,204 | Home Bancshares, Inc | 2,609 | |||||||
| 15,022 | * | HomeStreet, Inc | 435 | ||||||
| 13,541 | * | HomeTrust Bancshares, Inc | 349 | ||||||
| 93,574 | Hope Bancorp, Inc | 1,708 | |||||||
| 15,512 | Horizon Bancorp | 431 | |||||||
| 6,001 | * | Howard Bancorp, Inc | 132 | ||||||
| 777,316 | Huntington Bancshares, Inc | 11,318 | |||||||
| 35,117 | IBERIABANK Corp | 2,722 | |||||||
| 6,123 | *,e | Impac Mortgage Holdings, Inc | 62 | ||||||
| 19,246 | Independent Bank Corp (MA) | 1,344 | |||||||
| 17,558 | Independent Bank Corp (MI) | 392 | |||||||
| 12,630 | Independent Bank Group, Inc | 854 | |||||||
| 40,567 | International Bancshares Corp | 1,610 | |||||||
| 5,550 | e | Investar Holding Corp | 134 | ||||||
| 186,863 | Investors Bancorp, Inc | 2,594 | |||||||
| 2,450,698 | JPMorgan Chase & Co | 262,078 | |||||||
| 63,473 | Kearny Financial Corp | 917 | |||||||
| 756,870 | Keycorp | 15,266 | |||||||
| 32,502 | Lakeland Bancorp, Inc | 626 | |||||||
| 18,387 | Lakeland Financial Corp | 892 | |||||||
| 6,780 | LCNB Corp | 139 | |||||||
| 251 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 33,647 | LegacyTexas Financial Group, Inc | $ | 1,420 | ||||||
| 4,628 | *,e | LendingTree, Inc | 1,576 | ||||||
| 14,926 | Live Oak Bancshares, Inc | 356 | |||||||
| 101,319 | M&T Bank Corp | 17,324 | |||||||
| 19,210 | Macatawa Bank Corp | 192 | |||||||
| 16,944 | MainSource Financial Group, Inc | 615 | |||||||
| 4,666 | * | Malvern Bancorp, Inc | 122 | ||||||
| 58,413 | MB Financial, Inc | 2,601 | |||||||
| 13,586 | MBT Financial Corp | 144 | |||||||
| 12,428 | Mercantile Bank Corp | 440 | |||||||
| 35,757 | Meridian Bancorp, Inc | 737 | |||||||
| 6,858 | Meta Financial Group, Inc | 635 | |||||||
| 258,262 | * | MGIC Investment Corp | 3,644 | ||||||
| 1,778 | e | Middlefield Banc Corp | 86 | ||||||
| 10,800 | Midland States Bancorp, Inc | 351 | |||||||
| 6,195 | Midsouth Bancorp, Inc | 82 | |||||||
| 7,821 | MidWestOne Financial Group, Inc | 262 | |||||||
| 3,816 | MutualFirst Financial, Inc | 147 | |||||||
| 19,324 | National Bank Holdings Corp | 627 | |||||||
| 5,351 | e | National Bankshares, Inc | 243 | ||||||
| 7,588 | * | National Commerce Corp | 305 | ||||||
| 20,936 | * | Nationstar Mortgage Holdings, Inc | 387 | ||||||
| 31,726 | NBT Bancorp, Inc | 1,167 | |||||||
| 305,096 | New York Community Bancorp, Inc | 3,972 | |||||||
| 6,480 | * | Nicolet Bankshares, Inc | 355 | ||||||
| 38,864 | * | NMI Holdings, Inc | 661 | ||||||
| 5,235 | Northeast Bancorp | 121 | |||||||
| 33,024 | Northfield Bancorp, Inc | 564 | |||||||
| 5,019 | Northrim BanCorp, Inc | 170 | |||||||
| 69,442 | Northwest Bancshares, Inc | 1,162 | |||||||
| 4,425 | e | Norwood Financial Corp | 146 | ||||||
| 22,825 | OceanFirst Financial Corp | 599 | |||||||
| 33,903 | OFG Bancorp | 319 | |||||||
| 3,155 | e | Ohio Valley Banc Corp | 127 | ||||||
| 6,461 | Old Line Bancshares, Inc | 190 | |||||||
| 90,192 | Old National Bancorp | 1,574 | |||||||
| 2,349 | Old Point Financial Corp | 70 | |||||||
| 21,667 | Old Second Bancorp, Inc | 296 | |||||||
| 14,808 | * | Opus Bank | 404 | ||||||
| 26,521 | Oritani Financial Corp | 435 | |||||||
| 5,318 | Orrstown Financial Services, Inc | 134 | |||||||
| 11,579 | * | Pacific Mercantile Bancorp | 101 | ||||||
| 28,237 | * | Pacific Premier Bancorp, Inc | 1,129 | ||||||
| 92,484 | PacWest Bancorp | 4,661 | |||||||
| 3,093 | * | Paragon Commercial Corp | 165 | ||||||
| 9,690 | Park National Corp | 1,008 | |||||||
| 3,798 | Parke Bancorp, Inc | 78 | |||||||
| 13,465 | * | PCSB Financial Corp | 256 | ||||||
| 11,582 | Peapack Gladstone Financial Corp | 406 | |||||||
| 2,964 | Penns Woods Bancorp, Inc | 138 | |||||||
| 9,540 | * | PennyMac Financial Services, Inc | 213 | ||||||
| 3,256 | e | Peoples Bancorp of North Carolina, Inc | 100 | ||||||
| 12,623 | Peoples Bancorp, Inc | 412 | |||||||
| 252 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 5,712 | e | Peoples Financial Services Corp | $ | 266 | |||||
| 221,952 | People’s United Financial, Inc | 4,150 | |||||||
| 9,341 | People’s Utah Bancorp | 283 | |||||||
| 36,552 | * | PHH Corp | 376 | ||||||
| 51,567 | Pinnacle Financial Partners, Inc | 3,419 | |||||||
| 340,989 | PNC Financial Services Group, Inc | 49,201 | |||||||
| 72,890 | Popular, Inc | 2,587 | |||||||
| 8,859 | Preferred Bank | 521 | |||||||
| 6,765 | Premier Financial Bancorp, Inc | 136 | |||||||
| 48,016 | Prosperity Bancshares, Inc | 3,364 | |||||||
| 3,260 | * | Provident Bancorp, Inc | 86 | ||||||
| 4,497 | Provident Financial Holdings, Inc | 83 | |||||||
| 45,191 | Provident Financial Services, Inc | 1,219 | |||||||
| 6,101 | Prudential Bancorp, Inc | 107 | |||||||
| 8,729 | QCR Holdings, Inc | 374 | |||||||
| 152,459 | Radian Group, Inc | 3,142 | |||||||
| 835,990 | Regions Financial Corp | 14,446 | |||||||
| 30,881 | Renasant Corp | 1,263 | |||||||
| 6,104 | Republic Bancorp, Inc (Class A) | 232 | |||||||
| 34,776 | *,e | Republic First Bancorp, Inc | 294 | ||||||
| 13,238 | Riverview Bancorp, Inc | 115 | |||||||
| 25,676 | S&T Bancorp, Inc | 1,022 | |||||||
| 17,394 | Sandy Spring Bancorp, Inc | 679 | |||||||
| 28,631 | * | Seacoast Banking Corp of Florida | 722 | ||||||
| 32,848 | ServisFirst Bancshares, Inc | 1,363 | |||||||
| 8,913 | Shore Bancshares, Inc | 149 | |||||||
| 8,511 | SI Financial Group, Inc | 125 | |||||||
| 8,919 | Sierra Bancorp | 237 | |||||||
| 38,410 | * | Signature Bank | 5,272 | ||||||
| 27,609 | Simmons First National Corp (Class A) | 1,576 | |||||||
| 5,382 | * | SmartFinancial, Inc | 117 | ||||||
| 26,226 | South State Corp | 2,286 | |||||||
| 4,079 | * | Southern First Bancshares, Inc | 168 | ||||||
| 4,139 | Southern Missouri Bancorp, Inc | 156 | |||||||
| 8,140 | Southern National Bancorp of Virginia, Inc | 130 | |||||||
| 20,042 | Southside Bancshares, Inc | 675 | |||||||
| 26,403 | State Bank & Trust Co | 788 | |||||||
| 152,981 | Sterling Bancorp/DE | 3,763 | |||||||
| 16,305 | Stock Yards Bancorp, Inc | 615 | |||||||
| 6,101 | Summit Financial Group, Inc | 161 | |||||||
| 8,249 | Sun Bancorp, Inc | 200 | |||||||
| 5,047 | * | Sunshine Bancorp, Inc | 116 | ||||||
| 339,434 | SunTrust Banks, Inc | 21,924 | |||||||
| 35,867 | * | SVB Financial Group | 8,385 | ||||||
| 76,607 | Synovus Financial Corp | 3,672 | |||||||
| 116,646 | TCF Financial Corp | 2,391 | |||||||
| 5,870 | Territorial Bancorp, Inc | 181 | |||||||
| 35,836 | * | Texas Capital Bancshares, Inc | 3,186 | ||||||
| 34,383 | TFS Financial Corp | 514 | |||||||
| 35,393 | * | The Bancorp, Inc | 350 | ||||||
| 4,645 | Timberland Bancorp, Inc | 123 | |||||||
| 10,641 | Tompkins Trustco, Inc | 866 | |||||||
| 41,087 | TowneBank | 1,263 | |||||||
| 15,762 | Trico Bancshares | 597 | |||||||
| 253 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 16,178 | * | Tristate Capital Holdings, Inc | $ | 372 | |||||
| 10,668 | * | Triumph Bancorp, Inc | 336 | ||||||
| 71,043 | Trustco Bank Corp NY | 654 | |||||||
| 49,168 | Trustmark Corp | 1,566 | |||||||
| 5,127 | Two River Bancorp | 93 | |||||||
| 26,057 | UMB Financial Corp | 1,874 | |||||||
| 161,706 | Umpqua Holdings Corp | 3,363 | |||||||
| 31,837 | Union Bankshares Corp | 1,152 | |||||||
| 2,885 | e | Union Bankshares, Inc | 153 | ||||||
| 72,013 | United Bankshares, Inc | 2,502 | |||||||
| 51,942 | United Community Banks, Inc | 1,462 | |||||||
| 34,307 | United Community Financial Corp | 313 | |||||||
| 36,948 | United Financial Bancorp, Inc (New) | 652 | |||||||
| 9,461 | United Security Bancshares | 104 | |||||||
| 5,346 | Unity Bancorp, Inc | 106 | |||||||
| 19,117 | Univest Corp of Pennsylvania | 536 | |||||||
| 1,106,925 | US Bancorp | 59,309 | |||||||
| 141,285 | Valley National Bancorp | 1,585 | |||||||
| 10,468 | * | Veritex Holdings, Inc | 289 | ||||||
| 19,235 | * | Walker & Dunlop, Inc | 914 | ||||||
| 50,737 | Washington Federal, Inc | 1,738 | |||||||
| 10,818 | Washington Trust Bancorp, Inc | 576 | |||||||
| 5,982 | WashingtonFirst Bankshares, Inc | 205 | |||||||
| 19,189 | Waterstone Financial, Inc | 327 | |||||||
| 67,195 | Webster Financial Corp | 3,774 | |||||||
| 3,140,565 | Wells Fargo & Co | 190,538 | |||||||
| 30,103 | WesBanco, Inc | 1,224 | |||||||
| 11,970 | West Bancorporation, Inc | 301 | |||||||
| 18,981 | e | Westamerica Bancorporation | 1,130 | ||||||
| 68,448 | * | Western Alliance Bancorp | 3,875 | ||||||
| 19,137 | Western New England Bancorp, Inc | 209 | |||||||
| 38,890 | Wintrust Financial Corp | 3,203 | |||||||
| 144,782 | * | WMIH Corp | 123 | ||||||
| 21,617 | WSFS Financial Corp | 1,034 | |||||||
| 3,104 | * | Xenith Bankshares, Inc | 105 | ||||||
| 143,120 | Zions Bancorporation | 7,275 | |||||||
| TOTAL BANKS | 1,344,786 | ||||||||
| CAPITAL GOODS - 7.8% | |||||||||
| 411,223 | 3M Co | 96,790 | |||||||
| 102,553 | A.O. Smith Corp | 6,284 | |||||||
| 29,877 | Aaon, Inc | 1,096 | |||||||
| 23,226 | AAR Corp | 913 | |||||||
| 43,959 | Actuant Corp (Class A) | 1,112 | |||||||
| 28,754 | Acuity Brands, Inc | 5,061 | |||||||
| 24,758 | Advanced Drainage Systems, Inc | 590 | |||||||
| 110,795 | * | Aecom Technology Corp | 4,116 | ||||||
| 24,436 | * | Aegion Corp | 621 | ||||||
| 49,582 | * | Aerojet Rocketdyne Holdings, Inc | 1,547 | ||||||
| 14,335 | * | Aerovironment, Inc | 805 | ||||||
| 48,271 | AGCO Corp | 3,448 | |||||||
| 69,836 | Air Lease Corp | 3,358 | |||||||
| 13,921 | Aircastle Ltd | 326 | |||||||
| 254 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 6,904 | Alamo Group, Inc | $ | 779 | ||||||
| 21,082 | Albany International Corp (Class A) | 1,295 | |||||||
| 69,239 | Allegion plc | 5,509 | |||||||
| 4,493 | Allied Motion Technologies, Inc | 149 | |||||||
| 93,636 | Allison Transmission Holdings, Inc | 4,033 | |||||||
| 20,276 | Altra Holdings, Inc | 1,022 | |||||||
| 13,776 | * | Ameresco, Inc | 118 | ||||||
| 2,958 | e | American Railcar Industries, Inc | 123 | ||||||
| 10,171 | * | American Woodmark Corp | 1,325 | ||||||
| 163,351 | Ametek, Inc | 11,838 | |||||||
| 20,270 | Apogee Enterprises, Inc | 927 | |||||||
| 27,154 | Applied Industrial Technologies, Inc | 1,849 | |||||||
| 301,530 | Arconic, Inc | 8,217 | |||||||
| 10,471 | Argan, Inc | 471 | |||||||
| 17,658 | * | Armstrong Flooring, Inc | 299 | ||||||
| 31,329 | * | Armstrong World Industries, Inc | 1,897 | ||||||
| 15,250 | Astec Industries, Inc | 892 | |||||||
| 15,755 | * | Astronics Corp | 653 | ||||||
| 23,836 | * | Atkore International Group, Inc | 511 | ||||||
| 38,585 | *,e | Axon Enterprise, Inc | 1,022 | ||||||
| 19,364 | AZZ, Inc | 989 | |||||||
| 36,264 | Barnes Group, Inc | 2,294 | |||||||
| 41,684 | * | Beacon Roofing Supply, Inc | 2,658 | ||||||
| 3,967 | *,e | Blue Bird Corp | 79 | ||||||
| 47,040 | * | BMC Stock Holdings, Inc | 1,190 | ||||||
| 393,913 | Boeing Co | 116,169 | |||||||
| 30,438 | Briggs & Stratton Corp | 772 | |||||||
| 67,070 | * | Builders FirstSource, Inc | 1,461 | ||||||
| 66,179 | BWX Technologies, Inc | 4,003 | |||||||
| 14,163 | * | Caesarstone Sdot-Yam Ltd | 312 | ||||||
| 8,775 | * | CAI International, Inc | 248 | ||||||
| 41,051 | Carlisle Cos, Inc | 4,665 | |||||||
| 400,926 | Caterpillar, Inc | 63,178 | |||||||
| 22,344 | * | Chart Industries, Inc | 1,047 | ||||||
| 72,289 | Chicago Bridge & Iron Co NV | 1,167 | |||||||
| 12,045 | CIRCOR International, Inc | 586 | |||||||
| 64,286 | * | Colfax Corp | 2,547 | ||||||
| 14,727 | Columbus McKinnon Corp | 589 | |||||||
| 15,555 | Comfort Systems USA, Inc | 679 | |||||||
| 18,016 | * | Commercial Vehicle Group, Inc | 193 | ||||||
| 28,296 | * | Continental Building Products Inc | 797 | ||||||
| 35,446 | Crane Co | 3,162 | |||||||
| 10,574 | * | CSW Industrials, Inc | 486 | ||||||
| 18,660 | Cubic Corp | 1,100 | |||||||
| 110,586 | Cummins, Inc | 19,534 | |||||||
| 31,189 | Curtiss-Wright Corp | 3,800 | |||||||
| 225,512 | Deere & Co | 35,295 | |||||||
| 9,586 | DMC Global, Inc | 240 | |||||||
| 93,644 | Donaldson Co, Inc | 4,584 | |||||||
| 16,771 | Douglas Dynamics, Inc | 634 | |||||||
| 111,198 | Dover Corp | 11,230 | |||||||
| 8,048 | * | Ducommun, Inc | 229 | ||||||
| 11,117 | * | DXP Enterprises, Inc | 329 | ||||||
| 22,099 | * | Dycom Industries, Inc | 2,462 | ||||||
| 255 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 3,733 | Eastern Co | $ | 98 | ||||||
| 315,099 | Eaton Corp | 24,896 | |||||||
| 35,403 | EMCOR Group, Inc | 2,894 | |||||||
| 455,663 | Emerson Electric Co | 31,755 | |||||||
| 15,305 | Encore Wire Corp | 745 | |||||||
| 11,608 | *,e | Energous Corp | 226 | ||||||
| 24,905 | *,e | Energy Recovery, Inc | 218 | ||||||
| 31,570 | EnerSys | 2,198 | |||||||
| 12,394 | * | Engility Holdings, Inc | 352 | ||||||
| 15,803 | EnPro Industries, Inc | 1,478 | |||||||
| 2,576 | e | EnviroStar, Inc | 103 | ||||||
| 81,459 | Equifax, Inc | 9,606 | |||||||
| 18,556 | ESCO Technologies, Inc | 1,118 | |||||||
| 18,922 | * | Esterline Technologies Corp | 1,413 | ||||||
| 207,374 | Fastenal Co | 11,341 | |||||||
| 42,557 | Federal Signal Corp | 855 | |||||||
| 94,563 | Flowserve Corp | 3,984 | |||||||
| 101,648 | Fluor Corp | 5,250 | |||||||
| 214,461 | Fortive Corp | 15,516 | |||||||
| 109,918 | Fortune Brands Home & Security, Inc | 7,523 | |||||||
| 9,256 | *,e | Foundation Building Materials, Inc | 137 | ||||||
| 34,098 | Franklin Electric Co, Inc | 1,565 | |||||||
| 9,868 | Freightcar America, Inc | 169 | |||||||
| 30,022 | * | Gardner Denver Holdings, Inc | 1,019 | ||||||
| 28,224 | e | GATX Corp | 1,754 | ||||||
| 4,980 | * | Gencor Industries, Inc | 82 | ||||||
| 41,949 | * | Generac Holdings, Inc | 2,077 | ||||||
| 37,226 | General Cable Corp | 1,102 | |||||||
| 183,574 | General Dynamics Corp | 37,348 | |||||||
| 6,154,149 | General Electric Co | 107,390 | |||||||
| 22,869 | * | Gibraltar Industries, Inc | 755 | ||||||
| 16,574 | Global Brass & Copper Holdings, Inc | 549 | |||||||
| 17,148 | * | GMS, Inc | 645 | ||||||
| 14,132 | Gorman-Rupp Co | 441 | |||||||
| 117,129 | Graco, Inc | 5,297 | |||||||
| 7,763 | Graham Corp | 162 | |||||||
| 29,395 | Granite Construction, Inc | 1,865 | |||||||
| 44,924 | * | Great Lakes Dredge & Dock Corp | 243 | ||||||
| 19,838 | e | Greenbrier Cos, Inc | 1,057 | ||||||
| 20,793 | Griffon Corp | 423 | |||||||
| 23,777 | H&E Equipment Services, Inc | 967 | |||||||
| 8,975 | Hardinge, Inc | 156 | |||||||
| 59,172 | * | Harsco Corp | 1,104 | ||||||
| 26,381 | * | HC2 Holdings, Inc | 157 | ||||||
| 131,941 | * | HD Supply Holdings, Inc | 5,282 | ||||||
| 16,890 | HEICO Corp | 1,594 | |||||||
| 34,908 | HEICO Corp (Class A) | 2,759 | |||||||
| 17,889 | * | Herc Holdings, Inc | 1,120 | ||||||
| 65,563 | Hexcel Corp | 4,055 | |||||||
| 44,280 | Hillenbrand, Inc | 1,979 | |||||||
| 539,184 | Honeywell International, Inc | 82,689 | |||||||
| 38,998 | Hubbell, Inc | 5,278 | |||||||
| 30,695 | Huntington Ingalls | 7,235 | |||||||
| 256 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 4,796 | Hurco Cos, Inc | $ | 202 | ||||||
| 16,053 | *,e | Huttig Building Products, Inc | 107 | ||||||
| 7,224 | Hyster-Yale Materials Handling, Inc | 615 | |||||||
| 54,355 | IDEX Corp | 7,173 | |||||||
| 5,334 | * | IES Holdings, Inc | 92 | ||||||
| 213,653 | Illinois Tool Works, Inc | 35,648 | |||||||
| 178,717 | Ingersoll-Rand plc | 15,940 | |||||||
| 13,472 | Insteel Industries, Inc | 382 | |||||||
| 62,449 | ITT, Inc | 3,333 | |||||||
| 85,068 | Jacobs Engineering Group, Inc | 5,611 | |||||||
| 47,393 | * | JELD-WEN Holding, Inc | 1,866 | ||||||
| 22,550 | John Bean Technologies Corp | 2,499 | |||||||
| 659,003 | Johnson Controls International plc | 25,115 | |||||||
| 8,084 | Kadant, Inc | 812 | |||||||
| 17,941 | Kaman Corp | 1,056 | |||||||
| 104,383 | KBR, Inc | 2,070 | |||||||
| 56,290 | Kennametal, Inc | 2,725 | |||||||
| 35,741 | *,e | KEYW Holding Corp, The | 210 | ||||||
| 37,311 | * | KLX, Inc | 2,546 | ||||||
| 50,983 | * | Kratos Defense & Security Solutions, Inc | 540 | ||||||
| 55,566 | L3 Technologies, Inc | 10,994 | |||||||
| 4,456 | * | Lawson Products, Inc | 110 | ||||||
| 13,681 | * | Layne Christensen Co | 172 | ||||||
| 5,677 | * | LB Foster Co (Class A) | 154 | ||||||
| 28,023 | Lennox International, Inc | 5,836 | |||||||
| 42,666 | Lincoln Electric Holdings, Inc | 3,907 | |||||||
| 7,711 | e | Lindsay Corp | 680 | ||||||
| 176,385 | Lockheed Martin Corp | 56,628 | |||||||
| 16,944 | LSI Industries, Inc | 117 | |||||||
| 12,223 | * | Lydall, Inc | 620 | ||||||
| 22,630 | * | Manitowoc Co, Inc | 890 | ||||||
| 229,109 | Masco Corp | 10,067 | |||||||
| 21,549 | * | Masonite International Corp | 1,598 | ||||||
| 48,078 | * | Mastec, Inc | 2,353 | ||||||
| 33,690 | * | Mercury Systems, Inc | 1,730 | ||||||
| 60,412 | * | Meritor, Inc | 1,417 | ||||||
| 40,281 | * | Middleby Corp | 5,436 | ||||||
| 31,692 | * | Milacron Holdings Corp | 607 | ||||||
| 7,280 | Miller Industries, Inc | 188 | |||||||
| 22,998 | * | Moog, Inc (Class A) | 1,997 | ||||||
| 64,419 | * | MRC Global, Inc | 1,090 | ||||||
| 31,901 | MSC Industrial Direct Co (Class A) | 3,084 | |||||||
| 40,743 | Mueller Industries, Inc | 1,444 | |||||||
| 114,327 | Mueller Water Products, Inc (Class A) | 1,433 | |||||||
| 10,993 | * | MYR Group, Inc | 393 | ||||||
| 3,534 | e | National Presto Industries, Inc | 351 | ||||||
| 35,673 | * | Navistar International Corp | 1,530 | ||||||
| 29,151 | * | NCI Building Systems, Inc | 563 | ||||||
| 18,421 | *,e | Nexeo Solutions, Inc | 168 | ||||||
| 19,066 | NN, Inc | 526 | |||||||
| 37,392 | Nordson Corp | 5,474 | |||||||
| 114,506 | Northrop Grumman Corp | 35,143 | |||||||
| 6,891 | * | Northwest Pipe Co | 132 | ||||||
| 78,206 | * | NOW, Inc | 863 | ||||||
| 257 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 5,211 | * | NV5 Holdings, Inc | $ | 282 | |||||
| 2,354 | Omega Flex, Inc | 168 | |||||||
| 40,758 | Orbital ATK, Inc | 5,360 | |||||||
| 19,593 | * | Orion Marine Group, Inc | 153 | ||||||
| 53,964 | Oshkosh Truck Corp | 4,905 | |||||||
| 80,403 | Owens Corning, Inc | 7,392 | |||||||
| 239,930 | PACCAR, Inc | 17,054 | |||||||
| 91,690 | Parker-Hannifin Corp | 18,299 | |||||||
| 17,097 | * | Patrick Industries, Inc | 1,187 | ||||||
| 118,713 | Pentair plc | 8,384 | |||||||
| 36,380 | * | PGT, Inc | 613 | ||||||
| 159,236 | *,e | Plug Power, Inc | 376 | ||||||
| 15,949 | * | Ply Gem Holdings, Inc | 295 | ||||||
| 7,077 | Powell Industries, Inc | 203 | |||||||
| 1,801 | Preformed Line Products Co | 128 | |||||||
| 28,783 | Primoris Services Corp | 783 | |||||||
| 18,284 | * | Proto Labs, Inc | 1,883 | ||||||
| 25,291 | Quanex Building Products Corp | 592 | |||||||
| 106,691 | * | Quanta Services, Inc | 4,173 | ||||||
| 25,955 | Raven Industries, Inc | 892 | |||||||
| 206,451 | Raytheon Co | 38,782 | |||||||
| 16,634 | * | RBC Bearings, Inc | 2,103 | ||||||
| 32,248 | Regal-Beloit Corp | 2,470 | |||||||
| 8,757 | REV Group, Inc | 285 | |||||||
| 8,484 | *,e | Revolution Lighting Technologies, Inc | 28 | ||||||
| 75,228 | * | Rexnord Corp | 1,957 | ||||||
| 89,817 | Rockwell Automation, Inc | 17,636 | |||||||
| 112,744 | Rockwell Collins, Inc | 15,290 | |||||||
| 70,447 | Roper Industries, Inc | 18,246 | |||||||
| 4,597 | * | Rush Enterprises, Inc | 222 | ||||||
| 21,510 | * | Rush Enterprises, Inc (Class A) | 1,093 | ||||||
| 122,796 | * | Sensata Technologies Holding BV | 6,276 | ||||||
| 29,530 | Simpson Manufacturing Co, Inc | 1,695 | |||||||
| 24,415 | * | SiteOne Landscape Supply, Inc | 1,873 | ||||||
| 41,104 | Snap-On, Inc | 7,164 | |||||||
| 7,959 | * | Sparton Corp | 184 | ||||||
| 86,373 | Spirit Aerosystems Holdings, Inc (Class A) | 7,536 | |||||||
| 30,406 | * | SPX Corp | 954 | ||||||
| 29,148 | * | SPX FLOW, Inc | 1,386 | ||||||
| 8,333 | Standex International Corp | 849 | |||||||
| 107,490 | Stanley Works | 18,240 | |||||||
| 18,886 | * | Sterling Construction Co, Inc | 307 | ||||||
| 16,194 | Sun Hydraulics Corp | 1,048 | |||||||
| 60,603 | *,e | Sunrun, Inc | 358 | ||||||
| 25,120 | * | Teledyne Technologies, Inc | 4,550 | ||||||
| 12,744 | Tennant Co | 926 | |||||||
| 54,792 | Terex Corp | 2,642 | |||||||
| 18,852 | *,e | Textainer Group Holdings Ltd | 405 | ||||||
| 183,047 | Textron, Inc | 10,359 | |||||||
| 7,401 | *,e | The ExOne Company | 62 | ||||||
| 24,419 | * | Thermon Group Holdings | 578 | ||||||
| 50,165 | Timken Co | 2,466 | |||||||
| 33,155 | Titan International, Inc | 427 | |||||||
| 258 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 11,613 | * | Titan Machinery, Inc | $ | 246 | |||||
| 75,192 | Toro Co | 4,905 | |||||||
| 7,431 | * | TPI Composites, Inc | 152 | ||||||
| 34,916 | TransDigm Group, Inc | 9,589 | |||||||
| 20,335 | * | Trex Co, Inc | 2,204 | ||||||
| 34,233 | * | Trimas Corp | 916 | ||||||
| 108,898 | Trinity Industries, Inc | 4,079 | |||||||
| 30,588 | Triton International Ltd | 1,146 | |||||||
| 32,779 | Triumph Group, Inc | 892 | |||||||
| 27,269 | * | Tutor Perini Corp | 691 | ||||||
| 6,567 | * | Twin Disc, Inc | 174 | ||||||
| 58,124 | * | United Rentals, Inc | 9,992 | ||||||
| 526,168 | United Technologies Corp | 67,123 | |||||||
| 74,230 | * | Univar, Inc | 2,298 | ||||||
| 44,298 | Universal Forest Products, Inc | 1,666 | |||||||
| 64,802 | * | USG Corp | 2,499 | ||||||
| 15,302 | Valmont Industries, Inc | 2,538 | |||||||
| 7,860 | * | Vectrus, Inc | 242 | ||||||
| 7,828 | * | Veritiv Corp | 226 | ||||||
| 12,845 | * | Vicor Corp | 268 | ||||||
| 35,794 | W.W. Grainger, Inc | 8,456 | |||||||
| 42,603 | Wabash National Corp | 924 | |||||||
| 36,092 | * | WABCO Holdings, Inc | 5,179 | ||||||
| 60,858 | e | Wabtec Corp | 4,956 | ||||||
| 21,686 | Watsco, Inc | 3,687 | |||||||
| 18,825 | Watts Water Technologies, Inc (Class A) | 1,430 | |||||||
| 88,290 | * | Welbilt, Inc | 2,076 | ||||||
| 39,330 | * | Wesco Aircraft Holdings, Inc | 291 | ||||||
| 34,751 | * | WESCO International, Inc | 2,368 | ||||||
| 3,392 | * | Willis Lease Finance Corp | 85 | ||||||
| 37,561 | Woodward Governor Co | 2,875 | |||||||
| 129,048 | Xylem, Inc | 8,801 | |||||||
| TOTAL CAPITAL GOODS | 1,518,458 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.9% | |||||||||
| 40,285 | ABM Industries, Inc | 1,520 | |||||||
| 37,820 | * | Acacia Research (Acacia Technologies) | 153 | ||||||
| 77,675 | * | ACCO Brands Corp | 948 | ||||||
| 17,161 | * | Advanced Disposal Services, Inc | 411 | ||||||
| 26,021 | * | ARC Document Solutions, Inc | 66 | ||||||
| 5,145 | Barrett Business Services, Inc | 332 | |||||||
| 4,266 | BG Staffing, Inc | 68 | |||||||
| 33,472 | Brady Corp (Class A) | 1,269 | |||||||
| 33,001 | Brink’s Co | 2,597 | |||||||
| 29,675 | * | Casella Waste Systems, Inc (Class A) | 683 | ||||||
| 35,493 | * | CBIZ, Inc | 548 | ||||||
| 18,496 | Ceco Environmental Corp | 95 | |||||||
| 61,703 | Cintas Corp | 9,615 | |||||||
| 38,542 | * | Clean Harbors, Inc | 2,089 | ||||||
| 10,504 | *,e | Cogint, Inc | 46 | ||||||
| 140,823 | * | Copart, Inc | 6,082 | ||||||
| 84,474 | e | Covanta Holding Corp | 1,428 | ||||||
| 7,013 | CRA International, Inc | 315 | |||||||
| 27,694 | Deluxe Corp | 2,128 | |||||||
| 259 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 25,970 | Dun & Bradstreet Corp | $ | 3,075 | ||||||
| 107,512 | *,†,m | Dyax Corp | 119 | ||||||
| 20,052 | Ennis, Inc | 416 | |||||||
| 28,344 | Essendant, Inc | 263 | |||||||
| 18,006 | Exponent, Inc | 1,280 | |||||||
| 7,582 | Forrester Research, Inc | 335 | |||||||
| 7,620 | * | Franklin Covey Co | 158 | ||||||
| 30,776 | * | FTI Consulting, Inc | 1,322 | ||||||
| 9,864 | * | GP Strategies Corp | 229 | ||||||
| 49,914 | Healthcare Services Group | 2,631 | |||||||
| 14,300 | Heidrick & Struggles International, Inc | 351 | |||||||
| 8,893 | * | Heritage-Crystal Clean, Inc | 193 | ||||||
| 43,782 | Herman Miller, Inc | 1,753 | |||||||
| 25,556 | * | Hill International, Inc | 139 | ||||||
| 31,637 | HNI Corp | 1,220 | |||||||
| 26,158 | * | Hudson Technologies, Inc | 159 | ||||||
| 15,850 | * | Huron Consulting Group, Inc | 641 | ||||||
| 13,124 | * | ICF International, Inc | 689 | ||||||
| 270,723 | * | IHS Markit Ltd | 12,223 | ||||||
| 32,837 | * | Innerworkings, Inc | 329 | ||||||
| 25,976 | Insperity, Inc | 1,490 | |||||||
| 44,581 | Interface, Inc | 1,121 | |||||||
| 99,519 | KAR Auction Services, Inc | 5,027 | |||||||
| 20,372 | Kelly Services, Inc (Class A) | 556 | |||||||
| 18,302 | Kforce, Inc | 462 | |||||||
| 25,171 | Kimball International, Inc (Class B) | 470 | |||||||
| 35,963 | Knoll, Inc | 829 | |||||||
| 37,013 | Korn/Ferry International | 1,532 | |||||||
| 23,849 | LSC Communications, Inc | 361 | |||||||
| 48,422 | Manpower, Inc | 6,107 | |||||||
| 22,585 | Matthews International Corp (Class A) | 1,193 | |||||||
| 17,061 | McGrath RentCorp | 802 | |||||||
| 80,085 | *,†,m | Media General, Inc | 0 | ||||||
| 13,300 | * | Mistras Group, Inc | 312 | ||||||
| 31,645 | Mobile Mini, Inc | 1,092 | |||||||
| 24,011 | MSA Safety, Inc | 1,861 | |||||||
| 9,774 | Multi-Color Corp | 732 | |||||||
| 33,798 | * | Navigant Consulting, Inc | 656 | ||||||
| 259,314 | Nielsen NV | 9,439 | |||||||
| 4,961 | * | NL Industries, Inc | 71 | ||||||
| 36,708 | * | On Assignment, Inc | 2,359 | ||||||
| 133,127 | Pitney Bowes, Inc | 1,488 | |||||||
| 21,796 | Quad Graphics, Inc | 493 | |||||||
| 157,798 | Republic Services, Inc | 10,669 | |||||||
| 20,546 | Resources Connection, Inc | 317 | |||||||
| 89,569 | Robert Half International, Inc | 4,975 | |||||||
| 66,866 | Rollins, Inc | 3,111 | |||||||
| 31,926 | RPX Corp | 429 | |||||||
| 51,083 | RR Donnelley & Sons Co | 475 | |||||||
| 12,140 | * | SP Plus Corp | 450 | ||||||
| 61,807 | Steelcase, Inc (Class A) | 939 | |||||||
| 60,073 | * | Stericycle, Inc | 4,084 | ||||||
| 20,907 | *,e | Team, Inc | 312 | ||||||
| 260 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 41,281 | Tetra Tech, Inc | $ | 1,988 | ||||||
| 111,342 | * | TransUnion | 6,119 | ||||||
| 30,336 | * | TriNet Group, Inc | 1,345 | ||||||
| 30,958 | * | TrueBlue, Inc | 851 | ||||||
| 11,006 | Unifirst Corp | 1,815 | |||||||
| 16,280 | US Ecology, Inc | 830 | |||||||
| 103,110 | * | Verisk Analytics, Inc | 9,899 | ||||||
| 15,178 | Viad Corp | 841 | |||||||
| 5,586 | VSE Corp | 271 | |||||||
| 26,743 | * | WageWorks, Inc | 1,658 | ||||||
| 312,638 | Waste Management, Inc | 26,981 | |||||||
| 5,398 | * | Willdan Group, Inc | 129 | ||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 174,859 | ||||||||
| CONSUMER DURABLES & APPAREL - 1.4% | |||||||||
| 15,286 | e | Acushnet Holdings Corp | 322 | ||||||
| 39,523 | *,e | American Outdoor Brands Corp | 507 | ||||||
| 7,681 | Bassett Furniture Industries, Inc | 289 | |||||||
| 21,459 | * | Beazer Homes USA, Inc | 412 | ||||||
| 64,612 | Brunswick Corp | 3,568 | |||||||
| 50,955 | CalAtlantic Group, Inc | 2,873 | |||||||
| 69,841 | Callaway Golf Co | 973 | |||||||
| 33,604 | Carter’s, Inc | 3,948 | |||||||
| 6,102 | * | Cavco Industries, Inc | 931 | ||||||
| 13,611 | * | Century Communities, Inc | 423 | ||||||
| 14,228 | * | Clarus Corp | 112 | ||||||
| 19,279 | Columbia Sportswear Co | 1,386 | |||||||
| 45,716 | * | CROCS, Inc | 578 | ||||||
| 6,879 | CSS Industries, Inc | 191 | |||||||
| 6,895 | Culp, Inc | 231 | |||||||
| 22,861 | * | Deckers Outdoor Corp | 1,835 | ||||||
| 5,204 | * | Delta Apparel, Inc | 105 | ||||||
| 248,158 | DR Horton, Inc | 12,673 | |||||||
| 7,865 | Escalade, Inc | 97 | |||||||
| 18,783 | Ethan Allen Interiors, Inc | 537 | |||||||
| 5,531 | Flexsteel Industries, Inc | 259 | |||||||
| 31,215 | *,e | Fossil Group, Inc | 243 | ||||||
| 77,803 | Garmin Ltd | 4,635 | |||||||
| 30,360 | * | G-III Apparel Group Ltd | 1,120 | ||||||
| 74,136 | *,e | GoPro, Inc | 561 | ||||||
| 16,535 | * | Green Brick Partners, Inc | 187 | ||||||
| 6,360 | Hamilton Beach Brands Holding Co | 163 | |||||||
| 263,507 | e | Hanesbrands, Inc | 5,510 | ||||||
| 81,028 | Hasbro, Inc | 7,365 | |||||||
| 19,658 | * | Helen of Troy Ltd | 1,894 | ||||||
| 7,913 | Hooker Furniture Corp | 336 | |||||||
| 93,175 | * | Hovnanian Enterprises, Inc (Class A) | 312 | ||||||
| 13,822 | * | Installed Building Products Inc | 1,050 | ||||||
| 18,443 | *,e | iRobot Corp | 1,415 | ||||||
| 3,583 | Johnson Outdoors, Inc | 222 | |||||||
| 60,650 | e | KB Home | 1,938 | ||||||
| 36,137 | La-Z-Boy, Inc | 1,127 | |||||||
| 94,275 | Leggett & Platt, Inc | 4,500 | |||||||
| 10,378 | Lennar Corp (B Shares) | 536 | |||||||
| 261 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 144,066 | Lennar Corp (Class A) | $ | 9,111 | ||||||
| 12,635 | *,e | LGI Homes, Inc | 948 | ||||||
| 3,964 | Libbey, Inc | 30 | |||||||
| 7,210 | Lifetime Brands, Inc | 119 | |||||||
| 68,879 | * | Lululemon Athletica, Inc | 5,413 | ||||||
| 16,714 | * | M/I Homes, Inc | 575 | ||||||
| 13,092 | * | Malibu Boats Inc | 389 | ||||||
| 8,407 | Marine Products Corp | 107 | |||||||
| 246,470 | e | Mattel, Inc | 3,791 | ||||||
| 13,690 | * | MCBC Holdings, Inc | 304 | ||||||
| 33,055 | MDC Holdings, Inc | 1,054 | |||||||
| 26,198 | * | Meritage Homes Corp | 1,341 | ||||||
| 99,912 | * | Michael Kors Holdings Ltd | 6,289 | ||||||
| 44,608 | * | Mohawk Industries, Inc | 12,307 | ||||||
| 11,320 | Movado Group, Inc | 365 | |||||||
| 3,180 | Nacco Industries, Inc (Class A) | 120 | |||||||
| 22,756 | * | Nautilus, Inc | 304 | ||||||
| 6,504 | * | New Home Co Inc | 82 | ||||||
| 345,653 | Newell Rubbermaid, Inc | 10,681 | |||||||
| 931,233 | Nike, Inc (Class B) | 58,249 | |||||||
| 2,410 | * | NVR, Inc | 8,455 | ||||||
| 11,750 | Oxford Industries, Inc | 884 | |||||||
| 8,860 | * | Perry Ellis International, Inc | 222 | ||||||
| 38,838 | e | Polaris Industries, Inc | 4,816 | ||||||
| 24,507 | Pool Corp | 3,177 | |||||||
| 196,552 | Pulte Homes, Inc | 6,535 | |||||||
| 56,345 | PVH Corp | 7,731 | |||||||
| 40,781 | Ralph Lauren Corp | 4,229 | |||||||
| 27,136 | *,e | Sequential Brands Group, Inc | 48 | ||||||
| 94,686 | * | Skechers U.S.A., Inc (Class A) | 3,583 | ||||||
| 40,349 | * | Steven Madden Ltd | 1,884 | ||||||
| 12,383 | e | Sturm Ruger & Co, Inc | 692 | ||||||
| 5,163 | Superior Uniform Group, Inc | 138 | |||||||
| 191,265 | Tapestry, Inc | 8,460 | |||||||
| 43,734 | * | Taylor Morrison Home Corp | 1,070 | ||||||
| 33,646 | * | Tempur Sealy International, Inc | 2,109 | ||||||
| 107,446 | Toll Brothers, Inc | 5,160 | |||||||
| 26,487 | * | TopBuild Corp | 2,006 | ||||||
| 75,996 | * | TRI Pointe Homes, Inc | 1,362 | ||||||
| 28,980 | Tupperware Corp | 1,817 | |||||||
| 135,169 | *,e | Under Armour, Inc | 1,800 | ||||||
| 134,677 | *,e | Under Armour, Inc (Class A) | 1,943 | ||||||
| 10,905 | * | Unifi, Inc | 391 | ||||||
| 10,485 | * | Universal Electronics, Inc | 495 | ||||||
| 16,444 | * | Vera Bradley, Inc | 200 | ||||||
| 231,190 | VF Corp | 17,108 | |||||||
| 41,550 | * | Vista Outdoor, Inc | 605 | ||||||
| 5,214 | Weyco Group, Inc | 155 | |||||||
| 50,263 | Whirlpool Corp | 8,476 | |||||||
| 17,713 | * | William Lyon Homes, Inc | 515 | ||||||
| 67,978 | Wolverine World Wide, Inc | 2,167 | |||||||
| 21,026 | * | Zagg, Inc | 388 | ||||||
| TOTAL CONSUMER DURABLES & APPAREL | 275,564 | ||||||||
| 262 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| CONSUMER SERVICES - 2.3% | |||||||||
| 44,790 | * | Adtalem Global Education, Inc | $ | 1,883 | |||||
| 12,233 | * | American Public Education, Inc | 306 | ||||||
| 162,451 | ARAMARK Holdings Corp | 6,943 | |||||||
| 10,215 | * | Ascent Media Corp (Series A) | 117 | ||||||
| 64,026 | * | Belmond Ltd. | 784 | ||||||
| 15,173 | BJ’s Restaurants, Inc | 552 | |||||||
| 71,417 | Bloomin’ Brands, Inc | 1,524 | |||||||
| 14,693 | Bob Evans Farms, Inc | 1,158 | |||||||
| 12,424 | * | Bojangles’, Inc | 147 | ||||||
| 61,116 | Boyd Gaming Corp | 2,142 | |||||||
| 13,548 | * | Bridgepoint Education, Inc | 112 | ||||||
| 36,213 | * | Bright Horizons Family Solutions | 3,404 | ||||||
| 34,614 | e | Brinker International, Inc | 1,344 | ||||||
| 8,594 | * | Buffalo Wild Wings, Inc | 1,344 | ||||||
| 94,787 | * | Caesars Entertainment Corp | 1,199 | ||||||
| 8,227 | * | Cambium Learning Group, Inc | 47 | ||||||
| 8,534 | Capella Education Co | 661 | |||||||
| 46,334 | * | Career Education Corp | 560 | ||||||
| 285,876 | Carnival Corp | 18,974 | |||||||
| 11,838 | Carriage Services, Inc | 304 | |||||||
| 27,792 | * | Carrols Restaurant Group, Inc | 338 | ||||||
| 16,727 | * | Century Casinos, Inc | 153 | ||||||
| 31,824 | e | Cheesecake Factory | 1,533 | ||||||
| 60,816 | *,e | Chegg, Inc | 993 | ||||||
| 18,056 | * | Chipotle Mexican Grill, Inc (Class A) | 5,219 | ||||||
| 24,500 | Choice Hotels International, Inc | 1,901 | |||||||
| 9,566 | Churchill Downs, Inc | 2,226 | |||||||
| 12,474 | * | Chuy’s Holdings, Inc | 350 | ||||||
| 5,623 | Collectors Universe | 161 | |||||||
| 13,430 | e | Cracker Barrel Old Country Store, Inc | 2,134 | ||||||
| 89,127 | Darden Restaurants, Inc | 8,558 | |||||||
| 30,312 | * | Dave & Buster’s Entertainment, Inc | 1,672 | ||||||
| 17,725 | * | Del Frisco’s Restaurant Group, Inc | 270 | ||||||
| 23,487 | * | Del Taco Restaurants, Inc | 285 | ||||||
| 41,277 | * | Denny’s Corp | 547 | ||||||
| 10,362 | e | DineEquity, Inc | 526 | ||||||
| 30,807 | Domino’s Pizza, Inc | 5,821 | |||||||
| 43,999 | Drive Shack, Inc | 243 | |||||||
| 66,960 | Dunkin Brands Group, Inc | 4,317 | |||||||
| 14,501 | * | El Pollo Loco Holdings, Inc | 144 | ||||||
| 33,208 | *,e | Eldorado Resorts, Inc | 1,101 | ||||||
| 2,242 | *,e | Empire Resorts, Inc | 61 | ||||||
| 117,907 | Extended Stay America, Inc | 2,240 | |||||||
| 20,469 | * | Fiesta Restaurant Group, Inc | 389 | ||||||
| 6,424 | * | Fogo De Chao, Inc | 75 | ||||||
| 7,389 | * | Golden Entertainment, Inc | 241 | ||||||
| 3,029 | Graham Holdings Co | 1,691 | |||||||
| 33,683 | * | Grand Canyon Education, Inc | 3,016 | ||||||
| 149,953 | H&R Block, Inc | 3,932 | |||||||
| 14,706 | *,e | Habit Restaurants, Inc | 140 | ||||||
| 42,750 | * | Hilton Grand Vacations, Inc | 1,793 | ||||||
| 263 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 153,442 | Hilton Worldwide Holdings, Inc | $ | 12,254 | ||||||
| 76,812 | * | Houghton Mifflin Harcourt Co | 714 | ||||||
| 32,335 | * | Hyatt Hotels Corp | 2,378 | ||||||
| 76,966 | ILG, Inc | 2,192 | |||||||
| 76,027 | International Game Technology plc | 2,015 | |||||||
| 18,045 | International Speedway Corp (Class A) | 719 | |||||||
| 10,324 | * | J Alexander’s Holdings, Inc | 100 | ||||||
| 21,801 | Jack in the Box, Inc | 2,139 | |||||||
| 26,055 | * | K12, Inc | 414 | ||||||
| 61,127 | * | La Quinta Holdings, Inc | 1,128 | ||||||
| 253,278 | Las Vegas Sands Corp | 17,600 | |||||||
| 26,148 | *,e | Laureate Education, Inc | 355 | ||||||
| 3,365 | Liberty Tax, Inc | 37 | |||||||
| 10,890 | * | Lindblad Expeditions Holdings, Inc | 107 | ||||||
| 14,211 | Marcus Corp | 389 | |||||||
| 215,617 | Marriott International, Inc (Class A) | 29,266 | |||||||
| 15,948 | Marriott Vacations Worldwide Corp | 2,156 | |||||||
| 566,374 | McDonald’s Corp | 97,484 | |||||||
| 367,507 | MGM Resorts International | 12,271 | |||||||
| 7,140 | * | Monarch Casino & Resort, Inc | 320 | ||||||
| 2,378 | * | Nathan’s Famous, Inc | 180 | ||||||
| 8,091 | *,e | Noodles & Co | 43 | ||||||
| 130,999 | * | Norwegian Cruise Line Holdings Ltd | 6,976 | ||||||
| 18,811 | Papa John’s International, Inc | 1,056 | |||||||
| 60,160 | * | Penn National Gaming, Inc | 1,885 | ||||||
| 38,765 | * | Pinnacle Entertainment, Inc | 1,269 | ||||||
| 60,595 | * | Planet Fitness, Inc | 2,098 | ||||||
| 16,455 | * | Potbelly Corp | 202 | ||||||
| 6,547 | RCI Hospitality Holdings, Inc | 183 | |||||||
| 11,433 | * | Red Lion Hotels Corp | 113 | ||||||
| 9,211 | * | Red Robin Gourmet Burgers, Inc | 520 | ||||||
| 48,687 | Red Rock Resorts, Inc | 1,643 | |||||||
| 27,109 | * | Regis Corp | 416 | ||||||
| 123,608 | Royal Caribbean Cruises Ltd | 14,744 | |||||||
| 21,790 | Ruth’s Chris Steak House, Inc | 472 | |||||||
| 37,197 | * | Scientific Games Corp (Class A) | 1,908 | ||||||
| 51,334 | *,e | SeaWorld Entertainment, Inc | 697 | ||||||
| 132,072 | Service Corp International | 4,929 | |||||||
| 97,685 | * | ServiceMaster Global Holdings, Inc | 5,008 | ||||||
| 15,620 | *,e | Shake Shack, Inc | 675 | ||||||
| 51,787 | e | Six Flags Entertainment Corp | 3,447 | ||||||
| 29,466 | e | Sonic Corp | 810 | ||||||
| 27,603 | * | Sotheby’s (Class A) | 1,424 | ||||||
| 9,984 | Speedway Motorsports, Inc | 188 | |||||||
| 995,544 | Starbucks Corp | 57,174 | |||||||
| 769 | * | Steak N Shake Co | 319 | ||||||
| 7,659 | e | Strayer Education, Inc | 686 | ||||||
| 48,860 | Texas Roadhouse, Inc (Class A) | 2,574 | |||||||
| 28,261 | Vail Resorts, Inc | 6,005 | |||||||
| 20,333 | * | Weight Watchers International, Inc | 900 | ||||||
| 134,006 | Wendy’s | 2,200 | |||||||
| 21,048 | e | Wingstop, Inc | 820 | ||||||
| 74,098 | Wyndham Worldwide Corp | 8,586 | |||||||
| 58,012 | Wynn Resorts Ltd | 9,780 | |||||||
| 264 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 252,546 | Yum China Holdings, Inc | $ | 10,107 | ||||||
| 239,020 | Yum! Brands, Inc | 19,506 | |||||||
| 14,098 | *,e | Zoe’s Kitchen, Inc | 236 | ||||||
| TOTAL CONSUMER SERVICES | 449,392 | ||||||||
| DIVERSIFIED FINANCIALS - 4.0% | |||||||||
| 38,253 | Affiliated Managers Group, Inc | 7,851 | |||||||
| 21,134 | AG Mortgage Investment Trust | 402 | |||||||
| 256,339 | AGNC Investment Corp | 5,176 | |||||||
| 311,298 | Ally Financial, Inc | 9,077 | |||||||
| 511,497 | American Express Co | 50,797 | |||||||
| 106,070 | Ameriprise Financial, Inc | 17,976 | |||||||
| 806,094 | Annaly Capital Management, Inc | 9,584 | |||||||
| 70,479 | Anworth Mortgage Asset Corp | 383 | |||||||
| 61,155 | e | Apollo Commercial Real Estate Finance, Inc | 1,128 | ||||||
| 22,112 | Ares Commercial Real Estate Corp | 285 | |||||||
| 16,506 | e | Arlington Asset Investment Corp (Class A) | 194 | ||||||
| 26,163 | ARMOUR Residential REIT, Inc | 673 | |||||||
| 32,135 | Artisan Partners Asset Management, Inc | 1,269 | |||||||
| 4,316 | Associated Capital Group, Inc | 147 | |||||||
| 10,240 | B. Riley Financial, Inc | 185 | |||||||
| 704,458 | Bank of New York Mellon Corp | 37,942 | |||||||
| 166,153 | BGC Partners, Inc (Class A) | 2,511 | |||||||
| 88,291 | BlackRock, Inc | 45,356 | |||||||
| 48,331 | * | Cannae Holdings, Inc | 823 | ||||||
| 343,037 | Capital One Financial Corp | 34,160 | |||||||
| 71,072 | Capstead Mortgage Corp | 615 | |||||||
| 79,012 | CBOE Holdings, Inc | 9,844 | |||||||
| 833,527 | Charles Schwab Corp | 42,818 | |||||||
| 7,318 | Cherry Hill Mortgage Investment Corp | 132 | |||||||
| 132,524 | Chimera Investment Corp | 2,449 | |||||||
| 237,687 | CME Group, Inc | 34,714 | |||||||
| 15,440 | Cohen & Steers, Inc | 730 | |||||||
| 18,127 | *,e | Cowen Group, Inc | 247 | ||||||
| 8,085 | *,e | Credit Acceptance Corp | 2,615 | ||||||
| 112,419 | CYS Investments, Inc | 903 | |||||||
| 2,179 | Diamond Hill Investment Group, Inc | 450 | |||||||
| 263,279 | Discover Financial Services | 20,251 | |||||||
| 19,156 | * | Donnelley Financial Solutions, Inc | 373 | ||||||
| 33,323 | Dynex Capital, Inc | 234 | |||||||
| 197,618 | * | E*TRADE Financial Corp | 9,796 | ||||||
| 78,977 | Eaton Vance Corp | 4,454 | |||||||
| 11,344 | *,e | Elevate Credit, Inc | 85 | ||||||
| 4,816 | Ellington Residential Mortgage REIT | 58 | |||||||
| 17,368 | *,e | Encore Capital Group, Inc | 731 | ||||||
| 23,911 | * | Enova International, Inc | 363 | ||||||
| 29,096 | Evercore Partners, Inc (Class A) | 2,619 | |||||||
| 38,445 | * | Ezcorp, Inc (Class A) | 469 | ||||||
| 27,381 | Factset Research Systems, Inc | 5,278 | |||||||
| 68,886 | Federated Investors, Inc (Class B) | 2,485 | |||||||
| 42,264 | Financial Engines, Inc | 1,281 | |||||||
| 34,393 | FirstCash, Inc | 2,320 | |||||||
| 228,297 | Franklin Resources, Inc | 9,892 | |||||||
| 265 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 23,847 | e | Gain Capital Holdings, Inc | $ | 238 | |||||
| 4,049 | GAMCO Investors, Inc (Class A) | 120 | |||||||
| 249,382 | Goldman Sachs Group, Inc | 63,533 | |||||||
| 31,227 | Granite Point Mortgage Trust, Inc | 554 | |||||||
| 8,938 | Great Ajax Corp | 124 | |||||||
| 33,057 | * | Green Dot Corp | 1,992 | ||||||
| 19,893 | e | Greenhill & Co, Inc | 388 | ||||||
| 10,099 | Hamilton Lane, Inc | 357 | |||||||
| 35,286 | Hannon Armstrong Sustainable Infrastructure Capital, Inc | 849 | |||||||
| 15,460 | Houlihan Lokey, Inc | 702 | |||||||
| 47,028 | Interactive Brokers Group, Inc (Class A) | 2,785 | |||||||
| 408,681 | IntercontinentalExchange Group, Inc | 28,837 | |||||||
| 11,369 | * | INTL FCStone, Inc | 484 | ||||||
| 288,465 | Invesco Ltd | 10,541 | |||||||
| 81,478 | Invesco Mortgage Capital, Inc | 1,453 | |||||||
| 24,759 | Investment Technology Group, Inc | 477 | |||||||
| 7,773 | KKR Real Estate Finance Trust, Inc | 156 | |||||||
| 49,496 | Ladder Capital Corp | 675 | |||||||
| 73,441 | Ladenburg Thalmann Financial Services, Inc | 232 | |||||||
| 76,930 | Lazard Ltd (Class A) | 4,039 | |||||||
| 62,850 | Legg Mason, Inc | 2,638 | |||||||
| 214,482 | * | LendingClub Corp | 886 | ||||||
| 234,584 | Leucadia National Corp | 6,214 | |||||||
| 63,483 | LPL Financial Holdings, Inc | 3,627 | |||||||
| 26,319 | MarketAxess Holdings, Inc | 5,310 | |||||||
| 6,533 | Marlin Business Services Corp | 146 | |||||||
| 5,352 | Medley Management, Inc | 35 | |||||||
| 280,832 | MFA Mortgage Investments, Inc | 2,224 | |||||||
| 18,185 | Moelis & Co | 882 | |||||||
| 116,245 | Moody’s Corp | 17,159 | |||||||
| 914,235 | Morgan Stanley | 47,970 | |||||||
| 13,834 | Morningstar, Inc | 1,341 | |||||||
| 63,518 | MSCI, Inc (Class A) | 8,038 | |||||||
| 34,047 | MTGE Investment Corp | 630 | |||||||
| 81,850 | NASDAQ OMX Group, Inc | 6,289 | |||||||
| 166,451 | Navient Corp | 2,217 | |||||||
| 14,990 | Nelnet, Inc (Class A) | 821 | |||||||
| 213,603 | New Residential Investment Corp | 3,819 | |||||||
| 75,449 | New York Mortgage Trust, Inc | 466 | |||||||
| 22,218 | *,m | NewStar Financial, Inc | 12 | ||||||
| 150,134 | Northern Trust Corp | 14,997 | |||||||
| 40,173 | OM Asset Management plc | 673 | |||||||
| 36,046 | * | On Deck Capital, Inc | 207 | ||||||
| 38,494 | * | OneMain Holdings, Inc | 1,000 | ||||||
| 7,363 | Oppenheimer Holdings, Inc | 197 | |||||||
| 23,694 | e | Orchid Island Capital, Inc | 220 | ||||||
| 6,966 | Owens Realty Mortgage, Inc | 112 | |||||||
| 47,765 | PennyMac Mortgage Investment Trust | 768 | |||||||
| 17,372 | Pico Holdings, Inc | 222 | |||||||
| 10,272 | Piper Jaffray Cos | 886 | |||||||
| 13,025 | PJT Partners, Inc | 594 | |||||||
| 33,753 | *,e | PRA Group, Inc | 1,121 | ||||||
| 9,591 | Pzena Investment Management, Inc (Class A) | 102 | |||||||
| 93,238 | Raymond James Financial, Inc | 8,326 | |||||||
| 266 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 56,629 | Redwood Trust, Inc | $ | 839 | ||||||
| 8,577 | * | Regional Management Corp | 226 | ||||||
| 22,197 | Resource Capital Corp | 208 | |||||||
| 182,875 | S&P Global, Inc | 30,979 | |||||||
| 16,951 | * | Safeguard Scientifics, Inc | 190 | ||||||
| 104,294 | Santander Consumer USA Holdings, Inc | 1,942 | |||||||
| 95,362 | SEI Investments Co | 6,853 | |||||||
| 5,338 | Silvercrest Asset Management Group, Inc | 86 | |||||||
| 313,613 | * | SLM Corp | 3,544 | ||||||
| 178,139 | Starwood Property Trust, Inc | 3,803 | |||||||
| 264,983 | State Street Corp | 25,865 | |||||||
| 47,909 | Stifel Financial Corp | 2,853 | |||||||
| 557,476 | Synchrony Financial | 21,524 | |||||||
| 164,445 | T Rowe Price Group, Inc | 17,255 | |||||||
| 181,946 | TD Ameritrade Holding Corp | 9,303 | |||||||
| 22,143 | Tiptree Financial, Inc | 132 | |||||||
| 7,897 | TPG RE Finance Trust, Inc | 150 | |||||||
| 125,580 | Two Harbors Investment Corp | 2,042 | |||||||
| 18,355 | e | Virtu Financial, Inc | 336 | ||||||
| 4,800 | Virtus Investment Partners, Inc | 552 | |||||||
| 123,112 | Voya Financial, Inc | 6,090 | |||||||
| 58,496 | Waddell & Reed Financial, Inc (Class A) | 1,307 | |||||||
| 28,538 | Western Asset Mortgage Capital Corp | 284 | |||||||
| 5,409 | Westwood Holdings Group, Inc | 358 | |||||||
| 84,317 | e | WisdomTree Investments, Inc | 1,058 | ||||||
| 4,248 | * | World Acceptance Corp | 343 | ||||||
| 10,497 | ZAIS Financial Corp | 159 | |||||||
| TOTAL DIVERSIFIED FINANCIALS | 779,091 | ||||||||
| ENERGY - 5.7% | |||||||||
| 109,725 | * | Abraxas Petroleum Corp | 270 | ||||||
| 1,730 | Adams Resources & Energy, Inc | 75 | |||||||
| 388,004 | Anadarko Petroleum Corp | 20,813 | |||||||
| 110,226 | Andeavor | 12,603 | |||||||
| 167,046 | * | Antero Resources Corp | 3,174 | ||||||
| 274,941 | Apache Corp | 11,608 | |||||||
| 28,129 | *,e | Approach Resources, Inc | 83 | ||||||
| 15,667 | Arch Coal, Inc | 1,460 | |||||||
| 51,391 | Archrock, Inc | 540 | |||||||
| 20,832 | *,e | Ardmore Shipping Corp | 167 | ||||||
| 306,760 | Baker Hughes a GE Co | 9,706 | |||||||
| 12,272 | * | Basic Energy Services, Inc | 288 | ||||||
| 21,135 | * | Bill Barrett Corp | 108 | ||||||
| 14,562 | * | Bonanza Creek Energy, Inc | 402 | ||||||
| 26,221 | e | Bristow Group, Inc | 353 | ||||||
| 33,520 | * | C&J Energy Services, Inc | 1,122 | ||||||
| 330,287 | Cabot Oil & Gas Corp | 9,446 | |||||||
| 16,749 | *,e | California Resources Corp | 326 | ||||||
| 145,414 | * | Callon Petroleum Co | 1,767 | ||||||
| 15,028 | *,e | CARBO Ceramics, Inc | 153 | ||||||
| 45,074 | *,e | Carrizo Oil & Gas, Inc | 959 | ||||||
| 80,346 | * | Centennial Resource Development, Inc | 1,591 | ||||||
| 148,068 | * | Cheniere Energy, Inc | 7,972 | ||||||
| 267 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 635,661 | *,e | Chesapeake Energy Corp | $ | 2,517 | |||||
| 1,341,045 | Chevron Corp | 167,885 | |||||||
| 67,259 | Cimarex Energy Co | 8,206 | |||||||
| 96,211 | * | Clean Energy Fuels Corp | 195 | ||||||
| 54,879 | * | Cloud Peak Energy, Inc | 244 | ||||||
| 165,329 | * | CNX Resources Corp | 2,419 | ||||||
| 106,246 | * | Concho Resources, Inc | 15,960 | ||||||
| 848,963 | ConocoPhillips | 46,600 | |||||||
| 20,666 | * | CONSOL Energy, Inc | 817 | ||||||
| 12,994 | * | Contango Oil & Gas Co | 61 | ||||||
| 64,271 | * | Continental Resources, Inc | 3,404 | ||||||
| 11,149 | e | CVR Energy, Inc | 415 | ||||||
| 56,457 | Delek US Holdings, Inc | 1,973 | |||||||
| 280,409 | * | Denbury Resources, Inc | 620 | ||||||
| 368,169 | Devon Energy Corp | 15,242 | |||||||
| 55,111 | DHT Holdings, Inc | 198 | |||||||
| 38,317 | *,e | Diamond Offshore Drilling, Inc | 712 | ||||||
| 70,230 | * | Diamondback Energy, Inc | 8,867 | ||||||
| 20,589 | * | Dorian LPG Ltd | 169 | ||||||
| 27,635 | * | Dril-Quip, Inc | 1,318 | ||||||
| 7,121 | * | Earthstone Energy, Inc | 76 | ||||||
| 61,180 | * | Eclipse Resources Corp | 147 | ||||||
| 70,571 | * | Energen Corp | 4,063 | ||||||
| 21,016 | * | Energy XXI Gulf Coast, Inc | 121 | ||||||
| 301,987 | e | Ensco plc | 1,785 | ||||||
| 406,367 | EOG Resources, Inc | 43,851 | |||||||
| 28,367 | *,e | EP Energy Corp | 67 | ||||||
| 169,417 | EQT Corp | 9,643 | |||||||
| 14,364 | * | Era Group, Inc | 154 | ||||||
| 17,517 | Evolution Petroleum Corp | 120 | |||||||
| 23,313 | * | Exterran Corp | 733 | ||||||
| 87,596 | *,e | Extraction Oil & Gas, Inc | 1,253 | ||||||
| 3,008,437 | d | Exxon Mobil Corp | 251,626 | ||||||
| 110,222 | *,e | Fairmount Santrol Holdings, Inc | 576 | ||||||
| 49,153 | * | Forum Energy Technologies, Inc | 764 | ||||||
| 36,662 | Frank’s International NV | 244 | |||||||
| 52,498 | e | Frontline Ltd | 241 | ||||||
| 32,033 | GasLog Ltd | 713 | |||||||
| 74,944 | *,e | Gastar Exploration, Inc | 79 | ||||||
| 32,816 | *,e | Gener8 Maritime, Inc | 217 | ||||||
| 9,836 | * | Geospace Technologies Corp | 128 | ||||||
| 69,477 | e | Golar LNG Ltd | 2,071 | ||||||
| 26,945 | Green Plains Renewable Energy, Inc | 454 | |||||||
| 10,488 | Gulf Island Fabrication, Inc | 141 | |||||||
| 109,431 | * | Gulfport Energy Corp | 1,396 | ||||||
| 42,984 | * | Halcon Resources Corp | 325 | ||||||
| 10,340 | Hallador Energy Co | 63 | |||||||
| 613,238 | Halliburton Co | 29,969 | |||||||
| 100,808 | * | Helix Energy Solutions Group, Inc | 760 | ||||||
| 76,890 | e | Helmerich & Payne, Inc | 4,970 | ||||||
| 206,705 | Hess Corp | 9,812 | |||||||
| 127,243 | HollyFrontier Corp | 6,517 | |||||||
| 23,510 | * | Independence Contract Drilling, Inc | 94 | ||||||
| 20,967 | * | International Seaways, Inc | 387 | ||||||
| 268 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 823 | *,e | Isramco, Inc | $ | 86 | |||||
| 22,747 | *,e | Jagged Peak Energy, Inc | 359 | ||||||
| 22,628 | *,e | Keane Group, Inc | 430 | ||||||
| 7,122 | * | Key Energy Services, Inc | 84 | ||||||
| 1,361,542 | Kinder Morgan, Inc | 24,603 | |||||||
| 139,280 | * | Kosmos Energy LLC | 954 | ||||||
| 117,588 | * | Laredo Petroleum Holdings, Inc | 1,248 | ||||||
| 29,366 | *,e | Lilis Energy, Inc | 150 | ||||||
| 5,616 | *,e | Mammoth Energy Services, Inc | 110 | ||||||
| 610,364 | Marathon Oil Corp | 10,333 | |||||||
| 343,108 | Marathon Petroleum Corp | 22,638 | |||||||
| 64,577 | * | Matador Resources Co | 2,010 | ||||||
| 19,934 | * | Matrix Service Co | 355 | ||||||
| 200,712 | * | McDermott International, Inc | 1,321 | ||||||
| 7,581 | * | Midstates Petroleum Co, Inc | 126 | ||||||
| 114,242 | e | Murphy Oil Corp | 3,547 | ||||||
| 203,104 | Nabors Industries Ltd | 1,387 | |||||||
| 272,401 | National Oilwell Varco, Inc | 9,812 | |||||||
| 9,713 | * | Natural Gas Services Group, Inc | 254 | ||||||
| 61,477 | e | Navios Maritime Acq Corp | 68 | ||||||
| 7,613 | *,e | NCS Multistage Holdings, Inc | 112 | ||||||
| 144,456 | * | Newfield Exploration Co | 4,555 | ||||||
| 63,344 | * | Newpark Resources, Inc | 545 | ||||||
| 63,005 | * | Noble Corp plc | 285 | ||||||
| 349,693 | Noble Energy, Inc | 10,190 | |||||||
| 68,002 | e | Nordic American Tanker Shipping | 167 | ||||||
| 170,623 | * | Oasis Petroleum, Inc | 1,435 | ||||||
| 543,046 | Occidental Petroleum Corp | 40,001 | |||||||
| 71,446 | Oceaneering International, Inc | 1,510 | |||||||
| 38,178 | * | Oil States International, Inc | 1,080 | ||||||
| 261,756 | Oneok, Inc | 13,991 | |||||||
| 26,237 | * | Overseas Shipholding Group, Inc | 72 | ||||||
| 29,983 | * | Pacific Ethanol, Inc | 136 | ||||||
| 10,734 | Panhandle Oil and Gas, Inc (Class A) | 221 | |||||||
| 23,180 | * | Par Pacific Holdings, Inc | 447 | ||||||
| 96,030 | * | Parker Drilling Co | 96 | ||||||
| 167,421 | * | Parsley Energy, Inc | 4,929 | ||||||
| 150,779 | Patterson-UTI Energy, Inc | 3,469 | |||||||
| 78,916 | PBF Energy, Inc | 2,798 | |||||||
| 47,717 | * | PDC Energy, Inc | 2,459 | ||||||
| 35,218 | * | Peabody Energy Corp | 1,387 | ||||||
| 10,090 | * | Penn Virginia Corp | 395 | ||||||
| 9,723 | * | PHI, Inc | 112 | ||||||
| 309,310 | Phillips 66 | 31,287 | |||||||
| 42,944 | * | Pioneer Energy Services Corp | 131 | ||||||
| 118,885 | Pioneer Natural Resources Co | 20,549 | |||||||
| 17,508 | *,e | ProPetro Holding Corp | 353 | ||||||
| 173,948 | * | Questar Market Resources, Inc | 1,665 | ||||||
| 139,657 | Range Resources Corp | 2,383 | |||||||
| 27,182 | * | Renewable Energy Group, Inc | 321 | ||||||
| 15,559 | *,e | Resolute Energy Corp | 490 | ||||||
| 4,186 | * | Rex American Resources Corp | 347 | ||||||
| 9,601 | * | RigNet, Inc | 144 | ||||||
| 269 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 32,471 | * | Ring Energy, Inc | $ | 451 | |||||
| 83,867 | * | Rowan Cos plc | 1,313 | ||||||
| 42,512 | e | RPC, Inc | 1,085 | ||||||
| 95,255 | * | RSP Permian, Inc | 3,875 | ||||||
| 31,286 | *,e | Sanchez Energy Corp | 166 | ||||||
| 24,071 | *,e | SandRidge Energy, Inc | 507 | ||||||
| 983,720 | Schlumberger Ltd | 66,293 | |||||||
| 121,758 | Scorpio Tankers, Inc | 371 | |||||||
| 11,768 | * | SEACOR Holdings, Inc | 544 | ||||||
| 11,831 | * | SEACOR Marine Holdings, Inc | 138 | ||||||
| 6,869 | *,e | Select Energy Services, Inc | 125 | ||||||
| 48,551 | SemGroup Corp | 1,466 | |||||||
| 45,041 | e | Ship Finance International Ltd | 698 | ||||||
| 4,694 | * | SilverBow Resources, Inc | 139 | ||||||
| 80,594 | SM Energy Co | 1,780 | |||||||
| 12,316 | *,e | Smart Sand, Inc | 107 | ||||||
| 6,855 | * | Solaris Oilfield Infrastructure, Inc | 147 | ||||||
| 278,863 | * | Southwestern Energy Co | 1,556 | ||||||
| 143,792 | * | SRC Energy, Inc | 1,227 | ||||||
| 13,911 | * | Stone Energy Corp | 447 | ||||||
| 111,107 | * | Superior Energy Services | 1,070 | ||||||
| 141,390 | Targa Resources Investments, Inc | 6,846 | |||||||
| 36,192 | e | Teekay Corp | 337 | ||||||
| 85,424 | e | Teekay Tankers Ltd (Class A) | 120 | ||||||
| 39,279 | *,e | Tellurian, Inc | 383 | ||||||
| 32,701 | * | Tetra Technologies, Inc | 140 | ||||||
| 283,324 | *,e | Transocean Ltd (NYSE) | 3,026 | ||||||
| 136,898 | * | Ultra Petroleum Corp | 1,240 | ||||||
| 36,980 | * | Unit Corp | 814 | ||||||
| 95,169 | *,e | Uranium Energy Corp | 168 | ||||||
| 58,687 | US Silica Holdings Inc | 1,911 | |||||||
| 309,447 | Valero Energy Corp | 28,441 | |||||||
| 14,396 | * | W&T Offshore, Inc | 48 | ||||||
| 643,511 | *,e | Weatherford International Ltd | 2,683 | ||||||
| 65,205 | * | Whiting Petroleum Corp | 1,727 | ||||||
| 13,341 | *,e | WildHorse Resource Development Corp | 246 | ||||||
| 581,180 | Williams Cos, Inc | 17,720 | |||||||
| 49,281 | World Fuel Services Corp | 1,387 | |||||||
| 284,313 | * | WPX Energy, Inc | 4,000 | ||||||
| TOTAL ENERGY | 1,119,047 | ||||||||
| FOOD & STAPLES RETAILING - 1.3% | |||||||||
| 19,849 | Andersons, Inc | 618 | |||||||
| 27,395 | e | Casey’s General Stores, Inc | 3,067 | ||||||
| 14,374 | * | Chefs’ Warehouse Holdings, Inc | 295 | ||||||
| 718,055 | CVS Health Corp | 52,059 | |||||||
| 10,217 | Ingles Markets, Inc (Class A) | 354 | |||||||
| 632,171 | Kroger Co | 17,353 | |||||||
| 6,410 | *,e | Natural Grocers by Vitamin C | 57 | ||||||
| 50,163 | * | Performance Food Group Co | 1,660 | ||||||
| 14,866 | Pricesmart, Inc | 1,280 | |||||||
| 763,555 | *,e | Rite Aid Corp | 1,504 | ||||||
| 17,661 | * | Smart & Final Stores, Inc | 151 | ||||||
| 27,344 | Spartan Stores, Inc | 730 | |||||||
| 270 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 96,073 | * | Sprouts Farmers Market, Inc | $ | 2,339 | |||||
| 27,415 | * | SUPERVALU, Inc | 592 | ||||||
| 347,247 | Sysco Corp | 21,088 | |||||||
| 36,929 | * | United Natural Foods, Inc | 1,820 | ||||||
| 144,258 | * | US Foods Holding Corp | 4,606 | ||||||
| 4,843 | Village Super Market (Class A) | 111 | |||||||
| 619,712 | Walgreens Boots Alliance, Inc | 45,003 | |||||||
| 1,018,845 | Wal-Mart Stores, Inc | 100,611 | |||||||
| 4,684 | Weis Markets, Inc | 194 | |||||||
| TOTAL FOOD & STAPLES RETAILING | 255,492 | ||||||||
| FOOD, BEVERAGE & TOBACCO - 4.4% | |||||||||
| 2,319 | Alico, Inc | 68 | |||||||
| 1,354,690 | Altria Group, Inc | 96,738 | |||||||
| 24,445 | *,e | Amplify Snack Brands, Inc | 294 | ||||||
| 382,570 | Archer Daniels Midland Co | 15,333 | |||||||
| 48,393 | e | B&G Foods, Inc (Class A) | 1,701 | ||||||
| 63,616 | *,e | Blue Buffalo Pet Products, Inc | 2,086 | ||||||
| 5,887 | *,e | Boston Beer Co, Inc (Class A) | 1,125 | ||||||
| 38,532 | Brown-Forman Corp | 2,591 | |||||||
| 126,267 | Brown-Forman Corp (Class B) | 8,671 | |||||||
| 100,089 | Bunge Ltd | 6,714 | |||||||
| 11,455 | e | Calavo Growers, Inc | 967 | ||||||
| 22,629 | * | Cal-Maine Foods, Inc | 1,006 | ||||||
| 128,062 | Campbell Soup Co | 6,161 | |||||||
| 61,868 | *,e | Castle Brands, Inc | 75 | ||||||
| 3,092 | Coca-Cola Bottling Co Consolidated | 666 | |||||||
| 2,724,282 | Coca-Cola Co | 124,990 | |||||||
| 276,572 | ConAgra Foods, Inc | 10,418 | |||||||
| 114,335 | Constellation Brands, Inc (Class A) | 26,133 | |||||||
| 308,296 | Costco Wholesale Corp | 57,380 | |||||||
| 7,653 | * | Craft Brewers Alliance, Inc | 147 | ||||||
| 118,243 | * | Darling International, Inc | 2,144 | ||||||
| 65,223 | Dean Foods Co | 754 | |||||||
| 126,157 | Dr Pepper Snapple Group, Inc | 12,245 | |||||||
| 5,320 | * | Farmer Bros Co | 171 | ||||||
| 128,238 | Flowers Foods, Inc | 2,476 | |||||||
| 23,973 | Fresh Del Monte Produce, Inc | 1,143 | |||||||
| 15,781 | *,e | Freshpet, Inc | 299 | ||||||
| 406,905 | General Mills, Inc | 24,125 | |||||||
| 73,323 | * | Hain Celestial Group, Inc | 3,108 | ||||||
| 95,764 | Hershey Co | 10,870 | |||||||
| 193,543 | Hormel Foods Corp | 7,043 | |||||||
| 57,996 | * | Hostess Brands, Inc | 859 | ||||||
| 46,997 | Ingredion, Inc | 6,570 | |||||||
| 10,369 | J&J Snack Foods Corp | 1,574 | |||||||
| 78,341 | J.M. Smucker Co | 9,733 | |||||||
| 5,780 | John B. Sanfilippo & Son, Inc | 366 | |||||||
| 178,522 | Kellogg Co | 12,136 | |||||||
| 421,140 | Kraft Heinz Co | 32,748 | |||||||
| 104,074 | Lamb Weston Holdings, Inc | 5,875 | |||||||
| 13,060 | Lancaster Colony Corp | 1,687 | |||||||
| 19,323 | * | Landec Corp | 243 | ||||||
| 271 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 3,603 | * | Lifeway Foods, Inc | $ | 29 | |||||
| 8,386 | Limoneira Co | 188 | |||||||
| 81,380 | McCormick & Co, Inc | 8,293 | |||||||
| 9,193 | MGP Ingredients, Inc | 707 | |||||||
| 124,267 | Molson Coors Brewing Co (Class B) | 10,199 | |||||||
| 1,040,594 | Mondelez International, Inc | 44,537 | |||||||
| 288,410 | * | Monster Beverage Corp | 18,253 | ||||||
| 8,574 | National Beverage Corp | 835 | |||||||
| 1,010,205 | PepsiCo, Inc | 121,144 | |||||||
| 1,098,105 | Philip Morris International, Inc | 116,015 | |||||||
| 39,140 | * | Pilgrim’s Pride Corp | 1,216 | ||||||
| 85,273 | Pinnacle Foods, Inc | 5,071 | |||||||
| 47,135 | * | Post Holdings, Inc | 3,734 | ||||||
| 18,742 | * | Primo Water Corp | 236 | ||||||
| 14,731 | Sanderson Farms, Inc | 2,044 | |||||||
| 192 | Seaboard Corp | 847 | |||||||
| 5,451 | * | Seneca Foods Corp | 168 | ||||||
| 60,655 | Snyder’s-Lance, Inc | 3,038 | |||||||
| 10,661 | e | Tootsie Roll Industries, Inc | 388 | ||||||
| 40,066 | * | TreeHouse Foods, Inc | 1,982 | ||||||
| 4,760 | Turning Point Brands, Inc | 101 | |||||||
| 194,482 | Tyson Foods, Inc (Class A) | 15,767 | |||||||
| 17,023 | Universal Corp | 894 | |||||||
| 48,193 | Vector Group Ltd | 1,079 | |||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 856,198 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 5.3% | |||||||||
| 5,996 | *,e | AAC Holdings, Inc | 54 | ||||||
| 16,111 | Abaxis, Inc | 798 | |||||||
| 1,196,420 | Abbott Laboratories | 68,280 | |||||||
| 28,689 | * | Abiomed, Inc | 5,377 | ||||||
| 56,824 | *,e | Acadia Healthcare Co, Inc | 1,854 | ||||||
| 58,290 | *,e | Accuray, Inc | 251 | ||||||
| 20,426 | Aceto Corp | 211 | |||||||
| 5,501 | * | Addus HomeCare Corp | 191 | ||||||
| 225,645 | Aetna Inc | 40,704 | |||||||
| 55,158 | * | Align Technology, Inc | 12,256 | ||||||
| 133,589 | * | Allscripts Healthcare Solutions, Inc | 1,944 | ||||||
| 9,240 | * | Almost Family, Inc | 511 | ||||||
| 20,714 | * | Amedisys, Inc | 1,092 | ||||||
| 6,596 | *,e | American Renal Associates Holdings, Inc | 115 | ||||||
| 114,067 | AmerisourceBergen Corp | 10,474 | |||||||
| 34,893 | * | AMN Healthcare Services, Inc | 1,719 | ||||||
| 9,253 | Analogic Corp | 775 | |||||||
| 26,107 | * | Angiodynamics, Inc | 434 | ||||||
| 10,943 | * | Anika Therapeutics, Inc | 590 | ||||||
| 104,354 | *,e | Antares Pharma, Inc | 208 | ||||||
| 182,136 | Anthem, Inc | 40,982 | |||||||
| 28,653 | * | athenahealth, Inc | 3,812 | ||||||
| 22,609 | * | AtriCure, Inc | 412 | ||||||
| 1,019 | Atrion Corp | 643 | |||||||
| 18,090 | * | AxoGen, Inc | 512 | ||||||
| 346,498 | Baxter International, Inc | 22,398 | |||||||
| 182,751 | Becton Dickinson & Co | 39,120 | |||||||
| 272 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 86,257 | *,e | BioScrip, Inc | $ | 251 | |||||
| 19,708 | * | BioTelemetry, Inc | 589 | ||||||
| 959,616 | * | Boston Scientific Corp | 23,789 | ||||||
| 135,933 | * | Brookdale Senior Living, Inc | 1,319 | ||||||
| 25,974 | Cantel Medical Corp | 2,672 | |||||||
| 19,478 | * | Capital Senior Living Corp | 263 | ||||||
| 219,683 | Cardinal Health, Inc | 13,460 | |||||||
| 23,626 | * | Cardiovascular Systems, Inc | 560 | ||||||
| 45,319 | *,e | Castlight Health, Inc | 170 | ||||||
| 122,066 | * | Centene Corp | 12,314 | ||||||
| 200,098 | * | Cerner Corp | 13,485 | ||||||
| 71,510 | * | Cerus Corp | 242 | ||||||
| 10,898 | Chemed Corp | 2,648 | |||||||
| 169,250 | Cigna Corp | 34,373 | |||||||
| 11,529 | * | Civitas Solutions, Inc | 197 | ||||||
| 68,750 | *,e | Community Health Systems, Inc | 293 | ||||||
| 8,700 | e | Computer Programs & Systems, Inc | 261 | ||||||
| 27,401 | * | ConforMIS, Inc | 65 | ||||||
| 19,875 | Conmed Corp | 1,013 | |||||||
| 34,668 | Cooper Cos, Inc | 7,553 | |||||||
| 55,618 | *,e | Corindus Vascular Robotics, Inc | 56 | ||||||
| 7,512 | * | Corvel Corp | 397 | ||||||
| 19,227 | * | Cotiviti Holdings, Inc | 619 | ||||||
| 25,224 | * | Cross Country Healthcare, Inc | 322 | ||||||
| 23,064 | * | CryoLife, Inc | 442 | ||||||
| 10,004 | * | Cutera, Inc | 454 | ||||||
| 435,998 | Danaher Corp | 40,469 | |||||||
| 104,674 | * | DaVita, Inc | 7,563 | ||||||
| 162,210 | Dentsply Sirona, Inc | 10,678 | |||||||
| 60,646 | * | DexCom, Inc | 3,480 | ||||||
| 34,269 | * | Diplomat Pharmacy, Inc | 688 | ||||||
| 146,338 | * | Edwards Lifesciences Corp | 16,494 | ||||||
| 59,131 | *,e | Endologix, Inc | 316 | ||||||
| 35,447 | Ensign Group, Inc | 787 | |||||||
| 8,941 | * | Entellus Medical, Inc | 218 | ||||||
| 84,226 | * | Envision Healthcare Corp | 2,911 | ||||||
| 27,704 | *,e | Evolent Health, Inc | 341 | ||||||
| 7,074 | * | Exactech, Inc | 350 | ||||||
| 405,357 | * | Express Scripts Holding Co | 30,256 | ||||||
| 4,418 | * | FONAR Corp | 108 | ||||||
| 28,070 | *,e | Genesis Health Care, Inc | 21 | ||||||
| 30,765 | * | GenMark Diagnostics, Inc | 128 | ||||||
| 20,642 | *,e | Glaukos Corp | 529 | ||||||
| 51,975 | * | Globus Medical, Inc | 2,136 | ||||||
| 36,085 | * | Haemonetics Corp | 2,096 | ||||||
| 33,829 | * | Halyard Health, Inc | 1,562 | ||||||
| 202,436 | * | HCA Holdings, Inc | 17,782 | ||||||
| 35,870 | * | HealthEquity, Inc | 1,674 | ||||||
| 62,923 | * | HealthSouth Corp | 3,109 | ||||||
| 18,780 | * | HealthStream, Inc | 435 | ||||||
| 114,182 | * | Henry Schein, Inc | 7,979 | ||||||
| 4,605 | * | Heska Corp | 369 | ||||||
| 47,607 | Hill-Rom Holdings, Inc | 4,013 | |||||||
| 273 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 60,877 | * | HMS Holdings Corp | $ | 1,032 | |||||
| 199,868 | * | Hologic, Inc | 8,544 | ||||||
| 102,124 | Humana, Inc | 25,334 | |||||||
| 10,885 | * | ICU Medical, Inc | 2,351 | ||||||
| 62,805 | * | Idexx Laboratories, Inc | 9,821 | ||||||
| 12,244 | * | Inogen Inc | 1,458 | ||||||
| 43,464 | * | Inovalon Holdings, Inc | 652 | ||||||
| 41,898 | * | Insulet Corp | 2,891 | ||||||
| 22,691 | * | Integer Holding Corp | 1,028 | ||||||
| 44,740 | * | Integra LifeSciences Holdings Corp | 2,141 | ||||||
| 77,717 | * | Intuitive Surgical, Inc | 28,362 | ||||||
| 23,110 | Invacare Corp | 389 | |||||||
| 9,800 | * | iRhythm Technologies, Inc | 549 | ||||||
| 29,171 | * | K2M Group Holdings, Inc | 525 | ||||||
| 61,383 | Kindred Healthcare, Inc | 595 | |||||||
| 69,963 | * | Laboratory Corp of America Holdings | 11,160 | ||||||
| 18,233 | * | Lantheus Holdings, Inc | 373 | ||||||
| 9,523 | LeMaitre Vascular, Inc | 303 | |||||||
| 11,372 | * | LHC Group, Inc | 697 | ||||||
| 26,991 | * | LifePoint Hospitals, Inc | 1,344 | ||||||
| 34,912 | * | LivaNova plc | 2,790 | ||||||
| 16,931 | * | Magellan Health Services, Inc | 1,635 | ||||||
| 32,408 | * | Masimo Corp | 2,748 | ||||||
| 149,320 | McKesson Corp | 23,286 | |||||||
| 40,701 | * | Medidata Solutions, Inc | 2,579 | ||||||
| 66,129 | * | MEDNAX, Inc | 3,534 | ||||||
| 962,283 | Medtronic plc | 77,704 | |||||||
| 31,965 | Meridian Bioscience, Inc | 448 | |||||||
| 35,220 | * | Merit Medical Systems, Inc | 1,522 | ||||||
| 31,755 | * | Molina Healthcare, Inc | 2,435 | ||||||
| 12,716 | *,e | NantHealth, Inc | 39 | ||||||
| 7,753 | National Healthcare Corp | 472 | |||||||
| 5,598 | National Research Corp | 209 | |||||||
| 24,197 | * | Natus Medical, Inc | 924 | ||||||
| 26,800 | * | Neogen Corp | 2,203 | ||||||
| 19,942 | * | Nevro Corp | 1,377 | ||||||
| 41,426 | *,e | Novocure Ltd | 837 | ||||||
| 36,380 | * | NuVasive, Inc | 2,128 | ||||||
| 45,234 | * | NxStage Medical, Inc | 1,096 | ||||||
| 6,699 | *,e | Obalon Therapeutics, Inc | 44 | ||||||
| 26,681 | * | Omnicell, Inc | 1,294 | ||||||
| 40,487 | * | OraSure Technologies, Inc | 764 | ||||||
| 12,159 | * | Orthofix International NV | 665 | ||||||
| 43,714 | Owens & Minor, Inc | 825 | |||||||
| 14,688 | *,e | Oxford Immunotec Global plc | 205 | ||||||
| 57,408 | Patterson Cos, Inc | 2,074 | |||||||
| 21,136 | * | Penumbra, Inc | 1,989 | ||||||
| 5,304 | *,e | PetIQ, Inc | 116 | ||||||
| 33,935 | * | Premier, Inc | 991 | ||||||
| 8,662 | * | Providence Service Corp | 514 | ||||||
| 6,666 | *,e | Pulse Biosciences, Inc | 157 | ||||||
| 37,773 | * | Quality Systems, Inc | 513 | ||||||
| 98,348 | Quest Diagnostics, Inc | 9,686 | |||||||
| 20,943 | * | Quidel Corp | 908 | ||||||
| 274 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 18,147 | *,e | Quotient Ltd | $ | 90 | |||||
| 72,154 | * | R1 RCM, Inc | 318 | ||||||
| 25,914 | * | RadNet, Inc | 262 | ||||||
| 99,909 | Resmed, Inc | 8,461 | |||||||
| 37,335 | *,e | Rockwell Medical, Inc | 217 | ||||||
| 38,631 | * | RTI Biologics, Inc | 158 | ||||||
| 77,335 | * | Select Medical Holdings Corp | 1,365 | ||||||
| 10,185 | *,e | Sientra, Inc | 143 | ||||||
| 7,680 | Simulations Plus, Inc | 124 | |||||||
| 26,141 | * | Staar Surgical Co | 405 | ||||||
| 59,349 | STERIS Plc | 5,191 | |||||||
| 238,608 | Stryker Corp | 36,946 | |||||||
| 13,353 | *,e | Surgery Partners, Inc | 162 | ||||||
| 10,275 | * | SurModics, Inc | 288 | ||||||
| 6,560 | * | Tabula Rasa HealthCare, Inc | 184 | ||||||
| 6,719 | *,e | Tactile Systems Technology, Inc | 195 | ||||||
| 38,788 | *,e | Teladoc, Inc | 1,352 | ||||||
| 32,171 | Teleflex, Inc | 8,005 | |||||||
| 59,665 | *,e | Tenet Healthcare Corp | 905 | ||||||
| 26,395 | * | Tivity Health, Inc | 965 | ||||||
| 18,039 | * | Triple-S Management Corp (Class B) | 448 | ||||||
| 679,008 | UnitedHealth Group, Inc | 149,694 | |||||||
| 62,113 | Universal Health Services, Inc (Class B) | 7,041 | |||||||
| 9,158 | US Physical Therapy, Inc | 661 | |||||||
| 2,349 | Utah Medical Products, Inc | 191 | |||||||
| 27,229 | * | Varex Imaging Corp | 1,094 | ||||||
| 65,944 | * | Varian Medical Systems, Inc | 7,330 | ||||||
| 77,809 | * | Veeva Systems, Inc | 4,301 | ||||||
| 19,827 | *,e | ViewRay, Inc | 184 | ||||||
| 11,543 | *,e | Viveve Medical, Inc | 57 | ||||||
| 20,093 | * | Vocera Communications, Inc | 607 | ||||||
| 31,751 | * | WellCare Health Plans, Inc | 6,385 | ||||||
| 51,937 | West Pharmaceutical Services, Inc | 5,125 | |||||||
| 76,096 | * | Wright Medical Group NV | 1,689 | ||||||
| 140,781 | Zimmer Holdings, Inc | 16,988 | |||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 1,045,807 | ||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 1.6% | |||||||||
| 7,431 | * | Central Garden & Pet Co | 289 | ||||||
| 24,471 | * | Central Garden and Pet Co (Class A) | 923 | ||||||
| 167,255 | Church & Dwight Co, Inc | 8,391 | |||||||
| 93,017 | Clorox Co | 13,835 | |||||||
| 610,631 | Colgate-Palmolive Co | 46,072 | |||||||
| 333,432 | Coty, Inc | 6,632 | |||||||
| 41,449 | * | Edgewell Personal Care Co | 2,462 | ||||||
| 15,146 | *,e | elf Beauty, Inc | 338 | ||||||
| 44,546 | Energizer Holdings, Inc | 2,137 | |||||||
| 153,041 | Estee Lauder Cos (Class A) | 19,473 | |||||||
| 48,475 | *,e | Herbalife Ltd | 3,283 | ||||||
| 81,882 | * | HRG Group, Inc | 1,388 | ||||||
| 12,258 | Inter Parfums, Inc | 533 | |||||||
| 250,896 | Kimberly-Clark Corp | 30,273 | |||||||
| 7,966 | Medifast, Inc | 556 | |||||||
| 275 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 5,685 | Natural Health Trends Corp | $ | 86 | ||||||
| 5,868 | Nature’s Sunshine Products, Inc | 68 | |||||||
| 36,417 | Nu Skin Enterprises, Inc (Class A) | 2,485 | |||||||
| 3,981 | Oil-Dri Corp of America | 165 | |||||||
| 6,476 | e | Orchids Paper Products Co | 83 | ||||||
| 1,816,986 | Procter & Gamble Co | 166,945 | |||||||
| 8,319 | *,e | Revlon, Inc (Class A) | 181 | ||||||
| 17,796 | Spectrum Brands, Inc | 2,000 | |||||||
| 8,349 | * | USANA Health Sciences, Inc | 618 | ||||||
| 9,183 | WD-40 Co | 1,084 | |||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 310,300 | ||||||||
| INSURANCE - 4.2% | |||||||||
| 272,630 | Aflac, Inc | 23,931 | |||||||
| 10,673 | * | Alleghany Corp | 6,362 | ||||||
| 253,580 | Allstate Corp | 26,552 | |||||||
| 32,424 | * | AMBAC Financial Group, Inc | 518 | ||||||
| 61,796 | American Equity Investment Life Holding Co | 1,899 | |||||||
| 49,160 | American Financial Group, Inc | 5,336 | |||||||
| 638,205 | American International Group, Inc | 38,024 | |||||||
| 5,469 | American National Insurance Co | 701 | |||||||
| 13,468 | Amerisafe, Inc | 830 | |||||||
| 61,882 | e | Amtrust Financial Services, Inc | 623 | ||||||
| 176,102 | Aon plc | 23,598 | |||||||
| 82,527 | * | Arch Capital Group Ltd | 7,491 | ||||||
| 20,906 | Argo Group International Holdings Ltd | 1,289 | |||||||
| 127,528 | Arthur J. Gallagher & Co | 8,070 | |||||||
| 43,239 | Aspen Insurance Holdings Ltd | 1,756 | |||||||
| 38,716 | Assurant, Inc | 3,904 | |||||||
| 87,044 | Assured Guaranty Ltd | 2,948 | |||||||
| 77,195 | * | Athene Holding Ltd | 3,992 | ||||||
| 8,461 | * | Atlas Financial Holdings, Inc | 174 | ||||||
| 58,873 | Axis Capital Holdings Ltd | 2,959 | |||||||
| 6,904 | Baldwin & Lyons, Inc (Class B) | 165 | |||||||
| 1,365,511 | * | Berkshire Hathaway, Inc (Class B) | 270,672 | ||||||
| 4,749 | Blue Capital Reinsurance Holdings Ltd | 57 | |||||||
| 50,784 | * | Brighthouse Financial, Inc | 2,978 | ||||||
| 83,972 | Brown & Brown, Inc | 4,321 | |||||||
| 328,012 | Chubb Ltd | 47,932 | |||||||
| 110,535 | Cincinnati Financial Corp | 8,287 | |||||||
| 32,879 | *,e | Citizens, Inc (Class A) | 242 | ||||||
| 17,827 | CNA Financial Corp | 946 | |||||||
| 123,157 | Conseco, Inc | 3,041 | |||||||
| 11,609 | Crawford & Co (Class B) | 112 | |||||||
| 7,812 | Donegal Group, Inc (Class A) | 135 | |||||||
| 11,930 | * | eHealth, Inc | 207 | ||||||
| 6,754 | EMC Insurance Group, Inc | 194 | |||||||
| 23,170 | Employers Holdings, Inc | 1,029 | |||||||
| 8,013 | * | Enstar Group Ltd | 1,609 | ||||||
| 17,977 | Erie Indemnity Co (Class A) | 2,190 | |||||||
| 29,074 | Everest Re Group Ltd | 6,433 | |||||||
| 7,071 | FBL Financial Group, Inc (Class A) | 492 | |||||||
| 10,321 | Federated National Holding Co | 171 | |||||||
| 77,945 | First American Financial Corp | 4,368 | |||||||
| 276 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 187,960 | FNF Group | $ | 7,376 | ||||||
| 339,186 | * | Genworth Financial, Inc (Class A) | 1,055 | ||||||
| 6,929 | * | Global Indemnity Ltd | 291 | ||||||
| 20,683 | * | Greenlight Capital Re Ltd (Class A) | 416 | ||||||
| 7,438 | * | Hallmark Financial Services | 78 | ||||||
| 30,826 | Hanover Insurance Group, Inc | 3,332 | |||||||
| 250,070 | Hartford Financial Services Group, Inc | 14,074 | |||||||
| 5,533 | e | HCI Group, Inc | 165 | ||||||
| 8,194 | *,e | Health Insurance Innovations, Inc | 204 | ||||||
| 18,411 | e | Heritage Insurance Holdings, Inc | 332 | ||||||
| 29,606 | Horace Mann Educators Corp | 1,306 | |||||||
| 5,237 | Independence Holding Co | 144 | |||||||
| 7,783 | Infinity Property & Casualty Corp | 825 | |||||||
| 1,119 | Investors Title Co | 222 | |||||||
| 12,617 | James River Group Holdings Ltd | 505 | |||||||
| 28,739 | Kemper Corp | 1,980 | |||||||
| 7,037 | Kingstone Cos, Inc | 132 | |||||||
| 10,502 | Kinsale Capital Group, Inc | 473 | |||||||
| 154,642 | Lincoln National Corp | 11,887 | |||||||
| 190,008 | Loews Corp | 9,506 | |||||||
| 48,335 | Maiden Holdings Ltd | 319 | |||||||
| 9,774 | * | Markel Corp | 11,134 | ||||||
| 364,866 | Marsh & McLennan Cos, Inc | 29,696 | |||||||
| 91,305 | * | MBIA, Inc | 668 | ||||||
| 20,342 | Mercury General Corp | 1,087 | |||||||
| 641,691 | Metlife, Inc | 32,444 | |||||||
| 35,673 | National General Holdings Corp | 701 | |||||||
| 1,551 | National Western Life Group, Inc | 513 | |||||||
| 15,353 | Navigators Group, Inc | 748 | |||||||
| 7,308 | * | NI Holdings, Inc | 124 | ||||||
| 172,585 | Old Republic International Corp | 3,690 | |||||||
| 33,067 | Primerica, Inc | 3,358 | |||||||
| 184,832 | Principal Financial Group | 13,042 | |||||||
| 37,307 | ProAssurance Corp | 2,132 | |||||||
| 408,658 | Progressive Corp | 23,016 | |||||||
| 302,106 | Prudential Financial, Inc | 34,736 | |||||||
| 45,889 | Reinsurance Group of America, Inc (Class A) | 7,155 | |||||||
| 28,612 | RenaissanceRe Holdings Ltd | 3,593 | |||||||
| 27,824 | RLI Corp | 1,688 | |||||||
| 11,093 | Safety Insurance Group, Inc | 892 | |||||||
| 42,211 | Selective Insurance Group, Inc | 2,478 | |||||||
| 11,039 | State Auto Financial Corp | 321 | |||||||
| 15,315 | Stewart Information Services Corp | 648 | |||||||
| 51,271 | * | Third Point Reinsurance Ltd | 751 | ||||||
| 82,529 | Torchmark Corp | 7,486 | |||||||
| 196,375 | Travelers Cos, Inc | 26,636 | |||||||
| 15,868 | * | Trupanion, Inc | 464 | ||||||
| 16,104 | United Fire & Casualty Co | 734 | |||||||
| 12,682 | United Insurance Holdings Corp | 219 | |||||||
| 22,402 | Universal Insurance Holdings, Inc | 613 | |||||||
| 163,857 | UnumProvident Corp | 8,994 | |||||||
| 55,625 | Validus Holdings Ltd | 2,610 | |||||||
| 68,120 | W.R. Berkley Corp | 4,881 | |||||||
| 277 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 3,033 | White Mountains Insurance Group Ltd | $ | 2,582 | ||||||
| 88,137 | Willis Towers Watson plc | 13,281 | |||||||
| 168,527 | XL Group Ltd | 5,925 | |||||||
| TOTAL INSURANCE | 820,200 | ||||||||
| MATERIALS - 3.4% | |||||||||
| 20,886 | A. Schulman, Inc | 778 | |||||||
| 15,014 | e | Advanced Emissions Solutions, Inc | 145 | ||||||
| 22,501 | * | AdvanSix, Inc | 947 | ||||||
| 16,379 | * | AgroFresh Solutions, Inc | 121 | ||||||
| 150,906 | Air Products & Chemicals, Inc | 24,761 | |||||||
| 228,124 | *,e | AK Steel Holding Corp | 1,291 | ||||||
| 79,222 | Albemarle Corp | 10,132 | |||||||
| 133,728 | * | Alcoa Corp | 7,204 | ||||||
| 78,013 | *,e | Allegheny Technologies, Inc | 1,883 | ||||||
| 20,501 | American Vanguard Corp | 403 | |||||||
| 4,440 | Ampco-Pittsburgh Corp | 55 | |||||||
| 43,141 | Aptargroup, Inc | 3,722 | |||||||
| 13,288 | Ardagh Group S.A. | 280 | |||||||
| 43,629 | Ashland Global Holdings, Inc | 3,106 | |||||||
| 62,843 | Avery Dennison Corp | 7,218 | |||||||
| 153,684 | * | Axalta Coating Systems Ltd | 4,973 | ||||||
| 23,190 | Balchem Corp | 1,869 | |||||||
| 248,833 | Ball Corp | 9,418 | |||||||
| 66,316 | Bemis Co, Inc | 3,169 | |||||||
| 91,892 | * | Berry Plastics Group, Inc | 5,391 | ||||||
| 27,727 | Boise Cascade Co | 1,106 | |||||||
| 43,691 | Cabot Corp | 2,691 | |||||||
| 36,582 | Calgon Carbon Corp | 779 | |||||||
| 24,233 | Carpenter Technology Corp | 1,236 | |||||||
| 95,524 | Celanese Corp (Series A) | 10,229 | |||||||
| 36,798 | * | Century Aluminum Co | 723 | ||||||
| 169,311 | CF Industries Holdings, Inc | 7,202 | |||||||
| 5,158 | Chase Corp | 622 | |||||||
| 131,764 | Chemours Co | 6,596 | |||||||
| 11,678 | * | Clearwater Paper Corp | 530 | ||||||
| 213,712 | * | Cleveland-Cliffs, Inc | 1,541 | ||||||
| 23,538 | * | Codexis, Inc | 197 | ||||||
| 119,550 | * | Coeur Mining, Inc | 897 | ||||||
| 83,562 | Commercial Metals Co | 1,782 | |||||||
| 22,798 | e | Compass Minerals International, Inc | 1,647 | ||||||
| 5,367 | Core Molding Technologies, Inc | 116 | |||||||
| 89,223 | * | Crown Holdings, Inc | 5,019 | ||||||
| 8,022 | Deltic Timber Corp | 734 | |||||||
| 45,300 | Domtar Corp | 2,243 | |||||||
| 1,652,252 | DowDuPont, Inc | 117,673 | |||||||
| 34,107 | Eagle Materials, Inc | 3,864 | |||||||
| 97,831 | Eastman Chemical Co | 9,063 | |||||||
| 181,311 | Ecolab, Inc | 24,328 | |||||||
| 60,041 | * | Ferro Corp | 1,416 | ||||||
| 47,286 | *,m | Ferroglobe plc | 0 | ||||||
| 40,724 | * | Flotek Industries, Inc | 190 | ||||||
| 96,083 | FMC Corp | 9,095 | |||||||
| 943,540 | * | Freeport-McMoRan Copper & Gold, Inc (Class B) | 17,890 | ||||||
| 278 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 17,819 | FutureFuel Corp | $ | 251 | ||||||
| 48,995 | * | GCP Applied Technologies, Inc | 1,563 | ||||||
| 39,231 | Gold Resource Corp | 173 | |||||||
| 224,514 | Graphic Packaging Holding Co | 3,469 | |||||||
| 3,993 | Greif, Inc | 277 | |||||||
| 18,292 | Greif, Inc (Class A) | 1,108 | |||||||
| 34,325 | H.B. Fuller Co | 1,849 | |||||||
| 7,923 | Hawkins, Inc | 279 | |||||||
| 9,402 | Haynes International, Inc | 301 | |||||||
| 283,752 | Hecla Mining Co | 1,127 | |||||||
| 143,018 | Huntsman Corp | 4,761 | |||||||
| 30,403 | * | Ingevity Corp | 2,143 | ||||||
| 14,138 | Innophos Holdings, Inc | 661 | |||||||
| 17,291 | Innospec, Inc | 1,221 | |||||||
| 56,669 | International Flavors & Fragrances, Inc | 8,648 | |||||||
| 287,694 | International Paper Co | 16,669 | |||||||
| 67,354 | *,e | Intrepid Potash, Inc | 321 | ||||||
| 12,178 | Kaiser Aluminum Corp | 1,301 | |||||||
| 62,146 | Kapstone Paper and Packaging Corp | 1,410 | |||||||
| 125,028 | * | Klondex Mines Ltd | 326 | ||||||
| 7,156 | KMG Chemicals, Inc | 473 | |||||||
| 15,231 | * | Koppers Holdings, Inc | 775 | ||||||
| 21,628 | * | Kraton Polymers LLC | 1,042 | ||||||
| 14,288 | Kronos Worldwide, Inc | 368 | |||||||
| 104,108 | * | Louisiana-Pacific Corp | 2,734 | ||||||
| 15,120 | *,e | LSB Industries, Inc | 132 | ||||||
| 226,878 | LyondellBasell Industries AF S.C.A | 25,029 | |||||||
| 45,253 | Martin Marietta Materials, Inc | 10,003 | |||||||
| 14,781 | Materion Corp | 718 | |||||||
| 25,740 | Minerals Technologies, Inc | 1,772 | |||||||
| 307,958 | Monsanto Co | 35,963 | |||||||
| 255,239 | Mosaic Co | 6,549 | |||||||
| 18,118 | Myers Industries, Inc | 353 | |||||||
| 10,909 | Neenah Paper, Inc | 989 | |||||||
| 4,153 | NewMarket Corp | 1,650 | |||||||
| 382,185 | Newmont Mining Corp | 14,340 | |||||||
| 224,015 | Nucor Corp | 14,243 | |||||||
| 119,149 | Olin Corp | 4,239 | |||||||
| 6,559 | Olympic Steel, Inc | 141 | |||||||
| 32,453 | * | Omnova Solutions, Inc | 325 | ||||||
| 117,357 | * | Owens-Illinois, Inc | 2,602 | ||||||
| 66,961 | Packaging Corp of America | 8,072 | |||||||
| 32,454 | PH Glatfelter Co | 696 | |||||||
| 159,281 | * | Platform Specialty Products Corp | 1,580 | ||||||
| 58,890 | PolyOne Corp | 2,562 | |||||||
| 180,622 | PPG Industries, Inc | 21,100 | |||||||
| 20,162 | * | PQ Group Holdings, Inc | 332 | ||||||
| 199,630 | Praxair, Inc | 30,879 | |||||||
| 9,399 | Quaker Chemical Corp | 1,417 | |||||||
| 31,957 | e | Rayonier Advanced Materials, Inc | 654 | ||||||
| 50,286 | Reliance Steel & Aluminum Co | 4,314 | |||||||
| 41,577 | Royal Gold, Inc | 3,414 | |||||||
| 94,890 | RPM International, Inc | 4,974 | |||||||
| 279 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 8,418 | * | Ryerson Holding Corp | $ | 88 | |||||
| 19,399 | Schnitzer Steel Industries, Inc (Class A) | 650 | |||||||
| 22,501 | Schweitzer-Mauduit International, Inc | 1,021 | |||||||
| 30,897 | Scotts Miracle-Gro Co (Class A) | 3,306 | |||||||
| 126,662 | Sealed Air Corp | 6,244 | |||||||
| 31,821 | Sensient Technologies Corp | 2,328 | |||||||
| 57,658 | Sherwin-Williams Co | 23,642 | |||||||
| 53,846 | Silgan Holdings, Inc | 1,583 | |||||||
| 69,011 | Sonoco Products Co | 3,667 | |||||||
| 58,429 | Southern Copper Corp (NY) | 2,772 | |||||||
| 168,984 | Steel Dynamics, Inc | 7,288 | |||||||
| 14,267 | Stepan Co | 1,127 | |||||||
| 78,355 | * | Summit Materials, Inc | 2,463 | ||||||
| 48,451 | * | SunCoke Energy, Inc | 581 | ||||||
| 207,059 | Tahoe Resources, Inc | 992 | |||||||
| 29,755 | * | TimkenSteel Corp | 452 | ||||||
| 15,246 | * | Trecora Resources | 206 | ||||||
| 19,671 | Tredegar Corp | 378 | |||||||
| 31,587 | Trinseo S.A. | 2,293 | |||||||
| 47,159 | Tronox Ltd | 967 | |||||||
| 4,630 | * | UFP Technologies, Inc | 129 | ||||||
| 1,357 | United States Lime & Minerals, Inc | 105 | |||||||
| 126,215 | United States Steel Corp | 4,442 | |||||||
| 11,048 | *,e | US Concrete, Inc | 924 | ||||||
| 16,839 | Valhi, Inc | 104 | |||||||
| 145,388 | Valvoline, Inc | 3,643 | |||||||
| 22,885 | * | Verso Corp | 402 | ||||||
| 94,624 | Vulcan Materials Co | 12,147 | |||||||
| 11,178 | e | Warrior Met Coal, Inc | 281 | ||||||
| 24,489 | Westlake Chemical Corp | 2,609 | |||||||
| 170,131 | WestRock Co | 10,754 | |||||||
| 31,289 | Worthington Industries, Inc | 1,379 | |||||||
| 48,393 | WR Grace and Co | 3,394 | |||||||
| TOTAL MATERIALS | 670,928 | ||||||||
| MEDIA - 2.6% | |||||||||
| 39,663 | e | AMC Entertainment Holdings, Inc | 599 | ||||||
| 38,893 | * | AMC Networks, Inc | 2,103 | ||||||
| 3,422 | Cable One, Inc | 2,407 | |||||||
| 240,324 | CBS Corp (Class B) | 14,179 | |||||||
| 57,360 | *,e | Central European Media Enterprises Ltd (Class A) (NASDAQ) | 267 | ||||||
| 130,422 | * | Charter Communications, Inc | 43,817 | ||||||
| 76,895 | Cinemark Holdings, Inc | 2,677 | |||||||
| 28,047 | Clear Channel Outdoor Holdings, Inc (Class A) | 129 | |||||||
| 3,292,900 | Comcast Corp (Class A) | 131,881 | |||||||
| 772 | *,e | Daily Journal Corp | 178 | ||||||
| 111,235 | *,e | Discovery Communications, Inc (Class A) | 2,489 | ||||||
| 152,146 | * | Discovery Communications, Inc (Class C) | 3,221 | ||||||
| 158,597 | * | DISH Network Corp (Class A) | 7,573 | ||||||
| 11,002 | e | Emerald Expositions Events, Inc | 224 | ||||||
| 88,350 | Entercom Communications Corp (Class A) | 954 | |||||||
| 50,932 | Entravision Communications Corp (Class A) | 364 | |||||||
| 20,620 | *,e | Eros International plc | 199 | ||||||
| 280 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 42,935 | * | EW Scripps Co (Class A) | $ | 671 | |||||
| 86,657 | Gannett Co, Inc | 1,004 | |||||||
| 46,930 | * | Gray Television, Inc | 786 | ||||||
| 11,523 | * | Hemisphere Media Group, Inc | 133 | ||||||
| 42,177 | * | Imax Corp | 976 | ||||||
| 281,435 | Interpublic Group of Cos, Inc | 5,674 | |||||||
| 31,321 | John Wiley & Sons, Inc (Class A) | 2,059 | |||||||
| 7,655 | * | Liberty Braves Group (Class A) | 169 | ||||||
| 25,374 | * | Liberty Braves Group (Class C) | 564 | ||||||
| 17,476 | * | Liberty Broadband Corp (Class A) | 1,486 | ||||||
| 74,265 | * | Liberty Broadband Corp (Class C) | 6,324 | ||||||
| 15,619 | * | Liberty Media Group (Class A) | 511 | ||||||
| 123,792 | *,e | Liberty Media Group (Class C) | 4,229 | ||||||
| 64,398 | * | Liberty SiriusXM Group (Class A) | 2,554 | ||||||
| 129,903 | * | Liberty SiriusXM Group (Class C) | 5,152 | ||||||
| 37,150 | *,e | Lions Gate Entertainment Corp (Class A) | 1,256 | ||||||
| 71,817 | * | Lions Gate Entertainment Corp (Class B) | 2,279 | ||||||
| 96,974 | * | Live Nation, Inc | 4,128 | ||||||
| 9,932 | * | Loral Space & Communications, Inc | 438 | ||||||
| 13,200 | * | Madison Square Garden Co | 2,783 | ||||||
| 37,799 | * | MDC Partners, Inc | 369 | ||||||
| 27,920 | Meredith Corp | 1,844 | |||||||
| 43,336 | * | MSG Networks, Inc | 878 | ||||||
| 46,358 | National CineMedia, Inc | 318 | |||||||
| 36,183 | New Media Investment Group, Inc | 607 | |||||||
| 89,935 | New York Times Co (Class A) | 1,664 | |||||||
| 268,456 | News Corp | 4,352 | |||||||
| 86,319 | News Corp (Class B) | 1,433 | |||||||
| 31,898 | Nexstar Broadcasting Group, Inc (Class A) | 2,494 | |||||||
| 159,145 | Omnicom Group, Inc | 11,591 | |||||||
| 12,373 | * | Reading International, Inc | 207 | ||||||
| 81,985 | Regal Entertainment Group (Class A) | 1,886 | |||||||
| 1,728 | *,m | Rovi Guides, Inc | 7 | ||||||
| 3,161 | Saga Communications, Inc | 128 | |||||||
| 7,701 | Salem Communications | 35 | |||||||
| 19,984 | Scholastic Corp | 802 | |||||||
| 61,710 | Scripps Networks Interactive (Class A) | 5,269 | |||||||
| 51,858 | e | Sinclair Broadcast Group, Inc (Class A) | 1,963 | ||||||
| 1,052,096 | e | Sirius XM Holdings, Inc | 5,639 | ||||||
| 156,124 | TEGNA, Inc | 2,198 | |||||||
| 545,743 | Time Warner, Inc | 49,919 | |||||||
| 71,820 | Time, Inc | 1,325 | |||||||
| 5,104 | * | Townsquare Media, Inc | 39 | ||||||
| 52,414 | Tribune Co | 2,226 | |||||||
| 15,283 | * | tronc, Inc | 269 | ||||||
| 733,969 | Twenty-First Century Fox, Inc | 25,344 | |||||||
| 314,752 | Twenty-First Century Fox, Inc (Class B) | 10,739 | |||||||
| 7,706 | Viacom, Inc | 269 | |||||||
| 233,649 | Viacom, Inc (Class B) | 7,199 | |||||||
| 1,095,574 | Walt Disney Co | 117,785 | |||||||
| 15,148 | *,e | WideOpenWest, Inc | 160 | ||||||
| 27,047 | e | World Wrestling Entertainment, Inc (Class A) | 827 | ||||||
| TOTAL MEDIA | 516,222 | ||||||||
| 281 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.9% | |||||||||
| 1,126,960 | AbbVie, Inc | $ | 108,988 | ||||||
| 18,729 | *,e | Abeona Therapeutics, Inc | 297 | ||||||
| 70,913 | * | Acadia Pharmaceuticals, Inc | 2,135 | ||||||
| 18,841 | *,e | Accelerate Diagnostics, Inc | 494 | ||||||
| 22,847 | * | Acceleron Pharma, Inc | 970 | ||||||
| 21,294 | *,e | Achaogen, Inc | 229 | ||||||
| 86,253 | * | Achillion Pharmaceuticals, Inc | 248 | ||||||
| 14,790 | * | Aclaris Therapeutics, Inc | 365 | ||||||
| 31,389 | * | Acorda Therapeutics, Inc | 673 | ||||||
| 12,735 | *,e | Adamas Pharmaceuticals, Inc | 432 | ||||||
| 26,641 | *,e | Aduro Biotech, Inc | 200 | ||||||
| 26,299 | *,e | Advaxis, Inc | 75 | ||||||
| 21,807 | * | Aerie Pharmaceuticals, Inc | 1,303 | ||||||
| 56,789 | *,e | Agenus, Inc | 185 | ||||||
| 232,407 | Agilent Technologies, Inc | 15,564 | |||||||
| 30,271 | * | Agios Pharmaceuticals, Inc | 1,731 | ||||||
| 25,712 | * | Aimmune Therapeutics, Inc | 972 | ||||||
| 10,845 | *,e | Akcea Therapeutics, Inc | 188 | ||||||
| 26,366 | * | Akebia Therapeutics, Inc | 392 | ||||||
| 64,824 | * | Akorn, Inc | 2,089 | ||||||
| 34,164 | * | Alder Biopharmaceuticals, Inc | 391 | ||||||
| 152,165 | * | Alexion Pharmaceuticals, Inc | 18,197 | ||||||
| 110,420 | * | Alkermes plc | 6,043 | ||||||
| 238,823 | Allergan plc | 39,067 | |||||||
| 60,843 | * | Alnylam Pharmaceuticals, Inc | 7,730 | ||||||
| 25,493 | * | AMAG Pharmaceuticals, Inc | 338 | ||||||
| 521,244 | Amgen, Inc | 90,645 | |||||||
| 98,916 | * | Amicus Therapeutics, Inc | 1,423 | ||||||
| 25,774 | * | Amphastar Pharmaceuticals, Inc | 496 | ||||||
| 12,566 | * | AnaptysBio, Inc | 1,266 | ||||||
| 23,093 | *,e | Anavex Life Sciences Corp | 74 | ||||||
| 5,767 | * | ANI Pharmaceuticals, Inc | 372 | ||||||
| 29,050 | * | Aratana Therapeutics, Inc | 153 | ||||||
| 22,973 | * | Ardelyx, Inc | 152 | ||||||
| 23,307 | * | Arena Pharmaceuticals, Inc | 792 | ||||||
| 126,892 | * | Array Biopharma, Inc | 1,624 | ||||||
| 10,043 | * | Assembly Biosciences, Inc | 454 | ||||||
| 17,138 | *,e | Asterias Biotherapeutics, Inc | 39 | ||||||
| 17,368 | *,e | Atara Biotherapeutics, Inc | 314 | ||||||
| 52,762 | *,e | Athersys, Inc | 96 | ||||||
| 10,702 | * | Audentes Therapeutics, Inc | 334 | ||||||
| 14,714 | * | Avexis, Inc | 1,628 | ||||||
| 21,434 | * | Axovant Sciences Ltd | 113 | ||||||
| 19,950 | *,e | Bellicum Pharmaceuticals, Inc | 168 | ||||||
| 53,741 | * | BioCryst Pharmaceuticals, Inc | 264 | ||||||
| 150,873 | * | Biogen Idec, Inc | 48,064 | ||||||
| 7,175 | * | Biohaven Pharmaceutical Holding Co Ltd | 194 | ||||||
| 126,546 | * | BioMarin Pharmaceuticals, Inc | 11,284 | ||||||
| 15,362 | * | Bio-Rad Laboratories, Inc (Class A) | 3,666 | ||||||
| 3,856 | * | Biospecifics Technologies Corp | 167 | ||||||
| 25,935 | Bio-Techne Corp | 3,360 | |||||||
| 282 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 56,186 | *,e | BioTime, Inc | $ | 121 | |||||
| 78,809 | * | Bioverativ, Inc | 4,249 | ||||||
| 29,677 | * | Bluebird Bio, Inc | 5,285 | ||||||
| 28,144 | * | Blueprint Medicines Corp | 2,122 | ||||||
| 1,163,954 | Bristol-Myers Squibb Co | 71,327 | |||||||
| 76,600 | Bruker BioSciences Corp | 2,629 | |||||||
| 21,820 | * | Calithera Biosciences, Inc | 182 | ||||||
| 5,849 | *,e | Calyxt, Inc | 129 | ||||||
| 23,380 | * | Cambrex Corp | 1,122 | ||||||
| 19,366 | *,e | Cara Therapeutics Inc | 237 | ||||||
| 26,295 | * | Cascadian Therapeutics, Inc | 97 | ||||||
| 90,837 | * | Catalent, Inc | 3,732 | ||||||
| 50,782 | * | Catalyst Pharmaceuticals, Inc | 199 | ||||||
| 547,145 | * | Celgene Corp | 57,100 | ||||||
| 73,063 | * | Celldex Therapeutics, Inc | 208 | ||||||
| 34,386 | * | Charles River Laboratories International, Inc | 3,764 | ||||||
| 18,304 | * | ChemoCentryx, Inc | 109 | ||||||
| 30,594 | * | Chimerix, Inc | 142 | ||||||
| 14,633 | *,e | Clearside Biomedical, Inc | 102 | ||||||
| 28,355 | * | Clovis Oncology, Inc | 1,928 | ||||||
| 27,864 | *,e | Coherus Biosciences, Inc | 245 | ||||||
| 16,286 | *,e | Collegium Pharmaceutical, Inc | 301 | ||||||
| 11,239 | * | Concert Pharmaceuticals Inc | 291 | ||||||
| 18,652 | *,e | Contatus Pharmaceuticals, Inc | 86 | ||||||
| 32,828 | * | Corbus Pharmaceuticals Holdings, Inc | 233 | ||||||
| 65,375 | *,e | Corcept Therapeutics, Inc | 1,181 | ||||||
| 15,295 | * | Corium International, Inc | 147 | ||||||
| 6,717 | *,e | Corvus Pharmaceuticals, Inc | 70 | ||||||
| 84,568 | * | Curis, Inc | 59 | ||||||
| 30,153 | * | Cytokinetics, Inc | 246 | ||||||
| 21,311 | * | CytomX Therapeutics, Inc | 450 | ||||||
| 44,278 | *,e | Depomed, Inc | 356 | ||||||
| 27,246 | * | Dermira, Inc | 758 | ||||||
| 84,059 | * | Durect Corp | 77 | ||||||
| 35,256 | *,e | Dynavax Technologies Corp | 659 | ||||||
| 6,368 | *,e | Eagle Pharmaceuticals, Inc | 340 | ||||||
| 12,202 | *,e | Edge Therapeutics, Inc | 114 | ||||||
| 24,325 | *,e | Editas Medicine, Inc | 748 | ||||||
| 689,622 | Eli Lilly & Co | 58,245 | |||||||
| 24,015 | * | Emergent Biosolutions, Inc | 1,116 | ||||||
| 11,786 | * | Enanta Pharmaceuticals, Inc | 692 | ||||||
| 161,263 | * | Endo International plc | 1,250 | ||||||
| 27,058 | * | Enzo Biochem, Inc | 221 | ||||||
| 29,818 | * | Epizyme, Inc | 374 | ||||||
| 9,694 | *,e | Esperion Thereapeutics, Inc | 638 | ||||||
| 79,297 | * | Exact Sciences Corp | 4,166 | ||||||
| 209,243 | * | Exelixis, Inc | 6,361 | ||||||
| 24,636 | *,e | Fate Therapeutics, Inc | 151 | ||||||
| 42,613 | * | FibroGen, Inc | 2,020 | ||||||
| 19,800 | * | Five Prime Therapeutics, Inc | 434 | ||||||
| 19,463 | *,e | Flexion Therapeutics Inc | 487 | ||||||
| 20,851 | * | Fluidigm Corp | 123 | ||||||
| 24,951 | *,e | Fortress Biotech, Inc | 100 | ||||||
| 10,540 | *,e | Foundation Medicine, Inc | 719 | ||||||
| 283 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 5,695 | * | G1 Therapeutics, Inc | $ | 113 | |||||
| 20,661 | *,e | Genocea Biosciences Inc | 24 | ||||||
| 14,071 | * | Genomic Health, Inc | 481 | ||||||
| 114,325 | *,e | Geron Corp | 206 | ||||||
| 925,140 | Gilead Sciences, Inc | 66,277 | |||||||
| 26,450 | * | Global Blood Therapeutics, Inc | 1,041 | ||||||
| 79,065 | * | Halozyme Therapeutics, Inc | 1,602 | ||||||
| 32,353 | *,e | Heron Therapeutics, Inc | 586 | ||||||
| 118,653 | * | Horizon Pharma plc | 1,732 | ||||||
| 62,986 | *,e | Idera Pharmaceuticals, Inc | 133 | ||||||
| 35,767 | * | Ignyta, Inc | 955 | ||||||
| 102,805 | * | Illumina, Inc | 22,462 | ||||||
| 8,484 | * | Immune Design Corp | 33 | ||||||
| 65,469 | *,e | Immunogen, Inc | 420 | ||||||
| 69,521 | *,e | Immunomedics, Inc | 1,123 | ||||||
| 53,162 | * | Impax Laboratories, Inc | 885 | ||||||
| 39,474 | * | INC Research Holdings, Inc | 1,721 | ||||||
| 123,042 | * | Incyte Corp | 11,653 | ||||||
| 55,553 | * | Innoviva, Inc | 788 | ||||||
| 49,160 | *,e | Inovio Pharmaceuticals, Inc | 203 | ||||||
| 45,452 | * | Insmed, Inc | 1,417 | ||||||
| 17,481 | *,e | Insys Therapeutics, Inc | 168 | ||||||
| 10,757 | *,e | Intellia Therapeutics, Inc | 207 | ||||||
| 12,921 | *,e | Intercept Pharmaceuticals, Inc | 755 | ||||||
| 18,642 | * | Intersect ENT, Inc | 604 | ||||||
| 25,348 | * | Intra-Cellular Therapies, Inc | 367 | ||||||
| 39,434 | *,e | Intrexon Corp | 454 | ||||||
| 27,249 | *,e | Invitae Corp | 247 | ||||||
| 89,084 | * | Ionis Pharmaceuticals, Inc | 4,481 | ||||||
| 34,093 | * | Iovance Biotherapeutics, Inc | 273 | ||||||
| 113,005 | * | IQVIA Holdings, Inc | 11,063 | ||||||
| 95,014 | * | Ironwood Pharmaceuticals, Inc | 1,424 | ||||||
| 1,913,923 | Johnson & Johnson | 267,413 | |||||||
| 4,482 | *,e | Jounce Therapeutics, Inc | 57 | ||||||
| 46,335 | * | Juno Therapeutics, Inc | 2,118 | ||||||
| 5,857 | *,e | Kala Pharmaceuticals, Inc | 108 | ||||||
| 23,632 | * | Karyopharm Therapeutics, Inc | 227 | ||||||
| 59,203 | *,e | Keryx Biopharmaceuticals, Inc | 275 | ||||||
| 15,620 | * | Kindred Biosciences Inc | 148 | ||||||
| 10,057 | * | Kura Oncology, Inc | 154 | ||||||
| 12,410 | *,e | La Jolla Pharmaceutical Co | 399 | ||||||
| 19,506 | *,e | Lannett Co, Inc | 453 | ||||||
| 30,110 | *,e | Lexicon Pharmaceuticals, Inc | 297 | ||||||
| 14,752 | *,e | Ligand Pharmaceuticals, Inc (Class B) | 2,020 | ||||||
| 14,417 | * | Loxo Oncology, Inc | 1,214 | ||||||
| 31,134 | Luminex Corp | 613 | |||||||
| 23,459 | * | MacroGenics, Inc | 446 | ||||||
| 72,043 | * | Mallinckrodt plc | 1,625 | ||||||
| 40,487 | *,e | Matinas BioPharma Holdings, Inc | 47 | ||||||
| 49,764 | *,e | Medicines Co | 1,361 | ||||||
| 22,034 | *,e | MediciNova, Inc | 143 | ||||||
| 5,025 | * | Medpace Holdings, Inc | 182 | ||||||
| 6,150 | * | Melinta Therapeutics, Inc | 97 | ||||||
| 284 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 9,058 | e | Merrimack Pharmaceuticals, Inc | $ | 93 | |||||
| 18,355 | * | Mettler-Toledo International, Inc | 11,371 | ||||||
| 75,041 | *,e | MiMedx Group, Inc | 946 | ||||||
| 18,922 | * | Minerva Neurosciences, Inc | 114 | ||||||
| 10,019 | * | Miragen Therapeutics, Inc | 105 | ||||||
| 53,355 | * | Momenta Pharmaceuticals, Inc | 744 | ||||||
| 370,268 | * | Mylan NV | 15,666 | ||||||
| 11,927 | * | MyoKardia, Inc | 502 | ||||||
| 46,607 | * | Myriad Genetics, Inc | 1,601 | ||||||
| 10,862 | * | NanoString Technologies, Inc | 81 | ||||||
| 22,232 | *,e | NantKwest, Inc | 100 | ||||||
| 19,889 | * | Natera, Inc | 179 | ||||||
| 97,897 | * | Nektar Therapeutics | 5,846 | ||||||
| 38,546 | *,e | NeoGenomics, Inc | 342 | ||||||
| 10,102 | * | Neos Therapeutics, Inc | 103 | ||||||
| 63,342 | * | Neurocrine Biosciences, Inc | 4,915 | ||||||
| 14,869 | *,e | NewLink Genetics Corp | 121 | ||||||
| 197,987 | *,e | Novavax, Inc | 246 | ||||||
| 10,969 | * | Novelion Therapeutics, Inc | 34 | ||||||
| 19,320 | *,e | Nymox Pharmaceutical Corp | 64 | ||||||
| 13,115 | *,e | Ocular Therapeutix, Inc | 58 | ||||||
| 29,642 | *,e | Omeros Corp | 576 | ||||||
| 238,337 | *,e | Opko Health, Inc | 1,168 | ||||||
| 60,008 | *,e | Organovo Holdings, Inc | 80 | ||||||
| 18,209 | * | Otonomy, Inc | 101 | ||||||
| 4,292 | *,e | Ovid therapeutics, Inc | 42 | ||||||
| 55,440 | *,e | Pacific Biosciences of California, Inc | 146 | ||||||
| 28,237 | * | Pacira Pharmaceuticals, Inc | 1,289 | ||||||
| 17,330 | * | Paratek Pharmaceuticals, Inc | 310 | ||||||
| 120,653 | * | PDL BioPharma, Inc | 331 | ||||||
| 78,986 | PerkinElmer, Inc | 5,775 | |||||||
| 92,108 | Perrigo Co plc | 8,028 | |||||||
| 4,192,182 | Pfizer, Inc | 151,841 | |||||||
| 12,927 | Phibro Animal Health Corp | 433 | |||||||
| 24,527 | * | Pieris Pharmaceuticals, Inc | 185 | ||||||
| 36,240 | * | Portola Pharmaceuticals, Inc | 1,764 | ||||||
| 34,913 | * | PRA Health Sciences, Inc | 3,180 | ||||||
| 38,233 | * | Prestige Brands Holdings, Inc | 1,698 | ||||||
| 51,583 | * | Progenics Pharmaceuticals, Inc | 307 | ||||||
| 4,860 | * | Protagonist Therapeutics, Inc | 101 | ||||||
| 27,579 | *,e | Prothena Corp plc | 1,034 | ||||||
| 25,096 | * | PTC Therapeutics, Inc | 419 | ||||||
| 20,506 | * | Puma Biotechnology, Inc | 2,027 | ||||||
| 166,375 | * | QIAGEN NV | 5,146 | ||||||
| 8,205 | * | Ra Pharmaceuticals, Inc | 70 | ||||||
| 27,010 | *,e | Radius Health, Inc | 858 | ||||||
| 6,375 | *,e | Reata Pharmaceuticals, Inc | 181 | ||||||
| 8,471 | * | Recro Pharma, Inc | 78 | ||||||
| 55,147 | * | Regeneron Pharmaceuticals, Inc | 20,733 | ||||||
| 19,715 | * | REGENXBIO, Inc | 656 | ||||||
| 24,847 | * | Repligen Corp | 901 | ||||||
| 25,726 | * | Retrophin, Inc | 542 | ||||||
| 15,494 | * | Revance Therapeutics, Inc | 554 | ||||||
| 6,147 | * | Rhythm Pharmaceuticals, Inc | 179 | ||||||
| 285 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 86,450 | * | Rigel Pharmaceuticals, Inc | $ | 335 | |||||
| 24,925 | * | Sage Therapeutics, Inc | 4,105 | ||||||
| 52,234 | * | Sangamo Biosciences, Inc | 857 | ||||||
| 37,245 | * | Sarepta Therapeutics, Inc | 2,072 | ||||||
| 1,936,964 | * | Schering-Plough Corp | 108,993 | ||||||
| 70,004 | * | Seattle Genetics, Inc | 3,745 | ||||||
| 8,829 | * | Selecta Biosciences, Inc | 87 | ||||||
| 13,345 | *,e | Seres Therapeutics, Inc | 135 | ||||||
| 16,648 | * | Spark Therapeutics, Inc | 856 | ||||||
| 56,104 | * | Spectrum Pharmaceuticals, Inc | 1,063 | ||||||
| 12,168 | * | Stemline Therapeutics, Inc | 190 | ||||||
| 14,983 | *,e | Strongbridge Biopharma plc | 109 | ||||||
| 18,349 | *,e | Sucampo Pharmaceuticals, Inc (Class A) | 329 | ||||||
| 34,621 | * | Supernus Pharmaceuticals, Inc | 1,380 | ||||||
| 6,983 | * | Syndax Pharmaceuticals, Inc | 61 | ||||||
| 164,107 | *,e | Synergy Pharmaceuticals, Inc | 366 | ||||||
| 9,466 | *,e | Syros Pharmaceuticals, Inc | 92 | ||||||
| 29,885 | *,e | Teligent, Inc | 108 | ||||||
| 26,872 | *,e | TESARO, Inc | 2,227 | ||||||
| 26,726 | * | Tetraphase Pharmaceuticals, Inc | 168 | ||||||
| 34,724 | *,e | TG Therapeutics, Inc | 285 | ||||||
| 114,084 | *,e | TherapeuticsMD, Inc | 689 | ||||||
| 29,259 | *,e | Theravance Biopharma, Inc | 816 | ||||||
| 281,540 | Thermo Fisher Scientific, Inc | 53,459 | |||||||
| 6,159 | *,e | Tocagen, Inc | 63 | ||||||
| 32,080 | * | Trevena, Inc | 51 | ||||||
| 28,669 | * | Ultragenyx Pharmaceutical, Inc | 1,330 | ||||||
| 28,234 | * | United Therapeutics Corp | 4,177 | ||||||
| 31,395 | * | Vanda Pharmaceuticals, Inc | 477 | ||||||
| 17,356 | * | VBI Vaccines, Inc | 74 | ||||||
| 16,367 | * | Veracyte, Inc | 107 | ||||||
| 23,940 | * | Versartis, Inc | 53 | ||||||
| 179,329 | * | Vertex Pharmaceuticals, Inc | 26,874 | ||||||
| 8,673 | *,e | Voyager Therapeutics, Inc | 144 | ||||||
| 55,014 | * | Waters Corp | 10,628 | ||||||
| 8,910 | *,e | WaVe Life Sciences Pte Ltd | 313 | ||||||
| 8,356 | *,e | XBiotech, Inc | 33 | ||||||
| 27,098 | * | Xencor Inc | 594 | ||||||
| 90,754 | *,e | ZIOPHARM Oncology, Inc | 376 | ||||||
| 347,183 | Zoetis, Inc | 25,011 | |||||||
| 17,421 | * | Zogenix, Inc | 698 | ||||||
| 7,989 | *,e | Zynerba Pharmaceuticals, Inc | 100 | ||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 1,535,569 | ||||||||
| REAL ESTATE - 3.8% | |||||||||
| 60,331 | Acadia Realty Trust | 1,651 | |||||||
| 18,415 | Agree Realty Corp | 947 | |||||||
| 33,490 | Alexander & Baldwin, Inc | 929 | |||||||
| 1,329 | Alexander’s, Inc | 526 | |||||||
| 64,573 | Alexandria Real Estate Equities, Inc | 8,433 | |||||||
| 8,343 | *,e | Altisource Portfolio Solutions S.A. | 234 | ||||||
| 37,147 | Altisource Residential Corp | 441 | |||||||
| 28,646 | American Assets Trust,Inc | 1,095 | |||||||
| 286 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 96,842 | American Campus Communities, Inc | $ | 3,973 | ||||||
| 164,177 | American Homes 4 Rent | 3,586 | |||||||
| 300,584 | American Tower Corp | 42,884 | |||||||
| 111,644 | Apartment Investment & Management Co (Class A) | 4,880 | |||||||
| 123,327 | Apple Hospitality REIT, Inc | 2,418 | |||||||
| 31,681 | Armada Hoffler Properties, Inc | 492 | |||||||
| 20,771 | Ashford Hospitality Prime, Inc | 202 | |||||||
| 56,474 | Ashford Hospitality Trust, Inc | 380 | |||||||
| 7,072 | * | AV Homes, Inc | 118 | ||||||
| 96,379 | AvalonBay Communities, Inc | 17,195 | |||||||
| 16,903 | Bluerock Residential Growth REIT, Inc | 171 | |||||||
| 110,916 | Boston Properties, Inc | 14,422 | |||||||
| 121,360 | Brandywine Realty Trust | 2,208 | |||||||
| 218,369 | Brixmor Property Group, Inc | 4,075 | |||||||
| 61,667 | Camden Property Trust | 5,677 | |||||||
| 50,740 | CareTrust REIT, Inc | 850 | |||||||
| 29,192 | CatchMark Timber Trust Inc | 383 | |||||||
| 124,137 | e | CBL & Associates Properties, Inc | 703 | ||||||
| 198,683 | * | CBRE Group, Inc | 8,605 | ||||||
| 62,949 | Cedar Realty Trust, Inc | 383 | |||||||
| 28,285 | Chatham Lodging Trust | 644 | |||||||
| 40,024 | Chesapeake Lodging Trust | 1,084 | |||||||
| 21,833 | City Office REIT, Inc | 284 | |||||||
| 10,462 | e | Clipper Realty, Inc | 105 | ||||||
| 350,580 | Colony NorthStar, Inc | 4,000 | |||||||
| 83,894 | Columbia Property Trust, Inc | 1,925 | |||||||
| 9,586 | Community Healthcare Trust, Inc | 269 | |||||||
| 3,235 | Consolidated-Tomoka Land Co | 205 | |||||||
| 86,682 | CoreCivic, Inc | 1,950 | |||||||
| 9,299 | e | CorEnergy Infrastructure Trust, Inc | 355 | ||||||
| 24,799 | Coresite Realty | 2,825 | |||||||
| 72,219 | Corporate Office Properties Trust | 2,109 | |||||||
| 301,076 | Cousins Properties, Inc | 2,785 | |||||||
| 285,429 | Crown Castle International Corp | 31,685 | |||||||
| 131,589 | CubeSmart | 3,806 | |||||||
| 62,800 | CyrusOne, Inc | 3,739 | |||||||
| 66,623 | DCT Industrial Trust, Inc | 3,916 | |||||||
| 227,125 | DDR Corp | 2,035 | |||||||
| 144,818 | DiamondRock Hospitality Co | 1,635 | |||||||
| 145,529 | Digital Realty Trust, Inc | 16,576 | |||||||
| 102,445 | Douglas Emmett, Inc | 4,206 | |||||||
| 256,864 | Duke Realty Corp | 6,989 | |||||||
| 26,096 | Easterly Government Properties, Inc | 557 | |||||||
| 23,492 | EastGroup Properties, Inc | 2,076 | |||||||
| 52,715 | Education Realty Trust, Inc | 1,841 | |||||||
| 87,790 | Empire State Realty Trust, Inc | 1,802 | |||||||
| 45,571 | Entertainment Properties Trust | 2,983 | |||||||
| 54,941 | Equinix, Inc | 24,900 | |||||||
| 87,453 | * | Equity Commonwealth | 2,668 | ||||||
| 57,898 | Equity Lifestyle Properties, Inc | 5,154 | |||||||
| 249,420 | Equity Residential | 15,906 | |||||||
| 46,847 | Essex Property Trust, Inc | 11,307 | |||||||
| 82,938 | Extra Space Storage, Inc | 7,253 | |||||||
| 19,962 | e | Farmland Partners, Inc | 173 | ||||||
| 287 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 52,442 | Federal Realty Investment Trust | $ | 6,965 | ||||||
| 80,676 | First Industrial Realty Trust, Inc | 2,539 | |||||||
| 166,308 | Forest City Realty Trust, Inc | 4,008 | |||||||
| 425 | *,e | Forestar Group, Inc | 9 | ||||||
| 44,705 | Four Corners Property Trust, Inc | 1,149 | |||||||
| 72,511 | Franklin Street Properties Corp | 779 | |||||||
| 4,942 | * | FRP Holdings, Inc | 219 | ||||||
| 141,130 | Gaming and Leisure Properties, Inc | 5,222 | |||||||
| 87,896 | Geo Group, Inc | 2,074 | |||||||
| 18,198 | Getty Realty Corp | 494 | |||||||
| 447,660 | GGP, Inc | 10,471 | |||||||
| 17,811 | Gladstone Commercial Corp | 375 | |||||||
| 10,990 | e | Global Medical REIT, Inc | 90 | ||||||
| 44,961 | Global Net Lease, Inc | 925 | |||||||
| 51,670 | Government Properties Income Trust | 958 | |||||||
| 108,607 | Gramercy Property Trust | 2,895 | |||||||
| 322,762 | HCP, Inc | 8,418 | |||||||
| 82,789 | Healthcare Realty Trust, Inc | 2,659 | |||||||
| 142,087 | Healthcare Trust of America, Inc | 4,268 | |||||||
| 27,708 | Hersha Hospitality Trust | 482 | |||||||
| 27,225 | HFF, Inc (Class A) | 1,324 | |||||||
| 71,000 | Highwoods Properties, Inc | 3,615 | |||||||
| 115,061 | Hospitality Properties Trust | 3,435 | |||||||
| 504,248 | Host Marriott Corp | 10,009 | |||||||
| 24,727 | * | Howard Hughes Corp | 3,246 | ||||||
| 113,109 | Hudson Pacific Properties | 3,874 | |||||||
| 48,914 | Independence Realty Trust, Inc | 494 | |||||||
| 90,609 | Investors Real Estate Trust | 515 | |||||||
| 207,077 | Invitation Homes, Inc | 4,881 | |||||||
| 190,342 | Iron Mountain, Inc | 7,182 | |||||||
| 49,646 | * | iStar Financial, Inc | 561 | ||||||
| 62,519 | JBG SMITH Properties | 2,171 | |||||||
| 6,203 | e | Jernigan Capital, Inc | 118 | ||||||
| 31,831 | Jones Lang LaSalle, Inc | 4,741 | |||||||
| 61,074 | Kennedy-Wilson Holdings, Inc | 1,060 | |||||||
| 69,929 | Kilroy Realty Corp | 5,220 | |||||||
| 297,898 | Kimco Realty Corp | 5,407 | |||||||
| 60,886 | Kite Realty Group Trust | 1,193 | |||||||
| 60,216 | Lamar Advertising Co | 4,470 | |||||||
| 81,319 | LaSalle Hotel Properties | 2,283 | |||||||
| 155,973 | Lexington Realty Trust | 1,505 | |||||||
| 104,529 | Liberty Property Trust | 4,496 | |||||||
| 31,791 | Life Storage, Inc | 2,832 | |||||||
| 27,895 | LTC Properties, Inc | 1,215 | |||||||
| 99,507 | Macerich Co | 6,536 | |||||||
| 65,387 | Mack-Cali Realty Corp | 1,410 | |||||||
| 11,498 | * | Marcus & Millichap, Inc | 375 | ||||||
| 4,532 | * | Maui Land & Pineapple Co, Inc | 78 | ||||||
| 20,532 | MedEquities Realty Trust, Inc | 230 | |||||||
| 258,540 | Medical Properties Trust, Inc | 3,563 | |||||||
| 81,536 | Mid-America Apartment Communities, Inc | 8,199 | |||||||
| 50,307 | Monmouth Real Estate Investment Corp (Class A) | 895 | |||||||
| 28,201 | National Health Investors, Inc | 2,126 | |||||||
| 288 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 107,878 | National Retail Properties, Inc | $ | 4,653 | ||||||
| 31,451 | National Storage Affiliates Trust | 857 | |||||||
| 55,714 | New Senior Investment Group, Inc | 421 | |||||||
| 12,730 | NexPoint Residential Trust, Inc | 356 | |||||||
| 42,262 | NorthStar Realty Europe Corp | 568 | |||||||
| 139,485 | e | Omega Healthcare Investors, Inc | 3,841 | ||||||
| 9,027 | One Liberty Properties, Inc | 234 | |||||||
| 97,077 | Outfront Media, Inc | 2,252 | |||||||
| 141,733 | Paramount Group, Inc | 2,246 | |||||||
| 92,621 | Park Hotels & Resorts, Inc | 2,663 | |||||||
| 49,813 | e | Pebblebrook Hotel Trust | 1,852 | ||||||
| 52,388 | e | Pennsylvania REIT | 623 | ||||||
| 107,460 | Physicians Realty Trust | 1,933 | |||||||
| 100,383 | Piedmont Office Realty Trust, Inc | 1,969 | |||||||
| 29,588 | Potlatch Corp | 1,476 | |||||||
| 21,687 | Preferred Apartment Communities, Inc | 439 | |||||||
| 372,566 | Prologis, Inc | 24,034 | |||||||
| 13,748 | PS Business Parks, Inc | 1,720 | |||||||
| 104,345 | Public Storage, Inc | 21,808 | |||||||
| 34,553 | QTS Realty Trust, Inc | 1,871 | |||||||
| 69,475 | * | Quality Care Properties, Inc | 959 | ||||||
| 57,913 | Ramco-Gershenson Properties | 853 | |||||||
| 89,792 | Rayonier, Inc | 2,840 | |||||||
| 13,117 | Re/Max Holdings, Inc | 636 | |||||||
| 98,527 | Realogy Holdings Corp | 2,611 | |||||||
| 198,343 | Realty Income Corp | 11,310 | |||||||
| 7,300 | *,e | Redfin Corp | 229 | ||||||
| 108,110 | Regency Centers Corp | 7,479 | |||||||
| 78,162 | Retail Opportunities Investment Corp | 1,559 | |||||||
| 173,060 | Retail Properties of America, Inc | 2,326 | |||||||
| 48,113 | Rexford Industrial Realty, Inc | 1,403 | |||||||
| 124,274 | RLJ Lodging Trust | 2,730 | |||||||
| 5,123 | RMR Group, Inc | 304 | |||||||
| 31,992 | Ryman Hospitality Properties | 2,208 | |||||||
| 116,469 | Sabra Healthcare REIT, Inc | 2,186 | |||||||
| 7,521 | Safety Income and Growth, Inc | 132 | |||||||
| 6,451 | Saul Centers, Inc | 398 | |||||||
| 86,508 | * | SBA Communications Corp | 14,132 | ||||||
| 41,385 | Select Income REIT | 1,040 | |||||||
| 170,932 | Senior Housing Properties Trust | 3,273 | |||||||
| 18,501 | e | Seritage Growth Properties | 749 | ||||||
| 220,927 | Simon Property Group, Inc | 37,942 | |||||||
| 71,224 | SL Green Realty Corp | 7,189 | |||||||
| 354,302 | Spirit Realty Capital, Inc | 3,040 | |||||||
| 33,773 | * | St. Joe Co | 610 | ||||||
| 64,412 | STAG Industrial, Inc | 1,760 | |||||||
| 121,165 | STORE Capital Corp | 3,155 | |||||||
| 4,495 | Stratus Properties, Inc | 134 | |||||||
| 73,018 | Summit Hotel Properties, Inc | 1,112 | |||||||
| 52,001 | Sun Communities, Inc | 4,825 | |||||||
| 159,024 | Sunstone Hotel Investors, Inc | 2,629 | |||||||
| 67,688 | e | Tanger Factory Outlet Centers, Inc | 1,794 | ||||||
| 41,435 | Taubman Centers, Inc | 2,711 | |||||||
| 12,164 | * | Tejon Ranch Co | 253 | ||||||
| 289 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 35,329 | Terreno Realty Corp | $ | 1,239 | ||||||
| 34,663 | Tier REIT, Inc | 707 | |||||||
| 13,643 | * | Trinity Place Holdings, Inc | 95 | ||||||
| 192,841 | UDR, Inc | 7,428 | |||||||
| 20,169 | UMH Properties, Inc | 301 | |||||||
| 119,952 | e | Uniti Group, Inc | 2,134 | ||||||
| 9,264 | Universal Health Realty Income Trust | 696 | |||||||
| 70,770 | Urban Edge Properties | 1,804 | |||||||
| 20,808 | Urstadt Biddle Properties, Inc (Class A) | 452 | |||||||
| 247,662 | Ventas, Inc | 14,862 | |||||||
| 709,541 | VEREIT, Inc | 5,527 | |||||||
| 125,038 | Vornado Realty Trust | 9,775 | |||||||
| 134,922 | Washington Prime Group, Inc | 961 | |||||||
| 55,986 | Washington REIT | 1,742 | |||||||
| 86,814 | Weingarten Realty Investors | 2,854 | |||||||
| 256,728 | Welltower, Inc | 16,372 | |||||||
| 524,970 | Weyerhaeuser Co | 18,510 | |||||||
| 25,132 | e | Whitestone REIT | 362 | ||||||
| 76,656 | WP Carey, Inc | 5,282 | |||||||
| 79,064 | Xenia Hotels & Resorts, Inc | 1,707 | |||||||
| TOTAL REAL ESTATE | 747,003 | ||||||||
| RETAILING - 5.2% | |||||||||
| 18,290 | * | 1-800-FLOWERS.COM, Inc (Class A) | 196 | ||||||
| 45,849 | Aaron’s, Inc | 1,827 | |||||||
| 51,631 | Abercrombie & Fitch Co (Class A) | 900 | |||||||
| 51,735 | Advance Auto Parts, Inc | 5,157 | |||||||
| 281,953 | * | Amazon.com, Inc | 329,736 | ||||||
| 117,400 | American Eagle Outfitters, Inc | 2,207 | |||||||
| 5,481 | * | America’s Car-Mart, Inc | 245 | ||||||
| 13,496 | * | Asbury Automotive Group, Inc | 864 | ||||||
| 4,073 | *,e | At Home Group, Inc | 124 | ||||||
| 46,431 | *,e | Autonation, Inc | 2,383 | ||||||
| 19,977 | * | AutoZone, Inc | 14,211 | ||||||
| 29,015 | * | Barnes & Noble Education, Inc | 239 | ||||||
| 40,294 | Barnes & Noble, Inc | 270 | |||||||
| 76,045 | Bed Bath & Beyond, Inc | 1,672 | |||||||
| 181,780 | Best Buy Co, Inc | 12,446 | |||||||
| 14,390 | e | Big 5 Sporting Goods Corp | 109 | ||||||
| 30,493 | e | Big Lots, Inc | 1,712 | ||||||
| 9,762 | * | Boot Barn Holdings, Inc | 162 | ||||||
| 14,004 | e | Buckle, Inc | 333 | ||||||
| 8,786 | * | Build-A-Bear Workshop, Inc | 81 | ||||||
| 44,520 | * | Burlington Stores, Inc | 5,477 | ||||||
| 28,267 | Caleres, Inc | 946 | |||||||
| 22,123 | Camping World Holdings, Inc | 990 | |||||||
| 126,809 | * | Carmax, Inc | 8,132 | ||||||
| 10,677 | * | Carvana Co | 204 | ||||||
| 12,003 | Cato Corp (Class A) | 191 | |||||||
| 83,036 | Chico’s FAS, Inc | 732 | |||||||
| 12,596 | Children’s Place Retail Stores, Inc | 1,831 | |||||||
| 11,556 | Citi Trends, Inc | 306 | |||||||
| 13,169 | *,e | Conn’s, Inc | 468 | ||||||
| 290 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 11,400 | *,e | Container Store Group, Inc | $ | 54 | |||||
| 33,096 | Core-Mark Holding Co, Inc | 1,045 | |||||||
| 63,082 | Dick’s Sporting Goods, Inc | 1,813 | |||||||
| 10,952 | e | Dillard’s, Inc (Class A) | 658 | ||||||
| 198,653 | Dollar General Corp | 18,477 | |||||||
| 161,125 | * | Dollar Tree, Inc | 17,290 | ||||||
| 49,292 | DSW, Inc (Class A) | 1,055 | |||||||
| 7,236 | *,e | Duluth Holdings, Inc | 129 | ||||||
| 83,587 | Expedia, Inc | 10,011 | |||||||
| 55,323 | * | Express Parent LLC | 562 | ||||||
| 28,194 | Finish Line, Inc (Class A) | 410 | |||||||
| 39,150 | * | Five Below, Inc | 2,596 | ||||||
| 7,526 | * | Floor & Decor Holdings, Inc | 366 | ||||||
| 83,075 | Foot Locker, Inc | 3,895 | |||||||
| 25,440 | * | Francesca’s Holdings Corp | 186 | ||||||
| 13,967 | * | FTD Cos, Inc | 100 | ||||||
| 6,584 | * | Gaia, Inc | 82 | ||||||
| 70,099 | e | GameStop Corp (Class A) | 1,258 | ||||||
| 171,913 | Gap, Inc | 5,855 | |||||||
| 13,677 | * | Genesco, Inc | 445 | ||||||
| 103,143 | Genuine Parts Co | 9,800 | |||||||
| 50,651 | *,e | GNC Holdings, Inc | 187 | ||||||
| 14,604 | Group 1 Automotive, Inc | 1,036 | |||||||
| 244,899 | * | Groupon, Inc | 1,249 | ||||||
| 44,451 | Guess?, Inc | 750 | |||||||
| 13,840 | Haverty Furniture Cos, Inc | 313 | |||||||
| 16,994 | * | Hibbett Sports, Inc | 347 | ||||||
| 836,846 | Home Depot, Inc | 158,607 | |||||||
| 24,109 | HSN, Inc | 973 | |||||||
| 8,070 | *,e | J. Jill, Inc | 63 | ||||||
| 228,517 | *,e | JC Penney Co, Inc | 722 | ||||||
| 12,718 | * | Kirkland’s, Inc | 152 | ||||||
| 123,140 | Kohl’s Corp | 6,678 | |||||||
| 174,367 | L Brands, Inc | 10,500 | |||||||
| 9,431 | *,e | Lands’ End, Inc | 184 | ||||||
| 39,468 | * | Liberty Expedia Holdings, Inc | 1,750 | ||||||
| 294,854 | * | Liberty Interactive Corp | 7,200 | ||||||
| 53,282 | * | Liberty TripAdvisor Holdings, Inc | 502 | ||||||
| 56,236 | * | Liberty Ventures | 3,050 | ||||||
| 16,930 | Lithia Motors, Inc (Class A) | 1,923 | |||||||
| 211,254 | * | LKQ Corp | 8,592 | ||||||
| 590,744 | Lowe’s Companies, Inc | 54,904 | |||||||
| 19,294 | *,e | Lumber Liquidators, Inc | 606 | ||||||
| 215,124 | Macy’s, Inc | 5,419 | |||||||
| 18,578 | * | MarineMax, Inc | 351 | ||||||
| 83,777 | * | Michaels Cos, Inc | 2,027 | ||||||
| 23,604 | Monro Muffler, Inc | 1,344 | |||||||
| 25,361 | * | Murphy USA, Inc | 2,038 | ||||||
| 12,838 | * | National Vision Holdings, Inc | 521 | ||||||
| 290,550 | * | NetFlix, Inc | 55,774 | ||||||
| 84,693 | e | Nordstrom, Inc | 4,013 | ||||||
| 21,359 | Nutri/System, Inc | 1,123 | |||||||
| 370,480 | Office Depot, Inc | 1,311 | |||||||
| 34,400 | * | Ollie’s Bargain Outlet Holdings, Inc | 1,832 | ||||||
| 291 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 59,099 | * | O’Reilly Automotive, Inc | $ | 14,216 | |||||
| 12,199 | *,e | Overstock.com, Inc | 780 | ||||||
| 17,507 | *,e | Party City Holdco, Inc | 244 | ||||||
| 25,707 | Penske Auto Group, Inc | 1,230 | |||||||
| 14,105 | e | PetMed Express, Inc | 642 | ||||||
| 59,095 | Pier 1 Imports, Inc | 245 | |||||||
| 34,634 | * | Priceline.com, Inc | 60,185 | ||||||
| 30,873 | e | Rent-A-Center, Inc | 343 | ||||||
| 14,305 | * | RH | 1,233 | ||||||
| 270,924 | Ross Stores, Inc | 21,742 | |||||||
| 100,020 | * | Sally Beauty Holdings, Inc | 1,876 | ||||||
| 2,356 | Shoe Carnival, Inc | 63 | |||||||
| 24,406 | * | Shutterfly, Inc | 1,214 | ||||||
| 49,664 | e | Signet Jewelers Ltd | 2,809 | ||||||
| 29,918 | * | Sleep Number Corp | 1,125 | ||||||
| 20,728 | Sonic Automotive, Inc (Class A) | 382 | |||||||
| 19,952 | *,e | Sportsman’s Warehouse Holdings, Inc | 132 | ||||||
| 26,598 | Tailored Brands, Inc | 581 | |||||||
| 398,651 | Target Corp | 26,012 | |||||||
| 77,229 | Tiffany & Co | 8,028 | |||||||
| 24,339 | Tile Shop Holdings, Inc | 234 | |||||||
| 6,790 | Tilly’s, Inc | 100 | |||||||
| 451,235 | TJX Companies, Inc | 34,501 | |||||||
| 86,269 | Tractor Supply Co | 6,449 | |||||||
| 77,582 | * | TripAdvisor, Inc | 2,673 | ||||||
| 42,488 | * | Ulta Beauty, Inc | 9,503 | ||||||
| 64,021 | * | Urban Outfitters, Inc | 2,245 | ||||||
| 17,699 | * | Vitamin Shoppe, Inc | 78 | ||||||
| 27,839 | *,e | Wayfair, Inc | 2,235 | ||||||
| 62,628 | e | Williams-Sonoma, Inc | 3,238 | ||||||
| 1,945 | Winmark Corp | 252 | |||||||
| 11,661 | * | Zumiez, Inc | 243 | ||||||
| TOTAL RETAILING | 1,011,112 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.8% | |||||||||
| 13,345 | *,e | Acacia Communications, Inc | 483 | ||||||
| 28,672 | * | Advanced Energy Industries, Inc | 1,935 | ||||||
| 556,337 | *,e | Advanced Micro Devices, Inc | 5,719 | ||||||
| 15,539 | * | Alpha & Omega Semiconductor Ltd | 254 | ||||||
| 23,188 | *,e | Ambarella, Inc | 1,362 | ||||||
| 73,241 | * | Amkor Technology, Inc | 736 | ||||||
| 260,563 | Analog Devices, Inc | 23,198 | |||||||
| 754,336 | Applied Materials, Inc | 38,562 | |||||||
| 20,849 | * | Axcelis Technologies, Inc | 598 | ||||||
| 26,991 | * | AXT, Inc | 235 | ||||||
| 285,428 | Broadcom Ltd | 73,326 | |||||||
| 49,923 | Brooks Automation, Inc | 1,191 | |||||||
| 17,924 | Cabot Microelectronics Corp | 1,686 | |||||||
| 47,258 | * | Cavium, Inc | 3,962 | ||||||
| 15,710 | * | Ceva, Inc | 725 | ||||||
| 46,452 | * | Cirrus Logic, Inc | 2,409 | ||||||
| 18,761 | Cohu, Inc | 412 | |||||||
| 70,502 | * | Cree, Inc | 2,618 | ||||||
| 292 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 4,598 | *,e | CyberOptics Corp | $ | 69 | |||||
| 236,910 | Cypress Semiconductor Corp | 3,611 | |||||||
| 28,713 | * | Diodes, Inc | 823 | ||||||
| 16,832 | * | DSP Group, Inc | 210 | ||||||
| 102,868 | Entegris, Inc | 3,132 | |||||||
| 59,023 | * | First Solar, Inc | 3,985 | ||||||
| 51,293 | * | Formfactor, Inc | 803 | ||||||
| 9,281 | * | GSI Technology, Inc | 74 | ||||||
| 8,421 | * | Ichor Holdings Ltd | 207 | ||||||
| 13,074 | *,e | Impinj, Inc | 295 | ||||||
| 29,376 | *,e | Inphi Corp | 1,075 | ||||||
| 96,873 | * | Integrated Device Technology, Inc | 2,880 | ||||||
| 3,338,534 | Intel Corp | 154,107 | |||||||
| 16,725 | * | IXYS Corp | 401 | ||||||
| 108,495 | Kla-Tencor Corp | 11,400 | |||||||
| 50,517 | *,e | Kopin Corp | 162 | ||||||
| 113,555 | Lam Research Corp | 20,902 | |||||||
| 75,431 | * | Lattice Semiconductor Corp | 436 | ||||||
| 29,103 | *,e | MA-COM Technology Solutions | 947 | ||||||
| 269,916 | Marvell Technology Group Ltd | 5,795 | |||||||
| 192,499 | Maxim Integrated Products, Inc | 10,064 | |||||||
| 43,500 | * | MaxLinear, Inc | 1,149 | ||||||
| 160,899 | Microchip Technology, Inc | 14,140 | |||||||
| 772,748 | * | Micron Technology, Inc | 31,775 | ||||||
| 82,939 | * | Microsemi Corp | 4,284 | ||||||
| 38,853 | MKS Instruments, Inc | 3,672 | |||||||
| 28,750 | Monolithic Power Systems, Inc | 3,230 | |||||||
| 18,167 | * | Nanometrics, Inc | 453 | ||||||
| 21,168 | *,e | NeoPhotonics Corp Ltd | 139 | ||||||
| 3,184 | NVE Corp | 274 | |||||||
| 401,167 | NVIDIA Corp | 77,626 | |||||||
| 242,139 | * | NXP Semiconductors NV | 28,352 | ||||||
| 303,061 | * | ON Semiconductor Corp | 6,346 | ||||||
| 20,605 | *,e | PDF Solutions, Inc | 323 | ||||||
| 46,544 | * | Photronics, Inc | 397 | ||||||
| 19,443 | * | Pixelworks, Inc | 123 | ||||||
| 20,135 | Power Integrations, Inc | 1,481 | |||||||
| 90,456 | * | Qorvo, Inc | 6,024 | ||||||
| 1,048,005 | QUALCOMM, INC | 67,093 | |||||||
| 79,664 | * | Rambus, Inc | 1,133 | ||||||
| 22,659 | * | Rudolph Technologies, Inc | 542 | ||||||
| 47,350 | * | Semtech Corp | 1,619 | ||||||
| 25,567 | * | Sigma Designs, Inc | 178 | ||||||
| 28,958 | * | Silicon Laboratories, Inc | 2,557 | ||||||
| 128,723 | Skyworks Solutions, Inc | 12,222 | |||||||
| 14,575 | *,e | SMART Global Holdings, Inc | 491 | ||||||
| 42,585 | *,e | SunPower Corp | 359 | ||||||
| 145,190 | Teradyne, Inc | 6,079 | |||||||
| 707,335 | Texas Instruments, Inc | 73,874 | |||||||
| 23,500 | * | Ultra Clean Holdings | 543 | ||||||
| 34,384 | * | Veeco Instruments, Inc | 511 | ||||||
| 77,993 | Versum Materials, Inc | 2,952 | |||||||
| 37,527 | * | Xcerra Corp | 367 | ||||||
| 172,027 | Xilinx, Inc | 11,598 | |||||||
| 293 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 35,485 | Xperi Corp | $ | 866 | ||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 743,561 | ||||||||
| SOFTWARE & SERVICES - 13.5% | |||||||||
| 31,603 | * | 2U, Inc | 2,039 | ||||||
| 65,506 | * | 8x8, Inc | 924 | ||||||
| 32,215 | * | A10 Networks, Inc | 249 | ||||||
| 439,285 | Accenture plc | 67,250 | |||||||
| 86,241 | * | ACI Worldwide, Inc | 1,955 | ||||||
| 525,666 | Activision Blizzard, Inc | 33,285 | |||||||
| 23,331 | * | Actua Corp | 364 | ||||||
| 57,158 | * | Acxiom Corp | 1,575 | ||||||
| 348,594 | * | Adobe Systems, Inc | 61,088 | ||||||
| 120,279 | * | Akamai Technologies, Inc | 7,823 | ||||||
| 14,717 | * | Alarm.com Holdings, Inc | 556 | ||||||
| 34,856 | Alliance Data Systems Corp | 8,835 | |||||||
| 211,256 | * | Alphabet, Inc (Class A) | 222,537 | ||||||
| 214,608 | * | Alphabet, Inc (Class C) | 224,566 | ||||||
| 6,774 | * | Alteryx, Inc | 171 | ||||||
| 11,882 | * | Amber Road, Inc | 87 | ||||||
| 104,061 | Amdocs Ltd | 6,814 | |||||||
| 15,720 | American Software, Inc (Class A) | 183 | |||||||
| 61,523 | * | Ansys, Inc | 9,080 | ||||||
| 5,867 | * | Appfolio, Inc | 243 | ||||||
| 12,607 | * | Apptio, Inc | 297 | ||||||
| 52,922 | * | Aspen Technology, Inc | 3,503 | ||||||
| 64,859 | * | Atlassian Corp plc | 2,952 | ||||||
| 145,805 | * | Autodesk, Inc | 15,285 | ||||||
| 314,130 | Automatic Data Processing, Inc | 36,813 | |||||||
| 18,304 | * | Barracuda Networks, Inc | 503 | ||||||
| 59,668 | * | Bazaarvoice, Inc | 325 | ||||||
| 11,374 | *,e | Benefitfocus, Inc | 307 | ||||||
| 78,388 | * | Black Knight, Inc | 3,461 | ||||||
| 34,044 | Blackbaud, Inc | 3,217 | |||||||
| 40,135 | * | Blackhawk Network Holdings, Inc | 1,431 | ||||||
| 7,430 | * | Blackline, Inc | 244 | ||||||
| 30,473 | * | Blucora, Inc | 673 | ||||||
| 105,922 | Booz Allen Hamilton Holding Co | 4,039 | |||||||
| 29,562 | * | Bottomline Technologies, Inc | 1,025 | ||||||
| 56,836 | * | Box, Inc | 1,200 | ||||||
| 20,694 | * | Brightcove, Inc | 147 | ||||||
| 84,067 | Broadridge Financial Solutions, Inc | 7,615 | |||||||
| 21,331 | *,e | BroadSoft, Inc | 1,171 | ||||||
| 209,879 | CA, Inc | 6,985 | |||||||
| 17,838 | * | CACI International, Inc (Class A) | 2,361 | ||||||
| 199,514 | * | Cadence Design Systems, Inc | 8,344 | ||||||
| 46,299 | * | Callidus Software, Inc | 1,326 | ||||||
| 18,030 | * | Carbonite, Inc | 453 | ||||||
| 33,955 | * | Cardtronics plc | 629 | ||||||
| 10,137 | * | Care.com, Inc | 183 | ||||||
| 51,951 | *,e | Cars.com, Inc | 1,498 | ||||||
| 8,830 | Cass Information Systems, Inc | 514 | |||||||
| 96,451 | CDK Global, Inc | 6,875 | |||||||
| 294 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 15,814 | * | ChannelAdvisor Corp | $ | 142 | |||||
| 18,077 | *,e | Cimpress NV | 2,167 | ||||||
| 103,036 | * | Citrix Systems, Inc | 9,067 | ||||||
| 68,978 | * | Cloudera, Inc | 1,140 | ||||||
| 408,542 | Cognizant Technology Solutions Corp (Class A) | 29,015 | |||||||
| 19,734 | * | CommerceHub, Inc | 406 | ||||||
| 9,867 | *,e | CommerceHub, Inc (Series A) | 217 | ||||||
| 28,135 | * | Commvault Systems, Inc | 1,477 | ||||||
| 137,713 | * | Conduent, Inc | 2,225 | ||||||
| 67,630 | Convergys Corp | 1,589 | |||||||
| 37,259 | * | Cornerstone OnDemand, Inc | 1,316 | ||||||
| 25,159 | * | CoStar Group, Inc | 7,471 | ||||||
| 21,523 | * | Coupa Software, Inc | 672 | ||||||
| 24,883 | CSG Systems International, Inc | 1,090 | |||||||
| 114,401 | CSRA, Inc | 3,423 | |||||||
| 142,078 | * | Dell Technologies, Inc-VMware Inc | 11,548 | ||||||
| 32,513 | * | DHI Group, Inc | 62 | ||||||
| 7,264 | * | Digimarc Corp | 263 | ||||||
| 44,464 | DST Systems, Inc | 2,760 | |||||||
| 196,821 | DXC Technology Co | 18,678 | |||||||
| 704,215 | * | eBay, Inc | 26,577 | ||||||
| 17,480 | e | Ebix, Inc | 1,385 | ||||||
| 211,912 | * | Electronic Arts, Inc | 22,263 | ||||||
| 24,127 | * | Ellie Mae, Inc | 2,157 | ||||||
| 43,380 | * | Endurance International Group Holdings, Inc | 364 | ||||||
| 30,234 | * | Envestnet, Inc | 1,507 | ||||||
| 34,220 | * | EPAM Systems, Inc | 3,676 | ||||||
| 83,578 | * | Etsy, Inc | 1,709 | ||||||
| 35,298 | * | Euronet Worldwide, Inc | 2,975 | ||||||
| 12,571 | * | Everbridge, Inc | 374 | ||||||
| 45,885 | * | Everi Holdings, Inc | 346 | ||||||
| 44,094 | EVERTEC, Inc | 602 | |||||||
| 21,916 | * | ExlService Holdings, Inc | 1,323 | ||||||
| 1,656,330 | * | Facebook, Inc | 292,276 | ||||||
| 21,529 | Fair Isaac Corp | 3,298 | |||||||
| 231,994 | Fidelity National Information Services, Inc | 21,828 | |||||||
| 127,712 | * | FireEye, Inc | 1,813 | ||||||
| 61,509 | * | First American Corp | 2,842 | ||||||
| 336,138 | * | First Data Corp | 5,617 | ||||||
| 148,762 | * | Fiserv, Inc | 19,507 | ||||||
| 37,675 | * | Five9, Inc | 937 | ||||||
| 63,251 | * | FleetCor Technologies, Inc | 12,171 | ||||||
| 104,792 | * | Fortinet, Inc | 4,578 | ||||||
| 62,703 | * | Gartner, Inc | 7,722 | ||||||
| 97,664 | Genpact Ltd | 3,100 | |||||||
| 109,228 | Global Payments, Inc | 10,949 | |||||||
| 54,344 | * | Glu Mobile, Inc | 198 | ||||||
| 89,098 | * | GoDaddy, Inc | 4,480 | ||||||
| 42,541 | *,e | Gogo, Inc | 480 | ||||||
| 60,011 | *,e | GrubHub, Inc | 4,309 | ||||||
| 22,127 | * | GTT Communications, Inc | 1,039 | ||||||
| 52,363 | * | Guidewire Software, Inc | 3,888 | ||||||
| 17,956 | Hackett Group, Inc | 282 | |||||||
| 34,799 | * | Hortonworks, Inc | 700 | ||||||
| 295 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 24,272 | * | HubSpot, Inc | $ | 2,146 | |||||
| 49,755 | * | IAC/InterActiveCorp | 6,084 | ||||||
| 24,295 | * | Imperva, Inc | 964 | ||||||
| 24,668 | * | Information Services Group, Inc | 103 | ||||||
| 15,324 | * | Instructure, Inc | 507 | ||||||
| 14,801 | * | Internap Corp | 233 | ||||||
| 600,790 | International Business Machines Corp | 92,173 | |||||||
| 171,972 | Intuit, Inc | 27,134 | |||||||
| 33,493 | j2 Global, Inc | 2,513 | |||||||
| 55,229 | Jack Henry & Associates, Inc | 6,460 | |||||||
| 9,177 | * | Leaf Group Ltd | 91 | ||||||
| 101,147 | Leidos Holdings, Inc | 6,531 | |||||||
| 50,961 | * | Limelight Networks, Inc | 225 | ||||||
| 19,090 | * | Liquidity Services, Inc | 93 | ||||||
| 40,701 | * | Liveperson, Inc | 468 | ||||||
| 36,974 | LogMeIn, Inc | 4,234 | |||||||
| 48,035 | * | Manhattan Associates, Inc | 2,380 | ||||||
| 18,418 | Mantech International Corp (Class A) | 924 | |||||||
| 667,120 | MasterCard, Inc (Class A) | 100,975 | |||||||
| 24,371 | *,e | Match Group, Inc | 763 | ||||||
| 44,595 | MAXIMUS, Inc | 3,192 | |||||||
| 46,865 | * | Meet Group, Inc | 132 | ||||||
| 5,322,804 | Microsoft Corp | 455,313 | |||||||
| 6,844 | * | MicroStrategy, Inc (Class A) | 899 | ||||||
| 26,600 | * | MINDBODY, Inc | 810 | ||||||
| 22,456 | * | Mitek Systems, Inc | 201 | ||||||
| 40,466 | * | MobileIron, Inc | 158 | ||||||
| 14,483 | * | Model N, Inc | 228 | ||||||
| 22,389 | * | MoneyGram International, Inc | 295 | ||||||
| 29,292 | Monotype Imaging Holdings, Inc | 706 | |||||||
| 10,573 | * | MuleSoft, Inc | 246 | ||||||
| 21,173 | * | New Relic, Inc | 1,223 | ||||||
| 46,584 | NIC, Inc | 773 | |||||||
| 208,409 | * | Nuance Communications, Inc | 3,407 | ||||||
| 75,444 | *,e | Nutanix, Inc | 2,662 | ||||||
| 8,277 | * | Okta, Inc | 212 | ||||||
| 2,069,569 | Oracle Corp | 97,849 | |||||||
| 163,222 | *,e | Pandora Media, Inc | 787 | ||||||
| 7,197 | *,e | Park City Group, Inc | 69 | ||||||
| 224,335 | Paychex, Inc | 15,273 | |||||||
| 35,482 | *,e | Paycom Software, Inc | 2,850 | ||||||
| 18,614 | * | Paylocity Holding Corp | 878 | ||||||
| 801,559 | * | PayPal Holdings, Inc | 59,011 | ||||||
| 26,462 | Pegasystems, Inc | 1,248 | |||||||
| 25,493 | * | Perficient, Inc | 486 | ||||||
| 13,412 | * | Presidio, Inc | 257 | ||||||
| 31,483 | Progress Software Corp | 1,340 | |||||||
| 30,883 | * | Proofpoint, Inc | 2,743 | ||||||
| 19,034 | * | PROS Holdings, Inc | 503 | ||||||
| 81,664 | * | PTC, Inc | 4,963 | ||||||
| 22,395 | * | Q2 Holdings, Inc | 825 | ||||||
| 7,729 | QAD, Inc (Class A) | 300 | |||||||
| 22,512 | * | Qualys, Inc | 1,336 | ||||||
| 296 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 20,643 | * | QuinStreet, Inc | $ | 173 | |||||
| 53,361 | * | Quotient Technology, Inc | 627 | ||||||
| 14,504 | * | Rapid7, Inc | 271 | ||||||
| 18,038 | * | RealNetworks, Inc | 62 | ||||||
| 42,414 | * | RealPage, Inc | 1,879 | ||||||
| 123,197 | * | Red Hat, Inc | 14,796 | ||||||
| 6,528 | Reis, Inc | 135 | |||||||
| 44,988 | * | RingCentral, Inc | 2,177 | ||||||
| 13,437 | * | Rosetta Stone, Inc | 168 | ||||||
| 27,990 | * | Rubicon Project, Inc | 52 | ||||||
| 151,223 | Sabre Corp | 3,100 | |||||||
| 478,135 | * | salesforce.com, Inc | 48,880 | ||||||
| 31,653 | Science Applications International Corp | 2,424 | |||||||
| 4,599 | *,e | SecureWorks Corp | 41 | ||||||
| 116,397 | * | ServiceNow, Inc | 15,177 | ||||||
| 46,932 | * | ServiceSource International LLC | 145 | ||||||
| 13,499 | *,e | Shutterstock, Inc | 581 | ||||||
| 29,419 | * | Silver Spring Networks, Inc | 478 | ||||||
| 98,246 | * | Splunk, Inc | 8,139 | ||||||
| 12,246 | * | SPS Commerce, Inc | 595 | ||||||
| 160,838 | * | Square, Inc | 5,576 | ||||||
| 122,104 | SS&C Technologies Holdings, Inc | 4,943 | |||||||
| 11,437 | * | Stamps.com, Inc | 2,150 | ||||||
| 6,538 | * | StarTek, Inc | 65 | ||||||
| 25,754 | e | Switch, Inc | 468 | ||||||
| 29,262 | * | Sykes Enterprises, Inc | 920 | ||||||
| 429,847 | Symantec Corp | 12,061 | |||||||
| 30,290 | * | Synchronoss Technologies, Inc | 271 | ||||||
| 107,416 | * | Synopsys, Inc | 9,156 | ||||||
| 23,254 | * | Syntel, Inc | 535 | ||||||
| 43,485 | * | Tableau Software, Inc | 3,009 | ||||||
| 78,879 | * | Take-Two Interactive Software, Inc | 8,659 | ||||||
| 12,153 | * | TechTarget, Inc | 169 | ||||||
| 20,400 | * | TeleNav, Inc | 112 | ||||||
| 10,054 | TeleTech Holdings, Inc | 405 | |||||||
| 90,969 | * | Teradata Corp | 3,499 | ||||||
| 84,788 | TiVo Corp | 1,323 | |||||||
| 130,014 | Total System Services, Inc | 10,283 | |||||||
| 12,457 | *,e | Trade Desk, Inc | 570 | ||||||
| 88,235 | Travelport Worldwide Ltd | 1,153 | |||||||
| 44,667 | * | TrueCar, Inc | 500 | ||||||
| 6,516 | *,e | Tucows, Inc | 456 | ||||||
| 44,947 | *,e | Twilio, Inc | 1,061 | ||||||
| 478,918 | * | Twitter, Inc | 11,499 | ||||||
| 24,426 | * | Tyler Technologies, Inc | 4,325 | ||||||
| 20,094 | * | Ultimate Software Group, Inc | 4,385 | ||||||
| 38,674 | *,e | Unisys Corp | 315 | ||||||
| 4,914 | * | Upland Software, Inc | 106 | ||||||
| 115,105 | *,e | Vantiv, Inc | 8,466 | ||||||
| 13,785 | * | Varonis Systems, Inc | 669 | ||||||
| 21,489 | * | Vasco Data Security International | 299 | ||||||
| 45,384 | * | Verint Systems, Inc | 1,899 | ||||||
| 62,967 | *,e | VeriSign, Inc | 7,206 | ||||||
| 32,131 | *,e | VirnetX Holding Corp | 119 | ||||||
| 297 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 19,953 | * | Virtusa Corp | $ | 880 | |||||
| 1,291,614 | Visa, Inc (Class A) | 147,270 | |||||||
| 51,001 | *,e | VMware, Inc (Class A) | 6,391 | ||||||
| 27,749 | * | Website Pros, Inc | 605 | ||||||
| 337,570 | Western Union Co | 6,417 | |||||||
| 27,596 | * | WEX, Inc | 3,897 | ||||||
| 93,622 | * | Workday, Inc | 9,525 | ||||||
| 16,351 | * | Workiva, Inc | 350 | ||||||
| 19,259 | * | XO Group, Inc | 356 | ||||||
| 56,028 | * | Yelp, Inc | 2,351 | ||||||
| 8,394 | *,e | Yext, Inc | 101 | ||||||
| 69,807 | * | Zendesk, Inc | 2,362 | ||||||
| 38,071 | * | Zillow Group, Inc | 1,551 | ||||||
| 76,096 | *,e | Zillow Group, Inc (Class C) | 3,114 | ||||||
| 42,422 | * | Zix Corp | 186 | ||||||
| 549,506 | * | Zynga, Inc | 2,198 | ||||||
| TOTAL SOFTWARE & SERVICES | 2,635,262 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 5.5% | |||||||||
| 74,639 | *,e | 3D Systems Corp | 645 | ||||||
| 35,649 | Adtran, Inc | 690 | |||||||
| 16,323 | * | Aerohive Networks, Inc | 95 | ||||||
| 11,056 | * | Agilysys, Inc | 136 | ||||||
| 6,547 | *,e | Akoustis Technologies, Inc | 41 | ||||||
| 207,269 | Amphenol Corp (Class A) | 18,198 | |||||||
| 21,094 | * | Anixter International, Inc | 1,603 | ||||||
| 3,646,101 | Apple, Inc | 617,030 | |||||||
| 13,189 | *,e | Applied Optoelectronics, Inc | 499 | ||||||
| 37,776 | * | Arista Networks, Inc | 8,899 | ||||||
| 112,990 | * | ARRIS International plc | 2,903 | ||||||
| 62,946 | * | Arrow Electronics, Inc | 5,061 | ||||||
| 24,161 | * | Avid Technology, Inc | 130 | ||||||
| 90,328 | Avnet, Inc | 3,579 | |||||||
| 34,410 | AVX Corp | 595 | |||||||
| 9,807 | Badger Meter, Inc | 469 | |||||||
| 7,316 | Bel Fuse, Inc (Class B) | 184 | |||||||
| 30,293 | Belden CDT, Inc | 2,338 | |||||||
| 35,867 | * | Benchmark Electronics, Inc | 1,044 | ||||||
| 26,799 | * | CalAmp Corp | 574 | ||||||
| 28,887 | * | Calix, Inc | 172 | ||||||
| 109,536 | CDW Corp | 7,612 | |||||||
| 101,053 | * | Ciena Corp | 2,115 | ||||||
| 3,517,494 | Cisco Systems, Inc | 134,720 | |||||||
| 8,964 | *,e | Clearfield, Inc | 110 | ||||||
| 120,542 | Cognex Corp | 7,372 | |||||||
| 17,685 | * | Coherent, Inc | 4,991 | ||||||
| 137,846 | * | CommScope Holding Co, Inc | 5,215 | ||||||
| 16,237 | Comtech Telecommunications Corp | 359 | |||||||
| 15,682 | * | Control4 Corp | 467 | ||||||
| 606,041 | Corning, Inc | 19,387 | |||||||
| 29,620 | * | Cray, Inc | 717 | ||||||
| 23,637 | CTS Corp | 609 | |||||||
| 27,847 | Daktronics, Inc | 254 | |||||||
| 298 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 53,560 | e | Diebold, Inc | $ | 876 | |||||
| 18,652 | * | Digi International, Inc | 178 | ||||||
| 39,659 | Dolby Laboratories, Inc (Class A) | 2,459 | |||||||
| 13,533 | *,e | Eastman Kodak Co | 42 | ||||||
| 33,587 | * | EchoStar Corp (Class A) | 2,012 | ||||||
| 21,493 | * | Electro Scientific Industries, Inc | 461 | ||||||
| 33,181 | * | Electronics for Imaging, Inc | 980 | ||||||
| 18,982 | * | EMCORE Corp | 122 | ||||||
| 9,278 | * | ePlus, Inc | 698 | ||||||
| 79,396 | * | Extreme Networks, Inc | 994 | ||||||
| 42,100 | * | F5 Networks, Inc | 5,524 | ||||||
| 26,560 | * | Fabrinet | 762 | ||||||
| 12,851 | * | FARO Technologies, Inc | 604 | ||||||
| 80,146 | * | Finisar Corp | 1,631 | ||||||
| 124,310 | *,e | Fitbit, Inc | 710 | ||||||
| 95,771 | Flir Systems, Inc | 4,465 | |||||||
| 58,321 | * | Harmonic, Inc | 245 | ||||||
| 83,686 | Harris Corp | 11,854 | |||||||
| 1,157,319 | Hewlett Packard Enterprise Co | 16,619 | |||||||
| 1,184,002 | HP, Inc | 24,876 | |||||||
| 43,712 | * | II-VI, Inc | 2,052 | ||||||
| 21,661 | *,e | Immersion Corp | 153 | ||||||
| 103,799 | * | Infinera Corp | 657 | ||||||
| 25,682 | * | Insight Enterprises, Inc | 983 | ||||||
| 25,007 | InterDigital, Inc | 1,904 | |||||||
| 13,652 | * | Intevac, Inc | 93 | ||||||
| 25,495 | * | IPG Photonics Corp | 5,459 | ||||||
| 18,293 | * | Iteris, Inc | 127 | ||||||
| 24,355 | * | Itron, Inc | 1,661 | ||||||
| 129,452 | Jabil Circuit, Inc | 3,398 | |||||||
| 267,163 | Juniper Networks, Inc | 7,614 | |||||||
| 32,485 | * | Kemet Corp | 489 | ||||||
| 131,492 | * | Keysight Technologies, Inc | 5,470 | ||||||
| 21,162 | * | Kimball Electronics, Inc | 386 | ||||||
| 64,648 | * | Knowles Corp | 948 | ||||||
| 10,929 | * | KVH Industries, Inc | 113 | ||||||
| 16,323 | Littelfuse, Inc | 3,229 | |||||||
| 43,856 | *,e | Lumentum Holdings, Inc | 2,145 | ||||||
| 24,482 | *,e | Maxwell Technologies, Inc | 141 | ||||||
| 2,255 | e | Mesa Laboratories, Inc | 280 | ||||||
| 25,950 | Methode Electronics, Inc | 1,041 | |||||||
| 47,549 | *,e | Microvision, Inc | 77 | ||||||
| 112,066 | Motorola, Inc | 10,124 | |||||||
| 12,096 | e | MTS Systems Corp | 650 | ||||||
| 7,937 | * | Napco Security Technologies, Inc | 69 | ||||||
| 76,957 | National Instruments Corp | 3,204 | |||||||
| 87,292 | * | NCR Corp | 2,967 | ||||||
| 184,306 | NetApp, Inc | 10,196 | |||||||
| 23,887 | * | Netgear, Inc | 1,403 | ||||||
| 64,175 | * | Netscout Systems, Inc | 1,954 | ||||||
| 23,522 | * | Novanta, Inc | 1,176 | ||||||
| 119,078 | *,e | Oclaro, Inc | 803 | ||||||
| 12,827 | * | OSI Systems, Inc | 826 | ||||||
| 63,866 | * | Palo Alto Networks, Inc | 9,257 | ||||||
| 299 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 14,228 | Park Electrochemical Corp | $ | 280 | ||||||
| 8,216 | PC Connection, Inc | 215 | |||||||
| 6,945 | * | PC Mall, Inc | 69 | ||||||
| 24,496 | Plantronics, Inc | 1,234 | |||||||
| 24,305 | * | Plexus Corp | 1,476 | ||||||
| 67,260 | * | Pure Storage, Inc | 1,067 | ||||||
| 15,117 | *,e | Quantenna Communications, Inc | 184 | ||||||
| 20,253 | * | Quantum Corp | 114 | ||||||
| 26,581 | *,e | Radisys Corp | 27 | ||||||
| 37,508 | * | Ribbon Communications, Inc | 290 | ||||||
| 12,852 | * | Rogers Corp | 2,081 | ||||||
| 52,368 | * | Sanmina Corp | 1,728 | ||||||
| 17,777 | * | Scansource, Inc | 636 | ||||||
| 37,383 | *,e | Stratasys Ltd | 746 | ||||||
| 27,221 | * | Super Micro Computer, Inc | 570 | ||||||
| 25,356 | * | Synaptics, Inc | 1,013 | ||||||
| 20,598 | SYNNEX Corp | 2,800 | |||||||
| 9,938 | Systemax, Inc | 331 | |||||||
| 25,262 | * | Tech Data Corp | 2,475 | ||||||
| 178,485 | * | Trimble Navigation Ltd | 7,254 | ||||||
| 66,124 | * | TTM Technologies, Inc | 1,036 | ||||||
| 16,794 | *,e | Ubiquiti Networks, Inc | 1,193 | ||||||
| 27,466 | Universal Display Corp | 4,742 | |||||||
| 28,420 | * | USA Technologies, Inc | 277 | ||||||
| 80,817 | * | VeriFone Systems, Inc | 1,431 | ||||||
| 38,380 | *,e | Viasat, Inc | 2,873 | ||||||
| 165,919 | * | Viavi Solutions, Inc | 1,450 | ||||||
| 97,366 | Vishay Intertechnology, Inc | 2,020 | |||||||
| 9,508 | * | Vishay Precision Group, Inc | 239 | ||||||
| 204,489 | Western Digital Corp | 16,263 | |||||||
| 166,502 | Xerox Corp | 4,854 | |||||||
| 37,981 | * | Zebra Technologies Corp (Class A) | 3,942 | ||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 1,070,884 | ||||||||
| TELECOMMUNICATION SERVICES - 1.9% | |||||||||
| 4,364,685 | AT&T, Inc | 169,699 | |||||||
| 7,918 | ATN International, Inc | 438 | |||||||
| 27,406 | * | Boingo Wireless, Inc | 617 | ||||||
| 689,983 | CenturyLink, Inc | 11,509 | |||||||
| 29,963 | * | Cincinnati Bell, Inc | 625 | ||||||
| 29,776 | Cogent Communications Group, Inc | 1,349 | |||||||
| 48,355 | Consolidated Communications Holdings, Inc | 589 | |||||||
| 57,416 | e | Frontier Communications Corp | 388 | ||||||
| 19,551 | * | General Communication, Inc (Class A) | 763 | ||||||
| 316,146 | *,e | Globalstar, Inc | 414 | ||||||
| 5,442 | * | Hawaiian Telcom Holdco, Inc | 168 | ||||||
| 10,513 | IDT Corp (Class B) | 111 | |||||||
| 23,607 | * | Intelsat S.A. | 80 | ||||||
| 60,764 | *,e | Iridium Communications, Inc | 717 | ||||||
| 13,047 | * | Ooma, Inc | 156 | ||||||
| 44,329 | * | Orbcomm, Inc | 451 | ||||||
| 7,472 | *,e | pdvWireless, Inc | 240 | ||||||
| 33,638 | Shenandoah Telecom Co | 1,137 | |||||||
| 300 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 14,641 | Spok Holdings, Inc | $ | 229 | ||||||
| 458,152 | *,e | Sprint Corp | 2,698 | ||||||
| 5,677 | * | Straight Path Communications, Inc | 1,032 | ||||||
| 70,982 | Telephone & Data Systems, Inc | 1,973 | |||||||
| 201,037 | * | T-Mobile US, Inc | 12,768 | ||||||
| 9,529 | * | US Cellular Corp | 359 | ||||||
| 2,894,879 | Verizon Communications, Inc | 153,226 | |||||||
| 143,849 | * | Vonage Holdings Corp | 1,463 | ||||||
| 134,628 | e | Windstream Holdings, Inc | 249 | ||||||
| 134,804 | * | Zayo Group Holdings, Inc | 4,961 | ||||||
| TOTAL TELECOMMUNICATION SERVICES | 368,409 | ||||||||
| TRANSPORTATION - 2.2% | |||||||||
| 37,928 | * | Air Transport Services Group, Inc | 878 | ||||||
| 85,907 | Alaska Air Group, Inc | 6,315 | |||||||
| 5,514 | Allegiant Travel Co | 853 | |||||||
| 3,647 | Amerco, Inc | 1,378 | |||||||
| 311,321 | American Airlines Group, Inc | 16,198 | |||||||
| 19,331 | Arkansas Best Corp | 691 | |||||||
| 16,948 | * | Atlas Air Worldwide Holdings, Inc | 994 | ||||||
| 53,941 | * | Avis Budget Group, Inc | 2,367 | ||||||
| 100,174 | CH Robinson Worldwide, Inc | 8,924 | |||||||
| 21,812 | Copa Holdings S.A. (Class A) | 2,924 | |||||||
| 23,634 | Costamare, Inc | 136 | |||||||
| 8,672 | * | Covenant Transportation Group, Inc | 249 | ||||||
| 604,371 | CSX Corp | 33,246 | |||||||
| 14,173 | * | Daseke, Inc | 203 | ||||||
| 471,591 | Delta Air Lines, Inc | 26,409 | |||||||
| 28,818 | * | Eagle Bulk Shipping, Inc | 129 | ||||||
| 21,041 | * | Echo Global Logistics, Inc | 589 | ||||||
| 129,396 | Expeditors International of Washington, Inc | 8,371 | |||||||
| 175,024 | FedEx Corp | 43,675 | |||||||
| 20,963 | Forward Air Corp | 1,204 | |||||||
| 6,118 | *,e | Genco Shipping & Trading Ltd | 81 | ||||||
| 43,633 | * | Genesee & Wyoming, Inc (Class A) | 3,435 | ||||||
| 36,387 | Hawaiian Holdings, Inc | 1,450 | |||||||
| 33,759 | Heartland Express, Inc | 788 | |||||||
| 40,162 | *,e | Hertz Global Holdings, Inc | 888 | ||||||
| 21,791 | * | Hub Group, Inc (Class A) | 1,044 | ||||||
| 61,748 | J.B. Hunt Transport Services, Inc | 7,100 | |||||||
| 240,228 | * | JetBlue Airways Corp | 5,367 | ||||||
| 75,793 | Kansas City Southern Industries, Inc | 7,975 | |||||||
| 37,438 | * | Kirby Corp | 2,501 | ||||||
| 87,818 | Knight-Swift Transportation Holdings, Inc | 3,839 | |||||||
| 25,122 | Landstar System, Inc | 2,615 | |||||||
| 55,800 | Macquarie Infrastructure Co LLC | 3,582 | |||||||
| 23,235 | Marten Transport Ltd | 472 | |||||||
| 32,238 | Matson, Inc | 962 | |||||||
| 65,499 | * | Navios Maritime Holdings, Inc | 79 | ||||||
| 204,888 | Norfolk Southern Corp | 29,688 | |||||||
| 43,304 | Old Dominion Freight Line | 5,697 | |||||||
| 6,136 | Park-Ohio Holdings Corp | 282 | |||||||
| 29,335 | * | Radiant Logistics, Inc | 135 | ||||||
| 20,933 | * | Roadrunner Transportation Services Holdings, Inc | 161 | ||||||
| 301 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 38,669 | Ryder System, Inc | $ | 3,255 | ||||||
| 33,371 | * | Safe Bulkers, Inc | 108 | ||||||
| 18,094 | * | Saia, Inc | 1,280 | ||||||
| 22,723 | Schneider National, Inc | 649 | |||||||
| 40,927 | Scorpio Bulkers, Inc | 303 | |||||||
| 37,279 | Skywest, Inc | 1,980 | |||||||
| 396,105 | Southwest Airlines Co | 25,925 | |||||||
| 50,261 | * | Spirit Airlines, Inc | 2,254 | ||||||
| 558,898 | Union Pacific Corp | 74,948 | |||||||
| 197,220 | * | United Continental Holdings, Inc | 13,293 | ||||||
| 487,401 | United Parcel Service, Inc (Class B) | 58,074 | |||||||
| 6,297 | Universal Truckload Services, Inc | 150 | |||||||
| 31,167 | Werner Enterprises, Inc | 1,205 | |||||||
| 79,581 | *,e | XPO Logistics, Inc | 7,289 | ||||||
| 23,809 | * | YRC Worldwide, Inc | 342 | ||||||
| TOTAL TRANSPORTATION | 424,929 | ||||||||
| UTILITIES - 3.0% | |||||||||
| 479,673 | AES Corp | 5,195 | |||||||
| 30,256 | Allete, Inc | 2,250 | |||||||
| 162,876 | Alliant Energy Corp | 6,940 | |||||||
| 174,489 | Ameren Corp | 10,293 | |||||||
| 345,990 | American Electric Power Co, Inc | 25,455 | |||||||
| 25,230 | American States Water Co | 1,461 | |||||||
| 122,513 | American Water Works Co, Inc | 11,209 | |||||||
| 125,741 | Aqua America, Inc | 4,933 | |||||||
| 8,231 | *,e | AquaVenture Holdings Ltd | 128 | ||||||
| 4,909 | Artesian Resources Corp | 189 | |||||||
| 92,825 | * | Atlantic Power Corp | 218 | ||||||
| 73,411 | Atmos Energy Corp | 6,305 | |||||||
| 39,059 | Avangrid, Inc | 1,976 | |||||||
| 45,672 | Avista Corp | 2,352 | |||||||
| 38,044 | Black Hills Corp | 2,287 | |||||||
| 15,011 | *,e | Cadiz, Inc | 214 | ||||||
| 35,650 | California Water Service Group | 1,617 | |||||||
| 261,683 | * | Calpine Corp | 3,959 | ||||||
| 309,882 | Centerpoint Energy, Inc | 8,788 | |||||||
| 11,318 | Chesapeake Utilities Corp | 889 | |||||||
| 201,227 | CMS Energy Corp | 9,518 | |||||||
| 8,405 | Connecticut Water Service, Inc | 483 | |||||||
| 214,411 | Consolidated Edison, Inc | 18,214 | |||||||
| 10,961 | Consolidated Water Co, Inc | 138 | |||||||
| 453,211 | Dominion Resources, Inc | 36,737 | |||||||
| 128,939 | DTE Energy Co | 14,114 | |||||||
| 496,320 | Duke Energy Corp | 41,746 | |||||||
| 80,776 | * | Dynegy, Inc | 957 | ||||||
| 222,436 | Edison International | 14,067 | |||||||
| 27,569 | El Paso Electric Co | 1,526 | |||||||
| 129,224 | Entergy Corp | 10,518 | |||||||
| 220,603 | Eversource Energy | 13,938 | |||||||
| 23,589 | * | Evoqua Water Technologies Corp | 559 | ||||||
| 669,403 | Exelon Corp | 26,381 | |||||||
| 303,210 | FirstEnergy Corp | 9,284 | |||||||
| 302 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 9,378 | Genie Energy Ltd | $ | 41 | ||||||
| 6,410 | Global Water Resources, Inc | 60 | |||||||
| 153,133 | Great Plains Energy, Inc | 4,937 | |||||||
| 76,347 | Hawaiian Electric Industries, Inc | 2,760 | |||||||
| 30,421 | Idacorp, Inc | 2,779 | |||||||
| 140,621 | MDU Resources Group, Inc | 3,780 | |||||||
| 24,502 | MGE Energy, Inc | 1,546 | |||||||
| 11,759 | Middlesex Water Co | 469 | |||||||
| 57,732 | National Fuel Gas Co | 3,170 | |||||||
| 62,202 | New Jersey Resources Corp | 2,501 | |||||||
| 330,807 | NextEra Energy, Inc | 51,669 | |||||||
| 234,601 | NiSource, Inc | 6,022 | |||||||
| 14,483 | Northwest Natural Gas Co | 864 | |||||||
| 35,112 | NorthWestern Corp | 2,096 | |||||||
| 214,201 | NRG Energy, Inc | 6,100 | |||||||
| 24,011 | NRG Yield, Inc (Class A) | 453 | |||||||
| 47,061 | NRG Yield, Inc (Class C) | 890 | |||||||
| 142,240 | OGE Energy Corp | 4,681 | |||||||
| 36,272 | ONE Gas, Inc | 2,657 | |||||||
| 26,977 | Ormat Technologies, Inc | 1,725 | |||||||
| 27,545 | Otter Tail Corp | 1,224 | |||||||
| 50,689 | e | Pattern Energy Group, Inc | 1,089 | ||||||
| 366,904 | PG&E Corp | 16,448 | |||||||
| 73,930 | Pinnacle West Capital Corp | 6,297 | |||||||
| 55,254 | PNM Resources, Inc | 2,235 | |||||||
| 62,460 | Portland General Electric Co | 2,847 | |||||||
| 481,107 | PPL Corp | 14,890 | |||||||
| 354,951 | Public Service Enterprise Group, Inc | 18,280 | |||||||
| 11,616 | * | Pure Cycle Corp | 97 | ||||||
| 4,887 | RGC Resources, Inc | 132 | |||||||
| 95,839 | SCANA Corp | 3,813 | |||||||
| 176,668 | Sempra Energy | 18,889 | |||||||
| 12,005 | SJW Corp | 766 | |||||||
| 58,642 | South Jersey Industries, Inc | 1,831 | |||||||
| 708,108 | Southern Co | 34,053 | |||||||
| 34,400 | Southwest Gas Corp | 2,769 | |||||||
| 7,544 | e | Spark Energy, Inc | 94 | ||||||
| 33,979 | Spire, Inc | 2,554 | |||||||
| 123,477 | UGI Corp | 5,797 | |||||||
| 10,272 | Unitil Corp | 469 | |||||||
| 59,431 | Vectren Corp | 3,864 | |||||||
| 169,935 | * | Vistra Energy Corp | 3,113 | ||||||
| 15,334 | *,e | Vivint Solar, Inc | 62 | ||||||
| 227,948 | WEC Energy Group, Inc | 15,143 | |||||||
| 101,059 | Westar Energy, Inc | 5,336 | |||||||
| 35,622 | WGL Holdings, Inc | 3,058 | |||||||
| 356,775 | Xcel Energy, Inc | 17,164 | |||||||
| 9,006 | York Water Co | 305 | |||||||
| TOTAL UTILITIES | 576,657 | ||||||||
| TOTAL COMMON STOCKS | 19,435,313 | ||||||||
| (Cost $8,789,287) | |||||||||
| 303 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | COMPANY | VALUE (000) | |||||||
| RIGHTS / WARRANTS - 0.0% | |||||||||
| DIVERSIFIED FINANCIALS - 0.0% | |||||||||
| 1,387 | m | Emergent Capital Inc | $ | 0 | |||||
| TOTAL DIVERSIFIED FINANCIALS | 0 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | |||||||||
| 10,743 | †,m | Forest Laboratories, Inc CVR | 10 | ||||||
| 4,045 | †,m | Omthera Pharmaceuticals, Inc CVR | 3 | ||||||
| 6,981 | m | Tobira Therapeutics, Inc | 0 | ^ | |||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 13 | ||||||||
| SOFTWARE & SERVICES - 0.0% | |||||||||
| 19,206 | †,m | Gerber Scientific, Inc | 0 | ||||||
| TOTAL SOFTWARE & SERVICES | 0 | ||||||||
| TOTAL RIGHTS / WARRANTS | 13 | ||||||||
| (Cost $1) | |||||||||
| MATURITY | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | DATE | |||||||||||||
| SHORT-TERM INVESTMENTS - 1.9% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT - 0.1% | ||||||||||||||||
| $ | 13,750,000 | Federal Home Loan Bank (FHLB) | 1.080 | % | 01/08/18 | 13,747 | ||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 13,747 | |||||||||||||||
| TREASURY DEBT - 0.3% | ||||||||||||||||
| 18,400,000 | United States Treasury Bill | 1.211 | 01/04/18 | 18,399 | ||||||||||||
| 37,820,000 | United States Treasury Bill | 1.136 | 01/11/18 | 37,809 | ||||||||||||
| TOTAL TREASURY DEBT | 56,208 | |||||||||||||||
| SHARES | COMPANY | |||||||||||||||
| INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.5% | ||||||||||||||||
| 298,568,066 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 298,568 | |||||||||||||
| TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 298,568 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 368,523 | |||||||||||||||
| (Cost $368,521) | ||||||||||||||||
| TOTAL INVESTMENTS - 101.4% | 19,803,849 | |||||||||||||||
| (Cost $9,157,809) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - (1.4)% | (269,742 | ) | ||||||||||||||
| NET ASSETS - 100.0% | $ | 19,534,107 | ||||||||||||||
| 304 |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| Abbreviation(s): | ||||
| CVR | Contingent Value Right | |||
| 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. | |||
| 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 $287,356,000. | |||
| m | Indicates a security that has been deemed illiquid. | |||
| Cost amounts are in thousands. | ||||
Futures contracts outstanding as of December 31, 2017 were as follows (notional amounts and values are in thousands) (See Note 3):
| Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | ||||||||
| Russell 2000 E Mini Index | 74 | 3/16/18 | $ | 5,606 | $ | 5,685 | $ | 79 | |||||
| S&P 500 E Mini Index | 347 | 3/16/18 | 45,848 | 46,429 | 581 | ||||||||
| S&P Mid-Cap 400 E Mini Index | 29 | 3/16/18 | 5,448 | 5,517 | 69 | ||||||||
| Total | 450 | $ | 56,902 | $ | 57,631 | $ | 729 | ||||||
| 305 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2017
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| BANK LOAN OBLIGATIONS - 0.3% | ||||||||||||||||||
| CAPITAL GOODS - 0.0% | ||||||||||||||||||
| $ | 1,318,375 | i | Avolon TLB Borrower Luxembourg Sarl | LIBOR 1 M + 2.250% | 3.750 | % | 03/21/22 | $ | 1,308 | |||||||||
| 983,120 | i | TransDigm, Inc | LIBOR 1 M + 2.750% | 4.320 | 05/14/22 | 985 | ||||||||||||
| TOTAL CAPITAL GOODS | 2,293 | |||||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.0% | ||||||||||||||||||
| 900,000 | i | Hanesbrands, Inc | LIBOR 3 M + 1.750% | 3.227 | 12/05/24 | 903 | ||||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 903 | |||||||||||||||||
| CONSUMER SERVICES - 0.0% | ||||||||||||||||||
| 495,210 | i | 1011778 BC / New Red Finance, Inc | LIBOR 3 M + 2.250% | 3.940 | 02/17/24 | 495 | ||||||||||||
| 493,034 | i | Boyd Gaming Corp | LIBOR 1 W + 2.500% | 3.980 | 09/15/23 | 495 | ||||||||||||
| 1,679,150 | i | Hilton Worldwide Finance LLC | LIBOR 1 M + 2.000% | 3.550 | 10/25/23 | 1,687 | ||||||||||||
| 715,965 | i | KFC Holding Co | LIBOR 1 M + 2.000% | 3.490 | 06/16/23 | 720 | ||||||||||||
| TOTAL CONSUMER SERVICES | 3,397 | |||||||||||||||||
| DIVERSIFIED FINANCIALS - 0.0% | ||||||||||||||||||
| 198,500 | i | Mallinckrodt International Finance S.A. | LIBOR 3 M + 2.750% | 4.440 | 09/24/24 | 198 | ||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 198 | |||||||||||||||||
| ENERGY - 0.0% | ||||||||||||||||||
| 1,720,000 | i | California Resources Corp | LIBOR 1 M + 10.326% | 11.876 | 12/31/21 | 1,886 | ||||||||||||
| TOTAL ENERGY | 1,886 | |||||||||||||||||
| FOOD & STAPLES RETAILING - 0.0% | ||||||||||||||||||
| 207,955 | i | Albertsons LLC | LIBOR 3 M + 3.000% | 4.460 | 06/22/23 | 203 | ||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 203 | |||||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 0.0% | ||||||||||||||||||
| 2,000,000 | i | BG Foods, Inc | LIBOR 1 M + 2.019% | 3.569 | 11/02/22 | 2,014 | ||||||||||||
| 993,861 | i | Post Holdings, Inc | LIBOR 1 M + 2.250% | 3.820 | 05/24/24 | 997 | ||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 3,011 | |||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.1% | ||||||||||||||||||
| 1,488,750 | Change Healthcare Holdings LLC | 4.320 | 03/01/24 | 1,491 | ||||||||||||||
| 1,640,500 | i | DaVita HealthCare Partners, Inc | LIBOR 1 M + 2.750% | 4.319 | 06/24/21 | 1,653 | ||||||||||||
| 1,980,000 | i | Envision Healthcare Corp | LIBOR 1 M + 3.000% | 4.570 | 12/01/23 | 1,984 | ||||||||||||
| 2,473,788 | i | Team Health Holdings, Inc | LIBOR 1 M + 2.769% | 4.319 | 02/06/24 | 2,407 | ||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 7,535 | |||||||||||||||||
| MATERIALS - 0.1% | ||||||||||||||||||
| 990,013 | i | American Builders & Contractors Supply Co, Inc | LIBOR 1 M + 2.500% | 4.070 | 10/31/23 | 994 | ||||||||||||
| 1,488,750 | i | Berry Plastics Corp | LIBOR 1 M + 2.250% | 3.680 | 01/19/24 | 1,494 | ||||||||||||
| 500,000 | i | Ineos US Finance LLC | LIBOR 1 M + 2.000% | 3.570 | 03/31/24 | 500 | ||||||||||||
| 1,415,787 | i | PolyOne Corp | LIBOR 1 M + 2.000% | 3.490 | 11/11/22 | 1,422 | ||||||||||||
| TOTAL MATERIALS | 4,410 | |||||||||||||||||
| 306 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| MEDIA - 0.1% | ||||||||||||||||||
| $ | 979,453 | i | CSC Holdings LLC | LIBOR 1 M + 2.250% | 3.741 | % | 07/17/25 | $ | 975 | |||||||||
| 911,059 | i | Lions Gate Entertainment Corp | LIBOR 1 M + 2.250% | 3.819 | 12/08/23 | 911 | ||||||||||||
| 104,899 | i | Mission Broadcasting, Inc | LIBOR 1 M + 2.500% | 3.860 | 01/17/24 | 105 | ||||||||||||
| 2,062,400 | i | MTL Publishing LLC | LIBOR 1 M + 2.250% | 3.741 | 08/21/23 | 2,065 | ||||||||||||
| 830,946 | i | Nexstar Broadcasting, Inc | LIBOR 1 M + 2.500% | 3.860 | 01/17/24 | 833 | ||||||||||||
| 750,000 | i | Virgin Media Bristol LLC | LIBOR 1 M + 2.500% | 3.980 | 01/15/26 | 750 | ||||||||||||
| TOTAL MEDIA | 5,639 | |||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | ||||||||||||||||||
| 124,375 | Endo Luxembourg Finance I Co Sarl | LIBOR 1 M + 4.250% | 5.875 | 04/29/24 | 125 | |||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 125 | |||||||||||||||||
| REAL ESTATE - 0.0% | ||||||||||||||||||
| 1,645,688 | i | MGM Growth Properties LLC | LIBOR 1 M + 2.250% | 3.820 | 04/25/23 | 1,651 | ||||||||||||
| TOTAL REAL ESTATE | 1,651 | |||||||||||||||||
| RETAILING - 0.0% | ||||||||||||||||||
| 2,808,445 | i | PetSmart, Inc | LIBOR 1 M + 3.000% | 4.570 | 03/11/22 | 2,239 | ||||||||||||
| TOTAL RETAILING | 2,239 | |||||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0% | ||||||||||||||||||
| 1,481,250 | i | Versum Materials, Inc | LIBOR 3 M + 2.500% | 3.693 | 09/29/23 | 1,488 | ||||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1,488 | |||||||||||||||||
| SOFTWARE & SERVICES - 0.0% | ||||||||||||||||||
| 1,419,152 | i | First Data Corp | LIBOR 1 M + 2.250% | 3.800 | 07/08/22 | 1,420 | ||||||||||||
| 99,003 | i | Sabre GLBL, Inc | LIBOR 3 M + 2.250% | 3.820 | 02/22/24 | 99 | ||||||||||||
| TOTAL SOFTWARE & SERVICES | 1,519 | |||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% | ||||||||||||||||||
| 868,525 | i | CommScope, Inc | LIBOR 3 M + 2.000% | 3.383 | 12/29/22 | 872 | ||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 872 | |||||||||||||||||
| TRANSPORTATION - 0.0% | ||||||||||||||||||
| 1,039,500 | i | American Airlines, Inc | LIBOR 1 M + 1.927% | 3.477 | 12/14/23 | 1,038 | ||||||||||||
| 248,125 | i | Vouvray US Finance, LLC | LIBOR 1 M + 3.000% | 4.570 | 03/11/24 | 247 | ||||||||||||
| TOTAL TRANSPORTATION | 1,285 | |||||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 38,654 | |||||||||||||||||
| (Cost $39,079) | ||||||||||||||||||
| BONDS - 96.8% | ||||||||||||||||||
| CORPORATE BONDS - 34.1% | ||||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.5% | ||||||||||||||||||
| EUR | 1,750,000 | g | Adient Global Holdings Ltd | 3.500 | 08/15/24 | 2,242 | ||||||||||||
| $ | 590,000 | g | Adient Global Holdings Ltd | 4.875 | 08/15/26 | 606 | ||||||||||||
| 960,000 | g | Allison Transmission, Inc | 5.000 | 10/01/24 | 990 | |||||||||||||
| 4,050,000 | Aptiv plc | 3.150 | 11/19/20 | 4,112 | ||||||||||||||
| 307 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 9,650,000 | g | BMW US Capital LLC | 2.000 | % | 04/11/21 | $ | 9,512 | ||||||||||
| EUR | 1,200,000 | g | Gates Global LLC | 5.750 | 07/15/22 | 1,466 | ||||||||||||
| $ | 8,775,000 | General Motors Co | 4.200 | 10/01/27 | 9,079 | |||||||||||||
| 6,950,000 | General Motors Co | 6.600 | 04/01/36 | 8,463 | ||||||||||||||
| 3,350,000 | General Motors Co | 6.250 | 10/02/43 | 3,965 | ||||||||||||||
| 1,925,000 | General Motors Co | 6.750 | 04/01/46 | 2,422 | ||||||||||||||
| 6,500,000 | General Motors Co | 5.400 | 04/01/48 | 7,084 | ||||||||||||||
| 2,425,000 | g | Hyundai Capital America | 2.600 | 03/19/20 | 2,405 | |||||||||||||
| 3,850,000 | g | Hyundai Capital America | 2.550 | 04/03/20 | 3,818 | |||||||||||||
| 4,800,000 | g | Hyundai Capital America | 3.250 | 09/20/22 | 4,794 | |||||||||||||
| 200,000 | g,o | IHO Verwaltungs GmbH | 4.125 | 09/15/21 | 203 | |||||||||||||
| 200,000 | g,o | IHO Verwaltungs GmbH | 4.500 | 09/15/23 | 204 | |||||||||||||
| EUR | 400,000 | g | IHO Verwaltungs GmbH | 3.750 | 09/15/26 | 513 | ||||||||||||
| $ | 8,675,000 | Magna International, Inc | 3.625 | 06/15/24 | 8,968 | |||||||||||||
| 600,000 | g | Schaeffler Finance BV | 4.750 | 05/15/23 | 612 | |||||||||||||
| 1,000,000 | Tenneco, Inc | 5.000 | 07/15/26 | 1,025 | ||||||||||||||
| 1,089,000 | g | ZF North America Capital, Inc | 4.750 | 04/29/25 | 1,153 | |||||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 73,636 | |||||||||||||||||
| BANKS - 6.5% | ||||||||||||||||||
| 3,075,000 | g,i | Akbank TAS | USD SWAP SEMI 30/360 5 Y + 5.026% | 7.200 | 03/16/27 | 3,238 | ||||||||||||
| 6,000,000 | Australia & New Zealand Banking Group Ltd | 2.625 | 05/19/22 | 5,980 | ||||||||||||||
| 4,000,000 | g | Banco de Bogota S.A. | 6.250 | 05/12/26 | 4,313 | |||||||||||||
| 500,000 | g | Banco de Bogota S.A. | 4.375 | 08/03/27 | 499 | |||||||||||||
| 5,300,000 | g | Banco do Brasil S.A. | 4.625 | 01/15/25 | 5,238 | |||||||||||||
| 3,000,000 | g | Banco General S.A. | 4.125 | 08/07/27 | 3,001 | |||||||||||||
| 4,575,000 | g | Banco Nacional de Comercio Exterior SNC | 4.375 | 10/14/25 | 4,758 | |||||||||||||
| 6,400,000 | Banco Santander S.A. | 3.125 | 02/23/23 | 6,366 | ||||||||||||||
| 3,800,000 | Banco Santander S.A. | 3.800 | 02/23/28 | 3,799 | ||||||||||||||
| 5,000,000 | g | Bank Nederlandse Gemeenten | 2.625 | 04/28/21 | 5,051 | |||||||||||||
| 15,900,000 | Bank of America Corp | 2.151 | 11/09/20 | 15,826 | ||||||||||||||
| EUR | 400,000 | Bank of America Corp | 1.375 | 03/26/25 | 493 | |||||||||||||
| $ | 10,200,000 | Bank of America Corp | 3.875 | 08/01/25 | 10,757 | |||||||||||||
| 200,000 | Bank of America Corp | 4.250 | 10/22/26 | 211 | ||||||||||||||
| EUR | 300,000 | i | Bank of America Corp | EURIBOR 3 M + 1.200% | 1.776 | 05/04/27 | 375 | |||||||||||
| 28,050,000 | Bank of America Corp | 3.248 | 10/21/27 | 27,826 | ||||||||||||||
| 20,125,000 | i | Bank of America Corp | LIBOR 3 M + 1.370% | 3.593 | 07/21/28 | 20,450 | ||||||||||||
| 6,300,000 | g,i | Bank of America Corp | LIBOR 3 M + 1.040% | 3.419 | 12/20/28 | 6,299 | ||||||||||||
| 5,350,000 | i | Bank of Montreal | USD SWAP SEMI 30/360 5 Y + 1.432% | 3.803 | 12/15/32 | 5,289 | ||||||||||||
| 25,000,000 | Bank of Nova Scotia | 2.125 | 09/11/19 | 24,970 | ||||||||||||||
| 6,450,000 | i | Bank of Nova Scotia | LIBOR 3 M + 2.648% | 4.650 | 12/30/49 | 6,412 | ||||||||||||
| 5,450,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 2.350 | 09/08/19 | 5,450 | |||||||||||||
| 7,100,000 | g | Bank of Tokyo-Mitsubishi UFJ Ltd | 3.250 | 09/08/24 | 7,200 | |||||||||||||
| 6,700,000 | Barclays plc | 3.650 | 03/16/25 | 6,688 | ||||||||||||||
| 500,000 | Barclays plc | 5.200 | 05/12/26 | 533 | ||||||||||||||
| 3,225,000 | g | BPCE S.A. | 3.000 | 05/22/22 | 3,223 | |||||||||||||
| 3,200,000 | Branch Banking & Trust Co | 2.300 | 10/15/18 | 3,206 | ||||||||||||||
| 11,850,000 | Capital One Bank USA NA | 2.950 | 07/23/21 | 11,919 | ||||||||||||||
| 9,750,000 | Capital One Bank USA NA | 2.650 | 08/08/22 | 9,647 | ||||||||||||||
| 4,500,000 | Capital One Bank USA NA | 3.375 | 02/15/23 | 4,544 | ||||||||||||||
| 50,075,000 | Citigroup, Inc | 3.200 | 10/21/26 | 49,670 | ||||||||||||||
| 308 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 10,850,000 | i | Citigroup, Inc | LIBOR 3 M + 1.390% | 3.668 | % | 07/24/28 | $ | 11,005 | |||||||||
| 5,950,000 | Citigroup, Inc | 4.125 | 07/25/28 | 6,130 | ||||||||||||||
| 175,000 | Citigroup, Inc | 4.650 | 07/30/45 | 199 | ||||||||||||||
| 10,000,000 | Citigroup, Inc | 5.350 | 12/30/49 | 10,225 | ||||||||||||||
| 7,400,000 | Citizens Bank NA | 2.650 | 05/26/22 | 7,331 | ||||||||||||||
| 6,500,000 | Compass Bank | 2.875 | 06/29/22 | 6,431 | ||||||||||||||
| 6,875,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.950 | 11/09/22 | 7,167 | ||||||||||||||
| 13,700,000 | Cooperatieve Rabobank UA | 2.500 | 01/19/21 | 13,761 | ||||||||||||||
| 29,900,000 | Cooperatieve Rabobank UA | 3.750 | 07/21/26 | 30,282 | ||||||||||||||
| 4,825,000 | g | Credit Agricole S.A. | 2.500 | 04/15/19 | 4,841 | |||||||||||||
| 5,500,000 | g | Credit Agricole S.A. | 2.375 | 07/01/21 | 5,461 | |||||||||||||
| 11,050,000 | g | Credit Agricole S.A. | 3.250 | 10/04/24 | 10,973 | |||||||||||||
| 3,800,000 | g | DBS Group Holdings Ltd | 2.246 | 07/16/19 | 3,786 | |||||||||||||
| EUR | 500,000 | Deutsche Bank AG. | 1.250 | 09/08/21 | 615 | |||||||||||||
| $ | 4,875,000 | Discover Bank | 3.200 | 08/09/21 | 4,945 | |||||||||||||
| 1,400,000 | Discover Bank | 3.450 | 07/27/26 | 1,382 | ||||||||||||||
| EUR | 1,000,000 | FCE Bank plc | 1.134 | 02/10/22 | 1,226 | |||||||||||||
| $ | 7,350,000 | g | HSBC Bank plc | 4.125 | 08/12/20 | 7,661 | ||||||||||||
| 5,150,000 | HSBC Holdings plc | 2.650 | 01/05/22 | 5,115 | ||||||||||||||
| 6,575,000 | i | HSBC Holdings plc | LIBOR 3 M + 1.055% | 3.262 | 03/13/23 | 6,666 | ||||||||||||
| 4,250,000 | i | HSBC Holdings plc | LIBOR 3 M + 0.923% | 3.033 | 11/22/23 | 4,258 | ||||||||||||
| 250,000 | HSBC Holdings plc | 4.250 | 08/18/25 | 259 | ||||||||||||||
| 11,825,000 | HSBC Holdings plc | 3.900 | 05/25/26 | 12,261 | ||||||||||||||
| 3,825,000 | HSBC Holdings plc | 4.375 | 11/23/26 | 3,992 | ||||||||||||||
| 6,450,000 | i | HSBC Holdings plc | LIBOR 3 M + 1.546% | 4.041 | 03/13/28 | 6,720 | ||||||||||||
| 3,300,000 | i | HSBC Holdings plc | USD ICE SWAP 11:00 NY 5 Y + 3.746% | 6.000 | 12/30/49 | 3,469 | ||||||||||||
| 5,000,000 | HSBC USA, Inc | 1.625 | 01/16/18 | 5,000 | ||||||||||||||
| 13,025,000 | Huntington National Bank | 2.500 | 08/07/22 | 12,845 | ||||||||||||||
| 2,125,000 | g | Intercorp Financial Services, Inc | 4.125 | 10/19/27 | 2,085 | |||||||||||||
| EUR | 600,000 | Intesa Sanpaolo S.p.A | 3.500 | 01/17/22 | 805 | |||||||||||||
| $ | 12,925,000 | JPMorgan Chase & Co | 2.750 | 06/23/20 | 13,037 | |||||||||||||
| 16,725,000 | JPMorgan Chase & Co | 2.295 | 08/15/21 | 16,573 | ||||||||||||||
| 10,850,000 | i | JPMorgan Chase & Co | LIBOR 3 M + 0.935% | 2.776 | 04/25/23 | 10,859 | ||||||||||||
| 4,850,000 | JPMorgan Chase & Co | 2.700 | 05/18/23 | 4,817 | ||||||||||||||
| 20,400,000 | JPMorgan Chase & Co | 3.200 | 06/15/26 | 20,384 | ||||||||||||||
| 21,275,000 | JPMorgan Chase & Co | 2.950 | 10/01/26 | 20,891 | ||||||||||||||
| 5,750,000 | i | JPMorgan Chase & Co | LIBOR 3 M + 1.360% | 3.882 | 07/24/38 | 5,935 | ||||||||||||
| 200,000 | JPMorgan Chase & Co | 4.950 | 06/01/45 | 232 | ||||||||||||||
| 3,750,000 | i | JPMorgan Chase & Co | LIBOR 3 M + 3.250% | 5.150 | 12/30/49 | 3,877 | ||||||||||||
| 2,700,000 | KeyBank NA | 2.500 | 12/15/19 | 2,708 | ||||||||||||||
| 9,875,000 | KeyBank NA | 2.300 | 09/14/22 | 9,679 | ||||||||||||||
| 200,000 | i | Lloyds Banking Group plc | LIBOR 3 M + 1.205% | 3.574 | 11/07/28 | 198 | ||||||||||||
| 4,475,000 | g | Macquarie Bank Ltd | 2.600 | 06/24/19 | 4,487 | |||||||||||||
| 9,950,000 | Manufacturers & Traders Trust Co | 2.100 | 02/06/20 | 9,917 | ||||||||||||||
| 13,000,000 | Mitsubishi UFJ Financial Group, Inc | 3.287 | 07/25/27 | 12,937 | ||||||||||||||
| 10,400,000 | PNC Bank NA | 2.200 | 01/28/19 | 10,403 | ||||||||||||||
| 17,000,000 | PNC Bank NA | 2.600 | 07/21/20 | 17,107 | ||||||||||||||
| 5,625,000 | PNC Bank NA | 2.450 | 11/05/20 | 5,633 | ||||||||||||||
| 10,950,000 | PNC Bank NA | 2.700 | 11/01/22 | 10,895 | ||||||||||||||
| 17,395,000 | PNC Bank NA | 2.950 | 01/30/23 | 17,508 | ||||||||||||||
| 9,650,000 | PNC Bank NA | 3.100 | 10/25/27 | 9,622 | ||||||||||||||
| 6,000,000 | PNC Financial Services Group, Inc | 3.900 | 04/29/24 | 6,281 | ||||||||||||||
| 309 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 4,900,000 | g,i | Rabobank Nederland NV | LIBOR 3 M + 10.868% | 11.000 | % | 12/30/49 | $ | 5,476 | |||||||||
| 40,000,000 | Royal Bank of Canada | 1.875 | 02/05/20 | 39,665 | ||||||||||||||
| 9,350,000 | g | Santander Holdings USA, Inc | 3.400 | 01/18/23 | 9,312 | |||||||||||||
| 4,825,000 | g | Santander Holdings USA, Inc | 4.400 | 07/13/27 | 4,933 | |||||||||||||
| 3,325,000 | Santander UK Group Holdings plc | 3.571 | 01/10/23 | 3,373 | ||||||||||||||
| 15,000,000 | g | Skandinaviska Enskilda Banken AB | 1.375 | 05/29/18 | 14,970 | |||||||||||||
| 13,100,000 | g | Skandinaviska Enskilda Banken AB | 2.625 | 11/17/20 | 13,154 | |||||||||||||
| 3,800,000 | Sumitomo Mitsui Banking Corp | 2.500 | 07/19/18 | 3,813 | ||||||||||||||
| 6,650,000 | Sumitomo Mitsui Banking Corp | 2.450 | 01/16/20 | 6,652 | ||||||||||||||
| 4,025,000 | Sumitomo Mitsui Banking Corp | 3.650 | 07/23/25 | 4,169 | ||||||||||||||
| 13,875,000 | Sumitomo Mitsui Financial Group, Inc | 2.442 | 10/19/21 | 13,727 | ||||||||||||||
| 3,675,000 | Sumitomo Mitsui Financial Group, Inc | 2.778 | 10/18/22 | 3,651 | ||||||||||||||
| 6,850,000 | SunTrust Banks, Inc | 2.900 | 03/03/21 | 6,926 | ||||||||||||||
| 5,700,000 | SunTrust Banks, Inc | 2.750 | 05/01/23 | 5,647 | ||||||||||||||
| 2,725,000 | Synchrony Bank | 3.000 | 06/15/22 | 2,714 | ||||||||||||||
| 3,500,000 | g | TC Ziraat Bankasi AS. | 5.125 | 09/29/23 | 3,410 | |||||||||||||
| 5,000,000 | Toronto-Dominion Bank | 1.450 | 09/06/18 | 4,982 | ||||||||||||||
| 13,700,000 | Toronto-Dominion Bank | 1.850 | 09/11/20 | 13,548 | ||||||||||||||
| 2,350,000 | i | Toronto-Dominion Bank | USD SWAP SEMI 30/360 5 Y + 2.205% | 3.625 | 09/15/31 | 2,343 | ||||||||||||
| 2,100,000 | g | Turkiye Is Bankasi | 5.500 | 04/21/22 | 2,120 | |||||||||||||
| 4,950,000 | g | Turkiye Is Bankasi | 6.125 | 04/25/24 | 4,993 | |||||||||||||
| 5,000,000 | g | UBS AG. | 2.450 | 12/01/20 | 4,985 | |||||||||||||
| 5,700,000 | UnionBanCal Corp | 3.500 | 06/18/22 | 5,842 | ||||||||||||||
| 17,650,000 | US Bank NA | 2.800 | 01/27/25 | 17,527 | ||||||||||||||
| 10,000,000 | g | Westpac Banking Corp | 1.850 | 11/26/18 | 9,981 | |||||||||||||
| 10,000,000 | Westpac Banking Corp | 2.750 | 01/11/23 | 9,978 | ||||||||||||||
| 8,475,000 | i | Westpac Banking Corp | USD ICE SWAP 11:00 NY 5 Y + 2.236% | 4.322 | 11/23/31 | 8,730 | ||||||||||||
| 3,875,000 | i | Westpac Banking Corp | USD ICE SWAP 11:00 NY 5 Y + 2.888% | 5.000 | 12/30/49 | 3,863 | ||||||||||||
| 600,000 | g | Yapi ve Kredi Bankasi AS. | 5.850 | 06/21/24 | 600 | |||||||||||||
| TOTAL BANKS | 905,191 | |||||||||||||||||
| CAPITAL GOODS - 0.8% | ||||||||||||||||||
| 7,175,000 | Air Lease Corp | 3.875 | 04/01/21 | 7,431 | ||||||||||||||
| GBP | 1,000,000 | BAE Systems plc | 4.125 | 06/08/22 | 1,501 | |||||||||||||
| $ | 2,075,000 | Eaton Corp | 4.000 | 11/02/32 | 2,142 | |||||||||||||
| 250,000 | Eaton Corp | 4.150 | 11/02/42 | 260 | ||||||||||||||
| 4,075,000 | General Electric Co | 4.125 | 10/09/42 | 4,265 | ||||||||||||||
| GBP | 650,000 | Glencore Finance Europe S.A. | 6.500 | 02/27/19 | 931 | |||||||||||||
| EUR | 1,000,000 | Illinois Tool Works, Inc | 1.250 | 05/22/23 | 1,244 | |||||||||||||
| 600,000 | Johnson Controls International plc | 1.000 | 09/15/23 | 727 | ||||||||||||||
| $ | 500,000 | KLA-Tencor Corp | 4.125 | 11/01/21 | 522 | |||||||||||||
| 8,350,000 | Lockheed Martin Corp | 2.500 | 11/23/20 | 8,403 | ||||||||||||||
| 5,200,000 | Lockheed Martin Corp | 3.550 | 01/15/26 | 5,398 | ||||||||||||||
| 6,375,000 | g | Molex Electronic Technologies LLC | 2.878 | 04/15/20 | 6,376 | |||||||||||||
| 9,825,000 | g | Molex Electronic Technologies LLC | 3.900 | 04/15/25 | 10,016 | |||||||||||||
| 3,000,000 | g | Myriad International Holdings BV | 4.850 | 07/06/27 | 3,111 | |||||||||||||
| 8,250,000 | Parker-Hannifin Corp | 3.250 | 03/01/27 | 8,320 | ||||||||||||||
| 2,550,000 | Parker-Hannifin Corp | 4.100 | 03/01/47 | 2,738 | ||||||||||||||
| 8,725,000 | Rockwell Collins, Inc | 3.500 | 03/15/27 | 8,881 | ||||||||||||||
| 1,000,000 | Rockwell Collins, Inc | 4.350 | 04/15/47 | 1,085 | ||||||||||||||
| 3,375,000 | Roper Technologies, Inc | 3.800 | 12/15/26 | 3,480 | ||||||||||||||
| 310 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 8,300,000 | g | Siemens Financieringsmaatschappij NV | 2.350 | % | 10/15/26 | $ | 7,838 | ||||||||
| 350,000 | g | Stena AB | 7.000 | 02/01/24 | 329 | |||||||||||
| 2,075,000 | Textron, Inc | 3.875 | 03/01/25 | 2,150 | ||||||||||||
| 12,950,000 | Timken Co | 3.875 | 09/01/24 | 13,030 | ||||||||||||
| 5,200,000 | g | TSMC Global Ltd | 1.625 | 04/03/18 | 5,191 | |||||||||||
| 8,225,000 | United Technologies Corp | 3.750 | 11/01/46 | 8,230 | ||||||||||||
| TOTAL CAPITAL GOODS | 113,599 | |||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.5% | ||||||||||||||||
| 500,000 | AECOM | 5.750 | 10/15/22 | 521 | ||||||||||||
| 4,875,000 | AECOM | 5.875 | 10/15/24 | 5,281 | ||||||||||||
| 10,290,000 | Republic Services, Inc | 3.800 | 05/15/18 | 10,361 | ||||||||||||
| 11,102,000 | Republic Services, Inc | 3.550 | 06/01/22 | 11,443 | ||||||||||||
| 8,171,000 | Republic Services, Inc | 2.900 | 07/01/26 | 7,999 | ||||||||||||
| 2,000,000 | United Rentals North America, Inc | 4.625 | 07/15/23 | 2,068 | ||||||||||||
| 1,600,000 | United Rentals North America, Inc | 4.875 | 01/15/28 | 1,608 | ||||||||||||
| 6,425,000 | Visa, Inc | 3.650 | 09/15/47 | 6,585 | ||||||||||||
| 9,650,000 | Waste Management, Inc | 2.900 | 09/15/22 | 9,703 | ||||||||||||
| 1,850,000 | Waste Management, Inc | 2.400 | 05/15/23 | 1,814 | ||||||||||||
| 9,700,000 | Waste Management, Inc | 3.150 | 11/15/27 | 9,692 | ||||||||||||
| 2,000,000 | Waste Management, Inc | 3.900 | 03/01/35 | 2,095 | ||||||||||||
| 2,225,000 | Waste Management, Inc | 4.100 | 03/01/45 | 2,387 | ||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 71,557 | |||||||||||||||
| CONSUMER DURABLES & APPAREL - 0.2% | ||||||||||||||||
| 3,000,000 | Lennar Corp | 4.750 | 04/01/21 | 3,120 | ||||||||||||
| 8,075,000 | Newell Rubbermaid, Inc | 4.200 | 04/01/26 | 8,431 | ||||||||||||
| 500,000 | PulteGroup, Inc | 4.250 | 03/01/21 | 515 | ||||||||||||
| 1,000,000 | PulteGroup, Inc | 5.500 | 03/01/26 | 1,087 | ||||||||||||
| 6,900,000 | PVH Corp | 4.500 | 12/15/22 | 7,054 | ||||||||||||
| EUR | 500,000 | Whirlpool Finance Luxembourg Sarl | 1.100 | 11/09/27 | 587 | |||||||||||
| TOTAL CONSUMER DURABLES & APPAREL | 20,794 | |||||||||||||||
| CONSUMER SERVICES - 1.2% | ||||||||||||||||
| $ | 2,165,000 | g | 1011778 BC ULC / New Red Finance Inc | 4.250 | 05/15/24 | 2,160 | ||||||||||
| 1,425,000 | ADT Corp | 6.250 | 10/15/21 | 1,560 | ||||||||||||
| 1,390,000 | ADT Corp | 3.500 | 07/15/22 | 1,369 | ||||||||||||
| 9,820,000 | Amherst College | 4.100 | 11/01/45 | 10,808 | ||||||||||||
| EUR | 1,430,000 | g | Aramark International Finance Sarl | 3.125 | 04/01/25 | 1,798 | ||||||||||
| $ | 2,500,000 | g | Aramark Services, Inc | 5.000 | 04/01/25 | 2,641 | ||||||||||
| 2,000,000 | Aramark Services, Inc | 4.750 | 06/01/26 | 2,030 | ||||||||||||
| 3,400,000 | g | Arcos Dorados Holdings, Inc | 5.875 | 04/04/27 | 3,594 | |||||||||||
| 2,000,000 | Duke University | 3.199 | 10/01/38 | 1,964 | ||||||||||||
| 16,000,000 | George Washington University | 3.545 | 09/15/46 | 15,430 | ||||||||||||
| 1,000,000 | Hilton Domestic Operating Co, Inc | 4.250 | 09/01/24 | 1,010 | ||||||||||||
| 2,250,000 | Hilton Worldwide Finance LLC | 4.625 | 04/01/25 | 2,312 | ||||||||||||
| 1,610,000 | g | International Game Technology | 6.250 | 02/15/22 | 1,735 | |||||||||||
| 1,610,000 | g | International Game Technology | 6.500 | 02/15/25 | 1,799 | |||||||||||
| EUR | 1,250,000 | International Game Technology plc | 4.750 | 02/15/23 | 1,695 | |||||||||||
| $ | 5,000,000 | Johns Hopkins University | 4.083 | 07/01/53 | 5,438 | |||||||||||
| 750,000 | MGM Resorts International | 4.625 | 09/01/26 | 758 | ||||||||||||
| 9,605,000 | Northwestern University | 3.812 | 12/01/50 | 9,747 | ||||||||||||
| 8,000,000 | President and Fellows of Harvard College | 3.529 | 10/01/31 | 8,458 | ||||||||||||
| 311 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 14,250,000 | President and Fellows of Harvard College | 3.619 | % | 10/01/37 | $ | 15,124 | |||||||||||
| 10,000,000 | g | Prime Security Services Borrower LLC | 9.250 | 05/15/23 | 11,100 | |||||||||||||
| 10,000,000 | Princeton University | 3.840 | 07/01/48 | 10,835 | ||||||||||||||
| 750,000 | Scientific Games International, Inc | 10.000 | 12/01/22 | 823 | ||||||||||||||
| 3,600,000 | g | ServiceMaster Co LLC | 5.125 | 11/15/24 | 3,645 | |||||||||||||
| 15,000,000 | Smith College | 4.620 | 07/01/45 | 17,535 | ||||||||||||||
| 6,600,000 | Trustees of Dartmouth College | 3.474 | 06/01/46 | 6,801 | ||||||||||||||
| 21,000,000 | University of Chicago | 4.151 | 10/01/45 | 21,579 | ||||||||||||||
| TOTAL CONSUMER SERVICES | 163,748 | |||||||||||||||||
| DIVERSIFIED FINANCIALS - 3.8% | ||||||||||||||||||
| 500,000 | AerCap Ireland Capital Ltd | 5.000 | 10/01/21 | 533 | ||||||||||||||
| 2,800,000 | Aircastle Ltd | 4.125 | 05/01/24 | 2,842 | ||||||||||||||
| 10,625,000 | American Express Co | 2.500 | 08/01/22 | 10,495 | ||||||||||||||
| 300,000 | American Express Credit Corp | 2.375 | 05/26/20 | 300 | ||||||||||||||
| 2,425,000 | American Express Credit Corp | 2.700 | 03/03/22 | 2,433 | ||||||||||||||
| 9,775,000 | American Express Credit Corp | 3.300 | 05/03/27 | 9,916 | ||||||||||||||
| 4,125,000 | Bank of New York Mellon Corp | 5.450 | 05/15/19 | 4,307 | ||||||||||||||
| 10,500,000 | Bank of New York Mellon Corp | 2.500 | 04/15/21 | 10,523 | ||||||||||||||
| 300,000 | g,i | BBVA Bancomer S.A. | DGS5 + 3.000% | 5.350 | 11/12/29 | 298 | ||||||||||||
| 10,525,000 | Berkshire Hathaway, Inc | 3.125 | 03/15/26 | 10,641 | ||||||||||||||
| 250,000 | Capital One Financial Corp | 3.050 | 03/09/22 | 252 | ||||||||||||||
| 9,700,000 | Capital One Financial Corp | 3.300 | 10/30/24 | 9,663 | ||||||||||||||
| 250,000 | Credit Suisse | 3.625 | 09/09/24 | 259 | ||||||||||||||
| 9,800,000 | g,i | Credit Suisse Group AG. | LIBOR 3 M + 1.200% | 2.997 | 12/14/23 | 9,684 | ||||||||||||
| 3,900,000 | g | Credit Suisse Group AG. | 4.282 | 01/09/28 | 4,065 | |||||||||||||
| EUR | 750,000 | Credit Suisse Group Funding Guernsey Ltd | 1.250 | 04/14/22 | 928 | |||||||||||||
| $ | 7,700,000 | Credit Suisse Group Funding Guernsey Ltd | 3.800 | 06/09/23 | 7,940 | |||||||||||||
| 10,250,000 | Credit Suisse Group Funding Guernsey Ltd | 3.750 | 03/26/25 | 10,457 | ||||||||||||||
| 13,800,000 | g | Daimler Finance North America LLC | 2.200 | 10/30/21 | 13,551 | |||||||||||||
| 100,000 | Discover Financial Services | 3.950 | 11/06/24 | 102 | ||||||||||||||
| 7,325,000 | g | EDP Finance BV | 3.625 | 07/15/24 | 7,380 | |||||||||||||
| 4,975,000 | Ford Motor Credit Co LLC | 2.425 | 06/12/20 | 4,945 | ||||||||||||||
| 29,100,000 | Ford Motor Credit Co LLC | 3.200 | 01/15/21 | 29,505 | ||||||||||||||
| 12,925,000 | Ford Motor Credit Co LLC | 3.815 | 11/02/27 | 12,924 | ||||||||||||||
| 4,978,000 | GE Capital International Funding Co | 4.418 | 11/15/35 | 5,384 | ||||||||||||||
| 1,432,000 | General Electric Capital Corp | 5.875 | 01/14/38 | 1,851 | ||||||||||||||
| 108,000 | General Electric Capital Corp | 6.875 | 01/10/39 | 156 | ||||||||||||||
| 6,500,000 | General Motors Financial Co, Inc | 3.950 | 04/13/24 | 6,690 | ||||||||||||||
| 300,000 | General Motors Financial Co, Inc | 4.300 | 07/13/25 | 313 | ||||||||||||||
| EUR | 850,000 | General Motors Financial International BV | 1.875 | 10/15/19 | 1,053 | |||||||||||||
| $ | 11,075,000 | Goldman Sachs Group, Inc | 2.375 | 01/22/18 | 11,077 | |||||||||||||
| EUR | 950,000 | Goldman Sachs Group, Inc | 2.000 | 07/27/23 | 1,211 | |||||||||||||
| $ | 13,575,000 | Goldman Sachs Group, Inc | 3.500 | 01/23/25 | 13,787 | |||||||||||||
| 25,350,000 | i | Goldman Sachs Group, Inc | LIBOR 3 M + 1.510% | 3.691 | 06/05/28 | 25,709 | ||||||||||||
| 6,075,000 | i | Goldman Sachs Group, Inc | LIBOR 3 M + 1.373% | 4.017 | 10/31/38 | 6,243 | ||||||||||||
| 7,675,000 | Goldman Sachs Group, Inc | 4.800 | 07/08/44 | 8,746 | ||||||||||||||
| 100,000 | Goldman Sachs Group, Inc | 5.150 | 05/22/45 | 116 | ||||||||||||||
| 3,800,000 | g | GrupoSura Finance S.A. | 5.500 | 04/29/26 | 4,118 | |||||||||||||
| 2,300,000 | g | GTH Finance BV | 7.250 | 04/26/23 | 2,585 | |||||||||||||
| 1,725,000 | Icahn Enterprises LP | 5.875 | 02/01/22 | 1,747 | ||||||||||||||
| 2,000,000 | g | ICICI Bank Ltd | 3.500 | 03/18/20 | 2,019 | |||||||||||||
| 2,000,000 | ICICI Bank Ltd | 3.125 | 08/12/20 | 2,002 | ||||||||||||||
| 312 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 5,750,000 | g | ICICI Bank Ltd | 3.800 | % | 12/14/27 | $ | 5,677 | ||||||||||
| 8,400,000 | International Lease Finance Corp | 3.875 | 04/15/18 | 8,438 | ||||||||||||||
| 3,200,000 | International Lease Finance Corp | 5.875 | 04/01/19 | 3,330 | ||||||||||||||
| 5,000,000 | International Lease Finance Corp | 5.875 | 08/15/22 | 5,539 | ||||||||||||||
| 250,000 | Jefferies Group, Inc | 6.450 | 06/08/27 | 290 | ||||||||||||||
| 1,625,000 | Legg Mason, Inc | 2.700 | 07/15/19 | 1,629 | ||||||||||||||
| 2,400,000 | Legg Mason, Inc | 3.950 | 07/15/24 | 2,455 | ||||||||||||||
| EUR | 850,000 | g | Lincoln Finance Ltd | 6.875 | 04/15/21 | 1,070 | ||||||||||||
| $ | 2,050,000 | g | LUKOIL International Finance BV | 4.563 | 04/24/23 | 2,129 | ||||||||||||
| 21,500,000 | Morgan Stanley | 1.875 | 01/05/18 | 21,500 | ||||||||||||||
| 8,925,000 | Morgan Stanley | 2.750 | 05/19/22 | 8,891 | ||||||||||||||
| 24,800,000 | Morgan Stanley | 3.700 | 10/23/24 | 25,621 | ||||||||||||||
| 23,475,000 | Morgan Stanley | 3.125 | 07/27/26 | 23,148 | ||||||||||||||
| 250,000 | Morgan Stanley | 4.350 | 09/08/26 | 262 | ||||||||||||||
| EUR | 900,000 | i | Morgan Stanley | EURIBOR 3 M + 0.834% | 1.342 | 10/23/26 | 1,079 | |||||||||||
| $ | 8,225,000 | Morgan Stanley | 3.625 | 01/20/27 | 8,416 | |||||||||||||
| 3,800,000 | National Rural Utilities Cooperative Finance Corp | 10.375 | 11/01/18 | 4,060 | ||||||||||||||
| 2,000,000 | g | Nederlandse Waterschapsbank NV | 1.875 | 03/13/19 | 1,995 | |||||||||||||
| 4,500,000 | g | Nederlandse Waterschapsbank NV | 2.125 | 11/15/21 | 4,460 | |||||||||||||
| 5,000,000 | g | Nederlandse Waterschapsbank NV | 1.875 | 04/14/22 | 4,889 | |||||||||||||
| 4,500,000 | ORIX Corp | 3.250 | 12/04/24 | 4,485 | ||||||||||||||
| 6,500,000 | Raymond James Financial, Inc | 4.950 | 07/15/46 | 7,342 | ||||||||||||||
| 100,000 | Shire Acquisitions Investments Ireland DAC | 2.400 | 09/23/21 | 98 | ||||||||||||||
| 24,200,000 | Shire Acquisitions Investments Ireland DAC | 3.200 | 09/23/26 | 23,655 | ||||||||||||||
| 6,625,000 | TD Ameritrade Holding Corp | 3.300 | 04/01/27 | 6,683 | ||||||||||||||
| 6,800,000 | g | UBS Group Funding Jersey Ltd | 2.950 | 09/24/20 | 6,870 | |||||||||||||
| 11,600,000 | g | UBS Group Funding Jersey Ltd | 2.650 | 02/01/22 | 11,467 | |||||||||||||
| 9,775,000 | Unilever Capital Corp | 2.900 | 05/05/27 | 9,685 | ||||||||||||||
| 45,550,000 | Wells Fargo & Co | 2.625 | 07/22/22 | 45,299 | ||||||||||||||
| 10,825,000 | Wells Fargo & Co | 3.069 | 01/24/23 | 10,905 | ||||||||||||||
| EUR | 500,000 | Wells Fargo & Co | 1.375 | 10/26/26 | 611 | |||||||||||||
| $ | 10,650,000 | i | Wells Fargo & Co | LIBOR 3 M + 1.310% | 3.584 | 05/22/28 | 10,854 | |||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 531,582 | |||||||||||||||||
| ENERGY - 2.8% | ||||||||||||||||||
| 3,725,000 | g | Abu Dhabi Crude Oil Pipeline LLC | 3.650 | 11/02/29 | 3,691 | |||||||||||||
| 1,825,000 | g | Abu Dhabi Crude Oil Pipeline LLC | 4.600 | 11/02/47 | 1,872 | |||||||||||||
| 2,375,000 | AmeriGas Partners LP | 5.625 | 05/20/24 | 2,470 | ||||||||||||||
| 2,050,000 | AmeriGas Partners LP | 5.875 | 08/20/26 | 2,112 | ||||||||||||||
| 4,200,000 | Anadarko Petroleum Corp | 5.550 | 03/15/26 | 4,711 | ||||||||||||||
| 3,725,000 | Andeavor Logistics LP | 4.250 | 12/01/27 | 3,756 | ||||||||||||||
| 3,100,000 | Andeavor Logistics LP | 5.200 | 12/01/47 | 3,230 | ||||||||||||||
| 4,150,000 | Ashland, Inc | 4.750 | 08/15/22 | 4,316 | ||||||||||||||
| 16,500,000 | BP Capital Markets plc | 1.375 | 05/10/18 | 16,475 | ||||||||||||||
| 13,300,000 | BP Capital Markets plc | 2.315 | 02/13/20 | 13,332 | ||||||||||||||
| 3,800,000 | BP Capital Markets plc | 2.520 | 09/19/22 | 3,781 | ||||||||||||||
| 7,500,000 | BP Capital Markets plc | 3.588 | 04/14/27 | 7,759 | ||||||||||||||
| 6,575,000 | BP Capital Markets plc | 3.279 | 09/19/27 | 6,654 | ||||||||||||||
| 699,000 | †,g | California Resources Corp | 8.000 | 12/15/22 | 577 | |||||||||||||
| 478,000 | California Resources Corp | 6.000 | 11/15/24 | 332 | ||||||||||||||
| 9,500,000 | Canadian Natural Resources Ltd | 3.850 | 06/01/27 | 9,694 | ||||||||||||||
| 6,500,000 | Cenovus Energy, Inc | 5.400 | 06/15/47 | 6,835 | ||||||||||||||
| 313 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 2,375,000 | Crestwood Midstream Partners LP | 5.750 | % | 04/01/25 | $ | 2,452 | |||||||||||
| 6,250,000 | Devon Energy Corp | 4.750 | 05/15/42 | 6,613 | ||||||||||||||
| 6,000,000 | Ecopetrol S.A. | 5.375 | 06/26/26 | 6,478 | ||||||||||||||
| 650,000 | g | Empresa Nacional del Petroleo | 3.750 | 08/05/26 | 646 | |||||||||||||
| 2,000,000 | g | Empresa Nacional del Petroleo | 4.500 | 09/14/47 | 1,915 | |||||||||||||
| 5,125,000 | Enterprise Products Operating LLC | 3.700 | 02/15/26 | 5,246 | ||||||||||||||
| 4,775,000 | Enterprise Products Operating LLC | 4.450 | 02/15/43 | 4,939 | ||||||||||||||
| 1,925,000 | Enterprise Products Operating LLC | 4.850 | 03/15/44 | 2,108 | ||||||||||||||
| 100,000 | i | Enterprise Products Operating LLC | LIBOR 3 M + 3.033% | 5.250 | 08/16/77 | 99 | ||||||||||||
| 9,700,000 | EQT Corp | 3.900 | 10/01/27 | 9,640 | ||||||||||||||
| 2,250,000 | Exterran Partners LP | 6.000 | 10/01/22 | 2,250 | ||||||||||||||
| 4,750,000 | Exxon Mobil Corp | 2.222 | 03/01/21 | 4,739 | ||||||||||||||
| 2,739,000 | Husky Energy, Inc | 3.950 | 04/15/22 | 2,834 | ||||||||||||||
| 2,825,000 | Kinder Morgan, Inc | 9.000 | 02/01/19 | 3,016 | ||||||||||||||
| EUR | 1,000,000 | Kinder Morgan, Inc | 2.250 | 03/16/27 | 1,246 | |||||||||||||
| $ | 2,215,000 | Kinder Morgan, Inc | 5.300 | 12/01/34 | 2,361 | |||||||||||||
| 4,850,000 | Kinder Morgan, Inc | 5.400 | 09/01/44 | 5,124 | ||||||||||||||
| 3,200,000 | Magellan Midstream Partners LP | 4.200 | 10/03/47 | 3,224 | ||||||||||||||
| 5,030,000 | Marathon Oil Corp | 2.700 | 06/01/20 | 5,030 | ||||||||||||||
| 3,000,000 | Marathon Oil Corp | 5.200 | 06/01/45 | 3,322 | ||||||||||||||
| 2,950,000 | Marathon Petroleum Corp | 4.750 | 09/15/44 | 3,080 | ||||||||||||||
| 200,000 | g | NGPL PipeCo LLC | 4.375 | 08/15/22 | 203 | |||||||||||||
| 2,625,000 | Noble Energy, Inc | 5.625 | 05/01/21 | 2,696 | ||||||||||||||
| 900,000 | Noble Energy, Inc | 3.900 | 11/15/24 | 925 | ||||||||||||||
| 9,500,000 | Noble Energy, Inc | 3.850 | 01/15/28 | 9,526 | ||||||||||||||
| 1,500,000 | Noble Energy, Inc | 4.950 | 08/15/47 | 1,604 | ||||||||||||||
| 10,850,000 | ONE Gas, Inc | 2.070 | 02/01/19 | 10,852 | ||||||||||||||
| 3,500,000 | ONE Gas, Inc | 3.610 | 02/01/24 | 3,628 | ||||||||||||||
| 2,500,000 | ONEOK, Inc | 4.000 | 07/13/27 | 2,533 | ||||||||||||||
| 5,125,000 | g | Pertamina Persero PT | 4.300 | 05/20/23 | 5,357 | |||||||||||||
| 12,340,000 | Petrobras Global Finance BV | 6.125 | 01/17/22 | 13,096 | ||||||||||||||
| 2,335,000 | g | Petrobras Global Finance BV | 5.999 | 01/27/28 | 2,341 | |||||||||||||
| 750,000 | Petrobras Global Finance BV | 7.250 | 03/17/44 | 780 | ||||||||||||||
| 6,750,000 | Petroleos Mexicanos | 6.375 | 02/04/21 | 7,337 | ||||||||||||||
| 1,500,000 | Petroleos Mexicanos | 4.875 | 01/24/22 | 1,563 | ||||||||||||||
| 825,000 | g | Petroleos Mexicanos | 5.375 | 03/13/22 | 875 | |||||||||||||
| EUR | 375,000 | Petroleos Mexicanos | 1.875 | 04/21/22 | 462 | |||||||||||||
| $ | 10,000,000 | Petroleos Mexicanos | 1.950 | 12/20/22 | 9,883 | |||||||||||||
| 5,350,000 | Petroleos Mexicanos | 2.000 | 12/20/22 | 5,295 | ||||||||||||||
| 9,000,000 | Petroleos Mexicanos | 3.500 | 01/30/23 | 8,811 | ||||||||||||||
| 3,900,000 | Petroleos Mexicanos | 4.500 | 01/23/26 | 3,893 | ||||||||||||||
| 1,775,000 | g | Petroleos Mexicanos | 6.500 | 03/13/27 | 1,940 | |||||||||||||
| 4,500,000 | Petroleos Mexicanos | 6.500 | 06/02/41 | 4,628 | ||||||||||||||
| 4,180,000 | Petroleos Mexicanos | 5.500 | 06/27/44 | 3,845 | ||||||||||||||
| 1,800,000 | Petroleos Mexicanos | 6.750 | 09/21/47 | 1,879 | ||||||||||||||
| 614,000 | Pioneer Natural Resources Co | 7.500 | 01/15/20 | 673 | ||||||||||||||
| 8,675,000 | Pioneer Natural Resources Co | 3.450 | 01/15/21 | 8,849 | ||||||||||||||
| 6,850,000 | Pioneer Natural Resources Co | 4.450 | 01/15/26 | 7,340 | ||||||||||||||
| 100,000 | Plains All American Pipeline LP | 4.500 | 12/15/26 | 101 | ||||||||||||||
| 2,940,000 | QEP Resources, Inc | 5.375 | 10/01/22 | 3,006 | ||||||||||||||
| 3,335,000 | Range Resources Corp | 5.000 | 08/15/22 | 3,318 | ||||||||||||||
| 1,200,000 | Regency Energy Partners LP | 4.500 | 11/01/23 | 1,242 | ||||||||||||||
| 2,375,000 | g | Reliance Holdings USA | 5.400 | 02/14/22 | 2,579 | |||||||||||||
| 4,750,000 | g | Reliance Industries Ltd | 3.667 | 11/30/27 | 4,701 | |||||||||||||
| 314 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 9,875,000 | Sabine Pass Liquefaction LLC | 4.200 | % | 03/15/28 | $ | 9,988 | |||||||||||
| 6,000,000 | Shell International Finance BV | 2.375 | 08/21/22 | 5,956 | ||||||||||||||
| 4,875,000 | Shell International Finance BV | 3.250 | 05/11/25 | 5,009 | ||||||||||||||
| 6,825,000 | Shell International Finance BV | 4.000 | 05/10/46 | 7,262 | ||||||||||||||
| 5,000,000 | Southwestern Energy Co | 4.100 | 03/15/22 | 4,925 | ||||||||||||||
| 2,075,000 | Statoil ASA | 1.200 | 01/17/18 | 2,075 | ||||||||||||||
| 5,300,000 | Statoil ASA | 2.450 | 01/17/23 | 5,268 | ||||||||||||||
| 250,000 | Suncor Energy, Inc | 3.600 | 12/01/24 | 255 | ||||||||||||||
| 6,300,000 | Suncor Energy, Inc | 4.000 | 11/15/47 | 6,441 | ||||||||||||||
| 6,500,000 | Sunoco Logistics Partners Operations LP | 4.000 | 10/01/27 | 6,372 | ||||||||||||||
| 600,000 | Targa Resources Partners LP | 5.125 | 02/01/25 | 614 | ||||||||||||||
| 100,000 | g | Tesoro Corp | 5.125 | 12/15/26 | 110 | |||||||||||||
| EUR | 600,000 | Total Capital International S.A. | 2.500 | 03/25/26 | 815 | |||||||||||||
| $ | 3,400,000 | TransCanada PipeLines Ltd | 5.850 | 03/15/36 | 4,261 | |||||||||||||
| 2,750,000 | i | TransCanada PipeLines Ltd | LIBOR 3 M + 2.210% | 3.626 | 05/15/67 | 2,526 | ||||||||||||
| 2,500,000 | Vale Overseas Ltd | 6.250 | 08/10/26 | 2,896 | ||||||||||||||
| 2,760,000 | Vale Overseas Ltd | 6.875 | 11/21/36 | 3,381 | ||||||||||||||
| 350,000 | WPX Energy, Inc | 8.250 | 08/01/23 | 397 | ||||||||||||||
| 2,400,000 | WPX Energy, Inc | 5.250 | 09/15/24 | 2,392 | ||||||||||||||
| 3,500,000 | g | YPF S.A. | 8.500 | 07/28/25 | 4,060 | |||||||||||||
| 2,225,000 | g | YPF S.A. | 6.950 | 07/21/27 | 2,362 | |||||||||||||
| 4,725,000 | g | YPF S.A. | 7.000 | 12/15/47 | 4,683 | |||||||||||||
| TOTAL ENERGY | 385,768 | |||||||||||||||||
| FOOD & STAPLES RETAILING - 0.3% | ||||||||||||||||||
| 350,000 | g | Adecoagro S.A. | 6.000 | 09/21/27 | 347 | |||||||||||||
| 575,000 | g | CK Hutchison International 17 Ltd | 2.250 | 09/29/20 | 569 | |||||||||||||
| 15,950,000 | CVS Health Corp | 2.875 | 06/01/26 | 15,288 | ||||||||||||||
| 150,000 | CVS Health Corp | 5.125 | 07/20/45 | 172 | ||||||||||||||
| 4,900,000 | Ingles Markets, Inc | 5.750 | 06/15/23 | 4,961 | ||||||||||||||
| 5,575,000 | Kroger Co | 3.700 | 08/01/27 | 5,644 | ||||||||||||||
| EUR | 1,000,000 | SYSCO Corp | 1.250 | 06/23/23 | 1,232 | |||||||||||||
| $ | 4,600,000 | SYSCO Corp | 3.250 | 07/15/27 | 4,583 | |||||||||||||
| 2,925,000 | Walgreens Boots Alliance, Inc | 3.800 | 11/18/24 | 2,986 | ||||||||||||||
| 5,125,000 | Walgreens Boots Alliance, Inc | 3.450 | 06/01/26 | 5,067 | ||||||||||||||
| TOTAL FOOD & STAPLES RETAILING | 40,849 | |||||||||||||||||
| FOOD, BEVERAGE & TOBACCO - 1.0% | ||||||||||||||||||
| 13,700,000 | Anheuser-Busch InBev Finance, Inc | 2.650 | 02/01/21 | 13,768 | ||||||||||||||
| 20,025,000 | Anheuser-Busch InBev Finance, Inc | 3.300 | 02/01/23 | 20,489 | ||||||||||||||
| 2,910,000 | Anheuser-Busch InBev Finance, Inc | 3.650 | 02/01/26 | 3,002 | ||||||||||||||
| 5,025,000 | Anheuser-Busch InBev Worldwide, Inc | 2.500 | 07/15/22 | 4,986 | ||||||||||||||
| 5,575,000 | Anheuser-Busch InBev Worldwide, Inc | 4.950 | 01/15/42 | 6,448 | ||||||||||||||
| 13,125,000 | g | BAT Capital Corp | 3.557 | 08/15/27 | 13,138 | |||||||||||||
| 9,750,000 | Constellation Brands, Inc | 6.000 | 05/01/22 | 10,957 | ||||||||||||||
| 3,000,000 | g | Corp Lindley S.A. | 4.625 | 04/12/23 | 3,097 | |||||||||||||
| 3,500,000 | g | Cosan Ltd | 5.950 | 09/20/24 | 3,592 | |||||||||||||
| 4,000,000 | g | Grupo Bimbo SAB de C.V. | 4.700 | 11/10/47 | 4,037 | |||||||||||||
| EUR | 465,000 | Heineken NV | 2.875 | 08/04/25 | 636 | |||||||||||||
| $ | 8,425,000 | g | Heineken NV | 3.500 | 01/29/28 | 8,593 | ||||||||||||
| 3,600,000 | g | Heineken NV | 4.350 | 03/29/47 | 3,956 | |||||||||||||
| 150,000 | JM Smucker Co | 4.375 | 03/15/45 | 159 | ||||||||||||||
| 200,000 | Kraft Heinz Foods Co | 5.200 | 07/15/45 | 220 | ||||||||||||||
| 315 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 213,000 | g | Lamb Weston Holdings, Inc | 4.625 | % | 11/01/24 | $ | 219 | ||||||||||
| 210,000 | g | Lamb Weston Holdings, Inc | 4.875 | 11/01/26 | 219 | |||||||||||||
| 4,115,000 | Mead Johnson Nutrition Co | 4.900 | 11/01/19 | 4,309 | ||||||||||||||
| 3,650,000 | Mead Johnson Nutrition Co | 3.000 | 11/15/20 | 3,704 | ||||||||||||||
| 12,075,000 | PepsiCo, Inc | 3.450 | 10/06/46 | 11,703 | ||||||||||||||
| 6,850,000 | g | Pernod-Ricard S.A. | 4.250 | 07/15/22 | 7,253 | |||||||||||||
| 1,600,000 | Philip Morris International, Inc | 6.375 | 05/16/38 | 2,164 | ||||||||||||||
| 6,000,000 | Tyson Foods, Inc | 3.550 | 06/02/27 | 6,142 | ||||||||||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 132,791 | |||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.8% | ||||||||||||||||||
| 6,150,000 | Anthem, Inc | 3.650 | 12/01/27 | 6,267 | ||||||||||||||
| 17,775,000 | Becton Dickinson and Co | 3.700 | 06/06/27 | 17,907 | ||||||||||||||
| 400,000 | Becton Dickinson and Co | 4.685 | 12/15/44 | 437 | ||||||||||||||
| 13,400,000 | Cardinal Health, Inc | 3.410 | 06/15/27 | 13,113 | ||||||||||||||
| 1,175,000 | CHS/Community Health Systems | 6.250 | 03/31/23 | 1,058 | ||||||||||||||
| 3,800,000 | Covidien International Finance S.A. | 3.200 | 06/15/22 | 3,884 | ||||||||||||||
| 13,800,000 | Express Scripts Holding Co | 3.400 | 03/01/27 | 13,538 | ||||||||||||||
| 2,060,000 | HCA, Inc | 6.500 | 02/15/20 | 2,184 | ||||||||||||||
| 4,575,000 | HCA, Inc | 5.875 | 03/15/22 | 4,895 | ||||||||||||||
| 2,500,000 | HCA, Inc | 4.500 | 02/15/27 | 2,513 | ||||||||||||||
| 6,055,000 | Johns Hopkins Health System Corp | 3.837 | 05/15/46 | 6,244 | ||||||||||||||
| 200,000 | Laboratory Corp of America Holdings | 3.600 | 02/01/25 | 203 | ||||||||||||||
| 9,625,000 | Medtronic, Inc | 4.625 | 03/15/45 | 11,203 | ||||||||||||||
| 5,000,000 | New York and Presbyterian Hospital | 3.563 | 08/01/36 | 5,035 | ||||||||||||||
| 2,000,000 | Tenet Healthcare Corp | 4.375 | 10/01/21 | 1,995 | ||||||||||||||
| 2,700,000 | Thermo Fisher Scientific, Inc | 2.400 | 02/01/19 | 2,706 | ||||||||||||||
| 4,325,000 | Thermo Fisher Scientific, Inc | 3.150 | 01/15/23 | 4,379 | ||||||||||||||
| EUR | 150,000 | Thermo Fisher Scientific, Inc | 1.400 | 01/23/26 | 180 | |||||||||||||
| $ | 2,650,000 | Thermo Fisher Scientific, Inc | 2.950 | 09/19/26 | 2,574 | |||||||||||||
| 8,150,000 | Thermo Fisher Scientific, Inc | 3.200 | 08/15/27 | 8,075 | ||||||||||||||
| EUR | 300,000 | Thermo Fisher Scientific, Inc | 1.950 | 07/24/29 | 362 | |||||||||||||
| 500,000 | Thermo Fisher Scientific, Inc | 2.875 | 07/24/37 | 609 | ||||||||||||||
| $ | 3,745,000 | Zimmer Holdings, Inc | 3.550 | 04/01/25 | 3,742 | |||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 113,103 | |||||||||||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 0.2% | ||||||||||||||||||
| 7,175,000 | Clorox Co | 3.800 | 11/15/21 | 7,468 | ||||||||||||||
| 4,900,000 | Clorox Co | 3.500 | 12/15/24 | 5,053 | ||||||||||||||
| 1,300,000 | Ecolab, Inc | 2.700 | 11/01/26 | 1,246 | ||||||||||||||
| 1,300,000 | Ecolab, Inc | 3.700 | 11/01/46 | 1,258 | ||||||||||||||
| 6,450,000 | Procter & Gamble Co | 3.500 | 10/25/47 | 6,506 | ||||||||||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 21,531 | |||||||||||||||||
| INSURANCE - 1.3% | ||||||||||||||||||
| 6,250,000 | ACE INA Holdings, Inc | 2.875 | 11/03/22 | 6,334 | ||||||||||||||
| 1,925,000 | Aetna, Inc | 6.625 | 06/15/36 | 2,559 | ||||||||||||||
| 5,500,000 | Allstate Corp | 3.280 | 12/15/26 | 5,581 | ||||||||||||||
| 8,500,000 | i | Allstate Corp | LIBOR 3 M + 2.938% | 5.750 | 08/15/53 | 9,274 | ||||||||||||
| 2,700,000 | American Financial Group, Inc | 3.500 | 08/15/26 | 2,675 | ||||||||||||||
| 7,825,000 | American International Group, Inc | 2.300 | 07/16/19 | 7,818 | ||||||||||||||
| 11,850,000 | American International Group, Inc | 3.300 | 03/01/21 | 12,079 | ||||||||||||||
| EUR | 650,000 | American International Group, Inc | 1.500 | 06/08/23 | 806 | |||||||||||||
| $ | 2,500,000 | American International Group, Inc | 3.750 | 07/10/25 | 2,577 | |||||||||||||
| 316 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 200,000 | American International Group, Inc | 3.875 | % | 01/15/35 | $ | 201 | |||||||||||
| 5,500,000 | Aon plc | 3.500 | 06/14/24 | 5,619 | ||||||||||||||
| 6,150,000 | Aon plc | 3.875 | 12/15/25 | 6,429 | ||||||||||||||
| 19,230,000 | Children’s Hospital Medic | 4.268 | 05/15/44 | 20,916 | ||||||||||||||
| 3,525,000 | CNA Financial Corp | 3.950 | 05/15/24 | 3,668 | ||||||||||||||
| 3,050,000 | CNA Financial Corp | 3.450 | 08/15/27 | 3,005 | ||||||||||||||
| 7,500,000 | g,i | Cranberry RE Ltd | LIBOR 6 M + 2.000% | 3.335 | 07/13/20 | 7,505 | ||||||||||||
| 5,575,000 | g | Five Corners Funding Trust | 4.419 | 11/15/23 | 5,973 | |||||||||||||
| 1,350,000 | Hartford Financial Services Group, Inc | 4.300 | 04/15/43 | 1,446 | ||||||||||||||
| 6,250,000 | Humana, Inc | 3.950 | 03/15/27 | 6,469 | ||||||||||||||
| 3,300,000 | g | Liberty Mutual Group, Inc | 4.250 | 06/15/23 | 3,477 | |||||||||||||
| EUR | 1,250,000 | Liberty Mutual Group, Inc | 2.750 | 05/04/26 | 1,634 | |||||||||||||
| $ | 3,250,000 | Markel Corp | 3.500 | 11/01/27 | 3,233 | |||||||||||||
| 2,150,000 | Markel Corp | 4.300 | 11/01/47 | 2,206 | ||||||||||||||
| 1,600,000 | Marsh & McLennan Cos, Inc | 3.500 | 06/03/24 | 1,653 | ||||||||||||||
| 1,365,000 | Marsh & McLennan Cos, Inc | 3.500 | 03/10/25 | 1,406 | ||||||||||||||
| 3,225,000 | Mercury General Corp | 4.400 | 03/15/27 | 3,315 | ||||||||||||||
| 4,325,000 | MetLife, Inc | 3.600 | 11/13/25 | 4,498 | ||||||||||||||
| 8,050,000 | Prudential Financial, Inc | 7.375 | 06/15/19 | 8,644 | ||||||||||||||
| 3,000,000 | g | Prudential Funding LLC | 6.750 | 09/15/23 | 3,498 | |||||||||||||
| 4,250,000 | Travelers Cos, Inc | 5.800 | 05/15/18 | 4,310 | ||||||||||||||
| 4,775,000 | Travelers Cos, Inc | 4.000 | 05/30/47 | 5,080 | ||||||||||||||
| 13,075,000 | UnitedHealth Group, Inc | 2.950 | 10/15/27 | 13,033 | ||||||||||||||
| 6,450,000 | UnitedHealth Group, Inc | 3.750 | 10/15/47 | 6,574 | ||||||||||||||
| 50,000 | WellPoint, Inc | 4.625 | 05/15/42 | 54 | ||||||||||||||
| 500,000 | Willis Group Holdings plc | 5.750 | 03/15/21 | 544 | ||||||||||||||
| 2,400,000 | WR Berkley Corp | 5.375 | 09/15/20 | 2,564 | ||||||||||||||
| TOTAL INSURANCE | 176,657 | |||||||||||||||||
| MATERIALS - 1.4% | ||||||||||||||||||
| 2,950,000 | Agrium, Inc | 3.375 | 03/15/25 | 2,963 | ||||||||||||||
| 2,925,000 | Agrium, Inc | 4.125 | 03/15/35 | 3,020 | ||||||||||||||
| 500,000 | Agrium, Inc | 5.250 | 01/15/45 | 581 | ||||||||||||||
| 11,200,000 | g | Air Liquide Finance S.A. | 1.750 | 09/27/21 | 10,862 | |||||||||||||
| 6,630,000 | Air Products & Chemicals, Inc | 4.375 | 08/21/19 | 6,854 | ||||||||||||||
| 3,349,000 | Albemarle Corp | 5.450 | 12/01/44 | 3,948 | ||||||||||||||
| 1,365,000 | Ball Corp | 5.000 | 03/15/22 | 1,457 | ||||||||||||||
| EUR | 250,000 | Ball Corp | 4.375 | 12/15/23 | 346 | |||||||||||||
| $ | 1,825,000 | Barrick Gold Corp | 3.850 | 04/01/22 | 1,910 | |||||||||||||
| 3,200,000 | BHP Billiton Finance USA Ltd | 5.000 | 09/30/43 | 3,920 | ||||||||||||||
| 2,500,000 | Blue Cube Spinco, Inc | 9.750 | 10/15/23 | 2,950 | ||||||||||||||
| 1,425,000 | Blue Cube Spinco, Inc | 10.000 | 10/15/25 | 1,710 | ||||||||||||||
| 5,075,000 | g | Celulosa Arauco y Constitucion S.A. | 3.875 | 11/02/27 | 5,040 | |||||||||||||
| 2,275,000 | g | Celulosa Arauco y Constitucion S.A. | 5.500 | 11/02/47 | 2,366 | |||||||||||||
| EUR | 400,000 | g | Cemex SAB de C.V. | 2.750 | 12/05/24 | 484 | ||||||||||||
| $ | 2,275,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 3.875 | 11/03/21 | 2,355 | ||||||||||||
| 2,375,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 3.000 | 07/17/22 | 2,366 | |||||||||||||
| 3,900,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 4.500 | 09/16/25 | 4,187 | |||||||||||||
| 3,900,000 | g | Corp Nacional del Cobre de Chile-CODELCO | 3.625 | 08/01/27 | 3,905 | |||||||||||||
| 3,250,000 | g | CRH America Finance, Inc | 3.400 | 05/09/27 | 3,248 | |||||||||||||
| 1,390,000 | Crown Americas LLC | 4.500 | 01/15/23 | 1,411 | ||||||||||||||
| 1,875,000 | Crown Americas LLC | 4.250 | 09/30/26 | 1,847 | ||||||||||||||
| 317 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 1,000,000 | Eastman Chemical Co | 5.500 | % | 11/15/19 | $ | 1,055 | |||||||||
| 1,100,000 | g | Eldorado Gold Corp | 6.125 | 12/15/20 | 1,089 | |||||||||||
| 2,800,000 | g | Equate Petrochemical BV | 3.000 | 03/03/22 | 2,756 | |||||||||||
| 3,400,000 | Fibria Overseas Finance Ltd | 4.000 | 01/14/25 | 3,366 | ||||||||||||
| 3,250,000 | g | Georgia-Pacific LLC | 3.600 | 03/01/25 | 3,339 | |||||||||||
| 3,125,000 | g | Gerdau Trade, Inc | 4.875 | 10/24/27 | 3,109 | |||||||||||
| 4,250,000 | g | Glencore Funding LLC | 4.625 | 04/29/24 | 4,486 | |||||||||||
| 6,500,000 | g | Glencore Funding LLC | 4.000 | 03/27/27 | 6,524 | |||||||||||
| 4,000,000 | g | Grupo Cementos de Chihuahua SAB de C.V. | 5.250 | 06/23/24 | 4,040 | |||||||||||
| 9,000,000 | International Paper Co | 3.000 | 02/15/27 | 8,723 | ||||||||||||
| 1,625,000 | International Paper Co | 4.400 | 08/15/47 | 1,697 | ||||||||||||
| 3,300,000 | International Paper Co | 4.350 | 08/15/48 | 3,442 | ||||||||||||
| 4,800,000 | g | Inversiones CMPC S.A. | 4.375 | 04/04/27 | 4,897 | |||||||||||
| 3,850,000 | g | Klabin Finance S.A. | 4.875 | 09/19/27 | 3,800 | |||||||||||
| 3,250,000 | LYB International Finance II BV | 3.500 | 03/02/27 | 3,266 | ||||||||||||
| 4,400,000 | Martin Marietta Materials, Inc | 3.500 | 12/15/27 | 4,366 | ||||||||||||
| 2,400,000 | Newmont Mining Corp | 3.500 | 03/15/22 | 2,450 | ||||||||||||
| 6,900,000 | Newmont Mining Corp | 4.875 | 03/15/42 | 7,651 | ||||||||||||
| 2,500,000 | g | Nova Chemicals Corp | 4.875 | 06/01/24 | 2,494 | |||||||||||
| 2,590,000 | Nucor Corp | 4.000 | 08/01/23 | 2,712 | ||||||||||||
| 1,600,000 | Nucor Corp | 5.200 | 08/01/43 | 1,937 | ||||||||||||
| 3,000,000 | g | OCP S.A. | 4.500 | 10/22/25 | 3,000 | |||||||||||
| 1,350,000 | Olin Corp | 5.125 | 09/15/27 | 1,421 | ||||||||||||
| 2,860,000 | g | Owens-Brockway Glass Container, Inc | 5.375 | 01/15/25 | 3,017 | |||||||||||
| 3,150,000 | Packaging Corp of America | 3.650 | 09/15/24 | 3,229 | ||||||||||||
| 3,575,000 | Potash Corp of Saskatchewan, Inc | 3.625 | 03/15/24 | 3,664 | ||||||||||||
| 5,000,000 | Rock Tenn Co | 3.500 | 03/01/20 | 5,087 | ||||||||||||
| 1,370,000 | g | Sealed Air Corp | 5.250 | 04/01/23 | 1,459 | |||||||||||
| 2,300,000 | g | Severstal OAO Via Steel Capital S.A. | 3.850 | 08/27/21 | 2,334 | |||||||||||
| 4,600,000 | Sherwin-Williams Co | 3.450 | 06/01/27 | 4,672 | ||||||||||||
| 1,350,000 | Sherwin-Williams Co | 4.500 | 06/01/47 | 1,475 | ||||||||||||
| EUR | 750,000 | g | Silgan Holdings, Inc | 3.250 | 03/15/25 | 944 | ||||||||||
| $ | 1,675,000 | Steel Dynamics, Inc | 5.125 | 10/01/21 | 1,717 | |||||||||||
| 500,000 | g | Suzano Austria GmbH | 5.750 | 07/14/26 | 543 | |||||||||||
| 1,630,000 | Teck Resources Ltd | 3.750 | 02/01/23 | 1,634 | ||||||||||||
| 3,300,000 | Vulcan Materials Co | 3.900 | 04/01/27 | 3,370 | ||||||||||||
| TOTAL MATERIALS | 182,495 | |||||||||||||||
| MEDIA - 1.4% | ||||||||||||||||
| 100,000 | 21st Century Fox America, Inc | 3.375 | 11/15/26 | 102 | ||||||||||||
| 2,105,000 | 21st Century Fox America, Inc | 7.625 | 11/30/28 | 2,809 | ||||||||||||
| 1,578,000 | 21st Century Fox America, Inc | 6.550 | 03/15/33 | 2,073 | ||||||||||||
| 7,375,000 | 21st Century Fox America, Inc | 6.900 | 08/15/39 | 10,401 | ||||||||||||
| GBP | 675,000 | AMC Entertainment Holdings, Inc | 6.375 | 11/15/24 | 915 | |||||||||||
| $ | 6,750,000 | CBS Corp | 2.300 | 08/15/19 | 6,745 | |||||||||||
| 4,200,000 | CBS Corp | 2.900 | 01/15/27 | 3,922 | ||||||||||||
| 2,500,000 | CBS Corp | 3.375 | 02/15/28 | 2,407 | ||||||||||||
| 5,225,000 | Charter Communications Operating LLC | 3.579 | 07/23/20 | 5,322 | ||||||||||||
| 5,395,000 | Charter Communications Operating LLC | 4.464 | 07/23/22 | 5,628 | ||||||||||||
| 19,275,000 | Charter Communications Operating LLC | 4.908 | 07/23/25 | 20,488 | ||||||||||||
| 3,500,000 | Cinemark USA, Inc | 4.875 | 06/01/23 | 3,544 | ||||||||||||
| 18,200,000 | Comcast Corp | 3.200 | 07/15/36 | 17,293 | ||||||||||||
| 1,715,000 | g | CSC Holdings LLC | 5.500 | 04/15/27 | 1,749 | |||||||||||
| 4,000,000 | Discovery Communications LLC | 2.950 | 03/20/23 | 3,958 | ||||||||||||
| 318 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| GBP | 300,000 | Discovery Communications LLC | 2.500 | % | 09/20/24 | $ | 401 | |||||||||
| $ | 5,625,000 | Discovery Communications LLC | 3.950 | 03/20/28 | 5,593 | |||||||||||
| 1,930,000 | g | Gannett Co, Inc | 4.875 | 09/15/21 | 1,968 | |||||||||||
| 2,925,000 | g | Gannett Co, Inc | 5.500 | 09/15/24 | 3,068 | |||||||||||
| 2,000,000 | Lamar Media Corp | 5.000 | 05/01/23 | 2,060 | ||||||||||||
| 2,000,000 | Lamar Media Corp | 5.375 | 01/15/24 | 2,090 | ||||||||||||
| 7,250,000 | g | NBC Universal Enterprise, Inc | 1.662 | 04/15/18 | 7,247 | |||||||||||
| 7,700,000 | g | NBC Universal Enterprise, Inc | 1.974 | 04/15/19 | 7,686 | |||||||||||
| 10,350,000 | NBC Universal Media LLC | 2.875 | 01/15/23 | 10,454 | ||||||||||||
| 3,735,000 | Nielsen Finance LLC | 4.500 | 10/01/20 | 3,763 | ||||||||||||
| 4,650,000 | Outfront Media Capital LLC | 5.250 | 02/15/22 | 4,766 | ||||||||||||
| 1,000,000 | g | Sirius XM Radio, Inc | 3.875 | 08/01/22 | 1,003 | |||||||||||
| 5,675,000 | Time Warner Cable, Inc | 5.875 | 11/15/40 | 6,153 | ||||||||||||
| 4,075,000 | Time Warner Cable, Inc | 4.500 | 09/15/42 | 3,820 | ||||||||||||
| 20,550,000 | Time Warner, Inc | 2.100 | 06/01/19 | 20,508 | ||||||||||||
| 6,575,000 | Time Warner, Inc | 3.600 | 07/15/25 | 6,588 | ||||||||||||
| 5,550,000 | Time Warner, Inc | 3.800 | 02/15/27 | 5,543 | ||||||||||||
| 150,000 | Time Warner, Inc | 4.850 | 07/15/45 | 157 | ||||||||||||
| 675,000 | g | Virgin Media Secured Finance plc | 5.500 | 01/15/25 | 692 | |||||||||||
| TOTAL MEDIA | 180,916 | |||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.4% | ||||||||||||||||
| 4,750,000 | Abbott Laboratories | 3.875 | 09/15/25 | 4,912 | ||||||||||||
| 19,450,000 | Abbott Laboratories | 3.750 | 11/30/26 | 19,967 | ||||||||||||
| 2,250,000 | Abbott Laboratories | 5.300 | 05/27/40 | 2,600 | ||||||||||||
| 18,500,000 | AbbVie, Inc | 3.200 | 05/14/26 | 18,440 | ||||||||||||
| 150,000 | AbbVie, Inc | 4.500 | 05/14/35 | 165 | ||||||||||||
| 6,700,000 | AbbVie, Inc | 4.400 | 11/06/42 | 7,177 | ||||||||||||
| 20,275,000 | Actavis Funding SCS | 3.800 | 03/15/25 | 20,636 | ||||||||||||
| 9,500,000 | Actavis Funding SCS | 4.550 | 03/15/35 | 10,046 | ||||||||||||
| 134,000 | Actavis Funding SCS | 4.750 | 03/15/45 | 143 | ||||||||||||
| 5,200,000 | Amgen, Inc | 1.850 | 08/19/21 | 5,069 | ||||||||||||
| 8,600,000 | Amgen, Inc | 2.600 | 08/19/26 | 8,232 | ||||||||||||
| 6,450,000 | Amgen, Inc | 4.400 | 05/01/45 | 7,012 | ||||||||||||
| 5,650,000 | AstraZeneca plc | 3.125 | 06/12/27 | 5,582 | ||||||||||||
| 3,400,000 | Celgene Corp | 3.625 | 05/15/24 | 3,496 | ||||||||||||
| 7,450,000 | Celgene Corp | 3.450 | 11/15/27 | 7,442 | ||||||||||||
| 8,675,000 | Gilead Sciences, Inc | 2.950 | 03/01/27 | 8,530 | ||||||||||||
| 6,750,000 | Gilead Sciences, Inc | 4.150 | 03/01/47 | 7,173 | ||||||||||||
| 8,150,000 | Johnson & Johnson | 2.900 | 01/15/28 | 8,160 | ||||||||||||
| 3,750,000 | Johnson & Johnson | 3.400 | 01/15/38 | 3,838 | ||||||||||||
| 4,100,000 | Mylan NV | 3.750 | 12/15/20 | 4,189 | ||||||||||||
| 3,300,000 | Mylan NV | 3.950 | 06/15/26 | 3,327 | ||||||||||||
| 9,600,000 | Novartis Capital Corp | 3.000 | 11/20/25 | 9,703 | ||||||||||||
| 10,925,000 | Novartis Capital Corp | 3.100 | 05/17/27 | 11,135 | ||||||||||||
| 500,000 | Perrigo Finance plc | 3.900 | 12/15/24 | 508 | ||||||||||||
| 8,275,000 | g | Roche Holdings, Inc | 2.375 | 01/28/27 | 7,871 | |||||||||||
| 17,825,000 | Teva Pharmaceutical Finance Netherlands III BV | 3.150 | 10/01/26 | 14,713 | ||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 200,066 | |||||||||||||||
| REAL ESTATE - 1.4% | ||||||||||||||||
| 1,675,000 | Alexandria Real Estate Equities, Inc | 3.950 | 01/15/27 | 1,711 | ||||||||||||
| 2,300,000 | Alexandria Real Estate Equities, Inc | 3.950 | 01/15/28 | 2,348 | ||||||||||||
| 319 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 10,300,000 | American Tower Corp | 3.300 | % | 02/15/21 | $ | 10,488 | |||||||||
| 2,418,000 | American Tower Corp | 4.400 | 02/15/26 | 2,542 | ||||||||||||
| 1,600,000 | American Tower Corp | 3.550 | 07/15/27 | 1,588 | ||||||||||||
| 5,575,000 | Brandywine Operating Partnership LP | 4.100 | 10/01/24 | 5,666 | ||||||||||||
| 2,700,000 | Brandywine Operating Partnership LP | 3.950 | 11/15/27 | 2,679 | ||||||||||||
| 4,500,000 | Brixmor Operating Partnership LP | 3.875 | 08/15/22 | 4,610 | ||||||||||||
| 5,250,000 | Brixmor Operating Partnership LP | 3.650 | 06/15/24 | 5,221 | ||||||||||||
| 5,825,000 | Brixmor Operating Partnership LP | 3.850 | 02/01/25 | 5,816 | ||||||||||||
| 2,650,000 | Brixmor Operating Partnership LP | 4.125 | 06/15/26 | 2,672 | ||||||||||||
| 3,965,000 | Camden Property Trust | 4.625 | 06/15/21 | 4,191 | ||||||||||||
| 3,000,000 | Camden Property Trust | 2.950 | 12/15/22 | 3,000 | ||||||||||||
| 3,911,000 | Crown Castle International Corp | 4.875 | 04/15/22 | 4,193 | ||||||||||||
| 2,850,000 | Crown Castle International Corp | 3.200 | 09/01/24 | 2,820 | ||||||||||||
| 3,825,000 | Crown Castle International Corp | 3.650 | 09/01/27 | 3,814 | ||||||||||||
| 5,175,000 | DCT Industrial Operating Partnership LP | 4.500 | 10/15/23 | 5,423 | ||||||||||||
| 3,450,000 | DDR Corp | 3.625 | 02/01/25 | 3,393 | ||||||||||||
| 3,250,000 | DDR Corp | 4.250 | 02/01/26 | 3,306 | ||||||||||||
| 3,250,000 | DDR Corp | 4.700 | 06/01/27 | 3,401 | ||||||||||||
| 3,075,000 | Digital Realty Trust LP | 3.700 | 08/15/27 | 3,096 | ||||||||||||
| 1,600,000 | Duke Realty LP | 3.250 | 06/30/26 | 1,585 | ||||||||||||
| 1,250,000 | Equinix, Inc | 5.375 | 01/01/22 | 1,300 | ||||||||||||
| 2,750,000 | Equity One, Inc | 3.750 | 11/15/22 | 2,817 | ||||||||||||
| 2,754,000 | Essex Portfolio LP | 3.375 | 01/15/23 | 2,792 | ||||||||||||
| 4,275,000 | Federal Realty Investment Trust | 3.250 | 07/15/27 | 4,239 | ||||||||||||
| 78,000 | HCP, Inc | 5.375 | 02/01/21 | 84 | ||||||||||||
| 1,625,000 | Healthcare Realty Trust, Inc | 3.750 | 04/15/23 | 1,653 | ||||||||||||
| 6,600,000 | Healthcare Realty Trust, Inc | 3.875 | 05/01/25 | 6,686 | ||||||||||||
| 3,700,000 | Healthcare Trust of America Holdings LP | 3.375 | 07/15/21 | 3,768 | ||||||||||||
| 3,550,000 | Healthcare Trust of America Holdings LP | 3.700 | 04/15/23 | 3,629 | ||||||||||||
| 6,250,000 | Healthcare Trust of America Holdings LP | 3.500 | 08/01/26 | 6,152 | ||||||||||||
| 1,950,000 | Highwoods Realty LP | 3.875 | 03/01/27 | 1,953 | ||||||||||||
| 1,775,000 | Host Hotels & Resorts LP | 4.500 | 02/01/26 | 1,858 | ||||||||||||
| 1,700,000 | Kimco Realty Corp | 3.800 | 04/01/27 | 1,716 | ||||||||||||
| 2,500,000 | Liberty Property LP | 3.250 | 10/01/26 | 2,460 | ||||||||||||
| 5,224,000 | Mid-America Apartments LP | 4.300 | 10/15/23 | 5,481 | ||||||||||||
| 5,525,000 | Mid-America Apartments LP | 3.750 | 06/15/24 | 5,678 | ||||||||||||
| 4,300,000 | Mid-America Apartments LP | 4.000 | 11/15/25 | 4,453 | ||||||||||||
| 3,575,000 | Mid-America Apartments LP | 3.600 | 06/01/27 | 3,580 | ||||||||||||
| 3,600,000 | National Retail Properties, Inc | 3.800 | 10/15/22 | 3,718 | ||||||||||||
| 5,425,000 | National Retail Properties, Inc | 3.300 | 04/15/23 | 5,451 | ||||||||||||
| 2,575,000 | National Retail Properties, Inc | 4.000 | 11/15/25 | 2,641 | ||||||||||||
| 3,000,000 | National Retail Properties, Inc | 3.600 | 12/15/26 | 2,974 | ||||||||||||
| 4,125,000 | Realty Income Corp | 3.650 | 01/15/28 | 4,154 | ||||||||||||
| 7,225,000 | Regency Centers LP | 3.900 | 11/01/25 | 7,381 | ||||||||||||
| 4,750,000 | Regency Centers LP | 3.600 | 02/01/27 | 4,753 | ||||||||||||
| 405,000 | Ventas Realty LP | 3.125 | 06/15/23 | 405 | ||||||||||||
| 450,000 | Ventas Realty LP | 4.125 | 01/15/26 | 470 | ||||||||||||
| 1,170,000 | Weingarten Realty Investors | 3.375 | 10/15/22 | 1,179 | ||||||||||||
| 4,800,000 | Weingarten Realty Investors | 3.500 | 04/15/23 | 4,839 | ||||||||||||
| 3,025,000 | Weingarten Realty Investors | 4.450 | 01/15/24 | 3,174 | ||||||||||||
| 3,950,000 | Weingarten Realty Investors | 3.850 | 06/01/25 | 3,986 | ||||||||||||
| 1,300,000 | Weingarten Realty Investors | 3.250 | 08/15/26 | 1,247 | ||||||||||||
| 3,575,000 | Welltower, Inc | 4.000 | 06/01/25 | 3,696 | ||||||||||||
| TOTAL REAL ESTATE | 193,930 | |||||||||||||||
| 320 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| RETAILING - 0.6% | ||||||||||||||||
| $ | 600,000 | Asbury Automotive Group, Inc | 6.000 | % | 12/15/24 | $ | 625 | |||||||||
| 100,000 | Best Buy Co, Inc | 5.500 | 03/15/21 | 108 | ||||||||||||
| 6,525,000 | Enable Midstream Partners LP | 4.400 | 03/15/27 | 6,633 | ||||||||||||
| 8,850,000 | Home Depot, Inc | 2.000 | 04/01/21 | 8,762 | ||||||||||||
| 8,725,000 | Home Depot, Inc | 3.350 | 09/15/25 | 9,015 | ||||||||||||
| 5,175,000 | Home Depot, Inc | 3.000 | 04/01/26 | 5,180 | ||||||||||||
| 2,975,000 | Home Depot, Inc | 3.500 | 09/15/56 | 2,859 | ||||||||||||
| 3,150,000 | L Brands, Inc | 6.750 | 07/01/36 | 3,150 | ||||||||||||
| 3,150,000 | Limited Brands, Inc | 7.000 | 05/01/20 | 3,433 | ||||||||||||
| 3,375,000 | Macy’s Retail Holdings, Inc | 4.500 | 12/15/34 | 2,868 | ||||||||||||
| 7,575,000 | O’Reilly Automotive, Inc | 3.550 | 03/15/26 | 7,651 | ||||||||||||
| 6,875,000 | O’Reilly Automotive, Inc | 3.600 | 09/01/27 | 6,898 | ||||||||||||
| 7,875,000 | Priceline Group, Inc | 3.550 | 03/15/28 | 7,798 | ||||||||||||
| 5,050,000 | g | Rolls-Royce plc | 2.375 | 10/14/20 | 5,016 | |||||||||||
| 1,850,000 | g | Rolls-Royce plc | 3.625 | 10/14/25 | 1,908 | |||||||||||
| GBP | 1,250,000 | Rolls-Royce plc | 3.375 | 06/18/26 | 1,856 | |||||||||||
| $ | 5,800,000 | Target Corp | 2.500 | 04/15/26 | 5,575 | |||||||||||
| 5,625,000 | Target Corp | 3.625 | 04/15/46 | 5,470 | ||||||||||||
| TOTAL RETAILING | 84,805 | |||||||||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2% | ||||||||||||||||
| 16,275,000 | Intel Corp | 3.150 | 05/11/27 | 16,593 | ||||||||||||
| 6,500,000 | Intel Corp | 4.100 | 05/11/47 | 7,155 | ||||||||||||
| 3,475,000 | Maxim Integrated Products, Inc | 3.450 | 06/15/27 | 3,490 | ||||||||||||
| 3,475,000 | Texas Instruments, Inc | 2.625 | 05/15/24 | 3,447 | ||||||||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 30,685 | |||||||||||||||
| SOFTWARE & SERVICES - 0.9% | ||||||||||||||||
| 4,175,000 | Activision Blizzard Inc | 2.300 | 09/15/21 | 4,120 | ||||||||||||
| 4,350,000 | Activision Blizzard Inc | 3.400 | 09/15/26 | 4,401 | ||||||||||||
| 5,400,000 | Baidu, Inc | 2.875 | 07/06/22 | 5,342 | ||||||||||||
| 11,348,000 | Fidelity National Information Services, Inc | 3.625 | 10/15/20 | 11,659 | ||||||||||||
| GBP | 150,000 | Fidelity National Information Services, Inc | 1.700 | 06/30/22 | 203 | |||||||||||
| EUR | 375,000 | Fidelity National Information Services, Inc | 1.100 | 07/15/24 | 447 | |||||||||||
| $ | 800,000 | g | IMS Health, Inc | 5.000 | 10/15/26 | 820 | ||||||||||
| 30,200,000 | Microsoft Corp | 2.400 | 08/08/26 | 29,116 | ||||||||||||
| 3,750,000 | Microsoft Corp | 4.100 | 02/06/37 | 4,184 | ||||||||||||
| 5,500,000 | Microsoft Corp | 4.250 | 02/06/47 | 6,282 | ||||||||||||
| 1,475,000 | NCR Corp | 4.625 | 02/15/21 | 1,488 | ||||||||||||
| 525,000 | NCR Corp | 5.875 | 12/15/21 | 538 | ||||||||||||
| 1,650,000 | g | Open Text Corp | 5.625 | 01/15/23 | 1,718 | |||||||||||
| 12,600,000 | Oracle Corp | 2.500 | 05/15/22 | 12,618 | ||||||||||||
| 12,500,000 | Oracle Corp | 3.250 | 11/15/27 | 12,708 | ||||||||||||
| 4,900,000 | Oracle Corp | 3.800 | 11/15/37 | 5,139 | ||||||||||||
| 6,300,000 | Oracle Corp | 4.000 | 11/15/47 | 6,702 | ||||||||||||
| 9,575,000 | VMware, Inc | 2.950 | 08/21/22 | 9,547 | ||||||||||||
| TOTAL SOFTWARE & SERVICES | 117,032 | |||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.9% | ||||||||||||||||
| 3,475,000 | Amphenol Corp | 3.125 | 09/15/21 | 3,530 | ||||||||||||
| 321 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 23,475,000 | Apple, Inc | 3.200 | % | 05/11/27 | $ | 23,766 | |||||||||
| 14,500,000 | Apple, Inc | 3.000 | 11/13/27 | 14,408 | ||||||||||||
| EUR | 750,000 | Apple, Inc | 1.375 | 05/24/29 | 920 | |||||||||||
| $ | 4,525,000 | Apple, Inc | 4.650 | 02/23/46 | 5,294 | |||||||||||
| 4,075,000 | g | Broadcom Corp | 3.875 | 01/15/27 | 4,009 | |||||||||||
| 4,825,000 | g | Broadcom Corp | 3.500 | 01/15/28 | 4,598 | |||||||||||
| 19,750,000 | Cisco Systems, Inc | 1.850 | 09/20/21 | 19,381 | ||||||||||||
| 1,600,000 | g | CommScope, Inc | 5.000 | 06/15/21 | 1,630 | |||||||||||
| 2,600,000 | g | CommScope, Inc | 5.500 | 06/15/24 | 2,704 | |||||||||||
| 2,075,000 | Corning, Inc | 4.375 | 11/15/57 | 2,058 | ||||||||||||
| 6,100,000 | g | Diamond Finance Corp | 3.480 | 06/01/19 | 6,176 | |||||||||||
| 13,175,000 | g | Diamond Finance Corp | 4.420 | 06/15/21 | 13,727 | |||||||||||
| 10,550,000 | g | Diamond Finance Corp | 6.020 | 06/15/26 | 11,630 | |||||||||||
| 200,000 | Koninklijke Philips NV | 3.750 | 03/15/22 | 208 | ||||||||||||
| 275,000 | g | Millicom International Cellular S.A. | 5.125 | 01/15/28 | 275 | |||||||||||
| 525,000 | g | Sensata Technologies BV | 5.625 | 11/01/24 | 577 | |||||||||||
| 250,000 | g | Sensata Technologies BV | 5.000 | 10/01/25 | 264 | |||||||||||
| 5,050,000 | Tyco Electronics Group S.A. | 2.375 | 12/17/18 | 5,061 | ||||||||||||
| 6,669,000 | Tyco Electronics Group S.A. | 3.500 | 02/03/22 | 6,851 | ||||||||||||
| EUR | 400,000 | Tyco Electronics Group S.A. | 1.100 | 03/01/23 | 491 | |||||||||||
| $ | 2,175,000 | Tyco Electronics Group S.A. | 3.700 | 02/15/26 | 2,259 | |||||||||||
| 250,000 | Xerox Corp | 3.625 | 03/15/23 | 244 | ||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 130,061 | |||||||||||||||
| TELECOMMUNICATION SERVICES - 1.5% | ||||||||||||||||
| EUR | 1,500,000 | g | Altice Luxembourg S.A. | 7.250 | 05/15/22 | 1,823 | ||||||||||
| $ | 27,775,000 | AT&T, Inc | 3.400 | 05/15/25 | 27,301 | |||||||||||
| 13,025,000 | AT&T, Inc | 3.900 | 08/14/27 | 13,108 | ||||||||||||
| 15,299,000 | g | AT&T, Inc | 4.100 | 02/15/28 | 15,345 | |||||||||||
| EUR | 500,000 | AT&T, Inc | 2.350 | 09/04/29 | 606 | |||||||||||
| $ | 9,000,000 | AT&T, Inc | 4.500 | 05/15/35 | 8,941 | |||||||||||
| EUR | 440,000 | AT&T, Inc | 3.150 | 09/04/36 | 541 | |||||||||||
| $ | 6,525,000 | AT&T, Inc | 5.250 | 03/01/37 | 6,896 | |||||||||||
| 13,025,000 | AT&T, Inc | 4.900 | 08/14/37 | 13,207 | ||||||||||||
| GBP | 355,000 | AT&T, Inc | 3.550 | 09/14/37 | 482 | |||||||||||
| $ | 200,000 | AT&T, Inc | 4.300 | 12/15/42 | 188 | |||||||||||
| 150,000 | AT&T, Inc | 4.800 | 06/15/44 | 148 | ||||||||||||
| 4,525,000 | AT&T, Inc | 4.750 | 05/15/46 | 4,422 | ||||||||||||
| 6,525,000 | AT&T, Inc | 5.450 | 03/01/47 | 6,968 | ||||||||||||
| 13,025,000 | AT&T, Inc | 5.150 | 02/14/50 | 13,090 | ||||||||||||
| 500,000 | AT&T, Inc | 5.300 | 08/14/58 | 501 | ||||||||||||
| 4,400,000 | g | Bharti Airtel International Netherlands BV | 5.125 | 03/11/23 | 4,666 | |||||||||||
| 4,000,000 | Deutsche Telekom International Finance BV | 8.750 | 06/15/30 | 5,917 | ||||||||||||
| 3,950,000 | France Telecom S.A. | 5.375 | 01/13/42 | 4,761 | ||||||||||||
| 4,000,000 | g | MTN Mauritius Investment Ltd | 5.373 | 02/13/22 | 4,136 | |||||||||||
| 3,500,000 | †,g,q | Oi S.A. | 5.750 | 02/10/22 | 1,558 | |||||||||||
| 2,125,000 | Telefonica Emisiones SAU | 4.103 | 03/08/27 | 2,195 | ||||||||||||
| 2,325,000 | T-Mobile USA, Inc | 6.375 | 03/01/25 | 2,488 | ||||||||||||
| 9,275,000 | Verizon Communications, Inc | 3.450 | 03/15/21 | 9,557 | ||||||||||||
| 5,625,000 | Verizon Communications, Inc | 4.150 | 03/15/24 | 5,915 | ||||||||||||
| EUR | 400,000 | Verizon Communications, Inc | 1.375 | 10/27/26 | 477 | |||||||||||
| 400,000 | Verizon Communications, Inc | 1.875 | 10/26/29 | 478 | ||||||||||||
| $ | 30,520,000 | Verizon Communications, Inc | 4.272 | 01/15/36 | 30,340 | |||||||||||
| EUR | 300,000 | Verizon Communications, Inc | 2.875 | 01/15/38 | 365 | |||||||||||
| 322 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 10,550,000 | Verizon Communications, Inc | 3.850 | % | 11/01/42 | $ | 9,535 | |||||||||
| 3,350,000 | Verizon Communications, Inc | 4.125 | 08/15/46 | 3,092 | ||||||||||||
| 400,000 | Verizon Communications, Inc | 5.012 | 08/21/54 | 408 | ||||||||||||
| 4,025,000 | g | VimpelCom Holdings BV | 4.950 | 06/16/24 | 4,081 | |||||||||||
| EUR | 1,500,000 | g | Virgin Media Finance plc | 4.500 | 01/15/25 | 1,878 | ||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 205,414 | |||||||||||||||
| TRANSPORTATION - 0.8% | ||||||||||||||||
| $ | 500,000 | g | Adani Ports & Special Economic Zone Ltd | 3.950 | 01/19/22 | 510 | ||||||||||
| 4,850,000 | g | Adani Ports & Special Economic Zone Ltd | 4.000 | 07/30/27 | 4,816 | |||||||||||
| 5,730,000 | g | Asciano Finance Ltd | 5.000 | 04/07/18 | 5,766 | |||||||||||
| 72,000 | Burlington Northern Santa Fe LLC | 4.150 | 04/01/45 | 78 | ||||||||||||
| 6,525,000 | Burlington Northern Santa Fe LLC | 4.125 | 06/15/47 | 7,143 | ||||||||||||
| 9,200,000 | Canadian Pacific Railway Co | 2.900 | 02/01/25 | 9,125 | ||||||||||||
| 200,000 | Canadian Pacific Railway Co | 4.800 | 08/01/45 | 238 | ||||||||||||
| 5,000,000 | CSX Corp | 3.250 | 06/01/27 | 4,994 | ||||||||||||
| 150,000 | CSX Corp | 4.100 | 03/15/44 | 156 | ||||||||||||
| 4,000,000 | CSX Corp | 3.800 | 11/01/46 | 3,973 | ||||||||||||
| 9,250,000 | Delta Air Lines, Inc | 3.625 | 03/15/22 | 9,386 | ||||||||||||
| 100,000 | FedEx Corp | 3.875 | 08/01/42 | 100 | ||||||||||||
| 2,830,000 | FedEx Corp | 4.100 | 02/01/45 | 2,914 | ||||||||||||
| 2,925,000 | FedEx Corp | 4.750 | 11/15/45 | 3,273 | ||||||||||||
| 17,344,000 | Kansas City Southern | 2.350 | 05/15/20 | 17,274 | ||||||||||||
| 4,025,000 | g | Norfolk Southern Corp | 4.050 | 08/15/52 | 4,167 | |||||||||||
| 2,625,000 | Northrop Grumman Corp | 1.750 | 06/01/18 | 2,623 | ||||||||||||
| 8,925,000 | Northrop Grumman Corp | 3.250 | 01/15/28 | 8,935 | ||||||||||||
| 3,500,000 | Northrop Grumman Corp | 4.030 | 10/15/47 | 3,654 | ||||||||||||
| 3,000,000 | g | Transnet SOC Ltd | 4.000 | 07/26/22 | 2,937 | |||||||||||
| 3,500,000 | g | TTX Co | 3.600 | 01/15/25 | 3,580 | |||||||||||
| 3,850,000 | Union Pacific Corp | 3.600 | 09/15/37 | 3,986 | ||||||||||||
| 3,000,000 | Union Pacific Corp | 4.000 | 04/15/47 | 3,242 | ||||||||||||
| 6,300,000 | United Parcel Service, Inc | 3.750 | 11/15/47 | 6,498 | ||||||||||||
| TOTAL TRANSPORTATION | 109,368 | |||||||||||||||
| UTILITIES - 3.7% | ||||||||||||||||
| 1,650,000 | AEP Transmission Co LLC | 3.100 | 12/01/26 | 1,653 | ||||||||||||
| 1,650,000 | AEP Transmission Co LLC | 4.000 | 12/01/46 | 1,746 | ||||||||||||
| 1,775,000 | AES Corp | 4.875 | 05/15/23 | 1,808 | ||||||||||||
| 1,500,000 | AES Corp | 5.500 | 03/15/24 | 1,560 | ||||||||||||
| 8,475,000 | AGL Capital Corp | 3.875 | 11/15/25 | 8,743 | ||||||||||||
| 2,125,000 | AGL Capital Corp | 4.400 | 06/01/43 | 2,258 | ||||||||||||
| 3,475,000 | Alabama Power Co | 4.150 | 08/15/44 | 3,747 | ||||||||||||
| 6,000,000 | American Electric Power Co, Inc | 2.950 | 12/15/22 | 6,085 | ||||||||||||
| 2,750,000 | American Water Capital Corp | 3.000 | 12/01/26 | 2,713 | ||||||||||||
| 2,375,000 | American Water Capital Corp | 4.000 | 12/01/46 | 2,533 | ||||||||||||
| 7,175,000 | American Water Capital Corp | 3.750 | 09/01/47 | 7,396 | ||||||||||||
| 1,575,000 | g | APT Pipelines Ltd | 4.250 | 07/15/27 | 1,629 | |||||||||||
| 5,500,000 | Atmos Energy Corp | 8.500 | 03/15/19 | 5,912 | ||||||||||||
| 1,175,000 | Atmos Energy Corp | 4.125 | 10/15/44 | 1,282 | ||||||||||||
| EUR | 850,000 | g | Axalta Coating Systems Dutch Holding B BV | 3.750 | 01/15/25 | 1,068 | ||||||||||
| $ | 6,500,000 | Baltimore Gas & Electric Co | 3.750 | 08/15/47 | 6,653 | |||||||||||
| 3,050,000 | g | Banco BTG Pactual S.A. | 5.500 | 01/31/23 | 3,046 | |||||||||||
| 6,225,000 | Black Hills Corp | 4.250 | 11/30/23 | 6,514 | ||||||||||||
| 323 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 1,575,000 | Black Hills Corp | 3.150 | % | 01/15/27 | $ | 1,534 | |||||||||
| 4,750,000 | Carolina Power & Light Co | 5.300 | 01/15/19 | 4,903 | ||||||||||||
| 3,670,000 | CenterPoint Energy Resources Corp | 4.500 | 01/15/21 | 3,838 | ||||||||||||
| 3,550,000 | CenterPoint Energy Resources Corp | 6.250 | 02/01/37 | 4,483 | ||||||||||||
| 2,850,000 | g | Cerro del Aguila S.A. | 4.125 | 08/16/27 | 2,814 | |||||||||||
| 3,840,000 | g | CEZ AS. | 4.250 | 04/03/22 | 3,991 | |||||||||||
| 4,675,000 | CMS Energy Corp | 3.600 | 11/15/25 | 4,785 | ||||||||||||
| 200,000 | CMS Energy Corp | 3.450 | 08/15/27 | 202 | ||||||||||||
| 2,625,000 | g | Colbun S.A. | 3.950 | 10/11/27 | 2,618 | |||||||||||
| 200,000 | Commonwealth Edison Co | 2.950 | 08/15/27 | 198 | ||||||||||||
| 4,200,000 | Commonwealth Edison Co | 5.900 | 03/15/36 | 5,502 | ||||||||||||
| 2,750,000 | Connecticut Light & Power Co | 5.500 | 02/01/19 | 2,840 | ||||||||||||
| 5,500,000 | Consolidated Edison Co of New York, Inc | 3.875 | 06/15/47 | 5,746 | ||||||||||||
| 4,575,000 | Consolidated Edison, Inc | 2.000 | 05/15/21 | 4,505 | ||||||||||||
| EUR | 500,000 | DH Europe Finance S.A. | 1.200 | 06/30/27 | 604 | |||||||||||
| $ | 3,775,000 | Dominion Resources, Inc | 2.000 | 08/15/21 | 3,689 | |||||||||||
| 5,750,000 | DTE Electric Co | 3.750 | 08/15/47 | 5,976 | ||||||||||||
| 1,400,000 | Duke Energy Carolinas LLC | 4.300 | 06/15/20 | 1,466 | ||||||||||||
| 5,825,000 | Duke Energy Corp | 1.800 | 09/01/21 | 5,665 | ||||||||||||
| 8,675,000 | Duke Energy Corp | 2.650 | 09/01/26 | 8,310 | ||||||||||||
| 750,000 | Duke Energy Corp | 4.800 | 12/15/45 | 866 | ||||||||||||
| 11,504,098 | Duke Energy Florida Project Finance LLC | 1.196 | 03/01/20 | 11,370 | ||||||||||||
| 5,000,000 | Duke Energy Florida Project Finance LLC | 1.731 | 09/01/22 | 4,893 | ||||||||||||
| 1,450,000 | Duke Energy Ohio, Inc | 3.800 | 09/01/23 | 1,524 | ||||||||||||
| 200,000 | Emera US Finance LP | 3.550 | 06/15/26 | 201 | ||||||||||||
| 8,900,000 | Energy Transfer Partners LP | 4.750 | 01/15/26 | 9,231 | ||||||||||||
| 2,985,000 | Energy Transfer Partners LP | 5.150 | 02/01/43 | 2,825 | ||||||||||||
| 5,450,000 | Energy Transfer Partners LP | 5.950 | 10/01/43 | 5,790 | ||||||||||||
| 6,025,000 | Energy Transfer Partners LP | 5.150 | 03/15/45 | 5,876 | ||||||||||||
| EUR | 700,000 | Engie S.A. | 2.375 | 05/19/26 | 931 | |||||||||||
| $ | 5,700,000 | Entergy Corp | 2.950 | 09/01/26 | 5,544 | |||||||||||
| 3,100,000 | EQT Midstream Partners LP | 4.125 | 12/01/26 | 3,086 | ||||||||||||
| 5,850,000 | g | Eskom Holdings SOC Ltd | 5.750 | 01/26/21 | 5,788 | |||||||||||
| 9,450,000 | Exelon Generation Co LLC | 3.400 | 03/15/22 | 9,608 | ||||||||||||
| 300,000 | FirstEnergy Corp | 3.900 | 07/15/27 | 307 | ||||||||||||
| 8,150,000 | Fortis, Inc | 3.055 | 10/04/26 | 7,867 | ||||||||||||
| 350,000 | Georgia Power Co | 3.250 | 03/30/27 | 351 | ||||||||||||
| 3,000,000 | Georgia Power Co | 5.400 | 06/01/40 | 3,603 | ||||||||||||
| EUR | 1,000,000 | Iberdrola International BV | 1.125 | 04/21/26 | 1,203 | |||||||||||
| $ | 5,000,000 | Indiana Michigan Power Co | 7.000 | 03/15/19 | 5,271 | |||||||||||
| 3,600,000 | Indiana Michigan Power Co | 3.750 | 07/01/47 | 3,656 | ||||||||||||
| 2,725,000 | Integrys Energy Group, Inc | 4.170 | 11/01/20 | 2,834 | ||||||||||||
| 2,425,000 | Interstate Power & Light Co | 3.700 | 09/15/46 | 2,426 | ||||||||||||
| 3,000,000 | g | Israel Electric Corp Ltd | 5.625 | 06/21/18 | 3,037 | |||||||||||
| 1,300,000 | g | Israel Electric Corp Ltd | 5.000 | 11/12/24 | 1,383 | |||||||||||
| 1,000,000 | g | Kansas Gas & Electric | 6.700 | 06/15/19 | 1,059 | |||||||||||
| 500,000 | g | KazMunayGas National Co JSC | 3.875 | 04/19/22 | 507 | |||||||||||
| 4,525,000 | g | KazTransGas JSC | 4.375 | 09/26/27 | 4,538 | |||||||||||
| 5,000,000 | LG&E and KU Energy LLC | 3.750 | 11/15/20 | 5,158 | ||||||||||||
| 4,225,000 | g | Listrindo Capital BV | 4.950 | 09/14/26 | 4,267 | |||||||||||
| 12,500,000 | Mercy Health | 3.382 | 11/01/25 | 12,491 | ||||||||||||
| 324 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 1,325,000 | MidAmerican Energy Co | 4.250 | % | 05/01/46 | $ | 1,486 | |||||||||
| 3,000,000 | g | Minejesa Capital BV | 4.625 | 08/10/30 | 3,066 | |||||||||||
| 800,000 | g | Minejesa Capital BV | 5.625 | 08/10/37 | 853 | |||||||||||
| 4,240,000 | MPLX LP | 5.500 | 02/15/23 | 4,363 | ||||||||||||
| 3,800,000 | MPLX LP | 4.000 | 02/15/25 | 3,877 | ||||||||||||
| 8,012,000 | MPLX LP | 4.125 | 03/01/27 | 8,204 | ||||||||||||
| 2,800,000 | Nevada Power Co | 6.500 | 08/01/18 | 2,872 | ||||||||||||
| 3,335,000 | Nevada Power Co | 5.450 | 05/15/41 | 4,128 | ||||||||||||
| 13,025,000 | NextEra Energy Capital Holdings, Inc | 3.550 | 05/01/27 | 13,264 | ||||||||||||
| 550,000 | g | NextEra Energy Operating Partners LP | 4.250 | 09/15/24 | 560 | |||||||||||
| 9,750,000 | NiSource Finance Corp | 3.490 | 05/15/27 | 9,921 | ||||||||||||
| 3,700,000 | NiSource Finance Corp | 4.800 | 02/15/44 | 4,185 | ||||||||||||
| 6,450,000 | NiSource Finance Corp | 3.950 | 03/30/48 | 6,601 | ||||||||||||
| 3,375,000 | Northeast Utilities | 1.450 | 05/01/18 | 3,370 | ||||||||||||
| 6,450,000 | Northern States Power Co | 3.600 | 09/15/47 | 6,557 | ||||||||||||
| 2,000,000 | NRG Energy, Inc | 6.250 | 05/01/24 | 2,095 | ||||||||||||
| EUR | 250,000 | g | OI European Group BV | 3.125 | 11/15/24 | 315 | ||||||||||
| $ | 7,100,000 | Oncor Electric Delivery Co LLC | 2.150 | 06/01/19 | 7,067 | |||||||||||
| 1,280,000 | Oncor Electric Delivery Co LLC | 5.250 | 09/30/40 | 1,595 | ||||||||||||
| 8,170,000 | Oncor Electric Delivery Co LLC | 4.550 | 12/01/41 | 9,435 | ||||||||||||
| 1,950,000 | Pacific Gas & Electric Co | 8.250 | 10/15/18 | 2,040 | ||||||||||||
| 2,700,000 | Pacific Gas & Electric Co | 3.750 | 08/15/42 | 2,599 | ||||||||||||
| 5,850,000 | Pacific Gas & Electric Co | 4.250 | 03/15/46 | 6,134 | ||||||||||||
| 4,500,000 | g | Perusahaan Gas Negara Persero Tbk PT | 5.125 | 05/16/24 | 4,836 | |||||||||||
| 4,600,000 | g | Perusahaan Listrik Negara PT | 4.125 | 05/15/27 | 4,607 | |||||||||||
| 625,000 | g | Petroamazonas EP | 4.625 | 11/06/20 | 609 | |||||||||||
| 4,000,000 | g | Petroleos del Peru S.A. | 4.750 | 06/19/32 | 4,045 | |||||||||||
| 6,575,000 | Phillips 66 Partners LP | 3.550 | 10/01/26 | 6,515 | ||||||||||||
| 3,275,000 | Phillips 66 Partners LP | 4.680 | 02/15/45 | 3,361 | ||||||||||||
| 1,600,000 | Phillips 66 Partners LP | 4.900 | 10/01/46 | 1,691 | ||||||||||||
| 750,000 | Potomac Electric Power Co | 7.900 | 12/15/38 | 1,170 | ||||||||||||
| 6,925,000 | PPL Capital Funding, Inc | 4.200 | 06/15/22 | 7,317 | ||||||||||||
| 200,000 | PPL Capital Funding, Inc | 3.100 | 05/15/26 | 196 | ||||||||||||
| 2,000,000 | PPL Electric Utilities Corp | 3.000 | 09/15/21 | 2,034 | ||||||||||||
| 3,825,000 | Progress Energy, Inc | 7.050 | 03/15/19 | 4,038 | ||||||||||||
| 8,800,000 | Public Service Co of Oklahoma | 5.150 | 12/01/19 | 9,214 | ||||||||||||
| 2,640,000 | Public Service Electric & Gas Co | 5.300 | 05/01/18 | 2,670 | ||||||||||||
| 3,100,000 | Public Service Electric & Gas Co | 3.600 | 12/01/47 | 3,171 | ||||||||||||
| 5,550,000 | Sempra Energy | 2.875 | 10/01/22 | 5,542 | ||||||||||||
| 2,000,000 | Southern Co Gas Capital Corp | 3.950 | 10/01/46 | 1,984 | ||||||||||||
| 8,250,000 | Southern Power Co | 2.500 | 12/15/21 | 8,172 | ||||||||||||
| 7,825,000 | Southern Power Co | 4.150 | 12/01/25 | 8,244 | ||||||||||||
| 3,950,000 | Spectra Energy Partners LP | 3.500 | 03/15/25 | 3,966 | ||||||||||||
| 7,150,000 | Spectra Energy Partners LP | 4.500 | 03/15/45 | 7,375 | ||||||||||||
| 3,680,000 | Virginia Electric & Power Co | 2.950 | 01/15/22 | 3,725 | ||||||||||||
| 300,000 | Virginia Electric & Power Co | 2.950 | 11/15/26 | 297 | ||||||||||||
| 6,500,000 | Virginia Electric & Power Co | 3.500 | 03/15/27 | 6,718 | ||||||||||||
| 3,925,000 | Virginia Electric & Power Co | 4.000 | 11/15/46 | 4,197 | ||||||||||||
| 4,900,000 | g | VM Holding S.A. | 5.375 | 05/04/27 | 5,194 | |||||||||||
| 4,550,000 | Western Gas Partners LP | 4.650 | 07/01/26 | 4,729 | ||||||||||||
| 5,075,000 | Williams Partners LP | 3.600 | 03/15/22 | 5,191 | ||||||||||||
| 7,250,000 | Williams Partners LP | 4.500 | 11/15/23 | 7,666 | ||||||||||||
| 325 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 1,500,000 | Williams Partners LP | 3.750 | % | 06/15/27 | $ | 1,503 | |||||||||
| 1,175,000 | Williams Partners LP | 4.900 | 01/15/45 | 1,245 | ||||||||||||
| 4,125,000 | Wisconsin Power & Light Co | 4.100 | 10/15/44 | 4,382 | ||||||||||||
| 2,975,000 | Xcel Energy, Inc | 3.350 | 12/01/26 | 3,011 | ||||||||||||
| 2,890,000 | Xcel Energy, Inc | 4.800 | 09/15/41 | 3,280 | ||||||||||||
| TOTAL UTILITIES | 513,988 | |||||||||||||||
| TOTAL CORPORATE BONDS | 4,699,566 | |||||||||||||||
| (Cost $4,608,466) | ||||||||||||||||
| GOVERNMENT BONDS - 42.7% | ||||||||||||||||
| AGENCY SECURITIES - 1.4% | ||||||||||||||||
| 8,894,669 | AMAL Ltd | 3.465 | 08/21/21 | 9,083 | ||||||||||||
| 5,500,000 | Amber Circle Funding Ltd | 3.250 | 12/04/22 | 5,542 | ||||||||||||
| 4,540,439 | Export Lease Ten Co LLC | 1.650 | 05/07/25 | 4,398 | ||||||||||||
| 250,000 | Federal Home Loan Bank (FHLB) | 1.125 | 07/14/21 | 242 | ||||||||||||
| 300,000 | Federal National Mortgage Association (FNMA) | 2.625 | 09/06/24 | 304 | ||||||||||||
| 13,870,000 | Lutheran Medical Center | 1.982 | 02/20/30 | 13,043 | ||||||||||||
| 8,775,000 | Montefiore Medical Center | 2.152 | 10/20/26 | 8,363 | ||||||||||||
| 9,145,002 | Premier Aircraft Leasing | 3.576 | 02/06/22 | 9,370 | ||||||||||||
| 5,000,000 | Private Export Funding Corp (PEFCO) | 4.375 | 03/15/19 | 5,143 | ||||||||||||
| 7,240,000 | PEFCO | 1.450 | 08/15/19 | 7,175 | ||||||||||||
| 27,750,000 | PEFCO | 2.250 | 03/15/20 | 27,804 | ||||||||||||
| 35,000,000 | PEFCO | 4.300 | 12/15/21 | 37,676 | ||||||||||||
| 25,747,000 | PEFCO | 2.050 | 11/15/22 | 25,345 | ||||||||||||
| 35,419,571 | Tagua Leasing LLC | 1.900 | 07/12/24 | 34,782 | ||||||||||||
| 12,755,000 | UNM Sandoval Regional Medical Center | 4.500 | 07/20/36 | 13,274 | ||||||||||||
| 2,524,000 | US Department of Housing and Urban Development (HUD) | 5.380 | 08/01/18 | 2,532 | ||||||||||||
| TOTAL AGENCY SECURITIES | 204,076 | |||||||||||||||
| FOREIGN GOVERNMENT BONDS - 5.4% | ||||||||||||||||
| 4,000,000 | g | Abu Dhabi Government International Bond | 3.125 | 05/03/26 | 3,949 | |||||||||||
| 15,000,000 | African Development Bank | 1.375 | 12/17/18 | 14,920 | ||||||||||||
| INR | 135,000,000 | Asian Development Bank | 6.200 | 10/06/26 | 2,083 | |||||||||||
| AUD | 1,700,000 | Australia Government International Bond | 5.750 | 05/15/21 | 1,479 | |||||||||||
| 1,100,000 | Australia Government International Bond | 3.750 | 04/21/37 | 941 | ||||||||||||
| $ | 2,250,000 | g | Banque Centrale de Tunisie S.A. | 5.750 | 01/30/25 | 2,243 | ||||||||||
| 2,000,000 | g | Bermuda Government International Bond | 4.854 | 02/06/24 | 2,165 | |||||||||||
| 3,450,000 | g | Bermuda Government International Bond | 3.717 | 01/25/27 | 3,489 | |||||||||||
| 6,000,000 | g | Brazil Minas SPE via State of Minas Gerais | 5.333 | 02/15/28 | 6,075 | |||||||||||
| BRL | 4,500,000 | Brazil Notas do Tesouro Nacional Serie F | 10.000 | 01/01/21 | 1,397 | |||||||||||
| EUR | 1,000,000 | Bundesrepublik Deutschland | 1.250 | 08/15/48 | 1,197 | |||||||||||
| $ | 5,000,000 | g | Caisse d’Amortissement de la Dette Sociale | 2.000 | 04/17/20 | 4,976 | ||||||||||
| 1,850,000 | g | Caisse d’Amortissement de la Dette Sociale | 1.875 | 07/28/20 | 1,833 | |||||||||||
| 4,000,000 | g | Caisse d’Amortissement de la Dette Sociale | 1.875 | 02/12/22 | 3,912 | |||||||||||
| EUR | 400,000 | Caisse d’Amortissement de la Dette Sociale | 1.375 | 11/25/24 | 517 | |||||||||||
| CAD | 1,460,000 | Canadian Government International Bond | 0.500 | 02/01/19 | 1,149 | |||||||||||
| 326 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| CAD | 1,000,000 | Canadian Government International Bond | 5.000 | % | 06/01/37 | $ | 1,155 | |||||||||||
| $ | 100,000 | Colombia Government International Bond | 7.375 | 03/18/19 | 106 | |||||||||||||
| 6,125,000 | Colombia Government International Bond | 2.625 | 03/15/23 | 5,987 | ||||||||||||||
| 5,350,000 | Colombia Government International Bond | 5.000 | 06/15/45 | 5,658 | ||||||||||||||
| 3,500,000 | g | Costa Rica Government International Bond | 7.158 | 03/12/45 | 3,675 | |||||||||||||
| 20,200,000 | g | CPPIB Capital, Inc | 2.250 | 01/25/22 | 20,015 | |||||||||||||
| 16,400,000 | g | CPPIB Capital, Inc | 2.750 | 11/02/27 | 16,350 | |||||||||||||
| EUR | 600,000 | i | Credit Agricole Assurances S.A. | ISR EUR 5 Y + 4.500% | 4.250 | 12/30/49 | 804 | |||||||||||
| $ | 1,850,000 | g | Egypt Government International Bond | 6.125 | 01/31/22 | 1,935 | ||||||||||||
| 3,950,000 | g | Egypt Government International Bond | 8.500 | 01/31/47 | 4,531 | |||||||||||||
| 10,000,000 | European Investment Bank | 2.500 | 04/15/21 | 10,084 | ||||||||||||||
| 250,000 | European Investment Bank | 3.250 | 01/29/24 | 260 | ||||||||||||||
| 3,500,000 | European Investment Bank | 4.875 | 02/15/36 | 4,578 | ||||||||||||||
| 3,575,000 | g | Export Credit Bank of Turkey | 4.250 | 09/18/22 | 3,478 | |||||||||||||
| 300,000 | g | Export Credit Bank of Turkey | 5.375 | 10/24/23 | 303 | |||||||||||||
| 15,000,000 | Export Development Canada | 2.000 | 11/30/20 | 14,939 | ||||||||||||||
| 2,000,000 | g | Export-Import Bank of China | 2.850 | 09/16/20 | 1,987 | |||||||||||||
| 8,950,000 | Export-Import Bank of Korea | 2.250 | 01/21/20 | 8,859 | ||||||||||||||
| EUR | 2,762,000 | France Government Bond OAT | 1.750 | 11/25/24 | 3,665 | |||||||||||||
| 3,100,000 | French Republic Government Bond OAT | 0.750 | 05/25/28 | 3,710 | ||||||||||||||
| 1,200,000 | g | French Republic Government Bond OAT | 2.000 | 05/25/48 | 1,522 | |||||||||||||
| $ | 3,600,000 | g | Guatemala Government International Bond | 4.500 | 05/03/26 | 3,637 | ||||||||||||
| 2,000,000 | g | Guatemala Government International Bond | 4.375 | 06/05/27 | 1,995 | |||||||||||||
| EUR | 550,000 | Hellenic Republic Government Bond | 4.750 | 04/14/19 | 684 | |||||||||||||
| 2,025,000 | g | Hellenic Republic Government Bond | 4.375 | 08/01/22 | 2,520 | |||||||||||||
| $ | 2,595,000 | g | Honduras Government International Bond | 7.500 | 03/15/24 | 2,900 | ||||||||||||
| CAD | 1,800,000 | Hydro-Quebec | 5.000 | 02/15/45 | 1,978 | |||||||||||||
| EUR | 1,250,000 | g | Indonesia Government International Bond | 2.150 | 07/18/24 | 1,573 | ||||||||||||
| $ | 2,500,000 | Indonesia Government International Bond | 3.500 | 01/11/28 | 2,493 | |||||||||||||
| IDR | 18,000,000,000 | Indonesia Treasury Bond | 8.250 | 07/15/21 | 1,426 | |||||||||||||
| AUD | 900,000 | Inter-American Development Bank | 2.750 | 10/30/25 | 688 | |||||||||||||
| 1,300,000 | International Bank for Reconstruction & Development | 2.800 | 01/13/21 | 1,025 | ||||||||||||||
| ILS | 3,100,000 | Israel Government Bond-Fixed | 5.500 | 01/31/42 | 1,324 | |||||||||||||
| EUR | 3,550,000 | Italy Buoni Poliennali Del Tesoro | 0.350 | 06/15/20 | 4,289 | |||||||||||||
| 7,025,000 | Italy Buoni Poliennali Del Tesoro | 0.900 | 08/01/22 | 8,493 | ||||||||||||||
| 5,925,000 | Italy Buoni Poliennali Del Tesoro | 1.250 | 12/01/26 | 6,783 | ||||||||||||||
| 1,350,000 | g | Italy Buoni Poliennali Del Tesoro | 1.650 | 03/01/32 | 1,467 | |||||||||||||
| 850,000 | i | Italy Certificati di Credito del Tesoro | EURIBOR 6 M ACT/360 + 1.100% | 0.826 | 10/15/24 | 1,041 | ||||||||||||
| $ | 5,310,000 | Italy Government International Bond | 6.875 | 09/27/23 | 6,239 | |||||||||||||
| EUR | 750,000 | g | Ivory Coast Government International Bond | 5.125 | 06/15/25 | 980 | ||||||||||||
| $ | 2,509,000 | g,i | Ivory Coast Government International Bond | 5.750 | 12/31/32 | 2,491 | ||||||||||||
| 3,050,000 | Jamaica Government International Bond | 8.000 | 03/15/39 | 3,738 | ||||||||||||||
| 8,000,000 | Japan Bank for International Cooperation | 2.375 | 04/20/26 | 7,759 | ||||||||||||||
| 2,000,000 | g | Japan Finance Organization for Municipalities | 2.000 | 09/08/20 | 1,973 | |||||||||||||
| 327 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 2,700,000 | g | Japan Finance Organization for Municipalities | 2.125 | % | 02/12/21 | $ | 2,658 | ||||||||||
| 4,000,000 | g | Japan Finance Organization for Municipalities | 2.125 | 04/13/21 | 3,930 | |||||||||||||
| JPY | 113,000,000 | Japan Finance Organization for Municipalities | 0.450 | 03/14/25 | 1,031 | |||||||||||||
| 103,000,000 | Japan Finance Organization for Municipalities | 0.484 | 06/13/25 | 942 | ||||||||||||||
| 140,000,000 | Japan Finance Organization for Municipalities | 0.020 | 03/13/26 | 1,235 | ||||||||||||||
| 440,000,000 | Japan Government Ten Year Bond | 0.100 | 09/20/26 | 3,936 | ||||||||||||||
| 369,000,000 | Japan Government Ten Year Bond | 0.100 | 12/20/26 | 3,299 | ||||||||||||||
| 350,000,000 | Japan Government Thirty Year Bond | 2.400 | 11/20/31 | 4,014 | ||||||||||||||
| 350,000,000 | Japan Government Thirty Year Bond | 2.300 | 05/20/32 | 3,993 | ||||||||||||||
| 300,000,000 | Japan Government Thirty Year Bond | 2.500 | 09/20/34 | 3,566 | ||||||||||||||
| 450,000,000 | Japan Government Thirty Year Bond | 0.500 | 09/20/46 | 3,700 | ||||||||||||||
| 530,000,000 | Japan Government Twenty Year Bond | 1.900 | 03/22/21 | 5,010 | ||||||||||||||
| 120,000,000 | Japan Government Twenty Year Bond | 0.600 | 12/20/36 | 1,080 | ||||||||||||||
| 445,000,000 | Japan Government Two Year Bond | 0.100 | 02/15/19 | 3,960 | ||||||||||||||
| 280,000,000 | Japan Government Two Year Bond | 0.100 | 04/15/19 | 2,493 | ||||||||||||||
| $ | 475,000 | g | Jordan Government International Bond | 7.375 | 10/10/47 | 495 | ||||||||||||
| 3,000,000 | g | Kazakhstan Government International Bond | 6.500 | 07/21/45 | 3,841 | |||||||||||||
| 18,750,000 | KFW | 2.625 | 01/25/22 | 19,002 | ||||||||||||||
| EUR | 1,025,000 | g | Kingdom of Belgium Government Bond | 1.600 | 06/22/47 | 1,206 | ||||||||||||
| $ | 5,800,000 | g,i | Kommunalbanken AS. | LIBOR 3 M + 0.180% | 1.616 | 02/20/18 | 5,800 | |||||||||||
| NOK | 1,200,000 | Kommunalbanken AS. | 2.000 | 05/03/18 | 147 | |||||||||||||
| $ | 7,700,000 | g | Kommunalbanken AS. | 1.625 | 01/15/20 | 7,625 | ||||||||||||
| 1,925,000 | g | Kommunalbanken AS. | 1.375 | 10/26/20 | 1,882 | |||||||||||||
| 3,750,000 | g | Kommunalbanken AS. | 1.625 | 02/10/21 | 3,678 | |||||||||||||
| EUR | 500,000 | Kommunalbanken AS. | 0.625 | 04/20/26 | 599 | |||||||||||||
| $ | 5,000,000 | g | Kommuninvest I Sverige AB | 2.000 | 11/12/19 | 4,991 | ||||||||||||
| 2,400,000 | Korea Development Bank | 1.500 | 01/22/18 | 2,399 | ||||||||||||||
| 2,600,000 | Korea Development Bank | 2.500 | 03/11/20 | 2,580 | ||||||||||||||
| 6,000,000 | g | Korea Housing Finance Corp | 1.625 | 09/15/18 | 5,954 | |||||||||||||
| 2,675,000 | g | Korea Housing Finance Corp | 2.000 | 10/11/21 | 2,572 | |||||||||||||
| 6,025,000 | g | Korea Housing Finance Corp | 3.000 | 10/31/22 | 5,979 | |||||||||||||
| KRW | 980,000,000 | Korea Treasury Bond | 1.750 | 12/10/18 | 914 | |||||||||||||
| 3,920,000,000 | Korea Treasury Bond | 2.000 | 03/10/21 | 3,634 | ||||||||||||||
| 500,000,000 | Korea Treasury Bond | 1.375 | 09/10/21 | 452 | ||||||||||||||
| 1,800,000,000 | Korea Treasury Bond | 1.500 | 12/10/26 | 1,548 | ||||||||||||||
| $ | 7,050,000 | g | Kuwait International Government Bond | 2.750 | 03/20/22 | 7,027 | ||||||||||||
| 6,682,000 | Landwirtschaftliche Rentenbank | 2.000 | 01/13/25 | 6,452 | ||||||||||||||
| 1,750,000 | Lebanon Government International Bond | 6.750 | 11/29/27 | 1,668 | ||||||||||||||
| 1,700,000 | g | Lithuania Government International Bond | 7.375 | 02/11/20 | 1,877 | |||||||||||||
| 5,250,000 | g | Lithuania Government International Bond | 6.625 | 02/01/22 | 6,083 | |||||||||||||
| MXN | 14,500,000 | Mexican Bonos | 8.000 | 12/07/23 | 749 | |||||||||||||
| 328 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| MXN | 23,500,000 | Mexican Bonos | 5.750 | % | 03/05/26 | $ | 1,056 | |||||||||
| $ | 4,797,000 | Mexico Government International Bond | 4.000 | 10/02/23 | 5,020 | |||||||||||
| 5,100,000 | Mexico Government International Bond | 4.150 | 03/28/27 | 5,289 | ||||||||||||
| 8,400,000 | Mexico Government International Bond | 4.750 | 03/08/44 | 8,492 | ||||||||||||
| 525,000 | g | Mongolia Government International Bond | 5.625 | 05/01/23 | 530 | |||||||||||
| 5,750,000 | g | Morocco Government International Bond | 5.500 | 12/11/42 | 6,501 | |||||||||||
| 2,900,000 | g | Municipality Finance plc | 1.125 | 09/16/19 | 2,852 | |||||||||||
| 3,075,000 | g | Namibia Government International Bond | 5.250 | 10/29/25 | 3,134 | |||||||||||
| EUR | 1,075,000 | g | Netherlands Government International Bond | 2.500 | 01/15/33 | 1,584 | ||||||||||
| AUD | 500,000 | New South Wales Treasury Corp | 4.000 | 04/08/21 | 411 | |||||||||||
| 500,000 | New South Wales Treasury Corp | 4.000 | 05/20/26 | 424 | ||||||||||||
| NZD | 700,000 | New Zealand Government International Bond | 4.500 | 04/15/27 | 567 | |||||||||||
| $ | 3,000,000 | Nigeria Government International Bond | 5.625 | 06/27/22 | 3,109 | |||||||||||
| 3,050,000 | g | Nigeria Government International Bond | 6.500 | 11/28/27 | 3,181 | |||||||||||
| NOK | 13,000,000 | g | Norway Government International Bond | 2.000 | 05/24/23 | 1,651 | ||||||||||
| 12,200,000 | g | Norway Government International Bond | 1.500 | 02/19/26 | 1,486 | |||||||||||
| $ | 2,200,000 | g | Oman Government International Bond | 6.500 | 03/08/47 | 2,203 | ||||||||||
| 5,000,000 | g | Pakistan Government International Bond | 6.875 | 12/05/27 | 5,014 | |||||||||||
| 5,300,000 | Panama Government International Bond | 6.700 | 01/26/36 | 7,054 | ||||||||||||
| 3,000,000 | Panama Government International Bond | 4.500 | 05/15/47 | 3,229 | ||||||||||||
| PEN | 5,000,000 | g | Peru Government International Bond | 6.150 | 08/12/32 | 1,640 | ||||||||||
| $ | 4,000,000 | g | Perusahaan Penerbit SBSN Indonesia III | 3.400 | 03/29/22 | 4,055 | ||||||||||
| PEN | 4,860,000 | g | Peruvian Government International Bond | 8.200 | 08/12/26 | 1,846 | ||||||||||
| $ | 3,000,000 | Peruvian Government International Bond | 8.750 | 11/21/33 | 4,725 | |||||||||||
| 2,250,000 | Peruvian Government International Bond | 5.625 | 11/18/50 | 2,887 | ||||||||||||
| 1,700,000 | Philippine Government International Bond | 3.700 | 03/01/41 | 1,690 | ||||||||||||
| 3,000,000 | Philippine Government International Bond | 3.700 | 02/02/42 | 2,979 | ||||||||||||
| 8,150,000 | Poland Government International Bond | 5.000 | 03/23/22 | 8,922 | ||||||||||||
| PLN | 6,600,000 | Poland Government International Bond | 4.000 | 10/25/23 | 2,020 | |||||||||||
| $ | 15,000,000 | Province of British Columbia Canada | 2.000 | 10/23/22 | 14,706 | |||||||||||
| CAD | 2,350,000 | Province of British Columbia Canada | 2.550 | 06/18/27 | 1,862 | |||||||||||
| $ | 20,750,000 | Province of Manitoba Canada | 1.750 | 05/30/19 | 20,652 | |||||||||||
| 10,000,000 | Province of Manitoba Canada | 3.050 | 05/14/24 | 10,197 | ||||||||||||
| 25,000,000 | Province of Manitoba Canada | 2.125 | 06/22/26 | 23,511 | ||||||||||||
| 20,000,000 | Province of New Brunswick Canada | 2.750 | 06/15/18 | 20,089 | ||||||||||||
| 8,835,000 | Province of Quebec Canada | 4.625 | 05/14/18 | 8,925 | ||||||||||||
| 22,500,000 | Province of Quebec Canada | 3.500 | 07/29/20 | 23,194 | ||||||||||||
| CAD | 1,650,000 | Province of Quebec Canada | 2.750 | 09/01/27 | 1,329 | |||||||||||
| $ | 6,000,000 | Province of Quebec Canada | 7.500 | 09/15/29 | 8,533 | |||||||||||
| 2,350,000 | g | Provincia de Buenos Aires | 7.875 | 06/15/27 | 2,608 | |||||||||||
| 2,000,000 | g | Provincia de Mendoza Argentina | 8.375 | 05/19/24 | 2,230 | |||||||||||
| 1,175,000 | Republic of Hungary | 6.250 | 01/29/20 | 1,259 | ||||||||||||
| 2,135,000 | g | Republic of Paraguay | 6.100 | 08/11/44 | 2,434 | |||||||||||
| PLN | 4,000,000 | Republic of Poland Government Bond | 3.250 | 07/25/25 | 1,159 | |||||||||||
| $ | 635,827 | i | Republic of Serbia | 6.750 | 11/01/24 | 646 | ||||||||||
| 3,950,000 | Republic of South Africa Government International Bond | 4.850 | 09/27/27 | 3,999 | ||||||||||||
| 329 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 100,000 | Republic of the Philippines | 6.500 | % | 01/20/20 | $ | 109 | |||||||||
| 4,500,000 | g | Romanian Government International Bond | 6.750 | 02/07/22 | 5,151 | |||||||||||
| RUB | 88,750,000 | Russian Federal Bond - Federal Loan Obligation | 7.000 | 01/25/23 | 1,541 | |||||||||||
| $ | 3,250,000 | g | Russian Foreign Bond - Eurobond | 4.875 | 09/16/23 | 3,515 | ||||||||||
| 1,500,000 | g | Saudi Government International Bond | 2.375 | 10/26/21 | 1,464 | |||||||||||
| 16,750,000 | g | Saudi Government International Bond | 2.875 | 03/04/23 | 16,478 | |||||||||||
| 4,000,000 | g | Saudi Government International Bond | 3.250 | 10/26/26 | 3,922 | |||||||||||
| 2,600,000 | g | Senegal Government International Bond | 6.250 | 05/23/33 | 2,746 | |||||||||||
| SGD | 4,250,000 | Singapore Government Bond | 1.750 | 04/01/22 | 3,187 | |||||||||||
| $ | 4,000,000 | South Africa Government International Bond | 5.875 | 09/16/25 | 4,354 | |||||||||||
| ZAR | 12,200,000 | South Africa Government International Bond | 10.500 | 12/21/26 | 1,101 | |||||||||||
| 15,100,000 | South Africa Government International Bond | 8.750 | 01/31/44 | 1,098 | ||||||||||||
| EUR | 2,745,000 | Spain Government International Bond | 0.400 | 04/30/22 | 3,316 | |||||||||||
| 3,450,000 | g | Spain Government International Bond | 2.750 | 10/31/24 | 4,668 | |||||||||||
| 1,225,000 | g | Spain Government International Bond | 2.350 | 07/30/33 | 1,495 | |||||||||||
| $ | 3,000,000 | g | Sri Lanka Government International Bond | 5.750 | 01/18/22 | 3,134 | ||||||||||
| 1,500,000 | g | Sri Lanka Government International Bond | 6.850 | 11/03/25 | 1,656 | |||||||||||
| 4,000,000 | Svensk Exportkredit AB | 1.125 | 04/05/18 | 3,995 | ||||||||||||
| 4,000,000 | Svensk Exportkredit AB | 1.750 | 03/10/21 | 3,936 | ||||||||||||
| SEK | 4,400,000 | Sweden Government International Bond | 2.250 | 06/01/32 | 616 | |||||||||||
| THB | 53,000,000 | Thailand Government International Bond | 1.875 | 06/17/22 | 1,633 | |||||||||||
| AUD | 500,000 | Treasury Corp of Victoria | 6.000 | 06/15/20 | 426 | |||||||||||
| 500,000 | Treasury Corp of Victoria | 3.000 | 10/20/28 | 388 | ||||||||||||
| $ | 7,000,000 | Turkey Government International Bond | 3.250 | 03/23/23 | 6,629 | |||||||||||
| 5,750,000 | Turkey Government International Bond | 5.750 | 03/22/24 | 6,080 | ||||||||||||
| 2,600,000 | Turkey Government International Bond | 6.000 | 03/25/27 | 2,770 | ||||||||||||
| 2,950,000 | Turkey Government International Bond | 6.875 | 03/17/36 | 3,291 | ||||||||||||
| 6,300,000 | g | Ukraine Government International Bond | 7.375 | 09/25/32 | 6,208 | |||||||||||
| GBP | 2,375,000 | United Kingdom Gilt | 1.750 | 07/22/19 | 3,272 | |||||||||||
| 3,000,000 | United Kingdom Gilt | 2.750 | 09/07/24 | 4,531 | ||||||||||||
| 2,450,000 | United Kingdom Gilt | 4.750 | 12/07/30 | 4,614 | ||||||||||||
| 1,000,000 | United Kingdom Gilt | 4.250 | 03/07/36 | 1,898 | ||||||||||||
| 1,375,000 | United Kingdom Gilt | 1.500 | 07/22/47 | 1,747 | ||||||||||||
| UYU | 20,760,000 | g | Uruguay Government International Bond | 9.875 | 06/20/22 | 764 | ||||||||||
| $ | 2,352,945 | Uruguay Government International Bond | 4.375 | 10/27/27 | 2,520 | |||||||||||
| UYU | 43,000,000 | g | Uruguay Government International Bond | 8.500 | 03/15/28 | 1,496 | ||||||||||
| $ | 6,750,000 | Uruguay Government International Bond | 5.100 | 06/18/50 | 7,492 | |||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 741,548 | |||||||||||||||
| MORTGAGE BACKED - 18.6% | ||||||||||||||||
| 23,524,142 | Federal Home Loan Mortgage Corp (FHLMC) | 3.500 | 08/15/42 | 24,054 | ||||||||||||
| 38,022,291 | FHLMC | 3.500 | 08/15/43 | 39,252 | ||||||||||||
| 9,821,011 | FHLMC | 3.000 | 03/15/44 | 9,847 | ||||||||||||
| 34,355 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 7.000 | 10/01/20 | 35 | ||||||||||||
| 9,622 | FGLMC | 7.000 | 05/01/23 | 10 | ||||||||||||
| 120,472 | FGLMC | 6.000 | 10/01/23 | 135 | ||||||||||||
| 87,605 | FGLMC | 6.000 | 11/01/23 | 98 | ||||||||||||
| 13,733,718 | FGLMC | 3.500 | 03/01/27 | 14,201 | ||||||||||||
| 330 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 27,549 | FGLMC | 8.000 | % | 01/01/31 | $ | 31 | |||||||||
| 5,494 | FGLMC | 7.000 | 01/01/32 | 6 | ||||||||||||
| 49,415 | FGLMC | 8.000 | 02/01/32 | 51 | ||||||||||||
| 707,799 | FGLMC | 4.500 | 07/01/33 | 758 | ||||||||||||
| 1,527,907 | FGLMC | 5.500 | 12/01/33 | 1,696 | ||||||||||||
| 869,091 | FGLMC | 5.500 | 12/01/33 | 972 | ||||||||||||
| 4,841,175 | FGLMC | 7.000 | 12/01/33 | 5,527 | ||||||||||||
| 1,395,007 | FGLMC | 4.500 | 10/01/34 | 1,485 | ||||||||||||
| 898,480 | FGLMC | 4.500 | 04/01/35 | 959 | ||||||||||||
| 1,467,541 | FGLMC | 7.000 | 05/01/35 | 1,668 | ||||||||||||
| 1,867,324 | FGLMC | 5.000 | 04/01/38 | 2,036 | ||||||||||||
| 1,512,300 | FGLMC | 5.000 | 07/01/39 | 1,647 | ||||||||||||
| 9,252,745 | w | FGLMC | 4.500 | 11/01/40 | 10,051 | |||||||||||
| 10,145,708 | w | FGLMC | 4.500 | 12/01/40 | 10,998 | |||||||||||
| 179,710 | FGLMC | 4.500 | 12/01/43 | 193 | ||||||||||||
| 112,223 | FGLMC | 4.500 | 02/01/44 | 121 | ||||||||||||
| 4,333,572 | FGLMC | 4.500 | 10/01/44 | 4,695 | ||||||||||||
| 2,055,127 | FGLMC | 4.500 | 11/01/44 | 2,227 | ||||||||||||
| 2,604,154 | FGLMC | 4.500 | 11/01/44 | 2,821 | ||||||||||||
| 885,632 | FGLMC | 4.500 | 12/01/44 | 949 | ||||||||||||
| 1,494,288 | FGLMC | 4.500 | 12/01/44 | 1,618 | ||||||||||||
| 9,048,304 | FGLMC | 3.500 | 04/01/45 | 9,367 | ||||||||||||
| 1,090,871 | FGLMC | 4.500 | 05/01/45 | 1,134 | ||||||||||||
| 69,130,144 | FGLMC | 3.500 | 10/01/45 | 71,471 | ||||||||||||
| 42,771,835 | FGLMC | 4.000 | 12/01/45 | 45,210 | ||||||||||||
| 7,537,650 | FGLMC | 4.000 | 05/01/46 | 7,942 | ||||||||||||
| 129,894,034 | FGLMC | 3.500 | 08/01/46 | 134,260 | ||||||||||||
| 6,368,260 | FGLMC | 4.000 | 09/01/47 | 6,752 | ||||||||||||
| 4,176 | Federal National Mortgage Association (FNMA) | 8.000 | 03/01/23 | 4 | ||||||||||||
| 67,087 | FNMA | 8.000 | 07/01/24 | 75 | ||||||||||||
| 14,557 | FNMA | 9.000 | 11/01/25 | 16 | ||||||||||||
| 508,460 | FNMA | 2.500 | 06/01/30 | 510 | ||||||||||||
| 1,816,976 | FNMA | 2.500 | 06/01/31 | 1,816 | ||||||||||||
| 783,729 | FNMA | 2.500 | 07/01/31 | 783 | ||||||||||||
| 19,014,272 | FNMA | 2.500 | 07/01/31 | 19,006 | ||||||||||||
| 4,594,593 | FNMA | 2.500 | 08/01/31 | 4,593 | ||||||||||||
| 1,009,849 | FNMA | 2.500 | 09/01/31 | 1,009 | ||||||||||||
| 1,236,685 | FNMA | 2.500 | 09/01/31 | 1,236 | ||||||||||||
| 813,399 | FNMA | 2.500 | 09/01/31 | 813 | ||||||||||||
| 2,086,144 | FNMA | 2.500 | 10/01/31 | 2,085 | ||||||||||||
| 639,502 | FNMA | 2.500 | 10/01/31 | 639 | ||||||||||||
| 1,133,121 | FNMA | 2.500 | 11/01/31 | 1,133 | ||||||||||||
| 549,286 | FNMA | 2.500 | 11/01/31 | 549 | ||||||||||||
| 725,280 | FNMA | 2.500 | 11/01/31 | 725 | ||||||||||||
| 1,552,252 | FNMA | 2.500 | 11/01/31 | 1,552 | ||||||||||||
| 367,271 | FNMA | 2.500 | 11/01/31 | 367 | ||||||||||||
| 780,180 | FNMA | 2.500 | 11/01/31 | 780 | ||||||||||||
| 1,774,705 | FNMA | 2.500 | 11/01/31 | 1,774 | ||||||||||||
| 805,716 | FNMA | 2.500 | 12/01/31 | 806 | ||||||||||||
| 2,954,072 | FNMA | 2.500 | 12/01/31 | 2,953 | ||||||||||||
| 1,032,839 | FNMA | 2.500 | 12/01/31 | 1,032 | ||||||||||||
| 604,646 | FNMA | 2.500 | 12/01/31 | 604 | ||||||||||||
| 2,334,482 | FNMA | 2.500 | 12/01/31 | 2,334 | ||||||||||||
| 331 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 23,763,817 | FNMA | 3.500 | % | 02/01/32 | $ | 24,576 | |||||||||
| 7,791,165 | FNMA | 3.500 | 05/01/32 | 8,069 | ||||||||||||
| 1,657,084 | FNMA | 2.500 | 06/01/32 | 1,656 | ||||||||||||
| 424,805 | FNMA | 2.500 | 06/01/32 | 425 | ||||||||||||
| 726,355 | h | FNMA | 2.500 | 06/01/32 | 727 | |||||||||||
| 795,932 | FNMA | 2.500 | 07/01/32 | 796 | ||||||||||||
| 1,515,091 | FNMA | 2.500 | 07/01/32 | 1,515 | ||||||||||||
| 3,318,687 | FNMA | 2.500 | 07/01/32 | 3,317 | ||||||||||||
| 19,921,099 | FNMA | 3.500 | 07/01/32 | 20,603 | ||||||||||||
| 885,235 | FNMA | 6.500 | 07/01/32 | 1,000 | ||||||||||||
| 69,332 | FNMA | 7.000 | 07/01/32 | 71 | ||||||||||||
| 146,878 | FNMA | 7.000 | 07/01/32 | 154 | ||||||||||||
| 57,543,481 | h | FNMA | 3.000 | 11/01/32 | 58,656 | |||||||||||
| 6,031,767 | FNMA | 5.000 | 06/01/33 | 6,548 | ||||||||||||
| 741,425 | FNMA | 4.500 | 10/01/33 | 793 | ||||||||||||
| 13,959,940 | FNMA | 5.000 | 10/01/33 | 15,166 | ||||||||||||
| 83,261 | FNMA | 5.000 | 11/01/33 | 90 | ||||||||||||
| 1,937,750 | FNMA | 5.000 | 11/01/33 | 2,134 | ||||||||||||
| 747,903 | FNMA | 5.000 | 03/01/34 | 813 | ||||||||||||
| 6,094,876 | FNMA | 5.500 | 03/01/34 | 6,765 | ||||||||||||
| 5,272,363 | FNMA | 5.500 | 02/01/35 | 5,852 | ||||||||||||
| 1,298,018 | FNMA | 4.500 | 05/01/35 | 1,389 | ||||||||||||
| 8,398,218 | FNMA | 5.000 | 05/01/35 | 9,124 | ||||||||||||
| 3,766,728 | FNMA | 5.000 | 10/01/35 | 4,093 | ||||||||||||
| 3,203,083 | FNMA | 5.000 | 02/01/36 | 3,480 | ||||||||||||
| 32,275 | FNMA | 6.500 | 03/01/37 | 37 | ||||||||||||
| 1,964,416 | FNMA | 5.500 | 08/01/37 | 2,185 | ||||||||||||
| 1,105,030 | FNMA | 6.000 | 09/01/37 | 1,268 | ||||||||||||
| 904,215 | FNMA | 6.000 | 09/01/37 | 1,038 | ||||||||||||
| 575,857 | FNMA | 6.500 | 09/01/37 | 638 | ||||||||||||
| 1,204,861 | FNMA | 5.500 | 01/01/38 | 1,337 | ||||||||||||
| 65,832 | FNMA | 6.500 | 02/01/38 | 73 | ||||||||||||
| 3,071,040 | FNMA | 5.500 | 04/01/38 | 3,388 | ||||||||||||
| 6,983,634 | FNMA | 5.500 | 11/01/38 | 7,769 | ||||||||||||
| 4,482,946 | FNMA | 5.500 | 12/01/38 | 5,005 | ||||||||||||
| 165,472 | FNMA | 4.500 | 04/01/39 | 178 | ||||||||||||
| 3,506,263 | FNMA | 4.500 | 05/01/39 | 3,783 | ||||||||||||
| 574,416 | FNMA | 4.000 | 07/01/39 | 606 | ||||||||||||
| 2,990,364 | FNMA | 5.500 | 08/01/39 | 3,319 | ||||||||||||
| 247,153 | FNMA | 4.500 | 02/01/40 | 266 | ||||||||||||
| 1,210,110 | FNMA | 5.000 | 08/01/40 | 1,306 | ||||||||||||
| 7,056,266 | FNMA | 5.000 | 09/01/40 | 7,618 | ||||||||||||
| 486,618 | FNMA | 6.000 | 10/01/40 | 551 | ||||||||||||
| 703,274 | FNMA | 4.500 | 11/01/40 | 759 | ||||||||||||
| 11,273,105 | FNMA | 4.500 | 01/01/41 | 12,167 | ||||||||||||
| 1,161,518 | FNMA | 4.500 | 01/01/41 | 1,254 | ||||||||||||
| 19,998,753 | FNMA | 4.500 | 01/01/41 | 21,693 | ||||||||||||
| 999,673 | FNMA | 4.500 | 02/01/41 | 1,079 | ||||||||||||
| 10,451,763 | FNMA | 5.000 | 05/01/41 | 11,286 | ||||||||||||
| 1,251,508 | FNMA | 4.500 | 06/01/41 | 1,351 | ||||||||||||
| 1,016,999 | FNMA | 4.500 | 06/01/41 | 1,098 | ||||||||||||
| 595,262 | FNMA | 5.000 | 06/01/41 | 642 | ||||||||||||
| 3,508,638 | FNMA | 5.000 | 07/01/41 | 3,789 | ||||||||||||
| 956,079 | FNMA | 5.000 | 08/01/41 | 1,032 | ||||||||||||
| 332 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 4,295,182 | FNMA | 4.500 | % | 09/01/41 | $ | 4,635 | |||||||||
| 1,446,043 | FNMA | 4.500 | 12/01/41 | 1,561 | ||||||||||||
| 20,724,558 | FNMA | 5.500 | 12/01/41 | 23,452 | ||||||||||||
| 1,888,538 | FNMA | 4.500 | 01/01/42 | 2,046 | ||||||||||||
| 1,268,994 | FNMA | 4.500 | 01/01/42 | 1,370 | ||||||||||||
| 1,445,400 | FNMA | 4.500 | 03/01/42 | 1,560 | ||||||||||||
| 1,108,963 | FNMA | 4.500 | 04/01/42 | 1,197 | ||||||||||||
| 6,985,140 | FNMA | 4.500 | 04/01/42 | 7,488 | ||||||||||||
| 1,437,413 | FNMA | 4.500 | 06/01/42 | 1,552 | ||||||||||||
| 5,698,670 | FNMA | 4.500 | 06/01/42 | 6,104 | ||||||||||||
| 1,040,292 | FNMA | 4.500 | 07/01/42 | 1,123 | ||||||||||||
| 13,008,477 | FNMA | 4.500 | 08/01/42 | 14,032 | ||||||||||||
| 197,288 | FNMA | 3.000 | 10/01/42 | 198 | ||||||||||||
| 18,120,651 | FNMA | 3.000 | 10/01/42 | 18,222 | ||||||||||||
| 19,628,799 | w | FNMA | 3.000 | 01/01/43 | 19,738 | |||||||||||
| 5,102,851 | FNMA | 4.500 | 01/01/43 | 5,443 | ||||||||||||
| 25,492,483 | w | FNMA | 3.000 | 02/01/43 | 25,635 | |||||||||||
| 17,015,459 | FNMA | 3.000 | 02/25/43 | 17,173 | ||||||||||||
| 11,321 | FNMA | 3.000 | 04/01/43 | 11 | ||||||||||||
| 16,005,134 | FNMA | 3.000 | 08/25/43 | 16,158 | ||||||||||||
| 12,806,210 | FNMA | 4.500 | 10/01/43 | 13,821 | ||||||||||||
| 8,694,656 | FNMA | 4.000 | 04/01/44 | 9,176 | ||||||||||||
| 5,297,728 | FNMA | 4.000 | 06/01/44 | 5,592 | ||||||||||||
| 2,664,672 | FNMA | 4.000 | 06/01/44 | 2,812 | ||||||||||||
| 8,252,782 | FNMA | 4.500 | 06/01/44 | 8,921 | ||||||||||||
| 2,702,213 | FNMA | 4.000 | 07/01/44 | 2,850 | ||||||||||||
| 1,586,571 | FNMA | 4.000 | 07/01/44 | 1,674 | ||||||||||||
| 4,798,833 | FNMA | 4.000 | 08/01/44 | 5,064 | ||||||||||||
| 1,871,281 | FNMA | 4.000 | 08/01/44 | 1,974 | ||||||||||||
| 13,596,533 | FNMA | 4.000 | 08/01/44 | 14,346 | ||||||||||||
| 4,950,849 | FNMA | 4.000 | 08/01/44 | 5,225 | ||||||||||||
| 1,370,943 | FNMA | 4.000 | 09/01/44 | 1,447 | ||||||||||||
| 1,072,644 | FNMA | 4.000 | 09/01/44 | 1,131 | ||||||||||||
| 6,227,794 | FNMA | 4.000 | 10/01/44 | 6,572 | ||||||||||||
| 8,126,684 | FNMA | 4.500 | 10/01/44 | 8,783 | ||||||||||||
| 15,180,952 | FNMA | 4.500 | 11/01/44 | 16,410 | ||||||||||||
| 12,602,465 | FNMA | 4.000 | 12/01/44 | 13,300 | ||||||||||||
| 4,396,927 | FNMA | 4.500 | 12/01/44 | 4,752 | ||||||||||||
| 8,165,767 | FNMA | 4.000 | 01/01/45 | 8,618 | ||||||||||||
| 43,382,447 | FNMA | 3.000 | 02/25/45 | 43,514 | ||||||||||||
| 806,169 | FNMA | 3.500 | 03/01/45 | 833 | ||||||||||||
| 575,963 | FNMA | 3.500 | 03/01/45 | 596 | ||||||||||||
| 2,050,185 | FNMA | 4.500 | 03/01/45 | 2,216 | ||||||||||||
| 12,609,948 | FNMA | 3.000 | 03/25/45 | 12,692 | ||||||||||||
| 709,056 | FNMA | 4.500 | 04/01/45 | 766 | ||||||||||||
| 17,788,774 | FNMA | 3.500 | 05/01/45 | 18,424 | ||||||||||||
| 2,472,392 | FNMA | 4.000 | 05/01/45 | 2,609 | ||||||||||||
| 5,183,403 | FNMA | 4.000 | 06/01/45 | 5,492 | ||||||||||||
| 2,707,689 | FNMA | 4.000 | 08/01/45 | 2,871 | ||||||||||||
| 48,732,726 | FNMA | 4.000 | 09/01/45 | 51,421 | ||||||||||||
| 1,476,664 | FNMA | 4.000 | 10/01/45 | 1,565 | ||||||||||||
| 9,556,497 | FNMA | 4.000 | 11/01/45 | 10,131 | ||||||||||||
| 3,006,058 | FNMA | 4.000 | 12/01/45 | 3,186 | ||||||||||||
| 333 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 24,527,847 | FNMA | 3.500 | % | 01/01/46 | $ | 25,348 | |||||||||
| 44,244,477 | FNMA | 4.000 | 01/01/46 | 46,786 | ||||||||||||
| 24,791,005 | FNMA | 3.500 | 02/01/46 | 25,604 | ||||||||||||
| 21,891,897 | FNMA | 3.500 | 06/01/46 | 22,627 | ||||||||||||
| 4,954,389 | FNMA | 3.500 | 08/01/46 | 5,092 | ||||||||||||
| 2,052,428 | FNMA | 4.000 | 10/01/46 | 2,163 | ||||||||||||
| 77,223,526 | FNMA | 3.000 | 11/01/46 | 77,278 | ||||||||||||
| 85,449,579 | FNMA | 3.000 | 12/01/46 | 85,510 | ||||||||||||
| 50,368,161 | FNMA | 3.500 | 12/01/46 | 51,771 | ||||||||||||
| 48,590,939 | FNMA | 3.500 | 12/01/46 | 49,944 | ||||||||||||
| 58,330,295 | h | FNMA | 3.000 | 01/01/47 | 58,372 | |||||||||||
| 143,757,628 | FNMA | 3.500 | 01/01/47 | 147,761 | ||||||||||||
| 11,470,284 | FNMA | 3.000 | 04/01/47 | 11,478 | ||||||||||||
| 1,984,259 | FNMA | 3.000 | 04/01/47 | 1,986 | ||||||||||||
| 166,626,426 | h | FNMA | 4.000 | 09/01/47 | 174,505 | |||||||||||
| 1,962,670 | FNMA | 4.500 | 09/01/47 | 2,091 | ||||||||||||
| 96,383,610 | FNMA | 4.500 | 10/01/47 | 102,667 | ||||||||||||
| 8,769,326 | FNMA | 4.000 | 12/01/47 | 9,234 | ||||||||||||
| 33,687,000 | h | FNMA | 3.500 | 01/01/48 | 34,628 | |||||||||||
| 4,000,000 | h | FNMA | 4.500 | 01/25/48 | 4,256 | |||||||||||
| 4,000,000 | h | FNMA | 3.000 | 02/25/48 | 3,995 | |||||||||||
| 8,000,000 | h | FNMA | 3.500 | 02/25/48 | 8,205 | |||||||||||
| 5,040 | Government National Mortgage Association (GNMA) | 8.000 | 06/15/24 | 5 | ||||||||||||
| 20,621 | GNMA | 8.500 | 11/20/30 | 24 | ||||||||||||
| 33,866 | GNMA | 8.500 | 12/20/30 | 39 | ||||||||||||
| 14,656,947 | GNMA | 3.700 | 10/15/33 | 15,287 | ||||||||||||
| 275,678 | GNMA | 6.000 | 10/20/36 | 308 | ||||||||||||
| 317,174 | GNMA | 6.000 | 01/20/37 | 360 | ||||||||||||
| 958,028 | GNMA | 6.000 | 02/20/37 | 1,084 | ||||||||||||
| 689,404 | GNMA | 5.000 | 04/15/38 | 748 | ||||||||||||
| 328,320 | GNMA | 6.000 | 08/20/38 | 370 | ||||||||||||
| 606,257 | GNMA | 6.500 | 11/20/38 | 689 | ||||||||||||
| 65,366 | GNMA | 4.500 | 02/20/39 | 70 | ||||||||||||
| 294,756 | GNMA | 2.176 | 05/16/39 | 294 | ||||||||||||
| 2,182,214 | GNMA | 5.000 | 06/15/39 | 2,399 | ||||||||||||
| 1,477,635 | GNMA | 5.000 | 06/15/39 | 1,624 | ||||||||||||
| 11,608,527 | GNMA | 3.700 | 08/15/40 | 11,997 | ||||||||||||
| 92,156 | GNMA | 4.500 | 08/20/41 | 99 | ||||||||||||
| 329,140 | GNMA | 4.500 | 09/20/41 | 355 | ||||||||||||
| 71,879 | GNMA | 4.500 | 01/20/44 | 78 | ||||||||||||
| 89,274 | GNMA | 4.500 | 02/20/44 | 96 | ||||||||||||
| 138,819 | GNMA | 4.500 | 05/20/44 | 150 | ||||||||||||
| 992,277 | GNMA | 4.500 | 05/20/44 | 1,069 | ||||||||||||
| 1,078,630 | GNMA | 4.500 | 08/20/44 | 1,163 | ||||||||||||
| 1,089,400 | GNMA | 4.500 | 09/20/44 | 1,174 | ||||||||||||
| 387,456 | GNMA | 4.500 | 10/20/44 | 416 | ||||||||||||
| 293,879 | GNMA | 4.500 | 11/20/44 | 315 | ||||||||||||
| 678,435 | GNMA | 4.500 | 12/20/44 | 731 | ||||||||||||
| 1,031,116 | GNMA | 4.500 | 02/20/45 | 1,111 | ||||||||||||
| 1,190,357 | GNMA | 4.500 | 08/20/45 | 1,283 | ||||||||||||
| 1,283,703 | GNMA | 4.500 | 08/20/45 | 1,384 | ||||||||||||
| 1,200,797 | GNMA | 4.500 | 12/20/45 | 1,295 | ||||||||||||
| 74,383,762 | GNMA | 3.500 | 08/20/47 | 77,027 | ||||||||||||
| 10,976,191 | GNMA | 3.500 | 11/20/47 | 11,366 | ||||||||||||
| 334 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 33,325,578 | GNMA | 4.000 | % | 11/20/47 | $ | 34,938 | |||||||||
| 153,841,632 | h | GNMA | 3.000 | 12/20/47 | 155,347 | |||||||||||
| 106,980,000 | h | GNMA | 3.500 | 12/20/47 | 110,781 | |||||||||||
| 8,000,000 | h | GNMA | 3.500 | 02/20/48 | 8,266 | |||||||||||
| TOTAL MORTGAGE BACKED | 2,588,323 | |||||||||||||||
| MUNICIPAL BONDS - 3.6% | ||||||||||||||||
| 8,045,000 | California Housing Finance Agency | 1.525 | 08/01/18 | 8,042 | ||||||||||||
| 28,410,000 | California State University | 3.899 | 11/01/47 | 29,880 | ||||||||||||
| 845,000 | City & County of San Francisco CA | 3.750 | 09/01/37 | 849 | ||||||||||||
| 2,000,000 | City & County of San Francisco CA | 4.000 | 09/01/48 | 2,041 | ||||||||||||
| 10,000,000 | City of Dallas TX Waterworks & Sewer System Revenue | 0.985 | 10/01/18 | 9,937 | ||||||||||||
| 8,725,000 | City of Dallas TX Waterworks & Sewer System Revenue | 1.217 | 10/01/19 | 8,595 | ||||||||||||
| 5,000,000 | City of Dallas TX Waterworks & Sewer System Revenue | 1.868 | 10/01/22 | 4,872 | ||||||||||||
| 2,775,000 | City of Dallas TX Waterworks & Sewer System Revenue | 2.068 | 10/01/23 | 2,700 | ||||||||||||
| 1,350,000 | City of Dallas TX Waterworks & Sewer System Revenue | 2.389 | 10/01/25 | 1,313 | ||||||||||||
| 3,995,000 | City of Los Angeles CA Wastewater System Revenue | 4.029 | 06/01/39 | 4,128 | ||||||||||||
| 2,025,000 | City of San Antonio TX Customer Facility Charge Revenue | 4.253 | 07/01/24 | 2,047 | ||||||||||||
| 1,575,000 | City of San Antonio TX Customer Facility Charge Revenue | 4.353 | 07/01/25 | 1,598 | ||||||||||||
| 20,000,000 | City of San Francisco CA Public Utilities Commission Water Revenue | 4.035 | 11/01/41 | 20,653 | ||||||||||||
| 9,950,000 | Commonwealth of Massachusetts | 3.277 | 06/01/46 | 9,597 | ||||||||||||
| 1,875,000 | County of Miami-Dade FL Aviation Revenue | 1.885 | 10/01/21 | 1,828 | ||||||||||||
| 1,505,000 | County of Miami-Dade FL Aviation Revenue | 2.218 | 10/01/22 | 1,465 | ||||||||||||
| 1,500,000 | County of Miami-Dade FL Aviation Revenue | 2.368 | 10/01/23 | 1,454 | ||||||||||||
| 3,500,000 | County of Miami-Dade FL Aviation Revenue | 2.504 | 10/01/24 | 3,381 | ||||||||||||
| 3,500,000 | County of Miami-Dade FL Aviation Revenue | 2.604 | 10/01/25 | 3,371 | ||||||||||||
| 2,500,000 | County of Miami-Dade FL Aviation Revenue | 2.704 | 10/01/26 | 2,410 | ||||||||||||
| 3,730,000 | County of Miami-Dade FL Aviation Revenue | 3.732 | 10/01/37 | 3,742 | ||||||||||||
| 3,900,000 | County of Miami-Dade FL Aviation Revenue | 3.982 | 10/01/41 | 3,990 | ||||||||||||
| 25,000,000 | Florida Hurricane Catastrophe Fund Finance Corp | 2.995 | 07/01/20 | 25,327 | ||||||||||||
| 1,810,000 | Health & Educational Facilities Authority of the State of Missouri | 3.685 | 02/15/47 | 1,852 | ||||||||||||
| 1,895,000 | Imperial Irrigation District Electric System Revenue | 1.095 | 11/01/18 | 1,880 | ||||||||||||
| 5,265,000 | Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | 1.125 | 09/01/19 | 5,177 | ||||||||||||
| 2,350,000 | Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | 1.500 | 09/01/21 | 2,265 | ||||||||||||
| 1,000,000 | Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | 2.000 | 09/01/22 | 973 | ||||||||||||
| 4,805,000 | Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | 3.375 | 09/01/35 | 4,687 | ||||||||||||
| 2,560,000 | Michigan Finance Authority | 1.941 | 11/01/21 | 2,472 | ||||||||||||
| 3,000,000 | Michigan Finance Authority | 2.244 | 11/01/22 | 2,899 | ||||||||||||
| 1,110,000 | New Jersey Economic Development Authority | 3.800 | 07/01/22 | 1,121 | ||||||||||||
| 5,680,000 | New York State Dormitory Authority | 3.998 | 07/01/39 | 5,865 | ||||||||||||
| 335 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 6,000,000 | New York State Dormitory Authority | 3.879 | % | 07/01/46 | $ | 6,163 | |||||||||
| 8,000,000 | Ohio State University | 3.798 | 12/01/46 | 8,265 | ||||||||||||
| 3,500,000 | Palm Beach County Solid Waste Authority | 2.083 | 10/01/21 | 3,461 | ||||||||||||
| 2,625,000 | Permanent University Fund | 1.730 | 07/01/18 | 2,623 | ||||||||||||
| 4,720,000 | Permanent University Fund | 1.880 | 07/01/19 | 4,702 | ||||||||||||
| 2,320,000 | Permanent University Fund | 2.258 | 07/01/20 | 2,324 | ||||||||||||
| 2,160,000 | Permanent University Fund | 2.408 | 07/01/21 | 2,166 | ||||||||||||
| 2,750,000 | Permanent University Fund | 2.508 | 07/01/22 | 2,749 | ||||||||||||
| 2,855,000 | Permanent University Fund | 2.608 | 07/01/23 | 2,846 | ||||||||||||
| 3,250,000 | Permanent University Fund | 2.708 | 07/01/24 | 3,245 | ||||||||||||
| 2,335,000 | Permanent University Fund | 2.808 | 07/01/25 | 2,325 | ||||||||||||
| 3,775,000 | Permanent University Fund | 2.908 | 07/01/26 | 3,740 | ||||||||||||
| 4,000,000 | Permanent University Fund | 3.008 | 07/01/27 | 3,985 | ||||||||||||
| 2,000,000 | Port of Corpus Christi Authority of Nueces County | 3.138 | 12/01/22 | 2,021 | ||||||||||||
| 1,700,000 | Port of Corpus Christi Authority of Nueces County | 3.287 | 12/01/23 | 1,728 | ||||||||||||
| 1,500,000 | Port of Corpus Christi Authority of Nueces County | 3.387 | 12/01/24 | 1,532 | ||||||||||||
| 1,000,000 | Port of Corpus Christi Authority of Nueces County | 3.487 | 12/01/25 | 1,026 | ||||||||||||
| 7,500,000 | Port of Morrow OR | 1.582 | 09/01/20 | 7,364 | ||||||||||||
| 2,075,000 | Port of Morrow OR | 1.782 | 09/01/21 | 2,032 | ||||||||||||
| 1,000,000 | Regents of the University of California Medical Center Pooled Revenue | 2.037 | 05/15/23 | 955 | ||||||||||||
| 1,000,000 | Regents of the University of California Medical Center Pooled Revenue | 2.259 | 05/15/24 | 958 | ||||||||||||
| 1,250,000 | Regents of the University of California Medical Center Pooled Revenue | 2.359 | 05/15/25 | 1,191 | ||||||||||||
| 1,785,000 | Regents of the University of California Medical Center Pooled Revenue | 2.459 | 05/15/26 | 1,700 | ||||||||||||
| 1,600,000 | Regents of the University of California Medical Center Pooled Revenue | 2.559 | 05/15/27 | 1,521 | ||||||||||||
| 700,000 | Regents of the University of California Medical Center Pooled Revenue | 2.659 | 05/15/28 | 665 | ||||||||||||
| 900,000 | Regents of the University of California Medical Center Pooled Revenue | 2.759 | 05/15/29 | 845 | ||||||||||||
| 11,360,000 | San Jose Redevelopment Agency | 3.375 | 08/01/34 | 11,192 | ||||||||||||
| 3,060,000 | State of Georgia | 2.000 | 07/01/20 | 3,036 | ||||||||||||
| 3,215,000 | State of Georgia | 2.150 | 07/01/21 | 3,175 | ||||||||||||
| 3,465,000 | State of Georgia | 1.910 | 02/01/23 | 3,363 | ||||||||||||
| 3,905,000 | State of Georgia | 2.750 | 07/01/25 | 3,917 | ||||||||||||
| 4,100,000 | State of Georgia | 2.850 | 07/01/26 | 4,113 | ||||||||||||
| 4,305,000 | State of Georgia | 2.950 | 07/01/27 | 4,330 | ||||||||||||
| 4,520,000 | State of Georgia | 3.050 | 07/01/28 | 4,554 | ||||||||||||
| 3,245,000 | State of Georgia | 3.150 | 07/01/29 | 3,276 | ||||||||||||
| 3,200,000 | State of Illinois | 4.350 | 06/01/18 | 3,222 | ||||||||||||
| 7,500,000 | State of Illinois | 2.000 | 06/15/19 | 7,459 | ||||||||||||
| 7,160,000 | State of Illinois | 5.463 | 02/01/20 | 7,411 | ||||||||||||
| 12,500,000 | State of Illinois | 1.930 | 06/15/20 | 12,318 | ||||||||||||
| 12,500,000 | State of Illinois | 2.250 | 06/15/21 | 12,307 | ||||||||||||
| 12,500,000 | State of Illinois | 3.150 | 06/15/26 | 12,507 | ||||||||||||
| 12,500,000 | State of Illinois | 3.250 | 06/15/27 | 12,527 | ||||||||||||
| 33,185,000 | State of Illinois | 5.100 | 06/01/33 | 33,130 | ||||||||||||
| 20,000,000 | State of Michigan | 1.579 | 11/01/20 | 19,692 | ||||||||||||
| 13,000,000 | State of Michigan | 1.779 | 11/01/21 | 12,741 | ||||||||||||
| 7,000,000 | State of Michigan | 1.966 | 11/01/22 | 6,837 | ||||||||||||
| 9,900,000 | State of Wisconsin | 3.154 | 05/01/27 | 10,038 | ||||||||||||
| 336 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 6,000,000 | University of California | 2.570 | % | 05/15/22 | $ | 6,005 | |||||||||
| 17,045,000 | University of California | 3.931 | 05/15/45 | 17,699 | ||||||||||||
| 20,000,000 | University of New Mexico | 3.532 | 06/20/32 | 20,315 | ||||||||||||
| 500,000 | Utah Municipal Power Agency | 1.630 | 07/01/19 | 495 | ||||||||||||
| 835,000 | Utah Municipal Power Agency | 1.823 | 07/01/20 | 821 | ||||||||||||
| 500,000 | Utah Municipal Power Agency | 2.023 | 07/01/21 | 489 | ||||||||||||
| 1,750,000 | Utah Municipal Power Agency | 2.262 | 07/01/22 | 1,711 | ||||||||||||
| 1,500,000 | Utah Municipal Power Agency | 2.512 | 07/01/23 | 1,477 | ||||||||||||
| 2,160,000 | Virginia Port Authority | 4.228 | 07/01/36 | 2,178 | ||||||||||||
| TOTAL MUNICIPAL BONDS | 496,878 | |||||||||||||||
| U.S. TREASURY SECURITIES - 13.7% | ||||||||||||||||
| 1,492,000 | United States Treasury Bond | 5.250 | 11/15/28 | 1,892 | ||||||||||||
| 106,186,000 | United States Treasury Bond | 5.375 | 02/15/31 | 141,033 | ||||||||||||
| 65,602,000 | United States Treasury Bond | 4.500 | 02/15/36 | 84,396 | ||||||||||||
| 4,500,000 | United States Treasury Bond | 4.750 | 02/15/37 | 5,991 | ||||||||||||
| 38,000,000 | United States Treasury Bond | 3.500 | 02/15/39 | 43,363 | ||||||||||||
| 11,900,000 | United States Treasury Bond | 3.875 | 08/15/40 | 14,324 | ||||||||||||
| 19,135,000 | United States Treasury Bond | 4.375 | 05/15/41 | 24,733 | ||||||||||||
| 16,434,000 | United States Treasury Bond | 3.750 | 08/15/41 | 19,456 | ||||||||||||
| 56,375,000 | United States Treasury Bond | 3.625 | 08/15/43 | 65,729 | ||||||||||||
| 35,680,000 | United States Treasury Bond | 3.000 | 05/15/45 | 37,430 | ||||||||||||
| 81,710,000 | United States Treasury Bond | 2.875 | 08/15/45 | 83,705 | ||||||||||||
| 102,850,000 | United States Treasury Bond | 2.500 | 05/15/46 | 97,725 | ||||||||||||
| 1,075,000 | United States Treasury Bond | 3.000 | 05/15/47 | 1,129 | ||||||||||||
| 22,185,000 | United States Treasury Bond | 2.750 | 08/15/47 | 22,188 | ||||||||||||
| 72,500,000 | United States Treasury Bond | 2.750 | 11/15/47 | 72,537 | ||||||||||||
| 13,945,000 | United States Treasury Note | 0.875 | 03/31/18 | 13,928 | ||||||||||||
| 120,000,000 | United States Treasury Note | 0.875 | 05/31/18 | 119,728 | ||||||||||||
| 32,200,000 | United States Treasury Note | 0.625 | 06/30/18 | 32,067 | ||||||||||||
| 37,665,000 | United States Treasury Note | 0.875 | 07/15/18 | 37,530 | ||||||||||||
| 12,100,000 | United States Treasury Note | 2.250 | 07/31/18 | 12,145 | ||||||||||||
| 12,700,000 | United States Treasury Note | 0.750 | 08/31/18 | 12,622 | ||||||||||||
| 9,966,900 | United States Treasury Note | 1.375 | 09/30/18 | 9,940 | ||||||||||||
| 71,675,000 | United States Treasury Note | 0.750 | 10/31/18 | 71,083 | ||||||||||||
| 1,365,000 | United States Treasury Note | 1.750 | 10/31/18 | 1,365 | ||||||||||||
| 5,325,000 | United States Treasury Note | 1.000 | 11/30/18 | 5,287 | ||||||||||||
| 9,115,000 | United States Treasury Note | 1.250 | 12/31/18 | 9,064 | ||||||||||||
| 10,950,000 | United States Treasury Note | 1.125 | 01/31/19 | 10,866 | ||||||||||||
| 17,775,000 | United States Treasury Note | 1.000 | 03/15/19 | 17,596 | ||||||||||||
| 1,100,000 | United States Treasury Note | 1.250 | 03/31/19 | 1,092 | ||||||||||||
| 1,195,000 | United States Treasury Note | 0.875 | 04/15/19 | 1,180 | ||||||||||||
| 5,400,000 | United States Treasury Note | 1.250 | 04/30/19 | 5,357 | ||||||||||||
| 43,115,000 | United States Treasury Note | 1.250 | 05/31/19 | 42,755 | ||||||||||||
| 50,000,000 | United States Treasury Note | 1.250 | 06/30/19 | 49,553 | ||||||||||||
| 68,575,000 | United States Treasury Note | 1.375 | 07/31/19 | 68,052 | ||||||||||||
| 48,700,000 | United States Treasury Note | 1.250 | 08/31/19 | 48,199 | ||||||||||||
| 2,175,000 | United States Treasury Note | 1.500 | 10/31/19 | 2,160 | ||||||||||||
| 10,630,000 | United States Treasury Note | 1.750 | 11/30/19 | 10,602 | ||||||||||||
| 2,250,000 | United States Treasury Note | 1.375 | 02/15/20 | 2,225 | ||||||||||||
| 4,790,000 | United States Treasury Note | 1.625 | 03/15/20 | 4,760 | ||||||||||||
| 25,000,000 | United States Treasury Note | 1.500 | 05/15/20 | 24,758 | ||||||||||||
| 21,800,000 | United States Treasury Note | 1.625 | 07/31/20 | 21,630 | ||||||||||||
| 337 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 51,565,000 | United States Treasury Note | 1.500 | % | 08/15/20 | $ | 50,990 | |||||||||||
| 40,110,000 | United States Treasury Note | 1.375 | 09/15/20 | 39,534 | ||||||||||||||
| 21,715,000 | United States Treasury Note | 1.750 | 11/15/20 | 21,588 | ||||||||||||||
| 3,000,000 | United States Treasury Note | 1.750 | 12/31/20 | 2,979 | ||||||||||||||
| 750,000 | United States Treasury Note | 1.375 | 01/31/21 | 736 | ||||||||||||||
| 825,000 | United States Treasury Note | 2.125 | 01/31/21 | 828 | ||||||||||||||
| 12,589,300 | United States Treasury Note | 1.125 | 02/28/21 | 12,242 | ||||||||||||||
| 12,720,000 | United States Treasury Note | 2.000 | 02/28/21 | 12,712 | ||||||||||||||
| 18,635,000 | United States Treasury Note | 1.375 | 04/30/21 | 18,230 | ||||||||||||||
| 3,240,000 | United States Treasury Note | 2.250 | 04/30/21 | 3,261 | ||||||||||||||
| 1,040,000 | United States Treasury Note | 1.375 | 05/31/21 | 1,016 | ||||||||||||||
| 16,465,000 | United States Treasury Note | 2.000 | 05/31/21 | 16,436 | ||||||||||||||
| 1,730,000 | United States Treasury Note | 2.125 | 06/30/21 | 1,733 | ||||||||||||||
| 11,825,000 | United States Treasury Note | 2.000 | 08/31/21 | 11,785 | ||||||||||||||
| 83,872,000 | United States Treasury Note | 8.000 | 11/15/21 | 102,177 | ||||||||||||||
| 21,575,000 | United States Treasury Note | 1.875 | 01/31/22 | 21,349 | ||||||||||||||
| 17,575,000 | United States Treasury Note | 1.750 | 02/28/22 | 17,305 | ||||||||||||||
| 1,710,000 | United States Treasury Note | 1.750 | 03/31/22 | 1,682 | ||||||||||||||
| 1,600,000 | United States Treasury Note | 1.875 | 03/31/22 | 1,582 | ||||||||||||||
| 8,000,000 | United States Treasury Note | 1.750 | 04/30/22 | 7,861 | ||||||||||||||
| 4,565,000 | United States Treasury Note | 2.125 | 06/30/22 | 4,556 | ||||||||||||||
| 23,000,000 | United States Treasury Note | 2.000 | 07/31/22 | 22,822 | ||||||||||||||
| 7,910,000 | United States Treasury Note | 1.875 | 08/31/22 | 7,798 | ||||||||||||||
| 26,465,000 | United States Treasury Note | 1.750 | 09/30/22 | 25,931 | ||||||||||||||
| 1,442,000 | United States Treasury Note | 2.000 | 11/30/22 | 1,429 | ||||||||||||||
| 500,000 | United States Treasury Note | 1.750 | 01/31/23 | 489 | ||||||||||||||
| 1,875,000 | United States Treasury Note | 1.625 | 04/30/23 | 1,817 | ||||||||||||||
| 510,000 | United States Treasury Note | 1.375 | 06/30/23 | 487 | ||||||||||||||
| 500,000 | United States Treasury Note | 1.250 | 07/31/23 | 474 | ||||||||||||||
| 12,895,000 | United States Treasury Note | 2.250 | 12/31/23 | 12,869 | ||||||||||||||
| 8,800,000 | United States Treasury Note | 2.125 | 02/29/24 | 8,711 | ||||||||||||||
| 1,125,000 | United States Treasury Note | 2.125 | 07/31/24 | 1,111 | ||||||||||||||
| 100,000,000 | United States Treasury Note | 2.125 | 11/30/24 | 98,664 | ||||||||||||||
| 10,070,000 | United States Treasury Note | 2.250 | 11/15/27 | 9,925 | ||||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 1,894,284 | |||||||||||||||||
| TOTAL GOVERNMENT BONDS | 5,925,109 | |||||||||||||||||
| (Cost $5,898,294) | ||||||||||||||||||
| STRUCTURED ASSETS - 20.0% | ||||||||||||||||||
| ASSET BACKED - 9.5% | ||||||||||||||||||
| 256,399 | i | ACE Securities Corp Home Equity Loan Trust | LIBOR 1 M + 0.735% | 2.287 | 08/25/35 | 257 | ||||||||||||
| Series - 2005 HE5 (Class M2) | ||||||||||||||||||
| 11,450,000 | Ally Auto Receivables Trust | 2.100 | 03/15/22 | 11,401 | ||||||||||||||
| Series - 2017 2 (Class A4) | ||||||||||||||||||
| 24,500,000 | American Express Credit Account Master Trust | 2.350 | 05/15/25 | 24,419 | ||||||||||||||
| Series - 2017 7 (Class A) | ||||||||||||||||||
| 55,176 | AmeriCredit Automobile Receivables Trust | 2.720 | 09/09/19 | 55 | ||||||||||||||
| Series - 2013 4 (Class C) | ||||||||||||||||||
| 1,550,000 | AmeriCredit Automobile Receivables Trust | 2.400 | 01/08/21 | 1,554 | ||||||||||||||
| Series - 2015 2 (Class C) | ||||||||||||||||||
| 3,500,000 | AmeriCredit Automobile Receivables Trust | 1.460 | 05/10/21 | 3,484 | ||||||||||||||
| Series - 2016 3 (Class A3) | ||||||||||||||||||
| 338 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 5,250,000 | AmeriCredit Automobile Receivables Trust | 1.530 | % | 07/08/21 | $ | 5,216 | |||||||||
| Series - 2016 4 (Class A3) | ||||||||||||||||
| 12,805,000 | AmeriCredit Automobile Receivables Trust | 3.340 | 08/08/21 | 12,983 | ||||||||||||
| Series - 2015 3 (Class D) | ||||||||||||||||
| 10,500,000 | AmeriCredit Automobile Receivables Trust | 1.870 | 08/18/21 | 10,466 | ||||||||||||
| Series - 2017 1 (Class A3) | ||||||||||||||||
| 15,000,000 | AmeriCredit Automobile Receivables Trust | 1.900 | 03/18/22 | 14,901 | ||||||||||||
| Series - 2017 3 (Class A3) | ||||||||||||||||
| 5,500,000 | AmeriCredit Automobile Receivables Trust | 2.740 | 12/08/22 | 5,451 | ||||||||||||
| Series - 2016 4 (Class D) | ||||||||||||||||
| 3,500,000 | g | Anchorage Capital CLO 7 Ltd | 3.300 | 10/15/27 | 3,481 | |||||||||||
| Series - 2015 7A (Class B2R) | ||||||||||||||||
| 74,236 | †,g | Asset Backed Funding Corp NIM Trust | 5.900 | 07/26/35 | 0 | ^ | ||||||||||
| Series - 2006 WMC1 (Class N1) | ||||||||||||||||
| 5,000,000 | g,i | Aventura Mall Trust | 3.743 | 12/05/32 | 5,048 | |||||||||||
| Series - 2013 AVM (Class E) | ||||||||||||||||
| 1,000,000 | g,i | Aventura Mall Trust | 3.743 | 12/05/32 | 1,018 | |||||||||||
| Series - 2013 AVM (Class C) | ||||||||||||||||
| 13,500,000 | g,i | Aventura Mall Trust | 3.743 | 12/05/32 | 13,799 | |||||||||||
| Series - 2013 AVM (Class B) | ||||||||||||||||
| 2,701,000 | g | Avis Budget Rental Car Funding AESOP LLC | 1.920 | 09/20/19 | 2,697 | |||||||||||
| Series - 2013 1A (Class A) | ||||||||||||||||
| 12,000,000 | g | Avis Budget Rental Car Funding AESOP LLC | 3.070 | 09/20/23 | 12,088 | |||||||||||
| Series - 2017 1A (Class A) | ||||||||||||||||
| 17,000,000 | g | Avis Budget Rental Car Funding AESOP LLC | 2.970 | 03/20/24 | 16,997 | |||||||||||
| Series - 2017 2A (Class A) | ||||||||||||||||
| 3,850,000 | g | BBCMS Trust | 3.821 | 09/05/32 | 3,927 | |||||||||||
| Series - 2013 TYSN (Class C) | ||||||||||||||||
| 2,500,000 | g | Bowman Park CLO Ltd | 3.545 | 11/23/25 | 2,500 | |||||||||||
| Series - 2014 1A (Class B2R) | ||||||||||||||||
| 622,224 | Capital Auto Receivables Asset Trust | 1.620 | 03/20/19 | 622 | ||||||||||||
| Series - 2015 4 (Class A2) | ||||||||||||||||
| 3,500,000 | Capital Auto Receivables Asset Trust | 1.630 | 01/20/21 | 3,477 | ||||||||||||
| Series - 2016 2 (Class A4) | ||||||||||||||||
| 5,250,000 | Capital Auto Receivables Asset Trust | 1.690 | 03/20/21 | 5,212 | ||||||||||||
| Series - 2016 3 (Class A4) | ||||||||||||||||
| 8,000,000 | g | Capital Automotive REIT | 3.660 | 10/15/44 | 8,019 | |||||||||||
| Series - 2014 1A (Class A) | ||||||||||||||||
| 6,953,333 | g | Capital Automotive REIT | 3.870 | 04/15/47 | 7,050 | |||||||||||
| Series - 2017 1A (Class A1) | ||||||||||||||||
| 29,000,000 | Capital One Multi-Asset Execution Trust | 2.430 | 01/15/25 | 29,020 | ||||||||||||
| Series - 2017 A3 (Class A3) | ||||||||||||||||
| 29,500,000 | Capital One Multi-Asset Execution Trust | 2.290 | 07/15/25 | 29,291 | ||||||||||||
| Series - 2017 A6 (Class A6) | ||||||||||||||||
| 3,000,000 | CarMax Auto Owner Trust | 1.680 | 09/15/21 | 2,964 | ||||||||||||
| Series - 2016 2 (Class A4) | ||||||||||||||||
| 3,000,000 | CarMax Auto Owner Trust | 1.600 | 01/18/22 | 2,951 | ||||||||||||
| Series - 2016 3 (Class A4) | ||||||||||||||||
| 5,500,000 | CarMax Auto Owner Trust | 1.970 | 04/15/22 | 5,469 | ||||||||||||
| Series - 2017 3 (Class A3) | ||||||||||||||||
| 4,850,000 | CarMax Auto Owner Trust | 2.250 | 09/15/22 | 4,829 | ||||||||||||
| Series - 2017 2 (Class A4) | ||||||||||||||||
| 339 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 4,100,000 | CarMax Auto Owner Trust | 2.330 | % | 05/15/23 | $ | 4,074 | |||||||||
| Series - 2017 4 (Class A4) | ||||||||||||||||
| 2,500,000 | g | Cent CLO 21 Ltd | 3.500 | 07/27/26 | 2,504 | |||||||||||
| Series - 2014 21A (Class A2BR) | ||||||||||||||||
| 428,194 | i | Chase Funding Mortgage Loan Asset-Backed Certificates | 5.700 | 02/26/35 | 407 | |||||||||||
| Series - 2004 2 (Class 1M2) | ||||||||||||||||
| 585,880 | i | CIT Group Home Equity Loan Trust | 6.200 | 02/25/30 | 597 | |||||||||||
| Series - 2002 1 (Class AF6) | ||||||||||||||||
| 5,500,000 | CNH Equipment Trust | 1.630 | 08/15/21 | 5,472 | ||||||||||||
| Series - 2016 B (Class A3) | ||||||||||||||||
| 7,000,000 | CNH Equipment Trust | 1.440 | 12/15/21 | 6,929 | ||||||||||||
| Series - 2016 C (Class A3) | ||||||||||||||||
| 12,000,000 | CNH Equipment Trust | 2.170 | 04/17/23 | 11,897 | ||||||||||||
| Series - 2017 B (Class A4) | ||||||||||||||||
| 12,500,000 | CNH Equipment Trust | 2.480 | 02/15/24 | 12,538 | ||||||||||||
| Series - 2017 A (Class A4) | ||||||||||||||||
| 39,990,000 | CNH Equipment Trust | 2.360 | 11/15/24 | 39,773 | ||||||||||||
| Series - 2017 C (Class A4) | ||||||||||||||||
| 5,250,000 | g | DaimlerChrysler Capital Auto Receivables Trust | 1.640 | 07/15/21 | 5,227 | |||||||||||
| Series - 2016 BA (Class A3) | ||||||||||||||||
| 19,936,250 | g | DB Master Finance LLC | 3.980 | 02/20/45 | 20,349 | |||||||||||
| Series - 2015 1A (Class A2II) | ||||||||||||||||
| 18,000,000 | g | DB Master Finance LLC | 3.629 | 11/20/47 | 18,117 | |||||||||||
| Series - 2017 1A (Class A2I) | ||||||||||||||||
| 5,000,000 | Discover Card Execution Note Trust | 2.390 | 07/15/24 | 4,999 | ||||||||||||
| Series - 2017 A2 (Class A2) | ||||||||||||||||
| 16,745,000 | g | Domino’s Pizza Master Issuer LLC | 3.484 | 10/25/45 | 16,803 | |||||||||||
| Series - 2015 1A (Class A2I) | ||||||||||||||||
| 2,462,500 | g | Domino’s Pizza Master Issuer LLC | 4.474 | 10/25/45 | 2,516 | |||||||||||
| Series - 2015 1A (Class A2II) | ||||||||||||||||
| 64,837,500 | g | Domino’s Pizza Master Issuer LLC | 3.082 | 07/25/47 | 64,126 | |||||||||||
| Series - 2017 1A (Class A2II) | ||||||||||||||||
| 6,467,500 | g | FOCUS Brands Funding LLC | 3.857 | 04/30/47 | 6,542 | |||||||||||
| Series - 2017 1A (Class A2I) | ||||||||||||||||
| 11,000,000 | Ford Credit Auto Lease Trust | 1.880 | 04/15/20 | 10,979 | ||||||||||||
| Series - 2017 A (Class A3) | ||||||||||||||||
| 18,000,000 | g | Ford Credit Auto Owner Trust | 2.150 | 07/15/26 | 17,960 | |||||||||||
| Series - 2015 1 (Class A) | ||||||||||||||||
| 17,400,000 | g | Ford Credit Auto Owner Trust | 2.440 | 01/15/27 | 17,464 | |||||||||||
| Series - 2015 2 (Class A) | ||||||||||||||||
| 3,500,000 | g | Ford Credit Auto Owner Trust | 2.310 | 08/15/27 | 3,488 | |||||||||||
| Series - 2016 1 (Class A) | ||||||||||||||||
| 16,500,000 | g | Ford Credit Auto Owner Trust | 2.030 | 12/15/27 | 16,260 | |||||||||||
| Series - 2016 2 (Class A) | ||||||||||||||||
| 12,000,000 | g | Ford Credit Auto Owner Trust | 2.620 | 08/15/28 | 12,006 | |||||||||||
| Series - 2017 1 (Class A) | ||||||||||||||||
| 27,050,000 | g | Ford Credit Auto Owner Trust | 2.360 | 03/15/29 | 26,801 | |||||||||||
| Series - 2017 2 (Class A) | ||||||||||||||||
| 3,500,000 | Ford Credit Floorplan Master Owner Trust | 2.070 | 05/15/22 | 3,482 | ||||||||||||
| Series - 2017 1 (Class A1) | ||||||||||||||||
| 5,000,000 | Ford Credit Floorplan Master Owner Trust | 2.390 | 08/15/22 | 5,007 | ||||||||||||
| Series - 2015 5 (Class A) | ||||||||||||||||
| 340 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 7,500,000 | Ford Credit Floorplan Master Owner Trust | 2.160 | % | 09/15/22 | $ | 7,470 | |||||||||||
| Series - 2017 2 (Class A1) | ||||||||||||||||||
| 7,000,000 | Ford Credit Floorplan Master Owner Trust | 2.480 | 09/15/24 | 6,960 | ||||||||||||||
| Series - 2017 3 (Class A) | ||||||||||||||||||
| 2,250,000 | g,i | FREMF Mortgage Trust | 4.019 | 03/25/49 | 2,316 | |||||||||||||
| Series - 2016 K53 (Class B) | ||||||||||||||||||
| 4,000,000 | GM Financial Automobile Leasing Trust | 2.060 | 05/20/20 | 3,996 | ||||||||||||||
| Series - 2017 1 (Class A3) | ||||||||||||||||||
| 4,000,000 | GM Financial Automobile Leasing Trust | 2.020 | 09/21/20 | 3,988 | ||||||||||||||
| Series - 2017 2 (Class A3) | ||||||||||||||||||
| 6,250,000 | GM Financial Automobile Leasing Trust | 2.010 | 11/20/20 | 6,227 | ||||||||||||||
| Series - 2017 3 (Class A3) | ||||||||||||||||||
| 6,000,000 | g | GM Financial Consumer Automobile Receivables Trust | 2.130 | 03/16/23 | 5,962 | |||||||||||||
| Series - 2017 3A (Class A4) | ||||||||||||||||||
| 7,000,000 | g | GMF Floorplan Owner Revolving Trust | 2.130 | 07/15/20 | 6,945 | |||||||||||||
| Series - 2017 2 (Class A1) | ||||||||||||||||||
| 3,500,000 | g | GMF Floorplan Owner Revolving Trust | 1.960 | 05/17/21 | 3,490 | |||||||||||||
| Series - 2016 1 (Class A1) | ||||||||||||||||||
| 955,266 | g | HERO Funding Trust | 3.280 | 09/20/48 | 951 | |||||||||||||
| Series - 2017 2A (Class A1) | ||||||||||||||||||
| 1,910,532 | g | HERO Funding Trust | 4.070 | 09/20/48 | 1,948 | |||||||||||||
| Series - 2017 2A (Class A2) | ||||||||||||||||||
| 5,705,000 | g | Hertz Vehicle Financing LLC | 1.830 | 08/25/19 | 5,697 | |||||||||||||
| Series - 2013 1A (Class A2) | ||||||||||||||||||
| 5,000,000 | g | Hertz Vehicle Financing LLC | 2.320 | 03/25/20 | 4,983 | |||||||||||||
| Series - 2016 1A (Class A) | ||||||||||||||||||
| 11,875,000 | g | Hertz Vehicle Financing LLC | 2.270 | 07/25/20 | 11,818 | |||||||||||||
| Series - 2016 3A (Class A) | ||||||||||||||||||
| 10,049,918 | g | Hilton Grand Vacations Trust | 2.660 | 12/26/28 | 9,978 | |||||||||||||
| Series - 2017 AA (Class A) | ||||||||||||||||||
| 5,862,452 | g,i | Hilton Grand Vacations Trust | 2.960 | 12/26/28 | 5,823 | |||||||||||||
| Series - 2017 AA (Class B) | ||||||||||||||||||
| 10,000,000 | g | Hyundai Auto Lease Securitization Trust | 2.120 | 02/16/21 | 9,972 | |||||||||||||
| Series - 2017 C (Class A3) | ||||||||||||||||||
| 7,000,000 | g | Hyundai Auto Lease Securitization Trust | 2.210 | 09/15/21 | 6,986 | |||||||||||||
| Series - 2017 C (Class A4) | ||||||||||||||||||
| 1,108,879 | i | Irwin Home Equity Corp | LIBOR 1 M + 0.760% | 2.312 | 02/25/34 | 1,097 | ||||||||||||
| Series - 2005 A (Class A3) | ||||||||||||||||||
| 9,803,669 | g | JG Wentworth XXII LLC | 3.820 | 12/15/48 | 10,137 | |||||||||||||
| Series - 2010 3A (Class A) | ||||||||||||||||||
| 4,000,000 | John Deere Owner Trust | 2.110 | 12/15/23 | 3,987 | ||||||||||||||
| Series - 2017 A (Class A4) | ||||||||||||||||||
| 20,000,000 | John Deere Owner Trust | 2.110 | 07/15/24 | 19,814 | ||||||||||||||
| Series - 2017 B (Class A4) | ||||||||||||||||||
| 1,518,747 | i | Lehman XS Trust | LIBOR 1 M + 0.250% | 1.802 | 02/25/36 | 1,516 | ||||||||||||
| Series - 2006 1 (Class 1A1) | ||||||||||||||||||
| 4,582,381 | i | Lehman XS Trust | 6.500 | 06/25/46 | 3,861 | |||||||||||||
| Series - 2006 13 (Class 2A1) | ||||||||||||||||||
| 5,000,000 | g | Madison Park Funding XIII Ltd | 3.300 | 01/19/25 | 5,004 | |||||||||||||
| Series - 2014 13A (Class B2R) | ||||||||||||||||||
| 4,716,814 | g | MVW Owner Trust | 2.520 | 12/20/32 | 4,693 | |||||||||||||
| Series - 2015 1A (Class A) | ||||||||||||||||||
| 11,266,369 | g | MVW Owner Trust | 2.420 | 12/20/34 | 11,164 | |||||||||||||
| Series - 2017 1A (Class A) | ||||||||||||||||||
| 341 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 7,000,000 | g,i | Navistar Financial Dealer Note Master Owner Trust II | LIBOR 1 M + 1.350% | 2.902 | % | 09/27/21 | $ | 7,041 | |||||||||
| Series - 2016 1 (Class A) | ||||||||||||||||||
| 24,252,891 | g,i | New Residential Mortgage Loan Trust | 4.000 | 02/25/57 | 24,972 | |||||||||||||
| Series - 2017 1A (Class A1) | ||||||||||||||||||
| 9,000,000 | Nissan Auto Lease Trust | 2.050 | 09/15/20 | 8,979 | ||||||||||||||
| Series - 2017 B (Class A3) | ||||||||||||||||||
| 3,500,000 | g | OHA Loan Funding LLC | 3.600 | 10/20/26 | 3,508 | |||||||||||||
| Series - 2014 1A (Class B2R) | ||||||||||||||||||
| 454,162 | g | OneMain Direct Auto Receivables Trust | 2.040 | 01/15/21 | 454 | |||||||||||||
| Series - 2016 1A (Class A) | ||||||||||||||||||
| 8,840,000 | g | Palisades Center Trust | 3.357 | 04/13/33 | 8,814 | |||||||||||||
| Series - 2016 PLSD (Class B) | ||||||||||||||||||
| 17,822 | i | Renaissance Home Equity Loan Trust | LIBOR 1 M + 0.880% | 2.208 | 08/25/33 | 17 | ||||||||||||
| Series - 2003 2 (Class A) | ||||||||||||||||||
| 638,961 | i | Residential Funding Mortgage Securities II, Inc | 5.950 | 08/25/34 | 644 | |||||||||||||
| Series - 2005 HI1 (Class A5) | ||||||||||||||||||
| 408,195 | i | Residential Funding Mortgage Securities II, Inc | 6.510 | 02/25/36 | 410 | |||||||||||||
| Series - 2006 HI1 (Class M1) | ||||||||||||||||||
| 218,298 | i | Residential Funding Mortgage Securities II, Inc | 6.560 | 02/25/36 | 229 | |||||||||||||
| Series - 2006 HI1 (Class M2) | ||||||||||||||||||
| 3,164,174 | Santander Drive Auto Receivables Trust | 2.420 | 04/15/19 | 3,165 | ||||||||||||||
| Series - 2013 3 (Class D) | ||||||||||||||||||
| 5,325,000 | Santander Drive Auto Receivables Trust | 2.910 | 04/15/20 | 5,346 | ||||||||||||||
| Series - 2014 1 (Class D) | ||||||||||||||||||
| 2,700,707 | Santander Drive Auto Receivables Trust | 1.560 | 05/15/20 | 2,699 | ||||||||||||||
| Series - 2016 2 (Class A3) | ||||||||||||||||||
| 266,990 | Santander Drive Auto Receivables Trust | 1.960 | 05/15/20 | 267 | ||||||||||||||
| Series - 2015 5 (Class B) | ||||||||||||||||||
| 2,977,835 | Santander Drive Auto Receivables Trust | 2.130 | 08/17/20 | 2,979 | ||||||||||||||
| Series - 2014 3 (Class C) | ||||||||||||||||||
| 9,000,000 | Santander Drive Auto Receivables Trust | 1.770 | 09/15/20 | 8,985 | ||||||||||||||
| Series - 2017 1 (Class A3) | ||||||||||||||||||
| 3,500,000 | Santander Drive Auto Receivables Trust | 1.870 | 12/15/20 | 3,498 | ||||||||||||||
| Series - 2017 2 (Class A3) | ||||||||||||||||||
| 5,000,000 | Santander Drive Auto Receivables Trust | 1.870 | 06/15/21 | 4,979 | ||||||||||||||
| Series - 2017 3 (Class A3) | ||||||||||||||||||
| 600,000 | Santander Drive Auto Receivables Trust | 2.740 | 12/15/21 | 603 | ||||||||||||||
| Series - 2015 5 (Class C) | ||||||||||||||||||
| 6,000,000 | Santander Drive Auto Receivables Trust | 2.800 | 08/15/22 | 5,973 | ||||||||||||||
| Series - 2016 3 (Class D) | ||||||||||||||||||
| 8,000,000 | Santander Drive Auto Receivables Trust | 3.170 | 04/17/23 | 8,040 | ||||||||||||||
| Series - 2017 1 (Class D) | ||||||||||||||||||
| 12,500,000 | g | Santander Retail Auto Lease Trust | 2.370 | 01/20/22 | 12,445 | |||||||||||||
| Series - 2017 A (Class A4) | ||||||||||||||||||
| 120,380 | g | Sierra Receivables Funding Co LLC | 1.590 | 11/20/29 | 120 | |||||||||||||
| Series - 2013 1A (Class A) | ||||||||||||||||||
| 2,848,598 | g | Sierra Receivables Funding Co LLC | 2.700 | 10/20/30 | 2,846 | |||||||||||||
| Series - 2013 3A (Class B) | ||||||||||||||||||
| 3,799,842 | g,i | Sierra Receivables Funding Co LLC | 2.050 | 06/20/31 | 3,792 | |||||||||||||
| Series - 2014 2A (Class A) | ||||||||||||||||||
| 342 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 1,101,677 | g,i | Sierra Receivables Funding Co LLC | 2.400 | % | 06/20/31 | $ | 1,098 | ||||||||
| Series - 2014 2A (Class B) | ||||||||||||||||
| 3,375,612 | g | Sierra Receivables Funding Co LLC | 2.400 | 03/22/32 | 3,363 | |||||||||||
| Series - 2015 1A (Class A) | ||||||||||||||||
| 20,284,826 | g | Sierra Receivables Funding Co LLC | 2.910 | 03/20/34 | 20,307 | |||||||||||
| Series - 2017 1A (Class A) | ||||||||||||||||
| 756,806 | g | Sierra Receivables Funding Co LLC | 3.200 | 03/20/34 | 754 | |||||||||||
| Series - 2017 1A (Class B) | ||||||||||||||||
| 4,214,464 | g | Sierra Timeshare Receivables Funding LLC | 2.580 | 09/20/32 | 4,208 | |||||||||||
| Series - 2015 3A (Class A) | ||||||||||||||||
| 765,598 | g | Sierra Timeshare Receivables Funding LLC | 3.080 | 09/20/32 | 763 | |||||||||||
| Series - 2015 3A (Class B) | ||||||||||||||||
| 2,848,327 | g | Sierra Timeshare Receivables Funding LLC | 3.080 | 03/21/33 | 2,858 | |||||||||||
| Series - 2016 1A (Class A) | ||||||||||||||||
| 8,319,205 | g | Sierra Timeshare Receivables Funding LLC | 2.330 | 07/20/33 | 8,256 | |||||||||||
| Series - 2016 2A (Class A) | ||||||||||||||||
| 1,482,849 | g | Sierra Timeshare Receivables Funding LLC | 2.780 | 07/20/33 | 1,474 | |||||||||||
| Series - 2016 2A (Class B) | ||||||||||||||||
| 6,551,317 | g | Sierra Timeshare Receivables Funding LLC | 2.430 | 10/20/33 | 6,514 | |||||||||||
| Series - 2016 3A (Class A) | ||||||||||||||||
| 3,882,262 | g | Sierra Timeshare Receivables Funding LLC | 2.630 | 10/20/33 | 3,807 | |||||||||||
| Series - 2016 3A (Class B) | ||||||||||||||||
| 9,568,185 | g | SLM Student Loan Trust | 3.740 | 02/15/29 | 9,692 | |||||||||||
| Series - 2011 B (Class A2) | ||||||||||||||||
| 6,716,310 | g | SMB Private Education Loan Trust | 2.490 | 06/15/27 | 6,702 | |||||||||||
| Series - 2015 A (Class A2A) | ||||||||||||||||
| 10,755,909 | g | SMB Private Education Loan Trust | 2.750 | 07/15/27 | 10,772 | |||||||||||
| Series - 2015 C (Class A2A) | ||||||||||||||||
| 13,703,000 | g | SMB Private Education Loan Trust | 2.430 | 02/17/32 | 13,468 | |||||||||||
| Series - 2016 B (Class A2A) | ||||||||||||||||
| 16,020,000 | g | SMB Private Education Loan Trust | 2.880 | 09/15/34 | 16,046 | |||||||||||
| Series - 2017 A (Class A2A) | ||||||||||||||||
| 15,250,000 | g | SMB Private Education Loan Trust | 2.820 | 10/15/35 | 15,190 | |||||||||||
| Series - 2017 B (Class A2A) | ||||||||||||||||
| 3,485,921 | g | SoFi Professional Loan Program LLC | 1.530 | 04/25/33 | 3,474 | |||||||||||
| Series - 2016 D (Class A2A) | ||||||||||||||||
| 16,220,000 | g | SoFi Professional Loan Program LLC | 2.340 | 04/25/33 | 15,954 | |||||||||||
| Series - 2016 D (Class A2B) | ||||||||||||||||
| 15,150,000 | g | SoFi Professional Loan Program LLC | 2.490 | 01/25/36 | 14,998 | |||||||||||
| Series - 2016 E (Class A2B) | ||||||||||||||||
| 3,624,977 | g | SoFi Professional Loan Program LLC | 2.760 | 12/26/36 | 3,621 | |||||||||||
| Series - 2016 A (Class A2) | ||||||||||||||||
| 2,003,617 | g | SoFi Professional Loan Program LLC | 1.550 | 03/26/40 | 1,994 | |||||||||||
| Series - 2017 A (Class A2A) | ||||||||||||||||
| 4,925,000 | g | SoFi Professional Loan Program LLC | 2.400 | 03/26/40 | 4,848 | |||||||||||
| Series - 2017 A (Class A2B) | ||||||||||||||||
| 17,286,933 | g | SoFi Professional Loan Program LLC | 1.830 | 05/25/40 | 17,239 | |||||||||||
| Series - 2017 B (Class A1FX) | ||||||||||||||||
| 13,050,000 | g | SoFi Professional Loan Program LLC | 2.740 | 05/25/40 | 13,010 | |||||||||||
| Series - 2017 B (Class A2FX) | ||||||||||||||||
| 4,000,000 | g | SoFi Professional Loan Program LLC | 2.630 | 07/25/40 | 3,974 | |||||||||||
| Series - 2017 C (Class A2B) | ||||||||||||||||
| 7,500,000 | g | SoFi Professional Loan Program LLC | 2.720 | 11/26/40 | 7,462 | |||||||||||
| Series - 2017 E (Class A2B) | ||||||||||||||||
| 343 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 13,500,000 | g | SoFi Professional Loan Program LLC | 2.840 | % | 01/25/41 | $ | 13,516 | ||||||||||
| Series - 2017 F (Class A2FX) | ||||||||||||||||||
| 3,659,468 | g | SolarCity LMC | 4.590 | 04/20/44 | 3,728 | |||||||||||||
| Series - 2014 1 (Class A) | ||||||||||||||||||
| 40,569,592 | g | SpringCastle America Funding LLC | 3.050 | 04/25/29 | 40,821 | |||||||||||||
| Series - 2016 AA (Class A) | ||||||||||||||||||
| 3,000,000 | g | SpringCastle America Funding LLC | 4.100 | 10/25/33 | 2,974 | |||||||||||||
| Series - 2016 AA (Class B) | ||||||||||||||||||
| 14,000,000 | Synchrony Credit Card Master Note Trust | 2.620 | 10/15/25 | 13,994 | ||||||||||||||
| Series - 2017 2 (Class A) | ||||||||||||||||||
| 13,084,375 | g | Taco Bell Funding LLC | 3.832 | 05/25/46 | 13,262 | |||||||||||||
| Series - 2016 1A (Class A2I) | ||||||||||||||||||
| 12,548,000 | UBS Commercial Mortgage Trust | 3.256 | 06/15/50 | 12,713 | ||||||||||||||
| Series - 2017 C1 (Class ASB) | ||||||||||||||||||
| 2,000,000 | UBS Commercial Mortgage Trust | 3.366 | 10/15/50 | 2,041 | ||||||||||||||
| Series - 2017 C4 (Class ASB) | ||||||||||||||||||
| 5,304,000 | g | Verizon Owner Trust | 1.680 | 05/20/21 | 5,268 | |||||||||||||
| Series - 2016 2A (Class A) | ||||||||||||||||||
| 3,000,000 | g | Verizon Owner Trust | 2.060 | 09/20/21 | 2,992 | |||||||||||||
| Series - 2017 1A (Class A) | ||||||||||||||||||
| 25,000,000 | g | Verizon Owner Trust | 1.920 | 12/20/21 | 24,833 | |||||||||||||
| Series - 2017 2A (Class A) | ||||||||||||||||||
| 1,890,000 | g | Vornado DP LLC | 5.280 | 09/13/28 | 2,006 | |||||||||||||
| Series - 2010 VNO (Class C) | ||||||||||||||||||
| 450,215 | †,g | Wachovia Amortization Controlled Heloc NIM | 5.683 | 08/12/47 | 446 | |||||||||||||
| Series - 2006 N1 (Class N1) | ||||||||||||||||||
| 450,307 | g,i | Wachovia Loan Trust | LIBOR 1 M + 0.360% | 1.912 | 05/25/35 | 448 | ||||||||||||
| Series - 2005 SD1 (Class A) | ||||||||||||||||||
| 34,212,500 | g | Wendys Funding LLC | 3.371 | 06/15/45 | 34,304 | |||||||||||||
| Series - 2015 1A (Class A2I) | ||||||||||||||||||
| 30,000,000 | g,h | Wendys Funding LLC | 3.573 | 03/15/48 | 29,991 | |||||||||||||
| Series - 2018 1A (Class A2I) | ||||||||||||||||||
| 5,000,000 | g,h | Wendys Funding LLC | 3.884 | 03/15/48 | 5,004 | |||||||||||||
| Series - 2018 1A (Class A2II) | ||||||||||||||||||
| 3,000,000 | World Financial Network Credit Card Master Trust | 2.030 | 04/15/25 | 2,946 | ||||||||||||||
| Series - 2016 A (Class A) | ||||||||||||||||||
| 3,000,000 | World Omni Auto Receivables Trust | 2.240 | 06/15/23 | 2,987 | ||||||||||||||
| Series - 2017 A (Class A4) | ||||||||||||||||||
| 9,000,000 | World Omni Auto Receivables Trust | 2.250 | 10/16/23 | 8,956 | ||||||||||||||
| Series - 2017 B (Class A4) | ||||||||||||||||||
| 5,932,000 | World Omni Automobile Lease Securitization Trust | 1.610 | 01/15/22 | 5,894 | ||||||||||||||
| Series - 2016 A (Class A4) | ||||||||||||||||||
| 7,000,000 | g,i | Worldwide Plaza Trust | 3.596 | 11/10/36 | 7,077 | |||||||||||||
| Series - 2017 WWP (Class B) | ||||||||||||||||||
| TOTAL ASSET BACKED | 1,322,598 | |||||||||||||||||
| OTHER MORTGAGE BACKED - 10.5% | ||||||||||||||||||
| 3,578,188 | g | Banc of America Commercial Mortgage Trust | 5.416 | 01/15/49 | 3,625 | |||||||||||||
| Series - 2007 1 (Class AM) | ||||||||||||||||||
| 4,958,006 | i | Banc of America Commercial Mortgage Trust | 5.482 | 01/15/49 | 5,023 | |||||||||||||
| Series - 2007 1 (Class AMFX) | ||||||||||||||||||
| 344 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 12,000,000 | Banc of America Commercial Mortgage Trust | 3.019 | % | 07/15/49 | $ | 12,025 | |||||||||
| Series - 2016 UB10 (Class ASB) | ||||||||||||||||
| 1,160,000 | g,i | Banc of America Commercial Mortgage Trust | 5.859 | 02/10/51 | 1,165 | |||||||||||
| Series - 2007 4 (Class E) | ||||||||||||||||
| 5,000,000 | i | Banc of America Commercial Mortgage Trust | 5.944 | 02/10/51 | 5,094 | |||||||||||
| Series - 2007 5 (Class AJ) | ||||||||||||||||
| 3,065,000 | g,i | Banc of America Commercial Mortgage Trust | 6.000 | 02/10/51 | 3,078 | |||||||||||
| Series - 2007 4 (Class D) | ||||||||||||||||
| 2,000,000 | g,i | Banc of America Commercial Mortgage Trust | 6.038 | 02/10/51 | 1,996 | |||||||||||
| Series - 2007 5 (Class B) | ||||||||||||||||
| 15,000,000 | BANK | 3.419 | 05/15/50 | 15,394 | ||||||||||||
| Series - 2017 BNK4 (Class ASB) | ||||||||||||||||
| 5,500,000 | BANK | 3.314 | 11/15/50 | 5,615 | ||||||||||||
| Series - 2017 BNK8 (Class ASB) | ||||||||||||||||
| 15,000,000 | BBCMS MORTGAGE TRUST | 3.488 | 02/15/50 | 15,368 | ||||||||||||
| Series - 2017 C1 (Class ASB) | ||||||||||||||||
| 12,500,000 | g | BB-UBS Trust | 3.430 | 11/05/36 | 12,665 | |||||||||||
| Series - 2012 SHOW (Class A) | ||||||||||||||||
| 119,489 | i | Bear Stearns Commercial Mortgage Securities Trust | 5.703 | 06/11/50 | 120 | |||||||||||
| Series - 2007 PW17 (Class AJ) | ||||||||||||||||
| 7,698,000 | i | CCUBS Commercial Mortgage Trust | 3.462 | 11/15/50 | 7,901 | |||||||||||
| Series - 2017 C1 (Class ASB) | ||||||||||||||||
| 4,500,000 | CD Mortgage Trust | 2.622 | 08/10/49 | 4,445 | ||||||||||||
| Series - 2016 CD1 (Class ASB) | ||||||||||||||||
| 12,500,000 | CD Mortgage Trust | 2.926 | 08/10/49 | 12,103 | ||||||||||||
| Series - 2016 CD1 (Class AM) | ||||||||||||||||
| 10,000,000 | CD Mortgage Trust | 3.220 | 08/15/50 | 10,159 | ||||||||||||
| Series - 2017 CD5 (Class AAB) | ||||||||||||||||
| 5,000,000 | CD Mortgage Trust | 3.332 | 11/13/50 | 5,127 | ||||||||||||
| Series - 2017 CD6 (Class ASB) | ||||||||||||||||
| 8,000,000 | g | CGBAM Commercial Mortgage Trust | 3.516 | 04/10/28 | 8,043 | |||||||||||
| Series - 2015 SMRT (Class C) | ||||||||||||||||
| 9,000,000 | g | CGBAM Commercial Mortgage Trust | 3.768 | 04/10/28 | 9,082 | |||||||||||
| Series - 2015 SMRT (Class D) | ||||||||||||||||
| 5,000,000 | CGMS Commercial Mortgage Trust | 3.243 | 08/15/50 | 5,074 | ||||||||||||
| Series - 2017 B1 (Class AAB) | ||||||||||||||||
| 5,065,068 | CHL Mortgage Pass-Through Trust | 3.513 | 02/20/35 | 5,117 | ||||||||||||
| Series - 2004 HYB9 (Class 1A1) | ||||||||||||||||
| 3,000,000 | g | Citigroup Commercial Mortgage Trust | 2.228 | 09/10/31 | 2,943 | |||||||||||
| Series - 2016 SMPL (Class A) | ||||||||||||||||
| 2,500,000 | g | Citigroup Commercial Mortgage Trust | 2.576 | 09/10/31 | 2,437 | |||||||||||
| Series - 2016 SMPL (Class B) | ||||||||||||||||
| 3,433,097 | Citigroup Commercial Mortgage Trust | 1.506 | 05/10/49 | 3,394 | ||||||||||||
| Series - 2016 C1 (Class A1) | ||||||||||||||||
| 6,500,000 | Citigroup Commercial Mortgage Trust | 3.003 | 05/10/49 | 6,545 | ||||||||||||
| Series - 2016 C1 (Class AAB) | ||||||||||||||||
| 10,000,000 | Citigroup Commercial Mortgage Trust | 3.268 | 09/15/50 | 10,176 | ||||||||||||
| Series - 2017 P8 (Class AAB) | ||||||||||||||||
| 6,765,000 | Citigroup Commercial Mortgage Trust | 3.764 | 10/12/50 | 6,948 | ||||||||||||
| Series - 2017 C4 (Class AS) | ||||||||||||||||
| 9,847,857 | i | COBALT CMBS Commercial Mortgage Trust | 5.839 | 05/15/46 | 10,010 | |||||||||||
| Series - 2007 C3 (Class AJ) | ||||||||||||||||
| 15,000,000 | g | COMM Mortgage Trust | 3.244 | 10/10/29 | 15,130 | |||||||||||
| Series - 2017 PANW (Class A) | ||||||||||||||||
| 6,545,000 | g | COMM Mortgage Trust | 4.353 | 08/10/30 | 7,011 | |||||||||||
| Series - 2013 300P (Class A1) | ||||||||||||||||
| 345 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 509,327 | COMM Mortgage Trust | 1.399 | % | 02/10/48 | $ | 506 | |||||||||||
| Series - 2015 LC19 (Class A1) | ||||||||||||||||||
| 16,702,470 | COMM Mortgage Trust | 3.183 | 02/10/48 | 16,896 | ||||||||||||||
| Series - 2015 LC19 (Class A4) | ||||||||||||||||||
| 14,500,000 | COMM Mortgage Trust | 3.421 | 07/10/48 | 14,933 | ||||||||||||||
| Series - 2015 LC21 (Class ASB) | ||||||||||||||||||
| 3,042,439 | COMM Mortgage Trust | 1.667 | 07/10/50 | 3,035 | ||||||||||||||
| Series - 2015 PC1 (Class A1) | ||||||||||||||||||
| 10,000,000 | COMM Mortgage Trust | 3.317 | 09/10/50 | 10,245 | ||||||||||||||
| Series - 2017 COR2 (Class ASB) | ||||||||||||||||||
| 5,701,467 | i | Connecticut Avenue Securities | LIBOR 1 M + 2.150% | 3.702 | 09/25/28 | 5,758 | ||||||||||||
| Series - 2016 C02 (Class 1M1) | ||||||||||||||||||
| 8,412,436 | i | Connecticut Avenue Securities | LIBOR 1 M + 1.350% | 2.902 | 01/25/29 | 8,464 | ||||||||||||
| Series - 2016 C05 (Class 2M1) | ||||||||||||||||||
| 33,723,305 | i | Connecticut Avenue Securities | LIBOR 1 M + 1.450% | 3.002 | 01/25/29 | 34,051 | ||||||||||||
| Series - 2016 C04 (Class 1M1) | ||||||||||||||||||
| 17,024,244 | i | Connecticut Avenue Securities | LIBOR 1 M + 2.630% | 2.852 | 04/25/29 | 17,219 | ||||||||||||
| Series - 2016 C06 (Class 1M1) | ||||||||||||||||||
| 13,166,912 | i | Connecticut Avenue Securities | LIBOR 1 M + 1.300% | 2.165 | 07/25/29 | 13,302 | ||||||||||||
| Series - 2017 C01 (Class 1M1) | ||||||||||||||||||
| 13,502,489 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.950% | 2.502 | 10/25/29 | 13,610 | ||||||||||||
| Series - 2017 C03 (Class 1M1) | ||||||||||||||||||
| 4,161,150 | i | Connecticut Avenue Securities | LIBOR 1 M + 0.550% | 2.102 | 01/25/30 | 4,166 | ||||||||||||
| Series - 2017 C05 (Class 1M1) | ||||||||||||||||||
| 6,144,500 | g,i | Credit Suisse Commercial Mortgage Trust | 5.751 | 01/15/49 | 6,256 | |||||||||||||
| Series - 2007 C2 (Class B) | ||||||||||||||||||
| 4,689,000 | g,i | Credit Suisse Commercial Mortgage Trust | 5.897 | 01/15/49 | 5,958 | |||||||||||||
| Series - 2007 C2 (Class C) | ||||||||||||||||||
| 11,500,000 | g | Credit Suisse Mortgage Capital Certificates | 5.626 | 05/15/23 | 12,023 | |||||||||||||
| Series - 2006 OMA (Class D) | ||||||||||||||||||
| 5,500,000 | CSAIL Commercial Mortgage Trust | 3.314 | 11/15/49 | 5,595 | ||||||||||||||
| Series - 2016 C7 (Class ASB) | ||||||||||||||||||
| 2,000,000 | CSAIL Commercial Mortgage Trust | 3.505 | 04/15/50 | 2,059 | ||||||||||||||
| Series - 2015 C1 (Class A4) | ||||||||||||||||||
| 14,580,000 | CSAIL Commercial Mortgage Trust | 3.186 | 06/15/50 | 14,772 | ||||||||||||||
| Series - 2017 C8 (Class ASB) | ||||||||||||||||||
| 56,434,722 | i | CSAIL Commercial Mortgage Trust | 0.904 | 09/15/50 | 2,902 | |||||||||||||
| Series - 2017 CX9 (Class XA) | ||||||||||||||||||
| 9,000,000 | CSAIL Commercial Mortgage Trust | 3.357 | 09/15/50 | 9,194 | ||||||||||||||
| Series - 2017 CX9 (Class A3) | ||||||||||||||||||
| 5,000,000 | CSAIL Commercial Mortgage Trust | 3.398 | 11/15/50 | 5,121 | ||||||||||||||
| Series - 2017 CX10 (Class A3) | ||||||||||||||||||
| 9,470,594 | CSAIL Commercial Mortgage Trust | 1.454 | 06/15/57 | 9,400 | ||||||||||||||
| Series - 2015 C2 (Class A1) | ||||||||||||||||||
| 7,400,000 | g,i | CSMC Trust | 3.728 | 11/10/32 | 7,573 | |||||||||||||
| Series - 2017 CALI (Class B) | ||||||||||||||||||
| 11,000,000 | DBJPM Mortgage Trust | 2.756 | 09/10/49 | 10,893 | ||||||||||||||
| Series - 2016 C3 (Class ASB) | ||||||||||||||||||
| 10,000,000 | DBJPM Mortgage Trust | 3.121 | 06/10/50 | 10,084 | ||||||||||||||
| Series - 2017 C6 (Class ASB) | ||||||||||||||||||
| 11,000,000 | g | DBUBS Mortgage Trust | 3.452 | 10/10/34 | 11,235 | |||||||||||||
| Series - 2017 BRBK (Class A) | ||||||||||||||||||
| 15,500,000 | g,i | DBUBS Mortgage Trust | 3.530 | 10/10/34 | 15,671 | |||||||||||||
| Series - 2017 BRBK (Class B) | ||||||||||||||||||
| 346 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 5,135,822 | g | DBUBS Mortgage Trust | 4.452 | % | 05/10/44 | $ | 5,355 | ||||||||||
| Series - 2011 LC3A (Class PM1) | ||||||||||||||||||
| 44,000,000 | g | DBUBS Mortgage Trust | 4.537 | 07/10/44 | 46,336 | |||||||||||||
| Series - 2011 LC2A (Class A4) | ||||||||||||||||||
| 3,000,000 | g,i | DBUBS Mortgage Trust | 4.998 | 07/10/44 | 3,179 | |||||||||||||
| Series - 2011 LC2A (Class B) | ||||||||||||||||||
| 5,000,000 | g,i | DBUBS Mortgage Trust | 5.542 | 07/10/44 | 5,342 | |||||||||||||
| Series - 2011 LC2A (Class C) | ||||||||||||||||||
| 2,636,136 | g,i | DBUBS Mortgage Trust | LIBOR 1 M + 1.350% | 2.794 | 07/12/44 | 2,638 | ||||||||||||
| Series - 2011 LC2A (Class A3FL) | ||||||||||||||||||
| 2,084,000 | g,i | DBUBS Mortgage Trust | 5.340 | 08/10/44 | 2,227 | |||||||||||||
| Series - 2011 LC3A (Class B) | ||||||||||||||||||
| 9,800,000 | g,i | DBUBS Mortgage Trust | 5.340 | 08/10/44 | 10,565 | |||||||||||||
| Series - 2011 LC3A (Class AM) | ||||||||||||||||||
| 5,525,000 | g,i | DBUBS Mortgage Trust | 5.698 | 11/10/46 | 5,919 | |||||||||||||
| Series - 2011 LC1A (Class C) | ||||||||||||||||||
| 4,879,693 | g | Four Times Square Trust Commercial Mortgage Pass-Through Certificates | 5.401 | 12/13/28 | 5,232 | |||||||||||||
| Series - 2006 4TS (Class A) | ||||||||||||||||||
| 9,929,135 | i | GE Commercial Mortgage Corp | 5.606 | 12/10/49 | 10,050 | |||||||||||||
| Series - 2007 C1 (Class AM) | ||||||||||||||||||
| 3,665,000 | i | GMAC Commercial Mortgage Securities, Inc | 4.984 | 12/10/41 | 3,704 | |||||||||||||
| Series - 2004 C3 (Class C) | ||||||||||||||||||
| 21,180,000 | g | GRACE Mortgage Trust | 3.369 | 06/10/28 | 21,722 | |||||||||||||
| Series - 2014 GRCE (Class A) | ||||||||||||||||||
| 5,000,000 | g | GRACE Mortgage Trust | 3.520 | 06/10/28 | 5,072 | |||||||||||||
| Series - 2014 GRCE (Class B) | ||||||||||||||||||
| 4,131,240 | i | Greenwich Capital Commercial Funding Corp | 5.767 | 07/10/38 | 4,156 | |||||||||||||
| Series - 2006 GG7 (Class AM) | ||||||||||||||||||
| 3,000,000 | g | GS Mortgage Securities Corp II | 2.933 | 06/05/31 | 3,025 | |||||||||||||
| Series - 2012 SHOP (Class A) | ||||||||||||||||||
| 7,500,000 | g | GS Mortgage Securities Corp II | 3.419 | 10/10/32 | 7,592 | |||||||||||||
| Series - 2017 SLP (Class A) | ||||||||||||||||||
| 15,943,000 | g | GS Mortgage Securities Corp II | 3.551 | 04/10/34 | 16,437 | |||||||||||||
| Series - 2012 ALOH (Class A) | ||||||||||||||||||
| 5,910,000 | g,i | GS Mortgage Securities Corp II | 5.183 | 12/10/43 | 6,257 | |||||||||||||
| Series - 2010 C2 (Class B) | ||||||||||||||||||
| 5,000,000 | GS Mortgage Securities Corp II | 3.313 | 11/10/50 | 5,127 | ||||||||||||||
| Series - 2017 GS8 (Class AAB) | ||||||||||||||||||
| 10,000,000 | GS Mortgage Securities Trust | 2.777 | 10/10/49 | 9,941 | ||||||||||||||
| Series - 2016 GS3 (Class AAB) | ||||||||||||||||||
| 12,000,000 | GS Mortgage Securities Trust | 3.230 | 05/10/50 | 12,209 | ||||||||||||||
| Series - 2017 GS6 (Class AAB) | ||||||||||||||||||
| 35,000,000 | GS Mortgage Securities Trust | 3.167 | 08/10/50 | 34,928 | ||||||||||||||
| Series - 2017 GS7 (Class A3) | ||||||||||||||||||
| 6,000,000 | g | Hudson Yards Mortgage Trust | 2.835 | 08/10/38 | 5,856 | |||||||||||||
| Series - 2016 10HY (Class A) | ||||||||||||||||||
| 7,250,000 | g,i | Hudson Yards Mortgage Trust | 2.977 | 08/10/38 | 6,929 | |||||||||||||
| Series - 2016 10HY (Class C) | ||||||||||||||||||
| 2,500,000 | g,i | Hudson Yards Mortgage Trust | 2.977 | 08/10/38 | 2,416 | |||||||||||||
| Series - 2016 10HY (Class B) | ||||||||||||||||||
| 910,244 | i | Impac CMB Trust | LIBOR 1 M + 0.660% | 2.212 | 03/25/35 | 872 | ||||||||||||
| Series - 2004 11 (Class 2A1) | ||||||||||||||||||
| 347 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 25,850,000 | g | JP Morgan Chase Commercial Mortgage Securities Trust | 4.717 | % | 02/15/46 | $ | 27,251 | ||||||||
| Series - 2011 C3 (Class A4) | ||||||||||||||||
| 10,975,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.360 | 02/15/46 | 11,491 | |||||||||||
| Series - 2011 C3 (Class C) | ||||||||||||||||
| 2,000,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.631 | 02/15/46 | 1,978 | |||||||||||
| Series - 2011 C3 (Class E) | ||||||||||||||||
| 1,294,636 | g | JP Morgan Chase Commercial Mortgage Securities Trust | 4.106 | 07/15/46 | 1,299 | |||||||||||
| Series - 2011 C4 (Class A3) | ||||||||||||||||
| 17,250,000 | g | JP Morgan Chase Commercial Mortgage Securities Trust | 4.388 | 07/15/46 | 18,116 | |||||||||||
| Series - 2011 C4 (Class A4) | ||||||||||||||||
| 15,000,000 | g | JP Morgan Chase Commercial Mortgage Securities Trust | 4.801 | 07/15/46 | 15,781 | |||||||||||
| Series - 2011 C4 (Class B) | ||||||||||||||||
| 6,455,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.397 | 07/15/46 | 6,846 | |||||||||||
| Series - 2011 C4 (Class C) | ||||||||||||||||
| 7,000,000 | JP Morgan Chase Commercial Mortgage Securities Trust | 2.713 | 08/15/49 | 6,922 | ||||||||||||
| Series - 2016 JP2 (Class ASB) | ||||||||||||||||
| 2,324,596 | g,i | JP Morgan Mortgage Trust | 2.690 | 06/25/46 | 2,320 | |||||||||||
| Series - 2016 2 (Class A1) | ||||||||||||||||
| 2,193,193 | g | JP Morgan Mortgage Trust | 2.864 | 06/25/46 | 2,192 | |||||||||||
| Series - 2016 2 (Class 2A1) | ||||||||||||||||
| 2,670,000 | JPMBB Commercial Mortgage Securities Trust | 4.420 | 11/15/45 | 2,837 | ||||||||||||
| Series - 2013 C15 (Class AS) | ||||||||||||||||
| 2,000,000 | i | JPMBB Commercial Mortgage Securities Trust | 4.458 | 09/15/47 | 2,101 | |||||||||||
| Series - 2014 C23 (Class B) | ||||||||||||||||
| 63,091,978 | i | JPMCC Commercial Mortgage Securities Trust | 1.328 | 07/15/50 | 4,817 | |||||||||||
| Series - 2017 JP6 (Class XA) | ||||||||||||||||
| 8,725,000 | JPMCC Commercial Mortgage Securities Trust | 3.241 | 09/15/50 | 8,854 | ||||||||||||
| Series - 2017 JP7 (Class ASB) | ||||||||||||||||
| 6,148,000 | JPMDB Commercial Mortgage Securities Trust | 3.492 | 03/15/50 | 6,334 | ||||||||||||
| Series - 2017 C5 (Class ASB) | ||||||||||||||||
| 17,751,158 | i | JPMDB Commercial Mortgage Securities Trust | 0.919 | 10/15/50 | 1,183 | |||||||||||
| Series - 2017 C7 (Class XA) | ||||||||||||||||
| 12,404,000 | JPMDB Commercial Mortgage Securities Trust | 3.242 | 10/15/50 | 12,588 | ||||||||||||
| Series - 2017 C7 (Class ASB) | ||||||||||||||||
| 857,838 | i | LB-UBS Commercial Mortgage Trust | 5.563 | 02/15/40 | 858 | |||||||||||
| Series - 2007 C1 (Class D) | ||||||||||||||||
| 1,905,533 | g | LB-UBS Commercial Mortgage Trust | 6.114 | 07/15/40 | 1,905 | |||||||||||
| Series - 2007 C6 (Class AMFL) | ||||||||||||||||
| 197,806 | i | LB-UBS Commercial Mortgage Trust | 6.114 | 07/15/40 | 198 | |||||||||||
| Series - 2007 C6 (Class AM) | ||||||||||||||||
| 348 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 15,000,000 | g | LCCM | 3.357 | % | 07/12/50 | $ | 15,242 | ||||||||||
| Series - 2017 LC26 (Class ASB) | ||||||||||||||||||
| 10,136,050 | †,g,i | LVII Resecuritization Trust | LIBOR 1 M + 2.800% | 4.042 | 07/25/47 | 10,155 | ||||||||||||
| Series - 2015 A (Class A) | ||||||||||||||||||
| 2,209,722 | g,i | Merrill Lynch Mortgage Trust | 6.448 | 02/12/51 | 2,207 | |||||||||||||
| Series - 0 C1 (Class AJAF) | ||||||||||||||||||
| 5,880,000 | g,i | Merrill Lynch Mortgage Trust | 6.448 | 02/12/51 | 5,861 | |||||||||||||
| Series - 2008 C1 (Class C) | ||||||||||||||||||
| 16,635,814 | i | ML-CFC Commercial Mortgage Trust | 5.526 | 03/12/51 | 16,823 | |||||||||||||
| Series - 2007 6 (Class AM) | ||||||||||||||||||
| 3,200,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 2.469 | 02/15/46 | 3,203 | ||||||||||||||
| Series - 2013 C7 (Class AAB) | ||||||||||||||||||
| 4,500,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.194 | 10/15/47 | 4,560 | ||||||||||||||
| Series - 2014 C18 (Class A2) | ||||||||||||||||||
| 1,600,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.605 | 02/15/48 | 1,613 | ||||||||||||||
| Series - 2015 C20 (Class AS) | ||||||||||||||||||
| 1,424,000 | Morgan Stanley Bank of America Merrill Lynch Trust | 3.652 | 03/15/48 | 1,458 | ||||||||||||||
| Series - 2015 C21 (Class AS) | ||||||||||||||||||
| 12,400,000 | g | Morgan Stanley Capital I Trust | 2.695 | 01/11/32 | 12,388 | |||||||||||||
| Series - 2013 WLSR (Class A) | ||||||||||||||||||
| 2,550,000 | g | Morgan Stanley Capital I Trust | 4.012 | 09/09/32 | 2,659 | |||||||||||||
| Series - 2014 150E (Class AS) | ||||||||||||||||||
| 3,500,000 | g | Morgan Stanley Capital I Trust | 4.264 | 09/09/32 | 3,681 | |||||||||||||
| Series - 2014 150E (Class B) | ||||||||||||||||||
| 5,100,565 | i | Morgan Stanley Capital I Trust | 5.389 | 11/12/41 | 5,104 | |||||||||||||
| Series - 2006 HQ10 (Class AJ) | ||||||||||||||||||
| 3,450,000 | g,i | Morgan Stanley Capital I Trust | 5.426 | 09/15/47 | 3,634 | |||||||||||||
| Series - 2011 C1 (Class D) | ||||||||||||||||||
| 12,121,000 | g,i | Morgan Stanley Capital I Trust | 5.995 | 06/11/49 | 12,066 | |||||||||||||
| Series - 2007 IQ15 (Class B) | ||||||||||||||||||
| 6,481,785 | i | Morgan Stanley Capital I Trust | 5.995 | 06/11/49 | 6,492 | |||||||||||||
| Series - 2007 IQ15 (Class AJ) | ||||||||||||||||||
| 171,208 | i | Morgan Stanley Capital I Trust | 6.123 | 12/12/49 | 171 | |||||||||||||
| Series - 2007 IQ16 (Class AMA) | ||||||||||||||||||
| 7,107,359 | i | Morgan Stanley Capital I Trust | 6.169 | 12/12/49 | 6,397 | |||||||||||||
| Series - 2007 IQ16 (Class AJ) | ||||||||||||||||||
| 11,635,512 | i | Morgan Stanley Capital I Trust | 6.169 | 12/12/49 | 10,472 | |||||||||||||
| Series - 2007 IQ16 (Class AJFX) | ||||||||||||||||||
| 21,000,000 | Morgan Stanley Capital I Trust | 3.304 | 06/15/50 | 21,542 | ||||||||||||||
| Series - 2017 H1 (Class ASB) | ||||||||||||||||||
| 209,549 | Morgan Stanley Capital I Trust | 4.770 | 07/15/56 | 209 | ||||||||||||||
| Series - 0 IQ9 (Class AJ) | ||||||||||||||||||
| 12,500,000 | g,i | MSDB Trust | 3.316 | 07/11/39 | 12,646 | |||||||||||||
| Series - 2017 712F (Class A) | ||||||||||||||||||
| 5,000,000 | g | MSSG Trust | 3.690 | 09/13/39 | 5,056 | |||||||||||||
| Series - 2017 237P (Class B) | ||||||||||||||||||
| 25,000,000 | g | Prima Capital CRE Securitization Ltd | 4.000 | 08/24/49 | 24,950 | |||||||||||||
| Series - 2015 4A (Class C) | ||||||||||||||||||
| 5,000,000 | g | Queens Center Mortgage Trust | 3.376 | 01/11/37 | 5,021 | |||||||||||||
| Series - 2013 QCA (Class B) | ||||||||||||||||||
| 5,000,000 | g | RBS Commercial Funding, Inc Trust | 3.260 | 03/11/31 | 5,002 | |||||||||||||
| Series - 2013 SMV (Class A) | ||||||||||||||||||
| 349 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 6,962,386 | g,i | Sequoia Mortgage Trust | 3.500 | % | 03/25/47 | $ | 7,061 | ||||||||||
| Series - 2017 2 (Class A4) | ||||||||||||||||||
| 10,649,916 | g,i | Sequoia Mortgage Trust | 3.500 | 03/25/47 | 10,898 | |||||||||||||
| Series - 2017 2 (Class A1) | ||||||||||||||||||
| 12,300,247 | g,i | Sequoia Mortgage Trust | 3.500 | 04/25/47 | 12,466 | |||||||||||||
| Series - 2017 3 (Class A4) | ||||||||||||||||||
| 4,576,271 | g,i | Sequoia Mortgage Trust | 3.500 | 08/25/47 | 4,641 | |||||||||||||
| Series - 2017 5 (Class A4) | ||||||||||||||||||
| 3,815,974 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 2.200% | 3.752 | 09/25/24 | 3,937 | ||||||||||||
| Series - 2014 HQ2 (Class M2) | ||||||||||||||||||
| 15,754,326 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 1.950% | 3.502 | 05/25/25 | 16,119 | ||||||||||||
| Series - 2015 HQ2 (Class M2) | ||||||||||||||||||
| 3,266,415 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 1.450% | 3.002 | 07/25/28 | 3,273 | ||||||||||||
| Series - 2016 DNA1 (Class M1) | ||||||||||||||||||
| 1,711,780 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 2.200% | 3.752 | 10/25/28 | 1,736 | ||||||||||||
| Series - 2016 DNA2 (Class M2) | ||||||||||||||||||
| 5,328,439 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 1.100% | 2.652 | 12/25/28 | 5,336 | ||||||||||||
| Series - 2016 DNA3 (Class M1) | ||||||||||||||||||
| 4,983,166 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 0.800% | 2.352 | 03/25/29 | 4,993 | ||||||||||||
| Series - 2016 DNA4 (Class M1) | ||||||||||||||||||
| 2,750,000 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 1.300% | 2.852 | 03/25/29 | 2,791 | ||||||||||||
| Series - 2016 DNA4 (Class M2) | ||||||||||||||||||
| 9,617,336 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 1.200% | 2.752 | 07/25/29 | 9,728 | ||||||||||||
| Series - 2017 DNA1 (Class M1) | ||||||||||||||||||
| 42,379,430 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 0.750% | 2.302 | 03/25/30 | 42,543 | ||||||||||||
| Series - 2017 DNA3 (Class M1) | ||||||||||||||||||
| 12,736,256 | g,i | VOLT LXII LLC | 3.125 | 09/25/47 | 12,728 | |||||||||||||
| Series - 2017 NPL9 (Class A1) | ||||||||||||||||||
| 2,406,149 | g | VSE VOI Mortgage LLC | 2.540 | 07/20/33 | 2,384 | |||||||||||||
| Series - 2016 A (Class A) | ||||||||||||||||||
| 2,926,249 | g | VSE VOI Mortgage LLC | 2.740 | 07/20/33 | 2,891 | |||||||||||||
| Series - 2016 A (Class B) | ||||||||||||||||||
| 9,371,336 | g | VSE VOI Mortgage LLC | 2.330 | 03/20/35 | 9,239 | |||||||||||||
| Series - 2017 A (Class A) | ||||||||||||||||||
| 1,730,692 | i | Wachovia Bank Commercial Mortgage Trust | 5.825 | 07/15/45 | 1,738 | |||||||||||||
| Series - 2006 C27 (Class AJ) | ||||||||||||||||||
| 6,615,556 | i | Wachovia Bank Commercial Mortgage Trust | 6.084 | 05/15/46 | 6,784 | |||||||||||||
| Series - 2007 C34 (Class AJ) | ||||||||||||||||||
| 3,328,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.214 | 05/15/46 | 3,411 | |||||||||||||
| Series - 2007 C34 (Class B) | ||||||||||||||||||
| 4,535,230 | †,i | Wachovia Bank Commercial Mortgage Trust | 5.660 | 04/15/47 | 4,605 | |||||||||||||
| Series - 2007 C31 (Class AJ) | ||||||||||||||||||
| 350 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 5,307,770 | i | Wachovia Bank Commercial Mortgage Trust | 5.783 | % | 06/15/49 | $ | 5,361 | ||||||||||
| Series - 2007 C32 (Class AJ) | ||||||||||||||||||
| 2,794,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.783 | 06/15/49 | 1,675 | |||||||||||||
| Series - 2007 C32 (Class B) | ||||||||||||||||||
| 17,536,944 | i | Wachovia Bank Commercial Mortgage Trust | 6.011 | 02/15/51 | 17,512 | |||||||||||||
| Series - 2007 C33 (Class AM) | ||||||||||||||||||
| 10,000,000 | Wells Fargo Commercial Mortgage Trust | 3.539 | 10/15/45 | 10,222 | ||||||||||||||
| Series - 2012 LC5 (Class AS) | ||||||||||||||||||
| 7,500,000 | Wells Fargo Commercial Mortgage Trust | 3.290 | 05/15/48 | 7,639 | ||||||||||||||
| Series - 2015 C28 (Class A3) | ||||||||||||||||||
| 3,051,199 | Wells Fargo Commercial Mortgage Trust | 1.392 | 07/15/48 | 3,011 | ||||||||||||||
| Series - 2016 C35 (Class A1) | ||||||||||||||||||
| 10,000,000 | Wells Fargo Commercial Mortgage Trust | 2.788 | 07/15/48 | 9,937 | ||||||||||||||
| Series - 2016 C35 (Class ASB) | ||||||||||||||||||
| 761,930 | Wells Fargo Commercial Mortgage Trust | 1.321 | 08/15/49 | 746 | ||||||||||||||
| Series - 2016 BNK1 (Class A1) | ||||||||||||||||||
| 15,000,000 | Wells Fargo Commercial Mortgage Trust | 2.514 | 08/15/49 | 14,706 | ||||||||||||||
| Series - 2016 BNK1 (Class ASB) | ||||||||||||||||||
| 15,000,000 | Wells Fargo Commercial Mortgage Trust | 2.825 | 10/15/49 | 14,923 | ||||||||||||||
| Series - 2016 LC24 (Class ASB) | ||||||||||||||||||
| 8,389,000 | Wells Fargo Commercial Mortgage Trust | 2.827 | 11/15/49 | 8,348 | ||||||||||||||
| Series - 2016 NXS6 (Class ASB) | ||||||||||||||||||
| 7,500,000 | Wells Fargo Commercial Mortgage Trust | 3.446 | 03/15/50 | 7,706 | ||||||||||||||
| Series - 2017 RB1 (Class ASB) | ||||||||||||||||||
| 15,000,000 | Wells Fargo Commercial Mortgage Trust | 3.261 | 07/15/50 | 15,237 | ||||||||||||||
| Series - 2017 C38 (Class ASB) | ||||||||||||||||||
| 10,000,000 | Wells Fargo Commercial Mortgage Trust | 3.212 | 09/15/50 | 10,129 | ||||||||||||||
| Series - 2017 C39 (Class ASB) | ||||||||||||||||||
| 7,250,000 | Wells Fargo Commercial Mortgage Trust | 3.185 | 03/15/59 | 7,364 | ||||||||||||||
| Series - 2016 C33 (Class ASB) | ||||||||||||||||||
| 6,000,000 | Wells Fargo Commercial Mortgage Trust | 3.749 | 03/15/59 | 6,129 | ||||||||||||||
| Series - 2016 C33 (Class AS) | ||||||||||||||||||
| 1,250,000 | Wells Fargo Commercial Mortgage Trust | 2.933 | 11/15/59 | 1,249 | ||||||||||||||
| Series - 2016 C36 (Class ASB) | ||||||||||||||||||
| 4,725,000 | g,i | Wells Fargo Mortgage Backed Securities Trust | 5.276 | 11/15/43 | 4,983 | |||||||||||||
| Series - 2010 C1 (Class B) | ||||||||||||||||||
| 7,423,810 | g,i | WFCG Commercial Mortgage Trust | LIBOR 1 M + 1.122% | 2.599 | 11/15/29 | 7,424 | ||||||||||||
| Series - 2015 BXRP (Class A) | ||||||||||||||||||
| 55,000,000 | g,i | WFRBS Commercial Mortgage Trust | 4.902 | 06/15/44 | 58,780 | |||||||||||||
| Series - 2011 C4 (Class A4) | ||||||||||||||||||
| 4,000,000 | i | WFRBS Commercial Mortgage Trust | 4.079 | 03/15/46 | 4,255 | |||||||||||||
| Series - 2013 UBS1 (Class A4) | ||||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 1,447,941 | |||||||||||||||||
| TOTAL STRUCTURED ASSETS | 2,770,539 | |||||||||||||||||
| (Cost $2,787,539) | ||||||||||||||||||
| TOTAL BONDS | 13,395,214 | |||||||||||||||||
| (Cost $13,294,299) | ||||||||||||||||||
| 351 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| SHARES | COMPANY | VALUE (000) | ||||||||||||||
| PREFERRED STOCKS - 0.1% | ||||||||||||||||
| BANKS - 0.1% | ||||||||||||||||
| 470,597 | * | Federal Home Loan Mortgage Corp | $ | 4,047 | ||||||||||||
| 1,527,061 | * | Federal National Mortgage Association (FNMA) | 13,438 | |||||||||||||
| TOTAL BANKS | 17,485 | |||||||||||||||
| TOTAL PREFERRED STOCKS | 17,485 | |||||||||||||||
| (Cost $49,941) | ||||||||||||||||
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | |||||||||||||
| SHORT-TERM INVESTMENTS - 2.0% | ||||||||||||||||
| GOVERNMENT AGENCY DEBT - 0.2% | ||||||||||||||||
| $ | 20,290,000 | Federal Home Loan Bank (FHLB) | 1.080 | % | 01/08/18 | 20,285 | ||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 20,285 | |||||||||||||||
| TREASURY DEBT - 1.8% | ||||||||||||||||
| NGN | 550,000,000 | j | Nigeria Treasury Bill | 0.000 | 08/02/18 | 1,398 | ||||||||||
| $ | 49,370,000 | United States Treasury Bill | 1.176-1.211 | 01/04/18 | 49,367 | |||||||||||
| 85,300,000 | United States Treasury Bill | 1.136-1.168 | 01/11/18 | 85,275 | ||||||||||||
| 105,000,000 | United States Treasury Bill | 1.121-1.193 | 01/18/18 | 104,942 | ||||||||||||
| 9,675,000 | United States Treasury Bill | 1.166 | 01/25/18 | 9,667 | ||||||||||||
| TOTAL TREASURY DEBT | 250,649 | |||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 270,934 | |||||||||||||||
| (Cost $270,881) | ||||||||||||||||
| TOTAL INVESTMENTS - 99.2% | 13,722,287 | |||||||||||||||
| (Cost $13,654,200) | ||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 0.8% | 118,444 | |||||||||||||||
| NET ASSETS - 100.0% | $ | 13,840,731 | ||||||||||||||
| Abbreviation(s): | ||||
| AUD | Australian Dollar | |||
| BRL | Brazilian Real | |||
| CAD | Canadian Dollar | |||
| DGS5 | 5-Year Treasury Constant Maturity Rate | |||
| EUR | Euro | |||
| EURIBOR | Euro Interbank Offered Rate | |||
| GBP | Pound Sterling | |||
| ICE | Intercontinental Exchange | |||
| IDR | Indonesian Rupiah | |||
| ILS | Israeli new Shequel | |||
| INR | Indian Rupee | |||
| ISR | Intercontinental Exchange Swap Rate | |||
| JPY | Japanese Yen | |||
| KRW | South Korean Won | |||
| LIBOR | London Interbank Offered Rate | |||
| 352 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| M | Month | |||
| MXN | Mexican Peso | |||
| NGN | Nigerian Naira | |||
| NOK | Norwegian Krone | |||
| NZD | New Zealand Dollar | |||
| PEN | Peruvian Nuevo Sol | |||
| PLN | Polish Zloty | |||
| REIT | Real Estate Investment Trust | |||
| RUB | Russian Ruble | |||
| SEK | Swedish Krona | |||
| SGD | Singapore Dollar | |||
| THB | Thai Baht | |||
| UYU | Uruguayan Peso | |||
| W | Week | |||
| Y | Year | |||
| ZAR | South African Rand | |||
| ^ | Amount represents less than $1,000. | |||
| * | Non-income producing | |||
| † | Security is categorized as Level 3 in the fair value hierarchy. | |||
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/17, the aggregate value of these securities was $2,442,767,000 or 17.6% of net assets. | |||
| h | All or a portion of these securities were purchased on a delayed delivery basis. | |||
| i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on underlying asset of the security. Coupon rate reflects the rate at period end. | |||
| j | Zero coupon | |||
| o | Payment in Kind Bond | |||
| q | In default | |||
| w | All or a portion of these securities have been segregated to cover collateral requirements on mortgage dollar rolls. | |||
| Cost amounts are in thousands. | ||||
Forward foreign currency contracts outstanding as of December 31, 2017 were as follows (dollar amounts are in thousands) (See Note 3) :
| Currency to be purchased | Receive | Currency to be sold | Deliver | Counterparty | Settlement date | Unrealized appreciation (depreciation) | |||||||
| $ | 5,709 | AUD | 7,513 | Bank of America | 1/31/2018 | $(153) | |||||||
| $ | 24,090 | GBP | 18,118 | Bank of America | 1/31/2018 | (398) | |||||||
| $ | 39,688 | JPY | 4,404,792 | Bank of America | 1/31/2018 | 535 | |||||||
| $ | 9,784 | KRW | 10,675,255 | Bank of America | 1/31/2018 | (223) | |||||||
| $ | 1,503 | NOK | 12,473 | Bank of America | 1/31/2018 | (18) | |||||||
| $ | 277 | NZD | 400 | Bank of America | 1/31/2018 | (6) | |||||||
| $ | 953 | SGD | 1,287 | Bank of America | 1/31/2018 | (9) | |||||||
| $ | 636 | SGD | 858 | Bank of America | 1/31/2018 | (6) | |||||||
| $ | 818 | THB | 26,584 | Bank of America | 1/31/2018 | 1 | |||||||
| SEK | 12,808 | $ | 1,521 | Bank of America | 1/31/2018 | 44 | |||||||
| EUR | 2,391 | $ | 2,843 | Bank of America | 1/31/2018 | 31 | |||||||
| $ | 985 | ZAR | 13,650 | Bank of America | 1/31/2018 | (113) | |||||||
| Total | $(315) | ||||||||||||
| 353 |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| Currency to be purchased | Receive | Currency to be sold | Deliver | Counterparty | Settlement date | Unrealized appreciation (depreciation) | |||||||
| $ | 7,458 | CAD | 9,544 | Morgan Stanley | 1/31/2018 | $(138) | |||||||
| $ | 971 | EUR | 825 | Morgan Stanley | 1/31/2018 | (21) | |||||||
| $ | 872 | EUR | 733 | Morgan Stanley | 1/31/2018 | (8) | |||||||
| $ | 91,211 | EUR | 76,474 | Morgan Stanley | 1/31/2018 | (721) | |||||||
| $ | 462 | EUR | 388 | Morgan Stanley | 1/31/2018 | (5) | |||||||
| $ | 903 | JPY | 100,456 | Morgan Stanley | 1/31/2018 | 10 | |||||||
| $ | 921 | NOK | 7,556 | Morgan Stanley | 1/31/2018 | (0) | ^ | ||||||
| $ | 917 | NOK | 7,521 | Morgan Stanley | 1/31/2018 | 0 | ^ | ||||||
| $ | 1,725 | PLN | 6,103 | Morgan Stanley | 1/31/2018 | (29) | |||||||
| $ | 2,154 | SEK | 17,873 | Morgan Stanley | 1/31/2018 | (29) | |||||||
| KRW | 2,698,410 | $ | 2,483 | Morgan Stanley | 1/31/2018 | 47 | |||||||
| GBP | 1,411 | $ | 1,907 | Morgan Stanley | 1/31/2018 | 1 | |||||||
| KRW | 2,713,726 | $ | 2,494 | Morgan Stanley | 1/31/2018 | 50 | |||||||
| JPY | 200,912 | $ | 1,795 | Morgan Stanley | 1/31/2018 | (10) | |||||||
| EUR | 930 | $ | 1,100 | Morgan Stanley | 1/31/2018 | 18 | |||||||
| Total | $(835) | ||||||||||||
| Total | $(1,150) | ||||||||||||
* Amount represents less than $1,000.
| Abbreviation(s): | |||||
| AUD | Australian Dollar | ||||
| CAD | Canadian Dollar | ||||
| EUR | Euro | ||||
| GBP | Pound Sterling | ||||
| JPY | Japanese Yen | ||||
| KRW | South Korean Won | ||||
| NOK | Norwegian Krone | ||||
| NZD | New Zealand Dollar | ||||
| PLN | Polish złoty | ||||
| SEK | Swedish Krona | ||||
| SGD | Singapore Dollar | ||||
| THB | Thai Baht | ||||
| ZAR | South African Rand | ||||
| 354 |
COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account
COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2017
| PRINCIPAL | ISSUER | VALUE (000) | |||||||
| GOVERNMENT BONDS - 99.5% | |||||||||
| AGENCY SECURITIES - 0.7% | |||||||||
| Montefiore Medical Center | |||||||||
| $ | 16,740,000 | 2.895%, 04/20/32 | $ | 16,216 | |||||
| Private Export Funding Corp (PEFCO) | |||||||||
| 3,500,000 | 2.300%, 09/15/20 | 3,510 | |||||||
| 3,000,000 | 3.250%, 06/15/25 | 3,149 | |||||||
| Reliance Industries Ltd | |||||||||
| 5,592,105 | 2.444%, 01/15/26 | 5,572 | |||||||
| Ukraine Government AID Bonds | |||||||||
| 3,500,000 | 1.847%, 05/29/20 | 3,485 | |||||||
| 15,000,000 | 1.471%, 09/29/21 | 14,612 | |||||||
| TOTAL AGENCY SECURITIES | 46,544 | ||||||||
| MORTGAGE BACKED - 0.2% | |||||||||
| Government National Mortgage Association (GNMA) | |||||||||
| 12,942,722 | 3.650%, 02/15/32 | 13,466 | |||||||
| TOTAL MORTGAGE BACKED | 13,466 | ||||||||
| U.S. TREASURY SECURITIES - 98.6% | |||||||||
| k | United States Treasury Inflation Indexed Bonds | ||||||||
| 92,486,450 | 2.125%, 01/15/19 | 94,399 | |||||||
| 361,076,100 | 0.125%, 04/15/19 | 360,306 | |||||||
| 142,096,980 | 1.875%, 07/15/19 | 146,528 | |||||||
| 158,896,724 | 1.375%, 01/15/20 | 163,085 | |||||||
| 470,307,380 | 0.125%, 04/15/20 | 469,436 | |||||||
| 250,676,828 | 1.250%, 07/15/20 | 258,894 | |||||||
| 339,342,953 | 1.125%, 01/15/21 | 349,560 | |||||||
| 336,165,480 | 0.125%, 04/15/21 | 334,873 | |||||||
| 351,096,352 | 0.625%, 07/15/21 | 357,956 | |||||||
| 355,266,043 | 0.125%, 01/15/22 | 353,954 | |||||||
| 169,891,900 | 0.125%, 04/15/22 | 168,747 | |||||||
| 372,206,080 | 0.125%, 07/15/22 | 371,845 | |||||||
| 314,183,100 | 0.125%, 01/15/23 | 311,873 | |||||||
| 175,420,070 | 0.375%, 07/15/23 | 176,818 | |||||||
| 134,523,610 | 0.625%, 01/15/24 | 136,947 | |||||||
| 106,481,100 | 0.125%, 07/15/24 | 105,286 | |||||||
| 169,753,090 | 0.250%, 01/15/25 | 168,346 | |||||||
| 212,335,059 | 2.375%, 01/15/25 | 242,097 | |||||||
| 91,534,080 | 0.375%, 07/15/25 | 91,729 | |||||||
| 135,474,660 | 0.625%, 01/15/26 | 137,729 | |||||||
| 230,943,310 | d | 2.000%, 01/15/26 | 259,922 | ||||||
| 131,719,680 | 0.125%, 07/15/26 | 128,788 | |||||||
| 165,936,875 | 0.375%, 01/15/27 | 164,855 | |||||||
| 166,594,392 | 2.375%, 01/15/27 | 195,035 | |||||||
| 53,948,330 | 0.375%, 07/15/27 | 53,699 | |||||||
| 202,988,932 | 1.750%, 01/15/28 | 228,312 | |||||||
| 99,168,977 | 3.625%, 04/15/28 | 130,204 | |||||||
| 355 |
COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account
| PRINCIPAL | ISSUER | VALUE (000) | |||||||
| $ | 181,411,310 | 2.500%, 01/15/29 | $ | 220,225 | |||||
| 148,681,572 | 3.875%, 04/15/29 | 202,844 | |||||||
| United States Treasury Note | |||||||||
| 28,640,000 | 1.625%, 08/31/22 | 27,929 | |||||||
| 2,500,000 | 2.000%, 05/31/24 | 2,453 | |||||||
| 40,000,000 | 2.000%, 06/30/24 | 39,225 | |||||||
| TOTAL U.S. TREASURY SECURITIES | 6,453,899 | ||||||||
| TOTAL GOVERNMENT BONDS | 6,513,909 | ||||||||
| (Cost $6,300,353) | |||||||||
| SHORT-TERM INVESTMENTS - 0.2% | |||||||||
| GOVERNMENT AGENCY DEBT - 0.2% | |||||||||
| Federal Home Loan Bank (FHLB) | |||||||||
| 12,220,000 | 1.050%, 01/02/18 | 12,220 | |||||||
| TOTAL GOVERNMENT AGENCY DEBT | 12,220 | ||||||||
| TOTAL SHORT-TERM INVESTMENTS | 12,220 | ||||||||
| (Cost $12,220) | |||||||||
| TOTAL INVESTMENTS - 99.7% | 6,526,129 | ||||||||
| (Cost $6,312,573) | |||||||||
| OTHER ASSETS AND LIABILITIES, NET - 0.3% | 20,426 | ||||||||
| NET ASSETS - 100.0% | $ | 6,546,555 | |||||||
| d | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. | |||
| k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. | |||
| Cost amounts are in thousands. | ||||
Futures contracts outstanding as of December 31, 2017 were as follows (notional amounts and values are in thousands) (See Note 3):
| Description | Number of long (short) contracts | Expiration date | Notional amount | Value | Unrealized appreciation (depreciation) | |||||
| US 10YR NOTE (CBT) | (100) | 3/20/18 | $(12,442) | $(12,405) | $37 |
| 356 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2017
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| BANK LOAN OBLIGATIONS - 0.3% | |||||||||||||||||
| CAPITAL GOODS - 0.0% | |||||||||||||||||
| $ | 2,570,385 | i | Manitowoc Foodservice, Inc | LIBOR 1 M + 2.750% | 4.320 | % | 03/03/23 | $ | 2,587 | ||||||||
| TOTAL CAPITAL GOODS | 2,587 | ||||||||||||||||
| MATERIALS - 0.0% | |||||||||||||||||
| 3,316,688 | i | H.B. Fuller Co | LIBOR 1 M + 2.250% | 3.750 | 10/21/24 | 3,325 | |||||||||||
| TOTAL MATERIALS | 3,325 | ||||||||||||||||
| MEDIA - 0.1% | |||||||||||||||||
| 8,575,000 | i | Charter Communications Operating LLC | LIBOR 3 M + 2.000% | 2.000 | 04/30/25 | 8,578 | |||||||||||
| TOTAL MEDIA | 8,578 | ||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% | |||||||||||||||||
| 9,475,348 | i | MTS Systems Corp | LIBOR 1 M + 3.250% | 4.690 | 07/05/23 | 9,546 | |||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 9,546 | ||||||||||||||||
| UTILITIES - 0.1% | |||||||||||||||||
| 5,100,000 | ExGen Renewables IV LLC | 4.468 | 11/28/24 | 5,151 | |||||||||||||
| 2,675,000 | i | TerraForm Power Operating LLC | LIBOR 3 M + 2.750% | 4.147 | 11/03/22 | 2,708 | |||||||||||
| 14,600,578 | †,i | Terra-Gen Finance Co LLC | LIBOR 3 M + 4.250% | 5.820 | 12/09/21 | 13,141 | |||||||||||
| TOTAL UTILITIES | 21,000 | ||||||||||||||||
| TOTAL BANK LOAN OBLIGATIONS | 45,036 | ||||||||||||||||
| (Cost $46,112) | |||||||||||||||||
| BONDS - 39.1% | |||||||||||||||||
| CORPORATE BONDS - 12.3% | |||||||||||||||||
| AUTOMOBILES & COMPONENTS - 0.2% | |||||||||||||||||
| 1,955,000 | g | Adient Global Holdings Ltd | 4.875 | 08/15/26 | 2,009 | ||||||||||||
| 7,550,000 | Aptiv plc | 3.150 | 11/19/20 | 7,666 | |||||||||||||
| 12,000,000 | Ford Motor Co | 4.750 | 01/15/43 | 12,159 | |||||||||||||
| 4,675,000 | Magna International, Inc | 3.625 | 06/15/24 | 4,833 | |||||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 26,667 | ||||||||||||||||
| BANKS - 2.8% | |||||||||||||||||
| 20,022,000 | Bank of America Corp | 1.950 | 05/12/18 | 20,024 | |||||||||||||
| 10,900,000 | Bank of America Corp | 2.151 | 11/09/20 | 10,849 | |||||||||||||
| 5,000,000 | i | Bank of Montreal | LIBOR 3 M + 0.250% | 1.786 | 09/11/19 | 4,999 | |||||||||||
| 21,500,000 | e,g | Bank of Montreal | 2.500 | 01/11/22 | 21,468 | ||||||||||||
| 5,000,000 | i | Bank of Montreal | LIBOR 3 M + 0.630% | 2.166 | 09/11/22 | 5,011 | |||||||||||
| 18,500,000 | Bank of Nova Scotia | 2.125 | 09/11/19 | 18,478 | |||||||||||||
| 12,000,000 | e,g | Bank of Nova Scotia | 1.875 | 09/20/21 | 11,664 | ||||||||||||
| 357 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 15,000,000 | i | Citizens Bank NA | LIBOR 3 M + 0.540% | 2.027 | % | 03/02/20 | $ | 15,029 | ||||||||
| 1,350,000 | Citizens Financial Group, Inc | 2.375 | 07/28/21 | 1,332 | |||||||||||||
| 7,025,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 3.950 | 11/09/22 | 7,323 | |||||||||||||
| 2,710,000 | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | 4.375 | 08/04/25 | 2,860 | |||||||||||||
| 7,275,000 | Cooperatieve Rabobank UA | 2.750 | 01/10/22 | 7,333 | |||||||||||||
| 4,950,000 | Cooperatieve Rabobank UA | 3.750 | 07/21/26 | 5,013 | |||||||||||||
| 9,400,000 | Discover Bank | 3.450 | 07/27/26 | 9,277 | |||||||||||||
| 5,000,000 | g | DNB Boligkreditt AS. | 2.000 | 05/28/20 | 4,939 | ||||||||||||
| 10,000,000 | First Niagara Financial Group, Inc | 6.750 | 03/19/20 | 10,905 | |||||||||||||
| 3,900,000 | i | HSBC Holdings plc | LIBOR 3 M + 0.923% | 3.033 | 11/22/23 | 3,907 | |||||||||||
| 20,000,000 | g | ING Bank NV | 2.000 | 11/26/18 | 19,990 | ||||||||||||
| 11,500,000 | g | Intesa Sanpaolo S.p.A | 5.017 | 06/26/24 | 11,773 | ||||||||||||
| 10,000,000 | g | Intesa Sanpaolo S.p.A | 5.710 | 01/15/26 | 10,532 | ||||||||||||
| 6,300,000 | KeyBank NA | 2.350 | 03/08/19 | 6,311 | |||||||||||||
| 4,644,000 | i | Manufacturers & Traders Trust Co | LIBOR 1 M + 1.215% | 2.779 | 12/28/20 | 4,645 | |||||||||||
| 9,076,000 | i | Manufacturers & Traders Trust Co | LIBOR 3 M + 0.640% | 2.121 | 12/01/21 | 9,008 | |||||||||||
| 1,605,000 | Manufacturers & Traders Trust Co | 2.900 | 02/06/25 | 1,597 | |||||||||||||
| 3,425,000 | Manufacturers & Traders Trust Co | 3.400 | 08/17/27 | 3,464 | |||||||||||||
| 18,775,000 | Mitsubishi UFJ Financial Group, Inc | 2.527 | 09/13/23 | 18,285 | |||||||||||||
| 18,257,000 | People’s United Financial, Inc | 3.650 | 12/06/22 | 18,692 | |||||||||||||
| 8,245,000 | PNC Bank NA | 2.950 | 01/30/23 | 8,298 | |||||||||||||
| 10,000,000 | Regions Financial Corp | 2.750 | 08/14/22 | 9,967 | |||||||||||||
| 8,450,000 | Royal Bank of Canada | 1.875 | 02/05/20 | 8,379 | |||||||||||||
| 12,000,000 | Royal Bank of Canada | 2.100 | 10/14/20 | 11,913 | |||||||||||||
| 14,500,000 | g | Skandinaviska Enskilda Banken AB | 1.375 | 05/29/18 | 14,471 | ||||||||||||
| 12,500,000 | SVB Financial Group | 3.500 | 01/29/25 | 12,527 | |||||||||||||
| 25,450,000 | Toronto-Dominion Bank | 1.850 | 09/11/20 | 25,167 | |||||||||||||
| 5,000,000 | e | Toronto-Dominion Bank | 1.800 | 07/13/21 | 4,896 | ||||||||||||
| 12,000,000 | g | Toronto-Dominion Bank | 2.500 | 01/18/22 | 11,969 | ||||||||||||
| 12,019,000 | g | Westpac Banking Corp | 2.100 | 02/25/21 | 11,858 | ||||||||||||
| TOTAL BANKS | 384,153 | ||||||||||||||||
| CAPITAL GOODS - 0.4% | |||||||||||||||||
| 6,525,000 | Air Lease Corp | 4.250 | 09/15/24 | 6,846 | |||||||||||||
| 1,975,000 | Anixter, Inc | 5.125 | 10/01/21 | 2,079 | |||||||||||||
| 4,575,000 | Anixter, Inc | 5.500 | 03/01/23 | 4,925 | |||||||||||||
| 6,250,000 | CNH Industrial Capital LLC | 3.875 | 10/15/21 | 6,360 | |||||||||||||
| 4,600,000 | Ingersoll-Rand Global Holding Co Ltd | 4.250 | 06/15/23 | 4,901 | |||||||||||||
| 3,250,000 | Johnson Controls International plc | 5.000 | 03/30/20 | 3,428 | |||||||||||||
| 5,625,000 | Parker-Hannifin Corp | 4.200 | 11/21/34 | 6,135 | |||||||||||||
| 6,980,000 | Pentair Finance S.A. | 2.650 | 12/01/19 | 6,949 | |||||||||||||
| 3,300,000 | Rockwell Collins, Inc | 3.100 | 11/15/21 | 3,344 | |||||||||||||
| 6,125,000 | Rockwell Collins, Inc | 3.700 | 12/15/23 | 6,352 | |||||||||||||
| 9,775,000 | WW Grainger, Inc | 4.200 | 05/15/47 | 10,144 | |||||||||||||
| TOTAL CAPITAL GOODS | 61,463 | ||||||||||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.0% | |||||||||||||||||
| 2,730,000 | Waste Management, Inc | 4.600 | 03/01/21 | 2,899 | |||||||||||||
| 3,475,000 | Waste Management, Inc | 3.900 | 03/01/35 | 3,640 | |||||||||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 6,539 | ||||||||||||||||
| CONSUMER SERVICES - 0.5% | |||||||||||||||||
| 10,000,000 | Henry J Kaiser Family Foundation | 3.356 | 12/01/25 | 10,098 | |||||||||||||
| 358 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 1,250,000 | McDonald’s Corp | 5.000 | % | 02/01/19 | $ | 1,289 | ||||||||||
| 19,000,000 | Metropolitan Museum of Art | 3.400 | 07/01/45 | 18,315 | |||||||||||||
| 7,550,000 | Nature Conservancy | 6.300 | 07/01/19 | 7,888 | |||||||||||||
| 17,500,000 | New York Public Library Astor Lenox & Tilden Foundations | 4.305 | 07/01/45 | 18,754 | |||||||||||||
| 5,145,000 | Salvation Army | 5.637 | 09/01/26 | 5,580 | |||||||||||||
| 9,800,000 | Starbucks Corp | 2.450 | 06/15/26 | 9,444 | |||||||||||||
| TOTAL CONSUMER SERVICES | 71,368 | ||||||||||||||||
| DIVERSIFIED FINANCIALS - 0.9% | |||||||||||||||||
| 14,500,000 | American Express Co | 3.000 | 10/30/24 | 14,472 | |||||||||||||
| 2,675,000 | Bank of New York Mellon Corp | 5.450 | 05/15/19 | 2,793 | |||||||||||||
| 6,350,000 | i | Bank of New York Mellon Corp | LIBOR 3 M + 0.634% | 2.661 | 05/16/23 | 6,346 | |||||||||||
| 2,169,000 | Discover Financial Services | 3.850 | 11/21/22 | 2,228 | |||||||||||||
| 5,103,000 | g | EDP Finance BV | 4.125 | 01/15/20 | 5,259 | ||||||||||||
| 9,500,000 | g | EDP Finance BV | 5.250 | 01/14/21 | 10,175 | ||||||||||||
| 11,625,000 | g | EDP Finance BV | 3.625 | 07/15/24 | 11,713 | ||||||||||||
| 9,500,000 | Ford Foundation | 3.859 | 06/01/47 | 10,116 | |||||||||||||
| 2,300,000 | Legg Mason, Inc | 3.950 | 07/15/24 | 2,352 | |||||||||||||
| 27,935,000 | Morgan Stanley | 2.200 | 12/07/18 | 27,967 | |||||||||||||
| 3,314,000 | Northern Trust Corp | 3.375 | 08/23/21 | 3,408 | |||||||||||||
| 1,535,000 | Reinvestment Fund, Inc | 3.166 | 11/01/23 | 1,517 | |||||||||||||
| 10,250,000 | Reinvestment Fund, Inc | 3.366 | 11/01/24 | 10,150 | |||||||||||||
| 2,570,000 | Reinvestment Fund, Inc | 3.513 | 11/01/25 | 2,558 | |||||||||||||
| 15,000,000 | i | State Street Corp | LIBOR 3 M + 0.635% | 2.653 | 05/15/23 | 15,002 | |||||||||||
| 4,525,000 | Unilever Capital Corp | 2.000 | 07/28/26 | 4,175 | |||||||||||||
| TOTAL DIVERSIFIED FINANCIALS | 130,231 | ||||||||||||||||
| ENERGY - 1.0% | |||||||||||||||||
| 4,175,000 | Apache Corp | 3.250 | 04/15/22 | 4,206 | |||||||||||||
| 14,500,000 | Cenovus Energy, Inc | 5.250 | 06/15/37 | 14,923 | |||||||||||||
| 3,175,000 | Cimarex Energy Co | 3.900 | 05/15/27 | 3,246 | |||||||||||||
| 8,450,000 | EOG Resources, Inc | 3.900 | 04/01/35 | 8,619 | |||||||||||||
| 4,450,000 | EOG Resources, Inc | 5.100 | 01/15/36 | 5,136 | |||||||||||||
| 15,250,000 | i | EQT Corp | LIBOR 3 M + 0.770% | 2.103 | 10/01/20 | 15,282 | |||||||||||
| 15,000,000 | Kinder Morgan, Inc | 3.150 | 01/15/23 | 14,907 | |||||||||||||
| 1,000,000 | Marathon Oil Corp | 2.700 | 06/01/20 | 1,000 | |||||||||||||
| 17,292,000 | National Oilwell Varco, Inc | 3.950 | 12/01/42 | 15,239 | |||||||||||||
| 3,290,000 | Noble Energy, Inc | 5.050 | 11/15/44 | 3,521 | |||||||||||||
| 3,875,000 | ONEOK, Inc | 4.000 | 07/13/27 | 3,926 | |||||||||||||
| 6,200,000 | ONEOK, Inc | 4.950 | 07/13/47 | 6,445 | |||||||||||||
| 2,775,000 | g,i | Phillips 66 | LIBOR 3 M + 0.750% | 2.109 | 04/15/20 | 2,778 | |||||||||||
| 9,000,000 | Phillips 66 | 4.650 | 11/15/34 | 9,854 | |||||||||||||
| 9,500,000 | Statoil ASA | 3.150 | 01/23/22 | 9,715 | |||||||||||||
| 4,500,000 | Statoil ASA | 2.650 | 01/15/24 | 4,480 | |||||||||||||
| 5,932,000 | Statoil ASA | 3.950 | 05/15/43 | 6,200 | |||||||||||||
| 5,000,000 | g | Texas Eastern Transmission LP | 4.125 | 12/01/20 | 5,194 | ||||||||||||
| 10,050,000 | g | Woodside Finance Ltd | 3.700 | 03/15/28 | 9,978 | ||||||||||||
| TOTAL ENERGY | 144,649 | ||||||||||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 0.2% | |||||||||||||||||
| 7,500,000 | i | Becton Dickinson & Co | LIBOR 3 M + 1.030% | 2.539 | 06/06/22 | 7,539 | |||||||||||
| 359 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 7,250,000 | Becton Dickinson & Co | 3.363 | % | 06/06/24 | $ | 7,269 | ||||||||||
| 4,500,000 | Becton Dickinson & Co | 4.669 | 06/06/47 | 4,868 | |||||||||||||
| 3,250,000 | Laboratory Corp of America Holdings | 2.625 | 02/01/20 | 3,258 | |||||||||||||
| 9,000,000 | Laboratory Corp of America Holdings | 3.200 | 02/01/22 | 9,175 | |||||||||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 32,109 | ||||||||||||||||
| INSURANCE - 0.4% | |||||||||||||||||
| 3,000,000 | g,i | Cranberry RE Ltd | LIBOR 6 M + 1.600% | 3.335 | 07/13/20 | 3,002 | |||||||||||
| 15,000,000 | i | Prudential Financial, Inc | LIBOR 3 M + 3.040% | 5.200 | 03/15/44 | 15,975 | |||||||||||
| 7,450,000 | i | Prudential Financial, Inc | LIBOR 3 M + 3.031% | 5.375 | 05/15/45 | 7,983 | |||||||||||
| 18,222,000 | g | Swiss Re Treasury US Corp | 2.875 | 12/06/22 | 18,245 | ||||||||||||
| 8,687,000 | g | Swiss Re Treasury US Corp | 4.250 | 12/06/42 | 9,025 | ||||||||||||
| TOTAL INSURANCE | 54,230 | ||||||||||||||||
| MATERIALS - 0.7% | |||||||||||||||||
| 2,275,000 | Ball Corp | 5.000 | 03/15/22 | 2,429 | |||||||||||||
| 8,930,000 | Ball Corp | 4.000 | 11/15/23 | 9,109 | |||||||||||||
| 2,300,000 | Eastman Chemical Co | 5.500 | 11/15/19 | 2,428 | |||||||||||||
| 20,000,000 | e | Fibria Overseas Finance Ltd | 5.500 | 01/17/27 | 21,450 | ||||||||||||
| 7,500,000 | International Paper Co | 5.000 | 09/15/35 | 8,477 | |||||||||||||
| 5,000,000 | International Paper Co | 6.000 | 11/15/41 | 6,254 | |||||||||||||
| 4,600,000 | International Paper Co | 4.800 | 06/15/44 | 5,031 | |||||||||||||
| 17,000,000 | g | Inversiones CMPC S.A. | 4.375 | 04/04/27 | 17,345 | ||||||||||||
| 10,075,000 | g | Klabin Finance S.A. | 4.875 | 09/19/27 | 9,944 | ||||||||||||
| 5,000,000 | MeadWestvaco Corp | 7.375 | 09/01/19 | 5,390 | |||||||||||||
| 2,500,000 | g | Sealed Air Corp | 5.500 | 09/15/25 | 2,725 | ||||||||||||
| 6,350,000 | g | WestRock Co | 3.000 | 09/15/24 | 6,292 | ||||||||||||
| TOTAL MATERIALS | 96,874 | ||||||||||||||||
| MEDIA - 0.2% | |||||||||||||||||
| 2,775,000 | e,g | CCO Holdings LLC | 4.000 | 03/01/23 | 2,748 | ||||||||||||
| 3,125,000 | Charter Communications Operating LLC | 3.579 | 07/23/20 | 3,183 | |||||||||||||
| 14,850,000 | Charter Communications Operating LLC | 4.464 | 07/23/22 | 15,492 | |||||||||||||
| 3,625,000 | Discovery Communications LLC | 5.000 | 09/20/37 | 3,753 | |||||||||||||
| 5,500,000 | Time Warner Cable, Inc | 4.500 | 09/15/42 | 5,156 | |||||||||||||
| TOTAL MEDIA | 30,332 | ||||||||||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1% | |||||||||||||||||
| 5,000,000 | Bristol-Myers Squibb Co | 3.250 | 08/01/42 | 4,776 | |||||||||||||
| 7,500,000 | i | Gilead Sciences, Inc | LIBOR 3 M + 0.250% | 1.876 | 09/20/19 | 7,509 | |||||||||||
| 3,300,000 | Zoetis, Inc | 3.450 | 11/13/20 | 3,378 | |||||||||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 15,663 | ||||||||||||||||
| REAL ESTATE - 0.5% | |||||||||||||||||
| 1,975,000 | Brandywine Operating Partnership LP | 3.950 | 02/15/23 | 2,015 | |||||||||||||
| 4,300,000 | Brandywine Operating Partnership LP | 3.950 | 11/15/27 | 4,267 | |||||||||||||
| 4,500,000 | Brixmor Operating Partnership LP | 3.650 | 06/15/24 | 4,475 | |||||||||||||
| 6,525,000 | Brixmor Operating Partnership LP | 3.850 | 02/01/25 | 6,515 | |||||||||||||
| 3,500,000 | Federal Realty Investment Trust | 2.750 | 06/01/23 | 3,460 | |||||||||||||
| 3,225,000 | e | Healthcare Realty Trust, Inc | 3.625 | 01/15/28 | 3,190 | ||||||||||||
| 11,075,000 | Kilroy Realty LP | 3.450 | 12/15/24 | 11,041 | |||||||||||||
| 7,000,000 | Kimco Realty Corp | 6.875 | 10/01/19 | 7,522 | |||||||||||||
| 16,825,000 | Mid-America Apartments LP | 4.000 | 11/15/25 | 17,423 | |||||||||||||
| 360 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 16,822,000 | Regency Centers LP | 3.750 | % | 06/15/24 | $ | 17,144 | ||||||||||
| TOTAL REAL ESTATE | 77,052 | ||||||||||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.3% | |||||||||||||||||
| 18,110,000 | Apple, Inc | 2.850 | 02/23/23 | 18,353 | |||||||||||||
| 14,250,000 | Apple, Inc | 3.000 | 06/20/27 | 14,183 | |||||||||||||
| 10,200,000 | Corning, Inc | 4.375 | 11/15/57 | 10,115 | |||||||||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 42,651 | ||||||||||||||||
| TELECOMMUNICATION SERVICES - 0.2% | |||||||||||||||||
| 3,400,000 | e | CenturyLink, Inc | 6.750 | 12/01/23 | 3,332 | ||||||||||||
| 5,000,000 | i | Verizon Communications, Inc | LIBOR 3 M + 1.000% | 2.600 | 03/16/22 | 5,098 | |||||||||||
| 11,750,000 | Verizon Communications, Inc | 2.625 | 08/15/26 | 11,064 | |||||||||||||
| 9,500,000 | Verizon Communications, Inc | 4.500 | 08/10/33 | 9,958 | |||||||||||||
| 7,350,000 | Verizon Communications, Inc | 5.250 | 03/16/37 | 8,077 | |||||||||||||
| TOTAL TELECOMMUNICATION SERVICES | 37,529 | ||||||||||||||||
| TRANSPORTATION - 1.0% | |||||||||||||||||
| 6,775,000 | CSX Corp | 4.250 | 11/01/66 | 6,762 | |||||||||||||
| 7,150,000 | Delta Air Lines, Inc | 3.625 | 03/15/22 | 7,255 | |||||||||||||
| 2,169,381 | Delta Air Lines, Inc | 4.250 | 07/30/23 | 2,238 | |||||||||||||
| 5,418,096 | Delta Air Lines, Inc | 3.625 | 07/30/27 | 5,619 | |||||||||||||
| 3,800,000 | e,g | Hertz Corp | 7.625 | 06/01/22 | 3,980 | ||||||||||||
| 4,000,000 | Kansas City Southern | 3.000 | 05/15/23 | 3,965 | |||||||||||||
| 7,000,000 | Kansas City Southern | 4.300 | 05/15/43 | 7,352 | |||||||||||||
| 15,925,000 | Kansas City Southern | 4.950 | 08/15/45 | 18,138 | |||||||||||||
| 5,275,000 | g | Mexico City Airport Trust | 4.250 | 10/31/26 | 5,394 | ||||||||||||
| 9,525,000 | g | Mexico City Airport Trust | 5.500 | 10/31/46 | 9,406 | ||||||||||||
| 11,050,000 | g | Mexico City Airport Trust | 5.500 | 07/31/47 | 10,912 | ||||||||||||
| 475,000 | Norfolk Southern Corp | 5.590 | 05/17/25 | 545 | |||||||||||||
| 6,450,000 | Spirit Airlines Pass Through Trust | 3.800 | 02/15/26 | 6,458 | |||||||||||||
| 10,000,000 | Spirit Airlines Pass Through Trust | 3.375 | 02/15/30 | 9,993 | |||||||||||||
| 7,981,908 | Spirit Airlines, Inc | 4.100 | 04/01/28 | 8,284 | |||||||||||||
| 4,050,000 | Union Pacific Corp | 3.375 | 02/01/35 | 4,099 | |||||||||||||
| 5,004,157 | Union Pacific Railroad Co | 3.227 | 05/14/26 | 5,103 | |||||||||||||
| 13,038,604 | † | Union Pacific Railroad Co | 2.695 | 05/12/27 | 12,667 | ||||||||||||
| 1,360,000 | i | United Parcel Service of America, Inc | 8.375 | 04/01/30 | 1,944 | ||||||||||||
| 2,250,000 | i | United Parcel Service, Inc | LIBOR 3 M + 0.380% | 1.799 | 05/16/22 | 2,254 | |||||||||||
| 7,500,000 | i | United Parcel Service, Inc | LIBOR 3 M + 0.450% | 2.145 | 04/01/23 | 7,519 | |||||||||||
| TOTAL TRANSPORTATION | 139,887 | ||||||||||||||||
| UTILITIES - 2.9% | |||||||||||||||||
| 2,075,000 | g | APT Pipelines Ltd | 4.250 | 07/15/27 | 2,147 | ||||||||||||
| 2,000,000 | Atmos Energy Corp | 8.500 | 03/15/19 | 2,150 | |||||||||||||
| 11,100,000 | Avangrid, Inc | 3.150 | 12/01/24 | 11,039 | |||||||||||||
| 7,550,000 | g | Colorado Interstate Gas Co LLC | 4.150 | 08/15/26 | 7,536 | ||||||||||||
| 1,200,000 | Connecticut Light & Power Co | 5.500 | 02/01/19 | 1,239 | |||||||||||||
| 2,000,000 | Connecticut Light & Power Co | 5.750 | 03/01/37 | 2,556 | |||||||||||||
| 8,013,189 | g | Continental Wind LLC | 6.000 | 02/28/33 | 8,410 | ||||||||||||
| 22,500,000 | g | Electricite de France S.A. | 3.625 | 10/13/25 | 23,046 | ||||||||||||
| 6,150,000 | Fortis, Inc | 2.100 | 10/04/21 | 6,003 | |||||||||||||
| 10,750,000 | Fortis, Inc | 3.055 | 10/04/26 | 10,377 | |||||||||||||
| 361 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 13,750,000 | Georgia Power Co | 3.250 | % | 04/01/26 | $ | 13,784 | ||||||||||
| 11,750,000 | g | Greenko Dutch BV | 4.875 | 07/24/22 | 11,896 | ||||||||||||
| 2,745,000 | International Transmission Co | 4.625 | 08/15/43 | 3,084 | |||||||||||||
| 6,575,000 | Interstate Power & Light Co | 3.250 | 12/01/24 | 6,657 | |||||||||||||
| 4,000,000 | MidAmerican Energy Co | 3.100 | 05/01/27 | 4,019 | |||||||||||||
| 9,250,000 | g | Narragansett Electric Co | 4.170 | 12/10/42 | 9,609 | ||||||||||||
| 2,050,000 | g | NextEra Energy Operating Partners LP | 4.250 | 09/15/24 | 2,086 | ||||||||||||
| 3,875,000 | g | NextEra Energy Operating Partners LP | 4.500 | 09/15/27 | 3,856 | ||||||||||||
| 9,732,000 | g | Niagara Mohawk Power Corp | 4.278 | 10/01/34 | 10,677 | ||||||||||||
| 9,750,000 | g | Niagara Mohawk Power Corp | 4.119 | 11/28/42 | 10,419 | ||||||||||||
| 1,500,000 | Northwest Natural Gas Co | 5.620 | 11/21/23 | 1,724 | |||||||||||||
| 11,000,000 | NorthWestern Corp | 4.176 | 11/15/44 | 11,865 | |||||||||||||
| 18,900,000 | g | Pattern Energy Group, Inc | 5.875 | 02/01/24 | 19,845 | ||||||||||||
| 630,000 | Public Service Co of Colorado | 4.750 | 08/15/41 | 732 | |||||||||||||
| 5,500,000 | San Diego Gas & Electric Co | 3.000 | 08/15/21 | 5,621 | |||||||||||||
| 8,598,253 | San Diego Gas & Electric Co | 1.914 | 02/01/22 | 8,395 | |||||||||||||
| 8,875,000 | Sierra Pacific Power Co | 3.375 | 08/15/23 | 9,152 | |||||||||||||
| 26,052,044 | g | Solar Star Funding LLC | 3.950 | 06/30/35 | 25,518 | ||||||||||||
| 24,488,244 | g | Solar Star Funding LLC | 5.375 | 06/30/35 | 26,771 | ||||||||||||
| 2,000,000 | Southern California Edison Co | 2.400 | 02/01/22 | 1,985 | |||||||||||||
| 6,600,000 | Southern Power Co | 1.950 | 12/15/19 | 6,545 | |||||||||||||
| 8,300,000 | Southern Power Co | 2.500 | 12/15/21 | 8,222 | |||||||||||||
| 25,000,000 | Southern Power Co | 4.150 | 12/01/25 | 26,339 | |||||||||||||
| 20,000,000 | g | TerraForm Power Operating LLC | 5.000 | 01/31/28 | 19,800 | ||||||||||||
| 18,588,398 | g | Topaz Solar Farms LLC | 4.875 | 09/30/39 | 19,509 | ||||||||||||
| 12,880,263 | g | Topaz Solar Farms LLC | 5.750 | 09/30/39 | 14,502 | ||||||||||||
| 5,000,000 | Washington Gas Light Co | 5.440 | 08/11/25 | 5,826 | |||||||||||||
| 19,650,000 | Westar Energy, Inc | 2.550 | 07/01/26 | 18,931 | |||||||||||||
| 16,525,000 | WGL Holdings, Inc | 2.250 | 11/01/19 | 16,392 | |||||||||||||
| 15,000,000 | i | WGL Holdings, Inc | LIBOR 3 M + 0.400% | 1.877 | 11/29/19 | 15,006 | |||||||||||
| TOTAL UTILITIES | 413,270 | ||||||||||||||||
| TOTAL CORPORATE BONDS | 1,764,667 | ||||||||||||||||
| (Cost $1,731,743) | |||||||||||||||||
| GOVERNMENT BONDS - 23.7% | |||||||||||||||||
| AGENCY SECURITIES - 3.8% | |||||||||||||||||
| 6,896,662 | Ethiopian Leasing LLC | 2.566 | 08/14/26 | 6,877 | |||||||||||||
| 3,243,171 | Export Lease Ten Co LLC | 1.650 | 05/07/25 | 3,141 | |||||||||||||
| 7,000,000 | Federal National Mortgage Association (FNMA) | 1.625 | 01/21/20 | 6,953 | |||||||||||||
| 15,500,000 | FNMA | 2.625 | 09/06/24 | 15,703 | |||||||||||||
| 2,290,826 | †,g | Genesis Solar Pass Through Trust | 3.875 | 02/15/38 | 2,473 | ||||||||||||
| 1,096,000 | j | Government Trust Certificate | 0.000 | 04/01/19 | 1,067 | ||||||||||||
| 5,000,000 | j | Government Trust Certificate | 0.000 | 04/01/21 | 4,646 | ||||||||||||
| 5,950,000 | Hashemite Kingdom of Jordan Government AID Bond | 3.000 | 06/30/25 | 6,123 | |||||||||||||
| 6,030,000 | g | Hospital for Special Surgery | 3.500 | 01/01/23 | 6,117 | ||||||||||||
| 7,125,000 | i | India Government AID Bond | LIBOR 3 M + 0.100% | 1.477 | 02/01/27 | 6,867 | |||||||||||
| 45,500,000 | Iraq Government AID Bond | 2.149 | 01/18/22 | 45,239 | |||||||||||||
| 4,620,000 | Lutheran Medical Center | 1.982 | 02/20/30 | 4,345 | |||||||||||||
| 6,937,500 | Mexican Aircraft Finance V LLC | 2.329 | 01/14/27 | 6,867 | |||||||||||||
| 5,605,000 | Montefiore Medical Center | 2.152 | 10/20/26 | 5,342 | |||||||||||||
| 3,230,000 | g | Montefiore Medical Center | 3.896 | 05/20/27 | 3,323 | ||||||||||||
| 20,695,000 | Montefiore Medical Center | 2.895 | 04/20/32 | 20,047 | |||||||||||||
| 362 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | |||||||||||
| $ | 20,900,000 | † | NCUA Guaranteed Notes | 3.000 | % | 06/12/19 | $ | 21,192 | |||||||
| 7,000,000 | NCUA Guaranteed Notes | 3.450 | 06/12/21 | 7,250 | |||||||||||
| 16,515,000 | New York Society for the Relief of the Ruptured & Crippled | 2.881 | 12/20/31 | 15,982 | |||||||||||
| 16,000,000 | j | Overseas Private Investment Corp (OPIC) | 0.000 | 02/11/18 | 16,215 | ||||||||||
| 2,450,000 | j | OPIC | 0.000 | 04/30/18 | 2,469 | ||||||||||
| 5,540,000 | j | OPIC | 0.000 | 11/13/18 | 5,542 | ||||||||||
| 5,700,000 | j | OPIC | 0.000 | 11/15/19 | 6,116 | ||||||||||
| 15,750,000 | j | OPIC | 0.000 | 07/17/21 | 15,629 | ||||||||||
| 3,764,552 | OPIC | 2.290 | 09/15/26 | 3,740 | |||||||||||
| 2,005,292 | OPIC | 2.040 | 12/15/26 | 1,973 | |||||||||||
| 9,641,993 | OPIC | 2.740 | 09/15/29 | 9,476 | |||||||||||
| 11,867,068 | OPIC | 3.220 | 09/15/29 | 11,888 | |||||||||||
| 13,350,451 | OPIC | 3.280 | 09/15/29 | 13,580 | |||||||||||
| 2,421,331 | OPIC | 2.610 | 04/15/30 | 2,326 | |||||||||||
| 3,819,000 | OPIC | 2.930 | 05/15/30 | 3,783 | |||||||||||
| 6,311,400 | OPIC | 3.040 | 05/15/30 | 6,366 | |||||||||||
| 7,353,000 | OPIC | 3.540 | 06/15/30 | 7,652 | |||||||||||
| 19,014,924 | OPIC | 3.370 | 12/15/30 | 19,575 | |||||||||||
| 20,838,373 | OPIC | 3.820 | 12/20/32 | 21,791 | |||||||||||
| 13,444,112 | OPIC | 3.938 | 12/20/32 | 14,182 | |||||||||||
| 11,548,556 | OPIC | 3.160 | 06/01/33 | 11,478 | |||||||||||
| 11,086,614 | OPIC | 3.430 | 06/01/33 | 11,269 | |||||||||||
| 1,199,360 | OPIC | 2.810 | 07/31/33 | 1,162 | |||||||||||
| 1,918,976 | OPIC | 2.940 | 07/31/33 | 1,878 | |||||||||||
| 5,000,000 | Private Export Funding Corp (PEFCO) | 4.375 | 03/15/19 | 5,143 | |||||||||||
| 5,854,000 | PEFCO | 1.450 | 08/15/19 | 5,801 | |||||||||||
| 13,150,000 | PEFCO | 2.250 | 03/15/20 | 13,176 | |||||||||||
| 8,000,000 | PEFCO | 2.300 | 09/15/20 | 8,024 | |||||||||||
| 17,500,000 | PEFCO | 4.300 | 12/15/21 | 18,838 | |||||||||||
| 4,250,000 | PEFCO | 2.050 | 11/15/22 | 4,184 | |||||||||||
| 4,000,000 | PEFCO | 3.550 | 01/15/24 | 4,239 | |||||||||||
| 8,000,000 | PEFCO | 3.250 | 06/15/25 | 8,398 | |||||||||||
| 1,989,020 | Tayarra Ltd | 3.628 | 02/15/22 | 2,041 | |||||||||||
| 1,897,098 | Tricahue Leasing LLC | 3.503 | 11/19/21 | 1,941 | |||||||||||
| 15,300,000 | Ukraine Government AID Bonds | 1.847 | 05/29/20 | 15,236 | |||||||||||
| 19,500,000 | Ukraine Government AID Bonds | 1.471 | 09/29/21 | 18,995 | |||||||||||
| 7,355,000 | UNM Sandoval Regional Medical Center | 4.500 | 07/20/36 | 7,654 | |||||||||||
| 10,750,000 | US Department of Housing and Urban Development (HUD) | 1.770 | 08/01/18 | 10,753 | |||||||||||
| 4,213,000 | HUD | 5.380 | 08/01/18 | 4,226 | |||||||||||
| 750,000 | HUD | 2.050 | 08/01/19 | 748 | |||||||||||
| 9,500,000 | HUD | 4.870 | 08/01/19 | 9,893 | |||||||||||
| 13,967,000 | HUD | 4.960 | 08/01/20 | 14,572 | |||||||||||
| 13,500,000 | HUD | 5.050 | 08/01/21 | 14,115 | |||||||||||
| 3,217,000 | HUD | 2.910 | 08/01/23 | 3,249 | |||||||||||
| 416,667 | VRG Linhas Aereas S.A. | 0.983 | 03/13/18 | 416 | |||||||||||
| TOTAL AGENCY SECURITIES | 549,286 | ||||||||||||||
| FOREIGN GOVERNMENT BONDS - 5.2% | |||||||||||||||
| 26,350,000 | African Development Bank | 1.375 | 12/17/18 | 26,210 | |||||||||||
| 13,550,000 | African Development Bank | 2.375 | 09/23/21 | 13,605 | |||||||||||
| 17,500,000 | Asian Development Bank | 2.125 | 03/19/25 | 17,064 | |||||||||||
| 363 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 17,000,000 | g | Bank Nederlandse Gemeenten NV | 2.125 | % | 12/14/20 | $ | 16,943 | |||||||||
| 6,000,000 | g | Caisse d’Amortissement de la Dette Sociale | 2.000 | 04/17/20 | 5,971 | ||||||||||||
| 9,000,000 | Canada Government International Bond | 1.125 | 03/19/18 | 8,992 | |||||||||||||
| 5,871,485 | g | Carpintero Finance Ltd | 2.004 | 09/18/24 | 5,774 | ||||||||||||
| 6,500,000 | Council Of Europe Development Bank | 1.000 | 02/04/19 | 6,430 | |||||||||||||
| 5,000,000 | g | CPPIB Capital, Inc | 2.750 | 11/02/27 | 4,985 | ||||||||||||
| 25,000,000 | European Bank for Reconstruction & Development | 1.625 | 04/10/18 | 25,001 | |||||||||||||
| 19,500,000 | European Bank for Reconstruction & Development | 0.875 | 07/22/19 | 19,168 | |||||||||||||
| 2,000,000 | European Investment Bank | 2.000 | 03/15/21 | 1,987 | |||||||||||||
| 20,750,000 | European Investment Bank | 2.125 | 04/13/26 | 20,029 | |||||||||||||
| 15,000,000 | European Investment Bank | 2.375 | 05/24/27 | 14,722 | |||||||||||||
| 2,000,000 | European Investment Bank | 4.875 | 02/15/36 | 2,616 | |||||||||||||
| 15,775,000 | Export Development Canada | 1.250 | 12/10/18 | 15,666 | |||||||||||||
| 9,000,000 | e | Export Development Canada | 1.625 | 12/03/19 | 8,931 | ||||||||||||
| 15,000,000 | e | Export Development Canada | 2.000 | 11/30/20 | 14,939 | ||||||||||||
| 12,000,000 | Export Development Canada | 1.375 | 10/21/21 | 11,601 | |||||||||||||
| 18,175,000 | Export-Import Bank of Korea | 1.750 | 02/27/18 | 18,160 | |||||||||||||
| 15,000,000 | g | Finnvera Oyj | 2.375 | 06/04/25 | 14,503 | ||||||||||||
| 6,082,000 | Hydro Quebec | 8.400 | 01/15/22 | 7,278 | |||||||||||||
| 45,000,000 | Inter-American Development Bank | 1.185 | 07/09/18 | 44,701 | |||||||||||||
| 19,075,000 | International Finance Corp | 1.250 | 11/27/18 | 18,961 | |||||||||||||
| 19,250,000 | International Finance Corp | 1.750 | 03/30/20 | 19,124 | |||||||||||||
| 46,500,000 | International Finance Corp | 1.546 | 11/04/21 | 45,058 | |||||||||||||
| 40,500,000 | International Finance Corp | 2.125 | 04/07/26 | 39,226 | |||||||||||||
| 5,000,000 | Japan Bank for International Cooperation | 1.875 | 04/20/21 | 4,885 | |||||||||||||
| 9,000,000 | g | Japan Finance Organization for Municipalities | 2.125 | 04/13/21 | 8,843 | ||||||||||||
| 5,000,000 | KFW | 1.000 | 01/26/18 | 4,998 | |||||||||||||
| 19,750,000 | KFW | 1.750 | 10/15/19 | 19,654 | |||||||||||||
| 11,500,000 | KFW | 1.500 | 04/20/20 | 11,351 | |||||||||||||
| 38,200,000 | KFW | 1.875 | 11/30/20 | 37,911 | |||||||||||||
| 10,000,000 | KFW | 2.625 | 01/25/22 | 10,134 | |||||||||||||
| 8,850,000 | g | Kommunalbanken AS. | 1.375 | 10/26/20 | 8,652 | ||||||||||||
| 12,500,000 | g | Kommunalbanken AS. | 2.125 | 02/11/25 | 12,091 | ||||||||||||
| 19,400,000 | g | Kommuninvest I Sverige AB | 1.500 | 04/23/19 | 19,271 | ||||||||||||
| 18,500,000 | i | Korea Development Bank | LIBOR 3 M + 0.725% | 2.075 | 07/06/22 | 18,457 | |||||||||||
| 16,750,000 | Kreditanstalt fuer Wiederaufbau | 2.000 | 11/30/21 | 16,574 | |||||||||||||
| 3,000,000 | g | Nacional Financiera SNC | 3.375 | 11/05/20 | 3,075 | ||||||||||||
| 25,000,000 | e,g | Nederlandse Waterschapsbank NV | 2.375 | 03/24/26 | 24,375 | ||||||||||||
| 10,000,000 | North American Development Bank | 2.300 | 10/10/18 | 10,030 | |||||||||||||
| 2,000,000 | North American Development Bank | 4.375 | 02/11/20 | 2,084 | |||||||||||||
| 15,250,000 | Province of Manitoba Canada | 1.750 | 05/30/19 | 15,178 | |||||||||||||
| 15,000,000 | Province of Manitoba Canada | 2.100 | 09/06/22 | 14,674 | |||||||||||||
| 12,700,000 | e | Province of Manitoba Canada | 3.050 | 05/14/24 | 12,951 | ||||||||||||
| 10,000,000 | Province of New Brunswick Canada | 2.750 | 06/15/18 | 10,044 | |||||||||||||
| 9,500,000 | Province of Ontario Canada | 1.200 | 02/14/18 | 9,495 | |||||||||||||
| 5,000,000 | Province of Ontario Canada | 4.400 | 04/14/20 | 5,236 | |||||||||||||
| 10,000,000 | Province of Quebec Canada | 3.500 | 07/29/20 | 10,308 | |||||||||||||
| 10,000,000 | Province of Quebec Canada | 2.750 | 04/12/27 | 9,914 | |||||||||||||
| 5,000,000 | Province of Quebec Canada | 7.500 | 09/15/29 | 7,110 | |||||||||||||
| TOTAL FOREIGN GOVERNMENT BONDS | 754,940 | ||||||||||||||||
| MORTGAGE BACKED - 7.3% | |||||||||||||||||
| 9,047,747 | Federal Home Loan Mortgage Corp (FHLMC) | 3.500 | 08/15/42 | 9,252 | |||||||||||||
| 12,790,909 | FHLMC | 3.500 | 08/15/43 | 13,205 | |||||||||||||
| 364 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 4,766,228 | FHLMC | 3.000 | % | 03/15/44 | $ | 4,779 | ||||||||||
| 28,629 | Federal Home Loan Mortgage Corp Gold (FGLMC) | 7.000 | 10/01/20 | 29 | |||||||||||||
| 3,851 | FGLMC | 7.000 | 05/01/23 | 4 | |||||||||||||
| 5,493,488 | FGLMC | 3.500 | 03/01/27 | 5,680 | |||||||||||||
| 16,375 | FGLMC | 8.000 | 01/01/31 | 18 | |||||||||||||
| 310,639 | FGLMC | 4.500 | 07/01/33 | 332 | |||||||||||||
| 480,109 | FGLMC | 5.500 | 09/01/33 | 529 | |||||||||||||
| 537,716 | FGLMC | 5.500 | 09/01/33 | 595 | |||||||||||||
| 781,720 | FGLMC | 5.500 | 12/01/33 | 868 | |||||||||||||
| 2,127,211 | FGLMC | 7.000 | 12/01/33 | 2,429 | |||||||||||||
| 644,566 | FGLMC | 7.000 | 05/01/35 | 733 | |||||||||||||
| 472,229 | FGLMC | 5.000 | 07/01/39 | 514 | |||||||||||||
| 2,405,714 | w | FGLMC | 4.500 | 11/01/40 | 2,613 | ||||||||||||
| 2,642,094 | w | FGLMC | 4.500 | 12/01/40 | 2,864 | ||||||||||||
| 722,262 | FGLMC | 4.500 | 10/01/44 | 783 | |||||||||||||
| 913,390 | FGLMC | 4.500 | 11/01/44 | 990 | |||||||||||||
| 1,157,401 | FGLMC | 4.500 | 11/01/44 | 1,254 | |||||||||||||
| 393,614 | FGLMC | 4.500 | 12/01/44 | 422 | |||||||||||||
| 664,127 | FGLMC | 4.500 | 12/01/44 | 719 | |||||||||||||
| 2,993,272 | FGLMC | 3.500 | 04/01/45 | 3,099 | |||||||||||||
| 26,039,300 | FGLMC | 3.500 | 10/01/45 | 26,921 | |||||||||||||
| 12,808,596 | FGLMC | 4.000 | 12/01/45 | 13,539 | |||||||||||||
| 2,512,550 | FGLMC | 4.000 | 05/01/46 | 2,647 | |||||||||||||
| 50,552,258 | FGLMC | 3.500 | 08/01/46 | 52,251 | |||||||||||||
| 2,722,899 | FGLMC | 4.000 | 09/01/47 | 2,887 | |||||||||||||
| 1,145 | Federal National Mortgage Association (FNMA) | 8.000 | 03/01/23 | 1 | |||||||||||||
| 18,561 | FNMA | 8.000 | 07/01/24 | 21 | |||||||||||||
| 18,500,000 | i | FNMA | 2.784 | 02/25/27 | 18,406 | ||||||||||||
| 237,282 | FNMA | 2.500 | 06/01/30 | 238 | |||||||||||||
| 847,922 | FNMA | 2.500 | 06/01/31 | 847 | |||||||||||||
| 326,554 | FNMA | 2.500 | 07/01/31 | 326 | |||||||||||||
| 7,922,614 | FNMA | 2.500 | 07/01/31 | 7,919 | |||||||||||||
| 1,914,413 | FNMA | 2.500 | 08/01/31 | 1,914 | |||||||||||||
| 471,263 | FNMA | 2.500 | 09/01/31 | 471 | |||||||||||||
| 577,120 | FNMA | 2.500 | 09/01/31 | 577 | |||||||||||||
| 379,586 | FNMA | 2.500 | 09/01/31 | 379 | |||||||||||||
| 927,174 | FNMA | 2.500 | 10/01/31 | 927 | |||||||||||||
| 284,223 | FNMA | 2.500 | 10/01/31 | 284 | |||||||||||||
| 472,135 | FNMA | 2.500 | 11/01/31 | 472 | |||||||||||||
| 256,333 | FNMA | 2.500 | 11/01/31 | 256 | |||||||||||||
| 338,465 | FNMA | 2.500 | 11/01/31 | 338 | |||||||||||||
| 689,890 | FNMA | 2.500 | 11/01/31 | 690 | |||||||||||||
| 153,029 | FNMA | 2.500 | 11/01/31 | 153 | |||||||||||||
| 346,747 | FNMA | 2.500 | 11/01/31 | 347 | |||||||||||||
| 788,759 | FNMA | 2.500 | 11/01/31 | 788 | |||||||||||||
| 358,096 | FNMA | 2.500 | 12/01/31 | 358 | |||||||||||||
| 1,230,864 | FNMA | 2.500 | 12/01/31 | 1,230 | |||||||||||||
| 430,350 | FNMA | 2.500 | 12/01/31 | 430 | |||||||||||||
| 268,731 | FNMA | 2.500 | 12/01/31 | 269 | |||||||||||||
| 972,701 | FNMA | 2.500 | 12/01/31 | 972 | |||||||||||||
| 8,801,414 | FNMA | 3.500 | 02/01/32 | 9,102 | |||||||||||||
| 3,777,878 | FNMA | 3.500 | 05/01/32 | 3,912 | |||||||||||||
| 773,306 | FNMA | 2.500 | 06/01/32 | 773 | |||||||||||||
| 365 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 198,243 | FNMA | 2.500 | % | 06/01/32 | $ | 198 | ||||||||||
| 371,434 | FNMA | 2.500 | 07/01/32 | 371 | |||||||||||||
| 707,043 | FNMA | 2.500 | 07/01/32 | 707 | |||||||||||||
| 1,548,721 | FNMA | 2.500 | 07/01/32 | 1,548 | |||||||||||||
| 9,486,238 | FNMA | 3.500 | 07/01/32 | 9,811 | |||||||||||||
| 275,233 | FNMA | 6.500 | 07/01/32 | 311 | |||||||||||||
| 23,273,601 | FNMA | 3.000 | 11/01/32 | 23,724 | |||||||||||||
| 2,193,370 | FNMA | 5.000 | 06/01/33 | 2,381 | |||||||||||||
| 4,790,176 | FNMA | 5.000 | 10/01/33 | 5,204 | |||||||||||||
| 282,372 | FNMA | 5.000 | 11/01/33 | 307 | |||||||||||||
| 747,903 | FNMA | 5.000 | 03/01/34 | 813 | |||||||||||||
| 1,303,717 | FNMA | 5.500 | 03/01/34 | 1,447 | |||||||||||||
| 3,919,168 | FNMA | 5.000 | 05/01/35 | 4,258 | |||||||||||||
| 2,511,152 | FNMA | 5.000 | 10/01/35 | 2,728 | |||||||||||||
| 1,914,680 | FNMA | 5.000 | 02/01/36 | 2,080 | |||||||||||||
| 982,208 | FNMA | 5.500 | 08/01/37 | 1,092 | |||||||||||||
| 591,980 | FNMA | 6.000 | 09/01/37 | 679 | |||||||||||||
| 484,401 | FNMA | 6.000 | 09/01/37 | 556 | |||||||||||||
| 107,973 | FNMA | 6.500 | 09/01/37 | 120 | |||||||||||||
| 602,191 | FNMA | 5.500 | 01/01/38 | 668 | |||||||||||||
| 17,537 | FNMA | 6.500 | 02/01/38 | 19 | |||||||||||||
| 1,842,624 | FNMA | 5.500 | 04/01/38 | 2,033 | |||||||||||||
| 2,793,454 | FNMA | 5.500 | 11/01/38 | 3,107 | |||||||||||||
| 3,623,428 | FNMA | 5.500 | 12/01/38 | 4,046 | |||||||||||||
| 33,095 | FNMA | 4.500 | 04/01/39 | 36 | |||||||||||||
| 701,252 | FNMA | 4.500 | 05/01/39 | 757 | |||||||||||||
| 344,648 | FNMA | 4.000 | 07/01/39 | 364 | |||||||||||||
| 1,084,776 | FNMA | 5.500 | 08/01/39 | 1,204 | |||||||||||||
| 49,431 | FNMA | 4.500 | 02/01/40 | 53 | |||||||||||||
| 403,370 | FNMA | 5.000 | 08/01/40 | 435 | |||||||||||||
| 1,966,607 | FNMA | 5.000 | 09/01/40 | 2,123 | |||||||||||||
| 140,655 | FNMA | 4.500 | 11/01/40 | 152 | |||||||||||||
| 4,973,428 | FNMA | 4.500 | 01/01/41 | 5,368 | |||||||||||||
| 232,304 | FNMA | 4.500 | 01/01/41 | 251 | |||||||||||||
| 5,438,257 | FNMA | 4.500 | 01/01/41 | 5,899 | |||||||||||||
| 199,935 | FNMA | 4.500 | 02/01/41 | 216 | |||||||||||||
| 3,300,557 | FNMA | 5.000 | 05/01/41 | 3,564 | |||||||||||||
| 250,302 | FNMA | 4.500 | 06/01/41 | 270 | |||||||||||||
| 203,399 | FNMA | 4.500 | 06/01/41 | 220 | |||||||||||||
| 595,262 | FNMA | 5.000 | 06/01/41 | 642 | |||||||||||||
| 1,804,443 | FNMA | 5.000 | 07/01/41 | 1,949 | |||||||||||||
| 1,431,728 | FNMA | 4.500 | 09/01/41 | 1,545 | |||||||||||||
| 385,612 | FNMA | 4.500 | 12/01/41 | 416 | |||||||||||||
| 10,362,279 | FNMA | 5.500 | 12/01/41 | 11,726 | |||||||||||||
| 629,513 | FNMA | 4.500 | 01/01/42 | 682 | |||||||||||||
| 253,799 | FNMA | 4.500 | 01/01/42 | 274 | |||||||||||||
| 221,792 | FNMA | 4.500 | 04/01/42 | 239 | |||||||||||||
| 1,792,977 | FNMA | 4.500 | 04/01/42 | 1,922 | |||||||||||||
| 287,483 | FNMA | 4.500 | 06/01/42 | 310 | |||||||||||||
| 2,514,119 | FNMA | 4.500 | 06/01/42 | 2,693 | |||||||||||||
| 208,058 | FNMA | 4.500 | 07/01/42 | 225 | |||||||||||||
| 5,035,341 | FNMA | 4.500 | 08/01/42 | 5,432 | |||||||||||||
| 164,406 | FNMA | 3.000 | 10/01/42 | 165 | |||||||||||||
| 9,204,140 | FNMA | 3.000 | 10/01/42 | 9,256 | |||||||||||||
| 366 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 6,611,806 | w | FNMA | 3.000 | % | 01/01/43 | $ | 6,649 | |||||||||
| 2,041,140 | FNMA | 4.500 | 01/01/43 | 2,177 | |||||||||||||
| 8,586,942 | w | FNMA | 3.000 | 02/01/43 | 8,635 | ||||||||||||
| 4,861,560 | FNMA | 3.000 | 02/25/43 | 4,907 | |||||||||||||
| 9,434 | FNMA | 3.000 | 04/01/43 | 9 | |||||||||||||
| 4,801,541 | FNMA | 3.000 | 08/25/43 | 4,847 | |||||||||||||
| 4,957,047 | FNMA | 4.500 | 10/01/43 | 5,350 | |||||||||||||
| 4,402,876 | FNMA | 4.000 | 04/01/44 | 4,646 | |||||||||||||
| 2,863,026 | FNMA | 4.000 | 06/01/44 | 3,022 | |||||||||||||
| 1,963,010 | FNMA | 4.000 | 06/01/44 | 2,072 | |||||||||||||
| 1,069,808 | FNMA | 4.500 | 06/01/44 | 1,145 | |||||||||||||
| 10,473,038 | FNMA | 4.500 | 06/01/44 | 11,321 | |||||||||||||
| 1,930,151 | FNMA | 4.000 | 07/01/44 | 2,036 | |||||||||||||
| 846,171 | FNMA | 4.000 | 07/01/44 | 893 | |||||||||||||
| 2,167,215 | FNMA | 4.000 | 08/01/44 | 2,287 | |||||||||||||
| 965,306 | FNMA | 4.000 | 08/01/44 | 1,018 | |||||||||||||
| 6,798,841 | FNMA | 4.000 | 08/01/44 | 7,174 | |||||||||||||
| 3,560,218 | FNMA | 4.000 | 08/01/44 | 3,757 | |||||||||||||
| 2,483,533 | FNMA | 4.500 | 08/01/44 | 2,684 | |||||||||||||
| 707,206 | FNMA | 4.000 | 09/01/44 | 746 | |||||||||||||
| 643,586 | FNMA | 4.000 | 09/01/44 | 679 | |||||||||||||
| 3,574,772 | FNMA | 4.000 | 10/01/44 | 3,772 | |||||||||||||
| 5,687,113 | FNMA | 4.500 | 10/01/44 | 6,147 | |||||||||||||
| 11,383,915 | FNMA | 4.500 | 11/01/44 | 12,305 | |||||||||||||
| 4,725,924 | FNMA | 4.000 | 12/01/44 | 4,987 | |||||||||||||
| 2,450,469 | FNMA | 4.500 | 12/01/44 | 2,649 | |||||||||||||
| 3,557,308 | FNMA | 4.000 | 01/01/45 | 3,754 | |||||||||||||
| 12,725,518 | FNMA | 3.000 | 02/25/45 | 12,764 | |||||||||||||
| 403,085 | FNMA | 3.500 | 03/01/45 | 416 | |||||||||||||
| 287,982 | FNMA | 3.500 | 03/01/45 | 298 | |||||||||||||
| 683,395 | FNMA | 4.500 | 03/01/45 | 739 | |||||||||||||
| 3,879,984 | FNMA | 3.000 | 03/25/45 | 3,905 | |||||||||||||
| 709,055 | FNMA | 4.500 | 04/01/45 | 766 | |||||||||||||
| 5,665,214 | FNMA | 3.500 | 05/01/45 | 5,868 | |||||||||||||
| 824,131 | FNMA | 4.000 | 05/01/45 | 870 | |||||||||||||
| 1,727,802 | FNMA | 4.000 | 06/01/45 | 1,831 | |||||||||||||
| 773,625 | FNMA | 4.000 | 08/01/45 | 820 | |||||||||||||
| 17,784,941 | FNMA | 4.000 | 09/01/45 | 18,766 | |||||||||||||
| 3,464,696 | FNMA | 4.000 | 11/01/45 | 3,673 | |||||||||||||
| 876,477 | FNMA | 4.000 | 12/01/45 | 929 | |||||||||||||
| 8,759,944 | FNMA | 3.500 | 01/01/46 | 9,053 | |||||||||||||
| 10,867,065 | FNMA | 4.000 | 01/01/46 | 11,491 | |||||||||||||
| 8,048,122 | FNMA | 3.500 | 02/01/46 | 8,312 | |||||||||||||
| 10,945,948 | FNMA | 3.500 | 06/01/46 | 11,314 | |||||||||||||
| 2,972,633 | FNMA | 3.500 | 08/01/46 | 3,055 | |||||||||||||
| 27,864,266 | FNMA | 3.000 | 11/01/46 | 27,884 | |||||||||||||
| 31,049,078 | FNMA | 3.000 | 12/01/46 | 31,071 | |||||||||||||
| 19,372,370 | FNMA | 3.500 | 12/01/46 | 19,912 | |||||||||||||
| 20,072,623 | FNMA | 3.500 | 12/01/46 | 20,632 | |||||||||||||
| 26,650,136 | FNMA | 3.000 | 01/01/47 | 26,669 | |||||||||||||
| 53,314,559 | FNMA | 3.500 | 01/01/47 | 54,799 | |||||||||||||
| 968,975 | FNMA | 3.000 | 04/01/47 | 970 | |||||||||||||
| 69,578,330 | FNMA | 4.000 | 09/01/47 | 72,868 | |||||||||||||
| 367 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 961,248 | FNMA | 4.500 | % | 09/01/47 | $ | 1,024 | ||||||||||
| 36,995,729 | FNMA | 4.500 | 10/01/47 | 39,408 | |||||||||||||
| 3,785,763 | FNMA | 4.000 | 12/01/47 | 3,987 | |||||||||||||
| 12,000,000 | FNMA | 3.500 | 01/01/48 | 12,335 | |||||||||||||
| 11,042 | Government National Mortgage Association (GNMA) | 6.500 | 08/15/23 | 12 | |||||||||||||
| 5,656 | GNMA | 6.500 | 08/15/23 | 6 | |||||||||||||
| 5,530,466 | GNMA | 2.580 | 08/15/25 | 5,444 | |||||||||||||
| 71,011 | GNMA | 6.500 | 05/20/31 | 83 | |||||||||||||
| 8,062,900 | GNMA | 2.640 | 01/15/33 | 7,873 | |||||||||||||
| 11,318,587 | GNMA | 2.690 | 06/15/33 | 11,012 | |||||||||||||
| 9,112,115 | GNMA | 3.700 | 10/15/33 | 9,504 | |||||||||||||
| 73,827 | GNMA | 6.000 | 10/20/36 | 83 | |||||||||||||
| 84,938 | GNMA | 6.000 | 01/20/37 | 96 | |||||||||||||
| 479,621 | GNMA | 6.000 | 02/20/37 | 543 | |||||||||||||
| 209,781 | GNMA | 5.000 | 04/15/38 | 228 | |||||||||||||
| 137,384 | GNMA | 6.000 | 08/20/38 | 155 | |||||||||||||
| 303,128 | GNMA | 6.500 | 11/20/38 | 344 | |||||||||||||
| 24,145 | GNMA | 4.500 | 02/20/39 | 26 | |||||||||||||
| 8,359,837 | GNMA | 3.700 | 08/15/40 | 8,639 | |||||||||||||
| 34,040 | GNMA | 4.500 | 08/20/41 | 37 | |||||||||||||
| 121,574 | GNMA | 4.500 | 09/20/41 | 131 | |||||||||||||
| 26,550 | GNMA | 4.500 | 01/20/44 | 29 | |||||||||||||
| 32,975 | GNMA | 4.500 | 02/20/44 | 36 | |||||||||||||
| 51,276 | GNMA | 4.500 | 05/20/44 | 55 | |||||||||||||
| 366,517 | GNMA | 4.500 | 05/20/44 | 395 | |||||||||||||
| 398,414 | GNMA | 4.500 | 08/20/44 | 429 | |||||||||||||
| 402,391 | GNMA | 4.500 | 09/20/44 | 434 | |||||||||||||
| 143,114 | GNMA | 4.500 | 10/20/44 | 154 | |||||||||||||
| 108,551 | GNMA | 4.500 | 11/20/44 | 116 | |||||||||||||
| 250,593 | GNMA | 4.500 | 12/20/44 | 270 | |||||||||||||
| 380,862 | GNMA | 4.500 | 02/20/45 | 410 | |||||||||||||
| 434,194 | GNMA | 4.500 | 08/20/45 | 468 | |||||||||||||
| 474,161 | GNMA | 4.500 | 08/20/45 | 511 | |||||||||||||
| 443,538 | GNMA | 4.500 | 12/20/45 | 478 | |||||||||||||
| 33,390,729 | GNMA | 3.500 | 08/20/47 | 34,577 | |||||||||||||
| 4,893,386 | GNMA | 3.500 | 11/20/47 | 5,067 | |||||||||||||
| 10,775,936 | GNMA | 4.000 | 11/20/47 | 11,297 | |||||||||||||
| 65,539,339 | GNMA | 3.000 | 12/20/47 | 66,181 | |||||||||||||
| 46,000,000 | GNMA | 3.500 | 12/20/47 | 47,635 | |||||||||||||
| TOTAL MORTGAGE BACKED | 1,057,807 | ||||||||||||||||
| MUNICIPAL BONDS - 4.4% | |||||||||||||||||
| 3,340,000 | Antelope Valley-East Kern Water Agency Financing Authority | 4.326 | 06/01/36 | 3,463 | |||||||||||||
| 4,500,000 | g | Basin Electric Power Coop | 6.127 | 06/01/41 | 5,245 | ||||||||||||
| 3,790,000 | Bay Area Water Supply & Conservation Agency | 2.535 | 10/01/21 | 3,795 | |||||||||||||
| 2,635,000 | Bay Area Water Supply & Conservation Agency | 3.015 | 10/01/24 | 2,651 | |||||||||||||
| 1,170,000 | Brunswick & Glynn County Development Authority | 3.060 | 04/01/25 | 1,164 | |||||||||||||
| 6,270,600 | California Earthquake Authority | 2.805 | 07/01/19 | 6,276 | |||||||||||||
| 13,000,000 | California Housing Finance Agency | 2.966 | 08/01/22 | 13,144 | |||||||||||||
| 6,080,000 | g | California Pollution Control Financing Authority | 5.000 | 07/01/27 | 6,119 | ||||||||||||
| 7,930,000 | g | California Pollution Control Financing Authority | 5.000 | 07/01/37 | 7,981 | ||||||||||||
| 2,470,000 | g | California Pollution Control Financing Authority | 5.000 | 11/21/45 | 2,511 | ||||||||||||
| 3,700,000 | Calleguas Municipal Water District | 2.030 | 07/01/18 | 3,706 | |||||||||||||
| 368 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 3,380,000 | Chicago Board of Education | 5.000 | % | 12/01/20 | $ | 3,527 | ||||||||||
| 9,700,000 | Chicago Metropolitan Water Reclamation District-Greater Chicago | 5.720 | 12/01/38 | 12,613 | |||||||||||||
| 3,035,000 | City & County of Honolulu, HI | 2.668 | 10/01/27 | 2,951 | |||||||||||||
| 1,250,000 | City & County of Honolulu, HI | 6.114 | 07/01/29 | 1,325 | |||||||||||||
| 7,085,000 | City & County of San Francisco CA | 4.000 | 04/01/47 | 7,188 | |||||||||||||
| 5,500,000 | City & County of San Francisco CA | 4.000 | 09/01/48 | 5,613 | |||||||||||||
| 8,850,000 | City of Austin TX Water & Wastewater System Revenue | 1.933 | 05/15/19 | 8,821 | |||||||||||||
| 2,750,000 | City of Austin TX Water & Wastewater System Revenue | 2.133 | 11/15/19 | 2,746 | |||||||||||||
| 6,500,000 | City of Chicago IL | 7.750 | 01/01/42 | 7,219 | |||||||||||||
| 7,280,000 | City of Cincinnati OH Water System Revenue | 2.568 | 12/01/21 | 7,329 | |||||||||||||
| 560,000 | City of Eugene, OR | 6.320 | 08/01/22 | 620 | |||||||||||||
| 1,250,000 | City of Florence SC | 4.250 | 12/01/34 | 1,274 | |||||||||||||
| 4,500,000 | City of Gary IN | 5.000 | 01/08/18 | 4,497 | |||||||||||||
| 12,500,000 | City of Houston TX Utility System Revenue | 2.563 | 05/15/20 | 12,621 | |||||||||||||
| 500,000 | City of Jersey City NJ | 2.079 | 09/01/18 | 500 | |||||||||||||
| 925,000 | City of Jersey City NJ | 2.423 | 09/01/19 | 925 | |||||||||||||
| 3,010,000 | City of Norfolk VA | 3.000 | 10/01/35 | 2,740 | |||||||||||||
| 3,665,000 | City of Norfolk VA | 3.050 | 10/01/36 | 3,347 | |||||||||||||
| 3,345,000 | City of San Francisco CA Public Utilities Commission Water Revenue | 3.000 | 11/01/26 | 3,281 | |||||||||||||
| 3,725,000 | City of San Francisco CA Public Utilities Commission Water Revenue | 3.950 | 11/01/36 | 3,824 | |||||||||||||
| 18,500,000 | City of San Francisco CA Public Utilities Commission Water Revenue | 4.185 | 11/01/46 | 19,310 | |||||||||||||
| 1,000,000 | City of San Juan Capistrano CA | 3.700 | 08/01/31 | 1,019 | |||||||||||||
| 1,000,000 | Commonwealth Financing Authority | 2.675 | 06/01/21 | 999 | |||||||||||||
| 1,150,000 | Commonwealth Financing Authority | 2.875 | 06/01/22 | 1,149 | |||||||||||||
| 2,310,000 | Commonwealth Financing Authority | 3.075 | 06/01/23 | 2,318 | |||||||||||||
| 9,050,000 | Commonwealth of Massachusetts | 3.277 | 06/01/46 | 8,729 | |||||||||||||
| 1,500,000 | County of Miami-Dade FL Aviation Revenue | 2.218 | 10/01/22 | 1,460 | |||||||||||||
| 15,000,000 | District of Columbia Water & Sewer Authority | 4.814 | 10/01/14 | 17,534 | |||||||||||||
| 1,615,000 | Fiscal Year 2005 Securitization Corp | 4.760 | 08/15/19 | 1,636 | |||||||||||||
| 9,000,000 | Florida State Board of Administration Finance Corp | 2.163 | 07/01/19 | 8,981 | |||||||||||||
| 15,630,000 | j | Garden State Preservation Trust | 0.000 | 11/01/22 | 13,890 | ||||||||||||
| 1,000,000 | Grant County Public Utility District No 2 | 5.470 | 01/01/34 | 1,090 | |||||||||||||
| 1,250,000 | Grant County Public Utility District No 2 | 4.164 | 01/01/35 | 1,326 | |||||||||||||
| 4,135,000 | Greene County OH | 2.720 | 12/01/21 | 4,171 | |||||||||||||
| 4,365,000 | Greene County OH | 3.120 | 12/01/23 | 4,425 | |||||||||||||
| 4,615,000 | Greene County OH | 3.270 | 12/01/24 | 4,684 | |||||||||||||
| 4,755,000 | Greene County OH | 3.420 | 12/01/25 | 4,832 | |||||||||||||
| 1,400,000 | Guadalupe Valley Electric Coop, Inc | 5.671 | 10/01/32 | 1,532 | |||||||||||||
| 975,000 | Guadalupe-Blanco River Authority Industrial Development Corp | 3.287 | 04/15/23 | 979 | |||||||||||||
| 5,125,000 | Imperial Irrigation District Electric System Revenue | 4.500 | 11/01/40 | 5,683 | |||||||||||||
| 2,000,000 | Kern County Water Agency Improvement District No 4 | 4.276 | 05/01/36 | 2,136 | |||||||||||||
| 540,000 | Lavaca-Navidad River Authority | 3.850 | 08/01/26 | 558 | |||||||||||||
| 6,430,000 | Lavaca-Navidad River Authority | 4.430 | 08/01/35 | 6,666 | |||||||||||||
| 3,725,000 | Maryland Community Development Administration Housing Revenue | 3.797 | 03/01/39 | 3,683 | |||||||||||||
| 500,000 | Massachusetts Housing Finance Agency | 4.782 | 12/01/20 | 511 | |||||||||||||
| 369 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 4,650,000 | Massachusetts St. Water Pollution Abatement | 5.192 | % | 08/01/40 | $ | 5,427 | ||||||||||
| 3,500,000 | Metropolitan Council | 1.750 | 09/01/20 | 3,459 | |||||||||||||
| 5,000,000 | Metropolitan Water District of Southern California | 6.250 | 07/01/39 | 5,279 | |||||||||||||
| 8,000,000 | Michigan Finance Authority | 5.000 | 07/01/22 | 8,994 | |||||||||||||
| 500,000 | Michigan Finance Authority | 5.000 | 07/01/22 | 553 | |||||||||||||
| 8,945,000 | Michigan Finance Authority | 5.000 | 07/01/22 | 10,056 | |||||||||||||
| 2,500,000 | Michigan Finance Authority | 5.000 | 07/01/30 | 2,829 | |||||||||||||
| 2,000,000 | Michigan Finance Authority | 5.000 | 07/01/31 | 2,255 | |||||||||||||
| 7,665,000 | Michigan Finance Authority | 3.610 | 11/01/32 | 7,560 | |||||||||||||
| 8,500,000 | New Jersey Economic Development Authority | 4.271 | 06/15/20 | 8,675 | |||||||||||||
| 7,400,000 | New Jersey Economic Development Authority | 5.706 | 06/15/30 | 8,344 | |||||||||||||
| 3,000,000 | New Jersey Economic Development Authority | 5.756 | 06/15/31 | 3,389 | |||||||||||||
| 1,590,000 | New York State Energy Research & Development Authority | 2.372 | 07/01/19 | 1,600 | |||||||||||||
| 1,285,000 | New York State Energy Research & Development Authority | 2.772 | 07/01/20 | 1,305 | |||||||||||||
| 1,590,000 | New York State Energy Research & Development Authority | 3.206 | 07/01/22 | 1,647 | |||||||||||||
| 1,200,000 | New York State Environmental Facilities Corp | 2.005 | 06/15/19 | 1,195 | |||||||||||||
| 1,220,000 | New York State Environmental Facilities Corp | 2.595 | 06/15/21 | 1,222 | |||||||||||||
| 1,255,000 | New York State Environmental Facilities Corp | 3.045 | 06/15/24 | 1,261 | |||||||||||||
| 1,225,000 | New York State Environmental Facilities Corp | 3.195 | 06/15/25 | 1,231 | |||||||||||||
| 2,120,000 | New York State Environmental Facilities Corp | 3.520 | 07/15/27 | 2,180 | |||||||||||||
| 500,000 | New York State Environmental Facilities Corp | 3.684 | 12/15/29 | 520 | |||||||||||||
| 680,000 | New York State Urban Development Corp | 6.500 | 12/15/18 | 710 | |||||||||||||
| 1,250,000 | g | Niagara Area Development Corp | 4.000 | 11/01/24 | 1,251 | ||||||||||||
| 4,750,000 | Northern California Power Agency | 4.320 | 07/01/24 | 4,985 | |||||||||||||
| 4,760,000 | Ohio State Water Development Authority | 4.879 | 12/01/34 | 5,485 | |||||||||||||
| 700,000 | Oklahoma Water Resources Board | 3.071 | 04/01/22 | 719 | |||||||||||||
| 2,500,000 | Palm Beach County Solid Waste Authority | 2.636 | 10/01/24 | 2,468 | |||||||||||||
| 1,000,000 | Pend Oreille County Public Utility District No Box Canyon | 2.787 | 01/01/18 | 1,000 | |||||||||||||
| 1,000,000 | Pend Oreille County Public Utility District No Box Canyon | 3.037 | 01/01/19 | 994 | |||||||||||||
| 1,070,000 | Pend Oreille County Public Utility District No Box Canyon | 3.621 | 01/01/21 | 1,063 | |||||||||||||
| 5,000,000 | Pend Oreille County Public Utility District No Box Canyon | 5.000 | 01/01/30 | 5,174 | |||||||||||||
| 1,000,000 | Sacramento Area Flood Control Agency | 2.699 | 10/01/22 | 987 | |||||||||||||
| 435,000 | San Francisco City & County Redevelopment Agency | 3.113 | 08/01/22 | 440 | |||||||||||||
| 2,000,000 | San Francisco City & County Redevelopment Agency | 4.375 | 08/01/44 | 2,115 | |||||||||||||
| 1,000,000 | South Dakota Conservancy District | 1.620 | 08/01/18 | 999 | |||||||||||||
| 3,330,000 | South Dakota Conservancy District | 1.648 | 08/01/18 | 3,327 | |||||||||||||
| 2,920,000 | South Dakota Conservancy District | 1.898 | 08/01/19 | 2,911 | |||||||||||||
| 38,830,000 | State of California | 3.750 | 10/01/37 | 40,282 | |||||||||||||
| 10,050,000 | State of California | 4.988 | 04/01/39 | 11,180 | |||||||||||||
| 2,228,000 | State of Illinois | 4.350 | 06/01/18 | 2,244 | |||||||||||||
| 10,500,000 | State of Illinois | 5.000 | 02/01/19 | 10,755 | |||||||||||||
| 9,800,000 | State of Illinois | 5.000 | 02/01/20 | 10,194 | |||||||||||||
| 8,000,000 | State of Illinois | 5.000 | 02/01/22 | 8,493 | |||||||||||||
| 9,000,000 | State of Illinois | 5.520 | 04/01/38 | 8,897 | |||||||||||||
| 16,225,000 | State of Louisiana | 1.260 | 08/01/18 | 16,165 | |||||||||||||
| 1,500,000 | State of Louisiana | 1.769 | 08/01/20 | 1,481 | |||||||||||||
| 4,505,000 | State of Michigan | 3.375 | 12/01/20 | 4,660 | |||||||||||||
| 370 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 4,405,000 | State of Michigan | 3.590 | % | 12/01/26 | $ | 4,612 | ||||||||||
| 2,500,000 | State of Ohio | 5.412 | 09/01/28 | 3,048 | |||||||||||||
| 2,500,000 | State of Texas | 2.749 | 10/01/23 | 2,512 | |||||||||||||
| 5,000,000 | State of Texas | 6.072 | 10/01/29 | 5,346 | |||||||||||||
| 2,025,000 | State of Texas | 3.576 | 08/01/34 | 2,062 | |||||||||||||
| 3,370,000 | State of Texas | 3.726 | 08/01/43 | 3,412 | |||||||||||||
| 3,000 | State of Wisconsin | 5.700 | 05/01/26 | 3 | |||||||||||||
| 4,000,000 | Suffolk County Water Authority | 4.000 | 06/01/39 | 4,353 | |||||||||||||
| 1,650,000 | Syracuse Industrial Development Agency | 5.000 | 01/01/36 | 1,609 | |||||||||||||
| 2,280,000 | Tampa Bay Water | 2.612 | 10/01/25 | 2,193 | |||||||||||||
| 3,225,000 | Tampa Bay Water | 2.782 | 10/01/26 | 3,121 | |||||||||||||
| 3,000,000 | Tampa Bay Water | 2.952 | 10/01/27 | 2,933 | |||||||||||||
| 1,255,000 | Texas Water Development Board | 4.248 | 10/15/35 | 1,321 | |||||||||||||
| 4,170,000 | Texas Water Development Board | 4.648 | 04/15/50 | 4,460 | |||||||||||||
| 5,000,000 | Tuolumne Wind Project Authority | 6.918 | 01/01/34 | 6,377 | |||||||||||||
| 3,035,000 | University of California | 3.809 | 05/15/28 | 3,189 | |||||||||||||
| 11,400,000 | University of California | 4.009 | 05/15/30 | 12,209 | |||||||||||||
| 1,000,000 | University of Cincinnati | 3.250 | 06/01/29 | 1,031 | |||||||||||||
| 1,560,000 | University of Cincinnati | 3.650 | 06/01/34 | 1,614 | |||||||||||||
| 1,615,000 | University of Cincinnati | 3.700 | 06/01/35 | 1,673 | |||||||||||||
| 18,000,000 | University of New Mexico | 3.532 | 06/20/32 | 18,284 | |||||||||||||
| 17,500,000 | University of Virginia | 3.570 | 04/01/45 | 18,133 | |||||||||||||
| 5,000,000 | Vermont Educational & Health Buildings Financing Agency | 4.000 | 12/01/42 | 5,240 | |||||||||||||
| 3,000,000 | Vermont Educational & Health Buildings Financing Agency | 4.000 | 12/01/46 | 3,135 | |||||||||||||
| 12,710,000 | g | Virgin Islands Water & Power Authority-Electric System | 5.500 | 11/15/18 | 12,647 | ||||||||||||
| 1,000,000 | Washington County Clean Water Services | 5.078 | 10/01/24 | 1,127 | |||||||||||||
| 695,000 | Water Works Board of the City of Birmingham | 1.509 | 01/01/19 | 689 | |||||||||||||
| 2,470,000 | Water Works Board of the City of Birmingham | 1.788 | 01/01/20 | 2,425 | |||||||||||||
| 3,750,000 | Water Works Board of the City of Birmingham | 1.988 | 01/01/21 | 3,669 | |||||||||||||
| 3,100,000 | Water Works Board of the City of Birmingham | 2.192 | 01/01/22 | 3,009 | |||||||||||||
| 600,000 | West Virginia Water Development Authority | 5.000 | 11/01/21 | 667 | |||||||||||||
| 1,345,000 | West Virginia Water Development Authority | 5.000 | 11/01/22 | 1,530 | |||||||||||||
| 1,000,000 | West Virginia Water Development Authority | 5.000 | 11/01/23 | 1,161 | |||||||||||||
| TOTAL MUNICIPAL BONDS | 635,071 | ||||||||||||||||
| U.S. TREASURY SECURITIES - 3.0% | |||||||||||||||||
| 6,000,000 | United States Treasury Bond | 3.125 | 02/15/43 | 6,439 | |||||||||||||
| 1,000,000 | United States Treasury Bond | 3.375 | 05/15/44 | 1,121 | |||||||||||||
| 66,090,000 | United States Treasury Bond | 2.875 | 11/15/46 | 67,721 | |||||||||||||
| 88,925,000 | United States Treasury Bond | 3.000 | 05/15/47 | 93,390 | |||||||||||||
| 32,435,000 | United States Treasury Bond | 2.750 | 08/15/47 | 32,439 | |||||||||||||
| 19,860,000 | United States Treasury Note | 1.125 | 01/31/19 | 19,708 | |||||||||||||
| 2,750,000 | United States Treasury Note | 1.250 | 04/30/19 | 2,728 | |||||||||||||
| 40,000 | United States Treasury Note | 1.375 | 09/30/19 | 40 | |||||||||||||
| 5,750,000 | United States Treasury Note | 1.625 | 03/15/20 | 5,714 | |||||||||||||
| 11,170,000 | United States Treasury Note | 1.750 | 11/15/20 | 11,105 | |||||||||||||
| 13,285,000 | United States Treasury Note | 1.375 | 05/31/21 | 12,985 | |||||||||||||
| 4,150,000 | United States Treasury Note | 2.000 | 07/31/22 | 4,118 | |||||||||||||
| 4,500,000 | United States Treasury Note | 1.750 | 09/30/22 | 4,409 | |||||||||||||
| 12,234,500 | United States Treasury Note | 1.625 | 11/15/22 | 11,921 | |||||||||||||
| 371 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 62,006,500 | United States Treasury Note | 2.000 | % | 11/30/22 | $ | 61,433 | ||||||||||
| 13,130,000 | United States Treasury Note | 1.750 | 01/31/23 | 12,833 | |||||||||||||
| 5,200,000 | United States Treasury Note | 1.500 | 03/31/23 | 5,012 | |||||||||||||
| 1,500,000 | United States Treasury Note | 1.375 | 09/30/23 | 1,429 | |||||||||||||
| 3,200,000 | United States Treasury Note | 1.625 | 10/31/23 | 3,089 | |||||||||||||
| 2,500,000 | United States Treasury Note | 2.250 | 10/31/24 | 2,488 | |||||||||||||
| 26,250,000 | United States Treasury Note | 2.125 | 11/30/24 | 25,899 | |||||||||||||
| 39,755,000 | United States Treasury Note | 2.250 | 11/15/27 | 39,182 | |||||||||||||
| TOTAL U.S. TREASURY SECURITIES | 425,203 | ||||||||||||||||
| TOTAL GOVERNMENT BONDS | 3,422,307 | ||||||||||||||||
| (Cost $3,400,286) | |||||||||||||||||
| STRUCTURED ASSETS - 3.1% | |||||||||||||||||
| ASSET BACKED - 1.7% | |||||||||||||||||
| 915,676 | i | Basic Asset Backed Securities Trust | LIBOR 1 M + 0.310% | 1.862 | 04/25/36 | 878 | |||||||||||
| Series - 2006 1 (Class A3) | |||||||||||||||||
| 4,000,000 | g | Capital Automotive REIT | 3.660 | 10/15/44 | 4,009 | ||||||||||||
| Series - 2014 1A (Class A) | |||||||||||||||||
| 3,973,333 | g | Capital Automotive REIT | 3.870 | 04/15/47 | 4,029 | ||||||||||||
| Series - 2017 1A (Class A1) | |||||||||||||||||
| 4,001,302 | i | Chase Funding Loan Acquisition Trust | LIBOR 1 M + 0.855% | 2.407 | 06/25/34 | 3,821 | |||||||||||
| Series - 2004 OPT1 (Class M1) | |||||||||||||||||
| 3,000,000 | g | DB Master Finance LLC | 3.629 | 11/20/47 | 3,020 | ||||||||||||
| Series - 2017 1A (Class A2I) | |||||||||||||||||
| 1,970,000 | g | Domino’s Pizza Master Issuer LLC | 3.484 | 10/25/45 | 1,977 | ||||||||||||
| Series - 2015 1A (Class A2I) | |||||||||||||||||
| 886,500 | g | Domino’s Pizza Master Issuer LLC | 4.474 | 10/25/45 | 906 | ||||||||||||
| Series - 2015 1A (Class A2II) | |||||||||||||||||
| 12,069,750 | g | Domino’s Pizza Master Issuer LLC | 3.082 | 07/25/47 | 11,937 | ||||||||||||
| Series - 2017 1A (Class A2II) | |||||||||||||||||
| 11,066,600 | †,g | HERO Funding Trust | 3.840 | 09/21/40 | 11,260 | ||||||||||||
| Series - 2015 1A (Class A) | |||||||||||||||||
| 2,606,574 | †,g | HERO Funding Trust | 3.990 | 09/21/40 | 2,669 | ||||||||||||
| Series - 2014 2A (Class A) | |||||||||||||||||
| 5,288,518 | g | HERO Funding Trust | 3.750 | 09/20/41 | 5,367 | ||||||||||||
| Series - 2016 2A (Class A) | |||||||||||||||||
| 5,028,732 | g | HERO Funding Trust | 4.050 | 09/20/41 | 5,186 | ||||||||||||
| Series - 2016 1A (Class A) | |||||||||||||||||
| 1,968,611 | g | HERO Funding Trust | 3.080 | 09/20/42 | 1,942 | ||||||||||||
| Series - 2016 3A (Class A1) | |||||||||||||||||
| 12,107,944 | g | HERO Funding Trust | 3.710 | 09/20/47 | 12,091 | ||||||||||||
| Series - 2017 1A (Class A1) | |||||||||||||||||
| 6,961,016 | g | HERO Funding Trust | 3.190 | 09/20/48 | 6,941 | ||||||||||||
| Series - 2017 3A (Class A1) | |||||||||||||||||
| 2,865,798 | g | HERO Funding Trust | 3.280 | 09/20/48 | 2,854 | ||||||||||||
| Series - 2017 2A (Class A1) | |||||||||||||||||
| 1,180,732 | †,g | HERO Residual Funding | 4.500 | 09/21/42 | 1,175 | ||||||||||||
| Series - 2016 1R (Class A1) | |||||||||||||||||
| 166,667 | g | Hertz Vehicle Financing LLC | 6.440 | 02/25/19 | 167 | ||||||||||||
| Series - 2010 1A (Class B3) | |||||||||||||||||
| 731,214 | i | Lehman XS Trust | LIBOR 1 M + 0.250% | 1.802 | 02/25/36 | 730 | |||||||||||
| Series - 2006 1 (Class 1A1) | |||||||||||||||||
| 372 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 1,000,000 | g | Mosaic Solar Loans LLC | 2.000 | % | 09/20/42 | $ | 944 | |||||||||
| Series - 2017 2A (Class C) | |||||||||||||||||
| 9,615,294 | g | Mosaic Solar Loans LLC | 3.820 | 09/20/42 | 9,651 | ||||||||||||
| Series - 2017 2A (Class A) | |||||||||||||||||
| 3,604,853 | g | MVW Owner Trust | 2.420 | 12/20/34 | 3,572 | ||||||||||||
| Series - 2017 1A (Class A) | |||||||||||||||||
| 6,488,393 | g | Renew | 3.670 | 09/20/52 | 6,409 | ||||||||||||
| Series - 2017 1A (Class A) | |||||||||||||||||
| 326,556 | i | Residential Funding Mortgage Securities II, Inc | 6.510 | 02/25/36 | 328 | ||||||||||||
| Series - 2006 HI1 (Class M1) | |||||||||||||||||
| 124,742 | i | Residential Funding Mortgage Securities II, Inc | 6.560 | 02/25/36 | 131 | ||||||||||||
| Series - 2006 HI1 (Class M2) | |||||||||||||||||
| 355,987 | Santander Drive Auto Receivables Trust | 1.960 | 05/15/20 | 356 | |||||||||||||
| Series - 2015 5 (Class B) | |||||||||||||||||
| 800,000 | Santander Drive Auto Receivables Trust | 2.740 | 12/15/21 | 804 | |||||||||||||
| Series - 2015 5 (Class C) | |||||||||||||||||
| 433,369 | g | Sierra Receivables Funding Co LLC | 1.590 | 11/20/29 | 433 | ||||||||||||
| Series - 2013 1A (Class A) | |||||||||||||||||
| 649,227 | g | Sierra Timeshare Receivables Funding LLC | 2.580 | 09/20/32 | 648 | ||||||||||||
| Series - 2015 3A (Class A) | |||||||||||||||||
| 459,359 | g | Sierra Timeshare Receivables Funding LLC | 3.080 | 09/20/32 | 458 | ||||||||||||
| Series - 2015 3A (Class B) | |||||||||||||||||
| 5,252,652 | g | SolarCity LMC | 4.590 | 04/20/44 | 5,351 | ||||||||||||
| Series - 2014 1 (Class A) | |||||||||||||||||
| 25,706,249 | †,g | SolarCity LMC | 4.020 | 07/20/44 | 24,805 | ||||||||||||
| Series - 2014 2 (Class A) | |||||||||||||||||
| 5,786,256 | g | SolarCity LMC | 4.800 | 09/20/48 | 5,797 | ||||||||||||
| Series - 2016 A (Class A) | |||||||||||||||||
| 3,374,613 | g | SpringCastle America Funding LLC | 3.050 | 04/25/29 | 3,396 | ||||||||||||
| Series - 2016 AA (Class A) | |||||||||||||||||
| 3,309,077 | i | Structured Asset Securities Corp Mortgage Loan Trust | LIBOR 1 M + 1.500% | 2.861 | 04/25/35 | 3,234 | |||||||||||
| Series - 2005 7XS (Class 2A1A) | |||||||||||||||||
| 12,000,000 | g | TES LLC | 4.330 | 10/20/47 | 12,072 | ||||||||||||
| Series - 2017 1A (Class A) | |||||||||||||||||
| 2,500,000 | †,g | TES LLC | 7.740 | 10/20/47 | 2,525 | ||||||||||||
| Series - 2017 1A (Class B) | |||||||||||||||||
| 10,000,000 | †,g | TES LLC | 4.120 | 02/20/48 | 10,006 | ||||||||||||
| Series - 2017 2A (Class A) | |||||||||||||||||
| 6,699,484 | Toyota Auto Receivables Owner Trust | 1.270 | 05/15/19 | 6,691 | |||||||||||||
| Series - 2015 B (Class A3) | |||||||||||||||||
| 21,933,691 | Toyota Auto Receivables Owner Trust | 1.300 | 04/15/20 | 21,851 | |||||||||||||
| Series - 2016 B (Class A3) | |||||||||||||||||
| 22,500,000 | Toyota Auto Receivables Owner Trust | 1.740 | 09/15/20 | 22,464 | |||||||||||||
| Series - 2015 B (Class A4) | |||||||||||||||||
| 4,548,497 | g,i | VOLT LVIII LLC | 3.375 | 05/28/47 | 4,555 | ||||||||||||
| Series - 2017 NPL5 (Class A1) | |||||||||||||||||
| 2,500,000 | g,i | VOLT LVIII LLC | 5.375 | 05/28/47 | 2,500 | ||||||||||||
| Series - 2017 NPL5 (Class A2) | |||||||||||||||||
| 3,500,000 | g,i | VOLT LXIII LLC | 3.000 | 10/25/47 | 3,494 | ||||||||||||
| Series - 2017 NP10 (Class A1) | |||||||||||||||||
| 4,500,000 | g,i | VOLT LXIII LLC | 4.625 | 10/25/47 | 4,479 | ||||||||||||
| Series - 2017 NP10 (Class A2) | |||||||||||||||||
| 373 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 329,426 | †,g | Wachovia Amortization Controlled Heloc NIM | 5.683 | % | 08/12/47 | $ | 327 | |||||||||
| Series - 2006 N1 (Class N1) | |||||||||||||||||
| 233,493 | g,i | Wachovia Loan Trust | LIBOR 1 M + 0.360% | 1.912 | 05/25/35 | 232 | |||||||||||
| Series - 2005 SD1 (Class A) | |||||||||||||||||
| 3,910,000 | g | Wendys Funding LLC | 3.371 | 06/15/45 | 3,920 | ||||||||||||
| Series - 2015 1A (Class A2I) | |||||||||||||||||
| 3,000,000 | g,h | Wendys Funding LLC | 3.573 | 03/15/48 | 2,999 | ||||||||||||
| Series - 2018 1A (Class A2I) | |||||||||||||||||
| TOTAL ASSET BACKED | 245,391 | ||||||||||||||||
| OTHER MORTGAGE BACKED - 1.4% | |||||||||||||||||
| 1,039,379 | g | Banc of America Commercial Mortgage Trust | 5.416 | 01/15/49 | 1,053 | ||||||||||||
| Series - 2007 1 (Class AM) | |||||||||||||||||
| 1,845,795 | i | Banc of America Commercial Mortgage Trust | 5.482 | 01/15/49 | 1,870 | ||||||||||||
| Series - 2007 1 (Class AMFX) | |||||||||||||||||
| 2,000,000 | g,i | Banc of America Commercial Mortgage Trust | 6.038 | 02/10/51 | 1,996 | ||||||||||||
| Series - 2007 5 (Class B) | |||||||||||||||||
| 12,500,000 | g | BBCMS Trust | 3.593 | 09/15/32 | 12,871 | ||||||||||||
| Series - 2015 MSQ (Class A) | |||||||||||||||||
| 6,000,000 | g | BBCMS Trust | 3.894 | 09/15/32 | 6,133 | ||||||||||||
| Series - 2015 MSQ (Class B) | |||||||||||||||||
| 23,898 | i | Bear Stearns Commercial Mortgage Securities Trust | 5.703 | 06/11/50 | 24 | ||||||||||||
| Series - 2007 PW17 (Class AJ) | |||||||||||||||||
| 5,000,000 | g,i | Cityline Commercial Mortgage Trust | 2.778 | 11/10/31 | 4,945 | ||||||||||||
| Series - 2016 CLNE (Class A) | |||||||||||||||||
| 2,324,843 | i | COBALT CMBS Commercial Mortgage Trust | 5.839 | 05/15/46 | 2,363 | ||||||||||||
| Series - 2007 C3 (Class AJ) | |||||||||||||||||
| 2,750,000 | g,i | COMM Mortgage Trust | 3.413 | 10/10/29 | 2,764 | ||||||||||||
| Series - 2017 PANW (Class B) | |||||||||||||||||
| 7,500,000 | g,i | COMM Mortgage Trust | 3.538 | 10/10/29 | 7,509 | ||||||||||||
| Series - 2017 PANW (Class C) | |||||||||||||||||
| 20,761,000 | g | COMM Mortgage Trust | 3.544 | 03/10/31 | 21,629 | ||||||||||||
| Series - 2013 WWP (Class C) | |||||||||||||||||
| 5,000,000 | i | Connecticut Avenue Securities | LIBOR 1 M + 4.250% | 5.802 | 01/25/29 | 5,666 | |||||||||||
| Series - 2016 C04 (Class 1M2) | |||||||||||||||||
| 2,250,000 | i | Connecticut Avenue Securities | LIBOR 1 M + 4.450% | 6.002 | 01/25/29 | 2,507 | |||||||||||
| Series - 2016 C05 (Class 2M2) | |||||||||||||||||
| 2,000,000 | g | Credit Suisse Mortgage Capital Certificates | 5.626 | 05/15/23 | 2,091 | ||||||||||||
| Series - 2006 OMA (Class D) | |||||||||||||||||
| 6,650,000 | g,i | CSAIL Commercial Mortgage Trust | 3.677 | 06/15/37 | 6,698 | ||||||||||||
| Series - 2017 C8 (Class 85BA) | |||||||||||||||||
| 8,750,000 | g,i | CSAIL Commercial Mortgage Trust | 3.677 | 06/15/37 | 8,641 | ||||||||||||
| Series - 2017 C8 (Class 85BB) | |||||||||||||||||
| 5,000,000 | g,i | CSMC Trust | 3.728 | 11/10/32 | 5,117 | ||||||||||||
| Series - 2017 CALI (Class B) | |||||||||||||||||
| 1,715,000 | g,i | DBUBS Mortgage Trust | 5.698 | 11/10/46 | 1,837 | ||||||||||||
| Series - 2011 LC1A (Class C) | |||||||||||||||||
| 250,000 | i | GE Commercial Mortgage Corp | 5.606 | 12/10/49 | 253 | ||||||||||||
| Series - 2007 C1 (Class AM) | |||||||||||||||||
| 3,660,000 | i | GMAC Commercial Mortgage Securities, Inc | 4.984 | 12/10/41 | 3,699 | ||||||||||||
| Series - 2004 C3 (Class C) | |||||||||||||||||
| 10,000,000 | g | GRACE Mortgage Trust | 3.369 | 06/10/28 | 10,256 | ||||||||||||
| Series - 2014 GRCE (Class A) | |||||||||||||||||
| 374 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
| $ | 2,535,000 | g,i | GS Mortgage Securities Corp II | 5.183 | % | 12/10/43 | $ | 2,684 | |||||||||
| Series - 2010 C2 (Class B) | |||||||||||||||||
| 5,000,000 | g | Hudson Yards Mortgage Trust | 2.835 | 08/10/38 | 4,880 | ||||||||||||
| Series - 2016 10HY (Class A) | |||||||||||||||||
| 5,000,000 | g,i | Hudson Yards Mortgage Trust | 2.977 | 08/10/38 | 4,779 | ||||||||||||
| Series - 2016 10HY (Class C) | |||||||||||||||||
| 5,000,000 | g,i | Hudson Yards Mortgage Trust | 2.977 | 08/10/38 | 4,832 | ||||||||||||
| Series - 2016 10HY (Class B) | |||||||||||||||||
| 438,158 | i | Impac CMB Trust | LIBOR 1 M + 0.660% | 2.212 | 03/25/35 | 420 | |||||||||||
| Series - 2004 11 (Class 2A1) | |||||||||||||||||
| 3,025,000 | g,i | JP Morgan Chase Commercial Mortgage Securities Trust | 5.397 | 07/15/46 | 3,208 | ||||||||||||
| Series - 2011 C4 (Class C) | |||||||||||||||||
| 529,225 | i | LB-UBS Commercial Mortgage Trust | 5.541 | 03/15/39 | 535 | ||||||||||||
| Series - 2006 C3 (Class C) | |||||||||||||||||
| 700,740 | i | LB-UBS Commercial Mortgage Trust | 5.563 | 02/15/40 | 701 | ||||||||||||
| Series - 2007 C1 (Class D) | |||||||||||||||||
| 197,806 | i | LB-UBS Commercial Mortgage Trust | 6.114 | 07/15/40 | 198 | ||||||||||||
| Series - 2007 C6 (Class AM) | |||||||||||||||||
| 4,561,223 | †,g,i | LVII Resecuritization Trust | LIBOR 1 M + 2.800% | 4.042 | 07/25/47 | 4,570 | |||||||||||
| Series - 2015 A (Class A) | |||||||||||||||||
| 4,000,000 | g,i | MAD Mortgage Trust | 3.366 | 08/15/34 | 4,019 | ||||||||||||
| Series - 2017 330M (Class B) | |||||||||||||||||
| 2,287,996 | i | ML-CFC Commercial Mortgage Trust | 5.526 | 03/12/51 | 2,314 | ||||||||||||
| Series - 2007 6 (Class AM) | |||||||||||||||||
| 21,000,000 | g | Morgan Stanley Capital I Trust | 3.350 | 07/13/29 | 21,479 | ||||||||||||
| Series - 2014 CPT (Class A) | |||||||||||||||||
| 1,114,033 | i | Morgan Stanley Capital I Trust | 5.389 | 11/12/41 | 1,115 | ||||||||||||
| Series - 2006 HQ10 (Class AJ) | |||||||||||||||||
| 190,084 | i | Morgan Stanley Capital I Trust | 6.247 | 10/15/42 | 190 | ||||||||||||
| Series - 2006 IQ11 (Class AJ) | |||||||||||||||||
| 1,051,100 | i | Morgan Stanley Capital I Trust | 5.995 | 06/11/49 | 1,053 | ||||||||||||
| Series - 2007 IQ15 (Class AJ) | |||||||||||||||||
| 3,878,504 | i | Morgan Stanley Capital I Trust | 6.169 | 12/12/49 | 3,491 | ||||||||||||
| Series - 2007 IQ16 (Class AJFX) | |||||||||||||||||
| 5,000,000 | g,i | MSDB Trust | 3.316 | 07/11/39 | 5,058 | ||||||||||||
| Series - 2017 712F (Class A) | |||||||||||||||||
| 17,385,000 | g | OBP Depositor LLC Trust | 4.646 | 07/15/45 | 18,174 | ||||||||||||
| Series - 2010 OBP (Class A) | |||||||||||||||||
| 4,576,271 | g,i | Sequoia Mortgage Trust | 3.000 | 08/25/47 | 4,580 | ||||||||||||
| Series - 2017 5 (Class A5) | |||||||||||||||||
| 3,479,198 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 2.200% | 3.752 | 03/25/25 | 3,508 | |||||||||||
| Series - 2015 HQ1 (Class M2) | |||||||||||||||||
| 750,000 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 3.800% | 5.352 | 03/25/25 | 815 | |||||||||||
| Series - 2015 HQ1 (Class M3) | |||||||||||||||||
| 1,750,000 | i | Structured Agency Credit Risk Debt Note (STACR) | LIBOR 1 M + 1.350% | 2.902 | 03/25/29 | 1,775 | |||||||||||
| Series - 2016 HQA3 (Class M2) | |||||||||||||||||
| 1,532,631 | i | Wachovia Bank Commercial Mortgage Trust | 6.084 | 05/15/46 | 1,572 | ||||||||||||
| Series - 2007 C34 (Class AJ) | |||||||||||||||||
| 3,000,000 | i | Wachovia Bank Commercial Mortgage Trust | 6.214 | 05/15/46 | 3,075 | ||||||||||||
| Series - 2007 C34 (Class B) | |||||||||||||||||
| 785,794 | i | Wachovia Bank Commercial Mortgage Trust | 5.660 | 04/15/47 | 798 | ||||||||||||
| Series - 2007 C31 (Class AJ) | |||||||||||||||||
| 375 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 875,000 | i | Wachovia Bank Commercial Mortgage Trust | 5.783 | % | 06/15/49 | $ | 525 | |||||||||
| Series - 2007 C32 (Class B) | |||||||||||||||||
| 1,374,343 | i | Wachovia Bank Commercial Mortgage Trust | 5.783 | 06/15/49 | 1,388 | ||||||||||||
| Series - 2007 C32 (Class AJ) | |||||||||||||||||
| 266,186 | i | Wachovia Bank Commercial Mortgage Trust | 6.011 | 02/15/51 | 266 | ||||||||||||
| Series - 2007 C33 (Class AM) | |||||||||||||||||
| TOTAL OTHER MORTGAGE BACKED | 211,924 | ||||||||||||||||
| TOTAL STRUCTURED ASSETS | 457,315 | ||||||||||||||||
| (Cost $458,553) | |||||||||||||||||
| TOTAL BONDS | 5,644,289 | ||||||||||||||||
| (Cost $5,590,582) | |||||||||||||||||
| SHARES | COMPANY | ||||||||||||||||
| COMMON STOCKS - 59.6% | |||||||||||||||||
| AUTOMOBILES & COMPONENTS - 1.2% | |||||||||||||||||
| 88,300 | Aisin Seiki Co Ltd | 4,947 | |||||||||||||||
| 128,679 | Bayerische Motoren Werke AG. | 13,342 | |||||||||||||||
| 89,258 | Bayerische Motoren Werke AG. (Preference) | 7,965 | |||||||||||||||
| 14,599 | BorgWarner, Inc | 746 | |||||||||||||||
| 12,423 | * | Delphi Automotive plc | 1,054 | ||||||||||||||
| 206,182 | Denso Corp | 12,352 | |||||||||||||||
| 2,160,191 | Ford Motor Co | 26,981 | |||||||||||||||
| 307,503 | Fuji Heavy Industries Ltd | 9,750 | |||||||||||||||
| 26,033 | e | Harley-Davidson, Inc | 1,325 | ||||||||||||||
| 499,280 | Honda Motor Co Ltd | 17,039 | |||||||||||||||
| 193,589 | Magna International, Inc | 10,972 | |||||||||||||||
| 373,659 | Mazda Motor Corp | 4,993 | |||||||||||||||
| 56,903 | Michelin (C.G.D.E.) (Class B) | 8,140 | |||||||||||||||
| 1,984 | * | Modine Manufacturing Co | 40 | ||||||||||||||
| 13,300 | NGK Spark Plug Co Ltd | 322 | |||||||||||||||
| 1,141,164 | Nissan Motor Co Ltd | 11,362 | |||||||||||||||
| 30,309 | Renault S.A. | 3,042 | |||||||||||||||
| 277,400 | Sumitomo Electric Industries Ltd | 4,676 | |||||||||||||||
| 100,408 | *,e | Tesla, Inc | 31,262 | ||||||||||||||
| 1,700 | * | Visteon Corp | 213 | ||||||||||||||
| 135,700 | Yamaha Motor Co Ltd | 4,445 | |||||||||||||||
| TOTAL AUTOMOBILES & COMPONENTS | 174,968 | ||||||||||||||||
| BANKS - 4.8% | |||||||||||||||||
| 37,611 | Ameris Bancorp | 1,813 | |||||||||||||||
| 54,352 | Associated Banc-Corp | 1,381 | |||||||||||||||
| 796,793 | Australia & New Zealand Banking Group Ltd | 17,776 | |||||||||||||||
| 4,443,104 | Banca Intesa S.p.A. | 14,742 | |||||||||||||||
| 1,428,096 | Banca Intesa S.p.A. RSP | 4,553 | |||||||||||||||
| 3,846 | Bancfirst Corp | 197 | |||||||||||||||
| 1,929,911 | Banco Bilbao Vizcaya Argentaria S.A. | 16,401 | |||||||||||||||
| 3,214,045 | Banco de Sabadell S.A. | 6,372 | |||||||||||||||
| 1,014,167 | Bank Hapoalim Ltd | 7,448 | |||||||||||||||
| 619,329 | Bank Leumi Le-Israel | 3,728 | |||||||||||||||
| 376 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||||||||||
| 46,788 | Bank Mutual Corp | $ | 498 | ||||||||||||||
| 1,080 | Bank of Hawaii Corp | 93 | |||||||||||||||
| 201,717 | Bank of Montreal | 16,142 | |||||||||||||||
| 307,543 | e | Bank of Nova Scotia | 19,847 | ||||||||||||||
| 3,264 | Bank of the Ozarks, Inc | 158 | |||||||||||||||
| 3,730 | BankUnited | 152 | |||||||||||||||
| 14,280 | Banner Corp | 787 | |||||||||||||||
| 744,657 | BB&T Corp | 37,024 | |||||||||||||||
| 356 | Bendigo Bank Ltd | 3 | |||||||||||||||
| 17,567 | Beneficial Bancorp, Inc | 289 | |||||||||||||||
| 41,663 | Berkshire Hills Bancorp, Inc | 1,525 | |||||||||||||||
| 2,122,000 | BOC Hong Kong Holdings Ltd | 10,724 | |||||||||||||||
| 970 | BOK Financial Corp | 90 | |||||||||||||||
| 20,664 | Brookline Bancorp, Inc | 324 | |||||||||||||||
| 14,021 | Bryn Mawr Bank Corp | 620 | |||||||||||||||
| 2,033,355 | CaixaBank S.A. | 9,453 | |||||||||||||||
| 19,106 | Camden National Corp | 805 | |||||||||||||||
| 87,694 | Canadian Imperial Bank of Commerce/Canada | 8,549 | |||||||||||||||
| 3,360 | Cathay General Bancorp | 142 | |||||||||||||||
| 9,281 | Chemical Financial Corp | 496 | |||||||||||||||
| 264,547 | CIT Group, Inc | 13,024 | |||||||||||||||
| 677,937 | Citizens Financial Group, Inc | 28,460 | |||||||||||||||
| 5,178 | City Holding Co | 349 | |||||||||||||||
| 2,120 | Columbia Banking System, Inc | 92 | |||||||||||||||
| 234,302 | Comerica, Inc | 20,340 | |||||||||||||||
| 69,925 | Commerce Bancshares, Inc | 3,905 | |||||||||||||||
| 119,456 | * | Commerzbank AG. | 1,782 | ||||||||||||||
| 398,646 | Commonwealth Bank of Australia | 24,879 | |||||||||||||||
| 3,936 | Community Bank System, Inc | 212 | |||||||||||||||
| 3,149 | Community Trust Bancorp, Inc | 148 | |||||||||||||||
| 9,365 | Cullen/Frost Bankers, Inc | 886 | |||||||||||||||
| 35,598 | * | Customers Bancorp, Inc | 925 | ||||||||||||||
| 718,693 | DBS Group Holdings Ltd | 13,293 | |||||||||||||||
| 270,130 | DNB NOR Holding ASA | 5,000 | |||||||||||||||
| 11,057 | East West Bancorp, Inc | 673 | |||||||||||||||
| 39,046 | * | FCB Financial Holdings, Inc | 1,983 | ||||||||||||||
| 11,562 | Federal Agricultural Mortgage Corp (Class C) | 905 | |||||||||||||||
| 30,988 | Fifth Third Bancorp | 940 | |||||||||||||||
| 115,446 | First Commonwealth Financial Corp | 1,653 | |||||||||||||||
| 6,726 | First Financial Bancorp | 177 | |||||||||||||||
| 25,728 | e | First Financial Bankshares, Inc | 1,159 | ||||||||||||||
| 1,399 | First Financial Corp | 63 | |||||||||||||||
| 25,682 | First Interstate Bancsystem, Inc | 1,029 | |||||||||||||||
| 26,737 | First Merchants Corp | 1,125 | |||||||||||||||
| 2,260 | First Republic Bank | 196 | |||||||||||||||
| 20,089 | Flushing Financial Corp | 552 | |||||||||||||||
| 16,186 | FNB Corp | 224 | |||||||||||||||
| 2,590 | Glacier Bancorp, Inc | 102 | |||||||||||||||
| 5,441 | Hancock Holding Co | 269 | |||||||||||||||
| 440,200 | Hang Seng Bank Ltd | 10,921 | |||||||||||||||
| 7,159 | Hanmi Financial Corp | 217 | |||||||||||||||
| 21,059 | Heartland Financial USA, Inc | 1,130 | |||||||||||||||
| 25,997 | Heritage Financial Corp | 801 | |||||||||||||||
| 377 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 31,813 | * | HomeStreet, Inc | $ | 921 | |||||
| 21,937 | * | HomeTrust Bancshares, Inc | 565 | ||||||
| 91,000 | Hope Bancorp, Inc | 1,661 | |||||||
| 15,980 | Independent Bank Corp (MA) | 1,116 | |||||||
| 1,029,939 | ING Groep NV | 18,906 | |||||||
| 1,147 | International Bancshares Corp | 45 | |||||||
| 136,208 | Investors Bancorp, Inc | 1,891 | |||||||
| 131,836 | KBC Groep NV | 11,234 | |||||||
| 1,230,729 | Keycorp | 24,824 | |||||||
| 13,009 | Lakeland Financial Corp | 631 | |||||||
| 2,791 | Live Oak Bancshares, Inc | 67 | |||||||
| 168,014 | M&T Bank Corp | 28,729 | |||||||
| 1,800 | MB Financial, Inc | 80 | |||||||
| 58,589 | * | MGIC Investment Corp | 827 | ||||||
| 244,100 | Mitsui Trust Holdings, Inc | 9,658 | |||||||
| 2,476 | Mizrahi Tefahot Bank Ltd | 46 | |||||||
| 8,083,221 | Mizuho Financial Group, Inc | 14,615 | |||||||
| 739,068 | National Australia Bank Ltd | 16,973 | |||||||
| 31,271 | National Bank Holdings Corp | 1,014 | |||||||
| 12,836 | NBT Bancorp, Inc | 472 | |||||||
| 620,145 | New York Community Bancorp, Inc | 8,074 | |||||||
| 1,114,424 | Nordea Bank AB | 13,493 | |||||||
| 54,855 | Northfield Bancorp, Inc | 937 | |||||||
| 80,307 | OFG Bancorp | 755 | |||||||
| 19,038 | Old National Bancorp | 332 | |||||||
| 23,224 | * | Opus Bank | 634 | ||||||
| 21,876 | PacWest Bancorp | 1,103 | |||||||
| 15,278 | People’s United Financial, Inc | 286 | |||||||
| 19,960 | Pinnacle Financial Partners, Inc | 1,323 | |||||||
| 303,968 | PNC Financial Services Group, Inc | 43,859 | |||||||
| 971,340 | Regions Financial Corp | 16,785 | |||||||
| 993,900 | Resona Holdings, Inc | 5,922 | |||||||
| 8,068 | S&T Bancorp, Inc | 321 | |||||||
| 6,272 | ServisFirst Bancshares, Inc | 260 | |||||||
| 260,893 | Skandinaviska Enskilda Banken AB (Class A) | 3,063 | |||||||
| 26,162 | Southside Bancshares, Inc | 881 | |||||||
| 1,299,508 | * | Standard Chartered plc | 13,647 | ||||||
| 17,563 | State Bank & Trust Co | 524 | |||||||
| 8,646 | Stock Yards Bancorp, Inc | 326 | |||||||
| 1,650 | Sun Bancorp, Inc | 40 | |||||||
| 31,853 | * | SVB Financial Group | 7,446 | ||||||
| 472,823 | Svenska Handelsbanken AB | 6,462 | |||||||
| 282,989 | Swedbank AB (A Shares) | 6,827 | |||||||
| 800 | * | Texas Capital Bancshares, Inc | 71 | ||||||
| 7,135 | TFS Financial Corp | 107 | |||||||
| 63,097 | * | The Bancorp, Inc | 623 | ||||||
| 425,787 | Toronto-Dominion Bank | 24,948 | |||||||
| 10,795 | TowneBank | 332 | |||||||
| 12,715 | Trico Bancshares | 481 | |||||||
| 27,461 | * | Tristate Capital Holdings, Inc | 632 | ||||||
| 1,700 | Trustmark Corp | 54 | |||||||
| 9,293 | UMB Financial Corp | 668 | |||||||
| 33,564 | Umpqua Holdings Corp | 698 | |||||||
| 19,739 | Union Bankshares Corp | 714 | |||||||
| 378 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 23,476 | United Bankshares, Inc | $ | 816 | ||||||
| 55,304 | United Financial Bancorp, Inc (New) | 976 | |||||||
| 15,008 | Univest Corp of Pennsylvania | 421 | |||||||
| 858,994 | US Bancorp | 46,025 | |||||||
| 36,494 | * | Walker & Dunlop, Inc | 1,733 | ||||||
| 13,326 | Webster Financial Corp | 748 | |||||||
| 8,948 | WesBanco, Inc | 364 | |||||||
| 13,401 | e | Westamerica Bancorporation | 798 | ||||||
| 51,655 | * | Western Alliance Bancorp | 2,925 | ||||||
| 843,855 | Westpac Banking Corp | 20,525 | |||||||
| 1,110 | Wintrust Financial Corp | 91 | |||||||
| 5,244 | WSFS Financial Corp | 251 | |||||||
| 41,499 | Zions Bancorporation | 2,109 | |||||||
| TOTAL BANKS | 694,231 | ||||||||
| CAPITAL GOODS - 5.0% | |||||||||
| 248,120 | 3M Co | 58,400 | |||||||
| 18,212 | A.O. Smith Corp | 1,116 | |||||||
| 588,509 | ABB Ltd | 15,763 | |||||||
| 881 | Acuity Brands, Inc | 155 | |||||||
| 4,320 | AGCO Corp | 309 | |||||||
| 71,424 | Air Lease Corp | 3,435 | |||||||
| 4,760 | Allegion plc | 379 | |||||||
| 291,683 | Ametek, Inc | 21,138 | |||||||
| 166,678 | Arconic, Inc | 4,542 | |||||||
| 17,429 | Argan, Inc | 784 | |||||||
| 73,600 | Asahi Glass Co Ltd | 3,181 | |||||||
| 41,142 | Assa Abloy AB | 853 | |||||||
| 196,837 | Atlas Copco AB (A Shares) | 8,495 | |||||||
| 163,412 | Atlas Copco AB (B Shares) | 6,263 | |||||||
| 65,507 | Barnes Group, Inc | 4,145 | |||||||
| 2,120 | * | Beacon Roofing Supply, Inc | 135 | ||||||
| 28,642 | Briggs & Stratton Corp | 727 | |||||||
| 73,289 | * | Builders FirstSource, Inc | 1,597 | ||||||
| 3,870 | Carlisle Cos, Inc | 440 | |||||||
| 236,964 | Caterpillar, Inc | 37,341 | |||||||
| 16,918 | * | Chart Industries, Inc | 793 | ||||||
| 122,857 | e | Chicago Bridge & Iron Co NV | 1,983 | ||||||
| 738,761 | CNH Industrial NV | 9,884 | |||||||
| 208,245 | Compagnie de Saint-Gobain | 11,461 | |||||||
| 197,401 | Cummins, Inc | 34,869 | |||||||
| 104,100 | Daikin Industries Ltd | 12,301 | |||||||
| 3,978 | DCC plc | 400 | |||||||
| 124,686 | Deere & Co | 19,515 | |||||||
| 9,530 | Donaldson Co, Inc | 466 | |||||||
| 19,038 | Dover Corp | 1,923 | |||||||
| 24,059 | * | DXP Enterprises, Inc | 711 | ||||||
| 350,156 | Eaton Corp | 27,666 | |||||||
| 4,718 | EMCOR Group, Inc | 386 | |||||||
| 40,628 | * | Esterline Technologies Corp | 3,035 | ||||||
| 152,300 | Fastenal Co | 8,329 | |||||||
| 29,348 | Finning International, Inc | 741 | |||||||
| 11,415 | Flowserve Corp | 481 | |||||||
| 379 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 7,580 | Fortune Brands Home & Security, Inc | $ | 519 | ||||||
| 10,290 | Graco, Inc | 465 | |||||||
| 31,785 | H&E Equipment Services, Inc | 1,292 | |||||||
| 117,926 | Hexcel Corp | 7,294 | |||||||
| 115,000 | Hino Motors Ltd | 1,485 | |||||||
| 238,400 | Illinois Tool Works, Inc | 39,777 | |||||||
| 142,451 | Ingersoll-Rand plc | 12,705 | |||||||
| 2,930 | ITT, Inc | 156 | |||||||
| 548,041 | Johnson Controls International plc | 20,886 | |||||||
| 35,030 | Kaman Corp | 2,061 | |||||||
| 55,200 | Kawasaki Heavy Industries Ltd | 1,931 | |||||||
| 1,195,870 | Keppel Corp Ltd | 6,544 | |||||||
| 97,015 | *,e | KEYW Holding Corp, The | 569 | ||||||
| 374,500 | Komatsu Ltd | 13,534 | |||||||
| 531,700 | Kubota Corp | 10,400 | |||||||
| 52,980 | L3 Technologies, Inc | 10,482 | |||||||
| 2,980 | Lennox International, Inc | 621 | |||||||
| 3,716 | Lincoln Electric Holdings, Inc | 340 | |||||||
| 436,385 | Masco Corp | 19,175 | |||||||
| 430,602 | Meggitt plc | 2,796 | |||||||
| 537,200 | Mitsubishi Corp | 14,813 | |||||||
| 748,600 | Mitsubishi Electric Corp | 12,406 | |||||||
| 3,770 | MSC Industrial Direct Co (Class A) | 364 | |||||||
| 20,156 | * | MYR Group, Inc | 720 | ||||||
| 83,000 | NGK Insulators Ltd | 1,563 | |||||||
| 228,900 | NSK Ltd | 3,586 | |||||||
| 6,360 | Oshkosh Truck Corp | 578 | |||||||
| 68,619 | Osram Licht AG. | 6,144 | |||||||
| 126,765 | PACCAR, Inc | 9,010 | |||||||
| 41,585 | Parker-Hannifin Corp | 8,300 | |||||||
| 110,539 | Pentair plc | 7,806 | |||||||
| 508,888 | *,e | Plug Power, Inc | 1,201 | ||||||
| 170,997 | * | Quanta Services, Inc | 6,688 | ||||||
| 247,163 | Rexel S.A. | 4,475 | |||||||
| 35,911 | Rockwell Automation, Inc | 7,051 | |||||||
| 250,811 | Rockwell Collins, Inc | 34,015 | |||||||
| 56,524 | Roper Industries, Inc | 14,640 | |||||||
| 17,377 | * | Rush Enterprises, Inc (Class A) | 883 | ||||||
| 314,986 | Sandvik AB | 5,514 | |||||||
| 178,180 | Schneider Electric S.A. | 15,106 | |||||||
| 1,554 | * | Sensata Technologies Holding BV | 79 | ||||||
| 171,850 | Siemens AG. | 23,794 | |||||||
| 2,873 | Snap-On, Inc | 501 | |||||||
| 10,800 | Stanley Works | 1,833 | |||||||
| 668,400 | Sumitomo Corp | 11,337 | |||||||
| 34,489 | * | Teledyne Technologies, Inc | 6,248 | ||||||
| 5,280 | Timken Co | 259 | |||||||
| 22,276 | * | Titan Machinery, Inc | 472 | ||||||
| 193,600 | Toyota Tsusho Corp | 7,778 | |||||||
| 64,973 | TransDigm Group, Inc | 17,843 | |||||||
| 1,172 | Travis Perkins plc | 25 | |||||||
| 52,269 | Triton International Ltd | 1,957 | |||||||
| 20,734 | * | United Rentals, Inc | 3,564 | ||||||
| 10,935 | * | Veritiv Corp | 316 | ||||||
| 380 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 43,367 | Vestas Wind Systems AS | $ | 2,997 | ||||||
| 3,459 | W.W. Grainger, Inc | 817 | |||||||
| 34,781 | Wabash National Corp | 755 | |||||||
| 4,620 | * | WABCO Holdings, Inc | 663 | ||||||
| 122,104 | Wartsila Oyj (B Shares) | 7,706 | |||||||
| 3,753 | * | Welbilt, Inc | 88 | ||||||
| 126,967 | * | Wesco Aircraft Holdings, Inc | 940 | ||||||
| 3,950 | * | WESCO International, Inc | 269 | ||||||
| 147,350 | Wolseley plc | 10,574 | |||||||
| 19,775 | Woodward Governor Co | 1,514 | |||||||
| 8,920 | Xylem, Inc | 608 | |||||||
| TOTAL CAPITAL GOODS | 714,974 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES - 0.5% | |||||||||
| 2,604 | ABM Industries, Inc | 98 | |||||||
| 138,545 | * | ACCO Brands Corp | 1,690 | ||||||
| 25,543 | Adecco S.A. | 1,952 | |||||||
| 297,895 | Brambles Ltd | 2,335 | |||||||
| 544,551 | Capita Group plc | 2,942 | |||||||
| 273,810 | * | Copart, Inc | 11,826 | ||||||
| 4,400 | e | Covanta Holding Corp | 74 | ||||||
| 20,242 | Exponent, Inc | 1,439 | |||||||
| 1,924 | Forrester Research, Inc | 85 | |||||||
| 21,492 | Heidrick & Struggles International, Inc | 528 | |||||||
| 11,793 | * | ICF International, Inc | 619 | ||||||
| 33,300 | Insperity, Inc | 1,910 | |||||||
| 131,450 | Intertek Group plc | 9,193 | |||||||
| 1,690 | KAR Auction Services, Inc | 86 | |||||||
| 16,221 | Kelly Services, Inc (Class A) | 442 | |||||||
| 18,783 | Kforce, Inc | 474 | |||||||
| 19,001 | Manpower, Inc | 2,396 | |||||||
| 38,808 | *,†,m | Media General, Inc | 0 | ||||||
| 23,089 | * | Mistras Group, Inc | 542 | ||||||
| 2,100 | Mobile Mini, Inc | 73 | |||||||
| 61,102 | * | Navigant Consulting, Inc | 1,186 | ||||||
| 1,000 | * | On Assignment, Inc | 64 | ||||||
| 11,730 | Pitney Bowes, Inc | 131 | |||||||
| 21,731 | Resources Connection, Inc | 336 | |||||||
| 115,946 | Robert Half International, Inc | 6,440 | |||||||
| 50,157 | RPX Corp | 674 | |||||||
| 1,100 | Secom Co Ltd | 83 | |||||||
| 3,888 | SGS S.A. | 10,136 | |||||||
| 1,544 | * | SP Plus Corp | 57 | ||||||
| 66,652 | *,e | Team, Inc | 993 | ||||||
| 9,438 | Tetra Tech, Inc | 455 | |||||||
| 23,633 | Viad Corp | 1,309 | |||||||
| 151,464 | Waste Management, Inc | 13,071 | |||||||
| TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 73,639 | ||||||||
| CONSUMER DURABLES & APPAREL - 0.9% | |||||||||
| 65,251 | Adidas-Salomon AG. | 13,050 | |||||||
| 497,409 | Barratt Developments plc | 4,339 | |||||||
| 30,182 | Berkeley Group Holdings plc | 1,710 | |||||||
| 381 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 263,458 | Burberry Group plc | $ | 6,352 | ||||||
| 36,220 | CalAtlantic Group, Inc | 2,042 | |||||||
| 83,671 | Callaway Golf Co | 1,166 | |||||||
| 3,110 | Carter’s, Inc | 365 | |||||||
| 20,968 | * | Century Communities, Inc | 652 | ||||||
| 15,220 | Cie Financiere Richemont S.A. | 1,378 | |||||||
| 20,506 | Ethan Allen Interiors, Inc | 587 | |||||||
| 100,521 | *,e | Fossil Group, Inc | 781 | ||||||
| 9,740 | Garmin Ltd | 580 | |||||||
| 23,958 | e | Hanesbrands, Inc | 501 | ||||||
| 3,276 | Hasbro, Inc | 298 | |||||||
| 15,890 | *,e | iRobot Corp | 1,219 | ||||||
| 1,638 | *,e | LGI Homes, Inc | 123 | ||||||
| 7,290 | * | Lululemon Athletica, Inc | 573 | ||||||
| 834,600 | Matsushita Electric Industrial Co Ltd | 12,180 | |||||||
| 25,821 | e | Mattel, Inc | 397 | ||||||
| 34,564 | * | Meritage Homes Corp | 1,770 | ||||||
| 10,050 | * | Michael Kors Holdings Ltd | 633 | ||||||
| 12,312 | * | Mohawk Industries, Inc | 3,397 | ||||||
| 19,825 | Movado Group, Inc | 638 | |||||||
| 242,267 | Newell Rubbermaid, Inc | 7,486 | |||||||
| 735,507 | Nike, Inc (Class B) | 46,006 | |||||||
| 14,720 | Pandora AS | 1,600 | |||||||
| 2,210 | Polaris Industries, Inc | 274 | |||||||
| 2,000 | Pool Corp | 259 | |||||||
| 7,050 | PVH Corp | 967 | |||||||
| 98,400 | Sekisui House Ltd | 1,775 | |||||||
| 358,000 | Sony Corp | 16,068 | |||||||
| 7,890 | Tapestry, Inc | 349 | |||||||
| 762,926 | Taylor Wimpey plc | 2,126 | |||||||
| 4,110 | * | Tempur Sealy International, Inc | 258 | ||||||
| 4,390 | Tupperware Corp | 275 | |||||||
| 2,750 | *,e | Under Armour, Inc | 37 | ||||||
| 5,167 | *,e | Under Armour, Inc (Class A) | 75 | ||||||
| 18,549 | * | Unifi, Inc | 665 | ||||||
| 20,181 | VF Corp | 1,493 | |||||||
| 4,340 | Whirlpool Corp | 732 | |||||||
| 245,500 | Yue Yuen Industrial Holdings | 964 | |||||||
| TOTAL CONSUMER DURABLES & APPAREL | 136,140 | ||||||||
| CONSUMER SERVICES - 1.4% | |||||||||
| 152,001 | Accor S.A. | 7,825 | |||||||
| 15,319 | * | American Public Education, Inc | 384 | ||||||
| 9,090 | ARAMARK Holdings Corp | 389 | |||||||
| 4,308 | e | Brinker International, Inc | 167 | ||||||
| 19,899 | Carriage Services, Inc | 512 | |||||||
| 44,909 | Choice Hotels International, Inc | 3,485 | |||||||
| 10,472 | Darden Restaurants, Inc | 1,006 | |||||||
| 6,884 | Dunkin Brands Group, Inc | 444 | |||||||
| 3,355 | * | El Pollo Loco Holdings, Inc | 33 | ||||||
| 2,000 | Hilton Worldwide Holdings, Inc | 160 | |||||||
| 29,678 | ILG, Inc | 845 | |||||||
| 158,780 | InterContinental Hotels Group plc | 10,099 | |||||||
| 6,202 | Marcus Corp | 170 | |||||||
| 382 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 292,206 | Marriott International, Inc (Class A) | $ | 39,661 | ||||||
| 356,611 | McDonald’s Corp | 61,380 | |||||||
| 910,347 | Merlin Entertainments plc | 4,460 | |||||||
| 112,600 | Oriental Land Co Ltd | 10,244 | |||||||
| 11,262 | Royal Caribbean Cruises Ltd | 1,343 | |||||||
| 7,090 | Service Corp International | 265 | |||||||
| 97,608 | * | ServiceMaster Global Holdings, Inc | 5,004 | ||||||
| 950,000 | Shangri-La Asia Ltd | 2,151 | |||||||
| 3,560 | Six Flags Entertainment Corp | 237 | |||||||
| 781,044 | Starbucks Corp | 44,855 | |||||||
| 14,512 | Vail Resorts, Inc | 3,083 | |||||||
| 12,240 | Wendy’s | 201 | |||||||
| 150,515 | Whitbread plc | 8,129 | |||||||
| 6,701 | Wyndham Worldwide Corp | 776 | |||||||
| TOTAL CONSUMER SERVICES | 207,308 | ||||||||
| DIVERSIFIED FINANCIALS - 3.2% | |||||||||
| 751,577 | 3i Group plc | 9,253 | |||||||
| 90,800 | AEON Financial Service Co Ltd | 2,110 | |||||||
| 45,546 | Ally Financial, Inc | 1,328 | |||||||
| 455,176 | American Express Co | 45,204 | |||||||
| 5,017 | Ameriprise Financial, Inc | 850 | |||||||
| 1,444,992 | AMP Ltd | 5,833 | |||||||
| 1,171,358 | Annaly Capital Management, Inc | 13,927 | |||||||
| 749,451 | Bank of New York Mellon Corp | 40,365 | |||||||
| 81,465 | BlackRock, Inc | 41,849 | |||||||
| 794,771 | Charles Schwab Corp | 40,827 | |||||||
| 11,810 | Chimera Investment Corp | 218 | |||||||
| 251,226 | CME Group, Inc | 36,692 | |||||||
| 97,389 | Deutsche Boerse AG. | 11,272 | |||||||
| 466,332 | Discover Financial Services | 35,870 | |||||||
| 3,050 | Dynex Capital, Inc | 21 | |||||||
| 4,490 | * | E*TRADE Financial Corp | 223 | ||||||
| 4,140 | Eaton Vance Corp | 233 | |||||||
| 12,537 | * | Encore Capital Group, Inc | 528 | ||||||
| 102,462 | EXOR NV | 6,282 | |||||||
| 7,914 | Factset Research Systems, Inc | 1,526 | |||||||
| 19,507 | Franklin Resources, Inc | 845 | |||||||
| 55,617 | * | Green Dot Corp | 3,352 | ||||||
| 433,937 | Hong Kong Exchanges and Clearing Ltd | 13,273 | |||||||
| 510,329 | IntercontinentalExchange Group, Inc | 36,009 | |||||||
| 10,236 | Invesco Ltd | 374 | |||||||
| 617,282 | Investec plc | 4,445 | |||||||
| 33,731 | Investment Technology Group, Inc | 649 | |||||||
| 2,480 | Legg Mason, Inc | 104 | |||||||
| 189,358 | London Stock Exchange Group plc | 9,685 | |||||||
| 5,410 | LPL Financial Holdings, Inc | 309 | |||||||
| 149,133 | Macquarie Group Ltd | 11,535 | |||||||
| 365,600 | Mitsubishi UFJ Lease & Finance Co Ltd | 2,170 | |||||||
| 910 | Morningstar, Inc | 88 | |||||||
| 867 | NASDAQ OMX Group, Inc | 67 | |||||||
| 893,996 | Natixis | 7,061 | |||||||
| 12,048 | *,m | NewStar Financial, Inc | 7 | ||||||
| 383 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 127,081 | Northern Trust Corp | $ | 12,694 | ||||||
| 104,012 | * | On Deck Capital, Inc | 597 | ||||||
| 9,469 | Pico Holdings, Inc | 121 | |||||||
| 1,210 | Raymond James Financial, Inc | 108 | |||||||
| 88,040 | S&P Global, Inc | 14,914 | |||||||
| 109,355 | Schroders plc | 5,177 | |||||||
| 6,827 | SEI Investments Co | 491 | |||||||
| 1,096,051 | Standard Life plc | 6,447 | |||||||
| 9,450 | Starwood Property Trust, Inc | 202 | |||||||
| 374,839 | State Street Corp | 36,588 | |||||||
| 733 | T Rowe Price Group, Inc | 77 | |||||||
| 6,546 | TD Ameritrade Holding Corp | 335 | |||||||
| 13,074 | Voya Financial, Inc | 647 | |||||||
| 23,058 | Wendel | 3,995 | |||||||
| TOTAL DIVERSIFIED FINANCIALS | 466,777 | ||||||||
| ENERGY - 3.5% | |||||||||
| 71,388 | e | AltaGas Income Trust | 1,625 | ||||||
| 5,954 | Andeavor | 681 | |||||||
| 201,655 | * | Antero Resources Corp | 3,831 | ||||||
| 6,550 | Apache Corp | 277 | |||||||
| 256,759 | Baker Hughes a GE Co | 8,124 | |||||||
| 3,504 | Caltex Australia Ltd | 93 | |||||||
| 715,774 | Cenovus Energy, Inc (Toronto) | 6,537 | |||||||
| 218,866 | * | Cheniere Energy, Inc | 11,784 | ||||||
| 1,776 | Cimarex Energy Co | 217 | |||||||
| 175,792 | * | Clean Energy Fuels Corp | 357 | ||||||
| 796 | * | Concho Resources, Inc | 120 | ||||||
| 269,739 | ConocoPhillips | 14,806 | |||||||
| 42,887 | * | Continental Resources, Inc | 2,272 | ||||||
| 101,766 | Delek US Holdings, Inc | 3,556 | |||||||
| 574,319 | * | Denbury Resources, Inc | 1,269 | ||||||
| 284,522 | Devon Energy Corp | 11,779 | |||||||
| 3,010 | * | Dril-Quip, Inc | 144 | ||||||
| 20,051 | Enagas | 573 | |||||||
| 463,545 | Enbridge, Inc | 18,129 | |||||||
| 611,439 | EnCana Corp | 8,157 | |||||||
| 316,664 | EOG Resources, Inc | 34,171 | |||||||
| 40,526 | EQT Corp | 2,307 | |||||||
| 42,054 | * | Exterran Corp | 1,322 | ||||||
| 51,062 | *,e | Fairmount Santrol Holdings, Inc | 267 | ||||||
| 78,969 | * | Forum Energy Technologies, Inc | 1,228 | ||||||
| 1,520 | Frank’s International NV | 10 | |||||||
| 382,818 | Galp Energia SGPS S.A. | 7,033 | |||||||
| 47,174 | Green Plains Renewable Energy, Inc | 795 | |||||||
| 25,112 | Hess Corp | 1,192 | |||||||
| 342,286 | Inpex Holdings, Inc | 4,260 | |||||||
| 920,819 | Kinder Morgan, Inc | 16,639 | |||||||
| 57,666 | Koninklijke Vopak NV | 2,526 | |||||||
| 3,660 | * | Laredo Petroleum Holdings, Inc | 39 | ||||||
| 281,323 | Marathon Oil Corp | 4,763 | |||||||
| 393,673 | Marathon Petroleum Corp | 25,975 | |||||||
| 35,997 | * | Matrix Service Co | 641 | ||||||
| 315,075 | * | McDermott International, Inc | 2,073 | ||||||
| 384 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 405,205 | National Oilwell Varco, Inc | $ | 14,595 | ||||||
| 16,599 | * | Natural Gas Services Group, Inc | 435 | ||||||
| 106,990 | Neste Oil Oyj | 6,849 | |||||||
| 107,917 | * | Newpark Resources, Inc | 928 | ||||||
| 113,229 | Noble Energy, Inc | 3,300 | |||||||
| 450,264 | Occidental Petroleum Corp | 33,166 | |||||||
| 6,080 | Oceaneering International, Inc | 129 | |||||||
| 139,903 | OMV AG. | 8,868 | |||||||
| 66,969 | Oneok, Inc | 3,579 | |||||||
| 2,120 | PBF Energy, Inc | 75 | |||||||
| 36,726 | * | PDC Energy, Inc | 1,893 | ||||||
| 283,066 | Pembina Pipeline Income Fund | 10,248 | |||||||
| 333,713 | Phillips 66 | 33,755 | |||||||
| 21,522 | Pioneer Natural Resources Co | 3,720 | |||||||
| 5,210 | Range Resources Corp | 89 | |||||||
| 50,847 | * | Renewable Energy Group, Inc | 600 | ||||||
| 610,721 | Repsol YPF S.A. | 10,783 | |||||||
| 17,609 | * | RigNet, Inc | 263 | ||||||
| 156,019 | * | Rowan Cos plc | 2,443 | ||||||
| 1,480 | e | RPC, Inc | 38 | ||||||
| 580,653 | Schlumberger Ltd | 39,130 | |||||||
| 894 | * | SEACOR Holdings, Inc | 41 | ||||||
| 115,262 | SM Energy Co | 2,545 | |||||||
| 1,430,692 | Snam Rete Gas S.p.A. | 7,007 | |||||||
| 551,567 | e | Statoil ASA | 11,808 | ||||||
| 478,225 | Suncor Energy, Inc | 17,558 | |||||||
| 88,242 | * | Superior Energy Services | 850 | ||||||
| 341,108 | Tenaris S.A. | 5,414 | |||||||
| 244,854 | * | Tetra Technologies, Inc | 1,046 | ||||||
| 503,785 | Total S.A. | 27,809 | |||||||
| 66,590 | * | Unit Corp | 1,465 | ||||||
| 420,109 | Valero Energy Corp | 38,612 | |||||||
| 881,425 | *,e | Weatherford International Ltd | 3,676 | ||||||
| 427,614 | Williams Cos, Inc | 13,038 | |||||||
| 255,028 | Woodside Petroleum Ltd | 6,561 | |||||||
| 4,350 | World Fuel Services Corp | 122 | |||||||
| TOTAL ENERGY | 512,010 | ||||||||
| FOOD & STAPLES RETAILING - 0.6% | |||||||||
| 107,400 | Aeon Co Ltd | 1,812 | |||||||
| 17,193 | Alimentation Couche Tard, Inc | 897 | |||||||
| 241,585 | Carrefour S.A. | 5,209 | |||||||
| 74,178 | Casey’s General Stores, Inc | 8,303 | |||||||
| 46,095 | Casino Guichard Perrachon S.A. | 2,795 | |||||||
| 41,504 | * | Chefs’ Warehouse Holdings, Inc | 851 | ||||||
| 12,016 | Colruyt S.A. | 625 | |||||||
| 612,987 | J Sainsbury plc | 1,996 | |||||||
| 69,935 | Koninklijke Ahold Delhaize NV | 1,537 | |||||||
| 20,898 | Loblaw Cos Ltd | 1,134 | |||||||
| 147,990 | * | Metro Wholesale & Food Specialist AG. | 2,948 | ||||||
| 64,899 | * | Performance Food Group Co | 2,148 | ||||||
| 26,111 | Pricesmart, Inc | 2,248 | |||||||
| 165,300 | Seven & I Holdings Co Ltd | 6,848 | |||||||
| 385 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 53,243 | * | Smart & Final Stores, Inc | $ | 455 | |||||
| 48,144 | Spartan Stores, Inc | 1,284 | |||||||
| 256,090 | * | Sprouts Farmers Market, Inc | 6,236 | ||||||
| 4,138,693 | Tesco plc | 11,693 | |||||||
| 64,657 | * | United Natural Foods, Inc | 3,186 | ||||||
| 316,257 | * | US Foods Holding Corp | 10,098 | ||||||
| 12,906 | Weis Markets, Inc | 534 | |||||||
| 208,002 | Wesfarmers Ltd | 7,192 | |||||||
| 459,754 | WM Morrison Supermarkets plc | 1,365 | |||||||
| TOTAL FOOD & STAPLES RETAILING | 81,394 | ||||||||
| FOOD, BEVERAGE & TOBACCO - 2.5% | |||||||||
| 414,000 | Ajinomoto Co, Inc | 7,789 | |||||||
| 243,052 | Associated British Foods plc | 9,254 | |||||||
| 37,326 | Bunge Ltd | 2,504 | |||||||
| 15,536 | Campbell Soup Co | 747 | |||||||
| 467,456 | Coca-Cola Amatil Ltd | 3,097 | |||||||
| 1,524,979 | Coca-Cola Co | 69,966 | |||||||
| 172,732 | Coca-Cola HBC AG. | 5,644 | |||||||
| 207,653 | Dr Pepper Snapple Group, Inc | 20,155 | |||||||
| 10,690 | Flowers Foods, Inc | 206 | |||||||
| 19,775 | *,e | Freshpet, Inc | 375 | ||||||
| 442,214 | General Mills, Inc | 26,219 | |||||||
| 189,014 | Groupe Danone | 15,838 | |||||||
| 5,050 | * | Hain Celestial Group, Inc | 214 | ||||||
| 17,883 | Hormel Foods Corp | 651 | |||||||
| 22,501 | Kellogg Co | 1,530 | |||||||
| 97,128 | Kerry Group plc (Class A) | 10,896 | |||||||
| 121,200 | Kikkoman Corp | 4,901 | |||||||
| 429,134 | Kraft Heinz Co | 33,369 | |||||||
| 848 | Lindt & Spruengli AG. | 5,178 | |||||||
| 85 | Lindt & Spruengli AG. (Registered) | 6,148 | |||||||
| 10,151 | McCormick & Co, Inc | 1,035 | |||||||
| 972,857 | Mondelez International, Inc | 41,638 | |||||||
| 47,900 | Nissin Food Products Co Ltd | 3,492 | |||||||
| 455,798 | Orkla ASA | 4,830 | |||||||
| 53,130 | PAN Fish ASA | 899 | |||||||
| 577,381 | PepsiCo, Inc | 69,240 | |||||||
| 8,356 | * | Seneca Foods Corp | 257 | ||||||
| 131,600 | Suntory Beverage & Food Ltd | 5,852 | |||||||
| 82,500 | Yakult Honsha Co Ltd | 6,225 | |||||||
| TOTAL FOOD, BEVERAGE & TOBACCO | 358,149 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES - 2.3% | |||||||||
| 13,468 | Abaxis, Inc | 667 | |||||||
| 1,970 | * | Abiomed, Inc | 369 | ||||||
| 74,297 | * | Acadia Healthcare Co, Inc | 2,424 | ||||||
| 39,666 | *,e | Accuray, Inc | 171 | ||||||
| 13,529 | Aceto Corp | 140 | |||||||
| 53,720 | * | Align Technology, Inc | 11,936 | ||||||
| 91,016 | * | Allscripts Healthcare Solutions, Inc | 1,324 | ||||||
| 36,444 | * | Amedisys, Inc | 1,921 | ||||||
| 167,731 | AmerisourceBergen Corp | 15,401 | |||||||
| 40,869 | * | AMN Healthcare Services, Inc | 2,013 | ||||||
| 386 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 12,558 | Analogic Corp | $ | 1,052 | ||||||
| 35,222 | * | Angiodynamics, Inc | 586 | ||||||
| 179,822 | Anthem, Inc | 40,462 | |||||||
| 52,066 | * | athenahealth, Inc | 6,927 | ||||||
| 32,319 | * | AtriCure, Inc | 589 | ||||||
| 175,555 | Becton Dickinson & Co | 37,579 | |||||||
| 41,628 | * | Brookdale Senior Living, Inc | 404 | ||||||
| 31,810 | * | Capital Senior Living Corp | 429 | ||||||
| 350,392 | Cardinal Health, Inc | 21,469 | |||||||
| 25,145 | * | Cardiovascular Systems, Inc | 596 | ||||||
| 140,579 | * | Centene Corp | 14,182 | ||||||
| 79,050 | * | Cerus Corp | 267 | ||||||
| 185,291 | Cigna Corp | 37,631 | |||||||
| 80,277 | Coloplast AS | 6,382 | |||||||
| 14,582 | e | Computer Programs & Systems, Inc | 438 | ||||||
| 4,570 | * | Corvel Corp | 242 | ||||||
| 25,039 | * | Cross Country Healthcare, Inc | 319 | ||||||
| 8,556 | Dentsply Sirona, Inc | 563 | |||||||
| 49,980 | * | Diplomat Pharmacy, Inc | 1,003 | ||||||
| 266,004 | * | Edwards Lifesciences Corp | 29,981 | ||||||
| 105,895 | *,e | Endologix, Inc | 567 | ||||||
| 144,368 | * | Envision Healthcare Corp | 4,989 | ||||||
| 91,010 | Essilor International S.A. | 12,536 | |||||||
| 52,788 | * | GenMark Diagnostics, Inc | 220 | ||||||
| 4,374 | * | Haemonetics Corp | 254 | ||||||
| 4,069 | * | HCA Holdings, Inc | 357 | ||||||
| 583,695 | Healthscope Ltd | 954 | |||||||
| 9,462 | * | HealthStream, Inc | 219 | ||||||
| 5,880 | * | Henry Schein, Inc | 411 | ||||||
| 10,561 | * | HMS Holdings Corp | 179 | ||||||
| 96,706 | * | Hologic, Inc | 4,134 | ||||||
| 53,134 | Humana, Inc | 13,181 | |||||||
| 1,357 | * | Idexx Laboratories, Inc | 212 | ||||||
| 39,783 | * | Integer Holding Corp | 1,802 | ||||||
| 330,962 | Koninklijke Philips Electronics NV | 12,497 | |||||||
| 8,310 | * | Laboratory Corp of America Holdings | 1,326 | ||||||
| 19,312 | * | LHC Group, Inc | 1,183 | ||||||
| 49,348 | * | LifePoint Hospitals, Inc | 2,458 | ||||||
| 564,684 | e | Mediclinic International plc | 4,952 | ||||||
| 1,474 | * | Medidata Solutions, Inc | 93 | ||||||
| 35,601 | * | Merit Medical Systems, Inc | 1,538 | ||||||
| 22,284 | * | NxStage Medical, Inc | 540 | ||||||
| 46,381 | * | Omnicell, Inc | 2,249 | ||||||
| 70,523 | * | OraSure Technologies, Inc | 1,330 | ||||||
| 2,830 | * | Premier, Inc | 83 | ||||||
| 15,337 | * | Providence Service Corp | 910 | ||||||
| 42,933 | * | Quality Systems, Inc | 583 | ||||||
| 12,391 | Quest Diagnostics, Inc | 1,220 | |||||||
| 23,328 | * | Quidel Corp | 1,011 | ||||||
| 115,938 | Ramsay Health Care Ltd | 6,331 | |||||||
| 4,542 | Resmed, Inc | 385 | |||||||
| 252,994 | Ryman Healthcare Ltd | 1,896 | |||||||
| 75,106 | * | Select Medical Holdings Corp | 1,326 | ||||||
| 387 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 42,474 | * | Staar Surgical Co | $ | 658 | |||||
| 21,276 | *,e | Surgery Partners, Inc | 257 | ||||||
| 96,000 | Sysmex Corp | 7,538 | |||||||
| 31,845 | *,e | Teladoc, Inc | 1,110 | ||||||
| 19,606 | * | Tivity Health, Inc | 717 | ||||||
| 5,928 | * | Triple-S Management Corp (Class B) | 147 | ||||||
| 16,067 | US Physical Therapy, Inc | 1,160 | |||||||
| 5,250 | * | Varian Medical Systems, Inc | 584 | ||||||
| 32,132 | * | Vocera Communications, Inc | 971 | ||||||
| 3,560 | West Pharmaceutical Services, Inc | 351 | |||||||
| TOTAL HEALTH CARE EQUIPMENT & SERVICES | 332,886 | ||||||||
| HOUSEHOLD & PERSONAL PRODUCTS - 1.4% | |||||||||
| 3,160 | Clorox Co | 470 | |||||||
| 255,818 | Colgate-Palmolive Co | 19,301 | |||||||
| 1,620 | Energizer Holdings, Inc | 78 | |||||||
| 5,829 | Estee Lauder Cos (Class A) | 742 | |||||||
| 55,180 | Henkel KGaA | 6,608 | |||||||
| 59,767 | Henkel KGaA (Preference) | 7,892 | |||||||
| 148,109 | Kimberly-Clark Corp | 17,871 | |||||||
| 70,264 | L’Oreal S.A. | 15,569 | |||||||
| 4,530 | Nu Skin Enterprises, Inc (Class A) | 309 | |||||||
| 904,627 | Procter & Gamble Co | 83,117 | |||||||
| 192,678 | Reckitt Benckiser Group plc | 17,976 | |||||||
| 39,900 | Shiseido Co Ltd | 1,922 | |||||||
| 283,430 | Unilever NV | 15,958 | |||||||
| 340,110 | Unilever plc | 18,865 | |||||||
| TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 206,678 | ||||||||
| INSURANCE - 2.8% | |||||||||
| 1,414,813 | Aegon NV | 8,990 | |||||||
| 412,398 | Aflac, Inc | 36,200 | |||||||
| 105,317 | Allianz AG. | 24,102 | |||||||
| 21,500 | Allstate Corp | 2,251 | |||||||
| 195,940 | American International Group, Inc | 11,674 | |||||||
| 14,820 | Aon plc | 1,986 | |||||||
| 4,310 | * | Arch Capital Group Ltd | 391 | ||||||
| 6,590 | Arthur J. Gallagher & Co | 417 | |||||||
| 58,076 | Aspen Insurance Holdings Ltd | 2,358 | |||||||
| 485,960 | Assicurazioni Generali S.p.A. | 8,845 | |||||||
| 3,580 | Assurant, Inc | 361 | |||||||
| 1,721,855 | Aviva plc | 11,744 | |||||||
| 569,019 | AXA S.A. | 16,862 | |||||||
| 5,363 | Axis Capital Holdings Ltd | 270 | |||||||
| 279,011 | Chubb Ltd | 40,772 | |||||||
| 160,132 | CNP Assurances | 3,694 | |||||||
| 11,216 | Employers Holdings, Inc | 498 | |||||||
| 1,310 | First American Financial Corp | 73 | |||||||
| 281,297 | Hartford Financial Services Group, Inc | 15,831 | |||||||
| 3,061,722 | Legal & General Group plc | 11,272 | |||||||
| 10,590 | Loews Corp | 530 | |||||||
| 445,968 | Marsh & McLennan Cos, Inc | 36,297 | |||||||
| 54,934 | Muenchener Rueckver AG. | 11,863 | |||||||
| 109,100 | NKSJ Holdings, Inc | 4,211 | |||||||
| 388 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 3,401,950 | Old Mutual plc | $ | 10,642 | ||||||
| 13,239 | Principal Financial Group | 934 | |||||||
| 212,157 | Progressive Corp | 11,949 | |||||||
| 335,203 | Prudential Financial, Inc | 38,542 | |||||||
| 729,405 | Prudential plc | 18,680 | |||||||
| 9,028 | Reinsurance Group of America, Inc (Class A) | 1,408 | |||||||
| 42,804 | RenaissanceRe Holdings Ltd | 5,376 | |||||||
| 209,543 | RSA Insurance Group plc | 1,786 | |||||||
| 643 | Stewart Information Services Corp | 27 | |||||||
| 132,125 | Swiss Re Ltd | 12,356 | |||||||
| 89,400 | T&D Holdings, Inc | 1,525 | |||||||
| 271,001 | Travelers Cos, Inc | 36,759 | |||||||
| 1,467 | Willis Towers Watson plc | 221 | |||||||
| 49,109 | Zurich Financial Services AG. | 14,931 | |||||||
| TOTAL INSURANCE | 406,628 | ||||||||
| MATERIALS - 3.4% | |||||||||
| 109,267 | Agnico-Eagle Mines Ltd | 5,045 | |||||||
| 45,381 | Agrium, Inc | 5,220 | |||||||
| 127,535 | Air Liquide | 16,033 | |||||||
| 153,248 | Air Products & Chemicals, Inc | 25,145 | |||||||
| 63,469 | Akzo Nobel NV | 5,569 | |||||||
| 563 | Albemarle Corp | 72 | |||||||
| 3,090 | Aptargroup, Inc | 267 | |||||||
| 162,000 | Asahi Kasei Corp | 2,085 | |||||||
| 46,422 | Avery Dennison Corp | 5,332 | |||||||
| 12,360 | * | Axalta Coating Systems Ltd | 400 | ||||||
| 129,090 | Ball Corp | 4,886 | |||||||
| 214,323 | BASF SE | 23,497 | |||||||
| 5,860 | Bemis Co, Inc | 280 | |||||||
| 527,293 | BlueScope Steel Ltd | 6,280 | |||||||
| 254,175 | Boliden AB | 8,692 | |||||||
| 7,263 | Celanese Corp (Series A) | 778 | |||||||
| 2,372 | * | Clearwater Paper Corp | 108 | ||||||
| 125,429 | Commercial Metals Co | 2,674 | |||||||
| 2,080 | e | Compass Minerals International, Inc | 150 | ||||||
| 166,902 | CRH plc | 6,007 | |||||||
| 38,958 | Croda International plc | 2,322 | |||||||
| 3,930 | Domtar Corp | 195 | |||||||
| 5,941 | DSM NV | 568 | |||||||
| 41,099 | Eastman Chemical Co | 3,807 | |||||||
| 264,428 | Ecolab, Inc | 35,481 | |||||||
| 104,881 | Evonik Industries AG. | 3,939 | |||||||
| 5,690 | * | Ferro Corp | 134 | ||||||
| 121,063 | Fletcher Building Ltd | 652 | |||||||
| 60,932 | Franco-Nevada Corp | 4,870 | |||||||
| 4,725 | Givaudan S.A. | 10,914 | |||||||
| 3,382 | Hawkins, Inc | 119 | |||||||
| 95,820 | HeidelbergCement AG. | 10,332 | |||||||
| 199,800 | Hitachi Metals Ltd | 2,858 | |||||||
| 201,401 | Holcim Ltd | 11,343 | |||||||
| 2,659 | Innophos Holdings, Inc | 124 | |||||||
| 3,960 | International Flavors & Fragrances, Inc | 604 | |||||||
| 389 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 201,040 | International Paper Co | $ | 11,648 | ||||||
| 157,971 | Johnson Matthey plc | 6,546 | |||||||
| 193,461 | * | Kinross Gold Corp | 834 | ||||||
| 43,700 | * | Kobe Steel Ltd | 403 | ||||||
| 39,288 | * | Kraton Polymers LLC | 1,893 | ||||||
| 59,233 | * | Louisiana-Pacific Corp | 1,555 | ||||||
| 256,430 | LyondellBasell Industries AF S.C.A | 28,289 | |||||||
| 26,494 | Materion Corp | 1,288 | |||||||
| 36,779 | Minerals Technologies, Inc | 2,532 | |||||||
| 106,199 | Mitsubishi Materials Corp | 3,769 | |||||||
| 152,392 | Mitsui Chemicals, Inc | 4,887 | |||||||
| 77,471 | Mondi plc | 2,013 | |||||||
| 106,954 | Mosaic Co | 2,744 | |||||||
| 5,405 | Myers Industries, Inc | 105 | |||||||
| 326,181 | Newcrest Mining Ltd | 5,807 | |||||||
| 28,700 | Nitto Denko Corp | 2,538 | |||||||
| 1,266,033 | Norsk Hydro ASA | 9,598 | |||||||
| 411,185 | Nucor Corp | 26,143 | |||||||
| 383,915 | Potash Corp of Saskatchewan | 7,874 | |||||||
| 13,329 | PPG Industries, Inc | 1,557 | |||||||
| 256,814 | Praxair, Inc | 39,724 | |||||||
| 13,371 | Reliance Steel & Aluminum Co | 1,147 | |||||||
| 68,498 | Royal Gold, Inc | 5,625 | |||||||
| 13,575 | Schnitzer Steel Industries, Inc (Class A) | 455 | |||||||
| 1,660 | Scotts Miracle-Gro Co (Class A) | 178 | |||||||
| 17,667 | Sealed Air Corp | 871 | |||||||
| 51,825 | Sherwin-Williams Co | 21,250 | |||||||
| 131,300 | Shin-Etsu Chemical Co Ltd | 13,304 | |||||||
| 520 | Sika AG. | 4,126 | |||||||
| 6,170 | Sonoco Products Co | 328 | |||||||
| 3,711,623 | South32 Ltd | 10,061 | |||||||
| 86,932 | Stora Enso Oyj (R Shares) | 1,377 | |||||||
| 1,244,000 | Sumitomo Chemical Co Ltd | 8,902 | |||||||
| 217,700 | Sumitomo Metal Mining Co Ltd | 9,960 | |||||||
| 76,725 | * | Summit Materials, Inc | 2,412 | ||||||
| 408,659 | Teck Cominco Ltd | 10,686 | |||||||
| 9,000 | Toray Industries, Inc | 85 | |||||||
| 35,484 | Trinseo S.A. | 2,576 | |||||||
| 154,132 | Umicore S.A. | 7,298 | |||||||
| 163,079 | UPM-Kymmene Oyj | 5,063 | |||||||
| 19,003 | *,e | US Concrete, Inc | 1,590 | ||||||
| 170,622 | WestRock Co | 10,785 | |||||||
| 24,083 | Worthington Industries, Inc | 1,061 | |||||||
| TOTAL MATERIALS | 487,669 | ||||||||
| MEDIA - 1.5% | |||||||||
| 180 | Cable One, Inc | 127 | |||||||
| 111,822 | * | Charter Communications, Inc | 37,568 | ||||||
| 1,299 | Cinemark Holdings, Inc | 45 | |||||||
| 68,912 | Clear Channel Outdoor Holdings, Inc (Class A) | 317 | |||||||
| 49,500 | Dentsu, Inc | 2,093 | |||||||
| 210,586 | *,e | Discovery Communications, Inc (Class A) | 4,713 | ||||||
| 280,302 | * | Discovery Communications, Inc (Class C) | 5,934 | ||||||
| 33,882 | Entercom Communications Corp (Class A) | 366 | |||||||
| 390 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 84,634 | Entravision Communications Corp (Class A) | $ | 605 | ||||||
| 85,122 | * | Gray Television, Inc | 1,426 | ||||||
| 526,783 | ITV plc | 1,177 | |||||||
| 9,368 | JC Decaux S.A. | 377 | |||||||
| 12,369 | John Wiley & Sons, Inc (Class A) | 813 | |||||||
| 4,448 | * | Liberty Global plc | 151 | ||||||
| 2,960 | * | Liberty Global plc (Class A) | 106 | ||||||
| 162,213 | New York Times Co (Class A) | 3,001 | |||||||
| 475,703 | Pearson plc | 4,712 | |||||||
| 140,506 | ProSiebenSat. Media AG. | 4,823 | |||||||
| 3,689 | Reed Elsevier NV | 85 | |||||||
| 508,996 | Reed Elsevier plc | 11,935 | |||||||
| 5,020 | Regal Entertainment Group (Class A) | 115 | |||||||
| 1,550 | Scholastic Corp | 62 | |||||||
| 36,026 | Scripps Networks Interactive (Class A) | 3,076 | |||||||
| 15,236 | Shaw Communications, Inc (B Shares) | 348 | |||||||
| 57,685 | e | Sinclair Broadcast Group, Inc (Class A) | 2,183 | ||||||
| 616,899 | * | Sky plc | 8,419 | ||||||
| 460,805 | Time Warner, Inc | 42,150 | |||||||
| 212,730 | Vivendi Universal S.A. | 5,710 | |||||||
| 597,950 | Walt Disney Co | 64,285 | |||||||
| 553,504 | WPP plc | 9,999 | |||||||
| TOTAL MEDIA | 216,721 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.9% | |||||||||
| 31,121 | * | Acadia Pharmaceuticals, Inc | 937 | ||||||
| 18,975 | *,e | Aduro Biotech, Inc | 142 | ||||||
| 220,679 | Agilent Technologies, Inc | 14,779 | |||||||
| 70,341 | * | Akorn, Inc | 2,267 | ||||||
| 325,587 | Amgen, Inc | 56,620 | |||||||
| 586,714 | Astellas Pharma, Inc | 7,453 | |||||||
| 61,871 | *,e | Bellicum Pharmaceuticals, Inc | 520 | ||||||
| 182,339 | * | BioCryst Pharmaceuticals, Inc | 895 | ||||||
| 103,107 | * | Biogen Idec, Inc | 32,847 | ||||||
| 2,804 | * | BioMarin Pharmaceuticals, Inc | 250 | ||||||
| 1,820 | Bio-Techne Corp | 236 | |||||||
| 11,809 | * | Bluebird Bio, Inc | 2,103 | ||||||
| 838,806 | Bristol-Myers Squibb Co | 51,402 | |||||||
| 5,210 | Bruker BioSciences Corp | 179 | |||||||
| 374,526 | * | Celgene Corp | 39,086 | ||||||
| 127,116 | * | Celldex Therapeutics, Inc | 361 | ||||||
| 184,697 | Chugai Pharmaceutical Co Ltd | 9,440 | |||||||
| 51,616 | *,e | Coherus Biosciences, Inc | 454 | ||||||
| 127,834 | * | Depomed, Inc | 1,029 | ||||||
| 57,100 | Eisai Co Ltd | 3,244 | |||||||
| 19,936 | *,e | Flexion Therapeutics Inc | 499 | ||||||
| 42,707 | * | Genmab AS | 7,083 | ||||||
| 628,247 | Gilead Sciences, Inc | 45,008 | |||||||
| 1,206,935 | GlaxoSmithKline plc | 21,374 | |||||||
| 7,414 | *,e | Immunomedics, Inc | 120 | ||||||
| 34,337 | * | Intersect ENT, Inc | 1,112 | ||||||
| 50,224 | * | Iovance Biotherapeutics, Inc | 402 | ||||||
| 101,619 | * | IQVIA Holdings, Inc | 9,948 | ||||||
| 391 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 803,164 | Johnson & Johnson | $ | 112,218 | ||||||
| 127,000 | Kyowa Hakko Kogyo Co Ltd | 2,445 | |||||||
| 39,648 | Lonza Group AG. | 10,693 | |||||||
| 84,518 | Merck KGaA | 9,072 | |||||||
| 1,399 | * | Mettler-Toledo International, Inc | 867 | ||||||
| 235,209 | *,e | MiMedx Group, Inc | 2,966 | ||||||
| 162,598 | * | Nektar Therapeutics | 9,710 | ||||||
| 445,204 | Novartis AG. | 37,465 | |||||||
| 446,753 | Novo Nordisk AS | 24,006 | |||||||
| 35,019 | *,e | Opko Health, Inc | 172 | ||||||
| 86,402 | Orion Oyj (Class B) | 3,221 | |||||||
| 8,147 | PerkinElmer, Inc | 596 | |||||||
| 160,718 | * | Progenics Pharmaceuticals, Inc | 956 | ||||||
| 179,666 | * | QIAGEN NV | 5,604 | ||||||
| 567 | * | Repligen Corp | 21 | ||||||
| 141,348 | Roche Holding AG. | 35,741 | |||||||
| 135,327 | * | Sangamo Biosciences, Inc | 2,219 | ||||||
| 1,109,400 | * | Schering-Plough Corp | 62,426 | ||||||
| 88,000 | Shionogi & Co Ltd | 4,755 | |||||||
| 31,531 | *,e | Sucampo Pharmaceuticals, Inc (Class A) | 566 | ||||||
| 245,585 | Takeda Pharmaceutical Co Ltd | 13,904 | |||||||
| 16,323 | *,e | TESARO, Inc | 1,353 | ||||||
| 24,808 | *,e | Theravance Biopharma, Inc | 692 | ||||||
| 32,333 | * | Ultragenyx Pharmaceutical, Inc | 1,500 | ||||||
| 110,825 | * | Vertex Pharmaceuticals, Inc | 16,608 | ||||||
| 4,055 | * | Waters Corp | 783 | ||||||
| 502,216 | Zoetis, Inc | 36,180 | |||||||
| TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 706,529 | ||||||||
| REAL ESTATE - 2.3% | |||||||||
| 15,548 | *,e | Altisource Portfolio Solutions S.A. | 435 | ||||||
| 103,765 | American Campus Communities, Inc | 4,257 | |||||||
| 277,423 | American Tower Corp | 39,580 | |||||||
| 4,180 | Apple Hospitality REIT, Inc | 82 | |||||||
| 118,049 | Boston Properties, Inc | 15,350 | |||||||
| 4,380 | Brandywine Realty Trust | 80 | |||||||
| 805,154 | British Land Co plc | 7,499 | |||||||
| 203,775 | Brixmor Property Group, Inc | 3,802 | |||||||
| 2,116,749 | CapitaLand Ltd | 5,569 | |||||||
| 22,331 | CatchMark Timber Trust Inc | 293 | |||||||
| 161,988 | * | CBRE Group, Inc | 7,016 | ||||||
| 228,200 | City Developments Ltd | 2,122 | |||||||
| 82,891 | Columbia Property Trust, Inc | 1,902 | |||||||
| 35,170 | Coresite Realty | 4,006 | |||||||
| 292,700 | Daiwa House Industry Co Ltd | 11,224 | |||||||
| 160,987 | Duke Realty Corp | 4,380 | |||||||
| 2,171 | Easterly Government Properties, Inc | 46 | |||||||
| 58,955 | Equinix, Inc | 26,720 | |||||||
| 6,190 | * | Equity Commonwealth | 189 | ||||||
| 177,690 | Forest City Realty Trust, Inc | 4,282 | |||||||
| 224,600 | Global Logistic Properties | 566 | |||||||
| 590,981 | Hammerson plc | 4,360 | |||||||
| 661,000 | Hang Lung Properties Ltd | 1,610 | |||||||
| 313,953 | HCP, Inc | 8,188 | |||||||
| 392 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 724,900 | Henderson Land Development Co Ltd | $ | 4,766 | ||||||
| 361,129 | Host Marriott Corp | 7,168 | |||||||
| 25,528 | * | Howard Hughes Corp | 3,351 | ||||||
| 13,670 | Hysan Development Co Ltd | 73 | |||||||
| 945 | Iron Mountain, Inc | 36 | |||||||
| 40,680 | * | iStar Financial, Inc | 460 | ||||||
| 490 | Jones Lang LaSalle, Inc | 73 | |||||||
| 495,014 | Land Securities Group plc | 6,726 | |||||||
| 65,390 | Lend Lease Corp Ltd | 831 | |||||||
| 3,720 | Liberty Property Trust | 160 | |||||||
| 61,621 | Macerich Co | 4,047 | |||||||
| 587,400 | Mitsubishi Estate Co Ltd | 10,199 | |||||||
| 448,010 | Mitsui Fudosan Co Ltd | 10,020 | |||||||
| 17 | Nippon ProLogis REIT, Inc | 36 | |||||||
| 59,300 | Nomura Real Estate Holdings, Inc | 1,325 | |||||||
| 71,768 | NorthStar Realty Europe Corp | 964 | |||||||
| 108,203 | Paramount Group, Inc | 1,715 | |||||||
| 7,340 | Piedmont Office Realty Trust, Inc | 144 | |||||||
| 400,776 | Prologis, Inc | 25,854 | |||||||
| 36,640 | QTS Realty Trust, Inc | 1,984 | |||||||
| 6,220 | Rayonier, Inc | 197 | |||||||
| 3,556 | RMR Group, Inc | 211 | |||||||
| 157 | Ryman Hospitality Properties | 11 | |||||||
| 118,031 | * | SBA Communications Corp | 19,282 | ||||||
| 284,290 | Scentre Group | 927 | |||||||
| 310,801 | Segro plc | 2,460 | |||||||
| 46,895 | Senior Housing Properties Trust | 898 | |||||||
| 150,700 | Shoei Co Ltd | 1,690 | |||||||
| 416,000 | Swire Pacific Ltd (Class A) | 3,849 | |||||||
| 974,400 | Swire Properties Ltd | 3,143 | |||||||
| 2,845 | * | Tejon Ranch Co | 59 | ||||||
| 62,244 | Tier REIT, Inc | 1,269 | |||||||
| 12,000 | Tokyu Fudosan Holdings Corp | 87 | |||||||
| 347,148 | UDR, Inc | 13,372 | |||||||
| 40,112 | Unibail-Rodamco | 10,094 | |||||||
| 113,975 | Vornado Realty Trust | 8,911 | |||||||
| 426,686 | Welltower, Inc | 27,210 | |||||||
| 1,409 | Weyerhaeuser Co | 50 | |||||||
| TOTAL REAL ESTATE | 327,210 | ||||||||
| RETAILING - 2.2% | |||||||||
| 57,365 | * | 1-800-FLOWERS.COM, Inc (Class A) | 614 | ||||||
| 4,585 | Advance Auto Parts, Inc | 457 | |||||||
| 5,680 | *,e | Autonation, Inc | 292 | ||||||
| 145,797 | Best Buy Co, Inc | 9,983 | |||||||
| 86,068 | * | Carmax, Inc | 5,520 | ||||||
| 377,336 | Dollar General Corp | 35,096 | |||||||
| 23,000 | Fast Retailing Co Ltd | 9,145 | |||||||
| 39,731 | * | FTD Cos, Inc | 286 | ||||||
| 187,286 | Gap, Inc | 6,379 | |||||||
| 26,485 | Group 1 Automotive, Inc | 1,880 | |||||||
| 781,010 | * | Groupon, Inc | 3,983 | ||||||
| 25,226 | Haverty Furniture Cos, Inc | 571 | |||||||
| 393 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 186,825 | e | Hennes & Mauritz AB (B Shares) | $ | 3,864 | |||||
| 370,513 | Industria De Diseno Textil S.A. | 12,883 | |||||||
| 82,400 | Jardine Cycle & Carriage Ltd | 2,501 | |||||||
| 28,321 | Kering | 13,331 | |||||||
| 22,653 | Kingfisher plc | 103 | |||||||
| 192,096 | Kohl’s Corp | 10,417 | |||||||
| 31,188 | *,e | Lands’ End, Inc | 610 | ||||||
| 4,807,620 | Li & Fung Ltd | 2,634 | |||||||
| 24,483 | * | LKQ Corp | 996 | ||||||
| 518,571 | Lowe’s Companies, Inc | 48,196 | |||||||
| 30,764 | * | MarineMax, Inc | 581 | ||||||
| 342,665 | e | Marks & Spencer Group plc | 1,454 | ||||||
| 2,400 | Marui Co Ltd | 44 | |||||||
| 240,769 | * | NetFlix, Inc | 46,218 | ||||||
| 31,269 | Next plc | 1,906 | |||||||
| 8,701 | e | Nordstrom, Inc | 412 | ||||||
| 66,551 | Nutri/System, Inc | 3,501 | |||||||
| 663,706 | Office Depot, Inc | 2,349 | |||||||
| 37,602 | *,e | Overstock.com, Inc | 2,403 | ||||||
| 26,265 | e | PetMed Express, Inc | 1,195 | ||||||
| 26,289 | * | Priceline.com, Inc | 45,683 | ||||||
| 290,341 | Ross Stores, Inc | 23,300 | |||||||
| 12,780 | * | Sally Beauty Holdings, Inc | 240 | ||||||
| 15,085 | Shoe Carnival, Inc | 403 | |||||||
| 44,115 | * | Shutterfly, Inc | 2,195 | ||||||
| 7,520 | Tiffany & Co | 782 | |||||||
| 15,696 | Tile Shop Holdings, Inc | 151 | |||||||
| 4,198 | Tractor Supply Co | 314 | |||||||
| 62,150 | * | Ulta Beauty, Inc | 13,900 | ||||||
| 86,480 | *,e | Wayfair, Inc | 6,942 | ||||||
| 5,490 | e | Williams-Sonoma, Inc | 284 | ||||||
| TOTAL RETAILING | 323,998 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.0% | |||||||||
| 5,058 | Analog Devices, Inc | 450 | |||||||
| 772,193 | Applied Materials, Inc | 39,474 | |||||||
| 101,639 | ASML Holding NV | 17,671 | |||||||
| 14,878 | * | Cirrus Logic, Inc | 772 | ||||||
| 74,524 | * | First Solar, Inc | 5,032 | ||||||
| 1,659,333 | Intel Corp | 76,595 | |||||||
| 26,471 | Lam Research Corp | 4,872 | |||||||
| 30,220 | Marvell Technology Group Ltd | 649 | |||||||
| 4,036 | Microchip Technology, Inc | 355 | |||||||
| 274,714 | NVIDIA Corp | 53,157 | |||||||
| 222,411 | * | ON Semiconductor Corp | 4,657 | ||||||
| 128,446 | Skyworks Solutions, Inc | 12,196 | |||||||
| 133,532 | *,e | SunPower Corp | 1,126 | ||||||
| 511,365 | Texas Instruments, Inc | 53,407 | |||||||
| 63,000 | Tokyo Electron Ltd | 11,364 | |||||||
| TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 281,777 | ||||||||
| SOFTWARE & SERVICES - 6.1% | |||||||||
| 326,046 | Accenture plc | 49,914 | |||||||
| 39,594 | * | Actua Corp | 618 | ||||||
| 394 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 75,368 | * | Alphabet, Inc (Class A) | $ | 79,393 | |||||
| 80,378 | * | Alphabet, Inc (Class C) | 84,108 | ||||||
| 70,927 | Amadeus IT Holding S.A. | 5,104 | |||||||
| 6,607 | * | Ansys, Inc | 975 | ||||||
| 33,375 | * | Autodesk, Inc | 3,499 | ||||||
| 335,695 | Automatic Data Processing, Inc | 39,340 | |||||||
| 69,563 | * | Black Knight, Inc | 3,071 | ||||||
| 27,736 | Blackbaud, Inc | 2,621 | |||||||
| 7,030 | Booz Allen Hamilton Holding Co | 268 | |||||||
| 26,494 | CA, Inc | 882 | |||||||
| 83,357 | Cap Gemini S.A. | 9,873 | |||||||
| 126,574 | * | CGI Group, Inc | 6,877 | ||||||
| 53,312 | *,e | Cimpress NV | 6,391 | ||||||
| 9,135 | * | Citrix Systems, Inc | 804 | ||||||
| 507,094 | Cognizant Technology Solutions Corp (Class A) | 36,014 | |||||||
| 19,152 | Convergys Corp | 450 | |||||||
| 28,146 | CSG Systems International, Inc | 1,233 | |||||||
| 2,810 | CSRA, Inc | 84 | |||||||
| 3,617 | * | Dell Technologies, Inc-VMware Inc | 294 | ||||||
| 2,480 | DST Systems, Inc | 154 | |||||||
| 41,722 | * | Ellie Mae, Inc | 3,730 | ||||||
| 139,374 | * | Etsy, Inc | 2,850 | ||||||
| 15,455 | * | Euronet Worldwide, Inc | 1,302 | ||||||
| 1,018,000 | Fujitsu Ltd | 7,217 | |||||||
| 39,817 | *,e | Gogo, Inc | 449 | ||||||
| 379,056 | International Business Machines Corp | 58,155 | |||||||
| 174,977 | Intuit, Inc | 27,608 | |||||||
| 60,212 | j2 Global, Inc | 4,518 | |||||||
| 80,024 | LogMeIn, Inc | 9,163 | |||||||
| 5,382 | * | Manhattan Associates, Inc | 267 | ||||||
| 406,903 | MasterCard, Inc (Class A) | 61,589 | |||||||
| 2,046,286 | Microsoft Corp | 175,039 | |||||||
| 18,817 | * | MINDBODY, Inc | 573 | ||||||
| 29,149 | * | New Relic, Inc | 1,684 | ||||||
| 93,650 | Open Text Corp | 3,331 | |||||||
| 1,200,384 | Oracle Corp | 56,754 | |||||||
| 44,472 | * | Perficient, Inc | 848 | ||||||
| 5,650 | * | PTC, Inc | 343 | ||||||
| 36,105 | * | Qualys, Inc | 2,143 | ||||||
| 83,541 | * | Quotient Technology, Inc | 982 | ||||||
| 76,390 | * | RingCentral, Inc | 3,697 | ||||||
| 418,852 | * | salesforce.com, Inc | 42,819 | ||||||
| 223,133 | SAP AG. | 24,963 | |||||||
| 194,307 | * | ServiceSource International LLC | 600 | ||||||
| 21,993 | * | SPS Commerce, Inc | 1,069 | ||||||
| 21,303 | * | Sykes Enterprises, Inc | 670 | ||||||
| 862,529 | Symantec Corp | 24,202 | |||||||
| 12,352 | * | Syntel, Inc | 284 | ||||||
| 29,779 | * | Teradata Corp | 1,145 | ||||||
| 7,887 | TiVo Corp | 123 | |||||||
| 52,029 | *,e | Twilio, Inc | 1,228 | ||||||
| 25,962 | * | Ultimate Software Group, Inc | 5,666 | ||||||
| 36,283 | * | Vasco Data Security International | 504 | ||||||
| 395 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 49,721 | * | Website Pros, Inc | $ | 1,084 | |||||
| 46,010 | Western Union Co | 875 | |||||||
| 970 | * | WEX, Inc | 137 | ||||||
| 157,813 | * | Workday, Inc | 16,056 | ||||||
| TOTAL SOFTWARE & SERVICES | 875,634 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT - 2.2% | |||||||||
| 37,861 | * | Anixter International, Inc | 2,877 | ||||||
| 25,108 | Badger Meter, Inc | 1,200 | |||||||
| 4,043 | Belden CDT, Inc | 312 | |||||||
| 64,501 | * | Benchmark Electronics, Inc | 1,877 | ||||||
| 1,835,297 | Cisco Systems, Inc | 70,292 | |||||||
| 54,931 | * | Coherent, Inc | 15,503 | ||||||
| 22,719 | Comtech Telecommunications Corp | 503 | |||||||
| 527,947 | Corning, Inc | 16,889 | |||||||
| 89,852 | * | Cray, Inc | 2,174 | ||||||
| 27,237 | CTS Corp | 701 | |||||||
| 39,009 | Daktronics, Inc | 356 | |||||||
| 70,617 | Dolby Laboratories, Inc (Class A) | 4,378 | |||||||
| 832,266 | Ericsson (LM) (B Shares) | 5,493 | |||||||
| 81,313 | * | Fabrinet | 2,334 | ||||||
| 25,626 | * | FARO Technologies, Inc | 1,204 | ||||||
| 94,427 | * | Finisar Corp | 1,922 | ||||||
| 8,777 | * | Flextronics International Ltd | 158 | ||||||
| 157,700 | Fujifilm Holdings Corp | 6,435 | |||||||
| 1,032,298 | Hewlett Packard Enterprise Co | 14,824 | |||||||
| 1,668,788 | HP, Inc | 35,061 | |||||||
| 11,132 | * | Insight Enterprises, Inc | 426 | ||||||
| 31,249 | * | Itron, Inc | 2,131 | ||||||
| 238,912 | Jabil Circuit, Inc | 6,271 | |||||||
| 28,300 | Keyence Corp | 15,809 | |||||||
| 10,620 | * | Keysight Technologies, Inc | 442 | ||||||
| 34,382 | * | Kimball Electronics, Inc | 628 | ||||||
| 238,300 | Konica Minolta Holdings, Inc | 2,287 | |||||||
| 148,000 | Kyocera Corp | 9,663 | |||||||
| 37,090 | Methode Electronics, Inc | 1,487 | |||||||
| 146,620 | Motorola, Inc | 13,246 | |||||||
| 3,868 | e | MTS Systems Corp | 208 | ||||||
| 79,700 | Murata Manufacturing Co Ltd | 10,671 | |||||||
| 15,597 | National Instruments Corp | 649 | |||||||
| 19,681 | NEC Corp | 530 | |||||||
| 14,425 | * | Netgear, Inc | 848 | ||||||
| 24,547 | * | Novanta, Inc | 1,227 | ||||||
| 58,800 | Omron Corp | 3,497 | |||||||
| 7,653 | * | OSI Systems, Inc | 493 | ||||||
| 14,729 | * | Plexus Corp | 894 | ||||||
| 64,222 | * | Ribbon Communications, Inc | 496 | ||||||
| 40,306 | * | Rogers Corp | 6,526 | ||||||
| 22,741 | * | Sanmina Corp | 750 | ||||||
| 32,127 | * | Scansource, Inc | 1,150 | ||||||
| 87,066 | * | Super Micro Computer, Inc | 1,822 | ||||||
| 1,417 | SYNNEX Corp | 193 | |||||||
| 39,200 | TDK Corp | 3,115 | |||||||
| 4,659 | TE Connectivity Ltd | 443 | |||||||
| 396 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 78,624 | * | Tech Data Corp | $ | 7,703 | |||||
| 36,773 | * | Trimble Navigation Ltd | 1,495 | ||||||
| 199,222 | * | TTM Technologies, Inc | 3,122 | ||||||
| 93,498 | Universal Display Corp | 16,142 | |||||||
| 322,966 | Xerox Corp | 9,415 | |||||||
| 132,100 | Yaskawa Electric Corp | 5,788 | |||||||
| TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 314,060 | ||||||||
| TELECOMMUNICATION SERVICES - 1.4% | |||||||||
| 47,941 | * | Boingo Wireless, Inc | 1,079 | ||||||
| 3,255,740 | BT Group plc | 11,943 | |||||||
| 737,852 | CenturyLink, Inc | 12,307 | |||||||
| 55,858 | * | Cincinnati Bell, Inc | 1,165 | ||||||
| 748,688 | France Telecom S.A. | 12,975 | |||||||
| 35,024 | * | General Communication, Inc (Class A) | 1,367 | ||||||
| 23,363 | IDT Corp (Class B) | 248 | |||||||
| 109,486 | *,e | Iridium Communications, Inc | 1,292 | ||||||
| 561,532 | KDDI Corp | 13,948 | |||||||
| 526,700 | NTT DoCoMo, Inc | 12,453 | |||||||
| 187,616 | Rogers Communications, Inc (Class B) | 9,560 | |||||||
| 25,635 | Shenandoah Telecom Co | 867 | |||||||
| 3,930,500 | Singapore Telecommunications Ltd | 10,479 | |||||||
| 859,476 | *,e | Sprint Corp | 5,062 | ||||||
| 18,768 | Swisscom AG. | 9,980 | |||||||
| 143,396 | TeliaSonera AB | 639 | |||||||
| 1,532,046 | Telstra Corp Ltd | 4,331 | |||||||
| 12,857 | TELUS Corp | 487 | |||||||
| 1,444,494 | Verizon Communications, Inc | 76,457 | |||||||
| 6,934,461 | Vodafone Group plc | 21,920 | |||||||
| 209,411 | e | Windstream Holdings, Inc | 387 | ||||||
| TOTAL TELECOMMUNICATION SERVICES | 208,946 | ||||||||
| TRANSPORTATION - 1.8% | |||||||||
| 22,230 | Aeroports de Paris | 4,227 | |||||||
| 57,900 | All Nippon Airways Co Ltd | 2,415 | |||||||
| 80 | Amerco, Inc | 30 | |||||||
| 12,475 | Arkansas Best Corp | 446 | |||||||
| 312,768 | Auckland International Airport Ltd | 1,436 | |||||||
| 95,565 | * | Avis Budget Group, Inc | 4,193 | ||||||
| 212,971 | Canadian National Railway Co | 17,561 | |||||||
| 63,000 | Central Japan Railway Co | 11,275 | |||||||
| 5,220 | CH Robinson Worldwide, Inc | 465 | |||||||
| 229,394 | CSX Corp | 12,619 | |||||||
| 100,022 | Delta Air Lines, Inc | 5,601 | |||||||
| 316,254 | Deutsche Post AG. | 15,033 | |||||||
| 126,900 | East Japan Railway Co | 12,375 | |||||||
| 20,721 | * | Echo Global Logistics, Inc | 580 | ||||||
| 11,295 | Expeditors International of Washington, Inc | 731 | |||||||
| 33,952 | Fraport AG. Frankfurt Airport Services Worldwide | 3,729 | |||||||
| 320 | * | Genesee & Wyoming, Inc (Class A) | 25 | ||||||
| 89,350 | *,e | Hertz Global Holdings, Inc | 1,975 | ||||||
| 4,347 | Kansas City Southern Industries, Inc | 457 | |||||||
| 723 | Kuehne & Nagel International AG. | 128 | |||||||
| 397 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 2,620 | Landstar System, Inc | $ | 273 | ||||||
| 65,400 | Mitsui OSK Lines Ltd | 2,174 | |||||||
| 1,424,101 | MTR Corp | 8,335 | |||||||
| 23,078 | * | Nippon Yusen Kabushiki Kaisha | 562 | ||||||
| 26,580 | Norfolk Southern Corp | 3,851 | |||||||
| 1,960 | Ryder System, Inc | 165 | |||||||
| 580,547 | Southwest Airlines Co | 37,997 | |||||||
| 2,560 | * | Spirit Airlines, Inc | 115 | ||||||
| 14,066 | Sydney Airport | 77 | |||||||
| 75,800 | Tokyu Corp | 1,208 | |||||||
| 661,914 | Transurban Group (ASE) | 6,406 | |||||||
| 396,285 | Union Pacific Corp | 53,142 | |||||||
| 371,822 | United Parcel Service, Inc (Class B) | 44,303 | |||||||
| 200 | West Japan Railway Co | 15 | |||||||
| 23,313 | * | YRC Worldwide, Inc | 335 | ||||||
| TOTAL TRANSPORTATION | 254,259 | ||||||||
| UTILITIES - 1.7% | |||||||||
| 24,930 | AES Corp | 270 | |||||||
| 82,327 | AGL Energy Ltd | 1,560 | |||||||
| 8,540 | Alliant Energy Corp | 364 | |||||||
| 42,012 | American Water Works Co, Inc | 3,844 | |||||||
| 528,314 | APA Group | 3,426 | |||||||
| 19,112 | Atco Ltd | 684 | |||||||
| 46,554 | Canadian Utilities Ltd | 1,386 | |||||||
| 267,986 | Centerpoint Energy, Inc | 7,600 | |||||||
| 851,000 | CLP Holdings Ltd | 8,708 | |||||||
| 11,161 | CMS Energy Corp | 528 | |||||||
| 233,818 | Consolidated Edison, Inc | 19,863 | |||||||
| 270,264 | Dominion Resources, Inc | 21,908 | |||||||
| 32,029 | DONG Energy A.S. | 1,748 | |||||||
| 416,140 | E.ON AG. | 4,509 | |||||||
| 77,661 | Edison International | 4,911 | |||||||
| 10,425 | Energias de Portugal S.A. | 36 | |||||||
| 135,763 | Eversource Energy | 8,578 | |||||||
| 106,759 | Fortis, Inc | 3,916 | |||||||
| 59,506 | Gas Natural SDG S.A. | 1,373 | |||||||
| 5,269,589 | Hong Kong & China Gas Ltd | 10,319 | |||||||
| 1,878,584 | Iberdrola S.A. | 14,543 | |||||||
| 4,940 | MDU Resources Group, Inc | 133 | |||||||
| 123,171 | Meridian Energy Ltd | 255 | |||||||
| 1,173,668 | National Grid plc | 13,836 | |||||||
| 20,290 | NiSource, Inc | 521 | |||||||
| 4,160 | Pinnacle West Capital Corp | 354 | |||||||
| 145,504 | Public Service Enterprise Group, Inc | 7,493 | |||||||
| 572,605 | Scottish & Southern Energy plc | 10,180 | |||||||
| 244,506 | Sempra Energy | 26,143 | |||||||
| 35,973 | South Jersey Industries, Inc | 1,123 | |||||||
| 600,977 | Southern Co | 28,901 | |||||||
| 303,357 | Suez Environnement S.A. | 5,329 | |||||||
| 32,615 | Terna Rete Elettrica Nazionale S.p.A. | 190 | |||||||
| 192,958 | Tokyo Gas Co Ltd | 4,409 | |||||||
| 630,476 | United Utilities Group plc | 7,061 | |||||||
| 1,020 | Vectren Corp | 66 | |||||||
| 398 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | COMPANY | VALUE (000) | |||||||
| 96,054 | WEC Energy Group, Inc | $ | 6,381 | ||||||
| 197,437 | Xcel Energy, Inc | 9,499 | |||||||
| TOTAL UTILITIES | 241,948 | ||||||||
| TOTAL COMMON STOCKS | 8,604,533 | ||||||||
| (Cost $5,966,012) | |||||||||
| PREFERRED STOCKS - 0.2% | |||||||||
| BANKS - 0.2% | |||||||||
| 233,115 | * | Federal Home Loan Mortgage Corp | 2,005 | ||||||
| 740,991 | * | Federal National Mortgage Association (FNMA) | 6,520 | ||||||
| 14,500 | * | M&T Bank Corp | 15,595 | ||||||
| TOTAL BANKS | 24,120 | ||||||||
| TOTAL PREFERRED STOCKS | 24,120 | ||||||||
| (Cost $38,865) | |||||||||
| RIGHTS / WARRANTS - 0.0% | |||||||||
| ENERGY - 0.0% | |||||||||
| 610,721 | Repsol S.A. | 278 | |||||||
| TOTAL ENERGY | 278 | ||||||||
| TOTAL RIGHTS / WARRANTS | 278 | ||||||||
| (Cost $280) | |||||||||
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | ||||||||||||
| SHORT-TERM INVESTMENTS - 1.4% | |||||||||||||||
| GOVERNMENT AGENCY DEBT - 0.2% | |||||||||||||||
| $ | 27,400,000 | Federal Home Loan Bank (FHLB) | 1.221 | % | 01/03/18 | 27,399 | |||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 27,399 | ||||||||||||||
| TREASURY DEBT - 0.1% | |||||||||||||||
| 16,585,000 | United States Cash Management Bill | 0.900 | 01/02/18 | 16,585 | |||||||||||
| 1,900,000 | United States Treasury Bill | 1.219 | 01/11/18 | 1,899 | |||||||||||
| TOTAL TREASURY DEBT | 18,484 | ||||||||||||||
| SHARES | COMPANY | ||||||||||||||
| INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.1% | |||||||||||||||
| 162,347,558 | c | State Street Navigator Securities Lending Government Money Market Portfolio | 162,348 | ||||||||||||
| TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | 162,348 | ||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 208,231 | ||||||||||||||
| (Cost $208,230) | |||||||||||||||
| TOTAL INVESTMENTS - 100.6% | 14,526,487 | ||||||||||||||
| (Cost $11,850,081) | |||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - (0.6)% | (93,805 | ) | |||||||||||||
| NET ASSETS - 100.0% | $ | 14,432,682 | |||||||||||||
| 399 |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| Abbreviation(s): | |||
| LIBOR | London Interbank Offered Rates | ||
| M | Month | ||
| REIT | Real Estate Investment Trust | ||
| * | Non-income producing | ||
| † | Security is categorized as Level 3 in the fair value hierarchy. | ||
| 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 $156,301,000. | ||
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/17, the aggregate value of these securities was $1,014,678,000 or 7.0% of net assets. | ||
| h | All or a portion of these securities were purchased on a delayed delivery basis. | ||
| i | Floating or variable rate security 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. | ||
| j | Zero coupon | ||
| m | Indicates a security that has been deemed illiquid. | ||
| w | All or a portion of these securities have been segregated to cover collateral requirements on mortgage dollar rolls. | ||
| Cost amounts are in thousands. | |||
| 400 |
COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2017
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| SHORT-TERM INVESTMENTS - 99.9% | |||||||||||||||||
| GOVERNMENT AGENCY DEBT - 62.2% | |||||||||||||||||
| $ | 10,000,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.010%-1.060 | % | 01/05/18 | $ | 9,999 | ||||||||||
| 14,000,000 | FAMC | 1.175 | 01/25/18 | 13,989 | |||||||||||||
| 25,000,000 | FAMC | 1.100 | 01/30/18 | 24,978 | |||||||||||||
| 20,000,000 | FAMC | 1.150 | 02/01/18 | 19,980 | |||||||||||||
| 10,520,000 | FAMC | 1.200 | 02/12/18 | 10,505 | |||||||||||||
| 7,000,000 | FAMC | 1.180 | 02/16/18 | 6,989 | |||||||||||||
| 10,185,000 | FAMC | 1.230 | 02/20/18 | 10,168 | |||||||||||||
| 7,500,000 | FAMC | 0.010 | 03/02/18 | 7,484 | |||||||||||||
| 20,000,000 | FAMC | 0.010 | 05/29/18 | 19,882 | |||||||||||||
| 10,000,000 | Federal Farm Credit Bank (FFCB) | 0.010 | 01/16/18 | 9,995 | |||||||||||||
| 25,000,000 | FFCB | 1.085 | 01/18/18 | 24,987 | |||||||||||||
| 22,000,000 | FFCB | 0.010 | 01/23/18 | 21,984 | |||||||||||||
| 10,000,000 | FFCB | 0.010 | 01/25/18 | 9,992 | |||||||||||||
| 4,000,000 | FFCB | 1.100 | 01/26/18 | 3,997 | |||||||||||||
| 3,000,000 | FFCB | 1.100 | 01/29/18 | 2,998 | |||||||||||||
| 30,000,000 | FFCB | 0.010 | 01/30/18 | 29,971 | |||||||||||||
| 44,305,000 | FFCB | 0.010 | 02/06/18 | 44,249 | |||||||||||||
| 20,000,000 | FFCB | 0.010 | 02/08/18 | 19,974 | |||||||||||||
| 15,000,000 | FFCB | 0.010 | 02/09/18 | 14,979 | |||||||||||||
| 18,000,000 | FFCB | 0.800 | 02/12/18 | 17,992 | |||||||||||||
| 18,900,000 | FFCB | 1.100 | 02/13/18 | 18,875 | |||||||||||||
| 24,500,000 | FFCB | 0.010 | 02/14/18 | 24,462 | |||||||||||||
| 16,600,000 | FFCB | 0.010 | 02/22/18 | 16,570 | |||||||||||||
| 23,000,000 | FFCB | 0.010 | 03/13/18 | 22,942 | |||||||||||||
| 6,295,000 | FFCB | 1.170-1.175 | 03/22/18 | 6,279 | |||||||||||||
| 23,000,000 | FFCB | 1.180 | 03/23/18 | 22,939 | |||||||||||||
| 14,000,000 | FFCB | 0.010 | 03/27/18 | 13,956 | |||||||||||||
| 27,670,000 | FFCB | 0.010 | 04/10/18 | 27,567 | |||||||||||||
| 31,800,000 | FFCB | 0.010 | 04/19/18 | 31,674 | |||||||||||||
| 15,000,000 | FFCB | 0.010 | 04/25/18 | 14,935 | |||||||||||||
| 5,000,000 | FFCB | 0.010 | 05/29/18 | 4,971 | |||||||||||||
| 4,000,000 | FFCB | 1.280 | 06/05/18 | 3,978 | |||||||||||||
| 20,000,000 | Federal Home Loan Bank (FHLB) | 1.060 | 01/02/18 | 19,999 | |||||||||||||
| 90,090,000 | FHLB | 0.010-1.145 | 01/03/18 | 90,085 | |||||||||||||
| 82,310,000 | FHLB | 0.010-1.075 | 01/05/18 | 82,300 | |||||||||||||
| 84,850,000 | FHLB | 1.080-1.105 | 01/08/18 | 84,832 | |||||||||||||
| 40,000,000 | FHLB | 0.010-1.035 | 01/09/18 | 39,991 | |||||||||||||
| 122,995,000 | FHLB | 0.010-1.090 | 01/10/18 | 122,961 | |||||||||||||
| 120,615,000 | FHLB | 0.010-1.120 | 01/12/18 | 120,574 | |||||||||||||
| 2,200,000 | FHLB | 1.110 | 01/16/18 | 2,199 | |||||||||||||
| 72,759,000 | FHLB | 0.010-1.100 | 01/17/18 | 72,723 | |||||||||||||
| 90,840,000 | FHLB | 1.100-1.160 | 01/19/18 | 90,789 | |||||||||||||
| 56,600,000 | FHLB | 0.010 | 01/22/18 | 56,558 | |||||||||||||
| 70,000,000 | FHLB | 0.010 | 01/23/18 | 69,950 | |||||||||||||
| 95,100,000 | FHLB | 1.115-1.175 | 01/24/18 | 95,031 | |||||||||||||
| 10,000,000 | FHLB | 0.010 | 01/25/18 | 9,992 | |||||||||||||
| 401 |
COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 86,263,000 | FHLB | 0.010%-1.145 | % | 01/26/18 | $ | 86,192 | ||||||||||
| 70,000,000 | FHLB | 0.010-1.070 | 01/29/18 | 69,937 | |||||||||||||
| 72,480,000 | FHLB | 0.010-1.200 | 01/30/18 | 72,412 | |||||||||||||
| 30,000,000 | FHLB | 1.200 | 02/01/18 | 29,969 | |||||||||||||
| 79,900,000 | FHLB | 0.010-1.205 | 02/02/18 | 79,812 | |||||||||||||
| 30,000,000 | FHLB | 0.010 | 02/06/18 | 29,963 | |||||||||||||
| 78,700,000 | FHLB | 0.010-1.225 | 02/07/18 | 78,600 | |||||||||||||
| 20,050,000 | FHLB | 1.115-1.234 | 02/09/18 | 20,024 | |||||||||||||
| 112,600,000 | FHLB | 0.010 | 02/12/18 | 112,433 | |||||||||||||
| 115,000,000 | FHLB | 0.010 | 02/13/18 | 114,825 | |||||||||||||
| 12,562,000 | FHLB | 0.010 | 02/14/18 | 12,543 | |||||||||||||
| 149,700,000 | FHLB | 0.010-1.095 | 02/16/18 | 149,464 | |||||||||||||
| 93,900,000 | FHLB | 0.010-1.220 | 02/20/18 | 93,734 | |||||||||||||
| 12,000,000 | FHLB | 0.010 | 02/21/18 | 11,978 | |||||||||||||
| 10,000,000 | FHLB | 0.010 | 02/22/18 | 9,981 | |||||||||||||
| 40,900,000 | FHLB | 0.010-1.117 | 02/23/18 | 40,827 | |||||||||||||
| 109,950,000 | FHLB | 0.010 | 02/26/18 | 109,731 | |||||||||||||
| 120,800,000 | FHLB | 0.010 | 02/27/18 | 120,555 | |||||||||||||
| 14,700,000 | FHLB | 0.010 | 02/28/18 | 14,669 | |||||||||||||
| 30,000,000 | FHLB | 0.010 | 03/01/18 | 29,937 | |||||||||||||
| 16,735,000 | FHLB | 1.145-1.170 | 03/02/18 | 16,703 | |||||||||||||
| 50,000,000 | FHLB | 0.010 | 03/06/18 | 49,886 | |||||||||||||
| 30,000,000 | FHLB | 0.010 | 03/07/18 | 29,929 | |||||||||||||
| 40,000,000 | FHLB | 0.010 | 03/08/18 | 39,905 | |||||||||||||
| 54,000,000 | FHLB | 0.010 | 03/09/18 | 53,868 | |||||||||||||
| 56,850,000 | FHLB | 0.010 | 03/12/18 | 56,706 | |||||||||||||
| 25,000,000 | FHLB | 0.010 | 03/13/18 | 24,936 | |||||||||||||
| 19,553,000 | FHLB | 0.010-1.180 | 03/14/18 | 19,502 | |||||||||||||
| 105,400,000 | FHLB | 0.010 | 03/16/18 | 105,118 | |||||||||||||
| 11,495,000 | FHLB | 0.010 | 03/19/18 | 11,462 | |||||||||||||
| 50,000,000 | FHLB | 0.010 | 03/22/18 | 49,856 | |||||||||||||
| 8,000,000 | FHLB | 1.260 | 03/23/18 | 7,977 | |||||||||||||
| 72,900,000 | FHLB | 0.010-1.175 | 03/28/18 | 72,676 | |||||||||||||
| 25,000,000 | FHLB | 0.010 | 03/29/18 | 24,920 | |||||||||||||
| 8,000,000 | FHLB | 1.230 | 04/13/18 | 7,972 | |||||||||||||
| 20,000,000 | FHLB | 1.240 | 04/18/18 | 19,926 | |||||||||||||
| 6,000,000 | FHLB | 1.240 | 04/20/18 | 5,977 | |||||||||||||
| 1,600,000 | FHLB | 1.260 | 04/27/18 | 1,594 | |||||||||||||
| 48,000,000 | FHLB | 0.010 | 05/04/18 | 47,777 | |||||||||||||
| 5,000,000 | FHLB | 1.265 | 05/08/18 | 4,978 | |||||||||||||
| 7,690,000 | FHLB | 0.010 | 05/11/18 | 7,651 | |||||||||||||
| 2,445,000 | FHLB | 0.010 | 05/16/18 | 2,432 | |||||||||||||
| 3,000,000 | FHLB | 0.010 | 10/19/18 | 2,961 | |||||||||||||
| 71,010,000 | Federal Home Loan Mortgage Corp (FHLMC) | 1.065-1.070 | 01/09/18 | 70,993 | |||||||||||||
| 6,620,000 | FHLMC | 0.750 | 01/12/18 | 6,620 | |||||||||||||
| 68,187,000 | FHLMC | 1.080-1.090 | 01/16/18 | 68,156 | |||||||||||||
| 10,000,000 | FHLMC | 0.010 | 01/17/18 | 9,995 | |||||||||||||
| 29,235,000 | FHLMC | 0.010 | 01/18/18 | 29,218 | |||||||||||||
| 67,000,000 | FHLMC | 1.100 | 01/22/18 | 66,957 | |||||||||||||
| 88,650,000 | FHLMC | 1.125-1.180 | 01/26/18 | 88,580 | |||||||||||||
| 60,000,000 | FHLMC | 1.080-1.115 | 02/02/18 | 59,942 | |||||||||||||
| 141,770,000 | FHLMC | 0.010-1.220 | 02/05/18 | 141,614 | |||||||||||||
| 17,785,000 | FHLMC | 0.010 | 02/06/18 | 17,763 | |||||||||||||
| 32,000,000 | FHLMC | 1.080-1.140 | 02/07/18 | 31,964 | |||||||||||||
| 402 |
COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
| PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
| $ | 9,000,000 | FHLMC | 1.146 | % | 02/08/18 | $ | 8,989 | ||||||||||
| 123,975,000 | FHLMC | 1.105-1.230 | 02/09/18 | 123,820 | |||||||||||||
| 21,865,000 | FHLMC | 1.125 | 02/12/18 | 21,836 | |||||||||||||
| 6,900,000 | FHLMC | 0.010 | 02/14/18 | 6,889 | |||||||||||||
| 97,110,000 | FHLMC | 0.010-1.100 | 02/21/18 | 96,940 | |||||||||||||
| 35,000,000 | FHLMC | 0.010 | 02/22/18 | 34,937 | |||||||||||||
| 36,000,000 | FHLMC | 1.160 | 03/01/18 | 35,932 | |||||||||||||
| 7,485,000 | FHLMC | 1.140 | 03/05/18 | 7,470 | |||||||||||||
| 6,300,000 | FHLMC | 0.010 | 03/12/18 | 6,284 | |||||||||||||
| 23,730,000 | FHLMC | 1.210-1.230 | 03/26/18 | 23,663 | |||||||||||||
| 15,000,000 | FHLMC | 1.195 | 04/04/18 | 14,954 | |||||||||||||
| 23,084,000 | FHLMC | 0.010 | 04/10/18 | 23,001 | |||||||||||||
| 25,000,000 | FHLMC | 0.010 | 04/11/18 | 24,910 | |||||||||||||
| 45,060,000 | FHLMC | 0.010 | 04/12/18 | 44,894 | |||||||||||||
| 50,000,000 | FHLMC | 0.010 | 04/13/18 | 49,814 | |||||||||||||
| 10,000,000 | FHLMC | 1.200 | 04/16/18 | 9,965 | |||||||||||||
| 29,920,000 | FHLMC | 0.010 | 04/17/18 | 29,805 | |||||||||||||
| 4,450,000 | FHLMC | 0.010 | 04/18/18 | 4,433 | |||||||||||||
| 34,800,000 | FHLMC | 1.305 | 05/04/18 | 34,645 | |||||||||||||
| 46,861,000 | Federal National Mortgage Association (FNMA) | 0.010-1.045 | 01/03/18 | 46,858 | |||||||||||||
| 53,045,000 | FNMA | 1.050-1.100 | 01/05/18 | 53,039 | |||||||||||||
| 50,000,000 | FNMA | 1.060 | 01/08/18 | 49,990 | |||||||||||||
| 25,000,000 | FNMA | 1.100 | 01/09/18 | 24,994 | |||||||||||||
| 20,000,000 | FNMA | 1.110 | 01/10/18 | 19,994 | |||||||||||||
| 12,860,000 | FNMA | 0.010 | 01/12/18 | 12,856 | |||||||||||||
| 50,000,000 | FNMA | 1.085 | 01/16/18 | 49,977 | |||||||||||||
| 30,000,000 | FNMA | 1.085 | 01/17/18 | 29,986 | |||||||||||||
| 60,000,000 | FNMA | 1.130 | 01/19/18 | 59,966 | |||||||||||||
| 20,000,000 | FNMA | 1.140 | 01/22/18 | 19,987 | |||||||||||||
| 68,250,000 | FNMA | 0.010-1.060 | 01/23/18 | 68,205 | |||||||||||||
| 62,904,000 | FNMA | 1.105-1.110 | 01/24/18 | 62,860 | |||||||||||||
| 50,000,000 | FNMA | 1.070 | 01/29/18 | 49,958 | |||||||||||||
| 56,880,000 | FNMA | 0.010-1.090 | 02/06/18 | 56,815 | |||||||||||||
| 33,200,000 | FNMA | 0.010-1.215 | 02/07/18 | 33,158 | |||||||||||||
| 15,000,000 | FNMA | 0.010 | 02/08/18 | 14,981 | |||||||||||||
| 82,000,000 | FNMA | 0.010 | 02/14/18 | 81,875 | |||||||||||||
| 40,000,000 | FNMA | 0.010 | 02/20/18 | 39,931 | |||||||||||||
| 20,017,000 | FNMA | 0.010 | 02/21/18 | 19,980 | |||||||||||||
| 16,360,000 | FNMA | 0.010 | 02/26/18 | 16,328 | |||||||||||||
| 10,000,000 | FNMA | 0.010 | 02/27/18 | 9,980 | |||||||||||||
| 55,000,000 | FNMA | 0.010 | 03/01/18 | 54,884 | |||||||||||||
| 37,150,000 | FNMA | 0.010 | 03/02/18 | 37,070 | |||||||||||||
| 52,020,000 | FNMA | 0.010 | 03/05/18 | 51,904 | |||||||||||||
| 41,610,000 | FNMA | 0.010 | 03/06/18 | 41,515 | |||||||||||||
| 85,168,000 | FNMA | 0.010 | 03/07/18 | 84,968 | |||||||||||||
| 53,810,000 | FNMA | 0.010 | 03/13/18 | 53,675 | |||||||||||||
| 20,000,000 | Tennessee Valley Authority (TVA) | 0.010 | 01/09/18 | 19,994 | |||||||||||||
| 20,000,000 | TVA | 0.010 | 01/16/18 | 19,990 | |||||||||||||
| TOTAL GOVERNMENT AGENCY DEBT | 5,825,223 | ||||||||||||||||
| TREASURY DEBT - 19.0% | |||||||||||||||||
| 99,840,000 | United States Cash Management Bill | 0.010-1.047 | 01/02/18 | 99,837 | |||||||||||||
| 143,380,000 | United States Treasury Bill | 0.010-1.065 | 01/04/18 | 143,367 | |||||||||||||
| 403 |
COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) |
||||||||||||
| $ | 100,000,000 | United States Treasury Bill | 0.010%-1.085 | % | 01/11/18 | $ | 99,970 | ||||||||||
| 120,000,000 | United States Treasury Bill | 0.010-1.120 | 01/18/18 | 119,939 | |||||||||||||
| 140,925,000 | United States Treasury Bill | 0.010-1.130 | 01/25/18 | 140,823 | |||||||||||||
| 100,315,000 | United States Treasury Bill | 0.010-1.180 | 02/01/18 | 100,219 | |||||||||||||
| 105,000,000 | United States Treasury Bill | 0.010-1.126 | 02/08/18 | 104,877 | |||||||||||||
| 10,000,000 | United States Treasury Bill | 0.010 | 02/15/18 | 9,984 | |||||||||||||
| 81,357,000 | United States Treasury Bill | 0.010-1.175 | 02/22/18 | 81,217 | |||||||||||||
| 10,815,000 | United States Treasury Bill | 1.064 | 03/01/18 | 10,796 | |||||||||||||
| 58,500,000 | United States Treasury Bill | 0.010-1.130 | 03/08/18 | 58,370 | |||||||||||||
| 15,000,000 | United States Treasury Bill | 0.010 | 06/07/18 | 14,907 | |||||||||||||
| 30,000,000 | United States Treasury Bill | 0.010 | 06/14/18 | 29,803 | |||||||||||||
| 27,375,000 | United States Treasury Bill | 0.010-1.271 | 06/21/18 | 27,190 | |||||||||||||
| 81,070,000 | United States Treasury Bill | 0.010-1.355 | 07/19/18 | 80,423 | |||||||||||||
| 4,585,000 | United States Treasury Bill | 1.342 | 08/16/18 | 4,546 | |||||||||||||
| 50,000,000 | United States Treasury Note | 0.750 | 01/31/18 | 49,984 | |||||||||||||
| 100,000,000 | United States Treasury Note | 0.875 | 01/31/18 | 99,977 | |||||||||||||
| 139,480,000 | United States Treasury Note | 1.000 | 02/15/18 | 139,452 | |||||||||||||
| 110,000,000 | United States Treasury Note | 0.750 | 02/28/18 | 109,926 | |||||||||||||
| 100,000,000 | United States Treasury Note | 1.000 | 03/15/18 | 99,969 | |||||||||||||
| 80,000,000 | United States Treasury Note | 1.125 | 06/15/18 | 79,940 | |||||||||||||
| 10,000,000 | United States Treasury Note | 0.625 | 06/30/18 | 9,967 | |||||||||||||
| 50,000,000 | United States Treasury Note | 0.750 | 07/31/18 | 49,779 | |||||||||||||
| 9,840,000 | United States Treasury Note | 1.000 | 08/15/18 | 9,805 | |||||||||||||
| TOTAL TREASURY DEBT | 1,775,067 | ||||||||||||||||
| VARIABLE RATE SECURITIES - 18.7% | |||||||||||||||||
| 15,000,000 | i | Federal Agricultural Mortgage Corp (FAMC) | LIBOR 3 M - 0.250% | 1.121 | 01/26/18 | 14,999 | |||||||||||
| 45,000,000 | i | FAMC | EFFR + 0.120% | 1.540 | 03/23/18 | 45,000 | |||||||||||
| 30,000,000 | i | FAMC | LIBOR 3 M - 0.230% | 1.144 | 04/27/18 | 30,000 | |||||||||||
| 25,000,000 | i | FAMC | LIBOR 1 M - 0.120% | 1.432 | 05/25/18 | 25,000 | |||||||||||
| 50,000,000 | i | FAMC | LIBOR 1 M - 0.120% | 1.357 | 06/15/18 | 50,000 | |||||||||||
| 22,000,000 | i | FAMC | LIBOR 1 M + 0.060% | 1.595 | 06/22/18 | 22,017 | |||||||||||
| 44,500,000 | i | FAMC | LIBOR 1 M - 0.120% | 1.252 | 08/03/18 | 44,500 | |||||||||||
| 50,000,000 | i | FAMC | LIBOR 1 M - 0.100% | 1.261 | 11/01/18 | 50,000 | |||||||||||
| 25,000,000 | i | FAMC | LIBOR 1 M - 0.030% | 1.331 | 11/01/18 | 25,000 | |||||||||||
| 31,000,000 | i | FAMC | LIBOR 1 M - 0.075% | 1.297 | 02/04/19 | 31,000 | |||||||||||
| 25,000,000 | i | FAMC | EFFR + 0.010% | 1.430 | 03/01/19 | 25,000 | |||||||||||
| 40,000,000 | i | FAMC | EFFR + 0.010% | 1.430 | 04/01/19 | 40,000 | |||||||||||
| 40,000,000 | i | Federal Farm Credit Bank (FFCB) | LIBOR 1 M + 0.030% | 1.521 | 01/17/18 | 39,999 | |||||||||||
| 46,500,000 | i | FFCB | EFFR + 0.110% | 1.530 | 01/22/18 | 46,505 | |||||||||||
| 37,000,000 | i | FFCB | LIBOR 1 M + 0.050% | 1.422 | 02/02/18 | 36,996 | |||||||||||
| 3,750,000 | i | FFCB | LIBOR 3 M - 0.030% | 1.361 | 02/06/18 | 3,750 | |||||||||||
| 25,000,000 | i | FFCB | LIBOR 1 M + 0.150% | 1.702 | 02/23/18 | 24,999 | |||||||||||
| 50,000,000 | i | FFCB | LIBOR 1 M + 0.035% | 1.570 | 03/22/18 | 49,989 | |||||||||||
| 10,000,000 | i | FFCB | FRED - 2.900% | 1.600 | 05/14/18 | 10,004 | |||||||||||
| 16,000,000 | i | FFCB | FRED - 2.870% | 1.630 | 05/17/18 | 16,001 | |||||||||||
| 25,000,000 | i | FFCB | FRED - 2.880% | 1.620 | 06/13/18 | 24,999 | |||||||||||
| 10,000,000 | i | FFCB | LIBOR 1 M + 0.140% | 1.501 | 08/01/18 | 10,017 | |||||||||||
| 40,000,000 | i | FFCB | LIBOR 1 M - 0.100% | 1.307 | 08/08/18 | 40,000 | |||||||||||
| 20,000,000 | i | FFCB | LIBOR 1 M + 0.190% | 1.597 | 08/08/18 | 20,041 | |||||||||||
| 20,000,000 | i | FFCB | FRED - 2.850% | 1.650 | 08/10/18 | 20,002 | |||||||||||
| 46,700,000 | i | FFCB | LIBOR 1 M + 0.030% | 1.582 | 08/27/18 | 46,698 | |||||||||||
| 95,000,000 | i | FFCB | LIBOR 1 M - 0.050% | 1.441 | 09/17/18 | 94,993 | |||||||||||
| 10,000,000 | i | FFCB | LIBOR 3 M - 0.030% | 1.570 | 09/18/18 | 10,012 | |||||||||||
| 404 |
COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
| PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) |
||||||||||||
| $ | 50,000,000 | i | FFCB | LIBOR 3 M - 0.150% | 1.263 | % | 11/14/18 | $ | 49,997 | ||||||||
| 13,000,000 | i | FFCB | US Treasury Bill 3 M + 0.050% | 1.500 | 12/05/18 | 13,007 | |||||||||||
| 45,000,000 | i | FFCB | FRED - 3.020% | 1.480 | 01/14/19 | 45,051 | |||||||||||
| 20,000,000 | i | FFCB | LIBOR 3 M - 0.160% | 1.199 | 01/15/19 | 20,000 | |||||||||||
| 50,000,000 | i | FFCB | LIBOR 1 M - 0.110% | 1.442 | 01/25/19 | 50,003 | |||||||||||
| 33,700,000 | i | FFCB | FRED - 3.020% | 1.480 | 03/27/19 | 33,746 | |||||||||||
| 50,000,000 | i | FFCB | LIBOR 1 M - 0.125% | 1.278 | 06/07/19 | 50,000 | |||||||||||
| 55,000,000 | i | FFCB | FRED - 3.080% | 1.420 | 06/27/19 | 55,010 | |||||||||||
| 50,000,000 | i | FFCB | FRED - 3.080% | 1.420 | 08/16/19 | 49,992 | |||||||||||
| 30,000,000 | i | FFCB | EFFR - 0.015% | 1.405 | 09/20/19 | 30,000 | |||||||||||
| 40,000,000 | i | FFCB | US Treasury Bill 3 M + 0.050% | 1.500 | 10/18/19 | 40,000 | |||||||||||
| 75,000,000 | i | Federal Home Loan Bank (FHLB) | LIBOR 3 M - 0.150% | 1.304 | 02/23/18 | 75,002 | |||||||||||
| 50,000,000 | i | FHLB | LIBOR 3 M - 0.265% | 1.098 | 04/20/18 | 50,000 | |||||||||||
| 72,500,000 | i | FHLB | LIBOR 3 M - 0.200% | 1.154 | 01/18/19 | 72,502 | |||||||||||
| 20,000,000 | i | FHLB | LIBOR 3 M - 0.230% | 1.183 | 02/13/19 | 20,001 | |||||||||||
| 50,000,000 | i | FHLB | LIBOR 1 M - 0.040% | 1.495 | 02/22/19 | 50,032 | |||||||||||
| 38,000,000 | i | FHLB | LIBOR 3 M - 0.235% | 1.273 | 03/06/19 | 37,979 | |||||||||||
| 30,000,000 | i | Federal Home Loan Mortgage Corp (FHLMC) | LIBOR 1 M - 0.160% | 1.335 | 07/19/18 | 30,000 | |||||||||||
| 64,500,000 | i | Federal National Mortgage Association (FNMA) | LIBOR 3 M - 0.030% | 1.326 | 01/11/18 | 64,504 | |||||||||||
| 20,000,000 | i | FNMA | LIBOR 3 M - 0.050% | 1.592 | 03/21/18 | 20,007 | |||||||||||
| TOTAL VARIABLE RATE SECURITIES | 1,754,354 | ||||||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | 9,354,644 | ||||||||||||||||
| (Cost $9,354,644) | |||||||||||||||||
| TOTAL INVESTMENTS - 99.9% | 9,354,644 | ||||||||||||||||
| (Cost $9,354,644) | |||||||||||||||||
| OTHER ASSETS & LIABILITIES, NET - 0.1% | 5,780 | ||||||||||||||||
| NET ASSETS - 100.0% | $ | 9,360,424 | |||||||||||||||
| Abbreviation(s): | ||
| EFFR Effective Federal Funds Rate | ||
| FRED Federal Bank Prime Loan Rate | ||
| LIBOR London Interbank Offered Rate | ||
| M Month |
| 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. |
| 405 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of College Retirement Equities Fund and Participants of Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account and Money Market Account
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Social Choice Account, Money Market Account and portfolio of investments, of Inflation-Linked Bond Account (constituting College Retirement Equities Fund, hereafter collectively referred to as the "Accounts") as of December 31, 2017, the related statements of operations for the year ended December 31, 2017, the statements of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2017 (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, 2017, 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, 2017, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Accounts’ management. Our responsibility is to express an opinion on the Accounts’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Accounts in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian, transfer agent 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 16, 2018
We have served as the auditor of one or more investment companies in TIAA-CREF Funds’ investment company group since 2005.
| 406 |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this annual reporting period.
(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Exhibits.
12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers
12(a)(2)(i) Section 302 certification of the principal executive officer
12(a)(2)(ii) Section 302 certification of the principal financial officer
12(b) Section 906 certification of principal executive officer and principal financial officer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
COLLEGE RETIREMENT EQUITIES FUND
| Dated: February 16, 2018 | By: | /s/Carol W. Deckbar |
| Carol W. Deckbar | ||
| Principal Executive Officer and | ||
| Executive Vice President |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| Dated: February 16, 2018 | By: | /s/Carol W. Deckbar |
| Carol W. Deckbar | ||
| Principal Executive Officer and | ||
| Executive Vice President | ||
| (principal executive officer) |
| Dated: February 16, 2018 | By: | /s/Glenn E. Brightman |
| Glenn E. Brightman | ||
| Executive Vice President, Chief Financial Officer | ||
| and Principal Accounting Officer | ||
| (principal financial officer) |
EXHIBIT INDEX
Item 12. Exhibits.
12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers
12(a)(2)(i) Section 302 certification of the principal executive officer
12(a)(2)(ii) Section 302 certification of the principal financial officer
12(b) Section 906 certification of principal executive officer and principal financial officer