UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
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)
Terry H. Lin, Esq.
College Retirement Equities Fund
730 Third Avenue
New York, New York 10017-3206
(Name and address of agent for service)
Registrant’s telephone number, including area code: 212-490-9000
Date of fiscal year end: December 31
Date of reporting period: March 31, 2019
Item 1. Schedule of Investments.
COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
March 31, 2019
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
SHORT-TERM INVESTMENTS - 99.9% | |||||||||||||||||
GOVERNMENT AGENCY DEBT - 62.2% | |||||||||||||||||
$ | 27,180,000 | Federal Agricultural Mortgage Corp (FAMC) | 0.010 | % | 04/15/19 | $ | 27,155 | ||||||||||
20,000,000 | FAMC | 0.010 | 04/26/19 | 19,967 | |||||||||||||
40,000,000 | FAMC | 0.010 | 05/17/19 | 39,877 | |||||||||||||
25,000,000 | FAMC | 0.010 | 05/21/19 | 24,916 | |||||||||||||
12,180,000 | FAMC | 0.010 | 07/25/19 | 12,086 | |||||||||||||
30,000,000 | Federal Farm Credit Bank (FFCB) | 0.010 | 04/02/19 | 29,998 | |||||||||||||
16,500,000 | FFCB | 0.010 | 04/05/19 | 16,496 | |||||||||||||
22,000,000 | FFCB | 0.010 | 04/09/19 | 21,988 | |||||||||||||
31,150,000 | FFCB | 0.010 | 04/12/19 | 31,127 | |||||||||||||
15,000,000 | FFCB | 0.010 | 04/18/19 | 14,983 | |||||||||||||
20,000,000 | FFCB | 0.010 | 04/22/19 | 19,972 | |||||||||||||
24,500,000 | FFCB | 0.010 | 04/26/19 | 24,459 | |||||||||||||
15,600,000 | FFCB | 0.010 | 05/02/19 | 15,567 | |||||||||||||
25,000,000 | FFCB | 0.010 | 05/03/19 | 24,945 | |||||||||||||
37,500,000 | FFCB | 0.010 | 05/06/19 | 37,411 | |||||||||||||
15,900,000 | FFCB | 0.010 | 05/08/19 | 15,859 | |||||||||||||
9,000,000 | FFCB | 0.010 | 05/17/19 | 8,971 | |||||||||||||
20,000,000 | FFCB | 0.010 | 05/20/19 | 19,933 | |||||||||||||
33,800,000 | FFCB | 0.010 | 05/23/19 | 33,679 | |||||||||||||
36,685,000 | FFCB | 0.010 | 05/28/19 | 36,546 | |||||||||||||
22,310,000 | FFCB | 0.010 | 05/31/19 | 22,221 | |||||||||||||
44,000,000 | FFCB | 0.010 | 06/10/19 | 43,789 | |||||||||||||
13,500,000 | FFCB | 0.010 | 06/14/19 | 13,433 | |||||||||||||
33,000,000 | FFCB | 0.010 | 06/17/19 | 32,829 | |||||||||||||
24,000,000 | FFCB | 0.010 | 06/18/19 | 23,875 | |||||||||||||
17,050,000 | FFCB | 0.010 | 06/21/19 | 16,957 | |||||||||||||
6,000,000 | FFCB | 0.010 | 09/03/19 | 5,937 | |||||||||||||
66,000,000 | Federal Home Loan Bank (FHLB) | 0.010 | 04/01/19 | 66,000 | |||||||||||||
30,000,000 | FHLB | 0.010 | 04/02/19 | 29,998 | |||||||||||||
40,000,000 | FHLB | 0.010 | 04/03/19 | 39,995 | |||||||||||||
20,000,000 | FHLB | 0.010 | 04/04/19 | 19,996 | |||||||||||||
83,844,000 | FHLB | 0.010 | 04/05/19 | 83,822 | |||||||||||||
46,530,000 | FHLB | 0.010 | 04/08/19 | 46,508 | |||||||||||||
69,260,000 | FHLB | 0.010 | 04/09/19 | 69,223 | |||||||||||||
85,250,000 | FHLB | 0.010 | 04/10/19 | 85,199 | |||||||||||||
94,440,000 | FHLB | 0.010 | 04/12/19 | 94,371 | |||||||||||||
102,320,000 | FHLB | 0.010 | 04/15/19 | 102,224 | |||||||||||||
110,000,000 | FHLB | 0.010 | 04/16/19 | 109,890 | |||||||||||||
30,000,000 | FHLB | 0.010 | 04/17/19 | 29,968 | |||||||||||||
63,270,000 | FHLB | 0.010 | 04/22/19 | 63,181 | |||||||||||||
101,500,000 | FHLB | 0.010 | 04/23/19 | 101,350 | |||||||||||||
83,600,000 | FHLB | 0.010 | 04/24/19 | 83,471 | |||||||||||||
8,985,000 | FHLB | 0.010 | 04/25/19 | 8,971 | |||||||||||||
82,970,000 | FHLB | 0.010 | 04/26/19 | 82,831 | |||||||||||||
40,000,000 | FHLB | 0.010 | 04/29/19 | 39,925 | |||||||||||||
63,045,000 | FHLB | 0.010 | 04/30/19 | 62,923 |
1 |
COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
$ | 93,000,000 | FHLB | 0.010 | % | 05/01/19 | $ | 92,814 | ||||||||||
124,550,000 | FHLB | 0.010 | 05/03/19 | 124,283 | |||||||||||||
100,000,000 | FHLB | 0.010 | 05/06/19 | 99,766 | |||||||||||||
45,000,000 | FHLB | 0.010 | 05/07/19 | 44,892 | |||||||||||||
57,842,000 | FHLB | 0.010 | 05/08/19 | 57,699 | |||||||||||||
85,000,000 | FHLB | 0.010 | 05/10/19 | 84,779 | |||||||||||||
20,000,000 | FHLB | 0.010 | 05/13/19 | 19,944 | |||||||||||||
20,000,000 | FHLB | 0.010 | 05/14/19 | 19,943 | |||||||||||||
20,000,000 | FHLB | 0.010 | 05/15/19 | 19,941 | |||||||||||||
31,740,000 | FHLB | 0.010 | 05/16/19 | 31,643 | |||||||||||||
100,000,000 | FHLB | 0.010 | 05/17/19 | 99,693 | |||||||||||||
60,000,000 | FHLB | 0.010 | 05/20/19 | 59,803 | |||||||||||||
60,000,000 | FHLB | 0.010 | 05/21/19 | 59,799 | |||||||||||||
75,000,000 | FHLB | 0.010 | 05/22/19 | 74,744 | |||||||||||||
50,000,000 | FHLB | 0.010 | 05/23/19 | 49,827 | |||||||||||||
120,020,000 | FHLB | 0.010 | 05/24/19 | 119,592 | |||||||||||||
75,000,000 | FHLB | 0.010 | 05/28/19 | 74,716 | |||||||||||||
19,000,000 | FHLB | 0.010 | 05/29/19 | 18,926 | |||||||||||||
84,315,000 | FHLB | 0.010 | 05/31/19 | 83,975 | |||||||||||||
110,000,000 | FHLB | 0.010 | 06/03/19 | 109,536 | |||||||||||||
85,000,000 | FHLB | 0.010 | 06/04/19 | 84,636 | |||||||||||||
5,000,000 | FHLB | 0.010 | 06/05/19 | 4,978 | |||||||||||||
3,000,000 | FHLB | 0.010 | 06/06/19 | 2,987 | |||||||||||||
93,900,000 | FHLB | 0.010 | 06/07/19 | 93,477 | |||||||||||||
68,805,000 | FHLB | 0.010 | 06/10/19 | 68,482 | |||||||||||||
48,400,000 | FHLB | 0.010 | 06/11/19 | 48,170 | |||||||||||||
79,000,000 | FHLB | 0.010 | 06/12/19 | 78,618 | |||||||||||||
87,990,000 | FHLB | 0.010 | 06/13/19 | 87,559 | |||||||||||||
78,560,000 | FHLB | 0.010 | 06/14/19 | 78,169 | |||||||||||||
59,275,000 | FHLB | 0.010 | 06/17/19 | 58,969 | |||||||||||||
34,725,000 | FHLB | 0.010 | 06/18/19 | 34,543 | |||||||||||||
59,120,000 | FHLB | 0.010 | 06/21/19 | 58,796 | |||||||||||||
50,000,000 | FHLB | 0.010 | 06/25/19 | 49,713 | |||||||||||||
50,000,000 | FHLB | 0.010 | 06/28/19 | 49,704 | |||||||||||||
30,000,000 | Federal Home Loan Mortgage Corp (FHLMC) | 0.010 | 04/02/19 | 29,998 | |||||||||||||
109,000,000 | FHLMC | 0.010 | 04/17/19 | 108,884 | |||||||||||||
40,030,000 | FHLMC | 0.010 | 04/24/19 | 39,969 | |||||||||||||
116,480,000 | FHLMC | 0.010 | 04/29/19 | 116,264 | |||||||||||||
16,160,000 | FHLMC | 0.010 | 05/02/19 | 16,127 | |||||||||||||
50,000,000 | FHLMC | 0.010 | 05/07/19 | 49,881 | |||||||||||||
15,000,000 | FHLMC | 0.010 | 05/10/19 | 14,961 | |||||||||||||
94,600,000 | FHLMC | 0.010 | 05/13/19 | 94,335 | |||||||||||||
20,000,000 | FHLMC | 0.010 | 05/20/19 | 19,935 | |||||||||||||
50,000,000 | FHLMC | 0.010 | 05/21/19 | 49,835 | |||||||||||||
9,085,000 | FHLMC | 0.010 | 05/29/19 | 9,050 | |||||||||||||
25,000,000 | FHLMC | 0.010 | 06/04/19 | 24,893 | |||||||||||||
40,000,000 | FHLMC | 0.010 | 06/05/19 | 39,825 | |||||||||||||
81,160,000 | FHLMC | 0.010 | 06/06/19 | 80,801 | |||||||||||||
63,970,000 | FHLMC | 0.010 | 06/11/19 | 63,664 | |||||||||||||
72,165,000 | FHLMC | 0.010 | 06/12/19 | 71,817 | |||||||||||||
25,000,000 | FHLMC | 0.010 | 06/19/19 | 24,868 | |||||||||||||
14,460,000 | FHLMC | 0.010 | 09/03/19 | 14,310 | |||||||||||||
49,260,000 | FHLMC | 0.010 | 09/24/19 | 48,677 | |||||||||||||
30,000,000 | Federal National Mortgage Association (FNMA) | 0.010 | 04/01/19 | 30,000 |
2 |
COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
PRINCIPAL | ISSUER | RATE | MATURITY DATE | VALUE (000) | |||||||||||||
$ | 119,730,000 | FNMA | 0.010 | % | 04/03/19 | $ | 119,714 | ||||||||||
40,000,000 | FNMA | 0.010 | 04/05/19 | 39,990 | |||||||||||||
74,445,000 | FNMA | 0.010 | 04/08/19 | 74,411 | |||||||||||||
18,820,000 | FNMA | 0.010 | 04/09/19 | 18,810 | |||||||||||||
62,945,000 | FNMA | 0.010 | 04/10/19 | 62,907 | |||||||||||||
25,000,000 | FNMA | 0.010 | 04/16/19 | 24,975 | |||||||||||||
19,715,000 | FNMA | 0.010 | 04/23/19 | 19,686 | |||||||||||||
20,000,000 | FNMA | 0.010 | 04/24/19 | 19,970 | |||||||||||||
25,000,000 | FNMA | 0.010 | 04/25/19 | 24,960 | |||||||||||||
20,000,000 | FNMA | 0.010 | 04/26/19 | 19,967 | |||||||||||||
52,340,000 | FNMA | 0.010 | 05/01/19 | 52,236 | |||||||||||||
40,000,000 | FNMA | 0.010 | 05/07/19 | 39,905 | |||||||||||||
60,485,000 | FNMA | 0.010 | 05/08/19 | 60,338 | |||||||||||||
40,000,000 | FNMA | 0.010 | 05/10/19 | 39,897 | |||||||||||||
45,000,000 | FNMA | 0.010 | 05/13/19 | 44,875 | |||||||||||||
120,000,000 | FNMA | 0.010 | 05/14/19 | 119,659 | |||||||||||||
52,195,000 | FNMA | 0.010 | 05/15/19 | 52,042 | |||||||||||||
68,145,000 | FNMA | 0.010 | 05/22/19 | 67,913 | |||||||||||||
20,000,000 | FNMA | 0.010 | 05/28/19 | 19,925 | |||||||||||||
90,000,000 | FNMA | 0.010 | 05/29/19 | 89,653 | |||||||||||||
30,000,000 | FNMA | 0.010 | 05/30/19 | 29,883 | |||||||||||||
56,700,000 | FNMA | 0.010 | 06/05/19 | 56,453 | |||||||||||||
19,981,000 | FNMA | 0.010 | 06/19/19 | 19,874 | |||||||||||||
46,400,000 | FNMA | 0.010 | 06/26/19 | 46,133 | |||||||||||||
TOTAL GOVERNMENT AGENCY DEBT | 6,112,208 | ||||||||||||||||
TREASURY DEBT - 18.0% | |||||||||||||||||
60,000,000 | United States Treasury Bill | 0.010 | 04/02/19 | 59,996 | |||||||||||||
125,165,000 | United States Treasury Bill | 0.010 | 04/04/19 | 125,140 | |||||||||||||
30,000,000 | United States Treasury Bill | 0.010 | 04/09/19 | 29,984 | |||||||||||||
135,000,000 | United States Treasury Bill | 0.010 | 04/11/19 | 134,910 | |||||||||||||
10,000,000 | United States Treasury Bill | 0.010 | 04/16/19 | 9,990 | |||||||||||||
86,235,000 | United States Treasury Bill | 0.010 | 04/18/19 | 86,138 | |||||||||||||
15,000,000 | United States Treasury Bill | 0.010 | 04/23/19 | 14,978 | |||||||||||||
100,000,000 | United States Treasury Bill | 0.010 | 04/25/19 | 99,842 | |||||||||||||
25,000,000 | United States Treasury Bill | 0.010 | 04/30/19 | 24,952 | |||||||||||||
100,000,000 | United States Treasury Bill | 0.010 | 05/02/19 | 99,796 | |||||||||||||
20,000,000 | United States Treasury Bill | 0.010 | 05/07/19 | 19,952 | |||||||||||||
135,000,000 | United States Treasury Bill | 0.010 | 05/09/19 | 134,659 | |||||||||||||
100,100,000 | United States Treasury Bill | 0.010 | 05/16/19 | 99,801 | |||||||||||||
55,000,000 | United States Treasury Bill | 0.010 | 05/23/19 | 54,810 | |||||||||||||
95,000,000 | United States Treasury Bill | 0.010 | 05/30/19 | 94,629 | |||||||||||||
54,000,000 | United States Treasury Bill | 0.010 | 06/06/19 | 53,764 | |||||||||||||
50,000,000 | United States Treasury Bill | 0.010 | 06/13/19 | 49,758 | |||||||||||||
95,000,000 | United States Treasury Bill | 0.010 | 06/20/19 | 94,492 | |||||||||||||
23,035,000 | United States Treasury Bill | 0.010 | 06/27/19 | 22,903 | |||||||||||||
20,000,000 | United States Treasury Bill | 0.010 | 07/05/19 | 19,871 | |||||||||||||
88,385,000 | United States Treasury Bill | 0.010 | 10/10/19 | 87,241 | |||||||||||||
110,805,000 | United States Treasury Bill | 0.010 | 11/07/19 | 109,144 | |||||||||||||
46,600,000 | United States Treasury Note | 1.625 | 04/30/19 | 46,572 | |||||||||||||
25,000,000 | United States Treasury Note | 0.875 | 07/31/19 | 24,864 | |||||||||||||
70,000,000 | United States Treasury Note | 1.000 | 10/15/19 | 69,429 | |||||||||||||
96,825,000 | United States Treasury Note | 1.000 | 11/15/19 | 95,901 | |||||||||||||
TOTAL TREASURY DEBT | 1,763,516 |
3 |
COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
VARIABLE RATE SECURITIES - 19.7% | |||||||||||||||||
$ | 40,000,000 | i | Federal Agricultural Mortgage Corp (FAMC) | EFFR + 0.010% | 2.420 | % | 04/01/19 | $ | 40,000 | ||||||||
45,000,000 | i | FAMC | LIBOR 3 M - 0.210% | 2.434 | 05/20/19 | 45,000 | |||||||||||
30,000,000 | i | FAMC | LIBOR 1 M - 0.050% | 2.439 | 07/01/19 | 30,000 | |||||||||||
50,000,000 | i | FAMC | EFFR + 0.150% | 2.560 | 09/27/19 | 50,000 | |||||||||||
30,000,000 | i | FAMC | LIBOR 3 M - 0.200% | 2.536 | 11/01/19 | 30,000 | |||||||||||
44,500,000 | i | FAMC | EFFR + 0.120% | 2.530 | 02/26/20 | 44,500 | |||||||||||
65,000,000 | i | FAMC | SOFR + 0.050% | 2.480 | 03/18/20 | 65,000 | |||||||||||
35,000,000 | i | FAMC | FRED - 2.950% | 2.550 | 05/19/20 | 35,000 | |||||||||||
30,000,000 | i | FAMC | FRED - 2.960% | 2.540 | 08/28/20 | 30,000 | |||||||||||
7,500,000 | i | Federal Farm Credit Bank (FFCB) | EFFR - 0.000% | 2.410 | 04/15/19 | 7,500 | |||||||||||
50,000,000 | i | FFCB | LIBOR 1 M - 0.125% | 2.356 | 06/07/19 | 50,000 | |||||||||||
55,000,000 | i | FFCB | FRED - 3.080% | 2.420 | 06/27/19 | 55,002 | |||||||||||
50,000,000 | i | FFCB | FRED - 3.080% | 2.420 | 08/16/19 | 49,998 | |||||||||||
30,000,000 | i | FFCB | EFFR - 0.015% | 2.395 | 09/20/19 | 30,000 | |||||||||||
57,500,000 | i | FFCB | FRED - 3.075% | 2.425 | 09/25/19 | 57,478 | |||||||||||
50,000,000 | i | FFCB | FRED - 3.080% | 2.420 | 10/10/19 | 49,976 | |||||||||||
40,000,000 | i | FFCB | US Treasury Bill 3 M + 0.050% | 2.475 | 10/18/19 | 40,000 | |||||||||||
10,000,000 | i | FFCB | US Treasury Bill 3 M + 0.050% | 2.475 | 11/04/19 | 10,000 | |||||||||||
10,000,000 | i | FFCB | FRED - 2.910% | 2.590 | 12/11/19 | 10,008 | |||||||||||
47,000,000 | i | FFCB | FRED - 3.065% | 2.435 | 12/26/19 | 46,986 | |||||||||||
50,000,000 | i | FFCB | LIBOR 1 M - 0.030% | 2.451 | 01/07/20 | 50,000 | |||||||||||
50,000,000 | i | FFCB | US Treasury Bill 3 M + 0.055% | 2.480 | 01/27/20 | 50,000 | |||||||||||
80,000,000 | i | FFCB | FRED - 2.980% | 2.520 | 02/20/20 | 79,997 | |||||||||||
21,700,000 | i | FFCB | FRED - 2.870% | 2.630 | 05/29/20 | 21,700 | |||||||||||
50,000,000 | i | FFCB | FRED - 2.960% | 2.540 | 07/09/20 | 49,995 | |||||||||||
50,000,000 | i | FFCB | US Treasury Bill 3 M + 0.045% | 2.470 | 08/17/20 | 49,997 | |||||||||||
9,500,000 | i | FFCB | FRED - 3.020% | 2.480 | 09/28/20 | 9,488 | |||||||||||
50,000,000 | i | FFCB | US Treasury Bill 3 M + 0.160% | 2.470 | 01/19/21 | 49,991 | |||||||||||
69,000,000 | i | Federal Home Loan Bank (FHLB) | SOFR + 0.040% | 2.470 | 05/15/19 | 69,000 | |||||||||||
45,000,000 | i | FHLB | LIBOR 1 M - 0.070% | 2.422 | 07/12/19 | 45,000 | |||||||||||
19,000,000 | i | FHLB | SOFR + 0.060% | 2.490 | 09/10/19 | 19,000 | |||||||||||
8,300,000 | i | FHLB | US Treasury Bill 3 M + 0.070% | 2.535 | 01/30/20 | 8,302 | |||||||||||
30,000,000 | i | Federal Home Loan Mortgage Corp (FHLMC) | SOFR + 0.025% | 2.455 | 05/08/19 | 30,000 | |||||||||||
50,000,000 | i | FHLMC | LIBOR 1 M - 0.095% | 2.387 | 06/19/19 | 50,000 | |||||||||||
27,500,000 | i | FHLMC | SOFR + 0.030% | 2.460 | 06/19/19 | 27,500 | |||||||||||
12,000,000 | i | FHLMC | LIBOR 3 M - 0.165% | 2.630 | 07/05/19 | 12,002 | |||||||||||
80,900,000 | i | FHLMC | LIBOR 1 M - 0.100% | 2.392 | 08/08/19 | 80,901 | |||||||||||
30,000,000 | i | FHLMC | LIBOR 3 M - 0.225% | 2.414 | 08/27/19 | 30,000 | |||||||||||
20,000,000 | i | Federal National Mortgage Association (FNMA) | SOFR + 0.070% | 2.500 | 10/30/19 | 20,000 | |||||||||||
24,000,000 | i | FNMA | SOFR + 0.060% | 2.490 | 07/30/20 | 24,000 | |||||||||||
100,000,000 | i | United States Treasury Floating Rate Note | US Treasury Bill 3 M + 0.048% | 2.473 | 10/31/19 | 100,018 | |||||||||||
30,000,000 | i | United States Treasury Floating Rate Note | US Treasury Bill 3 M - 0.000% | 2.473 | 01/31/20 | 30,000 |
4 |
COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
PRINCIPAL | ISSUER | REFERENCE RATE & SPREAD | RATE | MATURITY DATE | VALUE (000) | ||||||||||||
$ | 157,000,000 | i | United States Treasury Floating Rate Note | US Treasury Bill 3 M + 0.033% | 2.473 | % | 04/30/20 | $ | 157,010 | ||||||||
100,000,000 | i | United States Treasury Floating Rate Note | US Treasury Bill 3 M + 0.045% | 2.473 | 10/31/20 | 99,918 | |||||||||||
TOTAL VARIABLE RATE SECURITIES | 1,940,267 | ||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 9,815,991 | ||||||||||||||||
(Cost $9,815,991) | |||||||||||||||||
TOTAL INVESTMENTS - 99.9% | 9,815,991 | ||||||||||||||||
(Cost $9,815,991) | |||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% | 5,314 | ||||||||||||||||
NET ASSETS - 100.0% | $ | 9,821,305 |
Abbreviation(s): | |||
EFFR | Effective Federal Funds Rate | ||
FRED | Federal Bank Prime Loan Rate | ||
LIBOR | London Interbank Offered Rates | ||
M | Month | ||
SOFR | Secure Overnight Financing Rate | ||
i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. | ||
Cost amounts are in thousands. |
5 |
COLLEGE RETIREMENT EQUITIES FUND – Notes to Schedule of Investments (unaudited)
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 U.S. Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. This filing consists of one investment portfolio: the Money Market Account (referred to as the “Account”).
The accompanying Schedule of Investments was prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the Commission related to interim filings. Accordingly, the Schedule of Investments does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the Commission. For a full set of financial statement notes, please refer to the most recently filed annual or semi-annual report.
The preparation of the Schedule of Investments requires the use of estimates made by management. Actual results may differ from those estimates. CREF is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The following is a summary of the significant accounting policies consistently followed by the Account.
Security valuation: Investments held by the 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.
Investment transactions: Security transactions are accounted for as of the trade date for financial reporting purposes.
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 Account’s 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.
A description of the valuation techniques applied to the Account’s major categories of assets and liabilities measured at fair value follows:
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.
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.
As of March 31, 2019, 100% of the value of investments in the Money Market Account was valued based on Level 2 inputs.
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Item 2. 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 quarterly reporting period.
(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 3. Exhibits.
3(a) Section 302 certification of the principal executive officer
3(b) Section 302 certification of the 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: May 17, 2019 | 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: May 17, 2019 | By: | /s/Carol W. Deckbar | |
Carol W. Deckbar | |||
Principal Executive Officer and Executive | |||
Vice President | |||
(principal executive officer) | |||
Dated: May 17, 2019 | By: | /s/Glenn E. Brightman | |
Glenn E. Brightman | |||
Executive Vice President, | |||
Chief Financial Officer and | |||
Principal Accounting Officer | |||
(principal financial officer) |
EXHIBIT LIST
Item 3. Exhibits.
3(a) Section 302 certification of the principal executive officer
3(b) Section 302 certification of the principal financial officer
Exhibit 3(a)
CERTIFICATION
I, Carol W. Deckbar, certify that:
1. I have reviewed this report on Form N-Q of the College Retirement Equities Fund - Money Market Account;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
Dated: May 17, 2019 | By: | /s/Carol W. Deckbar | |
Carol W. Deckbar | |||
Principal Executive Officer and | |||
Executive Vice President | |||
(principal executive officer) |
Exhibit 3(b)
CERTIFICATION
I, Glenn E. Brightman, certify that:
1. I have reviewed this report on Form N-Q of the College Retirement Equities Fund - Money Market Account;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
Dated: May 17, 2019 | By: | /s/Glenn E. Brightman | |
Glenn E. Brightman | |||
Executive Vice President, | |||
Chief Financial Officer and | |||
Principal Accounting Officer | |||
(principal financial officer) |