N-CSRS 1 c93922_ncsrs.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-04415

COLLEGE RETIREMENT EQUITIES FUND

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Jeremy D. Franklin, 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: June 30, 2019

Item 1. Reports to Stockholders.

Semiannual Report ■ June 30, 2019

College Retirement
Equities Fund

The semiannual report contains the financial statements (unaudited).

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the CREF Accounts’ (the “Accounts”) annual and semiannual reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive these reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive reports and other communications from the Accounts electronically anytime by either updating your account settings at TIAA.org/eDelivery, if you hold your Account units through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or by contacting your financial intermediary (such as a broker/dealer or bank) through which you hold Account units.

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

Contents

Understanding this report	3
Letter to CREF participants	4
Information for CREF participants	6
About the accounts’ benchmarks	7
Important information about expenses	9
Account performance
CREF Stock Account	10
CREF Global Equities Account	13
CREF Growth Account	16
CREF Equity Index Account	19
CREF Bond Market Account	22
CREF Inflation-Linked Bond Account	25
CREF Social Choice Account	28
CREF Money Market Account	31

Summary portfolios of investments	34
Financial statements (unaudited)
Statement of assets and liabilities	72
Statement of operations	74
Statements of changes in net assets	76
Financial highlights	82
Notes to financial statements	92
Approval of investment management agreement	109
Additional information about index providers	119
How to reach us	Inside back cover

Understanding this report

This semiannual report contains information about the CREF variable annuity accounts and describes their results for the six months ended June 30, 2019. 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 June 30, 2019.
•	The financial statements provide detailed information about the operations and financial condition of each account.

The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. To see the risks of investing in any account, please read the latest prospectus.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any account before investing. For a prospectus that contains this and other important information, please visit our website at TIAA.org, or call 877-518-9161. We urge you to read the prospectus carefully before investing.

College Retirement Equities Fund ■ 2019 Semiannual Report

Letter to CREF participants

Domestic and international stock markets posted strong gains for the first six months of 2019 amid continued economic growth. The U.S. economy expanded at a solid pace, and the unemployment rate approached a 50-year low. The Federal Reserve, which had increased the federal funds target rate nine times since 2015, left the rate unchanged during the period and said it would closely monitor economic data and trade policy before making future decisions. Yields on U.S. Treasury securities of all maturities declined during the period. Growth of some foreign economies was a concern, but international stocks gained ground as central banks remained committed to historically low interest rates.

•	All five CREF accounts with significant exposure to U.S. equities posted double-digit returns, ranging from a 12.6% gain by the Social Choice Account to a 21.8% advance by the Growth Account.
•	The Bond Market Account returned 6.3%, while the Inflation-Linked Bond Account gained 4.9%.
•	During the period, four accounts outperformed, and the other four lagged their respective benchmarks. All account returns are for Class R1.

CREF Account performance review

For the six-month period, all eight of the CREF Accounts generated positive returns. Domestic growth equities outperformed value stocks, while large-cap shares outperformed small-cap equities. Returns by domestic equities exceeded those from international stocks. Overall, equity gains outpaced fixed-income returns.

Turning to individual account performances, the Stock Account, which is the largest CREF Account in terms of net assets, returned 17.1% and outperformed its composite benchmark due to advantageous stock allocations. The Growth Account outgained its benchmark with a strong return of 21.8%, due in part to underweighted positions in several health care-related stocks, while the Global Equities Account also exceeded its benchmark for the period, gaining 16.9%.

The Bond Market Account advanced 6.3%, surpassing its benchmark primarily due to its corporate bond holdings. The Equity Index Account and Inflation-Linked Bond Account had solid gains of 18.4% and 4.9%, respectively, but lagged their benchmarks. The Social Choice Account, which excludes certain stocks due to environmental, social and governance criteria, advanced 12.6% but also trailed its composite benchmark.

For full details on performance for all of the accounts, please see the commentaries starting on page 10.

4	2019 Semiannual Report ■ College Retirement Equities Fund

U.S. stocks posted strong gains

The domestic stock market, as represented by the broad-based Russell 3000^® Index, advanced 18.7% over the six-month period. Domestic equities generated most of their gains during the first three months of the period. International stocks, as measured in U.S.-dollar terms by the MSCI EAFE Index, gained 14.0%.

U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 6.1% as yields on U.S. Treasury securities of all maturities declined (bond yields move in the opposite direction of prices).

How quickly things can change

Late in 2018, investors fretted over a slowing global economy, continued trade tensions and the potential for further Fed rate increases. Stock markets fell sharply in response to those concerns, but market sentiment shifted when the Fed announced it would be patient about decisions to raise rates in the future. Stocks came roaring out of the gate in 2019, and most asset classes produced exceptional gains in the first half of the year.

It would have been difficult to predict such a powerful market recovery in the waning months of 2018. Likewise, no one knows for certain where markets are headed for the balance of 2019 and beyond. Please keep in mind that past performance cannot guarantee future results. Events of the recent past reinforce our belief that a well-balanced and diversified portfolio of assets is a prudent way for investors to manage whatever changes lie ahead. Of course, diversification does not guarantee against market loss.

As always, we recommend that you speak with 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.

Carol Deckbar

/s/ Carol W. Deckbar

Carol W. Deckbar

Principal Executive Officer, CREF

Executive Vice President, TIAA Institutional Investments and Endowment Services

College Retirement Equities Fund ■ 2019 Semiannual Report

Information for CREF participants

Portfolio holdings

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

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

•	By visiting our website at TIAA.org; or
•	By calling us at 800-842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the CREF accounts’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT or Form N-Q filings. Form N-CSR filings are as of December 31 or June 30; Form N-PORT or 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	2019 Semiannual 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 (ACWI) ex USA Investable Market Index (IMI), which measures the performance of small-, mid- and large-cap stocks in 48 developed- and emerging-markets nations throughout the world, excluding the United States.

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

CREF Global Equities Account

The Account’s benchmark is the MSCI All Country World Index (ACWI), which measures the performance of large- and mid-capitalization stocks in 23 developed-markets countries and 26 emerging-markets countries.

CREF Growth Account

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

CREF Equity Index Account

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

CREF Bond Market Account

The Account’s benchmark is the Bloomberg 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 ■ 2019 Semiannual Report

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-markets nations, excluding the United States.

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

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

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	2019 Semiannual 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 that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other variable annuity accounts and mutual funds. Participants in the CREF Accounts do not incur a sales charge for purchases or other distributions.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2019–June 30, 2019).

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 ■ 2019 Semiannual Report

CREF Stock Account

Performance for the six months ended June 30, 2019

The CREF Stock Account returned 17.13% for the period, compared with the 17.08% return of its composite benchmark, a weighted average of the Russell 3000^® Index and the MSCI All Country World (ACWI) ex USA Investable Market Index (IMI). For the twelve months ended June 30, 2019, the Account returned 4.72%, versus 6.36% for the composite index. (All returns for the Account are for Class R1.)

The U.S. economy continued to grow with moderate inflation for the six-month period. Unemployment ended the period at 3.7%. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. The broad U.S. stock market, as measured by the Russell 3000 Index, gained 18.71% for the six months. Growth shares outperformed value stocks, while mid-cap equities outpaced both large- and small-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

The MSCI ACWI ex USA IMI, which measures the performance of mid- and large-cap stocks in 48 developed- and emerging-markets countries outside the United States, gained 13.33% in U.S.-dollar terms for the six months.

Account surpassed its composite benchmark

The Account slightly outperformed its benchmark for the six months. An overweight position in information technology firm ServiceNow was the largest contributor, followed by an underweight position in biopharmaceutical company AbbVie and a nonbenchmark position in U.K.-based chemical firm Tronox Holdings. The largest detractors were overweight positions in QUALCOMM and Takeda Pharmaceutical and an underweight in Microsoft.

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.

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CREF Stock Account

Performance as of June 30, 2019

Stock Account			Total return						Average annual total return						Estimated annual
	Inception date		6 months			1 year			5 years			10 years			operating expenses		*
Class R1		7/31/1952		17.13	%		4.72	%		7.02	%		11.71	%		0.555	%
Class R2		4/24/2015		17.24			4.92			7.24	^†		11.83	^†		0.350
Class R3		4/24/2015		17.27			4.97			7.31	^†		11.86	^†		0.300
CREF Stock Account Composite Index^§		—		17.08			6.36			7.81			12.27			—
Broad market index
Morningstar Aggressive Target Risk Index		—		16.05			6.08			6.76			11.46			—

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

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

*	The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.
^†	The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of Classes R2 and R3. If those expenses had been reflected, the performance would have been higher.
^§	As of the close of business on June 30, 2019, the CREF Stock Account Composite Benchmark consisted of: 70.0% Russell 3000^® Index and 30.0% MSCI ACWI ex USA IMI. The Account’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

Expense example

Six months ended June 30, 2019
Stock Account	Beginning account value (1/1/19		)	Ending account value (6/30/19		)	Expenses paid during period (1/1/19–6/30/19		* )
Actual return
Class R1		$1,000.00			$1,171.28			$3.07
Class R2		1,000.00			1,172.44			1.99
Class R3		1,000.00			1,172.74			1.72
5% annual hypothetical return
Class R1		1,000.00			1,021.97			2.86
Class R2		1,000.00			1,022.96			1.86
Class R3		1,000.00			1,023.21			1.61

*	“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were

College Retirement Equities Fund ■ 2019 Semiannual Report

CREF Stock Account

181 days in the six months ended June 30, 2019. The Account’s annualized six-month expense ratios for that period were 0.57% for Class R1, 0.37% for Class R2 and 0.32% for Class R3.

For more information about this expense example, please see page 9.

Account profile

	as of 6/30/2019
Net assets		$116.14 billion
Portfolio turnover rate*		34%
Number of holdings		9,681
Weighted median market capitalization		$49.47 billion
Price/earnings ratio (weighted 12-month trailing average)^†		20.8

*	The portfolio turnover rate covers the six-month period from January 1, 2019–June 30, 2019, and is not annualized.
^†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

Portfolio composition

Sector			% of net assets as of 6/30/2019
Information technology			17.7
Financials			14.9
Health care			12.1
Industrials			11.0
Consumer discretionary			10.6
Communication services			8.5
Consumer staples			7.1
Energy			5.3
Materials			4.7
Real estate			3.8
Utilities			2.8
Short-term investments, other assets & liabilities, net			1.5
Total			100.0

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2019
More than $50 billion		49.7
More than $15 billion–$50 billion		23.7
More than $2 billion–$15 billion		21.4
$2 billion or less		5.2
Total		100.0

Holdings by country

	% of portfolio investments as of 6/30/2019
United States		67.6
Japan		4.8
United Kingdom		3.3
China		2.3
France		2.1
Canada		2.0
Switzerland		1.8
Germany		1.5
71 other nations		11.8
Short-term investments		2.8
Total		100.0

12	2019 Semiannual Report ■ College Retirement Equities Fund

CREF Global Equities Account

Performance for the six months ended June 30, 2019

The CREF Global Equities Account returned 16.91% for the period, compared with the 16.23% return of its benchmark, the MSCI All Country World Index (ACWI). For the twelve months ended June 30, 2019, the Account returned 3.07%, versus 5.74% for the index. (All returns for the Account are for Class R1.)

Stock prices rose in both developed- and emerging-markets countries for the six-month period, rebounding from sharp declines late in 2018. Economies in the eurozone grew at an annualized rate of 1.2% in the first quarter of 2019, and unemployment fell to a decade-low level of 7.5% in May 2019. The Chinese economy grew at a solid pace during the first quarter of 2019, aided by stronger industrial production. The U.S. Federal Reserve left the federal funds target rate unchanged at 2.25%–2.50%. The European Central Bank said it would maintain its benchmark interest rates at their current low levels until at least mid-2020.

Most markets within the MSCI ACWI produced gains for the six months. When converted from local currencies into U.S. dollars, returns were mixed, with about one-half of the index countries ending the period higher in U.S.-dollar terms.

Account outpaced its benchmark

Stock selection helped the Account outperform its benchmark for the period. A nonbenchmark position in Japanese ecommerce food company Infomart and overweight positions in U.S. information technology firms ServiceNow and PayPal were especially beneficial.

Conversely, some stocks weighed on performance, notably an overweight position in India’s Yes Bank, a nonbenchmark holding in Brazil ecommerce firm B2W Companhia Digital, and an overweight investment in UnitedHealth Group.

College Retirement Equities Fund ■ 2019 Semiannual Report

CREF Global Equities Account

Performance as of June 30, 2019

Global Equities Account		Total return						Average annual total return						Estimated annual
	Inception date	6 months			1 year			5 years			10 years			operating expenses		*
Class R1	5/1/1992		16.91	%		3.07	%		5.68	%		10.29	%		0.525	%
Class R2	4/24/2015		17.02			3.26			5.90	^†		10.41	^†		0.320
Class R3	4/24/2015		17.05			3.31			5.96	^†		10.44	^†		0.270
MSCI All Country World Index	—		16.23			5.74			6.16			10.15			—

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

*	The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.
^†	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.

Expense example

Six months ended June 30, 2019

	Beginning		Ending		Expenses paid
	account value		account value		during period	*
Global Equities Account	(1/1/19	)	(6/30/19	)	(1/1/19–6/30/19	)
Actual return
Class R1	$1,000.00		$1,169.07		$2.74
Class R2	1,000.00		1,170.23		1.67
Class R3	1,000.00		1,170.53		1.40
5% annual hypothetical return
Class R1	1,000.00		1,022.27		2.56
Class R2	1,000.00		1,023.26		1.56
Class R3	1,000.00		1,023.51		1.30

“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 181/365. There were 181 days in the six months ended June 30, 2019. The Account’s annualized six-month expense ratios for that period were 0.51% for Class R1, 0.31% for Class R2 and 0.26% for Class R3.

For more information about this expense example, please see page 9.

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CREF Global Equities Account

Account profile
	as of 6/30/2019
Net assets	$20.55 billion
Portfolio turnover rate*	43%
Number of holdings	3,020
Weighted median market capitalization	$79.99 billion
Price/earnings ratio (weighted 12-month trailing average)^†	20.4

*	The portfolio turnover rate covers the six-month period from January 1, 2019–June 30, 2019, and is not annualized.
^†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

Portfolio composition
Sector	% of net assets as of 6/30/2019
Information technology	16.9
Consumer discretionary	13.5
Financials	13.5
Health care	11.3
Industrials	9.9
Consumer staples	9.8
Communication services	8.0
Materials	6.2
Energy	5.7
Real estate	1.9
Utilities	1.6
Short-term investments, other assets & liabilities, net	1.7
Total	100.0

Holdings by company size
Market capitalization	% of equity investments as of 6/30/2019
More than $50 billion	59.6
More than $15 billion–$50 billion	23.7
More than $2 billion–$15 billion	15.1
$2 billion or less	1.6
Total	100.0

Holdings by country
	% of portfolio investments as of 6/30/2019
United States	54.5
Japan	6.4
United Kingdom	5.6
Switzerland	3.7
France	3.6
China	3.5
Canada	2.5
Netherlands	2.0
49 other nations	15.7
Short-term investments	2.5
Total	100.0

College Retirement Equities Fund ■ 2019 Semiannual Report

CREF Growth Account

Performance for the six months ended June 30, 2019

The CREF Growth Account returned 21.76% for the period, compared with the 21.49% return of its benchmark, the Russell 1000^® Growth Index. For the twelve months ended June 30, 2019, the Account returned 9.71%, versus 11.56% for the index. (All returns for the Account are for Class R1.)

The U.S. economy continued to grow with moderate inflation for the six-month period. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. The broad U.S. stock market, as measured by the Russell 3000^® Index, gained 18.71% for the six months. Growth shares outperformed value stocks, while mid-cap equities outpaced both large- and small-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

Account produced a sizable gain, surpassed its benchmark

All ten industry sectors in the Russell 1000 Growth Index (utilities are no longer represented) advanced for the six months. The information technology (up 29.4%), consumer discretionary (up 21.8%) and communication services (up 20.9%) sectors contributed most to the index’s return. Together, these three sectors represented nearly 60.0% of the benchmark’s total market capitalization on June 30, 2019. The materials, financials and real estate sectors each produced solid returns that surpassed the index. Industrials, consumer staples and energy also gained but trailed the index. Health care (up 7.6%) was the worst-performing sector during the period.

The Account outperformed its benchmark during the reporting period. An underweight position in biopharmaceutical company AbbVie was the largest contributor to relative performance. The stock struggled on news of generic competition in Europe for Humira, its flagship arthritis medication. Underweights in UnitedHealth Group and Amgen, two other health care-related companies that underperformed, also aided returns.

Conversely, an out-of-benchmark position in Qurate Retail was the largest detractor. The online and video-based retailer fell after missing earnings estimates. An overweight in Salesforce, which trailed the index, as well as an underweight in Apple, also limited the Account’s relative return.

16	2019 Semiannual Report ■ College Retirement Equities Fund

CREF Growth Account

Performance as of June 30, 2019

Growth Account								Average annual						Estimated
		Total return						total return						annual
	Inception													operating
	date	6 months			1 year			5 years			10 years			expenses		*
Class R1	4/29/1994		21.76	%		9.71	%		12.77	%		15.74	%		0.490	%
Class R2	4/24/2015		21.88			9.91			13.00	^†		15.86	^†		0.285
Class R3	4/24/2015		21.91			9.97			13.07	^†		15.90	^†		0.235
Russell 1000^{^®} Growth Index	—		21.49			11.56			13.39			16.28			—

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

*	The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.
^†	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.

Expense example

Six months ended June 30, 2019

Growth Account	Beginning account value (1/1/19		)	Ending account value (6/30/19		)	Expenses paid during period (1/1/19–6/30/19		* )
Actual return
Class R1		$1,000.00			$1,217.61			$2.69
Class R2		1,000.00			1,218.81			1.60
Class R3		1,000.00			1,219.13			1.32
5% annual hypothetical return
Class R1		1,000.00			1,022.36			2.46
Class R2		1,000.00			1,023.36			1.45
Class R3		1,000.00			1,023.60			1.20

“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 181/365. There were 181 days in the six months ended June 30, 2019. The Account’s annualized six-month expense ratios for that period were 0.49% for Class R1, 0.29% for Class R2 and 0.24% for Class R3.

For more information about this expense example, please see page 9.

College Retirement Equities Fund ■ 2019 Semiannual Report

CREF Growth Account

Account profile

	as of 6/30/2019
Net assets	$27.14 billion
Portfolio turnover rate*	51%
Number of holdings	582
Weighted median market capitalization	$110.14 billion
Price/earnings ratio (weighted 12-month trailing average)^†	30.7

*	The portfolio turnover rate covers the six-month period from January 1, 2019–June 30, 2019, and is not annualized.
^†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

Portfolio composition

Sector	% of net assets as of 6/30/2019
Information technology	34.9
Consumer discretionary	15.7
Communication services	14.9
Health care	13.3
Industrials	8.6
Consumer staples	4.6
Financials	4.1
Materials	2.0
Energy	0.6
Real estate	0.6
Short-term investments, other assets & liabilities, net	0.7
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2019
More than $50 billion	65.2
More than $15 billion–$50 billion	25.2
More than $2 billion–$15 billion	9.6
Total	100.0

18	2019 Semiannual Report ■ College Retirement Equities Fund

CREF Equity Index Account

Performance for the six months ended June 30, 2019

The CREF Equity Index Account returned 18.41% for the period, compared with the 18.71% return of its benchmark, the Russell 3000^® Index. For the twelve months ended June 30, 2019, the Account returned 8.54%, versus 8.98% for the index. (All returns for the Account are for Class R1.)

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

The U.S. economy continued to grow with moderate inflation for the six-month period. Unemployment declined to 3.6% in April—its lowest level in nearly half a century—but ended the period at 3.7% in June. Core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. The performance of the broad U.S. stock market, as measured by the Russell 3000 Index, was positive across investment styles and capitalization sizes. Growth shares outperformed value stocks, while mid-cap equities outpaced both large- and small-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology led the benchmark to a double-digit gain

All eleven sectors in the benchmark delivered positive performance for the six months. Information technology (up 27.6%)—the largest sector in the benchmark—and financials (up 17.2%) contributed most to the index’s return. Industrials (up 22.1%) and consumer discretionary (up 19.8%) also made strong contributions. Together, these four sectors represented more than one-half of the index’s total market capitalization on June 30, 2019. Consumer staples, real estate, energy, materials and utilities advanced but had less of an impact on returns due to their smaller weightings. Health care (up 9.8%) had the lowest return.

For the six-month period, four of the benchmark’s five largest stocks outperformed the benchmark’s overall return. Facebook performed best with a sizable double-digit gain, followed by Microsoft. Apple was next, rising on strong revenue growth. Amazon.com also posted an impressive double-digit return. Alphabet, the parent company of Google, lagged amid slower advertising growth.

College Retirement Equities Fund ■ 2019 Semiannual Report

CREF Equity Index Account

Performance as of June 30, 2019

Equity Index Account			Total return						Average annual total return						Estimated annual
	Inception date		6 months			1 year			5 years			10 years			operating expenses		*
Class R1		4/29/1994		18.41	%		8.54	%		9.65	%		14.16	%		0.470	%
Class R2		4/24/2015		18.53			8.75			9.87	^†		14.28	^†		0.265
Class R3		4/24/2015		18.56			8.80			9.94	^†		14.32	^†		0.215
Russell 3000^® Index		—		18.71			8.98			10.19			14.67			—

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

*	The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.
^†	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.

Expense example

Six months ended June 30, 2019

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
Equity Index Account	(1/1/19		)	(6/30/19		)	(1/1/19–6/30/19		)
Actual return
Class R1		$1,000.00			$1,184.09			$2.55
Class R2		1,000.00			1,185.26			1.46
Class R3		1,000.00			1,185.56			1.19
5% annual hypothetical return
Class R1		1,000.00			1,022.46			2.36
Class R2		1,000.00			1,023.46			1.35
Class R3		1,000.00			1,023.70			1.10

“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 181/365. There were 181 days in the six months ended June 30, 2019. The Account’s annualized six-month expense ratios for that period were 0.47% for Class R1, 0.27% for Class R2 and 0.22% for Class R3.

For more information about this expense example, please see page 9.

20	2019 Semiannual Report ■ College Retirement Equities Fund

CREF Equity Index Account

Account profile

	as of 6/30/2019
Net assets		$19.23 billion
Portfolio turnover rate*		1%
Number of holdings		2,785
Weighted median market capitalization		$73.94 billion
Price/earnings ratio (weighted 12-month trailing average)^†		23.6


*	The portfolio turnover rate covers the six-month period from January 1, 2019–June 30, 2019, and is not annualized.
^†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.

Portfolio composition
Sector	% of net assets as of 6/30/2019
Information technology	21.0
Health care	13.9
Financials	13.4
Consumer discretionary	10.4
Industrials	10.1
Communication services	9.2
Consumer staples	6.4
Energy	4.7
Real estate	4.0
Utilities	3.2
Materials	3.0
Short-term investments, other assets & liabilities, net	0.7
Total	100.0

Holdings by company size
Market capitalization	% of equity investments as of 6/30/2019
More than $50 billion	58.0
More than $15 billion–$50 billion	21.9
More than $2 billion–$15 billion	16.9
$2 billion or less	3.2
Total	100.0

College Retirement Equities Fund ■ 2019 Semiannual Report

CREF Bond Market Account

Performance for the six months ended June 30, 2019

The CREF Bond Market Account returned 6.27% for the period, compared with 6.11% for its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2019, the Account returned 7.73%, versus 7.87% for the index. (All returns for the Account are for Class R1.)

The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. Yields on U.S. Treasury securities of all maturities declined, boosting bond prices (bond yields move in the opposite direction of prices). Short-term government securities offered higher yields than those on most longer-term Treasuries at the end of the period. The resulting “inverted yield curve”—in which short-term yields exceeded long-term yields—was viewed as significant, as inverted yield curves historically have often preceded periods of slower growth.

Account surpassed its benchmark, driven by strength in corporate bonds

All of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index produced positive returns for the six-month period. Corporate bonds, which accounted for 24.7% of the index’s total market capitalization on June 30, 2019, advanced 9.9%, and were a primary driver of the benchmark’s overall performance. Commercial mortgage-backed securities (CMBS) gained 6.6%. U.S. Treasuries, the largest index sector with a weight of 39.0%, returned 5.2%. Mortgage-backed securities (MBS), the benchmark’s second-largest sector at 27.5%, rose 4.2%.

The Account outperformed its benchmark during the period, primarily due to an overweight position and strong security selection in corporate bonds, including modest positions in high-yield and emerging-markets corporates. Overweight positions in asset-backed securities, CMBS and municipal bonds also contributed, as did security selection within the CMBS sector.

Conversely, a short duration position detracted as rates fell during the period (duration is a measure of interest-rate sensitivity). An underweight position in the MBS sector also dampened the Account’s relative performance.

22	2019 Semiannual Report ■ College Retirement Equities Fund

CREF Bond Market Account

Performance as of June 30, 2019

Bond Market Account			Total return						Average annual total return						Estimated annual
	Inception date		6 months			1 year			5 years			10 years			operating expenses		*
Class R1		3/1/1990		6.27	%		7.73	%		2.85	%		3.95	%		0.525	%
Class R2		4/24/2015		6.37			7.94			3.06	^†		4.06	^†		0.320
Class R3		4/24/2015		6.40			7.99			3.13	^†		4.09	^†		0.270
Bloomberg Barclays U.S. Aggregate Bond Index		—		6.11			7.87			2.95			3.90			—

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

*	The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.
^†	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.

Expense example

Six months ended June 30, 2019

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
Bond Market Account	(1/1/19		)	(6/30/19		)	(1/1/19–6/30/19		)
Actual return
Class R1		$1,000.00			$1,062.67			$2.66
Class R2		1,000.00			1,063.72			1.64
Class R3		1,000.00			1,063.99			1.38
5% annual hypothetical return
Class R1		1,000.00			1,022.22			2.61
Class R2		1,000.00			1,023.21			1.61
Class R3		1,000.00			1,023.46			1.35

“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 181/365. There were 181 days in the six months ended June 30, 2019. The Account’s annualized six-month expense ratios for that period were 0.52% for Class R1, 0.32% for Class R2 and 0.27% for Class R3.

For more information about this expense example, please see page 9.

College Retirement Equities Fund ■ 2019 Semiannual Report

CREF Bond Market Account

Account profile

	as of 6/30/2019
Net assets	$13.86 billion
Portfolio turnover rate*	43%
Portfolio turnover rate, excluding mortgage dollar-roll transactions*	35%
Number of issues	1,756
Option-adjusted duration^‡	5.45 years
Average maturity^§	14.78 years


*	The portfolio turnover rate covers the six-month period from January 1, 2019–June 30, 2019, and is not annualized.
^‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
^§	Average maturity is a simple average of the maturities of all the bonds in an account’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

Portfolio composition
Sector	% of net assets as of 6/30/2019
Corporate bonds	24.0
Mortgage-backed securities	22.4
U.S. Treasury securities	15.9
Foreign government & corporate bonds denominated in U.S. dollars	13.0
Asset-backed securities	8.2
Commercial mortgage-backed securities	6.5
Municipal bonds	5.1
U.S. agency securities	2.3
Bank loan obligations	0.2
Preferred stock	0.2
Short-term investments, other assets & liabilities, net	2.2
Total	100.0

Holdings by maturity
% of fixed-income investments (excluding short-term investments) as of 6/30/2019
Less than 1 year	8.0
1–3 years	18.4
3–5 years	24.2
5–10 years	34.0
Over 10 years	15.4
Total	100.0

Holdings by credit quality
% of fixed-income investments (excluding short-term investments) as of 6/30/2019
U.S. Treasury & U.S. agency securities*	39.1
Aaa/AAA	13.8
Aa/AA	9.0
A/A	13.3
Baa/BBB	20.8
Ba/BB	1.6
B/B	0.8
Below B/B	0.3
Non-rated	1.3
Total	100.0


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

Credit quality ratings are based on the Bloomberg 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.

24	2019 Semiannual Report ■ College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Performance for the six months ended June 30, 2019

The CREF Inflation-Linked Bond Account returned 4.85% for the period, compared with the 5.17% return of its benchmark, the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. For the twelve months ended June 30, 2019, the Account returned 4.15%, versus 4.67% for the index. (All returns for the Account are for Class R1.)

TIPS trailed the broader market

For the six months, the return of the TIPS 1–10 Year Index trailed the 6.11% return of the broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. Continued economic growth and declining bond yields resulted in solid gains for most fixed-income securities, particularly those with shorter maturities. However, the core inflation rate remained moderate, which tended to limit the returns of Treasury inflation-protected securities.

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

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

College Retirement Equities Fund ■ 2019 Semiannual Report

CREF Inflation-Linked Bond Account

Performance as of June 30, 2019

Inflation-Linked Bond Account			Total return						Average annual total return						Estimated annual
	Inception date		6 months			1 year			5 years			10 years			operating expenses		*
Class R1		5/1/1997		4.85	%		4.15	%		1.01	%		3.05	%		0.475	%
Class R2		4/24/2015		4.95			4.35			1.22	^†		3.16	^†		0.270
Class R3		4/24/2015		4.98			4.40			1.28	^†		3.19	^†		0.220
Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index		—		5.17			4.67			1.42			2.93			—

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

*	The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.
^†	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.

Expense example

Six months ended June 30, 2019

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
Inflation-Linked Bond Account	(1/1/19		)	(6/30/19		)	(1/1/19–6/30/19		)
Actual return
Class R1		$1,000.00			$1,048.51			$2.44
Class R2		1,000.00			1,049.55			1.42
Class R3		1,000.00			1,049.82			1.17
5% annual hypothetical return
Class R1		1,000.00			1,022.41			2.41
Class R2		1,000.00			1,023.41			1.40
Class R3		1,000.00			1,023.65			1.15

“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 181/365. There were 181 days in the six months ended June 30, 2019. The Account’s annualized six-month expense ratios for that period were 0.48% for Class R1, 0.28% for Class R2 and 0.23% for Class R3.

For more information about this expense example, please see page 9.

26	2019 Semiannual Report ■ College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Account profile
	as of 6/30/2019
Net assets	$6.60 billion
Portfolio turnover rate*	10%
Number of issues	47
Option-adjusted duration^‡	4.94 years
Average maturity^§	5.30 years

*	The portfolio turnover rate covers the six-month period from January 1, 2019–June 30, 2019, and is not annualized.
^‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
^§	Average maturity is a simple average of the maturities of all the bonds in an account’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

Portfolio composition
Sector	% of net assets as of 6/30/2019
U.S. Treasury securities	97.8
U.S. agency securities	0.7
Mortgage-backed securities	0.7
Foreign government & corporate bonds denominated in U.S. dollars	0.1
Short-term investments, other assets & liabilities, net	0.7
Total	100.0

Holdings by maturity
% of fixed-income investments (excluding short-term investments) as of 6/30/2019
Less than 1 year	1.3
1–3 years	26.8
3–5 years	22.3
5–10 years	49.0
Over 10 years	0.6
Total	100.0

Holdings by credit quality
% of fixed-income investments (excluding short-term investments) as of 6/30/2019
U.S. Treasury & U.S. agency securities*	99.6
Non-rated	0.4
Total	100.0

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

College Retirement Equities Fund ■ 2019 Semiannual Report

CREF Social Choice Account

Performance for the six months ended June 30, 2019

The CREF Social Choice Account returned 12.62% for the period, compared with the 13.01% 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. For the twelve months ended June 30, 2019, the Account returned 7.58%, versus 7.58% for the benchmark. 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 equities lagged the Russell 3000 Index, partly because Mastercard, Visa and General Electric were excluded. Conversely, omitting Berkshire Hathaway, Pfizer and Johnson & Johnson benefited performance. The Account’s international stocks outperformed the MSCI EAFE+Canada Index. Avoiding British bank HSBC, Japanese convenience store operator Seven & I and British tobacco products company Imperial Brands was helpful, while excluding French luxury-goods company LVMH, Dutch aerospace firm Airbus and Hong Kong-based insurance provider AIA was disadvantageous.

Account’s performance trailed that of its benchmark

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

Within the Account’s domestic component, being underweight in Facebook and Amazon.com and overweight in Occidental Petroleum detracted from performance versus the Russell 3000 Index. Meanwhile, overweights in Netflix and online automotive dealer Copart and an underweight in materials firm DuPont aided performance.

Within the Account’s international component, key contributors versus the MSCI EAFE+Canada Index were overweights in Australian iron ore producer Fortescue Metals, Swedish industrial equipment manufacturer Atlas Copco and London-based private-equity firm 3i Group. The primary detractors were an underweight position in Japanese telecommunications company SoftBank, and overweights in British telecommunications company BT Group and German tourism services provider TUI.

The Account’s fixed-income component outperformed the 6.11% return of the Bloomberg Barclays U.S. Aggregate Bond Index on the strength of its investments in corporate bonds, municipals and government agency bonds.

28	2019 Semiannual Report ■ College Retirement Equities Fund

CREF Social Choice Account

Performance as of June 30, 2019

Social Choice Account			Total return						Average annual total return						Estimated annual
	Inception date		6 months			1 year			5 years			10 years			operating expenses		*
Class R1		3/1/1990		12.62	%		7.58	%		5.55	%		9.04	%		0.495	%
Class R2		4/24/2015		12.74			7.79			5.76	^†		9.15	^†		0.290
Class R3		4/24/2015		12.76			7.84			5.83	^†		9.19	^†		0.240
CREF Social Choice Account Composite Index^§		—		13.01			7.58			6.12			9.36			—
Broad market index Morningstar Moderate Target Risk Index		—		12.08			7.08			5.29			8.61			—

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

*	The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.
^†	The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of Classes R2 and R3. If those expenses had been reflected, the performance would have been higher.
^§	As of the close of business on June 30, 2019, 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.

Expense example

Six months ended June 30, 2019

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
Social Choice Account	(1/1/19		)	(6/30/19		)	(1/1/19–6/30/19		)
Actual return
Class R1		$1,000.00			$1,126.25			$2.64
Class R2		1,000.00			1,127.36			1.58
Class R3		1,000.00			1,127.65			1.32
5% annual hypothetical return
Class R1		1,000.00			1,022.32			2.51
Class R2		1,000.00			1,023.31			1.51
Class R3		1,000.00			1,023.55			1.25

*	“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 181/365. There were

College Retirement Equities Fund ■ 2019 Semiannual Report

CREF Social Choice Account

181 days in the six months ended June 30, 2019. The Account’s annualized six-month expense ratios for that period were 0.50% for Class R1, 0.30% for Class R2 and 0.25% for Class R3.

For more information about this expense example, please see page 9.

Account profile
	as of 6/30/2019
Net assets	$14.22 billion
Portfolio turnover rate*	25%
Portfolio turnover rate, excluding mortgage dollar-roll transactions*	24%
Equity segment
Number of holdings	1,113
Weighted median market capitalization	$50.57 billion
Price/earnings ratio (weighted 12-month trailing average)^†	20.4
Fixed-income segment
Number of issues	788
Option-adjusted duration^‡	5.73 years
Average maturity^§	14.07 years

*	The portfolio turnover rate covers the six-month period from January 1, 2019–June 30, 2019, and is not annualized.
^†	Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period.
^‡	Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates.
^§	Average maturity is a simple average of the maturities of all the bonds in an account’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable.

Portfolio composition
Sector	% of net assets as of 6/30/2019
Equities	59.9
Fixed-income securities	38.8
Short-term investments, other assets & liabilities, net	1.3
Total	100.0

Holdings by company size
Market capitalization	% of equity investments as of 6/30/2019
More than $50 billion	48.0
More than $15 billion–$50 billion	34.3
More than $2 billion–$15 billion	15.8
$2 billion or less	1.9
Total	100.0

Holdings by maturity
% of fixed-income investments (excluding short-term investments) as of 6/30/2019
Less than 1 year	4.7
1–3 years	16.5
3–5 years	22.6
5–10 years	38.6
Over 10 years	17.6
Total	100.0

30	2019 Semiannual Report ■ College Retirement Equities Fund

CREF Money Market Account

Performance for the six months ended June 30, 2019

The CREF Money Market Account returned 0.76% for the six-month period, compared with the 0.99% return of the iMoneyNet Money Fund Averages™—All Government, a simple average of over 500 money market funds that invest in short-term U.S. government securities. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average. (All returns for the Account are for Class R1.)

During the six-month period, the U.S. economy continued to grow with moderate inflation. Unemployment ended the period at 3.7%, while core inflation, which includes all items except food and energy, rose 2.1% for the twelve months ended June 30, 2019. The Federal Reserve left the federal funds target rate, a key short-term interest-rate measure, unchanged at 2.25%–2.50%. However, the Fed indicated that it would continue to closely monitor economic data and trade policy. Yields on U.S. Treasury securities of all maturities declined, boosting bond prices (bond yields move in the opposite direction of prices).

Yields on LIBOR—a key interest-rate benchmark for money market funds—also dropped. One-month LIBOR yields declined from 2.51% on January 2, 2019, to 2.40% on June 28, 2019. Over the same period, three-month LIBOR declined from 2.79% to 2.32%; six-month LIBOR declined from 2.87% to 2.20%; and twelve-month LIBOR declined from 3.00% to 2.18%. 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. LIBOR will be phased out as a money market benchmark in 2021 and will be replaced by SOFR—the Secured Overnight Financing Rate—which is transaction based.

Account gained but trailed the iMoneyNet average

For the six-month period, the Money Market Account’s return trailed that of the iMoneyNet government fund average, primarily due to the effect of expenses. In pursuit of additional yield, the Account continued to invest in longer-dated floating-rate government agency securities, which was generally beneficial. As of June 25, 2019, the Account’s weighted average maturity (WAM) was 43 days, versus 28 days for the iMoneyNet government fund average, and this longer WAM also benefited the Account’s relative performance. iMoneyNet releases their data on a weekly basis, and June 25 was the last date of release for the month.

Effective June 1, 2019, Michael Ferraro is no longer a portfolio manager of the Money Market Account. Joseph Rolston continues to be a portfolio manager on the Account.

College Retirement Equities Fund ■ 2019 Semiannual Report

CREF Money Market Account

Net annualized yield for the 7 days ended June 25, 2019^§
	Current yield			Effective yield
Money Market Account
Class R1		1.93	%		1.95	%
Class R2		2.12			2.14
Class R3		2.17			2.19
iMoneyNet Money Fund Averages™—All Government^‡		1.93			1.95

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

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

Performance as of June 30, 2019
Money Market Account^#			Total return						Average annual total return						Estimated annual
	Inception date		6 months			1 year			5 years			10 years			operating expenses		*
Class R1		4/1/1988		0.76	%		1.40	%		0.41	%		0.21	%		0.480	%
Class R2		4/24/2015		1.07			1.91			0.58	^†		0.29	^†		0.275
Class R3		4/24/2015		1.10			2.06			0.64	^†		0.32	^†		0.225
iMoneyNet Money Fund Averages™—All Government^‡		—		0.99			1.84			0.59			0.30			—

You could lose money by investing in this Account. Because the accumulation unit value of the Account will fluctuate, the value of your investment may increase or decrease. An investment in the Account is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The Account’s sponsor has no legal obligation to provide support to the Account, and you should not expect that the sponsor will provide financial support to the Account at any time. For a detailed discussion of risk, please see the prospectus. The current yield more closely reflects current earnings than does the total return.

Note: Unlike most money market funds, the CREF Money Market Account does not distribute income on a daily basis. Therefore, the Account does not maintain a constant value of $1.00 per accumulation unit.

^#	Between July 16, 2009, and March 7, 2017, TIAA 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’ 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. As of June 30, 2019, all classes have recouped all eligible waived expenses.
*	The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.
^†	The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of Classes R2 and R3. If those expenses had been reflected, the performance would have been higher.
^‡	The iMoneyNet Money Fund Averages—All Government is a simple average of over 500 money market funds

32	2019 Semiannual Report ■ College Retirement Equities Fund

CREF Money Market Account

that invest in U.S. Treasuries, U.S. agencies, repurchase agreements and government-backed floating-rate notes. You cannot invest directly in it.

Expense example

Six months ended June 30, 2019

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
Money Market Account	(1/1/19		)	(6/30/19		)	(1/1/19–6/30/19		)
Actual return
Class R1		$1,000.00			$1,007.63			$4.48
Class R2		1,000.00			1,010.70			1.40
Class R3		1,000.00			1,010.96			1.15
5% annual hypothetical return
Class R1		1,000.00			1,020.33			4.51
Class R2		1,000.00			1,023.41			1.40
Class R3		1,000.00			1,023.65			1.15

“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 181/365. There were 181 days in the six months ended June 30, 2019. The Account’s annualized six-month expense ratios for that period were 0.90% for Class R1, 0.28% for Class R2 and 0.23% for Class R3.

For more information about this expense example, please see page 9.

Account profile
	as of 6/30/2019
Net assets	$9.89 billion
Number of issues	186

Portfolio composition
Sector	% of net assets as of 6/30/2019
U.S. government agency securities*	62.3
Floating-rate securities, government*	19.1
U.S. Treasury securities*	19.0
Short-term investments, other assets & liabilities, net	–0.4
Total	100.0

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

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Stock Account ■ June 30, 2019

Principal		Issuer		Value (000)		% of net assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES				$	300		0.0	%
		TOTAL GOVERNMENT BONDS	(Cost $301)		300		0.0

Shares		Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS					1,484,743		1.3
BANKS
	21,716,415	Bank of America Corp			629,776		0.5
	10,737,364	Citigroup, Inc			751,938		0.6
	7,801,311	JPMorgan Chase & Co			872,186		0.8
	8,731,821	Wells Fargo & Co			413,190		0.4
		Other			5,547,910		4.8
					8,215,000		7.1
CAPITAL GOODS
	1,356,602	Boeing Co			493,817		0.4
	3,494,603	Honeywell International, Inc			610,123		0.5
		Other			7,830,460		6.8
					8,934,400		7.7
COMMERCIAL & PROFESSIONAL SERVICES					1,497,830		1.3
CONSUMER DURABLES & APPAREL					2,115,309		1.8
CONSUMER SERVICES
	2,463,244	McDonald’s Corp			511,517		0.4
		Other			2,071,173		1.8
					2,582,690		2.2
DIVERSIFIED FINANCIALS
	3,141,006	American Express Co			387,726		0.3
		Other			3,955,544		3.4
					4,343,270		3.7
ENERGY
	5,198,610	Chevron Corp			646,915		0.6
	8,854,554	Exxon Mobil Corp			678,524		0.6
		Other			4,775,021		4.1
					6,100,460		5.3
FOOD & STAPLES RETAILING
	1,482,599	Costco Wholesale Corp			391,792		0.3
	4,377,383	Walmart, Inc			483,657		0.4
		Other			757,400		0.7
					1,632,849		1.4

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)	continued

CREF Stock Account ■ June 30, 2019

Shares			Company	Value (000)		% of net assets
FOOD, BEVERAGE & TOBACCO
	11,938,841		Coca-Cola Co	$	607,926		0.5	%
	6,054,941		Mondelez International, Inc		326,361		0.3
	4,186,345		Nestle S.A.		433,380		0.4
	2,984,844		PepsiCo, Inc		391,402		0.3
	4,399,339		Philip Morris International, Inc		345,480		0.3
			Other		2,602,057		2.3
					4,706,606		4.1
HEALTH CARE EQUIPMENT & SERVICES
	5,472,074		Abbott Laboratories		460,202		0.4
	2,914,529		UnitedHealth Group, Inc		711,174		0.6
			Other		4,449,446		3.8
					5,620,822		4.8
HOUSEHOLD & PERSONAL PRODUCTS
	7,120,153		Procter & Gamble Co		780,725		0.7
			Other		1,078,606		0.9
					1,859,331		1.6
INSURANCE
	4,336,808	*	Berkshire Hathaway, Inc (Class B)		924,477		0.8
			Other		3,776,070		3.2
					4,700,547		4.0
MATERIALS
	1,904,613		Linde plc		382,447		0.3
			Other		5,097,932		4.4
					5,480,379		4.7
MEDIA & ENTERTAINMENT
	679,585	*	Alphabet, Inc (Class A)		735,855		0.6
	933,185	*	Alphabet, Inc (Class C)		1,008,689		0.9
	14,134,498		Comcast Corp (Class A)		597,607		0.5
	6,972,184	*	Facebook, Inc		1,345,631		1.2
	1,074,811	*,e	NetFlix, Inc		394,800		0.3
	9,895,891		Tencent Holdings Ltd		447,684		0.4
	5,714,088		Walt Disney Co		797,915		0.7
	Other				1,993,996		1.7
					7,322,177		6.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	6,591,735		Johnson & Johnson		918,097		0.8
	8,917,421		Merck & Co, Inc		747,726		0.6
	15,370,555		Pfizer, Inc		665,852		0.6
	1,290,004		Roche Holding AG.		362,733		0.3
			Other		5,749,266		5.0
					8,443,674		7.3
REAL ESTATE					4,473,984		3.8

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Stock Account ■ June 30, 2019

Shares			Company		Value (000)		% of net assets
RETAILING
	2,158,125	*	Alibaba Group Holding Ltd (ADR)		$	365,694		0.3	%
	1,130,640	*,n	Amazon.com, Inc			2,141,014		1.8
	3,201,286		Home Depot, Inc			665,772		0.6
			Other			2,979,188		2.6
						6,151,668		5.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,336,749	n	Broadcom, Inc			384,796		0.3
	8,169,724	n	Intel Corp			391,085		0.3
			Other			3,214,148		2.8
						3,990,029		3.4
SOFTWARE & SERVICES
	3,060,026		MasterCard, Inc (Class A)			809,468		0.7
	18,810,899	n	Microsoft Corp			2,519,908		2.2
	5,369,380	*	PayPal Holdings, Inc			614,579		0.5
	4,063,196	*,n	salesforce.com, Inc			616,509		0.5
	1,367,020	*	ServiceNow, Inc			375,343		0.3
	4,925,559	e	Visa, Inc (Class A)			854,831		0.8
			Other			5,480,092		4.7
						11,270,730		9.7
TECHNOLOGY HARDWARE & EQUIPMENT
	12,088,725	d,n	Apple, Inc			2,392,600		2.1
	14,945,053		Cisco Systems, Inc			817,943		0.7
			Other			2,198,524		1.9
						5,409,067		4.7
TELECOMMUNICATION SERVICES
	17,260,715		AT&T, Inc			578,407		0.5
	11,464,312		Verizon Communications, Inc			654,956		0.6
			Other			1,278,377		1.1
						2,511,740		2.2
TRANSPORTATION
	2,476,605		Union Pacific Corp			418,819		0.3
			Other			1,941,553		1.7
						2,360,372		2.0
	UTILITIES
	7,773,708		FirstEnergy Corp			332,792		0.3
			Other			2,928,001		2.5
						3,260,793		2.8
			TOTAL COMMON STOCKS	(Cost $103,710,126)		114,468,470		98.5

PURCHASED OPTIONS
AUTOMOBILES & COMPONENTS						1,444		0.0
DIVERSIFIED FINANCIALS						190		0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						14,160		0.0
			TOTAL PURCHASED OPTIONS	(Cost $8,206)		15,794		0.0

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Stock Account ■ June 30, 2019

Shares	Company		Value (000)			% of net assets
PREFERRED STOCKS
REAL ESTATE			$	17			0.0	%
	TOTAL PREFERRED STOCKS	(Cost $20)		17			0.0
RIGHTS / WARRANTS
COMMERCIAL & PROFESSIONAL SERVICES				10			0.0
CONSUMER DURABLES & APPAREL				548			0.0
CONSUMER SERVICES				25			0.0
ENERGY				1,027			0.0
HEALTH CARE EQUIPMENT & SERVICES				137			0.0
MATERIALS				223			0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				16			0.0
REAL ESTATE				63			0.0
SOFTWARE & SERVICES				5			0.0
TRANSPORTATION				115			0.0
UTILITIES				119			0.0
	TOTAL RIGHTS / WARRANTS	(Cost $1,985)		2,288			0.0

Principal	Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT				276,859			0.2
TREASURY DEBT				1,168,454			1.0
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
CERTIFICATE OF DEPOSIT				502,529			0.4
COMMERCIAL PAPER				176,586			0.2
REPURCHASE AGREEMENT				1,142,804			1.0
VARIABLE RATE SECURITIES				70,000			0.1
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				1,891,919			1.7
	TOTAL SHORT-TERM INVESTMENTS	(Cost $3,337,100)		3,337,232			2.9

	TOTAL PORTFOLIO	(Cost $107,057,738)		117,824,101			101.4
	OTHER ASSETS & LIABILITIES, NET			(1,682,572	)		(1.4	)
	NET ASSETS		$	116,141,529			100.0	%

Abbreviation(s):
ADR	American Depositary Receipt

*	Non-income producing
d	All or a portion of these securities have been segregated to cover 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 $2,120,587,977. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Stock Account ■ June 30, 2019

n	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

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

At 6/30/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $803,754,593 or 0.7% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

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 June 30, 2019 were as follows (notional amounts and values are in thousands) (see Note 3):

	Number of long (short		)	Expiration	Notional				Unrealized appreciation
Description	contracts			date	amount		Value		(depreciation		)
Russell 2000 E Mini Index		290		09/20/19	$	22,165	$	22,723	$	558
S&P 500 E Mini Index		1,893		09/20/19		273,471		278,668		5,197
S&P Mid-Cap 400 E Mini Index		178		09/20/19		33,951		34,710		759
Total		2,361			$	329,587	$	336,101	$	6,514

Purchased options outstanding as of June 30, 2019 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
Intel Corp, Call		4,800	$	437	$	48.00	07/05/19	$	336
Intel Corp, Call		19,000		2,945		46.00	08/16/19		5,966
Micron Technology, Inc, Call		1,350		147		34.50	07/05/19		603
Micron Technology, Inc, Call		5,350		712		35.00	07/05/19		2,022
Micron Technology, Inc, Call		6,000		408		38.50	07/05/19		594
NVIDIA Corp, Call		1,500		740		155.00	07/05/19		1,523
NVIDIA Corp, Call		500		139		157.50	07/05/19		400
NVIDIA Corp, Call		500		149		160.00	07/05/19		308
NVIDIA Corp, Call		2,500		214		172.50	07/05/19		220
QUALCOMM, Inc, Call		1,200		192		73.00	07/05/19		370
QUALCOMM, Inc, Call		900		131		76.00	07/05/19		130
QUALCOMM, Inc, Call		20		6		92.50	07/19/19		0	^
QUALCOMM, Inc, Put		25		6		64.00	07/12/19		0	^
S&P 500 Index, Put		50		330		2,600.00	12/20/19		190
Taiwan Semiconductor Manufacturing Co Ltd, Call		20		2		42.00	10/18/19		2
Tesla, Inc, Call		500		578		210.00	08/16/19		1,444
Texas Instruments, Inc, Call		3,500		725		112.00	07/05/19		1,285
Texas Instruments, Inc, Call		1,200		199		114.00	07/05/19		310
Texas Instruments, Inc, Call		1,200		146		118.00	07/05/19		91
Total		50,115	$	8,206				$	15,794

^	Amount represents less than $1,000.

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Stock Account ■ June 30, 2019

Written options outstanding as of June 30, 2019 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
AbbVie, Inc, Put		30	$	(2	)	$	65.00	07/19/19	$	(1	)
Align Technology, Inc, Call		20		(45	)		350.00	10/18/19		(8	)
Align Technology, Inc, Put		20		(26	)		240.00	10/18/19		(24	)
Amazon.com, Inc, Call		29		(16	)		2,100.00	07/19/19		(5	)
Apple, Inc, Call		25		(13	)		230.00	10/18/19		(5	)
Apple, Inc, Call		50		(23	)		230.00	01/17/20		(21	)
Apple, Inc, Put		25		(8	)		170.00	07/19/19		(1	)
Apple, Inc, Put		75		(34	)		170.00	10/18/19		(21	)
Arista Networks, Inc, Call		30		(15	)		300.00	08/16/19		(13	)
Arista Networks, Inc, Put		20		(7	)		200.00	08/16/19		(4	)
Broadcom, Inc, Put		20		(5	)		230.00	07/19/19		(1	)
Cree, Inc, Put		30		(1	)		50.00	07/05/19		(0	)^
Intel Corp, Call		4,800		(52	)		51.00	07/05/19		(19	)
Intel Corp, Call		19,000		(879	)		50.00	08/16/19		(2,109	)
Intel Corp, Put		16,000		(935	)		35.00	10/18/19		(336	)
Kohl’s Corp, Call		40		(2	)		55.00	07/19/19		(0	)^
Kohl’s Corp, Put		20		(2	)		37.50	10/18/19		(2	)
Kohl’s Corp, Put		20		(3	)		40.00	10/18/19		(3	)
Micron Technology, Inc, Call		1,350		(46	)		37.50	07/05/19		(224	)
Micron Technology, Inc, Call		5,350		(233	)		38.00	07/05/19		(690	)
Micron Technology, Inc, Call		6,000		(66	)		41.00	07/05/19		(138	)
Microsoft Corp, Call		470		(230	)		135.00	08/16/19		(190	)
Microsoft Corp, Call		30		(6	)		145.00	09/20/19		(5	)
Microsoft Corp, Call		30		(3	)		155.00	10/18/19		(2	)
Microsoft Corp, Put		30		(2	)		125.00	07/19/19		(2	)
NVIDIA Corp, Call		1,500		(126	)		170.00	07/05/19		(211	)
NVIDIA Corp, Call		500		(17	)		175.00	07/05/19		(28	)
NVIDIA Corp, Call		3,000		(101	)		177.50	07/05/19		(108	)
QUALCOMM, Inc, Call		1,200		(52	)		77.00	07/05/19		(119	)
QUALCOMM, Inc, Call		900		(28	)		80.00	07/05/19		(25	)
QUALCOMM, Inc, Call		40		(3	)		105.00	07/19/19		(0	)^
QUALCOMM, Inc, Call		30		(3	)		80.00	08/16/19		(7	)
QUALCOMM, Inc, Call		25		(7	)		80.00	10/18/19		(8	)
QUALCOMM, Inc, Put		25		(3	)		60.00	07/12/19		(1	)
QUALCOMM, Inc, Put		20		(4	)		60.00	10/18/19		(2	)
S&P 500 Index, Call		20		(20	)		3,020.00	07/26/19		(22	)
S&P 500 Index, Call		50		(149	)		3,050.00	12/20/19		(280	)
S&P 500 Index, Put		50		(177	)		2,400.00	12/20/19		(93	)
salesforce.com, Inc, Call		30		(1	)		180.00	07/19/19		(0	)^
Taiwan Semiconductor Manufacturing Co Ltd, Call		20		(0	)^		49.00	10/18/19		(0	)^
Taiwan Semiconductor Manufacturing Co Ltd, Put		20		(2	)		34.00	10/18/19		(1	)
Teradata Corp, Call		30		(2	)		45.00	10/18/19		(1	)
Teradata Corp, Put		30		(5	)		35.00	10/18/19		(6	)
Tesla, Inc, Call		500		(229	)		240.00	08/16/19		(677	)
Tesla, Inc, Put		500		(369	)		140.00	08/16/19		(79	)
Texas Instruments, Inc, Call		3,500		(171	)		117.00	07/05/19		(339	)
Texas Instruments, Inc, Call		1,200		(36	)		119.00	07/05/19		(65	)
Texas Instruments, Inc, Call		1,200		(41	)		121.00	07/05/19		(25	)
Total		67,904	$	(4,200	)				$	(5,921	)

^	Amount represents less than $1,000.

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

concluded

CREF Stock Account ■ June 30, 2019

Forward foreign currency contracts outstanding as of June 30, 2019 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		)
EUR	6,500	$	7,354	Bank of America	07/09/19	$	43
Total						$	43
$	7,511	CAD	10,000	Morgan Stanley	07/09/19	$	(127	)
$	8,506	GBP	6,500	Morgan Stanley	07/09/19		248
$	4,986	SEK	46,000	Morgan Stanley	07/09/19		29
JPY	110,000	$	992	Morgan Stanley	07/09/19		29
$	22,402	CAD	30,000	Morgan Stanley	09/16/19		(540	)
$	13,269	GBP	10,500	Morgan Stanley	09/16/19		(113	)
Total						$	(474	)
Total						$	(431	)

Abbreviation(s):

CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
SEK	Swedish Krona

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary of market values by country (unaudited)

CREF Stock Account ■ June 30, 2019

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	82,384,375		69.9	%
TOTAL DOMESTIC		82,384,375		69.9

FOREIGN
ARGENTINA		23,875		0.0
AUSTRALIA		1,677,171		1.4
AUSTRIA		241,435		0.2
BAHAMAS		783		0.0
BELGIUM		163,944		0.1
BERMUDA		46,896		0.0
BRAZIL		752,626		0.6
CANADA		2,319,115		2.0
CAYMAN ISLANDS		625		0.0
CHILE		101,487		0.1
CHINA		2,636,129		2.3
COLOMBIA		31,544		0.0
COTE D’IVOIRE		1,588		0.0
CYPRUS		64		0.0
CZECH REPUBLIC		37,007		0.0
DENMARK		480,993		0.4
EGYPT		16,651		0.0
FAROE ISLANDS		1,340		0.0
FINLAND		239,586		0.2
FRANCE		2,506,251		2.1
GEORGIA		1,021		0.0
GERMANY		1,695,428		1.5
GHANA		8,217		0.0
GREECE		29,248		0.0
GUERNSEY, C.I.		2,534		0.0
HONG KONG		823,541		0.7
HUNGARY		27,027		0.0
INDIA		929,160		0.8
INDONESIA		172,447		0.2
IRELAND		343,867		0.3
ISRAEL		136,808		0.1
ITALY		635,434		0.5
JAPAN		5,651,783		4.8
JERSEY, C.I.		1,610		0.0
JORDAN		15,924		0.0
KAZAKHSTAN		13,750		0.0
KENYA		9,775		0.0
KOREA, REPUBLIC OF		1,094,806		0.9
LIECHTENSTEIN		1,236		0.0

Country	Value (000)		% of total portfolio
LUXEMBOURG	$	32,267		0.0	%
MACAU		52,268		0.0
MACEDONIA		3,326		0.0
MALAYSIA		177,979		0.2
MALTA		2,515		0.0
MEXICO		207,238		0.2
MONACO		13,071		0.0
MONGOLIA		1,316		0.0
MYANMAR		723		0.0
NETHERLANDS		1,463,583		1.2
NEW ZEALAND		80,725		0.1
NORWAY		187,788		0.2
PAKISTAN		10,258		0.0
PANAMA		7,007		0.0
PERU		42,846		0.0
PHILIPPINES		107,072		0.1
POLAND		85,586		0.1
PORTUGAL		40,497		0.0
PUERTO RICO		53,573		0.1
QATAR		78,382		0.1
ROMANIA		7,874		0.0
RUSSIA		332,244		0.3
SAUDI ARABIA		85,524		0.1
SINGAPORE		261,771		0.2
SLOVENIA		10,461		0.0
SOUTH AFRICA		514,592		0.4
SPAIN		564,771		0.5
SWEDEN		583,812		0.5
SWITZERLAND		2,067,350		1.8
TAIWAN		1,087,202		0.9
TANZANIA, UNITED REPUBLIC OF		259		0.0
THAILAND		281,905		0.3
TURKEY		73,173		0.1
UKRAINE		8,308		0.0
UNITED ARAB EMIRATES		60,603		0.1
UNITED KINGDOM		3,901,203		3.3
URUGUAY		63,365		0.1
VIETNAM		381		0.0
ZAMBIA		14,182		0.0
TOTAL FOREIGN		35,439,726		30.1

TOTAL PORTFOLIO	$	117,824,101		100.0	%

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Global Equities Account ■ June 30, 2019

				Value		% of net
	Shares		Company		(000)		assets
COMMON STOCKS
ARGENTINA				$	4,912		0.0	%
AUSTRALIA
	3,312,691	e	BHP Billiton Ltd		96,295		0.5
			Other		273,505		1.3
					369,800		1.8
AUSTRIA					8,594		0.0
BELGIUM					13,429		0.1
BERMUDA					1,753		0.0
BRAZIL					336,182		1.6
CANADA					517,741		2.5
CHILE					14,351		0.1
CHINA
	947,972	*	Alibaba Group Holding Ltd (ADR)		160,634		0.8
	4,316,400		Tencent Holdings Ltd		195,271		1.0
			Other		375,217		1.8
					731,122		3.6
COLOMBIA					2,657		0.0
CZECH REPUBLIC					5,480		0.0
DENMARK
	2,073,016		Novo Nordisk AS		105,884		0.5
			Other		91,543		0.5
					197,427		1.0
EGYPT					847		0.0
FINLAND					39,205		0.2
FRANCE
	891,967		Airbus SE		126,233		0.6
			Other		612,832		3.0
					739,065		3.6
GERMANY					303,815		1.5
GHANA					169		0.0
GREECE					1,914		0.0
HONG KONG
	4,446,720		Melco Crown Entertainment Ltd (ADR)		96,583		0.5
			Other		125,467		0.6
					222,050		1.1
HUNGARY					1,772		0.0
INDIA					199,870		1.0
INDONESIA					54,534		0.3

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Global Equities Account ■ June 30, 2019

			Value		% of net
	Shares	Company		(000)		assets
IRELAND			$	97,556		0.5	%
ISRAEL				6,834		0.0
ITALY				255,836		1.2
JAPAN
	428,503	Nintendo Co Ltd		157,217		0.7
	3,095,540	Sony Corp		162,670		0.8
	1,662,153	Toyota Motor Corp		103,160		0.5
		Other		898,216		4.4
				1,321,263		6.4
KAZAKHSTAN				6,010		0.0
KOREA, REPUBLIC OF				171,641		0.8
LUXEMBOURG				2,443		0.0
MACAU				34,990		0.2
MALAYSIA				12,980		0.1
MEXICO				32,593		0.2
NETHERLANDS
	9,792,100	ING Groep NV		113,429		0.5
	3,697,140	Royal Dutch Shell plc (A Shares)		120,666		0.6
		Other		176,124		0.9
				410,219		2.0
NEW ZEALAND				2,081		0.0
NORWAY				60,635		0.3
PAKISTAN				157		0.0
PERU				4,771		0.0
PHILIPPINES				20,879		0.1
POLAND				10,920		0.1
PORTUGAL				14,544		0.1
QATAR				7,377		0.0
ROMANIA				370		0.0
RUSSIA				111,249		0.5
SAUDI ARABIA				8,742		0.0
SINGAPORE				26,663		0.1
SOUTH AFRICA				77,955		0.4
SPAIN				84,703		0.4
SWEDEN				80,019		0.4
SWITZERLAND
	328,102	Lonza Group AG.		110,765		0.6
	1,861,930	Nestle S.A.		192,751		0.9

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Global Equities Account ■ June 30, 2019

				Value		% of net
	Shares		Company		(000)		assets
SWITZERLAND—continued
	553,754		Roche Holding AG.	$	155,709		0.8	%
			Other		311,580		1.5
					770,805		3.8
TAIWAN
	20,058,500		Taiwan Semiconductor Manufacturing Co Ltd		153,415		0.8
			Other		110,301		0.5
					263,716		1.3
THAILAND					19,896		0.1
TURKEY					13,232		0.1
UNITED ARAB EMIRATES					6,584		0.0
UNITED KINGDOM
	2,377,579		Diageo plc		102,332		0.5
	963,133		Linde plc (Xetra)		193,451		0.9
			Other		857,325		4.2
					1,153,108		5.6
UNITED STATES
	1,608,285		Abbott Laboratories		135,257		0.7
	98,202	*	Alphabet, Inc (Class A)		106,333		0.5
	102,010	*	Alphabet, Inc (Class C)		110,264		0.5
	222,882	*,n	Amazon.com, Inc		422,056		2.1
	2,438,177	n	Apple, Inc		482,564		2.3
	5,103,195		Bank of America Corp		147,993		0.7
	669,497		Boeing Co		243,704		1.2
	1,419,536		Chevron Corp		176,647		0.9
	4,057,495		Cisco Systems, Inc		222,067		1.1
	4,296,393		Coca-Cola Co		218,772		1.1
	627,540		Costco Wholesale Corp		165,834		0.8
	517,779	*	Edwards Lifesciences Corp		95,655		0.5
	1,015,263		EOG Resources, Inc		94,582		0.5
	1,871,346	d	Exxon Mobil Corp		143,401		0.7
	1,031,264	*	Facebook, Inc		199,034		1.0
	872,633		Home Depot, Inc		181,482		0.9
	692,515		Honeywell International, Inc		120,906		0.6
	997,718		Johnson & Johnson		138,962		0.7
	1,528,844		JPMorgan Chase & Co		170,925		0.8
	431,752		MasterCard, Inc (Class A)		114,211		0.6
	866,705		McDonald’s Corp		179,980		0.9
	2,327,996		Merck & Co, Inc		195,202		0.9
	3,722,494	n	Microsoft Corp		498,665		2.4
	3,299,363		Morgan Stanley		144,545		0.7
	1,576,443		Nike, Inc (Class B)		132,342		0.6
	1,722,420	*	PayPal Holdings, Inc		197,148		1.0
	1,553,617		Procter & Gamble Co		170,354		0.8
	953,954	*	salesforce.com, Inc		144,743		0.7
	1,008,650		Union Pacific Corp		170,573		0.8
	707,414		UnitedHealth Group, Inc		172,616		0.8

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Global Equities Account ■ June 30, 2019

				Value			% of net
Shares		Company		(000)				assets
UNITED STATES—continued
	1,157,108	Visa, Inc (Class A)		$	200,816			1.0	%
	1,338,906	Walmart, Inc			147,936			0.7
	1,397,511	Walt Disney Co			195,148			0.9
		Other			5,085,356			24.7
					11,326,073			55.1
URUGUAY					20,787			0.1
ZAMBIA					313			0.0
		TOTAL COMMON STOCKS	(Cost $18,447,341)		20,204,633			98.3
RIGHTS / WARRANTS
CHILE					38			0.0
CHINA					1			0.0
KOREA, REPUBLIC OF					4			0.0
SPAIN					88			0.0
THAILAND					2			0.0
		TOTAL RIGHTS / WARRANTS	(Cost $91)		133			0.0

	Principal	Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					23,450			0.1
TREASURY DEBT					279,781			1.4
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
CERTIFICATE OF DEPOSIT					77,506			0.4
COMMERCIAL PAPER					22,921			0.1
REPURCHASE AGREEMENTS					120,000			0.6
VARIABLE RATE SECURITIES					5,000			0.0
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					225,427			1.1
		TOTAL SHORT-TERM INVESTMENTS	(Cost $528,625)		528,658			2.6

		TOTAL PORTFOLIO	(Cost $18,976,057)		20,733,424			100.9
		OTHER ASSETS & LIABILITIES, NET			(180,871	)		(0.9	)
		NET ASSETS		$	20,552,553			100.0	%

Abbreviation(s):

ADR	American Depositary Receipt

*	Non-income producing
d	All or a portion of these securities have been segregated to cover 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 $315,677,711. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.
n	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

concluded

CREF Global Equities Account ■ June 30, 2019

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

At 6/30/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $182,893,326 or 0.9% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

Futures contracts outstanding as of June 30, 2019 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		)
MSCI EAFE Index	618		09/20/19		$ 58,108	$	59,430	$	1,322
S&P 500 E Mini Index	742		09/20/19		107,035		109,230		2,195
Total	1,360				$165,143	$	168,660	$	3,517

Written options outstanding as of June 30, 2019 were as follows (notional amounts and values are in thousands) (see Note 3):

	Number of	Notional		Exercise		Expiration
Description/underlying investment	contracts	amount		price		date	Value
Amazon.com, Inc, Call	29	$ (16	)		$2,100.00	07/19/19	$	(5	)
Microsoft Corp, Call	470	(229	)		135.00	08/16/19		(190	)
Total	499	$(245	)				$	(195	)

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary of market values by sector (unaudited)

CREF Global Equities Account ■ June 30, 2019

	Value			% of net
Sector		(000)			assets
INFORMATION TECHNOLOGY	$	3,483,951			16.9	%
CONSUMER DISCRETIONARY		2,781,042			13.5
FINANCIALS		2,776,567			13.5
HEALTH CARE		2,322,794			11.3
INDUSTRIALS		2,042,499			9.9
CONSUMER STAPLES		2,005,400			9.8
COMMUNICATION SERVICES		1,640,944			8.0
MATERIALS		1,270,635			6.2
ENERGY		1,163,373			5.7
REAL ESTATE		387,276			1.9
UTILITIES		330,285			1.6
SHORT-TERM INVESTMENTS		528,658			2.6
OTHER ASSETS & LIABILITES, NET		(180,871	)		(0.9	)
NET ASSETS	$	20,552,553			100.0	%

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Growth Account ■ June 30, 2019

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	1,747		0.0	%
BANKS					28,539		0.1
CAPITAL GOODS
	1,561,806		Airbus SE		221,029		0.8
	455,765		Boeing Co		165,903		0.6
	987,076		Honeywell International, Inc		172,334		0.7
	877,901		Roper Industries, Inc		321,540		1.2
			Other		497,517		1.8
					1,378,323		5.1
COMMERCIAL & PROFESSIONAL SERVICES
	1,991,749		Waste Connections, Inc		190,372		0.7
			Other		347,109		1.3
					537,481		2.0
CONSUMER DURABLES & APPAREL
	3,447,917		Nike, Inc (Class B)		289,452		1.1
			Other		335,718		1.2
					625,170		2.3
CONSUMER SERVICES
	239,559	*	Chipotle Mexican Grill, Inc (Class A)		175,568		0.7
			Other		226,661		0.8
					402,229		1.5
DIVERSIFIED FINANCIALS
	2,099,500		iShares Russell 1000 Growth Index Fund		330,335		1.2
	1,203,503		S&P Global, Inc		274,146		1.0
			Other		462,527		1.7
					1,067,008		3.9
ENERGY					156,493		0.6
FOOD & STAPLES RETAILING
	1,471,994		Costco Wholesale Corp		388,989		1.4
			Other		51,218		0.2
					440,207		1.6
FOOD, BEVERAGE & TOBACCO
	3,336,783	*	Monster Beverage Corp		212,987		0.8
			Other		482,762		1.8
					695,749		2.6
HEALTH CARE EQUIPMENT & SERVICES
	816,006	*	Edwards Lifesciences Corp		150,749		0.6
	719,267	*	Intuitive Surgical, Inc		377,291		1.4
			Other		657,782		2.4
					1,185,822		4.4
HOUSEHOLD & PERSONAL PRODUCTS					117,006		0.4

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Growth Account ■ June 30, 2019

Shares			Company	Value (000)		% of net assets
INSURANCE				$	21,761		0.1	%
MATERIALS
	1,128,880		Linde plc		226,679		0.9
	356,479		Sherwin-Williams Co		163,371		0.6
			Other		144,999		0.5
					535,049		2.0
MEDIA & ENTERTAINMENT
	368,479	*	Alphabet, Inc (Class A)		398,989		1.5
	834,106	*	Alphabet, Inc (Class C)		901,594		3.3
	5,643,494	*	Facebook, Inc		1,089,194		4.0
	1,781,469	*	IAC/InterActiveCorp		387,523		1.4
	739,225	*	NetFlix, Inc		271,532		1.0
	3,547,714		Tencent Holdings Ltd		160,496		0.6
	1,301,536		Walt Disney Co		181,747		0.7
			Other		572,209		2.1
					3,963,284		14.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,249,494	*	Alexion Pharmaceuticals, Inc		163,659		0.6
	2,148,360		AstraZeneca plc		175,632		0.6
	8,886,392	*	Avantor, Inc		169,641		0.6
	1,008,661	*	Illumina, Inc		371,339		1.4
	467,186		Lonza Group AG.		157,719		0.6
	2,250,185		Merck & Co, Inc		188,678		0.7
	3,139,291		Zoetis, Inc		356,278		1.3
			Other		829,099		3.1
					2,412,045		8.9
REAL ESTATE					154,850		0.6
RETAILING
	790,307	*	Amazon.com, Inc		1,496,549		5.5
	1,815,304	*	CarMax, Inc		157,623		0.6
	2,777,530		Expedia, Inc		369,495		1.4
	1,893,828	*,e	GrubHub, Inc		147,699		0.5
	878,154		Home Depot, Inc		182,630		0.7
			Other		867,424		3.2
					3,221,420		11.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	548,463		Broadcom, Inc		157,880		0.6
	2,226,277		Qualcomm, Inc		169,353		0.6
			Other		614,686		2.3
					941,919		3.5
SOFTWARE & SERVICES
	965,515	*	Adobe, Inc		284,489		1.1
	2,048,427	*	Akamai Technologies, Inc		164,161		0.6
	1,706,379		Automatic Data Processing, Inc		282,116		1.0
	2,586,803		Intuit, Inc		676,009		2.5

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Growth Account ■ June 30, 2019

Shares			Company		Value (000)			% of net assets
SOFTWARE & SERVICES–continued
	1,987,946		MasterCard, Inc (Class A)		$	525,871			1.9	%
	13,172,809		Microsoft Corp			1,764,630			6.5
	6,740,629	*	PayPal Holdings, Inc			771,532			2.8
	4,119,844	*	salesforce.com, Inc			625,104			2.3
	904,712	*	ServiceNow, Inc			248,407			0.9
	4,962,592		Visa, Inc (Class A)			861,258			3.2
			Other			749,155			2.8
						6,952,732			25.6
TECHNOLOGY HARDWARE & EQUIPMENT
	4,718,893		Apple, Inc			933,963			3.4
	4,837,216		Cisco Systems, Inc			264,741			1.0
			Other			416,342			1.5
						1,615,046			5.9
TELECOMMUNICATION SERVICES						68,599			0.2
TRANSPORTATION
	970,031		Union Pacific Corp			164,042			0.6
			Other			249,193			0.9
						413,235			1.5
			TOTAL COMMON STOCKS	(Cost $20,749,083)		26,935,714			99.3

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						56,900			0.2
TREASURY DEBT						249,202			0.9

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	186,676,011	c	State Street Navigator Securities Lending Government Money Market Portfolio			186,676			0.7
						186,676			0.7
			TOTAL SHORT-TERM INVESTMENTS	(Cost $492,762)		492,778			1.8

			TOTAL PORTFOLIO	(Cost $21,241,845)		27,428,492			101.1
			OTHER ASSETS & LIABILITIES, NET			(290,324	)		(1.1	)
			NET ASSETS		$	27,138,168			100.0	%

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Growth Account ■ June 30, 2019

*	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 $258,230,055. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

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

At 6/30/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $136,601,645 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.

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Equity Index Account ■ June 30, 2019

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS				$	130,868		0.7	%
BANKS
	5,599,093		Bank of America Corp		162,374		0.8
	1,504,503		Citigroup, Inc		105,360		0.5
	2,099,486		JPMorgan Chase & Co		234,722		1.2
	2,636,004		Wells Fargo & Co		124,736		0.7
			Other		471,137		2.5
					1,098,329		5.7
CAPITAL GOODS
	344,510		Boeing Co		125,405		0.7
	474,696		Honeywell International, Inc		82,877		0.4
			Other		1,141,914		5.9
					1,350,196		7.0
COMMERCIAL & PROFESSIONAL SERVICES					212,424		1.1
CONSUMER DURABLES & APPAREL					257,706		1.3
CONSUMER SERVICES
	499,476		McDonald’s Corp		103,721		0.6
			Other		353,566		1.8
					457,287		2.4
DIVERSIFIED FINANCIALS					689,950		3.6
ENERGY
	1,238,958		Chevron Corp		154,176		0.8
	2,754,768	d	Exxon Mobil Corp		211,098		1.1
			Other		532,016		2.8
					897,290		4.7
FOOD & STAPLES RETAILING
	284,357		Costco Wholesale Corp		75,144		0.4
	912,181		Walmart, Inc		100,787		0.5
			Other		75,676		0.4
					251,607		1.3
FOOD, BEVERAGE & TOBACCO
	2,488,616		Coca-Cola Co		126,720		0.7
	911,743		PepsiCo, Inc		119,557		0.6
	1,010,071		Philip Morris International, Inc		79,321		0.4
			Other		336,795		1.7
					662,393		3.4
HEALTH CARE EQUIPMENT & SERVICES
	1,120,895		Abbott Laboratories		94,267		0.5
	873,530		Medtronic plc		85,073		0.4
	615,208		UnitedHealth Group, Inc		150,117		0.8
			Other		848,801		4.4
					1,178,258		6.1

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Equity Index Account ■ June 30, 2019

Shares			Company	Value (000)		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	1,608,971		Procter & Gamble Co	$	176,424		0.9	%
			Other		135,445		0.7
					311,869		1.6
INSURANCE
	1,273,321	*	Berkshire Hathaway, Inc (Class B)		271,434		1.4
			Other		524,242		2.7
					795,676		4.1
MATERIALS
	353,206		Linde plc		70,924		0.4
			Other		499,150		2.6
					570,074		3.0
MEDIA & ENTERTAINMENT
	194,399	*	Alphabet, Inc (Class A)		210,495		1.1
	198,117	*	Alphabet, Inc (Class C)		214,146		1.1
	2,923,754		Comcast Corp (Class A)		123,616		0.6
	1,555,615	*	Facebook, Inc		300,234		1.6
	274,142	*	NetFlix, Inc		100,698		0.5
	1,136,249		Walt Disney Co		158,666		0.8
			Other		303,928		1.6
					1,411,783		7.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	396,934		Amgen, Inc		73,147		0.4
	1,729,191		Johnson & Johnson		240,842		1.3
	1,676,652		Merck & Co, Inc		140,587		0.7
	3,621,380		Pfizer, Inc		156,878		0.8
	260,940		Thermo Fisher Scientific, Inc		76,633		0.4
			Other		798,440		4.1
					1,486,527		7.7
REAL ESTATE					761,889		4.0
RETAILING
	269,218	*	Amazon.com, Inc		509,799		2.7
	717,420		Home Depot, Inc		149,202		0.8
			Other		488,838		2.5
					1,147,839		6.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	251,405		Broadcom, Inc		72,369		0.4
	2,916,483		Intel Corp		139,612		0.7
			Other		464,290		2.4
					676,271		3.5
SOFTWARE & SERVICES
	416,817		Accenture plc		77,015		0.4
	316,960	*	Adobe, Inc		93,392		0.5
	577,310		International Business Machines Corp		79,611		0.4
	584,309		MasterCard, Inc (Class A)		154,567		0.8

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Equity Index Account ■ June 30, 2019

Shares			Company		Value (000)			% of net assets
SOFTWARE & SERVICES—continued
	4,923,513		Microsoft Corp		$	659,554			3.4	%
	1,495,137		Oracle Corp			85,178			0.5
	763,238	*	PayPal Holdings, Inc			87,360			0.5
	479,076	*	salesforce.com, Inc			72,690			0.4
	1,132,454		Visa, Inc (Class A)			196,538			1.0
			Other			853,922			4.4
						2,359,827			12.3
TECHNOLOGY HARDWARE & EQUIPMENT
	2,996,470		Apple, Inc			593,061			3.1
	2,867,700		Cisco Systems, Inc			156,949			0.8
			Other			279,111			1.5
						1,029,121			5.4
TELECOMMUNICATION SERVICES
	4,751,904		AT&T, Inc			159,236			0.9
	2,693,889		Verizon Communications, Inc			153,902			0.8
			Other			42,579			0.2
						355,717			1.9
TRANSPORTATION
	460,871		Union Pacific Corp			77,938			0.4
			Other			301,382			1.6
						379,320			2.0
UTILITIES						618,145			3.2
			TOTAL COMMON STOCKS	(Cost $8,305,287)		19,090,366			99.3
RIGHTS / WARRANTS
MATERIALS						56			0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						3			0.0
TRANSPORTATION						78			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $715)		137			0.0

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						43,052			0.2
TREASURY DEBT						60,904			0.3

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	135,491,337	c	State Street Navigator Securities Lending Government Money Market Portfolio			135,491			0.7
						135,491			0.7
			TOTAL SHORT-TERM INVESTMENTS	(Cost $239,448)		239,447			1.2

			TOTAL PORTFOLIO	(Cost $8,545,450)		19,329,950			100.5
			OTHER ASSETS & LIABILITIES, NET			(99,801	)		(0.5	)
			NET ASSETS		$	19,230,149			100.0	%

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)	concluded

CREF Equity Index Account ■ June 30, 2019

*	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 6/30/19, the aggregate value of securities on loan is $173,921,102. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

Cost amounts are in thousands.

Futures contracts outstanding as of June 30, 2019 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		132		09/20/19	$	10,268	$	10,343	$	75
S&P 500 E Mini Index		639		09/20/19		94,352		94,067		(285	)
S&P Mid-Cap 400 E Mini Index		53		09/20/19		10,260		10,335		75
Total		824			$	114,880	$	114,745	$	(135	)

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Bond Market Account ■ June 30, 2019

Principal		Issuer			Value (000)		% of net assets
BANK LOAN OBLIGATIONS
CAPITAL GOODS					$	3,120		0.0	%
COMMERCIAL & PROFESSIONAL SERVICES						1,041		0.0
CONSUMER DURABLES & APPAREL						2,338		0.0
CONSUMER SERVICES						2,822		0.0
FOOD & STAPLES RETAILING						204		0.0
FOOD, BEVERAGE & TOBACCO						592		0.0
HEALTH CARE EQUIPMENT & SERVICES						2,450		0.0
MATERIALS						3,495		0.1
MEDIA & ENTERTAINMENT						2,232		0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						1,852		0.0
REAL ESTATE						3,250		0.1
SOFTWARE & SERVICES						360		0.0
TECHNOLOGY HARDWARE & EQUIPMENT						2,758		0.0
TRANSPORTATION						2,105		0.0
UTILITIES						747		0.0
		TOTAL BANK LOAN OBLIGATIONS		(Cost $29,976)		29,366		0.2
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS						46,160		0.3
BANKS
	$121,375,000	Bank of America Corp	1.375%–4.271%, 11/09/20–02/07/30			126,720		0.9
	50,075,000	Citigroup, Inc		3.200%, 10/21/26		51,093		0.4
	46,225,000	JPMorgan Chase Bank NA		3.086%, 04/26/21		46,467		0.3
	40,000,000	Royal Bank of Canada		1.875%, 02/05/20		39,897		0.3
		Other				659,000		4.8
						923,177		6.7
CAPITAL GOODS						119,749		0.9
COMMERCIAL & PROFESSIONAL SERVICES						64,484		0.5
CONSUMER DURABLES & APPAREL						9,699		0.1
CONSUMER SERVICES						151,889		1.2
DIVERSIFIED FINANCIALS
	45,550,000	Wells Fargo & Co		2.625%, 07/22/22		45,896		0.3
		Other				440,782		3.2
						486,678		3.5
ENERGY						407,057		2.9
FOOD & STAPLES RETAILING						125,713		0.9

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Bond Market Account ■ June 30, 2019

Principal			Issuer			Value (000)		% of net assets
FOOD, BEVERAGE & TOBACCO						$	140,503		1.0	%
HEALTH CARE EQUIPMENT & SERVICES							116,424		0.8
HOUSEHOLD & PERSONAL PRODUCTS							1,232		0.0
INSURANCE							135,714		1.0
MATERIALS							104,580		0.8
MEDIA & ENTERTAINMENT							200,356		1.4
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							197,563		1.4
REAL ESTATE							187,677		1.3
RETAILING							39,293		0.3
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							42,174		0.3
SOFTWARE & SERVICES							160,298		1.2
TECHNOLOGY HARDWARE & EQUIPMENT							114,638		0.8
TELECOMMUNICATION SERVICES							215,843		1.5
TRANSPORTATION							124,459		0.9
UTILITIES							279,325		2.0
				TOTAL CORPORATE BONDS	(Cost $4,216,179)		4,394,685		31.7

GOVERNMENT BONDS
AGENCY SECURITIES							320,156		2.3
FOREIGN GOVERNMENT BONDS
	$ 45,000,000		Kreditanstalt fuer Wiederaufbau		2.750%, 10/01/20		45,428		0.3
			Other				690,690		5.0
							736,118		5.3
MORTGAGE BACKED
	148,274,261		Federal Home Loan Mortgage Corp (FHLMC)
				2.694%–6.089%, 10/15/33–10/15/48			157,795		1.1
	56,947,320		Federal Home Loan Mortgage Corp Gold (FGLMC)		3.500%, 10/01/45		59,318		0.4
	85,818,592		FGLMC		3.500%, 08/01/46		89,375		0.7
	121,771,078	h	FGLMC		3.000%, 01/01/47		123,212		0.9
	94,823,137		FGLMC		3.000%, 02/01/47		95,953		0.7
	37,858,394		FGLMC		4.000%, 03/01/48		40,063		0.3
	188,070,233	h	FGLMC	3.500%–8.000%, 10/01/20–11/01/48			199,399		1.4
	66,110,442		Federal National Mortgage Association (FNMA)		3.000%, 12/25/45		67,336		0.5
	43,683,682		FNMA		3.500%, 12/01/46		44,972		0.3
	99,748,110		FNMA		3.500%, 01/01/47		102,522		0.8
	124,644,254		FNMA		3.000%, 02/25/48		127,544		0.9
	60,714,888		FNMA		4.500%, 03/01/48		65,253		0.5
	171,769,259		FNMA		4.000%, 04/01/48		178,549		1.3
	71,108,380	h	FNMA		3.000%, 11/01/48		71,848		0.5
	42,269,786	h	FNMA		4.500%, 11/01/48		44,154		0.3
	38,556,120		FNMA		4.000%, 12/01/48		39,865		0.3
	62,798,783		FNMA		4.500%, 12/01/48		65,697		0.5

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Bond Market Account ■ June 30, 2019

Principal			Issuer			Value (000)		% of net assets
MORTGAGE BACKED—continued
$	49,122,440	h	FNMA		3.500%, 06/01/49	$	50,273		0.4	%
	665,281,204		FNMA	3.000%–9.000%, 07/01/24–06/01/49			683,138		4.9
	108,256,340		Government National Mortgage Association (GNMA)		3.500%, 12/20/47		111,859		0.8
	66,309,756		GNMA		3.500%, 01/20/48		68,510		0.5
	163,617,603		GNMA	2.176%–6.500%, 10/15/33–03/20/49			156,693		1.1
							2,643,328		19.1
MUNICIPAL BONDS
	39,400,000		Florida Hurricane Catastrophe Fund Finance Corp		2.995%, 07/01/20		39,656		0.3
			Other				658,108		4.8
							697,764		5.1
U.S. TREASURY SECURITIES
	66,677,000		United States Treasury Bond		4.500%, 02/15/36		87,907		0.6
	48,750,000		United States Treasury Bond		3.500%, 02/15/39		57,854		0.4
	56,375,000		United States Treasury Bond		3.625%, 08/15/43		67,991		0.5
	81,710,000		United States Treasury Bond		2.875%, 08/15/45		87,235		0.6
	102,850,000		United States Treasury Bond		2.500%, 05/15/46		102,123		0.7
	58,160,000		United States Treasury Bond		2.750%, 11/15/47		60,618		0.4
	41,095,000		United States Treasury Bond		3.125%, 05/15/48		46,050		0.3
	85,945,000		United States Treasury Bond		3.000%, 08/15/48		94,116		0.7
	98,520,000		United States Treasury Bond		3.375%, 11/15/48		115,807		0.8
	50,000,000		United States Treasury Note		0.750%, 07/15/19		49,972		0.4
	61,725,000		United States Treasury Note		1.375%, 07/31/19		61,680		0.4
	51,445,000		United States Treasury Note		2.375%, 04/30/20		51,594		0.4
	76,920,000		United States Treasury Note		2.500%, 05/31/20		77,260		0.6
	39,810,000		United States Treasury Note		2.625%, 08/31/20		40,132		0.3
	52,345,000		United States Treasury Note		2.500%, 02/28/21		52,918		0.4
	88,000,000		United States Treasury Note		2.250%, 03/31/21		88,667		0.6
	68,550,000		United States Treasury Note		2.250%, 04/30/21		69,112		0.5
	50,565,000		United States Treasury Note		2.625%, 05/15/21		51,333		0.4
	120,834,000		United States Treasury Note		2.750%, 04/30/23		125,313		0.9
	126,842,000		United States Treasury Note		2.750%, 05/31/23		131,643		1.0
	98,915,000		United States Treasury Note		2.375%, 05/15/29		102,161		0.7
			Other				583,315		4.3
							2,204,801		15.9
			TOTAL GOVERNMENT BONDS		(Cost $6,420,109)		6,602,167		47.7

STRUCTURED ASSETS
ASSET BACKED
	49,400,000		Verizon Owner Trust
			Series - 2018 A (Class A1A)		3.230%, 04/20/23		50,346		0.4
			Other				1,086,158		7.8
							1,136,504		8.2
OTHER MORTGAGE BACKED							1,363,513		9.8
			TOTAL STRUCTURED ASSETS		(Cost $2,476,825)		2,500,017		18.0
			TOTAL BONDS		(Cost $13,113,113)		13,496,869		97.4

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Bond Market Account ■ June 30, 2019

Shares		Company		Value (000)		% of net assets
COMMON STOCKS
TELECOMMUNICATION SERVICES				$	297		0.0	%
		TOTAL COMMON STOCKS	(Cost $1,332)		297		0.0
PREFERRED STOCKS
BANKS					24,862		0.2
		TOTAL PREFERRED STOCKS	(Cost $49,941)		24,862		0.2

Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	$50,000,000	Federal Agricultural Mortgage Corp (FAMC)	2.208%, 07/22/19		49,936		0.3
	50,000,000	Federal Home Loan Bank (FHLB)	2.196%, 07/12/19		49,966		0.4
	50,000,000	FHLB	2.203%, 07/26/19		49,924		0.3
		Other			24,460		0.2
					174,286		1.2
TREASURY DEBT
	53,220,000	United States Treasury Bill	2.284%, 09/05/19		53,016		0.4
		Other			39,092		0.3
					92,108		0.7
		TOTAL SHORT-TERM INVESTMENTS	(Cost $266,174)		266,394		1.9

		TOTAL PORTFOLIO	(Cost $13,460,536)		13,817,788		99.7
		OTHER ASSETS & LIABILITIES, NET			39,081		0.3
		NET ASSETS		$	13,856,869		100.0	%

h	All or a portion of these securities were purchased on a delayed delivery basis.

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

At 6/30/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $2,359,138,748 or 17.0% 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.

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Bond Market Account ■ June 30, 2019

Forward foreign currency contracts outstanding as of June 30, 2019 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		)
	$		1,811	THB	55,655	Australia & New Zealand Banking Group	07/31/19	$	(5	)
	$		7,272	AUD	10,387	Australia & New Zealand Banking Group	08/30/19		(35	)
	$		19,454	GBP	15,284	Australia & New Zealand Banking Group	08/30/19		(11	)
	EUR		243	$	277	Australia & New Zealand Banking Group	09/30/19		2
Total								$	(49	)
	$		2,364	ILS	8,473	Bank of America	07/31/19	$	(15	)
	$		481	ZAR	6,891	Bank of America	07/31/19		(6	)
Total								$	(21	)
	$		10,495	KRW	12,100,279	Citibank N.A.	07/31/19	$	30
	$		2,357	PLN	8,815	Citibank N.A.	07/31/19		(6	)
	$		1,023	SGD	1,385	Citibank N.A.	07/31/19		(1	)
	$		9,994	CAD	13,087	Citibank N.A.	08/30/19		(12	)
	$		32,267	JPY	3,458,232	Citibank N.A.	08/30/19		45
	$		3,029	NOK	25,632	Citibank N.A.	08/30/19		19
	$		3,245	NZD	4,846	Citibank N.A.	08/30/19		(15	)
	$		1,633	SEK	15,051	Citibank N.A.	08/30/19		5
	$		817	EUR	722	Citibank N.A.	09/30/19		(10	)
Total								$	55
	$		92,492	EUR	81,646	Morgan Stanley	09/30/19	$	(1,014	)
Total								$	(1,029	)

Abbreviation(s):

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

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Bond Market Account ■ June 30, 2019

Bilateral credit default swap contracts outstanding as of June 30, 2019 were as follows (notional amounts and values are in thousands) (see Note 3):

PURCHASED

Reference
entity

Terms of
payments
to be
paid

Terms of
payments
to be
received

Counterparty

Maturity
date

Notional
amount

Value

Upfront
premiums
paid
(received

)

Unrealized
appreciation
(depreciation

)

CDX-EMS31-V1-5Y Index

1.00%

Credit event as specified in contract

Citibank, N.A.

06/20/24

$20,000

$624

$627

$(3)

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

Centrally cleared credit default swap contracts outstanding as of June 30, 2019 were as follows (notional amounts and values are in thousands) (see Note 3):

PURCHASED

Reference
entity

Terms of
payments
to be
paid

Terms of
payments
to be
received

Counterparty

Maturity
date

Notional
amount

Variation
margin

Unrealized
appreciation
(depreciation

)

CDX-NAHYS32V1-5Y Index

5.000%

Credit event as specified in contract

Citigroup Global Markets Inc

06/20/24

$25,000

$(48)

$(281)

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

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Portfolio of investments (unaudited)

CREF Inflation-Linked Bond Account ■ June 30, 2019

Principal			Issuer		Value (000)		% of net assets
GOVERNMENT BONDS
AGENCY SECURITIES
$	4,287,500		Crowley Conro LLC	4.181%, 08/15/43	$	4,737		0.1	%
	17,870,000		Montefiore Medical Center	2.895%, 04/20/32		18,494		0.3
	3,500,000		Private Export Funding Corp (PEFCO)	2.300%, 09/15/20		3,511		0.1
	3,000,000		PEFCO	3.250%, 06/15/25		3,187		0.0
	4,605,263		Reliance Industries Ltd	2.444%, 01/15/26		4,653		0.1
	3,500,000		Ukraine Government AID International Bonds	1.847%, 05/29/20		3,504		0.0
	15,000,000		Ukraine Government AID International Bonds	1.471%, 09/29/21		14,882		0.2
						52,968		0.8
MORTGAGE BACKED
	24,096,658		Government National Mortgage Association (GNMA)	3.600%, 09/15/31		25,465		0.4
	11,888,792		GNMA	3.650%, 02/15/32		12,486		0.2
	2,548,552		GNMA	3.380%, 07/15/35		2,671		0.0
	3,261,022		GNMA	3.870%, 10/15/36		3,471		0.1
						44,093		0.7
U.S. TREASURY SECURITIES
	58,371,175	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/20		57,758		0.9
	205,762,839	k	United States Treasury Inflation Indexed Bonds	1.250%, 07/15/20		207,084		3.1
	258,057,920	k	United States Treasury Inflation Indexed Bonds	1.125%, 01/15/21		260,044		3.9
	342,816,720	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/21		339,610		5.1
	306,989,712	k	United States Treasury Inflation Indexed Bonds	0.625%, 07/15/21		308,861		4.7
	356,700,343	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/22		354,437		5.4
	277,886,345	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/22		275,700		4.2
	324,429,520	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/22		323,446		4.9
	330,972,070	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/23		329,098		5.0
	233,499,010	k	United States Treasury Inflation Indexed Bonds	0.625%, 04/15/23		236,248		3.6
	235,501,695	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/23		237,401		3.6
	152,482,928	k	United States Treasury Inflation Indexed Bonds	0.625%, 01/15/24		155,139		2.3
	153,478,590	k	United States Treasury Inflation Indexed Bonds	0.500%, 04/15/24		155,394		2.4
	138,272,425	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/24		138,034		2.1
	175,834,620	k	United States Treasury Inflation Indexed Bonds	0.250%, 01/15/25		176,032		2.7
	267,381,985	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/25		298,769		4.5
	116,361,360	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/25		117,637		1.8
	158,069,100	k	United States Treasury Inflation Indexed Bonds	0.625%, 01/15/26		161,865		2.4
	213,469,839	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26		237,513		3.6
	136,437,760	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/26		135,518		2.1
	222,650,060	k	United States Treasury Inflation Indexed Bonds	0.375%, 01/15/27		224,190		3.4
	121,882,514	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/27		140,787		2.1
	120,639,750	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/27		121,761		1.8
	212,863,065	k	United States Treasury Inflation Indexed Bonds	0.500%, 01/15/28		216,350		3.3
	210,260,764	k	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28		235,708		3.6
	112,199,613	k	United States Treasury Inflation Indexed Bonds	3.625%, 04/15/28		144,024		2.2
	111,965,700	k	United States Treasury Inflation Indexed Bonds	0.750%, 07/15/28		116,661		1.8
	184,162,160	k	United States Treasury Inflation Indexed Bonds	0.875%, 01/15/29		193,869		2.9
	140,306,895	k	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29		168,794		2.6
	194,417,380	k	United States Treasury Inflation Indexed Bonds	3.875%, 04/15/29		260,259		3.9
	25,190,375	k	United States Treasury Inflation Indexed Bonds	3.375%, 04/15/32		34,508		0.5
	7,000,000		United States Treasury Note	2.125%, 05/31/26		7,112		0.1

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Portfolio of investments (unaudited)	concluded

CREF Inflation-Linked Bond Account ■ June 30, 2019

Principal			Issuer		Value (000)			% of net assets
U.S. TREASURY SECURITIES—continued
$	25,000,000	h	United States Treasury Note	1.750%, 06/30/26	$	24,996			0.4	%
	55,000,000		United States Treasury Note	2.375%, 05/15/29		56,805			0.9
						6,451,412			97.8
			TOTAL GOVERNMENT BONDS	(Cost $6,319,034)		6,548,473			99.3

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	25,710,000		Federal Home Loan Bank (FHLB)	2.100%, 07/01/19		25,710			0.4
						25,710			0.4
TREASURY DEBT
	25,000,000		United States Treasury Bill	2.057%, 08/29/19		24,914			0.4
						24,914			0.4
			TOTAL SHORT-TERM INVESTMENTS	(Cost $50,626)		50,624			0.8

			TOTAL PORTFOLIO	(Cost $6,369,660)		6,599,097			100.1
			OTHER ASSETS & LIABILITIES, NET			(3,809	)		(0.1	)
			NET ASSETS		$	6,595,288			100.0	%

h	All or a portion of these securities were purchased on a delayed delivery basis.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

Cost amounts are in thousands.

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Social Choice Account ■ June 30, 2019

Principal	Issuer		Value (000)		% of net assets
BANK LOAN OBLIGATIONS
COMMERCIAL & PROFESSIONAL SERVICES			$	5,181		0.0	%
ENERGY				3,845		0.0
MATERIALS				2,876		0.0
TECHNOLOGY HARDWARE & EQUIPMENT				8,397		0.1
UTILITIES				16,564		0.1
	TOTAL BANK LOAN OBLIGATIONS	(Cost $38,352)		36,863		0.2
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS				26,462		0.2
BANKS				342,586		2.4
CAPITAL GOODS				54,388		0.4
COMMERCIAL & PROFESSIONAL SERVICES				20,353		0.1
CONSUMER DURABLES & APPAREL				14,563		0.1
CONSUMER SERVICES				98,263		0.7
DIVERSIFIED FINANCIALS				145,562		1.0
ENERGY				183,390		1.3
HEALTH CARE EQUIPMENT & SERVICES				47,683		0.3
HOUSEHOLD & PERSONAL PRODUCTS				2,983		0.0
INSURANCE				59,327		0.4
MATERIALS				143,681		1.0
MEDIA & ENTERTAINMENT				20,645		0.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				48,332		0.4
REAL ESTATE				76,282		0.5
RETAILING				18,712		0.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				11,979		0.1
SOFTWARE & SERVICES				32,110		0.2
TECHNOLOGY HARDWARE & EQUIPMENT				24,504		0.2
TELECOMMUNICATION SERVICES				48,704		0.4
TRANSPORTATION				110,524		0.8
UTILITIES				522,508		3.7
	TOTAL CORPORATE BONDS	(Cost $1,971,323)		2,053,541		14.5

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Social Choice Account ■ June 30, 2019

					Value		% of net
Principal			Issuer		(000)		assets
GOVERNMENT BONDS
AGENCY SECURITIES
$	45,500,000		Iraq Government AID International Bond	2.149%, 01/18/22	$	45,802		0.3	%
	166,171,125	j	Overseas Private Investment
			Corp (OPIC)	0.000%–3.938%, 09/30/19–07/31/33		175,149		1.3
			Other			257,794		1.8
						478,745		3.4
FOREIGN GOVERNMENT BONDS
	46,500,000		International Finance Corp	1.546%, 11/04/21		45,965		0.3
	41,500,000		International Finance Corp	2.125%, 04/07/26		41,907		0.3
			Other			407,146		2.9
						495,018		3.5
MORTGAGE BACKED
	158,006,788		Federal Home Loan Mortgage
			Corp Gold (FGLMC)	3.000%–8.000%, 10/01/20–08/01/48		164,614		1.2
	53,855,739		Federal National Mortgage Association (FNMA)	3.000%, 02/25/48		55,109		0.4
	55,240,020		FNMA	4.000%, 04/01/48		57,420		0.4
	324,017,810		FNMA	2.878%–8.000%, 07/01/24–06/01/49		334,956		2.3
	40,525,648		Government National Mortgage Association (GNMA)	3.500%, 12/20/47		41,875		0.3
			Other			148,408		1.0
						802,382		5.6
MUNICIPAL BONDS
	38,830,000		State of California	3.750%, 10/01/37		40,839		0.3
			Other			582,053		4.1
						622,892		4.4
U.S. TREASURY SECURITIES
	66,090,000		United States Treasury Bond	2.875%, 11/15/46		70,636		0.5
	73,526,000		United States Treasury Note	2.000%, 05/31/24		74,353		0.5
	40,842,000		United States Treasury Note	2.500%, 02/28/26		42,455		0.3
	59,726,000		United States Treasury Note	3.000%, 02/15/49		65,503		0.4
	149,926,500		United States Treasury Note	1.375%–2.875%, 05/31/21–05/15/29		153,428		1.1
			Other			28,360		0.2
						434,735		3.0
			TOTAL GOVERNMENT BONDS	(Cost $2,743,797)		2,833,772		19.9

STRUCTURED ASSETS
ASSET BACKED						215,007		1.5
OTHER MORTGAGE BACKED						373,176		2.7
			TOTAL STRUCTURED ASSETS	(Cost $580,485)		588,183		4.2
			TOTAL BONDS	(Cost $5,295,605)		5,475,496		38.6

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Social Choice Account ■ June 30, 2019

Shares		Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	113,275		0.8	%
BANKS
	897,709	Citigroup, Inc		62,867		0.5
	294,577	PNC Financial Services Group, Inc		40,439		0.3
	856,957	US Bancorp		44,905		0.3
		Other		457,269		3.2
				605,480		4.3
CAPITAL GOODS
	245,325	3M Co		42,525		0.3
		Other		571,436		4.0
				613,961		4.3
COMMERCIAL & PROFESSIONAL SERVICES				131,632		0.9
CONSUMER DURABLES & APPAREL
	534,975	Nike, Inc (Class B)		44,911		0.3
		Other		114,869		0.8
				159,780		1.1
CONSUMER SERVICES
	600,224	Starbucks Corp		50,317		0.4
		Other		132,722		0.9
				183,039		1.3
DIVERSIFIED FINANCIALS
	344,056	American Express Co		42,470		0.3
		Other		390,507		2.7
				432,977		3.0
ENERGY
	710,754	ConocoPhillips		43,356		0.3
		Other		405,719		2.9
				449,075		3.2
FOOD & STAPLES RETAILING				72,112		0.5
FOOD, BEVERAGE & TOBACCO
	1,370,634	Coca-Cola Co		69,793		0.5
	582,413	Nestle S.A.		60,293		0.4
	515,539	PepsiCo, Inc		67,602		0.5
		Other		138,351		1.0
				336,039		2.4
HEALTH CARE EQUIPMENT & SERVICES
	258,894	UnitedHealth Group, Inc		63,172		0.4
		Other		319,791		2.3
				382,963		2.7

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Social Choice Account ■ June 30, 2019

Shares			Company	Value (000)		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	775,835		Procter & Gamble Co	$	85,070		0.6	%
			Other		128,889		0.9
					213,959		1.5
INSURANCE
	276,581		Chubb Ltd		40,738		0.3
			Other		355,805		2.5
					396,543		2.8
MATERIALS
	206,281		Ecolab, Inc		40,728		0.3
	258,238		Linde plc		51,854		0.3
			Other		298,035		2.1
					390,617		2.7
MEDIA & ENTERTAINMENT
	73,737	*	Alphabet, Inc (Class A)		79,843		0.6
	75,180	*	Alphabet, Inc (Class C)		81,263		0.6
	548,141	*	Facebook, Inc		105,791		0.7
			Other		176,202		1.2
					443,099		3.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	243,201		Amgen, Inc		44,817		0.3
	414,541		Eli Lilly & Co		45,927		0.3
	876,871		Merck & Co, Inc		73,526		0.5
	143,519		Roche Holding AG.		40,356		0.3
			Other		451,959		3.2
					656,585		4.6
REAL ESTATE
	222,184		American Tower Corp		45,425		0.3
			Other		283,741		2.0
					329,166		2.3
RETAILING
	63,230	*	Amazon.com, Inc		119,734		0.8
	23,668	*	Booking Holdings, Inc		44,371		0.3
	347,819		Home Depot, Inc		72,336		0.5
			Other		248,762		1.8
					485,203		3.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,230,183		Intel Corp		58,889		0.4
	441,272		Texas Instruments, Inc		50,640		0.4
			Other		102,704		0.7
					212,233		1.5
SOFTWARE & SERVICES
	289,061		Accenture plc		53,410		0.4
	181,643	*	Adobe, Inc		53,521		0.4
	403,627		International Business Machines Corp		55,660		0.4

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Social Choice Account ■ June 30, 2019

Shares			Company		Value (000)		% of net assets
SOFTWARE & SERVICES—continued
	1,709,786		Microsoft Corp		$	229,043		1.6	%
	320,788	*	salesforce.com, Inc			48,673		0.3
			Other			291,349		2.0
						731,656		5.1
TECHNOLOGY HARDWARE & EQUIPMENT
	1,005,988		Apple, Inc			199,105		1.4
	1,372,895		Cisco Systems, Inc			75,139		0.5
			Other			164,827		1.2
						439,071		3.1
TELECOMMUNICATION SERVICES
	1,333,711		Verizon Communications, Inc			76,195		0.6
			Other			129,979		0.9
						206,174		1.5
TRANSPORTATION						201,155		1.4
UTILITIES
	737,766		Southern Co			40,784		0.3
			Other			266,001		1.9
						306,785		2.2
			TOTAL COMMON STOCKS	(Cost $6,909,508)		8,492,579		59.7
PREFERRED STOCKS
BANKS						27,131		0.2
			TOTAL PREFERRED STOCKS	(Cost $38,865)		27,131		0.2
RIGHTS / WARRANTS
ENERGY						378		0.0
TRANSPORTATION						65		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $480)		443		0.0

	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						27,050		0.2

	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	85,211,345	c	State Street Navigator Securities Lending Government Money Market Portfolio			85,211		0.6
						85,211		0.6
			TOTAL SHORT-TERM INVESTMENTS	(Cost $112,261)		112,261		0.8

			TOTAL PORTFOLIO	(Cost $12,395,071)		14,144,773		99.5
			OTHER ASSETS & LIABILITIES, NET			73,606		0.5
			NET ASSETS		$	14,218,379		100.0	%

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Social Choice Account ■ June 30, 2019

*	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 6/30/19, the aggregate value of securities on loan is $114,141,958. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

At 6/30/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $1,296,539,648 or 9.1% 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.

Forward foreign currency contracts outstanding as of June 30, 2019 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		)
$	2,852	EUR	2,490	Australia & New Zealand Banking Group	09/30/19		$(0)	^
$	4,582	EUR	4,000	Australia & New Zealand Banking Group	09/30/19		1
Total							$ 1

^	Amount represents less than $1,000.

Abbreviation(s):

EUR Euro

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Money Market Account ■ June 30, 2019

Principal		Issuer		Value (000)		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	85,000,000	Federal Farm Credit Bank (FFCB)	0.010%, 08/05/19	$	84,805		0.9	%
	707,382,000	FFCB	0.010%, 07/09/19–11/27/19		705,010		7.1
	110,000,000	Federal Home Loan Bank (FHLB)	0.010%, 07/08/19		109,949		1.1
	93,565,000	FHLB	0.010%, 07/09/19		93,516		0.9
	98,730,000	FHLB	0.010%, 07/10/19		98,671		1.0
	82,020,000	FHLB	0.010%, 07/12/19		81,960		0.8
	125,245,000	FHLB	0.010%, 07/16/19		125,120		1.3
	134,068,000	FHLB	0.010%, 07/17/19		133,926		1.3
	168,500,000	FHLB	0.010%, 07/19/19		168,302		1.7
	124,360,000	FHLB	0.010%, 07/22/19		124,186		1.3
	80,000,000	FHLB	0.010%, 07/23/19		79,883		0.8
	118,463,000	FHLB	0.010%, 07/24/19		118,289		1.2
	137,790,000	FHLB	0.010%, 07/26/19		137,565		1.4
	84,313,000	FHLB	0.010%, 07/31/19		84,150		0.8
	106,890,000	FHLB	0.010%, 08/02/19		106,663		1.1
	186,955,000	FHLB	0.010%, 08/09/19		186,489		1.9
	111,800,000	FHLB	0.010%, 08/14/19		111,488		1.1
	72,050,000	FHLB	0.010%, 08/15/19		71,842		0.7
	155,128,000	FHLB	0.010%, 08/16/19		154,682		1.6
	152,976,000	FHLB	0.010%, 08/23/19		152,456		1.5
	80,500,000	FHLB	0.010%, 09/11/19		80,147		0.8
	137,174,000	FHLB	0.010%, 09/13/19		136,557		1.4
	88,500,000	FHLB	0.010%, 09/18/19		88,077		0.9
	145,475,000	FHLB	0.010%, 09/20/19		144,771		1.5
	125,955,000	FHLB	0.010%, 09/23/19		125,312		1.3
	83,000,000	FHLB	0.010%, 09/30/19		82,552		0.8
	776,476,000	FHLB	0.010%, 07/01/19–10/03/19		774,126		7.8
	90,000,000	Federal Home Loan Mortgage Corp (FHLMC)	0.010%, 07/03/19		89,988		0.9
	87,385,000	FHLMC	0.010%, 10/03/19		86,842		0.9
	100,000,000	FHLMC	0.010%, 10/17/19		99,298		1.0
	105,000,000	FHLMC	0.010%, 11/04/19		104,163		1.0
	475,572,000	FHLMC	0.010%, 07/08/19–11/19/19		472,764		4.8
	207,910,000	Federal National Mortgage Association (FNMA)	0.010%, 07/01/19		207,910		2.1
	88,475,000	FNMA	0.010%, 07/23/19		88,349		0.9
	75,000,000	FNMA	0.010%, 07/24/19		74,886		0.8
	533,036,000	FNMA	0.010%, 07/03/19–09/25/19		532,140		5.4
		Other			48,290		0.5
					6,165,124		62.3
TREASURY DEBT
	120,000,000	United States Treasury Bill	0.010%, 07/02/19		119,992		1.2
	150,000,000	United States Treasury Bill	0.010%, 07/11/19		149,902		1.5
	141,495,000	United States Treasury Bill	0.010%, 07/18/19		141,337		1.4
	70,000,000	United States Treasury Bill	0.010%, 07/25/19		69,890		0.7
	100,000,000	United States Treasury Bill	0.010%, 07/30/19		99,814		1.0
	137,575,000	United States Treasury Bill	0.010%, 08/01/19		137,296		1.4
	75,000,000	United States Treasury Bill	0.010%, 08/06/19		74,830		0.8
	75,600,000	United States Treasury Bill	0.010%, 09/05/19		75,292		0.8
	140,000,000	United States Treasury Bill	0.010%, 09/19/19		139,316		1.4

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Money Market Account ■ June 30, 2019

					Value			% of net
Principal			Issuer		(000)			assets
TREASURY DEBT—continued
$	98,385,000		United States Treasury Bill	0.010%, 10/10/19	$	97,716			1.0	%
	92,900,000		United States Treasury Bill	0.010%, 10/24/19		92,230			0.9
	116,940,000		United States Treasury Bill	0.010%, 11/07/19		115,915			1.2
	319,665,000		United States Treasury Bill	0.010%, 07/05/19–12/12/19		318,347			3.2
	96,825,000		United States Treasury Note	1.000%, 11/15/19		96,270			1.0
	155,000,000		United States Treasury Note	0.750–1.000%, 07/15/19–10/15/19		154,621			1.5
						1,882,768			19.0
VARIABLE RATE SECURITIES
	478,500,000	i	Federal Agricultural Mortgage Corp (FAMC), LIBOR 3 M – 0.200%–FRED – 2.950%	2.379%–2.550%, 07/01/19–12/21/20		478,500			4.9
	80,000,000	i	Federal Farm Credit Bank (FFCB), FRED – 2.980%	2.520%, 02/20/20		79,998			0.8
	625,700,000	i	FFCB, US Treasury Bill 3 M + 0.045%–FRED – 2.870%	2.141%–2.630%, 08/16/19–01/19/21		625,646			6.4
	130,300,000	i	Federal Home Loan Bank (FHLB), US Treasury Bill 3 M + 0.070%–SOFR + 0.060%	2.201%–2.480%, 07/12/19–09/28/20		130,302			1.3
$	80,900,000	i	Federal Home Loan Mortgage Corp (FHLMC), LIBOR 1 M – 0.100%	2.312%, 08/08/19		80,900			0.8
	100,000,000	i	United States Treasury Floating Rate Note, US Treasury Bill 3 M + 0.048%	2.144%, 10/31/19		100,010			1.0
	157,000,000	i	United States Treasury Floating Rate Note, US Treasury Bill 3 M + 0.033%	2.129%, 04/30/20		157,008			1.6
	100,000,000	i	United States Treasury Floating Rate Note, US Treasury Bill 3 M + 0.045%	2.141%, 10/31/20		99,931			1.0
			Other			131,000			1.3
						1,883,295			19.1
			TOTAL SHORT-TERM INVESTMENTS	(Cost $9,931,187)		9,931,187			100.4

			TOTAL PORTFOLIO	(Cost $9,931,187)		9,931,187			100.4
			OTHER ASSETS & LIABILITIES, NET			(39,386	)		(0.4	)
			NET ASSETS		$	9,891,801			100.0	%

Abbreviation(s):
FRED	Federal Bank Prime Loan Rate
LIBOR	London Interbank Offered Rate
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.

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

Cost amounts are in thousands.

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Statements of assets and liabilities (unaudited)

College Retirement Equities Fund ■ June 30, 2019

(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*†		$	117,824,101	$	20,733,424	$	27,428,492	$	19,329,950	$	13,817,788	$	6,599,097	$	14,144,773	$	9,931,187
Total portfolio investments, at value		$	117,824,101	$	20,733,424	$	27,428,492	$	19,329,950	$	13,817,788	$	6,599,097	$	14,144,773	$	9,931,187
Cash^**§#			13,942		8,102		68		782		126,277		177		27,517		94
Cash - foreign^{^}			41,981		9,959		—		—		37		—		1,458		—
Dividends and interest receivable			185,778		35,791		14,952		16,910		78,466		21,511		55,519		5,870
Receivable from securities transactions			2,659,114		119,838		1,041,704		171,867		13,416		—		101,182		—
Receivable for delayed delivery securities			2,037		—		—		—		200,312		—		30,570		—
Unrealized appreciation on forward foreign currency contracts			349		—		—		—		101		—		1		—
Due from affiliates			—		—		—		—		1,067		—		—		227
Receivable for variation margin on open futures contracts			6,519		3,519		—		—		—		—		—		—
Swap premiums paid			—		—		—		—		627		—		—		—
Other			14,479		2,265		2,424		1,869		1,828		1,300		2,069		1,647
Total assets			120,748,300		20,912,898		28,487,640		19,521,378		14,239,919		6,622,085		14,363,089		9,939,025
LIABILITIES
Investment management fees payable			4,703		550		274		195		239		120		453		180
Service agreement fees payable			3,228		425		741		482		116		166		—		393
Payable for collateral for securities loaned			1,909,423		235,902		186,676		135,491		—		—		85,211		—
Payable for securities transactions			2,534,868		118,490		1,151,260		150,785		20,523		—		18,798		45,000
Payable for delayed delivery securities			865		—		—		—		359,227		24,926		36,324		—
Due to affiliates			135,996		2,655		8,322		2,291		6		285		2,264		—
Payable for variation margin on futures contracts			—		—		—		133		—		—		—		—
Payable for variation margin on centrally cleared swap contracts			—		—		—		—		48		—		—		—
Written options ◊			5,921		195		—		—		—		—		—		—
Unrealized depreciation on swap agreements			—		—		—		—		3		—		—		—
Payable for trustee compensation			10,436		2,079		2,199		1,852		1,750		1,300		1,660		1,647
Unrealized depreciation on forward foreign currency contracts			780		—		—		—		1,130		—		—		—
Other			551		49		—		—		8		—		—		4
Total liabilities			4,606,771		360,345		1,349,472		291,229		383,050		26,797		144,710		47,224
NET ASSETS		$	116,141,529	$	20,552,553	$	27,138,168	$	19,230,149	$	13,856,869	$	6,595,288	$	14,218,379	$	9,891,801
CLASS R1 (Accumulation):	Net assets	$	14,156,763	$	3,562,349	$	5,049,440	$	3,763,324	$	2,140,369	$	999,072	$	2,303,538	$	1,913,098
	Units outstanding		27,729		19,392		23,154		15,442		16,623		13,957		9,146		73,402
	Unit value	$	510.54	$	183.70	$	218.08	$	243.71	$	128.76	$	71.58	$	251.86	$	26.06
CLASS R2 (Accumulation):	Net assets		34,537,719		6,888,797		9,135,271		6,531,548		4,789,757		2,102,902		4,960,285		2,918,522
	Units outstanding		66,965		37,121		41,467		26,530		36,823		29,083		19,495		111,061
	Unit value	$	515.76	$	185.58	$	220.30	$	246.20	$	130.08	$	72.31	$	254.43	$	26.28
CLASS R3 (Accumulation):	Net assets		56,397,829		9,726,628		12,476,108		8,498,793		6,638,954		3,308,283		6,574,526		4,926,406
	Units outstanding		109,003		52,247		56,451		34,411		50,878		45,608		25,758		186,925
	Unit value	$	517.39	$	186.17	$	221.01	$	246.98	$	130.49	$	72.54	$	255.24	$	26.36
ANNUITY:	Net assets	$	11,049,218	$	374,779	$	477,349	$	436,484	$	287,789	$	185,031	$	380,030	$	133,775
* Includes securities loaned of		$	2,120,588	$	315,678	$	258,230	$	173,921	$	—	$	—	$	114,142	$	—
** Includes cash collateral for securities loaned of		$	18,854	$	10,762	$	—	$	—	$	—	$	—	$	—	$	—
§ Includes cash collateral for open swap contracts of		$	—	$	—	$	—	$	—	$	1,891	$	—	$	—	$	—
# Includes cash collateral for mortgage dollar rolls of		$	—	$	—	$	—	$	—	$	95,000	$	—	$	27,501	$	—
† Portfolio investments; unaffiliated issuers cost		$	107,057,738	$	18,976,057	$	21,241,845	$	8,545,450	$	13,460,536	$	6,369,660	$	12,395,071	$	9,931,187
^ Foreign cash, cost		$	41,995	$	9,962	$	—	$	—	$	37	$	—	$	1,458	$	—
◊ Written options premiums		$	4,200	$	245	$	—	$	—	$	—	$	—	$	—	$	—

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Statements of operations (unaudited)

College Retirement Equities Fund ■ For the period ended June 30, 2019

(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*	$	1,334,552		$	255,610		$	127,677		$	183,505		$	—		$	—		$	106,029		$	—
Affiliated issuers		1,083			—			—			—			—			—			—			—
Income from securities lending		16,691			3,137			2,492			1,174			—			—			1,260			—
Interest		9,013			3,072			1,145			767			217,640			86,454			93,065			118,451
Other		—			—			—			—			1,201			—			1,285			—
Total income		1,361,339			261,819			131,314			185,446			218,841			86,454			201,639			118,451
EXPENSES
Investment management fees		61,220			5,531			4,660			1,273			4,049			633			2,676			1,274
Administrative – Class R1		20,969			5,289			7,380			5,533			3,156			1,470			3,392			2,834
Administrative – Class R2		29,055			5,788			7,597			5,443			3,993			1,773			4,120			2,526
Administrative – Class R3		47,827			7,152			9,030			6,257			4,869			2,474			4,865			3,646
Distribution fees – Class R1		10,030			2,527			3,522			2,645			1,507			703			1,620			1,354
Distribution fees – Class R2		13,277			2,644			3,465			2,485			1,824			810			1,880			1,156
Distribution fees – Class R3		18,011			2,693			3,397			2,355			1,833			932			1,831			1,374
Mortality and expense risk charges		2,814			497			648			461			333			160			340			244
Total expenses		203,203			32,121			39,699			26,452			21,564			8,955			20,724			14,408
Plus: Recovery of expenses previously withheld by TIAA		—			—			—			—			—			—			—			3,817
Net expenses		203,203			32,121			39,699			26,452			21,564			8,955			20,724			18,225
Net investment income (loss)		1,158,136			229,698			91,615			158,994			197,277			77,499			180,915			100,226
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers^†		3,064,075			459,153			1,780,245			418,184			26,648			(3,099	)		375,133			—
Affiliated issuers		(37,174	)		—			—			—			—			—			—			—
Forward foreign currency contracts		171			—			—			—			2,313			—			(14	)		—
Futures contracts		16,629			14,927			—			14,408			—			(832	)		—			—
Purchased options		16,699			—			—			—			—			—			—			—
Written options		(15,805	)		(734	)		—			—			—			—			—			—
Swap contracts		—			—			—			—			(405	)		—			—			—
Foreign currency transactions		(2,968	)		(2,546	)		(431	)		—			26			—			89			—
Net realized gain (loss) on total investments		3,041,627			470,800			1,779,814			432,592			28,582			(3,931	)		375,208			—
Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers^‡		13,332,634			2,360,337			3,143,719			2,489,614			607,259			238,163			1,067,653			—
Affiliated issuers		99,127			—			—			—			—			—			—			—
Forward foreign currency contracts		(828	)		—			—			—			(612	)		—			1			—
Futures contracts		25,734			11,878			—			(2,662	)		—			285			—			—
Purchased options		10,261			—			—			—			—			—			—			—
Written options		(2,182	)		51			—			—			—			—			—			—
Swap contracts		—			—			—			—			(284	)		—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		429			93			(50	)		—			69			—			53			—
Net change in unrealized appreciation (depreciation) on total investments		13,465,175			2,372,359			3,143,669			2,486,952			606,432			238,448			1,067,707			—
Net realized and unrealized gain (loss) on total investments		16,506,802			2,843,159			4,923,483			2,919,544			635,014			234,517			1,442,915			—
Net increase (decrease) in net assets from operations	$	17,664,938		$	3,072,857		$	5,015,098		$	3,078,538		$	832,291		$	312,016		$	1,623,830		$	100,226
* Net of foreign withholding taxes of unaffiliated issuers	$	69,703		$	16,969		$	1,512		$	24		$	33		$	—		$	5,703		$	—
† Includes net realized gain (loss) from securities sold to affiliates of	$	252,402		$	126,453		$	236,773		$	50,316		$	(99	)	$	—		$	4,565		$	—
‡ Includes net change in unrealized foreign capital gains taxes of	$	885		$	—		$	—		$	—		$	(3	)	$	—		$	—		$	—

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Statements of changes in net assets

College Retirement Equities Fund ■ For the period or year ended

		Stock Account						Global Equities Account						Growth Account
(amounts in thousands except accumulation units)		June 30, 2019			December 31, 2018			June 30, 2019			December 31, 2018			June 30, 2019			December 31, 2018
		(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	1,158,136		$	2,149,178		$	229,698		$	356,325		$	91,615		$	214,224
Net realized gain (loss) on total investments			3,041,627			12,157,082			470,800			1,756,021			1,779,814			3,389,933
Net change in unrealized appreciation (depreciation) on total investments			13,465,175			(25,345,715	)		2,372,359			(4,706,729	)		3,143,669			(4,097,867	)
Net increase (decrease) in net assets from operations			17,664,938			(11,039,455	)		3,072,857			(2,594,383	)		5,015,098			(493,710	)
FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		212,010			503,440			100,898			332,518			122,161			328,870
	Class R2		433,150			1,080,613			117,025			441,149			128,931			378,005
	Class R3		724,450			1,780,589			232,419			869,721			234,841			644,534
Net transfers between CREF Accounts	Class R1		(70,615	)		(519,523	)		(3,023	)		7,063			(32,135	)		(150,821	)
	Class R2		(121,475	)		(928,765	)		23,342			131,993			(59,788	)		(187,671	)
	Class R3		(215,354	)		167,910			3,773			459,837			(62,551	)		116,893
Withdrawals and death benefits	Class R1		(776,507	)		(1,811,834	)		(219,587	)		(411,738	)		(279,315	)		(609,583	)
	Class R2		(1,888,307	)		(4,170,883	)		(384,703	)		(731,937	)		(477,495	)		(974,735	)
	Class R3		(2,957,741	)		(6,681,747	)		(584,429	)		(1,024,120	)		(655,524	)		(1,361,909	)
Annuity payments:			(698,769	)		(1,438,858	)		(19,882	)		(40,478	)		(23,269	)		(43,694	)
Net increase (decrease) from participant transactions			(5,359,158	)		(12,019,058	)		(734,167	)		34,008			(1,104,144	)		(1,860,111	)
Net increase (decrease) in net assets			12,305,780			(23,058,513	)		2,338,690			(2,560,375	)		3,910,954			(2,353,821	)
NET ASSETS
Beginning of period			103,835,749			126,894,262			18,213,863			20,774,238			23,227,214			25,581,035
End of period		$	116,141,529		$	103,835,749		$	20,552,553		$	18,213,863		$	27,138,168		$	23,227,214
ACCUMULATION UNITS:
Units purchased:	Class R1		433,966			1,034,071			578,315			1,861,332			597,895			1,666,487
	Class R2		882,780			2,196,235			661,095			2,434,695			622,840			1,899,333
	Class R3		1,353,613			3,253,935			1,269,368			4,692,659			1,091,702			3,113,703
Units sold / transferred:	Class R1		(1,739,957	)		(4,786,952	)		(1,260,615	)		(2,271,931	)		(1,514,111	)		(3,897,846	)
	Class R2		(4,087,915	)		(10,368,888	)		(2,034,888	)		(3,337,694	)		(2,587,851	)		(5,870,818	)
	Class R3		(6,389,536	)		(13,178,771	)		(3,231,176	)		(3,153,669	)		(3,472,274	)		(6,287,298	)
Outstanding:
Beginning of period			213,244,997			235,095,367			112,777,995			112,552,603			126,334,300			135,710,739
End of period			203,697,948			213,244,997			108,760,094			112,777,995			121,072,501			126,334,300

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Statements of changes in net assets	continued

College Retirement Equities Fund ■ For the period or year ended

		Equity Index Account						Bond Market Account						Inflation-Linked Bond Account
(amounts in thousands except accumulation units)		June 30, 2019			December 31, 2018			June 30, 2019			December 31, 2018			June 30, 2019			December 31, 2018
		(unaudited		)				(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	158,994		$	325,996		$	197,277		$	381,913		$	77,499		$	180,501
Net realized gain (loss) on total investments			432,592			1,111,443			28,582			(105,956	)		(3,931	)		6,580
Net change in unrealized appreciation (depreciation) on total investments			2,486,952			(2,349,356	)		606,432			(317,410	)		238,448			(222,604	)
Net increase (decrease) in net assets from operations			3,078,538			(911,917	)		832,291			(41,453	)		312,016			(35,523	)
FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		84,852			200,197			67,171			136,171			39,946			67,815
	Class R2		123,965			271,121			125,855			291,918			69,182			154,399
	Class R3		162,299			349,033			221,809			449,478			120,591			260,514
Net transfers between CREF Accounts	Class R1		(10,619	)		(133,292	)		39,185			13,932			13,527			3,421
	Class R2		(13,817	)		(138,318	)		96,828			94,759			39,411			64,477
	Class R3		(7,030	)		(20,287	)		101,932			255,450			54,974			149,050
Withdrawals and death benefits	Class R1		(219,750	)		(485,194	)		(140,303	)		(299,729	)		(64,144	)		(141,219	)
	Class R2		(353,333	)		(807,336	)		(287,550	)		(622,902	)		(133,185	)		(275,659	)
	Class R3		(424,360	)		(983,535	)		(407,482	)		(869,297	)		(190,988	)		(431,600	)
Annuity payments:			(22,151	)		(43,024	)		(14,122	)		(27,803	)		(9,257	)		(19,015	)
Net increase (decrease) from participant transactions			(679,944	)		(1,790,635	)		(196,677	)		(578,023	)		(59,943	)		(167,817	)
Net increase (decrease) in net assets			2,398,594			(2,702,552	)		635,614			(619,476	)		252,073			(203,340	)
NET ASSETS
Beginning of period			16,831,555			19,534,107			13,221,255			13,840,731			6,343,215			6,546,555
End of period		$	19,230,149		$	16,831,555		$	13,856,869		$	13,221,255		$	6,595,288		$	6,343,215
ACCUMULATION UNITS:
Units purchased:	Class R1		366,479			891,750			539,407			1,137,926			569,096			993,482
	Class R2		530,753			1,198,508			1,000,639			2,420,078			983,429			2,243,650
	Class R3		656,548			1,463,674			1,706,978			3,559,308			1,621,599			3,673,498
Units sold / transferred:	Class R1		(996,784	)		(2,763,741	)		(815,562	)		(2,391,872	)		(728,936	)		(2,019,198	)
	Class R2		(1,577,103	)		(4,166,875	)		(1,527,962	)		(4,379,958	)		(1,333,913	)		(3,067,963	)
	Class R3		(1,855,002	)		(4,398,867	)		(2,437,848	)		(5,070,279	)		(1,907,570	)		(4,069,349	)
Outstanding:
Beginning of period			79,257,167			87,032,718			105,857,860			110,582,657			89,444,564			91,690,444
End of period			76,382,058			79,257,167			104,323,512			105,857,860			88,648,269			89,444,564

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Statements of changes in net assets	concluded

College Retirement Equities Fund ■ For the period or year ended

		Social Choice Account						Money Market Account
(amounts in thousands except accumulation units)		June 30, 2019			December 31, 2018			June 30, 2019			December 31, 2018
		(unaudited		)				(unaudited		)
OPERATIONS
Net investment income (loss)		$	180,915		$	333,616		$	100,226		$	126,401
Net realized gain (loss) on total investments			375,208			1,080,875			—			(5	)
Net change in unrealized appreciation (depreciation) on total investments			1,067,707			(1,994,529	)		—			—
Net increase (decrease) in net assets from operations			1,623,830			(580,038	)		100,226			126,396
FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		55,853			117,086			359,535			749,850
	Class R2		114,697			214,761			342,239			843,285
	Class R3		169,618			303,754			694,245			1,560,336
Net transfers between CREF Accounts	Class R1		765			(71,016	)		10,554			21,896
	Class R2		36,721			(98,505	)		45,485			219,439
	Class R3		37,535			59,266			92,375			482,808
Withdrawals and death benefits	Class R1		(120,203	)		(268,792	)		(337,201	)		(767,215	)
	Class R2		(232,254	)		(521,801	)		(470,601	)		(967,447	)
	Class R3		(307,917	)		(692,272	)		(836,027	)		(1,716,480	)
Annuity payments:			(18,633	)		(36,758	)		(7,403	)		(14,918	)
Net increase (decrease) from participant transactions			(263,818	)		(994,277	)		(106,799	)		411,554
Net increase (decrease) in net assets			1,360,012			(1,574,315	)		(6,573	)		537,950
NET ASSETS
Beginning of period			12,858,367			14,432,682			9,898,374			9,360,424
End of period		$	14,218,379		$	12,858,367		$	9,891,801		$	9,898,374
ACCUMULATION UNITS:
Units purchased:	Class R1		232,083			499,348			13,843,850			29,165,709
	Class R2		470,746			906,825			13,097,680			32,681,140
	Class R3		666,713			1,186,592			26,326,135			60,106,404
Units sold / transferred:	Class R1		(496,259	)		(1,449,236	)		(12,583,345	)		(29,000,184	)
	Class R2		(805,601	)		(2,618,815	)		(16,273,232	)		(29,017,834	)
	Class R3		(1,110,605	)		(2,666,460	)		(28,402,144	)		(47,738,385	)
Outstanding:
Beginning of period			55,443,059			59,584,805			375,379,256			359,182,406
End of period			54,400,136			55,443,059			371,388,200			375,379,256

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Financial highlights

College Retirement Equities Fund

			Selected per accumulation unit data																						Ratios and supplemental data
			Gain (loss) from investment operations
												Net realized													Ratios to average net assets									Accumulation
	For the period or year ended		Investment income		^a	Expenses		^a	Net investment income (loss		)^a	& unrealized gain (loss on total investments		)	Net change in accumulation unit value			Accumulation unit value beginning of period		Accumulation unit value end of period		Total return		^b	Gross expenses			Net investment income (loss		)	Portfolio turnover rate			units outstanding end of period (in millions		)	Accumulation fund net assets (in millions		)ⁱ
STOCK ACCOUNT
Class R1:	6/30/19	^#	$	5.846		$	1.369		$	4.477		$	70.212		$	74.689		$	435.849	$	510.538		17.13	%^c		0.57	%^d		1.85	%^d		34	%^c		28		$	14,157
	12/31/18			10.238			2.573			7.665			(55.323	)		(47.658	)		483.507		435.849		(9.86	)		0.53			1.57			55			29			12,655
	12/31/17			8.937			2.869			6.068			84.379			90.447			393.060		483.507		23.01			0.65			1.38			48			33			15,853
	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
Class R2:	6/30/19	^#		5.903			0.896			5.007			70.880			75.887			439.868		515.755		17.24	^c		0.37	^d		2.05	^d		34	^c		67			34,538
	12/31/18			10.327			1.687			8.640			(55.847	)		(47.207	)		487.075		439.868		(9.69	)		0.34			1.75			55			70			30,866
	12/31/17			8.990			1.736			7.254			84.893			92.147			394.928		487.075		23.33			0.39			1.64			48			78			38,159
	12/31/16			8.610			1.724			6.886			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:	6/30/19	^#		5.924			0.771			5.153			71.089			76.242			441.152		517.394		17.27	^c		0.32	^d		2.10	^d		34	^c		109			56,398
	12/31/18			10.352			1.485			8.867			(56.010	)		(47.143	)		488.295		441.152		(9.65	)		0.30			1.79			55			114			50,309
	12/31/17			9.010			1.395			7.615			85.073			92.688			395.607		488.295		23.43			0.32			1.72			48			124			60,531
	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:	6/30/19	^#		2.294			0.447			1.847			24.729			26.576			157.127		183.703		16.91	^c		0.51	^d		2.12	^d		43	^c		19			3,562
	12/31/18			3.712			0.948			2.764			(25.325	)		(22.561	)		179.688		157.127		(12.56	)		0.53			1.54			77			20			3,154
	12/31/17			3.346			1.117			2.229			32.997			35.226			144.462		179.688		24.38			0.69			1.38			36			20			3,681
	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
Class R2:	6/30/19	^#		2.318			0.277			2.041			24.964			27.005			158.571		185.576		17.02	^c		0.31	^d		2.32	^d		43	^c		37			6,889
	12/31/18			3.746			0.624			3.122			(25.558	)		(22.436	)		181.007		158.571		(12.40	)		0.35			1.73			77			38			6,104
	12/31/17			3.365			0.700			2.665			33.198			35.863			145.144		181.007		24.71			0.43			1.64			36			39			7,131
	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:	6/30/19	^#		2.324			0.231			2.093			25.038			27.131			159.035		186.166		17.05	^c		0.26	^d		2.37	^d		43	^c		52			9,727
	12/31/18			3.747			0.547			3.200			(25.626	)		(22.426	)		181.461		159.035		(12.36	)		0.30			1.77			77			54			8,621
	12/31/17			3.372			0.574			2.798			33.270			36.068			145.393		181.461		24.81			0.35			1.71			36			53			9,558
	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

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Financial highlights	continued

College Retirement Equities Fund

			Selected per accumulation unit data																						Ratios and supplemental data
			Gain (loss) from investment operations
												Net realized													Ratios to average net assets									Accumulation
	For the period or year ended		Investment income		^a	Expenses		^a	Net investment income (loss		)^a	& unrealized gain (loss on total investments		)	Net change in accumulation unit value			Accumulation unit value beginning of period		Accumulation unit value end of period		Total return		^b	Gross expenses			Net investment income (loss		)	Portfolio turnover rate			units outstanding end of period (in millions		)	Accumulation fund net assets (in millions		)ⁱ
GROWTH ACCOUNT
Class R1:	6/30/19	^#	$	1.033		$	0.503		$	0.530		$	38.446		$	38.976		$	179.102	$	218.078		21.76	%^c		0.49	%^d		0.52	%^d		51	%^c		23		$	5,049
	12/31/18			2.166			0.914			1.252			(6.193	)		(4.941	)		184.043		179.102		(2.69	)		0.46			0.63			62			24			4,311
	12/31/17			1.818			0.977			0.841			43.121			43.962			140.081		184.043		31.38			0.60			0.52			48			26			4,841
	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
Class R2:	6/30/19	^#		1.042			0.303			0.739			38.813			39.552			180.750		220.302		21.88	^c		0.29	^d		0.72	^d		51	^c		41			9,135
	12/31/18			2.186			0.555			1.631			(6.277	)		(4.646	)		185.396		180.750		(2.51	)		0.28			0.82			62			43			7,850
	12/31/17			1.830			0.556			1.274			43.379			44.653			140.743		185.396		31.73			0.34			0.78			48			47			8,788
	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:	6/30/19	^#		1.046			0.249			0.797			38.928			39.725			181.281		221.006		21.91	^c		0.24	^d		0.77	^d		51	^c		56			12,476
	12/31/18			2.193			0.471			1.722			(6.301	)		(4.579	)		185.860		181.281		(2.46	)		0.24			0.86			62			59			10,665
	12/31/17			1.834			0.429			1.405			43.471			44.876			140.984		185.860		31.83			0.26			0.86			48			62			11,524
	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
EQUITY INDEX ACCOUNT
Class R1:	6/30/19	^#		2.307			0.541			1.766			36.123			37.889			205.823		243.712		18.41	^c		0.47	^d		1.54	^d		1	^c		15			3,763
	12/31/18			4.426			0.992			3.434			(15.616	)		(12.182	)		218.005		205.823		(5.59	)		0.44			1.52			3			16			3,308
	12/31/17			3.836			1.126			2.710			34.271			36.981			181.024		218.005		20.43			0.57			1.37			4			18			3,912
	12/31/16			3.648			1.044			2.604			16.892			19.496			161.528		181.024		12.07			0.63			1.56			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			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			104			16,841
Class R2:	6/30/19	^#		2.331			0.315			2.016			36.465			38.481			207.717		246.198		18.53	^c		0.27	^d		1.74	^d		1	^c		27			6,532
	12/31/18			4.465			0.581			3.884			(15.774	)		(11.890	)		219.607		207.717		(5.41	)		0.26			1.71			3			28			5,728
	12/31/17			3.859			0.612			3.247			34.480			37.727			181.880		219.607		20.74			0.31			1.63			4			31			6,708
	12/31/16			3.662			0.591			3.071			16.959			20.030			161.850		181.880		12.38			0.35			1.84			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			35			5,667
Class R3:	6/30/19	^#		2.342			0.256			2.086			36.570			38.656			208.324		246.980		18.56	^c		0.22	^d		1.79	^d		1	^c		34			8,499
	12/31/18			4.479			0.486			3.993			(15.823	)		(11.830	)		220.154		208.324		(5.37	)		0.21			1.75			3			36			7,418
	12/31/17			3.869			0.458			3.411			34.551			37.962			182.192		220.154		20.84			0.23			1.71			4			39			8,486
	12/31/16			3.667			0.419			3.248			16.983			20.231			161.961		182.192		12.49			0.25			1.94			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			44			7,061

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Financial highlights	continued

College Retirement Equities Fund

			Selected per accumulation unit data																						Ratios and supplemental data
			Gain (loss) from investment operations
												Net realized													Ratios to average net assets									Portfolio			Accumulation
	For the period or year ended		Investment income		^a	Expenses		^a	Net investment income (loss		)^a	& unrealized gain (loss) on total investments			Net change in accumulation unit value			Accumulation unit value beginning of period		Accumulation unit value end of period		Total return		^b	Gross expenses			Net investment income (loss		)	Portfolio turnover rate			turnover rate excluding mortgage dollar rolls			units outstanding end of period (in millions		)	Accumulation fund net assets (in millions		)ⁱ
BOND MARKET ACCOUNT
Class R1:	6/30/19	^#	$	2.027		$	0.320		$	1.707		$	5.888		$	7.595		$	121.168	$	128.763		6.27	%^c		0.52	%^d		2.77	%^d		43	%^c		35	%^c		17		$	2,140
	12/31/18			3.829			0.620			3.209			(3.713	)		(0.504	)		121.672		121.168		(0.41	)		0.52			2.68			106			91			17			2,048
	12/31/17			3.517			0.764			2.753			1.670			4.423			117.249		121.672		3.77			0.64			2.30			140			96			18			2,209
	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
Class R2:	6/30/19	^#		2.047			0.199			1.848			5.946			7.794			122.282		130.076		6.37	^c		0.32	^d		2.97	^d		43	^c		35	^c		37			4,790
	12/31/18			3.861			0.402			3.459			(3.741	)		(0.282	)		122.564		122.282		(0.23	)		0.33			2.87			106			91			37			4,567
	12/31/17			3.539			0.453			3.086			1.676			4.762			117.802		122.564		4.04			0.38			2.56			140			96			39			4,818
	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:	6/30/19	^#		2.053			0.167			1.886			5.964			7.850			122.638		130.488		6.40	^c		0.27	^d		3.02	^d		43	^c		35	^c		51			6,639
	12/31/18			3.872			0.352			3.520			(3.753	)		(0.233	)		122.871		122.638		(0.19	)		0.29			2.91			106			91			52			6,329
	12/31/17			3.546			0.360			3.186			1.681			4.867			118.004		122.871		4.12			0.30			2.63			140			96			53			6,527
	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:	6/30/19	^#		0.931			0.165			0.766			2.546			3.312			68.267		71.579		4.85	^c		0.48	^d		2.21	^d		10	^c		10	^c		14			999
	12/31/18			2.105			0.307			1.798			(2.292	)		(0.494	)		68.761		68.267		(0.72	)		0.45			2.63			21			21			14			964
	12/31/17			1.731			0.395			1.336			(0.315	)		1.021			67.740		68.761		1.51			0.58			1.95			18			18			15			1,041
	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
Class R2:	6/30/19	^#		0.945			0.097			0.848			2.565			3.413			68.895		72.308		4.95	^c		0.28	^d		2.43	^d		10	^c		10	^c		29			2,103
	12/31/18			2.122			0.182			1.940			(2.310	)		(0.370	)		69.265		68.895		(0.53	)		0.26			2.82			21			21			29			2,028
	12/31/17			1.743			0.218			1.525			(0.319	)		1.206			68.059		69.265		1.77			0.32			2.22			18			18			30			2,096
	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:	6/30/19	^#		0.951			0.080			0.871			2.571			3.442			69.095		72.537		4.98	^c		0.23	^d		2.49	^d		10	^c		10	^c		46			3,308
	12/31/18			2.125			0.154			1.971			(2.313	)		(0.342	)		69.437		69.095		(0.49	)		0.22			2.86			21			21			46			3,171
	12/31/17			1.746			0.165			1.581			(0.320	)		1.261			68.176		69.437		1.85			0.24			2.29			18			18			46			3,214
	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

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Financial highlights	continued

College Retirement Equities Fund

			Selected per accumulation unit data																						Ratios and supplemental data
			Gain (loss) from investment operations
												Net realized													Ratios to average net assets									Portfolio			Accumulation
	For the period or year ended		Investment income		^a	Expenses		^a	Net investment income (loss		)^a	& unrealized gain (loss) on total investments			Net change in accumulation unit value			Accumulation unit value beginning of period		Accumulation unit value end of period		Total return		^b	Gross expenses			Net investment income (loss		)	Portfolio turnover rate			turnover rate excluding mortgage dollar rolls			units outstanding end of period (in millions		)	Accumulation fund net assets (in millions		)ⁱ
SOCIAL CHOICE ACCOUNT
Class R1:	6/30/19^#		$	3.541		$	0.594		$	2.947		$	25.282		$	28.229		$	223.635	$	251.864		12.62	%^c		0.50	%^d		2.46	%^d		25	%^c		24	%^c		9		$	2,304
	12/31/18			6.291			1.102			5.189			(15.749	)		(10.560	)		234.195		223.635		(4.51	)		0.47			2.21			52			47			9			2,104
	12/31/17			5.627			1.327			4.300			24.249			28.549			205.646		234.195		13.88			0.60			1.95			53			37			10			2,426
	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
Class R2:	6/30/19	^#		3.577			0.360			3.217			25.523			28.740			225.691		254.431		12.74	^c		0.30	^d		2.66	^d		25	^c		24	^c		19			4,960
	12/31/18			6.344			0.673			5.671			(15.895	)		(10.224	)		235.915		225.691		(4.33	)		0.28			2.39			52			47			20			4,476
	12/31/17			5.661			0.757			4.904			24.394			29.298			206.617		235.915		14.18			0.34			2.21			53			37			22			5,082
	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:	6/30/19	^#		3.588			0.298			3.290			25.599			28.889			226.349		255.238		12.76	^c		0.25	^d		2.72	^d		25	^c		24	^c		26			6,575
	12/31/18			6.361			0.576			5.785			(15.940	)		(10.155	)		236.504		226.349		(4.29	)		0.24			2.43			52			47			26			5,931
	12/31/17			5.673			0.586			5.087			24.445			29.532			206.972		236.504		14.27			0.26			2.29			53			37			28			6,547
	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

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Financial highlights	concluded

College Retirement Equities Fund

			Selected per accumulation unit data																				Ratios and supplemental data
			Gain (loss) from investment operations
												Net realized											Ratios to average net assets									Accumulation
	For the period or year ended		Investment income		^a	Expenses		^a	Net investment income (loss		)^a	& unrealized gain (loss) on total investments		Net change in accumulation unit value		Accumulation unit value beginning of period		Accumulation unit value end of period		Total return		^b	Gross expenses			Expenses net of TIAA withholding			Net investment income (loss		)	units outstanding end of period (in millions		)	Accumulation fund net assets (in millions		)ⁱ
MONEY MARKET ACCOUNT
Class R1:	6/30/19	^#	$	0.312		$	0.115		$	0.197		$	0.000	$	0.197	$	25.866	$	26.063		0.76	%^c		0.48	%^d		0.90	%^d		1.53	%^d		73		$	1,913
	12/31/18			0.474			0.206			0.268			0.002		0.270		25.596		25.866		1.05			0.45			0.80			1.04			72			1,866
	12/31/17			0.227			0.165			0.062			0.000		0.062		25.534		25.596		0.25			0.57			0.64			0.32			72			1,842
	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
Class R2:	6/30/19	^#		0.315			0.037			0.278			0.000		0.278		26.000		26.278		1.07	^c		0.28	^d		0.28	^d		2.15	^d		111			2,919
	12/31/18			0.476			0.138			0.338			0.000		0.338		25.662		26.000		1.32			0.27			0.53			1.31			114			2,970
	12/31/17			0.227			0.116			0.111			0.002		0.113		25.549		25.662		0.44			0.31			0.45			0.58			111			2,838
	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:	6/30/19	^#		0.316			0.030			0.286			0.000		0.286		26.069		26.355		1.10	^c		0.23	^d		0.23	^d		2.20	^d		187			4,926
	12/31/18			0.477			0.103			0.374			0.000		0.374		25.695		26.069		1.46			0.23			0.40			1.45			189			4,927
	12/31/17			0.228			0.102			0.126			0.002		0.128		25.567		25.695		0.50			0.23			0.40			0.66			177			4,539
	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

^#	Unaudited
^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.

2019 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2019 Semiannual Report

Notes to financial statements (unaudited)

College Retirement Equities Fund

Note 1—organization and significant accounting policies

The purpose of the College Retirement Equities Fund (“CREF”), as stated in its charter, is to aid and strengthen non-profit educational and research organizations, governmental entities, and other non-profit institutions by providing their employees with variable retirement benefits. CREF is registered with the 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. 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 annuitant dies during the accumulation period, or during the annuity period while payments are still due for the remainder of a guaranteed period.

92	2019 Semiannual Report ■ College Retirement Equities Fund

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 income tax years and has concluded that no provision for income tax is required in the Accounts’ financial statements.

Foreign taxes: The Accounts may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Accounts will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Accounts invest.

Trustee compensation: The Accounts pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus

College Retirement Equities Fund ■ 2019 Semiannual Report

Notes to financial statements (unaudited)

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 rule issuances: 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 have been implemented and did not have a material impact on the Accounts’ financial statements and various 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.

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

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traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Accounts’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized 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 traded over the counter and listed on a national market or exchange are valued at the last sale price as of the close of such exchange or at the mean of the closing bid and asked prices if no sale is reported. 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.

Credit default swap contracts: Credit default swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Credit default 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.

As of June 30, 2019, 100% of the value of investments in the Inflation-Linked Bond Account and Money Market Account were valued based on Level 2 inputs.

College Retirement Equities Fund ■ 2019 Semiannual Report

Notes to financial statements (unaudited)

The following table summarizes the market value of the Accounts’ investments as of June 30, 2019, based on the inputs used to value them (dollar amounts are in thousands):

Account	Level 1			Level 2			Level 3		Total
Stock
Equity investments:
Communication services	$	7,671,688		$	2,162,054		$	175	$	9,833,917
Consumer discretionary		8,769,236			3,565,745			2		12,334,983
Consumer staples		5,124,399			3,068,853			5,535		8,198,787
Energy		4,138,208			1,962,608			671		6,101,487
Financials		10,851,153			6,404,635			3,029		17,258,817
Health care		11,154,263			2,910,259			126		14,064,648
Industrials		8,443,661			4,347,739			1,327		12,792,727
Information technology		17,474,322			3,195,315			194		20,669,831
Materials		2,702,751			2,777,628			223		5,480,602
Real estate		2,825,832			1,638,247			9,985		4,474,064
Utilities		2,202,879			1,058,033			—		3,260,912
Government bonds		—			300			—		300
Short-term investments		—			3,337,232			—		3,337,232
Purchased options**		15,794			—			—		15,794
Written options**		(5,921	)		—			—		(5,921	)
Futures contracts**		6,514			—			—		6,514
Forward foreign currency contracts**		—			(431	)		—		(431	)
Total	$	81,374,779		$	36,428,217		$	21,267	$	117,824,263
Global Equities
Equity investments:
Asia	$	236,164		$	1,816,209		$	13	$	2,052,386
Australasia		—			369,800			—		369,800
Europe		83,874			2,989,321			—		3,073,195
Latin America		47,302			288,880			—		336,182
North America		11,263,157			580,657			—		11,843,814
All other equity investments*		237,664			2,291,559			166		2,529,389
Short-term investments		—			528,658			—		528,658
Written options**		(195	)		—			—		(195	)
Futures contracts**		3,517			—			—		3,517
Total	$	11,871,483		$	8,865,084		$	179	$	20,736,746
Growth
Equity investments:
Communication services	$	3,833,678		$	198,205		$	—	$	4,031,883
Consumer discretionary		3,901,677			348,889			—		4,250,566
Consumer staples		1,130,941			122,021			—		1,252,962
Health care		3,221,844			376,023			—		3,597,867
Industrials		1,978,302			350,737			—		2,329,039
Information technology		9,330,919			178,778			—		9,509,697
All other equity investments*		1,963,700			—			—		1,963,700
Short-term investments		186,676			306,102			—		492,778
Total	$	25,547,737		$	1,880,755		$	—	$	27,428,492

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Account	Level 1			Level 2			Level 3		Total
Equity Index
Equity investments:
Consumer discretionary	$	1,993,700		$	—		$	—	$	1,993,700
Consumer staples		1,225,869			—			—		1,225,869
Financials		2,583,949			6			—		2,583,955
Health care		2,664,781			3			3		2,664,787
Materials		570,074			—			56		570,130
All other equity investments*		10,052,062			—			—		10,052,062
Short-term investments		135,491			103,956			—		239,447
Futures contracts**		(135	)		—			—		(135	)
Total	$	19,225,791		$	103,965		$	59	$	19,329,815
Bond Market
Bank loan obligations	$	—		$	29,366		$	—	$	29,366
Corporate bonds		—			4,394,408			277		4,394,685
Government bonds		—			6,599,997			2,170		6,602,167
Structured assets		—			2,484,891			15,126		2,500,017
Common stocks		297			—			—		297
Preferred stocks		24,862			—			—		24,862
Short-term investments		—			266,394			—		266,394
Forward foreign currency contracts**		—			(1,029	)		—		(1,029	)
Credit default swap contracts**		—			(284	)		—		(284	)
Total	$	25,159		$	13,773,743		$	17,573	$	13,816,475
Social Choice
Equity investments:
Communication services	$	495,493		$	153,780		$	—	$	649,273
Consumer discretionary		663,660			277,637			—		941,297
Consumer staples		369,075			253,035			—		622,110
Energy		284,826			164,627			—		449,453
Financials		908,597			553,534			—		1,462,131
Health care		797,125			242,424			—		1,039,549
Industrials		609,872			336,940			—		946,812
Information technology		1,218,381			164,579			—		1,382,960
Materials		177,270			213,347			—		390,617
Real estate		244,020			85,146			—		329,166
Utilities		198,280			108,505			—		306,785
Bank loan obligations		—			36,863			—		36,863
Corporate bonds		—			2,053,541			—		2,053,541
Government bonds		7,152			2,825,881			739		2,833,772
Structured assets		—			586,077			2,106		588,183
Short-term investments		85,211			27,050			—		112,261
Forward foreign currency contracts**		—			1			—		1
Total	$	6,058,962		$	8,082,967		$	2,845	$	14,144,774

*	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.

College Retirement Equities Fund ■ 2019 Semiannual Report

Notes to financial statements (unaudited)

Note 3—derivative instruments

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

At June 30, 2019, the following Accounts have invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows (dollar amounts are in thousands):

Asset derivatives

Liabilities derivatives

Derivative contract

Location

Fair value
amount

Location

Fair value
amount

Stock Account

Equity contracts

Futures contracts*

$ 6,514

Equity contracts

Portfolio investments

15,794

Written options

$(5,921

)

Foreign-exchange contracts

Forward foreign currency contracts

349

Forward foreign currency contracts

(780

)

Global Equities Account

Equity contracts

Futures contracts*

3,517

Written options

(195

)

Equity Index Account

Equity contracts

Futures contracts*

(135

)

Bond Market Account

Credit contracts

Credit default swap contracts*

(284

)

Foreign-exchange contracts

Forward foreign currency contracts

101

Forward foreign currency contracts

(1,130

)

Social Choice Account

Foreign-exchange contracts

Forward foreign currency contracts

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

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For the period ended June 30, 2019, the effect of derivative contracts on the Accounts’ Statements of Operations was as follows (dollar amounts are in thousands):

Derivative contracts	Location	Realized gain (loss		)	Change in unrealized appreciation (depreciation		)
Stock Account
Equity contracts	Futures contracts		$16,629			$25,734
Equity contracts	Purchased options		16,699			10,261
Equity contracts	Written options		(15,805	)		(2,182	)
Foreign-exchange contracts	Forward foreign currency contracts		171			(828	)
Global Equities Account
Equity contracts	Futures contracts		14,927			11,878
Equity contracts	Written options		(734	)		51
Equity Index Account
Equity contracts	Futures contracts		14,408			(2,662	)
Bond Market Account
Credit contracts	Swap contracts		(405	)		(284	)
Foreign-exchange contracts	Forward foreign currency contracts		2,313			(612	)
Inflation-Linked Bond Account
Interest-rate contracts	Futures contracts		(832	)		285
Social Choice Account
Foreign-exchange contracts	Forward foreign currency contracts		(14	)		1

Futures contracts: Certain Accounts are subject to equity price risk in the normal course of pursuing their investment objectives. The Accounts use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Accounts since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the period ended June 30, 2019, the Stock Account, Global Equities Account, Equity Index Account, and Inflation-Linked Bond Account had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets. The

College Retirement Equities Fund ■ 2019 Semiannual Report

Notes to financial statements (unaudited)

futures contracts outstanding as of June 30, 2019 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. Options can be settled either directly with the counterparty (over the counter) or through a central clearing house (exchange traded). To manage the risk, the Accounts may invest in both equity and index options. The Accounts use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Purchased options are included in the summary portfolio of investments, and written options are separately reflected as a liability in the Statements of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks may arise upon entering into over the counter options from the potential of default by counterparty. Also, risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of Assets and Liabilities. During the period ended June 30, 2019, the Stock Account and Global Equities 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 June 30, 2019 are disclosed in the summary portfolio of investments and the full Schedules of Investments.

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

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a segregated account equal to the aggregate notional value of the reference entities for all outstanding credit default swap contracts sold by the Accounts.

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

The value of a bilateral swap included in net assets is the unrealized gain or loss of the contract plus or minus any unamortized premiums paid or received, respectively.

Appreciated swaps and premiums paid are reflected as assets, while depreciated swaps and premiums received are reflected as liabilities on the Statements of Assets and Liabilities. Centrally cleared swaps initial margin deposits are made, and variation margin payments are made or received reflecting daily changes in the value of the swap contract. The daily fluctuation in fair value is accounted for as a variation margin receivable or payable on the Statements of Assets and Liabilities.

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

The Accounts (other than the Money Market Account) invest in credit default swaps to hedge or manage the risks associated with assets held in the Accounts and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. During the period ended June 30, 2019, the Bond Market Account had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets. The credit default swap contracts outstanding as of June 30, 2019 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

College Retirement Equities Fund ■ 2019 Semiannual Report

101

Notes to financial statements (unaudited)

depreciation in the Statements of Assets and Liabilities. The Accounts realize gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statements of Operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts; from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statements of Assets and Liabilities. During the period ended June 30, 2019, the Stock Account, Bond Market Account, and Social Choice Account had exposure to forwards, based on underlying notional values, generally between 0% and 1% of net assets. The forward contracts outstanding as of June 30, 2019 are disclosed in the summary portfolio of investments and the full schedules of investments.

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.

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As of June 30, 2019, the following table represents the effective expense deductions as an annual percentage of average daily net assets to approximate the costs that CREF incurred:

	Investment management fee		Administrative fee									Distribution fee
Account	All classes		Class R1			Class R2			Class R3			Class R1			Class R2			Class R3
Stock	0.109	%		0.306	%		0.174	%		0.146	%		0.146	%		0.079	%		0.055	%
Global Equities	0.056			0.306			0.174			0.146			0.146			0.079			0.055
Growth	0.036			0.306			0.174			0.146			0.146			0.079			0.055
Equity Index	0.014			0.306			0.174			0.146			0.146			0.079			0.055
Bond Market	0.061			0.306			0.174			0.146			0.146			0.079			0.055
Inflation-Linked Bond	0.020			0.306			0.174			0.146			0.146			0.079			0.055
Social Choice	0.039			0.306			0.174			0.146			0.146			0.079			0.055
Money Market	0.026			0.306			0.174			0.146			0.146			0.080			0.055

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. 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 expenses) on that day. As a result of the share class conversion on April 25, 2015, previously recoverable amounts have been allocated to the newly formed classes, using conversion date April 24, 2015 end of day net assets. For the period ended June 30, 2019, TIAA recovered previously waived expenses from the Account of $3,816,986 for Class R1. In June 2019, Class R1 recouped all eligible waived expenses totaling $11,735,860; in September 2018, Class R2 recouped all eligible waived expenses totaling $12,513,185; and in July 2018, Class R3 recouped all eligible waived expenses totaling $18,705,483. The amounts waived and recovered during the current period are disclosed on the Statements of Operations.

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

The Accounts may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended June 30, 2019, the Accounts engaged in the following security transactions with affiliated entities (dollar amounts are in thousands):

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Notes to financial statements (unaudited)

Account	Purchases		Sales		Realized gain (loss)
Stock	$	804,111	$	1,388,206	$	252,402
Global Equities		1,029,775		630,425		126,453
Growth		742,911		989,819		236,773
Equity Index		10,454		74,064		50,316
Bond Market		—		3,344		(99	)
Social Choice		36,266		24,341		4,565

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

Issue	Value at 12/31/18		Purchase cost		Sales proceeds		Realized gain (loss		)	Exchanges			Change in unrealized appreciation (depreciation		)	Dividend income		Shares at 6/30/19			Value at 6/30/19
Stock Account
Common Stock
Capital Goods
Manitowoc Co, Inc	$	26,376	$	3,748	$	6,122	$	(4,534	)	$	—		$	8,635		$	—		1,578,841	^‡	$	28,103	^‡
Terex Corp		125,051		8,126		70,267		(22,202	)		—			39,247			714		2,546,342	^‡		79,955	^‡
Materials
Tronox Ltd		70,535		1,214		11,262		(10,438	)		(101,294	)		51,245			369		—	^‡		—	^‡
Total	$	221,962	$	13,088	$	87,651	$	(37,174	)	$	(101,294	)	$	99,127		$	1,083		4,125,183		$	108,058

^‡	At June 30, 2019 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. Non-cash collateral is not disclosed in the Accounts’ Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Accounts, and the Accounts do not have the ability to sell or re-hypothecate those securities. As of June 30, 2019, 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,

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with $92,280,958 related to equity securities and $21,861,000 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.

At June 30, 2019 the total value of securities on loan and the total value of collateral received were as follows (dollar amounts are in thousands):

Account	Aggregate value of securities on loan		Cash collateral received		*	Non-cash collateral received		Total collateral received
Stock	$	2,120,588	$	1,909,423		$	300,926	$	2,210,349
Global Equities		315,678		235,902			99,390		335,292
Growth		258,230		186,676			77,207		263,883
Equity Index		173,921		135,491			43,489		178,980
Social Choice		114,142		85,211			32,234		117,445

*	May include cash and investment of cash collateral.

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. Amounts receivable and/or payable for these transactions are reflected separately in the Statements of Assets and Liabilities.

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Notes to financial statements (unaudited)

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 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 June 30, 2019, 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):

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Account	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Stock	$	107,053,538	$	15,706,661	$	(4,935,936	)	$	10,770,725
Global Equities		18,975,812		2,476,761		(715,827	)		1,760,934
Growth		21,241,845		6,448,355		(261,708	)		6,186,647
Equity Index		8,545,450		11,413,177		(628,812	)		10,784,365
Bond Market		13,460,882		412,913		(56,690	)		356,223
Inflation-Linked Bond		6,369,660		255,819		(26,382	)		229,437
Social Choice		12,395,071		2,141,457		(391,754	)		1,749,703

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as upfront 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 period ended June 30, 2019 were as follows (dollar amounts are in thousands):

	Stock Account		Global Equities Account		Growth Account		Equity Index Account		Bond Market Account		Inflation- Linked Bond Account		Social Choice Account
Purchases:
Non-U.S. Government	$	37,904,764	$	8,476,305	$	13,089,898	$	244,116	$	1,933,537	$	2,532	$	1,974,218
U.S. Government		—		—		—		—		4,027,891		633,876		1,450,156
Total Purchases	$	37,904,764	$	8,476,305	$	13,089,898	$	244,116	$	5,961,428	$	636,408	$	3,424,374
Sales:
Non-U.S. Government	$	42,863,462	$	9,048,354	$	14,205,129	$	777,334	$	1,960,682	$	891	$	2,057,024
U.S. Government		—		—		—		—		3,755,354		628,497		1,422,760
Total Sales	$	42,863,462	$	9,048,354	$	14,205,129	$	777,334	$	5,716,036	$	629,388	$	3,479,784

Note 6—inter-fund lending program

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

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Notes to financial statements (unaudited)

concluded

its portfolio manager(s). During the period ended June 30, 2019, there were no inter-fund borrowing or lending transactions.

Note 7—line of credit

Each of the Accounts, except the Money Market Account, participates in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of participant withdrawals. The current facility was entered into on June 18, 2019 expiring on June 16, 2020, replacing the previous $1.25 billion facility, which expired June 2019. Certain affiliated accounts and mutual funds, each of which is managed by TCIM, or an affiliate of TCIM, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Accounts are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended June 30, 2019, there were no borrowings under this credit facility by the Accounts.

Note 8—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.

Note 9—legal proceedings

The Stock Account and the Social Choice Account were named as defendants and putative members of the proposed defendant class of shareholders, or could be added as defendants, in pending litigation by the Bankruptcy Litigation Trustee for the Tribune Company (Tribune) and certain creditors of Tribune, as a result of ownership of shares in Tribune in 2007 when Tribune effected a leveraged buyout transaction (LBO) and was converted to a privately held company. The plaintiffs in that litigation seek to recover payments of the proceeds of the LBO. The litigation is now part of a multi-district litigation proceeding in the Southern District of New York and the Second Court of Appeals. The Accounts’ exposure related to this matter are estimated to be 0.05% and 0.11%, respectively, of net assets as of June 30, 2019.

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Approval of investment management agreement (unaudited)

Board renewal of the investment management agreement for the College Retirement Equities Fund

The Board of Trustees (the “Board” or the “Trustees”) of the College Retirement Equities Fund (“CREF”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between TIAA-CREF Investment Management, LLC (“TCIM”) and CREF on behalf of each of its accounts (the “Accounts”). Under the Agreement, TCIM is responsible for providing investment advisory services and overseeing the everyday operations and other service providers of the Accounts. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement.

Most investment companies that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), enter into investment management agreements that are subject to Section 15(c) of the 1940 Act. This provision provides, in part, that, after an initial period of up to two years, the investment management agreement will remain in effect only if a fund’s board, including a majority of those trustees who are independent Trustees because they are not “interested persons” of the fund, as that term is defined in the 1940 Act, annually renews the agreement. CREF’s Agreement with TCIM is not subject to this requirement due to its unique “at-cost” structure under which TCIM provides services to CREF on an at-cost basis. Nevertheless, the Board determined that it would conduct an annual review of the Agreement, as described below, in a manner generally consistent with relevant 1940 Act requirements. None of the Trustees are interested persons of CREF. Rather, they are all deemed to be independent Trustees.

Overview of the renewal process

The Board held a meeting on March 28, 2019, at which it considered the annual renewal of the Agreement with respect to each Account using the process established by the Board. As part of this process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with TCIM, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.

Among other matters, the Operations Committee or certain of its designated members, following its consultations with TCIM’s representatives, the Trustees, legal counsel to the Trustees and legal counsel to TCIM and CREF, confirmed or established certain guidance regarding the preparation of reports to be provided to the Board with respect to each Account by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.

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Based on guidance provided by the Operations Committee or certain of its designated members on behalf of the Board, Broadridge produced, among other information, comparative performance and expense data regarding each Account, including data relating to each Account’s actual expenses, total expense ratio, short-term and long-term investment performance, brokerage commission costs and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Account against a universe of investment companies (except brokerage commission costs) and against a more selective peer group of mutual funds with similar investment objectives and strategies that underlie variable insurance products, each of which was selected by Broadridge, and also compared the performance of each Account against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board reviewed, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its oversight and review duties. Broadridge also represented that the purpose of its materials is to provide an objective view of each Account’s relative position regarding the level of expenses and total return performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not TCIM or the Board). The Board considered the propriety of each Account’s applicable peer group as selected by Broadridge and use of Class R3 as the base class for comparison purposes.

In advance of the Board meeting held on March 28, 2019, legal counsel for the Trustees requested on behalf of the Board, and TCIM provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Account. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Account’s investment performance and a narrative analysis of the performance of each Account that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Account’s performance during that period; (2) a description of any expenses that were incurred by TCIM with respect to its services under the Agreement but not reimbursed by the Accounts during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Account’s actual expenses and performance to other accounts with comparable strategies managed by TCIM or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TCIM or its affiliates due to their relationship with the Accounts in addition to the Account’s direct payments to TCIM pursuant to the Agreement; (5) information regarding TCIM’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Accounts at current and foreseeable asset levels, insurance coverage, soft dollar usage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TCIM in connection with rendering services to the Accounts; (6) a copy of the Agreement and

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certain related agreements between the Accounts and affiliates of TCIM; (7) a copy of TCIM’s Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (8) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.

Prior to the March 28, 2019 meeting, the Board met informally to review and discuss TCIM’s materials, which led to the Trustees providing additional questions to, and requesting additional information from, TCIM. Subsequently, at the March 2019 meeting, the Trustees were given the opportunity to and did ask additional questions and they reviewed responses from TCIM to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.

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

In addition to general session meetings that included TCIM’s personnel, the Trustees met in private sessions, at which no TCIM representatives were present, to discuss the proposed renewal of the Agreement for each Account. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process and certain other legal authorities.

While the contract renewal process included a series of meetings leading up to the March 28, 2019 meeting, the oversight and evaluation of TCIM’s services to the Accounts by the Board and its Committees is ongoing. The Board, as well as its Committees, reviewed reports on various investment and operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and review, among other matters, information regarding the performance of the Accounts. Thus, in reaching its decisions regarding the renewal of the Agreement for each Account, the Board took

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Approval of investment management agreement (unaudited)

into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both CREF-level and Account-specific information, but made its renewal determinations on an Account-by-Account basis. In deciding whether to renew the Agreement for each Account, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Account. At its meeting on March 28, 2019, all Board members voted unanimously to renew the Agreement for each Account. Set forth below is a summary of the primary factors the Board considered with respect to each Account.

The nature, extent and quality of services

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

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

During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to TCIM to provide portfolio management and other services to the Accounts, including the impact of recent and anticipated operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.

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Investment performance

The Board considered the investment performance of each Account, over the periods indicated in the Account-by-Account synopsis below. The Board considered each Account’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index. The Board also reviewed the three-year performance of the Equity Index Account before any reductions for fees and expenses. In this analysis, the Board considered the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable, on the Equity Index Account’s performance as compared to the performance of its benchmark index. For details regarding each Account’s performance, see the Account-by-Account synopsis below.

The Board considered, in those cases in which an Account had performed materially differently from its Broadridge peers or benchmark based on a Board-established threshold, the factors identified by TCIM that contributed to such difference and any remedial measures being undertaken by TCIM. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Account was reasonable or that appropriate actions had been or were being implemented.

Cost and expenses

The Board considered the amounts charged by TCIM to each Account in 2018 and the estimated amounts to be charged by TCIM to each Account in 2019 (for the period May 1, 2019–April 30, 2020). This included investment advisory costs paid to TCIM, expressed in dollar terms and as a percentage of assets, as well as a reconciliation and analysis of those expenses. The Board considered that TCIM charges expenses “at cost” and these charges are adjusted at least quarterly to reflect the actual expenses incurred with respect to each Account during the most recent quarter. The Board considered the rationale for TCIM’s anticipated costs in providing services to CREF and considered whether these anticipated costs are reasonable in relation to the nature and quality of services provided by TCIM. The Board noted that, because TCIM provides its services on an at-cost basis under the arrangement outlined in the Agreement, there was no profit or loss data for the Board to consider.

Fees charged by other advisers

The Board considered comparative information regarding each Account’s actual expenses and the effective management fee rates paid by similar mutual funds that underlie variable insurance products to other advisers, as analyzed by Broadridge and reflected in the Account-by-Account synopsis below. The Board determined that the effective management fee rate charged to an Account under the Agreement typically was lower than the management fee rates charged to many or most other comparable mutual funds that underlie variable insurance products. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material

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differences between an Account and its comparable mutual funds that underlie variable insurance products. For example, most similar mutual funds are offered only through variable insurance products that also carry additional fees and expenses, whereas the Accounts bear certain of these expenses themselves. Another limitation noted by the Board was Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Accounts’ effective management fee rates compare to those of peer mutual funds that underlie variable insurance products. Based on all factors considered, the Board concluded that the effective management fee rates under the Agreement with respect to each Account were reasonable in relation to those charged by appropriate groups of comparable mutual funds that underlie variable insurance products.

Economies of scale

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

Fee and performance comparisons with other TCIM and Advisors clients

The Board considered that TCIM and its affiliate, Advisors, provide investment management services to other investment companies, including foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as certain of the Accounts. The Board also considered TCIM’s comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered TCIM’s and Advisors’ representation that, while management fee rates charged to the Accounts may differ from the management fee rates chargeable to these other funds and other accounts, this may be due in part to the fact that these other funds and accounts: (1) may be offered through products that charge additional fees to their investors; (2) may be offered in different types of markets; (3) may be provided with different types or levels of services; (4) may have different regulatory burdens; (5) may target different investors; and/or (6) may be packaged with other products, and that these factors, among others, could reasonably explain different management fee rate schedules.

Other benefits

The Board also considered additional benefits to TCIM and its affiliates arising from the Agreement. For example, TCIM and its affiliates may benefit from their relationship with the Accounts to the extent that this relationship results in potential investors viewing Teachers Insurance and Annuity Association of America (“TIAA”), of which TCIM

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is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both TCIM and certain funds managed by TCIM or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. TCIM may also benefit from the ability to acquire investment research related to commission arrangements made on behalf of the Accounts (i.e., soft dollars).

Account-by-account factors

The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Account. If an Account is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific expense and performance factors outlined below are based on the Class R3 units of each Account. Because Class R3 generally has lower non-management expenses than the other classes of these Accounts, the expenses and performance of these other classes will differ from the expenses and performance shown for Class R3. Except as otherwise noted, all time periods referenced below are ended December 31, 2018. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2018.

CREF Stock Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.100% of average daily net assets for the year ending April 30, 2020. The Account’s actual management costs for the year ended December 31, 2018 equaled 0.102% of average daily net assets, which was used by Broadridge for comparative purposes.
•	The Account’s actual investment management costs and total costs are each in the 1st quintile of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”) and each in the 1st quintile of the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”).
•	The Account ranked 2 out of 3 funds, 1 out of 3 funds, 1 out of 3 funds and 1 out of 2 funds within the group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) for the one-, three-, five- and ten-year periods, respectively. The Account was in the 3rd, 1st, 2nd and 1st quintiles of the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively.
•	The Account received an Overall Morningstar Rating of 4 stars.

College Retirement Equities Fund ■ 2019 Semiannual Report

115

Approval of investment management agreement (unaudited)

CREF Global Equities Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.070% of average daily net assets for the year ending April 30, 2020. The Account’s actual management costs for the year ended December 31, 2018 equaled 0.105% of average daily net assets, which was used by Broadridge for comparative purposes.
•	The Account’s actual investment management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Account ranked 3 out of 3 funds, 2 out of 3 funds, 1 out of 3 funds and 1 out of 2 funds within its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 5th, 4th, 3rd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Board considered TCIM’s assertion that it expected the comparative performance of the Account to strengthen going forward due to the recent concentration of its assets in its most successful investment strategies.
•	The Account received an Overall Morningstar Rating of 3 stars.

CREF Growth Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.035% of average daily net assets for the year ending April 30, 2020. The Account’s actual management costs for the year ended December 31, 2018 equaled 0.038% of average daily net assets, which was used by Broadridge for comparative purposes.
•	The Account’s actual investment management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Account was in the 4th, 4th, 4th and 3rd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 4th, 4th, 3rd and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Board considered TCIM’s assertion that while the Account’s comparative performance was weaker during the three-year period, this was due to market difficulties for growth investing during the period.
•	The Account received an Overall Morningstar Rating of 4 stars.

CREF Equity Index Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.015% of average daily net assets for the year ending April 30, 2020. The Account’s actual management costs for the year ended December 31, 2018 equaled 0.015% of average daily net assets, which was used by Broadridge for comparative purposes.
•	The Account’s actual investment management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe.
•	For the three-year period, the Account’s adjusted relative gross performance (meaning the Account’s performance without any reductions for fees or expenses

116	2019 Semiannual Report ■ College Retirement Equities Fund

continued

	and excluding the effects of fair valuation, foreign exchange, effective tax rates, securities lending and class action recoveries) as compared to its benchmark, the Russell 3000^® Index, differed by +2 basis points. For reference, one basis point equals 0.01%.
•	The Account received an Overall Morningstar Rating of 3 stars.

CREF Bond Market Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.070% of average daily net assets for the year ending April 30, 2020. The Account’s actual management costs for the year ended December 31, 2018 equaled 0.092% of average daily net assets, which was used by Broadridge for comparative purposes.
•	The Account’s actual investment costs and total costs are each in the 1st quintile of its Expense Group and Expense Universe.
•	The Account was in the 1st, 3rd, 2nd and 5th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 1st, 2nd, 1st and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Account received an Overall Morningstar Rating of 3 stars.

CREF Inflation-Linked Bond Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.020% of average daily net assets for the year ending April 30, 2020. The Account’s actual management costs for the year ended December 31, 2018 equaled 0.024% of average daily net assets, which was used by Broadridge for comparative purposes.
•	The Account’s actual investment management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Account was in the 2nd, 3rd, 1st and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 1st, 4th, 2nd and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Board considered Advisors’ representations that the Account’s underperformance was primarily due to its use of a different benchmark and shorter average portfolio duration as compared to the majority of its peers during a period of yield curve flattening.
•	The Account received an Overall Morningstar Rating of 3 stars.

College Retirement Equities Fund ■ 2019 Semiannual Report

117

Approval of investment management agreement (unaudited)

concluded

CREF Social Choice Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.040% of average daily net assets for the year ending April 30, 2020. The Account’s actual management costs for the year ended December 31, 2018 equaled 0.044% of average daily net assets, which was used by Broadridge for comparative purposes.
•	The Account’s actual investment management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe.
•	The Account was in the 4th, 5th, 4th and 5th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 2nd, 1st, 2nd and 2nd quintiles of its Performance Universe for each of the one-, three-, five- and ten-year periods.
•	The Account received an Overall Morningstar Rating of 4 stars.

CREF Money Market Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.025% of average daily net assets for the year ending April 30, 2020. The Account’s actual management costs for the year ended December 31, 2018 equaled 0.028% of average daily net assets, which was used by Broadridge for comparative purposes.
•	The Account’s actual investment management costs and total costs are in the 1st and 2nd quintiles of its Expense Group, respectively, and in the 1st quintile for both investment management costs and total costs with respect to its Expense Universe.
•	The Board acknowledged that over a multi-year period, CREF’s administrator, TIAA, withheld certain administrative and distribution expenses attributable to the Account in order to avoid a negative yield and that, under certain circumstances, a portion of these withheld amounts contractually may be recouped by TIAA when the yield of any Class of the Account becomes positive, which led to recoupments from Classes of the Account during the year ended December 31, 2018. The Board also acknowledged that, absent such recoupments, the Account’s total costs would have been lower.
•	The Account was in the 2nd quintile of both its Performance Group and Performance Universe for each of the one, three-, five- and ten-year periods.
•	Money market funds are not rated by Morningstar.

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

118	2019 Semiannual Report ■ College Retirement Equities Fund

Additional information about index providers (unaudited)

Russell indexes

Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^®,” “Russell^®” and “FTSE Russell^®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Bloomberg 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

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

College Retirement Equities Fund ■ 2019 Semiannual Report

119

Additional information about index providers (unaudited)

concluded

Morningstar indexes

© 2019 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.

120	2019 Semiannual Report ■ College Retirement Equities Fund

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How to reach us

TIAA website

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

TIAA.org

Automated telephone service

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

800-842-2252

24 hours a day, 7 days a week

National contact center

Retirement saving and planning, income options and payments, beneficiary services and tax reporting

800-842-2252

8 a.m. to 10 p.m. (ET), Monday–Friday
9 a.m. to 6 p.m. (ET), Saturday

For the hearing- or speech-impaired

800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday
9 a.m. to 6 p.m. (ET), Saturday

TIAA Brokerage Services

Self-directed brokerage accounts for investing in stocks, bonds and mutual funds

800-927-3059

8 a.m. to 7 p.m. (ET), Monday–Friday

Advisor services

888-842-0318

8 a.m. to 7:30 p.m. (ET), Monday–Friday

You should carefully consider the investment objectives, risks, charges and expenses of any account before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 877-518-9161. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not Federal Deposit Insurance Corporation (FDIC) insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. TIAA Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Individual & Institutional Services, LLC and Nuveen Securities, LLC, members FINRA and SIPC, distribute securities products. CREF variable annuities are issued by College Retirement Equities Fund, New York, NY. Each of the foregoing is solely responsible for its own financial condition and contractual obligations.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

©2019 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund,
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Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

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

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

			TOTAL GOVERNMENT BONDS						300
			(Cost $301)

SHARES			COMPANY
COMMON STOCKS - 98.5%

AUTOMOBILES & COMPONENTS - 1.3%
	19,181	e	AB Dynamics plc						625
	103,702		Adient plc						2,517
	119,800		Aisan Industry Co Ltd						760
	1,098,299		Aisin Seiki Co Ltd						37,886
	190,008	*	American Axle & Manufacturing Holdings, Inc						2,424
	543,411		Apollo Tyres Ltd						1,579
	854,319		Aptiv plc						69,055
	42,164	e	ARB Corp Ltd						540
	105,495	*,g	Aston Martin Lagonda Global Holdings plc						1,346
	291	*,e	Autoliv, Inc						20
	1,674	e	Autoneum Holding AG.						241
	1,638,000	g	BAIC Motor Corp Ltd						1,028
	141,507		Bajaj Holdings and Investment Ltd						5,796
	34,764		Balkrishna Industries Ltd						381
	147,500		Bayerische Motoren Werke AG.						10,903
	3,521		Bayerische Motoren Werke AG. (Preference)						218
	391,496		Bharat Forge Ltd						2,552
	72,359		BorgWarner, Inc						3,038
	9,229	*	Bosch Ltd						2,184
	147,459	e	Brembo S.p.A						1,697
	514,996	e	Bridgestone Corp						20,316
	2,866,135		Brilliance China Automotive Holdings Ltd						3,170
	46,100		BYD Co Ltd						341
	572,562	e	BYD Co Ltd (H shares)						3,462
	16,000		Cayman Engley Industrial Co Ltd						54
	67,396		Ceat Ltd						902
	267,000		Chaowei Power Holdings Ltd						100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,664,251		Cheng Shin Rubber Industry Co Ltd	$	2,150
	2,982,000	*	China First Capital Group Ltd		889
	1,297,000		China Motor Corp		1,157
	9,100	*	Chongqing Changan Automobile Co Ltd		9
	274,700		Cie Automotive S.A.		7,950
	208,509		CIR-Compagnie Industriali Riunite S.p.A.		223
	275,619		Compagnie Plastic-Omnium S.A.		7,168
	139,917		Continental AG.		20,375
	56,322		Cooper Tire & Rubber Co		1,777
	20,765	*	Cooper-Standard Holding, Inc		951
	28,736		Cub Elecparts, Inc		233
	19,500		Daido Metal Co Ltd		120
	22,200		Daikyonishikawa Corp		177
	1,169,594		Daimler AG. (Registered)		65,230
	541,913		Dana Holding Corp		10,806
	665,069		Delphi Technologies plc		13,301
	182,148		Denso Corp		7,680
	42,000		Depo Auto Parts Ind Co Ltd		93
	302,433	g	Dometic Group AB		3,033
	1,837		Dong Ah Tire & Rubber Co Ltd		52
	2,189,787		Dongfeng Motor Group Co Ltd		1,796
	30,281	*	Dorman Products, Inc		2,639
	5,097,200		Drb-Hicom BHD		2,714
	44,300		Eagle Industry Co Ltd		433
	15,444		EDAG Engineering Group AG.		209
	13,480		ElringKlinger AG.		81
	28,653	g	Endurance Technologies Ltd		463
	18,515	*	Esmo Corp		89
	15,582		Exedy Corp		327
	306,191		Exide Industries Ltd		893
	260,086		Faurecia		12,063
	20,000		FCC Co Ltd		420
	134,631		Ferrari NV		21,829
	1,486,312		Fiat DaimlerChrysler Automobiles NV		20,628
	15,070,927		Ford Motor Co		154,176
	49,063		Ford Otomotiv Sanayi AS		529
	64,000	*	Fox Factory Holding Corp		5,281
	253,471		Fuji Heavy Industries Ltd		6,171
	31,197	e	Futaba Industrial Co Ltd		171
	26,800		Fuyao Glass Industry Group Co Ltd		89
	502,000	g	Fuyao Glass Industry Group Co Ltd (Hong Kong)		1,559
	2,316	*,e	Garrett Motion, Inc		36
	4,527,202		Geely Automobile Holdings Ltd		7,762
	722,689	*,†,e	General Motors Co		0
	7,950,000	*,†	General Motors Co		0
	24,057,000	*,†	General Motors Co		0
	743,072		General Motors Co		28,631
	18,507,434	*,†	General Motors Co		0
	85,268,000	*,†,e	General Motors Co		0
	35,983,677	*,†	General Motors Co		0
	40,684,487	*,†,e	General Motors Co		0
	6,062,000	*,†	General Motors Co		0
	4,230,271	*,†,e	General Motors Co		0
	26,439,191	*,†	General Motors Co		0

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	117,572		Gentex Corp	$	2,893
	35,760	*	Gentherm, Inc		1,496
	99,020	g	Gestamp Automocion S.A.		586
	38,884		Global & Yuasa Battery Co Ltd		1,440
	422,019		Goodyear Tire & Rubber Co		6,457
	2,566,489	e	Great Wall Motor Co Ltd		1,839
	95,600	e	G-Tekt Corp		1,355
	2,352,585		Guangzhou Automobile Group Co Ltd		2,514
	97,171		GUD Holdings Ltd		684
	23,284		Halla Holdings Corp		891
	84,038		Hankook Tire Co Ltd		2,555
	245,134		Hanon Systems		2,477
	75,552		Harley-Davidson, Inc		2,707
	45,195		Hero Honda Motors Ltd		1,690
	1,333,053		Honda Motor Co Ltd		34,471
	91,990		Hota Industrial Manufacturing Co Ltd		301
	11,300		Huayu Automotive Systems Co Ltd		36
	113,242		Hyundai Mobis		23,104
	272,529		Hyundai Motor Co		33,075
	43,717		Hyundai Motor Co Ltd (2nd Preference)		3,271
	19,244		Hyundai Motor Co Ltd (Preference)		1,319
	8,545		Hyundai Wia Corp		360
	225,800		Ichikoh Industries Ltd		1,496
	28,180		Indus Motor Co Ltd		212
	522,470		Isuzu Motors Ltd		5,967
	92,800		Kasai Kogyo Co Ltd		684
	9,689		Kayaba Industry Co Ltd		274
	209,200		Keihin Corp		3,002
	279,455		Kenda Rubber Industrial Co Ltd		268
	746,627		Kia Motors Corp		28,483
	39,945		Knorr-Bremse AG.		4,451
	32,172		Koito Manufacturing Co Ltd		1,722
	273,652	*,e	Kongsberg Automotive ASA		199
	328,242		Kordsa Teknik Tekstil AS.		686
	46,227	*	Kumho Tire Co, Inc		159
	91,800		Launch Tech Co Ltd		68
	26,717		LCI Industries, Inc		2,405
	117,335		Lear Corp		16,341
	21,175		Leoni AG.		350
	59,971	e	Linamar Corp		2,238
	362,742		Magna International, Inc		18,049
	1,401	*	Maharashtra Scooters Ltd		93
	2,413,032		Mahindra & Mahindra Ltd		22,905
	120,114	*	Mahindra CIE Automotive Ltd		402
	232,200		Mahle-Metal Leve S.A. Industria e Comercio		1,495
	35,196		Mando Corp		900
	144,045		Martinrea International, Inc		1,195
	97,441		Maruti Suzuki India Ltd		9,224
	461,456		Mazda Motor Corp		4,777
	5,734		MGI Coutier		105
	327,071		Michelin (C.G.D.E.) (Class B)		41,355
	28,594		Minda Industries Ltd		132
	430,000		Minth Group Ltd		1,160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	12,900		Mitsuba Corp	$	79
	579,138		Mitsubishi Motors Corp		2,782
	474,353	*	Modine Manufacturing Co		6,788
	799,388		Motherson Sumi Systems Ltd		1,413
	24,551	*,e	Motorcar Parts of America, Inc		526
	30,100		Musashi Seimitsu Industry Co Ltd		388
	281,949		Nan Kang Rubber Tire Co Ltd		319
	9,811		Nexen Corp		56
	103,578		Nexen Tire Corp		875
	1,339,000		Nexteer Automotive Group Ltd		1,667
	602,018		NGK Spark Plug Co Ltd		11,326
	193,200	*	NHK Spring Co Ltd		1,494
	59,402		Nifco, Inc		1,475
	2,900	e	Nihon Tokushu Toryo Co Ltd		38
	601,900	*,e	NIO, Inc (ADR)		1,535
	78,200		Nippon Seiki Co Ltd		1,344
	2,522,605		Nissan Motor Co Ltd		18,068
	160,841		Nissan Shatai Co Ltd		1,567
	99,800		Nissin Kogyo Co Ltd		1,376
	48,696		NOK Corp		732
	60,024		Nokian Renkaat Oyj		1,875
	25,100		Pacific Industrial Co Ltd		362
	1,274,440		Peugeot S.A.		31,367
	1,550,300		Piaggio & C S.p.A.		4,549
	16,000		Piolax Inc		280
	307,179	g	Pirelli & C S.p.A		1,813
	426,079	*	Porsche AG.		27,603
	369,500		Press Kogyo Co Ltd		1,679
	18,744,207		PT Astra International Tbk		9,886
	1,080,000		Qingling Motors Co Ltd		275
	1,000,054		Renault S.A.		62,874
	4,500		Riken Corp		172
	36,677		S&T Daewoo Co Ltd		1,417
	26,174		SAF-Holland S.A.		304
	230,800		SAIC Motor Corp Ltd		858
	271,920		Sanyang Industry Co Ltd		197
	15,900	e	Shoei Co Ltd		634
	399,400		Showa Corp		5,395
	66,923		SL Corp		1,374
	181,554		Spartan Motors, Inc		1,990
	423,080		Sri Trang Agro-Industry PCL (Foreign)		175
	179,347	*	Ssangyong Motor Co		629
	21,627		Standard Motor Products, Inc		981
	44,513		Stanley Electric Co Ltd		1,098
	108,816	*	Stoneridge, Inc		3,433
	485,029		Sumitomo Electric Industries Ltd		6,384
	36,680	e	Sumitomo Rubber Industries, Inc		425
	22,092		Sundram Fasteners Ltd		163
	22,693		Sungwoo Hitech Co Ltd		81
	71,900		Superior Industries International, Inc		249
	19,419		Suprajit Engineering Ltd		58
	182,215		Suzuki Motor Corp		8,572
	14,100	*	Tachi-S Co Ltd		182
	6,200		Taiho Kogyo Co Ltd		48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,339,381	*	Tata Motors Ltd	$	3,145
	38,700		Teikoku Piston Ring Co Ltd		659
	58,935	e	Tenneco, Inc		654
	232,145	*,e,n	Tesla, Inc		51,875
	20,350		Thal Ltd		46
	13,861		Thor Industries, Inc		810
	5,398,000		Tianneng Power International Ltd		4,350
	83,963		Tokai Rika Co Ltd		1,388
	21,700		Tokai Rubber Industries, Inc		170
	154,699		Tong Yang Industry Co Ltd		224
	127,300		Topre Corp		2,121
	22,492		Tower International, Inc		439
	64,500	e	Toyo Tire & Rubber Co Ltd		850
	30,465		Toyoda Gosei Co Ltd		595
	45,200		Toyota Boshoku Corp		594
	76,219		Toyota Industries Corp		4,204
	4,247,961		Toyota Motor Corp		263,645
	5,038		Trigano S.A.		460
	26,100		TS Tech Co Ltd		713
	85,974		Tube Investments of India Ltd		478
	30,500		Tupy S.A.		166
	259,026		TVS Motor Co Ltd		1,607
	130,700		UMW Holdings BHD		171
	22,100		Unipres Corp		364
	9,777		Valeo S.A.		318
	291	*,e	Veoneer, Inc		5
	35,526	*,e	Visteon Corp		2,081
	87,187		Volkswagen AG.		14,955
	21,116		Volkswagen AG. (Preference)		3,557
	6,044		WABCO India Ltd		536
	34,303	e	Winnebago Industries, Inc		1,326
	2,062,247		Xingda International Holdings Ltd		581
	1,770,785		Xinyi Glass Holdings Co Ltd		1,860
	2,298,000	g	Yadea Group Holdings Ltd		733
	92,669	e	Yamaha Motor Co Ltd		1,652
	206,192	e	Yokohama Rubber Co Ltd		3,796
	22,500		Yorozu Corp		283
	389,000		Yulon Motor Co Ltd		286
			TOTAL AUTOMOBILES & COMPONENTS		1,484,743

BANKS - 7.1%
	7,790		1st Constitution Bancorp		144
	50,960		1st Source Corp		2,365
	29,600		77 Bank Ltd		436
	32,665		Aareal Bank AG.		861
	24,860	*	Aavas Financiers Ltd		540
	285,917	g	ABN AMRO Group NV (ADR)		6,118
	1,247,476		Absa Group Ltd		15,600
	4,259,597		Abu Dhabi Commercial Bank PJSC		9,625
	9,333		ACNB Corp		369
	67,095,649	*	Agricultural Bank of China Ltd		28,081
	2,154,200		Agricultural Bank of China Ltd (Class A)		1,130
	4,049,212		AIB Group plc		16,557

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	19,800		Aichi Bank Ltd	$	679
	2,462,527	*	Akbank TAS		2,914
	27,900		Akita Bank Ltd		528
	56,532		Aktia Bank OYJ		555
	921,455		Al Rajhi Bank		17,109
	328,128		Alinma Bank		2,133
	75,760	*	Alior Bank S.A.		1,012
	38,658	*	Allegiance Bancshares, Inc		1,289
	977,656		Alliance Financial Group BHD		890
	1,118,649	*	Alpha Bank AE		2,240
	315,270	*,†	Amagerbanken AS		0
	16,083		Amalgamated Bank		281
	21,694	*	Amerant Bancorp Inc		428
	11,044		American National Bankshares, Inc		428
	92,619		Ameris Bancorp		3,630
	10,936	*	Ames National Corp		296
	3,352,738		AMMB Holdings BHD		3,432
	9,400	e	Aomori Bank Ltd		231
	16,131		Aozora Bank Ltd		388
	16,477		Arrow Financial Corp		572
	41,400	e	Aruhi Corp		814
	1,877,610		Ashikaga Holdings Co Ltd		4,906
	1,110,520		Associated Banc-Corp		23,476
	80,264	*	Atlantic Capital Bancshares, Inc		1,374
	89,403		Atlantic Union Bankshares Corp		3,159
	156,850	g	AU Small Finance Bank Ltd		1,600
	3,848,516		Australia & New Zealand Banking Group Ltd		76,390
	19,444		Awa Bank Ltd		467
	2,548,701	*	Axis Bank Ltd		29,845
	63,375	*	Axos Financial, Inc		1,727
	49,043		Banc of California, Inc		685
	14,755,589		Banca Intesa S.p.A.		31,589
	168,335	*,e	Banca Monte dei Paschi di Siena S.p.A		206
	1,454,744	e	Banca Popolare dell’Emilia Romagna Scrl		5,930
	534,238		Banca Popolare di Sondrio SCARL		1,185
	32,020		Bancfirst Corp		1,782
	561,409	e	Banche Popolari Unite Scpa		1,533
	507,454		Banco ABC Brasil S.A.		2,540
	2,292,775		Banco Bilbao Vizcaya Argentaria S.A.		12,788
	873,451	*,e	Banco BPM S.p.A		1,779
	1,495,456		Banco Bradesco S.A.		13,027
	5,085,578		Banco Bradesco S.A. (Preference)		49,982
	4,847,984		Banco Comercial Portugues S.A.		1,499
	24,670,466		Banco de Chile		3,637
	30,537		Banco de Credito e Inversiones		2,107
	2,227,733		Banco de Oro Universal Bank		6,090
	491,109		Banco de Sabadell S.A.		509
	342,300	g	Banco del Bajio S.A.		685
	1,440,732		Banco do Brasil S.A.		20,238
	1,198,400		Banco do Estado do Rio Grande do Sul		7,412
	16,063,377	*,†	Banco Espirito Santo S.A.		183
	95,100	g	Banco Inter S.A.		1,508
	7,127,947		Banco Itau Holding Financeira S.A.		67,308
	37,200		Banco Macro S.A. (ADR) (Class B)		2,710

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	720,048		Banco Santander Brasil S.A.	$	8,524
	52,135,124		Banco Santander Chile S.A.		3,885
	1,673,869		Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand		2,561
	14,169,535		Banco Santander S.A.		65,671
	194,527		BanColombia S.A.		2,339
	543,704		BanColombia S.A. (Preference)		6,903
	105,726		BancorpSouth Bank		3,070
	175,400		Bangkok Bank PCL (ADR)		1,127
	1,496,900		Bangkok Bank PCL (Foreign)		9,719
	109,619	*	Bank AlBilad		795
	302,100		Bank Alfalah Ltd		82
	145,912		Bank Al-Jazira		591
	6,446	*	Bank First Corp		444
	221,181	*	Bank Hapoalim Ltd		1,643
	510,525		Bank Leumi Le-Israel		3,690
	299,398	*	Bank Millennium S.A.		751
	21,716,415		Bank of America Corp		629,776
	278,900		Bank of Beijing Co Ltd		240
	938,000		Bank of China Ltd		511
	126,837,572		Bank of China Ltd (Hong Kong)		53,521
	16,567		Bank of Commerce Holdings		177
	1,230,900		Bank of Communications Co Ltd		1,098
	20,799,946		Bank of Communications Co Ltd (Hong Kong)		15,794
	1,465,182		Bank of East Asia Ltd		4,097
	53,685		Bank of Georgia Group plc		1,021
	35,600		Bank of Hangzhou Co Ltd		43
	17,876		Bank of Hawaii Corp		1,482
	11,873,133		Bank of Ireland Group plc		62,116
	7,600		Bank of Iwate Ltd		198
	79,700		Bank of Jiangsu Co Ltd		84
	326,655		Bank of Kaohsiung		101
	329,397		Bank of Kyoto Ltd		12,771
	14,389		Bank of Marin Bancorp		590
	785,456		Bank of Montreal		59,331
	6,099	e	Bank of Nagoya Ltd		193
	194,100		Bank of Nanjing Co Ltd		234
	131,000		Bank of Ningbo Co Ltd		463
	1,270,110		Bank of Nova Scotia		68,222
	249,471		Bank of NT Butterfield & Son Ltd		8,472
	12,100		Bank of Okinawa Ltd		369
	6,424		Bank of Princeton		193
	571,017		Bank of Queensland Ltd		3,824
	6,654		Bank of Saga Ltd		95
	139,860		Bank of Shanghai Co Ltd		242
	1,199,678		Bank of the Philippine Islands		1,839
	111,100		Bank of the Ryukyus Ltd		1,188
	131,725		Bank OZK		3,964
	311,458		Bank Pekao S.A.		9,333
	44,073,357		Bank Rakyat Indonesia		13,607
	886,400	*	Bank Tabungan Pensiunan Nasional Syariah Tbk PT		216
	29,238		Bank Zachodni WBK S.A.		2,907
	4,264	*	Bank7 Corp		79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	62,992		BankFinancial Corp	$	881
	236,031		Bankia S.A.		557
	223,946		Bankinter S.A.		1,544
	369,909		BankUnited		12,481
	8,216		Bankwell Financial Group, Inc		236
	37,004		Banner Corp		2,004
	1,932		Banque Cantonale Vaudoise		1,504
	246,931		Banque Saudi Fransi		2,783
	20,818		Bar Harbor Bankshares		554
	1,678,056		Barclays plc		3,192
	807,115	g	BAWAG Group AG.		33,806
	14,561	*	Baycom Corp		319
	986,649		BB&T Corp		48,474
	47,400		BBVA Banco Frances S.A. (ADR)		537
	17,205		BCB Bancorp, Inc		238
	164,811		Bendigo Bank Ltd		1,341
	193,453		Berkshire Hills Bancorp, Inc		6,072
	799,417		BNP Paribas		37,897
	8,518,999		BOC Hong Kong Holdings Ltd		33,541
	22,495		BOK Financial Corp		1,698
	182,777		Boston Private Financial Holdings, Inc		2,206
	9,082	*	BRE Bank S.A.		1,046
	22,119		Bridge Bancorp, Inc		652
	43,189	*	Bridgewater Bancshares, Inc		498
	361,771		Brookline Bancorp, Inc		5,564
	23,961		Bryn Mawr Bank Corp		894
	198,992		BS Financial Group, Inc		1,291
	4,599,162		Bumiputra-Commerce Holdings BHD		5,991
	13,551	e	Business First Bancshares, Inc		345
	27,822	*	Byline Bancorp, Inc		532
	4,424		C&F Financial Corp		242
	240,464		Cadence BanCorp		5,002
	4,727,340		CaixaBank S.A.		13,558
	4,660	e	Cambridge Bancorp		380
	24,649		Camden National Corp		1,131
	12,903		Can Fin Homes Ltd		67
	362,408	e	Canadian Imperial Bank of Commerce		28,499
	115,255	e	Canadian Western Bank		2,629
	144,900	*	Canara Bank		597
	8,377	*	Capital Bancorp, Inc		103
	15,604		Capital City Bank Group, Inc		388
	108,898		Capitec Bank Holdings Ltd		10,041
	139,073		Capitol Federal Financial		1,915
	17,504		Capstar Financial Holdings, Inc		265
	24,808		Carolina Financial Corp		871
	24,921	*	Carter Bank & Trust		492
	288,247		Cathay General Bancorp		10,351
	23,599		CBTX, Inc		664
	224,631		Centerstate Banks of Florida, Inc		5,173
	334,396		Central Pacific Financial Corp		10,018
	13,777		Central Valley Community Bancorp		296
	3,446		Century Bancorp, Inc		303
	3,439,545		Chang Hwa Commercial Bank		2,321
	245,951	g	Charter Court Financial Services Group plc		926

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	271,072		Chemical Financial Corp	$	11,144
	4,277		Chemung Financial Corp		207
	280,913		Chiba Bank Ltd		1,376
	30,675,481		China Citic Bank		17,469
	71,200		China CITIC Bank Corp Ltd		62
	278,100		China Construction Bank Corp		302
	137,704,359		China Construction Bank Corp (Hong Kong)		118,702
	11,213,577		China Development Financial Holding Corp		3,423
	1,292,500		China Everbright Bank Co Ltd		718
	6,591,685		China Everbright Bank Co Ltd (Hong Kong)		3,022
	4,532,896		China Merchants Bank Co Ltd		22,494
	570,500		China Merchants Bank Co Ltd (Class A)		2,994
	968,000		China Minsheng Banking Corp Ltd		896
	6,544,671		China Minsheng Banking Corp Ltd (Hong Kong)		4,532
	17,939,781		Chinatrust Financial Holding Co		12,336
	2,124,584		Chongqing Rural Commercial Bank		1,156
	88,000		Chugoku Bank Ltd		777
	5,200		Chukyo Bank Ltd		107
	376,889		CIT Group, Inc		19,802
	10,737,364		Citigroup, Inc		751,938
	14,722		Citizens & Northern Corp		388
	3,827,494		Citizens Financial Group, Inc		135,340
	17,034	e	City Holding Co		1,299
	352,441		City Union Bank Ltd		1,113
	18,732		Civista Bancshares, Inc		421
	20,150		CNB Financial Corp		569
	9,070	*	Coastal Financial Corp		140
	12,549		Codorus Valley Bancorp, Inc		289
	21,905	*,e	Collector AB		125
	7,690		Colony Bankcorp Inc		130
	82,537		Columbia Banking System, Inc		2,986
	68,069	*	Columbia Financial, Inc		1,028
	16,983		Comdirect Bank AG.		191
	185,452		Comerica, Inc		13,471
	40,553		Commerce Bancshares, Inc		2,419
	12,299		Commerce Union Bancshares, Inc		291
	3,949,871	*	Commercial Bank of Qatar QSC		4,976
	1,666,924		Commercial International Bank		7,368
	1,275,639		Commerzbank AG.		9,161
	1,610,989		Commonwealth Bank of Australia		93,741
	56,402		Community Bank System, Inc		3,713
	33,440		Community Bankers Trust Corp		283
	5,882		Community Financial Corp		198
	18,820		Community Trust Bancorp, Inc		796
	458,619		Concordia Financial Group Ltd		1,712
	270,770		ConnectOne Bancorp, Inc		6,136
	46,530,347		Corpbanca S.A.		389
	94,541		Credicorp Ltd (NY)		21,641
	3,368,374		Credit Agricole S.A.		40,194
	49,773		Credito Emiliano S.p.A.		240
	3,988,352	*	Credito Valtellinese S.p.A		256
	18,554		Cullen/Frost Bankers, Inc		1,738
	124,699	*	Customers Bancorp, Inc		2,619

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	144,636		CVB Financial Corp	$	3,042
	742,710		CYBG plc		1,814
	5,646,074	*,†	Cyprus Popular Bank Public Co Ltd		64
	292,427		Dah Sing Banking Group Ltd		528
	87,508		Dah Sing Financial Holdings Ltd		409
	143,750		Daishi Hokuetsu Financial Group, Inc		3,688
	270,699		Danske Bank AS		4,289
	1,347,789		DBS Group Holdings Ltd		25,891
	590,178	g	Deutsche Pfandbriefbank AG.		7,106
	242,993		Development Credit Bank Ltd		835
	51,229		Dewan Housing Finance Corp Ltd		53
	118,220		DGB Financial Group Co Ltd		835
	49,797		Dime Community Bancshares		946
	3,596		DNB Financial Corp		160
	519,223		DNB NOR Holding ASA		9,675
	774,276		Doha Bank QSC		570
	4,202,717	*	Dubai Islamic Bank PJSC		5,886
	9,090,276		E.Sun Financial Holding Co Ltd		7,614
	62,680		Eagle Bancorp, Inc		3,393
	436,980		East West Bancorp, Inc		20,438
	310,200	*	EastWest Banking Corp		70
	33,000		Ehime Bank Ltd		320
	7,976	*	Entegra Financial Corp		240
	12,825		Enterprise Bancorp, Inc		407
	77,329		Enterprise Financial Services Corp		3,217
	14,876		Equitable Group, Inc		825
	18,752	*	Equity Bancshares, Inc		500
	1,183,335		Erste Bank der Oesterreichischen Sparkassen AG.		43,883
	8,499	*	Esquire Financial Holdings, Inc		214
	13,027		ESSA Bancorp, Inc		199
	572,995	*	Essent Group Ltd		26,925
	2,009,024	*	Eurobank Ergasias S.A.		1,977
	6,233		Evans Bancorp, Inc		235
	990,625		Far Eastern International Bank		392
	11,446	e	Farmers & Merchants Bancorp, Inc		333
	35,591		Farmers National Banc Corp		528
	31,831		FB Financial Corp		1,165
	62,186		Federal Agricultural Mortgage Corp (Class C)		4,518
	2,119,616		Federal Bank Ltd		3,329
	4,008	e	Fidelity D&D Bancorp, Inc		269
	32,797		Fidelity Southern Corp		1,016
	3,401,813		Fifth Third Bancorp		94,911
	25,437		Financial Institutions, Inc		741
	496,948		FinecoBank Banca Fineco S.p.A		5,544
	125,000		First Bancorp (NC)		4,552
	807,961		First Bancorp (Puerto Rico)		8,920
	13,828		First Bancorp, Inc		371
	22,341		First Bancshares, Inc		678
	19,145		First Bank		225
	157,731		First Busey Corp		4,166
	12,107		First Business Financial Services, Inc		285
	3,329	*	First Capital Inc		168
	11,640	e	First Choice Bancorp		265
	3,113		First Citizens Bancshares, Inc (Class A)		1,402

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	407,833		First Commonwealth Financial Corp	$	5,494
	20,352		First Community Bancshares, Inc		687
	31,289		First Defiance Financial Corp		894
	107,344		First Financial Bancorp		2,600
	147,138	e	First Financial Bankshares, Inc		4,530
	15,698		First Financial Corp		630
	9,005,433		First Financial Holding Co Ltd		6,615
	9,419		First Financial Northwest, Inc		133
	76,139		First Foundation, Inc		1,023
	6,495		First Guaranty Bancshares, Inc		135
	142,673		First Hawaiian, Inc		3,691
	123,887		First Horizon National Corp		1,850
	201,436		First International Bank Of Israel Ltd		5,089
	20,135		First Internet Bancorp		434
	85,230		First Interstate Bancsystem, Inc		3,376
	149,531		First Merchants Corp		5,667
	16,892		First Mid-Illinois Bancshares, Inc		590
	176,395		First Midwest Bancorp, Inc		3,611
	22,794		First National Financial Corp		544
	11,625		First Northwest Bancorp		189
	36,806		First of Long Island Corp		739
	284,661		First Republic Bank		27,797
	102,890		Flagstar Bancorp, Inc		3,410
	28,007		Flushing Financial Corp		622
	102,795		FNB Corp		1,210
	17,516	*	FNCB Bancorp Inc		136
	39,308		Franklin Financial Network, Inc		1,095
	4,319	*	Franklin Financial Services Corp		165
	7,925		FS Bancorp, Inc		411
	66,051		Fukuoka Financial Group, Inc		1,210
	485,400		Fulton Financial Corp		7,946
	12,840	*,e	FVCBankcorp, Inc		249
	51,703	e	Genworth MI Canada, Inc		1,636
	399,020	e	Genworth Mortgage Insurance Australia Ltd		788
	24,940		German American Bancorp, Inc		751
	124,738		Glacier Bancorp, Inc		5,058
	12,201		Great Southern Bancorp, Inc		730
	471,379		Great Western Bancorp, Inc		16,838
	3,917		Greene County Bancorp, Inc		115
	166,122		Gruh Finance Ltd		664
	7,180,317		Grupo Aval Acciones y Valores		2,871
	2,881,769		Grupo Financiero Banorte S.A. de C.V.		16,720
	99,400		Grupo Financiero Galicia S.A. (ADR) (Class B)		3,529
	2,231,565	e	Grupo Financiero Inbursa S.A.		3,228
	532,640		Grupo Security S.A.		218
	131,600	e	Grupo Supervielle S.A. (ADR)		1,037
	9,137		Guaranty Bancshares, Inc		285
	236,400		Gunma Bank Ltd		829
	357,600		Habib Bank Ltd		254
	217,300		Hachijuni Bank Ltd		887
	313,829		Hana Financial Group, Inc		10,172
	323,884		Hancock Holding Co		12,975
	1,216,293		Hang Seng Bank Ltd		30,274

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	116,428		Hanmi Financial Corp	$	2,593
	19,234	*	HarborOne Bancorp, Inc		360
	5,849	*	Hawthorn Bancshares Inc		157
	40,511		HDFC Bank Ltd		1,435
	52,455		Heartland Financial USA, Inc		2,346
	294,080		Heritage Commerce Corp		3,602
	38,419		Heritage Financial Corp		1,135
	323,615		Hilltop Holdings, Inc		6,883
	3,967		Hingham Institution for Savings		785
	137,400		Hiroshima Bank Ltd		663
	51,300		Hokkoku Bank Ltd		1,446
	295,700		Hokuhoku Financial Group, Inc		3,081
	8,169		Home Bancorp, Inc		314
	336,516		Home Bancshares, Inc		6,481
	79,776	*	Home Capital Group, Inc		1,181
	28,828	*	HomeStreet, Inc		854
	67,430		HomeTrust Bancshares, Inc		1,695
	552,496		Hong Leong Bank BHD		2,542
	102,956		Hong Leong Credit BHD		462
	136,404		Hope Bancorp, Inc		1,880
	106,095		Horizon Bancorp		1,734
	2,245,359		Housing Development Finance Corp		71,297
	15,508	*	Howard Bancorp, Inc		235
	6,462,623		HSBC Holdings plc		53,939
	5,090,725		Hua Nan Financial Holdings Co Ltd		3,419
	218,500	*	Huaxia Bank Co Ltd		245
	771,227		Huntington Bancshares, Inc		10,658
	509,692		Hyakugo Bank Ltd		1,579
	12,300		Hyakujushi Bank Ltd		246
	182,046		IBERIABANK Corp		13,808
	2,461,613		ICICI Bank Ltd		15,584
	199,071		ICICI Bank Ltd (ADR)		2,506
	7,839,065		IDFC Bank Ltd		4,913
	83,020		Independent Bank Corp (MA)		6,322
	137,298		Independent Bank Corp (MI)		2,992
	90,469		Independent Bank Group, Inc		4,972
	154,423		India Infoline Ltd		318
	43,130		Indian Bank		162
	113,226,806		Industrial & Commercial Bank of China		82,647
	1,521,300		Industrial & Commercial Bank of China Ltd		1,306
	561,740		Industrial Bank Co Ltd		1,498
	171,540		Industrial Bank of Korea		2,088
	14,604,492		ING Groep NV		169,175
	83,182		International Bancshares Corp		3,137
	11,142		Investar Holding Corp		266
	6,216,765		Investimentos Itau S.A. - PR		20,869
	561,127		Investors Bancorp, Inc		6,257
	541,290	*,†	Irish Bank Resolution Corp Ltd		0
	832,741		Israel Discount Bank Ltd		3,395
	137,000		Iyo Bank Ltd		693
	99,074	*	Jammu & Kashmir Bank Ltd		58
	206,804		Japan Post Bank Co Ltd		2,101
	382,259		JB Financial Group Co Ltd		1,958
	7,801,311		JPMorgan Chase & Co		872,186

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	72,955		Juroku Bank Ltd	$	1,489
	39,179		Jyske Bank		1,359
	118,740		Kansai Mirai Financial Group, Inc		763
	729,005		Karnataka Bank Ltd		1,098
	506,089		Karur Vysya Bank Ltd		518
	1,868,200		Kasikornbank PCL - NVDR		11,459
	1,692,397		Kasikornbank PCL (Foreign)		10,464
	642,233		KB Financial Group, Inc		25,458
	156,673		KBC Groep NV		10,282
	191,888		Kearny Financial Corp		2,550
	54,100		Keiyo Bank Ltd		317
	610,725		Keycorp		10,840
	138,732		Kiatnakin Bank PCL (Foreign)		315
	475,000		King’s Town Bank		517
	41,200		Kiyo Bank Ltd		526
	52,393		Komercni Banka AS		2,088
	2,189,924		Krung Thai Bank PCL (Foreign)		1,392
	1,035,600		Kyushu Financial Group, Inc		4,105
	179,060		Lakeland Bancorp, Inc		2,892
	87,195		Lakeland Financial Corp		4,083
	55,342	e	Laurentian Bank of Canada		1,901
	11,602		LCNB Corp		220
	237,433		LegacyTexas Financial Group, Inc		9,666
	1,861	*,e	LendingTree, Inc		782
	6,471		Level One Bancorp, Inc		162
	1,129,294		Liberbank S.A.		487
	250,139		LIC Housing Finance Ltd		2,012
	14,344		Liechtensteinische Landesbank AG.		913
	32,298	e	Live Oak Bancshares, Inc		554
	90,389,605		Lloyds TSB Group plc		64,919
	22,643		Luther Burbank Corp		247
	866,376		M&T Bank Corp		147,345
	36,477		Macatawa Bank Corp		374
	9,509		Mackinac Financial Corp		150
	7,389	*	MainStreet Bancshares Inc		168
	3,698,245		Malayan Banking BHD		7,951
	592,601		Malaysia Building Society		129
	7,559	*	Malvern Bancorp, Inc		166
	3,356,890	*	Masraf Al Rayan		3,513
	18,268		MBT Financial Corp		183
	281,300		MCB Bank Ltd		307
	5,587,086		Mediobanca S.p.A.		57,613
	8,822,214		Mega Financial Holding Co Ltd		8,781
	25,275		Mercantile Bank Corp		823
	12,270		Merchants Bancorp		209
	356,926		Meridian Bancorp, Inc		6,385
	125,399		Meta Financial Group, Inc		3,517
	64,671	*	Metro Bank plc		432
	4,133,268		Metropolitan Bank & Trust		5,752
	27,339	*	Metropolitan Bank Holding Corp		1,203
	248,766	*	MGIC Investment Corp		3,269
	7,913	e	Mid Penn Bancorp, Inc		197
	23,689		Midland States Bancorp, Inc		633

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	27,547	e	Midsouth Bancorp, Inc	$	326
	16,890		MidWestOne Financial Group, Inc		472
	5,226,060		Mitsubishi UFJ Financial Group, Inc		24,892
	173,103		Mitsui Trust Holdings, Inc		6,289
	24,000		Miyazaki Bank Ltd		538
	24,253	*	Mizrahi Tefahot Bank Ltd		560
	9,927,044		Mizuho Financial Group, Inc		14,435
	5,011	*	MMA Capital Holdings Inc		168
	8,754,023	g	Moneta Money Bank AS		30,000
	81,463	*	Mr Cooper Group, Inc		653
	83,568		Musashino Bank Ltd		1,581
	8,951		MutualFirst Financial, Inc		305
	11,267		MVB Financial Corp		191
	13,892		Nanto Bank Ltd		302
	2,016,190		National Australia Bank Ltd		37,872
	248,193		National Bank Holdings Corp		9,009
	2,406,726	*	National Bank of Abu Dhabi PJSC		9,756
	402,721		National Bank of Canada		19,131
	474,825	*	National Bank of Greece S.A.		1,301
	213,000	*	National Bank Of Pakistan		45
	9,148		National Bankshares, Inc		356
	702,122		National Commercial Bank		10,372
	83,016		NBT Bancorp, Inc		3,114
	433,789		Nedbank Group Ltd		7,803
	243,446		New York Community Bancorp, Inc		2,430
	320,299	g	NIBC Holding NV		2,872
	16,959	*	Nicolet Bankshares, Inc		1,052
	422,160		Nishi-Nippon Financial Holdings, Inc		3,044
	250,647	*	NMI Holdings, Inc		7,116
	702,801		Nordea Bank Abp		5,103
	1,160,400		North Pacific Bank Ltd		2,764
	10,353		Northeast Bank		286
	51,540		Northfield Bancorp, Inc		805
	9,307		Northrim BanCorp, Inc		332
	105,103		Northwest Bancshares, Inc		1,851
	175,205	*	Norwegian Finans Holding ASA		1,275
	7,891	e	Norwood Financial Corp		275
	650,000	g	Nova Ljubljanska (GDR)		8,722
	131,898		Nova Ljubljanska Banka dd (ADR)		1,740
	9,809	e	Oak Valley Bancorp		192
	746,000		O-Bank Co Ltd		198
	130,204		OceanFirst Financial Corp		3,236
	367	*	Ocwen Financial Corp		1
	387,331		OFG Bancorp		9,207
	19,600		Ogaki Kyoritsu Bank Ltd		431
	4,285	e	Ohio Valley Banc Corp		165
	7,800		Oita Bank Ltd		219
	19,735		Old Line Bancshares, Inc		525
	189,355		Old National Bancorp		3,141
	89,168		Old Second Bancorp, Inc		1,139
	906,345		OneSavings Bank plc		4,174
	12,867		OP Bancorp		139
	20,759		Opus Bank		438
	19,253	e	Origin Bancorp, Inc		635

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	40,356		Oritani Financial Corp	$	716
	11,887		Orrstown Financial Services, Inc		261
	319,125		OTP Bank		12,708
	3,437,156	e	Oversea-Chinese Banking Corp		28,993
	20,235	*	Pacific Mercantile Bancorp		167
	234,621		Pacific Premier Bancorp, Inc		7,245
	47,462		PacWest Bancorp		1,843
	467,843		Paragon Group of Cos plc		2,607
	15,319		Park National Corp		1,523
	8,419		Parke Bancorp, Inc		202
	16,105	*	PCB Bancorp		274
	29,941		PCSB Financial Corp		606
	13,112	*	PDL Community Bancorp		187
	66,977		Peapack Gladstone Financial Corp		1,883
	6,026		Penns Woods Bancorp, Inc		273
	25,675		PennyMac Financial Services, Inc		569
	7,484		Peoples Bancorp of North Carolina, Inc		225
	73,968		Peoples Bancorp, Inc		2,386
	9,704		Peoples Financial Services Corp		437
	196,438		People’s United Financial, Inc		3,296
	20,325		People’s Utah Bancorp		598
	5,482,212	*	Permanent TSB Group Holdings plc		7,605
	739,200		Ping An Bank Co Ltd		1,486
	24,844		Pinnacle Financial Partners, Inc		1,428
	131,033	*	Piraeus Bank S.A.		457
	47,948	g	PNB Housing Finance Ltd		538
	1,369,312		PNC Financial Services Group, Inc		187,979
	278,936		Popular, Inc		15,129
	7,403,000	g	Postal Savings Bank of China Co Ltd		4,399
	839,560		Powszechna Kasa Oszczednosci Bank Polski S.A.		9,636
	35,608		Preferred Bank		1,682
	15,508		Premier Financial Bancorp, Inc		233
	22,704	e	Prosperity Bancshares, Inc		1,500
	4,425	*	Provident Bancorp, Inc		124
	6,095		Provident Financial Holdings, Inc		128
	223,282		Provident Financial Services, Inc		5,415
	11,866		Prudential Bancorp, Inc		224
	7,316,674		PT Bank Central Asia Tbk		15,527
	1,190,700		PT Bank Jabar Banten Tbk		142
	46,939,891		PT Bank Mandiri Persero Tbk		26,650
	6,224,319		PT Bank Negara Indonesia		4,055
	1,697,700		PT Bank Pembangunan Daerah Jawa Timur Tbk		76
	3,028,100		PT Bank Tabungan Negara Tbk		528
	3,095,684		Public Bank BHD		17,238
	1,158,300	*	Qatar Islamic Bank SAQ		5,271
	5,599,612	*	Qatar National Bank		29,275
	59,715		QCR Holdings, Inc		2,082
	605,231		Radian Group, Inc		13,830
	707,531		Raiffeisen International Bank Holding AG.		16,613
	19,415		RBB Bancorp		375
	247,749	g	RBL Bank Ltd		2,292
	723	*	Red River Bancshares Inc		35
	1,212,400		Regional SAB de C.V.		6,249

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	977,216		Regions Financial Corp	$	14,600
	113,586		Renasant Corp		4,082
	12,901		Republic Bancorp, Inc (Class A)		642
	53,545	*	Republic First Bancorp, Inc		263
	1,426,875		Resona Holdings, Inc		5,952
	2,247,777		RHB Capital BHD		3,041
	25,906		Ringkjoebing Landbobank A.S.		1,682
	23,779		Riverview Bancorp, Inc		203
	491,632		Riyad Bank		3,523
	5,200	*,†	Roskilde Bank		0
	1,608,865		Royal Bank of Canada		127,857
	1,768,898		Royal Bank of Scotland Group plc		4,934
	37,753		S&T Bancorp, Inc		1,415
	423,644		Samba Financial Group		3,997
	47,200		San ju San Financial Group, Inc		649
	180,084		Sandy Spring Bancorp, Inc		6,281
	78,300		San-In Godo Bank Ltd		503
	150,843		Saudi British Bank		1,668
	8,358		SB One Bancorp		187
	4,682,684	*	Sberbank of Russia (ADR)		71,551
	52,528	*	Seacoast Banking Corp of Florida		1,336
	182,280		Security Bank Corp		605
	16,921	*	Select Bancorp, Inc		194
	931,880		Senshu Ikeda Holdings, Inc		1,724
	76,616		ServisFirst Bancshares, Inc		2,625
	1,864,363		Seven Bank Ltd		4,886
	4,071,000		Shanghai Commercial & Savings Bank Ltd		7,376
	598,500		Shanghai Pudong Development Bank Co Ltd		1,019
	128,800		Shiga Bank Ltd		2,997
	18,700		Shikoku Bank Ltd		157
	551,564		Shinhan Financial Group Co Ltd		21,453
	267,506		Shinsei Bank Ltd		4,163
	1,211,137		Shizuoka Bank Ltd		8,944
	15,210		Shore Bancshares, Inc		249
	551,700		Siam Commercial Bank PCL (ADR)		2,511
	802,997		Siam Commercial Bank PCL (Foreign)		3,653
	18,589		Sierra Bancorp		504
	155,901		Signature Bank		18,839
	104,894		Simmons First National Corp (Class A)		2,440
	7,227,554		SinoPac Financial Holdings Co Ltd		3,038
	46,210	g	Skandiabanken ASA		394
	1,887,696		Skandinaviska Enskilda Banken AB (Class A)		17,478
	16,290	*	SmartFinancial, Inc		353
	120,962		Societe Generale		3,053
	2,686,305		South Indian Bank Ltd		506
	3,597	*	South Plains Financial Inc		59
	38,585		South State Corp		2,843
	11,484	*	Southern First Bancshares, Inc		450
	8,703		Southern Missouri Bancorp, Inc		303
	50,377		Southern National Bancorp of Virginia, Inc		771
	33,285		Southside Bancshares, Inc		1,078
	56,415		Spar Nord Bank AS		497
	36,004		Sparebank Oestlandet		359
	403,265		SpareBank SR-Bank ASA		4,916

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	389,336		Sparebanken Midt-Norge	$	4,459
	332,002		Sparebanken Nord-Norge		2,645
	12,785	*	Spirit of Texas Bancshares, Inc		288
	1,553		St Galler Kantonalbank		700
	2,144,472		Standard Bank Group Ltd		29,958
	5,014,074		Standard Chartered plc		45,487
	1,585,390	*	State Bank of India		8,296
	37,694		Sterling Bancorp, Inc		376
	115,241		Sterling Bancorp/DE		2,452
	56,296		Stock Yards Bancorp, Inc		2,035
	3,783,019		Sumitomo Mitsui Financial Group, Inc		134,092
	14,811		Summit Financial Group, Inc		398
	1,164,938		SunTrust Banks, Inc		73,216
	95,800	*,e	Suruga Bank Ltd		357
	26,922	*	SVB Financial Group		6,046
	144,708		Svenska Handelsbanken AB		1,428
	86,919		Swedbank AB (A Shares)		1,308
	35,842	e	Sydbank AS		684
	141,426		Synovus Financial Corp		4,950
	1,142,847		Taichung Commercial Bank		460
	6,091,699		Taishin Financial Holdings Co Ltd		2,807
	3,864,815		Taiwan Business Bank		1,701
	12,229,015		Taiwan Cooperative Financial Holding		8,196
	81,471		TCF Financial Corp		1,694
	250,000	g	TCS Group Holding plc (ADR)		4,500
	385,652		TCS Group Holding plc (ADR)		7,559
	8,426		Territorial Bancorp, Inc		260
	13,887	*	Texas Capital Bancshares, Inc		852
	14,365	*	Texcell-NetCom Co Ltd		279
	160,062	e	TFS Financial Corp		2,892
	2,039,500		Thanachart Capital PCL		3,692
	252,997	*	The Bancorp, Inc		2,257
	140,243	e	Timbercreek Financial Corp		1,016
	8,431		Timberland Bancorp, Inc		252
	230,580		Tisco Bank PCL		703
	8,941,987		TMB Bank PCL (Foreign)		572
	103,400		Toho Bank Ltd		246
	90,493	e	Tokyo TY Financial Group, Inc		1,424
	159,400		Tomony Holdings, Inc		536
	60,591		Tompkins Trustco, Inc		4,944
	2,559,169		Toronto-Dominion Bank		149,538
	16,200		Towa Bank Ltd		103
	90,559		TowneBank		2,470
	68,884		Trico Bancshares		2,604
	68,330	*	Tristate Capital Holdings, Inc		1,458
	27,210	*	Triumph Bancorp, Inc		790
	171,616		Trustco Bank Corp NY		1,359
	107,082		Trustmark Corp		3,560
	7,878,237	*	Turkiye Garanti Bankasi AS		12,371
	291,742		Turkiye Halk Bankasi AS		289
	3,742,868	*	Turkiye Is Bankasi (Series C)		3,903
	11,316,703		Turkiye Sinai Kalkinma Bankasi AS		1,444
	146,154		UMB Financial Corp		9,620

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	77,753		Umpqua Holdings Corp	$	1,290
	494,238	g	Unicaja Banco S.A.		441
	4,750,704	e	UniCredit S.p.A.		58,476
	733,123	*	Union Bank of India		861
	689,000		Union Bank Of Taiwan		260
	5,280	e	Union Bankshares, Inc		195
	1,071,600		United Bank Ltd		989
	111,029		United Bankshares, Inc		4,118
	230,671		United Community Banks, Inc		6,588
	142,019		United Community Financial Corp		1,359
	151,835		United Financial Bancorp, Inc (New)		2,153
	1,762,766		United Overseas Bank Ltd		34,078
	21,630		United Security Bancshares		246
	10,182		Unity Bancorp, Inc		231
	98,167		Univest Corp of Pennsylvania		2,578
	5,375,640		US Bancorp		281,684
	9,120		Valiant Holding		990
	363,543	e	Valley National Bancorp		3,919
	300,135		Van Lanschot Kempen NV (ADR)		6,794
	87,931		Veritex Holdings, Inc		2,282
	179,422	*	VTB Bank		226
	4,215,097		VTB Bank OJSC (GDR)		5,312
	168,746		Walker & Dunlop, Inc		8,979
	88,293		Washington Federal, Inc		3,084
	25,855		Washington Trust Bancorp, Inc		1,349
	42,488		Waterstone Financial, Inc		725
	79,510		Webster Financial Corp		3,798
	8,731,821		Wells Fargo & Co		413,190
	88,374		WesBanco, Inc		3,407
	27,768		West Bancorporation, Inc		589
	28,093	e	Westamerica Bancorporation		1,731
	510,505	*	Western Alliance Bancorp		22,830
	31,465		Western New England Bancorp, Inc		294
	3,257,406		Westpac Banking Corp		64,921
	64,132		Wintrust Financial Corp		4,692
	526,825	*	Woori Financial Group, Inc		6,411
	298,455		WSFS Financial Corp		12,326
	12,600		Yamagata Bank Ltd		189
	130,100		Yamaguchi Financial Group, Inc		890
	14,600		Yamanashi Chuo Bank Ltd		158
	19,895,089		Yes Bank Ltd		31,327
	1,228,697		Zions Bancorporation		56,495
			TOTAL BANKS		8,215,000

CAPITAL GOODS - 7.7%
	789,432		3M Co		136,840
	262,464		A.O. Smith Corp		12,378
	68,608		Aalberts Industries NV		2,693
	46,106		Aaon, Inc		2,314
	170,783		AAR Corp		6,283
	1,919,391		ABB Ltd		38,480
	1,850,287		Aboitiz Equity Ventures, Inc		1,986
	189,000		AcBel Polytech, Inc		124
	381,663		ACS Actividades Construccion y Servicios S.A.		15,270

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	59,588		Actuant Corp (Class A)	$	1,478
	17,266		Acuity Brands, Inc		2,381
	536,625		Adani Enterprises Ltd		1,169
	79,762		Advan Co Ltd		785
	216,987		Advanced Drainage Systems, Inc		7,115
	61,800		AECC Aviation Power Co Ltd		205
	442,067	*	Aecom Technology Corp		16,732
	106,935		Aecon Group, Inc		1,565
	32,640	*	Aegion Corp		601
	152,316	*	AerCap Holdings NV		7,922
	82,609	*	Aerojet Rocketdyne Holdings, Inc		3,698
	24,412	*	Aerovironment, Inc		1,386
	26,755		AFG Arbonia-Forster Hldg		354
	24,218	e	AG Growth International Inc		1,017
	31,502		AGCO Corp		2,444
	46,489		AIA Engineering Ltd		1,208
	28,799		Aica Kogyo Co Ltd		965
	16,400		Aichi Corp		106
	34,400		Aida Engineering Ltd		267
	175,180		Air Lease Corp		7,242
	1,285,063		Airbus SE		181,864
	53,649		Aircastle Ltd		1,141
	108,000		Airtac International Group		1,214
	9,878		Alamo Group, Inc		987
	201,572		Albany International Corp (Class A)		16,712
	273,354		Alfa Laval AB		5,973
	5,225,814		Alfa S.A. de C.V. (Class A)		5,135
	21,289	e,g	Alimak Group AB		327
	458,900		Allegion plc		50,731
	22,773,983		Alliance Global Group, Inc		6,857
	27,714		Allied Motion Technologies, Inc		1,050
	655,368		Allison Transmission Holdings, Inc		30,376
	23,933		Alstom Projects India Ltd		301
	172,946		Alstom RGPT		8,016
	70,653		Alstom T&D India Ltd		243
	105,376		Altra Holdings, Inc		3,781
	130,922		Amada Co Ltd		1,480
	8,474		Amara Raja Batteries Ltd		76
	25,611	*	Ameresco, Inc		377
	21,538	*	American Superconductor Corp		200
	16,175	*	American Woodmark Corp		1,369
	343,533		Ametek, Inc		31,207
	3,180		Andritz AG.		120
	14,200		Anest Iwata Corp		127
	26,357		Apogee Enterprises, Inc		1,145
	158,705		Applied Industrial Technologies, Inc		9,765
	25,828	*	Aprogen KIC, Inc		61
	335,751		Arabtec Holding Co		138
	264,996	e	Arcadis NV		5,026
	1,385,166		Arconic, Inc		35,765
	211,806		Arcosa, Inc		7,970
	15,018		Argan, Inc		609
	193,504	*	Armstrong Flooring, Inc		1,906

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	83,287		Armstrong World Industries, Inc	$	8,096
	23,300		Asahi Diamond Industrial Co Ltd		142
	191,252		Asahi Glass Co Ltd		6,625
	351,232		Aselsan Elektronik Sanayi Ve Ticaret AS		1,089
	1,294,498		Ashok Leyland Ltd		1,636
	40,954		Ashoka Buildcon Ltd		83
	1,651,841		Ashtead Group plc		47,327
	13,604		Ashtrom Group Ltd		105
	1,579,438		Assa Abloy AB		35,636
	26,609		Astec Industries, Inc		866
	51,510		Astral Polytechnik Ltd		990
	117,615	*	Astronics Corp		4,730
	653,150	*	Atkore International Group, Inc		16,897
	59,601		Atlas Copco AB (A Shares)		1,910
	15,994		Atlas Copco AB (B Shares)		460
	97,707	*	ATS Automation Tooling Systems, Inc		1,589
	5,293	g	Aumann AG.		113
	89,200		AVIC Aircraft Co Ltd		205
	12,400	*	AVIC Shenyang Aircraft Co Ltd		53
	1,828,019		AviChina Industry & Technology Co		999
	81,503	*,e	Axon Enterprise, Inc		5,233
	223,077		AZZ, Inc		10,266
	47,261		Badger Daylighting Ltd		1,724
	3,727,079		BAE Systems plc		23,424
	571,413		Balfour Beatty plc		1,757
	251,135	*,e	Ballard Power Systems, Inc		1,026
	20,500		Bando Chemical Industries Ltd		194
	100,000	*	Baoye Group Co Ltd		70
	260,749		Barloworld Ltd		2,364
	104,717		Barnes Group, Inc		5,900
	7,813		BayWa AG.		226
	75,339	*	Beacon Roofing Supply, Inc		2,766
	3,363		BEML Ltd		44
	1,156,837	*	Berjaya Corp BHD		73
	667,000		BES Engineering Corp		167
	201,088		Besalco S.A.		190
	12,107		BGF Co Ltd		78
	6,599,136		Bharat Electronics Ltd		10,757
	229,763		Bidvest Group Ltd		3,092
	8,354	e	Biesse S.p.A.		107
	272,570		Bizlink Holdings Inc		1,894
	62,009	*	Bloom Energy Corp		761
	28,154	*	Blue Bird Corp		554
	10,802		Blue Star Ltd		121
	10,340	*,e	BlueLinx Holdings, Inc		205
	464,432	*	BMC Stock Holdings, Inc		9,846
	4,385	e	Bobst Group AG.		325
	238,700	g	BOC Aviation Ltd		2,000
	335,578		Bodycote plc		3,527
	1,356,602		Boeing Co		493,817
	2,009,725	*	Bombardier, Inc		3,376
	112,480	e	Boskalis Westminster		2,595
	3,439		Bossard Holding AG.		535
	58,056		Bouygues S.A.		2,150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,868		Brenntag AG.	$	877
	48,821		Briggs & Stratton Corp		500
	286,000		Brighton-Best International Taiwan, Inc		325
	15,414		Bucher Industries AG.		5,311
	21,224		Budimex S.A.		773
	21,040		Bufab AB		242
	560,769	*	Builders FirstSource, Inc		9,455
	233,300		Bunka Shutter Co Ltd		1,771
	316,092		Bunzl plc		8,340
	18,017		Burckhardt Compression Holding AG.		4,789
	2,400	e	Burkhalter Holding AG.		189
	51,964	e	BWX Technologies, Inc		2,707
	306,775		CAE, Inc		8,248
	77,925	e	Caesarstone Sdot-Yam Ltd		1,171
	17,396	*	CAI International, Inc		432
	61,264		Carbone Lorraine		2,350
	23,441		Carborundum Universal Ltd		121
	28,257		Cargotec Corp (B Shares)		1,074
	182,618		Carlisle Cos, Inc		25,641
	1,548,450		Caterpillar, Inc		211,038
	179,300		Central Glass Co Ltd		3,994
	2,492		Cera Sanitaryware Ltd		108
	542,825		CH Karnchang PCL		523
	39,331	*	Chart Industries, Inc		3,024
	243,474		Cheil Industries, Inc		20,199
	463,837		Chemring Group plc		1,087
	424,844		Chicony Power Technology Co Ltd		670
	1,020,500		China Aircraft Leasing Group Holdings Ltd		1,078
	72,900		China Avionics Systems Co Ltd		158
	102,900		China Communications Construction Co Ltd		170
	4,128,192		China Communications Construction Co Ltd (Hong Kong)		3,690
	2,355,371		China Communications Services Corp Ltd		1,827
	1,554,500		China Conch Venture Holdings Ltd		5,492
	153,875		China Fangda Group Co Ltd		67
	93,100	*	China Gezhouba Group Co Ltd		85
	196,000	e	China High Speed Transmission Equipment Group Co Ltd		128
	95,040		China International Marine Containers Group Co Ltd		148
	185,100		China National Chemical Engineering Co Ltd		162
	5,993,943		China Railway Construction Corp		7,344
	300,200		China Railway Construction Corp Ltd		436
	3,056,127		China Railway Group Ltd		2,324
	621,100		China Shipbuilding Industry Co Ltd		503
	188,080	†	China Singyes Solar Technologies Holdings Ltd		12
	28,700		China Spacesat Co Ltd		94
	862,260		China State Construction Engineering Corp Ltd		723
	1,572,685		China State Construction International Holdings Ltd		1,615
	109,339		China Yuchai International Ltd		1,639
	325,100	e	Chiyoda Corp		874
	15,400		Chiyoda Integre Co Ltd		283
	31,300		Chori Co Ltd		499
	17,100		Chudenko Corp		356

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	377,988		CIMIC Group Ltd	$	11,886
	23,207	*	CIRCOR International, Inc		1,068
	9,657,796		Citic Pacific Ltd		13,900
	1,285,000		Citic Resources Holdings Ltd		102
	11,296		CJ Corp		990
	1,833	*,†	CJ Corp (Preference)		58
	3,687,524		CK Hutchison Holdings Ltd		36,373
	25,500		CKD Corp		260
	15,184	*,e	Climeon AB		143
	5,025,074		CNH Industrial NV		51,624
	3,368,510		CNH Industrial NV (NYSE)		34,628
	1,383,390	*	Cobham plc		1,872
	17,099	g	Cochin Shipyard Ltd		94
	295,032	*,e	Colfax Corp		8,270
	91,947		Columbus McKinnon Corp		3,859
	331,554		Comfort Systems USA, Inc		16,906
	110,830	*	Commercial Vehicle Group, Inc		889
	1,724,916		Compagnie de Saint-Gobain		67,358
	4,138		Compagnie d’Entreprises CFE		393
	179,000		COMSYS Holdings Corp		4,549
	11,673		Concrete Pumping Holdings Inc		60
	61,911		Construcciones y Auxiliar de Ferrocarriles S.A.		2,840
	26,739	*	Construction Partners Inc		402
	6,300	*	Contemporary Amperex Technology Co Ltd		63
	74,059	*	Continental Building Products, Inc		1,968
	2,011,450		Continental Engineering Corp		1,111
	2,985		Conzzeta AG.		2,532
	49,004	*	Cornerstone Building Brands, Inc		286
	9,185	e	Cosel Co Ltd		98
	75,431		Costain Group plc		167
	116,835		Cramo Oyj (Series B)		2,774
	105,684		Crane Co		8,818
	192,522	*	Crompton Greaves Ltd		80
	4,139,321		CRRC Corp Ltd		3,460
	843,300		CRRC Corp Ltd (Class A)		995
	2,882		CS Wind Corp		107
	120,746	*	CSBC Corp Taiwan		103
	70,467		CSW Industrials, Inc		4,802
	1,835,000		CTCI Corp		2,733
	33,759		Cubic Corp		2,177
	178,076		Cummins, Inc		30,512
	225,389		Curtiss-Wright Corp		28,654
	27,286		Daelim Industrial Co		2,721
	4,368		Daetwyler Holding AG.		666
	156,351	*	Daewoo Engineering & Construction Co Ltd		670
	59,531		Daewoo International Corp		948
	33,159	*	Daewoo Shipbuilding & Marine Engineering Co Ltd		940
	7,300		Dai-Dan Co Ltd		156
	129,773		Daifuku Co Ltd		7,330
	9,628		Daihen Corp		277
	10,900		Daiho Corp		274
	4,500		Daiichi Jitsugyo Co Ltd		129
	204,968		Daikin Industries Ltd		26,838
	16,800		Daiwa Industries Ltd		175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,108		Danieli & Co S.p.A.	$	112
	21,030		Danieli & Co S.p.A. (RSP)		264
	4,538		Dassault Aviation S.A.		6,522
	92,825		DCC plc		8,281
	1,332,691		Deere & Co		220,840
	7,900		Denyo Co Ltd		107
	712,583		Deutz AG.		6,932
	68,986	g	Dilip Buildcon Ltd		486
	327,314		Diploma plc		6,365
	111,094	*,e	DIRTT Environmental Solutions		632
	4,208,780		DMCI Holdings, Inc		846
	4,477,895		Dogan Sirketler Grubu Holdings		881
	57,433		Donaldson Co, Inc		2,921
	13,400	*	Dongfang Electric Corp Ltd		21
	58,608		Doosan Bobcat, Inc		1,848
	56,144	*	Doosan Heavy Industries and Construction Co Ltd		302
	73,711	*,e	Doosan Infracore Co Ltd		398
	23,044		Douglas Dynamics, Inc		917
	770,080		Dover Corp		77,162
	392,953	*,†	Drake & Scull International PJSC		30
	1,716,075	*	Drone Delivery Canada Corp		1,494
	995,452		Dubai Investments PJSC		333
	39,332	*	Ducommun, Inc		1,773
	44,086		Duerr AG.		1,506
	109,509	*	DXP Enterprises, Inc		4,149
	32,857	*	Dycom Industries, Inc		1,934
	1,303,200		Dynasty Ceramic PCL		88
	7,360		Eastern Co		206
	1,617,660		Eaton Corp		134,719
	55,865		Ebara Corp		1,523
	12,008		Eicher Motors Ltd		3,328
	62,907		Eiffage S.A.		6,217
	23,584		Elbit Systems Ltd		3,519
	5,950		Elco Holdings Ltd		127
	1,225		Electra Israel Ltd		342
	876,721		ElSwedy Cables Holding Co		751
	73,149	*,e,g	Eltel AB		185
	340,194		EMCOR Group, Inc		29,971
	849,972	*,e	Emeco Holdings Ltd		1,239
	468,027		Emerson Electric Co		31,227
	942,026		Empresa Brasileira de Aeronautica S.A.		4,762
	87,470		Encore Wire Corp		5,124
	29,054	*,e	Energous Corp		127
	37,233	*,e	Energy Recovery, Inc		388
	76,408		EnerSys		5,234
	60,303		Engineers India Ltd		106
	300,070	*,e	Enphase Energy, Inc		5,470
	43,726		EnPro Industries, Inc		2,791
	312,000		Enric Energy Equipment Holdings Ltd		252
	379,529		Epiroc AB		3,765
	142,227		Epiroc AB (Class A)		1,482
	62,118		ESCO Technologies, Inc		5,132
	151,615		Escorts Ltd		1,178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,152	e	EVI Industries, Inc	$	197
	83,327	*	Evoqua Water Technologies Corp		1,187
	33,333		Exco Technologies Ltd		197
	12,261	e	FACC AG.		172
	450,851		Famur S.A.		634
	39,336	*	Fangda Carbon New Material Co Ltd		71
	69,439		Fanuc Ltd		12,903
	3,078,517		Far Eastern Textile Co Ltd		3,326
	1,031,965		Fastenal Co		33,632
	452,051		Federal Signal Corp		12,092
	17,344		Feelux Co Ltd		85
	2,086	e	Feintool International Holding AG.		148
	23,917		Ferguson plc		1,703
	384,811		Ferrovial S.A.		9,851
	3,974	*,e	FIGEAC-AERO		52
	339,030	e	Fincantieri S.p.A		380
	416,478		Finmeccanica S.p.A.		5,284
	235,912		Finning International, Inc		4,300
	31,934		Finolex Cables Ltd		204
	45,669		Flowserve Corp		2,406
	23,666		FLSmidth & Co AS		1,072
	28,121		Fluidra S.A.		372
	251,887		Fluor Corp		8,486
	150,920		Fomento de Construcciones y Contratas S.A.		2,010
	1,624,983		Fortive Corp		132,469
	257,727		Fortune Brands Home & Security, Inc		14,724
	2,177,624	e	Fosun International		2,899
	236,819	*	Foundation Building Materials, Inc		4,211
	66,789		Franklin Electric Co, Inc		3,172
	18,709		Fuji Electric Holdings Co Ltd		648
	34,392		Fuji Machine Manufacturing Co Ltd		439
	137,278		Fujikura Ltd		518
	36,400		Fujitec Co Ltd		477
	13,100		Fukuda Corp		557
	7,000		Fukushima Industries Corp		231
	7,017,500	*,e	Fullshare Holdings Ltd		436
	15,700		Furukawa Co Ltd		204
	61,300		Furukawa Electric Co Ltd		1,804
	18,719		Futaba Corp/Chiba		245
	76,953		Galliford Try plc		617
	2,916,203		Gamuda BHD		2,651
	27,659	*	Gardner Denver Holdings, Inc		957
	80,254	*	Gates Industrial Corp plc		916
	40,729		GATX Corp		3,229
	43,478		Gayatri Projects Ltd		100
	718,055		GEA Group AG.		20,379
	3,539		Geberit AG.		1,654
	38,700		Gecoss Corp		342
	176,907	*	GEK Group of Cos S.A.		1,129
	11,420	*	Gencor Industries, Inc		148
	159,260	*	Generac Holdings, Inc		11,054
	466,964		General Dynamics Corp		84,903
	14,278,466		General Electric Co		149,924
	13,523	*	General Finance Corp		113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,670		Georg Fischer AG.	$	14,990
	34,854	*	Gibraltar Industries, Inc		1,407
	21,100		Giken Seisakusho Co, Inc		662
	20,882	e,g	Gima TT S.p.A		193
	201,412		Global Brass & Copper Holdings, Inc		8,808
	27,856		Glory Ltd		737
	762,618	*	GMR Infrastructure Ltd		165
	32,931	*	GMS, Inc		724
	63,396		Godrej Industries Ltd		445
	18,846		Gorman-Rupp Co		619
	185,458		Graco, Inc		9,306
	377,630	e	GrafTech International Ltd		4,343
	623,676		Grafton Group plc		6,377
	12,294		Graham Corp		248
	49,350		Granite Construction, Inc		2,378
	183,745		Graphite India Ltd		891
	373,854	*	Great Lakes Dredge & Dock Corp		4,127
	37,730		Greaves Cotton Ltd		79
	56,433		Greenbrier Cos, Inc		1,716
	108,210		Griffon Corp		1,831
	328,884	e	Grupo Carso S.A. de C.V. (Series A1)		1,226
	10,023	*	Grupo Empresarial San Jose		89
	87,400	e	Grupo Rotoplas SAB de C.V.		69
	96,298		GS Engineering & Construction Corp		3,370
	38,700		GS Yuasa Corp		748
	1,838,552		Gunkul Engineering PCL		192
	446,539		GWA International Ltd		1,073
	191,439		H&E Equipment Services, Inc		5,569
	701,813		Haitian International Holdings Ltd		1,456
	25,827		Haldex AB		159
	135,396		Hangzhou Steam Turbine Co		131
	2,018,060		Han’s Laser Technology Industry Group Co Ltd		10,134
	85,879		Hanwa Co Ltd		2,304
	33,849		Hanwha Corp		784
	387,300		HAP Seng Consolidated BHD		933
	338,000	e	Harbin Power Equipment		171
	22,200	e	Harmonic Drive Systems, Inc		862
	806,592	*	Harsco Corp		22,133
	252,993	*	Havells India Ltd		2,881
	110,800		Hazama Ando Corp		742
	263,000	*,e	HC International, Inc		107
	441,399	*	HD Supply Holdings, Inc		17,780
	26,823		HDC Hyundai Development Co-Engineering & Construction		1,012
	29,114		HEG Ltd		618
	100,963	e	HEICO Corp		13,510
	310,181		HEICO Corp (Class A)		32,063
	185,866	*	Heidelberger Druckmaschinen		298
	30,785	*	Helios Technologies, Inc		1,429
	193,206	*	Herc Holdings, Inc		8,855
	212,873		Hexcel Corp		17,217
	11,400		Hibiya Engineering Ltd		199
	171,638		Hillenbrand, Inc		6,792

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	908,940		Hino Motors Ltd	$	7,672
	4,400		Hirata Corp		257
	11,400		Hisaka Works Ltd		92
	144,817		Hitachi Construction Machinery Co Ltd		3,789
	982,700		Hitachi Zosen Corp		3,611
	189,379		Hiwin Technologies Corp		1,590
	59,982		Hochtief AG.		7,305
	3,494,603		Honeywell International, Inc		610,123
	31,500		Hong Leong Industries BHD		86
	48,553		Hoshizaki Electric Co Ltd		3,621
	22,657		Hosken Consolidated Investments Ltd		172
	11,800		Hosokawa Micron Corp		499
	1,536,398		Howden Joinery Group plc		9,888
	2,285,000	*,†	Hsin Chong Construction Group Ltd		3
	41,800		Huangshi Dongbei Electrical Appliance Co Ltd		48
	90,578		Hubbell, Inc		11,811
	17,618		Huber & Suhner AG.		1,485
	45,310		Hudaco Industries Ltd		390
	19,331		Huntington Ingalls		4,344
	6,763		Hurco Cos, Inc		240
	3,440		Hy-Lok Corp		51
	2,333	*	Hyosung Heavy Industries Corp		68
	33,747		Hyster-Yale Materials Handling, Inc		1,865
	5,030		Hyundai Construction Equipment Co Ltd		177
	15,995		Hyundai Development Co		210
	4,057	*	Hyundai Electric & Energy System Co Ltd		63
	7,456		Hyundai Elevator Co Ltd		587
	73,624		Hyundai Engineering & Construction Co Ltd		3,423
	30,324	*	Hyundai Heavy Industries		3,115
	11,953		Hyundai Mipo Dockyard		512
	8,089		Hyundai Robotics Co Ltd		2,273
	21,489	*	Hyundai Rotem Co Ltd		393
	15,900		Idec Corp		300
	67,192		IDEX Corp		11,566
	10,278	*	IES Holdings, Inc		194
	2,591,712		IJM Corp BHD		1,504
	86,011		Illinois Tool Works, Inc		12,971
	187,899		IMI plc		2,479
	8,861	e	Implenia AG.		263
	101,311	e	Impregilo S.p.A.		205
	30,556	e	IMS-Intl Metal Service		625
	48,600		Inaba Denki Sangyo Co Ltd		2,043
	23,600		Inabata & Co Ltd		303
	10,702		Indus Holding AG.		481
	11,855	e	Industria Macchine Automatiche S.p.A.		983
	1,585,900	*	Industries Qatar QSC		5,009
	200,806		Indutrade AB		6,421
	1,794,630		Ingersoll-Rand plc		227,326
	23,996		Insteel Industries, Inc		500
	73,030		Interpump Group S.p.A.		2,247
	2,697		Interroll Holding AG.		6,783
	87,459		Invicta Holdings Ltd		150
	41,498		Inwido AB		288
	57,100		Iochpe-Maxion S.A.		332

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	403,164		IRB Infrastructure Developers Ltd	$	560
	84,977		IS Dongseo Co Ltd		2,847
	7,900		Iseki & Co Ltd		112
	2,437,906		Ishikawajima-Harima Heavy Industries Co Ltd		58,937
	1,853,450		Italian-Thai Development PCL		141
	14,785	e	Italmobiliare S.p.A		356
	1,810,139		Itochu Corp		34,677
	699,348		ITT, Inc		45,793
	20,400		Iwatani International Corp		709
	221,641		Jacobs Engineering Group, Inc		18,704
	1,240,889		Jain Irrigation Systems Ltd		464
	5,800		Jamco Corp		114
	5,260		Japan Pulp & Paper Co Ltd		175
	35,600		Japan Steel Works Ltd		597
	258,846		Jardine Matheson Holdings Ltd		16,326
	256,972		Jardine Strategic Holdings Ltd		9,805
	278,311	*	JELD-WEN Holding, Inc		5,909
	3,430,877		JG Summit Holdings (Series B)		4,516
	753,630		JGC Corp		10,310
	34,943		John Bean Technologies Corp		4,233
	1,286,078	g	John Laing Group plc		6,428
	413,431		Johnson Controls International plc		17,079
	245,375		Johnson Electric Holdings Ltd		525
	32,832	g	JOST Werke AG.		1,152
	1,108,236		JTEKT Corp		13,475
	27,611		Jungheinrich AG.		852
	1,812		Kaba Holding AG.		1,314
	11,704		Kadant, Inc		1,063
	60,391		Kajaria Ceramics Ltd		509
	448,853		Kajima Corp		6,174
	18,993		Kalpataru Power Transmission Ltd		145
	150,300	*	Kama Co Ltd		76
	29,055		Kaman Corp		1,851
	19,700		Kamei Corp		205
	76,100		Kanamoto Co Ltd		1,973
	467,200		Kandenko Co Ltd		3,912
	446,700		Kanematsu Corp		4,961
	1,276,662		KAP Industrial Holdings Ltd		506
	22,917		Kardex AG.		4,004
	12,100		Katakura Industries Co Ltd		145
	40,477		Kawasaki Heavy Industries Ltd		955
	13,135		KCC Corp		3,136
	136,665		KEC International Ltd		636
	17,485		KEI Industries Ltd		122
	90,013		Keihan Electric Railway Co Ltd		3,927
	42,226		Keller Group plc		329
	8,008		Kendrion NV		172
	308,204		Kennametal, Inc		11,400
	5,941		KEPCO Engineering & Construction Co, Inc		104
	1,428,616		Keppel Corp Ltd		7,039
	184,100		Kerjaya Prospek Group BHD		62
	101,886	e	Kier Group plc		138
	230,700		Kinden Corp		3,541

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	29,000		King Slide Works Co Ltd	$	287
	27,925		Kingspan Group plc		1,517
	56,434		KION Group AG.		3,569
	37,500		Kitz Corp		263
	43,165		Kloeckner & Co AG.		258
	1,351,424		KOC Holding AS		4,078
	8,129		Koenig & Bauer AG.		335
	2,834		Kolon Corp		44
	248,245		Komatsu Ltd		6,027
	2,119	e	Komax Holding AG.		472
	27,290		Komori Corp		297
	32,019		Kone Oyj (Class B)		1,891
	46,471		Konecranes Oyj		1,775
	49,704		Kongsberg Gruppen ASA		695
	1,010,534		Koninklijke BAM Groep NV		4,477
	149,852		Koninklijke Volkerwessels NV		3,009
	74,097		Korea Aerospace Industries Ltd		2,312
	2,432		Korea Electric Terminal Co Ltd		142
	46,632	*,e	Kornit Digital Ltd		1,476
	122,081	*	Kratos Defense & Security Solutions, Inc		2,794
	9,109		Krones AG.		734
	466,325		Kubota Corp		7,791
	57,400		Kumagai Gumi Co Ltd		1,702
	137,067		Kumho Industrial Co Ltd		1,678
	184,000		Kung Long Batteries Industrial Co Ltd		970
	27,546		Kurita Water Industries Ltd		686
	16,600		Kyokuto Kaihatsu Kogyo Co Ltd		207
	770,500		Kyowa Exeo Corp		19,227
	28,900		Kyudenko Corp		870
	2,773		Kyung Dong Navien Co Ltd		100
	212,211		L3 Technologies, Inc		52,028
	337,502		L3Harris Technologies, Inc		63,832
	1,442		Lakshmi Machine Works Ltd		108
	656,716		Larsen & Toubro Ltd		14,776
	5,407	*	Lawson Products, Inc		199
	45,484	*	LB Foster Co (Class A)		1,244
	112,195		Legrand S.A.		8,202
	15,713	e	Lehto Group Oyj		47
	66,670		Lennox International, Inc		18,334
	211,284		LG Corp		14,066
	2,786		LG Hausys Ltd		148
	13,762		LG International Corp		213
	53,791	e	Lifco AB		2,986
	4,359		LIG Nex1 Co Ltd		118
	18,800		Lincoln Electric Holdings, Inc		1,548
	289,459		Lindab International AB		3,331
	11,872	e	Lindsay Corp		976
	10,269	e	LISI		332
	53,936		LIXIL Group Corp		856
	462,828		Lockheed Martin Corp		168,256
	6,863,000		Lonking Holdings Ltd		1,829
	49,804		Lotte Corp		1,900
	89,221		LS Cable Ltd		3,677
	7,779		LS Industrial Systems Co Ltd		341

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	30,329		Luxfer Holdings PLC	$	744
	103,750		Luxshare Precision Industry Co Ltd		376
	22,199	*	Lydall, Inc		448
	28,181	e	Mabuchi Motor Co Ltd		967
	639,600		Maeda Corp		5,137
	10,900	*,e	Maeda Kosen Co Ltd		200
	62,400		Maeda Road Construction Co Ltd		1,316
	19,117		Magellan Aerospace Corp		238
	632,953	e	Maire Tecnimont S.p.A		2,052
	199,149		Makino Milling Machine Co Ltd		8,077
	71,393		Makita Corp		2,438
	891,600		Malaysian Resources Corp BHD		205
	11,253		MAN AG.		736
	36,456	e	Manitou BF S.A.		1,126
	1,578,841	*	Manitowoc Co, Inc		28,103
	244,100		Marcopolo S.A.		245
	2,794,485		Marubeni Corp		18,549
	1,029,384		Masco Corp		40,393
	118,753	*	Masonite International Corp		6,256
	68,923	*	Mastec, Inc		3,552
	13,300		Max Co Ltd		193
	74,465	e	Maxar Technologies, Inc		582
	1,326		MBB SE		105
	304,800		Megawide Construction Corp		113
	1,128,816		Meggitt plc		7,521
	24,000		Meidensha Corp		376
	3,727,247		Melrose Industries plc		8,568
	153,768	*	Mercury Systems, Inc		10,818
	483,073	*	Meritor, Inc		11,715
	172,300		Metallurgical Corp of China Ltd		76
	2,356,000		Metallurgical Corp of China Ltd (Hong Kong)		630
	7,200		METAWATER Co Ltd		223
	114,240		Metso Oyj		4,496
	83,755	*	Middleby Corp		11,366
	35,000		Mie Kotsu Group Holdings, Inc		187
	204,720	*	Milacron Holdings Corp		2,825
	55,980		Millat Tractors Ltd		302
	25,213		Miller Industries, Inc		775
	355,687		Minebea Co Ltd		6,060
	1,869,100		Miraito Holdings Corp		27,738
	260,306		MISUMI Group, Inc		6,561
	1,744,560		Mitsubishi Corp		46,101
	737,429		Mitsubishi Electric Corp		9,749
	200,912		Mitsubishi Heavy Industries Ltd		8,762
	58,700		Mitsubishi Nichiyu Forklift Co Ltd		624
	11,650		Mitsuboshi Belting Co Ltd		206
	2,744,451		Mitsui & Co Ltd		44,797
	42,700	*	Mitsui Engineering & Shipbuilding Co Ltd		395
	50,600		Miura Co Ltd		1,568
	61,794		Monadelphous Group Ltd		816
	748,520	e	MonotaRO Co Ltd		18,336
	205,966		Moog, Inc (Class A)		19,280
	819,672		Morgan Crucible Co plc		2,894

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	85,963		Morgan Sindall plc	$	1,352
	122,500	e	Mori Seiki Co Ltd		1,973
	15,800		Morita Holdings Corp		277
	370,221	e	Mota Engil SGPS S.A.		802
	253,194	*	MRC Global, Inc		4,335
	86,645		MSC Industrial Direct Co (Class A)		6,434
	112,780		MTU Aero Engines Holding AG.		26,899
	100,812		Mueller Industries, Inc		2,951
	456,465		Mueller Water Products, Inc (Class A)		4,482
	161,400		Muhibbah Engineering M BHD		108
	39,709	e,g	Munters Group AB		186
	210,575		Murray & Roberts Holdings Ltd		217
	98,985	*	MYR Group, Inc		3,697
	88,276		Nabtesco Corp		2,466
	8,133		Nachi-Fujikoshi Corp		337
	1,125,900		Nagarjuna Construction Co		1,590
	317,100		Nagase & Co Ltd		4,767
	123,600	*	NARI Technology Co Ltd		336
	147,512		National Central Cooling Co PJSC		70
	5,666		National Presto Industries, Inc		529
	125,232	*	Navistar International Corp		4,314
	191,002		NBCC India Ltd		165
	50,975	e	NCC AB (B Shares)		884
	546,844	*,e	NEL ASA		445
	15,447		Nexans S.A.		519
	73,416	e	NFI Group, Inc		2,069
	78,585		NGK Insulators Ltd		1,149
	272,908		Nibe Industrier AB		3,997
	40,200		Nichias Corp		725
	21,200		Nichiden Corp		368
	18,200		Nichiha Corp		509
	83,126		Nidec Corp		11,416
	2,700		Nihon Trim Co Ltd		130
	15,060	*	Nilfisk Holding A.S.		421
	55,000		Nippo Corp		1,085
	5,100	e	Nippon Carbon Co Ltd		197
	19,700		Nippon Densetsu Kogyo Co Ltd		396
	4,700	e	Nippon Koei Co Ltd		104
	13,700		Nippon Road Co Ltd		770
	22,372	*	Nippon Sharyo Ltd		552
	52,000		Nippon Sheet Glass Co Ltd		355
	76,217		Nippon Steel Trading Co Ltd		3,146
	32,000		Nippon Thompson Co Ltd		145
	56,900		Nishimatsu Construction Co Ltd		1,099
	20,700		Nishio Rent All Co Ltd		586
	3,500		Nissei ASB Machine Co Ltd		84
	89,028	e	Nisshinbo Industries, Inc		683
	75,200		Nissin Electric Co Ltd		823
	12,000		Nitta Corp		339
	12,000		Nitto Boseki Co Ltd		254
	13,500		Nitto Kogyo Corp		259
	4,873		Nitto Kohki Co Ltd		96
	8,700		Nittoku Engineering Co Ltd		244
	15,273	*,e	NKT Holding AS		235

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	44,321	e	NN, Inc	$	433
	2,400	*,†,e	Noble Group Ltd		0	^
	11,649		Nolato AB (B Shares)		712
	288,347	*	Nordex AG.		3,981
	109,721		Nordson Corp		15,505
	5,091		Noritake Co Ltd		214
	15,800		Noritz Corp		189
	18,041		NORMA Group		748
	616,807		Northrop Grumman Corp		199,297
	13,281	*	Northwest Pipe Co		342
	123,624	*	NOW, Inc		1,825
	2,704,140		NRW Holdings Ltd		4,759
	1,525,217		NSK Ltd		13,633
	222,700		NTN Corp		664
	11,159	*,e	NV5 Holdings, Inc		908
	176,356		nVent Electric plc		4,372
	1,381,423		NWS Holdings Ltd		2,841
	8,100		Obara Corp		275
	824,367		Obayashi Corp		8,144
	95,137	e	Obrascon Huarte Lain S.A.		122
	173,874		OC Oerlikon Corp AG.		2,125
	7,259		OHB AG.		276
	12,400		Oiles Corp		182
	19,300		Okabe Co Ltd		168
	17,128		Okuma Holdings, Inc		883
	16,300		Okumura Corp		500
	4,039		Omega Flex, Inc		310
	68,733	*,e	Opus Global Rt		108
	126		Orascom Construction Ltd		1
	19,500		Organo Corp		650
	155,400	*	Orion Marine Group, Inc		416
	58,800		OSG Corp		1,163
	88,409		Oshkosh Truck Corp		7,381
	74,500		OSJB Holdings Corp		184
	55,701		Osram Licht AG.		1,840
	3,450		Otokar Otobus Karoseri Sanayi AS		68
	89,923	*	Outotec Oyj		476
	1,389,617		Owens Corning, Inc		80,876
	77,822		PACCAR, Inc		5,577
	24,098		Palfinger AG.		741
	943,840		Parker-Hannifin Corp		160,462
	158,521	*	Parsons Corp		5,843
	26,322	*	Patrick Industries, Inc		1,295
	610,980		Peab AB (Series B)		5,224
	47,687		Pentair plc		1,774
	374,900		Penta-Ocean Construction Co Ltd		1,842
	52,440		PER Aarsleff A.S.		1,869
	2,779		Pfeiffer Vacuum Technology AG.		408
	406,571	*	PGT, Inc		6,798
	189,527	g	Philips Lighting NV		5,603
	8,293	e	Pinguely-Haulotte		67
	247,169	*,e	Plug Power, Inc		556
	27,454		PNC Infratech Ltd		80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	111,697		Polypipe Group plc	$	627
	876,100		Polyplex PCL (Foreign)		434
	22,314	e	Ponsse Oyj		807
	16,582	e	Porr AG.		366
	34,684		Powell Industries, Inc		1,318
	120,400	*	Power Construction Corp of China Ltd		93
	4,208		Preformed Line Products Co		234
	151,801		Primoris Services Corp		3,177
	30,638	*	Proto Labs, Inc		3,555
	34,884	e	Prysmian S.p.A.		721
	5,445,532		PT Adhi Karya Persero Tbk		649
	2,263,000		PT AKR Corporindo Tbk		655
	2,803,600	*,†	PT Inovisi Infracom Tbk		0	^
	3,557,388		PT Pembangunan Perumahan Tbk		556
	3,296,800	*	PT Sitara Propertindo Tbk		176
	11,238,000		PT Waskita Karya Persero Tbk		1,599
	14,442,023		PT Wijaya Karya		2,483
	386,300		Qatar Industrial Manufacturing Co		403
	1,951,337		QinetiQ plc		6,934
	18,000		QST International Corp		41
	36,913		Quanex Building Products Corp		697
	549,388		Quanta Services, Inc		20,981
	84,500		Raito Kogyo Co Ltd		1,081
	289,200		Ramirent Oyj		2,940
	155,813		Randon Participacoes S.A.		367
	2,387		Rational AG.		1,645
	41,322		Raven Industries, Inc		1,483
	858,186		Raytheon Co		149,221
	27,024	*	RBC Bearings, Inc		4,508
	240,000	*	Realord Group Holdings Ltd		139
	147,797		Rechi Precision Co Ltd		124
	80,224		Regal-Beloit Corp		6,555
	455,870	e	Reliance Worldwide Corp Ltd		1,128
	280,092	*	Resideo Technologies, Inc		6,140
	622,600		Reunert Ltd		2,985
	33,581	e	REV Group, Inc		484
	173,394	e	Rexel S.A.		2,201
	228,321	*	Rexnord Corp		6,900
	1,761,100		Rexon Industrial Corp Ltd		4,805
	63,008		Rheinmetall AG.		7,722
	8,800		Rheon Automatic Machinery Co Ltd		151
	70,854		Richelieu Hardware Ltd		1,194
	1,780		Rieter Holding AG.		271
	678,041		Rockwell Automation, Inc		111,083
	42,874		Rockwool International AS (B Shares)		10,969
	1,333,222		Rolls-Royce Group plc		14,243
	112,945,451	*	Rolls-Royce Holdings plc		143
	576,280		Roper Industries, Inc		211,068
	501,159		Rotork plc		2,015
	85,000		Run Long Construction Co Ltd		175
	167,529		Rush Enterprises, Inc (Class A)		6,118
	7,069		Rush Enterprises, Inc (Class B)		261
	144,908		Russel Metals, Inc		2,445
	93,300		Ryobi Ltd		1,766

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	53,806	e	Saab AB (Class B)	$	1,752
	607,135	e	Sacyr Vallehermoso S.A.		1,473
	88,366		Sadbhav Engineering Ltd		315
	276,803		Safran S.A.		40,494
	156,468		Salfacorp S.A.		197
	116,656	*	Samsung Engineering Co Ltd		1,736
	1,116,192	*	Samsung Heavy Industries Co Ltd		7,900
	49,340	*	Samsung Techwin Co Ltd		1,422
	45,623		San Shing Fastech Corp		78
	1,633,026		Sandvik AB		30,009
	67,200		Sanki Engineering Co Ltd		780
	11,300		Sankyo Tateyama, Inc		124
	349,300		Sanwa Shutter Corp		3,765
	414,000		Sany Heavy Equipment International		150
	211,700		Sany Heavy Industry Co Ltd		404
	4,300		Sanyo Denki Co Ltd		173
	6,229	*	Saudi Ceramic Co		33
	38,656	e	Savaria Corp		398
	5,101		Schaeffler India Ltd		361
	14,046		Schindler Holding AG.		3,131
	2,999		Schindler Holding AG. (Registered)		656
	1,678,990		Schneider Electric S.A.		151,920
	587		Schweiter Technologies AG.		553
	1,600	*,e	SEC Carbon Ltd		147
	14,900		Sekisui Jushi Corp		292
	1,123,383		SembCorp Industries Ltd		2,002
	484,400	*,e	SembCorp Marine Ltd		542
	21,944	*,e	Semperit AG. Holding		325
	235,128		Senior plc		644
	185,906	*	Sensata Technologies Holding plc		9,109
	206,530		Service Stream Ltd		408
	84,984	e	Seven Network Ltd		1,107
	25,500		SFS Group AG.		2,171
	82,984	*	SGL Carbon AG.		674
	113,308	*	SGSB Group Co Ltd		69
	170,980		Shanghai Diesel Engine Co Ltd		94
	90,800		Shanghai Electric Group Co Ltd		71
	2,305,025		Shanghai Electric Group Co Ltd (Hong Kong)		835
	141,000		Shanghai Highly Group Co Ltd		118
	385,508		Shanghai Industrial Holdings Ltd		836
	87,500		Shanghai Tunnel Engineering Co Ltd		80
	79,430		Shapir Engineering and Industry Ltd		292
	16,435	*	Shenzhen Inovance Technology Co Ltd		55
	10,200		Shibuya Kogyo Co Ltd		279
	1,155,335		Shikun & Binui Ltd		3,372
	17,200	e	Shima Seiki Manufacturing Ltd		506
	942,960		Shimizu Corp		7,851
	93,000		Shin Zu Shing Co Ltd		350
	14,300		Shinko Electric Co Ltd		164
	29,100		Shinmaywa Industries Ltd		371
	90,500		Shinnihon Corp		750
	21,400	e	SHO-BOND Holdings Co Ltd		756
	3,160,000		Shougang Concord International Enterprises Co Ltd		107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,608,500		Shun TAK Holdings Ltd	$	2,245
	1,323,235		Siemens AG.		157,538
	2,208,080		Siemens Gamesa Renewable Energy		36,700
	6,968	e	SIF Holding NV		80
	318,390		SIG plc		524
	2,724,260		Sime Darby BHD		1,491
	48,965		Simpson Manufacturing Co, Inc		3,254
	5,308,000		Singamas Container Holdings Ltd		795
	2,141,870		Singapore Technologies Engineering Ltd		6,560
	15,400		Sinko Industries Ltd		224
	453,957		Sino Thai Engineering & Construction PCL		400
	1,225,500		Sinopec Engineering Group Co Ltd		1,039
	868,500	e	Sinotruk Hong Kong Ltd		1,505
	68,400		Sintokogio Ltd		600
	45,160	*,e	SiteOne Landscape Supply, Inc		3,130
	31,772		SK C&C Co Ltd		6,393
	1,099,525		SK Networks Co Ltd		4,824
	43,671		Skanska AB (B Shares)		789
	150,090		SKF AB (B Shares)		2,763
	2,655,400		SKP Resources BHD		842
	182,750		SM Investments Corp		3,457
	36,853		SMC Corp		13,815
	60,991		Smiths Group plc		1,213
	108,032		Snap-On, Inc		17,894
	166,426		SNC-Lavalin Group, Inc		3,365
	21,700	e	Sodick Co Ltd		188
	5,480,100		Sojitz Holdings Corp		17,636
	29,437	*,e	Solaria Energia y Medio Ambiente S.A.		169
	91,799		Spirax-Sarco Engineering plc		10,717
	251,345		Spirit Aerosystems Holdings, Inc (Class A)		20,452
	226,436	*	SPX Corp		7,477
	300,527	*	SPX FLOW, Inc		12,580
	13,963		Stabilus S.A.		647
	14,695		Standex International Corp		1,075
	375,636		Stanley Black & Decker, Inc		54,321
	44,900		Star Micronics Co Ltd		581
	39,738	*	Ste Industrielle d’Aviation Latecoere S.A.		130
	141,859	*	Sterling Construction Co, Inc		1,904
	13,028		Sulzer AG.		1,426
	1,603,369		Sumitomo Corp		24,352
	11,000		Sumitomo Densetsu Co Ltd		175
	1,082,367		Sumitomo Heavy Industries Ltd		37,394
	1,060,740		Sumitomo Mitsui Construction C		5,890
	70,000		Sunonwealth Electric Machine Industry Co Ltd		74
	122,469	*,e	Sunrun, Inc		2,298
	1,608,022		Sunway Construction Group BHD		783
	2,444,500	*,†,e	Superb Summit International Group Ltd		3
	68,500		Suzhou Gold Mantis Construction Decoration Co Ltd		103
	1,425,190	*	Suzlon Energy Ltd		109
	121,095		Sweco AB (B Shares)		3,327
	53,600		Tadano Ltd		561
	349,997		Taeyoung Engineering & Construction		4,523
	14,700		Taihei Dengyo Kaisha Ltd		297
	13,100		Taikisha Ltd		397

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	354,609		Taisei Corp	$	12,917
	431,670		Taiwan Glass Industrial Corp		169
	7,100		Takamatsu Corp		143
	19,864		Takara Standard Co Ltd		315
	26,600		Takasago Thermal Engineering Co Ltd		439
	32,400		Takeuchi Manufacturing Co Ltd		582
	38,800		Takuma Co Ltd		483
	49,132	*,g	Talgo S.A.		306
	18,669		Tarkett S.A.		437
	14,900		Tatsuta Electric Wire and Cable Co Ltd		66
	89,700		TBEA Co Ltd		95
	2,704,675		Techtronic Industries Co		20,720
	852,000		Teco Electric and Machinery Co Ltd		626
	10,500		Teikoku Sen-I Co Ltd		206
	535,440		Tekfen Holding AS		2,397
	7,500		Tekken Corp		208
	97,811	*	Teledyne Technologies, Inc		26,788
	18,940		Tennant Co		1,159
	2,546,342		Terex Corp		79,955
	28,636	*	Textainer Group Holdings Ltd		289
	1,963,922		Textron, Inc		104,166
	67,270		Thales S.A.		8,309
	32,177		Thermax Ltd		493
	189,122	*	Thermon Group Holdings		4,851
	123,969	e	THK Co Ltd		2,982
	611,335		Thoresen Thai Agencies PCL		106
	106,318		Timken Co		5,458
	9,862		Timken India Ltd		105
	67,543		Titan International, Inc		330
	181,847	*,e	Titan Machinery, Inc		3,742
	514,000		TK Group Holdings Ltd		254
	33,886		TKH Group NV		2,097
	9,500		Toa Corp/Tokyo		144
	38,400		Tocalo Co Ltd		281
	126,900		Toda Corp		704
	14,700		Toenec Corp		424
	152,500		Tokai Corp		1,293
	175,060		Tokyu Construction Co Ltd		1,185
	47,440		Toro Co		3,174
	129,031		Toromont Industries Ltd		6,116
	256,654		Toshiba Corp		8,001
	10,992		Toshiba Machine Co Ltd		253
	28,300		Toshiba Plant Systems & Services Corp		533
	13,700		Totetsu Kogyo Co Ltd		373
	35,355		Toto Ltd		1,400
	287,900		Toyo Construction Co Ltd		1,128
	6,200		Toyo Tanso Co Ltd		124
	286,349		Toyota Tsusho Corp		8,698
	33,166	*	TPI Composites, Inc		820
	3,099,235		Trakya Cam Sanayi AS		1,566
	6,991	*	Transcat Inc		179
	203,574	*	TransDigm Group, Inc		98,489
	1,491,020		Travis Perkins plc		24,115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	164,671		Trelleborg AB (B Shares)	$	2,341
	76,235		Trencor Ltd		119
	65,672	*,e	Trex Co, Inc		4,709
	136,012	*	Trimas Corp		4,212
	38,357		Trinity Industries, Inc		796
	217,934		Triton International Ltd		7,140
	717,171		Triumph Group, Inc		16,423
	30,144	e	Troax Group AB		309
	23,200		Trusco Nakayama Corp		498
	78,400	e	Tsubaki Nakashima Co Ltd		1,288
	16,900		Tsubakimoto Chain Co		553
	888,100	e	Tsugami Corp		7,651
	14,700		Tsukishima Kikai Co Ltd		168
	10,000		Tsurumi Manufacturing Co Ltd		182
	516,145		Turk Sise ve Cam Fabrikalari AS		462
	43,387	*	Tutor Perini Corp		602
	11,881	*	Twin Disc, Inc		179
	371,300		UEM Edgenta BHD		258
	40,822	e	Ultra Electronics Holdings		856
	5,000		Union Tool Co		141
	344,500		Unique Engineering & Construction PCL		133
	133,800	e	United Engineers Ltd		255
	843,800		United Integrated Services Co Ltd		4,136
	322,472	*	United Rentals, Inc		42,769
	1,215,337		United Technologies Corp		158,237
	45,344	*	Univar, Inc		999
	286,390		Universal Forest Products, Inc		10,900
	31,432		Uponor Oyj		342
	61,300		Ushio, Inc		792
	547,039		Valmet Corp		13,647
	41,242		Valmont Industries, Inc		5,230
	7,758	*	Varta AG.		482
	15,549	g	VAT Group AG.		1,918
	158,969	*	Vectrus, Inc		6,448
	156,501		Veidekke ASA		1,520
	15,349	*	Veritiv Corp		298
	94,456		Vestas Wind Systems AS		8,183
	421,271		Vesuvius plc		2,932
	43,097		V-Guard Industries Ltd		152
	20,108	*	Vicor Corp		624
	1,105,887		Vinci S.A.		112,939
	51,650	*,e	Vivint Solar, Inc		377
	13,676		Volati AB		66
	44,044		Voltas Ltd		410
	29,995		Voltronic Power Technology Corp		654
	1,516,936		Volvo AB (B Shares)		24,104
	5,236		Vossloh AG.		193
	315,000	g	VPower Group International Holdings Ltd		113
	569,624		W.W. Grainger, Inc		152,790
	302,051		Wabash National Corp		4,914
	68,007	*	WABCO Holdings, Inc		9,018
	59,404	e	Wabtec Corp		4,263
	19,446		Wacker Construction Equipment AG.		489
	24,246		Wajax Income Fund		291

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,900		Wakita & Co Ltd	$	174
	11,507,000		Walsin Lihwa Corp		5,463
	17,728		Wartsila Oyj (B Shares)		257
	7,803		Washtec AG.		531
	60,272		Watsco, Inc		9,856
	131,184		Watts Water Technologies, Inc (Class A)		12,224
	389,516		WCT Berhad		100
	684,733		Weg S.A.		3,809
	4,395,284		Weichai Power Co Ltd		7,434
	187,900		Weichai Power Co Ltd (Class A)		337
	1,194,207		Weir Group plc		23,498
	6,252,557	*,e	Welbilt, Inc		104,418
	302,316	*	Wesco Aircraft Holdings, Inc		3,356
	958,451	*	WESCO International, Inc		48,546
	3,479	*	Willis Lease Finance Corp		203
	53,697	*	Willscot Corp		808
	23,139		Wilson Bayly Holmes-Ovcon Ltd		181
	113,006		Woodward Governor Co		12,788
	127,815		WSP Global, Inc		7,036
	282,600		XCMG Construction Machinery Co Ltd		184
	72,700		Xiamen C & D, Inc		94
	97,400		Xinjiang Goldwind Science & Technology Co Ltd		177
	726,600		Xinjiang Goldwind Science & Technology Co Ltd (Hong Kong)		795
	54,112		Xxentria Technology Materials Corp		125
	63,917		Xylem, Inc		5,346
	7,862		Y G-1 Co Ltd		65
	61,000		Yahagi Construction Co Ltd		398
	22,700		YAMABIKO Corp		198
	19,200	e	Yamashin-Filter Corp		112
	39,100		Yamazen Corp		377
	10,833,378		Yangzijiang Shipbuilding		12,274
	88,037	e	YIT Oyj		542
	16,800		Yokogawa Bridge Holdings Corp		271
	23,900		Yuasa Trading Co Ltd		669
	71,000		Yungtay Engineering Co Ltd		160
	92,800		Yurtec Corp		636
	14,200		Yushin Precision Equipment Co Ltd		133
	23,315	*	Yuyang DNU Co Ltd		153
	108,822		Zardoya Otis S.A.		827
	6,926		Zehnder Group AG.		252
	73,000		Zhejiang Chint Electrics Co Ltd		246
	100,200		Zhengzhou Coal Mining Machinery Group Co Ltd		46
	46,300		Zhengzhou Yutong Bus Co Ltd		88
	465,341		Zhuzhou CSR Times Electric Co Ltd		2,453
	255,300		Zoomlion Heavy Industry Science and Technology Co Ltd		224
	14,403	*,e	Zumtobel AG.		113
			TOTAL CAPITAL GOODS		8,934,400

COMMERCIAL & PROFESSIONAL SERVICES - 1.3%
	25,200	*,e	51job, Inc (ADR)		1,903
	106,920		ABM Industries, Inc		4,277

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	64,011	*	Acacia Research (Acacia Technologies)	$	189
	100,667		ACCO Brands Corp		792
	183,766		Adecco S.A.		11,044
	362,130	e	ADT, Inc		2,216
	185,950	*	Advanced Disposal Services, Inc		5,934
	12,600		Aeon Delight Co Ltd		373
	149,072	e	AF AB		3,376
	255,098		Aggreko plc		2,561
	6,496	e	Akka Technologies S.A.		468
	1,161,485		ALS Ltd		6,000
	9,790		Altech Corp		150
	228,624		AMA Group Ltd		230
	15,778		Amadeus Fire AG		2,148
	30,427		American Banknote S.A.		123
	95,412		Applus Services S.A.		1,297
	8,030		Assystem		326
	146,262	e	Babcock International Group		851
	7,506		Barrett Business Services, Inc		620
	8,000		BayCurrent Consulting, Inc		309
	13,400	g	Befesa S.A.		533
	23,500		Bell System24 Holdings, Inc		326
	95,500		Benefit One, Inc		1,653
	3,252		Bertrandt AG.		231
	9,743		BG Staffing, Inc		184
	134,626	g	Biffa plc		352
	16,532		Bilfinger Berger AG.		535
	279,983	e	Bingo Industries Ltd		445
	303,297		Blue Label Telecoms Ltd		101
	39,500		Boyd Group Income Fund		4,991
	106,031		Brady Corp (Class A)		5,229
	1,711,066		Brambles Ltd		15,496
	608,558	g	Bravida Holding AB		5,400
	31,974	*	BrightView Holdings, Inc		598
	57,266		Brink’s Co		4,649
	12,050	e	Brunel International NV		176
	327,909		Bureau Veritas S.A.		8,094
	1,862,495	*	Capita Group plc		2,497
	2,734,000	*	Capital Environment Holdings Ltd		77
	69,160	*	Casella Waste Systems, Inc (Class A)		2,741
	54,227	e	Caverion Corp		425
	260,997	*	CBIZ, Inc		5,113
	71,724	*	Ceco Environmental Corp		688
	4,200		Central Security Patrols Co Ltd		195
	2,946		Cewe Color Holding AG.		291
	10,025	*	Charah Solutions, Inc		55
	2,605,451		China Everbright International Ltd		2,407
	239	*,e	China Index Holdings Ltd (ADR)		1
	236,422	*,e	Cimpress NV		21,488
	156,093		Cintas Corp		37,039
	172,322	*	Clean Harbors, Inc		12,252
	41,000		Cleanaway Co Ltd		214
	5,522,962		Cleanaway Waste Management Ltd		9,052
	2,132		Compx International, Inc		36
	362,559	*	Copart, Inc		27,098

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	74,512	*	CoStar Group, Inc	$	41,284
	1,085,000	*	Country Garden Services Holdings Co Ltd		2,507
	128,681		Covanta Holding Corp		2,305
	40,401		CRA International, Inc		1,549
	1,320,000	†	CT Environmental Group Ltd		29
	53,739		Dai Nippon Printing Co Ltd		1,148
	21,500		Daiseki Co Ltd		539
	59,464		De La Rue plc		230
	47,534		Deluxe Corp		1,933
	56,981		Derichebourg		219
	26,377		DKSH Holding AG.		1,546
	1,193,791		Downer EDI Ltd		5,807
	24,098		Duskin Co Ltd		635
	180,000	e	Dynagreen Environmental Protection Group Co Ltd		85
	514,310		Edenred		26,212
	139,455		Elis S.A.		2,529
	20,000		en-japan, Inc		783
	28,136		Ennis, Inc		577
	213,746		Equifax, Inc		28,907
	256,000		Ever Sunshine Lifestyle Services Group Ltd		113
	2,557,742		Experian Group Ltd		77,473
	57,500		Exponent, Inc		3,366
	12,431	e	Fila S.p.A		185
	64,808		Forrester Research, Inc		3,048
	12,419	*	Franklin Covey Co		422
	64,015	*	FTI Consulting, Inc		5,367
	62,000		Fullcast Co Ltd		1,323
	25,550		Funai Soken Holdings, Inc		620
	16,185		GL Events		423
	16,471	*	GP Strategies Corp		248
	1,060,000	*,e	Greentown Service Group Co Ltd		857
	1,365,782		Group 4 Securicor plc		3,613
	4,396		Groupe CRIT		296
	2,132,087		Hays plc		4,260
	110,862	e	Healthcare Services Group		3,361
	217,615		Heidrick & Struggles International, Inc		6,522
	18,321	*	Heritage-Crystal Clean, Inc		482
	115,281		Herman Miller, Inc		5,153
	45,636		HNI Corp		1,615
	520,080		HomeServe plc		7,837
	38,228	*	Huron Consulting Group, Inc		1,926
	49,670		ICF International, Inc		3,616
	909,610	*	IHS Markit Ltd		57,960
	22,060	*	IIFL Wealth Management Ltd		9
	57,758	*	Innerworkings, Inc		221
	191,916		Insperity, Inc		23,441
	64,729		Interface, Inc		992
	150,454		Intertek Group plc		10,518
	56,162	g	Intertrust NV		1,160
	443,046	e	Intrum Justitia AB		11,389
	232,145		IPH Ltd		1,218
	106,800	e	IR Japan Holdings Ltd		2,582
	137,371		ISS AS		4,153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	385,995		IWG plc	$	1,668
	8,700		JAC Recruitment Co Ltd		206
	192,800		Japan Elevator Service Holdings Co Ltd		4,898
	115,421		KAR Auction Services, Inc		2,886
	12,000		KD Holding Corp		77
	74,987		Kelly Services, Inc (Class A)		1,964
	12,467		KEPCO Plant Service & Engineering Co Ltd		338
	140,909		Kforce, Inc		4,944
	221,417		Kimball International, Inc (Class B)		3,859
	272,784		Knoll, Inc		6,269
	8,427		Koentec Co Ltd		86
	48,700		Kokuyo Co Ltd		683
	197,979		Korn/Ferry International		7,933
	9,430	*,g	L&T Technology Services Ltd		238
	19,900	e	Link And Motivation, Inc		112
	194,253		Loomis AB		6,678
	43,387		LSC Communications, Inc		159
	113,056		Manpower, Inc		10,921
	6,962		Matsuda Sangyo Co Ltd		95
	35,713		Matthews International Corp (Class A)		1,245
	95,813		McGrath RentCorp		5,955
	41,389		McMillan Shakespeare Ltd		355
	16,700		Meitec Corp		859
	1,201,158		Michael Page International plc		7,818
	23,569	*	Mistras Group, Inc		339
	213,218	e	Mitie Group		396
	20,744		Mitsubishi Pencil Co Ltd		333
	276,238		Mobile Mini, Inc		8,406
	84,202	e	Morneau Sobeco Income Fund		1,901
	20,500		Moshi Moshi Hotline, Inc		241
	39,523		MSA Safety, Inc		4,165
	15,233		Multi-Color Corp		761
	43,448		Navigant Consulting, Inc		1,008
	884,785	*	nearmap Ltd		2,360
	15,497		NICE Information Service Co Ltd		228
	4,300		Nichiban Co Ltd		86
	714,180		Nielsen NV		16,140
	159,400		Nihon M&A Center, Inc		3,840
	10,200		Nippon Kanzai Co Ltd		173
	392,600		Nippon Parking Development Co Ltd		620
	10,941	*	NL Industries, Inc		40
	54,300		Nomura Co Ltd		680
	10,409	*	NRC Group Holdings Corp		116
	32,000		Okamura Corp		320
	139,371	*	On Assignment, Inc		8,446
	61,900		Outsourcing, Inc		755
	10,368		Oyo Corp		105
	93,673		Park24 Co Ltd		2,187
	10,500		Pasona Group, Inc		147
	41,900		Pilot Corp		1,626
	198,554	e	Pitney Bowes, Inc		850
	27,200		Prestige International, Inc		405
	272,504	*,e,g	Prosegur Cash S.A.		539
	159,582		Prosegur Cia de Seguridad S.A.		749

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	34,280	e	Quad Graphics, Inc	$	271
	42,829	*,g	Quess Corp Ltd		359
	172,501	*,e	Raksul, Inc		6,340
	196,862		Randstad Holdings NV		10,804
	2,690,348		Recruit Holdings Co Ltd		90,078
	2,120,102		RELX plc		51,281
	1,310,801		RELX plc (London)		31,793
	1,672,891		Rentokil Initial plc		8,446
	399,444		Republic Services, Inc		34,608
	31,351		Resources Connection, Inc		502
	163,922	e	Restore plc		833
	142,344		Ritchie Bros Auctioneers, Inc		4,734
	300,106		Robert Half International, Inc		17,109
	307,852		Rollins, Inc		11,043
	121,702		RPS Group plc		166
	87,252		RR Donnelley & Sons Co		172
	103,149		RWS Holdings plc		846
	16,089		S1 Corp (Korea)		1,360
	15,252		Sato Corp		388
	240,296		Secom Co Ltd		20,706
	342,042	e	Securitas AB (B Shares)		6,004
	319,088		Seek Ltd		4,749
	1,345,291	*	Serco Group plc		2,460
	96,435		SG Fleet Group Ltd		200
	4,985		SGS S.A.		12,706
	100,500	*,†	Shanghai Youngsun Investment Co Ltd		95
	687,304		Shanks Group plc		252
	112,625		SmartGroup Corp Ltd		661
	48,000		SMS Co Ltd		1,128
	25,634	e	Societe BIC S.A.		1,953
	50,469		Sohgo Security Services Co Ltd		2,333
	122,878	*	SP Plus Corp		3,923
	87,386		SPIE S.A.		1,621
	30,743		Sporton International, Inc		182
	171,868	e	Staffline Group plc		259
	146,561		Stantec, Inc		3,518
	98,498		Steelcase, Inc (Class A)		1,684
	158,961	*,e	Stericycle, Inc		7,590
	39,000		Sunny Friend Environmental Technology Co Ltd		347
	6,759		Synergie S.A		244
	58,720		Systemax, Inc		1,301
	134,660		Taiwan Secom Co Ltd		384
	227,020		Taiwan-Sogo Shinkong Security Corp		278
	20,200		Tanseisha Co Ltd		235
	38,951	*,e	Team, Inc		597
	10,771	*	TeamLease Services Ltd		460
	41,300		TechnoPro Holdings, Inc		2,205
	93,869		Teleperformance		18,807
	140,515		Temp Holdings Co Ltd		3,313
	153,820		Tetra Tech, Inc		12,083
	305,798		Thomson Reuters Corp		19,727
	137,895		Tinexta Spa		2,060
	116,701		Tomra Systems ASA		3,841

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,800		Toppan Forms Co Ltd	$	211
	81,938		Toppan Printing Co Ltd		1,246
	9,100		Tosho Printing Co Ltd		110
	140,663	e	Transcontinental, Inc		1,567
	338,199		TransUnion		24,861
	206,730	*	TriNet Group, Inc		14,016
	42,109	*	TrueBlue, Inc		929
	30,200		Trust Tech, Inc		431
	50,100		Tus-Sound Environmental Resources Co Ltd		86
	43,797		Unifirst Corp		8,259
	179,200	e	United Technology Holdings Co Ltd		4,384
	110,085	*,e	Upwork, Inc		1,770
	23,796		US Ecology, Inc		1,417
	507,678		Verisk Analytics, Inc		74,355
	21,242		Viad Corp		1,407
	11,811		VSE Corp		339
	184,590	*	WageWorks, Inc		9,375
	427,987		Waste Connections, Inc		40,907
	1,543,626		Waste Management, Inc		178,088
	4,000		WDB Holdings Co Ltd		100
	12,599	*	Willdan Group, Inc		469
	212,665		Wolters Kluwer NV		15,472
	3,300		World Holdings Co Ltd		52
	5,300		YAMADA Consulting Group Co Ltd		98
	26,800	e	Yumeshin Holdings Co Ltd		192
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,497,830

CONSUMER DURABLES & APPAREL - 1.8%
	369,000		361 Degrees International Ltd		73
	14,360		Accell Group		396
	36,353		Acushnet Holdings Corp		955
	214,963		Adidas-Salomon AG.		66,503
	31,366		Aksa Akrilik Kimya Sanayii		50
	90,400		Alpargatas S.A.		480
	70,262	*	American Outdoor Brands Corp		633
	370,157	*	AmTRAN Technology Co Ltd		131
	986,235		Anta Sports Products Ltd		6,802
	7,976	e	Aquafil S.p.A		75
	154,703	*	Arcelik AS		519
	23,600		Arezzo Industria e Comercio S.A.		309
	110,075	*	Aritzia, Inc		1,410
	56,921		Arvind Ltd		52
	143,400	e	Asics Corp		1,557
	64,710		Bajaj Electricals Ltd		496
	24,082	*	Bang & Olufsen AS (B Shares)		168
	1,360,043		Barratt Developments plc		9,897
	11,953		Bassett Furniture Industries, Inc		182
	17,915		Bata India Ltd		375
	37,311	*	Beazer Homes USA, Inc		359
	155,764		Bellway plc		5,509
	58,829		Beneteau S.A.		647
	94,097		Berkeley Group Holdings plc		4,460
	186,000	e	Best Pacific International Holdings Ltd		64
	152,500	g	Bestway Global Holding, Inc		71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	176,050		Bonava AB	$	2,212
	15,066,000	e	Bosideng International Holdings Ltd		4,195
	295,796		Bovis Homes Group plc		3,889
	52,600		Breville Group Ltd		605
	307,263		BRP, Inc (Toronto)		10,981
	19,905		Brunello Cucinelli S.p.A		672
	154,655		Brunswick Corp		7,097
	179,175		Burberry Group plc		4,247
	1,070,901	*	Cairn Homes plc		1,461
	5,552,409	*	Cairn Homes plc (London)		7,488
	171,479		Callaway Golf Co		2,943
	95,248	*,e	Canada Goose Holdings, Inc		3,687
	643,743	*	Capri Holdings Ltd		22,325
	79,396		Carter’s, Inc		7,744
	34,635		Casio Computer Co Ltd		432
	23,592	*	Cavco Industries, Inc		3,717
	27,346		CCC S.A.		1,235
	17,170	*	Centric Brands Inc		71
	30,701	*	Century Communities, Inc		816
	10,493	e	Chargeurs S.A.		208
	1,407,400		China Dongxiang Group Co		173
	814,000		China Lilang Ltd		748
	10,000		Chofu Seisakusho Co Ltd		199
	637,000		Chow Sang Sang Holding		939
	167		Christian Dior S.A.		88
	422,000		Cia Hering		3,268
	485,983		Cie Financiere Richemont S.A.		41,297
	704,000		Citychamp Watch & Jewellery Group Ltd		159
	83,315		Clarus Corp		1,203
	982,435		Coats Group plc		1,022
	46,249		Columbia Sportswear Co		4,632
	1,356,400	e	Consorcio ARA, S.A. de C.V.		302
	7,600		Corona Corp		70
	394,000	e,g	Cosmo Lady China Holdings Co Ltd		90
	304,308	g	Countryside Properties plc		1,154
	11,247		COWELL FASHION Co Ltd		75
	148,172		Crest Nicholson Holdings plc		673
	179,175	*	CROCS, Inc		3,539
	169,729		Crompton Greaves Consumer Electricals Ltd		570
	358,500	g	Crystal International Group Ltd		159
	619		Cuckoo Electronics Co Ltd		74
	19,543		Culp, Inc		371
	1,284,700		Cyrela Brazil Realty S.A.		6,959
	133,838	*	Deckers Outdoor Corp		23,551
	86,939		De’Longhi S.p.A.		1,760
	6,364	*	Delta Apparel, Inc		148
	4,939		Delta-Galil Industries Ltd		145
	19,790		Descente Ltd		349
	189,720		DFS Furniture plc		612
	35,230		Dorel Industries, Inc (Class B)		285
	604,344		DR Horton, Inc		26,065
	163,413		Eclat Textile Co Ltd		2,094
	1,032,145		Electrolux AB (Series B)		26,458

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	13,618		Escalade, Inc	$	156
	17,300	e	ES-Con Japan Ltd		108
	455,535		Essilor International S.A.		59,366
	25,148		Ethan Allen Interiors, Inc		530
	31,766		Ez Tec Empreendimentos e Participacoes S.A.		213
	21,807		F&F Co Ltd		1,694
	807,672		Feng TAY Enterprise Co Ltd		6,309
	226,173		Fila Korea Ltd		15,021
	8,962		Flexsteel Industries, Inc		153
	1,833		Forbo Holding AG.		3,237
	627,852		Formosa Taffeta Co Ltd		791
	40,637		Forus S.A.		99
	52,203	*,e	Fossil Group, Inc		600
	10,491		Foster Electric Co Ltd		152
	19,800		France Bed Holdings Co Ltd		178
	339,999	*,†,e	Fuguiniao Co Ltd		0	^
	4,100		Fujibo Holdings Inc		89
	34,200		Fujitsu General Ltd		545
	46,000	*	Fusheng Precision Co Ltd		293
	75,498		Games Workshop Group plc		4,757
	317,503		Garmin Ltd		25,337
	46,924	e	Geox S.p.A.		68
	1,153,439		Giant Manufacturing Co Ltd		9,045
	114,803	*	G-III Apparel Group Ltd		3,378
	264,601		Gildan Activewear, Inc		10,240
	2,455,569	*,g	Glenveagh Properties plc		2,044
	2,700,000	*,e,g	Glenveagh Properties plc (London)		2,230
	6,700	e	Goldwin, Inc		842
	456,000		Goodbaby International Holding		103
	330,057	*,e	GoPro, Inc		1,802
	73,700		Gree Electric Appliances, Inc of Zhuhai		592
	25,976	*	Green Brick Partners, Inc		216
	143,200		Grendene S.A.		291
	44,500		Guararapes Confeccoes S.A.		188
	9,000		Gunze Ltd		388
	1,181,944		Haier Electronics Group Co Ltd		3,280
	9,095		Hamilton Beach Brands Holding Co		173
	13,019		Handsome Co Ltd		417
	2,166,794	e	Hanesbrands, Inc		37,312
	179,232		Hangzhou Robam Appliances Co Ltd		710
	8,264		Hansae Co Ltd		150
	4,769		Hanssem Co Ltd		303
	228,232		Hasbro, Inc		24,120
	1,326,600		Haseko Corp		13,459
	38,500		Heilan Home Co Ltd		51
	31,700		Heiwa Corp		652
	34,723	*	Helen of Troy Ltd		4,534
	24,654	*,†	Hellenic Duty Free Shops S.A.		0	^
	24,432,000	*,e	HengTen Networks Group Ltd		583
	18,295		Hermes International		13,189
	3,400		Hinokiya Group Co Ltd		67
	3,271		Hitachi Home & Life Solutions India Ltd		84
	75,530	*,e	HLB, Inc		2,319
	14,229		Hooker Furniture Corp		293

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	466,000	†	Hosa International Ltd	$	1
	17,905		HS Industries Co Ltd		145
	14,940		Hugo Boss AG.		996
	371,119	e	Husqvarna AB (B Shares)		3,475
	8,225		Hwaseung Enterprise Co Ltd		102
	1,190		Hyosung TNC Co Ltd		146
	5,280		Hyundai Livart Furniture Co Ltd		79
	4,448	*	IFB Industries Ltd		49
	64,784	e	IG Design Group PLC		499
	314,575		Iida Group Holdings Co Ltd		5,093
	80,556	*	Installed Building Products, Inc		4,771
	30,619	*,e	iRobot Corp		2,806
	26,500		Japan Wool Textile Co Ltd		207
	82,287	e	JM AB		1,893
	522,500		JNBY Design Ltd		960
	23,692		Johnson Outdoors, Inc		1,767
	199,100		JVC KENWOOD Holdings, Inc		464
	277,000	e	Kasen International Holdings Ltd		203
	51,112		Kaufman & Broad S.A.		1,955
	192,102		KB Home		4,943
	3,539,000		Kinpo Electronics		1,227
	21,956		KMC Kuei Meng International In		73
	286,000		Konka Group Co Ltd		94
	87,623	*	Kontoor Brands, Inc		2,455
	6,122		KPR Mill Ltd		55
	45,700		Kurabo Industries Ltd		817
	25,894		LA Opala RG Ltd		73
	50,438		La-Z-Boy, Inc		1,546
	3,697,776		Lealea Enterprise Co Ltd		1,151
	11,900		LEC, Inc		127
	11,661	*,e	Legacy Housing Corp		145
	245,738	e	Leggett & Platt, Inc		9,429
	27,139		Lennar Corp (B Shares)		1,045
	728,714		Lennar Corp (Class A)		35,313
	350,709	*,e	Levi Strauss & Co		7,323
	81,614		LG Electronics, Inc		5,616
	49,190		LG Fashion Corp		980
	22,395	*,e	LGI Homes, Inc		1,600
	2,571,500	*	Li Ning Co Ltd		6,081
	32,432		Lifetime Brands, Inc		307
	7,735	*	Lovesac Co		240
	1,186		LPP S.A.		2,427
	342,825	*	Lululemon Athletica, Inc		61,780
	849,324		Luthai Textile Co Ltd		865
	307,037		LVMH Moet Hennessy Louis Vuitton S.A.		130,529
	71,086	*	M/I Homes, Inc		2,029
	100,735		Makalot Industrial Co Ltd		682
	117,324	*	Malibu Boats, Inc		4,558
	870,400	e	Man Wah Holdings Ltd		384
	6,442	*,†	Mariella Burani S.p.A.		0
	10,116		Marine Products Corp		156
	5,800		Mars Engineering Corp		107
	23,731	*	MasterCraft Boat Holdings, Inc		465

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,043,799	*,e	Mattel, Inc	$	22,911
	16,994	g	Mavi Giyim Sanayi Ve Ticaret AS.		118
	49,927		Maytronics Ltd		344
	210,218	g	McCarthy & Stone plc		365
	125,933		MDC Holdings, Inc		4,128
	112,000		Merida Industry Co Ltd		662
	66,658	*	Meritage Homes Corp		3,422
	119,300		Midea Group Co Ltd		904
	123,100		MIPS AB		2,456
	75,400		Misawa Homes Co Ltd		707
	9,400		Mizuno Corp		213
	254,109	*	Mohawk Industries, Inc		37,473
	404,106		Moncler S.p.A		17,321
	94,874		Movado Group, Inc		2,562
	2,022,565		MRV Engenharia e Participacoes S.A.		10,308
	7,665		Nacco Industries, Inc (Class A)		398
	436,239		Namco Bandai Holdings, Inc		21,168
	18,000		Nan Liu Enterprise Co Ltd		95
	46,262	*,e,g	Neinor Homes S.A.		563
	160,559		New Wave Group AB (B Shares)		1,118
	1,111,428		Newell Rubbermaid, Inc		17,138
	651,000		Nien Made Enterprise Co Ltd		4,902
	3,671,939		Nike, Inc (Class B)		308,259
	176,422		Nikon Corp		2,509
	583,800		Nishat Mills Ltd		341
	64,620		Nobia AB		377
	16,028	*	NVR, Inc		54,018
	56,431		Onward Kashiyama Co Ltd		312
	1,900		Oppein Home Group, Inc		30
	830,835		Oriental Weavers		519
	113,294	*,e,g	OVS S.p.A		195
	17,385		Oxford Industries, Inc		1,318
	2,444,778		Pacific Textile Holdings Ltd		1,936
	8,140		Page Industries Ltd		2,425
	47,200		Paiho Shih Holdings Corp		75
	1,122,165		Panasonic Corp		9,374
	26,371		Pandora AS		938
	402,000	*,†	Peace Mark Holdings Ltd		0
	269,882		Persimmon plc		6,856
	295,927	*	Peter England Fashions and Retail Ltd		924
	152,349		Photo-Me International plc		187
	20,656		PIK Group (GDR)		123
	185,394		Polaris Industries, Inc		16,913
	1,573,341		Pou Chen Corp		1,951
	14,117,722		Prada S.p.A		43,654
	323,700	e	Pressance Corp		4,454
	45,018,500		PT Sri Rejeki Isman Tbk		1,078
	745,227		Pulte Homes, Inc		23,564
	128,801		Puma AG. Rudolf Dassler Sport		8,590
	8,073	*,e	Purple Innovation, Inc		54
	87,073		PVH Corp		8,241
	179,000	e	Q Technology Group Co Ltd		136
	102,700	*	Qingdao Haier Co Ltd		259
	264,000		Quang Viet Enterprise Co Ltd		1,277

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	190,779		Rajesh Exports Ltd	$	1,995
	65,710		Ralph Lauren Corp		7,464
	61,666		Raymond Ltd		653
	385,841		Redrow plc		2,672
	185,000	e,g	Regina Miracle International Holdings Ltd		147
	33,504		Rinnai Corp		2,134
	14,370		Rocky Brands, Inc		392
	45,848	*	Roku, Inc		4,153
	257,000	*	Roo Hsing Co Ltd		116
	225,173		Ruentex Industries Ltd		549
	38,905	e	Salvatore Ferragamo Italia S.p.A		929
	4,892,566	g	Samsonite International		11,258
	28,400		Sangetsu Co Ltd		523
	74,811		Sankyo Co Ltd		2,713
	20,173		SEB S.A.		3,629
	20,124		Sega Sammy Holdings, Inc		245
	186,300		Seiko Holdings Corp		3,804
	26,000		Seiren Co Ltd		363
	283,449		Sekisui Chemical Co Ltd		4,268
	1,059,632		Sekisui House Ltd		17,459
	107,786	e	Sharp Corp		1,189
	714,524		Shenzhou International Group Holdings Ltd		9,857
	29,062		Shimano, Inc		4,331
	3,648	e	Sioen Industries NV		100
	47,836	*	Skechers U.S.A., Inc (Class A)		1,506
	284,144		Skyline Corp		7,780
	822,000	e	Skyworth Digital Holdings Ltd		221
	–	*,e	SodaStream International Ltd		0
	429,321	*,e	Sonos, Inc		4,869
	3,637,258		Sony Corp		191,138
	854,391	*,g	Spin Master Corp		24,708
	44,800		Starts Corp, Inc		1,058
	94,257		Steven Madden Ltd		3,200
	17,623		Sturm Ruger & Co, Inc		960
	585,254		Sumitomo Forestry Co Ltd		7,035
	11,263		Superior Uniform Group, Inc		193
	3,140		Surteco SE		91
	12,651		Swatch Group AG.		3,627
	3,243		Swatch Group AG. (Registered)		176
	7,525		Symphony Ltd		134
	488,602		Tainan Spinning Co Ltd		193
	522,600		Taiwan Paiho Ltd		1,514
	31,500		Tamron Co Ltd		646
	1,013,363		Tapestry, Inc		32,154
	1,664,000	*	Tatung Co Ltd		1,006
	312,877	*	Taylor Morrison Home Corp		6,558
	5,880,266		Taylor Wimpey plc		11,800
	8,600		TCL Corp		4
	2,830,000		TCL Multimedia Technology Holdings Ltd		1,367
	9,282	*,g	TCNS Clothing Co Ltd		112
	183,768	g	Technogym S.p.A		2,047
	16,524		Ted Baker plc		170
	40,878	e	Telford Homes plc		162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	240,904	*	Tempur Sealy International, Inc	$	17,675
	1,751,000		Texhong Textile Group Ltd		1,961
	458,000		Texwinca Holdings Ltd		140
	71,193	g	Thule Group AB		1,760
	447,183		Titan Industries Ltd		8,650
	7,058	e	Tod’s S.p.A.		330
	5,290		Token Corp		299
	259,751		Toll Brothers, Inc		9,512
	185,958		TomTom NV		2,136
	124,768		Tomy Co Ltd		1,455
	52,892	*	TopBuild Corp		4,377
	152,848	*	TRI Pointe Homes, Inc		1,830
	33,200		TSI Holdings Co Ltd		199
	4,076		TTK Prestige Ltd		399
	52,418		Tupperware Corp		998
	1,258,356	*,e	Under Armour, Inc (Class A)		31,899
	332,926	*	Under Armour, Inc (Class C)		7,391
	19,398	*	Unifi, Inc		352
	55,232	*	Universal Electronics, Inc		2,266
	14,100	e	Universal Entertainment Corp		422
	3,870		VAN DE Velde		121
	26,768		Vardhman Textiles Ltd		411
	103,962	*	Vera Bradley, Inc		1,248
	26,121	*	Vestel Elektronik Sanayi		56
	475,901		VF Corp		41,570
	64,613	*,e	Victoria plc		399
	3,105		Vince Holding Corp		43
	14,842		VIP Industries Ltd		96
	122,414	*	Vista Outdoor, Inc		1,087
	47,000	*	Vulcabras Azaleia S.A.		82
	23,513		Wacoal Holdings Corp		611
	170,500		Weiqiao Textile Co		54
	498,612		Welspun India Ltd		414
	109,461		Whirlpool Corp		15,583
	31,613		Whirlpool of India Ltd		728
	39,396	*	William Lyon Homes, Inc		718
	484,408		Wolverine World Wide, Inc		13,341
	42,002		Woongjin Coway Co Ltd		2,816
	1,133,000		XTEP International Holdings		684
	23,304		Yamaha Corp		1,109
	34,969	*,e	YETI Holdings, Inc		1,012
	8,300	e	Yondoshi Holdings, Inc		191
	32,000		Yonex Co Ltd		185
	9,985		Youngone Corp		323
	8,510		Youngone Holdings Co Ltd		448
	540,407		Yue Yuen Industrial Holdings		1,482
	33,902	*,e	Zagg, Inc		236
	10,800		Zhejiang Semir Garment Co Ltd		17
	22,900	e	Zojirushi Corp		245
			TOTAL CONSUMER DURABLES & APPAREL		2,115,309

CONSUMER SERVICES - 2.2%
	6,000	*,e	500.com Ltd (ADR)		64
	211,214		888 Holdings plc		437

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	692,354	e	AA plc	$	424
	45,003	*,g	AcadeMedia AB		254
	1,130,154	e	Accor S.A.		48,512
	1,894,800		Accordia Golf Trust		742
	62,841	*	Adtalem Global Education, Inc		2,831
	272,548		Advtech Ltd		267
	3,900		Aeon Fantasy Co Ltd		81
	235,000		Ajisen China Holdings Ltd		96
	608,700	*,e	Alsea SAB de C.V.		1,198
	40,225	*	American Public Education, Inc		1,190
	428,801		ARAMARK Holdings Corp		15,463
	10,700	e	ARCLAND SERVICE Co Ltd		184
	21,100	*	Arco Platform Ltd		924
	8,703,989	e	Arcos Dorados Holdings, Inc		63,365
	237,560		Ardent Leisure Group Ltd		175
	611,430		Aristocrat Leisure Ltd		13,217
	50,300	e	Atom Corp		446
	71,235		Autogrill S.p.A.		747
	22,962	*,g	Basic-Fit NV		808
	208,169		BBX Capital Corp		1,022
	422,500	*,e	Beijing Sports and Entertainment Industry Group Ltd		116
	61,125		Benesse Holdings Inc		1,427
	1,831,200		Berjaya Sports Toto BHD		1,223
	1,793		bet-at-home.com AG.		113
	1,016,546	e	Betsson AB		6,226
	8,656	*	Biglari Holdings, Inc (B Shares)		899
	22,557		BJ’s Restaurants, Inc		991
	78,500		BK Brasil Operacao e Assessoria a Restaurantes S.A.		455
	1,743,200		Bloomberry Resorts Corp		384
	602,523		Bloomin’ Brands, Inc		11,394
	23,433	e	Bluegreen Vacations Corp		274
	120,798		Boyd Gaming Corp		3,254
	146,183	*	Bright Horizons Family Solutions		22,055
	9,800	*	Bright Scholar Education Holdings Ltd (ADR)		89
	96,298	e	Brinker International, Inc		3,789
	4,300	e	BRONCO BILLY Co Ltd		87
	965,725	*	Caesars Entertainment Corp		11,415
	796,000		Cafe de Coral Holdings Ltd		2,368
	569,679	*	Career Education Corp		10,864
	905,979		Carnival Corp		42,173
	219,312		Carnival plc		9,652
	83,815		Carriage Services, Inc		1,593
	426,889	*	Carrols Restaurant Group, Inc		3,855
	38,419	*	Century Casinos, Inc		373
	22,081	*	Chalet Hotels Ltd		102
	45,292	e	Cheesecake Factory		1,980
	130,315	*	Chegg, Inc		5,029
	559,000		China Education Group Holdings Ltd		875
	51,900		China International Travel Service Corp Ltd		671
	670,000	e	China Maple Leaf Educational Systems Ltd		266
	231,000	e,g	China New Higher Education Group Ltd		90
	988,000		China Travel International Inv HK		205
	516,640	g	China Yuhua Education Corp Ltd		225

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	100,618	*	Chipotle Mexican Grill, Inc (Class A)	$	73,741
	64,549		Choice Hotels International, Inc		5,616
	40,054		Churchill Downs, Inc		4,609
	21,042	*	Chuy’s Holdings, Inc		482
	7,467		Cie des Alpes		207
	47,965		City Lodge Hotels Ltd		350
	8,203		Collectors Universe		175
	333,077		Collins Foods Ltd		1,943
	35,100	e	Colowide Co Ltd		673
	2,651,302		Compass Group plc		63,556
	46,326	e	Corporate Travel Management Ltd		733
	91,140		Cox & Kings India Ltd		49
	21,532	e	Cracker Barrel Old Country Store, Inc		3,676
	25,700	e	Create Restaurants Holdings, Inc		320
	325,379		Crown Resorts Ltd		2,844
	71,765	e	Curro Holdings Ltd		121
	64,500		CVC Brasil Operadora e Agencia de Viagens S.A.		837
	156,343		Dadi Early-Childhood Education Group Ltd		1,319
	9,568		Daekyo Co Ltd		52
	75,000		Dahan Development Corp		153
	4,200	e	Daisyo Corp		61
	106,626		Dalata Hotel Group plc		570
	119,325		Darden Restaurants, Inc		14,525
	39,188	e	Dave & Buster’s Entertainment, Inc		1,586
	43,949	*,e	Del Frisco’s Restaurant Group, Inc		350
	35,155	*	Del Taco Restaurants, Inc		451
	92,436	*	Denny’s Corp		1,898
	27,246		Dignity plc		224
	18,657	e	Dine Brands Global Inc.		1,781
	6,913	e	DO & CO AG.		667
	52,921	e	Domino’s Pizza Enterprises Ltd		1,399
	267,254		Domino’s Pizza Group plc		945
	93,373		Domino’s Pizza, Inc		25,984
	5,522		DoubleUGames Co Ltd		297
	17,800		Doutor Nichires Holdings Co Ltd		337
	78,699	*	Drive Shack, Inc		369
	2,163,105	*	Dubai Parks & Resorts PJSC		115
	67,478	e	Dunkin Brands Group, Inc		5,375
	7,604		Dur Hospitality Co		36
	102,753		EIH Ltd		272
	136,818	*	El Pollo Loco Holdings, Inc		1,459
	75,097	*,e	Eldorado Resorts, Inc		3,460
	55,646	g	Elior Participations S.C.A		765
	18,966	*	Emerson Pacific, Inc		250
	5,197	*,e	Empire Resorts, Inc		50
	987,992	*	Enterprise Inns plc		2,467
	633,600		Erawan Group PCL		130
	136,500		Estacio Participacoes S.A.		1,031
	348,605	g	Evolution Gaming Group AB		6,904
	958,089		Extended Stay America, Inc		16,182
	161,000		Fairwood Holdings Ltd		555
	34,367	*	Famous Brands Ltd		210
	2,620		Fattal Holdings 1998 Ltd		309
	31,710	*	Fiesta Restaurant Group, Inc		417

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	69,494		Flight Centre Travel Group Ltd	$	2,027
	22,990		Formosa International Hotels Corp		140
	377,280	*	frontdoor, Inc		16,431
	397,000		Fu Shou Yuan International Group Ltd		348
	11,999	e	Fuji Kyuko Co Ltd		433
	2,900	*,e	Fujio Food System Co Ltd		69
	6,700	e	Fujita Kanko, Inc		168
	247,194		G8 Education Ltd		527
	17,100		GAEC Educacao S.A.		85
	3,546,306		Galaxy Entertainment Group Ltd		23,856
	2,100		Genki Sushi Co Ltd		61
	5,860,892		Genting BHD		9,609
	4,396,134		Genting Singapore Ltd		2,991
	1,682,821		Gold Reef Resorts Ltd		1,820
	24,859	*,e	Golden Entertainment, Inc		348
	40,739		Gourmet Master Co Ltd		228
	8,074		Graham Holdings Co		5,571
	84,136	*	Grand Canyon Education, Inc		9,846
	13,807		Grand Korea Leisure Co Ltd		245
	76,075	*	Great Canadian Gaming Corp		2,579
	411,409		Greene King plc		3,227
	271,693		Greggs plc		7,919
	449,985		GVC Holdings plc		3,730
	410,289	e	H&R Block, Inc		12,022
	69,730	*	Habit Restaurants, Inc		732
	517,000	*,g	Haichang Holdings Ltd		86
	4,323		Hana Tour Service, Inc		188
	6,529		Herfy Food Services Co		98
	13,705		Hiday Hidaka Corp		263
	158,704	*,e	Hilton Grand Vacations, Inc		5,050
	690,002		Hilton Worldwide Holdings, Inc		67,441
	19,300		HIS Co Ltd		481
	334,500		Hongkong & Shanghai Hotels		436
	888,000	g	Hope Education Group Co Ltd		127
	160,800	*	Hoteles City Express SAB de C.V.		173
	568,784	*	Houghton Mifflin Harcourt Co		3,276
	105,375		Huangshan Tourism Development Co Ltd		112
	121,200	e	Huazhu Group Ltd (ADR)		4,394
	75,390		Hyatt Hotels Corp		5,739
	9,900		Ichibanya Co Ltd		441
	594,422		IDP Education Ltd		7,391
	536,180		Indian Hotels Co Ltd		1,224
	134,846		InterContinental Hotels Group plc		8,869
	245,194	e	International Game Technology plc		3,180
	46,553		International Speedway Corp (Class A)		2,090
	63,564	e	Invocare Ltd		714
	73,907	*	J Alexander’s Holdings, Inc		830
	139,089		Jack in the Box, Inc		11,320
	33,093	*	Jackpotjoy plc		311
	10,500	*	Japan Best Rescue System Co Ltd		140
	336,647		Jollibee Foods Corp		1,852
	77,112		Jubilant Foodworks Ltd		1,377
	441,554		Jumbo Interactive Ltd		6,260

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	334,966	*	K12, Inc	$	10,186
	11,772	*,e	Kambi Group plc		193
	83,794		Kangwon Land, Inc		2,195
	15,100	e	Kappa Create Co Ltd		191
	12,600		Kisoji Co Ltd		295
	6,200	*	KNT-CT Holdings Co Ltd		77
	44,200		KOMEDA Holdings Co Ltd		834
	56,200		Koshidaka Holdings Co Ltd		792
	17,700	*	Kourakuen Holdings Corp		456
	1,361,045		Kroton Educacional S.A.		3,888
	7,100	e	Kura Corp		303
	20,300	e	Kyoritsu Maintenance Co Ltd		951
	1,018,635		Las Vegas Sands Corp		60,191
	540,823	*	Laureate Education, Inc		8,496
	47,559		Leejam Sports Co JSC		948
	106,682	*,g	Lemon Tree Hotels Ltd		103
	104,461	e,g	LeoVegas AB		418
	260,547	*	Lindblad Expeditions Holdings, Inc		4,677
	4,555	*	Lotte Tour Development Co Ltd		51
	2,557,000		Macau Legend Development Ltd		360
	1,373,000		Magnum BHD		884
	437,700		Mandarin Oriental International Ltd		780
	483,200		Marriott International, Inc (Class A)		67,788
	77,081		Marriott Vacations Worldwide Corp		7,431
	572,494		Marston’s plc		848
	6,300		Matsuya Foods Co Ltd		191
	2,463,244		McDonald’s Corp		511,517
	126,163	e	McDonald’s Holdings Co Japan Ltd		5,566
	3,429		MegaStudyEdu Co Ltd		103
	7,700		Meiko Network Japan Co Ltd		68
	1,743,656		Melco Crown Entertainment Ltd (ADR)		37,872
	818,000		Melco International Development		1,810
	66,165		Melia Hotels International S.A.		632
	687,523	g	Merlin Entertainments plc		3,930
	3,445,494		MGM China Holdings Ltd		5,853
	868,781		MGM Resorts International		24,821
	1		Minor International PCL (ADR)		0	^
	3,518,808		Minor International PCL (Foreign)		4,704
	414,000	*,g	Minsheng Education Group Co Ltd		79
	153,583	*	Mitchells & Butlers plc		559
	7,006		Modetour Network, Inc		120
	11,762	*	Monarch Casino & Resort, Inc		503
	3,300	e	Monogatari Corp		264
	14,200	e	MOS Food Services, Inc		311
	26,009		MTY Food Group, Inc		1,298
	3,122		Nathan’s Famous, Inc		244
	120,752	e	Navitas Ltd		493
	102,981		NetEnt AB		330
	316,998	*	New Oriental Education & Technology Group (ADR)		30,616
	33,164	*,e	Noodles & Co		261
	791,843	*	Norwegian Cruise Line Holdings Ltd		42,467
	8,800		Ohsho Food Service Corp		516
	32,000	*,e	OneSmart International Education Group Ltd (ADR)		255
	50,550	*	OneSpaWorld Holdings Ltd		784

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	549,741		OPAP S.A.	$	6,166
	9,988	*,e	Orascom Development Holding AG.		153
	345,486		Oriental Land Co Ltd		42,860
	72,655		Paddy Power plc		5,464
	77,100		Pandox AB		1,421
	71,165	e	Papa John’s International, Inc		3,183
	20,784		Paradise Co Ltd		294
	115,724		Park Lawn Corp		2,542
	38,470	†	Patisserie Holdings plc		0	^
	2,161,104	*	Penn National Gaming, Inc		41,623
	33,900	e	Pepper Food Service Co Ltd		552
	5,100	e	PIA Corp		220
	193,772	*	Planet Fitness, Inc		14,037
	212,125	*	PlayAGS, Inc		4,126
	178,935		Playtech Ltd		970
	11,900	e	Plenus Co Ltd		194
	700,300	*	PointsBet Holdings Ltd		1,205
	31,899	*	Potbelly Corp		162
	21,607		RCI Hospitality Holdings, Inc		378
	259,578		Recipe Unlimited Corp		5,233
	21,254	*	Red Lion Hotels Corp		151
	16,559	*	Red Robin Gourmet Burgers, Inc		506
	430,554		Red Rock Resorts, Inc		9,248
	284,000		Regal Hotels International Holdings Ltd		178
	130,788	*	Regis Corp		2,171
	6,600		Renaissance, Inc		108
	3,544,229		Resorts World BHD		2,781
	50,700		Resorttrust, Inc		778
	1,189,158	e	Restaurant Brands International, Inc		82,694
	288,504	e	Restaurant Brands International, Inc (Toronto)		20,063
	14,866		Restaurant Brands New Zealand Ltd		93
	278,935		Restaurant Group plc		467
	12,600	e	Ringer Hut Co Ltd		261
	11,300	*,e	RISE Education Cayman Ltd (ADR)		108
	93,100		Riso Kyoiku Co Ltd		390
	45,800		Round One Corp		582
	626,445		Royal Caribbean Cruises Ltd		75,931
	14,800	e	Royal Holdings Co Ltd		366
	96,781		Ruth’s Chris Steak House, Inc		2,198
	16,600		Saizeriya Co Ltd		361
	3,799,375		Sands China Ltd		18,150
	26,044		Saudi Airlines Catering Co		593
	43,770	g	Scandic Hotels Group AB		386
	295,572	*	Scientific Games Corp (Class A)		5,858
	199,982	*	SeaWorld Entertainment, Inc		6,199
	32,861	*	Seera Group Holding		153
	50,844		Select Interior Concepts Inc		592
	27,796	g	Ser Educacional S.A.		180
	393,126		Service Corp International		18,390
	320,919	*	ServiceMaster Global Holdings, Inc		16,717
	31,569	*	Shake Shack, Inc		2,279
	638,000	*	Shanghai Jinjiang International Hotels Group Co Ltd		130
	2,444,120		Shangri-La Asia Ltd		3,078

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	156,400		Shenzhen Overseas Chinese Town Co Ltd	$	158
	901		Shinsegae Food Co Ltd		67
	29,600	*,e	Silver Life Co Ltd		1,380
	144,708		Six Flags Entertainment Corp		7,189
	1,780,148		SJM Holdings Ltd		2,024
	106,555		SkiStar AB		1,310
	393,372		Sky City Entertainment Group Ltd		1,002
	161,100	e	Skylark Co Ltd		2,815
	82,424		Sodexho Alliance S.A.		9,635
	1,100		Songcheng Performance Development Co Ltd		4
	35,486	*,e	Sotheby’s (Class A)		2,063
	16,012		Speedway Motorsports, Inc		297
	1,672,966		SSP Group PLC		14,581
	9,000		St Marc Holdings Co Ltd		192
	473,962		Star Entertainment Grp Ltd		1,372
	2,204,999		Starbucks Corp		184,845
	205,501	*	Stars Group, Inc		3,507
	42,613		Strategic Education, Inc		7,585
	7,500		Studio Alice Co Ltd		142
	59,859	*	Sun International Ltd		213
	34,600	e	Sushiro Global Holdings Ltd		2,067
	1,792,674		Tabcorp Holdings Ltd		5,601
	410,612	*	TAL Education Group (ADR)		15,644
	18,700	e	Tarena International, Inc (ADR)		47
	56,000	*	Target Hospitality Corp		510
	27,451	g	Telepizza Group S.A.		148
	186,256		Texas Roadhouse, Inc (Class A)		9,996
	946,240	e	Thomas Cook Group plc		158
	141,574		Thomas Cook India Ltd		471
	269,000		Tianli Education International Holdings Ltd		119
	3,600	*,e	TKP Corp		165
	46,300		Tokyo Dome Corp		438
	9,200	e	Tokyotokeiba Co Ltd		283
	12,500		Toridoll.corp		239
	8,700		Tosho Co Ltd		221
	1,740,885	*	Tsogo Sun Hotels Ltd		519
	636,919		TUI AG. (DI)		6,254
	17,500	*,e	Tuniu Corp (ADR)		57
	23,420		Twin River Worldwide Holdings Inc		697
	256,201		Unibet Group plc (ADR)		2,175
	100,641		Vail Resorts, Inc		22,461
	12,500		Watami Co Ltd		166
	120,578	*	Weight Watchers International, Inc		2,303
	358,074		Wendy’s		7,011
	13,096	*	Westlife Development Ltd		58
	46,676		Wetherspoon (J.D.) plc		847
	295,502		Whitbread plc		17,387
	507,623		William Hill plc		996
	167,915	e	Wingstop, Inc		15,910
	280,000		Wisdom Education International Holdings Co Ltd		149
	217,093		Wyndham Destinations, Inc		9,530
	164,283		Wyndham Hotels & Resorts, Inc		9,157
	1,808,709		Wynn Macau Ltd		4,049
	224,344		Wynn Resorts Ltd		27,816

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,300	e	Yomiuri Land Co Ltd	$	429
	37,800	e	Yoshinoya D&C Co Ltd		653
	1,730,261		Yum China Holdings, Inc		79,938
	489,878		Yum! Brands, Inc		54,215
	111,900		Zensho Co Ltd		2,278
			TOTAL CONSUMER SERVICES		2,582,690

DIVERSIFIED FINANCIALS - 3.7%
	455,410		3i Group plc		6,443
	18,131	e	ABC Arbitrage		132
	20,174		Ackermans & Van Haaren		3,029
	51,021		Acom Co Ltd		184
	113,500		Aeon Credit Service M BHD		461
	171,320		AEON Financial Service Co Ltd		2,765
	34,300		Aeon Thana Sinsap Thailand PCL		247
	94,204		Affiliated Managers Group, Inc		8,680
	45,315		AG Mortgage Investment Trust		720
	82,630		AGF Management Ltd		328
	917,287		AGNC Investment Corp		15,429
	229,200	*	Aiful Corp		469
	32,002		Aker ASA (A Shares)		1,845
	47,474	e	Alaris Royalty Corp		682
	401,141		Alexander Forbes Group Holdings Ltd		165
	1,306,066		Ally Financial, Inc		40,475
	654,320		Amanat Holdings PJSC		171
	3,141,006		American Express Co		387,726
	256,318		Ameriprise Financial, Inc		37,207
	184,143	e,g	Amigo Holdings plc		465
	3,069,084		AMP Ltd		4,578
	170,262	e,g	Amundi S.A.		11,888
	978,257	g	Anima Holding S.p.A		3,326
	1,554,511	e	Annaly Capital Management, Inc		14,193
	110,307		Anworth Mortgage Asset Corp		418
	9,100	*	Anxin Trust Co Ltd		7
	420,095		Apollo Commercial Real Estate Finance, Inc		7,726
	331,367		Ares Commercial Real Estate Corp		4,924
	71,995	*	Ares Management Corp		1,884
	43,159	e	Arlington Asset Investment Corp (Class A)		297
	65,306	*,e	ARMOUR Residential REIT, Inc		1,217
	101,025	e	Arrow Global Group plc		291
	305,150		Artisan Partners Asset Management, Inc		8,398
	14,325	*	Aseer Trading Tourism & Manufacturing Co		34
	2,401,680		Ashmore Group plc		15,537
	3,825	e	Associated Capital Group, Inc		143
	12,367		Aurelius AG.		588
	487,106		Australian Stock Exchange Ltd		28,221
	66,016		Avanza Bank Holding AB		504
	33,800		Avic Capital Co Ltd		27
	1,811,771		AXA Equitable Holdings, Inc		37,866
	76,548	*	Axactor SE		168
	489,286		Ayala Corp		8,541
	2,215	*,†	Ayala Corp Preferred		0	^
	178,034	e	Azimut Holding S.p.A.		3,431

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	25,891		B. Riley Financial, Inc	$	540
	141,030	e	B2Holding ASA		155
	2,771,653		B3 S.A.-Brasil Bolsa Balcao		27,038
	280,590		Bajaj Finance Ltd		14,960
	548,101	g	Banca Farmafactoring S.p.A		3,055
	208,515	e	Banca Generali S.p.A		6,004
	10,801	e	Banca IFIS S.p.A.		146
	85,070	e	Banca Mediolanum S.p.A		627
	178,500		Banco BTG Pactual S.A.		2,365
	54,244		Banco Latinoamericano de Exportaciones S.A. (Class E)		1,130
	1,420,669		Bank of New York Mellon Corp		62,723
	487,077		BGC Partners, Inc (Class A)		2,547
	207,235		BinckBank NV		1,487
	206,805		BlackRock, Inc		97,054
	1,629,643	*	Blackstone Group LP		72,389
	160,334	e	Blackstone Mortgage Trust, Inc		5,705
	92,883	*	Blucora, Inc		2,821
	484,000	e	BOCOM International Holdings Co Ltd		82
	251,800	e	Bolsa Mexicana de Valores S.A. de C.V.		477
	51,832		Bolsas y Mercados Espanoles		1,269
	158,098	*,e	Brait S.A.		208
	468,426		Brewin Dolphin Holdings plc		1,822
	3,238,000	e	Bright Smart Securities & Commodities Group Ltd		655
	1,180,398		Brookfield Asset Management, Inc		56,471
	5,228		BSE Ltd		46
	183,716		BT Investment Management Ltd		924
	64,462	e	Bure Equity AB		1,101
	420,971		Burford Capital Ltd		8,311
	338,700		Bursa Malaysia BHD		574
	17,500		Caitong Securities Co Ltd		28
	206,039		Canaccord Financial, Inc		944
	216,457	*	Cannae Holdings, Inc		6,273
	1,170,609		Capital One Financial Corp		106,221
	765,990		Capital Securities Corp		234
	425,280		Capstead Mortgage Corp		3,551
	190,752		CBOE Holdings, Inc		19,768
	131,192		Cembra Money Bank AG.		12,660
	26,710		Century Leasing System, Inc		1,130
	110,661		Cerved Information Solutions S.p.A		982
	4,842,028		Chailease Holding Co Ltd		20,065
	787,775		Challenger Financial Services Group Ltd		3,677
	20,000		Changjiang Securities Co Ltd		23
	2,391,663		Charles Schwab Corp		96,121
	16,225		Cherry Hill Mortgage Investment Corp		260
	360,076	e	Chimera Investment Corp		6,795
	473,000		China Bills Finance Corp		228
	8,653,105		China Cinda Asset Management Co Ltd		1,994
	1,248,000	†	China Ding Yi Feng Holdings Ltd		2,768
	909,125		China Everbright Ltd		1,344
	9,210,045		China Galaxy Securities Co Ltd		5,464
	9,944,000	*,g	China Huarong Asset Management Co Ltd		1,732
	1,124,800	e,g	China International Capital Corp Ltd		2,270
	1,072,000	*	China LNG Group Ltd		82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	149,400		China Merchants Securities Co Ltd	$	372
	486,719		CI Financial Corp		7,931
	2,114,415		CITIC Securities Co Ltd		4,410
	318,200		CITIC Securities Co Ltd (Class A)		1,106
	152,832		Close Brothers Group plc		2,743
	76,396	g	CMC Markets plc		87
	735,227		CME Group, Inc		142,715
	227,886		Coface S.A.		2,299
	25,309		Cohen & Steers, Inc		1,302
	90,585		Colony Credit Real Estate, Inc		1,404
	1,128,500		Concentradora Hipotecaria SAPI de C.V.		1,021
	126,860		Coronation Fund Managers Ltd		403
	13,767		Corp Financiera Alba		722
	189,227	*	Corp Financiera Colombiana S.A.		1,466
	88,258	*,e	Cowen Group, Inc		1,517
	18,397	*	Cox & Kings Ltd		1
	41,962	*	Credit Acceptance Corp		20,302
	21,025		Credit Analysis & Research Ltd		287
	40,481	e	Credit Corp Group Ltd		755
	76,482		Credit Saison Co Ltd		898
	6,266,481		Credit Suisse Group		75,005
	114,751		Credito Real SAB de C.V.		141
	22,383		CRISIL Ltd		482
	15,439	*	Curo Group Holdings Corp		171
	380,589		Daewoo Securities Co Ltd		2,703
	19,870		Daishin Securities Co Ltd		239
	7,939		Daishin Securities Co Ltd PF		65
	1,419,295		Daiwa Securities Group, Inc		6,231
	6,775		Daou Data Corp		55
	111,631		Daou Technology, Inc		2,101
	44,464		DeA Capital S.p.A.		65
	190,871		Deutsche Bank AG. (Registered)		1,472
	6,971		Deutsche Beteiligungs AG.		269
	137,706		Deutsche Boerse AG.		19,440
	8,367		Diamond Hill Investment Group, Inc		1,186
	9,005,000	*,e	Dingyi Group Investment Ltd		427
	759,461		Discover Financial Services		58,927
	45,086	e,g	doBank S.p.A		600
	37,628	*	Donnelley Financial Solutions, Inc		502
	996,168		Dubai Financial Market		191
	26,627		Dynex Capital, Inc		446
	1,204,992		E*TRADE Financial Corp		53,743
	178,100		East Money Information Co Ltd		352
	213,132		Eaton Vance Corp		9,192
	290,750		ECN Capital Corp		937
	4,420,178		Edelweiss Capital Ltd		10,865
	6,728	*,e	EFG Financial Products Holding AG.		239
	47,234	e	EFG International		327
	18,900		eGuarantee, Inc		227
	282,183		Egyptian Financial Group-Hermes Holding		289
	567,534		Element Financial Corp		4,143
	24,420	*	Elevate Credit, Inc		101
	68,844		Ellington Financial Inc		1,237

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,022,000		Emperor Capital Group Ltd	$	75
	34,350	*,e	Encore Capital Group, Inc		1,163
	272,717	*	Enova International, Inc		6,286
	230,157	*	Equitas Holdings Ltd		400
	10,157		Eurazeo		708
	1,341,902	g	Euronext NV		101,527
	19,400		Everbright Securities Co Ltd		32
	74,136		Evercore Partners, Inc (Class A)		6,566
	219,969		Exantas Capital Corp		2,488
	117,160		EXOR NV		8,208
	51,933	*	Ezcorp, Inc (Class A)		492
	40,493		Factset Research Systems, Inc		11,604
	2,090,276		Far East Horizon Ltd		2,138
	107,416		Federated Investors, Inc (Class B)		3,491
	849,832		FGL Holdings		7,139
	71,055		Fiera Capital Corp		612
	38,000		Financial Products Group Co Ltd		314
	6,937	*	FinTech Group AG.		154
	1,402,000		First Pacific Co		569
	118,616		FirstCash, Inc		11,864
	3,529,686		FirstRand Ltd		17,191
	520,184		FlexiGroup Ltd		596
	68,157	e,g	Flow Traders		1,990
	33,131	*	Focus Financial Partners, Inc		905
	48,600		Founder Securities Co Ltd		50
	535,392		Franklin Resources, Inc		18,632
	22,976,303		Fuhwa Financial Holdings Co Ltd		13,811
	12,800		Fuyo General Lease Co Ltd		730
	39,933	e	Gain Capital Holdings, Inc		165
	6,173		GAMCO Investors, Inc (Class A)		118
	5,508,300	e	Gentera SAB de C.V.		4,761
	1,466,600		GF Securities Co Ltd		1,745
	139,000		GF Securities Co Ltd (Class A)		279
	10,984		Gimv NV		693
	62,900	e	GMO Financial Holdings, Inc		371
	171,019		goeasy Ltd		6,921
	791,377		Goldman Sachs Group, Inc		161,916
	259,932		Granite Point Mortgage Trust, Inc		4,988
	33,783		Great Ajax Corp		473
	119,153	*	Green Dot Corp		5,827
	23,271		Greenhill & Co, Inc		316
	15,997		GRENKELEASING AG.		1,720
	72,647		Groupe Bruxelles Lambert S.A.		7,138
	351,783		Grupo de Inversiones Suramericana S.A.		3,733
	106,808		Grupo de Inversiones Suramericana S.A. (Preference)		1,052
	14,612		Gruppo MutuiOnline S.p.A		260
	196,485		GT Capital Holdings, Inc		3,607
	21,400		Guosen Securities Co Ltd		41
	1,771,800	e	Guotai Junan International Hol		306
	268,000	*	Guotai Junan Securities Co Ltd		718
	789,000	*,g	Guotai Junan Securities Co Ltd (Hong Kong)		1,405
	15,000		Guoyuan Securities Co Ltd		20
	600,927		Haci Omer Sabanci Holding AS		891
	3,005,762		Haitong Securities Co Ltd		3,372

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	144,600		Haitong Securities Co Ltd (Class A)	$	299
	31,877		Hamilton Lane, Inc		1,819
	9,660		Hankook Tire Worldwide Co Ltd		143
	51,081	*	Hanwha Securities Co		112
	370,446		Hargreaves Lansdown plc		9,051
	26,187		Hellenic Exchanges S.A.		146
	36,700		Hitachi Capital Corp		818
	1,000		Hithink RoyalFlush Information Network Co Ltd		14
	54,010	e,g	Hoist Finance AB		264
	1,391,300		Hong Kong Exchanges and Clearing Ltd		49,169
	37,296		Houlihan Lokey, Inc		1,661
	1,648,000	e,g	Huatai Securities Co Ltd		2,837
	171,116		Huatai Securities Co Ltd (Class A)		557
	29,651		HUB24 Ltd		248
	2,074	*	Hypoport AG.		566
	46,600		IBJ Leasing Co Ltd		1,169
	16,200		Ichiyoshi Securities Co Ltd		110
	28,764	g	ICICI Securities Ltd		92
	365,175	*	IFCI Ltd		49
	1,531,960		IG Group Holdings plc		11,357
	219,274		IGM Financial, Inc		6,261
	154,423	*	IIFL Securities Ltd		430
	1,490,120		Indiabulls Housing Finance Ltd		13,113
	141,540		Indiabulls Securities Ltd		562
	69,952	g	Indian Energy Exchange Ltd		146
	39,100		Industrial Securities Co Ltd		38
	408,429		Industrivarden AB		9,063
	345,639		Infrastructure Development Finance Co Ltd		174
	220,264		IntegraFin Holdings plc		1,063
	141,142		Interactive Brokers Group, Inc (Class A)		7,650
	1,254,512		IntercontinentalExchange Group, Inc		107,813
	820,720		Intermediate Capital Group plc		14,396
	140,700		International Personal Finance plc		214
	61,677	*	INTL FCStone, Inc		2,442
	125,226		Inversiones La Construccion S.A.		2,092
	689,161		Invesco Ltd		14,100
	441,658		Invesco Mortgage Capital, Inc		7,120
	928,451		Investec Ltd		6,039
	601,046		Investec plc		3,907
	15,174		Investment AB Kinnevik (B Shares)		395
	26,012		Investment AB Oresund		344
	325,712		Investor AB (B Shares)		15,663
	194,771	e	IOOF Holdings Ltd		708
	3,500		iShares Core S&P 500 ETF		1,032
	20,000	e	iShares Dow Jones US Financial Services Index Fund		2,678
	366,820		iShares MSCI Canada Index Fund		10,498
	1,836,767		iShares MSCI EAFE Index Fund		120,731
	17,200	e	iShares MSCI EAFE Small-Cap ETF		987
	1,028,348		iShares MSCI Emerging Markets		44,126
	4,778		iShares MSCI South Korea Index Fund		286
	205,647		iShares Russell 1000 Value Index Fund		26,162
	160,000	e	iShares Russell Midcap Growth Index Fund		22,814
	29,400	e	J Trust Co Ltd		132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	92,800		Jaccs Co Ltd	$	1,851
	30,310	*	Jafco Co Ltd		1,114
	30,581		Janus Henderson Group plc		654
	8,800	e	Japan Investment Adviser Co Ltd		147
	54,100		Japan Securities Finance Co Ltd		276
	501,791		Jefferies Financial Group, Inc		9,649
	25,400	*,e	Jianpu Technology, Inc (ADR)		95
	667,193		Jih Sun Financial Holdings Co Ltd		231
	347,836		JM Financial Ltd		387
	209,220		JSE Ltd		2,080
	32,602		Julius Baer Group Ltd		1,453
	142,504		Julius Baer Holding AG.		660
	1,289,179		Jupiter Investment Management Group Ltd		6,919
	168,500	e	kabu.com Securities Co Ltd		873
	38,593		KBC Ancora		1,727
	6,436		KIWOOM Securities Co Ltd		456
	201,149	e	KKR Real Estate Finance Trust, Inc		4,007
	43,743		Korea Investment Holdings Co Ltd		3,062
	7,807		KRUK S.A.		383
	147,751	*	Kumho Investment Bank		96
	7,918		Kyobo Securities Co		76
	10,000		Kyokuto Securities Co Ltd		81
	276,571		Ladder Capital Corp		4,594
	542,278		Ladenburg Thalmann Financial Services, Inc		1,860
	240,898		Lazard Ltd (Class A)		8,284
	214,262		Legg Mason, Inc		8,202
	368,535	*	LendingClub Corp		1,209
	587,146		London Stock Exchange Group plc		40,915
	370,685		LPL Financial Holdings, Inc		30,237
	152,628		Lundbergs AB (B Shares)		5,720
	11,400	*	M&A Capital Partners Co Ltd		618
	314,449		Macquarie Group Ltd		27,736
	445,251		Magellan Financial Group Ltd		15,985
	67,244		Magma Fincorp Ltd		127
	366,619	*	Mahindra & Mahindra Financial Services Ltd		2,063
	21,151,602		Man Group plc		41,821
	978,453		Manappuram General Finance & Leasing Ltd		1,959
	83,021		MarketAxess Holdings, Inc		26,685
	10,557		Marlin Business Services Corp		263
	34,100	*,e	Marusan Securities Co Ltd		177
	78,200	*	Matsui Securities Co Ltd		739
	21,204	*	Medallion Financial Corp		143
	71,794		Meritz finance Holdings Co Ltd		911
	271,202		Meritz Securities Co Ltd		1,260
	32,092,906		Metro Pacific Investments Corp		3,006
	850,713		MFA Mortgage Investments, Inc		6,108
	404,497		Mitsubishi UFJ Lease & Finance Co Ltd		2,149
	37,677		MLP AG.		177
	49,092		Moelis & Co		1,716
	24,847		Moelis Australia Ltd		67
	89,800	e	Monex Beans Holdings, Inc		318
	287,614		Moody’s Corp		56,174
	7,088,663		Morgan Stanley		310,554
	55,563		Morningstar, Inc		8,037

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	39,811		Motilal Oswal Financial Services Ltd	$	402
	201,119		MSCI, Inc (Class A)		48,025
	478,700		Muangthai Capital PCL		883
	1,026,998	*	Multi Commodity Exchange of India Ltd		12,377
	167,685		Muthoot Finance Ltd		1,566
	205,131		NASDAQ OMX Group, Inc		19,727
	431,927		Natixis		1,739
	468,603		Navient Corp		6,396
	454,599		Navigator Global Investments Ltd		1,259
	3,400		NEC Capital Solutions Ltd		56
	31,947		Nelnet, Inc (Class A)		1,892
	300,787	e	Netwealth Group Ltd		1,693
	774,273		New Residential Investment Corp		11,916
	227,206		New York Mortgage Trust, Inc		1,409
	56,823	*	NewStar Financial, Inc		15
	21,666		NICE Holdings Co Ltd		426
	24,500	*,e	Noah Holdings Ltd (ADR)		1,042
	1,237,379		Nomura Holdings, Inc		4,381
	119,795		Northern Trust Corp		10,782
	46,152		Numis Corp plc		159
	75,897		Och-Ziff Capital Management Group LLC		1,742
	78,700	e	Okasan Holdings, Inc		289
	785,289		OM Asset Management plc		8,960
	567,970	*	On Deck Capital, Inc		2,357
	333,680		OneMain Holdings, Inc		11,282
	134,786		Onex Corp		8,130
	500,000		OP Financial Investments Ltd		125
	11,911		Oppenheimer Holdings, Inc		324
	61,677	e	Orchid Island Capital, Inc		392
	1,199,700		Orient Corp		1,283
	24,700		Orient Securities Co Ltd		38
	3,619,514		ORIX Corp		54,093
	470,682		Osaka Securities Exchange Co Ltd		7,496
	149,246		OzForex Group Ltd		146
	41,948		P2P Global Investments plc		450
	25,054		Pargesa Holding S.A.		1,932
	9,357		Partners Group		7,359
	82,256		PennyMac Mortgage Investment Trust		1,796
	434,910		Peregrine Holdings Ltd		569
	517,000	*,†	Peregrine Investment Holdings		0
	59,121	e	Perpetual Trustees Australia Ltd		1,757
	27,705		Pico Holdings, Inc		322
	50,633	e	Pinnacle Investment Management Group Ltd		156
	856,049	*	Pioneers Holding		325
	15,041		Piper Jaffray Cos		1,117
	25,212		PJT Partners, Inc		1,022
	315,460		Platinum Asset Mangement Ltd		1,076
	153,626		Plus500 Ltd		1,017
	755,200	*	Pool Advista Indonesia Tbk PT		123
	1,706,813		Power Finance Corp Ltd		3,318
	34,800	e	PPDAI Group, Inc (ADR)		151
	51,697	*	PRA Group, Inc		1,455
	400,082		President Securities Corp		177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	145,884		Provident Financial plc	$	764
	112,008		PSG Group Ltd		1,901
	5,045,200	*	PT Kresna Graha Investama Tbk		195
	151,782		Pzena Investment Management, Inc (Class A)		1,304
	3,035,272	g	Quilter plc		5,407
	606,118		Ratchthani Leasing PCL		136
	28,507		Rathbone Brothers		804
	799,837		Ratos AB (B Shares)		2,222
	245,797		Raymond James Financial, Inc		20,782
	36,714	e	Ready Capital Corp		547
	104,893	e	Redwood Trust, Inc		1,734
	52,675	*	Regional Management Corp		1,389
	185,732		Reinet Investments S.C.A		2,996
	33,195		Reliance Capital Ltd		32
	411,751		Remgro Ltd		5,494
	37,398		Repco Home Finance Ltd		207
	1,509,054	g	Resurs Holding AB		8,989
	10,800		Ricoh Leasing Co Ltd		330
	620,335		RMB Holdings Ltd		3,721
	1,648,320		Rural Electrification Corp Ltd		3,933
	701,449		S&P Global, Inc		159,783
	81,327	*	Safeguard Scientifics, Inc		982
	26,213		Samsung Card Co		867
	65,199		Samsung Securities Co Ltd		2,212
	180,287		Sanne Group plc		1,610
	412,453		Santander Consumer USA Holdings, Inc		9,882
	138,098		SBI Holdings, Inc		3,430
	333,910		Schroders plc		12,953
	2,700		SDIC Capital Co Ltd		6
	240,410		SEI Investments Co		13,487
	5	*,†	SFCG Co Ltd		0
	142,000		Sheng Ye Capital Ltd		135
	74,200		Shenwan Hongyuan Group Co Ltd		54
	1,806		Shinyoung Securities Co Ltd		94
	1,073,124		Shriram Transport Finance Co Ltd		16,797
	10,249	*,e	Siebert Financial Corp		92
	9,646		Silvercrest Asset Management Group, Inc		135
	1,579,235		Singapore Exchange Ltd		9,252
	13,400		Sinolink Securities Co Ltd		19
	97,751	*	SKS Microfinance Pvt Ltd		1,264
	6,590,000	*,e	Skyway Securities Group Ltd		168
	938,691		SLM Corp		9,124
	768,475	*,†,e	SNS Reaal		9
	2,737		Societe Fonciere Financiere et de Participations FFP		294
	9,483		Sofina S.A.		1,810
	9,900		SooChow Securities Co Ltd		15
	48,300	e	Sparx Group Co Ltd		102
	8,000		SPDR Trust Series 1		2,344
	237,297	e	Sprott, Inc		611
	513,285		Srisawad Corp PCL		942
	434,016		St. James’s Place plc		6,060
	2,194,746		Standard Life Aberdeen plc		8,212
	907,683		Starwood Property Trust, Inc		20,623
	758,975		State Street Corp		42,548

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	153,900		Stifel Financial Corp	$	9,089
	20,000		Strike Co Ltd		376
	296,000		Sun Hung Kai & Co Ltd		138
	28,994		Sundaram Finance Ltd		702
	5,103	e	Swissquote Group Holding S.A.		218
	2,618,865		Synchrony Financial		90,796
	432,240		T Rowe Price Group, Inc		47,421
	1,339,197	e	Tai Fook Securities Group Ltd		438
	635,000		Taiwan Acceptance Corp		2,353
	59,745	e	Tamburi Investment Partners S.p.A.		382
	5,649		Tata Investment Corp Ltd		73
	499,188		TD Ameritrade Holding Corp		24,919
	62,093		TMX Group Ltd		4,320
	110,480		Tokai Tokyo Securities Co Ltd		338
	61,907	*	Tong Yang Investment Bank		174
	133,964		TPG RE Finance Trust, Inc		2,584
	520,011		Tullett Prebon plc		1,981
	405,511		Two Harbors Investment Corp		5,138
	2,754,668		UBS AG.		32,740
	11,030	*	Ujjivan Financial Services Ltd		47
	622,000	e	Unifin Financiera SAPI de C.V. SOFOM ENR		1,381
	293,724	*	Uranium Participation Corp		942
	9,500	*,e	Uzabase, Inc		218
	1,797		Value Line, Inc		49
	582,000	e	Value Partners Group Ltd		389
	39,710		Vanguard Emerging Markets ETF		1,689
	25,000		Vanguard FTSE Developed Markets ETF		1,043
	12,989		Verusa Holding AS.		40
	169,954	e	Virtu Financial, Inc		3,702
	7,471		Virtus Investment Partners, Inc		802
	103,946		Vontobel Holding AG.		5,783
	1,290,777		Voya Financial, Inc		71,380
	2,002		VP Bank AG.		324
	1,545		VZ Holding AG.		423
	86,162	e	Waddell & Reed Financial, Inc (Class A)		1,436
	106,293		Warsaw Stock Exchange		1,223
	1,391,637		Waterland Financial Holdings		480
	36,036		Wendel		4,913
	272,738		Western Asset Mortgage Capital Corp		2,722
	57,288		Westwood Holdings Group, Inc		2,017
	140,572		WisdomTree Investments, Inc		867
	141,806		Woori Investment & Securities Co Ltd		1,785
	7,886	*	World Acceptance Corp		1,294
	22,600		X Financial (ADR)		85
	13,700		Yintech Investment Holdings Ltd (ADR)		64
	5,200	e	Yirendai Ltd (ADR)		72
	715,500	*,e,g	Yixin Group Ltd		171
	470,561		Zeder Investments Ltd		119
	53,800		Zenkoku Hosho Co Ltd		2,069
	116,286	*	Zip Co Ltd		271
			TOTAL DIVERSIFIED FINANCIALS		4,343,270

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
ENERGY - 5.3%
	299,804	*	Abraxas Petroleum Corp	$	309
	19,095,604		Adaro Energy Tbk		1,841
	224,514	*,e	Advantage Oil & Gas Ltd		279
	38,246		Aegis Logistics Ltd		111
	8,085,000	e	Agritrade Resources Ltd		1,170
	82,624	*	Akastor ASA		113
	391,885		Aker BP ASA		11,302
	87,540	*	Aker Solutions ASA		359
	8,486		Aldrees Petroleum and Transport Services Co		77
	390,100	*	Alfa Energi Investama Tbk PT		132
	51,542	*	Altus Midstream Co		192
	629,250		Anadarko Petroleum Corp		44,400
	178,622	*	Anglo Pacific Group plc		468
	42,917		Antero Midstream Corp		492
	1,122,680	*	Antero Resources Corp		6,208
	802,000		Anton Oilfield Services Group		106
	376,638		Apache Corp		10,911
	352,137	*	Apergy Corp		11,811
	463,639	e	ARC Resources Ltd		2,269
	94,522	e	Arch Coal, Inc		8,905
	1,026,123		Archrock, Inc		10,877
	84,056	*	Ardmore Shipping Corp		685
	546,357	*	Athabasca Oil Corp		309
	790,615		Baker Hughes a GE Co		19,473
	571,900		Bangchak Corp PCL		569
	4,155,910		Banpu PCL (Foreign)		2,035
	727,814	*,e	Baytex Energy Trust		1,128
	5,691,281		Beach Petroleum Ltd		8,004
	66,496		Berry Petroleum Co LLC		705
	865,221		Bharat Petroleum Corp Ltd		4,903
	326,539		Birchcliff Energy Ltd		648
	191,583	*	Bonanza Creek Energy, Inc		4,000
	46,847	*,e	Borr Drilling Ltd		456
	19,260,216		BP plc		134,181
	536,085		BP plc (ADR)		22,355
	164,335	*	Brigham Minerals, Inc		3,526
	4,650,000	*,†,e	Brightoil Petroleum Holdings Ltd		670
	1,734,100	*	Bumi Armada BHD		91
	40,547	*,g	BW LPG Ltd		198
	196,614	*	BW Offshore Ltd		1,203
	105,163	*	C&J Energy Services, Inc		1,239
	1,496,142		Cabot Oil & Gas Corp		34,351
	217,234	*	Cactus, Inc		7,195
	593,191	*	Cairn Energy plc		1,308
	78,088	*	Calfrac Well Services Ltd		124
	51,798	*,e	California Resources Corp		1,019
	261,223	*,e	Callon Petroleum Co		1,721
	255,503		Caltex Australia Ltd		4,448
	371,419		Cameco Corp (Toronto)		3,982
	1,100,331	*	Canacol Energy Ltd		3,697
	1,254,030		Canadian Natural Resources Ltd (Canada)		33,813
	150,876	e	Cardinal Energy Ltd		277
	101,247	*	Carrizo Oil & Gas, Inc		1,015
	1,760,384		Cenovus Energy, Inc (Toronto)		15,526

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	287,796	*,e	Centennial Resource Development, Inc	$	2,184
	335,068		CES Energy Solutions Corp		619
	2,451,013	*	CGG S.A.		4,617
	55,370		Chaparral Energy Inc		261
	1,037,587	*	Cheniere Energy, Inc		71,023
	92,612		Chennai Petroleum Corp Ltd		279
	257,857	*,e	Chesapeake Energy Corp		503
	5,198,610		Chevron Corp		646,915
	160,400		China Aviation Oil Singapore Corp Ltd		157
	1,413,000		China Coal Energy Co		588
	7,923,826		China Oilfield Services Ltd		7,861
	162,200		China Shenhua Energy Co Ltd		482
	9,625,795		China Shenhua Energy Co Ltd (Hong Kong)		20,162
	10,511,000		China Suntien Green Energy Cor		2,770
	160,520		Cimarex Energy Co		9,524
	1,377,531	*	Clean Energy Fuels Corp		3,678
	16,704,646		CNOOC Ltd		28,494
	217,182	*	CNX Resources Corp		1,588
	1,567,359		Coal India Ltd		5,762
	118	*,†,b	Cobalt International Energy, Inc		0	^
	104,684		Computer Modelling Group Ltd		582
	15,378		Comstock Resources Inc		86
	1,794,413		Concho Resources, Inc		185,148
	2,176,690		ConocoPhillips		132,778
	76,397	*	CONSOL Energy, Inc		2,033
	366,290	*	Continental Resources, Inc		15,417
	21,107		Contura Energy Inc		1,095
	993,751	*	Cooper Energy Ltd		378
	125	e	Core Laboratories NV		7
	145,128		Cosan SA Industria e Comercio		1,744
	36,200		Cosmo Energy Holdings Co Ltd		820
	38,019	*,e	Covia Holdings Corp		75
	721,227		Crescent Point Energy Corp		2,385
	15,816	*	CropEnergies AG.		111
	91,567		CVR Energy, Inc		4,577
	1,568,840		Dana Gas PJSC		403
	3,213		Delek Group Ltd		553
	2,503,388		Delek US Holdings, Inc		101,437
	809,895	*,e	Denbury Resources, Inc		1,004
	695,296		Devon Energy Corp		19,830
	327,436		DHT Holdings, Inc		1,935
	9,410,251		Dialog Group BHD		7,437
	71,908	*,e	Diamond Offshore Drilling, Inc		638
	52,352		Diamond S Shipping Inc		668
	1,311,511		Diamondback Energy, Inc		142,915
	1,149,265		Diversified Gas & Oil plc		1,620
	15,716		DMC Global, Inc		996
	4,000,609		DNO International ASA		7,282
	63,940	*	Dommo Energia S.A.		59
	74,537	*	Dorian LPG Ltd		672
	60,081	*	Drilling Co of 1972		4,668
	39,583	*,e	Dril-Quip, Inc		1,900
	14,805		E1 Corp		747

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	30,092	*	Earthstone Energy, Inc	$	184
	4,902,730		Ecopetrol S.A.		4,455
	404,934		Empresas COPEC S.A.		4,436
	32,901		Enagas		878
	654,300		Enauta Participacoes S.A.		2,178
	2,271,330		Enbridge, Inc (Toronto)		82,039
	1,239,877		EnCana Corp		6,362
	116,976		Enerflex Ltd		1,523
	1,168,600	*,†	Energy Earth PCL		0	^
	106,127	*,e	Energy Fuels, Inc		332
	453,287	e	Enerplus Resources Fund		3,409
	1,934,146		ENI S.p.A.		32,160
	9,064,046	*	Enquest plc (London)		2,273
	186	e	Ensco Rowan plc		2
	147,201		Ensign Energy Services, Inc		482
	3,478,055		EOG Resources, Inc		324,016
	150,773		EQT Corp		2,384
	49,585	*	Equital Ltd		1,557
	125,799		Equitrans Midstream Corp		2,480
	26,674	*	Era Group, Inc		222
	171,600		Esso Malaysia BHD		254
	524,800		Esso Thailand PCL (Foreign)		185
	31,447		Etablissements Maurel et Prom		104
	101,323	e	Euronav NV		950
	262,550		Evolution Petroleum Corp		1,877
	16,942	*,e	Exmar NV		108
	260,771	*	Exterran Corp		3,708
	133,378	*,e	Extraction Oil & Gas, Inc		578
	441,802		Exxaro Resources Ltd		5,410
	8,854,554		Exxon Mobil Corp		678,524
	39,397	*	Falcon Minerals Corp		331
	16,492	*,e	FLEX LNG Ltd		195
	1,218,814		Formosa Petrochemical Corp		4,353
	307,268	*	Forum Energy Technologies, Inc		1,051
	213,603	*,e	Frank’s International NV		1,166
	125,731	e	Freehold Royalty Trust		813
	92,168	*	Frontera Energy Corp		953
	42,411	*	Frontline Ltd (Sigmax MTF)		344
	155,733	*	FTS International, Inc		869
	49,007	*,e	Fugro NV		422
	187,447		Galp Energia SGPS S.A.		2,883
	226,364		GasLog Ltd		3,260
	5,710,737		Gazprom (ADR)		41,803
	86,413		Gaztransport Et Technigaz S.A.		8,668
	13,585	*	Geospace Technologies Corp		205
	261,279	e	Gibson Energy, Inc		4,659
	445,379	e	Golar LNG Ltd		8,231
	8,731	*	Goodrich Petroleum Corp		113
	76,667		Great Eastern Shipping Co Ltd		294
	46,528		Green Plains Renewable Energy, Inc		502
	88,712		Grupa Lotos S.A.		2,013
	133,229		GS Holdings Corp		5,914
	513,700		Guanghui Energy Co Ltd		267
	404,260	*	Gulf International Services OSC		215

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	709,296		Gulf Keystone Petroleum Ltd	$	2,036
	300,247	*	Gulfport Energy Corp		1,474
	19,141		Hallador Energy Co		108
	1,548,038		Halliburton Co		35,202
	299		Hankook Shell Oil Co Ltd		86
	488,881	*	Helix Energy Solutions Group, Inc		4,219
	148,466		Helmerich & Payne, Inc		7,515
	348,749		Hess Corp		22,170
	2,707,400	*	Hibiscus Petroleum BHD		706
	138,116	*,e	HighPoint Resources Corp		251
	1,285,654		Hindustan Petroleum Corp Ltd		5,380
	25,947		Hoegh LNG Holdings Ltd		107
	521,135		HollyFrontier Corp		24,118
	1,417,000	*	Honghua Group Ltd		125
	370,404		Hunting plc		2,409
	949,930	*,e	Hurricane Energy plc		634
	1,497,512		Husky Energy, Inc		14,191
	249,322		Idemitsu Kosan Co Ltd		7,541
	433,059		Imperial Oil Ltd		11,991
	211,029	*,e	Independence Contract Drilling, Inc		333
	3,908,490		Indian Oil Corp Ltd		8,807
	1,475,400		Inner Mongolia Yitai Coal Co		1,601
	3,961,361		Inpex Holdings, Inc		35,903
	383,479	e	Inter Pipeline Ltd		5,965
	25,832	*	International Seaways, Inc		491
	10,798,807		IRPC PCL (Foreign)		1,763
	1,462	*,e	Isramco, Inc		173
	60,353		Itochu Enex Co Ltd		485
	74,851	*,e	Jagged Peak Energy, Inc		619
	5,900	*,†,b	Japan Drilling Co Ltd		0	^
	174,800		Japan Petroleum Exploration Co		4,065
	26,295		John Wood Group plc		151
	3,345,325		JX Holdings, Inc		16,673
	416,401	*	Keane Group, Inc		2,798
	204,438	*	Kelt Exploration Ltd		609
	195,445		Keyera Corp		5,030
	47,501	g	Kinder Morgan Canada Ltd		423
	581,511		Kinder Morgan, Inc		12,142
	23,605	*	KLX Energy Services Holdings, Inc		482
	74,661		Koninklijke Vopak NV		3,438
	840,680		Kosmos Energy Ltd		5,271
	425,078		Kvaerner ASA		684
	170,224	*	Laredo Petroleum Holdings, Inc		494
	151,625	e	Liberty Oilfield Services, Inc		2,453
	21,186	*	Lubelski Wegiel Bogdanka S.A.		202
	706,981		LUKOIL PJSC (ADR)		59,401
	966,030	e	Lundin Petroleum AB		30,098
	377,728		Magellan Midstream Partners LP		24,175
	214,207	*	Magnolia Oil & Gas Corp		2,480
	16,366	e	Mammoth Energy Services, Inc		113
	1,967,078		Marathon Oil Corp		27,952
	1,614,555		Marathon Petroleum Corp		90,221
	1,421,626	*,e	Matador Resources Co		28,262

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	90,495	*	Matrix Service Co	$	1,833
	201,799	*,e	McDermott International, Inc		1,949
	370,764	*	MEG Energy Corp		1,421
	118,819	*	Midstates Petroleum Co, Inc		700
	15,200		Modec, Inc		431
	903,728		MOL Hungarian Oil & Gas plc		10,032
	67,870	*,e	Montage Resources Corp		414
	73,457		Motor Oil Hellas Corinth Refineries S.A.		1,879
	179,893		Murphy Oil Corp		4,434
	1,485,456		Nabors Industries Ltd		4,308
	106,301		Naphtha Israel Petroleum Corp Ltd		696
	24,103	*	National Energy Services Reunited Corp		210
	558,991		National Oilwell Varco, Inc		12,426
	16,576	*	Natural Gas Services Group, Inc		274
	11,809	*,e	NCS Multistage Holdings, Inc		42
	244,081		Neste Oil Oyj		8,298
	161,779		New Hope Corp Ltd		308
	142,060		New Zealand Refining Co Ltd		200
	17,830,000	*,e	Newocean Energy Holdings Ltd		4,045
	95,889	*	Newpark Resources, Inc		712
	393,184	*,e	NexGen Energy Ltd		613
	11,728	*	NextDecade Corp		74
	17,744	*	Nine Energy Service, Inc		308
	463,551	*	Noble Corp plc		867
	293,152		Noble Energy, Inc		6,567
	362,792	e	Nordic American Tanker Shipping		849
	40,555	*	Northern Drilling Ltd		179
	327,637	*,e	Northern Oil And Gas, Inc		632
	120,082		Novatek PJSC (GDR)		25,457
	283,096	*	NuVista Energy Ltd		564
	632,315	*	Oasis Petroleum, Inc		3,592
	878,382		Occidental Petroleum Corp		44,165
	39,940	e	Ocean Yield ASA		268
	257,552	*	Oceaneering International, Inc		5,251
	56,204	*	Odfjell Drilling Ltd		172
	330,700		Offshore Oil Engineering Co Ltd		271
	2,710,100		Oil & Gas Development Co Ltd		2,233
	100,514	*	Oil India Ltd		259
	4,837,988		Oil Refineries Ltd		2,485
	1,204,810		Oil Search Ltd		6,008
	283,780	*	Oil States International, Inc		5,193
	216,976		OMV AG.		10,576
	957,467		ONEOK, Inc		65,883
	1,576,931		Origin Energy Ltd		8,109
	77,708	*	Overseas Shipholding Group, Inc		146
	33,640	*	Pacific Drilling SA		424
	324,460		Pakistan Oilfields Ltd		826
	74,760		Pakistan State Oil Co Ltd		79
	18,591		Panhandle Oil and Gas, Inc (Class A)		242
	146,196	*	Par Pacific Holdings, Inc		3,000
	77,536	*,e	Paramount Resources Ltd (Class A)		387
	445,876	*	Parex Resources, Inc		7,154
	16,794		Parker Drilling Co		341
	307,190		Parkland Fuel Corp		9,747

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,479,769	*	Parsley Energy, Inc	$	180,210
	101,350		Pason Systems, Inc		1,469
	44,183		Patterson-UTI Energy, Inc		509
	5,878		Paz Oil Co Ltd		828
	419,047		PBF Energy, Inc		13,116
	102,097	*	PDC Energy, Inc		3,682
	114,471		Peabody Energy Corp		2,759
	4,125,000	*	Pelayaran Tamarin Samudra Tbk PT		169
	518,215		Pembina Pipeline Income Fund		19,291
	1,700	*,e	Pengrowth Energy Trust		1
	14,477	*	Penn Virginia Corp		444
	42,100	*	Petro Rio S.A.		173
	177,604		Petrofac Ltd		972
	4,048,905		Petroleo Brasileiro S.A.		31,654
	6,186,319		Petroleo Brasileiro S.A. (Preference)		44,159
	656,965	*,e	Petroleum Geo-Services ASA		1,030
	1,523,100		Petron		173
	228,759		Petronas Dagangan BHD		1,407
	613,351		Petronet LNG Ltd		2,178
	216,539	e	Peyto Exploration & Development Corp		648
	750,849		Phillips 66		70,234
	774,800		Pilipinas Shell Petroleum Corp		586
	282,090		Pioneer Natural Resources Co		43,402
	2,835,338		Plains All American Pipeline LP		69,040
	1,419,355		Plains GP Holdings LP		35,441
	2,760,714		Polish Oil & Gas Co		3,929
	393,452		Polski Koncern Naftowy Orlen S.A.		9,489
	100,100	*,†	Poseidon Concepts Corp		1
	152,503	e	PrairieSky Royalty Ltd		2,143
	386,576	*	Precision Drilling Trust		726
	2,997,377	*,e	Premier Oil plc		2,941
	363,800		Prima Marine PCL		89
	530	*	PrimeEnergy Corp		71
	444,766	*	ProPetro Holding Corp		9,207
	23,342,200	*	PT Bumi Resources Tbk		197
	2,820,000	*	PT Delta Dunia Petroindo Tbk		103
	755,200		PT Indika Energy Tbk		90
	2,905,166	*	PT Medco Energi Internasional Tbk		167
	3,355,200		PT Tambang Batubara Bukit Asam Tbk		704
	5,412,506		PT United Tractors Tbk		10,799
	2,305,621		PTT Exploration & Production PCL (Foreign)		10,180
	4,666,300		PTT PCL (ADR)		7,430
	10,788,250		PTT PCL (Foreign)		17,179
	433,630	*	Qatar Fuel QSC		2,566
	437,046		Qatar Gas Transport Co Ltd		2,767
	671,803	*	Questar Market Resources, Inc		4,857
	103,683	*	Rabigh Refining & Petrochemical Co		573
	361,241	e	Range Resources Corp		2,521
	5,799,440		Reliance Industries Ltd		105,243
	192,774	*	Renewable Energy Group, Inc		3,057
	1,890,020		Repsol YPF S.A.		29,660
	5,746	*	Rex American Resources Corp		419
	22,614	*	RigNet, Inc		228

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	201,641	*,e	Ring Energy, Inc	$	655
	36,578	*	Roan Resources, Inc		64
	3,814	*,e	Rosehill Resources, Inc		14
	1,654,336	*	Rosneft Oil Co PJSC (GDR)		10,836
	9,029,809		Royal Dutch Shell plc (A Shares)		294,711
	5,150,394		Royal Dutch Shell plc (B Shares)		168,761
	85,294	e	RPC, Inc		615
	970,555	*	Saipem S.p.A		4,843
	36,300		San-Ai Oil Co Ltd		353
	96,502	*	SandRidge Energy, Inc		668
	2,881,586		Santos Ltd		14,386
	3,362,400		Sapurakencana Petroleum BHD		245
	880,151		Saras S.p.A.		1,329
	515,295	e	Sasol Ltd		12,813
	217,973		SBM Offshore NV		4,208
	2,886,907		Schlumberger Ltd		114,726
	15,761		Schoeller-Bleckmann Oilfield Equipment AG.		1,338
	332,365		Scorpio Tankers, Inc		9,811
	65,410	*	SEACOR Holdings, Inc		3,108
	20,260	*	SEACOR Marine Holdings, Inc		303
	31,018	*	Seadrill Ltd		128
	85,913		Seadrill Ltd		357
	206,877		Secure Energy Services, Inc		1,128
	63,442	*	Select Energy Services, Inc		737
	88,183		SemGroup Corp		1,058
	481,400		Semirara Mining & Power Corp		218
	813,480	*,e	Senex Energy Ltd		204
	275,400		Serba Dinamik Holdings BHD		269
	104,134	*	Serica Energy plc		168
	50	*,†	Serval Integrated Energy Services		0
	393,407	*	Seven Generations Energy Ltd		1,929
	323,455		Shaanxi Coal Industry Co Ltd		436
	245,436		Shanxi Lu’an Environmental Energy Development Co Ltd		285
	299,400		Shanxi Xishan Coal & Electricity Power Co Ltd		265
	92,502		ShawCor Ltd		1,294
	56,900		Shell Refining Co Federation Of Malaya BHD		73
	79,100		Shinko Plantech Co Ltd		930
	93,584	e	Ship Finance International Ltd		1,171
	336,500		Siamgas & Petrochemicals PCL		110
	7,221	*	SilverBow Resources, Inc		100
	4,600		Sinanen Co Ltd		78
	454,000		Sinopec Kantons Holdings Ltd		190
	52,244		SK Energy Co Ltd		7,201
	21,138		SK Gas Co Ltd		1,436
	286,504		SM Energy Co		3,587
	31,463	*,e	Smart Sand, Inc		77
	1,859,272		Snam Rete Gas S.p.A.		9,250
	549,261		Soco International plc		487
	44,569		S-Oil Corp		3,237
	27,736	e	Solaris Oilfield Infrastructure, Inc		415
	1,504,540	*,e	Southwestern Energy Co		4,754
	275,678	*	SRC Energy, Inc		1,367
	410,282		Statoil ASA		8,139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	175,430		Stobart Group Ltd	$	247
	141,057		Subsea 7 S.A.		1,706
	2,402,201		Suncor Energy, Inc		74,934
	339,262	*	Superior Energy Services		441
	293,151	e	Surge Energy, Inc		287
	1,723,738		Surgutneftegaz (ADR) (London)		7,067
	367,552	*	Talos Energy, Inc		8,840
	286,813	*	Tamarack Valley Energy Ltd		458
	1,423,364		Targa Resources Investments, Inc		55,881
	346,547		Tatneft PJSC (ADR)		25,419
	1,364,225	e	TC Energy Corp		67,630
	652		TechnipFMC plc		17
	234,401		TechnipFMC plc (Euro OTC)		6,080
	19,415		Tecnicas Reunidas S.A.		498
	88,995	e	Teekay Corp		306
	266,322		Teekay Tankers Ltd (Class A)		341
	95,679	*,e	Tellurian, Inc		751
	19,316		Tenaris S.A.		253
	90,001	*	Tervita Corp		467
	161,570	*	Tetra Technologies, Inc		263
	128,617		TGS Nopec Geophysical Co ASA		3,619
	1,139,355		Thai Oil PCL (Foreign)		2,475
	38,630	*	Tidewater, Inc		907
	198,030		TORC Oil & Gas Ltd		618
	14,647		TORM plc		127
	58,057		Total Energy Services, Inc		366
	2,229,407		Total S.A.		125,056
	284,614		Tourmaline Oil Corp		3,625
	1,917,463	*,e	Transocean Ltd (NYSE)		12,291
	67,900	e	Transportadora de Gas del Sur S.A. (ADR) (Class B)		982
	401,313	*,e	Trican Well Service Ltd		359
	1,101,173		Tullow Oil plc		2,946
	445,065		Tupras Turkiye Petrol Rafine		8,828
	623,488		Ultrapar Participacoes S.A.		3,264
	1,416,862	*	UMW Oil & Gas Corp BHD		103
	60,603	*	Unit Corp		539
	246,988	*,e	Uranium Energy Corp		338
	84,821	e	US Silica Holdings, Inc		1,085
	20,457		US Well Services Inc		99
	1,055,998		Valero Energy Corp		90,404
	185,266	*,e	Vallourec SA		532
	15,582		Verbio AG.		138
	110,324	e	Vermilion Energy, Inc		2,397
	615,731	g	Viva Energy Group Ltd		914
	448,317	*	W&T Offshore, Inc		2,224
	379,611		Washington H Soul Pattinson & Co Ltd		5,870
	1,306,910	*	Weatherford International Ltd		65
	541,315	e	Whitecap Resources, Inc		1,757
	973,174		Whitehaven Coal Ltd		2,508
	103,053	*,e	Whiting Petroleum Corp		1,925
	4,741,782		Williams Cos, Inc		132,960
	586,000		Wison Engineering Services Co Ltd		71
	951,581		Woodside Petroleum Ltd		24,407

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	480,837		World Fuel Services Corp	$	17,291
	382,812		WorleyParsons Ltd		3,979
	2,493,954	*	WPX Energy, Inc		28,705
	2,089,066		Yanzhou Coal Mining Co Ltd		1,954
	39,500		Yanzhou Coal Mining Co Ltd (Class A)		63
	291,200		Yinson Holdings BHD		429
	268,800		YPF S.A. (ADR) (Class D)		4,895
	207,928		Z Energy Ltd		883
			TOTAL ENERGY		6,100,460

FOOD & STAPLES RETAILING - 1.4%
	9,990		Abdullah Al Othaim Markets Co		208
	529,378		Aeon Co Ltd		9,110
	26,800		Ain Pharmaciez Inc		1,560
	21,320		Al Meera Consumer Goods Co		85
	762,275		Alimentation Couche Tard, Inc		47,970
	114,616		Almacenes Exito S.A.		595
	32,110		Andersons, Inc		875
	134,444		Arcs Co Ltd		2,685
	937,400		Atacadao Distribuicao Comercio e Industria Ltd		5,371
	109,407	*,g	Avenue Supermarts Ltd		2,214
	73,710		Axfood AB		1,459
	32,500		Axial Retailing, Inc		1,120
	7,300		Belc Co Ltd		356
	1,048,000		Berli Jucker PCL		1,727
	6,937		BGF retail Co Ltd		1,268
	305,730		Bid Corp Ltd		6,658
	466,025		BIM Birlesik Magazalar AS		6,410
	809,875		Carrefour S.A.		15,637
	107,435		Casey’s General Stores, Inc		16,759
	96,171	e	Casino Guichard Perrachon S.A.		3,281
	91,900		Cawachi Ltd		1,707
	1,435,891		Centros Comerciales Sudamericanos S.A.		2,818
	27,161	*	Chefs’ Warehouse Holdings, Inc		953
	1,067,061		Cia Brasileira de Distribuicao Grupo Pao de Acucar		26,310
	32,240		CJ Freshway Corp		847
	216,640	e	Clicks Group Ltd		3,158
	30,560		Cocokara Fine Holdings, Inc		1,593
	1,303,530	*	Coles Group Ltd		12,239
	45,936		Colruyt S.A.		2,667
	4,952,100		Cosco Capital, Inc		665
	13,600	e	Cosmos Pharmaceutical Corp		2,312
	1,482,599		Costco Wholesale Corp		391,792
	11,052,929		CP Seven Eleven PCL (Foreign)		30,948
	44,100		Create SD Holdings Co Ltd		1,038
	3,100		Daikokutenbussaan Co Ltd		99
	299,578		Dairy Farm International Holdings Ltd		2,141
	85,016	*,g	Dino Polska S.A.		2,979
	179,081	e,g	Dis-Chem Pharmacies Ltd		321
	173,111	e	Distribuidora Internacional de Alimentacion S.A.		104
	13,604		Dongsuh Co, Inc		227
	77,152		E-Mart Co Ltd		9,352
	370,498		Empire Co Ltd		9,331
	240,838		Eurocash S.A.		1,329

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	227,792		FamilyMart Co Ltd	$	5,438
	5,900		Genky DrugStores Co Ltd		142
	93,238		George Weston Ltd		7,075
	56,125		Growell Holdings Co Ltd		2,290
	153,000		Grupo Comercial Chedraui S.a. DE C.V.		258
	30,876		GS Retail Co Ltd		1,052
	13,200		Halows Co Ltd		271
	126,400		Heiwado Co Ltd		2,245
	7,688	*	HF Foods Group Inc		268
	22,283		Hyundai Greenfood Co Ltd		253
	175,336	e	ICA Gruppen AB		7,537
	14,893	e	Ingles Markets, Inc (Class A)		464
	3,400		Itochu-Shokuhin Co Ltd		147
	2,975,355		J Sainsbury plc		7,394
	6,600	*	Japan Meat Co Ltd		109
	322,150		Jeronimo Martins SGPS S.A.		5,193
	27,700		Kansai Super Market Ltd		279
	50,000		Kato Sangyo Co Ltd		1,521
	51,210		Kesko Oyj (B Shares)		2,849
	34,300		Kobe Bussan Co Ltd		1,667
	1,954,678		Koninklijke Ahold Delhaize NV		43,882
	1,543,447		Kroger Co		33,508
	16,700		Kusuri no Aoki Holdings Co Ltd		1,176
	213,800	*,e	La Comer SAB de C.V.		240
	46,270		Lawson, Inc		2,223
	42,800		Life Corp		862
	275,181		Loblaw Cos Ltd		14,089
	432,023		Magnit PJSC (GDR)		6,297
	19,521		MARR S.p.A.		446
	49,301		Massmart Holdings Ltd		218
	52,800		Matsumotokiyoshi Holdings Co Ltd		1,551
	525,984		Metcash Ltd		951
	308,263		Metro Wholesale & Food Specialist AG.		5,633
	322,426		Metro, Inc		12,099
	19,471	*	Migros Ticaret AS		45
	66,200		Ministop Co Ltd		953
	225,897	*	Natural Grocers by Vitamin C		2,270
	2,800		Nihon Chouzai Co Ltd		87
	5,000		Nishimoto Co Ltd		169
	63,872		North West Co, Inc		1,458
	12,000		Okuwa Co Ltd		118
	502,629	*	Performance Food Group Co		20,120
	1,138,451		Pick’n Pay Stores Ltd		5,577
	1,022,822		President Chain Store Corp		9,899
	23,649		Pricesmart, Inc		1,209
	11,900		Qol Co Ltd		183
	180,402		Raia Drogasil S.A.		3,575
	15,052		Rami Levi Chain Stores Hashikma Marketing Ltd		785
	44,300	e	Retail Partners Co Ltd		489
	66,436	*,e	Rite Aid Corp		532
	469,600		Robinsons Retail Holdings, Inc		678
	43,179		Ryoshoku Ltd		1,134
	9,700		San-A Co Ltd		388

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	858,391		Seven & I Holdings Co Ltd	$	29,083
	1,689,500		Sheng Siong Group Ltd		1,373
	5,800	e	Shoei Foods Corp		180
	376,108		Shoprite Holdings Ltd		4,204
	102,944		Shufersal Ltd		687
	1,092,026		SMU S.A.		291
	11,500		Sogo Medical Holdings Co Ltd		179
	70,938	*	Sok Marketler Ticaret AS.		117
	4,540,327		Sonae SPGS S.A.		4,385
	173,261		Spar Group Ltd		2,302
	191,843		Spartan Stores, Inc		2,239
	301,000		Springland International Holdings Ltd		59
	420,670	*	Sprouts Farmers Market, Inc		7,946
	20,100		Sugi Pharmacy Co Ltd		952
	2,350,527		Sun Art Retail Group Ltd		2,228
	52,979		Sundrug Co Ltd		1,437
	552,486		Sysco Corp		39,072
	375,000		Taiwan TEA Corp		195
	31,875,481		Tesco plc		91,886
	26,067		Tsuruha Holdings, Inc		2,418
	132,890	*,e	United Natural Foods, Inc		1,192
	206,350	e	United Super Markets Holdings, Inc		1,810
	779,849	*	US Foods Holding Corp		27,887
	63,500		Valor Co Ltd		1,322
	10,625		Village Super Market (Class A)		282
	235,646		Walgreens Boots Alliance, Inc		12,883
	8,328,050		Wal-Mart de Mexico SAB de C.V.		22,736
	4,377,383		Walmart, Inc		483,657
	12,192		Weis Markets, Inc		444
	682,987		WM Morrison Supermarkets plc		1,748
	1,396,417		Woolworths Ltd		32,608
	96,657		X5 Retail Group NV (GDR)		3,314
	6,600	e	Yakuodo Co Ltd		146
	21,000		Yaoko Co Ltd		952
	24,700		Yokohama Reito Co Ltd		229
	261,800		Yonghui Superstores Co Ltd		390
	4,235	*,e	Zur Rose Group AG.		442
			TOTAL FOOD & STAPLES RETAILING		1,632,849

FOOD, BEVERAGE & TOBACCO - 4.1%
	135,859	*,e	22nd Century Group, Inc		284
	1,393,325	*	a2 Milk Co Ltd		13,773
	151,053	e	AAK AB		2,865
	54,700	*,e	Adecoagro S.A.		391
	59,194		AG. Barr plc		697
	6,801		Agrana Beteiligungs AG.		148
	364,459		Ajinomoto Co, Inc		6,323
	4,483		Alico, Inc		136
	99,583		Almarai Co JSC		1,401
	3,215,011		Altria Group, Inc		152,231
	5,758,674		AMBEV S.A.		26,829
	287,690		Anadolu Efes Biracilik Ve Malt Sanayii AS		988
	705,967	e	Anheuser-Busch InBev S.A.		62,471
	135,230		Anhui Kouzi Distillery Co Ltd		1,272

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	709,740		Archer Daniels Midland Co	$	28,957
	26,300		Ariake Japan Co Ltd		1,664
	1,184,837	*,e	Aryzta AG.		1,361
	467,494		Asahi Breweries Ltd		21,046
	743,438		Associated British Foods plc		23,274
	201,984		Astral Foods Ltd		2,223
	1,273,000		Ausnutria Dairy Corp Ltd		2,537
	314,903		Austevoll Seafood ASA		3,310
	847,773	*	Australian Agricultural Co Ltd		592
	13,334		Avanti Feeds Ltd		68
	161,791		AVI Ltd		1,049
	69,312	e	B&G Foods, Inc (Class A)		1,442
	23,995		Bakkafrost P		1,340
	147,029	e,g	Bakkavor Group plc		223
	51,373	*	Balrampur Chini Mills Ltd		104
	5,743		Barry Callebaut AG.		11,526
	115,353	e	Bega Cheese Ltd		387
	156,300		Beijing Dabeinong Technology Group Co Ltd		121
	1,236		Bell AG.		342
	49,928	*,e	Bellamy’s Australia Ltd		292
	10,336	*,e	Beyond Meat, Inc		1,661
	2,455		Binggrae Co Ltd		145
	129,500		Biostime International Holdings Ltd		736
	11,929		Bonduelle S.C.A.		391
	21,809	*	Boston Beer Co, Inc (Class A)		8,239
	410,800		Boustead Plantations BHD		73
	461,086	*	BRF S.A.		3,545
	1,760	*	Bridgford Foods Corp		52
	52,949		Britannia Industries Ltd		2,104
	146,104		British American Tobacco Malaysia BHD		1,017
	3,078,080		British American Tobacco plc		107,474
	1,389		British American Tobacco plc (ADR)		48
	1,008,635		Britvic plc		11,380
	88,009		Brown-Forman Corp (Class A)		4,840
	174,262		Brown-Forman Corp (Class B)		9,659
	289,200		Bumitama Agri Ltd		135
	724,666		Bunge Ltd		40,371
	298,046		C&C Group plc		1,325
	17,578	e	Calavo Growers, Inc		1,700
	59,404		Calbee, Inc		1,604
	31,989		Cal-Maine Foods, Inc		1,335
	60,100		Camil Alimentos S.A.		112
	201,849	e	Campbell Soup Co		8,088
	114,500		Carabao Group PCL		275
	157,425		Carlsberg AS (Class B)		20,890
	199,400		Carlsberg Brewery-Malay BHD		1,238
	25,666		CCL Products India Ltd		95
	20,649	*,e	Celsius Holdings, Inc		92
	872,000		Charoen Pokphand Enterprise		1,946
	11,776,726		Charoen Pokphand Foods PCL		10,853
	1,042,800		Charoen Pokphand Foods PCL (ADR)		961
	1,892,000		China Agri-Industries Holdings Ltd		608
	4,375,889	*,†,e	China Huishan Dairy Holdings Co Ltd		6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	370,000	*,†	China Huiyuan Juice Group Ltd	$	0	^
	2,402,946		China Mengniu Dairy Co Ltd		9,317
	1,177,000	*	China Modern Dairy Holdings		175
	1,365,164		China Resources Beer Holdings Company Ltd		6,486
	45,700		Chubu Shiryo Co Ltd		519
	426,367		Cia Cervecerias Unidas S.A.		6,009
	7,426		CJ CheilJedang Corp		1,911
	117,509		Cloetta AB		383
	509,326		Coca-Cola Amatil Ltd		3,656
	6,232		Coca-Cola Bottling Co Consolidated		1,865
	11,938,841		Coca-Cola Co		607,926
	94,704		Coca-Cola Embonor S.A.		215
	665,936		Coca-Cola European Partners plc (Class A)		37,625
	477,527		Coca-Cola Femsa SAB de C.V.		2,963
	294,925		Coca-Cola HBC AG.		11,141
	112,957		Coca-Cola Icecek AS		582
	93,550	e	Coca-Cola West Japan Co Ltd		2,373
	7,818,000		Cofco International Ltd		3,244
	636,000	*	COFCO Meat Holdings Ltd		212
	6,262,165		ConAgra Brands, Inc		166,073
	299,622		Constellation Brands, Inc (Class A)		59,008
	15,291		Corby Spirit and Wine Ltd		212
	201,051		Costa Group Holdings Ltd		571
	178,512		Cott Corp (Toronto)		2,383
	49,767	*,e	Craft Brewers Alliance, Inc		696
	40,183		Cranswick plc		1,319
	130,454		Daesang Corp		2,742
	2,190,000	g	Dali Foods Group Co Ltd		1,453
	936,933		Danone		79,332
	485,524	*	Darling International, Inc		9,657
	5,416,635		Davide Campari-Milano S.p.A		53,065
	116,448	e	Dean Foods Co		108
	3,510,296		Diageo plc		151,084
	519		Dongwon F&B Co Ltd		126
	637		Dongwon Industries Co Ltd		138
	5,100		Dydo Drinco, Inc		219
	1,214,000	*,†,e	Dynasty Fine Wines Group Ltd		2
	2,442,688		Eastern Tobacco		2,259
	437,989		Easy Bio, Inc		2,223
	71,002		Ebro Puleva S.A.		1,519
	341,726		Embotelladora Andina S.A.		1,234
	312,301		Embotelladoras Arca SAB de C.V.		1,690
	2,786		Emmi AG.		2,607
	26,000		Ezaki Glico Co Ltd		1,159
	11,739	*	Farmer Bros Co		192
	8,784		Farmsco		46
	472,600		Feed One Co Ltd		818
	743,300		Felda Global Ventures Holdings BHD		202
	1,195,619		Fevertree Drinks plc		35,194
	321,100	e	First Resources Ltd		377
	140,424		Flowers Foods, Inc		3,268
	2,111,163		Fomento Economico Mexicano S.A. de C.V.		20,454
	19,318		ForFarmers NV		164
	58,500		Foshan Haitian Flavouring & Food Co Ltd		896

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	133,400		Fraser & Neave Holdings BHD	$	1,115
	53,772	e	Freedom Foods Group Ltd		192
	77,046		Fresh Del Monte Produce, Inc		2,076
	214,898	*	Freshpet, Inc		9,780
	27,773		Fuji Oil Co Ltd		838
	10,632		Fujicco Co Ltd		201
	6,200		Fujiya Co Ltd		112
	817,770	*	Future Consumer Ltd		485
	248,361		Futuris Corp Ltd		1,086
	1,014,038		General Mills, Inc		53,257
	79,714		Genting Plantations BHD		193
	270,800		GFPT PCL (Foreign)		149
	166,979		Glanbia plc		2,715
	23,875		Godfrey Phillips India Ltd		287
	5,650,334	e	Golden Agri-Resources Ltd		1,213
	129,299		GrainCorp Ltd-A		725
	2,446,231		Great Wall Enterprise Co		3,148
	257,341		Greencore Group plc		716
	28,940		Grieg Seafood ASA		402
	309,135	e	Gruma SAB de C.V.		2,901
	1,450,716	e	Grupo Bimbo S.A. de C.V. (Series A)		3,026
	105,195	e	Grupo Herdez SAB de C.V.		225
	588,637	*	Hain Celestial Group, Inc		12,891
	2,325	*	Halwani Brothers Co		24
	98,208		Heineken Holding NV		10,287
	240,983		Heineken NV		26,858
	86,200		Henan Shuanghui Investment & Development Co Ltd		313
	296,050		Hershey Co		39,680
	12,100		Hokuto Corp		204
	240,225	e	Hormel Foods Corp		9,739
	220,017	*	Hostess Brands, Inc		3,177
	79,048	e	Hotel Chocolat Group Ltd		337
	44,452		House Foods Corp		1,671
	1,327,613		Imperial Tobacco Group plc		31,153
	4,722,630		Indofood CBP Sukses Makmur Tbk		3,394
	84,300	e	Industrias Bachoco SAB de C.V.		353
	1,761,690	e	Inghams Group Ltd		4,973
	158,177		Ingredion, Inc		13,048
	184,100		Inner Mongolia Yili Industrial Group Co Ltd		897
	1,337,897		IOI Corp BHD		1,376
	5,692,932		ITC Ltd		22,575
	56,500		Ito En Ltd		2,637
	87,100		Itoham Yonekyu Holdings, Inc		594
	16,432		J&J Snack Foods Corp		2,645
	191,409		J.M. Smucker Co		22,048
	1,748,601	e	Japan Tobacco, Inc		38,546
	416,500		Japfa Ltd		163
	894,697		JBS S.A.		4,944
	358,609		Jeil Holdings Co Ltd		3,516
	31,000		Jiangsu Yanghe Brewery Joint-Stock Co Ltd		550
	14,479		Jinro Ltd		256
	9,905		John B. Sanfilippo & Son, Inc		789
	24,400		J-Oil Mills, Inc		881

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	225,516		Juhayna Food Industries	$	139
	45,573		Kagome Co Ltd		1,061
	8,600		Kameda Seika Co Ltd		385
	10,544		Kaveri Seed Co Ltd		70
	189,289		Kellogg Co		10,140
	4,900	e	Kenko Mayonnaise Co Ltd		102
	216,011		Kerry Group plc (Class A)		25,791
	3,886,687	e	Keurig Dr Pepper, Inc		112,325
	13,200		KEY Coffee, Inc		258
	884,060		Khon Kaen Sugar Industry PCL		83
	171,567		Kikkoman Corp		7,481
	1,006,891		Kirin Brewery Co Ltd		21,741
	56,271		Koninklijke Wessanen NV		729
	18,900		Kotobuki Spirits Co Ltd		890
	1,298,992		Kraft Heinz Co		40,321
	71,008		KRBL Ltd		319
	131,845		KT&G Corp		11,251
	358,152		Kuala Lumpur Kepong BHD		2,129
	52,453		Kweichow Moutai Co Ltd		7,533
	9,418		KWS Saat AG.		688
	5,138	e	La Doria S.p.A		53
	429,777		Lamb Weston Holdings, Inc		27,231
	20,848		Lancaster Colony Corp		3,098
	32,492	*	Landec Corp		304
	4,313		Lassonde Industries, Inc		648
	708,085		Leroy Seafood Group ASA		4,691
	170,878		Libstar Holdings Ltd		118
	374,028		Lien Hwa Industrial Corp		451
	20,156		Limoneira Co		402
	2,858		Lindt & Spruengli AG.		20,801
	87		Lindt & Spruengli AG. (Registered)		7,076
	11,660		Lotte Chilsung Beverage Co Ltd		1,732
	742		Lotte Confectionery Co Ltd		111
	3,165		Lotte Samkang Co Ltd		1,612
	24,600		Luzhou Laojiao Co Ltd		290
	83,080		M Dias Branco S.A.		843
	21,574		Maeil Dairies Co Ltd		1,580
	105,879		Maple Leaf Foods, Inc		2,319
	106,000	*	Marfrig Global Foods S.A.		174
	40,800		Marudai Food Co Ltd		767
	273,600		Maruha Nichiro Corp		8,040
	106,700	*	Masan Group Corp		381
	78,039		McCormick & Co, Inc		12,097
	26,600		Megmilk Snow Brand Co Ltd		584
	122,052		MEIJI Holdings Co Ltd		8,727
	13,883	e	MGP Ingredients, Inc		921
	60,500	*	Minerva S.A.		125
	25,000		Mitsui Sugar Co Ltd		517
	122,030		Molson Coors Brewing Co (Class B)		6,834
	6,054,941		Mondelez International, Inc		326,361
	3,289,282	*	Monster Beverage Corp		209,955
	33,060		Morinaga & Co Ltd		1,612
	171,100		Morinaga Milk Industry Co Ltd		6,775
	6,039		Muhak Co Ltd		58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,700		Muyuan Foodstuff Co Ltd	$	195
	6,000		Nagatanien Co Ltd		116
	72,000		Namchow Chemical Industrial Ltd		129
	124		Namyang Dairy Products Co Ltd		60
	9,652	*	National Agriculture Development Co		61
	13,363	e	National Beverage Corp		596
	18,837	*,e	Naturecell Co Ltd		139
	32,940		Nestle India Ltd		5,685
	57,100		Nestle Malaysia BHD		2,060
	4,186,345		Nestle S.A.		433,380
	81,175		New Age Beverages Corp		378
	83,700		New Hope Liuhe Co Ltd		212
	60,400		Nichirei Corp		1,434
	10,600		Nippon Beet Sugar Manufacturing Co Ltd		198
	159,800		Nippon Flour Mills Co Ltd		2,559
	62,312		Nippon Meat Packers, Inc		2,672
	438,766		Nippon Suisan Kaisha Ltd		2,723
	84,000		Nisshin Oillio Group Ltd		2,355
	192,382		Nisshin Seifun Group, Inc		4,394
	57,928		Nissin Food Products Co Ltd		3,736
	198,000		Nissin Foods Co Ltd		143
	1,582		Nong Shim Co Ltd		348
	687		Nong Shim Holdings Co Ltd		53
	7,406	e	Norway Royal Salmon ASA		157
	37,372		Oceana Group Ltd		183
	185,118		Origin Enterprises plc		1,077
	9,765		Orion Corp		145
	25,476		Orion Corp/Republic of Korea		2,043
	13,118	e	Orior AG.		1,109
	794,690		Orkla ASA		7,053
	1,067		Ottogi Corp		633
	566,084		PAN Fish ASA		13,246
	2,984,844		PepsiCo, Inc		391,402
	176,973	e	Pernod-Ricard S.A.		32,594
	134		Philip Morris CR		81
	4,399,339		Philip Morris International, Inc		345,480
	75,242	*	Pilgrim’s Pride Corp		1,910
	57,543		Pioneer Foods Ltd		282
	92,553	*	Post Holdings, Inc		9,623
	449,229		PPB Group BHD		2,032
	425,260	*	Premier Foods plc		182
	37,655	e	Premium Brands Holdings Corp		2,574
	55,600		Prima Meat Packers Ltd		1,062
	43,861	*,e	Primo Water Corp		539
	5,650,000		PT Austindo Nusantara Jaya		364
	5,001,300	*	PT BW Plantation Tbk		57
	5,487,518		PT Charoen Pokphand Indonesia Tbk		1,838
	454,011		PT Gudang Garam Tbk		2,471
	26,622,000		PT Hanjaya Mandala Sampoerna Tbk		5,926
	4,928,391		PT Indofood Sukses Makmur Tbk		2,451
	16,811,300	*	PT Inti Agri Resources Tbk		69
	14,101,900		PT Japfa Comfeed Indonesia Tbk		1,548

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,628,300		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk	$	129
	1,566,400		PT Sawit Sumbermas Sarana Tbk		112
	5,343,700		PT Tunas Baru Lampung Tbk		322
	5,729		Pulmuone Co Ltd		66
	15,042	*,e	Pyxus International, Inc		229
	60,400		Q.P. Corp		1,335
	2,503,000		QL Resources BHD		4,144
	19,931		Radico Khaitan Ltd		91
	20,750	e	Remy Cointreau S.A.		2,992
	93,447		Rhodes Food Group Pty Ltd		111
	5,300		Riken Vitamin Co Ltd		166
	10,900	e	Rock Field Co Ltd		143
	126,892	e	Rogers Sugar, Inc		544
	7,000		Rokko Butter Co Ltd		119
	133,471		Royal Unibrew A.S.		9,757
	10,100		S Foods, Inc		343
	16,555		Sakata Seed Corp		485
	323,654		Salmar ASA		14,090
	987		Samlip General Foods Co Ltd		84
	1,796		Samyang Corp		85
	1,279		Samyang Foods Co Ltd		78
	9,450		Samyang Holdings Corp		604
	22,215		Sanderson Farms, Inc		3,034
	217,400		Sao Martinho S.A.		1,140
	34,700		Sapporo Holdings Ltd		731
	236,318		Saputo, Inc		7,074
	3,692		Saudia Dairy & Foodstuff Co		112
	104,307	*	Savola Group		909
	115,716		Scandi Standard AB		798
	117,771	g	Scandinavian Tobacco Group A.S.		1,373
	7,394		Schouw & Co		564
	1,137		Seaboard Corp		4,703
	56,099		Select Harvests Ltd		286
	8,849	*	Seneca Foods Corp		246
	28,937		Shanxi Xinghuacun Fen Wine Factory Co Ltd		292
	52,400		Showa Sangyo Co Ltd		1,469
	1,942,860		Sime Darby Plantation BHD		2,314
	554,711	*	Simply Good Foods Co		13,357
	884,700		SLC Agricola S.A.		4,071
	391,861		Standard Foods Corp		766
	2,800		Starzen Co Ltd		109
	106,018		Stock Spirits Group plc		297
	53,830		Strauss Group Ltd		1,550
	41,172		Suedzucker AG.		698
	156,721		Suntory Beverage & Food Ltd		6,815
	224,932		Swedish Match AB		9,510
	44,024	*,e	Synlait Milk Ltd		272
	87,300		Takara Holdings, Inc		914
	220,900		Taokaenoi Food & Marketing PCL		63
	777,625		Tassal Group Ltd		2,678
	135,382		Tata Tea Ltd		529
	684,427		Tate & Lyle plc		6,416
	2,365,609		Thai Union Group PCL		1,412

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	877,100		Thai Vegetable Oil PCL (Foreign)	$	801
	851,000	*	Tibet 5100 Water Resources Holdings Ltd		236
	133,088	e	Tiger Brands Ltd		2,114
	1,567,190		Tingyi Cayman Islands Holding Corp		2,618
	52,309		Tongaat Hulett Ltd		49
	72,700		Tongwei Co Ltd		149
	18,338	e	Tootsie Roll Industries, Inc		677
	63,807		Toyo Suisan Kaisha Ltd		2,630
	633,791		Treasury Wine Estates Ltd		6,656
	104,971	*	TreeHouse Foods, Inc		5,679
	347,579		Tsingtao Brewery Co Ltd		2,215
	16,300		Tsingtao Brewery Co Ltd (Class A)		119
	97,000		Ttet Union Corp		405
	74,818		Turning Point Brands, Inc		3,665
	411,320		Tyson Foods, Inc (Class A)		33,210
	83,009		Ulker Biskuvi Sanayi AS		278
	1,051,000		Uni-President China Holdings Ltd		1,171
	7,243,977		Uni-President Enterprises Corp		19,296
	391,100	*	United Spirits Ltd		3,314
	92,496		Universal Corp		5,621
	809,794		Universal Robina		2,624
	60,418		Varun Beverages Ltd		829
	113,329		Vector Group Ltd		1,105
	1,021		Venky’s India Ltd		25
	52,666	*	Village Farms International, Inc		603
	3,863	e	Vilmorin & Cie		221
	209,742		Vina Concha y Toro S.A.		444
	22,781		Viscofan S.A.		1,194
	698,406		Vitasoy International Holdings Ltd		3,359
	3,992,614		Want Want China Holdings Ltd		3,247
	61,100	e	Warabeya Nichiyo Co Ltd		943
	1,430,000	*	Wei Chuan Food Corp		1,511
	142,900		Wens Foodstuffs Group Co Ltd		747
	8,944,511	g	WH Group Ltd		9,073
	3,838,917		Wilmar International Ltd		10,509
	104,200		Wuliangye Yibin Co Ltd		1,795
	157,012		Yakult Honsha Co Ltd		9,267
	89,004		Yamazaki Baking Co Ltd		1,348
	882,000		Yihai International Holding Ltd		4,576
	284,000	g	Zhou Hei Ya International Holdings Co Ltd		153
			TOTAL FOOD, BEVERAGE & TOBACCO		4,706,606

HEALTH CARE EQUIPMENT & SERVICES - 4.8%
	5,472,074		Abbott Laboratories		460,202
	16,396	*	Abiomed, Inc		4,271
	29,034	*,e	Acadia Healthcare Co, Inc		1,015
	291,422	*	Accuray, Inc		1,128
	25,002	*	Addus HomeCare Corp		1,874
	573,457		Advanced Medical Solutions Group plc		2,185
	372,094	*	AGFA-Gevaert NV		1,445
	175,280		Aier Eye Hospital Group Co Ltd		791
	138,000	g	AK Medical Holdings Ltd		71
	13,662	*	Al Hammadi Co for Development and Investment		78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	841,433	*	Alcon, Inc	$	51,958
	182,355	*,e	Alcon, Inc		11,315
	254,337		Alfresa Holdings Corp		6,290
	9,578,659	*,e	Alibaba Health Information Technology Ltd		9,180
	274,153	*,n	Align Technology, Inc		75,036
	28,000		Alliar Medicos A Frente S.A.		105
	187,354	*	Allscripts Healthcare Solutions, Inc		2,179
	53,340	*	Alphatec Holdings Inc		242
	116,791	e	Ambu A.S.		1,899
	111,768	*	Amedisys, Inc		13,570
	18,398	*	American Renal Associates Holdings, Inc		137
	35,973		AmerisourceBergen Corp		3,067
	91,283	*	AMN Healthcare Services, Inc		4,952
	338,318		Amplifon S.p.A.		7,927
	53,769	*	Angiodynamics, Inc		1,059
	182,623		Ansell Ltd		3,448
	166,410	*,e	Antares Pharma, Inc		547
	376,605		Anthem, Inc		106,282
	88,296		Apollo Hospitals Enterprise Ltd		1,739
	4,250	*,e	Apollo Medical Holdings, Inc		71
	34,141	*	Apyx Medical Corp		229
	124,429		Arjo AB		563
	24,135		As One Corp		2,008
	234,912		Asahi Intecc Co Ltd		5,807
	41,202		Ascom Holding AG.		540
	125,704	*	AtriCure, Inc		3,751
	2,303		Atrion Corp		1,964
	61,229	g	Attendo AB		266
	893,048		Australian Pharmaceutical Industries Ltd		829
	22,465		Avalon GloboCare Corp		58
	52,616	*	Avanos Medical, Inc		2,295
	25,455	*	Avedro Inc		500
	38,961	*	AxoGen, Inc		771
	16,989	*,e	Axonics Modulation Technologies, Inc		696
	571,050		Bangkok Chain Hospital PCL		309
	9,212,745		Bangkok Dusit Medical Services PCL (Foreign)		7,735
	2,735,560		Baxter International, Inc		224,042
	88,586		Becton Dickinson & Co		22,325
	23,322	*,e,g	Biocartis NV		276
	6,839	*	BioLife Solutions Inc		116
	27,171		BioMerieux		2,251
	145,829	*,e	BioScrip, Inc		379
	26,686	*	BioSig Technologies Inc		251
	36,513	*	BioTelemetry, Inc		1,758
	91,600		BML, Inc		2,606
	6,744		Boditech Med, Inc		64
	2,994,316	*	Boston Scientific Corp		128,696
	357,813	*	Brookdale Senior Living, Inc		2,580
	389,165		Bumrungrad Hospital PCL (Foreign)		2,145
	11,397		Cantel Medical Corp		919
	260,165		Cardinal Health, Inc		12,254
	38,608	*	Cardiovascular Systems, Inc		1,657
	41,812		Carl Zeiss Meditec AG.		4,124
	191,765	*	Castlight Health, Inc		619

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,317	*	Catasys Inc	$	141
	25,506		Cellavision AB		875
	144,595	*	Centene Corp		7,583
	957,942	*	Cerner Corp		70,217
	157,761	*	Cerus Corp		887
	18,048	*	CHA Bio & Diostech Co Ltd		242
	29,693		Chemed Corp		10,714
	387,500		China Resources Phoenix Healthcare Holdings Co Ltd		283
	2,008,900		Chularat Hospital PCL		148
	762,874		Cigna Corp		120,191
	304,803	*	Cleopatra Hospital		118
	214,000	e	C-Mer Eye Care Holdings Ltd		120
	110,081		Cochlear Ltd		16,027
	81,456		Coloplast AS		9,208
	1,811		Coltene Holding AG.		164
	50,612		CompuGroup Medical AG.		4,087
	15,992		Computer Programs & Systems, Inc		444
	240,261	*	ConforMIS, Inc		1,047
	36,284		Conmed Corp		3,105
	1,006,879	g	ConvaTec Group plc		1,866
	119,024		Cooper Cos, Inc		40,098
	342,581	*	Corindus Vascular Robotics, Inc		1,021
	9,535	*	Corvel Corp		830
	32,296	*,e	Covetrus, Inc		790
	40,500	e	Craneware plc		977
	49,077	*	Cross Country Healthcare, Inc		460
	81,149	*	CryoLife, Inc		2,429
	27,496	*,e	CryoPort, Inc		504
	32,153	*	Cutera, Inc		668
	38,297	e	CVS Group plc		352
	4,357,394		CVS Health Corp		237,434
	62,600	*	CYBERDYNE, Inc		365
	36,437	*,e	CytoSorbents Corp		241
	6,873		Dallah Healthcare Co		90
	1,672,649		Danaher Corp		239,055
	39,544	*	DaVita, Inc		2,225
	3,060		Dentium Co Ltd		195
	420,825		Dentsply Sirona, Inc		24,559
	581,171	*	DexCom, Inc		87,083
	18,104		DiaSorin S.p.A.		2,103
	4,669	*	DIO Corp		165
	68,453	*,e	Diplomat Pharmacy, Inc		417
	29,539	g	Dr Lal PathLabs Ltd		458
	5,201		Draegerwerk AG.		328
	1,827		Draegerwerk AG. & Co KGaA		88
	17,838		Eckert & Ziegler Strahlen- und Medizintechnik AG.		2,101
	1,494,260	*	Edwards Lifesciences Corp		276,050
	17,800		Eiken Chemical Co Ltd		282
	4,671	e	El.En. S.p.A		97
	84,200	*	Elan Corp		1,389
	9,058	*,e	ElectroCore LLC		18
	275,471		Elekta AB (B Shares)		4,004
	10,000	*,e	EM Systems Co Ltd		153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	164,946		EMIS Group plc	$	2,547
	269,059		Encompass Health Corp		17,048
	86,748		Ensign Group, Inc		4,938
	95,031	*	Enzo Biochem, Inc		320
	113,952		Estia Health Ltd		211
	147,914	*	Evolent Health, Inc		1,176
	117,975	e	Extendicare, Inc		756
	169,101		Fagron NV		3,439
	908,195		Fisher & Paykel Healthcare Corp		9,448
	95,200		Fleury S.A.		529
	195,027	*	Fortis Healthcare Ltd		368
	271,638		Fresenius Medical Care AG.		21,333
	629,653		Fresenius SE		34,190
	70,261	g	Galenica AG.		3,531
	4,547,000	e,g	Genertec Universal Medical Group Company Limited		3,637
	398,095	*,e	Genesis Health Care, Inc		494
	170,131	*,e	GenMark Diagnostics, Inc		1,104
	197,274		Getinge AB (B Shares)		3,111
	21,000		Ginko International Co Ltd		132
	39,039	*	Glaukos Corp		2,944
	116,227	*	Globus Medical, Inc		4,916
	528,436		GN Store Nord		24,703
	73,100		Green Hospital Supply, Inc		3,162
	383,280	*	Guardant Health, Inc		33,089
	10,498		Guerbet		569
	203,420	*	Haemonetics Corp		24,480
	40,410	*	Hanger Orthopedic Group, Inc		774
	1,355,500		Hartalega Holdings BHD		1,719
	1,171,386		HCA Holdings, Inc		158,336
	353,835		Healius Ltd		751
	275,456	*	HealthEquity, Inc		18,015
	72,679		HealthStream, Inc		1,879
	72,748	*	Henry Schein, Inc		5,085
	7,349	*	Heska Corp		626
	181,091		Hill-Rom Holdings, Inc		18,946
	15,054	*	HLB Life Science CO Ltd		75
	486,198	*	HMS Holdings Corp		15,748
	16,000	e	Hogy Medical Co Ltd		473
	3,395,871	*	Hologic, Inc		163,070
	286,691		Hoya Corp		22,033
	58,620		Huadong Medicine Co Ltd		222
	137,055		Humana AB		828
	151,807		Humana, Inc		40,274
	2,364		Huons Global Co Ltd		80
	7,512	*	ICU Medical, Inc		1,892
	126,265	*	IDEXX Laboratories, Inc		34,765
	5,704,642		IHH Healthcare BHD		8,012
	4,865		InBody Co Ltd		102
	19,433	*	Inogen, Inc		1,297
	158,330	*,e	Inovalon Holdings, Inc		2,297
	14,799	*	Inspire Medical Systems, Inc		898
	25,400		Instituto Hermes Pardini S.A.		128
	99,221	*,e	Insulet Corp		11,845
	244,389	*	Integer Holding Corp		20,509

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	24,867	*	Integra LifeSciences Holdings Corp	$	1,389
	10,288	*,e	IntriCon Corp		240
	545,491	*	Intuitive Surgical, Inc		286,137
	44,643		Invacare Corp		232
	12,519	*,e	Ion Beam Applications		190
	4,977	*,e	iRadimed Corp		102
	57,699	*	iRhythm Technologies, Inc		4,563
	35,700	e	Japan Lifeline Co Ltd		580
	23,400		Jeol Ltd		524
	49,530	*	Joint Corp		901
	37,200		Jointown Pharmaceutical Group Co Ltd		67
	1,208,377		Koninklijke Philips Electronics NV		52,535
	186,343		Korian-Medica		7,088
	999,400		Kossan Rubber Industries		965
	9,132,292		KPJ Healthcare BHD		2,068
	408,541	*	Laboratory Corp of America Holdings		70,637
	208,130	*	Lantheus Holdings, Inc		5,890
	3,133		Le Noble Age		157
	16,977		LeMaitre Vascular, Inc		475
	23,700		Lepu Medical Technology Beijing Co Ltd		80
	33,849	*	LHC Group, Inc		4,048
	1,180,594		Life Healthcare Group Holdings Pte Ltd		1,885
	1,058,000	*,e	Lifetech Scientific Corp		192
	55,225	*	LivaNova plc		3,974
	692,420		M3, Inc		12,706
	42,084	*	Magellan Health Services, Inc		3,124
	15,700		Mani, Inc		1,010
	52,761	*	Masimo Corp		7,852
	798,563		McKesson Corp		107,319
	1,820	*,g	Medartis Holding AG.		110
	14,800	*	Medical Data Vision Co Ltd		181
	83,982	e	Medical Facilities Corp		795
	400,410		Medicare Group		741
	238,751		Mediceo Paltac Holdings Co Ltd		5,281
	233,911	e	Mediclinic International plc		906
	14,864	*	Medidata Solutions, Inc		1,345
	6,855	*	Medipost Co Ltd		193
	36,165	*	MEDNAX, Inc		912
	2,564,976		Medtronic plc		249,803
	115,040	*	Meinian Onehealth Healthcare Holdings Co Ltd		209
	14,100		Menicon Co Ltd		466
	104,063		Meridian Bioscience, Inc		1,236
	59,936	*	Merit Medical Systems, Inc		3,570
	4,013		Mesa Laboratories, Inc		981
	98,717		Metlifecare Ltd		291
	437,832	e	Microport Scientific Corp		326
	6,677	*	Middle East Healthcare Co		49
	31,800		Miraca Holdings, Inc		725
	7,548	*	Misonix Inc		192
	34,956	*,g	MLP Saglik Hizmetleri AS.		70
	254,785	*	Molina Healthcare, Inc		36,470
	10,939		Mouwasat Medical Services Co		262
	13,636		Nagaileben Co Ltd		300

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	36,800		Nakanishi, Inc	$	677
	567,471	*	Nanosonics Ltd		2,247
	22,395		National Healthcare Corp		1,817
	4,670		National Medical Care Co		71
	18,992		National Research Corp		1,094
	36,815	*	Natus Medical, Inc		946
	57,800	*	Neogen Corp		3,590
	1,121,827		Network Healthcare Holdings Ltd		1,431
	1,138		Neuca S.A.		91
	15,814	*,e	Neuronetics, Inc		198
	327,041	*	Nevro Corp		21,202
	87,843	*	NextGen Healthcare, Inc		1,748
	86,000		Nichii Gakkan Co		1,256
	46,000		Nihon Kohden Corp		1,250
	380,667	e	Nikkiso Co Ltd		5,087
	79,232		Nipro Corp		880
	206,564	e	NMC Health plc		6,320
	42,656	g	NNIT A.S.		823
	451,600		Notre Dame Intermedica Participacoes S.A.		4,742
	266,798	*	Novocure Ltd		16,870
	126,646	*	NuVasive, Inc		7,414
	134,500		Odontoprev S.A.		640
	878,016		Olympus Corp		9,771
	125,440	*	Omnicell, Inc		10,792
	12,267	*	OptimizeRx Corp		199
	289,381	*	OraSure Technologies, Inc		2,685
	98,691		Oriola-KD Oyj (B Shares)		225
	25,965	e	Orpea		3,132
	65,672	*	Orthofix International NV		3,473
	17,530	*	OrthoPediatrics Corp		684
	5,302	*	Osstem Implant Co Ltd		345
	78,853		Owens & Minor, Inc		252
	12,400		Paramount Bed Holdings Co Ltd		473
	91,637	e	Patterson Cos, Inc		2,098
	9,324	*,e	Penumbra, Inc		1,492
	19,450	*,e	PetIQ, Inc		641
	49,273	e	Phonak Holding AG.		11,214
	79,000	*,†	Pihsiang Machinery Manufacturing Co Ltd		0	^
	160,256	*	Premier, Inc		6,268
	195,879		Pro Medicus Ltd		3,490
	85,468	*	Providence Service Corp		4,901
	12,751	*,e	Pulse Biosciences, Inc		168
	596,000		Qualicorp S.A.		3,565
	49,835		Quest Diagnostics, Inc		5,074
	38,686	*	Quidel Corp		2,295
	301,151	*	R1 RCM, Inc		3,788
	132,561	*	RadNet, Inc		1,828
	595,783	e	Raffles Medical Group Ltd		458
	237,636		Ramsay Health Care Ltd		12,064
	13,117	*,e	RaySearch Laboratories AB		188
	69,202		Regis Healthcare Ltd		128
	61,023		Resmed, Inc		7,447
	9,065		Rhoen Klinikum AG.		277
	57,959	*	Rockwell Medical, Inc		174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	138,912	*	RTI Biologics, Inc	$	590
	511,003		Ryman Healthcare Ltd		4,036
	33,251		Sartorius AG.		6,819
	7,060		Saudi Chemical Co		58
	45,482	*	SeaSpine Holdings Corp		603
	4,000	e	Seed Co Ltd		41
	845,962		Selcuk Ecza Deposu Ticaret ve Sanayi AS		712
	532,042	*	Select Medical Holdings Corp		8,444
	119,020	*,e	Senseonics Holdings, Inc		243
	3,956,415		Shandong Weigao Group Medical Polymer Co Ltd		3,590
	81,600		Shanghai Pharmaceuticals Holding Co Ltd		216
	744,140		Shanghai Pharmaceuticals Holding Co Ltd (Hong Kong)		1,463
	3,400		Shenzhen Mindray Bio-Medical Electronics Co Ltd		81
	7,382	*	Shockwave Medical Inc		421
	34,203	*	SI-BONE, Inc		696
	147,519	g	Siemens Healthineers AG.		6,216
	87,566	e	Sienna Senior Living, Inc		1,301
	30,447	*,e	Sientra, Inc		188
	1,401,979		Sigma Healthcare Ltd		547
	79,846	*	Silk Road Medical Inc		3,869
	16,247		Simulations Plus, Inc		464
	1,069,471		Sinopharm Group Co		3,766
	783,348		Smith & Nephew plc		17,010
	1,500		Software Service, Inc		145
	27,600		Solasto Corp		241
	2,203	*	Soliton Inc		32
	799,589		Sonic Healthcare Ltd		15,235
	164,080	g	Spire Healthcare Group plc		249
	28,000		St. Shine Optical Co Ltd		498
	242,614	*	Staar Surgical Co		7,128
	145,010		STERIS plc		21,589
	3,013		STRATEC Biomedical AG.		195
	23,903		Straumann Holding AG.		21,123
	574,594		Stryker Corp		118,125
	15,702		Suheung Capsule Co Ltd		462
	243,468		Summerset Group Holdings Ltd		911
	7,444,400		Supermax Corp BHD		3,012
	25,854	*	Surgery Partners, Inc		210
	14,009	*	SurModics, Inc		605
	221,755		Suzuken Co Ltd		13,031
	112,282		Sysmex Corp		7,345
	20,868	*,e	Tabula Rasa HealthCare, Inc		1,042
	69,768	*,e	Tactile Systems Technology, Inc		3,971
	20,000		TaiDoc Technology Corp		92
	125,660	*	Tandem Diabetes Care, Inc		8,108
	84,843	*,e	Teladoc, Inc		5,634
	11,914		Teleflex, Inc		3,945
	232,955	*	Tenet Healthcare Corp		4,813
	286,242		Terumo Corp		8,551
	234,100		Thonburi Healthcare Group PCL		212
	55,636	*	Tivity Health, Inc		915
	223,900	e	Toho Pharmaceutical Co Ltd		5,024

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,200		Tokai Corp (GIFU)	$	238
	1,312,000		Top Glove Corp BHD		1,560
	2,414,000	*,†,e	Town Health International Medical Group Ltd		3
	207,127	*,e	TransEnterix, Inc		282
	6,831	*	Transmedics Group, Inc		198
	131,128	*	Triple-S Management Corp (Class B)		3,127
	24,400		Tsuki Corp		117
	143,167		United Drug plc		1,452
	2,914,529		UnitedHealth Group, Inc		711,174
	213,744		Universal Health Services, Inc (Class B)		27,870
	14,436		US Physical Therapy, Inc		1,769
	4,587		Utah Medical Products, Inc		439
	4,119		Value Added Technologies Co Ltd		101
	5,963	*	Vapotherm, Inc		137
	141,861	*	Varex Imaging Corp		4,348
	40,060	*	Varian Medical Systems, Inc		5,453
	362,390	*	Veeva Systems, Inc		58,747
	3,235		Vieworks Co Ltd		90
	71,153	*,e	ViewRay, Inc		627
	43,857		Virtus Health Ltd		139
	70,300	e	VITAL KSK Holdings, Inc		667
	33,963	*	Vocera Communications, Inc		1,084
	19,856	*	WellCare Health Plans, Inc		5,660
	73,200		West Pharmaceutical Services, Inc		9,161
	40,404	*,e	William Demant Holding A.S.		1,258
	788,409	*,e	Wright Medical Group NV		23,510
	114,972	*	Xvivo Perfusion AB		2,461
	2,665		Ypsomed Holding AG.		367
	2,256,666		Zimmer Biomet Holdings, Inc		265,700
	15,924	*	Zynex Inc		143
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		5,620,822

HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
	2,759		Aekyung Industrial Co Ltd		89
	29,962		Amorepacific Corp		4,280
	10,268		Amorepacific Corp (Preference)		768
	1,351	*	Avon Products, Inc		5
	44,237		Bajaj Corp Ltd		211
	88,788		Beiersdorf AG.		10,646
	5,499,000	†,e	Best World International Ltd		5,527
	7,527	e	Blackmores Ltd		476
	56,053	e	BWX Ltd		72
	23,493	*,e	Central Garden & Pet Co		633
	94,889	*	Central Garden and Pet Co (Class A)		2,338
	19,000		Chlitina Holding Ltd		164
	177,874		Church & Dwight Co, Inc		12,995
	89,573		Clorox Co		13,715
	1,979,737		Colgate-Palmolive Co		141,888
	3,490		Cosmax, Inc		330
	303,039	e	Coty, Inc		4,061
	655,886		Dabur India Ltd		3,806
	7,600		Earth Chemical Co Ltd		340
	59,860	*	Edgewell Personal Care Co		1,613

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	80,478		EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS	$	33
	520,742	*	elf Beauty, Inc		7,342
	918,172	e	Energizer Holdings, Inc		35,478
	471,373		Essity AB		14,501
	723,415		Estee Lauder Cos (Class A)		132,465
	433,000	*	Euglena Co Ltd		3,805
	92,900		Fancl Corp		2,298
	7,952		Gillette India Ltd		861
	469,746		Godrej Consumer Products Ltd		4,516
	51,000		Grape King Industrial Co		336
	598,447		Hengan International Group Co Ltd		4,407
	102,697		Henkel KGaA		9,439
	141,126		Henkel KGaA (Preference)		13,805
	103,232	*,e	Herbalife Ltd		4,414
	910,049		Hindustan Lever Ltd		23,575
	18,968		Inter Parfums S.A.		909
	49,851		Inter Parfums, Inc		3,315
	2,124		It’s Skin Co Ltd		42
	50,293		Jamieson Wellness, Inc		772
	9,273	*	Jayjun Cosmetic Co Ltd		51
	88,125		Jyothy Laboratories Ltd		203
	543,678		Kao Corp		41,485
	323,374		Kimberly-Clark Corp		43,099
	1,286,216		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		2,392
	36,600	e	Kitanotatsujin Corp		191
	135,356		Kobayashi Pharmaceutical Co Ltd		9,711
	3,552		Kolmar BNH Co Ltd		82
	6,197		Korea Kolmar Co Ltd		325
	4,028		Korea Kolmar Holdings Co Ltd		99
	60,839		Kose Corp		10,269
	10,333		LG Household & Health Care Ltd		11,769
	2,261		LG Household & Health Care Ltd (Preference)		1,579
	29,380	*	Lifevantage Corp		381
	248,101		Lion Corp		4,628
	397,938		L’Oreal S.A.		113,145
	21,458		Mandom Corp		520
	762,207		Marico Ltd		4,095
	13,085		Medifast, Inc		1,679
	16,100		Milbon Co Ltd		781
	3,000	*,e	MTG Co Ltd		33
	207,498		Natura Cosmeticos S.A.		3,053
	14,886	*	Nature’s Sunshine Products, Inc		138
	19,500		Noevir Holdings Co Ltd		1,070
	42,776		Nu Skin Enterprises, Inc (Class A)		2,110
	4,478		NUTRIBIOTECH Co Ltd		40
	1,456,000		NVC Lighting Holdings Ltd		121
	6,643		Oil-Dri Corp of America		226
	41,902		Ontex Group NV		676
	24,449		Pacific Corp		1,322
	104,159		Pigeon Corp		4,200
	188,971		Pola Orbis Holdings, Inc		5,295
	7,120,153		Procter & Gamble Co		780,725

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,186,000		PT Industri Jamu Dan Farmasi Sido Muncul Tbk	$	440
	3,481,129		PT Unilever Indonesia Tbk		11,096
	138,222		PZ Cussons plc		376
	1,117,802		Reckitt Benckiser Group plc		88,256
	7,480	*,e	Revlon, Inc (Class A)		145
	67,957		Sarantis S.A.		687
	418,173		Shiseido Co Ltd		31,629
	21,336		Spectrum Brands Holdings, Inc		1,147
	6,800		ST Corp		106
	45,980		TCI Co Ltd		632
	414,681		Uni-Charm Corp		12,502
	1,831,206		Unilever NV		111,261
	1,373,580		Unilever plc		85,265
	14,636	*	USANA Health Sciences, Inc		1,163
	156,000		Vinda International Holdings Ltd		265
	15,135		WD-40 Co		2,407
	17,300	e	YA-MAN Ltd		143
	8,353	*	Youngevity International Inc		48
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,859,331

INSURANCE - 4.0%
	311,372		Admiral Group plc		8,731
	2,114,579		Aegon NV		10,504
	1,289,728		Aflac, Inc		70,690
	198,808		Ageas		10,346
	13,799,418		AIA Group Ltd		149,019
	3,570	*	Al Rajhi Co for Co-operative Insurance		49
	35,492		Alleghany Corp		24,174
	540,226		Allianz AG.		130,290
	824,089		Allstate Corp		83,802
	131,351		Alm Brand AS		1,161
	51,092	*	AMBAC Financial Group, Inc		861
	186,665		American Equity Investment Life Holding Co		5,070
	270,027		American Financial Group, Inc		27,670
	3,445,401		American International Group, Inc		183,571
	38,592		American National Insurance Co		4,495
	65,340		Amerisafe, Inc		4,167
	10,900	*,e	Anicom Holdings, Inc		391
	427,805		Aon plc		82,558
	878,354	*	Arch Capital Group Ltd		32,569
	198,357		Argo Group International Holdings Ltd		14,688
	338,755		Arthur J. Gallagher & Co		29,672
	564,690		ASR Nederland NV		22,944
	1,310,602		Assicurazioni Generali S.p.A.		24,675
	216,978		Assurant, Inc		23,082
	190,822		Assured Guaranty Ltd		8,030
	1,189,384	*	Athene Holding Ltd		51,215
	3,745,610		Aviva plc		19,839
	2,076,134		AXA S.A.		54,523
	499,701		Axis Capital Holdings Ltd		29,807
	48,520		Bajaj Finserv Ltd		5,993
	57,049		Baloise Holding AG.		10,104
	281,100		Bangkok Life Assurance PCL		248

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	585,374		BB Seguridade Participacoes S.A.	$	4,936
	513,980		Beazley plc		3,603
	4,336,808	*	Berkshire Hathaway, Inc (Class B)		924,477
	247,124	*	Brighthouse Financial, Inc		9,067
	440,738		Brown & Brown, Inc		14,765
	7,616	*	Bupa Arabia for Cooperative Insurance Co		196
	6,568,816		Cathay Financial Holding Co Ltd		9,098
	1,229,294		China Insurance International Holdings Co Ltd		3,293
	11,988,890		China Life Insurance Co Ltd		29,633
	22,000		China Life Insurance Co Ltd (Class A)		91
	2,338,253		China Life Insurance Co Ltd (Taiwan)		1,871
	179,000		China Pacific Insurance Group Co Ltd		953
	2,091,539		China Pacific Insurance Group Co Ltd (Hong Kong)		8,181
	6,492,000		China Reinsurance Group Corp		1,156
	1,387,854		Chubb Ltd		204,417
	378,399		Cincinnati Financial Corp		39,229
	64,229	*,e	Citizens, Inc (Class A)		469
	21,704	*	Clal Insurance		362
	129,019		CNA Financial Corp		6,073
	370,891		CNP Assurances		8,419
	23,874	*	Co for Cooperative Insurance		445
	330,708		Conseco, Inc		5,516
	3,630,000	*,†,e	Convoy Financial Holdings Ltd		5
	1,338,765	e	Corp Mapfre S.A.		3,915
	16,983		Crawford & Co		179
	1,256,447		Dai-ichi Mutual Life Insurance Co		19,010
	1,137,003		Direct Line Insurance Group plc		4,793
	289,358		Discovery Holdings Ltd		3,068
	26,794		Donegal Group, Inc (Class A)		409
	44,776		Dongbu Insurance Co Ltd		2,300
	25,053	*	eHealth, Inc		2,157
	10,067		EMC Insurance Group, Inc		363
	250,582		Employers Holdings, Inc		10,592
	13,156	*	Enstar Group Ltd		2,293
	71,580		Erie Indemnity Co (Class A)		18,201
	168,130		Everest Re Group Ltd		41,558
	28,306		Fairfax Financial Holdings Ltd		13,893
	23,800	e	Fanhua, Inc (ADR)		797
	10,407		FBL Financial Group, Inc (Class A)		664
	11,930		FedNat Holding Co		170
	404,715		First American Financial Corp		21,733
	501,742		FNF Group		20,220
	2,608	e	Fondiaria-Sai S.p.A		7
	6,211,461		Fubon Financial Holding Co Ltd		9,179
	939,513	*	Genworth Financial, Inc (Class A)		3,486
	224,724		Gjensidige Forsikring BA		4,529
	11,540		Global Indemnity Ltd		357
	13,619	e	Goosehead Insurance, Inc		651
	291,447		Great-West Lifeco, Inc		6,710
	40,681	*,e	Greenlight Capital Re Ltd (Class A)		345
	80,495		Grupo Catalana Occidente S.A.		2,975
	34,800	*	Hallmark Financial Services		495
	78,534		Hannover Rueckversicherung AG.		12,698
	120,838		Hanover Insurance Group, Inc		15,504

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	23,230		Hanwha Non-Life Insurance Co Ltd	$	83
	167,110		Harel Insurance Investments & Finances Ltd		1,255
	1,860,864		Hartford Financial Services Group, Inc		103,687
	1,096,345	g	Hastings Group Holdings Ltd		2,723
	8,466		HCI Group, Inc		343
	12,364	*,e	Health Insurance Innovations, Inc		320
	25,224		Helvetia Holding AG.		3,166
	170,590	e	Heritage Insurance Holdings, Inc		2,629
	165,390		Hiscox Ltd		3,553
	92,404		Horace Mann Educators Corp		3,723
	11,900		Hubei Biocause Pharmaceutical Co Ltd		11
	52,645		Hyundai Marine & Fire Insurance Co Ltd		1,298
	151,565		iA Financial Corp, Inc		6,173
	119,467	g	ICICI Lombard General Insurance Co Ltd		1,926
	5,212		IDI Insurance Co Ltd		203
	5,546		Independence Holding Co		215
	171,039	g	ING Life Insurance Korea Ltd		4,689
	2,407,132		Insurance Australia Group Ltd		13,976
	212,097		Intact Financial Corp		19,601
	1,413		Investors Title Co		236
	120,000		IRB Brasil Resseguros S		3,078
	86,321		James River Group Holdings Ltd		4,048
	1,418,095		Japan Post Holdings Co Ltd		16,060
	1,800		Japan Post Insurance Co Ltd		33
	580,376		Just Retirement Group plc		416
	26,172		Kemper Corp		2,258
	52,848		Kinsale Capital Group, Inc		4,835
	1,762,013		Korea Life Insurance Co Ltd		5,003
	56,047		Korean Reinsurance Co		424
	186,266		Lancashire Holdings Ltd		1,631
	8,094,657		Legal & General Group plc		27,732
	75,271		Liberty Holdings Ltd		565
	756,170		Lincoln National Corp		48,735
	497,688		Loews Corp		27,209
	23,637		Lotte Non-Life Insurance Co Ltd		49
	324,688		Manulife Financial Corp		5,903
	2,559,070		Manulife Financial Corp (Toronto)		46,509
	23,460	*	Markel Corp		25,562
	1,410,240		Marsh & McLennan Cos, Inc		140,671
	154,139	*	Max India Ltd		911
	107,665	*	MBIA, Inc		1,002
	3,216,629		Medibank Pvt Ltd		7,893
	13,828		Menorah Mivtachim Holdings Ltd		210
	1,117,999		Mercuries & Associates Holding Ltd		653
	578,058	*	Mercuries Life Insurance Co Lt		198
	248,759		Mercury General Corp		15,547
	306,408		Meritz Fire & Marine Insurance Co Ltd		5,493
	2,487,819		Metlife, Inc		123,570
	710,116		Metropolitan Holdings Ltd		956
	567,931		Migdal Insurance Holdings Ltd		596
	229,790		Mirae Asset Life Insurance Co Ltd		876
	281,269		Mitsui Sumitomo Insurance Group Holdings, Inc		8,941
	126,704		Muenchener Rueckver AG.		31,759

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	147,309		National General Holdings Corp	$	3,379
	2,282		National Western Life Group, Inc		586
	75,700		New China Life Insurance Co Ltd		608
	609,982		New China Life insurance Co Ltd (Hong Kong)		2,968
	14,614	*	NI Holdings, Inc		257
	314,173		nib holdings Ltd		1,694
	650,494		NKSJ Holdings, Inc		25,162
	455,558		NN Group NV		18,313
	4,066,036		Old Mutual Ltd		6,122
	645,871		Old Republic International Corp		14,455
	149,967	*	Palomar Holdings, Inc		3,605
	12,677,288	*	People’s Insurance Co Group of China Ltd		4,951
	386,236		Phoenix Group Holdings plc		3,483
	92,903		Phoenix Holdings Ltd		564
	6,546,239		PICC Property & Casualty Co Ltd		7,063
	12,367,976		Ping An Insurance Group Co of China Ltd		148,723
	470,811		Ping An Insurance Group Co of China Ltd (Class A)		6,088
	239,674		Porto Seguro S.A.		3,226
	1,187,492	g	Poste Italiane S.p.A		12,513
	644,069		Power Corp Of Canada		13,874
	604,904	e	Power Financial Corp		13,913
	731,381		Powszechny Zaklad Ubezpieczen S.A.		8,559
	32,194		Primerica, Inc		3,862
	477,510		Principal Financial Group		27,657
	132,052		ProAssurance Corp		4,768
	1,272,755		Progressive Corp		101,731
	12,221		Protective Insurance Corp		212
	184,898	*,e	Protector Forsikring ASA		1,209
	1,099,174		Prudential Financial, Inc		111,017
	3,394,409		Prudential plc		74,103
	5,866,300	*	PT Panin Life Tbk		138
	1,091,250	*	Qatar Insurance Co SAQ		10,512
	1,606,117		QBE Insurance Group Ltd		13,362
	113,600		Qualitas Controladora SAB de C.V.		319
	569,742		Rand Merchant Investment Holdings Ltd		1,375
	152,882		Reinsurance Group of America, Inc (Class A)		23,854
	76,483		RenaissanceRe Holdings Ltd		13,615
	44,211		RLI Corp		3,789
	956,369		RSA Insurance Group plc		7,009
	129,942	g	Sabre Insurance Group plc		450
	15,724		Safety Insurance Group, Inc		1,496
	633,952		Saga plc		320
	599,789		Sampo Oyj (A Shares)		28,313
	47,255		Samsung Fire & Marine Insurance Co Ltd		10,968
	57,830		Samsung Life Insurance Co Ltd		4,190
	3,328,705		Sanlam Ltd		18,483
	88,805		SCOR SE		3,893
	122,926		Selective Insurance Group, Inc		9,206
	31,106,780		Shin Kong Financial Holding Co Ltd		9,454
	534,000		Shinkong Insurance Co Ltd		685
	88,339		Societa Cattolica di Assicurazioni SCRL		790
	1,257,552		Sony Financial Holdings, Inc		30,263
	25,064		State Auto Financial Corp		877
	458,151		Steadfast Group Ltd		1,130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	54,842		Stewart Information Services Corp	$	2,221
	270,162		Storebrand ASA		1,988
	535,194		Sul America SA		5,229
	694,203		Sun Life Financial, Inc		28,748
	1,165,475		Suncorp-Metway Ltd		11,037
	49,920		Swiss Life Holding		24,750
	213,715		Swiss Re Ltd		21,717
	708,340		T&D Holdings, Inc		7,709
	456,839	*	Third Point Reinsurance Ltd		4,715
	87,489		TI Financial Holdings Ltd		592
	35,184		Tiptree Financial, Inc		222
	1,695,803		Tokio Marine Holdings, Inc		85,087
	16,033		Tong Yang Life Insurance		61
	182,811		Topdanmark AS		10,317
	194,938		Torchmark Corp		17,439
	504,547		Travelers Cos, Inc		75,440
	29,085	*,e	Trupanion, Inc		1,051
	152,103		Tryg A.S.		4,949
	3,806,681		Unipol Gruppo Finanziario S.p.A		18,549
	234,465		Uniqa Versicherungen AG.		2,185
	40,824		United Fire & Casualty Co		1,978
	34,911		United Insurance Holdings Corp		498
	34,960		Universal Insurance Holdings, Inc		975
	863,649		UnumProvident Corp		28,975
	297,201		W.R. Berkley Corp		19,594
	22,487	*	Watford Holdings Ltd		617
	9,118		White Mountains Insurance Group Ltd		9,314
	110,837		Wiener Staedtische Allgemeine Versicherung AG.		2,842
	308,344		Willis Towers Watson plc		59,060
	35,200		Wiz Solucoes e Corretagem de Seguros S.A.		100
	13,587		Wuestenrot & Wuerttembergische AG.		292
	282,100	*,e,g	ZhongAn Online P&C Insurance Co Ltd		775
	226,428		Zurich Financial Services AG.		78,785
			TOTAL INSURANCE		4,700,547

MATERIALS - 4.7%
	33,793		Aarti Industries		870
	197,096		Acerinox S.A.		1,982
	7,499		Achilles Corp		137
	61,100		ADEKA Corp		905
	225,998		Adelaide Brighton Ltd		642
	16,295	e	Advanced Emissions Solutions, Inc		206
	101,144	e	Advanced Metallurgical Group NV		3,138
	47,109		Advanced Petrochemical Co		754
	71,727		Advansa Sasa Polyester Sanayi AS		82
	81,679	*	AdvanSix, Inc		1,995
	116,258		Aeci Ltd		755
	115,232	*	African Barrick Gold Ltd		259
	836,944		African Rainbow Minerals Ltd		10,866
	246,110	e	Agnico-Eagle Mines Ltd		12,618
	5,400		Aichi Steel Corp		158
	335,811		Air Liquide		46,969
	443,105		Air Products & Chemicals, Inc		100,306

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	44,770		Air Water, Inc	$	769
	31,972		AK Holdings, Inc		1,232
	326,851	*,e	AK Steel Holding Corp		775
	4,990		Akzo Nobel India Ltd		130
	288,627		Akzo Nobel NV		27,122
	507,177		Alamos Gold, Inc		3,060
	51,593	e	Albemarle Corp		3,633
	376,399	*	Alcoa Corp		8,812
	1,781,913		Alexandria Mineral Oils Co		481
	141,104	*,e	Allegheny Technologies, Inc		3,556
	53,177		Altius Minerals Corp		517
	633,297	e	Altri SGPS S.A.		4,396
	10,353	*	Alujain Corp		59
	3,109,063		Alumina Ltd		5,103
	3,669,445	*	Aluminum Corp of China Ltd		1,303
	91,600	*	Aluminum Corp of China Ltd (Class A)		52
	592,742		Ambuja Cements Ltd		1,827
	3,741		Amcor Ltd		43
	82,625	*,e	Amcor plc		949
	93,714		American Vanguard Corp		1,444
	37,521	*,e	Amyris, Inc		134
	135,596		Anadolu Cam Sanayii AS		65
	375,012	*	Anatolia Minerals Development Ltd		1,303
	1,869,800	e	Angang New Steel Co Ltd		853
	320,840		Angang Steel Co Ltd		177
	120,180		Anglo American Platinum Ltd		7,151
	1,585,344	e	Anglo American plc (London)		45,291
	334,195		AngloGold Ashanti Ltd		5,990
	936,369		Anhui Conch Cement Co Ltd		5,859
	111,600		Anhui Conch Cement Co Ltd (Class A)		675
	1,034,012		Antofagasta plc		12,214
	164,447		APERAM		4,626
	3,225		APL Apollo Tubes Ltd		70
	29,275		Aptargroup, Inc		3,640
	10,587		Arabian Cement Co		73
	831,290		ArcelorMittal		14,870
	36,206		Ardagh Group S.A.		634
	116,204		Arkema		10,803
	24,774		Asahi Holdings, Inc		503
	1,229,177		Asahi Kasei Corp		13,141
	267,934		Ashland Global Holdings, Inc		21,427
	2,628,000		Asia Cement China Holdings Corp		4,214
	741		Asia Cement Co Ltd		62
	7,802,024		Asia Cement Corp		11,956
	438,721		Asian Paints Ltd		8,629
	225,800	*	ATA IMS Bhd		86
	16,569		Atul Ltd		955
	19,348		Aurubis AG.		945
	504,965		Ausdrill Ltd		649
	49,533		Avery Dennison Corp		5,730
	2,696,115	*	Axalta Coating Systems Ltd		80,263
	1,298,013	*	B2Gold Corp		3,945
	44,593		Balchem Corp		4,458
	538,100		Ball Corp		37,662

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	343,800		Baoshan Iron & Steel Co Ltd	$	326
	2,668,923		Barrick Gold Corp (Canada)		42,126
	4,714		BASF India Ltd		92
	853,903		BASF SE		62,121
	3,885		Bayer CropScience Ltd		196
	27,900		BBMG Corp		15
	7,387,000		BBMG Corp (Class H)		2,372
	21,216	e	Bekaert S.A.		571
	3,837,803	*	Berry Plastics Group, Inc		201,830
	4,252,758		BHP Billiton Ltd		123,621
	575,767	e	BHP Billiton Ltd (ADR)		33,458
	3,207,410		BHP Group plc		82,027
	101,908	e	Billerud AB		1,358
	4,000	*,e	Bio On Spa		244
	8,699		Birla Corp Ltd		75
	468,873		BlueScope Steel Ltd		3,987
	135,764		Boise Cascade Co		3,816
	384,559		Boliden AB		9,854
	1,036,375		Boral Ltd		3,738
	57,742		Borregaard ASA		669
	106,100		Bradespar S.A.		908
	161,775	*	Braskem S.A.		1,476
	174,489		Brickworks Ltd		1,998
	38,065		Buzzi Unicem S.p.A.		773
	49,781		Buzzi Unicem S.p.A. RSP		696
	76,972		Cabot Corp		3,672
	272,300		Cahya Mata Sarawak BHD		199
	83,342	*	Canfor Corp		677
	37,263		Canfor Pulp Products, Inc		306
	73,724		CAP S.A.		845
	200,109		Carpenter Technology Corp		9,601
	93,256		Cascades, Inc		751
	141,820		CCL Industries		6,955
	37,750		Celanese Corp (Series A)		4,069
	94,992	e	Cementir S.p.A.		689
	430,767		Cementos Argos S.A.		1,005
	74,525	*	Cemex Latam Holdings S.A.		106
	18,700,778		Cemex S.A. de C.V.		7,882
	913,056		Centamin plc		1,328
	287,182	*	Centerra Gold, Inc		2,022
	120,938		Central Asia Metals plc		329
	68,231	*	Century Aluminum Co		471
	51,000		Century Iron & Steel Industrial Co Ltd		107
	33,121		Century Plyboards India Ltd		80
	10,842		Century Textile & Industries Ltd		149
	475,559		CF Industries Holdings, Inc		22,213
	203,142		Chambal Fertilizers & Chemicals Ltd		515
	8,357		Chase Corp		900
	46,020		Chemours Co		1,104
	4,681,560		Cheng Loong Corp		3,044
	1,794,695		China BlueChemical Ltd		490
	163,029		China General Plastics Corp		126
	34,600		China Hi-ment Corp		59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,469,500		China Hongqiao Group Ltd	$	1,037
	1,499,841		China Manmade Fibers Corp		448
	115,112		China Metal Products		133
	858,455	*,†,e	China Metal Recycling Holdings Ltd		1
	476,000	*,e,g	China Metal Resources Utilization Ltd		238
	17,889,800	e	China Molybdenum Co Ltd		5,674
	373,700		China Molybdenum Co Ltd (Class A)		216
	8,163,282		China National Building Material Co Ltd		7,141
	172,100		China Northern Rare Earth Group High-Tech Co Ltd		323
	868,000		China Oriental Group Co Ltd		508
	1,275,359		China Petrochemical Development Corp		434
	5,057,199		China Resources Cement Holdings Ltd		4,896
	2,114,000		China Sanjiang Fine Chemicals		452
	1,037,465	*,e	China Shanshui Cement Group Ltd		435
	86,000		China Steel Chemical Corp		373
	23,036,303		China Steel Corp		18,514
	306,897		China Synthetic Rubber Corp		369
	212,000		China XLX Fertiliser Ltd		63
	1,103,600		China Zhongwang Holdings Ltd		556
	86,929	e	Christian Hansen Holding		8,180
	32,000		Chugoku Marine Paints Ltd		275
	1,797	*	Chunbo Co Ltd		117
	1,988,000	*	Chung Hung Steel Corp		674
	220,540		Chung Hwa Pulp Corp		69
	593,430		Cia de Minas Buenaventura S.A. (ADR) (Series B)		9,892
	2,643,648		Cia Siderurgica Nacional S.A.		11,504
	99,681		Ciech S.A.		1,116
	24,548		City Cement Co		85
	8,155		Clariant AG.		166
	20,967	*	Clearwater Paper Corp		388
	314,252	e	Cleveland-Cliffs, Inc		3,353
	204,288	*	Coeur Mining, Inc		887
	402,939		Commercial Metals Co		7,192
	86,132	*,†	Companhia Vale do Rio Doce		0
	79,278		Compass Minerals International, Inc		4,356
	130,114	*	Constellium NV		1,306
	181,631	*,e	Continental Gold, Inc		526
	45,208		Corbion NV		1,472
	72,897		Coromandel International Ltd		442
	373,917	g	Coronado Global Resources, Inc (ADR)		956
	6,217,257	*	Corteva, Inc		183,844
	23,201		Corticeira Amorim SGPS S.A.		269
	580,818	g	Covestro AG.		29,569
	294,000	e	CPMC Holdings Ltd		114
	2,969,514		CRH plc		97,065
	18,115		Croda International plc		1,178
	1,972,059	*	Crown Holdings, Inc		120,493
	280,857		CSR Ltd		773
	1,255,500		D&L Industries Inc		256
	111,303		Daicel Chemical Industries Ltd		992
	30,800		Daido Steel Co Ltd		1,172
	11,800		Daiken Corp		241
	6,071		Dainichiseika Color & Chemicals Manufacturing Co Ltd		171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	52,500	e	Dainippon Ink and Chemicals, Inc	$	1,390
	183,572	e	Daio Paper Corp		2,163
	59,400		Daiso Co Ltd		1,487
	55,400		Denki Kagaku Kogyo KK		1,649
	229,803	*	Detour Gold Corp		2,899
	2,238,600		DG Khan Cement Co Ltd		792
	252,873		Domtar Corp		11,260
	15,991		Dongjin Semichem Co Ltd		140
	26,402		Dongkuk Steel Mill Co Ltd		154
	2,201		Dongwon Systems Corp		82
	518,000		Dongyue Group		319
	1,445,110		Dow, Inc		71,258
	28,100		Dowa Holdings Co Ltd		903
	786,632		DS Smith plc		3,629
	188,538		DSM NV		23,263
	5,166	*	Duk San Neolux Co Ltd		75
	353,716		DuluxGroup Ltd		2,315
	191,237	*	Dundee Precious Metals, Inc		713
	1,375,555		DuPont de Nemours, Inc		103,263
	15,621		Eagle Materials, Inc		1,448
	528,300		Eastern Polymer Group PCL		108
	9,169		Eastern Province Cement Co		73
	35,157		Eastman Chemical Co		2,736
	346,357		Ecolab, Inc		68,385
	8,593	*	Ecopro Co Ltd		201
	75,111		EID Parry India Ltd		199
	84,636	*	El Ezz Steel Co		58
	209,268	*,e	Eldorado Gold Corp		1,216
	66,207	*	Element Solutions, Inc		685
	334,131		Elementis plc		601
	1,367,439	e,g	Elkem ASA		3,860
	2,972,980		Empresas CMPC S.A.		8,160
	2,233		EMS-Chemie Holding AG.		1,450
	739,354		Ence Energia y Celulosa S.A.		3,343
	97,401	*	Endeavour Mining Corp		1,588
	163,679	*,e	Endeavour Silver Corp		337
	265,690		Engro Chemical Pakistan Ltd		442
	3,132,500		Engro Fertilizers Ltd		1,254
	8,393		Eramet		559
	430,098		Ercros S.A.		990
	4,201,318		Eregli Demir ve Celik Fabrikalari TAS		5,706
	85,188	*	ERO Copper Corp		1,443
	41,607		Essel Propack Ltd		79
	151,664		Essentra plc		824
	454,574		Eternal Chemical Co Ltd		396
	795,094		Eugene Corp		4,092
	178,128		Everlight Chemical Industrial Corp		95
	2,512,555		Evolution Mining Ltd		7,701
	21,777		Evonik Industries AG.		635
	783,041		Evraz plc		6,630
	807,800		Fauji Fertilizer Co Ltd		441
	219,050		Feng Hsin Iron & Steel Co		444

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	18,900		Ferbasa-Ferro Ligas DA Bahia	$	109
	2,350,736		Ferrexpo plc		8,308
	85,960	*	Ferro Corp		1,358
	202,348	*	Ferroglobe plc		0
	18,105		Finolex Industries Ltd		133
	231,444	*,e	First Majestic Silver Corp		1,827
	1,492,884		First Quantum Minerals Ltd		14,182
	1,247,343	e	Fletcher Building Ltd		4,064
	75,622	*,e	Flotek Industries, Inc		250
	42,660		FMC Corp		3,539
	23,372	*,e	Foosung Co Ltd		138
	3,329,354		Formosa Chemicals & Fibre Corp		11,063
	4,192,176		Formosa Plastics Corp		15,472
	568,575	g	Forterra plc		2,137
	102,835	*,e	Forterra, Inc		511
	1,956,690		Fortescue Metals Group Ltd		12,444
	207,036	*	Fortuna Silver Mines, Inc		590
	14,100		FP Corp		863
	176,877		Franco-Nevada Corp		15,013
	4,691,003		Freeport-McMoRan Copper & Gold, Inc (Class B)		54,463
	168,727		Fresnillo plc		1,867
	62,437		Fuchs Petrolub AG. (Preference)		2,451
	4,564,200		Fufeng Group Ltd		2,496
	50,300		Fuji Seal International, Inc		1,542
	10,400		Fujimi, Inc		214
	18,600		Fujimori Kogyo Co Ltd		500
	17,000		Furukawa-Sky Aluminum Corp		290
	2,127,800		Fushan International Energy Group Ltd		463
	12,700	e	Fuso Chemical Co Ltd		253
	43,624	*	FutureFuel Corp		510
	219,247	*,e	Galaxy Resources Ltd		189
	114,323	*	GCP Applied Technologies, Inc		2,588
	3,107,212		Gerdau S.A. (Preference)		12,300
	7,540		Givaudan S.A.		21,297
	9,640,826		Glencore Xstrata plc		33,366
	160,400		Global Green Chemicals PCL		63
	5,200		Godo Steel Ltd		95
	2,004,989		Gold Fields Ltd		10,898
	245,100	*	Gold Resource Corp		828
	398,714	*	Gold Road Resources Ltd		278
	2,682,510		Goldsun Development & Construction Co Ltd		737
	384,000		Grand Pacific Petrochemical		254
	259,310		Granges AB		2,970
	561,224		Graphic Packaging Holding Co		7,846
	459,431	*	Grasim Industries Ltd		6,082
	605,755	*,†	Great Basin Gold Ltd		5
	392,000		Greatview Aseptic Packaging Co		224
	102,368		Greif, Inc (Class A)		3,332
	7,022		Greif, Inc (Class B)		307
	6,882		Groupe Guillin		149
	252,490		Grupo Argos S.A.		1,359
	79,200		Grupo Cementos de Chihuahua SAB de C.V.		437
	5,463,544		Grupo Mexico S.A. de C.V. (Series B)		14,509
	10,837		Gujarat Alkalies & Chemicals Ltd		82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	21,213		Gujarat Flourochemicals	$	282
	321,729		Gujarat Narmada Valley Fertilizers Co Ltd		1,090
	5,756		Gulf Oil Lubricants India Ltd		72
	228		Gurit Holding AG.		239
	3,774		H&R GmbH & Co KGaA		29
	56,293		H.B. Fuller Co		2,612
	1,278		Hadera Paper Ltd		88
	772		Hanil Cement Co Ltd		85
	627		Hanil Cement Manufacturing		29
	4,187		Hansol Chemical Co Ltd		288
	173,165		Hansol Paper Co Ltd		2,201
	343,826		Hanwha Chemical Corp		6,775
	203,670		Harmony Gold Mining Co Ltd		458
	11,987		Hawkins, Inc		520
	16,446		Haynes International, Inc		523
	499,696		Hecla Mining Co		899
	738,548		HeidelbergCement AG.		59,767
	21,788		HeidelbergCement India Ltd		62
	93,520		Hengli Petrochemical Co Ltd		166
	4,900		Hengyi Petrochemical Co Ltd		10
	434,600	*	Hesteel Co Ltd		189
	398,052		Hexpol AB		3,247
	44,234		Hill & Smith Holdings plc		658
	37,657		Himadri Speciality Chemical Ltd		57
	1,833,662		Hindalco Industries Ltd		5,499
	117,959		Hitachi Chemical Co Ltd		3,215
	401,618		Hitachi Metals Ltd		4,554
	571,438		Hochschild Mining plc		1,389
	3,200		Hodogaya Chemical Co Ltd		86
	334,829		Hokuetsu Paper Mills Ltd		1,810
	84,639	e	Holcim Ltd		4,139
	60,699		Holmen AB		1,297
	16,693		Honam Petrochemical Corp		3,656
	111,000		Hsin Kuang Steel Co Ltd		111
	353,000		Huabao International Holdings Ltd		149
	8,171		Huchems Fine Chemical Corp		156
	309,167		HudBay Minerals, Inc		1,674
	91,201	e	Huhtamaki Oyj		3,751
	51,266		Huntsman Corp		1,048
	1,212	*	Hyosung Advanced Materials Corp		126
	832		Hyosung Chemical Corp		108
	108,939		Hyosung Corp		6,861
	131,035		Hyundai Steel Co		4,751
	613,787	*	IAMGOLD Corp		2,076
	839,839	g	Ibstock plc		2,592
	1,863,352		Iluka Resources Ltd		14,148
	50,075		IMCD Group NV		4,593
	18,112		Imerys S.A.		960
	1,055,572	*,e	Impala Platinum Holdings Ltd		5,231
	1,406,096		Incitec Pivot Ltd		3,370
	341,037		Independence Group NL		1,135
	65,596		India Cements Ltd		95
	1,561,978		Indorama Ventures PCL (Foreign)		2,396

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	132,116		Industrias Penoles S.A. de C.V.	$	1,709
	107,930	*	Ingevity Corp		11,351
	603,100		Inner Mongolia BaoTou Steel Union Co Ltd		149
	210,120		Inner Mongolia Eerduosi Resourses Co Ltd		179
	2,800	*	Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd		1
	20,646		Innophos Holdings, Inc		601
	103,163		Innospec, Inc		9,413
	144,268	*	Interfor Corp		1,536
	464,851	e	International Flavors & Fragrances, Inc		67,445
	1		International Flavors & Fragrances, Inc (Tel Aviv)		0	^
	708,986		International Paper Co		30,713
	77,438		Intertape Polymer Group, Inc		1,089
	1,303,727	*	Intrepid Potash, Inc		4,381
	98,700		Ishihara Sangyo Kaisha Ltd		1,159
	974,436		Israel Chemicals Ltd		5,126
	18,890	*	Israel Corp Ltd		4,601
	730,225	*	Ivanhoe Mines Ltd		2,320
	31,459	*,†	Jacana Minerals Ltd		0
	424,732		James Hardie Industries NV		5,591
	54,992	*	Jastrzebska Spolka Weglowa S.A.		696
	15,800		JCU Corp		291
	794,716		JFE Holdings, Inc		11,702
	3,250,445		Jiangxi Copper Co Ltd		4,332
	92,700		Jiangxi Copper Co Ltd (Class A)		213
	21,900	*	Jiangxi Ganfeng Lithium Co Ltd		75
	1,287,000		Jinchuan Group International Resources Co Ltd		110
	394,773		Jindal Saw Ltd		476
	196,053	*	Jindal Steel & Power Ltd		403
	173,049		Jinduicheng Molybdenum Co Ltd		169
	357,091	*	Jinshan Gold Mines, Inc		447
	8,465		JK Cement Ltd		123
	18,352		JK Lakshmi Cement Ltd		91
	22,700		Johnson Matthey plc		960
	7,400		JSP Corp		141
	1,924,715		JSR Corp		30,488
	1,337,125		JSW Steel Ltd		5,356
	1,287,653		Jupiter Mines Ltd		312
	109,920		K&S AG.		2,045
	68,064		Kaiser Aluminum Corp		6,644
	38,928		Kaneka Corp		1,468
	199,613		Kansai Paint Co Ltd		4,195
	28,700		Kanto Denka Kogyo Co Ltd		201
	363,161	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)		141
	1,789,982		KAZ Minerals plc		13,750
	116,266		Kemira Oyj		1,712
	300,197	*	KGHM Polska Miedz S.A.		8,335
	20,100	e	KH Neochem Co Ltd		494
	378,172	*	Kidman Resources Ltd		500
	1,184,258	*	Kinross Gold Corp		4,576
	441,444		Kirkland Lake Gold Ltd		19,019
	2,702		KISWIRE Ltd		61
	574,951		Klabin S.A.		2,448

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,351,100		Klabin S.A. (Preference)	$	1,077
	44,585	*	Klondex Mines Ltd		80
	14,500		Koatsu Gas Kogyo Co Ltd		114
	430,670		Kobe Steel Ltd		2,827
	8,776		Kolon Industries, Inc		325
	16,600		Konishi Co Ltd		247
	23,060	*	Koppers Holdings, Inc		677
	14,583		Korea Kumho Petrochemical		1,231
	17,434		Korea Petrochemical Ind Co Ltd		1,966
	9,046		Korea Zinc Co Ltd		3,731
	19,877	*	Koza Altin Isletmeleri AS		181
	85,221	*	Koza Anadolu Metal Madencilik Isletmeleri AS		104
	33,769	*	Kraton Polymers LLC		1,049
	29,135		Kronos Worldwide, Inc		446
	9,500		Krosaki Harima Corp		543
	74,438	e	Kumba Iron Ore Ltd		2,639
	48,448		Kumiai Chemical Industry Co Ltd		351
	274,667	e	Kuraray Co Ltd		3,290
	22,800		Kureha CORP		1,560
	86,500		Kyoei Steel Ltd		1,532
	137,944	e	Labrador Iron Ore Royalty Corp		3,689
	459,120		Lanxess AG.		27,267
	401,783	*,e	Largo Resources Ltd		555
	1,376,000		Lee & Man Paper Manufacturing Ltd		963
	20,302		Lenzing AG.		2,263
	41,230		LG Chem Ltd		12,671
	8,034		LG Chem Ltd (Preference)		1,362
	11,079		Linde India Ltd		84
	1,904,613		Linde plc		382,447
	838,991		Linde plc (Xetra)		168,516
	24,600		Lintec Corp		514
	60,408	*,e	Lithium Americas Corp		244
	178,364	*	Livent Corp		1,234
	8,468		Lock & Lock Co Ltd		114
	28,900	*	Loma Negra Cia Industrial Argentina S.A. (ADR)		338
	251,103		Long Chen Paper Co Ltd		118
	627,656		Louisiana-Pacific Corp		16,457
	29,278	*	LSB Industries, Inc		114
	420,979	e	Lucara Diamond Corp		508
	52,700		Lucky Cement Ltd		126
	82,056	*,e	Lundin Gold, Inc		411
	626,241		Lundin Mining Corp		3,448
	363,587	*	Lynas Corp Ltd		658
	359,867		LyondellBasell Industries AF S.C.A		30,995
	1,814,000		Maanshan Iron & Steel Co Ltd		721
	265,500		Maanshan Iron & Steel Co Ltd (Class A)		132
	55,852		Madras Cements Ltd		634
	101,085	*	MAG. Silver Corp		1,067
	103,984	*	Major Drilling Group International		336
	52,950	*	Marrone Bio Innovations, Inc		79
	345,351		Marshalls plc		2,993
	15,653		Martin Marietta Materials, Inc		3,602
	44,102		Maruichi Steel Tube Ltd		1,227

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	143,849		Materion Corp	$	9,754
	30,687	*	Mayville Engineering Co Inc		423
	3,694,100	*	Mesaieed Petrochemical Holding Co		2,648
	357,100		Metalurgica Gerdau S.A.		673
	80,642		Methanex Corp		3,661
	958,743		Mexichem SAB de C.V.		2,013
	97,223		Mineral Resources Ltd		1,027
	84,854		Minerals Technologies, Inc		4,541
	14,047	e	Miquel y Costas & Miquel S.A.		245
	1,606,959		Mitsubishi Chemical Holdings Corp		11,251
	196,688		Mitsubishi Gas Chemical Co, Inc		2,631
	87,520		Mitsubishi Materials Corp		2,493
	209,777		Mitsui Chemicals, Inc		5,212
	33,300		Mitsui Mining & Smelting Co Ltd		800
	560,070		MMC Norilsk Nickel PJSC (ADR)		12,613
	2,060,000	*	MMG Ltd		721
	26,786		MOIL Ltd		59
	154,393		Mondi Ltd		3,471
	454,580		Mondi plc		10,346
	12,981	*,†	Mongolian Metals Corporation		0
	2,065		Monsanto India Ltd		66
	10,207		Moorim P&P Co Ltd		46
	3,747,793		Mosaic Co		93,807
	465,266		Mount Gibson Iron Ltd		334
	110,603	e	M-real Oyj (B Shares)		595
	39,675		Myers Industries, Inc		765
	101,163		Mytilineos Holdings S.A.		1,168
	17,542	*	Najran Cement Co		39
	11,900		Nakayama Steel Works Ltd		52
	8,514		Namhae Chemical Corp		80
	315,111	*	Nampak Ltd		229
	22,000	*	Nan Pao Resins Chemical Co Ltd		110
	4,872,071		Nan Ya Plastics Corp		12,337
	1,012,275		Nantex Industry Co Ltd		1,175
	1,649,567		National Aluminium Co Ltd		1,180
	118,649	*	National Industrialization Co		537
	18,862		Neenah Paper, Inc		1,274
	17,521		Neo Performance Materials, Inc		167
	24,800		Neturen Co Ltd		199
	755,407	*,e	New Gold, Inc		733
	692,967		Newcrest Mining Ltd		15,568
	3,507		NewMarket Corp		1,406
	3,405,724		Newmont Mining Corp		131,018
	17,600		Nihon Nohyaku Co Ltd		68
	47,600		Nihon Parkerizing Co Ltd		529
	2,211,902		Nine Dragons Paper Holdings Ltd		1,963
	59,600	e	Nippon Denko Co Ltd		115
	77,400		Nippon Kayaku Co Ltd		933
	808,700		Nippon Light Metal Holdings Co Ltd		1,753
	132,486	e	Nippon Paint Co Ltd		5,158
	108,100		Nippon Paper Industries Co Ltd		1,917
	15,300		Nippon Shokubai Co Ltd		1,014
	13,400		Nippon Soda Co Ltd		340
	858,652		Nippon Steel Corp		14,777

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,700		Nippon Valqua Industries Ltd	$	204
	146,083		Nissan Chemical Industries Ltd		6,600
	19,400		Nittetsu Mining Co Ltd		841
	141,963		Nitto Denko Corp		7,027
	54,860		NOF Corp		2,050
	73,215		Norbord, Inc		1,815
	1,264,473		Norsk Hydro ASA		4,529
	187,657	*	Northam Platinum Ltd		786
	19,937	*	Northern Region Cement Co		47
	763,896		Northern Star Resources Ltd		6,267
	260,863		Novagold Resources Inc		1,542
	318,290	*	Novagold Resources, Inc		1,874
	112,095		Novolipetsk Steel PJSC (GDR)		2,829
	150,182		Novozymes AS		7,003
	509,152		Nucor Corp		28,054
	149,166		Nufarm Ltd		430
	281,530		Nutrien Ltd		15,051
	966,545	e	Nutrien Ltd (Toronto)		51,702
	801,859	e	OceanaGold Corp		2,192
	19,598		OCI Co Ltd		1,587
	48,845	*	OCI NV		1,341
	48,659	*	Odisha Cement Ltd		739
	15,575		Oeneo S.A.		182
	967,496		OJI Paper Co Ltd		5,604
	6,000		Okamoto Industries, Inc		270
	4,753,655		Olin Corp		104,153
	18,304		Olympic Steel, Inc		250
	30,940	e	Omnia Holdings Ltd		77
	109,794	*	Omnova Solutions, Inc		684
	408,614		Orica Ltd		5,822
	1,205,000		Oriental Union Chemical Corp		1,000
	174,451	*	Orion Engineered Carbons SA		3,735
	508,663	*,e	Orocobre Ltd		1,012
	694,788		Orora Ltd		1,583
	5,700		Osaka Steel Co Ltd		93
	141,779		Osisko Gold Royalties Ltd		1,478
	244,685	*,e	Osisko Mining, Inc		617
	181,087	e	Outokumpu Oyj		619
	168,107		Owens-Illinois, Inc		2,903
	345,135		Oxiana Ltd		2,443
	1,042,000		Pabrik Kertas Tjiwi Kimia Tbk PT		928
	16,350		Pacific Metals Co Ltd		339
	7,000		Pack Corp		215
	18,550		Packages Ltd		35
	176,426		Packaging Corp of America		16,817
	117,279		Pact Group Holdings Ltd		230
	274,519		Pan American Silver Corp (Toronto)		3,549
	499,178		Petkim Petrokimya Holding		350
	5,764,416		Petronas Chemicals Group BHD		11,718
	145,259		PH Glatfelter Co		2,452
	137,942		Phillips Carbon Black Ltd		232
	65,737		PhosAgro PJSC (GDR)		862
	25,088		PI Industries Ltd		426

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	124,917		Pidilite Industries Ltd	$	2,198
	844,917	*,e	Pilbara Minerals Ltd		324
	176,329		Polymetal International plc (ADR)		2,236
	549,875		PolyOne Corp		17,261
	99,412		Polyus PJSC		4,597
	44,044		Poongsan Corp		990
	166,185		Portucel Empresa Produtora de Pasta e Papel S.A.		635
	76,596		POSCO		16,260
	25,181	e	POSCO Refractories & Environment Co Ltd		1,171
	714,604	*	PPC Ltd		234
	226,286		PPG Industries, Inc		26,410
	61,450	*	PQ Group Holdings, Inc		974
	268,504	*,e	Premier Gold Mines Ltd		418
	1,074,600		Press Metal BHD		1,144
	229,467	*	Pretium Resources, Inc		2,294
	49,977		Prism Cement Ltd		66
	3,727,704		PT Aneka Tambang Tbk		223
	4,299,000		PT Barito Pacific Tbk		977
	2,429,800		PT Indah Kiat Pulp and Paper Corp Tbk		1,615
	2,998,343		PT Indocement Tunggal Prakarsa Tbk		4,238
	2,080,998	*	PT Krakatau Steel Tbk		62
	8,218,300	*,†	PT Sekawan Intipratama Tbk		0	^
	6,948,538		PT Semen Gresik Persero Tbk		5,691
	1,435,557		PT Timah Tbk		115
	15,580,900		PT Waskita Beton Precast Tbk		441
	2,098,977		PTT Global Chemical PCL (Foreign)		4,385
	10,217		Qassim Cement Co		126
	126,971		Qatar Aluminum Manufacturing Co		347
	278,260		Qatar National Cement Co		497
	14,679		Quaker Chemical Corp		2,978
	264,380	*,†,b,e	Quintis Ltd		2
	175,832		Rain Commodities Ltd		255
	19,634		Rallis India Ltd		41
	17,755	*,e	Ramaco Resources, Inc		94
	61,100	e	Rayonier Advanced Materials, Inc		397
	106,856		Recticel S.A.		964
	796,160		Regis Resources Ltd		2,956
	147,093		Reliance Steel & Aluminum Co		13,918
	2,012,867		Rengo Co Ltd		16,206
	514,832		Resolute Mining Ltd		484
	92,174		Rhi Magnesita NV		5,658
	525,142		Rio Tinto Ltd		38,454
	1,769,701		Rio Tinto plc		109,532
	111,000		Rongsheng Petro Chemical Co Ltd		195
	49,804	*,e	Royal Bafokeng Platinum Ltd		122
	161,058		Royal Gold, Inc		16,507
	1,449,502		RPC Group plc		14,588
	47,679		RPM International, Inc		2,914
	79,482	*	Ryerson Holding Corp		662
	11,635		Sa des Ciments Vicat		579
	208,887		Sahara International Petrochemical Co		1,154
	26,200		Sakai Chemical Industry Co Ltd		621
	23,700		Sakata INX Corp		223
	226,004		Salzgitter AG.		6,476

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,117		Samsung Fine Chemicals Co Ltd	$	418
	431,611		Sandfire Resources NL		2,035
	230,256	*	Sandstorm Gold Ltd		1,278
	44,508		Sanyo Chemical Industries Ltd		2,351
	101,300		Sanyo Special Steel Co Ltd		1,404
	1,187,465		Sappi Ltd		4,628
	2,554,792	*	Saracen Mineral Holdings Ltd		6,614
	155,100		Satipel Industrial S.A.		477
	73,777		Saudi Arabian Fertilizer Co		1,668
	153,044	*	Saudi Arabian Mining Co		1,982
	331,398		Saudi Basic Industries Corp		10,106
	34,835		Saudi Cement Co		652
	104,559		Saudi Industrial Investment Group		689
	293,433	*	Saudi Kayan Petrochemical Co		959
	351,150		Scapa Group plc		827
	276,988	*	Schmolz + Bickenbach AG.		133
	37,980		Schnitzer Steel Industries, Inc (Class A)		994
	31,137		Schweitzer-Mauduit International, Inc		1,033
	119,500		Scientex BHD		250
	79,268		Scotts Miracle-Gro Co (Class A)		7,808
	55,142	*,e	Seabridge Gold, Inc		745
	54,690		Seah Besteel Corp		873
	73,920		Sealed Air Corp		3,162
	9,800		Sekisui Plastics Co Ltd		68
	427,655	*	SEMAFO, Inc		1,685
	60,516		Semapa-Sociedade de Investimento e Gestao		851
	47,064		Sensient Technologies Corp		3,458
	1,838,471		Sesa Sterlite Ltd		4,645
	638,480		Severstal (GDR)		10,758
	33,400	*	Shandong Gold Mining Co Ltd		201
	1,186,900		Shanghai Chlor-Alkali Chemical Co Ltd		786
	11,920		Sharda Cropchem Ltd		54
	199,800		Shenzhen Zhongjin Lingnan Nonfemet Co Ltd		137
	177,416		Sherwin-Williams Co		81,308
	40,900		Shikoku Chemicals Corp		429
	7,789	*	Shine Co Ltd		95
	507,928		Shin-Etsu Chemical Co Ltd		47,523
	145,800		Shin-Etsu Polymer Co Ltd		1,060
	3,699,032		Shinkong Synthetic Fibers Corp		1,659
	26,000		Shiny Chemical Industrial Co Ltd		69
	225,089	e	Showa Denko KK		6,661
	11,391		Shree Cement Ltd		3,598
	998,825		Siam Cement PCL (Foreign)		15,374
	4,373,846	*	Sibanye Gold Ltd		5,151
	207,920		Sidi Kerir Petrochemcials Co		140
	119,973		SIG Combibloc Group AG.		1,382
	22,447		Sika AG.		3,835
	297,117		Silgan Holdings, Inc		9,092
	582,000	*,e	Silver Grant International		114
	3,264,699	*	Silver Lake Resources Ltd		2,891
	218,448		Silvercorp Metals, Inc		540
	123,215		Sims Group Ltd		942
	850,000	e	Sinofert Holdings Ltd		92

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,646,674		Sinopec Shanghai Petrochemical Co Ltd	$	1,452
	281,100		Sinopec Shanghai Petrochemical Co Ltd (Class A)		211
	17,778,976	*,e	Sirius Minerals plc		3,326
	5,428		SK Chemicals Co Ltd		129
	3,537		SK Chemicals Co Ltd (New)		176
	75,679		SKC Co Ltd		2,602
	6,766		SKCKOLONPI, Inc		170
	636,254		Smurfit Kappa Group plc		19,280
	177,488		Sociedad Quimica y Minera de Chile S.A. (Class B)		5,514
	2,713,688		Soda Sanayii AS		2,981
	2,488		SODIFF Advanced Materials Co Ltd		319
	1,998,259	*,e	SolGold plc		812
	46,213		Solvay S.A.		4,799
	6,057		Songwon Industrial Co Ltd		117
	51,705		Sonoco Products Co		3,378
	4,751,246		South32 Ltd		10,651
	6,561		South32 Ltd (W/I)		15
	255,432		Southern Copper Corp (NY)		9,924
	14,768		Southern Province Cement Co		195
	37,291		SRF Ltd		1,643
	131,875		Ssab Svenskt Stal AB (Series A)		460
	583,474		Ssab Svenskt Stal AB (Series B)		1,780
	157,926	*	SSR Mining, Inc		2,161
	877,241		St Barbara Ltd		1,812
	515,130		Steel Dynamics, Inc		15,557
	46,917		Stelco Holdings, Inc		545
	5,300	e	Stella Chemifa Corp		148
	121,302		Stella-Jones, Inc		4,378
	33,565		Stepan Co		3,085
	4,285		STO AG.		480
	535,607		Stora Enso Oyj (R Shares)		6,303
	20,100		Sumitomo Bakelite Co Ltd		720
	1,988,022		Sumitomo Chemical Co Ltd		9,257
	194,761		Sumitomo Metal Mining Co Ltd		5,838
	20,700		Sumitomo Osaka Cement Co Ltd		824
	4,700		Sumitomo Seika Chemicals Co Ltd		144
	61,412	e	Sumitomo Titanium Corp		998
	129,770	*	Summit Materials, Inc		2,498
	356,278	*	SunCoke Energy, Inc		3,164
	67,243		Supreme Industries Ltd		1,116
	702,263		Suzano Papel e Celulose S.A.		6,008
	493,366		Svenska Cellulosa AB (B Shares)		4,292
	21,243		Symrise AG.		2,046
	9,289		Synalloy Corp		145
	172,850	*,e	Syrah Resources Ltd		107
	15,300	e	T Hasegawa Co Ltd		274
	2,670,459		TA Chen Stainless Pipe		3,906
	174		Taekwang Industrial Co Ltd		199
	114,365		Taiheiyo Cement Corp		3,472
	13,381,200		Taiwan Cement Corp		19,836
	386,000		Taiwan Fertilizer Co Ltd		594
	111,725		Taiwan Hon Chuan Enterprise Co Ltd		199
	3,551,329		Taiwan Styrene Monomer		2,809
	10,100		Taiyo Ink Manufacturing Co Ltd		305

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	140,933		Taiyo Nippon Sanso Corp	$	3,001
	16,900		Takasago International Corp		462
	113,300		Takiron Co Ltd		709
	3,900	*	Tanaka Chemical Corp		30
	27,409		Tata Chemicals Ltd		249
	274,004		Tata Steel Ltd		2,002
	8,500	e	Tayca Corp		195
	4,409		Technosemichem Co Ltd		181
	736,949		Teck Cominco Ltd		17,006
	432,747		Teijin Ltd		7,393
	8,100		Tenma Corp		137
	15,036	*	Tessenderlo Chemie NV		502
	1,002,031		ThyssenKrupp AG.		14,630
	1,406,000	e	Tiangong International Co Ltd		444
	39,200		Tianqi Lithium Corp		145
	30,833	e	Tikkurila Oyj		519
	64,471		Time Technoplast Ltd		88
	53,838	*,e	TimkenSteel Corp		438
	288,600		Tipco Asphalt PCL		195
	35,218		Titan Cement Co S.A.		687
	49,640	*,e	TMAC Resources, Inc		235
	59,200		Toagosei Co Ltd		624
	62,800	e	Toho Titanium Co Ltd		640
	7,100		Toho Zinc Co Ltd		165
	114,700	e	Tokai Carbon Co Ltd		1,204
	4,700		Tokushu Tokai Holdings Co Ltd		165
	43,000		Tokuyama Corp		1,166
	18,800	e	Tokyo Ohka Kogyo Co Ltd		589
	1,081,600		Tokyo Steel Manufacturing Co Ltd		8,190
	341,750		Ton Yi Industrial Corp		141
	62,493	b	Tong Yang Major Corp		97
	455,500		Tongling Nonferrous Metals Group Co Ltd		163
	12,813		Tongyang Cement & Energy Corp		42
	70,700		Topy Industries Ltd		1,662
	573,135		Toray Industries, Inc		4,354
	109,011	*	Torex Gold Resources, Inc		1,120
	325,572		Tosoh Corp		4,592
	19,600	e	Toyo Ink Manufacturing Co Ltd		424
	164,652		Toyo Seikan Kaisha Ltd		3,274
	46,067		Toyobo Co Ltd		552
	3,254,400		TPI Polene PCL		212
	51,300		Transfar Zhilian Co Ltd		56
	27,621	*	Trecora Resources		264
	25,965		Tredegar Corp		432
	836,602	*,e	Trevali Mining Corp		179
	204,350		Trinseo S.A.		8,652
	4,875,193		Tronox Holdings plc		62,305
	173,000	g	Tsaker Chemical Group Ltd		75
	335,000		TSRC Corp		299
	63,929	e	Tubacex S.A.		201
	386,000		Tung Ho Steel Enterprise Corp		290
	1,057,607	*	Turquoise Hill Resources Ltd		1,316
	311,900		UBE Industries Ltd		6,489

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,803	*	UFP Technologies, Inc	$	491
	101,126	*	Ultra Tech Cement Ltd		6,672
	30,148	e	Umicore S.A.		968
	23,950		Uniao de Industrias Petroquimicas S.A.		222
	2,130		Unid Co Ltd		93
	316,244	*	United Phosphorus Ltd		4,295
	2,961		United States Lime & Minerals, Inc		237
	290,520	e	United States Steel Corp		4,448
	236,676		Universal Cement Corp		152
	2,676,462		UPC Technology Corp		984
	768,106		UPM-Kymmene Oyj		20,437
	17,659	*,e	US Concrete, Inc		877
	452,655		USI Corp		172
	2,676,843		Vale S.A.		36,124
	33,934		Valhi, Inc		101
	570,431		Valvoline, Inc		11,141
	39,496	*	Verso Corp		752
	120		Vetropack Holding AG.		255
	49,521		Victrex plc		1,361
	5,537		Vinati Organics Ltd		171
	1,071,200		Vinythai PCL (Foreign)		838
	260,273		Voestalpine AG.		8,046
	226,901		Vulcan Materials Co		31,156
	31,224	e	Wagners Holding Co Ltd		40
	473,864		Warrior Met Coal, Inc		12,377
	166,906		Welspun-Gujarat Stahl Ltd		340
	11,106,000		West China Cement Ltd		1,707
	83,879		West Fraser Timber Co Ltd		3,824
	143,373		Western Areas NL		198
	512,320		Western Forest Products, Inc		626
	177,124	*	Westgold Resources Ltd		233
	18,504		Westlake Chemical Corp		1,285
	794,860		WestRock Co		28,989
	421,759		Wheaton Precious Metals Corp		10,200
	3,524,544		Wienerberger AG.		86,968
	42,671		Winpak Ltd		1,408
	3,370		Wonik Materials Co Ltd		59
	42,204	*	Worthington Industries, Inc		1,699
	931,526		WR Grace and Co		70,898
	17,500	e	W-Scope Corp		237
	22,774	*	Yamama Cement Co		105
	1,243,812	e	Yamana Gold, Inc		3,153
	179,500		Yamato Kogyo Co Ltd		5,251
	18,016		Yanbu Cement Co		147
	105,296		Yanbu National Petrochemical Co		1,772
	420,972		Yara International ASA		20,451
	862,100		Yeun Chyang Industrial Co Ltd		748
	503,157		Yieh Phui Enterprise		149
	26,100		Yodogawa Steel Works Ltd		508
	4,463		Youlchon Chemical Co Ltd		53
	198		Young Poong Corp		123
	231,000	*	Youyuan International Holdings Ltd		68
	506,285		Yuen Foong Yu Paper Manufacturing Co Ltd		194
	470,186		Yule Catto & Co plc		2,230

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	20,219		Zaklady Azotowe w Tarnowie-Moscicach S.A.	$	227
	82,112		Zeon Corp		916
	1,250,000		Zhaojin Mining Industry Co Ltd		1,403
	21,437		Zhejiang Huayou Cobalt Co Ltd		67
	121,800		Zhejiang Longsheng Group Co Ltd		280
	48,000		Zhongjin Gold Corp Ltd		72
	14,304		Zignago Vetro S.p.A.		173
	5,274,731	*	Zijin Mining Group Co Ltd		2,144
	571,200	*	Zijin Mining Group Co Ltd (Class A)		315
			TOTAL MATERIALS		5,480,379

MEDIA & ENTERTAINMENT - 6.3%
	78,600	*	58.COM, Inc (ADR)		4,887
	2,547,701		Activision Blizzard, Inc		120,251
	9,513		Addcn Technology Co Ltd		85
	130,972	*	Adevinta ASA		1,443
	3,736		AfreecaTV Co Ltd		199
	125,978	*	Aimia, Inc		367
	34,700		Akatsuki, Inc		1,878
	11,687,467	*	Alibaba Pictures Group Ltd		2,513
	679,585	*	Alphabet, Inc (Class A)		735,855
	933,185	*	Alphabet, Inc (Class C)		1,008,689
	1,059,874	*,e	Altice NV (Class A)		3,796
	264	*	Altice NV (Class B)		1
	150,987	*	Altice USA, Inc		3,676
	61,021	e	AMC Entertainment Holdings, Inc		569
	130,239	*	AMC Networks, Inc		7,097
	7,700		Amuse, Inc		178
	51,988	e	Antena 3 de Television S.A.		255
	1,487		APG SGA S.A.		421
	79,128	*	Arnoldo Mondadori Editore S.p.A.		142
	950,086	g	Ascential plc		4,298
	7,100	e	Ateam, Inc		75
	2,303,897	g	Auto Trader Group plc		16,046
	208,633	*,e	Autohome, Inc (ADR)		17,863
	19,159		Avex Group Holdings, Inc		243
	37,069		Axel Springer AG.		2,611
	334,772	*	Baidu, Inc (ADR)		39,289
	572,900	*	BEC World PCL (Foreign)		164
	3,500	*	Bengo4.com, Inc		172
	13,600	*,e	Bitauto Holdings Ltd (ADR)		142
	1,431,140		Borussia Dortmund GmbH & Co KGaA		13,466
	11,330	*,e	Boston Omaha Corp		262
	2,174		Cable One, Inc		2,546
	396,746		Cairo Communication S.p.A.		1,192
	50,772		Capcom Co Ltd		1,022
	15,249	*,e	Cardlytics, Inc		396
	27,259	*	Care.com, Inc		299
	299,353	*	Cargurus, Inc		10,810
	75,845	*,e	Cars.com, Inc		1,496
	133,384		carsales.com Ltd		1,269
	21,724	*,e	Catena Media plc		147
	74,020	*	cbdMD Inc		437

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,760,541		CBS Corp (Class B)	$	87,851
	46,793		CD Projekt Red S.A.		2,708
	34,974	*	Central European Media Enterprises Ltd (Class A)		150
	267,910	*	Central European Media Enterprises Ltd (Class A) (NASDAQ)		1,168
	29,900	e	Changyou.com Ltd (ADR)		287
	305,567	*	Charter Communications, Inc		120,754
	128,328		Cheil Communications, Inc		3,267
	161,865	*,†	Chennai Super Kings Cricket Ltd		33
	11,300		China Film Co Ltd		26
	226,200	*,e,g	China Literature Ltd		1,065
	6,000		China South Publishing & Media Group Co Ltd		11
	200,944		Cinemark Holdings, Inc		7,254
	102,148	e	Cineplex Galaxy Income Fund		1,793
	1,941,179		Cineworld Group plc		6,245
	33,400	*	CITIC Guoan Information Industry Co Ltd		20
	6,810		CJ CGV Co Ltd		222
	103,670		CJ Hellovision Co Ltd		621
	544,544	*	Clear Channel		2,570
	41,778		Cogeco Communications, Inc		3,005
	7,733		Cogeco, Inc		493
	29,400	e	COLOPL, Inc		178
	10,296		Com2uSCorp		907
	14,134,498		Comcast Corp (Class A)		597,607
	50,434	*	comScore, Inc		260
	26,600	*	COOKPAD, Inc		76
	279,161		Corus Entertainment, Inc		1,309
	153,002		CTS Eventim AG.		7,114
	14,463		Cumulus Media Inc		268
	728,430		CyberAgent, Inc		26,545
	190,722	*	Cyfrowy Polsat S.A.		1,521
	23,200		Daiichikosho Co Ltd		1,082
	1,515	*,e	Daily Journal Corp		361
	525,676		Daily Mail & General Trust plc		5,214
	97,100		Dena Co Ltd		1,862
	72,073		Dentsu, Inc		2,521
	52,338	*	DHI Group, Inc		187
	27,920,000	*	Digital Domain Holdings Ltd		407
	17,900	e	Dip Corp		301
	48,074	*,e	Discovery, Inc (Class A)		1,476
	72,456	*	Discovery, Inc (Class C)		2,061
	859,517	*	DISH Network Corp (Class A)		33,014
	135,913	e	Domain Holdings Australia Ltd		304
	881,528	*	Electronic Arts, Inc		89,263
	117,523		Emerald Expositions Events, Inc		1,310
	429,587	e	Entercom Communications Corp (Class A)		2,492
	3,196,843		Entertainment One Ltd		16,147
	428,743		Entravision Communications Corp (Class A)		1,338
	89,031	*,e	Eros International plc		120
	117,558		Euromoney Institutional Investor plc		1,944
	736,011		Eutelsat Communications		13,746
	41,051	*	Eventbrite Inc		665
	8,726		EverQuote Inc		113
	200,396		EW Scripps Co (Class A)		3,064

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,000		F@N Communications, Inc	$	136
	6,972,184	*	Facebook, Inc		1,345,631
	98,200	*,e	Fang Holdings Ltd (ADR)		61
	391,000	*	FingerTango, Inc		64
	97,436	*	Fluent, Inc		524
	906,110		Fox Corp (Class A)		33,200
	273,260		Fox Corp (Class B)		9,982
	29,922	*,e	Frontier Developments plc		382
	1,914,347	*,e,g	Funding Circle Holdings plc		4,382
	289,668		Future plc		3,565
	2,600	*	Gakken Co Ltd		123
	2,201	*	Gamevil, Inc		76
	108,609		Gannett Co, Inc		886
	172,204	*	GCI Liberty, Inc		10,584
	18,300		Giant Network Group Co Ltd		48
	132,130	*	Glu Mobile, Inc		949
	11,200		Gourmet Navigator, Inc		69
	275,839	*	Gray Television, Inc		4,521
	70,400	e	Gree, Inc		328
	2,386,927	e	Grupo Televisa S.A.		4,035
	866,600	e	Grupo Televisa SAB (ADR)		7,314
	129,400	*,e	GungHo Online Entertainment Inc		3,593
	406,259		Hakuhodo DY Holdings, Inc		6,862
	25,773	*	Hemisphere Media Group, Inc		333
	138,054	e	HT&E Ltd		171
	610,000	*	Huanxi Media Group Ltd		119
	51,900	*,e	HUYA, Inc (ADR)		1,282
	22,443		Hyundai Hy Communications & Network Co		80
	115,807	*	IAA, Inc		4,491
	512,506	*	IAC/InterActiveCorp		111,485
	251,587	*	IBN18 Broadcast Ltd		88
	4,469	*	I-Cable Communications Ltd		0	^
	3,700,000		IGG, Inc		4,138
	54,700	g	IMAX China Holding, Inc		134
	54,729	*	Imax Corp		1,105
	77,043		Info Edge India Ltd		2,511
	1,138,415		Informa plc		12,073
	12,304		Innocean Worldwide, Inc		760
	25,137	*	Inox Leisure Ltd		119
	38,000		International Games System Co Ltd		367
	1,347,130		Interpublic Group of Cos, Inc		30,432
	63,035	e	IPSOS		1,662
	120,600	*,e	IQIYI, Inc (ADR)		2,490
	605,659		ITE Group plc		551
	4,600	*,e	Itokuro, Inc		59
	5,575,675		ITV plc		7,647
	109,043		Jagran Prakashan Ltd		171
	121,158		JC Decaux S.A.		3,669
	24,815	*	Jcontentree Corp		103
	15,705		John Wiley & Sons, Inc (Class A)		720
	16,614	*	Just Dial Ltd		183
	230,089	*,e	Juventus Football Club S.p.A.		387
	11,433		JYP Entertainment Corp		237

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	28,432		Kadokawa Dwango Corp	$	386
	420,300		Kakaku.com, Inc		8,129
	63,936		Kakao Corp		7,288
	93,200		Kamakura Shinsho Ltd		1,221
	8,804		Kinepolis Group NV		481
	15,300	*,e	KLab, Inc		131
	66,251		Konami Corp		3,116
	11,442		KT Skylife Co Ltd		105
	304,410	e	Lagardere S.C.A.		7,931
	54,780	*	Lee Enterprises, Inc		123
	2,895,000	*	Leyou Technologies Holdings Ltd		868
	13,296	*	Liberty Braves Group (Class A)		370
	108,791	*	Liberty Braves Group (Class C)		3,043
	47,658	*	Liberty Broadband Corp (Class A)		4,901
	176,159	*	Liberty Broadband Corp (Class C)		18,359
	194,001	*	Liberty Global plc (Class A)		5,236
	1,913	*	Liberty Global plc (Class C)		51
	474,165	*	Liberty Latin America Ltd (Class A)		8,170
	243,813	*	Liberty Latin America Ltd (Class C)		4,191
	42,103	*	Liberty Media Group (Class A)		1,510
	463,372	*	Liberty Media Group (Class C)		17,335
	155,530	*	Liberty SiriusXM Group (Class A)		5,881
	341,525	*	Liberty SiriusXM Group (Class C)		12,971
	375,776	*	Liberty TripAdvisor Holdings, Inc		4,660
	15,992	*,e	LINE Corp		450
	176,672		Lions Gate Entertainment Corp (Class A)		2,164
	380,363		Lions Gate Entertainment Corp (Class B)		4,416
	263,252	*	Live Nation, Inc		17,440
	40,326	*,e	LiveXLive Media, Inc		167
	13,496	*	Loral Space & Communications, Inc		466
	72,616		M6-Metropole Television		1,374
	24,000		Macromill, Inc		289
	33,742	*	Madison Square Garden Co		9,446
	21,200	*	Mail.Ru Group Ltd		541
	1,494,200		Major Cineplex Group PCL (Foreign)		1,425
	35,664	*	Marchex, Inc (Class B)		168
	63,415		Marcus Corp		2,090
	83,000		Marvelous, Inc		632
	96,911	e	Match Group, Inc		6,519
	68,020	*	MDC Partners, Inc		171
	957,219		Mediaset Espana Comunicacion SA		6,968
	197,681	*,e	Mediaset S.p.A.		646
	89,824	*	Meet Group, Inc		313
	795,000	e	Mega Expo Holdings Ltd		210
	375,200		Megacable Holdings SAB de C.V.		1,594
	44,894	e	Meredith Corp		2,472
	26,800		Mixi Inc		538
	215,000	*,g	Mobvista, Inc		94
	44,540		Modern Times Group AB (B Shares)		499
	160,100		Momo, Inc (ADR)		5,732
	211,470	*,e	MSG Networks, Inc		4,386
	11,600		MTI Ltd		82
	529,525	*	MultiChoice Group Ltd		5,037
	1,863		Nasmedia Co Ltd		63

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	69,613		National CineMedia, Inc	$	457
	103,014		Naver Corp		10,181
	21,630		NCsoft		8,948
	129,500		NetDragon Websoft, Inc		320
	122,900		Netease.com (ADR)		31,434
	1,074,811	*,e	NetFlix, Inc		394,800
	20,597	*,e,g	Netmarble Corp		2,017
	157,892		New Media Investment Group, Inc		1,490
	32,272		New York Times Co (Class A)		1,053
	158,272		News Corp (Class A)		2,135
	57,341		News Corp (Class B)		800
	365,211	*	Nexon Co Ltd		5,336
	33,048		Nexstar Broadcasting Group, Inc (Class A)		3,338
	32,400		Next Co Ltd		151
	4,510	*	NHN Entertainment Corp		302
	932,697		Nine Entertainment Co Holdings Ltd		1,232
	401,494		Nintendo Co Ltd		147,308
	123,837		Nordic Entertainment Group AB		2,907
	161,586		Omnicom Group, Inc		13,242
	123,720		oOh!media Ltd		339
	8,900	*	OPT, Inc		139
	43,580	e	Paradox Interactive AB		726
	5,313	*	Pearl Abyss Corp		978
	573,965	e	Pearson plc		5,972
	3,900		Perfect World Co Ltd		15
	748,000		Phoenix Media Investment Holdings Ltd		68
	810,600		Plan B Media PCL		206
	65,900		Poly Culture Group Corp Ltd		67
	91,950	*	PR Times, Inc		2,385
	601,973	*,e	Promotora de Informaciones S.A.		986
	267,773		ProSiebenSat. Media AG.		4,195
	167,400	e	Proto Corp		1,576
	3,438,600		PT Global MediaCom Tbk		91
	2,255,900		PT Media Nusantara Citra Tbk		166
	1,189,570		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		7,821
	14,750,436		PT Surya Citra Media Tbk		1,682
	86,923		Publicis Groupe S.A.		4,588
	38,401		PVR Ltd		932
	550,337		Quebecor, Inc		13,108
	50,243	*	QuinStreet, Inc		796
	25,100	*,e	Qutoutiao, Inc (ADR)		99
	90,055	g	RAI Way S.p.A		539
	184	e	RCS MediaGroup S.p.A.		0	^
	47,720		REA Group Ltd		3,224
	20,078	*	Reading International, Inc		261
	1,559,377		Rightmove plc		10,608
	20,503	*	Rosetta Stone, Inc		469
	26,447	g	Rovio Entertainment Oyj		215
	8,200	*	RPA Holdings, Inc		184
	184,800		RS PCL		104
	16,627		RTL Group		851
	5,093		Saga Communications, Inc		159

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	156,775		Sanoma-WSOY Oyj	$	1,513
	75,418	*	Saudi Research & Marketing Group		1,889
	82,076		Schibsted ASA (B Shares)		2,140
	29,544		Scholastic Corp		982
	177,950	g	Scout24 AG.		9,454
	280,026		SES Global S.A.		4,378
	63,370		Shanghai Oriental Pearl Group Co Ltd		97
	437,539		Shaw Communications, Inc (B Shares)		8,927
	5,300	e	Shochiku Co Ltd		600
	79,745	*	Sina Corp		3,439
	50,590		Sinclair Broadcast Group, Inc (Class A)		2,713
	1,459,964	e	Singapore Press Holdings Ltd		2,633
	4,318,991	e	Sirius XM Holdings, Inc		24,100
	198,698		Sky Network Television Ltd		158
	96,900		Sky Perfect Jsat Corp		378
	8,559	*	SM Entertainment Co		309
	617,600	*,†,e	SMI Holdings Group Ltd		139
	28,800		Smiles Fidelidade S.A.		315
	24,358		Societe Television Francaise 1		256
	35,540		Soft-World International Corp		84
	14,300	*	Sohu.com Ltd (ADR)		200
	933,747	*,e	Solocal Group		961
	527,450		Southern Cross Media Group		464
	25,043	*	Spotify Technology S.A.		3,661
	62,427		Square Enix Co Ltd		2,006
	8,805	*,e	Stillfront Group AB		228
	13,981	*,e	Storytel AB		163
	16,145		Stroer Out-of-Home Media AG.		1,213
	2,264,500		T4F Entretenimento S.A.		3,108
	671,979	*	Take-Two Interactive Software, Inc		76,290
	1,607		Tamedia AG.		175
	66,904	*	TechTarget, Inc		1,422
	24,700		Tecmo Koei Holdings Co Ltd		461
	245,810		TEGNA, Inc		3,724
	1,977		Telenet Group Holding NV		110
	190,443		Television Broadcasts Ltd		318
	9,895,891		Tencent Holdings Ltd		447,684
	88,200	*,e	Tencent Music Entertainment (ADR)		1,322
	1,867,968	*,e	Thomson		1,730
	71,036	*,e	THQ Nordic AB		1,846
	287,000	g	Tian GE Interactive Holdings Ltd		69
	5,300		Toei Animation Co Ltd		246
	38,088		Toei Co Ltd		5,307
	90,155		Toho Co Ltd		3,841
	366,100		Tokyo Broadcasting System, Inc		6,264
	7,037	*	Travelzoo, Inc		109
	135,138		Tribune Co		6,246
	62,299		Tribune Publishing Co		496
	225,537	*	TripAdvisor, Inc		10,440
	117,320	*	TrueCar, Inc		641
	151,600		TV Asahi Corp		2,450
	837,100	e	TV Azteca S.A. de C.V.		73
	2,672,910	*	Twitter, Inc		93,285
	88,904	*	Ubisoft Entertainment		6,953

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	45,000	*,e	UUUM, Inc	$	1,732
	9,600		ValueCommerce Co Ltd		221
	13,400	*	Vector, Inc		128
	33,137	e	Viacom, Inc (Class A)		1,130
	2,154,591		Viacom, Inc (Class B)		64,358
	367,921	*	Village Roadshow Ltd		728
	958,669		Vivendi Universal S.A.		26,308
	5,714,088		Walt Disney Co		797,915
	49,170	*	Webzen, Inc		729
	137,656	*,e	Weibo Corp (ADR)		5,995
	4,527		WeMade Entertainment Co Ltd		130
	588,651	*	West Australian Newspapers Holdings Ltd		192
	28,846	*	WideOpenWest, Inc		209
	43,400	*	Wise Talent Information Technology Co Ltd		115
	123,600		Workpoint Entertainment PCL		100
	228,107	e	World Wrestling Entertainment, Inc (Class A)		16,472
	3,600		Wowow, Inc		89
	286,988		WPP AUNZ Ltd		97
	2,335,032		WPP plc		29,413
	8,800		Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd		17
	3,381		XING AG.		1,444
	598,632		Yahoo! Japan Corp		1,761
	333,364	*	Yandex NV		12,668
	84,667	*	Yelp, Inc		2,894
	4,460		YG Entertainment, Inc		112
	39,700	*	YY, Inc (ADR)		2,767
	272,128		Zee Entertainment Enterprises Ltd		107
	548,180		ZEE Telefilms Ltd		2,693
	19,750		Zenrin Co Ltd		350
	67,300		ZIGExN Co Ltd		495
	112,242	*	Zillow Group, Inc (Class A)		5,136
	228,250	*,e	Zillow Group, Inc (Class C)		10,588
	2,850,892	*	Zynga, Inc		17,476
			TOTAL MEDIA & ENTERTAINMENT		7,322,177

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.3%
	1,417,000	g	3SBio, Inc		2,431
	2,927,339	n	AbbVie, Inc		212,876
	330,312		Abcam plc		6,183
	84,860	*,e	Abeona Therapeutics, Inc		406
	11,416	*	ABLBio, Inc		239
	650,611	*,e	Acadia Pharmaceuticals, Inc		17,391
	27,755	*,e	Accelerate Diagnostics, Inc		635
	49,943	*	Acceleron Pharma, Inc		2,052
	80,527	*	AcelRx Pharmaceuticals, Inc		204
	5,254	*	Acer Therapeutics Inc		20
	363,245	*	Achillion Pharmaceuticals, Inc		973
	48,208	*	Aclaris Therapeutics, Inc		106
	88,664	*	Acorda Therapeutics, Inc		680
	28,901	*,e	Adamas Pharmaceuticals, Inc		179
	153,031		Adcock Ingram Holdings Ltd		650

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,291	*,e	ADMA Biologics, Inc	$	102
	60,465	*,e	Adverum Biotechnologies, Inc		719
	97,428	*,e	Aeglea BioTherapeutics, Inc		667
	84,502	*,e	Aerie Pharmaceuticals, Inc		2,497
	187,968	*	Affimed NV		539
	113,642	*,e	Agenus, Inc		341
	12,642	*,e	AgeX Therapeutics, Inc		46
	553,792		Agilent Technologies, Inc		41,352
	90,611	*,e	Agios Pharmaceuticals, Inc		4,520
	52,101	*,e	Aimmune Therapeutics, Inc		1,085
	45,503		Ajanta Pharma Ltd		630
	16,658	*,e	Akcea Therapeutics, Inc		391
	333,870	*,e	Akebia Therapeutics, Inc		1,616
	138,166	*	Akorn, Inc		712
	11,576	*	Albireo Pharma, Inc		373
	82,883	*,e	Alder Biopharmaceuticals, Inc		976
	30,052	*	Aldeyra Therapeutics, Inc		180
	10,398	*,e	Alector, Inc		198
	71,082		Alembic Pharmaceuticals Ltd		524
	908,101	*	Alexion Pharmaceuticals, Inc		118,943
	3,676	*	ALK-Abello AS		858
	42,815	*	Alkermes plc		965
	20,050	*,e	Allakos, Inc		869
	988,216		Allergan plc		165,457
	485,851		Alliance Pharma plc		420
	213,575	*,e	Allogene Therapeutics, Inc		5,734
	183,066	*	Alnylam Pharmaceuticals, Inc		13,283
	3,821	*	Alteogen, Inc		109
	148,367	*,e	AMAG Pharmaceuticals, Inc		1,482
	1,508,062		Amgen, Inc		277,906
	6,242	*	Amicogen, Inc		132
	1,135,557	*,e	Amicus Therapeutics, Inc		14,172
	92,338	*	Amneal Pharmaceuticals, Inc		662
	39,119	*	Amphastar Pharmaceuticals, Inc		826
	27,628	*	AnaptysBio, Inc		1,559
	44,142	*	Anavex Life Sciences Corp		149
	62,400	*	AnGes MG, Inc		417
	42,673	*	ANI Pharmaceuticals, Inc		3,508
	15,259	*	Anika Therapeutics, Inc		620
	2,174	*	Anterogen Co Ltd		84
	52,055	*	Apellis Pharmaceuticals, Inc		1,319
	311,765	*,e	Aphria, Inc		2,193
	204,364	*	Aratana Therapeutics, Inc		1,055
	41,682	*,e	Arcus Biosciences, Inc		331
	133,653	*	Ardelyx, Inc		360
	169,314	*	Arena Pharmaceuticals, Inc		9,927
	29,933	*	Argenx SE		4,230
	655,596	*,e	Arqule, Inc		7,218
	813,292	*	Array Biopharma, Inc		37,680
	105,741	*,e	Arrowhead Research Corp		2,802
	50,662	*,e	Arvinas, Inc		1,114
	116,000	*,g	Ascletis Pharma, Inc		90
	59,900		ASKA Pharmaceutical Co Ltd		700
	305,279		Aspen Pharmacare Holdings Ltd		2,179

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	27,705	*	Assembly Biosciences, Inc	$	374
	175,856	*	Assertio Therapeutics, Inc		607
	2,723,016		Astellas Pharma, Inc		38,805
	2,640	*	AstraZeneca Pharma India Ltd		81
	2,493,984		AstraZeneca plc		203,887
	297,037		AstraZeneca plc (ADR)		12,262
	47,625	*	Atara Biotherapeutics, Inc		958
	11,200	*	ATGen Co Ltd		128
	151,299	*,e	Athenex, Inc		2,996
	298,748	*,e	Athersys, Inc		502
	96,683	*	Audentes Therapeutics, Inc		3,660
	72,742	*,e	Aurinia Pharmaceuticals, Inc		480
	505,628		Aurobindo Pharma Ltd		4,456
	697,947	*,e	Aurora Cannabis, Inc		5,468
	4,125,805	*,e	Avantor, Inc		78,762
	64,954	*	Avid Bioservices, Inc		364
	28,667	*	Avrobio, Inc		466
	27,409	*	Axsome Therapeutics, Inc		706
	3,029		Bachem Holding AG.		401
	17,336	*,e	Basilea Pharmaceutica		641
	533,860	*	Bausch Health Cos, Inc		13,469
	17,887	*,e	Bavarian Nordic AS		443
	917,652		Bayer AG.		63,649
	37,645	*	BeiGene Ltd (ADR)		4,666
	158,000	e	Beijing Tong Ren Tang Chinese Medicine Co Ltd		283
	53,800		Beijing Tongrentang Co Ltd		227
	10,983		Beyondspring Inc		260
	12,552	*	Binex Co Ltd		109
	279,142	*	BioCryst Pharmaceuticals, Inc		1,058
	272,870	*	BioDelivery Sciences International, Inc		1,269
	43,826		Biogaia AB (B Shares)		2,030
	458,065	*	Biogen Idec, Inc		107,128
	346,939	*	Biohaven Pharmaceutical Holding Co Ltd		15,192
	665,699	*	BioMarin Pharmaceutical, Inc		57,017
	26,726	*	Bio-Rad Laboratories, Inc (Class A)		8,354
	14,430	*	Biospecifics Technologies Corp		862
	66,253		Biotage AB		778
	34,829		Bio-Techne Corp		7,261
	676,248	*,e	BioTime, Inc		744
	135,111	*	Biovitrum AB		2,607
	6,237	*	Bioxcel Therapeutics Inc		68
	170,561	*,e	Bluebird Bio, Inc		21,695
	69,277	*	Blueprint Medicines Corp		6,535
	5,494		Boiron S.A.		233
	271,736		Boryung Pharmaceutical Co Ltd		2,733
	3,110,373		Bristol-Myers Squibb Co		141,055
	330,485		Bruker BioSciences Corp		16,508
	200,569	*	BTG plc		2,128
	19,715		Bukwang Pharmaceutical Co Ltd		299
	70,721	*	Calithera Biosciences, Inc		276
	7,590	*,e	Calyxt, Inc		95
	39,029	*	Cambrex Corp		1,827
	39,224	*,e	Camurus AB		313

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	164,435	*,e	CannTrust Holdings, Inc	$	824
	324,101	*,e	Canopy Growth Corp (Toronto)		13,085
	7,761		Caplin Point Laboratories Ltd		51
	38,734	*,e	Cara Therapeutics, Inc		833
	265,135	*	CareDx, Inc		9,542
	2,389	†	Caregen Co Ltd		79
	63,764	*,e	CASI Pharmaceuticals, Inc		204
	151,439	*	Catalent, Inc		8,210
	122,885	*,e	Catalyst Pharmaceuticals, Inc		472
	5,923	*	Celcuity, Inc		148
	1,549,224	*	Celgene Corp		143,210
	18,660	*,e	Cellectis S.A.		288
	14,716	*,e	Cellular Biomedicine Group, Inc		243
	39,834	*	CEL-SCI Corp		334
	1,665,508		Center Laboratories, Inc		4,163
	22,074		Cerecor Inc		120
	55,130	*	Charles River Laboratories International, Inc		7,823
	23,830		Checkpoint Therapeutics Inc		72
	77,005	*	ChemoCentryx, Inc		716
	49,601	*	Chiasma, Inc		370
	108,540	*	Chimerix, Inc		469
	10,235,300	*,†,e	China Animal Healthcare Ltd		13
	348,000	e	China Grand Pharmaceutical and Healthcare Holdings Ltd		202
	1,198,900		China Medical System Holdings Ltd		1,101
	1,521,000	g	China Resources Pharmaceutical Group Ltd		1,713
	15,200	*	China Resources Sanjiu Medical & Pharmaceutical Co Ltd		65
	538,000		China Shineway Pharmaceutical Group Ltd		488
	11,960		Chong Kun Dang Pharmaceutical Corp		957
	128,700		Chongqing Zhifei Biological Products Co Ltd		809
	5,068		Choongwae Pharma Corp		138
	47,916	*,e	ChromaDex Corp		223
	220,612		Chugai Pharmaceutical Co Ltd		14,448
	322,379	*	Cipla Ltd		2,585
	123,168		Clinigen Group plc		1,578
	22,235	e	Clinuvel Pharmaceuticals Ltd		528
	201,772	*,e	Clovis Oncology, Inc		3,000
	42,427	*	CMG Pharmaceutical Co Ltd		119
	49,800		CMIC Co Ltd		947
	59,450	*	Codexis, Inc		1,096
	227,862	*,e	Coherus Biosciences, Inc		5,036
	65,651	*,e	Collegium Pharmaceutical, Inc		863
	109,314	*	Concert Pharmaceuticals, Inc		1,312
	17,164	*,e	Constellation Pharmaceuticals, Inc		211
	2,053,000		Consun Pharmaceutical Group Ltd		1,405
	65,873	*,e	Corbus Pharmaceuticals Holdings, Inc		456
	249,853	*,e	Corcept Therapeutics, Inc		2,786
	33,424	*,e	Corium International, Inc		6
	129,307		CorMedix Inc		1,160
	15,378		Cortexyme Inc		654
	4,045	*,e	COSMO Pharmaceuticals NV		383
	12,859	*,e	Crinetics Pharmaceuticals, Inc		321
	343,906	*,e	Cronos Group, Inc		5,518

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,855	*	CrystalGenomics, Inc	$	204
	659,473		CSL Ltd		99,860
	4,079,961		CSPC Pharmaceutical Group Ltd		6,580
	18,496	*,e	Cue Biopharma, Inc		166
	58,512	*	Cyclerion Therapeutics, Inc		670
	152,442	*	Cymabay Therapeutics, Inc		1,091
	56,795	*	Cytokinetics, Inc		639
	233,453	*	CytomX Therapeutics, Inc		2,619
	6,728		Dae Hwa Pharmaceutical Co Ltd		93
	57,707		Daewon Pharmaceutical Co Ltd		791
	139,270		Daewoong Co Ltd		2,061
	2,080		Daewoong Pharmaceutical Co Ltd		270
	1,984,753		Daiichi Sankyo Co Ltd		104,091
	1,542,000		Dawnrays Pharmaceutical Holdings Ltd		286
	15,289	*,e	DBV Technologies S.A.		256
	261,302		Dechra Pharmaceuticals plc		9,120
	17,268	*,e	Deciphera Pharmaceuticals, Inc		389
	52,535	*,e	Denali Therapeutics, Inc		1,091
	56,439	*,e	Dermira, Inc		540
	106,835	*	Dicerna Pharmaceuticals, Inc		1,683
	164,441	*	Dishman Carbogen Amcis India Ltd		536
	149,069		Divi S Laboratories Ltd		3,450
	1,480		Dong-A Pharmaceutical Co Ltd		125
	2,212		Dong-A ST Co Ltd		194
	10,500		Dong-E-E-Jiao Co Ltd		61
	24,082		DongKook Pharmaceutical Co Ltd		1,219
	7,986	*	Dongsung Pharmaceutical Co Ltd		143
	10,682	*,e	Dova Pharmaceuticals, Inc		151
	189,383		Dr Reddy’s Laboratories Ltd		7,016
	72,637	*,e	Dynavax Technologies Corp		290
	10,280	*	Eagle Pharmaceuticals, Inc		572
	55,768	*	Editas Medicine, Inc		1,380
	13,699	*,e	Eidos Therapeutics, Inc		426
	61,443	*	Eiger BioPharmaceuticals, Inc		651
	221,682		Eisai Co Ltd		12,564
	503,278	*	Elanco Animal Health, Inc		17,011
	2,055,019		Eli Lilly & Co		227,676
	27,806	*,e	Eloxx Pharmaceuticals, Inc		277
	49,831	*	Emergent Biosolutions, Inc		2,407
	37,520	*	Enanta Pharmaceuticals, Inc		3,166
	492,268	*	Endo International plc		2,028
	2,864	*	Enzychem Lifesciences Corp		148
	138,094	*	Epizyme, Inc		1,733
	17,500		EPS Co Ltd		272
	41,566	*,g	Eris Lifesciences Ltd		307
	83,028	*,e	Esperion Thereapeutics, Inc		3,862
	152,000		Essex Bio-technology Ltd		133
	9,364	e	Eurofins Scientific		4,132
	1,467	*	Eutilex Co Ltd		88
	17,714	*,e	Evelo Biosciences, Inc		159
	14,618		Evofem Biosciences Inc		97
	11,969	*,e	Evolus, Inc		175
	179,365	*	Evotec AG.		5,022

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	366,396	*	Exact Sciences Corp	$	43,249
	523,774	*	Exelixis, Inc		11,193
	63,912	*	EyePoint Pharmaceuticals Inc		105
	620,303		Faes Farma S.A. (Sigma)		2,923
	60,221	*	Fate Therapeutics, Inc		1,222
	60,155		FDC Ltd		163
	118,160	*	FibroGen, Inc		5,338
	163,075	*	Five Prime Therapeutics, Inc		983
	44,299	*,e	Flexion Therapeutics, Inc		545
	378,037	*	Fluidigm Corp		4,657
	17,514	*	Forty Seven, Inc		186
	6,700		Fuji Pharma Co Ltd		87
	39,449	*	G1 Therapeutics, Inc		1,210
	33,115	*,e	Galapagos NV		4,272
	33,159	*	Galectin Therapeutics, Inc		138
	6,099	*	Genexine Co Ltd		300
	74,759	*,e	Genfit		1,496
	34,041	*	Genmab AS		6,259
	126,302	*	Genomic Health, Inc		7,347
	312,400	*,e	Genomma Lab Internacional S.A. de C.V.		284
	904,000	*	Genscript Biotech Corp		2,268
	37,589		Genus plc		1,266
	217,586	*,e	Geron Corp		307
	24,623		Gerresheimer AG.		1,815
	3,883,970		Gilead Sciences, Inc		262,401
	2,254,671		GlaxoSmithKline plc		45,194
	140,892		Glenmark Pharmaceuticals Ltd		905
	61,230	*,e	Global Blood Therapeutics, Inc		3,221
	43,055	*	GlycoMimetics, Inc		513
	7,600	*,e	GNI Group Ltd		246
	39,263	*	Gossamer Bio, Inc		871
	564,828		Granules India Ltd		792
	2,475		Green Cross Cell Corp		86
	2,596		Green Cross Corp		274
	9,601		Green Cross Holdings Corp		181
	2,465		Green Cross LabCell Corp		69
	91,038	*,e	Green Organic Dutchman Holdings Ltd		225
	13,224		Grifols S.A.		391
	28,193	*,e	Gritstone Oncology, Inc		314
	49,100		Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd		293
	8	*	GW Pharmaceuticals plc		0	^
	52,780	*,e	GW Pharmaceuticals plc (ADR)		9,099
	184,252		H Lundbeck AS		7,298
	485,878	*	Halozyme Therapeutics, Inc		8,347
	12,783	*	Han All Pharmarceutical Co		276
	3,914		Handok Pharmaceuticals Co Ltd		83
	40,100	*	Hangzhou Tigermed Consulting Co Ltd		450
	5,634		Hanmi Pharm Co Ltd		1,974
	14,066		Hanmi Science Co Ltd		832
	20,679	*,e	Hansa Medical AB		385
	3,079	*,e	Harpoon Therapeutics, Inc		40
	23,500	*,e	HEALIOS KK		392
	80,197	*,e	Heron Therapeutics, Inc		1,491

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	284,681	*,e	HEXO Corp	$	1,520
	727,620		Hikma Pharmaceuticals plc		15,924
	79,176		Hisamitsu Pharmaceutical Co, Inc		3,138
	28,490	*,e	Homology Medicines, Inc		558
	422,178	*	Horizon Pharma plc		10,158
	2,548,684	*,†	Hua Han Bio-Pharmaceutical Holdings Ltd		20
	1,095	*	Hugel, Inc		398
	8,626		Huons Co Ltd		429
	54,700	*,e	Hutchison China MediTech Ltd (ADR)		1,203
	314,267		Hypermarcas S.A.		2,454
	121,712	*,e	Idorsia Ltd		2,785
	94,697		Il Dong Pharmaceutical Co Ltd		1,623
	596,379	*	Illumina, Inc		219,557
	5,481	*	Ilyang Pharmaceutical Co Ltd		122
	172,586	*	Immunogen, Inc		375
	191,078	*,e	Immunomedics, Inc		2,650
	416,124	*	Incyte Corp		35,354
	849,235	*	Indivior plc		461
	24,284	*,e	Innate Pharma S.A.		154
	333,688	*	Innoviva, Inc		4,858
	112,334	*,e	Inovio Pharmaceuticals, Inc		330
	155,085	*,e	Insmed, Inc		3,970
	44,839	*,e	Intellia Therapeutics, Inc		734
	40,253	*,e	Intercept Pharmaceuticals, Inc		3,203
	143,384	*	Intersect ENT, Inc		3,263
	112,789	*	Intra-Cellular Therapies, Inc		1,464
	95,935	*,e	Intrexon Corp		735
	9,994	*	iNtRON Biotechnology, Inc		122
	170,695	*,e	Invitae Corp		4,011
	215,579	*,e	Ionis Pharmaceuticals, Inc		13,855
	129,041	*,e	Iovance Biotherapeutics, Inc		3,164
	65,069		Ipca Laboratories Ltd		865
	70,569		Ipsen		9,625
	321,547	*	IQVIA Holdings, Inc		51,737
	377,125	*,e	Ironwood Pharmaceuticals, Inc		4,126
	10,100	*	Japan Tissue Engineering Co Lt		90
	781,419	*	Jazz Pharmaceuticals plc		111,399
	8,000		JCR Pharmaceuticals Co Ltd		467
	2,010		Jeil Pharmaceutical Co Ltd		65
	131,260		Jiangsu Hengrui Medicine Co Ltd		1,264
	6,591,735		Johnson & Johnson		918,097
	94,125	*	Jounce Therapeutics, Inc		466
	159,521		Jubilant Organosys Ltd		1,183
	175,591		JW Holdings Corp		929
	295,673	*,e	Kadmon Holdings, Inc		609
	28,700		Kaken Pharmaceutical Co Ltd		1,346
	24,966	*	Kala Pharmaceuticals, Inc		159
	5,250	*	Kaleido Biosciences Inc		61
	43,772		KalVista Pharmaceuticals Inc		969
	200,463	e	Karo Pharma AB		836
	63,661	*,e	Karyopharm Therapeutics, Inc		381
	15,288	*,e	Kezar Life Sciences, Inc		118
	41,223	*	Kindred Biosciences, Inc		343

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,925	*	Kiniksa Pharmaceuticals Ltd	$	216
	15,700		Kissei Pharmaceutical Co Ltd		393
	150,565	*	Knight Therapeutics, Inc		888
	46,113	*	Kodiak Sciences, Inc		540
	2,785	*	Kolon Life Science, Inc		50
	15,942	*	Komipharm International Co Ltd		303
	63,775		Korea United Pharm Inc		1,265
	9,837		Krystal Biotech Inc		396
	30,553	*,e	Kura Oncology, Inc		602
	12,409		Kwang Dong Pharmaceutical Co Ltd		81
	21,636		Kyorin Co Ltd		384
	283,863	e	Kyowa Hakko Kogyo Co Ltd		5,122
	29,400	*,e	La Jolla Pharmaceutical Co		272
	323,018		Laboratorios Almirall S.A.		5,970
	38,961	*,e	Lannett Co, Inc		236
	15,521	g	Laurus Labs Ltd		76
	107,000		Lee’s Pharmaceutical Holdings Ltd		72
	3,414	*	LegoChem Biosciences, Inc		137
	54,926	*,e	Lexicon Pharmaceuticals, Inc		345
	54,822	*,e	Ligand Pharmaceuticals, Inc (Class B)		6,258
	5,700	e	Linical Co Ltd		53
	14,938	*	Liquidia Technologies, Inc		119
	9,965	*,e	LogicBio Therapeutics, Inc		130
	634,870		Lonza Group AG.		214,328
	38,000	*	Lotus Pharmaceutical Co Ltd		136
	126,890		Luminex Corp		2,619
	169,690	*	Lupin Ltd		1,855
	1,353,000	e,g	Luye Pharma Group Ltd		981
	255,968	*	MacroGenics, Inc		4,344
	8,180	*,e	Madrigal Pharmaceuticals, Inc		857
	21,657	*,e	Magenta Therapeutics, Inc		319
	96,638	*,e	Mallinckrodt plc		887
	194,376	*,e	MannKind Corp		224
	52,580	*,e	Marinus Pharmaceuticals, Inc		218
	27,790	*	Marker Therapeutics Inc		220
	3,651,903	*	Mayne Pharma Group Ltd		1,311
	132,543	*,e	Medicines Co		4,834
	51,001	*,e	MediciNova, Inc		491
	30,930	*	Medpace Holdings, Inc		2,023
	5,684		Medy-Tox, Inc		2,218
	159,600		Mega Lifesciences PCL		182
	70,195	*	MEI Pharma, Inc		175
	28,866	*,e	MeiraGTx Holdings plc		776
	22,824	*	Menlo Therapeutics, Inc		137
	8,917,421		Merck & Co, Inc		747,726
	55,497		Merck KGaA		5,797
	1,615		Merck Ltd		96
	450,793	*,e	Merrimack Pharmaceuticals, Inc		2,727
	40,721	*	Mersana Therapeutics, Inc		165
	216,910	*,e	Mesoblast Ltd		225
	45,735	*	Mettler-Toledo International, Inc		38,417
	2,928	*	Mezzion Pharma Co Ltd		160
	9,724	*	Millendo Therapeutics Inc		112
	116,735	*,e	Minerva Neurosciences, Inc		657

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	40,022	*	Mirati Therapeutics, Inc	$	4,122
	7,879	*,e	Mithra Pharmaceuticals S.A.		232
	14,800		Mochida Pharmaceutical Co Ltd		631
	46,928	*,e	Moderna, Inc		687
	19,435	*,e	Molecular Partners AG.		290
	19,798	*	Molecular Templates, Inc		165
	113,265	*	Momenta Pharmaceuticals, Inc		1,410
	29,067	*	Morphosys AG.		2,800
	75,795	*,e	Mustang Bio, Inc		279
	286,358	*	Mylan NV		5,452
	92,731	*	MyoKardia, Inc		4,650
	75,775	*	Myriad Genetics, Inc		2,105
	242,885	*	NanoString Technologies, Inc		7,372
	122,402		Natco Pharma Ltd		949
	306,371	*	Natera, Inc		8,450
	210,292	*	Nektar Therapeutics		7,482
	365,676	*,e	NeoGenomics, Inc		8,023
	9,148	*,e	Neon Therapeutics, Inc		43
	282,718	*	Neurocrine Biosciences, Inc		23,870
	12,330		NextCure Inc		185
	6,918	*	NGM Biopharmaceuticals Inc		101
	263,850		Nichi-iko Pharmaceutical Co Ltd		2,891
	26,300		Nippon Shinyaku Co Ltd		1,862
	191,819	*,e	Nordic Nanovector ASA		725
	2,442,013		Novartis AG.		222,936
	23,631	*,e	Novavax, Inc		138
	3,928,347		Novo Nordisk AS		200,649
	54,963	*	OBI Pharma, Inc		292
	45,973	*,e	Ocular Therapeutix, Inc		202
	9,585	*,e	Odonate Therapeutics, Inc		352
	53,301	*,e	Omeros Corp		836
	62,216	*	Oncocyte Corp		155
	96,482	*,e,g	Oncopeptides AB		1,507
	197,782		Ono Pharmaceutical Co Ltd		3,556
	375,694	*,e	Opko Health, Inc		917
	30,006	*,e	Optinose, Inc		212
	10,839	*	Organogenesis Holdings Inc		82
	58,834		Orion Oyj (Class B)		2,157
	8,965	*	Oscotec, Inc		164
	57,786		Otsuka Holdings KK		1,888
	92,257	*	Oxford Biomedica plc		810
	143,989	*	Pacific Biosciences of California, Inc		871
	366,952	*	Pacira Pharmaceuticals, Inc		15,959
	2,663,590	*	Paion AG.		6,542
	228,179	*,e	Palatin Technologies, Inc		265
	44,284	*,e	Paratek Pharmaceuticals, Inc		177
	149,857	*	PDL BioPharma, Inc		471
	153,689	*	PeptiDream, Inc		7,894
	6,365	*	Peptron, Inc		89
	270,525		PerkinElmer, Inc		26,062
	114,100		Perrigo Co plc		5,433
	82,940	*	Pfenex, Inc		559
	13,050		Pfizer Ltd		635

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,370,555		Pfizer, Inc	$	665,852
	107,894	*	Pharma Mar S.A.		221
	1,899		PHARMA RESEARCH PRODUCTS Co Ltd		69
	2,500	*	PharmAbcine		101
	42,472		PharmaEngine Inc		123
	67,000	*	PharmaEssentia Corp		260
	24,902		Pharmally International Holding Co Ltd		183
	24,935	*	Pharmicell Co Ltd		168
	1,220,859	*,e	Pharming Group NV		1,019
	14,067	*	PhaseBio Pharmaceuticals Inc		185
	177,358		Phibro Animal Health Corp		5,635
	131,592	*	Pieris Pharmaceuticals, Inc		618
	78,587		Piramal Healthcare Ltd		2,218
	12,602	*,e	PolarityTE, Inc		72
	72,782	*,e	Portola Pharmaceuticals, Inc		1,975
	208,789	*	PRA Health Sciences, Inc		20,701
	9,394	*	Precision BioSciences Inc		124
	58,502	*	Prestige Brands Holdings, Inc		1,853
	18,265	*	Principia Biopharma, Inc		606
	3,575	*	Probi AB		125
	95,901	*	Progenics Pharmaceuticals, Inc		592
	65,240	*,e	ProQR Therapeutics NV		594
	12,684	*	Prostemics Co Ltd		49
	15,557	*	Protagonist Therapeutics, Inc		188
	98,127	*	Prothena Corp plc		1,037
	14,866,631		PT Kalbe Farma Tbk		1,535
	129,499	*	PTC Therapeutics, Inc		5,827
	67,942	*,e	Puma Biotechnology, Inc		864
	417,701	*	QIAGEN NV		16,938
	385,356	*	QIAGEN NV (Turquoise)		15,681
	21,243	*,e	Quanterix Corp		718
	156,283	*	Ra Pharmaceuticals, Inc		4,699
	319,935	*	Radius Health, Inc		7,794
	42,861	*,e	Reata Pharmaceuticals, Inc		4,044
	29,197		Recipharm AB		357
	179,724		Recordati S.p.A.		7,491
	76,354	*	Recro Pharma, Inc		777
	149,072	*	Regeneron Pharmaceuticals, Inc		46,660
	91,734	*	REGENXBIO, Inc		4,712
	104,519	*	Repligen Corp		8,983
	10,155	*,e	Replimune Group, Inc		149
	17,014	*,e	resTORbio, Inc		174
	202,383	*	Retrophin, Inc		4,066
	48,574	*,e	Revance Therapeutics, Inc		630
	2,744		Reyon Pharmaceutical Co Ltd		39
	27,063	*	Rhythm Pharmaceuticals, Inc		595
	116,444		Richter Gedeon Rt		2,146
	217,603	*	Rigel Pharmaceuticals, Inc		568
	1,290,004		Roche Holding AG.		362,733
	35,363	*,e	Rocket Pharmaceuticals, Inc		530
	77,300		Rohto Pharmaceutical Co Ltd		2,105
	41,177	*,e	Rubius Therapeutics, Inc		648
	168,127	*,e	Sage Therapeutics, Inc		30,782
	5,988		Sam Chun Dang Pharm Co Ltd		197

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	75,496		Samjin Pharmaceutical Co Ltd	$	1,965
	15,334	*,g	Samsung Biologics Co Ltd		4,256
	15,800	*,e	SanBio Co Ltd		509
	354,976	*,e	Sangamo Biosciences, Inc		3,823
	6,633		Sanofi India Ltd		543
	2,156,967		Sanofi-Aventis		186,410
	583,851		Sanofi-Aventis S.A. (ADR)		25,263
	367,793		Santen Pharmaceutical Co Ltd		6,115
	133,121	*,e	Sarepta Therapeutics, Inc		20,228
	51,857		Sartorius Stedim Biotech		8,177
	16,685		Saudi Pharmaceutical Industries & Medical Appliances Corp		118
	211,300		Sawai Pharmaceutical Co Ltd		11,437
	34,783	*,e	Scholar Rock Holding Corp		552
	96,960		Scinopharm Taiwan Ltd		78
	24,895		Searle Co Ltd		23
	264,195	*	Seattle Genetics, Inc		18,285
	8,379	*	Seegene, Inc		192
	22,000		Seikagaku Corp		253
	24,926	*,e	Seres Therapeutics, Inc		80
	19,000		Shandong Buchang Pharmaceuticals Co Ltd		71
	69,500		Shanghai Fosun Pharmaceutical Group Co Ltd		257
	456,251		Shanghai Fosun Pharmaceutical Group Co Ltd (Hong Kong)		1,382
	119,000		Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd		89
	217,100		Shanghai Haixin Group Co		95
	106,800	g	Shanghai Haohai Biological Technology Co Ltd		582
	87,100	*	Shenzhen Kangtai Biological Products Co Ltd		667
	17,600		Shenzhen Salubris Pharmaceuticals Co Ltd		57
	14,815		Shilpa Medicare Ltd		74
	448,819		Shionogi & Co Ltd		25,934
	58,700		Sichuan Kelun Pharmaceutical Co Ltd		254
	14,414		Siegfried Holding AG.		5,022
	67,550	*	SIGA Technologies, Inc		384
	3,421,000		Sihuan Pharmaceutical Holdings		772
	65,943	*,e	SillaJen, Inc		2,828
	8,267,307		Sino Biopharmaceutical		8,458
	15,965	*,e	Solid Biosciences, Inc		92
	155,374	*,e	Sorrento Therapeutics, Inc		415
	39,700	*	Sosei Group		878
	54,967	*	Spark Therapeutics, Inc		5,628
	119,373	*	Spectrum Pharmaceuticals, Inc		1,028
	20,937	*	Spero Therapeutics, Inc		241
	1,482,000		SSY Group Ltd		1,340
	3,312		ST Pharm Co Ltd		50
	9,841	*	STCUBE		128
	41,645	*,e	Stemline Therapeutics, Inc		638
	251,402		Strides Arcolab Ltd		1,453
	37,491	*	Strongbridge Biopharma plc		117
	242,287		Sumitomo Dainippon Pharma Co Ltd		4,613
	19,891	*	Sun Pharma Advanced Research Company Ltd		33
	741,193		Sun Pharmaceutical Industries Ltd		4,308

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	156,728	*	Supernus Pharmaceuticals, Inc	$	5,186
	7,966	*	Sutro Biopharma, Inc		91
	142,750		Suven Life Sciences Ltd		561
	62,932	*	Syndax Pharmaceuticals, Inc		586
	110,690	*	Syneos Health, Inc		5,655
	43,893	g	Syngene International Ltd		213
	26,467	*	Synlogic, Inc		241
	8,521	*,e	Synthorx, Inc		115
	40,778	*	Syros Pharmaceuticals, Inc		378
	134,799	*	Taigen Biopharmaceuticals Holdings Ltd		74
	224,000	*	TaiMed Biologics, Inc		1,147
	87,501		Taisho Pharmaceutical Holdings Co Ltd		6,740
	48,700		Takara Bio, Inc		931
	1,162,720		Takeda Pharmaceutical Co Ltd		41,361
	4,308		Takeda Pharmaceutical Co Ltd (ADR)		76
	144,786		Tanabe Seiyaku Co Ltd		1,611
	37,963	*	Tanvex BioPharma, Inc		90
	25,400		Tasly Pharmaceutical Group Co Ltd		61
	1,822		TCR2 Therapeutics Inc		26
	6,783		Tecan Group AG.		1,762
	2,233	*	Tego Science, Inc		52
	1,823,452	*	Teva Pharmaceutical Industries Ltd (ADR)		16,830
	94,147	*,e	TG Therapeutics, Inc		814
	11,114	*	Theragen Etex Co Ltd		82
	224,160	*,e	TherapeuticsMD, Inc		583
	101,177	*,e	Theratechnologies, Inc		545
	47,517	*,e	Theravance Biopharma, Inc		776
	628,947		Thermo Fisher Scientific, Inc		184,709
	46,062	*	Tocagen, Inc		308
	800,000	e	Tong Ren Tang Technologies Co Ltd		954
	95,200		Tonghua Dongbao Pharmaceutical Co Ltd		214
	17,700		Torii Pharmaceutical Co Ltd		427
	232,500		Towa Pharmaceutical Co Ltd		5,918
	28,818	*,e	Translate Bio, Inc		364
	25,158	*,e	Tricida, Inc		993
	32,600		Tsumura & Co		911
	121,917		TTY Biopharm Co Ltd		332
	6,790	*	Turning Point Therapeutics Inc		276
	25,725	*	Twist Bioscience Corp		746
	73,362	*,e	Tyme Technologies, Inc		89
	61,870		UCB S.A.		5,135
	72,720	*	Ultragenyx Pharmaceutical, Inc		4,618
	3,689,500	e	United Laboratories Ltd		1,978
	98,628	*	United Therapeutics Corp		7,699
	31,977	*,e	UNITY Biotechnology, Inc		304
	30,728	*	UroGen Pharma Ltd		1,104
	207,980	*	Vanda Pharmaceuticals, Inc		2,930
	86,687	*	VBI Vaccines, Inc		101
	343,001	*	Vectura Group plc		377
	554,798	*	Veracyte, Inc		15,817
	271,127	*,e	Vericel Corp		5,122
	8,511	*,e	Verrica Pharmaceuticals, Inc		99
	647,338	*	Vertex Pharmaceuticals, Inc		118,709
	70,600	e	Vifor Pharma AG.		10,204

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	96,935	*,e	Viking Therapeutics, Inc	$	805
	2,444	*,e	Virbac S.A.		467
	71,744	*	ViroMed Co Ltd		10,504
	231,110		Vitrolife AB		4,505
	193,383	*,e	Voyager Therapeutics, Inc		5,264
	128,300	*	Walvax Biotechnology Co Ltd		530
	24,370	*	Waters Corp		5,245
	22,137	*	WaVe Life Sciences Pte Ltd		578
	55,143		Whanin Pharmaceutical Co Ltd		842
	12,510,000		Winteam Pharmaceutical Group Ltd		6,085
	11,959	*	Wockhardt Ltd		65
	174,720	*,e,g	WuXi AppTec Co Ltd		1,532
	1,536,550	*,g	Wuxi Biologics Cayman, Inc		13,785
	7,577	*	X4 Pharmaceuticals, Inc		114
	17,143	*	XBiotech, Inc		130
	142,883	*	Xencor, Inc		5,848
	28,879	*,e	Xeris Pharmaceuticals, Inc		330
	599,800	g	YiChang HEC ChangJiang Pharmaceutical Co Ltd		3,003
	22,014	*,e	Y-mAbs Therapeutics, Inc		503
	7,960		Yuhan Corp		1,686
	38,828	*	Yungjin Pharmaceutical Co Ltd		171
	347,000		YungShin Global Holding Corp		489
	20,600		Yunnan Baiyao Group Co Ltd		250
	16,900	*,e	Zai Lab Ltd (ADR)		589
	19,865	*,e	Zealand Pharma AS		432
	53,900	e	Zeria Pharmaceutical Co Ltd		1,080
	19,400		Zhangzhou Pientzehuang Pharmaceutical Co Ltd		326
	176,450	*,e	ZIOPHARM Oncology, Inc		1,029
	1,766,348		Zoetis, Inc		200,463
	49,030	*,e	Zogenix, Inc		2,343
	28,645	*	Zynerba Pharmaceuticals, Inc		388
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		8,443,674

REAL ESTATE - 3.8%
	490,429		Abacus Property Group		1,414
	88,318		Acadia Realty Trust		2,417
	1,006		Activia Properties Inc		4,379
	29,758		ADLER Real Estate AG.		380
	35,114	*	ADO Group Ltd		526
	30,542	g	ADO Properties S.A.		1,263
	1,020	*	Advance Residence Investment Corp		3,034
	450,849	*,g	Aedas Homes SAU		10,715
	14,161		Aedifica S.A.		1,351
	54,111		Aeon Mall Co Ltd		815
	4,647	*	AEON REIT Investment Corp		5,950
	1	*	Africa Israel Investments Ltd		0	^
	28,664	*	Africa Israel Properties Ltd		925
	1,314,000		Agile Property Holdings Ltd		1,759
	151,937		Agree Realty Corp		9,732
	134,925	*	Airport City Ltd		2,481
	7,131,107	*	Aldar Properties PJSC		3,676
	314,486		Alexander & Baldwin, Inc		7,265
	2,299		Alexander’s, Inc		851

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	211,631		Alexandria Real Estate Equities, Inc	$	29,859
	203,320		Aliansce Shopping Centers S.A.		1,302
	364,149		Allco Commercial Real Estate Investment Trust		449
	109,529		Allied Properties Real Estate Investment Trust		3,962
	12,835		Allreal Holding AG.		2,209
	139,609		Alony Hetz Properties & Investments Ltd		1,814
	501,253		Alstria Office REIT-AG.		8,116
	8,573	*,e	Altisource Portfolio Solutions S.A.		169
	51,061	e	Altus Group Ltd		1,250
	366,300		Amata Corp PCL (Foreign)		292
	169,020		American Assets Trust, Inc		7,964
	204,042		American Campus Communities, Inc		9,419
	120,345		American Finance Trust, Inc		1,312
	1,187,839		American Homes 4 Rent		28,876
	3,027	*,e	American Realty Investors, Inc		41
	1,006,145		American Tower Corp		205,706
	76,070	e	Americold Realty Trust		2,466
	177,588		Amot Investments Ltd		1,181
	13,023,500		Ananda Development PCL (Foreign)		1,631
	132,091	e	Apartment Investment & Management Co		6,620
	92,195	*	Apple Hospitality REIT, Inc		1,462
	591,008		Argosy Property Ltd		548
	96,346		Armada Hoffler Properties, Inc		1,595
	1,628,732		Aroundtown S.A.		13,437
	23,819		Arriyadh Development Co		95
	533,816	e	Arrowhead Properties Ltd (Class A)		132
	96,445		Artis Real Estate Investment Trust		857
	2,072,400		Ascendas Hospitality Trust		1,501
	1,612,292		Ascendas REIT		3,720
	4,842,991	e	Ascott Residence Trust		4,655
	113,456		Ashford Hospitality Trust, Inc		337
	10,080,160		Asian Property Development PCL (Foreign)		2,580
	1,381,164		Assura Group Ltd		1,119
	2,571,157		Attacq Ltd		2,396
	379,584		AvalonBay Communities, Inc		77,124
	151,864		Aventus Retail Property Fund Ltd		244
	238,468		Aveo Group		315
	12,697,015		Ayala Land, Inc		12,597
	4,761,352	*	AZ BGP Holdings		13
	44,465		Azrieli Group		2,984
	5,144,200		Bangkok Land PCL		289
	255,627	*	Barwa Real Estate Co		2,401
	1,613		Bayside Land Corp		853
	24,382		Befimmo SCA Sicafi		1,402
	4,600,000	e	Beijing Capital Land Ltd		1,643
	1,266,000		Beijing North Star Co		477
	2,602		Big Shopping Centers Ltd		188
	460,461		Big Yellow Group plc		5,791
	2,199		BLife Investment Corp		5,308
	2,741		Blue Square Real Estate Ltd		119
	157,816		Bluerock Residential Growth REIT, Inc		1,854
	44,584		Boardwalk REIT		1,356
	716,790		Boston Properties, Inc		92,466
	629,862		BR Malls Participacoes S.A.		2,351

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	50,308		BR Properties S.A.	$	129
	1,457	*	Brack Capital Properties NV		138
	141,001		BraeMar Hotels & Resorts, Inc		1,396
	271,303		Brandywine Realty Trust		3,885
	1,086,641		British Land Co plc		7,437
	83,610		Brixmor Property Group, Inc		1,495
	2,415		Brookfield Property Partners LP		46
	211,485		Brookfield Property REIT, Inc		3,995
	36,935		Brt Realty Trust		522
	353,455		Bunnings Warehouse Property Trust		914
	84,000		C&D International Investment Group Ltd		105
	182,054		CA Immobilien Anlagen AG.		6,687
	2,983,620		Cache Logistics Trust		1,742
	4,639,152	e	Cambridge Industrial Trust		1,801
	445,921		Camden Property Trust		46,550
	155,523		Canadian Apartment Properties REIT		5,743
	1,816,542		CapitaCommercial Trust		2,915
	450,534		Capital & Counties Properties		1,240
	3,079,015		CapitaLand Ltd		8,040
	1,893,547		CapitaMall Trust		3,683
	342,232		CapitaRetail China Trust		395
	368,859		CareTrust REIT, Inc		8,771
	254,309		Castellum AB		4,866
	167,906		CatchMark Timber Trust, Inc		1,755
	336,900		Cathay Real Estate Development Co Ltd		301
	215,237	e	CBL & Associates Properties, Inc		224
	725,871	*	CBRE Group, Inc		37,237
	431,220		CDL Hospitality Trusts		520
	568,587		Cedar Realty Trust, Inc		1,507
	126,878		Cedar Woods Properties Ltd		508
	385,000		Central China Real Estate Ltd		170
	1,972,558		Central Pattana PCL (Foreign)		4,826
	391,098		Centuria Industrial REIT		841
	2,139,806		Champion Real Estate Investment Trust		1,783
	139,531		Charter Hall Education Trust		357
	2,383,361		Charter Hall Group		18,149
	158,719		Charter Hall Long Wale REIT		558
	51,359		Chatham Lodging Trust		969
	213,070		Chesapeake Lodging Trust		6,055
	3,860,722		Cheuk Nang Holdings Ltd		1,962
	994,000		China Aoyuan Property Group Ltd		1,397
	1,313,525	*,e	China Dili Group		400
	3,367,663	e	China Evergrande Group		9,433
	41,100	*	China Fortune Land Development Co Ltd		195
	397,000	*,g	China Logistics Property Holdings Co Ltd		145
	418,000		China Merchants Land Ltd		61
	168,000	*	China Merchants Shekou Industrial Zone Holdings Co Ltd		512
	9,385,021		China New Town Development Co Ltd		217
	4,490,000		China Overseas Grand Oceans Group Ltd		1,977
	5,321,253		China Overseas Land & Investment Ltd		19,639
	575,000		China Overseas Property Holdings Ltd		300
	3,663,644		China Resources Land Ltd		16,130

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,543,400		China SCE Property Holdings Ltd	$	7,491
	1,988,000		China South City Holdings Ltd		293
	1,543,015		China Vanke Co Ltd		5,785
	282,000		China Vanke Co Ltd (Class A)		1,144
	150,000	g	China Vast Industrial Urban Development Co Ltd		62
	839,000		Chinese Estates Holdings Ltd		758
	729,900	e	Chip Eng Seng Corp Ltd		388
	109,088		Chong Hong Construction Co		314
	2,470,000		CIFI Holdings Group Co Ltd		1,628
	4,054	*	CIM Commercial Trust Corp		84
	285,644		City Developments Ltd		2,001
	206,164		City Office REIT, Inc		2,472
	52,685	e	Citycon OYJ		549
	1,965,917		Civitas Social Housing plc		2,102
	2,856,546		CK Asset Holdings Ltd		22,378
	18,888		Clipper Realty, Inc		211
	20,029		Cofinimmo		2,601
	52,641		Colliers International Group, Inc		3,764
	870,698		Colony Capital, Inc		4,353
	145,000		Colour Life Services Group		97
	263,748		Columbia Property Trust, Inc		5,470
	683	*	Comforia Residential REIT, Inc		1,961
	114,650		Cominar Real Estate Investment Trust		1,095
	21,621		Community Healthcare Trust, Inc		852
	520,600		Concentradora Fibra Danhos S.A. de C.V.		689
	415,900	g	Concentradora Fibra Hotelera Mexicana S.A. de C.V.		176
	10,630		Consolidated-Tomoka Land Co		635
	28,516	*	Consus Real Estate AG.		227
	270,660		CoreCivic, Inc		5,619
	12,130	e	CorEnergy Infrastructure Trust, Inc		481
	47,755		CorePoint Lodging, Inc		592
	108,557		Coresite Realty		12,503
	102,922		Corestate Capital Holding S.A.		3,517
	1,810,236	e	Corp Inmobiliaria Vesta SAB de C.V.		2,672
	44,071		Corporate Office Properties Trust		1,162
	6,482,391		Country Garden Holdings Co Ltd		9,855
	212,244	*	Cousins Properties, Inc		7,677
	2,488	*,e	CRE Logistics REIT, Inc		2,651
	1,157	*	Crescendo Investment Corp		1,358
	17,900	*,e	Cresud S.A. (ADR)		188
	55,955		Crombie Real Estate Investment Trust		643
	934,891		Cromwell Group		758
	955,292		Crown Castle International Corp		124,522
	7,768,943		CSI Properties Ltd		388
	49,069		CT Real Estate Investment Trust		533
	210,409		CubeSmart		7,036
	632,430	*	Cushman & Wakefield plc		11,308
	208,386		Custodian Reit plc		314
	518,502		CyrusOne, Inc		29,928
	20,936	*	D Carnegie & Co AB		408
	646	*	DA Office Investment Corp		4,635
	28,200		Daibiru Corp		263
	20,077		Daito Trust Construction Co Ltd		2,560
	509,727		Daiwa House Industry Co Ltd		14,895

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	254,582	*	Dar Al Arkan Real Estate Development Co	$	797
	126,623		Derwent London plc		5,014
	255,279		Deutsche Annington Immobilien SE		12,195
	33,147		Deutsche Euroshop AG.		916
	129,280		Deutsche Wohnen AG.		4,737
	371,000	*	Dexin China Holdings Co Ltd		158
	1,483,634		Dexus Property Group		13,535
	1,060,662	*	Deyaar Development PJSC		90
	221,194		DiamondRock Hospitality Co		2,287
	28,702		DIC Asset AG.		331
	235,070		Digital Realty Trust, Inc		27,689
	348,292		Dios Fastigheter AB		2,579
	2,192,100		DLF Ltd		5,989
	239,529		Dongwon Development Co Ltd		1,069
	635,030	*	DoubleDragon Properties Corp		304
	313,549		Douglas Emmett, Inc		12,492
	334,725		Dream Global REIT		3,489
	74,110		Dream Industrial Real Estate Investment Trust		668
	38,442		Dream Office Real Estate Investment Trust		694
	94,843		Dream Unlimited Corp		527
	322,035		Duke Realty Corp		10,180
	200,224		Easterly Government Properties, Inc		3,626
	307,913		Eastern & Oriental BHD		59
	90,665		EastGroup Properties, Inc		10,515
	449,700	*	Eco World Development Group BHD		90
	404,200	*	Eco World International BHD		65
	861,006	*	Emaar Development PJSC		940
	138,445	*	Emaar Economic City		368
	2,057,342	*	Emaar Malls Group PJSC		1,137
	8,046,382		Emaar Properties PJSC		9,705
	1,502,421		Emira Property Fund Ltd		1,472
	797,850		Emlak Konut Gayrimenkul Yatiri		156
	1,647,333		Emperor International Holdings		426
	296,236		Empire State Realty Trust, Inc		4,387
	328,205		Empiric Student Property plc		378
	27,430		Entertainment Properties Trust		2,046
	311,273	g	Entra ASA		4,784
	155,115		Equinix, Inc		78,223
	251,674		Equites Property Fund Ltd		383
	157,416		Equity Commonwealth		5,119
	437,922		Equity Lifestyle Properties, Inc		53,137
	790,500		Equity Residential		60,015
	620,226	*	Eshraq Properties Co PJSC		65
	436,279		Essential Properties Realty Trust, Inc		8,743
	205,956		Essex Property Trust, Inc		60,125
	31,139		Eurocommercial Properties NV		832
	41,880		eXp World Holdings Inc		466
	276,028		Extra Space Storage, Inc		29,287
	320,007		Fabege AB		4,818
	7,137,500		Fantasia Holdings Group Co Ltd		1,305
	1,653,204		Far East Consortium		761
	461,200		Far East Hospitality Trust		227
	129,812		Farglory Land Development Co Ltd		173

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	41,904	e	Farmland Partners, Inc	$	295
	193,570	*	Fastighets AB Balder		6,488
	264,488		Federal Realty Investment Trust		34,055
	7,131,906		Fibra Uno Administracion S.A. de C.V.		9,445
	4,522,000		Filinvest Land, Inc		166
	72,600		Financial Street Holdings Co Ltd		83
	256,086	e	First Capital Realty, Inc		4,275
	363,070		First Industrial Realty Trust, Inc		13,339
	359,670		First Real Estate Investment Trust		274
	43,164		FirstService Corp		4,153
	28,391		Fonciere Des Regions		2,972
	14,502	*,e	Forestar Group, Inc		284
	1,194,368		Fortress REIT Ltd (Class A)		1,818
	435,341		Four Corners Property Trust, Inc		11,898
	112,872		Franklin Street Properties Corp		833
	4,621,725		Franshion Properties China Ltd		2,811
	734,045		Frasers Centrepoint Trust		1,411
	468,200		Frasers Hospitality Trust		244
	1,148,810	e	Frasers Logistics & Industrial Trust		1,028
	275,358		Front Yard Residential Corp		3,365
	488	e	Frontier Real Estate Investment Corp		2,083
	9,527	*	FRP Holdings, Inc		531
	402	*	Fukuoka REIT Corp		648
	1,540,000		Future Land Development Holdings Ltd		2,027
	28,500		Future Land Holdings Co Ltd		165
	921,349		Gaming and Leisure Properties, Inc		35,914
	750,000	*	Gateway Real Estate AG.		3,359
	88,615		Gazit Globe Ltd		733
	19,213		Gazit, Inc		269
	765,714		GCP Student Living plc		1,577
	937,236		GDI Property Group		911
	24,229		Gecina S.A.		3,626
	81,900		Gemdale Corp		142
	2,050,000		Gemdale Properties and Investment Corp Ltd		244
	743,316		Geo Group, Inc		15,617
	172,476		Getty Realty Corp		5,305
	78,676		Gladstone Commercial Corp		1,670
	18,672	e	Gladstone Land Corp		215
	292,357		Global Medical REIT, Inc		3,070
	255,979		Global Net Lease, Inc		5,022
	513	*	Global One Real Estate Investment Corp		639
	1,507,000	*	Glorious Property Holdings Ltd		74
	6,504	*	GLP J-Reit		7,408
	25,022	*	Godrej Properties Ltd		363
	9,780		Goldcrest Co Ltd		173
	269,800		Golden Land Property Development PCL		74
	1,631,273		Goodman Property Trust		2,121
	1,328,744		GPT Group (ASE)		5,741
	350,484		Grainger plc		1,093
	145,598		Grand City Properties S.A.		3,330
	51,177		Granite REIT		2,356
	1,094,788		Great Portland Estates plc		9,515
	5,656,939		Green REIT plc		11,643
	145,700		Greenland Holdings Corp Ltd		145

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	363,000		Greenland Hong Kong Holdings Ltd	$	145
	1,391		Griffin Land & Nurseries, Inc (Class A)		49
	966,074		Growthpoint Properties Australia Ltd		2,796
	2,615,954		Growthpoint Properties Ltd		4,518
	354,600	*,e	Grupo GICSA S.A. de C.V.		96
	4,556,013	e	Guangzhou R&F Properties Co Ltd		8,768
	157,600		Guocoland Ltd		233
	619,000		Guorui Properties Ltd		120
	269,307		H&R Real Estate Investment Trust		4,697
	38,040		Hamborner AG.		390
	460,076		Hammerson plc		1,620
	837,000		Hang Lung Group Ltd		2,323
	3,987,090		Hang Lung Properties Ltd		9,485
	322	*	Hankyu Reit, Inc		450
	95,879		Hannon Armstrong Sustainable Infrastructure Capital, Inc		2,702
	1,143,496		Hansteen Holdings plc		1,404
	1,163,285		HCP, Inc		37,202
	223,813		Healthcare Realty Trust, Inc		7,010
	670,790		Healthcare Trust of America, Inc		18,400
	80,100		Heiwa Real Estate Co Ltd		1,640
	173,871		Helical Bar plc		814
	58,454		Heliopolis Housing		81
	767,225		Hemfosa Fastigheter AB		7,256
	2,729,537		Henderson Land Development Co Ltd		15,049
	37,687		Hersha Hospitality Trust		623
	186,730		HFF, Inc (Class A)		8,492
	33,050,040		Hibernia REIT plc		54,493
	880,042		Highwealth Construction Corp		1,402
	39,213		Highwoods Properties, Inc		1,619
	61,880	e	HKC Holdings Ltd		40
	3,397,962		Hongkong Land Holdings Ltd		21,902
	123	*	Hoshino Resorts REIT, Inc		632
	62,808		Hospitality Properties Trust		1,570
	2,239,296		Host Marriott Corp		40,800
	72,624	*	Howard Hughes Corp		8,994
	265,235		Huaku Development Co Ltd		728
	490,149		Hudson Pacific Properties		16,307
	189,294		Hufvudstaden AB (Series A)		3,222
	304,478		Hulic Co Ltd		2,451
	1,078	*	Hulic Reit, Inc		1,871
	262,800		Hung Sheng Construction Co Ltd		176
	131,526		Hyprop Investments Ltd		652
	1,391,303		Hysan Development Co Ltd		7,189
	16,453	e	Icade		1,508
	167,800	e	Ichigo Holdings Co Ltd		494
	849	*	Ichigo Real Estate Investment Corp		806
	407,800	*	IDU Co		345
	804,900		IGB Real Estate Investment Trust		372
	40,100		Iguatemi Empresa de Shopping Centers S.A.		480
	30,362		Immobiliare Grande Distribuzione SIIQ S.p.A		200
	51,783		IMMOFINANZ AG.		1,351
	95,374		Independence Realty Trust, Inc		1,103

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	691,501	*	Indiabulls Real Estate Ltd	$	1,140
	2,248		Industrial & Infrastructure Fund Investment Corp		2,795
	352,182	*	Industrial Buildings Corp		699
	263,636		Industrial Logistics Properties Trust		5,489
	1,710,000		Ingenia Communities Group		3,895
	283,855	*	Inmobiliaria Colonial S.A.		3,162
	10,898	e	Innovative Industrial Properties, Inc		1,347
	683,470	*,g	Instone Real Estate Group AG.		15,357
	134,704		InterRent Real Estate Investment Trust		1,420
	649		Intershop Holding AG.		330
	11,149		Intervest Offices		313
	547,962	e	Intu Properties plc		530
	5,985		Invesco Office J-Reit, Inc		1,001
	23,039		Investors Real Estate Trust		1,352
	56,340		Invincible Investment Corp		29,183
	1,314,302		Invitation Homes, Inc		35,131
	1,105,529	e	Irish Residential Properties REIT plc		2,119
	503,943		Iron Mountain, Inc		15,773
	10,600	*	IRSA Inversiones y Representaciones S.A. (GDR)		104
	133,226	e	iShares Dow Jones US Real Estate Index Fund		11,632
	66,178	e	iStar Financial, Inc		822
	1,330	*	Japan Excellent, Inc		1,952
	14,427		Japan Hotel REIT Investment Corp		11,624
	924	*	Japan Logistics Fund Inc		2,114
	1,271		Japan Prime Realty Investment Corp		5,509
	777		Japan Real Estate Investment Corp		4,729
	1,129	*	Japan Rental Housing Investments, Inc		878
	3,287		Japan Retail Fund Investment Corp		6,648
	89,565		JBG SMITH Properties		3,523
	24,399		Jernigan Capital, Inc		500
	264,244	*	Jerusalem Economy Ltd		1,014
	1,596,750	*,†	Jiangsu Future Land Co Ltd		9,968
	552,000		Jiayuan International Group Ltd		243
	265,000		Jingrui Holdings Ltd		79
	55,400		Jinke Properties Group Co Ltd		49
	40,668		Jones Lang LaSalle, Inc		5,722
	1,640,403		K Wah International Holdings Ltd		958
	1,988,000		Kaisa Group Holdings Ltd		982
	181,000	e	Katitas Co Ltd		6,743
	19,700	*	Keihanshin Building Co Ltd		182
	621		Kenedix Realty Investment Corp		4,444
	2,798	*	Kenedix Residential Investment Corp		4,956
	332	*	Kenedix Retail REIT Corp		816
	449,400	e	Kenedix, Inc		2,245
	268,414		Kennedy-Wilson Holdings, Inc		5,521
	3,103,317		Keppel DC REIT		3,831
	1,417,263		Kerry Properties Ltd		5,953
	54,541		Killam Apartment Real Estate Investment Trust		783
	268,097		Kilroy Realty Corp		19,788
	149,772		Kimco Realty Corp		2,768
	135,000		Kindom Construction Co		122
	90,462		Kite Realty Group Trust		1,369
	1,458,718		Kiwi Property Group Ltd		1,569
	263,003	e	Klepierre		8,811

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,082,752	e	Klovern AB (B Shares)	$	3,279
	18,622		Korea Asset In Trust Co Ltd		67
	72,282		Korea Real Estate Investment Trust Co		148
	1,055,191	e	K-REIT Asia		983
	553,335	e	Kungsleden AB		4,569
	1,164,108		KWG Property Holding Ltd		1,183
	714,593		Lai Fung Holdings Ltd		805
	397,808		Lai Sun Development Co Ltd		589
	192,334	e	Lamar Advertising Co		15,523
	66,852	*	Lamda Development S.A.		684
	6,538,800		Land and Houses PCL Co Reg		2,347
	290,876		Land Securities Group plc		3,081
	1,496,500		Langham Hospitality Investments Ltd		577
	62,197		Lar Espana Real Estate Socimi S.A.		482
	3,161	*	LaSalle Logiport REIT		3,744
	121,857		LEG Immobilien AG.		13,743
	488,126		Lend Lease Corp Ltd		4,460
	155,811	e	Leopalace21 Corp		404
	246,230		Lexington Realty Trust		2,317
	182,059		Liberty Property Trust		9,110
	117,886		Life Storage, Inc		11,209
	1,146,725		Link REIT		14,111
	4,154,500		Lippo-Mapletree Indonesia Retail Trust		737
	9,051		LOG Commercial Properties e Participacoes S.A.		47
	4,252,000		Logan Property Holdings Co Ltd		6,876
	2,862,316		London & Stamford Property plc		7,670
	1,369,178		Longfor Properties Co Ltd		5,162
	4,063,000		LPN Development PCL (Foreign)		974
	150,000	*	LPS Brasil Consultoria de Imoveis S.A.		187
	41,755		LTC Properties, Inc		1,907
	556,000		LVGEM China Real Estate Investment Co Ltd		196
	299,757	e	LXI REIT plc		484
	47,627	e	Macerich Co		1,595
	393,596		Mack-Cali Realty Corp		9,167
	377,603	e	Macquarie CountryWide Trust		1,160
	1,723,756		Macquarie Goodman Group		18,220
	827,990	e	Macquarie MEAG Prime REIT		474
	1,409,976		Mah Sing Group BHD		314
	708,372		Manulife US Real Estate Investment Trust		613
	35,779	*,†,e	Mapeley Ltd		0	^
	2,348,582		Mapletree Commercial Trust		3,629
	2,109,400		Mapletree Greater China Commercial Trust		2,276
	1,365,799		Mapletree Industrial Trust		2,262
	2,855,210		Mapletree Logistics Trust		3,357
	25,549	*	Marcus & Millichap, Inc		788
	734,592		Matrix Concepts Holdings BHD		338
	6,663	*	Maui Land & Pineapple Co, Inc		69
	475,100		MBK PCL		341
	333,208		Medical Properties Trust, Inc		5,811
	2,393,812	*	Medinet Nasr Housing		740
	68,856,872		Megaworld Corp		8,198
	34,645		Melisron Ltd		1,868
	40,864	e	Mercialys S.A		539

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	379,932		Merlin Properties Socimi S.A.	$	5,266
	26,695	g	Metrovacesa S.A.		288
	2,418,300	g	Mexico Real Estate Management S.A. de C.V.		2,745
	939,491		MGM Growth Properties LLC		28,795
	8,079	*	MID Reit, Inc		7,602
	33,566		Mid-America Apartment Communities, Inc		3,953
	968	*	Mirai Corp		469
	3,131,800		Mirvac Group		6,894
	763,094		Mitsubishi Estate Co Ltd		14,222
	119	*	Mitsubishi Estate Logistics REIT Investment Corp		309
	764,749		Mitsui Fudosan Co Ltd		18,587
	4,995		Mitsui Fudosan Logistics Park, Inc		16,987
	7,422		Mobimo Holding AG.		1,973
	458,000	e	Modern Land China Co Ltd		66
	419,987		Monmouth Real Estate Investment Corp (Class A)		5,691
	7,027	e	Montea C.V.A		602
	22,024		Morguard North American Resid		310
	34,670		Morguard Real Estate Investment Trust		322
	1,598		Mori Hills REIT Investment Corp		2,264
	227		Mori Trust Hotel Reit, Inc		294
	1,116	*	Mori Trust Sogo Reit, Inc		1,814
	204,529		Multiplan Empreendimentos Imobiliarios S.A.		1,479
	10,479	e	Nam Tai Property, Inc		102
	151,474		National Health Investors, Inc		11,820
	53,578		National Retail Properties, Inc		2,840
	546,818		National Storage Affiliates Trust		15,825
	1,019,189	e	National Storage REIT		1,253
	634,000		Neo-China Land Group Holdings Ltd		122
	856,994		NEPI Rockcastle plc		7,874
	9,561		NESCO Ltd		78
	97,906		New Senior Investment Group, Inc		658
	10,269,303		New World Development Co Ltd		16,063
	304,218		Newmark Group, Inc		2,732
	178,224	e	NewRiver REIT plc		403
	234,896		Nexity		10,150
	68,077		NexPoint Residential Trust, Inc		2,818
	442		Nippon Accommodations Fund, Inc		2,477
	1,099		Nippon Building Fund, Inc		7,528
	3,939		Nippon ProLogis REIT, Inc		9,099
	2,023		NIPPON REIT Investment Corp		7,866
	350,909		Nomura Real Estate Holdings, Inc		7,558
	6,752		Nomura Real Estate Master Fund, Inc		10,384
	50,289		NorthStar Realty Europe Corp		826
	77,409		Northview Apartment Real Estate Investment Trust		1,590
	75,012		NorthWest Healthcare Properties Real Estate Investment Trust		675
	10,671		NSI NV		452
	256,478	*	Nyfosa AB		1,609
	112,513		Oberoi Realty Ltd		991
	3,900	*	Oceanwide Holdings Co Ltd		3
	53,254		Office Properties Income Trust		1,399
	284,721	e	Omega Healthcare Investors, Inc		10,463
	54,484		One Liberty Properties, Inc		1,578
	97,800		Open House Co Ltd		4,020

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	388,850		Origin Property PCL	$	98
	2,463		Orix JREIT, Inc		4,494
	573,500		OUE Hospitality Trust		303
	1,172,744		Outfront Media, Inc		30,245
	168,600		Overseas Union Enterprise Ltd		187
	1,437,900		Oxley Holdings Ltd		351
	782,629	*	Palm Hills Developments SAE		113
	220,101		Paramount Group, Inc		3,084
	194,041		Park Hotels & Resorts, Inc		5,348
	855,200		Parkway Life Real Estate Investment Trust		1,915
	618,667		Parque Arauco S.A.		1,717
	25,523		Patrizia Immobilien AG.		529
	295,100		Pavilion Real Estate Investment Trust		131
	174,442		Pebblebrook Hotel Trust		4,916
	75,650	e	Pennsylvania REIT		492
	65,288		Phoenix Mills Ltd		601
	209,759		Physicians Realty Trust		3,658
	1,634,427	e	Picton Property Income Ltd		2,034
	138,163		Piedmont Office Realty Trust, Inc		2,754
	1,216,200		PLA Administradora Industrial S de RL de C.V.		1,903
	319,000		Platinum Group PCL		66
	889,817		Poly Hong Kong Investment Ltd		326
	335,034		Poly Real Estate Group Co Ltd		624
	72,973		Potlatch Corp		2,844
	4,775,000		Powerlong Real Estate Holdings Ltd		2,387
	1,025,707	e	Precinct Properties New Zealand Ltd		1,220
	317,789		Preferred Apartment Communities, Inc		4,751
	1,511	*	Premier Investment Co		1,989
	152,140		Prestige Estates Projects Ltd		600
	1,640,763	e	Primary Health Properties plc		2,780
	505,826		Prince Housing & Development Corp		191
	181,500		ProLogis Property Mexico S.A. de C.V.		377
	1,986,058		Prologis, Inc		159,083
	1,343		Property & Building Corp		131
	728,000		Prosperity REIT		318
	251,500		Pruksa Holding PCL		175
	76,491		PS Business Parks, Inc		12,891
	52,289		PSP Swiss Property AG.		6,111
	4,156,100	*	PT Alam Sutera Realty Tbk		100
	6,307,847	*	PT Bumi Serpong Damai		685
	4,506,540		PT Ciputra Development Tbk		367
	36,574,100	*	PT Hanson International Tbk		272
	4,246,400		PT Lippo Karawaci Tbk		79
	38,815,200		PT Pakuwon Jati Tbk		2,005
	7,719,762		PT PP Properti Tbk		66
	8,355,400	*	PT Sentul City Tbk		76
	3,844,200		PT Summarecon Agung Tbk		332
	319,363		Public Storage, Inc		76,063
	4,901,400		Puradelta Lestari Tbk PT		96
	670,960	*	Purplebricks Group plc		843
	389,068		QTS Realty Trust, Inc		17,967
	3,612,222		Quality House PCL		365
	320,433	*	Radium Life Tech Co Ltd		141

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	14,248	*	Rafael Holdings, Inc	$	410
	3,829,009		RAK Properties PJSC		448
	230,462		Rayonier, Inc		6,983
	108,300		Raysum Co Ltd		1,004
	173,132		RDI REIT plc		232
	59,811		Re/Max Holdings, Inc		1,840
	335,187	e	Realogy Holdings Corp		2,427
	469,177		Realty Income Corp		32,359
	422,000	e,g	Redco Properties Group Ltd		183
	4,643,802		Redefine Properties Ltd		2,980
	103,243	*,e	Redfin Corp		1,856
	314,000		Redsun Properties Group Ltd		107
	682,357		Regency Centers Corp		45,541
	1,509,576	g	Regional REIT Ltd		2,073
	404,646		Reit Ltd		2,077
	106,500		Relo Holdings, Inc		2,690
	146,028		Resilient REIT Ltd		642
	10,819		Retail Estates NV		1,000
	120,449		Retail Opportunities Investment Corp		2,063
	455,192		Retail Properties of America, Inc		5,353
	38,114		Retail Value, Inc		1,326
	1,982,956		Rexford Industrial Realty, Inc		80,052
	422,508		RioCan Real Estate Investment Trust		8,385
	67,700		RiseSun Real Estate Development Co Ltd		93
	414,513		RLJ Lodging Trust		7,353
	30,276		RMR Group, Inc		1,422
	963,000		Road King Infrastructure		1,988
	2,257,264	*	Robinsons Land Corp		1,161
	1,579,500	*	Ronshine China Holdings Ltd		1,948
	81,174	e	RPT Realty		983
	302,454		Ruentex Development Co Ltd		433
	162,428		Rural Funds Group		262
	92,376		Ryman Hospitality Properties		7,491
	6,514,795	e	S.A. Corporate Real Estate Fund Nominees Pty Ltd		1,443
	1,761,173		Sabana Shari’ah Compliant Industrial REIT		599
	202,117		Sabra Healthcare REIT, Inc		3,980
	10,420		Safehold, Inc		315
	1,073,888		Safestore Holdings plc		8,367
	96,444		Sagax AB		374
	251,500	e	SAMTY Co Ltd		3,832
	2,806	*,e	Samty Residential Investment Corp		2,937
	17,087,377		Sansiri PCL		825
	18,405	*	Saudi Real Estate Co		60
	60,313		Saul Centers, Inc		3,385
	143,515		Savills plc		1,632
	191,157	*	SBA Communications Corp		42,980
	726,600		SC Asset Corp PCL		70
	8,825,407		Scentre Group		23,818
	320,195		Schroder Real Estate Investment Trust Ltd		224
	1,442,495		Segro plc		13,393
	14,051	*	Sekisui House Reit, Inc		10,513
	128,665		Selvaag Bolig ASA		664
	315,007		Senior Housing Properties Trust		2,605
	37,338	e	Seritage Growth Properties		1,604

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	215,176		Shaftesbury plc	$	2,197
	1,022,624		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		1,238
	1,238,000		Shenzhen Investment Ltd		457
	1,444,761		Shimao Property Holdings Ltd		4,402
	192,050	*	Shining Building Business Co Ltd		61
	848,287		Shopping Centres Australasia Property Group		1,425
	4,076,500		Shui On Land Ltd		946
	150,000		Shurgard Self Storage Europe Sarl		5,424
	141	*	SIA Reit, Inc		376
	641,940		Siam Future Development PCL		136
	7,300,360		Sime Darby Property BHD		1,819
	732,016		Simon Property Group, Inc		116,947
	1,422,900		Singha Estate PCL		169
	1,862,566		Sino Land Co		3,124
	2,217,639		Sino-Ocean Land Holdings Ltd		943
	86,692		Sinyi Realty Co		90
	1,921,940		Sirius Real Estate Ltd		1,626
	30,643		SITE Centers Corp		406
	101,850		Six of October Development & Investment		85
	3,479		SK D&D Co Ltd		85
	1,124,000		Skyfame Realty Holdings Ltd		177
	459,618	e	SL Green Realty Corp		36,939
	22,249,190		SM Prime Holdings		16,114
	142,708		Smart Real Estate Investment Trust		3,619
	19,700		Sobha Developers Ltd		155
	2,208,135		Soho China Ltd		781
	1,438,800		Soilbuild Business Space REIT		654
	11,100		Sonae Sierra Brasil S.A.		86
	1,384,317		SP Setia BHD		724
	63,634		Sparkassen Immobilien AG.		1,378
	432,600		SPH REIT		342
	187,892		Spirit MTA REIT		1,567
	316,582	e	Spirit Realty Capital, Inc		13,505
	115,372		ST Modwen Properties plc		642
	36,376	*	St. Joe Co		629
	715,762		STAG Industrial, Inc		21,645
	1,342,803		Standard Life Investment Property Income Trust Ltd		1,606
	5,978		Star Asia Investment Corp		6,603
	3,327,886		Stockland Trust Group		9,758
	718,000	e	StorageVault Canada, Inc		1,579
	423,024		STORE Capital Corp		14,040
	8,367	*	Stratus Properties, Inc		271
	213,564		Sumitomo Realty & Development Co Ltd		7,640
	112,424		Summit Hotel Properties, Inc		1,290
	75,135		Summit Industrial Income REIT		739
	74,985		Summit Real Estate Holdings Ltd		723
	539,145		Sun Communities, Inc		69,113
	87,100		Sun Frontier Fudousan Co Ltd		825
	1,531,395		Sun Hung Kai Properties Ltd		25,980
	2,308,522		Sunac China Holdings Ltd		11,337
	4,060,000	*	Suncity Group Holdings Ltd		993
	1,057,000		Sunlight Real Estate Investment Trust		810

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,040,568		Sunstone Hotel Investors, Inc	$	14,266
	2,652,167		Suntec Real Estate Investment Trust		3,805
	22,087		Sunteck Realty Ltd		139
	1,649,116		Sunway BHD		671
	675,900		Sunway Real Estate Investment		306
	6,554,700		Supalai PCL		5,024
	1,100,094		Swire Pacific Ltd (Class A)		13,517
	2,466,323		Swire Properties Ltd		9,971
	80,162		Swiss Prime Site AG.		7,001
	782,565		TAG Tegernsee Immobilien und Beteiligungs AG.		18,076
	305,800		Takara Leben Co Ltd		1,089
	77	*	Takara Leben Infrastructure Fu		81
	405,635		Talaat Moustafa Group		263
	100,338	e	Tanger Factory Outlet Centers, Inc		1,626
	264,947		Taubman Centers, Inc		10,818
	24,014	*	Tejon Ranch Co		398
	384,499		Terreno Realty Corp		18,856
	215,985		TLG Immobilien AG.		6,324
	27,900		TOC Co Ltd		168
	1,322,701	e	Tokyo Tatemono Co Ltd		14,725
	7,081,791		Tokyu Fudosan Holdings Corp		39,192
	506	*	Tokyu REIT, Inc		879
	222,500		Top Spring International Holdings Ltd		50
	68,200		Tosei Corp		616
	3,001	*	Tosei Reit Investment Corp		3,305
	2,736	*,e	Transcontinental Realty Investors, Inc		70
	228,475		Tricon Capital Group, Inc		1,745
	5,582,909		Tritax Big Box REIT plc		10,948
	10,625,687	g	Tritax EuroBox plc		12,992
	1,574,800	*	U City PCL		106
	92,680		UDR, Inc		4,160
	579,000		UEM Land Holdings BHD		112
	445,508	e	UK Commercial Property REIT Ltd		500
	39,204		UMH Properties, Inc		487
	39,791	e	Unibail-Rodamco-Westfield		5,961
	257		Unibail-Rodamco-Westfield (Paris)		39
	1,340,863	*	Union Properties PJSC		123
	577,501		Unite Group plc		7,146
	422,351		United Development Co PSC		1,607
	2,919		United Urban Investment Corp		4,893
	523,468	e	Uniti Group, Inc		4,973
	306,000		Univentures PCL		61
	14,658		Universal Health Realty Income Trust		1,245
	267,100	e	Unizo Holdings Co Ltd		4,579
	257,585		UOA Development BHD		150
	409,564		UOL Group Ltd		2,288
	88,130		Urban & Civic plc		371
	122,100		Urban Edge Properties		2,116
	31,604		Urstadt Biddle Properties, Inc (Class A)		664
	7,757		Vastned Retail NV		250
	624,630		Ventas, Inc		42,693
	360,450		VEREIT, Inc		3,248
	933,857	e	VICI Properties, Inc		20,582
	6,113,178		Vicinity Centres		10,525

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,762,000		Vista Land & Lifescapes, Inc	$	245
	1,257,563		Viva Energy REIT		2,298
	163,080		Vornado Realty Trust		10,453
	2,749,907	e	Vukile Property Fund Ltd		3,747
	153,202	e	Wallenstam AB		1,620
	62,597		Warehouses De Pauw SCA		10,535
	234,210	e	Washington Prime Group, Inc		895
	87,252		Washington REIT		2,332
	535,417		Watkin Jones plc		1,401
	51,451		Weingarten Realty Investors		1,411
	629,176		Welltower, Inc		51,297
	23,959	e	Wereldhave NV		628
	1,862,250	e	Weyerhaeuser Co		49,052
	3,964,635		WHA Corp PCL		613
	1,707,002		Wharf Holdings Ltd		4,524
	2,478,525		Wharf Real Estate Investment Co Ltd		17,467
	1,044,172		Wheelock & Co Ltd		7,498
	40,411	*,e	Whitestone REIT		513
	547,249		Wihlborgs Fastigheter AB		7,940
	211,440		Wing Tai Holdings Ltd		324
	225,094		Workspace Group plc		2,498
	48,355		WP Carey, Inc		3,925
	33,249		WPT Industrial Real Estate Investment Trust		441
	358,868		Xenia Hotels & Resorts, Inc		7,482
	46,700		Xinhu Zhongbao Co Ltd		21
	1,128,100		Yanlord Land Group Ltd		1,077
	2,537,166	e	Yoma Strategic Holdings Ltd		723
	392,600		YTL Hospitality REIT		127
	791,000		Yuexiu Real Estate Investment Trust		541
	4,282,000		Yuexiul Property Co Ltd		970
	3,275,622		Yuzhou Properties Co		1,539
	860,000	*	Zhuguang Holdings Group Co Ltd		127
			TOTAL REAL ESTATE		4,473,984

RETAILING - 5.3%
	211,090	*	1-800-FLOWERS.COM, Inc (Class A)		3,985
	348,965		Aaron’s, Inc		21,430
	25,860		ABC-Mart, Inc		1,686
	73,744		Abercrombie & Fitch Co (Class A)		1,183
	1,070,746		Accent Group Ltd		1,042
	29,700		Adastria Holdings Co Ltd		637
	130,766		Advance Auto Parts, Inc		20,156
	356,200		Aeon Co M Bhd		146
	2,158,125	*	Alibaba Group Holding Ltd (ADR)		365,694
	10,400	e	Alpen Co Ltd		147
	1,130,640	*,n	Amazon.com, Inc		2,141,014
	181,772		American Eagle Outfitters, Inc		3,072
	6,493	*	America’s Car-Mart, Inc		559
	122,331	*,e	AO World plc		113
	19,900		AOKI Holdings, Inc		197
	25,941		Aoyama Trading Co Ltd		509
	7,200		Arata Corp		246
	82,700		Arc Land Sakamoto Co Ltd		1,013

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	13,112	*	Arvind Fashions Ltd	$	129
	12,600		Asahi Co Ltd		142
	20,407	*	Asbury Automotive Group, Inc		1,721
	223,955	*	Ascena Retail Group, Inc		137
	11,100	e	ASKUL Corp		238
	314,250	*,e	ASOS plc		10,199
	49,223	*,e	At Home Group, Inc		328
	39,688		Autobacs Seven Co Ltd		656
	111,439	e	Automotive Holdings Group Ltd		220
	163,461	*	Autonation, Inc		6,856
	59,000	*	AutoZone, Inc		64,869
	3,023,842		B&M European Value Retail S.A.		12,808
	6,806,510	*	B2W Companhia Global Do Varejo		57,998
	35,464	*,e	Baozun, Inc (ADR)		1,768
	274,633	*	Barnes & Noble Education, Inc		923
	76,565		Barnes & Noble, Inc		512
	585,781		BCA Marketplace plc		1,806
	1,030,800		Beauty Community PCL (Foreign)		137
	429,895	e	Bed Bath & Beyond, Inc		4,995
	167,300		Belluna Co Ltd		1,144
	2,952,960		Berjaya Auto BHD		1,901
	932,557		Best Buy Co, Inc		65,027
	70,000		BIC CAMERA, Inc		688
	40,780		Big Lots, Inc		1,167
	205,362		Bilia AB		1,858
	737,209	*	BJ’s Wholesale Club Holdings, Inc		19,462
	1,687,366	*	boohoo.com plc		4,534
	85,163	*	Booking Holdings, Inc		159,656
	31,376	*	Boot Barn Holdings, Inc		1,118
	271,532	*,e,g	Boozt AB		1,491
	537,000	*,†,e	Boshiwa International Holding		1
	30,076	e	Buckle, Inc		521
	148,015	*	Burlington Stores, Inc		25,185
	157,127		Burson Group Ltd		617
	44,924		Caleres, Inc		895
	41,267	e	Camping World Holdings, Inc		513
	66,791		Canadian Tire Corp Ltd		7,277
	36,000		Canon Marketing Japan, Inc		788
	184,062		Card Factory plc		411
	677,488	*	CarMax, Inc		58,826
	49,714	*,e	Carvana Co		3,112
	9,163		Cashbuild Ltd		174
	25,935		Cato Corp (Class A)		319
	2,161	*,e	Chewy, Inc		76
	134,583		Chico’s FAS, Inc		454
	17,200	e	Children’s Place Retail Stores, Inc		1,641
	307,000	e	China Animation Characters Co Ltd		77
	73,900	*	China Grand Automotive Services Co Ltd		48
	302,000	e	China Harmony New Energy Auto Holding Ltd		102
	1,974,000		China Meidong Auto Holdings Ltd		1,375
	488,000		China ZhengTong Auto Services Holdings Ltd		203
	9,900	e	Chiyoda Co Ltd		145
	168,288		Citi Trends, Inc		2,460
	10,101		CJ O Shopping Co Ltd		1,549

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,792	e	Clas Ohlson AB (B Shares)	$	227
	241,000	g	Cogobuy Group		65
	5,954,800		Com7 PCL (Foreign)		4,241
	25,962	*	Conn’s, Inc		463
	20,334	*,e	Container Store Group, Inc		149
	321,253		Core-Mark Holding Co, Inc		12,760
	1,131,209	*	Ctrip.com International Ltd (ADR)		41,753
	3,215		Cuckoo Homesys Co Ltd		141
	341,169		Dah Chong Hong Holdings Ltd		114
	460,500	e	DCM Japan Holdings Co Ltd		4,531
	15,235		Delek Automotive Systems Ltd		70
	71,948	*,g	Delivery Hero AG.		3,266
	68,420		Designer Brands, Inc		1,312
	26,048	*	Despegar.com Corp		362
	294,346	e	Dick’s Sporting Goods, Inc		10,193
	33,868		Dieteren S.A.		1,557
	11,709	e	Dillard’s, Inc (Class A)		729
	575,758		Dollar General Corp		77,819
	705,312	*	Dollar Tree, Inc		75,743
	284,187		Dollarama, Inc		9,998
	94,291		Don Quijote Co Ltd		5,995
	13,100		Doshisha Co Ltd		207
	138,055		Dufry Group		11,699
	11,653	*,e	Duluth Holdings, Inc		158
	762,984		Dunelm Group plc		8,914
	98,442	e,g	Dustin Group AB		906
	3,159,788		eBay, Inc		124,812
	384,283		EDION Corp		3,579
	39,836	*	eDreams ODIGEO S.A.		175
	822,336		El Puerto de Liverpool SAB de C.V.		4,579
	7,100	*	Enigmo, Inc		160
	3,891,600	*,e	Esprit Holdings Ltd		742
	130,400	*	Etsy, Inc		8,003
	922,955	g	Europris ASA		2,864
	997,945		Expedia, Inc		132,757
	94,547	*	Express Parent LLC		258
	425,000		Far Eastern Department Stores Co Ltd		308
	974,560	*,e	Farfetch Ltd		20,271
	62,024		Fast Retailing Co Ltd		37,543
	16,483	*	Fawaz Abdulaziz Al Hokair & Co		107
	61,139	*	Five Below, Inc		7,338
	102,640	*,e	Floor & Decor Holdings, Inc		4,301
	180,514		Foot Locker, Inc		7,567
	280,921		Foschini Ltd		3,599
	54,800		Fuji Co Ltd		927
	60,266	*,e	Funko, Inc		1,460
	22,534		Future Lifestyle Fashions Ltd		154
	15,812	*,e	Gaia, Inc		120
	102,337	e	GameStop Corp (Class A)		560
	377,041		Gap, Inc		6,775
	19,630	*	Genesco, Inc		830
	48,787		Genuine Parts Co		5,053
	199,700		Geo Holdings Corp		2,561

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	672,000		Giordano International Ltd	$	294
	97,674	*,e	GNC Holdings, Inc		146
	1,038,030		Gocompare.Com Group plc		1,240
	8,514,844	*,e	GOME Electrical Appliances Holdings Ltd		916
	322,000		Grand Baoxin Auto Group Ltd		133
	34,401	*	Greenlane Holdings Inc		330
	19,512		Group 1 Automotive, Inc		1,598
	10,003	*	Groupe Fnac		743
	3,544,884	*,e	Groupon, Inc		12,691
	636,923	*,e	GrubHub, Inc		49,674
	9,667		GS Home Shopping, Inc		1,441
	64,682	e	Guess?, Inc		1,045
	29,100	e	Gulliver International Co Ltd		78
	113,536		Halfords Group plc		324
	51,325		Hankyu Department Stores, Inc		593
	2,296,222	e	Harvey Norman Holdings Ltd		6,571
	24,411		Haverty Furniture Cos, Inc		416
	385,715	*	HelloFresh SE		3,672
	4,161,037		Hengdeli Holdings Ltd		216
	2,562,190	e	Hennes & Mauritz AB (B Shares)		45,520
	84,814	*,e	Hibbett Sports, Inc		1,544
	24,630		Hikari Tsushin, Inc		5,381
	3,201,286		Home Depot, Inc		665,772
	4,730,594		Home Product Center PCL (Foreign)		2,684
	5,839		Hornbach Holding AG. & Co KGaA		332
	526,518		Hotai Motor Co Ltd		8,628
	34,221		Hotel Shilla Co Ltd		2,880
	303,454	*	Hudson Ltd		4,185
	155,103	e	Hudson’s Bay Co		1,137
	56,744		Hyundai Department Store Co Ltd		4,070
	10,996		Hyundai Home Shopping Network Corp		1,009
	340,408		Inchcape plc		2,668
	934,297		Industria De Diseno Textil S.A.		28,110
	221,598		Isetan Mitsukoshi Holdings Ltd		1,799
	330,500	e	Istyle, Inc		2,300
	920,000		IT Ltd		388
	24,800		Izumi Co Ltd		1,004
	153,279		J Front Retailing Co Ltd		1,761
	21,860	e	J. Jill, Inc		43
	59,028		Jardine Cycle & Carriage Ltd		1,582
	53,919		Jarir Marketing Co		2,375
	140,336	e	JB Hi-Fi Ltd		2,549
	416,019	*,e	JC Penney Co, Inc		474
	1,580,082		JD Sports Fashion plc		11,771
	996,600	*	JD.com, Inc (ADR)		30,187
	8,700		Jin Co Ltd		484
	48,892		John Menzies plc		282
	9,500		Joshin Denki Co Ltd		188
	29,400		Joyful Honda Co Ltd		337
	119,135		JUMBO S.A.		2,306
	44,500	*,e	Jumei International Holding Ltd (ADR)		109
	89,958	*	Jumia Technologies AG. (ADR)		2,377
	1,056,535	*	Just Eat plc		8,379
	14,687		Keiyo Co Ltd		63

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	162,789		Kering	$	96,082
	970,428		Kingfisher plc		2,645
	17,400		Kintetsu Department Store Co Ltd		516
	32,559	e	Kogan.com Ltd		109
	702,879	n	Kohl’s Corp		33,422
	114,300		Kohnan Shoji Co Ltd		2,381
	136,700		Komeri Co Ltd		2,800
	172,300		K’s Holdings Corp		1,627
	681,117		L Brands, Inc		17,777
	105,138	*,e	Lands’ End, Inc		1,285
	81,402	*	Leaf Group Ltd		603
	3,407,985		Li & Fung Ltd		595
	289,300		Liaoning Cheng Da Co Ltd		614
	371,478	*	Liberty Expedia Holdings, Inc		17,753
	211,500	*	Lifestyle China Group Ltd		69
	1,439,500		Lifestyle International Holdings Ltd		2,106
	30,736	*	Liquidity Services, Inc		187
	76,598		Lithia Motors, Inc (Class A)		9,098
	161,200		LIXIL VIVA Corp		1,872
	406,361	*	LKQ Corp		10,813
	670,000		Lojas Americanas S.A.		2,300
	4,990,094		Lojas Americanas S.A.(Preference)		21,403
	1,002,918		Lojas Renner S.A.		12,317
	308,730		Lookers plc		200
	4,415		LOTTE Himart Co Ltd		167
	52,754		Lotte Shopping Co Ltd		7,342
	114,650	e	Lovisa Holdings Ltd		917
	1,606,008		Lowe’s Companies, Inc		162,062
	204,000		Luk Fook Holdings International Ltd		639
	38,845	*,e	Lumber Liquidators, Inc		449
	500,597		Macy’s, Inc		10,743
	90,368		Magazine Luiza S.A.		4,968
	26,467	g	Maisons du Monde S.A.		631
	26,100	*	MakeMyTrip Ltd		647
	26,259	*	MarineMax, Inc		432
	439,969		Marks & Spencer Group plc		1,176
	125,444		Marui Co Ltd		2,558
	152,027		Matas A.S.		1,649
	14,500	e	Matsuya Co Ltd		115
	695,300	*,e	Meituan Dianping (Class B)		6,107
	26,011	e	Mekonomen AB		217
	49,800	*,e	Mercari, Inc		1,327
	103,774	*	Metro AG.		636
	154,814	*	Michaels Cos, Inc		1,347
	105,525		Mobilezone Holding AG.		1,080
	104,000		momo.com, Inc		881
	2,009,734		Moneysupermarket.com Group plc		10,528
	36,173		Monro Muffler, Inc		3,086
	72,375		Motus Holdings Ltd		372
	213,363		Mr Price Group Ltd		3,005
	63,110	*	Murphy USA, Inc		5,303
	2,908,858	*,e	Myer Holdings Ltd		1,116
	95,968		N Brown Group plc		158

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	633,297		Naspers Ltd (N Shares)	$	153,290
	77,038	*	National Vision Holdings, Inc		2,367
	635,144		New Carphone Warehouse plc		883
	27,107		Next plc		1,898
	17,200		Nextage Co Ltd		174
	25,700		Nishimatsuya Chain Co Ltd		199
	70,716		Nitori Co Ltd		9,384
	178,200		Nojima Corp		2,915
	200,798	e	Nordstrom, Inc		6,397
	6,720		NS Shopping Co Ltd		70
	375,112	*	Ocado Ltd		5,561
	623,467		Office Depot, Inc		1,284
	15,500	*,e	Oisix ra daichi, Inc		213
	45,859	*	Ollie’s Bargain Outlet Holdings, Inc		3,995
	384,969	g	On the Beach Group plc		2,331
	12,900	*	Open Door, Inc		335
	144,461	*	O’Reilly Automotive, Inc		53,352
	32,979	*,e	Overstock.com, Inc		448
	1,135,100		Padini Holdings BHD		994
	6,900		Pal Co Ltd		209
	79,000		Paltac Corp		4,353
	10,700		Parco Co Ltd		108
	53,050	*,e	Party City Holdco, Inc		389
	43,780	*	PC Home Online		159
	66,239		PC Jeweller Ltd		43
	1,074,469		Pendragon plc		222
	68,069		Penske Auto Group, Inc		3,220
	26,074	e	PetMed Express, Inc		409
	495,200		Petrobras Distribuidora S.A.		3,224
	330,313		Pets at Home Group plc		781
	178,100	*,e	Pinduoduo, Inc (ADR)		3,674
	76,367		Pool Corp		14,586
	4,935,500		Pou Sheng International Holdings Ltd		1,144
	28,701		Poya Co Ltd		388
	54,961		Premier Investments Ltd		586
	14,433,000		PT ACE Hardware Indonesia Tbk		1,849
	3,196,400		PT Matahari Department Store Tbk		781
	25,335,500		PT Mitra Adiperkasa Tbk		1,614
	7,145,700		PT Ramayana Lestari Sentosa Tbk		713
	11,192,100		PTG Energy PCL		7,124
	83,535	*	Quotient Technology, Inc		897
	973,963	*	Qurate Retail Group, Inc QVC Group		12,067
	724,766		Rakuten, Inc		8,665
	308,764	*	Rent-A-Center, Inc		8,222
	77,437	*,e	RH		8,952
	375,352		Ripley Corp S.A.		299
	354,100		Robinson PCL		650
	79,176	*,g	Rocket Internet SE		2,281
	807,945		Ross Stores, Inc		80,083
	26,608	*	RTW RetailWinds, Inc		45
	49,051	*	Rubicon Project, Inc		312
	18,634		Ryohin Keikaku Co Ltd		3,376
	611,278	e	SA SA International Holdings Ltd		176
	659,239		SACI Falabella		4,305

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	129,150	*,e	Sally Beauty Holdings, Inc	$	1,723
	57,300	e	Sanrio Co Ltd		1,274
	2,160		Saudi Co For Hardware CJSC		39
	10,501	*	Seobu Truck Terminal Co Ltd		84
	30,000		Seria Co Ltd		694
	25,200		Shimachu Co Ltd		587
	16,240		Shimamura Co Ltd		1,216
	49,617		Shinsegae Co Ltd		12,951
	1,126		Shinsegae International Co Ltd		208
	13,332	e	Shoe Carnival, Inc		368
	4,888	*,g	Shop Apotheke Europe NV		191
	12,294		Shopper’s Stop Ltd		87
	38,873	*	Shutterfly, Inc		1,965
	21,388		Shutterstock, Inc		838
	673,421		Siam Global House PCL		389
	58,440		Signet Jewelers Ltd		1,045
	47,344	e,g	Sleep Country Canada Holdings, Inc		687
	214,558	*	Sleep Number Corp		8,666
	13,670	*,g	SMCP S.A.		230
	63,074	e	Sonic Automotive, Inc (Class A)		1,473
	124,593	*	Sports Direct International plc		437
	51,556	*,e	Sportsman’s Warehouse Holdings, Inc		195
	17,223	*	Stamps.com, Inc		780
	453,902		Start Today Co Ltd		8,518
	47,191	*	Stitch Fix Inc		1,509
	216,600		Suning.com Co Ltd		363
	241,923		Super Cheap Auto Group Ltd		1,400
	175,641	*	Super Group Ltd		410
	69,784		SuperGroup plc		408
	50,894	e	Tailored Brands, Inc		294
	82,000		Takashimaya Co Ltd		900
	31,593	*,g	Takeaway.com Holding BV		2,956
	17,102		Takkt AG.		249
	1,117,143		Target Corp		96,756
	52,100		Telepark Corp		987
	130,000		Test-Rite International Co		90
	607,785		Tiffany & Co		56,913
	55,247	e	Tile Shop Holdings, Inc		221
	159,524		Tilly’s, Inc		1,217
	2,471,172		TJX Companies, Inc		130,676
	151,399		Tokmanni Group Corp		1,381
	11,400	*	Tokyo Base Co Ltd		87
	9,500		Tokyo Derica Co Ltd		86
	282,127		Tractor Supply Co		30,695
	451,000	*,g	Trainline plc		2,361
	753,444		Truworths International Ltd		3,740
	240,329	*	Ulta Beauty, Inc		83,368
	54,206	e	Uni-Select, Inc		514
	47,299		United Arrows Ltd		1,479
	5,322		United Electronics Co		96
	86,446	*	Urban Outfitters, Inc		1,967
	194,960		USS Co Ltd		3,851
	1,990	e	Valora Holding AG.		506

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,106,300		Via Varejo S.A.	$	4,101
	401,300	*	Vipshop Holdings Ltd (ADR)		3,463
	4,271		V-Mart Retail Ltd		137
	53,800		VT Holdings Co Ltd		210
	53,852	*	Waitr Holdings Inc		339
	140,432	*	Wayfair, Inc		20,503
	12,540,000	*	We Solutions Ltd		683
	137,112		Webjet Ltd		1,310
	1,250,252		Wesfarmers Ltd		31,782
	7,640		Weyco Group, Inc		204
	500,478		WH Smith plc		12,536
	648,500		Wilcon Depot, Inc		213
	251,218	e	Williams-Sonoma, Inc		16,329
	3,098		Winmark Corp		536
	928,082	e	Woolworths Holdings Ltd		3,216
	70,300	*	World Co Ltd		1,346
	12,800		Xebio Co Ltd		146
	72,951	e,g	XXL ASA		244
	756,784		Yamada Denki Co Ltd		3,349
	113,800		Yellow Hat Ltd		1,523
	90,000	e	Yume No Machi Souzou Iinkai Co Ltd		1,323
	227,072	*,g	Zalando SE		10,054
	448,000		Zhongsheng Group Holdings Ltd		1,249
	3,328	*	zooplus AG.		453
	168,816	*	Zumiez, Inc		4,406
			TOTAL RETAILING		6,151,668

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.4%
	255,163	*	Acacia Communications, Inc		12,033
	97,615		A-DATA Technology Co Ltd		141
	36,415	*,e	Adesto Technologies Corp		297
	41,723	*	Advanced Energy Industries, Inc		2,348
	5,372,912	*,e	Advanced Micro Devices, Inc		163,175
	5,216		Advanced Process Systems Corp		118
	148,982		Advantest Corp		4,102
	65,088	*	Aixtron AG.		622
	27,755	*	Alpha & Omega Semiconductor Ltd		259
	34,109	*	Ambarella, Inc		1,505
	348,072	*	Amkor Technology, Inc		2,597
	77,045	e	ams AG.		3,016
	700,840		Analog Devices, Inc		79,104
	3,789,252		Applied Materials, Inc		170,175
	65,973	*	Aquantia Corp		860
	181,738		Ardentec Corp		170
	2,628,245		ASE Industrial Holding Co Ltd		5,246
	62,442		ASM International NV		4,053
	264,930		ASM Pacific Technology		2,716
	17,884		ASMedia Technology, Inc		279
	663,225		ASML Holding NV		138,010
	10,000		ASPEED Technology, Inc		191
	16,125	*	Atto Co Ltd		56
	39,160	*	Axcelis Technologies, Inc		589
	51,965	*	AXT, Inc		206
	43,965	e	BE Semiconductor Industries NV		1,128

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,336,749	n	Broadcom, Inc	$	384,796
	107,088		Brooks Automation, Inc		4,150
	32,717		Cabot Microelectronics Corp		3,601
	27,085	*	Ceva, Inc		660
	6,000		Chang Wah Technology Co Ltd		51
	11,538	*,†	China Energy Savings Technology, Inc		0
	1,296,000		Chipbond Technology Corp		2,527
	277,436		ChipMOS Technologies, Inc		213
	65,049	*	Cirrus Logic, Inc		2,843
	43,246		Cohu, Inc		667
	1,241,801	*,n	Cree, Inc		69,764
	717,168		Cypress Semiconductor Corp		15,950
	231,623		Dainippon Screen Manufacturing Co Ltd		9,644
	4,100	*	Daqo New Energy Corp (ADR)		174
	344,796	*	Dialog Semiconductor plc		13,874
	328,567	*	Diodes, Inc		11,950
	20,382	e	Disco Corp		3,363
	130,573		Dongbu HiTek Co Ltd		1,665
	22,226	*	DSP Group, Inc		319
	178,400		Elan Microelectronics Corp		419
	103,000		Elite Semiconductor Memory Technology, Inc		107
	21,980		Elmos Semiconductor AG.		550
	37,571		eMemory Technology, Inc		460
	79,893		Entegris, Inc		2,982
	4,002		Eo Technics Co Ltd		220
	496,000		Epistar Corp		400
	200,000		Everlight Electronics Co Ltd		187
	101,060		Faraday Technology Corp		157
	16,800		Ferrotec		133
	187,494	*	First Solar, Inc		12,315
	197,000		Forhouse Corp		120
	108,103	*	Formfactor, Inc		1,694
	61,000		Formosa Advanced Technologies Co Ltd		70
	34,000	*	Formosa Sumco Technology Corp		134
	226,850		Foxsemicon Integrated Technology, Inc		888
	5,901,000	*,e	GCL Poly Energy Holdings Ltd		325
	13,435	*	GemVax & Kael Co Ltd		164
	36,000		Global Unichip Corp		263
	795,000		Globalwafers Co Ltd		8,088
	296,033		Globetronics Technology BHD		120
	129,000		Greatek Electronics, Inc		179
	15,654	*	GSI Technology, Inc		134
	268,400		Hana Microelectronics PCL (Foreign)		226
	12,664		Hanmi Semiconductor Co Ltd		83
	81,000		Holtek Semiconductor, Inc		187
	411,000	e,g	Hua Hong Semiconductor Ltd		797
	909,158		Hynix Semiconductor, Inc		54,685
	23,757	*,e	Ichor Holdings Ltd		562
	53,415	*,e	Impinj, Inc		1,529
	1,236,105		Infineon Technologies AG.		21,965
	2,836	*	Innox Advanced Materials Co Ltd		132
	654,549	*	Inphi Corp		32,793
	8,169,724	n	Intel Corp		391,085

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	478,331	*,e	IQE plc	$	369
	31,300		Japan Material Co Ltd		448
	365,600	*,e	JinkoSolar Holding Co Ltd (ADR)		7,930
	16,333		Jusung Engineering Co Ltd		95
	548,000		King Yuan Electronics Co Ltd		474
	120,000		Kinsus Interconnect Technology Corp		154
	392,339		Kla-Tencor Corp		46,374
	5,477		Koh Young Technology, Inc		395
	7,137		L&F Co Ltd		169
	804,567		Lam Research Corp		151,130
	32,800		Land Mark Optoelectronics Corp		278
	21,800		Lasertec Corp		865
	1,252,633	*	Lattice Semiconductor Corp		18,276
	6,064		LEENO Industrial Inc		315
	48,690		LONGi Green Energy Technology Co Ltd		164
	14,000		Machvision, Inc		167
	52,727	*	MA-COM Technology Solutions		798
	834,000		Macronix International		625
	31,300		Malaysian Pacific Industries BHD		70
	4,011,251		Marvell Technology Group Ltd		95,749
	458,287		Maxim Integrated Products, Inc		27,415
	69,829	*	MaxLinear, Inc		1,637
	5,185,194		MediaTek, Inc		52,520
	1,740		Meerecompany, Inc		75
	7,100		Megachips Corp		90
	11,655	e	Melexis NV		788
	1	*	Mellanox Technologies Ltd		0	^
	340,916	*,e	Meyer Burger Technology AG.		183
	260,766	e	Microchip Technology, Inc		22,608
	1,657,896	*,n	Micron Technology, Inc		63,978
	13,900		Micronics Japan Co Ltd		123
	122,500		Mimasu Semiconductor Industry Co Ltd		1,830
	13,800	e	Mitsui High-Tec, Inc		152
	58,691		MKS Instruments, Inc		4,571
	199,684		Monolithic Power Systems, Inc		27,113
	24,662	*	Nanometrics, Inc		856
	928,000		Nanya Technology Corp		1,929
	950,405	*	Neo Solar Power Corp		300
	288,806	*	NeoPhotonics Corp Ltd		1,207
	79,843	*	Nordic Semiconductor ASA		336
	16,415	*	Nova Measuring Instruments Ltd		409
	2,711,752		Novatek Microelectronics Corp Ltd		15,132
	24,800		Nuflare Technology, Inc		1,527
	6,330		NVE Corp		441
	986,583	n	NVIDIA Corp		162,027
	1,403,363		NXP Semiconductors NV		136,982
	1,152,704	*	ON Semiconductor Corp		23,296
	12,440		On-Bright Electronics, Inc		65
	11,600		Optorun Co Ltd		252
	159,000	*	Pan Jit International, Inc		130
	35,401		Parade Technologies Ltd		602
	36,225	*	PDF Solutions, Inc		475
	831,895		Phison Electronics Corp		7,591
	69,461	*	Photronics, Inc		570

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	57,613		Pixart Imaging, Inc	$	229
	32,024		Power Integrations, Inc		2,568
	674,397		Powertech Technology, Inc		1,653
	152,239	*	Qorvo, Inc		10,141
	3,755,197	n	Qualcomm, Inc		285,658
	2,964,000		Radiant Opto-Electronics Corp		9,961
	607,869	*	Rambus, Inc		7,319
	2,755,333		Realtek Semiconductor Corp		20,294
	2,661,234	*	Renesas Electronics Corp		13,239
	5,497		RFHIC Corp		139
	1,067,137		Rohm Co Ltd		71,899
	5,900	*	Rorze Corp		125
	29,200	e	RS Technologies Co Ltd		780
	31,296	*	Rudolph Technologies, Inc		865
	6,118,027		Samsung Electronics Co Ltd		249,128
	799,145		Samsung Electronics Co Ltd (Preference)		26,503
	89,738	*	Sanan Optoelectronics Co Ltd		148
	12,499		Sanken Electric Co Ltd		261
	55,000		SDI Corp		114
	4,705,547	*,e	Semiconductor Manufacturing International Corp		5,245
	234,427	*	Semtech Corp		11,264
	17,435		Seoul Semiconductor Co Ltd		273
	124,000	*	Shanghai Fudan Microelectronics Group Co Ltd		143
	3,200		Shindengen Electric Manufacturing Co Ltd		109
	36,200		Shinko Electric Industries		306
	155,000		Sigurd Microelectronics Corp		148
	64,934		Silergy Corp		1,273
	48,945	*	Silicon Laboratories, Inc		5,061
	5,342		Silicon Works Co Ltd		199
	87,249		Siltronic AG.		6,340
	227,000		Sino-American Silicon Products, Inc		598
	156,000		Sitronix Technology Corp		653
	395,988		Skyworks Solutions, Inc		30,598
	6,378		SMA Solar Technology AG.		185
	13,310	*,e	SMART Global Holdings, Inc		306
	11,496	*	SOITEC		1,258
	2,298,794		STMicroelectronics NV		40,772
	1,165,166	e	Sumco Corp		13,889
	218,082	*,e	SunPower Corp		2,331
	627,000		SVI PCL (Foreign)		89
	95,000		Taiwan Semiconductor Co Ltd		153
	36,598,158	n	Taiwan Semiconductor Manufacturing Co Ltd		279,917
	113,000	*	Taiwan Surface Mounting Technology Co Ltd		213
	423,941		Teradyne, Inc		20,311
	1,531,464	n	Texas Instruments, Inc		175,751
	2,042		Tokai Carbon Korea Co Ltd		96
	86,384		Tokyo Electron Ltd		12,142
	21,900		Tokyo Seimitsu Co Ltd		564
	621,550		Topco Scientific Co Ltd		1,672
	9,519		Toptec Co Ltd		77
	98,561	*	Tower Semiconductor Ltd		1,513
	1,746,000	*,†	Trony Solar Holdings Co Ltd.		2
	4,000		U-Blox AG.		340

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	13,100		UKC Holdings Corp	$	190
	41,395	*	Ultra Clean Holdings		576
	24,600		Ulvac, Inc		784
	25,864,871		United Microelectronics Corp		11,654
	124,361	e	Universal Display Corp		23,387
	1,085,228		Vanguard International Semiconductor Corp		2,285
	51,909	*	Veeco Instruments, Inc		634
	154,266		Versum Materials, Inc		7,957
	90,000	*	Via Technologies, Inc		103
	71,068		Visual Photonics Epitaxy Co Ltd		183
	82,600		ViTrox Corp BHD		140
	219,975		Wafer Works Corp		251
	633,000		Win Semiconductors Corp		4,075
	1,747,000		Winbond Electronics Corp		856
	15,270		WONIK IPS Co Ltd		317
	31,084	*,e,g	X-Fab Silicon Foundries SE		175
	671,639		Xilinx, Inc		79,200
	68,000	*	XinTec, Inc		76
	2,337,725		Xinyi Solar Holdings Ltd		1,155
	281,744		Xperi Corp		5,801
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		3,990,029

SOFTWARE & SERVICES - 9.7%
	25,100	*	21Vianet Group, Inc (ADR)		196
	93,035	*,e	2U, Inc		3,502
	59,100		360 Security Technology, Inc		184
	105,970	*	8x8, Inc		2,554
	347,314	*	A10 Networks, Inc		2,369
	1,489,231		Accenture plc		275,165
	125,992	*	ACI Worldwide, Inc		4,327
	844,912	*	Adobe, Inc		248,953
	81,660	*,g	Adyen NV		62,991
	687,591	*	Afterpay Touch Group Ltd		12,184
	1,844,000	*,e	AGTech Holdings Ltd		113
	2,825		Ahnlab, Inc		157
	58,000		Aisino Corp		195
	589,094	*	Akamai Technologies, Inc		47,210
	40,416	*	Alarm.com Holdings, Inc		2,162
	92,188	*,g	Alfa Financial Software Holdings plc		123
	93,879		Alliance Data Systems Corp		13,155
	42,028	*,e	Altair Engineering, Inc		1,698
	29,712	e	Alten		3,562
	10,822	*,e	Alteryx, Inc		1,181
	309,103		Altium Ltd		7,461
	132,961	e	Altran Technologies S.A.		2,110
	631,114	e	Amadeus IT Holding S.A.		50,013
	112,716	*	Amber Road, Inc		1,472
	361,968		Amdocs Ltd		22,475
	35,185	*	American Software, Inc (Class A)		463
	1,906,117	*	Anaplan, Inc		96,202
	93,033	*	Ansys, Inc		19,055
	240,185		Appen Ltd		4,745
	16,859	*	Appfolio, Inc		1,724
	35,071	*	Appian Corp		1,265

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	31,200		Argo Graphics, Inc	$	690
	175,579	*	Aspen Technology, Inc		21,821
	239,879		Asseco Poland S.A.		3,424
	115,747	*	Atlassian Corp plc		15,144
	124,044		Atos Origin S.A.		10,363
	16,859		Aubay		601
	8,400	*,e	Aurora Mobile Ltd (ADR)		40
	217,886	*	Autodesk, Inc		35,494
	1,157,145		Automatic Data Processing, Inc		191,311
	141,829	*	Avalara, Inc		10,240
	959,519	g	Avast plc		3,661
	112,908	*	Avaya Holdings Corp		1,345
	60,732		Aveva Group plc		3,117
	93,207		Bechtle AG.		10,727
	8,600		Beijing Shiji Information Technology Co Ltd		45
	30,001	*,e	Benefitfocus, Inc		815
	440,959	*	Black Knight, Inc		26,524
	55,453		Blackbaud, Inc		4,630
	561,262	*	Blackberry Ltd (New)		4,183
	132,308	*	Blackline, Inc		7,080
	164,187	*	Blue Prism Group plc		2,881
	531,482		Booz Allen Hamilton Holding Co		35,189
	74,870	*	Bottomline Technologies, Inc		3,312
	307,659	*,e	Box, Inc		5,418
	368,633		Bravura Solutions Ltd		1,262
	76,820	*	Brightcove, Inc		794
	58,600		Broadleaf Co Ltd		290
	275,178		Broadridge Financial Solutions, Inc		35,135
	34,446	*	CACI International, Inc (Class A)		7,047
	446,894	*	Cadence Design Systems, Inc		31,645
	20,759	*	Cafe24 Corp		1,107
	21,960		Cancom SE		1,166
	157,563		Cap Gemini S.A.		19,590
	256,504	*,e	Carbon Black, Inc		4,289
	84,211	*	Carbonite, Inc		2,193
	43,636	*	Cardtronics plc		1,192
	15,298		Cass Information Systems, Inc		742
	395,760		CDK Global, Inc		19,566
	85,494	*	Ceridian HCM Holding, Inc		4,292
	495,150	*	CGI, Inc		38,068
	3,000	*,e	Change, Inc		69
	35,208	*	ChannelAdvisor Corp		308
	128,741	*	Check Point Software Technologies		14,884
	13,600	*,e	Cheetah Mobile, Inc (ADR)		48
	884,000	e	Chinasoft International Ltd		435
	1,475,013		Cielo S.A.		2,581
	242,942	*	Cision Ltd		2,850
	158,443		Citrix Systems, Inc		15,550
	340,056	*,e	Cloudera, Inc		1,789
	1,002,051		Cognizant Technology Solutions Corp (Class A)		63,520
	90,214	*	Commvault Systems, Inc		4,476
	307,633		Computacenter plc		5,195
	14,800		Computer Engineering & Consulting Ltd		327

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	550,542		Computershare Ltd	$	6,279
	13,500		Comture Corp		482
	341,022	*	Conduent, Inc		3,270
	19,962		Constellation Software, Inc		18,814
	63,514	*	Cornerstone OnDemand, Inc		3,679
	15,128	*,e	Coupa Software, Inc		1,915
	92,873		CSG Systems International, Inc		4,535
	42,027	*	CyberArk Software Ltd		5,373
	10,300	*	Cybozu, Inc		117
	1,072,797		Dassault Systemes S.A.		171,117
	673,368	*	Descartes Systems Group, Inc		24,913
	14,691		Devoteam S.A.		1,757
	11,718	*,e	Digimarc Corp		520
	10,100		Digital Arts, Inc		893
	324,000	*,e	Digital China Holdings Ltd		182
	18,500		Digital Garage, Inc		588
	86,712	*	Digital Turbine, Inc		434
	132,869	*	DocuSign, Inc		6,605
	72,424	*	Domo, Inc		1,979
	74,884	*	Dropbox, Inc		1,876
	113,000		DTS Corp		2,361
	9,603		DuzonBIzon Co Ltd		519
	629,494		DXC Technology Co		34,717
	25,694	e	Ebix, Inc		1,290
	22,828		eClerx Services Ltd		254
	71,462		Econocom Group S.A.		256
	140,294	*	EDB Business Partner ASA		574
	50,747	*	eGain Corp		413
	14,541	*,e	Elastic NV		1,086
	47,266		Ementor ASA		643
	93,756	*	Endurance International Group Holdings, Inc		450
	52,830		Enghouse Systems Ltd		1,397
	53,669	*	Envestnet, Inc		3,669
	81,350		EOH Holdings Ltd		113
	53,795	*	EPAM Systems, Inc		9,312
	493,464	g	Equiniti Group plc		1,379
	156,143	*	Euronet Worldwide, Inc		26,269
	128,725	*	Everbridge, Inc		11,511
	1,008,369	*	Everi Holdings, Inc		12,030
	525,671		EVERTEC, Inc		17,189
	113,076	*	Evo Payments, Inc		3,565
	60,396	*,e	Exela Technologies, Inc		132
	37,483	*	ExlService Holdings, Inc		2,479
	51,663	*	Fair Isaac Corp		16,223
	1,075,037		Fidelity National Information Services, Inc		131,886
	218,058	*,e	FireEye, Inc		3,229
	148,878	*	First American Corp		6,228
	900,825	*	First Data Corp		24,385
	81,331	e	First Derivatives plc		3,676
	846,572		Firstsource Solutions Ltd		605
	657,299	*	Fiserv, Inc		59,919
	260,053	*,e	Five9, Inc		13,338
	197,665	*	FleetCor Technologies, Inc		55,514
	243,403	*	ForeScout Technologies, Inc		8,242

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	19,818		Formula Systems 1985 Ltd	$	1,022
	333,736	*	Fortinet, Inc		25,641
	129,658		Fortnox AB		1,958
	59,035	e	F-Secure Oyj		167
	63,200	e	FUJI SOFT, Inc		2,779
	661,738		Fujitsu Ltd		46,246
	4,200		Fukui Computer Holdings, Inc		97
	46,000		Future Architect, Inc		909
	155,630	*	Gartner, Inc		25,047
	262,145		GB Group plc		1,841
	104,000	*,e	GDS Holdings Ltd (ADR)		3,907
	808,996		Genpact Ltd		30,815
	124,930	*,g	Global Dominion Access S.A.		641
	393,825		Global Payments, Inc		63,063
	41,025	*,e	Globant S.A.		4,146
	2,500	*	GMO Cloud KK		70
	125,200		GMO internet, Inc		2,276
	48,300		GMO Payment Gateway, Inc		3,338
	536,167	*	GoDaddy, Inc		37,612
	38,149	*,e	GTT Communications, Inc		671
	30,946	*	GTY Technology Holdings Inc		212
	89,908	*	Guidewire Software, Inc		9,115
	6,900	*,e	Gunosy, Inc		116
	8,912		Haansoft, Inc		97
	169,324		Hackett Group, Inc		2,843
	91,841		Hansen Technologies Ltd		254
	1,178,111		HCL Technologies Ltd		18,174
	4,600		Hearts United Group Co Ltd		45
	126,716		Hexaware Technologies Ltd		695
	822,000	*	Hi Sun Technology China Ltd		133
	20,140		Hilan Ltd		655
	229,650	*	HubSpot, Inc		39,160
	276,800	*,e,g	Huifu Payment Ltd		152
	6,760		Hundsun Technologies, Inc		67
	23,229	*	I3 Verticals, Inc		684
	52,736		Ideanomics Inc		130
	50,700	*	Iflytek Co Ltd		246
	76,230	*	Indra Sistemas S.A.		771
	95,300		Ines Corp		1,016
	156,786		Inesa Intelligent Tech, Inc - B		93
	15,500		Infocom Corp		354
	490,100		Infomart Corp		7,681
	43,155	*	Information Services Group, Inc		136
	7,900		Information Services International-Dentsu Ltd		253
	4,824,253		Infosys Technologies Ltd		51,487
	9,202	*	Inspired Entertainment, Inc		78
	1,130,000		Inspur International Ltd		552
	34,652	*	Instructure, Inc		1,473
	55,465		Integrated Research Ltd		129
	6,979		Intelligent Systems Corp		201
	1,379,871		International Business Machines Corp		190,284
	34,218	*	International Money Express Inc		482
	68,850	*	InterXion Holding NV		5,239

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	813,765		Intuit, Inc	$	212,661
	95,435		iomart Group plc		393
	160,437		Iress Market Technology Ltd		1,572
	255,830		IT Holdings Corp		13,074
	88,506		Itochu Techno-Science Corp		2,275
	86,699	e	j2 Global, Inc		7,707
	33,702		Jack Henry & Associates, Inc		4,513
	18,600		Justsystems Corp		605
	212,390		Kainos Group plc		1,759
	6,700		Kanematsu Electronics Ltd		186
	171,988		KBR, Inc		4,289
	151,937	e	Keywords Studios plc		3,518
	6,607		Kginicis Co Ltd		86
	223,825	*	Kinaxis, Inc		13,959
	2,069,000	e	Kingdee International Software Group Co Ltd		2,241
	745,061	*,e	Kingsoft Corp Ltd		1,614
	4,205	*	Korea Information & Communications Co Ltd		32
	421,830		KPIT Cummins Infosystems Ltd		527
	441,926	*	KPIT Engineering Ltd		619
	9,200	e	LAC Co Ltd		150
	5,515,230	e	Learning Technologies Group plc		6,785
	288,422		Leidos Holdings, Inc		23,030
	132,900	*	Lightspeed POS, Inc		3,695
	454,107	*	Limelight Networks, Inc		1,226
	305,891		Link Administration Holdings Ltd		1,076
	67,767		Linx S.A.		629
	68,998	*	Liveperson, Inc		1,935
	308,199	*	LiveRamp Holdings, Inc		14,941
	153,721		LogMeIn, Inc		11,326
	148,700	*	Logo Yazilim Sanayi Ve Ticaret AS.		1,070
	1,960		Lotte Data Communication Co		70
	10,507	*	Majesco		98
	114,772	*	Manhattan Associates, Inc		7,957
	30,632		Mantech International Corp (Class A)		2,017
	3,060,026		MasterCard, Inc (Class A)		809,468
	45,044		Matrix IT Ltd		649
	124,986		MAXIMUS, Inc		9,066
	59,816	*	Megaport Ltd		275
	355,770		Micro Focus International plc		9,357
	18,810,899	n	Microsoft Corp		2,519,908
	39,460	*	MicroStrategy, Inc (Class A)		5,655
	127,619		MindTree Ltd		1,715
	10,200		Miroku Jyoho Service Co Ltd		322
	235,034	*	Mitek Systems, Inc		2,336
	3,800		Mitsubishi Research Institute, Inc		119
	520,134	*	MobileIron, Inc		3,225
	292,383	*	Model N, Inc		5,701
	7,600	*,e	Money Forward, Inc		252
	5,695	*	MongoDB, Inc		866
	164,829		Monotype Imaging Holdings, Inc		2,776
	133,838		Mphasis Ltd		1,948
	912,500		My EG Services BHD		327
	852,000	*,†,e	National Agricultural Holdings Ltd		1
	187,473		NCC Group plc		389

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	31,600		NEC Networks & System Integration Corp	$	807
	74,682		Nemetschek AG.		4,499
	135,300		NET One Systems Co Ltd		3,742
	55,186	*,e,g	Netcompany Group A.S.		2,223
	24,765	*	New Relic, Inc		2,142
	189,370	*,e	NEXTDC Ltd		864
	456,556		NIC, Inc		7,323
	82,157	*	Nice Systems Ltd		11,247
	77,500		Nihon Unisys Ltd		2,607
	67,906		NIIT Technologies Ltd		1,323
	24,000		Nippon System Development Co Ltd		695
	310,419		Nomura Research Institute Ltd		4,992
	22,900		NS Solutions Corp		729
	235,381		NTT Data Corp		3,143
	276,161	*	Nuance Communications, Inc		4,410
	242,367	*	Nutanix, Inc		6,287
	11,800		OBIC Business Consultants Ltd		536
	50,297		Obic Co Ltd		5,716
	150,681	*	Okta, Inc		18,611
	34,953	*	OneSpan, Inc		495
	283,739		Open Text Corp		11,709
	4,000	*,e	Optim Corp		131
	3,327,235		Oracle Corp		189,553
	66,499		Oracle Corp Japan		4,869
	2,800	*,e	Oro Co Ltd		64
	186,457		Otsuka Corp		7,519
	2,146	*	Pagerduty, Inc		101
	187,014	*,e	Pagseguro Digital Ltd		7,288
	99,254	*	Palo Alto Networks, Inc		20,224
	576,310		Paychex, Inc		47,425
	134,584	*	Paycom Software, Inc		30,513
	116,895	*	Paylocity Holding Corp		10,967
	5,369,380	*	PayPal Holdings, Inc		614,579
	33,570		Paysign Inc		449
	130,027		Pegasystems, Inc		9,259
	36,443	*	Perficient, Inc		1,251
	46,335		Persistent Systems Ltd		414
	995,160		Perspecta, Inc		23,297
	4,400	*,e	PKSHA Technology, Inc		267
	123,551	*,e	Pluralsight, Inc		3,746
	29,067		POSDATA Co Ltd		144
	107,219		Presidio, Inc		1,466
	28,923	*	PRGX Global, Inc		194
	6,716	*	Priority Technology Holdings Inc		53
	272,765		Progress Software Corp		11,898
	1,087,448	*	Proofpoint, Inc		130,766
	157,781	*	PROS Holdings, Inc		9,981
	291,290	*	PTC, Inc		26,146
	72,512	*,e	Pushpay Holdings Ltd		187
	46,033	*	Q2 Holdings, Inc		3,515
	21,761		QAD, Inc (Class A)		875
	38,607	*	Qualys, Inc		3,362
	11,700		Rakus Co Ltd		284

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	186,792	*	Rapid7, Inc	$	10,804
	140,219	*	RealPage, Inc		8,252
	586,007	*	Red Hat, Inc		110,029
	51,924		Reply S.p.A		3,543
	23,952		RIB Software AG.		492
	14,995	*	Rimini Street, Inc		79
	267,470	*	RingCentral, Inc		30,738
	713,879		Sabre Corp		15,848
	30,977		SafeCharge International Group Ltd		170
	1,291,111		Sage Group plc		13,167
	189,536	*	SailPoint Technologies Holding, Inc		3,798
	12,895		Saipens International Corp NV		212
	4,063,196	*,n	salesforce.com, Inc		616,509
	57,907		Samsung SDS Co Ltd		10,794
	949,974		SAP AG.		130,234
	69,545		Science Applications International Corp		6,020
	12,181	*,e	SecureWorks Corp		162
	1,367,020	*	ServiceNow, Inc		375,343
	1,314,092		Shanghai 2345 Network Holding Group Co Ltd		746
	8,830		SharpSpring Inc		115
	250,201	*	SHIFT, Inc		13,033
	117,088	*	Shopify, Inc (Class A) (Toronto)		35,190
	9,346	*,e	ShotSpotter, Inc		413
	2,429,160		Silverlake Axis Ltd		961
	23,317		SimCorp AS		2,257
	201,600		Sinosoft Technology Group Ltd		58
	20,300	*	Smartsheet, Inc		982
	4,200		Softbank Technology Corp		91
	504,379		Softcat plc		6,229
	27,039		Software AG.		929
	43,869	*,e	SolarWinds Corp		805
	78,319	*,e	Solutions 30 SE		784
	17,191		Sonata Software Ltd		87
	211,699		Sonda S.A.		295
	193,926	g	Sophos Group plc		973
	11,087		Sopra Group S.A.		1,292
	45,500	e	Sourcenext Corp		168
	163,307	*	Splunk, Inc		20,536
	54,577	*	SPS Commerce, Inc		5,578
	954,112	*	Square, Inc		69,202
	598,123		SS&C Technologies Holdings, Inc		34,458
	16,718	*	StarTek, Inc		137
	23,400	*,e	StoneCo Ltd		692
	61,442		Sumisho Computer Systems Corp		3,029
	420,000		SUNeVision Holdings Ltd		366
	595,818	*	SVMK, Inc		9,837
	92,318	e	Switch, Inc		1,208
	78,499	*	Sykes Enterprises, Inc		2,156
	710,863		Symantec Corp		15,468
	39,260	*	Synchronoss Technologies, Inc		311
	1,184,204	*	Synopsys, Inc		152,395
	63,600		Systena Corp		1,044
	174,000		Systex Corp		430
	267,515	*	Tableau Software, Inc		44,413

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,123,987		Tata Consultancy Services Ltd	$	36,270
	50,380		Tata Elxsi Ltd		646
	765,450	*	Tech Mahindra Ltd		7,838
	761,435		Technology One Ltd		4,222
	275,765	*	Telaria, Inc		2,074
	75,024	*	TeleNav, Inc		600
	85,329		Temenos Group AG.		15,278
	279,778	*,e	Tenable Holdings, Inc		7,985
	2,856,522	*,n	Teradata Corp		102,406
	33,431	e	Tietoenator Oyj		991
	198,839		TiVo Corp		1,465
	10,300		TKC		457
	509,714		Total System Services, Inc		65,381
	77,200		Totvus S.A.		884
	36,941	*	Trade Desk, Inc		8,414
	14,200	*	Trans Cosmos, Inc/Japan		318
	805,000		Travelsky Technology Ltd		1,619
	59,958		Trend Micro, Inc		2,679
	15,908		TTEC Holdings, Inc		741
	11,057	*,e	Tucows, Inc		675
	158,585	*	Twilio, Inc		21,623
	72,377	*	Tyler Technologies, Inc		15,635
	216,593	*,e	Unisys Corp		2,105
	193,800	e	UNITED, Inc		2,673
	41,346	*	Upland Software, Inc		1,882
	58,010	*,e	USA Technologies, Inc		431
	224,011		Vakrangee Ltd		110
	49,381	*	Varonis Systems, Inc		3,059
	215,018	*	Verint Systems, Inc		11,564
	369,143	*	VeriSign, Inc		77,210
	110,553		Verra Mobility Corp		1,447
	73,944	*,e	VirnetX Holding Corp		459
	32,763	*	Virtusa Corp		1,456
	4,925,559	e	Visa, Inc (Class A)		854,831
	79,189		VMware, Inc (Class A)		13,241
	4,800		Wangsu Science & Technology Co Ltd		8
	855,995		Western Union Co		17,026
	86,772	*	WEX, Inc		18,057
	1,696,922		Wipro Ltd		6,908
	112,208		Wirecard AG.		18,943
	60,731		Wisetech Global Ltd		1,188
	62,705	*	Wix.com Ltd		8,910
	176,427	*	Workday, Inc		36,270
	160,736	*	Workiva, Inc		9,337
	103,430	*,g	Worldline S.A.		7,515
	1,586,615	*	Worldpay, Inc		194,440
	132	*	Xero Ltd		6
	14,700	*,e	Xunlei Ltd (ADR)		39
	337,545	*,e	Yext, Inc		6,781
	73,580		Yonyou Network Technology Co Ltd		289
	272,192	*	Zendesk, Inc		24,233
	27,085		Zensar Technologies Ltd		101
	89,083	*	Zix Corp		810

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	614,927	*,e	Zscaler, Inc	$	47,128
	95,799	*	Zuora Inc		1,468
			TOTAL SOFTWARE & SERVICES		11,270,730

TECHNOLOGY HARDWARE & EQUIPMENT - 4.7%
	123,493	*,e	3D Systems Corp		1,124
	574,922		AAC Technologies Holdings, Inc		3,253
	125,635	*,e	accesso Technology Group plc		1,101
	1,693,292		Accton Technology Corp		7,193
	2,171,762		Acer, Inc		1,350
	321,256		Adtran, Inc		4,899
	78,158	*	ADVA AG. Optical Networking		572
	19,000		Advanced Ceramic X Corp		148
	721,932		Advantech Co Ltd		6,148
	146,550	*	Aerohive Networks, Inc		649
	68,096	*	Agilysys, Inc		1,462
	21,200	e	Ai Holdings Corp		344
	9,522	*	Airgain Inc		135
	25,880	*	Akoustis Technologies, Inc		166
	677,505		Alps Electric Co Ltd		11,474
	15,895		ALSO Holding AG.		2,273
	30,400		Amano Corp		841
	513,089		Amphenol Corp (Class A)		49,226
	136,175	*	Anixter International, Inc		8,131
	129,600	e	Anritsu Corp		2,260
	2,796,000	*,†,e	Anxin-China Holdings Ltd		4
	12,088,725	d,n	Apple, Inc		2,392,600
	24,403	*,e	Applied Optoelectronics, Inc		251
	557,000		Arcadyan Technology Corp		1,596
	220,670	*,n	Arista Networks, Inc		57,290
	94,531	*	Arlo Technologies, Inc		379
	103,839	*	Arrow Electronics, Inc		7,401
	101,000		Asia Optical Co, Inc		284
	129,000		Asia Vital Components Co Ltd		160
	12,280		AstroNova Inc		317
	585,044		Asustek Computer, Inc		4,199
	38,000		Aten International Co Ltd		113
	7,296,893		AU Optronics Corp		2,186
	133,800		Aurora Corp		423
	80,913		Austria Technologie & Systemtechnik AG.		1,467
	359,801	*	Avid Technology, Inc		3,281
	214,418		Avnet, Inc		9,707
	114,785		AVX Corp		1,905
	89,295		Badger Meter, Inc		5,330
	34,337		Barco NV		7,237
	2,124		Basler AG.		121
	13,360		Bel Fuse, Inc (Class B)		229
	43,043		Belden CDT, Inc		2,564
	43,424		Benchmark Electronics, Inc		1,091
	7,430,000		Benq Corp		4,821
	10,180	*	BH Co Ltd		165
	945,500		BOE Technology Group Co Ltd		475
	562,459		Brother Industries Ltd		10,654
	523,500		BYD Electronic International Co Ltd		749

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	45,598	*,e	CalAmp Corp	$	533
	75,788	*	Calix, Inc		497
	198,000	e	Camsing International Holding Ltd		182
	11,400	*	Canon Electronics, Inc		192
	541,074	e	Canon, Inc		15,844
	160,000		Career Technology Co Ltd		160
	18,670	e,g	Carel Industries S.p.A		227
	35,563	*	Casa Systems, Inc		229
	72,943		Casetek Holdings Ltd		98
	1,763,857		Catcher Technology Co Ltd		12,672
	470,000		Catic Shenzhen Holdings Ltd		242
	661,432		CDW Corp		73,419
	156,900	*	Celestica, Inc		1,071
	167,602		Cheng Uei Precision Industry Co Ltd		171
	483,949		Chicony Electronics Co Ltd		1,193
	88,179		Chilisin Electronics Corp		259
	489,600	*,†	China Fiber Optic Network System Group Ltd		1
	4,560,000	*	China Innovationpay Group Ltd		280
	1,149,000	g	China Railway Signal & Communication Corp Ltd		835
	150,000		Chin-Poon Industrial Co		168
	160,840		Chroma ATE, Inc		717
	8,000		Chunghwa Precision Test Tech Co Ltd		107
	971,226	*	Ciena Corp		39,947
	14,945,053		Cisco Systems, Inc		817,943
	168,200		Citizen Watch Co Ltd		865
	11,760	*	Clearfield, Inc		156
	193,393		Clevo Co		193
	732,394	*	CMC Magnetics Corp		162
	23,400		CMK Corp		137
	4,766		Coda Octopus Group Inc		62
	306,106		Cognex Corp		14,687
	25,711	*	Coherent, Inc		3,506
	765,089	*,e	Comba Telecom Systems Holdings Ltd		171
	4,014	e	Comet Holding AG.		389
	260,517	*	CommScope Holding Co, Inc		4,098
	1,390,688		Compal Electronics, Inc		912
	462,000		Compeq Manufacturing Co		388
	194,560		Comtech Telecommunications Corp		5,469
	26,575		Concraft Holding Co Ltd		136
	132,370	*	Control4 Corp		3,144
	2,615,399	*,†	Coolpad Group Ltd		181
	227,600		Coretronic Corp		319
	2,308,822		Corning, Inc		76,722
	179,267	*	Cray, Inc		6,242
	35,808		CTS Corp		988
	26,134		Daea TI Co Ltd		142
	383,066		Daeduck Electronics Co		3,920
	163,900		Daiwabo Co Ltd		7,833
	43,398		Daktronics, Inc		268
	1,674,000		Darfon Electronics Corp		2,395
	8,701	*	DASAN Zhone Solutions, Inc		113
	12,065	e	Datalogic S.p.A.		239
	303,605	*	DataTec Ltd		749

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	290,539	*	Dell Technologies, Inc	$	14,759
	5,108,988		Delta Electronics, Inc		25,966
	24,800		Denki Kogyo Co Ltd		733
	30,100		Dexerials Corp		195
	29,131	e	Dicker Data Ltd		110
	80,124	*,e	Diebold, Inc		734
	90,987	*	Digi International, Inc		1,154
	241,051		Dolby Laboratories, Inc (Class A)		15,572
	246,119	*	EchoStar Corp (Class A)		10,908
	27,000		Egis Technology, Inc		211
	9,171		Eizo Nanao Corp		327
	42,700		Elecom Co Ltd		1,450
	2,404,061		Electrocomponents plc		19,314
	48,055	*	Electronics for Imaging, Inc		1,774
	7,600		Elematec Corp		72
	637,654		Elite Material Co Ltd		1,930
	24,807		Ennoconn Corp		184
	5,900		Enplas Corp		176
	15,278	*	ePlus, Inc		1,053
	3,853,449		Ericsson (LM) (B Shares)		36,576
	78,200		ESPEC Corp		1,706
	35,492		Evertz Technologies Ltd		497
	138,669	*	Extreme Networks, Inc		897
	233,949	*	F5 Networks, Inc		34,070
	105,308	*	Fabrinet		5,231
	20,268	*	FARO Technologies, Inc		1,066
	11,630,000	*,e	FIH Mobile Ltd		1,297
	612,125	*,e	Fingerprint Cards AB		1,084
	185,719	*	Finisar Corp		4,247
	98,352		Firich Enterprises Co Ltd		136
	222,966	*,e	Fitbit, Inc		981
	728,339		FLEXium Interconnect, Inc		2,026
	322,187		Flir Systems, Inc		17,430
	49,310		Flytech Technology Co Ltd		127
	80,940	*	Focus Media Information Technology Co Ltd		63
	3,581,882		Foxconn Industrial Internet Co Ltd		6,287
	716,868		Foxconn Technology Co Ltd		1,458
	495,982		Fujifilm Holdings Corp		25,181
	121,000		General Interface Solution Holding Ltd		396
	30,000		Genius Electronic Optical Co Ltd		395
	1,581,000		Getac Technology Corp		2,378
	1,957,000		Gigabyte Technology Co Ltd		3,363
	11,827		Gilat Satellite Networks Ltd		102
	9,598	*	G-treeBNT Co Ltd		235
	20,000		Guangzhou Haige Communications Group, Inc Co		28
	326,739		Halma plc		8,392
	31,630		Hamamatsu Photonics KK		1,236
	223,100		Hangzhou Hikvision Digital Technology Co Ltd		899
	1,170,330		HannStar Display Corp		249
	300,229	*	Harmonic, Inc		1,666
	6,700		Hengtong Optic-electric Co Ltd		16
	1,550,694		Hewlett Packard Enterprise Co		23,183
	82,099		Hexagon AB (B Shares)		4,565
	318,000	*	High Tech Computer Corp		375

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,300		Hioki EE Corp	$	172
	23,353		Hirose Electric Co Ltd		2,613
	897,379		Hitachi High-Technologies Corp		46,134
	3,481,138		Hitachi Ltd		128,080
	29,700		Hochiki Corp		368
	61,470		Holystone Enterprise Co Ltd		208
	12,165,961		Hon Hai Precision Industry Co, Ltd		30,353
	24,995		Horiba Ltd		1,297
	417,700		Hosiden Corp		4,651
	1,670,595		HP, Inc		34,732
	95,700		Ibiden Co Ltd		1,681
	29,500		Icom, Inc		666
	93,928		IEI Integration Corp		101
	68,800	*,e	II-VI, Inc		2,515
	10,491		Iljin Materials Co Ltd		340
	33,181	*	Immersion Corp		253
	1,168,370		Inari Amertron BHD		452
	4,492		Inficon Holding AG.		2,742
	176,496	*,e	Infinera Corp		514
	48,993	*	Ingenico		4,336
	29,307,219		InnoLux Display Corp		6,930
	45,625	*	Inseego Corp		219
	216,336	*	Insight Enterprises, Inc		12,591
	308,500		Integrated Micro-Electronics, Inc		61
	82,929		InterDigital, Inc		5,341
	1,671,535		Inventec Co Ltd		1,329
	51,964	*	IPG Photonics Corp		8,015
	10,800		Iriso Electronics Co Ltd		545
	8,152		Isra Vision AG.		363
	7,400		ITC Networks Corp		94
	1,416,357		ITEQ Corp		4,997
	32,476	*	Iteris, Inc		168
	95,161	*	Itron, Inc		5,954
	34,371		Ituran Location and Control Ltd		1,034
	464,667		Jabil Circuit, Inc		14,683
	373,600		Japan Aviation Electronics Industry Ltd		5,506
	8,900		Japan Cash Machine Co Ltd		91
	376,200	*,e	Japan Display, Inc		249
	117,266		Jenoptik AG.		3,792
	608,886		Juniper Networks, Inc		16,215
	59,700		Kaga Electronics Co Ltd		864
	4,832		Kapsch TrafficCom AG.		176
	353,700		KCE Electronics PCL		219
	63,437		Kemet Corp		1,193
	52,429		Keyence Corp		32,334
	1,207,014	*	Keysight Technologies, Inc		108,402
	53,851	*	Kimball Electronics, Inc		875
	1,817,000		Kingboard Chemical Holdings Ltd		5,061
	1,083,500		Kingboard Laminates Holdings Ltd		994
	11,313	*	KMW Co Ltd		403
	91,082	*	Knowles Corp		1,668
	16,300		Koa Corp		212
	803,855		Konica Minolta Holdings, Inc		7,832

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,721	e	Kudelski S.A.	$	117
	23,009	*	KVH Industries, Inc		250
	270,899		Kyocera Corp		17,750
	17,791	e	Landis&Gyr Group AG.		1,419
	226,166		Largan Precision Co Ltd		28,247
	473,300	g	Legend Holdings Corp		1,117
	256		LEM Holding S.A.		360
	17,650,753		Lenovo Group Ltd		13,667
	3,200	*	Lens Technology Co Ltd		3
	12,291		LG Innotek Co Ltd		1,165
	560,491	*	LG.Philips LCD Co Ltd		8,688
	1,500,825		Lite-On Technology Corp		2,200
	42,885		Littelfuse, Inc		7,587
	341,096		Logitech International S.A.		13,634
	31,995		Lotes Co Ltd		220
	451,886	*	Lumentum Holdings, Inc		24,135
	26,200		Macnica Fuji Electronics Holdings, Inc		348
	5,100	e	Maruwa Co Ltd		280
	27,600	e	Maxell Holdings Ltd		379
	159,300		Mcj Co Ltd		1,170
	51,500	*,e	Meiko Electronics Co		848
	2,175,500	*,e,g	Meitu, Inc		702
	4,200	*	Melco Holdings, Inc		115
	101,076		Merry Electronics Co Ltd		552
	157,000		Methode Electronics, Inc		4,485
	264,335	e	Micronic Laser Systems AB		3,216
	544,000		Micro-Star International Co Ltd		1,547
	607,155		Mitac Holdings Corp		610
	816,854		Motorola Solutions, Inc		136,194
	32,752		MTS Systems Corp		1,917
	1,030,775		Murata Manufacturing Co Ltd		46,406
	307,000		Nan Ya Printed Circuit Board Corp		390
	13,028	*,e	Napco Security Technologies, Inc		387
	643,513		National Instruments Corp		27,021
	120,978	*	NCR Corp		3,762
	93,847		NEC Corp		3,703
	66,189		Neopost S.A.		1,416
	257,891		NetApp, Inc		15,912
	36,265	*	Netgear, Inc		917
	83,516	*	Netscout Systems, Inc		2,120
	32,000	*	Newmax Technology Co Ltd		126
	291,226		Nichicon Corp		2,378
	4,600		Ninestar Corp		15
	12,800		Nippon Ceramic Co Ltd		344
	8,300		Nippon Chemi-Con Corp		122
	55,897	e	Nippon Electric Glass Co Ltd		1,421
	136,400		Nippon Signal Co Ltd		1,587
	19,960	e	Nissha Printing Co Ltd		206
	37,368	*,e	nLight, Inc		717
	12,200		Nohmi Bosai Ltd		261
	9,926,746	e	Nokia Corp		49,733
	4,373,287		Nokia Oyj (Turquoise)		21,782
	10,100	e	Noritsu Koki Co Ltd		198
	89,039	*	Novanta, Inc		8,396

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,300	e	Ohara, Inc	$	30
	84,900		Oki Electric Industry Co Ltd		1,060
	231,286		Omron Corp		12,130
	18,100	e	Optex Co Ltd		228
	18,400		Osaki Electric Co Ltd		120
	39,460	*	OSI Systems, Inc		4,444
	161,224		Pan-International Industrial		123
	14,305	*,e	PAR Technology Corp		403
	65,370		Park Electrochemical Corp		1,091
	23,264		Partron Co Ltd		358
	1,981,000	e	PAX Global Technology Ltd		806
	14,139		PC Connection, Inc		495
	10,586	*	PC Mall, Inc		371
	1,505,917		Pegatron Technology Corp		2,611
	38,648		Plantronics, Inc		1,432
	32,044	*	Plexus Corp		1,870
	1,442,000		Primax Electronics Ltd		2,517
	1,156,000		Prime View International Co Ltd		1,244
	1,200,849	*	Pure Storage, Inc		18,337
	1,971,338		Quanta Computer, Inc		3,837
	88,000	*	Quanta Storage, Inc		125
	149,854	*	Radware Ltd		3,706
	311,615		Redington India Ltd		492
	21,012		Renishaw plc		1,138
	146,970	*	Ribbon Communications, Inc		719
	426,592		Ricoh Co Ltd		4,268
	9,879	*,†	Ricoh India Ltd		0	^
	35,400		Riken Keiki Co Ltd		647
	12,000		Riso Kagaku Corp		191
	594,202	*	Ritek Corp		174
	20,664	*	Rogers Corp		3,566
	10,600		Roland DG Corp		238
	10,900		Ryosan Co Ltd		255
	57,800		Ryoyo Electro Corp		949
	26,787		S&T AG.		626
	4,422		SAES Getters S.p.A.		103
	44,792	e	Samsung Electro-Mechanics Co Ltd		3,811
	149,514		Samsung SDI Co Ltd		30,675
	3,592		Samwha Capacitor Co Ltd		161
	561,278	*	Sanmina Corp		16,995
	34,200		Sanshin Electronics Co Ltd		576
	28,902	*	Scansource, Inc		941
	1,031		Seagate Technology, Inc		49
	160,376		Seiko Epson Corp		2,541
	5,672	*,e,g	Sensirion Holding AG.		196
	342,000		Sercomm Corp		743
	17,548		Sesa S.p.A		567
	76,316		SFA Engineering Corp		2,672
	86,073		Shimadzu Corp		2,119
	47,199	*,e	Sierra Wireless, Inc		571
	17,200	e	Siix Corp		204
	811,600		Simplo Technology Co Ltd		6,563
	232,123		Sinbon Electronics Co Ltd		849

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,259		Sindoh Co Ltd	$	92
	68,857	e	Smart Metering Systems plc		464
	24,251	*	Sonim Technologies Inc		309
	73,186		Spectris plc		2,673
	38,991		Sterlite Technologies Ltd		99
	56,037	*	Stratasys Ltd		1,646
	639,400		Sunny Optical Technology Group Co Ltd		6,620
	2,853,000		Supreme Electronics Co Ltd		2,905
	36,435	*	Synaptics, Inc		1,062
	38,250		Syncmold Enterprise Corp		104
	14,212		Synnex Corp		1,398
	755,238		Synnex Technology International Corp		950
	25,574	*	Taihan Fiberoptics Co Ltd		100
	112,000		Taiwan Union Technology Corp		451
	165,503	e	Taiyo Yuden Co Ltd		3,107
	373,500		Tamura Corp		1,974
	126,000		TDK Corp		9,815
	742,562		TE Connectivity Ltd		71,123
	99,495	*	Tech Data Corp		10,407
	34,578	*	TELCON, Inc		172
	1		Telefonaktiebolaget Lm Ericsson (ADR)		0	^
	6,337		Tessco Technologies, Inc		113
	66,495		Test Research, Inc		105
	28,000		Thinking Electronic Industrial Co Ltd		72
	500		Tianma Microelectronics Co Ltd		1
	215,856	*,e	Tobii AB		961
	77,625		Tong Hsing Electronic Industries Ltd		275
	1,820,000	e	Tongda Group Holdings Ltd		140
	59,600		Topcon Corp		749
	17,700		Toshiba TEC Corp		494
	180,000		TPK Holding Co Ltd		289
	506,000		Tpv Technology Ltd		153
	79,000		Transcend Information, Inc		182
	299,132	*	Trimble Navigation Ltd		13,494
	1,333,832		Tripod Technology Corp		4,744
	766,000	*	Truly International Holdings		110
	100,259	*	TTM Technologies, Inc		1,023
	138,039		TXC Corp		155
	100,645	e	Ubiquiti Networks, Inc		13,235
	9,176,883		Unimicron Technology Corp		10,447
	16,100		Unisplendour Corp Ltd		64
	273,500		Unitech Printed Circuit Board Corp		185
	11,200	e	V Technology Co Ltd		515
	368,667		Venture Corp Ltd		4,451
	24,424	*,e	Viasat, Inc		1,974
	342,043	*	Viavi Solutions, Inc		4,546
	332,834		Vishay Intertechnology, Inc		5,498
	160,892	*	Vishay Precision Group, Inc		6,537
	708,775		VS Industry BHD		189
	1,054,800		VST Holdings Ltd		586
	94,700		Vtech Holdings Ltd		849
	202,600		Wacom Co Ltd		673
	608,000		Wah Lee Industrial Corp		1,060
	856,000		Walsin Technology Corp		4,548

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	676,000		Wasion Group Holdings Ltd	$	248
	489,930		Western Digital Corp		23,296
	190,500	*,†,b	Wintek Corp		0	^
	1,784,302		Wistron Corp		1,394
	1,875,556		Wistron NeWeb Corp		4,425
	5,476,000	e	World Wide Touch Technology Ho		277
	613,473		WPG Holdings Co Ltd		797
	7,815	*	Wrap Technologies Inc		49
	2,334,956		WT Microelectronics Co Ltd		3,006
	360,792		Xerox Corp		12,776
	2,525,600	*,e,g	Xiaomi Corp		3,239
	15,750	*,†	Ya Hsin Industrial Co Ltd		0
	188,660		Yageo Corp		1,612
	68,586		Yamatake Corp		1,679
	73,400		Yaskawa Electric Corp		2,510
	78,638		Yokogawa Electric Corp		1,548
	123,344	*	Zebra Technologies Corp (Class A)		25,839
	13,900		Zhejiang Dahua Technology Co Ltd		29
	3,219,405		Zhen Ding Technology Holding Ltd		10,300
	88,200	*	ZTE Corp		420
	744,938	*	ZTE Corp (Class H)		2,157
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		5,409,067

TELECOMMUNICATION SERVICES - 2.2%
	934,789		Advanced Info Service PCL (Foreign)		6,588
	459,000		AFK Sistema (GDR)		1,417
	36,039,384	e	America Movil S.A. de C.V. (Series L)		26,231
	15,100	*	ARTERIA Networks Corp		175
	1,001,000	*	Asia Pacific Telecom Co Ltd		236
	17,260,715		AT&T, Inc		578,407
	12,294		ATN International, Inc		710
	18,079	*	Bandwidth Inc		1,356
	204,460		BCE, Inc		9,302
	2,715,904		Bezeq Israeli Telecommunication Corp Ltd		2,057
	2,062,200		Bharti Airtel Ltd		10,353
	583,739		Bharti Infratel Ltd		2,259
	69,397	*	Boingo Wireless, Inc		1,247
	6,496,825		BT Group plc		16,244
	167,154	*	Cellcom Israel Ltd		479
	745,998	g	Cellnex Telecom SAU		27,597
	1,708,273		CenturyLink, Inc		20,089
	8,351,249		China Mobile Hong Kong Ltd		76,027
	21,672,457		China Telecom Corp Ltd		10,913
	37,436,000	g	China Tower Corp Ltd		9,833
	16,919,681		China Unicom Ltd		18,500
	1,080,600		China United Network Communications Ltd		971
	379,454	e	Chorus Ltd		1,454
	3,543,988		Chunghwa Telecom Co Ltd		12,890
	125,955	*	Cincinnati Bell, Inc		623
	11,245,000		Citic 1616 Holdings Ltd		4,459
	74,871		Cogent Communications Group, Inc		4,444
	124,621	e	Consolidated Communications Holdings, Inc		614
	3,983,379		Deutsche Telekom AG.		69,011

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,414,739		Digi.Com BHD	$	10,279
	64,481		DNA Oyj		1,540
	2,069		Drillisch AG.		69
	281,583		Elisa Oyj (Series A)		13,739
	1,511,551		Emirates Telecommunications Group Co PJSC		6,864
	153,242	*	Empresa Nacional de Telecomunicaciones S.A.		1,560
	159,030	*	Etihad Etisalat Co		1,020
	72,019	g	Euskaltel S.A.		667
	1,310,236		Far EasTone Telecommunications Co Ltd		3,302
	73,337		Freenet AG.		1,467
	309,401	*,e	Frontier Communications Corp		541
	33,661		Globe Telecom, Inc		1,486
	73,411	*,e	Gogo, Inc		292
	210,555		Hellenic Telecommunications Organization S.A.		3,113
	1,616,768		Himachal Futuristic Communications		457
	2,113,000		HKBN Ltd		3,810
	5,175,492		HKT Trust and HKT Ltd		8,215
	808,651	e	Hutchison Telecommunications Hong Kong Holdings Ltd		191
	7,072,194	*	Idea Cellular Ltd		1,244
	57,585	*	IDT Corp (Class B)		545
	89,349	e	Iliad S.A.		10,034
	138,576	g	Infrastrutture Wireless Italiane S.p.A		1,359
	372,103		Inmarsat plc		2,577
	35,649	*	Inscobee, Inc		87
	75,530	*,e	Intelsat S.A.		1,469
	14,800		Internet Initiative Japan, Inc		278
	2,669,900		Intouch Holdings PCL		5,528
	602,900		Intouch Holdings PCL		1,234
	137,558	*,e	Iridium Communications, Inc		3,200
	11,693,100		Jasmine International PCL		2,750
	1,700,597		KDDI Corp		43,275
	1,493,643		Koninklijke KPN NV		4,587
	135		KT Corp		3
	222,725	*,†,e	Let’s GOWEX S.A.		3
	143,314		LG Telecom Ltd		1,800
	1,371,569		Magyar Telekom		2,034
	348,734	*	Masmovil Ibercom S.A.		7,772
	1,705,690		Maxis BHD		2,297
	2,843		Millicom International Cellular S.A.		160
	62,522	*	Mobile Telecommunications Co Saudi Arabia		200
	883,818		Mobile TeleSystems (ADR)		8,228
	91,061		Mobistar S.A.		1,806
	1,535,849	e	MTN Group Ltd		11,614
	6,999,400		NetLink NBN Trust		4,604
	1,183,302		Nippon Telegraph & Telephone Corp		55,130
	2,154,717		NTT DoCoMo, Inc		50,274
	43,909	*	Ooma, Inc		460
	66,214	*	Ooredoo QSC		1,190
	1,475,347		Orange S. A.		23,271
	994,191	*	Orascom Telecom Holding SAE		285
	148,259	*	Orbcomm, Inc		1,075
	109,939	*	Pareteum Corp		287
	304,472	*	Partner Communications		1,303

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,705,741		PCCW Ltd	$	2,139
	21,556	*	pdvWireless, Inc		1,013
	328,605	g	PLAY Communications S.A.		2,849
	73,427		PLDT, Inc		1,842
	18,887		Proximus plc		558
	2,175,200		PT Link Net Tbk		654
	64,424,924		PT Telekomunikasi Indonesia Persero Tbk		18,882
	587,513		Rogers Communications, Inc (Class B)		31,449
	35,673,473		Safaricom plc		9,775
	172,314		Saudi Telecom Co		4,788
	152,068	*	Sejong Telecom, Inc		66
	172,878		Shenandoah Telecom Co		6,659
	9,148,437		Singapore Telecommunications Ltd		23,656
	52,725		SK Telecom Co Ltd		11,827
	719,641		SmarTone Telecommunications Holding Ltd		686
	1,157,539		Softbank Corp		15,037
	2,241,108		Softbank Group Corp		107,944
	128,684	e	SpeedCast International Ltd		315
	21,985		Spok Holdings, Inc		331
	1,316,730	*,e	Sprint Corp		8,651
	393,500		StarHub Ltd		448
	19,386	e,g	Sunrise Communications Group AG.		1,448
	5,158	e	Swisscom AG.		2,591
	1,506,942		Taiwan Mobile Co Ltd		5,943
	444,527	e	TalkTalk Telecom Group plc		633
	30,506		Tata Communications Ltd		214
	21,443		Tele2 AB (B Shares)		313
	71,400	e	Telecom Argentina S.A. (ADR) (Class B)		1,262
	1,813,860		Telecom Corp of New Zealand Ltd		4,880
	1,573,160		Telecom Egypt		1,309
	265,389		Telecom Italia RSP		138
	364,481	*	Telecom Italia S.p.A.		199
	967,399	*	Telefonica Brasil S.A.		12,574
	1,214,345		Telefonica Deutschland Holding AG.		3,393
	6,019,084		Telefonica S.A.		49,497
	96,026		Telekom Austria AG.		725
	1,263,383		Telekom Malaysia BHD		1,224
	525,487	*	Telekomunikacja Polska S.A.		942
	948,094		Telenor ASA		20,143
	929,385		Telephone & Data Systems, Inc		28,253
	622,601	*,e	Telesites SAB de C.V.		383
	4,288,626		TeliaSonera AB		19,013
	215,687		Telkom S.A. Ltd		1,411
	7,359,869		Telstra Corp Ltd		19,902
	236,548		TELUS Corp		8,744
	1,439,384		Tim Participacoes S.A.		4,359
	194,820		Time dotCom BHD		423
	2,230,294		TM International BHD		2,690
	1,001,608	*	T-Mobile US, Inc		74,259
	546,000		Total Access Communication PCL (Foreign)		943
	2,250,800		Tower Bersama Infrastructure		604
	333,295		TPG Telecom Ltd		1,508
	8,081,792		True Corp PCL (Foreign)		1,515

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,458,262		Turkcell Iletisim Hizmet AS	$	3,220
	4,882		United Internet AG.		161
	24,972	*	US Cellular Corp		1,116
	11,464,312		Verizon Communications, Inc		654,956
	4,600	*	Vision, Inc		208
	396,743	*	Vocus Communications Ltd		912
	795,775	e	Vodacom Group Pty Ltd		6,762
	37,208,289		Vodafone Group plc		60,987
	166,600		Vodafone Group plc (ADR)		2,721
	151,310		Vodafone Qatar		295
	1,387,880	*	Vonage Holdings Corp		15,725
	10,037	*,e	Windstream Holdings, Inc		2
	565,478	*	Zayo Group Holdings, Inc		18,610
			TOTAL TELECOMMUNICATION SERVICES		2,511,740

TRANSPORTATION - 2.0%
	52,528	†,e	Abertis Infraestructuras S.A. (Continuous)		1,097
	57,828		Aegean Airlines S.A.		536
	93,218	g	Aena S.A.		18,476
	22,984		Aeroports de Paris		4,055
	1,123,918		Air Arabia PJSC		318
	1,677,225		Air China Ltd (H shares)		1,686
	596,418	*	Air France-KLM		5,732
	695,894		Air New Zealand Ltd		1,241
	63,653	*	Air Transport Services Group, Inc		1,553
	1,388,200		AirAsia BHD		917
	10,048,500		Airports of Thailand PCL (Foreign)		24,066
	312,621		Alaska Air Group, Inc		19,980
	664,327	e,g	ALD S.A.		10,390
	83,406		All Nippon Airways Co Ltd		2,765
	14,538		Allegiant Travel Co		2,086
	14,378		Amerco, Inc		5,443
	1,022,344	e	American Airlines Group, Inc		33,339
	172,000		Anhui Expressway Co		106
	3,233		AP Moller - Maersk AS (Class A)		3,760
	6,386		AP Moller - Maersk AS (Class B)		7,946
	75,610		Arkansas Best Corp		2,125
	1,405,300		Asia Aviation PCL		185
	380,073	*	Asiana Airlines		1,809
	106,382	*	Atlas Air Worldwide Holdings, Inc		4,749
	393,291		Atlas Arteria Ltd		2,169
	1,039,247		Auckland International Airport Ltd		6,880
	114,725		Autostrada Torino-Milano S.p.A.		3,710
	414,076		Autostrade S.p.A.		10,798
	232,345		Avianca Holdings S.A.		111
	64,993	*	Avis Budget Group, Inc		2,285
	126,500	*	Azul S.A.		1,426
	339,900		Bangkok Airways Co Ltd		128
	99,200		Bangkok Aviation Fuel Services PCL		115
	6,110,453		Bangkok Expressway & Metro PCL		2,271
	592,589		BBA Aviation plc		2,125
	1,644,097		Beijing Capital International Airport Co Ltd		1,441
	6,733		Blue Dart Express Ltd		262
	679,051		Bollore		2,996

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	57,665	e	bpost S.A.	$	547
	4,844,027		BTS Group Holdings PCL		1,895
	816,843		Canadian National Railway Co		75,600
	139,605		Canadian Pacific Railway Ltd (Toronto)		32,880
	348,000	*	CAR, Inc		275
	135,660		Cathay Pacific Airways Ltd		203
	593,000		Cebu Air, Inc		1,054
	266,573		Central Japan Railway Co		53,450
	211,559		CH Robinson Worldwide, Inc		17,845
	1,351,335		China Airlines		428
	2,263,500	*	China COSCO Holdings Co Ltd		883
	2,200		China Eastern Airlines Corp Ltd		2
	986,000		China Eastern Airlines Corp Ltd (H Shares)		579
	3,104,525		China Merchants Holdings International Co Ltd		5,283
	1,416,000		China Shipping Development Co Ltd		837
	1,407,500		China Southern Airlines Co Ltd		978
	3,800		China Southern Airlines Co Ltd (Class A)		4
	48,746	e	Chorus Aviation, Inc		287
	1,863,699		Cia de Concessoes Rodoviarias		6,630
	199,511		Cia de Distribucion Integral Logista Holdings SAU		4,518
	286,600		Cia de Locacao das Americas		3,648
	1,825,405		ComfortDelgro Corp Ltd		3,590
	12,726,288	*	Compania SudAmericana de Vapores S.A.		439
	181,570	*	Container Corp Of India Ltd		1,499
	372,500	*,e	Controladora Vuela Cia de Aviacion SAB de C.V.		349
	60,230		Copa Holdings S.A. (Class A)		5,877
	64,963	*	Cosan Logistica S.A.		301
	606,200	*	Cosco Corp Singapore Ltd		141
	1,212,000		Cosco International Holdings Ltd		385
	5,260,295		COSCO Pacific Ltd		5,191
	36,900	*	COSCO SHIPPING Holdings Co Ltd		27
	49,487		Costamare, Inc		254
	86,682	*	Covenant Transportation Group, Inc		1,275
	3,113,685		CSX Corp		240,906
	69,875	e	CTT-Correios de Portugal S.A.		168
	19,871		D/S Norden		286
	398,100		Daqin Railway Co Ltd		469
	611,109		Dart Group plc		6,480
	174,327	*,e	Daseke, Inc		628
	1,283,555		Delta Air Lines, Inc		72,842
	986,840		Deutsche Lufthansa AG.		16,920
	745,042		Deutsche Post AG.		24,509
	38,450	*	Dfds A.S.		1,633
	235,312		DP World Ltd		3,741
	870,536	e	DSV AS		85,722
	54,987	*	Eagle Bulk Shipping, Inc		288
	355,342		East Japan Railway Co		33,276
	437,968		easyJet plc		5,303
	125,462	*	Echo Global Logistics, Inc		2,618
	1,241,800		EcoRodovias Infraestrutura e Logistica S.A.		3,480
	703,332	g	Enav S.p.A		3,992
	61,414	e,g	Europcar Groupe S.A.		437
	1,009,883		Eva Airways Corp		486

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	227,000		Evergreen International Storage & Transport Corp	$	104
	1,697,115		Evergreen Marine Corp Tawain Ltd		681
	10,395	e	Exchange Income Corp		303
	66,654		Expeditors International of Washington, Inc		5,056
	406,712		FedEx Corp		66,778
	290,606		Finnair Oyj		2,318
	697,635	*	Firstgroup plc		866
	11,988		Flughafen Zuerich AG.		2,258
	99,672		Forward Air Corp		5,896
	35,778		Fraport AG. Frankfurt Airport Services Worldwide		3,080
	71,100		Fukuyama Transporting Co Ltd		2,578
	12,305	*	Genco Shipping & Trading Ltd		104
	101,553	*	Genesee & Wyoming, Inc (Class A)		10,155
	27,625		GLOVIS Co Ltd		3,856
	137,287		Go-Ahead Group plc		3,438
	48,000	*	Gol Linhas Aereas Inteligentes S.A.		407
	624,830		Golden Ocean Group Ltd		3,626
	761,939		Grindrod Ltd		328
	389,694		Groupe Eurotunnel S.A.		6,242
	184,900	*,e	Grupo Aeromexico SAB de C.V.		175
	163,300		Grupo Aeroportuario del Centro Norte Sab de C.V.		997
	292,831	e	Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		3,049
	297,220		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		4,817
	356,700		Guangshen Railway Co Ltd		168
	205,281		Gujarat Pipavav Port Ltd		261
	37,479		Gulf Warehousing Co		536
	27,700		Hamakyorex Co Ltd		979
	113,453		Hamburger Hafen und Logistik AG.		3,002
	16,130	e	Hanjin Kal Corp		420
	3,116		Hanjin Transportation Co Ltd		99
	209,721		Hankyu Hanshin Holdings, Inc		7,525
	52,716		Hawaiian Holdings, Inc		1,446
	111,661		Heartland Express, Inc		2,018
	58,929	*,e	Hertz Global Holdings, Inc		940
	25,800		Hitachi Transport System Ltd		839
	6,827		Hopewell Highway Infrastructure Ltd		4
	252,266	*	Hub Group, Inc (Class A)		10,590
	9,952,900	e	Hutchison Port Holdings Trust		2,288
	115,646	*	Hyundai Merchant Marine Co Ltd		371
	1,454	*	ID Logistics Group		258
	61,257		Iino Kaiun Kaisha Ltd		205
	68,908		Imperial Holdings Ltd		252
	290,750	g	InterGlobe Aviation Ltd		6,565
	3,118		International Consolidated Airlines Group S.A.		19
	957,297		International Container Term Services, Inc		2,735
	153,114		Japan Airlines Co Ltd		4,887
	43,750		Japan Airport Terminal Co Ltd		1,871
	28,222		JB Hunt Transport Services, Inc		2,580
	3,957		Jeju Air Co Ltd		114
	583,464	*	JetBlue Airways Corp		10,788
	1,201,834		Jiangsu Express		1,710
	4,665		Jin Air Co Ltd		85

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	27,200		Julio Simoes Logistica S.A.	$	103
	197,944		Kamigumi Co Ltd		4,694
	167,178		Kansas City Southern Industries, Inc		20,366
	51,640	*,e	Kawasaki Kisen Kaisha Ltd		633
	42,236		Keihin Electric Express Railway Co Ltd		728
	140,059		Keio Corp		9,230
	58,971		Keisei Electric Railway Co Ltd		2,151
	730,649		Kerry Logistics Network Ltd		1,316
	163,822		Kintetsu Corp		7,854
	194,600		Kintetsu World Express, Inc		2,546
	300,960	*	Kirby Corp		23,776
	612,197	e	Knight-Swift Transportation Holdings, Inc		20,105
	25,600		Konoike Transport Co Ltd		404
	8,805	*	Korea Express Co Ltd		1,027
	5,976	*	Korea Line Corp		140
	39,200		Korean Air Lines Co Ltd		985
	52,803		Kuehne & Nagel International AG.		7,843
	82,291		Kyushu Railway Co		2,401
	252,823		Lan Airlines S.A.		2,379
	53,569		Landstar System, Inc		5,785
	88,900		Lingkaran Trans Kota Holdings BHD		105
	478,611		Localiza Rent A Car		5,108
	388,671	*,e	Lyft, Inc (Class A)		25,540
	151,282		Macquarie Infrastructure Co LLC		6,133
	267,540		MacroAsia Corp		100
	1,003,006		Malaysia Airports Holdings BHD		2,073
	177,557		Marten Transport Ltd		3,223
	19,600	e	Maruwa Unyu Kikan Co Ltd		866
	4,600		Maruzen Showa Unyu Co Ltd		146
	44,882		Matson, Inc		1,744
	40,921	*	Mesa Air Group, Inc		374
	2,864,456		MISC BHD		4,958
	52,050		Mitsubishi Logistics Corp		1,433
	18,702		Mitsui OSK Lines Ltd		449
	11,122		Mitsui-Soko Co Ltd		160
	37,700		Movida Participacoes S.A.		146
	1,574,878		MTR Corp		10,608
	130,780	e	Mullen Group Ltd		949
	522,287	*	Mundra Port and Special Economic Zone Ltd		3,104
	141,457		Nagoya Railroad Co Ltd		3,917
	58,900		Nankai Electric Railway Co Ltd		1,434
	939,095		National Express Group plc		4,788
	33,246		Nippon Express Co Ltd		1,772
	50,600		Nippon Konpo Unyu Soko Co Ltd		1,163
	21,956		Nippon Yusen Kabushiki Kaisha		353
	34,400		Nishi-Nippon Railroad Co Ltd		735
	28,700		Nissin Corp		472
	524,449	g	Nobina AB		3,255
	544,140		Norfolk Southern Corp		108,463
	73,153		Northgate plc		323
	467,016	*,e	Norwegian Air Shuttle AS		1,952
	74,003		Odakyu Electric Railway Co Ltd		1,813
	87,264	e	Oesterreichische Post AG.		2,938

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	151,968		Old Dominion Freight Line	$	22,683
	2,426,290		Pacific Basin Shipping Ltd		445
	3,118	*	PAM Transportation Services, Inc		193
	10,309		Panalpina Welttransport Holding AG.		2,374
	10,364		Park-Ohio Holdings Corp		338
	315,207	*	Pegasus Hava Tasimaciligi AS.		2,479
	14,106		Piraeus Port Authority		353
	56,186	*	PKP Cargo S.A.		655
	153,400		Pos Malaysia & Services Holdings BHD		56
	318,150	*	Precious Shipping PCL		84
	211,337		Promotora y Operadora de Infraestructura SAB de C.V.		2,100
	1,977,654		PT Jasa Marga Tbk		801
	12,718,000	*	PT Trada Maritime Tbk		113
	125,886		Qantas Airways Ltd		478
	47,769		Qatar Navigation QSC		851
	1,757,602		QR National Ltd		6,672
	829,934		Qube Logistics Holdings Ltd		1,774
	530,554	*	Radiant Logistics, Inc		3,258
	653,329		Redde plc		874
	3,680	*	Roadrunner Transportation Systems Inc		35
	518,145		Royal Mail plc		1,394
	1,349,900	*	Rumo S.A.		7,287
	37	*	Ryanair Holdings plc		0	^
	17,008		Ryder System, Inc		992
	581,193	*,e	Safe Bulkers, Inc		907
	79,100		Sagami Railway Co Ltd		2,183
	29,954	*	Saia, Inc		1,937
	96	*,†	SAir Group		0
	6,200		Sakai Moving Service Co Ltd		366
	220,000		Sankyu, Inc		11,583
	118,100		Santos Brasil Participacoes S.A.		134
	617,010	*,e	SAS AB		823
	10,205	*	Saudi Public Transport Co		37
	11,100		SBS Holdings, Inc		157
	500,522		Schneider National, Inc		9,130
	67,761		Scorpio Bulkers, Inc		312
	338,623	e	Seaspan Corp		3,322
	691,317		Seibu Holdings, Inc		11,541
	707,181		Seino Holdings Corp		9,445
	141,300		Senko Co Ltd		1,118
	10,600		SF Holding Co Ltd		52
	257,220		SG Holdings Co Ltd		7,314
	50,900		Shandong Airlines Co Ltd		56
	32,400		Shanghai International Airport Co Ltd		396
	270,700		Shanghai International Port Group Co Ltd		269
	56,100		Shanghai Jinjiang International Investment Holdings Co		58
	1,129,754		Shenzhen International Holdings Ltd		2,245
	53,000		Shinwa Kaiun Kaisha Ltd		1,093
	162,700		SIA Engineering Co Ltd		302
	124,000		Sincere Navigation		64
	375,351		Singapore Airlines Ltd		2,572
	842,474		Singapore Airport Terminal Services Ltd		3,251

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	866,019	e	Singapore Post Ltd	$	608
	2,493,000		Sinotrans Ltd		907
	3,281,000		SITC International Co Ltd		3,350
	7,873		Sixt AG.		842
	46,209		Sixt AG. (Preference)		3,367
	7,087		Sixt Leasing AG.		88
	153,950		Skywest, Inc		9,340
	215,916	e	Societa Iniziative Autostradali e Servizi S.p.A.		4,012
	1,114,981		Southwest Airlines Co		56,619
	609,919	*	SpiceJet Ltd		1,105
	380,645	*	Spirit Airlines, Inc		18,168
	251,795		Stagecoach Group plc		406
	12,450		Stolt-Nielsen S.A.		151
	228,957	*	STX Pan Ocean Co Ltd		922
	33,683		Sumitomo Warehouse Co Ltd		431
	1,247,673		Sydney Airport		7,049
	2,227,000		Taiwan High Speed Rail Corp		3,278
	189,182		TAV Havalimanlari Holding AS		881
	140,000		Tegma Gestao Logistica		1,048
	218,739		TFI International, Inc		6,620
	457,000	*	Thai Airways International PCL (Foreign)		158
	802,000		Tianjin Port Development Holdings Ltd		84
	257,986	e	TNT NV		447
	171,495		Tobu Railway Co Ltd		5,005
	475,697		Tokyu Corp		8,446
	9,600		Tonami Holdings Co Ltd		501
	107,526		Tourism Holdings Ltd		273
	7,800		Trancom Co Ltd		451
	2,378,826		Transurban Group (ASE)		24,631
	1,409,298	*	Turk Hava Yollari		3,132
	29,380	*,e	Uber Technologies, Inc		1,363
	184,000		U-Ming Marine Transport Corp		198
	2,476,605		Union Pacific Corp		418,819
	642,707	*	United Continental Holdings, Inc		56,269
	92,394		United International Transportation Co		815
	1,139,136		United Parcel Service, Inc (Class B)		117,639
	56,914		Universal Truckload Services, Inc		1,279
	28,010	*,e	US Xpress Enterprises, Inc		144
	60,603	*	Virgin Australia Holdings Ltd		7
	67,336	*,†	Virgin Australia Int Holdings		0	^
	223,000		Wan Hai Lines Ltd		130
	140,619		Werner Enterprises, Inc		4,370
	274,509		West Japan Railway Co		22,218
	36,968		WestJet Airlines Ltd		868
	1,110,300		Westports Holdings BHD		1,061
	62,615	e	Westshore Terminals Investment Corp		1,051
	57,064		Wilh. Wilhelmsen ASA		169
	165,033		Wisdom Marine Lines Co Ltd		164
	392,000		Xiamen International Port Co Ltd		53
	60,440	*,e	XPO Logistics, Inc		3,494
	130,213		Yamato Transport Co Ltd		2,654
	497,523	*	Yang Ming Marine Transport		131
	283,938	*,e	YRC Worldwide, Inc		1,144

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	450,000		Yuexiu Transport Infrastructure Ltd	$	368
	1,386,194		Zhejiang Expressway Co Ltd		1,461
	370,400		ZTO Express Cayman, Inc (ADR)		7,082
			TOTAL TRANSPORTATION		2,360,372

UTILITIES - 2.8%
	3,047,971		A2A S.p.A.		5,291
	1,637,010		Aboitiz Power Corp		1,112
	37,255	e	Acciona S.A.		3,998
	117,073		ACEA S.p.A.		2,229
	952,992		Actelios S.p.A.		3,999
	353,260	*	Adani Power Ltd		263
	124,753	*	Adani Transmissions Ltd		405
	1,251,226		AES Corp		20,971
	9,137,199		AES Gener S.A.		2,512
	89,100	*	AES Tiete S.A.		273
	348,364	*,†	AET&D Holdings No 1 Ptd Ltd		0
	1,100,851		AGL Energy Ltd		15,482
	2,462,042		Aguas Andinas S.A.		1,453
	761,198	e	Algonquin Power & Utilities Corp		9,225
	141,315		Allete, Inc		11,759
	1,327,976		Alliant Energy Corp		65,177
	260,888	e	AltaGas Ltd		3,947
	551,210		Alupar Investimento S.A.		3,711
	396,413		Ameren Corp		29,775
	478,082		American Electric Power Co, Inc		42,076
	41,630		American States Water Co		3,132
	64,892		American Water Works Co, Inc		7,528
	1,223,872		APA Group (ASE)		9,281
	76,118		Aqua America, Inc		3,149
	89,735	*	AquaVenture Holdings Ltd		1,792
	10,852		Artesian Resources Corp		403
	41,990		Ascopiave S.p.A.		180
	113,176		Atco Ltd		3,815
	117,836		Athens Water Supply & Sewage Co S.A.		982
	493,584	*,e	Atlantic Power Corp		1,195
	475,211		Atmos Energy Corp		50,163
	2,007,951		AusNet Services		2,646
	39,079		Avangrid, Inc		1,974
	74,492		Avista Corp		3,322
	27,466		Aygaz AS		42
	1,769,974		Babcock & Brown Wind Partners		592
	274,200		BCPG PCL		183
	1,143,299		Beijing Enterprises Holdings Ltd		5,812
	4,342,191		Beijing Enterprises Water Group Ltd		2,581
	12,163		BKW S.A.		813
	125,290		Black Hills Corp		9,794
	3,040,000	*,e	Blue Sky Power Holdings Ltd		92
	96,291		Boralex, Inc		1,448
	56,436	*,e	Cadiz, Inc		635
	52,697		California Water Service Group		2,668
	214,698		Canadian Utilities Ltd		6,060
	342,000		Canvest Environment Protection Group Co Ltd		160
	236,361		Capital Power Corp		5,442

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	51,489		Capital Stage AG.	$	402
	387,900		Centerpoint Energy, Inc		11,106
	386,800	*	Centrais Eletricas Brasileiras S.A.		3,551
	194,179	*	Centrais Eletricas Brasileiras S.A. (Preference)		1,820
	46,800	*	Central Puerto S.A. (ADR)		434
	6,334,478		Centrica plc		7,061
	133,599		CESC Ltd		1,518
	193,972		CEZ AS		4,688
	1,598,000	e	CGN New Energy Holdings Co Ltd		211
	10,570,000	g	CGN Power Co Ltd		2,909
	65,309		Chesapeake Utilities Corp		6,206
	9,249,000		China Datang Corp Renewable Power Co Ltd		982
	235,000	e,g	China Everbright Greentech Ltd		153
	481,811		China Everbright Water Ltd		119
	2,483,908		China Gas Holdings Ltd		9,230
	2,530,627		China Longyuan Power Group Corp		1,626
	141,700		China National Nuclear Power Co Ltd		115
	2,328,000	e	China Oil and Gas Group Ltd		115
	215,500		China Power Clean Energy Development Co Ltd		149
	3,574,000		China Power International Development Ltd		873
	1,069,580		China Resources Gas Group Ltd		5,311
	1,594,161		China Resources Power Holdings Co		2,325
	128,500		China Tian Lun Gas Holdings Ltd		147
	1,604,000		China Water Affairs Group Ltd		1,579
	458,900	*	China Yangtze Power Co Ltd		1,197
	663,258		Chubu Electric Power Co, Inc		9,317
	247,350		Chugoku Electric Power Co, Inc		3,119
	73,000		Cia de Gas de Sao Paulo-COMGAS		1,482
	309,300		Cia de Saneamento Basico do Estado de Sao Paulo		3,808
	236,580		Cia de Saneamento de Minas Gerais-COPASA		4,130
	29,900		Cia de Saneamento do Parana		627
	429,800		Cia de Saneamento do Parana (Preference)		1,645
	1,949,633		Cia Energetica de Minas Gerais		7,540
	101,600		Cia Energetica de Sao Paulo (Class B)		719
	261,700		Cia Paranaense de Energia		3,312
	1,000,620		CK Infrastructure Holdings Ltd		8,155
	1,012,800		CK Power PCL		233
	315,114		Clearway Energy, Inc (Class A)		5,099
	83,877		Clearway Energy, Inc (Class C)		1,414
	2,207,609		CLP Holdings Ltd		24,327
	193,272		CMS Energy Corp		11,192
	13,089,532		Colbun S.A.		2,704
	2,670,000		Concord New Energy Group Ltd		128
	13,556		Connecticut Water Service, Inc		945
	94,353		Consolidated Edison, Inc		8,273
	18,745		Consolidated Water Co, Inc		267
	1,308,521		Contact Energy Ltd		7,040
	2,650,000		Datang International Power Generation Co Ltd		665
	2,241,019		Dominion Resources, Inc		173,276
	226,197		Drax Group plc		747
	49,036		DTE Energy Co		6,271
	1,278,152		Duke Energy Corp		112,784
	2,907,089		E.ON AG.		31,542

178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	313,800		Eastern Water Resources Development and Management PCL	$	132
	888,957		Edison International		59,925
	362,000		EDP - Energias do Brasil S.A.		1,782
	71,102		El Paso Electric Co		4,650
	218,320		Electric Power Development Co		4,968
	669,998		Electricite de France		8,447
	265,300		Electricity Generating PCL		2,813
	25,748		Elia System Operator S.A.		1,899
	169,286		Emera, Inc		6,917
	9,700	*,e	Empresa Distribuidora Y Comercializadora Norte (ADR)		176
	300,928		Empresa Electrica del Norte Grande S.A.		555
	705,389	e	Endesa S.A.		18,143
	329,440	*	Enea S.A.		824
	12,097,902		Enel S.p.A.		84,392
	91,187	*	Energa S.A.		191
	2,275,993		Energias de Portugal S.A.		8,650
	114,600		Energisa S.A.		1,375
	97,374	*	Energix-Renewable Energies Ltd		196
	2,490,414		Energy Absolute PCL (Foreign)		4,529
	106,082	g	Enerjisa Enerji AS.		101
	61,689,777		Enersis Chile S.A.		5,863
	24,902,077		Enersis S.A.		4,392
	435,500	*	Eneva S.A.		2,736
	179,751		Engie Brasil Energia S.A.		2,035
	742,928		ENN Energy Holdings Ltd		7,230
	1,642,161		Entergy Corp		169,028
	156,900		Equatorial Energia S.A.		3,751
	32,800		eRex Co Ltd		353
	78,424		ERG S.p.A.		1,606
	76,375		Evergy, Inc		4,594
	83,951		Eversource Energy		6,360
	25,217		EVN AG.		381
	3,325,447		Exelon Corp		159,422
	3,554,100		First Gen Corp		1,860
	7,773,708		FirstEnergy Corp		332,792
	463,194		Fortis, Inc		18,290
	1,396,135		Fortum Oyj		30,857
	1,210,178	*	GAIL India Ltd		5,468
	532,228		Gas Natural SDG S.A.		14,668
	1,976,270		Gaz de France		29,967
	2,618,000	*,e	GCL New Energy Holdings Ltd		101
	443,800		GD Power Development Co Ltd		164
	1,239,865		Genesis Energy Ltd		2,892
	14,652		Genie Energy Ltd		156
	13,030		Global Water Resources, Inc		136
	2,491,066		Guangdong Investments Ltd		4,925
	245,818		Gujarat Gas Ltd		614
	191,495		Gujarat State Petronet Ltd		544
	438,500		Gulf Energy Development PCL		1,759
	49,587		Hawaiian Electric Industries, Inc		2,160
	642,901		Hera S.p.A.		2,459

179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,371,052		HK Electric Investments & HK Electric Investments Ltd	$	2,428
	828,800		Hokkaido Electric Power Co, Inc		4,648
	98,000	*	Hokuriku Electric Power Co		712
	248,538		Holding CO ADMIE IPTO S.A.		584
	13,127,647		Hong Kong & China Gas Ltd		29,103
	1,447,990		Hong Kong Electric Holdings Ltd		10,417
	277,230	*	Huadian Energy Co Ltd		46
	5,188,000		Huadian Power International Corp Ltd		2,055
	344,600		Huadian Power International Corp Ltd (Class A)		189
	87,200		Huaneng Power International, Inc		79
	3,411,756		Huaneng Power International, Inc (Hong Kong)		2,009
	3,936,000		Huaneng Renewables Corp Ltd		1,084
	1,357,040		Hub Power Co Ltd		669
	248,500		Hubei Energy Group Co Ltd		157
	398,143	g	Hydro One Ltd		6,944
	6,486,263		Iberdrola S.A.		64,578
	32,596		Idacorp, Inc		3,274
	158,910		Indraprastha Gas Ltd		724
	471,600		Infraestructura Energetica ,NV SAB de C.V.		1,852
	1,729,533		Infratil Ltd		5,405
	149,131	e	Innergex Renewable Energy, Inc		1,588
	35,002	g	Innogy SE		1,660
	1,488		Innogy SE		64
	1,027,900	*,†	Inter Far East Energy Corp		0	^
	826,937		Interconexion Electrica S.A.		4,596
	1,349,696		Inversiones Aguas Metropolitanas S.A.		2,091
	1,171,431		Iride S.p.A.		3,045
	2,127,042		Italgas S.p.A		14,296
	144,304	*	JSW Energy Ltd		140
	122,669	e	Just Energy Income Fund		527
	7,200		K&O Energy Group, Inc		100
	1,608,980		Kansai Electric Power Co, Inc		18,444
	25,940		Kenon Holdings Ltd		550
	2,191,158	e	Keppel Infrastructure Trust		818
	1,377		Korea District Heating Corp		62
	748,456	*	Korea Electric Power Corp		16,568
	153,737		Korea Gas Corp		5,626
	207,500		Kot Addu Power Co Ltd		47
	307,233		Kyushu Electric Power Co, Inc		3,018
	38,200		Light S.A.		193
	61,805		Mahanagar Gas Ltd		761
	479,000		Malakoff Corp BHD		99
	370,940		Manila Electric Co		2,803
	581,100		Manila Water Co, Inc		284
	950,463		MDU Resources Group, Inc		24,522
	2,708,332		Meridian Energy Ltd		8,654
	39,407		MGE Energy, Inc		2,880
	21,718		Middlesex Water Co		1,287
	391,507		Mighty River Power Ltd		1,224
	91,834		National Fuel Gas Co		4,844
	8,467	*	National Gas & Industrialization Co		68
	3,372,843		National Grid plc		35,870
	170,789		New Jersey Resources Corp		8,500

180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,329,432		NextEra Energy, Inc	$	272,347
	21,200		Nippon Gas Co Ltd		540
	684,085		NiSource, Inc		19,702
	222,971		Northland Power Income Fund		4,342
	32,128		Northwest Natural Holding Co		2,233
	65,816		NorthWestern Corp		4,749
	650,049		NRG Energy, Inc		22,830
	3,440,080		NTPC Ltd		7,044
	219,873		Oest Elektrizitatswirts AG. (Class A)		11,518
	352,574		OGE Energy Corp		15,006
	24,068		Okinawa Electric Power Co, Inc		370
	23,000		Omega Geracao S.A.		143
	170,612		ONE Gas, Inc		15,406
	45,308		Ormat Technologies, Inc		2,872
	188,480	g	Orsted AS		16,305
	507,743		Osaka Gas Co Ltd		8,861
	81,040		Otter Tail Corp		4,280
	80,400	*,e	Pampa Energia S.A. (ADR)		2,787
	2,290,000	*,e	Panda Green Energy Group Ltd		66
	220,826		Pattern Energy Group, Inc		5,099
	604,935		Pennon Group plc		5,706
	689,191		Petronas Gas BHD		2,896
	1,047,168	*,b	PG&E Corp		24,001
	880,849		Pinnacle West Capital Corp		82,879
	113,340		PNM Resources, Inc		5,770
	748,123	*	Polska Grupa Energetyczna S.A.		1,924
	260,555		Portland General Electric Co		14,114
	2,173,577		Power Grid Corp of India Ltd		6,516
	303,986		PPL Corp		9,427
	11,287,532		PT Perusahaan Gas Negara Persero Tbk		1,686
	538,988		PTC India Ltd		525
	49,871	*	Public Power Corp		107
	366,730		Public Service Enterprise Group, Inc		21,571
	25,122	*	Pure Cycle Corp		266
	460,690	*	Qatar Electricity & Water Co		2,108
	598,700		Ratch Group PCL		1,304
	324,887		Red Electrica Corp S.A.		6,767
	1,008,456		Redes Energeticas Nacionais S.A.		2,764
	64,662		Reliance Energy Ltd		52
	18,600	*,e	RENOVA, Inc		135
	9,499		RGC Resources, Inc		290
	56,557		Rubis S.C.A		3,184
	1,715,126		RWE AG.		42,322
	14,136		Samchully Co Ltd		1,145
	380,225		Saudi Electricity Co		1,899
	40,048	e,g	Scatec Solar ASA		401
	735,170		Scottish & Southern Energy plc		10,479
	146,900		SDIC Power Holdings Co Ltd		166
	24,363		Sechilienne-Sidec		646
	1,042,507		Sempra Energy		143,282
	222,890		Severn Trent plc		5,798
	199,800		Shenergy Co Ltd		175

181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	184,100		Shenzhen Energy Group Co Ltd	$	166
	149,300		Shikoku Electric Power Co, Inc		1,383
	27,300		Shizuoka Gas Co Ltd		209
	102,600		Sichuan Chuantou Energy Co Ltd		133
	1,327,880		SIIC Environment Holdings Ltd		270
	55,897		SJW Corp		3,397
	128,000	*,†	Sound Global Ltd		0	^
	163,523		South Jersey Industries, Inc		5,516
	687,866		Southern Co		38,025
	150,976		Southwest Gas Corp		13,530
	31,548	e	Spark Energy, Inc		353
	968,000		Spark Infrastructure Group		1,652
	250,900		SPCG PCL		159
	129,230		Spire, Inc		10,845
	307,152	e	Suez Environnement S.A.		4,432
	1,636,500		SUI Northern Gas Pipeline		712
	6,258,600	*	Super Energy Corp PCL (Foreign)		141
	230,954	e	Superior Plus Corp		2,356
	206,450		Taiwan Cogeneration Corp		183
	1,210,543		Tata Power Co Ltd		1,210
	486,212	*	Tauron Polska Energia S.A.		223
	164,632		Telecom Plus plc		2,948
	2,849,641		Tenaga Nasional BHD		9,554
	197,800		Terna Energy S.A.		1,586
	1,849,591		Terna Rete Elettrica Nazionale S.p.A.		11,785
	288,185	e	TerraForm Power, Inc		4,121
	638,800		Thai Tap Water Supply PCL		294
	120,000		Tianjin Development Hldgs Ltd		39
	67,485		Toho Gas Co Ltd		2,488
	506,978		Tohoku Electric Power Co, Inc		5,130
	2,156,853	*	Tokyo Electric Power Co, Inc		11,265
	532,110		Tokyo Gas Co Ltd		12,543
	262,466		Torrent Power Ltd		1,069
	1,012,000		Towngas China Co Ltd		729
	374,551		TransAlta Corp		2,437
	172,723	*,e	TransAlta Renewables, Inc		1,827
	471,200		Transmissora Alianca de Energia Eletrica S.A.		3,333
	308,286		UGI Corp		16,466
	177,105		Uniper SE		5,367
	683,608		United Utilities Group plc		6,805
	90,452		Unitil Corp		5,417
	14,271		Utilities Select Sector SPDR Fund		851
	80,445		Valener, Inc		1,586
	734,314		Veolia Environnement		17,881
	1,067,076		Vistra Energy Corp		24,159
	91,252		WEC Energy Group, Inc		7,608
	627,800		WHA Utilities and Power PCL		118
	430,015		Xcel Energy, Inc		25,582
	17,272		York Water Co		617
	3,239,890		YTL Corp BHD		878
	322,184	*	Zorlu Enerji Elektrik Uretim AS		66
			TOTAL UTILITIES		3,260,793

			TOTAL COMMON STOCKS		114,468,470
			(Cost $103,710,126)

182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
PURCHASED OPTIONS - 0.0%

AUTOMOBILES & COMPONENTS - 0.0%
	50,000		Tesla, Inc	$	1,444
			TOTAL AUTOMOBILES & COMPONENTS		1,444

DIVERSIFIED FINANCIALS - 0.0%
	5,000		S&P 500 Index		190
			TOTAL DIVERSIFIED FINANCIALS		190

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	1,900,000		Intel Corp		5,966
	480,000		Intel Corp		336
	135,000		Micron Technology, Inc		603
	600,000		Micron Technology, Inc		594
	535,000		Micron Technology, Inc		2,022
	250,000		NVIDIA Corp		220
	50,000		NVIDIA Corp		400
	150,000		NVIDIA Corp		1,523
	50,000		NVIDIA Corp		308
	90,000		QUALCOMM, Inc		130
	120,000		QUALCOMM, Inc		370
	2,500		QUALCOMM, Inc		0	^
	2,000		QUALCOMM, Inc		0	^
	2,000		Taiwan Semiconductor Manufacturing Co Ltd		2
	350,000		Texas Instruments, Inc		1,285
	120,000		Texas Instruments, Inc		310
	120,000		Texas Instruments, Inc		91
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		14,160

			TOTAL PURCHASED OPTIONS		15,794
			(Cost $8,206)

PREFERRED STOCKS - 0.0%

REAL ESTATE - 0.0%
	8,497,223	*,†	Ayala Land, Inc		17
			TOTAL REAL ESTATE		17

			TOTAL PREFERRED STOCKS		17
			(Cost $20)

RIGHTS / WARRANTS - 0.0%

CAPITAL GOODS - 0.0%
	79,135	†,e	Abengoa S.A. (B Shares)		0
			TOTAL CAPITAL GOODS		0

COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	230,631	†	Media General, Inc		0
	42,967		Staffline Group plc		10
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		10

183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
CONSUMER DURABLES & APPAREL - 0.0%
	326,236		ACS Actividades de Construccion y Servicios S.A.	$	512
	607,135	e	Sacyr S.A.		36
			TOTAL CONSUMER DURABLES & APPAREL		548

CONSUMER SERVICES - 0.0%
	138,664		Minor International PCL		25
			TOTAL CONSUMER SERVICES		25

ENERGY - 0.0%
	1,852,122	e	Repsol S.A.		1,027
			TOTAL ENERGY		1,027

HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	4,797		Helixmith Co Ltd		137
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		137

MATERIALS - 0.0%
	36,321	†	A Schulman, Inc		16
	192,902	†	Pan American Silver Corp		105
	415,728	†	Pan American Silver Corp		94
	165,430		Syrah Resources Ltd		8
			TOTAL MATERIALS		223

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	11,396		CMG Pharmaceutical Co Ltd		4
	17,790	†,e	Omthera Pharmaceuticals, Inc		11
	20,027	e	Tobira Therapeutics, Inc		1
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		16

REAL ESTATE - 0.0%
	8,917,440		Lippo Karawaci Tbk PT		11
	108,140		Regional REIT Ltd		2
	310,070		Sunway BHD		28
	66,478,080		U City PCL		22
			TOTAL REAL ESTATE		63

SOFTWARE & SERVICES - 0.0%
	30,484	†	Legend Holdings Corp		5
			TOTAL SOFTWARE & SERVICES		5

TRANSPORTATION - 0.0%
	58,929	e	Hertz Global Holdings, Inc		115
			TOTAL TRANSPORTATION		115

UTILITIES - 0.0%
	8,118,175		Enel Americas S.A.		119
			TOTAL UTILITIES		119

			TOTAL RIGHTS / WARRANTS		2,288
			(Cost $1,985)

184

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 2.9%

GOVERNMENT AGENCY DEBT - 0.2%
$	75,000,000		Federal Agricultural Mortgage Corp (FAMC)		2.181	%	07/08/19	$	74,968
	10,000,000		Federal Home Loan Bank (FHLB)		2.100		07/01/19		10,000
	100,000,000		FHLB		2.182		07/18/19		99,896
	92,170,000		FHLB		2.204		08/01/19		91,995
			TOTAL GOVERNMENT AGENCY DEBT						276,859

TREASURY DEBT - 1.0%
	129,140,000		United States Treasury Bill		2.129-2.141		07/09/19		129,083
	82,200,000		United States Treasury Bill		2.271		07/11/19		82,156
	71,720,000		United States Treasury Bill		2.303		07/16/19		71,658
	71,550,000		United States Treasury Bill		2.278		07/25/19		71,457
	98,550,000		United States Treasury Bill		2.281		07/30/19		98,384
	244,530,000		United States Treasury Bill		2.105-2.186		08/13/19		243,928
	116,500,000		United States Treasury Bill		2.057-2.077		08/15/19		116,199
	100,040,000		United States Treasury Bill		2.066		08/20/19		99,751
	105,150,000		United States Treasury Bill		2.132-2.303		08/29/19		104,788
	151,630,000		United States Treasury Bill		2.215-2.284		09/05/19		151,050
			TOTAL TREASURY DEBT						1,168,454

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.7%

CERTIFICATE OF DEPOSIT - 0.4%
	21,000,000		Australia & New Zealand Bank		2.794		01/17/20		21,029
	44,000,000		Australia & New Zealand Bank		2.564		04/27/20		44,000
	78,000,000		Lloyds Bank plc		2.552		09/26/19		78,000
	87,000,000		Mizuho Bank Ltd		2.570		10/02/19		87,000
	86,000,000		National Australia Bank		2.554		05/15/20		86,000
	100,000,000		Natixis		2.641		05/14/20		100,000
	86,500,000		Skandinaviska Enskilda Banken AB		2.551		05/14/20		86,500
			TOTAL CERTIFICATE OF DEPOSIT						502,529

COMMERCIAL PAPER - 0.2%
	68,000,000		Canadian Imperial Bank of Commerce		2.650		10/01/19		68,000
	63,000,000		Cancara Asset Securitisation		0.010		10/01/19		62,586
	46,000,000		National Bank of Canada		2.630		07/01/19		46,000
			TOTAL COMMERCIAL PAPER						176,586

REPURCHASE AGREEMENT - 1.0%
	35,000,000	p	Calyon		2.480		07/01/19		35,000
	114,000,000	q	Citigroup		2.510		07/01/19		114,000
	99,000	r	Citigroup		2.490		07/01/19		99
	40,000,000	s	Deutsche Bank		2.400		07/01/19		40,000
	64,114,000	t	Deutsche Bank		2.400		07/01/19		64,114
	224,000,000	u	Deutsche Bank		2.500		07/01/19		224,000
	50,000,000	v	Goldman Sachs		2.520		07/01/19		50,000
	11,000,000	w	JP Morgan		2.530		07/01/19		11,000
	97,000,000	x	JP Morgan		2.550		07/01/19		97,000
	4,508,000	y	Merrill Lynch		2.480		07/01/19		4,508
	106,602,000	z	Merrill Lynch		2.500		07/01/19		106,602
	100,000,000	aa	Morgan Stanley		2.520		07/01/19		100,000
	128,000,000	ab	Nomura		2.510		07/01/19		128,000

185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	106,000,000	ac	Royal Bank of Scotland		2.500	%	07/01/19	$	106,000
	58,000,000	ad	Societe Generale		2.500		07/01/19		58,000
	4,481,000	ae	Societe Generale		2.480		07/01/19		4,481
			TOTAL REPURCHASE AGREEMENT						1,142,804

VARIABLE RATE SECURITIES - 0.1%
	70,000,000		Bedford Row Funding Corp		2.494		10/15/19		70,000
			TOTAL VARIABLE RATE SECURITIES						70,000

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						1,891,919

			TOTAL SHORT-TERM INVESTMENTS						3,337,232
			(Cost $3,337,100)
			TOTAL INVESTMENTS - 101.4%						117,824,101
			(Cost $107,057,738)
			OTHER ASSETS & LIABILITIES, NET - (1.4)%						(1,682,572	)
			NET ASSETS - 100.0%					$	116,141,529



		Abbreviation(s):
ADR		American Depositary Receipt
ETF		Exchange Traded Fund
GDR		Global Depositary Receipt
NVDR		Non Voting Depositary Receipt
OTC		Over The Counter
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.
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 $2,120,587,977.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/19, the aggregate value of these securities was $803,754,593 or 0.7% of net assets.
n		All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.
p		Agreement with Calyon, 2.48% dated 06/28/19 to be repurchased at $35,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $35,700,000.
q		Agreement with Citigroup, 2.51% dated 06/28/19 to be repurchased at $114,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $116,280,000.
r		Agreement with Citigroup, 2.49% dated 06/28/19 to be repurchased at $99,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $101,000.
s		Agreement with Deutsche Bank, 2.40% dated 06/28/19 to be repurchased at $40,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $40,800,000.

186

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

t		Agreement with Deutsche Bank, 2.40% dated 06/28/19 to be repurchased at $64,114,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $65,396,000.
u		Agreement with Deutsche Bank, 2.50% dated 06/28/19 to be repurchased at $224,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $228,480,000.
v		Agreement with Goldman Sachs, 2.52% dated 06/28/19 to be repurchased at $50,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $51,000,000.
w		Agreement with JP Morgan, 2.53% dated 06/28/19 to be repurchased at $11,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $11,220,000.
x		Agreement with JP Morgan, 2.55% dated 06/28/19 to be repurchased at $97,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $98,940,000.
y		Agreement with Merrill Lynch, 2.48% dated 06/28/19 to be repurchased at $4,508,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $4,598,000.
z		Agreement with Merrill Lynch, 2.50% dated 06/28/19 to be repurchased at $106,602,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $108,734,000.
aa		Agreement with Morgan Stanley, 2.52% dated 06/28/19 to be repurchased at $100,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $102,000,000.
ab		Agreement with Nomura, 2.51% dated 06/28/19 to be repurchased at $128,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $130,560,000.
ac		Agreement with Royal Bank of Scotland, 2.50% dated 06/28/19 to be repurchased at $106,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $108,120,000.
ad		Agreement with Societe Generale, 2.50% dated 06/28/19 to be repurchased at $58,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $59,160,000.
ae		Agreement with Societe Generale, 2.48% dated 06/28/19 to be repurchased at $4,481,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $4,571,000.

		Cost amounts are in thousands.

Futures contracts outstanding as of June 30, 2019 were as follows (notional amounts and values are in thousands):

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index		290	09/20/19	$	22,165	$	22,723	$	558
S&P 500 E Mini Index		1,893	09/20/19		273,471		278,668		5,197
S&P Mid-Cap 400 E Mini Index		178	09/20/19		33,951		34,710		759
Total		2,361		$	329,587	$	336,101	$	6,514

Purchased options outstanding as of June 30, 2019 were as follows (notional amounts and values are in thousands):

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date	Value
Intel Corp, Call		4,800	$	437	$	48.00	07/05/19	$	336
Intel Corp, Call		19,000		2,945		46.00	08/16/19		5,966
Micron Technology, Inc, Call		1,350		147		34.50	07/05/19		603
Micron Technology, Inc, Call		5,350		712		35.00	07/05/19		2,022
Micron Technology, Inc, Call		6,000		408		38.50	07/05/19		594
NVIDIA Corp, Call		1,500		740		155.00	07/05/19		1,523
NVIDIA Corp, Call		500		139		157.50	07/05/19		400
NVIDIA Corp, Call		500		149		160.00	07/05/19		308
NVIDIA Corp, Call		2,500		214		172.50	07/05/19		220
QUALCOMM, Inc, Call		1,200		192		73.00	07/05/19		370
QUALCOMM, Inc, Call		900		131		76.00	07/05/19		130
QUALCOMM, Inc, Call		20		6		92.50	07/19/19		0	^
QUALCOMM, Inc, Put		25		6		64.00	07/12/19		0	^
S&P 500 Index, Put		50		330		2,600.00	12/20/19		190
Taiwan Semiconductor Manufacturing Co Ltd, Call		20		2		42.00	10/18/19		2
Tesla, Inc, Call		500		578		210.00	08/16/19		1,444

187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date	Value
Texas Instruments, Inc, Call		3,500	$	725	$	112.00	07/05/19	$	1,285
Texas Instruments, Inc, Call		1,200		199		114.00	07/05/19		310
Texas Instruments, Inc, Call		1,200		146		118.00	07/05/19		91
Total		50,115	$	8,206				$	15,794

^ Amount represents less than $1,000.

Written options outstanding as of June 30, 2019 were as follows (notional amounts and values are in thousands):

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
AbbVie, Inc, Put		30	$	(2	)	$	65.00	07/19/19	$	(1	)
Align Technology, Inc, Call		20		(45	)		350.00	10/18/19		(8	)
Align Technology, Inc, Put		20		(26	)		240.00	10/18/19		(24	)
Amazon.com, Inc, Call		29		(16	)		2,100.00	07/19/19		(5	)
Apple, Inc, Call		25		(13	)		230.00	10/18/19		(5	)
Apple, Inc, Call		50		(23	)		230.00	01/17/20		(21	)
Apple, Inc, Put		25		(8	)		170.00	07/19/19		(1	)
Apple, Inc, Put		75		(34	)		170.00	10/18/19		(21	)
Arista Networks, Inc, Call		30		(15	)		300.00	08/16/19		(13	)
Arista Networks, Inc, Put		20		(7	)		200.00	08/16/19		(4	)
Broadcom, Inc, Put		20		(5	)		230.00	07/19/19		(1	)
Cree, Inc, Put		30		(1	)		50.00	07/05/19		(0	)^
Intel Corp, Call		4,800		(52	)		51.00	07/05/19		(19	)
Intel Corp, Call		19,000		(879	)		50.00	08/16/19		(2,109	)
Intel Corp, Put		16,000		(935	)		35.00	10/18/19		(336	)
Kohl’s Corp, Call		40		(2	)		55.00	07/19/19		(0	)^
Kohl’s Corp, Put		20		(2	)		37.50	10/18/19		(2	)
Kohl’s Corp, Put		20		(3	)		40.00	10/18/19		(3	)
Micron Technology, Inc, Call		1,350		(46	)		37.50	07/05/19		(224	)
Micron Technology, Inc, Call		5,350		(233	)		38.00	07/05/19		(690	)
Micron Technology, Inc, Call		6,000		(66	)		41.00	07/05/19		(138	)
Microsoft Corp, Call		470		(230	)		135.00	08/16/19		(190	)
Microsoft Corp, Call		30		(6	)		145.00	09/20/19		(5	)
Microsoft Corp, Call		30		(3	)		155.00	10/18/19		(2	)
Microsoft Corp, Put		30		(2	)		125.00	07/19/19		(2	)
NVIDIA Corp, Call		1,500		(126	)		170.00	07/05/19		(211	)
NVIDIA Corp, Call		500		(17	)		175.00	07/05/19		(28	)
NVIDIA Corp, Call		3,000		(101	)		177.50	07/05/19		(108	)
QUALCOMM, Inc, Call		1,200		(52	)		77.00	07/05/19		(119	)
QUALCOMM, Inc, Call		900		(28	)		80.00	07/05/19		(25	)
QUALCOMM, Inc, Call		40		(3	)		105.00	07/19/19		(0	)^
QUALCOMM, Inc, Call		30		(3	)		80.00	08/16/19		(7	)
QUALCOMM, Inc, Call		25		(7	)		80.00	10/18/19		(8	)
QUALCOMM, Inc, Put		25		(3	)		60.00	07/12/19		(1	)
QUALCOMM, Inc, Put		20		(4	)		60.00	10/18/19		(2	)
S&P 500 Index, Call		20		(20	)		3,020.00	07/26/19		(22	)
S&P 500 Index, Call		50		(149	)		3,050.00	12/20/19		(280	)
S&P 500 Index, Put		50		(177	)		2,400.00	12/20/19		(93	)
salesforce.com, Inc, Call		30		(1	)		180.00	07/19/19		(0	)^
Taiwan Semiconductor Manufacturing Co Ltd, Call		20		(0	)^		49.00	10/18/19		(0	)^
Taiwan Semiconductor Manufacturing Co Ltd, Put		20		(2	)		34.00	10/18/19		(1	)

188

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Teradata Corp, Call		30	$	(2	)	$	45.00	10/18/19	$	(1	)
Teradata Corp, Put		30		(5	)		35.00	10/18/19		(6	)
Tesla, Inc, Call		500		(229	)		240.00	08/16/19		(677	)
Tesla, Inc, Put		500		(369	)		140.00	08/16/19		(79	)
Texas Instruments, Inc, Call		3,500		(171	)		117.00	07/05/19		(339	)
Texas Instruments, Inc, Call		1,200		(36	)		119.00	07/05/19		(65	)
Texas Instruments, Inc, Call		1,200		(41	)		121.00	07/05/19		(25	)
Total		67,904	$	(4,200	)				$	(5,921	)

^ Amount represents less than $1,000.

Forward foreign currency contracts outstanding as of June 30, 2019 were as follows (dollar amounts are in thousands):

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation)
EUR	6,500	$	7,354	Bank of America	07/09/19	$	43
Total						$	43
$	7,511	CAD	10,000	Morgan Stanley	07/09/19	$	(127	)
$	8,506	GBP	6,500	Morgan Stanley	07/09/19		248
$	4,986	SEK	46,000	Morgan Stanley	07/09/19		29
JPY	110,000	$	992	Morgan Stanley	07/09/19		29
$	22,402	CAD	30,000	Morgan Stanley	09/16/19		(540	)
$	13,269	GBP	10,500	Morgan Stanley	09/16/19		(113	)
Total						$	(474	)
Total						$	(431	)

	Abbreviation(s):
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
SEK	Swedish Krona

189

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)

June 30, 2019

Country	Value (000)		% of total portfolio
DOMESTIC

UNITED STATES	$	82,384,375		69.9	%
TOTAL DOMESTIC		82,384,375		69.9
FOREIGN

ARGENTINA		23,875		0.0
AUSTRALIA		1,677,171		1.4
AUSTRIA		241,435		0.2
BAHAMAS		783		0.0
BELGIUM		163,944		0.1
BERMUDA		46,896		0.0
BRAZIL		752,626		0.6
CANADA		2,319,115		2.0
CAYMAN ISLANDS		625		0.0
CHILE		101,487		0.1
CHINA		2,636,129		2.3
COLOMBIA		31,544		0.0
COTE D’IVOIRE		1,588		0.0
CYPRUS		64		0.0
CZECH REPUBLIC		37,007		0.0
DENMARK		480,993		0.4
EGYPT		16,651		0.0
FAROE ISLANDS		1,340		0.0
FINLAND		239,586		0.2
FRANCE		2,506,251		2.1
GEORGIA		1,021		0.0
GERMANY		1,695,428		1.5
GHANA		8,217		0.0
GREECE		29,248		0.0
GUERNSEY, C.I.		2,534		0.0
HONG KONG		823,541		0.7
HUNGARY		27,027		0.0
INDIA		929,160		0.8
INDONESIA		172,447		0.2
IRELAND		343,867		0.3
ISRAEL		136,808		0.1
ITALY		635,434		0.5
JAPAN		5,651,783		4.8
JERSEY, C.I.		1,610		0.0
JORDAN		15,924		0.0
KAZAKHSTAN		13,750		0.0
KENYA		9,775		0.0
KOREA, REPUBLIC OF		1,094,806		0.9
LIECHTENSTEIN		1,236		0.0
LUXEMBOURG		32,267		0.0
MACAU		52,268		0.0
MACEDONIA		3,326		0.0
MALAYSIA		177,979		0.2
MALTA		2,515		0.0

190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

Country	Value (000)		% of total portfolio
MEXICO	$	207,238		0.2	%
MONACO		13,071		0.0
MONGOLIA		1,316		0.0
MYANMAR		723		0.0
NETHERLANDS		1,463,583		1.2
NEW ZEALAND		80,725		0.1
NORWAY		187,788		0.2
PAKISTAN		10,258		0.0
PANAMA		7,007		0.0
PERU		42,846		0.0
PHILIPPINES		107,072		0.1
POLAND		85,586		0.1
PORTUGAL		40,497		0.0
PUERTO RICO		53,573		0.1
QATAR		78,382		0.1
ROMANIA		7,874		0.0
RUSSIA		332,244		0.3
SAUDI ARABIA		85,524		0.1
SINGAPORE		261,771		0.2
SLOVENIA		10,461		0.0
SOUTH AFRICA		514,592		0.4
SPAIN		564,771		0.5
SWEDEN		583,812		0.5
SWITZERLAND		2,067,350		1.8
TAIWAN		1,087,202		0.9
TANZANIA, UNITED REPUBLIC OF		259		0.0
THAILAND		281,905		0.3
TURKEY		73,173		0.1
UKRAINE		8,308		0.0
UNITED ARAB EMIRATES		60,603		0.1
UNITED KINGDOM		3,901,203		3.3
URUGUAY		63,365		0.1
VIETNAM		381		0.0
ZAMBIA		14,182		0.0
TOTAL FOREIGN		35,439,726		30.1

TOTAL PORTFOLIO	$	117,824,101		100.0	%

191

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND

GLOBAL EQUITIES ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.3%

ARGENTINA - 0.0%
	5,000		Banco Macro S.A. (ADR) (Class B)	$	364
	7,000		BBVA Banco Frances S.A. (ADR)		79
	3,718	*	Globant S.A.		376
	11,400		Grupo Financiero Galicia S.A. (ADR) (Class B)		405
	189,242	*	Loma Negra Cia Industrial Argentina S.A. (ADR)		2,214
	878	*	MercadoLibre, Inc		537
	6,900	*,e	Pampa Energia S.A. (ADR)		239
	9,100	e	Telecom Argentina S.A. (ADR) (Class B)		161
	8,900		Transportadora de Gas del Sur S.A. (ADR) (Class B)		129
	22,400		YPF S.A. (ADR) (Class D)		408
			TOTAL ARGENTINA		4,912

AUSTRALIA - 1.8%
	920,240	*,e	Afterpay Touch Group Ltd		16,307
	74,830		AGL Energy Ltd		1,052
	114,581	e	Alumina Ltd		188
	386,008		AMP Ltd		576
	148,466		APA Group (ASE)		1,126
	26,045		Aristocrat Leisure Ltd		563
	76,914		AusNet Services		101
	1,635,287		Australia & New Zealand Banking Group Ltd		32,459
	39,935		Australian Stock Exchange Ltd		2,314
	681,005	*	AZ BGP Holdings		2
	18,489	e	Bank of Queensland Ltd		124
	21,309		Bendigo Bank Ltd		174
	3,312,691	e	BHP Billiton Ltd		96,295
	571,760		BHP Group plc		14,622
	24,610		BlueScope Steel Ltd		209
	53,393		Boral Ltd		193
	73,112		Brambles Ltd		662
	11,736		Caltex Australia Ltd		204
	85,651		Challenger Financial Services Group Ltd		400
	4,258		CIMIC Group Ltd		134
	22,759		Coca-Cola Amatil Ltd		163
	19,579		Cochlear Ltd		2,851
	51,347	*	Coles Group Ltd		482
	80,220		Commonwealth Bank of Australia		4,668
	22,668		Computershare Ltd		259
	17,064		Crown Resorts Ltd		149
	101,241		CSL Ltd		15,330
	100,936		Dexus Property Group		921
	2,641	e	Domino’s Pizza Enterprises Ltd		70
	2,523		Flight Centre Travel Group Ltd		74
	8,681,243		Fortescue Metals Group Ltd		55,209
	157,173		GPT Group (ASE)		679

192

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	24,938	e	Harvey Norman Holdings Ltd	$	71
	734,200		IDP Education Ltd		9,129
	74,856		Incitec Pivot Ltd		179
	1,340,000		Ingenia Communities Group		3,052
	309,779		Insurance Australia Group Ltd		1,799
	24,987		Lend Lease Corp Ltd		228
	190,085		Macquarie Goodman Group		2,009
	39,854		Macquarie Group Ltd		3,515
	125,228		Medibank Pvt Ltd		307
	322,268		Mirvac Group		709
	268,000	*	MMG Ltd		94
	125,569		National Australia Bank Ltd		2,359
	34,899		Newcrest Mining Ltd		784
	61,635	e	Oil Search Ltd		307
	17,544		Orica Ltd		250
	79,612		Origin Energy Ltd		409
	4,170	e	Perpetual Trustees Australia Ltd		124
	92,965		Qantas Airways Ltd		353
	161,690		QBE Insurance Group Ltd		1,345
	90,470		QR National Ltd		344
	11,157		Ramsay Health Care Ltd		566
	2,432		REA Group Ltd		164
	36,862	e	Rio Tinto Ltd		2,699
	944,169		Rio Tinto plc		58,438
	78,582		Santos Ltd		392
	4,093,294		Scentre Group		11,047
	15,106		Seek Ltd		225
	64,633		Sonic Healthcare Ltd		1,232
	230,188		South32 Ltd		516
	340,932		Stockland Trust Group		1,000
	159,898		Suncorp-Metway Ltd		1,514
	51,032		Sydney Airport		288
	90,466		Tabcorp Holdings Ltd		283
	552,957		Telstra Corp Ltd		1,495
	17,155		TPG Telecom Ltd		78
	231,526		Transurban Group (ASE)		2,397
	32,330	e	Treasury Wine Estates Ltd		340
	255,277		Vicinity Centres		440
	201,772	*	Virgin Australia Holdings Ltd		24
	5,296		Washington H Soul Pattinson & Co Ltd		82
	102,964		Wesfarmers Ltd		2,617
	156,606	e	Westpac Banking Corp		3,121
	80,388	e	Woodside Petroleum Ltd		2,062
	116,002		Woolworths Ltd		2,709
	13,862	e	WorleyParsons Ltd		144
			TOTAL AUSTRALIA		369,800

AUSTRIA - 0.0%
	3,169		Andritz AG.		119
	200,187		Erste Bank der Oesterreichischen Sparkassen AG.		7,424
	8,469		Oest Elektrizitatswirts AG. (Class A)		444
	6,406		OMV AG.		312
	6,299		Raiffeisen International Bank Holding AG.		148

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	4,772		Voestalpine AG.	$	147
			TOTAL AUSTRIA		8,594

BELGIUM - 0.1%
	7,915		Ageas		412
	110,144		Anheuser-Busch InBev S.A.		9,747
	2,899		Befimmo SCA Sicafi		167
	2,319		Cofinimmo		301
	2,536		Colruyt S.A.		147
	3,580		Groupe Bruxelles Lambert S.A.		352
	10,781		KBC Groep NV		707
	6,666		Proximus plc		197
	3,322		Solvay S.A.		345
	2,084		Telenet Group Holding NV		116
	5,506		UCB S.A.		457
	8,719	e	Umicore S.A.		280
	1,197		Warehouses De Pauw SCA		201
			TOTAL BELGIUM		13,429

BERMUDA - 0.0%
	849		RenaissanceRe Holdings Ltd		151
	155,247	*	Third Point Reinsurance Ltd		1,602
			TOTAL BERMUDA		1,753

BRAZIL - 1.6%
	517,900		AMBEV S.A.		2,413
	87,100	*	Arco Platform Ltd		3,813
	39,100		Atacadao Distribuicao Comercio e Industria Ltd		224
	7,470,938	*	B2W Companhia Global Do Varejo		63,660
	223,300		B3 S.A.-Brasil Bolsa Balcao		2,178
	124,720		Banco Bradesco S.A.		1,086
	527,940		Banco Bradesco S.A. (Preference)		5,189
	23,400		Banco BTG Pactual S.A.		310
	403,832		Banco do Brasil S.A.		5,673
	340,800	g	Banco Inter S.A.		5,406
	2,497,018		Banco Itau Holding Financeira S.A.		23,579
	42,500		Banco Santander Brasil S.A.		503
	75,000		BB Seguridade Participacoes S.A.		632
	81,200		BR Malls Participacoes S.A.		303
	22,100	*	Braskem S.A.		202
	63,800	*	BRF S.A.		491
	22,800	*	Centrais Eletricas Brasileiras S.A.		209
	25,900	*	Centrais Eletricas Brasileiras S.A. (Preference)		243
	2,126,400		Cia Brasileira de Distribuicao Grupo Pao de Acucar		52,430
	415,500		Cia Brasileira de Distribuicao Grupo Pao de Acucar (ADR)		10,171
	136,200		Cia de Concessoes Rodoviarias		485
	37,200		Cia de Saneamento Basico do Estado de Sao Paulo		458
	99,900		Cia Energetica de Minas Gerais		386
	66,500		Cia Siderurgica Nacional S.A.		289
	142,300		Cielo S.A.		249
	18,600		Cosan SA Industria e Comercio		224
	78,700		Empresa Brasileira de Aeronautica S.A.		398

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	17,200		Energisa S.A.	$	206
	21,550		Engie Brasil Energia S.A.		244
	17,900		Equatorial Energia S.A.		428
	2,111,956	e	Gerdau S.A. (ADR)		8,216
	119,100		Gerdau S.A. (Preference)		471
	44,600		Hypermarcas S.A.		348
	1,175,340		Investimentos Itau S.A. - PR		3,945
	15,100		IRB Brasil Resseguros S		387
	115,500		JBS S.A.		638
	78,800		Klabin S.A.		336
	166,100		Kroton Educacional S.A.		475
	523,500		Linx S.A.		4,860
	1,693,900		Localiza Rent A Car		18,077
	11,149,497		Lojas Americanas S.A.(Preference)		47,822
	83,480		Lojas Renner S.A.		1,025
	9,900		M Dias Branco S.A.		100
	256,700		Magazine Luiza S.A.		14,113
	28,900		Multiplan Empreendimentos Imobiliarios S.A.		209
	21,000		Natura Cosmeticos S.A.		309
	33,200		Notre Dame Intermedica Participacoes S.A.		349
	644,128	*	Pagseguro Digital Ltd		25,102
	37,300		Petrobras Distribuidora S.A.		243
	673,500		Petroleo Brasileiro S.A.		5,265
	912,500		Petroleo Brasileiro S.A. (Preference)		6,514
	9,600		Porto Seguro S.A.		129
	24,900		Raia Drogasil S.A.		494
	118,900	*	Rumo S.A.		642
	24,600		Sul America SA		240
	60,080		Suzano Papel e Celulose S.A.		514
	48,600	*	Telefonica Brasil S.A.		632
	92,100		Tim Participacoes S.A.		279
	82,800		Ultrapar Participacoes S.A.		433
	846,200		Vale S.A.		11,419
	92,360		Weg S.A.		514
			TOTAL BRAZIL		336,182

CANADA - 2.5%
	30,674	e	Agnico-Eagle Mines Ltd		1,573
	630,525		Alimentation Couche Tard, Inc		39,679
	13,218	e	AltaGas Ltd		200
	3,398		Atco Ltd		115
	33,517	*,e	Aurora Cannabis, Inc		263
	353,926		Bank of Montreal		26,735
	172,588		Bank of Nova Scotia		9,270
	5,103,044		Barrick Gold Corp (Canada)		80,547
	7,546		BCE, Inc		343
	24,974	*	Blackberry Ltd (New)		186
	11,596		Boardwalk REIT		353
	101,599	*	Bombardier, Inc		171
	101,593		Brookfield Asset Management, Inc		4,860
	13,106		CAE, Inc		352
	18,832		Cameco Corp (Toronto)		202
	4,638		Canadian Apartment Properties REIT		171

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	55,856	e	Canadian Imperial Bank of Commerce	$	4,392
	74,894		Canadian National Railway Co		6,931
	58,364		Canadian Natural Resources Ltd (Canada)		1,574
	237,564		Canadian Pacific Railway Ltd (Toronto)		55,952
	2,886		Canadian Tire Corp Ltd		314
	6,414		Canadian Utilities Ltd		181
	9,908	*,e	Canopy Growth Corp (Toronto)		400
	7,222		CCL Industries		354
	1,154,493		Cenovus Energy, Inc (Toronto)		10,182
	158,543	*	CGI, Inc		12,189
	11,378		CI Financial Corp		185
	975		Constellation Software, Inc		919
	8,783	*,e	Cronos Group, Inc		141
	317,009	*	Descartes Systems Group, Inc		11,728
	643,624		Dollarama, Inc		22,643
	2,736		Emera, Inc		112
	8,173		Empire Co Ltd		206
	139,041		Enbridge, Inc (Toronto)		5,022
	71,479	e	EnCana Corp		367
	3,234,841		Entertainment One Ltd		16,339
	4,291		Fairfax Financial Holdings Ltd		2,106
	13,526	e	First Capital Realty, Inc		226
	30,989		Fortis, Inc		1,224
	9,028		Franco-Nevada Corp		766
	3,811		George Weston Ltd		289
	10,046		Gildan Activewear, Inc		389
	27,282		Great-West Lifeco, Inc		628
	24,182		H&R Real Estate Investment Trust		422
	17,335		Husky Energy, Inc		164
	15,569	g	Hydro One Ltd		272
	5,235		iA Financial Corp, Inc		213
	3,731		IGM Financial, Inc		106
	13,203		Imperial Oil Ltd		366
	68,395		Intact Financial Corp		6,321
	18,911	e	Inter Pipeline Ltd		294
	10,367		Keyera Corp		267
	82,500	*	Kinaxis, Inc		5,145
	60,679	*	Kinross Gold Corp		234
	9,664		Kirkland Lake Gold Ltd		416
	163,900	*	Lightspeed POS, Inc		4,557
	8,954		Loblaw Cos Ltd		458
	15,460		Magna International, Inc		769
	502,642		Manulife Financial Corp (Toronto)		9,135
	3,172		Methanex Corp		144
	12,012		Metro, Inc		451
	31,161		National Bank of Canada		1,480
	350,719	e	Nutrien Ltd (Toronto)		18,761
	10,094		Onex Corp		609
	27,669		Open Text Corp		1,142
	24,581		Pembina Pipeline Income Fund		915
	59,107		Power Corp Of Canada		1,273
	34,029	e	Power Financial Corp		783
	10,398	e	PrairieSky Royalty Ltd		146

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	8,291		Quebecor, Inc	$	197
	220,617		Recipe Unlimited Corp		4,448
	231,946	e	Restaurant Brands International, Inc		16,129
	11,440	e	Restaurant Brands International, Inc (Toronto)		796
	53,712		RioCan Real Estate Investment Trust		1,066
	17,577		Rogers Communications, Inc (Class B)		941
	226,133		Royal Bank of Canada		17,971
	11,036		Saputo, Inc		330
	22,329		Shaw Communications, Inc (B Shares)		456
	61,655	*	Shopify, Inc (Class A) (Toronto)		18,530
	15,153		Smart Real Estate Investment Trust		384
	8,454		SNC-Lavalin Group, Inc		171
	365,626	*,g	Spin Master Corp		10,573
	10,239	*	Stars Group, Inc		175
	92,852		Sun Life Financial, Inc		3,845
	827,713		Suncor Energy, Inc		25,820
	192,636	e	TC Energy Corp		9,550
	50,971		Teck Cominco Ltd		1,176
	9,754		TELUS Corp		361
	24,456		Thomson Reuters Corp		1,578
	447,274		Toronto-Dominion Bank		26,135
	12,225		Tourmaline Oil Corp		156
	7,041	e	Vermilion Energy, Inc		153
	8,325		West Fraser Timber Co Ltd		379
	21,524		Wheaton Precious Metals Corp		521
	5,052		WSP Global, Inc		278
			TOTAL CANADA		517,741

CHILE - 0.1%
	343,111		Aguas Andinas S.A.		202
	465,884		Antofagasta plc		5,503
	3,230,180		Banco de Chile		476
	4,317		Banco de Credito e Inversiones		298
	13,911,511		Banco Santander Chile S.A.		1,037
	162,805		Centros Comerciales Sudamericanos S.A.		320
	15,257		Cia Cervecerias Unidas S.A.		215
	933,778		Colbun S.A.		193
	11,808,976		Corpbanca S.A.		99
	38,370		Embotelladora Andina S.A.		139
	15,178	*	Empresa Nacional de Telecomunicaciones S.A.		155
	244,485		Empresas CMPC S.A.		671
	93,167		Empresas COPEC S.A.		1,021
	3,127,094		Enersis Chile S.A.		297
	8,025,979		Enersis S.A.		1,415
	32,106		Lan Airlines S.A.		302
	31,874		Lundin Mining Corp		175
	169,393		SACI Falabella		1,106
	23,402		Sociedad Quimica y Minera de Chile S.A. (Class B)		727
			TOTAL CHILE		14,351

CHINA - 3.6%
	175,500	e,g	3SBio, Inc		301
	2,800	*	51job, Inc (ADR)		211

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	10,200	*	58.COM, Inc (ADR)	$	634
	83,500		AAC Technologies Holdings, Inc		472
	7,400		AECC Aviation Power Co Ltd		25
	154,000		Agile Property Holdings Ltd		206
	6,244,000	*	Agricultural Bank of China Ltd		2,613
	279,000		Agricultural Bank of China Ltd (Class A)		146
	13,390		Aier Eye Hospital Group Co Ltd		60
	2,500		Air China Ltd		4
	196,000		Air China Ltd (H shares)		197
	5,200		Aisino Corp		17
	947,972	*	Alibaba Group Holding Ltd (ADR)		160,634
	384,000	*,e	Alibaba Health Information Technology Ltd		368
	470,000	*	Aluminum Corp of China Ltd		167
	41,500	*	Aluminum Corp of China Ltd (Class A)		24
	195,000	e	Angang New Steel Co Ltd		89
	11,830		Angang Steel Co Ltd		7
	136,500		Anhui Conch Cement Co Ltd		854
	14,700		Anhui Conch Cement Co Ltd (Class A)		89
	712,374		Anhui Kouzi Distillery Co Ltd		6,700
	118,000		Anta Sports Products Ltd		814
	7,300	*	Anxin Trust Co Ltd		5
	11,500	*,e	Autohome, Inc (ADR)		985
	5,000		AVIC Aircraft Co Ltd		12
	291,000		AviChina Industry & Technology Co		159
	198,500	g	BAIC Motor Corp Ltd		125
	74,200	*	Baidu, Inc (ADR)		8,708
	77,500		Bank of Beijing Co Ltd		67
	127,300		Bank of China Ltd		69
	21,606,000		Bank of China Ltd (Hong Kong)		9,117
	153,800		Bank of Communications Co Ltd		137
	980,000		Bank of Communications Co Ltd (Hong Kong)		744
	31,900		Bank of Jiangsu Co Ltd		34
	28,900		Bank of Nanjing Co Ltd		35
	16,800		Bank of Ningbo Co Ltd		59
	33,940		Bank of Shanghai Co Ltd		59
	73,000		Baoshan Iron & Steel Co Ltd		69
	4,188	*,e	Baozun, Inc (ADR)		209
	12,500		BBMG Corp		7
	266,000		BBMG Corp (Class H)		85
	1,500	*	BeiGene Ltd (ADR)		186
	200,000		Beijing Capital International Airport Co Ltd		175
	59,000		Beijing Enterprises Holdings Ltd		300
	614,000		Beijing Enterprises Water Group Ltd		365
	10,900		Beijing Tongrentang Co Ltd		46
	129,300		BOE Technology Group Co Ltd		65
	332,000	e	Brilliance China Automotive Holdings Ltd		367
	6,200		BYD Co Ltd		46
	72,500	e	BYD Co Ltd (H shares)		438
	74,000	e	BYD Electronic International Co Ltd		106
	12,400		Caitong Securities Co Ltd		20
	1,294,000	g	CGN Power Co Ltd		356
	16,600		Changjiang Securities Co Ltd		19
	261,000		China Agri-Industries Holdings Ltd		84

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	9,579,000	*,†,e	China Animal Healthcare Ltd	$	12
	126,000	e	China Aoyuan Property Group Ltd		177
	998,000		China Cinda Asset Management Co Ltd		230
	1,047,000		China Citic Bank		596
	20,000		China CITIC Bank Corp Ltd		17
	275,000		China Coal Energy Co		115
	10,400		China Communications Construction Co Ltd		17
	516,000		China Communications Construction Co Ltd (Hong Kong)		461
	266,000		China Communications Services Corp Ltd		206
	181,000		China Conch Venture Holdings Ltd		640
	57,400		China Construction Bank Corp		62
	23,859,000		China Construction Bank Corp (Hong Kong)		20,567
	310,000	*,e	China COSCO Holdings Co Ltd		121
	9,700		China Eastern Airlines Corp Ltd		9
	148,000		China Eastern Airlines Corp Ltd (H Shares)		87
	70,000	e	China Education Group Holdings Ltd		110
	157,500		China Everbright Bank Co Ltd		87
	372,000		China Everbright Bank Co Ltd (Hong Kong)		171
	10,480,392		China Everbright International Ltd		9,680
	108,000		China Everbright Ltd		160
	200,000	e	China Evergrande Group		560
	9,241	*	China Fortune Land Development Co Ltd		44
	392,000		China Galaxy Securities Co Ltd		233
	7,400	*	China Gezhouba Group Co Ltd		7
	6,843	*	China Grand Automotive Services Co Ltd		4
	197,500		China Hongqiao Group Ltd		139
	1,168,000	*,g	China Huarong Asset Management Co Ltd		203
	177,000		China Insurance International Holdings Co Ltd		474
	136,400	e,g	China International Capital Corp Ltd		275
	6,300		China International Travel Service Corp Ltd		81
	1,645,000		China Life Insurance Co Ltd		4,066
	9,700		China Life Insurance Co Ltd (Class A)		40
	30,200	*,e,g	China Literature Ltd		142
	381,000		China Longyuan Power Group Corp		245
	179,000		China Medical System Holdings Ltd		164
	300,000		China Mengniu Dairy Co Ltd		1,163
	432,500		China Merchants Bank Co Ltd		2,146
	72,300		China Merchants Bank Co Ltd (Class A)		379
	154,000		China Merchants Holdings International Co Ltd		262
	19,000		China Merchants Securities Co Ltd		47
	22,800	*	China Merchants Shekou Industrial Zone Holdings Co Ltd		70
	127,700		China Minsheng Banking Corp Ltd		118
	822,300		China Minsheng Banking Corp Ltd (Hong Kong)		569
	1,659,500		China Mobile Hong Kong Ltd		15,108
	441,000	e	China Molybdenum Co Ltd		140
	65,100		China Molybdenum Co Ltd (Class A)		38
	436,000		China National Building Material Co Ltd		381
	19,500		China National Chemical Engineering Co Ltd		17
	47,300		China National Nuclear Power Co Ltd		38
	6,000		China Northern Rare Earth Group High-Tech Co Ltd		11
	234,000		China Oilfield Services Ltd		232
	134,000		China Oriental Group Co Ltd		78
	1,070,200		China Overseas Land & Investment Ltd		3,950

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	23,000		China Pacific Insurance Group Co Ltd	$	123
	588,000		China Pacific Insurance Group Co Ltd (Hong Kong)		2,300
	570,000	e	China Power International Development Ltd		139
	227,500		China Railway Construction Corp		279
	42,913		China Railway Construction Corp Ltd		62
	449,000		China Railway Group Ltd		341
	166,000	g	China Railway Signal & Communication Corp Ltd		121
	728,000		China Reinsurance Group Corp		130
	160,000		China Resources Beer Holdings Company Ltd		760
	106,000		China Resources Gas Group Ltd		526
	953,836		China Resources Land Ltd		4,200
	194,000	g	China Resources Pharmaceutical Group Ltd		219
	238,000		China Resources Power Holdings Co		347
	8,400	*	China Resources Sanjiu Medical & Pharmaceutical Co Ltd		36
	22,300		China Shenhua Energy Co Ltd		66
	987,500		China Shenhua Energy Co Ltd (Hong Kong)		2,068
	75,100		China Shipbuilding Industry Co Ltd		61
	180,000		China Shipping Development Co Ltd		106
	196,000		China Southern Airlines Co Ltd		136
	24,400		China Southern Airlines Co Ltd (Class A)		27
	147,920		China State Construction Engineering Corp Ltd		124
	232,000		China State Construction International Holdings Ltd		238
	1,594,000		China Telecom Corp Ltd		803
	4,600,000	g	China Tower Corp Ltd		1,208
	698,000		China Unicom Ltd		763
	116,800		China United Network Communications Ltd		105
	172,800		China Vanke Co Ltd		648
	34,700		China Vanke Co Ltd (Class A)		141
	58,100	*	China Yangtze Power Co Ltd		152
	157,200	e	China Zhongwang Holdings Ltd		79
	289,000		Chongqing Rural Commercial Bank		157
	12,500		Chongqing Zhifei Biological Products Co Ltd		79
	302,000		CIFI Holdings Group Co Ltd		199
	644,000		Citic Pacific Ltd		927
	251,000	e	CITIC Securities Co Ltd		524
	36,300		CITIC Securities Co Ltd (Class A)		126
	4,905,000		CNOOC Ltd		8,367
	2,700	*	Contemporary Amperex Technology Co Ltd		27
	202,160		COSCO Pacific Ltd		199
	823,000		Country Garden Holdings Co Ltd		1,251
	137,000	*	Country Garden Services Holdings Co Ltd		317
	516,000		CRRC Corp Ltd		431
	89,600		CRRC Corp Ltd (Class A)		106
	762,000		CSPC Pharmaceutical Group Ltd		1,229
	107,900	*	Ctrip.com International Ltd (ADR)		3,983
	234,000	g	Dali Foods Group Co Ltd		155
	66,900		Daqin Railway Co Ltd		79
	396,000		Datang International Power Generation Co Ltd		99
	5,900		Dong-E-E-Jiao Co Ltd		34
	304,000		Dongfeng Motor Group Co Ltd		249
	21,900		East Money Information Co Ltd		43
	88,700	e	ENN Energy Holdings Ltd		863
	4,800		Everbright Securities Co Ltd		8

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	4,917	*	Fangda Carbon New Material Co Ltd	$	9
	227,000		Far East Horizon Ltd		232
	51,500	*	Focus Media Information Technology Co Ltd		40
	7,800		Foshan Haitian Flavouring & Food Co Ltd		120
	284,000		Fosun International		378
	25,800		Founder Securities Co Ltd		27
	556,000		Franshion Properties China Ltd		338
	192,000		Future Land Development Holdings Ltd		253
	6,300		Future Land Holdings Co Ltd		37
	8,000		Fuyao Glass Industry Group Co Ltd		27
	56,000	g	Fuyao Glass Industry Group Co Ltd (Hong Kong)		174
	108,500		GD Power Development Co Ltd		40
	46,400	*,e	GDS Holdings Ltd (ADR)		1,743
	1,070,000		Geely Automobile Holdings Ltd		1,835
	15,300		Gemdale Corp		27
	102,000	*,e	Genscript Biotech Corp		256
	171,800		GF Securities Co Ltd		204
	20,600		GF Securities Co Ltd (Class A)		41
	5,700		Giant Network Group Co Ltd		15
	1,263,000	*,e	GOME Electrical Appliances Holdings Ltd		136
	364,000	e	Great Wall Motor Co Ltd		261
	11,200		Gree Electric Appliances, Inc of Zhuhai		90
	13,000		Greenland Holdings Corp Ltd		13
	118,000	*	Greentown Service Group Co Ltd		95
	340,000		Guangdong Investments Ltd		672
	90,500		Guanghui Energy Co Ltd		47
	60,200		Guangshen Railway Co Ltd		28
	332,000		Guangzhou Automobile Group Co Ltd		355
	6,600		Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd		39
	120,400	e	Guangzhou R&F Properties Co Ltd		232
	10,000		Guosen Securities Co Ltd		19
	29,000	*	Guotai Junan Securities Co Ltd		78
	94,000	*,g	Guotai Junan Securities Co Ltd (Hong Kong)		167
	73,000		Haitian International Holdings Ltd		152
	10,909,092		Haitong Securities Co Ltd		12,237
	30,400		Haitong Securities Co Ltd (Class A)		63
	33,600		Hangzhou Hikvision Digital Technology Co Ltd		135
	4,230		Hangzhou Robam Appliances Co Ltd		17
	2,200	*	Hangzhou Tigermed Consulting Co Ltd		25
	12,200		Henan Shuanghui Investment & Development Co Ltd		44
	81,500		Hengan International Group Co Ltd		600
	7,280		Hengli Petrochemical Co Ltd		13
	2,408,000	*,e	HengTen Networks Group Ltd		58
	3,200		Hengtong Optic-electric Co Ltd		8
	16,900	*	Hesteel Co Ltd		7
	1,300		Hithink RoyalFlush Information Network Co Ltd		19
	4,760		Hopewell Highway Infrastructure Ltd		2
	50,000	e,g	Hua Hong Semiconductor Ltd		97
	230,000	e	Huadian Power International Corp Ltd		91
	8,040		Huadong Medicine Co Ltd		30
	26,300		Huaneng Power International, Inc		24
	470,000		Huaneng Power International, Inc (Hong Kong)		277
	562,000		Huaneng Renewables Corp Ltd		155

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	187,000	g	Huatai Securities Co Ltd	$	322
	24,200		Huatai Securities Co Ltd (Class A)		79
	31,200	*	Huaxia Bank Co Ltd		35
	8,000		Huayu Automotive Systems Co Ltd		25
	14,500		Huazhu Group Ltd (ADR)		526
	2,210		Hundsun Technologies, Inc		22
	6,100	*,e	Hutchison China MediTech Ltd (ADR)		134
	416,100	*,e	HUYA, Inc (ADR)		10,282
	5,400	*	Iflytek Co Ltd		26
	15,771,000		Industrial & Commercial Bank of China		11,512
	194,300		Industrial & Commercial Bank of China Ltd		167
	70,800		Industrial Bank Co Ltd		189
	19,700		Industrial Securities Co Ltd		19
	86,800		Inner Mongolia BaoTou Steel Union Co Ltd		21
	22,900		Inner Mongolia Yili Industrial Group Co Ltd		112
	130,700		Inner Mongolia Yitai Coal Co		142
	14,700	*,e	IQIYI, Inc (ADR)		304
	184,900	*	JD.com, Inc (ADR)		5,601
	160,000		Jiangsu Express		228
	17,560		Jiangsu Hengrui Medicine Co Ltd		169
	5,900		Jiangsu Yanghe Brewery Joint-Stock Co Ltd		105
	139,000		Jiangxi Copper Co Ltd		185
	5,558		Jiangxi Copper Co Ltd (Class A)		13
	3,700	*	Jiangxi Ganfeng Lithium Co Ltd		13
	14,400		Jointown Pharmaceutical Group Co Ltd		26
	274,000		Kaisa Group Holdings Ltd		135
	73,500		Kingboard Chemical Holdings Ltd		205
	252,000	e	Kingdee International Software Group Co Ltd		273
	96,000	*,e	Kingsoft Corp Ltd		208
	4,300		Kweichow Moutai Co Ltd		618
	137,564		KWG Property Holding Ltd		140
	40,900	e,g	Legend Holdings Corp		97
	800,000		Lenovo Group Ltd		619
	8,700		Lepu Medical Technology Beijing Co Ltd		29
	217,500	*	Li Ning Co Ltd		514
	25,600		Liaoning Cheng Da Co Ltd		54
	150,000		Logan Property Holdings Co Ltd		243
	190,000		Longfor Properties Co Ltd		716
	10,460		LONGi Green Energy Technology Co Ltd		35
	9,770		Luxshare Precision Industry Co Ltd		35
	169,000	e,g	Luye Pharma Group Ltd		123
	5,400		Luzhou Laojiao Co Ltd		64
	234,000		Maanshan Iron & Steel Co Ltd		93
	9,712		Maanshan Iron & Steel Co Ltd (Class A)		5
	13,000	*	Meinian Onehealth Healthcare Holdings Co Ltd		24
	257,500	*,e,g	Meitu, Inc		83
	111,200	*,e	Meituan Dianping (Class B)		977
	61,200		Metallurgical Corp of China Ltd		27
	350,000		Metallurgical Corp of China Ltd (Hong Kong)		94
	13,100		Midea Group Co Ltd		99
	27,600		Momo, Inc (ADR)		988
	4,200		Muyuan Foodstuff Co Ltd		36
	10,800	*	NARI Technology Co Ltd		29

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	15,700		Netease.com (ADR)	$	4,016
	7,500		New China Life Insurance Co Ltd		60
	94,400		New China Life insurance Co Ltd (Hong Kong)		459
	14,500		New Hope Liuhe Co Ltd		37
	30,000	*	New Oriental Education & Technology Group (ADR)		2,897
	74,700	*,e	NIO, Inc (ADR)		191
	3,100	*	Noah Holdings Ltd (ADR)		132
	44,900		Offshore Oil Engineering Co Ltd		37
	3,100		O-film Tech Co Ltd		4
	7,200		Orient Securities Co Ltd		11
	992,000	*	People’s Insurance Co Group of China Ltd		387
	764,000		PICC Property & Casualty Co Ltd		824
	21,800	*,e	Pinduoduo, Inc (ADR)		450
	59,000		Ping An Bank Co Ltd		119
	7,496,000		Ping An Insurance Group Co of China Ltd		90,138
	36,800		Ping An Insurance Group Co of China Ltd (Class A)		476
	42,000		Poly Real Estate Group Co Ltd		78
	924,000	g	Postal Savings Bank of China Co Ltd		549
	37,300	*	Power Construction Corp of China Ltd		29
	24,400	*	Qingdao Haier Co Ltd		62
	28,500		SAIC Motor Corp Ltd		106
	7,000	*	Sanan Optoelectronics Co Ltd		12
	17,800		Sany Heavy Industry Co Ltd		34
	31,700		SDIC Power Holdings Co Ltd		36
	331,500	*,e	Semiconductor Manufacturing International Corp		370
	4,600		SF Holding Co Ltd		23
	33,200		Shaanxi Coal Industry Co Ltd		45
	5,900		Shandong Buchang Pharmaceuticals Co Ltd		22
	7,500	*	Shandong Gold Mining Co Ltd		45
	244,000		Shandong Weigao Group Medical Polymer Co Ltd		221
	26,600		Shanghai Electric Group Co Ltd		21
	352,000	e	Shanghai Electric Group Co Ltd (Hong Kong)		128
	9,600		Shanghai Fosun Pharmaceutical Group Co Ltd		35
	68,000		Shanghai Fosun Pharmaceutical Group Co Ltd (Hong Kong)		206
	53,000		Shanghai Industrial Holdings Ltd		115
	3,100		Shanghai International Airport Co Ltd		38
	31,600		Shanghai International Port Group Co Ltd		31
	139,669		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		169
	13,500		Shanghai Oriental Pearl Group Co Ltd		21
	13,300		Shanghai Pharmaceuticals Holding Co Ltd		35
	113,100		Shanghai Pharmaceuticals Holding Co Ltd (Hong Kong)		222
	96,900		Shanghai Pudong Development Bank Co Ltd		165
	18,279		Shanxi Lu’an Environmental Energy Development Co Ltd		21
	2,600		Shanxi Xinghuacun Fen Wine Factory Co Ltd		26
	17,900		Shanxi Xishan Coal & Electricity Power Co Ltd		16
	55,800		Shenwan Hongyuan Group Co Ltd		41
	5,200	*	Shenzhen Inovance Technology Co Ltd		17
	121,985		Shenzhen International Holdings Ltd		242
	298,000		Shenzhen Investment Ltd		110
	7,900	*	Shenzhen Kangtai Biological Products Co Ltd		60
	1,700		Shenzhen Mindray Bio-Medical Electronics Co Ltd		40

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	8,100		Shenzhen Overseas Chinese Town Co Ltd	$	8
	8,000		Shenzhen Salubris Pharmaceuticals Co Ltd		26
	82,700		Shenzhou International Group Holdings Ltd		1,141
	128,500		Shimao Property Holdings Ltd		392
	430,500		Shui On Land Ltd		100
	9,500		Sichuan Chuantou Energy Co Ltd		12
	8,300		Sichuan Kelun Pharmaceutical Co Ltd		36
	479,000		Sihuan Pharmaceutical Holdings		108
	7,112	*	Sina Corp		307
	338,000		Sino-Ocean Land Holdings Ltd		144
	157,000		Sinopec Engineering Group Co Ltd		133
	506,000		Sinopec Shanghai Petrochemical Co Ltd		202
	45,000		Sinopec Shanghai Petrochemical Co Ltd (Class A)		34
	136,000		Sinopharm Group Co		479
	271,000		Sinotrans Ltd		99
	75,500	e	Sinotruk Hong Kong Ltd		131
	253,500		Soho China Ltd		90
	514,000		Sunac China Holdings Ltd		2,524
	18,800		Suning.com Co Ltd		32
	1,219,800		Sunny Optical Technology Group Co Ltd		12,629
	72,600	*	TAL Education Group (ADR)		2,766
	10,900		Tasly Pharmaceutical Group Co Ltd		26
	6,500		TBEA Co Ltd		7
	4,316,400		Tencent Holdings Ltd		195,271
	10,700	*,e	Tencent Music Entertainment (ADR)		160
	1,500		Tianqi Lithium Corp		6
	9,840,000		Tingyi Cayman Islands Holding Corp		16,439
	83,000	e	Tong Ren Tang Technologies Co Ltd		99
	11,500		Tonghua Dongbao Pharmaceutical Co Ltd		26
	12,600		Tongwei Co Ltd		26
	106,000		Travelsky Technology Ltd		213
	46,000		Tsingtao Brewery Co Ltd		293
	3,200		Tsingtao Brewery Co Ltd (Class A)		23
	150,000		Uni-President China Holdings Ltd		167
	47,500	*	Vipshop Holdings Ltd (ADR)		410
	12,500	*	Walvax Biotechnology Co Ltd		52
	571,000		Want Want China Holdings Ltd		464
	10,800	*,e	Weibo Corp (ADR)		470
	211,000		Weichai Power Co Ltd		357
	9,100		Weichai Power Co Ltd (Class A)		16
	17,400		Wens Foodstuffs Group Co Ltd		91
	8,200	*	Western Securities Co Ltd		12
	306,000		Winteam Pharmaceutical Group Ltd		149
	13,500		Wuliangye Yibin Co Ltd		233
	21,700	*,g	WuXi AppTec Co Ltd		190
	223,450	*,e,g	Wuxi Biologics Cayman, Inc		2,005
	388,000	*,e,g	Xiaomi Corp		498
	14,900		Xinjiang Goldwind Science & Technology Co Ltd		27
	94,600	e	Xinjiang Goldwind Science & Technology Co Ltd (Hong Kong)		103
	344,862		Xinyi Solar Holdings Ltd		170
	99,849		Yangzijiang Shipbuilding		113
	212,000		Yanzhou Coal Mining Co Ltd		198

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	12,300		Yanzhou Coal Mining Co Ltd (Class A)	$	20
	50,000		Yihai International Holding Ltd		259
	34,100		Yonghui Superstores Co Ltd		51
	9,230		Yonyou Network Technology Co Ltd		36
	738,000		Yuexiul Property Co Ltd		167
	580,198		Yum China Holdings, Inc		26,805
	4,200		Yunnan Baiyao Group Co Ltd		51
	197,393		Yuzhou Properties Co		93
	5,600	*	YY, Inc (ADR)		390
	2,800		Zhangzhou Pientzehuang Pharmaceutical Co Ltd		47
	150,000	e	Zhaojin Mining Industry Co Ltd		168
	7,500		Zhejiang Chint Electrics Co Ltd		25
	2,900		Zhejiang Dahua Technology Co Ltd		6
	184,000		Zhejiang Expressway Co Ltd		194
	2,210		Zhejiang Huayou Cobalt Co Ltd		7
	8,000		Zhejiang Longsheng Group Co Ltd		18
	9,900		Zhengzhou Yutong Bus Co Ltd		19
	38,300	*,e,g	ZhongAn Online P&C Insurance Co Ltd		105
	18,300		Zhongjin Gold Corp Ltd		27
	64,000	e	Zhongsheng Group Holdings Ltd		178
	63,700		Zhuzhou CSR Times Electric Co Ltd		336
	686,000	*	Zijin Mining Group Co Ltd		279
	53,700	*	Zijin Mining Group Co Ltd (Class A)		30
	11,000	*	ZTE Corp		52
	81,800	*	ZTE Corp (Class H)		237
	35,800		ZTO Express Cayman, Inc (ADR)		685
			TOTAL CHINA		731,122

COLOMBIA - 0.0%
	25,308		BanColombia S.A.		304
	49,887		BanColombia S.A. (Preference)		633
	56,758		Cementos Argos S.A.		132
	680,725		Ecopetrol S.A.		619
	27,320		Grupo Argos S.A.		147
	449,693		Grupo Aval Acciones y Valores		180
	24,325		Grupo de Inversiones Suramericana S.A.		258
	12,582		Grupo de Inversiones Suramericana S.A. (Preference)		124
	46,744		Interconexion Electrica S.A.		260
			TOTAL COLOMBIA		2,657

CZECH REPUBLIC - 0.0%
	18,560		CEZ AS		448
	7,853		Komercni Banka AS		313
	1,376,908	g	Moneta Money Bank AS		4,719
			TOTAL CZECH REPUBLIC		5,480

DENMARK - 1.0%
	159		AP Moller - Maersk AS (Class A)		185
	286		AP Moller - Maersk AS (Class B)		356
	4,668		Carlsberg AS (Class B)		620
	4,526	e	Christian Hansen Holding		426
	5,172		Coloplast AS		585
	59,605		Danske Bank AS		944

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	267,290	e	DSV AS	$	26,320
	2,659	*	Genmab AS		489
	34,692		GN Store Nord		1,622
	2,987		H Lundbeck AS		118
	6,992		ISS AS		211
	2,073,016		Novo Nordisk AS		105,884
	9,551		Novozymes AS		445
	590,639	g	Orsted AS		51,096
	4,622		Pandora AS		164
	189,976		Tryg A.S.		6,182
	18,849		Vestas Wind Systems AS		1,633
	4,726	*,e	William Demant Holding A.S.		147
			TOTAL DENMARK		197,427

EGYPT - 0.0%
	153,889		Commercial International Bank		680
	95,731		Eastern Tobacco		89
	91,130		ElSwedy Cables Holding Co		78
			TOTAL EGYPT		847

FINLAND - 0.2%
	9,277	e	Citycon OYJ		97
	12,959		Elisa Oyj (Series A)		632
	363,174		Fortum Oyj		8,027
	29,173		Kone Oyj (Class B)		1,723
	4,503		Metso Oyj		177
	35,427		Neste Oil Oyj		1,204
	489,149		Nokia Oyj (Turquoise)		2,436
	10,492		Nokian Renkaat Oyj		328
	271,908		Nordea Bank Abp		1,974
	4,545		Orion Oyj (Class B)		167
	419,594		Sampo Oyj (A Shares)		19,807
	67,530		Stora Enso Oyj (R Shares)		795
	47,636		UPM-Kymmene Oyj		1,267
	39,336		Wartsila Oyj (B Shares)		571
			TOTAL FINLAND		39,205

FRANCE - 3.6%
	164,489		Accor S.A.		7,061
	2,626		Aeroports de Paris		463
	38,268		Air Liquide		5,352
	891,967		Airbus SE		126,233
	16,610		Alstom RGPT		770
	2,632	g	Amundi S.A.		184
	6,097		Arkema		567
	7,758		Atos Origin S.A.		648
	168,072		AXA S.A.		4,414
	1,805		BioMerieux		150
	1,285,258		BNP Paribas		60,928
	38,782		Bollore		171
	18,453		Bouygues S.A.		683
	22,197		Bureau Veritas S.A.		548
	13,632		Cap Gemini S.A.		1,695

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	55,696	e	Carrefour S.A.	$	1,075
	4,683	e	Casino Guichard Perrachon S.A.		160
	2,490		Christian Dior S.A.		1,306
	7,269		CNP Assurances		165
	42,030		Compagnie de Saint-Gobain		1,641
	844,532		Credit Agricole S.A.		10,077
	177,957		Danone		15,068
	107		Dassault Aviation S.A.		154
	400,502		Dassault Systemes S.A.		63,882
	20,036		Edenred		1,021
	3,492		Eiffage S.A.		345
	89,550		Electricite de France		1,129
	220,938		Essilor International S.A.		28,793
	1,990		Eurazeo		139
	14,346		Eutelsat Communications		268
	2,823		Faurecia		131
	5,502		Fonciere Des Regions		576
	303,770		Gaz de France		4,606
	6,349		Gecina S.A.		950
	19,536		Groupe Eurotunnel S.A.		313
	2,132		Hermes International		1,537
	7,601	e	Icade		697
	2,302	e	Iliad S.A.		258
	1,545		Imerys S.A.		82
	2,625	*	Ingenico		232
	1,640		Ipsen		224
	3,544		JC Decaux S.A.		107
	108,516		Kering		64,049
	17,024	e	Klepierre		570
	5,556	e	Lagardere S.C.A.		145
	23,759		Legrand S.A.		1,737
	154,615		L’Oreal S.A.		43,961
	70,354		LVMH Moet Hennessy Louis Vuitton S.A.		29,909
	15,958		Michelin (C.G.D.E.) (Class B)		2,018
	38,905		Natixis		157
	331,088		Orange S. A.		5,222
	19,030	e	Pernod-Ricard S.A.		3,505
	384,395		Peugeot S.A.		9,461
	17,466		Publicis Groupe S.A.		922
	70,732	e	Remy Cointreau S.A.		10,198
	137,041		Renault S.A.		8,616
	26,786		Safran S.A.		3,919
	376,068		Sanofi-Aventis		32,501
	10,231		Sartorius Stedim Biotech		1,613
	709,449		Schneider Electric S.A.		64,193
	6,995		SCOR SE		307
	975		SEB S.A.		175
	1,020	e	Societe BIC S.A.		78
	66,591		Societe Generale		1,681
	8,131		Sodexho Alliance S.A.		950
	62,077	e	Suez Environnement S.A.		896
	158,173		Teleperformance		31,691
	8,826		Thales S.A.		1,090

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	828,945		Total S.A.	$	46,499
	3,642	*	Ubisoft Entertainment		285
	5,926	e	Unibail-Rodamco-Westfield		888
	111		Unibail-Rodamco-Westfield (Paris)		17
	20,920		Valeo S.A.		681
	881	*,e	Vallourec SA		2
	88,006		Veolia Environnement		2,143
	203,966		Vinci S.A.		20,830
	95,585	e	Vivendi Universal S.A.		2,623
	2,657		Wendel		362
	5,062	*,g	Worldline S.A.		368
			TOTAL FRANCE		739,065

GERMANY - 1.5%
	45,585		Adidas-Salomon AG.		14,103
	2,319	g	ADO Properties S.A.		96
	99,095		Allianz AG.		23,899
	334,878		Alstria Office REIT-AG.		5,422
	333,807		Aroundtown S.A.		2,754
	2,109		Axel Springer AG.		149
	127,257		BASF SE		9,258
	266,409		Bayer AG.		18,478
	31,044		Bayerische Motoren Werke AG.		2,295
	2,345		Bayerische Motoren Werke AG. (Preference)		145
	57,600		Bechtle AG.		6,629
	142,732		Beiersdorf AG.		17,114
	1,004,461		Borussia Dortmund GmbH & Co KGaA		9,451
	6,846		Brenntag AG.		336
	3,742		Carl Zeiss Meditec AG.		369
	86,752		Commerzbank AG.		623
	9,909		Continental AG.		1,443
	39,114	g	Covestro AG.		1,991
	660,745		Daimler AG. (Registered)		36,851
	4,685	*,g	Delivery Hero AG.		213
	62,122		Deutsche Annington Immobilien SE		2,968
	180,888		Deutsche Bank AG. (Registered)		1,395
	100,631		Deutsche Boerse AG.		14,206
	4,058		Deutsche Euroshop AG.		112
	21,075		Deutsche Lufthansa AG.		361
	87,675		Deutsche Post AG.		2,884
	716,785		Deutsche Telekom AG.		12,418
	59,870		Deutsche Wohnen AG.		2,194
	2,400		Drillisch AG.		80
	376,700		E.ON AG.		4,087
	8,282		Evonik Industries AG.		241
	1,768		Fraport AG. Frankfurt Airport Services Worldwide		152
	97,194		Fresenius Medical Care AG.		7,633
	97,008		Fresenius SE		5,268
	5,994		Fuchs Petrolub AG. (Preference)		235
	15,155		GEA Group AG.		430
	9,277		Grand City Properties S.A.		212
	5,274		Hannover Rueckversicherung AG.		853
	12,850		HeidelbergCement AG.		1,040

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	26,677		Henkel KGaA	$	2,452
	15,986		Henkel KGaA (Preference)		1,564
	1,080		Hochtief AG.		131
	2,786		Hugo Boss AG.		186
	106,107		Infineon Technologies AG.		1,885
	4,762	g	Innogy SE		226
	1,279		Innogy SE		55
	7,882		K&S AG.		147
	2,893		KION Group AG.		183
	2,051		Knorr-Bremse AG.		229
	8,052		Lanxess AG.		478
	5,798		LEG Immobilien AG.		654
	1,501		MAN AG.		98
	5,600		Merck KGaA		585
	502	*	Metro AG.		3
	14,718		Metro Wholesale & Food Specialist AG.		269
	2,268		MTU Aero Engines Holding AG.		541
	14,460		Muenchener Rueckver AG.		3,624
	578		Osram Licht AG.		19
	464,504	*	Paion AG.		1,141
	13,655	*	Porsche AG.		885
	9,990		ProSiebenSat. Media AG.		156
	6,418		Puma AG. Rudolf Dassler Sport		428
	467,942		RWE AG.		11,547
	85,237		SAP AG.		11,685
	1,552		Sartorius AG.		318
	266,875		Siemens AG.		31,773
	6,549	g	Siemens Healthineers AG.		276
	5,518		Symrise AG.		531
	11,596		TAG Tegernsee Immobilien und Beteiligungs AG.		268
	36,427		Telefonica Deutschland Holding AG.		102
	38,319		ThyssenKrupp AG.		559
	5,798		TLG Immobilien AG.		170
	19,767		TUI AG. (DI)		194
	18,005		Uniper SE		546
	11,119		United Internet AG.		366
	7,670		Volkswagen AG.		1,316
	10,598		Volkswagen AG. (Preference)		1,785
	79,338		Wirecard AG.		13,394
	105,198	*,g	Zalando SE		4,658
			TOTAL GERMANY		303,815

GHANA - 0.0%
	63,043		Tullow Oil plc		169
			TOTAL GHANA		169

GREECE - 0.0%
	154,328	*	Alpha Bank AE		309
	280,101	*	Eurobank Ergasias S.A.		276
	5,760	*,†	Hellenic Duty Free Shops S.A.		0	^
	26,127		Hellenic Telecommunications Organization S.A.		386
	11,700		JUMBO S.A.		226
	6,887		Motor Oil Hellas Corinth Refineries S.A.		176

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	60,098	*	National Bank of Greece S.A.	$	165
	25,859		OPAP S.A.		290
	4,409		Titan Cement Co S.A.		86
			TOTAL GREECE		1,914

HONG KONG - 1.1%
	3,435,758		AIA Group Ltd		37,102
	1,530,000	*,e	Alibaba Pictures Group Ltd		329
	14,518	e	ASM Pacific Technology		149
	182,669		Bank of East Asia Ltd		511
	167,353		BOC Hong Kong Holdings Ltd		659
	99,000	e	Cathay Pacific Airways Ltd		148
	72,000	†	China Ding Yi Feng Holdings Ltd		160
	338,000	*	China First Capital Group Ltd		101
	200,400		China Gas Holdings Ltd		745
	14,167,999		China Resources Cement Holdings Ltd		13,717
	118,125		CK Asset Holdings Ltd		925
	122,543		CK Hutchison Holdings Ltd		1,209
	61,953		CK Infrastructure Holdings Ltd		505
	223,954		CLP Holdings Ltd		2,468
	15,400		Dairy Farm International Holdings Ltd		110
	1,062,500	*,e	Fullshare Holdings Ltd		66
	141,000		Haier Electronics Group Co Ltd		391
	395,576		Hang Lung Properties Ltd		941
	98,772		Hang Seng Bank Ltd		2,458
	218,082	e	Henderson Land Development Co Ltd		1,202
	117,500	e	HK Electric Investments & HK Electric Investments Ltd		120
	169,660		HKT Trust and HKT Ltd		269
	1,324,980		Hong Kong & China Gas Ltd		2,937
	172,988		Hong Kong Electric Holdings Ltd		1,244
	280,407		Hong Kong Exchanges and Clearing Ltd		9,910
	2,936,785		Hongkong Land Holdings Ltd		18,930
	87,760		Hysan Development Co Ltd		453
	10,000		Jardine Matheson Holdings Ltd		631
	10,000		Jardine Strategic Holdings Ltd		382
	107,526		Kerry Properties Ltd		452
	123,500		Kingboard Laminates Holdings Ltd		113
	150,000		Lee & Man Paper Manufacturing Ltd		105
	183,026		Link REIT		2,252
	4,446,720		Melco Crown Entertainment Ltd (ADR)		96,583
	68,580		MTR Corp		462
	849,492		New World Development Co Ltd		1,329
	188,000		Nine Dragons Paper Holdings Ltd		167
	71,638		NWS Holdings Ltd		147
	195,262		PCCW Ltd		113
	10,259,992		Shangri-La Asia Ltd		12,921
	1,109,500		Sino Biopharmaceutical		1,135
	145,043		Sino Land Co		243
	91,611	e	SJM Holdings Ltd		104
	192,000		SSY Group Ltd		174
	276,500		Sun Art Retail Group Ltd		262
	188,468		Sun Hung Kai Properties Ltd		3,197
	22,628		Swire Pacific Ltd (Class A)		278

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	53,616		Swire Properties Ltd	$	217
	61,902	e	Techtronic Industries Co		474
	131,000		Towngas China Co Ltd		94
	34,000	e	Vitasoy International Holdings Ltd		164
	423,500	g	WH Group Ltd		430
	155,053		Wharf Holdings Ltd		411
	155,053		Wharf Real Estate Investment Co Ltd		1,093
	37,334		Wheelock & Co Ltd		268
	32,912		Yue Yuen Industrial Holdings		90
			TOTAL HONG KONG		222,050

HUNGARY - 0.0%
	52,086		MOL Hungarian Oil & Gas plc		578
	22,677		OTP Bank		903
	15,789		Richter Gedeon Rt		291
			TOTAL HUNGARY		1,772

INDIA - 1.0%
	65,591		Ambuja Cements Ltd		202
	139,388		Ashok Leyland Ltd		176
	32,395		Asian Paints Ltd		637
	30,346		Aurobindo Pharma Ltd		267
	13,959	*,g	Avenue Supermarts Ltd		282
	207,723	*	Axis Bank Ltd		2,432
	18,700		Bajaj Finance Ltd		997
	4,001		Bajaj Finserv Ltd		494
	9,510		Bajaj Holdings and Investment Ltd		390
	24,019		Bharat Forge Ltd		157
	72,950		Bharat Petroleum Corp Ltd		413
	197,080		Bharti Airtel Ltd		989
	39,325		Bharti Infratel Ltd		152
	710	*	Bosch Ltd		168
	6,622		Britannia Industries Ltd		263
	40,536	*	Cipla Ltd		325
	142,036		Coal India Ltd		522
	442,777	*	Container Corp Of India Ltd		3,655
	59,595		Dabur India Ltd		346
	9,147		Divi S Laboratories Ltd		212
	13,245		Dr Reddy’s Laboratories Ltd		491
	900,000		Edelweiss Capital Ltd		2,212
	1,519		Eicher Motors Ltd		421
	778,471	*	Emami Ltd		3,377
	92,570	*	GAIL India Ltd		418
	18,309		Glenmark Pharmaceuticals Ltd		118
	40,374		Godrej Consumer Products Ltd		388
	33,096	*	Grasim Industries Ltd		438
	27,972	*	Havells India Ltd		319
	59,775		HCL Technologies Ltd		922
	5,808		Hero Honda Motors Ltd		217
	129,242		Hindalco Industries Ltd		388
	71,058		Hindustan Lever Ltd		1,841
	69,185		Hindustan Petroleum Corp Ltd		290
	177,644		Housing Development Finance Corp		5,641

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	511,185		ICICI Bank Ltd	$	3,236
	14,964	g	ICICI Lombard General Insurance Co Ltd		241
	862,832	*	Idea Cellular Ltd		152
	2,562,232		Indiabulls Housing Finance Ltd		22,548
	217,494		Indian Oil Corp Ltd		490
	935,461		Infosys Technologies Ltd		9,984
	9,109	g	InterGlobe Aviation Ltd		206
	921,703		ITC Ltd		3,655
	91,043		JSW Steel Ltd		365
	52,874		Larsen & Toubro Ltd		1,190
	29,348		LIC Housing Finance Ltd		236
	25,629	*	Lupin Ltd		280
	31,019	*	Mahindra & Mahindra Financial Services Ltd		175
	82,791		Mahindra & Mahindra Ltd		786
	50,690		Marico Ltd		272
	22,930		Maruti Suzuki India Ltd		2,171
	105,957		Motherson Sumi Systems Ltd		187
	355,325	*	Multi Commodity Exchange of India Ltd		4,282
	69,245	*	Mundra Port and Special Economic Zone Ltd		411
	2,643		Nestle India Ltd		456
	279,219		NTPC Ltd		572
	557		Page Industries Ltd		166
	69,769		Petronet LNG Ltd		248
	13,052		Pidilite Industries Ltd		230
	9,255		Piramal Healthcare Ltd		261
	211,018		Power Grid Corp of India Ltd		633
	1,273,207		Reliance Industries Ltd		23,105
	75,911		Rural Electrification Corp Ltd		181
	221,380		Sesa Sterlite Ltd		559
	909		Shree Cement Ltd		287
	1,899,104		Shriram Transport Finance Co Ltd		29,725
	195,811	*	State Bank of India		1,025
	98,386		Sun Pharmaceutical Industries Ltd		572
	98,292		Tata Consultancy Services Ltd		3,172
	178,929	*	Tata Motors Ltd		420
	111,242		Tata Power Co Ltd		111
	36,861		Tata Steel Ltd		269
	53,271	*	Tech Mahindra Ltd		545
	34,251		Titan Industries Ltd		663
	10,506	*	Ultra Tech Cement Ltd		693
	38,561	*	United Phosphorus Ltd		524
	32,832	*	United Spirits Ltd		278
	136,339		Wipro Ltd		555
	33,591,263		Yes Bank Ltd		52,893
	61,060		ZEE Telefilms Ltd		300
			TOTAL INDIA		199,870

INDONESIA - 0.3%
	1,727,600		Adaro Energy Tbk		167
	44,613,500		Bank Rakyat Indonesia		13,773
	252,400		Indofood CBP Sukses Makmur Tbk		182
	150,500		Pabrik Kertas Tjiwi Kimia Tbk PT		134
	4,373,800		PT Astra International Tbk		2,307

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,133,000		PT Bank Central Asia Tbk	$	4,526
	45,809,412		PT Bank Mandiri Persero Tbk		26,008
	783,100		PT Bank Negara Indonesia		510
	425,700		PT Bank Tabungan Negara Tbk		74
	558,200		PT Barito Pacific Tbk		127
	710,400	*	PT Bumi Serpong Damai		77
	766,400		PT Charoen Pokphand Indonesia Tbk		257
	54,600		PT Gudang Garam Tbk		297
	1,020,400		PT Hanjaya Mandala Sampoerna Tbk		227
	281,300		PT Indah Kiat Pulp and Paper Corp Tbk		187
	201,100		PT Indocement Tunggal Prakarsa Tbk		284
	458,300		PT Indofood Sukses Makmur Tbk		228
	249,500		PT Jasa Marga Tbk		101
	2,417,000		PT Kalbe Farma Tbk		250
	1,675,500		PT Pakuwon Jati Tbk		87
	1,381,000		PT Perusahaan Gas Negara Persero Tbk		206
	324,500		PT Semen Gresik Persero Tbk		266
	604,800		PT Surya Citra Media Tbk		69
	352,100		PT Tambang Batubara Bukit Asam Tbk		74
	10,836,800		PT Telekomunikasi Indonesia Persero Tbk		3,176
	170,700		PT Unilever Indonesia Tbk		544
	198,600		PT United Tractors Tbk		396
			TOTAL INDONESIA		54,534

IRELAND - 0.5%
	5,659	*	AerCap Holdings NV		294
	320,264		AIB Group plc		1,309
	884,928		Bank of Ireland Group plc		4,630
	632,796		CRH plc		20,684
	2,302,262		Green REIT plc		4,739
	6,402,004		Hibernia REIT plc		10,556
	147,992	*,†	Irish Bank Resolution Corp Ltd		0
	19,646		James Hardie Industries NV		259
	105,341		Kerry Group plc (Class A)		12,577
	577,276	e	Keywords Studios plc		13,366
	6,591		Kingspan Group plc		358
	3,466		Paddy Power plc		261
	941,277		Smurfit Kappa Group plc		28,523
			TOTAL IRELAND		97,556

ISRAEL - 0.0%
	1,828		Azrieli Group		123
	144,718	*	Bank Hapoalim Ltd		1,075
	243,223		Bank Leumi Le-Israel		1,758
	5,414		Bezeq Israeli Telecommunication Corp Ltd		4
	5,451	*	Check Point Software Technologies		630
	1,619	*	CyberArk Software Ltd		207
	13		Delek Group Ltd		2
	1,026		Elbit Systems Ltd		153
	30,774		Israel Chemicals Ltd		162
	6	*	Israel Corp Ltd		1
	50,035		Israel Discount Bank Ltd		204
	22,018	*	Mizrahi Tefahot Bank Ltd		509

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,737	*	Nice Systems Ltd	$	785
	102,759	*	Teva Pharmaceutical Industries Ltd (ADR)		949
	14	*	Tower Semiconductor Ltd		0	^
	1,916	*	Wix.com Ltd		272
			TOTAL ISRAEL		6,834

ITALY - 1.2%
	578,800		Amplifon S.p.A.		13,562
	102,236		Assicurazioni Generali S.p.A.		1,925
	40,532		Autostrade S.p.A.		1,057
	2,433,208		Banca Intesa S.p.A.		5,209
	2,117,059		Davide Campari-Milano S.p.A		20,740
	1,408,204		Enel S.p.A.		9,823
	227,956		ENI S.p.A.		3,790
	237,417		Ferrari NV		38,495
	22,278		FinecoBank Banca Fineco S.p.A		249
	35,099		Finmeccanica S.p.A.		445
	18,512		Italgas S.p.A		124
	697,817		Mediobanca S.p.A.		7,196
	552,313		Moncler S.p.A		23,673
	16,850	g	Pirelli & C S.p.A		99
	22,473	g	Poste Italiane S.p.A		237
	27,973,551	e	Prada S.p.A		86,497
	20,418	e	Prysmian S.p.A.		422
	185	e	RCS MediaGroup S.p.A.		0	^
	4,553		Recordati S.p.A.		190
	27,879	*	Saipem S.p.A		139
	185,289		Snam Rete Gas S.p.A.		922
	540,283		Telecom Italia RSP		280
	870,292	*	Telecom Italia S.p.A.		475
	129,770		Terna Rete Elettrica Nazionale S.p.A.		827
	3,205,786		UniCredit S.p.A.		39,460
			TOTAL ITALY		255,836

JAPAN - 6.4%
	1,410		ABC-Mart, Inc		92
	17,300		Acom Co Ltd		62
	121		Activia Properties Inc		527
	8,700		Advantest Corp		240
	28,046		Aeon Co Ltd		483
	4,952		AEON Financial Service Co Ltd		80
	3,997		Aeon Mall Co Ltd		60
	19,372		Air Water, Inc		333
	149,890		Aisin Seiki Co Ltd		5,170
	63,468		Ajinomoto Co, Inc		1,101
	8,205		Alfresa Holdings Corp		203
	9,150		All Nippon Airways Co Ltd		303
	8,932		Alps Electric Co Ltd		151
	15,144		Amada Co Ltd		171
	5,284		Aozora Bank Ltd		127
	15,951		Asahi Breweries Ltd		718
	7,901		Asahi Glass Co Ltd		274
	8,400		Asahi Intecc Co Ltd		208

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	239,925		Asahi Kasei Corp	$	2,565
	37,800		Ashikaga Holdings Co Ltd		99
	182,200		Astellas Pharma, Inc		2,596
	139,221		Bank of Kyoto Ltd		5,398
	440,000		Benefit One, Inc		7,614
	3,153		Benesse Holdings Inc		74
	213		BLife Investment Corp		514
	25,330	e	Bridgestone Corp		999
	10,185		Brother Industries Ltd		193
	3,500		Calbee, Inc		95
	96,577	e	Canon, Inc		2,828
	8,233		Casio Computer Co Ltd		103
	36,181		Central Japan Railway Co		7,255
	1,900		Century Leasing System, Inc		80
	26,162		Chiba Bank Ltd		128
	96,406		Chubu Electric Power Co, Inc		1,354
	21,569		Chugai Pharmaceutical Co Ltd		1,413
	11,966		Chugoku Electric Power Co, Inc		151
	5,500	e	Coca-Cola West Japan Co Ltd		139
	46,400		Concordia Financial Group Ltd		173
	6,368		Credit Saison Co Ltd		75
	139,100		CyberAgent, Inc		5,069
	10,438		Dai Nippon Printing Co Ltd		223
	11,246		Daicel Chemical Industries Ltd		100
	4,400		Daifuku Co Ltd		249
	1,266,411		Dai-ichi Mutual Life Insurance Co		19,160
	396,794		Daiichi Sankyo Co Ltd		20,810
	81,755		Daikin Industries Ltd		10,705
	7,949		Daito Trust Construction Co Ltd		1,014
	51,156		Daiwa House Industry Co Ltd		1,495
	68,380		Daiwa Securities Group, Inc		300
	18,987		Denso Corp		801
	9,555		Dentsu, Inc		334
	1,200	e	Disco Corp		198
	4,833		Don Quijote Co Ltd		307
	164,197		East Japan Railway Co		15,376
	24,328		Eisai Co Ltd		1,379
	6,193		Electric Power Development Co		141
	169,500		en-japan, Inc		6,634
	10,976		FamilyMart Co Ltd		262
	18,685		Fanuc Ltd		3,472
	8,183		Fast Retailing Co Ltd		4,953
	5,464		Fuji Electric Holdings Co Ltd		189
	26,839		Fuji Heavy Industries Ltd		653
	15,986		Fujifilm Holdings Corp		812
	8,598		Fujitsu Ltd		601
	7,246		Fukuoka Financial Group, Inc		133
	167,500		GMO Payment Gateway, Inc		11,576
	2,100		Growell Holdings Co Ltd		86
	10,700		Hakuhodo DY Holdings, Inc		181
	6,200		Hamamatsu Photonics KK		242
	10,193		Hankyu Hanshin Holdings, Inc		366
	832		Hikari Tsushin, Inc		182

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	11,982		Hino Motors Ltd	$	101
	1,473		Hirose Electric Co Ltd		165
	2,475		Hisamitsu Pharmaceutical Co, Inc		98
	13,485		Hitachi Chemical Co Ltd		368
	4,833		Hitachi Construction Machinery Co Ltd		126
	2,800		Hitachi High-Technologies Corp		144
	1,046,158		Hitachi Ltd		38,491
	26,585		Hitachi Metals Ltd		301
	147,596		Honda Motor Co Ltd		3,817
	2,412		Hoshizaki Electric Co Ltd		180
	37,227		Hoya Corp		2,861
	74,928		Hulic Co Ltd		603
	27,375		Idemitsu Kosan Co Ltd		828
	6,429		Iida Group Holdings Co Ltd		104
	4,769,500	e	Infomart Corp		74,753
	166,083		Inpex Holdings, Inc		1,505
	24,507		Invincible Investment Corp		12,694
	14,381		Isetan Mitsukoshi Holdings Ltd		117
	711,922		Ishikawajima-Harima Heavy Industries Co Ltd		17,211
	24,000		Isuzu Motors Ltd		274
	59,369		Itochu Corp		1,137
	4,100		Itochu Techno-Science Corp		105
	10,095		J Front Retailing Co Ltd		116
	5,024		Japan Airlines Co Ltd		160
	2,203		Japan Airport Terminal Co Ltd		94
	534,100		Japan Elevator Service Holdings Co Ltd		13,567
	4,701		Japan Hotel REIT Investment Corp		3,788
	17,646		Japan Post Bank Co Ltd		179
	68,640		Japan Post Holdings Co Ltd		777
	34		Japan Prime Realty Investment Corp		147
	57		Japan Real Estate Investment Corp		347
	1,010		Japan Retail Fund Investment Corp		2,043
	191,963	e	Japan Tobacco, Inc		4,232
	66,523		JFE Holdings, Inc		980
	38,478		JGC Corp		526
	25,058		JSR Corp		397
	8,203		JTEKT Corp		100
	584,488		JX Holdings, Inc		2,913
	19,686		Kajima Corp		271
	6,234		Kakaku.com, Inc		121
	332,000	e	Kamakura Shinsho Ltd		4,349
	4,385		Kamigumi Co Ltd		104
	6,925		Kaneka Corp		261
	163,335		Kansai Electric Power Co, Inc		1,872
	25,914		Kansai Paint Co Ltd		545
	65,185		Kao Corp		4,974
	5,751		Kawasaki Heavy Industries Ltd		136
	156,797		KDDI Corp		3,990
	4,100		Keihan Electric Railway Co Ltd		179
	9,860		Keihin Electric Express Railway Co Ltd		170
	4,523		Keio Corp		298
	5,813		Keisei Electric Railway Co Ltd		212
	28		Kenedix Realty Investment Corp		200

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	225,300	e	Kenedix, Inc	$	1,125
	6,838		Keyence Corp		4,217
	6,495		Kikkoman Corp		283
	7,549		Kintetsu Corp		362
	36,249		Kirin Brewery Co Ltd		783
	2,100		Kobayashi Pharmaceutical Co Ltd		151
	41,201		Kobe Steel Ltd		270
	4,700		Koito Manufacturing Co Ltd		252
	40,250		Komatsu Ltd		977
	4,086		Konami Corp		192
	19,420		Konica Minolta Holdings, Inc		189
	1,428		Kose Corp		241
	45,598		Kubota Corp		762
	45,474	e	Kuraray Co Ltd		545
	3,977		Kurita Water Industries Ltd		99
	14,000		Kyocera Corp		917
	40,445	e	Kyowa Hakko Kogyo Co Ltd		730
	35,477		Kyushu Electric Power Co, Inc		349
	7,000		Kyushu Railway Co		204
	2,080		Lawson, Inc		100
	2,800	*,e	LINE Corp		79
	9,800		Lion Corp		183
	11,564		LIXIL Group Corp		183
	18,676		M3, Inc		343
	9,688		Makita Corp		331
	67,865		Marubeni Corp		450
	8,209		Marui Co Ltd		167
	7,396		Maruichi Steel Tube Ltd		206
	24,815		Mazda Motor Corp		257
	3,000	e	McDonald’s Holdings Co Japan Ltd		132
	7,659		Mediceo Paltac Holdings Co Ltd		169
	13,908		MEIJI Holdings Co Ltd		994
	3,200	*,e	Mercari, Inc		85
	16,000		Minebea Co Ltd		273
	12,400		MISUMI Group, Inc		313
	178,862		Mitsubishi Chemical Holdings Corp		1,252
	123,722		Mitsubishi Corp		3,269
	79,614		Mitsubishi Electric Corp		1,052
	157,696		Mitsubishi Estate Co Ltd		2,939
	22,580		Mitsubishi Gas Chemical Co, Inc		302
	13,911		Mitsubishi Heavy Industries Ltd		607
	14,411		Mitsubishi Materials Corp		411
	29,408		Mitsubishi Motors Corp		141
	12,418,262		Mitsubishi UFJ Financial Group, Inc		59,148
	17,000		Mitsubishi UFJ Lease & Finance Co Ltd		90
	72,482		Mitsui & Co Ltd		1,183
	24,228		Mitsui Chemicals, Inc		602
	175,506		Mitsui Fudosan Co Ltd		4,266
	500		Mitsui Fudosan Logistics Park, Inc		1,700
	4,649		Mitsui OSK Lines Ltd		112
	20,642		Mitsui Sumitomo Insurance Group Holdings, Inc		656
	14,318		Mitsui Trust Holdings, Inc		520
	2,110,356		Mizuho Financial Group, Inc		3,069

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,420,200	e	MonotaRO Co Ltd	$	34,790
	117		Mori Hills REIT Investment Corp		166
	389,805		Murata Manufacturing Co Ltd		17,549
	4,639		Nabtesco Corp		130
	7,900		Nagoya Railroad Co Ltd		219
	8,706		Namco Bandai Holdings, Inc		422
	10,961		NEC Corp		433
	20,900	*	Nexon Co Ltd		305
	11,024		NGK Insulators Ltd		161
	6,548		NGK Spark Plug Co Ltd		123
	21,617		Nidec Corp		2,969
	14,181		Nikon Corp		202
	428,503		Nintendo Co Ltd		157,217
	58		Nippon Building Fund, Inc		397
	3,562	e	Nippon Electric Glass Co Ltd		91
	9,344		Nippon Express Co Ltd		498
	3,872		Nippon Meat Packers, Inc		166
	49,826	e	Nippon Paint Co Ltd		1,940
	1,871		Nippon ProLogis REIT, Inc		4,322
	1,425	e	NIPPON REIT Investment Corp		5,541
	136,101		Nippon Steel Corp		2,342
	246,892		Nippon Telegraph & Telephone Corp		11,503
	6,376		Nippon Yusen Kabushiki Kaisha		103
	16,139		Nissan Chemical Industries Ltd		729
	101,127		Nissan Motor Co Ltd		724
	8,531		Nisshin Seifun Group, Inc		195
	2,745		Nissin Food Products Co Ltd		177
	3,513		Nitori Co Ltd		466
	21,137		Nitto Denko Corp		1,046
	127,538		NKSJ Holdings, Inc		4,933
	146,380		Nomura Holdings, Inc		518
	4,974		Nomura Real Estate Holdings, Inc		107
	485		Nomura Real Estate Master Fund, Inc		746
	15,000		Nomura Research Institute Ltd		241
	15,335		NSK Ltd		137
	27,500		NTT Data Corp		367
	58,086		NTT DoCoMo, Inc		1,355
	28,296		Obayashi Corp		280
	2,900		Obic Co Ltd		330
	12,446		Odakyu Electric Railway Co Ltd		305
	111,094		OJI Paper Co Ltd		644
	3,715,872		Olympus Corp		41,353
	65,355		Omron Corp		3,428
	38,668		Ono Pharmaceutical Co Ltd		695
	1,603		Oracle Corp Japan		117
	73,831		Oriental Land Co Ltd		9,159
	842,128		ORIX Corp		12,586
	216		Orix JREIT, Inc		394
	16,720		Osaka Gas Co Ltd		292
	21,822		Osaka Securities Exchange Co Ltd		348
	4,322		Otsuka Corp		174
	34,700		Otsuka Holdings KK		1,134
	311,100		Paltac Corp		17,141

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	393,855		Panasonic Corp	$	3,290
	5,100		Park24 Co Ltd		119
	4,000	*	PeptiDream, Inc		205
	4,900		Pigeon Corp		198
	3,810		Pola Orbis Holdings, Inc		107
	38,200		Rakuten, Inc		457
	523,653		Recruit Holdings Co Ltd		17,533
	33,400	*	Renesas Electronics Corp		166
	194,442		Resona Holdings, Inc		811
	29,082		Ricoh Co Ltd		291
	1,312		Rinnai Corp		84
	291,235		Rohm Co Ltd		19,622
	1,044		Ryohin Keikaku Co Ltd		189
	1,980		Sankyo Co Ltd		72
	15,953		Santen Pharmaceutical Co Ltd		265
	10,191		SBI Holdings, Inc		253
	9,167		Secom Co Ltd		790
	7,452		Sega Sammy Holdings, Inc		91
	9,200		Seibu Holdings, Inc		154
	12,600		Seiko Epson Corp		200
	16,395		Sekisui Chemical Co Ltd		247
	83,120		Sekisui House Ltd		1,370
	214,300		Seria Co Ltd		4,957
	110,886		Seven & I Holdings Co Ltd		3,757
	26,000		Seven Bank Ltd		68
	5,800		SG Holdings Co Ltd		165
	8,599	e	Sharp Corp		95
	281,199	*	SHIFT, Inc		14,648
	9,747		Shimadzu Corp		240
	927		Shimamura Co Ltd		69
	3,192		Shimano, Inc		476
	24,962		Shimizu Corp		208
	110,400		Shin-Etsu Chemical Co Ltd		10,329
	6,677		Shinsei Bank Ltd		104
	25,190		Shionogi & Co Ltd		1,456
	42,893		Shiseido Co Ltd		3,244
	20,801		Shizuoka Bank Ltd		154
	5,900	e	Showa Denko KK		175
	6,963		SMC Corp		2,610
	525,000		SMS Co Ltd		12,340
	73,000		Softbank Corp		948
	236,332		Softbank Group Corp		11,383
	3,100		Sohgo Security Services Co Ltd		143
	3,095,540		Sony Corp		162,670
	383,728		Sony Financial Holdings, Inc		9,234
	5,914		Stanley Electric Co Ltd		146
	672		Star Asia Investment Corp		742
	8,900		Start Today Co Ltd		167
	10,735	e	Sumco Corp		128
	203,983		Sumitomo Chemical Co Ltd		950
	51,865		Sumitomo Corp		788
	6,963		Sumitomo Dainippon Pharma Co Ltd		133
	32,547		Sumitomo Electric Industries Ltd		428

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	198,925		Sumitomo Heavy Industries Ltd	$	6,872
	53,615		Sumitomo Metal Mining Co Ltd		1,607
	1,254,891		Sumitomo Mitsui Financial Group, Inc		44,480
	50,016		Sumitomo Realty & Development Co Ltd		1,789
	6,663	e	Sumitomo Rubber Industries, Inc		77
	3,000		Sundrug Co Ltd		81
	6,100		Suntory Beverage & Food Ltd		265
	3,307		Suzuken Co Ltd		194
	15,834		Suzuki Motor Corp		745
	49,771		Sysmex Corp		3,256
	24,295		T&D Holdings, Inc		264
	5,300		Taiheiyo Cement Corp		161
	8,993		Taisei Corp		328
	1,556		Taisho Pharmaceutical Holdings Co Ltd		120
	15,767		Taiyo Nippon Sanso Corp		336
	201,611		Takeda Pharmaceutical Co Ltd		7,172
	63,400		Takeda Pharmaceutical Co Ltd (ADR)		1,122
	9,694		Tanabe Seiyaku Co Ltd		108
	5,656		TDK Corp		441
	222,600		TechnoPro Holdings, Inc		11,883
	24,086		Teijin Ltd		411
	7,802		Temp Holdings Co Ltd		184
	57,192		Terumo Corp		1,709
	4,694	e	THK Co Ltd		113
	8,634		Tobu Railway Co Ltd		252
	4,975		Toho Co Ltd		212
	3,200		Toho Gas Co Ltd		118
	18,613		Tohoku Electric Power Co, Inc		188
	170,264		Tokio Marine Holdings, Inc		8,543
	616,800	*,e	Tokyo Base Co Ltd		4,715
	203,925	*	Tokyo Electric Power Co, Inc		1,065
	6,816		Tokyo Electron Ltd		958
	88,632		Tokyo Gas Co Ltd		2,089
	32,900	e	Tokyo Tatemono Co Ltd		366
	51,529		Tokyu Corp		915
	833,200		Tokyu Fudosan Holdings Corp		4,611
	11,067		Toppan Printing Co Ltd		168
	187,945		Toray Industries, Inc		1,428
	24,355		Toshiba Corp		759
	37,020		Tosoh Corp		522
	20,842		Toto Ltd		825
	20,739		Toyo Seikan Kaisha Ltd		412
	3,599		Toyo Suisan Kaisha Ltd		148
	2,397		Toyoda Gosei Co Ltd		47
	6,593		Toyota Industries Corp		364
	1,662,153		Toyota Motor Corp		103,160
	9,594		Toyota Tsusho Corp		291
	5,328		Trend Micro, Inc		238
	1,600		Tsuruha Holdings, Inc		148
	17,407		Uni-Charm Corp		525
	319		United Urban Investment Corp		535
	9,630		USS Co Ltd		190
	101,607		West Japan Railway Co		8,224

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	122,938		Yahoo! Japan Corp	$	362
	5,204		Yakult Honsha Co Ltd		307
	26,731		Yamada Denki Co Ltd		118
	6,108		Yamaha Corp		291
	12,291	e	Yamaha Motor Co Ltd		219
	13,655		Yamato Transport Co Ltd		278
	5,053		Yamazaki Baking Co Ltd		76
	10,424		Yaskawa Electric Corp		356
	9,810		Yokogawa Electric Corp		193
	5,200	e	Yokohama Rubber Co Ltd		96
	519,500	e	Yume No Machi Souzou Iinkai Co Ltd		7,639
			TOTAL JAPAN		1,321,263

KAZAKHSTAN - 0.0%
	782,415		KAZ Minerals plc		6,010
			TOTAL KAZAKHSTAN		6,010

KOREA, REPUBLIC OF - 0.8%
	3,707		Amorepacific Corp		530
	1,083		Amorepacific Corp (Preference)		81
	825		BGF retail Co Ltd		151
	34,413		BS Financial Group, Inc		223
	58,700	*	Cafe24 Corp		3,130
	173	*	Celltrion, Inc		31
	7,720		Cheil Communications, Inc		197
	19,114		Cheil Industries, Inc		1,586
	913		CJ CheilJedang Corp		235
	1,943		CJ Corp		170
	164	*,†	CJ Corp (Preference)		5
	1,181		CJ O Shopping Co Ltd		181
	3,261		Daelim Industrial Co		325
	20,093	*	Daewoo Engineering & Construction Co Ltd		86
	5,925		Daewoo International Corp		94
	47,041		Daewoo Securities Co Ltd		334
	4,136	*	Daewoo Shipbuilding & Marine Engineering Co Ltd		117
	5,485		Dongbu Insurance Co Ltd		282
	5,995		Doosan Bobcat, Inc		189
	2,495		E-Mart Co Ltd		302
	295,773		Fila Korea Ltd		19,643
	2,186		GLOVIS Co Ltd		305
	7,097		GS Engineering & Construction Corp		248
	6,910		GS Holdings Corp		307
	2,927		GS Retail Co Ltd		100
	64,217		Hana Financial Group, Inc		2,081
	8,486		Hankook Tire Co Ltd		258
	838		Hanmi Pharm Co Ltd		294
	1,981		Hanmi Science Co Ltd		117
	19,805		Hanon Systems		200
	12,285		Hanwha Chemical Corp		242
	4,764		Hanwha Corp		110
	2,903		HDC Hyundai Development Co-Engineering & Construction		110
	3,842	*	HLB, Inc		118

221

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,990		Honam Petrochemical Corp	$	436
	3,543		Hotel Shilla Co Ltd		298
	151,398		Hynix Semiconductor, Inc		9,107
	1,675		Hyundai Department Store Co Ltd		120
	8,836		Hyundai Engineering & Construction Co Ltd		411
	4,690	*	Hyundai Heavy Industries		482
	7,262		Hyundai Marine & Fire Insurance Co Ltd		179
	14,698		Hyundai Mobis		2,999
	32,684		Hyundai Motor Co		3,967
	4,278		Hyundai Motor Co Ltd (2nd Preference)		320
	2,707		Hyundai Motor Co Ltd (Preference)		186
	1,122		Hyundai Robotics Co Ltd		315
	9,568		Hyundai Steel Co		347
	27,786		Industrial Bank of Korea		338
	67,100	g	ING Life Insurance Korea Ltd		1,840
	5,582		Kakao Corp		636
	13,060		Kangwon Land, Inc		342
	85,653		KB Financial Group, Inc		3,395
	746		KCC Corp		178
	56,357		Kia Motors Corp		2,150
	8,727		Korea Aerospace Industries Ltd		272
	57,814	*	Korea Electric Power Corp		1,280
	1,018	*	Korea Express Co Ltd		119
	3,365		Korea Gas Corp		123
	4,860		Korea Investment Holdings Co Ltd		340
	2,042		Korea Kumho Petrochemical		172
	38,076		Korea Life Insurance Co Ltd		108
	1,002		Korea Zinc Co Ltd		413
	5,200		Korean Air Lines Co Ltd		131
	25,563		KT&G Corp		2,181
	12,374		LG Chem Ltd		3,803
	994		LG Chem Ltd (Preference)		169
	20,808		LG Corp		1,385
	23,154		LG Electronics, Inc		1,593
	2,034		LG Household & Health Care Ltd		2,317
	245		LG Household & Health Care Ltd (Preference)		171
	1,644		LG Innotek Co Ltd		156
	12,415		LG Telecom Ltd		156
	27,185	*	LG.Philips LCD Co Ltd		421
	3,382		Lotte Corp		129
	1,450		Lotte Shopping Co Ltd		202
	643		Medy-Tox, Inc		251
	34,319		Meritz Securities Co Ltd		159
	30,229		Naver Corp		2,988
	1,810		NCsoft		749
	2,991	*,g	Netmarble Corp		293
	2,352		OCI Co Ltd		190
	2,760		Orion Corp/Republic of Korea		221
	154		Ottogi Corp		91
	3,413		Pacific Corp		185
	720	*	Pearl Abyss Corp		133
	20,600		POSCO		4,373
	2,647		POSCO Refractories & Environment Co Ltd		123

222

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,977		S1 Corp (Korea)	$	167
	4,535	*,g	Samsung Biologics Co Ltd		1,259
	3,481		Samsung Card Co		115
	12,299		Samsung Electro-Mechanics Co Ltd		1,047
	1,456,608		Samsung Electronics Co Ltd		59,314
	181,982		Samsung Electronics Co Ltd (Preference)		6,035
	18,313	*	Samsung Engineering Co Ltd		273
	6,677		Samsung Fire & Marine Insurance Co Ltd		1,550
	51,875	*	Samsung Heavy Industries Co Ltd		367
	8,172		Samsung Life Insurance Co Ltd		592
	11,864		Samsung SDI Co Ltd		2,434
	7,676		Samsung SDS Co Ltd		1,431
	7,667		Samsung Securities Co Ltd		260
	94,605		Shinhan Financial Group Co Ltd		3,680
	809		Shinsegae Co Ltd		211
	7,845	*	SillaJen, Inc		336
	7,327		SK C&C Co Ltd		1,474
	17,609		SK Energy Co Ltd		2,427
	2,249		SK Telecom Co Ltd		505
	5,820		S-Oil Corp		423
	30,566	*	STX Pan Ocean Co Ltd		123
	1,973	*	ViroMed Co Ltd		289
	5,956		Woongjin Coway Co Ltd		399
	52,036	*	Woori Financial Group, Inc		633
	18,280		Woori Investment & Securities Co Ltd		230
	1,144		Yuhan Corp		242
			TOTAL KOREA, REPUBLIC OF		171,641

LUXEMBOURG - 0.0%
	28,884		ArcelorMittal		517
	494	e	Eurofins Scientific		218
	5,811		Millicom International Cellular S.A.		327
	16,897		Reinet Investments S.C.A		273
	1,838		RTL Group		94
	29,687		SES Global S.A.		464
	41,930		Tenaris S.A.		550
			TOTAL LUXEMBOURG		2,443

MACAU - 0.2%
	99,803		Galaxy Entertainment Group Ltd		671
	19,802,866	e	MGM China Holdings Ltd		33,641
	108,733		Sands China Ltd		520
	70,583	e	Wynn Macau Ltd		158
			TOTAL MACAU		34,990

MALAYSIA - 0.1%
	136,700		AirAsia BHD		90
	88,700		Alliance Financial Group BHD		81
	160,200		AMMB Holdings BHD		164
	14,800		British American Tobacco Malaysia BHD		103
	526,451		Bumiputra-Commerce Holdings BHD		686
	444,200		Dialog Group BHD		351
	325,000		Digi.Com BHD		397

223

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	16,800		Fraser & Neave Holdings BHD	$	141
	185,700		Gamuda BHD		169
	233,300		Genting BHD		383
	14,600		Genting Plantations BHD		35
	57,900		HAP Seng Consolidated BHD		140
	170,300		Hartalega Holdings BHD		216
	69,300		Hong Leong Bank BHD		319
	20,800		Hong Leong Credit BHD		93
	255,200		IHH Healthcare BHD		358
	297,400		IJM Corp BHD		173
	196,700		IOI Corp BHD		202
	46,400		Kuala Lumpur Kepong BHD		276
	447,107		Malayan Banking BHD		961
	112,900		Malaysia Airports Holdings BHD		233
	257,100		Maxis BHD		346
	129,200		MISC BHD		224
	7,600		Nestle Malaysia BHD		274
	274,200		Petronas Chemicals Group BHD		557
	28,100		Petronas Dagangan BHD		173
	70,200		Petronas Gas BHD		295
	64,980		PPB Group BHD		294
	139,100		Press Metal BHD		148
	347,300		Public Bank BHD		1,934
	64,600		QL Resources BHD		107
	352,100		Resorts World BHD		276
	108,200		RHB Capital BHD		146
	303,500		Sime Darby BHD		166
	227,000		Sime Darby Plantation BHD		270
	238,500		Sime Darby Property BHD		59
	153,958		SP Setia BHD		81
	117,900		Telekom Malaysia BHD		114
	353,200		Tenaga Nasional BHD		1,184
	311,025		TM International BHD		375
	178,600		Top Glove Corp BHD		212
	89,500		Westports Holdings BHD		86
	322,800		YTL Corp BHD		88
			TOTAL MALAYSIA		12,980

MEXICO - 0.2%
	644,300		Alfa S.A. de C.V. (Class A)		633
	64,400	*,e	Alsea SAB de C.V.		127
	3,669,200		America Movil S.A. de C.V. (Series L)		2,670
	396,285		Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand		606
	1,700,900		Cemex S.A. de C.V.		717
	59,300		Coca-Cola Femsa SAB de C.V.		368
	20,500		El Puerto de Liverpool SAB de C.V.		114
	45,800		Embotelladoras Arca SAB de C.V.		248
	353,200		Fibra Uno Administracion S.A. de C.V.		468
	421,500		Fomento Economico Mexicano S.A. de C.V.		4,084
	19,554		Fresnillo plc		216
	22,470		Gruma SAB de C.V.		211
	39,900		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		415

224

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	23,375		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)	$	379
	171,000		Grupo Bimbo S.A. de C.V. (Series A)		357
	46,800		Grupo Carso S.A. de C.V. (Series A1)		174
	280,600		Grupo Financiero Banorte S.A. de C.V.		1,628
	8,208,527		Grupo Financiero Inbursa S.A.		11,872
	793,000		Grupo Mexico S.A. de C.V. (Series B)		2,106
	273,200		Grupo Televisa S.A.		462
	35,720		Industrias Penoles S.A. de C.V.		462
	57,900		Infraestructura Energetica ,NV SAB de C.V.		227
	169,800		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		316
	34,100		Megacable Holdings SAB de C.V.		145
	121,300		Mexichem SAB de C.V.		255
	25,090		Promotora y Operadora de Infraestructura SAB de C.V.		249
	1,129,500		Wal-Mart de Mexico SAB de C.V.		3,084
			TOTAL MEXICO		32,593

NETHERLANDS - 2.0%
	190,789	g	ABN AMRO Group NV (ADR)		4,082
	28,823	*,g	Adyen NV		22,234
	77,657		Aegon NV		386
	39,094		Akzo Nobel NV		3,674
	798	*	Altice NV (Class A)		3
	266	*	Altice NV (Class B)		1
	393,974		ASML Holding NV		81,982
	44,071	*	Cimpress NV		4,005
	8,068		DSM NV		995
	4,058		Eurocommercial Properties NV		108
	152,758	g	Euronext NV		11,557
	4,725		EXOR NV		331
	192	*,e	Fugro NV		2
	5,024		Heineken Holding NV		526
	48,053		Heineken NV		5,356
	9,792,100		ING Groep NV		113,429
	8,000	*	InterXion Holding NV		609
	225,794		Koninklijke Ahold Delhaize NV		5,069
	847,568		Koninklijke KPN NV		2,603
	235,306		Koninklijke Philips Electronics NV		10,230
	3,141		Koninklijke Vopak NV		145
	13,345		NN Group NV		536
	83,034		NXP Semiconductors NV		8,105
	5,225		Randstad Holdings NV		287
	3,697,140		Royal Dutch Shell plc (A Shares)		120,666
	345,290		Royal Dutch Shell plc (B Shares)		11,314
	3,479	e	Wereldhave NV		91
	26,017		Wolters Kluwer NV		1,893
			TOTAL NETHERLANDS		410,219

NEW ZEALAND - 0.0%
	33,296	*	a2 Milk Co Ltd		329
	88,371		Auckland International Airport Ltd		585
	25,965		Fisher & Paykel Healthcare Corp		270
	35,977		Fletcher Building Ltd		117
	95,139		Kiwi Property Group Ltd		102

225

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	58,002		Meridian Energy Ltd	$	186
	34,101		Ryman Healthcare Ltd		270
	82,510		Telecom Corp of New Zealand Ltd		222
			TOTAL NEW ZEALAND		2,081

NORWAY - 0.3%
	984,725		Aker BP ASA		28,401
	457	*	Aker Solutions ASA		2
	86,677		DNB NOR Holding ASA		1,615
	8,674		Gjensidige Forsikring BA		175
	120,963		Norsk Hydro ASA		433
	71,344		Orkla ASA		633
	18,891		PAN Fish ASA		442
	4,253		Schibsted ASA (B Shares)		111
	867,829		Statoil ASA		17,215
	66,773		Telenor ASA		1,419
	348,900		TGS Nopec Geophysical Co ASA		9,818
	7,644		Yara International ASA		371
			TOTAL NORWAY		60,635

PAKISTAN - 0.0%
	46,500		Habib Bank Ltd		33
	19,200		MCB Bank Ltd		21
	125,100		Oil & Gas Development Co Ltd		103
			TOTAL PAKISTAN		157

PERU - 0.0%
	25,400		Cia de Minas Buenaventura S.A. (ADR) (Series B)		423
	17,300		Credicorp Ltd (NY)		3,960
	9,982		Southern Copper Corp (NY)		388
			TOTAL PERU		4,771

PHILIPPINES - 0.1%
	211,300		Aboitiz Equity Ventures, Inc		227
	159,100		Aboitiz Power Corp		108
	420,700		Alliance Global Group, Inc		127
	59,270		Ayala Corp		1,035
	1,625,200		Ayala Land, Inc		1,612
	429,310		Banco de Oro Universal Bank		1,174
	105,910		Bank of the Philippine Islands		162
	412,600		DMCI Holdings, Inc		83
	3,480		Globe Telecom, Inc		154
	10,199		GT Capital Holdings, Inc		187
	108,220		International Container Term Services, Inc		309
	301,680		JG Summit Holdings (Series B)		397
	49,520		Jollibee Foods Corp		272
	26,730		Manila Electric Co		202
	31,611,927		Megaworld Corp		3,764
	1,614,900		Metro Pacific Investments Corp		151
	183,146		Metropolitan Bank & Trust		255
	9,895		PLDT, Inc		248
	219,600	*	Robinsons Land Corp		113
	5,471,450		Robinsons Retail Holdings, Inc		7,903

226

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	27,880		Security Bank Corp	$	92
	27,290		SM Investments Corp		516
	2,027,800		SM Prime Holdings		1,469
	98,560		Universal Robina		319
			TOTAL PHILIPPINES		20,879

POLAND - 0.1%
	8,836	*	Alior Bank S.A.		118
	54,656	*	Bank Millennium S.A.		137
	36,606		Bank Pekao S.A.		1,097
	3,619		Bank Zachodni WBK S.A.		360
	1,383	*	BRE Bank S.A.		159
	3,283		CCC S.A.		148
	7,494		CD Projekt Red S.A.		434
	25,727	*	Cyfrowy Polsat S.A.		205
	4,970	*,g	Dino Polska S.A.		174
	10,460		Grupa Lotos S.A.		237
	5,442	*	Jastrzebska Spolka Weglowa S.A.		69
	14,743	*	KGHM Polska Miedz S.A.		409
	134		LPP S.A.		274
	233,398		Polish Oil & Gas Co		332
	89,922	*	Polska Grupa Energetyczna S.A.		231
	87,645		Polski Koncern Naftowy Orlen S.A.		2,114
	244,101		Powszechna Kasa Oszczednosci Bank Polski S.A.		2,802
	129,677		Powszechny Zaklad Ubezpieczen S.A.		1,518
	56,663	*	Telekomunikacja Polska S.A.		102
			TOTAL POLAND		10,920

PORTUGAL - 0.1%
	217,731		Energias de Portugal S.A.		828
	39,431		Galp Energia SGPS S.A.		606
	813,321		Jeronimo Martins SGPS S.A.		13,110
			TOTAL PORTUGAL		14,544

QATAR - 0.0%
	19,159	*	Barwa Real Estate Co		180
	209,980	*	Commercial Bank of Qatar QSC		265
	197,320	*	Industries Qatar QSC		623
	402,770	*	Masraf Al Rayan		421
	497,840	*	Mesaieed Petrochemical Holding Co		357
	8,364	*	Ooredoo QSC		150
	64,130	*	Qatar Electricity & Water Co		293
	56,420	*	Qatar Fuel QSC		334
	173,130	*	Qatar Insurance Co SAQ		1,668
	119,240	*	Qatar Islamic Bank SAQ		543
	486,490	*	Qatar National Bank		2,543
			TOTAL QATAR		7,377

ROMANIA - 0.0%
	40,308		NEPI Rockcastle plc		370
			TOTAL ROMANIA		370

227

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
RUSSIA - 0.5%
	21,682		Evraz plc	$	184
	1,477,105		Gazprom (ADR)		10,812
	117,193		LUKOIL PJSC (ADR)		9,847
	40,639		Magnit PJSC (GDR)		592
	178,678		MMC Norilsk Nickel PJSC (ADR)		4,024
	58,500		Mobile TeleSystems (ADR)		545
	25,960		Novatek PJSC (GDR)		5,504
	14,838		Novolipetsk Steel PJSC (GDR)		374
	14,799		PhosAgro PJSC (GDR)		194
	26,461		Polymetal International plc (ADR)		335
	6,091		Polyus PJSC (GDR)		282
	362,900	*	Rosneft Oil Co PJSC (GDR)		2,377
	696,354	*	Sberbank of Russia (ADR)		10,640
	24,960		Severstal (GDR)		421
	508,089		Surgutneftegaz (ADR) (London)		2,083
	71,463		Tatneft PJSC (ADR)		5,242
	201,727	*	VTB Bank (GDR)		254
	13,684		X5 Retail Group NV (GDR)		469
	1,501,850	*	Yandex NV		57,070
			TOTAL RUSSIA		111,249

SAUDI ARABIA - 0.0%
	5,296		Advanced Petrochemical Co		85
	68,661		Al Rajhi Bank		1,275
	40,866		Alinma Bank		266
	13,993		Almarai Co JSC		197
	15,903	*	Bank AlBilad		115
	20,404		Bank Al-Jazira		83
	30,332		Banque Saudi Fransi		342
	1,446	*	Bupa Arabia for Cooperative Insurance Co		37
	3,565	*	Co for Cooperative Insurance		66
	31,791	*	Dar Al Arkan Real Estate Development Co		99
	22,765	*	Emaar Economic City		61
	21,302	*	Etihad Etisalat Co		137
	2,978		Jarir Marketing Co		131
	64,846		National Commercial Bank		958
	17,785	*	National Industrialization Co		81
	15,173	*	Rabigh Refining & Petrochemical Co		84
	64,639		Riyad Bank		463
	20,069		Sahara International Petrochemical Co		111
	54,636		Samba Financial Group		516
	2,966		Saudi Airlines Catering Co		67
	9,665		Saudi Arabian Fertilizer Co		218
	21,918	*	Saudi Arabian Mining Co		284
	43,486		Saudi Basic Industries Corp		1,326
	20,100		Saudi British Bank		222
	4,093		Saudi Cement Co		77
	51,902		Saudi Electricity Co		259
	13,289		Saudi Industrial Investment Group		88
	40,398	*	Saudi Kayan Petrochemical Co		132
	21,706		Saudi Telecom Co		603
	14,599	*	Savola Group		127

228

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	13,809		Yanbu National Petrochemical Co	$	232
			TOTAL SAUDI ARABIA		8,742

SINGAPORE - 0.1%
	313,245		Ascendas REIT		723
	23,300	e,g	BOC Aviation Ltd		195
	315,446		CapitaCommercial Trust		506
	320,946		CapitaLand Ltd		838
	117,217		CapitaMall Trust		228
	60,700		City Developments Ltd		425
	98,448		ComfortDelgro Corp Ltd		194
	378,630		DBS Group Holdings Ltd		7,274
	282,892		Genting Singapore Ltd		192
	322,065	e	Golden Agri-Resources Ltd		69
	4,266		Jardine Cycle & Carriage Ltd		114
	66,968		Keppel Corp Ltd		330
	549,553		Oversea-Chinese Banking Corp		4,636
	45,348		SembCorp Industries Ltd		81
	24,184		Singapore Airlines Ltd		166
	30,600		Singapore Airport Terminal Services Ltd		118
	315,343	e	Singapore Exchange Ltd		1,847
	74,225	e	Singapore Press Holdings Ltd		134
	70,507		Singapore Technologies Engineering Ltd		216
	16,600		Singapore Telecommunications Ltd		43
	1,062,791		Singapore Telecommunications Ltd		2,751
	293,600		Suntec Real Estate Investment Trust		421
	228,143		United Overseas Bank Ltd		4,411
	66,831		UOL Group Ltd		373
	12,400		Venture Corp Ltd		150
	83,362		Wilmar International Ltd		228
			TOTAL SINGAPORE		26,663

SOUTH AFRICA - 0.4%
	190,751		Absa Group Ltd		2,385
	5,894		Anglo American Platinum Ltd		351
	215,689	e	Anglo American plc (London)		6,162
	44,418		AngloGold Ashanti Ltd		796
	86,631		Aspen Pharmacare Holdings Ltd		618
	89,653		Bid Corp Ltd		1,952
	84,279		Bidvest Group Ltd		1,134
	5,004		Capitec Bank Holdings Ltd		461
	29,504	e	Clicks Group Ltd		430
	79,147		Discovery Holdings Ltd		839
	27,582		Exxaro Resources Ltd		338
	897,926		FirstRand Ltd		4,373
	143,513		Fortress REIT Ltd (Class A)		219
	25,669		Foschini Ltd		329
	89,200		Gold Fields Ltd		485
	809,011		Growthpoint Properties Ltd		1,397
	29,533		Investec Ltd		192
	29,766		Investec plc		194
	6,785	e	Kumba Iron Ore Ltd		241
	13,637		Liberty Holdings Ltd		102

229

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	154,646		Life Healthcare Group Holdings Pte Ltd	$	247
	82,825		Metropolitan Holdings Ltd		112
	13,002		Mondi Ltd		292
	28,448		Mr Price Group Ltd		401
	451,024	e	MTN Group Ltd		3,411
	116,429	*	MultiChoice Group Ltd		1,107
	116,783		Naspers Ltd (N Shares)		28,267
	82,038		Nedbank Group Ltd		1,476
	145,366		Network Healthcare Holdings Ltd		185
	224,680	e	Old Mutual Ltd (London)		336
	37,794		Pick’n Pay Stores Ltd		185
	16,308		PSG Group Ltd		277
	79,498		Rand Merchant Investment Holdings Ltd		192
	627,164		Redefine Properties Ltd		403
	142,176		Remgro Ltd		1,897
	160,550		RMB Holdings Ltd		963
	414,333		Sanlam Ltd		2,301
	59,847		Sappi Ltd		233
	149,492	e	Sasol Ltd		3,717
	123,385		Shoprite Holdings Ltd		1,379
	167	*	Sibanye Gold Ltd		0	^
	19,807		Spar Group Ltd		263
	345,237		Standard Bank Group Ltd		4,823
	27,551		Telkom S.A. Ltd		180
	18,095	e	Tiger Brands Ltd		287
	46,775		Truworths International Ltd		232
	165,657	e	Vodacom Group Pty Ltd		1,408
	110,515	e	Woolworths Holdings Ltd		383
			TOTAL SOUTH AFRICA		77,955

SPAIN - 0.4%
	11,024		ACS Actividades Construccion y Servicios S.A.		441
	2,999	g	Aena S.A.		594
	256,777		Amadeus IT Holding S.A.		20,348
	589,098		Banco Bilbao Vizcaya Argentaria S.A.		3,286
	243,114		Banco de Sabadell S.A.		252
	2,200,432		Banco Santander S.A.		10,198
	51,169		Bankia S.A.		121
	29,905		Bankinter S.A.		206
	156,383		CaixaBank S.A.		449
	8,377	e,g	Cellnex Telecom SAU		310
	45,267	e	Corp Mapfre S.A.		132
	2,042	e	Distribuidora Internacional de Alimentacion S.A.		1
	19,483	e	Enagas		520
	355,626	e	Endesa S.A.		9,147
	43,061		Ferrovial S.A.		1,102
	150,750		Gas Natural SDG S.A.		4,155
	12,987		Grifols S.A.		384
	801,152		Iberdrola S.A.		7,976
	219,486		Industria De Diseno Textil S.A.		6,604
	17,395	*,e	Inmobiliaria Colonial S.A.		194
	8,117		Lar Espana Real Estate Socimi S.A.		63
	108,528	*,†,e	Let’s GOWEX S.A.		1

230

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	28,991		Merlin Properties Socimi S.A.	$	402
	72,429		Red Electrica Corp S.A.		1,509
	121,747		Repsol YPF S.A.		1,911
	378,080		Siemens Gamesa Renewable Energy		6,284
	986,529	e	Telefonica S.A.		8,113
			TOTAL SPAIN		84,703

SWEDEN - 0.4%
	13,283		Alfa Laval AB		290
	492,043		Assa Abloy AB		11,102
	60,239		Atlas Copco AB (A Shares)		1,930
	17,008		Atlas Copco AB (B Shares)		489
	1,761	*	Autoliv, Inc		124
	385,772		Boliden AB		9,885
	11,596		Castellum AB		222
	10,047		Electrolux AB (Series B)		258
	17,014		Epiroc AB		169
	28,742		Epiroc AB (Class A)		299
	273,848		Ericsson (LM) (B Shares)		2,599
	53,367		Essity AB		1,642
	27,832		Fabege AB		419
	25,512	*	Fastighets AB Balder		855
	78,575	e	Hennes & Mauritz AB (B Shares)		1,396
	370,640		Hexagon AB (B Shares)		20,609
	18,161	e	Husqvarna AB (B Shares)		170
	3,840	e	ICA Gruppen AB		165
	7,571		Industrivarden AB		168
	467,783	e	Intrum Justitia AB		12,025
	10,425		Investment AB Kinnevik (B Shares)		271
	40,754		Investor AB (B Shares)		1,960
	23,193		Kungsleden AB		192
	3,272		Lundbergs AB (B Shares)		123
	8,055	e	Lundin Petroleum AB		251
	98,072		Sandvik AB		1,802
	13,582	*,e	SAS AB		18
	13,678		Securitas AB (B Shares)		240
	420,226		Skandinaviska Enskilda Banken AB (Class A)		3,891
	15,046		Skanska AB (B Shares)		272
	16,474		SKF AB (B Shares)		303
	135,010		Svenska Handelsbanken AB		1,332
	80,952		Swedbank AB (A Shares)		1,219
	7,631		Swedish Match AB		323
	21,481		Tele2 AB (B Shares)		314
	122,813		TeliaSonera AB		544
	135,202		Volvo AB (B Shares)		2,148
			TOTAL SWEDEN		80,019

SWITZERLAND - 3.8%
	360,224		ABB Ltd		7,222
	14,839		Adecco S.A.		892
	720,178	*	Alcon, Inc		44,471
	2,992	*	Aryzta AG.		4
	4,230		Baloise Holding AG.		749

231

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	201		Barry Callebaut AG.	$	403
	92,677		Cie Financiere Richemont S.A.		7,875
	9,049		Clariant AG.		184
	8,652		Coca-Cola HBC AG.		327
	7,716,680		Credit Suisse Group		92,362
	91,788		Dufry Group		7,778
	730		EMS-Chemie Holding AG.		474
	3,356		Geberit AG.		1,569
	830		Givaudan S.A.		2,344
	976,498		Glencore Xstrata plc		3,380
	33,780	e	Holcim Ltd		1,652
	19,963		Julius Baer Group Ltd		889
	2,271		Kuehne & Nagel International AG.		337
	8,116		LafargeHolcim Ltd		396
	90		Lindt & Spruengli AG.		655
	19		Lindt & Spruengli AG. (Registered)		1,545
	328,102		Lonza Group AG.		110,765
	1,861,930		Nestle S.A.		192,751
	662,826		Novartis AG.		60,511
	1,789		Pargesa Holding S.A.		138
	1,551		Partners Group		1,220
	2,417		Phonak Holding AG.		550
	4,058		PSP Swiss Property AG.		474
	553,754		Roche Holding AG.		155,709
	3,940		Schindler Holding AG.		878
	1,779		Schindler Holding AG. (Registered)		389
	489		SGS S.A.		1,246
	11,780		Sika AG.		2,013
	998,965		STMicroelectronics NV		17,718
	4,941		Straumann Holding AG.		4,366
	2,993		Swatch Group AG.		858
	2,373		Swatch Group AG. (Registered)		129
	2,939		Swiss Life Holding		1,457
	10,604		Swiss Prime Site AG.		926
	29,443		Swiss Re Ltd		2,992
	2,191	e	Swisscom AG.		1,101
	2,745		Temenos Group AG.		492
	442,974		UBS AG.		5,265
	1,960	e	Vifor Pharma AG.		283
	95,032		Zurich Financial Services AG.		33,066
			TOTAL SWITZERLAND		770,805

TAIWAN - 1.3%
	301,000		Acer, Inc		187
	37,000		Advantech Co Ltd		315
	14,000		Airtac International Group		157
	376,000		ASE Industrial Holding Co Ltd		750
	236,000		Asia Cement Corp		362
	80,000		Asustek Computer, Inc		574
	1,023,000		AU Optronics Corp		307
	1,899,000		Catcher Technology Co Ltd		13,643
	839,000		Cathay Financial Holding Co Ltd		1,162
	1,996,517		Chailease Holding Co Ltd		8,274

232

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES		COMPANY	VALUE (000)
	552,480	Chang Hwa Commercial Bank	$	373
	227,000	Cheng Shin Rubber Industry Co Ltd		293
	53,335	Chicony Electronics Co Ltd		131
	204,000	China Airlines		65
	1,373,000	China Development Financial Holding Corp		419
	298,249	China Life Insurance Co Ltd (Taiwan)		239
	1,332,000	China Steel Corp		1,071
	2,045,000	Chinatrust Financial Holding Co		1,406
	852,000	Chunghwa Telecom Co Ltd		3,099
	411,000	Compal Electronics, Inc		270
	698,182	Dadi Early-Childhood Education Group Ltd		5,889
	212,000	Delta Electronics, Inc		1,077
	1,057,053	E.Sun Financial Holding Co Ltd		885
	21,000	Eclat Textile Co Ltd		269
	166,122	Eva Airways Corp		80
	232,373	Evergreen Marine Corp Tawain Ltd		93
	367,000	Far Eastern Textile Co Ltd		397
	188,000	Far EasTone Telecommunications Co Ltd		474
	32,000	Feng TAY Enterprise Co Ltd		250
	1,097,930	First Financial Holding Co Ltd		806
	708,000	Formosa Chemicals & Fibre Corp		2,353
	389,000	Formosa Petrochemical Corp		1,389
	1,162,000	Formosa Plastics Corp		4,289
	78,000	Formosa Taffeta Co Ltd		98
	89,000	Foxconn Technology Co Ltd		181
	1,458,000	Fubon Financial Holding Co Ltd		2,155
	1,057,000	Fuhwa Financial Holdings Co Ltd		635
	32,000	Giant Manufacturing Co Ltd		251
	23,000	Globalwafers Co Ltd		234
	96,000	Highwealth Construction Corp		153
	24,929	Hiwin Technologies Corp		209
	2,687,000	Hon Hai Precision Industry Co, Ltd		6,704
	1,535,678	Hota Industrial Manufacturing Co Ltd		5,026
	33,000	Hotai Motor Co Ltd		541
	763,050	Hua Nan Financial Holdings Co Ltd		512
	1,029,000	InnoLux Display Corp		243
	253,000	Inventec Co Ltd		201
	122,604	Largan Precision Co Ltd		15,312
	234,000	Lite-On Technology Corp		343
	852,000	MediaTek, Inc		8,630
	1,205,000	Mega Financial Holding Co Ltd		1,199
	74,000	Micro-Star International Co Ltd		210
	1,343,000	Nan Ya Plastics Corp		3,401
	138,000	Nanya Technology Corp		287
	16,000	Nien Made Enterprise Co Ltd		121
	60,000	Novatek Microelectronics Corp Ltd		335
	218,000	Pegatron Technology Corp		378
	16,000	Phison Electronics Corp		146
	215,000	Pou Chen Corp		267
	87,000	Powertech Technology, Inc		213
	64,000	President Chain Store Corp		619
	299,000	Quanta Computer, Inc		582
	52,000	Realtek Semiconductor Corp		383

233

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	50,400		Ruentex Development Co Ltd	$	72
	34,600		Ruentex Industries Ltd		84
	341,000		Shanghai Commercial & Savings Bank Ltd		618
	1,204,950		Shin Kong Financial Holding Co Ltd		366
	1,179,300		SinoPac Financial Holdings Co Ltd		496
	38,000		Standard Foods Corp		74
	141,000		Synnex Technology International Corp		177
	26,000	*	TaiMed Biologics, Inc		133
	1,054,220		Taishin Financial Holdings Co Ltd		486
	367,680		Taiwan Business Bank		162
	498,800		Taiwan Cement Corp		739
	934,410		Taiwan Cooperative Financial Holding		626
	221,000		Taiwan High Speed Rail Corp		325
	189,000		Taiwan Mobile Co Ltd		745
	20,058,500		Taiwan Semiconductor Manufacturing Co Ltd		153,415
	203,000	*	Tatung Co Ltd		123
	538,000		Uni-President Enterprises Corp		1,433
	2,629,000		United Microelectronics Corp		1,185
	92,000		Vanguard International Semiconductor Corp		194
	35,000		Walsin Technology Corp		186
	36,000		Win Semiconductors Corp		232
	302,000		Winbond Electronics Corp		148
	285,690		Wistron Corp		223
	137,640		WPG Holdings Co Ltd		179
	27,339		Yageo Corp		234
	45,000		Zhen Ding Technology Holding Ltd		144
			TOTAL TAIWAN		263,716

THAILAND - 0.1%
	125,500		Advanced Info Service PCL (Foreign)		885
	682,000		Airports of Thailand PCL (Foreign)		1,633
	46,100		Bangkok Bank PCL (Foreign)		299
	1,060,400		Bangkok Dusit Medical Services PCL (Foreign)		890
	777,700		Bangkok Expressway & Metro PCL		289
	535,000		Banpu PCL (Foreign)		262
	118,600		Berli Jucker PCL		196
	639,790		BTS Group Holdings PCL		250
	48,800		Bumrungrad Hospital PCL (Foreign)		269
	245,200		Central Pattana PCL (Foreign)		600
	398,600		Charoen Pokphand Foods PCL		367
	630,300		CP Seven Eleven PCL (Foreign)		1,765
	30,500		Electricity Generating PCL		323
	183,100		Energy Absolute PCL (Foreign)		333
	52,100		Gulf Energy Development PCL		209
	628,200		Home Product Center PCL (Foreign)		357
	176,300		Indorama Ventures PCL (Foreign)		270
	229,600		Intouch Holdings PCL		475
	1,446,800		IRPC PCL (Foreign)		236
	213,600		Kasikornbank PCL (Foreign)		1,321
	350,500		Krung Thai Bank PCL (Foreign)		223
	799,300		Land and Houses PCL Co Reg		287
	300,900		Minor International PCL (Foreign)		402
	60,000		Muangthai Capital PCL		111

234

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	258,000		PTT Exploration & Production PCL (Foreign)	$	1,139
	262,300		PTT Global Chemical PCL (Foreign)		548
	1,883,200		PTT PCL (Foreign)		2,999
	77,600		Ratch Group PCL		169
	48,300		Robinson PCL		89
	87,200		Siam Cement PCL (Foreign)		1,342
	90,500		Siam Commercial Bank PCL (Foreign)		412
	142,400		Thai Oil PCL (Foreign)		309
	366,200		Thai Union Group PCL		219
	930,400		TMB Bank PCL (Foreign)		60
	75,300		Total Access Communication PCL (Foreign)		130
	1,215,700		True Corp PCL (Foreign)		228
			TOTAL THAILAND		19,896

TURKEY - 0.1%
	634,629	*	Akbank TAS		751
	19,492		Anadolu Efes Biracilik Ve Malt Sanayii AS		67
	22,322	*	Arcelik AS		75
	39,393		Aselsan Elektronik Sanayi Ve Ticaret AS		122
	24,162		BIM Birlesik Magazalar AS		332
	159,727		Eregli Demir ve Celik Fabrikalari TAS		217
	6,702		Ford Otomotiv Sanayi AS		72
	99,382		Haci Omer Sabanci Holding AS		147
	162,333		KOC Holding AS		490
	19,701		TAV Havalimanlari Holding AS		92
	13,985		Tupras Turkiye Petrol Rafine		278
	56,852	*	Turk Hava Yollari		126
	70,080		Turk Sise ve Cam Fabrikalari AS		63
	299,988		Turkcell Iletisim Hizmet AS		662
	6,092,270	*	Turkiye Garanti Bankasi AS		9,567
	163,478	*	Turkiye Is Bankasi (Series C)		171
			TOTAL TURKEY		13,232

UNITED ARAB EMIRATES - 0.0%
	300,985		Abu Dhabi Commercial Bank PJSC		680
	412,161	*	Aldar Properties PJSC		213
	36,008		DP World Ltd		573
	182,775	*	Dubai Islamic Bank PJSC		256
	87,408	*	Emaar Development PJSC		95
	299,091	*	Emaar Malls Group PJSC		165
	943,780		Emaar Properties PJSC		1,138
	473,258		Emirates Telecommunications Group Co PJSC		2,149
	292,926	*	National Bank of Abu Dhabi PJSC		1,187
	4,165	e	NMC Health plc		128
			TOTAL UNITED ARAB EMIRATES		6,584

UNITED KINGDOM - 5.6%
	86,267		3i Group plc		1,220
	8,243		Admiral Group plc		231
	33,309		Amcor Ltd		379
	495,998		Aptiv plc		40,091
	1,464,012		Ashtead Group plc		41,946
	167	*,e	ASOS plc		5

235

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	364,337		Associated British Foods plc	$	11,406
	1,148,752		AstraZeneca plc		93,912
	40,368	g	Auto Trader Group plc		281
	353,448		Aviva plc		1,872
	284,564		BAE Systems plc		1,788
	1,504,864		Barclays plc		2,862
	43,988		Barratt Developments plc		320
	1,028,700		Beazley plc		7,211
	5,399		Berkeley Group Holdings plc		256
	51,000		Big Yellow Group plc		641
	6,061,800	*	boohoo.com plc		16,290
	5,312,597		BP plc		37,012
	2,630,802		British American Tobacco plc		91,857
	19,200		British American Tobacco plc (ADR)		669
	912,239		British Land Co plc		6,243
	731,458		BT Group plc		1,829
	29,789		Bunzl plc		786
	38,329		Burberry Group plc		908
	23,193		Capital & Counties Properties		64
	489,263		Centrica plc		545
	2,155,352		CNH Industrial NV		22,142
	10,111		Coca-Cola European Partners plc (Class A)		571
	268,538		Compass Group plc		6,437
	5,580		Croda International plc		363
	4,371		DCC plc		390
	404,000		Dechra Pharmaceuticals plc		14,101
	15,690		Derwent London plc		621
	2,377,579		Diageo plc		102,332
	59,258		Direct Line Insurance Group plc		250
	7,180		easyJet plc		87
	2,832,457		Electrocomponents plc		22,755
	84,804		Experian Group Ltd		2,569
	621,389		Fevertree Drinks plc		18,291
	87,588		Fiat DaimlerChrysler Automobiles NV		1,216
	687,343		GlaxoSmithKline plc		13,778
	118,000		Great Portland Estates plc		1,026
	67,810		Group 4 Securicor plc		179
	25,056		GVC Holdings plc		208
	16,259		Halma plc		418
	12,411		Hargreaves Lansdown plc		303
	2,449,257		HSBC Holdings plc		20,442
	85,699		Imperial Tobacco Group plc		2,011
	54,603		Informa plc		579
	19,222		Inmarsat plc		133
	15,695		InterContinental Hotels Group plc		1,032
	46,127	e	International Consolidated Airlines Group S.A.		279
	14,187		Intertek Group plc		992
	2,753	e	Intu Properties plc		3
	159,411		ITV plc		219
	76,589		J Sainsbury plc		190
	29,861		John Wood Group plc		172
	8,562		Johnson Matthey plc		362
	1,224,814	*	Just Eat plc		9,714

236

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	93,975		Kingfisher plc	$	256
	141,622		Land Securities Group plc		1,500
	2,540,000	e	Learning Technologies Group plc		3,125
	532,625		Legal & General Group plc		1,825
	151,823	*	Liberty Global plc (Class A)		4,098
	10,502	*	Liberty Global plc (Class C)		279
	121,373		Linde plc		24,372
	963,133		Linde plc (Xetra)		193,451
	76,033,545		Lloyds TSB Group plc		54,609
	142,198		London Stock Exchange Group plc		9,909
	1,345,618		Man Group plc		2,661
	84,250	e	Marks & Spencer Group plc		225
	70,766		Meggitt plc		471
	424,295		Melrose Industries plc		975
	31,561	g	Merlin Entertainments plc		180
	15,146		Micro Focus International plc		398
	9,789		Micro Focus International plc (ADR)		256
	37,810		Mondi plc		861
	306,052		National Grid plc		3,255
	3,048		New Carphone Warehouse plc		4
	27,360		Next plc		1,916
	19,778	*	Ocado Ltd		293
	533,141		Old Mutual Ltd		803
	34,121	e	Pearson plc		355
	27,840		Persimmon plc		707
	804		Petrofac Ltd		4
	1,146,249		Prudential plc		25,024
	96,067		Reckitt Benckiser Group plc		7,585
	460,624		RELX plc		11,142
	204,081		RELX plc (London)		4,950
	79,728		Rentokil Initial plc		403
	162,467		Rolls-Royce Group plc		1,736
	12,389,287	*	Rolls-Royce Holdings plc		16
	210,120		Royal Bank of Scotland Group plc		586
	44,037		RSA Insurance Group plc		323
	63,000		Safestore Holdings plc		491
	46,670		Sage Group plc		476
	5,584		Schroders plc		217
	91,331		Scottish & Southern Energy plc		1,302
	3	*	Seadrill Ltd		0	^
	179,916		Segro plc		1,670
	10,201		Severn Trent plc		265
	17,395		Shaftesbury plc		178
	68,133		Smith & Nephew plc		1,479
	17,183		Smiths Group plc		342
	3,162		Spirax-Sarco Engineering plc		369
	838	*	Sports Direct International plc		3
	23,643		St. James’s Place plc		330
	703,543		Standard Chartered plc		6,382
	213,059		Standard Life Aberdeen plc		797
	12,628		Subsea 7 S.A.		153
	21,291		Tate & Lyle plc		200
	142,405		Taylor Wimpey plc		286

237

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	9,663		TechnipFMC plc	$	249
	8,950		TechnipFMC plc (Euro OTC)		232
	26,125,789		Tesco plc		75,312
	11,287		Travis Perkins plc		183
	4,722,100		Tritax Big Box REIT plc		9,260
	593,895		Unilever NV		36,084
	289,487		Unilever plc		17,970
	29,189		United Utilities Group plc		291
	1,591,900		Vesuvius plc		11,079
	6,681,751		Vodafone Group plc		10,952
	11,189		Weir Group plc		220
	87,021		Whitbread plc		5,120
	2,688		William Hill plc		5
	103,378		WM Morrison Supermarkets plc		265
	603,699		WPP plc		7,604
			TOTAL UNITED KINGDOM		1,153,108

UNITED STATES - 55.1%
	64,978		3M Co		11,263
	2,959		A.O. Smith Corp		140
	1,608,285		Abbott Laboratories		135,257
	441,603		AbbVie, Inc		32,113
	903	*	Abiomed, Inc		235
	42,128		Accenture plc		7,784
	509,117		Activision Blizzard, Inc		24,030
	820		Acuity Brands, Inc		113
	48,698	*	Adobe, Inc		14,349
	1,506		Advance Auto Parts, Inc		232
	537,415	*	Advanced Micro Devices, Inc		16,321
	13,685		AES Corp		229
	912		Affiliated Managers Group, Inc		84
	57,836		Aflac, Inc		3,170
	93,681		Agilent Technologies, Inc		6,995
	10,876		AGNC Investment Corp		183
	12,000		Agree Realty Corp		769
	198,353		Air Products & Chemicals, Inc		44,901
	3,440	*	Akamai Technologies, Inc		276
	13,525	e	Albemarle Corp		952
	22,303		Alexandria Real Estate Equities, Inc		3,147
	616,043	*	Alexion Pharmaceuticals, Inc		80,689
	14,576	*	Align Technology, Inc		3,989
	3,220	*	Alkermes plc		73
	7,742		Alleghany Corp		5,273
	1,951		Allegion plc		216
	53,520		Allergan plc		8,961
	1,025		Alliance Data Systems Corp		144
	95,348		Alliant Energy Corp		4,680
	26,828		Allstate Corp		2,728
	8,624		Ally Financial, Inc		267
	1,920	*	Alnylam Pharmaceuticals, Inc		139
	98,202	*	Alphabet, Inc (Class A)		106,333
	102,010	*	Alphabet, Inc (Class C)		110,264
	3,123	*	Altice USA, Inc		76

238

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	261,311		Altria Group, Inc	$	12,373
	222,882	*,n	Amazon.com, Inc		422,056
	193		Amerco, Inc		73
	5,047		Ameren Corp		379
	2,280		American Airlines Group, Inc		74
	32,767		American Electric Power Co, Inc		2,884
	728,782		American Express Co		89,961
	1,567		American Financial Group, Inc		161
	65,000		American Homes 4 Rent		1,580
	984,717		American International Group, Inc		52,466
	48,926		American Tower Corp		10,003
	3,729		American Water Works Co, Inc		433
	25,000		Americold Realty Trust		811
	2,872		Ameriprise Financial, Inc		417
	20,710		AmerisourceBergen Corp		1,766
	4,745		Ametek, Inc		431
	85,941		Amgen, Inc		15,837
	98,422		Amphenol Corp (Class A)		9,443
	342,351		Anadarko Petroleum Corp		24,156
	24,581		Analog Devices, Inc		2,774
	25,000	*	Anaplan, Inc		1,262
	28,899		Annaly Capital Management, Inc		264
	1,735	*	Ansys, Inc		355
	31,978		Anthem, Inc		9,025
	17,915		Aon plc		3,457
	7,836		Apache Corp		227
	2,438,177	n	Apple, Inc		482,564
	270,498		Applied Materials, Inc		12,148
	350,408		ARAMARK Holdings Corp		12,636
	8,297	*	Arch Capital Group Ltd		308
	68,122		Archer Daniels Midland Co		2,779
	8,915		Arconic, Inc		230
	1,088	*	Arista Networks, Inc		282
	1,701	*	Arrow Electronics, Inc		121
	3,776		Arthur J. Gallagher & Co		331
	85,734		Ashland Global Holdings, Inc		6,856
	61,629		Associated Banc-Corp		1,303
	1,105		Assurant, Inc		118
	1,137,104		AT&T, Inc		38,104
	175,220	*	Athene Holding Ltd		7,545
	2,357		Atmos Energy Corp		249
	4,516	*	Autodesk, Inc		736
	69,442		Automatic Data Processing, Inc		11,481
	515	*	AutoZone, Inc		566
	15,857		AvalonBay Communities, Inc		3,222
	1,809		Avery Dennison Corp		209
	407,429		AXA Equitable Holdings, Inc		8,515
	315,720	*	Axalta Coating Systems Ltd		9,399
	10,488		Baker Hughes a GE Co		258
	6,657		Ball Corp		466
	5,103,195		Bank of America Corp		147,993
	70,391		Bank of New York Mellon Corp		3,108
	31,272	*	Bausch Health Cos, Inc		789

239

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	442,305		Baxter International, Inc	$	36,225
	48,868		BB&T Corp		2,401
	43,122		Becton Dickinson & Co		10,867
	344,006	*	Berkshire Hathaway, Inc (Class B)		73,332
	423,518	*	Berry Plastics Group, Inc		22,273
	5,109		Best Buy Co, Inc		356
	15,197	*	Biogen Idec, Inc		3,554
	11,677	*	BioMarin Pharmaceutical, Inc		1,000
	8,460		BlackRock, Inc		3,970
	840,772	*	Blackstone Group LP		37,347
	669,497		Boeing Co		243,704
	5,340	*	Booking Holdings, Inc		10,011
	4,309		BorgWarner, Inc		181
	37,191		Boston Properties, Inc		4,798
	1,451,610	*	Boston Scientific Corp		62,390
	2,128	*	Brighthouse Financial, Inc		78
	778,736		Bristol-Myers Squibb Co		35,316
	255,310		Broadcom, Inc		73,494
	2,397		Broadridge Financial Solutions, Inc		306
	6,243		Brown-Forman Corp (Class B)		346
	73,235		BRP, Inc (Toronto)		2,617
	226,088		Bunge Ltd		12,595
	939,638		Burford Capital Ltd		18,551
	1,395	*	Burlington Stores, Inc		237
	9,174		Cabot Oil & Gas Corp		211
	5,719	*	Cadence Design Systems, Inc		405
	22,000		Camden Property Trust		2,297
	3,584		Campbell Soup Co		144
	81,375		Capital One Financial Corp		7,384
	830,718	*	Capri Holdings Ltd		28,809
	6,276		Cardinal Health, Inc		296
	3,575	*	CarMax, Inc		310
	8,743		Carnival Corp		407
	15,662		Carnival plc		689
	649,839		Caterpillar, Inc		88,567
	2,306		CBOE Holdings, Inc		239
	6,668	*	CBRE Group, Inc		342
	199,304		CBS Corp (Class B)		9,945
	2,592		CDK Global, Inc		128
	139,603		CDW Corp		15,496
	2,727		Celanese Corp (Series A)		294
	111,450	*	Celgene Corp		10,302
	8,498	*	Centene Corp		446
	10,263		Centerpoint Energy, Inc		294
	20,077		CenturyLink, Inc		236
	136,108	*	Cerner Corp		9,977
	4,716		CF Industries Holdings, Inc		220
	2,841		CH Robinson Worldwide, Inc		240
	78,960		Charles Schwab Corp		3,173
	26,874	*	Charter Communications, Inc		10,620
	2,906		Chemours Co		70
	171,766	*	Cheniere Energy, Inc		11,757
	1,419,536		Chevron Corp		176,647

240

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,751	*,e	Chewy, Inc	$	61
	528	*	Chipotle Mexican Grill, Inc (Class A)		387
	198,023		Chubb Ltd		29,167
	5,055		Church & Dwight Co, Inc		369
	46,436		Cigna Corp		7,316
	2,111		Cimarex Energy Co		125
	3,189		Cincinnati Financial Corp		331
	1,826		Cintas Corp		433
	4,057,495		Cisco Systems, Inc		222,067
	2,220		CIT Group, Inc		117
	1,254,407		Citigroup, Inc		87,846
	393,612		Citizens Financial Group, Inc		13,918
	2,763		Citrix Systems, Inc		271
	2,644		Clorox Co		405
	70,198		CME Group, Inc		13,626
	5,858		CMS Energy Corp		339
	4,296,393		Coca-Cola Co		218,772
	3,530		Cognex Corp		169
	40,131		Cognizant Technology Solutions Corp (Class A)		2,544
	134,536		Colgate-Palmolive Co		9,642
	1,637,715		Comcast Corp (Class A)		69,243
	3,210		Comerica, Inc		233
	3,781	*	CommScope Holding Co, Inc		59
	3,270,507		ConAgra Brands, Inc		86,734
	771,569		Concho Resources, Inc		79,610
	80,153		ConocoPhillips		4,889
	6,524		Consolidated Edison, Inc		572
	17,352		Constellation Brands, Inc (Class A)		3,417
	1,847	*	Continental Resources, Inc		78
	5,654		Cooper Cos, Inc		1,905
	4,283	*	Copart, Inc		320
	450,625		Corning, Inc		14,974
	1,367,746	*	Corteva, Inc		40,444
	751	*	CoStar Group, Inc		416
	627,540		Costco Wholesale Corp		165,834
	11,529		Coty, Inc		154
	132,084	*	Cree, Inc		7,420
	163,902		Crown Castle International Corp		21,365
	1,351,081	*	Crown Holdings, Inc		82,551
	1,180,188		CSX Corp		91,311
	3,054		Cummins, Inc		523
	236,330		CVS Health Corp		12,878
	320,000		Cypress Semiconductor Corp		7,117
	15,000		CyrusOne, Inc		866
	242,653		Danaher Corp		34,680
	2,559		Darden Restaurants, Inc		312
	2,676	*	DaVita, Inc		151
	126,364		Deere & Co		20,940
	216,851		Delek US Holdings, Inc		8,787
	3,131	*	Dell Technologies, Inc		159
	3,407		Delta Air Lines, Inc		193
	4,686		Dentsply Sirona, Inc		273
	9,115		Devon Energy Corp		260

241

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	21,845	*	DexCom, Inc	$	3,273
	342,444		Diamondback Energy, Inc		37,316
	12,272		Digital Realty Trust, Inc		1,446
	6,942		Discover Financial Services		539
	3,268	*,e	Discovery, Inc (Class A)		100
	6,845	*	Discovery, Inc (Class C)		195
	22,238	*	DISH Network Corp (Class A)		854
	2,090	*	DocuSign, Inc		104
	34,644		Dollar General Corp		4,682
	4,910	*	Dollar Tree, Inc		527
	174,657		Dominion Resources, Inc		13,504
	815		Domino’s Pizza, Inc		227
	3,002		Dover Corp		301
	546,575		Dow, Inc		26,952
	7,367		DR Horton, Inc		318
	3,859	*	Dropbox, Inc		97
	3,757		DTE Energy Co		480
	47,491		Duke Energy Corp		4,191
	27,339		Duke Realty Corp		864
	451,748		DuPont de Nemours, Inc		33,913
	652,718		DXC Technology Co		35,997
	27,119		E*TRADE Financial Corp		1,210
	2,970		East West Bancorp, Inc		139
	2,917		Eastman Chemical Co		227
	143,749		Eaton Corp		11,971
	2,552		Eaton Vance Corp		110
	207,516		eBay, Inc		8,197
	31,785		Ecolab, Inc		6,276
	33,733		Edison International		2,274
	517,779	*	Edwards Lifesciences Corp		95,655
	112,438	*	Elanco Animal Health, Inc		3,800
	821,557	*	Electronic Arts, Inc		83,191
	312,698		Eli Lilly & Co		34,644
	489,324		Emerson Electric Co		32,648
	80,360		Entergy Corp		8,271
	1,015,263		EOG Resources, Inc		94,582
	1,087	*	EPAM Systems, Inc		188
	2,493		Equifax, Inc		337
	3,153		Equinix, Inc		1,590
	21,696		Equity Lifestyle Properties, Inc		2,633
	32,618		Equity Residential		2,476
	495		Erie Indemnity Co (Class A)		126
	9,360		Essex Property Trust, Inc		2,732
	41,070		Estee Lauder Cos (Class A)		7,520
	30,841		Everest Re Group Ltd		7,623
	5,454		Evergy, Inc		328
	6,549		Eversource Energy		496
	12,595	*	Exact Sciences Corp		1,487
	129,514		Exelon Corp		6,209
	111,117		Expedia, Inc		14,782
	3,576		Expeditors International of Washington, Inc		271
	13,579		Extra Space Storage, Inc		1,441
	1,871,346	d	Exxon Mobil Corp		143,401

242

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,232	*	F5 Networks, Inc	$	179
	1,031,264	*	Facebook, Inc		199,034
	759		Factset Research Systems, Inc		218
	11,828		Fastenal Co		385
	15,451		Federal Realty Investment Trust		1,989
	177,594		FedEx Corp		29,159
	21,708		Ferguson plc		1,545
	204,155		Fidelity National Information Services, Inc		25,046
	132,780		Fifth Third Bancorp		3,705
	11,394	*	First Data Corp		308
	3,402		First Republic Bank		332
	1,238,314		FirstEnergy Corp		53,012
	106,127	*	Fiserv, Inc		9,675
	1,801	*	FleetCor Technologies, Inc		506
	11,003	*	Flextronics International Ltd		105
	2,803		Flir Systems, Inc		152
	2,708		Flowserve Corp		143
	2,789		Fluor Corp		94
	2,732		FMC Corp		227
	5,683		FNF Group		229
	80,155		Ford Motor Co		820
	2,979	*	Fortinet, Inc		229
	216,741		Fortive Corp		17,669
	2,944		Fortune Brands Home & Security, Inc		168
	10,000		Four Corners Property Trust, Inc		273
	29,151		Fox Corp (Class A)		1,068
	3,269		Fox Corp (Class B)		119
	6,302		Franklin Resources, Inc		219
	1,284,473		Freeport-McMoRan Copper & Gold, Inc (Class B)		14,913
	530,725		Gaming and Leisure Properties, Inc		20,688
	4,775		Gap, Inc		86
	2,504		Garmin Ltd		200
	1,866	*	Gartner, Inc		300
	18,349		General Dynamics Corp		3,336
	3,944,105		General Electric Co		41,413
	40,212		General Mills, Inc		2,112
	13,592,224	*,†	General Motors Co		0
	61,921,000	*,†,e	General Motors Co		0
	18,159,000	*,†	General Motors Co		0
	29,845,445	*,†	General Motors Co		0
	4,461,000	*,†	General Motors Co		0
	19,417,463	*,†	General Motors Co		0
	26,439,985	*,†	General Motors Co		0
	85,047		General Motors Co		3,277
	18,106,794	*,†,e	General Motors Co		0
	530,757	*,†	General Motors Co		0
	69,850,000	*,†	General Motors Co		0
	3,022		Genuine Parts Co		313
	720,500		Gilead Sciences, Inc		48,677
	3,263		Global Payments, Inc		523
	3,576	*	GoDaddy, Inc		251
	40,131		Goldman Sachs Group, Inc		8,211
	47,761	*	GrubHub, Inc		3,725

243

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	4,196		H&R Block, Inc	$	123
	102,936		Halliburton Co		2,341
	7,436		Hanesbrands, Inc		128
	3,440		Harley-Davidson, Inc		123
	232,201		Hartford Financial Services Group, Inc		12,938
	2,453		Hasbro, Inc		259
	29,061		HCA Holdings, Inc		3,928
	64,773		HCP, Inc		2,071
	3,645	*	HD Supply Holdings, Inc		147
	20,000		Healthcare Trust of America, Inc		549
	821		HEICO Corp		110
	1,514		HEICO Corp (Class A)		157
	2,190		Helmerich & Payne, Inc		111
	3,112	*	Henry Schein, Inc		218
	2,981		Hershey Co		400
	5,846		Hess Corp		372
	28,495		Hewlett Packard Enterprise Co		426
	5,806		Hilton Worldwide Holdings, Inc		567
	3,408		HollyFrontier Corp		158
	239,352	*	Hologic, Inc		11,494
	872,633		Home Depot, Inc		181,482
	692,515		Honeywell International, Inc		120,906
	6,047		Hormel Foods Corp		245
	115,826		Host Marriott Corp		2,110
	118,585		HP, Inc		2,465
	40,000		Hudson Pacific Properties		1,331
	33,396		Humana, Inc		8,860
	349,731		Huntington Bancshares, Inc		4,833
	860		Huntington Ingalls		193
	27,292	*	IAC/InterActiveCorp		5,937
	1,563		IDEX Corp		269
	21,783	*	IDEXX Laboratories, Inc		5,998
	7,973	*	IHS Markit Ltd		508
	24,871		Illinois Tool Works, Inc		3,751
	51,809	*	Illumina, Inc		19,073
	3,747	*	Incyte Corp		318
	296,032		Ingersoll-Rand plc		37,498
	1,427		Ingredion, Inc		118
	466,702		Intel Corp		22,341
	63,209		IntercontinentalExchange Group, Inc		5,432
	62,622		International Business Machines Corp		8,636
	362,035	e	International Flavors & Fragrances, Inc		52,528
	106		International Flavors & Fragrances, Inc (Tel Aviv)		15
	21,483		International Paper Co		931
	151,053		Interpublic Group of Cos, Inc		3,412
	51,752		Intuit, Inc		13,524
	25,620	*	Intuitive Surgical, Inc		13,439
	7,954		Invesco Ltd		163
	74,064		Invitation Homes, Inc		1,980
	2,714	*	Ionis Pharmaceuticals, Inc		174
	768	*	IPG Photonics Corp		118
	3,404	*	IQVIA Holdings, Inc		548
	5,686		Iron Mountain, Inc		178

244

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	25,000	e	iShares Dow Jones US Real Estate Index Fund	$	2,183
	209,122		iShares MSCI Canada Index Fund		5,985
	48,020		iShares MSCI South Korea Index Fund		2,875
	119,179		ITT, Inc		7,804
	2,351		J.M. Smucker Co		271
	1,590		Jack Henry & Associates, Inc		213
	2,693		Jacobs Engineering Group, Inc		227
	75,976	*	Jazz Pharmaceuticals plc		10,831
	1,803		JB Hunt Transport Services, Inc		165
	5,301		Jefferies Financial Group, Inc		102
	997,718		Johnson & Johnson		138,962
	16,411		Johnson Controls International plc		678
	988		Jones Lang LaSalle, Inc		139
	1,528,844		JPMorgan Chase & Co		170,925
	6,991		Juniper Networks, Inc		186
	2,050		Kansas City Southern Industries, Inc		250
	5,353		Kellogg Co		287
	143,522		Kennametal, Inc		5,309
	2,221,165		Keurig Dr Pepper, Inc		64,192
	20,412		Keycorp		362
	87,873	*	Keysight Technologies, Inc		7,892
	20,000		Kilroy Realty Corp		1,476
	57,930		Kimberly-Clark Corp		7,721
	8,457		Kimco Realty Corp		156
	41,478		Kinder Morgan, Inc		866
	10,012		KKR & Co, Inc		253
	3,295		Kla-Tencor Corp		389
	2,744		Knight-Swift Transportation Holdings, Inc		90
	3,429		Kohl’s Corp		163
	13,655		Kraft Heinz Co		424
	103,697		Kroger Co		2,251
	4,853		L Brands, Inc		127
	73,276		L3 Technologies, Inc		17,965
	2,427		L3Harris Technologies, Inc		459
	17,872	*	Laboratory Corp of America Holdings		3,090
	251,900		Lam Research Corp		47,317
	3,012		Lamb Weston Holdings, Inc		191
	41,078		Las Vegas Sands Corp		2,427
	1,219		Lear Corp		170
	2,790		Leggett & Platt, Inc		107
	2,919		Leidos Holdings, Inc		233
	5,977		Lennar Corp (Class A)		290
	723		Lennox International, Inc		199
	18,947	*	Levi Strauss & Co		396
	2,151	*	Liberty Broadband Corp (Class C)		224
	4,153	*	Liberty Media Group (Class C)		155
	2,843		Liberty Property Trust		142
	1,770	*	Liberty SiriusXM Group (Class A)		67
	3,565	*	Liberty SiriusXM Group (Class C)		135
	4,086		Lincoln National Corp		263
	2,997	*	Live Nation, Inc		199
	6,480	*	LKQ Corp		172
	17,867		Lockheed Martin Corp		6,495

245

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,620		Loews Corp	$	307
	110,236		Lowe’s Companies, Inc		11,124
	139,817	*	Lululemon Athletica, Inc		25,196
	9,348	*,e	Lyft, Inc (Class A)		614
	26,527		LyondellBasell Industries AF S.C.A		2,285
	245,948		M&T Bank Corp		41,828
	2,257		Macerich Co		76
	6,359		Macy’s, Inc		136
	145,873		Magellan Midstream Partners LP		9,336
	1,278		Manpower, Inc		123
	17,300		Marathon Oil Corp		246
	86,764		Marathon Petroleum Corp		4,848
	287	*	Markel Corp		313
	766		MarketAxess Holdings, Inc		246
	24,034		Marriott International, Inc (Class A)		3,372
	122,835		Marsh & McLennan Cos, Inc		12,253
	1,297		Martin Marietta Materials, Inc		298
	243,128		Marvell Technology Group Ltd		5,803
	6,307		Masco Corp		247
	431,752		MasterCard, Inc (Class A)		114,211
	391,525	*	Matador Resources Co		7,784
	5,694		Maxim Integrated Products, Inc		341
	2,515		McCormick & Co, Inc		390
	866,705		McDonald’s Corp		179,980
	15,529		McKesson Corp		2,087
	194,280		Medtronic plc		18,921
	2,327,996		Merck & Co, Inc		195,202
	23,018	*	Merrimack Pharmaceuticals, Inc		139
	78,330		Metlife, Inc		3,891
	517	*	Mettler-Toledo International, Inc		434
	570,889		MGM Growth Properties LLC		17,498
	10,554		MGM Resorts International		302
	4,878		Microchip Technology, Inc		423
	215,128	*	Micron Technology, Inc		8,302
	3,722,494	n	Microsoft Corp		498,665
	2,337		Mid-America Apartment Communities, Inc		275
	1,166	*	Middleby Corp		158
	21,309	*	Mohawk Industries, Inc		3,142
	3,919		Molson Coors Brewing Co (Class B)		219
	592,364		Mondelez International, Inc		31,928
	653	*,e	MongoDB, Inc		99
	804,761	*	Monster Beverage Corp		51,368
	3,558		Moody’s Corp		695
	3,299,363		Morgan Stanley		144,545
	1,030,053		Mosaic Co		25,782
	137,775		Motorola Solutions, Inc		22,971
	1,792		MSCI, Inc (Class A)		428
	10,653	*	Mylan NV		203
	2,372		NASDAQ OMX Group, Inc		228
	7,916		National Oilwell Varco, Inc		176
	3,166		National Retail Properties, Inc		168
	20,000		National Storage Affiliates Trust		579
	3,568	*	Nektar Therapeutics		127

246

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,235		NetApp, Inc	$	323
	87,315	*	NetFlix, Inc		32,073
	9,483		Newell Rubbermaid, Inc		146
	446,182		Newmont Mining Corp		17,165
	8,179		News Corp (Class A)		110
	93,000		Nexteer Automotive Group Ltd		116
	174,664		NextEra Energy, Inc		35,782
	7,342		Nielsen NV		166
	1,576,443		Nike, Inc (Class B)		132,342
	7,581		NiSource, Inc		218
	9,986		Noble Energy, Inc		224
	2,300		Nordstrom, Inc		73
	19,785		Norfolk Southern Corp		3,944
	4,338		Northern Trust Corp		390
	106,458		Northrop Grumman Corp		34,398
	4,430	*	Norwegian Cruise Line Holdings Ltd		238
	32,066		NRG Energy, Inc		1,126
	6,135		Nucor Corp		338
	49,107		NVIDIA Corp		8,065
	74	*	NVR, Inc		249
	15,638		Occidental Petroleum Corp		786
	3,955		OGE Energy Corp		168
	2,087	*	Okta, Inc		258
	1,306		Old Dominion Freight Line		195
	1,792,348		Olin Corp		39,270
	4,625		Omnicom Group, Inc		379
	8,634	*	ON Semiconductor Corp		175
	44,244		ONEOK, Inc		3,044
	216,085		Oracle Corp		12,310
	6,313	*	O’Reilly Automotive, Inc		2,332
	2,267		Owens Corning, Inc		132
	7,201		PACCAR, Inc		516
	7,082		Packaging Corp of America		675
	1,929	*	Palo Alto Networks, Inc		393
	108,524		Parker-Hannifin Corp		18,450
	1,034,071	*	Parsley Energy, Inc		19,658
	6,672		Paychex, Inc		549
	1,018	*	Paycom Software, Inc		231
	1,722,420	*	PayPal Holdings, Inc		197,148
	20,000		Pebblebrook Hotel Trust		564
	1,900,000	*	Penn National Gaming, Inc		36,594
	3,377		Pentair plc		126
	8,023		People’s United Financial, Inc		135
	240,192		PepsiCo, Inc		31,496
	2,211		PerkinElmer, Inc		213
	2,682		Perrigo Co plc		128
	1,118,589		Pfizer, Inc		48,457
	285,525		Philip Morris International, Inc		22,422
	89,237		Phillips 66		8,347
	133,550		Pinnacle West Capital Corp		12,566
	28,297		Pioneer Natural Resources Co		4,354
	667,728		Plains All American Pipeline LP		16,259
	291,317		Plains GP Holdings LP		7,274

247

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	86,952		PNC Financial Services Group, Inc	$	11,937
	1,254		Polaris Industries, Inc		114
	4,933		PPG Industries, Inc		576
	72,162		PPL Corp		2,238
	5,889		Principal Financial Group		341
	1,553,617		Procter & Gamble Co		170,354
	142,290		Progressive Corp		11,373
	103,001		Prologis, Inc		8,250
	100,442		Prudential Financial, Inc		10,145
	2,305	*	PTC, Inc		207
	10,439		Public Service Enterprise Group, Inc		614
	12,238		Public Storage, Inc		2,915
	5,588		Pulte Homes, Inc		177
	1,624		PVH Corp		154
	93,589	*	QIAGEN NV (Turquoise)		3,808
	2,567	*	Qorvo, Inc		171
	25,000		QTS Realty Trust, Inc		1,155
	410,505		Qualcomm, Inc		31,227
	24,559		Quest Diagnostics, Inc		2,500
	8,406	*	Qurate Retail Group, Inc QVC Group		104
	1,118		Ralph Lauren Corp		127
	2,714		Raymond James Financial, Inc		229
	71,210		Raytheon Co		12,382
	26,116		Realty Income Corp		1,801
	160,581	*	Red Hat, Inc		30,151
	38,285		Regency Centers Corp		2,555
	9,651	*	Regeneron Pharmaceuticals, Inc		3,021
	20,891		Regions Financial Corp		312
	1,306		Reinsurance Group of America, Inc (Class A)		204
	4,675		Republic Services, Inc		405
	17,952		Resmed, Inc		2,191
	91,177	*	Retrophin, Inc		1,832
	471,304		Rexford Industrial Realty, Inc		19,027
	2,567		Robert Half International, Inc		146
	59,821		Rockwell Automation, Inc		9,800
	3,030		Rollins, Inc		109
	91,498		Roper Industries, Inc		33,512
	27,398		Ross Stores, Inc		2,716
	3,557		Royal Caribbean Cruises Ltd		431
	40,313		S&P Global, Inc		9,183
	5,726		Sabre Corp		127
	953,954	*	salesforce.com, Inc		144,743
	22,079,741	g	Samsonite International		50,807
	2,347	*	SBA Communications Corp		528
	230,130		Schlumberger Ltd		9,145
	5,107		Seagate Technology, Inc		241
	3,255		Sealed Air Corp		139
	31,295	*	Seattle Genetics, Inc		2,166
	2,720		SEI Investments Co		153
	78,184		Sempra Energy		10,746
	3,470	*	Sensata Technologies Holding plc		170
	343,805	*	ServiceNow, Inc		94,399
	8,985		Sherwin-Williams Co		4,118

248

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,148		Signature Bank	$	139
	45,654		Simon Property Group, Inc		7,294
	32,764	e	Sirius XM Holdings, Inc		183
	3,574		Skyworks Solutions, Inc		276
	21,758		SL Green Realty Corp		1,749
	13,977	*,e	Snap, Inc		200
	1,158		Snap-On, Inc		192
	62,282		Southern Co		3,443
	2,919		Southwest Airlines Co		148
	2,176		Spirit Aerosystems Holdings, Inc (Class A)		177
	3,021	*	Splunk, Inc		380
	77,315	*	Sprint Corp		508
	56,734	*	Square, Inc		4,115
	4,553		SS&C Technologies Holdings, Inc		262
	92,231		Stanley Black & Decker, Inc		13,338
	168,352		Starbucks Corp		14,113
	40,000		Starwood Property Trust, Inc		909
	7,576		State Street Corp		425
	4,176		Steel Dynamics, Inc		126
	7,696		STERIS plc		1,146
	42,642		Stryker Corp		8,766
	93,777		Sun Communities, Inc		12,021
	45,000		Sunstone Hotel Investors, Inc		617
	9,105		SunTrust Banks, Inc		572
	1,027	*	SVB Financial Group		231
	12,961		Symantec Corp		282
	13,222		Synchrony Financial		458
	67,409	*	Synopsys, Inc		8,675
	37,112		Sysco Corp		2,625
	4,958		T Rowe Price Group, Inc		544
	1,518	*	Tableau Software, Inc		252
	72,470	*	Take-Two Interactive Software, Inc		8,228
	680,017		Tapestry, Inc		21,577
	4,673		Targa Resources Investments, Inc		183
	673,100		Target Corp		58,297
	8,000		Taubman Centers, Inc		327
	5,831		TD Ameritrade Holding Corp		291
	100,864		TE Connectivity Ltd		9,661
	948		Teleflex, Inc		314
	159,603		Terex Corp		5,012
	20,000		Terreno Realty Corp		981
	2,655	*,e	Tesla, Inc		593
	69,171		Texas Instruments, Inc		7,938
	196,612		Textron, Inc		10,428
	71,149		Thermo Fisher Scientific, Inc		20,895
	2,252		Tiffany & Co		211
	144,853		TJX Companies, Inc		7,660
	222,479	*	T-Mobile US, Inc		16,495
	2,199		Torchmark Corp		197
	83,798		Total System Services, Inc		10,749
	2,509		Tractor Supply Co		273
	14,576	*	TransDigm Group, Inc		7,052
	16,563	*	Transocean Ltd		106

249

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	155,765	*,e	Transocean Ltd (NYSE)	$	998
	3,829		TransUnion		281
	45,290		Travelers Cos, Inc		6,772
	5,123	*	Trimble Navigation Ltd		231
	2,139	*	TripAdvisor, Inc		99
	1,115,498		Tronox Holdings plc		14,256
	2,309	*	Twilio, Inc		315
	15,006	*	Twitter, Inc		524
	6,110		Tyson Foods, Inc (Class A)		493
	3,568	*,e	Uber Technologies, Inc		165
	5,586		UDR, Inc		251
	3,580		UGI Corp		191
	12,922	*	Ulta Beauty, Inc		4,483
	1,012,080	*	Under Armour, Inc (Class A)		25,656
	3,999	*	Under Armour, Inc (Class C)		89
	1,008,650		Union Pacific Corp		170,573
	1,441	*	United Continental Holdings, Inc		126
	46,959		United Parcel Service, Inc (Class B)		4,849
	224,415	*	United Rentals, Inc		29,764
	89,950		United Technologies Corp		11,712
	707,414		UnitedHealth Group, Inc		172,616
	1,753		Universal Health Services, Inc (Class B)		229
	4,086		UnumProvident Corp		137
	312,511		US Bancorp		16,376
	825		Vail Resorts, Inc		184
	92,258		Valero Energy Corp		7,898
	178,256		Valvoline, Inc		3,481
	461,861		Vanguard Emerging Markets ETF		19,643
	50,000		Vanguard FTSE Developed Markets ETF		2,086
	1,884	*	Varian Medical Systems, Inc		256
	9,516	*	Veeva Systems, Inc		1,543
	30,353		Ventas, Inc		2,075
	20,633		VEREIT, Inc		186
	51,753	*	VeriSign, Inc		10,825
	3,219		Verisk Analytics, Inc		471
	1,550,981		Verizon Communications, Inc		88,608
	44,180	*	Vertex Pharmaceuticals, Inc		8,102
	6,948		VF Corp		607
	162,773		Viacom, Inc (Class B)		4,862
	50,000		VICI Properties, Inc		1,102
	1,157,108		Visa, Inc (Class A)		200,816
	34,319		Vistra Energy Corp		777
	1,630		VMware, Inc (Class A)		273
	3,526		Vornado Realty Trust		226
	171,616		Voya Financial, Inc		9,490
	2,731		Vulcan Materials Co		375
	2,994		W.R. Berkley Corp		197
	52,647		W.W. Grainger, Inc		14,122
	1,078	*	WABCO Holdings, Inc		143
	8,838	e	Wabtec Corp		634
	58,243		Walgreens Boots Alliance, Inc		3,184
	1,338,906		Walmart, Inc		147,936
	1,397,511		Walt Disney Co		195,148

250

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,440		Waste Connections, Inc	$	520
	182,749		Waste Management, Inc		21,084
	1,530	*	Waters Corp		329
	1,147	*	Wayfair, Inc		167
	6,518		WEC Energy Group, Inc		543
	1,033	*	WellCare Health Plans, Inc		294
	499,161		Wells Fargo & Co		23,620
	35,814		Welltower, Inc		2,920
	6,025		Western Digital Corp		286
	9,148		Western Union Co		182
	855		Westlake Chemical Corp		59
	5,240		WestRock Co		191
	38,314		Weyerhaeuser Co		1,009
	1,313		Whirlpool Corp		187
	275,034		Williams Cos, Inc		7,712
	2,681		Willis Towers Watson plc		514
	3,062	*	Workday, Inc		629
	72,412	*	Worldpay, Inc		8,874
	3,449		WP Carey, Inc		280
	1,444,402	*	WPX Energy, Inc		16,625
	281,493		WR Grace and Co		21,424
	2,011		Wynn Resorts Ltd		249
	10,561		Xcel Energy, Inc		628
	4,531		Xerox Corp		160
	175,497		Xilinx, Inc		20,695
	2,137	*	XPO Logistics, Inc		124
	3,709		Xylem, Inc		310
	54,086		Yum! Brands, Inc		5,986
	4,581	*	Zayo Group Holdings, Inc		151
	1,096	*	Zebra Technologies Corp (Class A)		230
	2,479	*,e	Zillow Group, Inc (Class C)		115
	366,784		Zimmer Biomet Holdings, Inc		43,185
	91,247		Zions Bancorporation		4,196
	197,064		Zoetis, Inc		22,365
	15,968	*	Zscaler, Inc		1,224
			TOTAL UNITED STATES		11,326,073

URUGUAY - 0.1%
	2,855,359		Arcos Dorados Holdings, Inc		20,787
			TOTAL URUGUAY		20,787

ZAMBIA - 0.0%
	32,947		First Quantum Minerals Ltd		313
			TOTAL ZAMBIA		313

			TOTAL COMMON STOCKS		20,204,633
			(Cost $18,447,341)

RIGHTS / WARRANTS - 0.0%

CHILE - 0.0%
	2,616,500		Enel Americas S.A.		38
			TOTAL CHILE		38

251

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY					VALUE (000)
CHINA - 0.0%
	3,146	†	Legend Holdings Corp					$	1
			TOTAL CHINA						1

KOREA, REPUBLIC OF - 0.0%
	131		Helixmith Co Ltd						4
			TOTAL KOREA, REPUBLIC OF						4

SPAIN - 0.0%
	11,737		ACS Actividades de Construccion y Servicios S.A.						18
	125,849		Repsol S.A.						70
			TOTAL SPAIN						88

THAILAND - 0.0%
	11,950		Minor International PCL						2
			TOTAL THAILAND						2

			TOTAL RIGHTS / WARRANTS						133
			(Cost $91)

							MATURITY
PRINCIPAL			ISSUER	RATE			DATE
SHORT-TERM INVESTMENTS - 2.6%

GOVERNMENT AGENCY DEBT - 0.1%
$	23,450,000		Federal Home Loan Bank (FHLB)		2.100	%	07/01/19		23,450
			TOTAL GOVERNMENT AGENCY DEBT						23,450

TREASURY DEBT - 1.4%
	55,400,000		United States Treasury Bill		2.141		07/09/19		55,376
	21,460,000		United States Treasury Bill		2.102-2.303		07/16/19		21,442
	78,260,000		United States Treasury Bill		2.309		07/30/19		78,128
	27,860,000		United States Treasury Bill		2.105		08/13/19		27,791
	20,000,000		United States Treasury Bill		2.057		08/15/19		19,948
	34,280,000		United States Treasury Bill		2.066		08/20/19		34,181
	43,080,000		United States Treasury Bill		2.284		09/05/19		42,915
			TOTAL TREASURY DEBT						279,781

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.1%

CERTIFICATE OF DEPOSIT - 0.4%
	4,000,000		Australia & New Zealand Banking Group Ltd		2.794		01/17/20		4,006
	6,000,000		Australia & New Zealand Banking Group Ltd		2.564		04/27/20		6,000
	12,000,000		Lloyds Bank plc		2.552		09/26/19		12,000
	13,000,000		Mizuho Bank Ltd		2.570		10/02/19		13,000
	14,000,000		National Australia Bank		2.554		05/15/20		14,000
	15,000,000		Natixis		2.641		05/14/20		15,000
	13,500,000		Skandinaviska Enskilda Banken AB		2.551		05/14/20		13,500
			TOTAL CERTIFICATE OF DEPOSIT						77,506

COMMERCIAL PAPER - 0.1%
	7,000,000		Canadian Imperial Bank of Commerce		2.650		10/01/19		7,000
	12,000,000		Cancara Asset Securitisation		0.010		10/01/19		11,921

252

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	4,000,000		National Bank of Canada		2.630	%	07/01/19	$	4,000
			TOTAL COMMERCIAL PAPER						22,921

REPURCHASE AGREEMENT - 0.6%
	5,000,000	p	Calyon		2.480		07/01/19		5,000
	25,000,000	q	Citigroup		2.510		07/01/19		25,000
	20,000,000	r	Deutsche Bank		2.500		07/01/19		20,000
	12,000,000	s	JP Morgan		2.550		07/01/19		12,000
	25,000,000	t	Morgan Stanley		2.520		07/01/19		25,000
	16,000,000	u	Nomura		2.510		07/01/19		16,000
	15,000,000	v	Royal Bank of Scotland		2.500		07/01/19		15,000
	2,000,000	w	Societe Generale		2.500		07/01/19		2,000
			TOTAL REPURCHASE AGREEMENT						120,000

VARIABLE RATE SECURITIES - 0.0%
	5,000,000	i	Bedford Row Funding Corp		2.494		10/15/19		5,000
			TOTAL VARIABLE RATE SECURITIES						5,000

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						225,427

			TOTAL SHORT-TERM INVESTMENTS						528,658
			(Cost $528,625)

			TOTAL INVESTMENTS - 100.9%						20,733,424
			(Cost $18,976,057)
			OTHER ASSETS & LIABILITIES, NET - (0.9)%						(180,871	)
			NET ASSETS - 100.0%					$	20,552,553



		Abbreviation(s):
ADR		American Depositary Receipt
ETF		Exchange Traded Fund
GDR		Global Depositary Receipt
OTC		Over The Counter
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 $315,677,711.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/19, the aggregate value of these securities was $182,893,326 or 0.9% of net assets.
i		Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
n		All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

253

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

p		Agreement with Calyon, 2.48% dated 06/28/19 to be repurchased at $5,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $5,100,000.
q		Agreement with Citigroup, 2.51% dated 06/28/19 to be repurchased at $25,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $25,500,000.
r		Agreement with Deutsche Bank, 2.50% dated 06/28/19 to be repurchased at $20,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $20,400,000.
s		Agreement with JP Morgan, 2.55% dated 06/28/19 to be repurchased at $12,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $12,240,000.
t		Agreement with Morgan Stanley, 2.52% dated 06/28/19 to be repurchased at $25,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $25,500,000.
u		Agreement with Nomura, 2.51% dated 06/28/19 to be repurchased at $16,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $16,320,000.
v		Agreement with Royal Bank of Scotland, 2.50% dated 06/28/19 to be repurchased at $15,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $15,300,000.
w		Agreement with Societe Generale, 2.50% dated 06/28/19 to be repurchased at $2,000,000 on 07/01/19, collateralized by U.S. Government Agency Securities valued at $2,040,000.

		Cost amounts are in thousands.

Futures contracts outstanding as of June 30, 2019 were as follows (notional amounts and values are in thousands):

Description	Number of long (short) contracts		Expiration date			Notional amount		Value		Unrealized appreciation (depreciation)
MSCI EAFE Index		618	09/20/19			$	58,108	$	59,430	$	1,322
S&P 500 E Mini Index		742	09/20/19				107,035		109,230		2,195
Total		1,360				$	165,143	$	168,660	$	3,517

Written options outstanding as of June 30, 2019 were as follows (notional amounts and values are in thousands):

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date		Value
Amazon.com, Inc, Call		29	$	(16	)	$	2,100.00		07/19/19	$	(5	)
Microsoft Corp, Call		470		(229	)		135.00		08/16/19		(190	)
Total		499		(245	)					$	(195	)

254

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND

GLOBAL EQUITIES ACCOUNT

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

June 30, 2019

	VALUE			% OF
SECTOR	(000)			ASSETS
INFORMATION TECHNOLOGY	$	3,483,951			16.9	%
CONSUMER DISCRETIONARY		2,781,042			13.5
FINANCIALS		2,776,567			13.5
HEALTH CARE		2,322,794			11.3
INDUSTRIALS		2,042,499			9.9
CONSUMER STAPLES		2,005,400			9.8
COMMUNICATION SERVICES		1,640,944			8.0
MATERIALS		1,270,635			6.2
ENERGY		1,163,373			5.7
REAL ESTATE		387,276			1.9
UTILITIES		330,285			1.6
SHORT-TERM INVESTMENTS		528,658			2.6
OTHER ASSETS & LIABILITES, NET		(180,871	)		(0.9	)
NET ASSETS	$	20,552,553			100.0	%

255

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND

GROWTH ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.3%

AUTOMOBILES & COMPONENTS - 0.0%
	918		Aptiv plc	$	74
	7,484	*,e	Tesla, Inc		1,673
			TOTAL AUTOMOBILES & COMPONENTS		1,747

BANKS - 0.1%
	420		CIT Group, Inc		22
	384,447		Comerica, Inc		27,926
	1,600		First Republic Bank		156
	410	*	LendingTree, Inc		172
	1,414		Signature Bank		171
	204	*	SVB Financial Group		46
	600		Synovus Financial Corp		21
	545	*	Western Alliance Bancorp		25
			TOTAL BANKS		28,539

CAPITAL GOODS - 5.1%
	51,429		3M Co		8,915
	1,208		A.O. Smith Corp		57
	555		Acuity Brands, Inc		77
	44		Air Lease Corp		2
	1,561,806		Airbus SE		221,029
	88,064		Allegion plc		9,735
	812,576		Allison Transmission Holdings, Inc		37,663
	119,112		Ametek, Inc		10,820
	2,601		Armstrong World Industries, Inc		253
	455,765		Boeing Co		165,903
	3,759		BWX Technologies, Inc		196
	2,586		Carlisle Cos, Inc		363
	84,204		Caterpillar, Inc		11,476
	1,864		Deere & Co		309
	6,351		Donaldson Co, Inc		323
	3,376		Dover Corp		338
	2,837		Emerson Electric Co		189
	27,527		Fastenal Co		897
	1,505		Flowserve Corp		79
	922,655		Fortive Corp		75,215
	2,365		Fortune Brands Home & Security, Inc		135
	909		General Dynamics Corp		165
	8,799		Graco, Inc		441
	2,072		HEICO Corp		277
	4,040		HEICO Corp (Class A)		418
	4,203		Hexcel Corp		340
	987,076		Honeywell International, Inc		172,334
	212,980		Hubbell, Inc		27,773

256

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,716		Huntington Ingalls	$	386
	2,009		IDEX Corp		346
	17,278		Illinois Tool Works, Inc		2,606
	12,057		Ingersoll-Rand plc		1,527
	5,915		L3Harris Technologies, Inc		1,119
	1,778		Lennox International, Inc		489
	3,250		Lincoln Electric Holdings, Inc		268
	118,216		Lockheed Martin Corp		42,976
	374,347	*	Middleby Corp		50,799
	2,884		Nordson Corp		407
	8,376		Northrop Grumman Corp		2,706
	318,680		Parker-Hannifin Corp		54,179
	1,722		Quanta Services, Inc		66
	19,236		Raytheon Co		3,345
	10,199		Rockwell Automation, Inc		1,671
	877,901		Roper Industries, Inc		321,540
	3,559	*	Sensata Technologies Holding plc		174
	409,265		Spirit Aerosystems Holdings, Inc (Class A)		33,302
	5,489		Toro Co		367
	73,151	*	TransDigm Group, Inc		35,390
	2,961	*	United Rentals, Inc		393
	258,020		W.W. Grainger, Inc		69,209
	61,077	*	WABCO Holdings, Inc		8,099
	2,360	e	Wabtec Corp		169
	2,396		Woodward Governor Co		271
	9,525		Xylem, Inc		797
			TOTAL CAPITAL GOODS		1,378,323

COMMERCIAL & PROFESSIONAL SERVICES - 2.0%
	740,000	*	Cimpress NV		67,259
	4,546		Cintas Corp		1,079
	99,470	*	Copart, Inc		7,434
	61,573	*	CoStar Group, Inc		34,115
	5,421		Equifax, Inc		733
	4,282,260		Experian Group Ltd		129,708
	1,391,719	*	IHS Markit Ltd		88,680
	6,718		KAR Auction Services, Inc		168
	2,363		Nielsen NV		54
	498		Republic Services, Inc		43
	6,302		Robert Half International, Inc		359
	7,550		Rollins, Inc		271
	9,798		TransUnion		720
	8,516		Verisk Analytics, Inc		1,247
	1,991,749		Waste Connections, Inc		190,372
	132,090		Waste Management, Inc		15,239
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		537,481

CONSUMER DURABLES & APPAREL - 2.3%
	352,348		BRP, Inc (Toronto)		12,592
	25,041	*	Capri Holdings Ltd		869
	1,057		Carter’s, Inc		103
	1,038		Columbia Sportswear Co		104
	859,572		Essilor International S.A.		112,021
	1,736,665		Hanesbrands, Inc		29,905

257

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	6,171		Hasbro, Inc	$	652
	499		Lennar Corp (B Shares)		19
	6,172		Lennar Corp (Class A)		299
	62,479	*	Lululemon Athletica, Inc		11,259
	12,575	*	Mattel, Inc		141
	3,447,917		Nike, Inc (Class B)		289,452
	2,666	*	NVR, Inc		8,985
	2,739		Polaris Industries, Inc		250
	9,916,100		Prada S.p.A		30,662
	4,355	*	Roku, Inc		395
	2,530	*	Skechers U.S.A., Inc (Class A)		80
	919,701		Sony Corp		48,330
	723,224	*	Tempur Sealy International, Inc		53,063
	962,691	*	Under Armour, Inc (Class A)		24,404
	6,971	*	Under Armour, Inc (Class C)		155
	16,371		VF Corp		1,430
			TOTAL CONSUMER DURABLES & APPAREL		625,170

CONSUMER SERVICES - 1.5%
	3,055	*	Bright Horizons Family Solutions		461
	239,559	*	Chipotle Mexican Grill, Inc (Class A)		175,568
	772		Choice Hotels International, Inc		67
	6,547		Darden Restaurants, Inc		797
	2,206		Domino’s Pizza, Inc		614
	4,100		Dunkin Brands Group, Inc		327
	235	*	Grand Canyon Education, Inc		28
	1,947		H&R Block, Inc		57
	665	*	Hilton Grand Vacations, Inc		21
	132,288		Hilton Worldwide Holdings, Inc		12,930
	167,481		Las Vegas Sands Corp		9,897
	14,769		Marriott International, Inc (Class A)		2,072
	66,635		McDonald’s Corp		13,837
	2,323		MGM Resorts International		66
	2,317	*	Norwegian Cruise Line Holdings Ltd		124
	4,503	*	Planet Fitness, Inc		326
	1,487,934		Restaurant Brands International, Inc		103,471
	3,393		Service Corp International		159
	1,145	*	ServiceMaster Global Holdings, Inc		60
	393		Six Flags Entertainment Corp		20
	829,480		Starbucks Corp		69,535
	1,908		Vail Resorts, Inc		426
	9,258		Wendy’s		181
	1,512		Wyndham Hotels & Resorts, Inc		84
	4,307		Wynn Resorts Ltd		534
	194,030		Yum China Holdings, Inc		8,964
	14,487		Yum! Brands, Inc		1,603
			TOTAL CONSUMER SERVICES		402,229

DIVERSIFIED FINANCIALS - 3.9%
	85,133		American Express Co		10,509
	982		Ameriprise Financial, Inc		143
	1,212,907	*	Blackstone Group LP		53,877
	1,455		CBOE Holdings, Inc		151

258

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	364,158		Charles Schwab Corp	$	14,636
	25,860	*	Credit Acceptance Corp		12,512
	72,536		Discover Financial Services		5,628
	607,992		E*TRADE Financial Corp		27,116
	772		Evercore Partners, Inc (Class A)		68
	1,981		Factset Research Systems, Inc		568
	1,047		Interactive Brokers Group, Inc (Class A)		57
	1,288,093		IntercontinentalExchange Group, Inc		110,699
	2,099,500		iShares Russell 1000 Growth Index Fund		330,335
	2,123		Lazard Ltd (Class A)		73
	148,198		LPL Financial Holdings, Inc		12,089
	1,949		MarketAxess Holdings, Inc		626
	8,849		Moody’s Corp		1,728
	949		Morningstar, Inc		137
	139,786		MSCI, Inc (Class A)		33,379
	1,562		Raymond James Financial, Inc		132
	1,203,503		S&P Global, Inc		274,146
	3,267		SEI Investments Co		183
	3,223,912		Synchrony Financial		111,773
	3,534		T Rowe Price Group, Inc		388
	12,644		TD Ameritrade Holding Corp		631
	1,981	e	Virtu Financial, Inc		43
	1,182,291		Voya Financial, Inc		65,381
			TOTAL DIVERSIFIED FINANCIALS		1,067,008

ENERGY - 0.6%
	7,000		Anadarko Petroleum Corp		494
	417,599		Cabot Oil & Gas Corp		9,588
	7,121	*	Cheniere Energy, Inc		488
	1,820		Diamondback Energy, Inc		198
	884,337		EOG Resources, Inc		82,385
	1,105		Equitrans Midstream Corp		22
	6,980		ONEOK, Inc		480
	3,274,813	*	Parsley Energy, Inc		62,254
	3,795		Pioneer Natural Resources Co		584
			TOTAL ENERGY		156,493

FOOD & STAPLES RETAILING - 1.6%
	82,051		Casey’s General Stores, Inc		12,799
	1,471,994		Costco Wholesale Corp		388,989
	2,949	*	Sprouts Farmers Market, Inc		56
	542,458		Sysco Corp		38,363
			TOTAL FOOD & STAPLES RETAILING		440,207

FOOD, BEVERAGE & TOBACCO - 2.6%
	371,557		Altria Group, Inc		17,593
	39,257	*,e	Beyond Meat, Inc		6,308
	2,778		Brown-Forman Corp (Class A)		153
	8,539		Brown-Forman Corp (Class B)		473
	147,653	e	Campbell Soup Co		5,916
	2,642,019		Coca-Cola Co		134,532
	7,966,996		Davide Campari-Milano S.p.A		78,050
	1,493,812		Fevertree Drinks plc		43,971

259

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	168,188		Hershey Co	$	22,542
	5,016		Kellogg Co		269
	4,601,649		Keurig Dr Pepper, Inc		132,988
	2,013		Lamb Weston Holdings, Inc		127
	4,224		McCormick & Co, Inc		655
	3,336,783	*	Monster Beverage Corp		212,987
	297,198		PepsiCo, Inc		38,972
	1,002	*	Pilgrim’s Pride Corp		25
	1,550	*	Post Holdings, Inc		161
	499	*	TreeHouse Foods, Inc		27
			TOTAL FOOD, BEVERAGE & TOBACCO		695,749

HEALTH CARE EQUIPMENT & SERVICES - 4.4%
	39,724		Abbott Laboratories		3,341
	2,359	*	Abiomed, Inc		614
	691,048	*	Alcon, Inc		42,672
	1,204,565	*	Alcon, Inc		74,743
	241,863	*	Align Technology, Inc		66,198
	8,183		AmerisourceBergen Corp		698
	4,002		Anthem, Inc		1,129
	12,072		Baxter International, Inc		989
	1,267		Becton Dickinson & Co		319
	73,944	*	Boston Scientific Corp		3,178
	1,117		Cantel Medical Corp		90
	18,194	*	Centene Corp		954
	17,224	*	Cerner Corp		1,262
	775		Chemed Corp		280
	73,469		Cigna Corp		11,575
	398		Cooper Cos, Inc		134
	776,782		CVS Health Corp		42,327
	1,797		Danaher Corp		257
	76,816	*	DexCom, Inc		11,510
	816,006	*	Edwards Lifesciences Corp		150,749
	83,134		Encompass Health Corp		5,267
	498,211	*	Guardant Health, Inc		43,011
	220,570		HCA Holdings, Inc		29,814
	1,059	*	Henry Schein, Inc		74
	126,059		Hill-Rom Holdings, Inc		13,188
	11,390	*	Hologic, Inc		547
	3,082		Humana, Inc		818
	312	*	ICU Medical, Inc		79
	4,559	*	IDEXX Laboratories, Inc		1,255
	3,117	*	Insulet Corp		372
	719,267	*	Intuitive Surgical, Inc		377,291
	412	*	Laboratory Corp of America Holdings		71
	29,956	*	Masimo Corp		4,458
	14,486		McKesson Corp		1,947
	76,602	*	Medidata Solutions, Inc		6,933
	2,578	*	Molina Healthcare, Inc		369
	1,674	*,e	Penumbra, Inc		268
	324,874	*	Premier, Inc		12,706
	7,470		Resmed, Inc		912
	258		STERIS plc		38

260

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	608,151		Stryker Corp	$	125,024
	2,455		Teleflex, Inc		813
	471,935		UnitedHealth Group, Inc		115,157
	74,360	*	Varian Medical Systems, Inc		10,123
	130,749	*	Veeva Systems, Inc		21,196
	2,467	*	WellCare Health Plans, Inc		703
	2,945		West Pharmaceutical Services, Inc		369
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,185,822

HOUSEHOLD & PERSONAL PRODUCTS - 0.4%
	13,090		Church & Dwight Co, Inc		956
	5,530		Clorox Co		847
	559,092		Estee Lauder Cos (Class A)		102,375
	107,621	*	Herbalife Ltd		4,602
	75,023		Procter & Gamble Co		8,226
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		117,006

INSURANCE - 0.1%
	91		Alleghany Corp		62
	12,783		Aon plc		2,467
	2,814	*	Arch Capital Group Ltd		104
	2,073		Arthur J. Gallagher & Co		182
	3,292	*	Athene Holding Ltd		142
	528		Axis Capital Holdings Ltd		31
	780		Brown & Brown, Inc		26
	868		Erie Indemnity Co (Class A)		221
	650		Everest Re Group Ltd		161
	606		Kemper Corp		52
	63	*	Markel Corp		69
	45,903		Marsh & McLennan Cos, Inc		4,579
	1,617		Primerica, Inc		194
	162,349		Progressive Corp		12,977
	885		RenaissanceRe Holdings Ltd		157
	2,257		Travelers Cos, Inc		337
			TOTAL INSURANCE		21,761

MATERIALS - 2.0%
	1,664		Air Products & Chemicals, Inc		377
	1,346		Aptargroup, Inc		167
	4,189		Avery Dennison Corp		485
	3,380	*	Axalta Coating Systems Ltd		101
	17,579		Ball Corp		1,230
	849,071	*	Berry Plastics Group, Inc		44,653
	1,162		CF Industries Holdings, Inc		54
	1,613,329	*	Corteva, Inc		47,706
	3,993	*	Crown Holdings, Inc		244
	1,925		Eagle Materials, Inc		178
	13,426		Ecolab, Inc		2,651
	5,467	*	Element Solutions, Inc		56
	307,359	e	International Flavors & Fragrances, Inc		44,595
	1,128,880		Linde plc		226,679
	1,019		Martin Marietta Materials, Inc		234
	302		NewMarket Corp		121

261

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	4,080		PPG Industries, Inc	$	476
	1,100		Royal Gold, Inc		113
	1,146		RPM International, Inc		70
	2,099		Scotts Miracle-Gro Co (Class A)		207
	603		Sealed Air Corp		26
	356,479		Sherwin-Williams Co		163,371
	3,169		Southern Copper Corp (NY)		123
	6,560		Vulcan Materials Co		901
	3,038		WR Grace and Co		231
			TOTAL MATERIALS		535,049

MEDIA & ENTERTAINMENT - 14.6%
	2,605,967		Activision Blizzard, Inc		123,002
	368,479	*	Alphabet, Inc (Class A)		398,989
	834,106	*	Alphabet, Inc (Class C)		901,594
	17,484	*	Altice USA, Inc		426
	2,348	*	AMC Networks, Inc		128
	227		Cable One, Inc		266
	225,254		CBS Corp (Class B)		11,240
	4,999	*	Charter Communications, Inc		1,975
	2,630,269		Comcast Corp (Class A)		111,208
	1,229,146	*	Electronic Arts, Inc		124,463
	5,643,494	*	Facebook, Inc		1,089,194
	1,810		Fox Corp (Class A)		66
	841		Fox Corp (Class B)		31
	6,718	*	IAA, Inc		260
	1,781,469	*	IAC/InterActiveCorp		387,523
	683,612		Interpublic Group of Cos, Inc		15,443
	6,861	*	Live Nation, Inc		455
	27	*	Madison Square Garden Co		8
	2,911	e	Match Group, Inc		196
	739,225	*	NetFlix, Inc		271,532
	1,618		New York Times Co (Class A)		53
	1,841		Nexstar Broadcasting Group, Inc (Class A)		186
	190,741		Omnicom Group, Inc		15,631
	293,798		Sinclair Broadcast Group, Inc (Class A)		15,756
	75,354	e	Sirius XM Holdings, Inc		420
	6,277	*	Spotify Technology S.A.		863
	32,164	*	Take-Two Interactive Software, Inc		3,652
	3,547,714		Tencent Holdings Ltd		160,496
	5,356	*	TripAdvisor, Inc		248
	4,183,559	*	Twitter, Inc		146,006
	1,301,536		Walt Disney Co		181,747
	2,312		World Wrestling Entertainment, Inc (Class A)		167
	9,825	*	Zynga, Inc		60
			TOTAL MEDIA & ENTERTAINMENT		3,963,284

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.9%
	340,561		AbbVie, Inc		24,766
	1,622		Agilent Technologies, Inc		121
	293	*,e	Agios Pharmaceuticals, Inc		15
	1,249,494	*	Alexion Pharmaceuticals, Inc		163,659
	4,715	*	Alnylam Pharmaceuticals, Inc		342

262

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	685,412		Amgen, Inc	$	126,308
	2,148,360		AstraZeneca plc		175,632
	8,886,392	*	Avantor, Inc		169,641
	47,058	*	Biogen Idec, Inc		11,005
	1,194,128	*	BioMarin Pharmaceutical, Inc		102,277
	1,979		Bio-Techne Corp		413
	35,726		Bristol-Myers Squibb Co		1,620
	326,700		Bruker BioSciences Corp		16,319
	204,893	*	Celgene Corp		18,940
	22,661	*	Charles River Laboratories International, Inc		3,216
	1,200,855		Eli Lilly & Co		133,043
	6,796	*	Exact Sciences Corp		802
	6,491	*	Exelixis, Inc		139
	37,926		Gilead Sciences, Inc		2,562
	403,343	*	Horizon Pharma plc		9,704
	1,008,661	*	Illumina, Inc		371,339
	665,444	*	Incyte Corp		56,536
	6,666	*	Ionis Pharmaceuticals, Inc		428
	322,693	*	IQVIA Holdings, Inc		51,921
	112,478	*	Jazz Pharmaceuticals plc		16,035
	351,887		Johnson & Johnson		49,011
	467,186		Lonza Group AG.		157,719
	2,250,185		Merck & Co, Inc		188,678
	1,303	*	Mettler-Toledo International, Inc		1,095
	883	*,e	Moderna, Inc		13
	1,365	*	Nektar Therapeutics		49
	4,810	*	Neurocrine Biosciences, Inc		406
	1,290		PerkinElmer, Inc		124
	203,160	*	PRA Health Sciences, Inc		20,143
	897	*	Regeneron Pharmaceuticals, Inc		281
	85,396	*	Sage Therapeutics, Inc		15,635
	3,752	*	Sarepta Therapeutics, Inc		570
	5,782	*	Seattle Genetics, Inc		400
	214,381		Thermo Fisher Scientific, Inc		62,959
	551,335	*	Vertex Pharmaceuticals, Inc		101,104
	3,704	*	Waters Corp		797
	3,139,291		Zoetis, Inc		356,278
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,412,045

REAL ESTATE - 0.6%
	5,861		American Homes 4 Rent		142
	71,787		American Tower Corp		14,677
	10,181		Americold Realty Trust		330
	5,007		Brookfield Property REIT, Inc		94
	119,569	*	CBRE Group, Inc		6,134
	1,567		Colony Capital, Inc		8
	1,520		Coresite Realty		175
	63,680		Crown Castle International Corp		8,301
	31,462		Equinix, Inc		15,866
	82,346		Equity Lifestyle Properties, Inc		9,992
	5,324		Extra Space Storage, Inc		565
	752	*	Howard Hughes Corp		93
	1,697		Iron Mountain, Inc		53
	4,522		Lamar Advertising Co		365

263

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,694,279		MGM Growth Properties LLC	$	51,930
	184,962		Outfront Media, Inc		4,770
	21,959		Public Storage, Inc		5,230
	5,951	*	SBA Communications Corp		1,338
	216,661		Simon Property Group, Inc		34,614
	1,078		Sun Communities, Inc		138
	787		UDR, Inc		35
			TOTAL REAL ESTATE		154,850

RETAILING - 11.9%
	872		Advance Auto Parts, Inc		134
	790,307	*	Amazon.com, Inc		1,496,549
	1,195,050	*,e	ASOS plc		38,786
	35,109	*	AutoZone, Inc		38,601
	383,609		Best Buy Co, Inc		26,749
	5,204	*	Booking Holdings, Inc		9,756
	3,562	*	Burlington Stores, Inc		606
	1,815,304	*	CarMax, Inc		157,623
	2,105	*	Carvana Co		132
	2,091,300	*	Ctrip.com International Ltd (ADR)		77,190
	12,978		Dollar General Corp		1,754
	6,798	*	Dollar Tree, Inc		730
	3,500,643		eBay, Inc		138,275
	6,346	*	Etsy, Inc		389
	2,777,530		Expedia, Inc		369,495
	3,006,520	*	Farfetch Ltd		62,536
	2,909	*	Five Below, Inc		349
	3,539	*	Floor & Decor Holdings, Inc		148
	8,085,920	*	Groupon, Inc		28,948
	1,893,828	*,e	GrubHub, Inc		147,699
	878,154		Home Depot, Inc		182,630
	162,265		Kering		95,773
	699,184		Kohl’s Corp		33,246
	2,234		L Brands, Inc		58
	2,363	*	LKQ Corp		63
	81,900		Lowe’s Companies, Inc		8,265
	6,106	e	Nordstrom, Inc		195
	2,797	*	Ollie’s Bargain Outlet Holdings, Inc		244
	33,920	*	O’Reilly Automotive, Inc		12,527
	2,100		Pool Corp		401
	1,206,145	*	Qurate Retail Group, Inc QVC Group		14,944
	327,544		Ross Stores, Inc		32,466
	294,861		Target Corp		25,538
	778,979		Tiffany & Co		72,944
	70,567		TJX Companies, Inc		3,732
	6,482		Tractor Supply Co		705
	2,049,000	*,g	Trainline plc		10,725
	346,652	*	Ulta Beauty, Inc		120,250
	69,969	*,e	Wayfair, Inc		10,215
	765	e	Williams-Sonoma, Inc		50
			TOTAL RETAILING		3,221,420

264

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%
	1,743,122	*	Advanced Micro Devices, Inc	$	52,939
	292,012		Analog Devices, Inc		32,959
	2,727,052		Applied Materials, Inc		122,472
	548,463		Broadcom, Inc		157,880
	425	*	Cree, Inc		24
	7,155		Entegris, Inc		267
	311,219		Kla-Tencor Corp		36,786
	556,319		Lam Research Corp		104,499
	168,528		Maxim Integrated Products, Inc		10,081
	3,475	e	Microchip Technology, Inc		301
	2,106		Monolithic Power Systems, Inc		286
	60,564		NVIDIA Corp		9,946
	2,226,277		Qualcomm, Inc		169,353
	459		Skyworks Solutions, Inc		36
	379,993		Teradyne, Inc		18,206
	1,178,550		Texas Instruments, Inc		135,250
	2,271		Universal Display Corp		427
	5,521		Versum Materials, Inc		285
	762,564		Xilinx, Inc		89,922
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		941,919

SOFTWARE & SERVICES - 25.6%
	1,093	*	2U, Inc		41
	415,736		Accenture plc		76,816
	965,515	*	Adobe, Inc		284,489
	163,183	*,g	Adyen NV		125,877
	2,048,427	*	Akamai Technologies, Inc		164,161
	52,153		Alliance Data Systems Corp		7,308
	2,416	*	Alteryx, Inc		264
	4,360	*	Anaplan, Inc		220
	4,426	*	Ansys, Inc		907
	3,508	*	Aspen Technology, Inc		436
	5,598	*	Atlassian Corp plc		732
	33,154	*	Autodesk, Inc		5,401
	1,706,379		Automatic Data Processing, Inc		282,116
	2,265	*	Avalara, Inc		163
	7,555	*	Black Knight, Inc		454
	131,850		Booz Allen Hamilton Holding Co		8,730
	382,486		Broadridge Financial Solutions, Inc		48,836
	62,441	*	Cadence Design Systems, Inc		4,421
	6,562		CDK Global, Inc		324
	2,618	*	Ceridian HCM Holding, Inc		131
	5,939		Citrix Systems, Inc		583
	2,356		Cognizant Technology Solutions Corp (Class A)		149
	3,252	*	Coupa Software, Inc		412
	331,657		Dassault Systemes S.A.		52,901
	101,022	*	DocuSign, Inc		5,022
	11,247	*	Dropbox, Inc		282
	1,983	*	Elastic NV		148
	41,524	*	EPAM Systems, Inc		7,188
	184,270	*	Euronet Worldwide, Inc		31,002
	1,524	*	Fair Isaac Corp		479
	9,476		Fidelity National Information Services, Inc		1,162
	10,596	*	FireEye, Inc		157

265

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	239	*	First American Corp	$	10
	132,711	*	First Data Corp		3,592
	20,849	*	Fiserv, Inc		1,901
	4,532	*	FleetCor Technologies, Inc		1,273
	362,912	*	Fortinet, Inc		27,882
	4,707	*	Gartner, Inc		758
	511,285		Genpact Ltd		19,475
	8,446		Global Payments, Inc		1,352
	1,078,735	*	GoDaddy, Inc		75,673
	4,307	*	Guidewire Software, Inc		437
	2,116	*	HubSpot, Inc		361
	169,092		International Business Machines Corp		23,318
	2,586,803		Intuit, Inc		676,009
	3,606		Jack Henry & Associates, Inc		483
	3,441	*	Manhattan Associates, Inc		239
	1,987,946		MasterCard, Inc (Class A)		525,871
	13,172,809		Microsoft Corp		1,764,630
	1,272	*	MongoDB, Inc		193
	2,488	*	New Relic, Inc		215
	7,254	*	Nutanix, Inc		188
	53,430	*	Okta, Inc		6,599
	255,169		Oracle Corp		14,537
	534	*	Pagerduty, Inc		25
	4,836	*	Palo Alto Networks, Inc		985
	17,026		Paychex, Inc		1,401
	2,555	*	Paycom Software, Inc		579
	1,723	*	Paylocity Holding Corp		162
	6,740,629	*	PayPal Holdings, Inc		771,532
	2,128		Pegasystems, Inc		152
	2,609	*	Pluralsight, Inc		79
	2,873	*	Proofpoint, Inc		345
	5,527	*	PTC, Inc		496
	4,181	*	RealPage, Inc		246
	9,401	*	Red Hat, Inc		1,765
	45,329	*	RingCentral, Inc		5,209
	2,557		Sabre Corp		57
	4,119,844	*	salesforce.com, Inc		625,104
	904,712	*	ServiceNow, Inc		248,407
	4,527	*	Smartsheet, Inc		219
	1,236	*	SolarWinds Corp		23
	7,981	*	Splunk, Inc		1,004
	623,344	*	Square, Inc		45,211
	125,858		SS&C Technologies Holdings, Inc		7,251
	2,129	e	Switch, Inc		28
	7,928	*	Synopsys, Inc		1,020
	4,036	*	Tableau Software, Inc		670
	6,196	*	Teradata Corp		222
	40,722		Total System Services, Inc		5,223
	2,015	*	Trade Desk, Inc		459
	163,219	*	Twilio, Inc		22,255
	2,029	*	Tyler Technologies, Inc		438
	57,116	*	VeriSign, Inc		11,946
	4,962,592		Visa, Inc (Class A)		861,258

266

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	4,133		VMware, Inc (Class A)	$	691
	5,013		Western Union Co		100
	2,191	*	WEX, Inc		456
	47,089	*	Workday, Inc		9,681
	39,410	*	Worldpay, Inc		4,830
	5,589	*	Zendesk, Inc		498
	866,350	*	Zscaler, Inc		66,397
			TOTAL SOFTWARE & SERVICES		6,952,732

TECHNOLOGY HARDWARE & EQUIPMENT - 5.9%
	15,680		Amphenol Corp (Class A)		1,504
	4,718,893		Apple, Inc		933,963
	345,451	*	Arista Networks, Inc		89,686
	391,210		CDW Corp		43,424
	4,837,216		Cisco Systems, Inc		264,741
	8,798		Cognex Corp		422
	12,985		Corning, Inc		432
	5,838	*	Dell Technologies, Inc		297
	444		Dolby Laboratories, Inc (Class A)		29
	227,668	*	F5 Networks, Inc		33,155
	721		Flir Systems, Inc		39
	4,181		HP, Inc		87
	134	*	IPG Photonics Corp		21
	1,702		Jabil Circuit, Inc		54
	401,016	*	Keysight Technologies, Inc		36,015
	808,015		Motorola Solutions, Inc		134,720
	77,780		National Instruments Corp		3,266
	5,684	*	NCR Corp		177
	183,912		NetApp, Inc		11,347
	11,138,834	e	Nokia Corp		55,806
	12,152	*	Pure Storage, Inc		186
	2,286	*	Trimble Navigation Ltd		103
	37,910	e	Ubiquiti Networks, Inc		4,985
	2,804	*	Zebra Technologies Corp (Class A)		587
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,615,046

TELECOMMUNICATION SERVICES - 0.2%
	782,902		Softbank Group Corp		37,709
	411,273	*	T-Mobile US, Inc		30,492
	12,109	*	Zayo Group Holdings, Inc		398
			TOTAL TELECOMMUNICATION SERVICES		68,599

TRANSPORTATION - 1.5%
	2,940		Alaska Air Group, Inc		188
	998,017		American Airlines Group, Inc		32,545
	5,479		CH Robinson Worldwide, Inc		462
	412,419		CSX Corp		31,909
	6,235		Delta Air Lines, Inc		354
	6,493		Expeditors International of Washington, Inc		492
	517	*	Genesee & Wyoming, Inc (Class A)		52
	1,411		JB Hunt Transport Services, Inc		129
	1,405	*	JetBlue Airways Corp		26
	2,082		Landstar System, Inc		225

267

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY					VALUE (000)
	1,553,746	*,e	Lyft, Inc (Class A)					$	102,097
	1,898		Norfolk Southern Corp						378
	1,477		Old Dominion Freight Line						220
	64,519		Southwest Airlines Co						3,276
	1,168,467	*	Spirit Airlines, Inc						55,771
	1,037	*	Uber Technologies, Inc						48
	970,031		Union Pacific Corp						164,042
	2,818	*	United Continental Holdings, Inc						247
	199,578		United Parcel Service, Inc (Class B)						20,610
	2,830	*	XPO Logistics, Inc						164
			TOTAL TRANSPORTATION						413,235

			TOTAL COMMON STOCKS						26,935,714
			(Cost $20,749,083)

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

GOVERNMENT AGENCY DEBT - 0.2%
$	56,900,000		Federal Home Loan Bank (FHLB)		2.100	%	07/01/19		56,900
			TOTAL GOVERNMENT AGENCY DEBT						56,900

TREASURY DEBT - 0.9%
	42,130,000		United States Treasury Bill		2.141		07/09/19		42,111
	41,000,000		United States Treasury Bill		2.068		07/23/19		40,948
	35,350,000		United States Treasury Bill		2.105		08/13/19		35,263
	18,190,000		United States Treasury Bill		2.057		08/15/19		18,143
	42,870,000		United States Treasury Bill		2.066		08/20/19		42,746
	70,260,000		United States Treasury Bill		2.215		09/05/19		69,991
			TOTAL TREASURY DEBT						249,202

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7%
	186,676,011	c	State Street Navigator Securities Lending Government Money Market Portfolio						186,676
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						186,676

			TOTAL SHORT-TERM INVESTMENTS						492,778
			(Cost $492,762)

			TOTAL INVESTMENTS - 101.1%						27,428,492
			(Cost $21,241,845)
			OTHER ASSETS & LIABILITIES, NET - (1.1)%						(290,324	)
			NET ASSETS - 100.0%					$	27,138,168



		Abbreviation(s):
ADR		American Depositary Receipt

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

268

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $258,230,055.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/19, the aggregate value of these securities was $136,601,645 or 0.5% of net assets.

		Cost amounts are in thousands.

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND

EQUITY INDEX ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

				VALUE
	SHARES		COMPANY		(000)
COMMON STOCKS - 99.3%

AUTOMOBILES & COMPONENTS - 0.7%
	60,563		Adient plc	$	1,470
	60,325	*	American Axle & Manufacturing Holdings, Inc		770
	174,198		Aptiv plc		14,081
	131,330		BorgWarner, Inc		5,513
	37,696		Cooper Tire & Rubber Co		1,189
	12,534	*	Cooper-Standard Holding, Inc		574
	76,541		Dana Holding Corp		1,526
	19,677	*	Dorman Products, Inc		1,715
	2,523,675		Ford Motor Co		25,817
	25,297	*	Fox Factory Holding Corp		2,087
	807,341		General Motors Co		31,107
	146,733		Gentex Corp		3,611
	26,543	*	Gentherm, Inc		1,110
	137,668		Goodyear Tire & Rubber Co		2,106
	99,714		Harley-Davidson, Inc		3,573
	17,506		LCI Industries, Inc		1,576
	39,163		Lear Corp		5,454
	36,302	*	Modine Manufacturing Co		520
	13,147	*,e	Motorcar Parts of America, Inc		282
	24,709		Spartan Motors, Inc		271
	15,087		Standard Motor Products, Inc		684
	20,247	*	Stoneridge, Inc		639
	28,062		Tenneco, Inc		311
	90,850	*,e	Tesla, Inc		20,301
	35,644		Thor Industries, Inc		2,083
	15,398		Tower International, Inc		300
	22,699	*	Visteon Corp		1,330
	22,457	e	Winnebago Industries, Inc		868
			TOTAL AUTOMOBILES & COMPONENTS		130,868

BANKS - 5.7%
	12,408		1st Source Corp		576
	4,570		ACNB Corp		181
	7,958	*	Allegiance Bancshares, Inc		265
	12,491	*	Amerant Bancorp Inc		246
	5,882		American National Bankshares, Inc		228
	26,136		Ameris Bancorp		1,024
	7,069	*	Ames National Corp		192
	8,183		Arrow Financial Corp		284
	100,294		Associated Banc-Corp		2,120
	14,762	*	Atlantic Capital Bancshares, Inc		253
	42,326		Atlantic Union Bankshares Corp		1,495
	43,167	*	Axos Financial, Inc		1,176
	31,112		Banc of California, Inc		435

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	11,574		Bancfirst Corp	$	644
	62,103		BancorpSouth Bank		1,803
	3,732		Bank First Corp		257
	5,599,093		Bank of America Corp		162,374
	11,787		Bank of Commerce Holdings		126
	23,380		Bank of Hawaii Corp		1,938
	7,728		Bank of Marin Bancorp		317
	36,956		Bank of NT Butterfield & Son Ltd		1,255
	82,422		Bank OZK		2,480
	12,265		BankFinancial Corp		172
	74,384		BankUnited		2,510
	3,897		Bankwell Financial Group, Inc		112
	23,725		Banner Corp		1,285
	11,016		Bar Harbor Bankshares		293
	6,936	*	Baycom Corp		152
	509,183		BB&T Corp		25,016
	7,059		BCB Bancorp, Inc		98
	26,834		Berkshire Hills Bancorp, Inc		842
	15,941		BOK Financial Corp		1,203
	59,217		Boston Private Financial Holdings, Inc		715
	13,328		Bridge Bancorp, Inc		393
	54,590		Brookline Bancorp, Inc		840
	12,987		Bryn Mawr Bank Corp		485
	6,436		Business First Bancshares, Inc		164
	5,576	*	Byline Bancorp, Inc		107
	2,353		C&F Financial Corp		129
	65,383		Cadence BanCorp		1,360
	2,502		Cambridge Bancorp		204
	11,436		Camden National Corp		525
	9,158		Capital City Bank Group, Inc		228
	92,364		Capitol Federal Financial		1,272
	5,956		Capstar Financial Holdings, Inc		90
	10,298		Carolina Financial Corp		361
	14,623	*	Carter Bank & Trust		289
	40,414		Cathay General Bancorp		1,451
	12,633		CBTX, Inc		356
	62,898		Centerstate Banks of Florida, Inc		1,449
	21,511		Central Pacific Financial Corp		644
	6,214		Central Valley Community Bancorp		133
	2,245		Century Bancorp, Inc		197
	48,933		Chemical Financial Corp		2,012
	2,189		Chemung Financial Corp		106
	62,708		CIT Group, Inc		3,295
	1,504,503		Citigroup, Inc		105,360
	9,568		Citizens & Northern Corp		252
	308,096		Citizens Financial Group, Inc		10,894
	10,955		City Holding Co		835
	7,262		Civista Bancshares, Inc		163
	9,772		CNB Financial Corp		276
	6,453		Codorus Valley Bancorp, Inc		148
	51,998		Columbia Banking System, Inc		1,881
	33,673	*	Columbia Financial, Inc		508
	107,061		Comerica, Inc		7,777
	59,019		Commerce Bancshares, Inc		3,521

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	4,712		Commerce Union Bancshares, Inc	$	111
	35,397		Community Bank System, Inc		2,331
	15,668		Community Bankers Trust Corp		133
	2,846		Community Financial Corp		96
	11,638		Community Trust Bancorp, Inc		492
	21,722		ConnectOne Bancorp, Inc		492
	38,938		Cullen/Frost Bankers, Inc		3,647
	19,196	*	Customers Bancorp, Inc		403
	75,634		CVB Financial Corp		1,591
	23,810		Dime Community Bancshares		452
	22,688		Eagle Bancorp, Inc		1,228
	93,759		East West Bancorp, Inc		4,385
	4,525	*	Entegra Financial Corp		136
	6,481		Enterprise Bancorp, Inc		206
	16,077		Enterprise Financial Services Corp		669
	7,477	*	Equity Bancshares, Inc		199
	6,121		ESSA Bancorp, Inc		93
	55,323	*	Essent Group Ltd		2,600
	3,168		Evans Bancorp, Inc		120
	6,654	e	Farmers & Merchants Bancorp, Inc		194
	18,150		Farmers National Banc Corp		269
	4,563		FB Financial Corp		167
	6,481		Federal Agricultural Mortgage Corp (Class C)		471
	15,456		Fidelity Southern Corp		479
	476,743		Fifth Third Bancorp		13,301
	10,211		Financial Institutions, Inc		298
	20,427		First Bancorp (NC)		744
	114,850		First Bancorp (Puerto Rico)		1,268
	6,485		First Bancorp, Inc		174
	6,018		First Bancshares, Inc		183
	26,747		First Busey Corp		706
	6,176		First Business Financial Services, Inc		145
	3,874		First Citizens Bancshares, Inc (Class A)		1,744
	69,402		First Commonwealth Financial Corp		935
	12,139		First Community Bancshares, Inc		410
	15,452		First Defiance Financial Corp		441
	68,200		First Financial Bancorp		1,652
	92,318		First Financial Bankshares, Inc		2,842
	8,330		First Financial Corp		335
	6,257		First Financial Northwest, Inc		89
	19,660		First Foundation, Inc		264
	3,022		First Guaranty Bancshares, Inc		63
	71,845		First Hawaiian, Inc		1,859
	181,409		First Horizon National Corp		2,708
	4,089		First Internet Bancorp		88
	18,329		First Interstate Bancsystem, Inc		726
	29,933		First Merchants Corp		1,134
	7,120		First Mid-Illinois Bancshares, Inc		249
	73,424		First Midwest Bancorp, Inc		1,503
	7,602		First Northwest Bancorp		124
	15,462		First of Long Island Corp		310
	107,798		First Republic Bank		10,526
	15,789		Flagstar Bancorp, Inc		523

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	20,105		Flushing Financial Corp	$	446
	181,165		FNB Corp		2,132
	8,854		Franklin Financial Network, Inc		247
	84,379		Fulton Financial Corp		1,381
	14,703		German American Bancorp, Inc		443
	55,696		Glacier Bancorp, Inc		2,258
	7,809		Great Southern Bancorp, Inc		467
	42,914		Great Western Bancorp, Inc		1,533
	2,003		Greene County Bancorp, Inc		59
	1,224		Guaranty Bancshares, Inc		38
	59,807		Hancock Holding Co		2,396
	23,963		Hanmi Financial Corp		534
	9,284	*	HarborOne Bancorp, Inc		174
	17,800		Heartland Financial USA, Inc		796
	25,661		Heritage Commerce Corp		314
	22,188		Heritage Financial Corp		655
	54,190		Hilltop Holdings, Inc		1,153
	997		Hingham Institution for Savings		197
	4,264		Home Bancorp, Inc		164
	112,204		Home Bancshares, Inc		2,161
	15,022	*	HomeStreet, Inc		445
	13,541		HomeTrust Bancshares, Inc		340
	93,574		Hope Bancorp, Inc		1,289
	23,268		Horizon Bancorp		380
	6,001	*	Howard Bancorp, Inc		91
	701,072		Huntington Bancshares, Inc		9,689
	35,117		IBERIABANK Corp		2,664
	23,332		Independent Bank Corp (MA)		1,777
	17,558		Independent Bank Corp (MI)		383
	20,253		Independent Bank Group, Inc		1,113
	40,567		International Bancshares Corp		1,530
	5,550		Investar Holding Corp		132
	133,839		Investors Bancorp, Inc		1,492
	2,099,486		JPMorgan Chase & Co		234,722
	83,674		Kearny Financial Corp		1,112
	684,052		Keycorp		12,142
	32,502		Lakeland Bancorp, Inc		525
	18,387		Lakeland Financial Corp		861
	6,780		LCNB Corp		129
	33,647		LegacyTexas Financial Group, Inc		1,370
	4,628	*,e	LendingTree, Inc		1,944
	14,926	e	Live Oak Bancshares, Inc		256
	88,745		M&T Bank Corp		15,093
	19,210		Macatawa Bank Corp		197
	4,666	*	Malvern Bancorp, Inc		103
	12,428		Mercantile Bank Corp		405
	10,918		Merchants Bancorp		186
	35,757		Meridian Bancorp, Inc		640
	20,574		Meta Financial Group, Inc		577
	4,420	*	Metropolitan Bank Holding Corp		195
	210,298	*	MGIC Investment Corp		2,763
	10,800		Midland States Bancorp, Inc		289
	6,195		Midsouth Bancorp, Inc		73
	7,821		MidWestOne Financial Group, Inc		219

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	34,360	*	Mr Cooper Group, Inc	$	275
	3,816		MutualFirst Financial, Inc		130
	19,324		National Bank Holdings Corp		701
	5,351		National Bankshares, Inc		208
	31,726		NBT Bancorp, Inc		1,190
	305,096		New York Community Bancorp, Inc		3,045
	6,480	*	Nicolet Bankshares, Inc		402
	38,864	*	NMI Holdings, Inc		1,103
	5,235		Northeast Bank		144
	33,024		Northfield Bancorp, Inc		516
	5,019		Northrim BanCorp, Inc		179
	69,442		Northwest Bancshares, Inc		1,223
	4,425		Norwood Financial Corp		154
	30,487		OceanFirst Financial Corp		758
	33,903		OFG Bancorp		806
	3,155	e	Ohio Valley Banc Corp		122
	6,461		Old Line Bancshares, Inc		172
	90,192		Old National Bancorp		1,496
	21,667		Old Second Bancorp, Inc		277
	14,808		Opus Bank		313
	11,057		Origin Bancorp, Inc		365
	26,521		Oritani Financial Corp		471
	5,318		Orrstown Financial Services, Inc		117
	11,579	*	Pacific Mercantile Bancorp		96
	28,237		Pacific Premier Bancorp, Inc		872
	81,519		PacWest Bancorp		3,165
	9,690		Park National Corp		963
	4,177		Parke Bancorp, Inc		100
	13,465		PCSB Financial Corp		273
	11,582		Peapack Gladstone Financial Corp		326
	2,964		Penns Woods Bancorp, Inc		134
	9,540		PennyMac Financial Services, Inc		212
	3,256		Peoples Bancorp of North Carolina, Inc		98
	12,623		Peoples Bancorp, Inc		407
	5,712		Peoples Financial Services Corp		257
	252,873		People’s United Financial, Inc		4,243
	9,341		People’s Utah Bancorp		275
	50,971		Pinnacle Financial Partners, Inc		2,930
	295,684		PNC Financial Services Group, Inc		40,592
	62,207		Popular, Inc		3,374
	8,859		Preferred Bank		419
	8,456		Premier Financial Bancorp, Inc		127
	40,106		Prosperity Bancshares, Inc		2,649
	3,260	*	Provident Bancorp, Inc		91
	45,191		Provident Financial Services, Inc		1,096
	6,101		Prudential Bancorp, Inc		115
	8,729		QCR Holdings, Inc		304
	122,609		Radian Group, Inc		2,802
	9,265		RBB Bancorp		179
	686,645		Regions Financial Corp		10,258
	30,881		Renasant Corp		1,110
	6,104		Republic Bancorp, Inc (Class A)		304
	34,776	*	Republic First Bancorp, Inc		171

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	13,238		Riverview Bancorp, Inc	$	113
	25,676		S&T Bancorp, Inc		962
	22,606		Sandy Spring Bancorp, Inc		789
	28,631	*	Seacoast Banking Corp of Florida		728
	32,848		ServisFirst Bancshares, Inc		1,125
	8,913		Shore Bancshares, Inc		146
	8,919		Sierra Bancorp		242
	34,007		Signature Bank		4,109
	55,218		Simmons First National Corp (Class A)		1,284
	5,382	*	SmartFinancial, Inc		117
	24,776		South State Corp		1,825
	4,079	*	Southern First Bancshares, Inc		160
	4,139		Southern Missouri Bancorp, Inc		144
	8,140		Southern National Bancorp of Virginia, Inc		125
	20,042		Southside Bancshares, Inc		649
	11,631		Sterling Bancorp, Inc		116
	151,652		Sterling Bancorp/DE		3,227
	16,305		Stock Yards Bancorp, Inc		589
	6,101		Summit Financial Group, Inc		164
	288,327		SunTrust Banks, Inc		18,121
	33,541	*	SVB Financial Group		7,533
	103,301		Synovus Financial Corp		3,616
	116,646		TCF Financial Corp		2,425
	5,870		Territorial Bancorp, Inc		181
	35,836	*	Texas Capital Bancshares, Inc		2,199
	34,383		TFS Financial Corp		621
	35,393	*	The Bancorp, Inc		316
	4,645		Timberland Bancorp, Inc		139
	10,641		Tompkins Trustco, Inc		868
	46,422		TowneBank		1,266
	19,212		Trico Bancshares		726
	16,178	*	Tristate Capital Holdings, Inc		345
	10,668	*	Triumph Bancorp, Inc		310
	71,043		Trustco Bank Corp NY		563
	49,168		Trustmark Corp		1,635
	26,057		UMB Financial Corp		1,715
	161,706		Umpqua Holdings Corp		2,683
	2,885		Union Bankshares, Inc		107
	72,013		United Bankshares, Inc		2,671
	51,942		United Community Banks, Inc		1,483
	34,307		United Community Financial Corp		328
	36,948		United Financial Bancorp, Inc (New)		524
	9,461		United Security Bancshares		108
	5,346		Unity Bancorp, Inc		121
	19,117		Univest Corp of Pennsylvania		502
	940,752		US Bancorp		49,295
	216,752		Valley National Bancorp		2,337
	22,054		Veritex Holdings, Inc		572
	19,235		Walker & Dunlop, Inc		1,024
	50,737		Washington Federal, Inc		1,772
	10,818		Washington Trust Bancorp, Inc		565
	19,189		Waterstone Financial, Inc		327
	67,195		Webster Financial Corp		3,210
	2,636,004		Wells Fargo & Co		124,736

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	35,721		WesBanco, Inc	$	1,377
	11,970		West Bancorporation, Inc		254
	18,981		Westamerica Bancorporation		1,169
	68,448	*	Western Alliance Bancorp		3,061
	19,137		Western New England Bancorp, Inc		179
	38,890		Wintrust Financial Corp		2,845
	37,123		WSFS Financial Corp		1,533
	119,408		Zions Bancorporation		5,490
			TOTAL BANKS		1,098,329

CAPITAL GOODS - 7.0%
	364,388		3M Co		63,163
	93,763		A.O. Smith Corp		4,422
	29,877		Aaon, Inc		1,499
	23,226		AAR Corp		854
	43,959		Actuant Corp (Class A)		1,091
	24,498		Acuity Brands, Inc		3,378
	24,758		Advanced Drainage Systems, Inc		812
	93,206	*	Aecom Technology Corp		3,528
	24,436	*	Aegion Corp		450
	49,582	*	Aerojet Rocketdyne Holdings, Inc		2,220
	14,335	*	Aerovironment, Inc		814
	39,973		AGCO Corp		3,101
	56,080		Air Lease Corp		2,318
	13,921		Aircastle Ltd		296
	6,904		Alamo Group, Inc		690
	21,082		Albany International Corp (Class A)		1,748
	58,342		Allegion plc		6,450
	4,493		Allied Motion Technologies, Inc		170
	68,688		Allison Transmission Holdings, Inc		3,184
	41,492		Altra Holdings, Inc		1,489
	13,776	*	Ameresco, Inc		203
	10,171	*	American Woodmark Corp		861
	147,502		Ametek, Inc		13,399
	20,270		Apogee Enterprises, Inc		880
	27,154		Applied Industrial Technologies, Inc		1,671
	274,168		Arconic, Inc		7,079
	30,718		Arcosa, Inc		1,156
	10,471		Argan, Inc		425
	17,658	*	Armstrong Flooring, Inc		174
	31,783		Armstrong World Industries, Inc		3,089
	15,250		Astec Industries, Inc		496
	15,755	*	Astronics Corp		634
	23,836	*	Atkore International Group, Inc		617
	35,579	*,e	Axon Enterprise, Inc		2,284
	19,364		AZZ, Inc		891
	25,595		Barnes Group, Inc		1,442
	41,684	*	Beacon Roofing Supply, Inc		1,531
	35,611	*	Bloom Energy Corp		437
	3,946	*	Blue Bird Corp		78
	6,034	*,e	BlueLinx Holdings, Inc		119
	47,040	*	BMC Stock Holdings, Inc		997
	344,510		Boeing Co		125,405

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	30,438		Briggs & Stratton Corp	$	312
	67,070	*	Builders FirstSource, Inc		1,131
	66,179		BWX Technologies, Inc		3,448
	14,163	e	Caesarstone Sdot-Yam Ltd		213
	8,775	*	CAI International, Inc		218
	36,112		Carlisle Cos, Inc		5,070
	360,950		Caterpillar, Inc		49,194
	22,344	*	Chart Industries, Inc		1,718
	12,045	*	CIRCOR International, Inc		554
	64,286	*	Colfax Corp		1,802
	14,727		Columbus McKinnon Corp		618
	24,840		Comfort Systems USA, Inc		1,267
	18,016	*	Commercial Vehicle Group, Inc		144
	28,296	*	Continental Building Products, Inc		752
	29,151	*	Cornerstone Building Brands, Inc		170
	28,721		Crane Co		2,396
	10,574		CSW Industrials, Inc		721
	18,660		Cubic Corp		1,203
	99,965		Cummins, Inc		17,128
	26,243		Curtiss-Wright Corp		3,336
	207,020		Deere & Co		34,305
	81,746		Donaldson Co, Inc		4,158
	16,771		Douglas Dynamics, Inc		667
	91,263		Dover Corp		9,145
	8,048	*	Ducommun, Inc		363
	11,117	*	DXP Enterprises, Inc		421
	16,954	*	Dycom Industries, Inc		998
	3,733		Eastern Co		105
	274,795		Eaton Corp		22,885
	35,403		EMCOR Group, Inc		3,119
	402,844		Emerson Electric Co		26,878
	15,305		Encore Wire Corp		897
	11,608	*,e	Energous Corp		51
	24,905	*,e	Energy Recovery, Inc		259
	31,570		EnerSys		2,162
	58,642	*,e	Enphase Energy, Inc		1,069
	15,803		EnPro Industries, Inc		1,009
	18,556		ESCO Technologies, Inc		1,533
	2,576	e	EVI Industries, Inc		99
	51,314	*	Evoqua Water Technologies Corp		731
	375,818		Fastenal Co		12,248
	42,557		Federal Signal Corp		1,138
	82,555		Flowserve Corp		4,350
	91,070		Fluor Corp		3,068
	189,288		Fortive Corp		15,431
	99,180		Fortune Brands Home & Security, Inc		5,666
	9,256	*	Foundation Building Materials, Inc		165
	34,098		Franklin Electric Co, Inc		1,620
	72,418	*	Gardner Denver Holdings, Inc		2,506
	30,738	*	Gates Industrial Corp plc		351
	20,759		GATX Corp		1,646
	4,980	*	Gencor Industries, Inc		65
	41,949	*	Generac Holdings, Inc		2,912
	163,348		General Dynamics Corp		29,700

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	5,655,845		General Electric Co	$	59,386
	22,869	*	Gibraltar Industries, Inc		923
	16,574		Global Brass & Copper Holdings, Inc		725
	17,148	*	GMS, Inc		377
	14,132		Gorman-Rupp Co		464
	104,372		Graco, Inc		5,237
	26,067		GrafTech International Ltd		300
	7,763		Graham Corp		157
	33,088		Granite Construction, Inc		1,594
	44,924	*	Great Lakes Dredge & Dock Corp		496
	19,838		Greenbrier Cos, Inc		603
	20,793		Griffon Corp		352
	23,777		H&E Equipment Services, Inc		692
	59,172	*	Harsco Corp		1,624
	105,294	*	HD Supply Holdings, Inc		4,241
	26,390		HEICO Corp		3,531
	46,469		HEICO Corp (Class A)		4,803
	16,194	*	Helios Technologies, Inc		752
	17,889	*	Herc Holdings, Inc		820
	57,257		Hexcel Corp		4,631
	29,488		Hillenbrand, Inc		1,167
	474,696		Honeywell International, Inc		82,877
	34,474		Hubbell, Inc		4,495
	25,622		Huntington Ingalls		5,758
	4,796		Hurco Cos, Inc		170
	7,224		Hyster-Yale Materials Handling, Inc		399
	49,969		IDEX Corp		8,602
	5,334	*	IES Holdings, Inc		101
	214,151		Illinois Tool Works, Inc		32,296
	155,333		Ingersoll-Rand plc		19,676
	13,472		Insteel Industries, Inc		280
	53,134		ITT, Inc		3,479
	85,666		Jacobs Engineering Group, Inc		7,229
	47,393	*	JELD-WEN Holding, Inc		1,006
	22,550		John Bean Technologies Corp		2,731
	584,353		Johnson Controls International plc		24,140
	8,084		Kadant, Inc		734
	17,941		Kaman Corp		1,143
	56,290		Kennametal, Inc		2,082
	50,983	*	Kratos Defense & Security Solutions, Inc		1,167
	52,610		L3 Technologies, Inc		12,898
	79,494		L3Harris Technologies, Inc		15,035
	4,456	*	Lawson Products, Inc		164
	5,677	*	LB Foster Co (Class A)		155
	22,519		Lennox International, Inc		6,193
	36,237		Lincoln Electric Holdings, Inc		2,983
	7,273	e	Lindsay Corp		598
	159,928		Lockheed Martin Corp		58,140
	17,575		Luxfer Holdings PLC		431
	12,223	*	Lydall, Inc		247
	22,630	*	Manitowoc Co, Inc		403
	201,028		Masco Corp		7,888
	18,516	*	Masonite International Corp		975

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	48,078	*	Mastec, Inc	$	2,477
	38,365	e	Maxar Technologies, Inc		300
	33,690	*	Mercury Systems, Inc		2,370
	34,734	*	Meritor, Inc		842
	35,939	*	Middleby Corp		4,877
	31,692	*	Milacron Holdings Corp		437
	7,280		Miller Industries, Inc		224
	22,998		Moog, Inc (Class A)		2,153
	64,419	*	MRC Global, Inc		1,103
	25,456		MSC Industrial Direct Co (Class A)		1,890
	40,743		Mueller Industries, Inc		1,193
	104,855		Mueller Water Products, Inc (Class A)		1,030
	10,993	*	MYR Group, Inc		411
	3,534		National Presto Industries, Inc		330
	35,673	*	Navistar International Corp		1,229
	19,066		NN, Inc		186
	37,392		Nordson Corp		5,284
	104,187		Northrop Grumman Corp		33,664
	6,891	*	Northwest Pipe Co		178
	78,206	*	NOW, Inc		1,154
	5,211	*	NV5 Holdings, Inc		424
	110,096		nVent Electric plc		2,729
	2,354		Omega Flex, Inc		181
	46,060		Oshkosh Truck Corp		3,846
	74,736		Owens Corning, Inc		4,350
	216,482		PACCAR, Inc		15,513
	81,383		Parker-Hannifin Corp		13,836
	12,058	*	Parsons Corp		444
	17,097	*	Patrick Industries, Inc		841
	96,376		Pentair plc		3,585
	36,380	*	PGT, Inc		608
	159,236	*,e	Plug Power, Inc		358
	7,077		Powell Industries, Inc		269
	1,801		Preformed Line Products Co		100
	28,783		Primoris Services Corp		602
	18,284	*	Proto Labs, Inc		2,121
	25,291		Quanex Building Products Corp		478
	90,888		Quanta Services, Inc		3,471
	25,955		Raven Industries, Inc		931
	182,010		Raytheon Co		31,648
	16,634	*	RBC Bearings, Inc		2,775
	25,203		Regal-Beloit Corp		2,059
	82,950	*	Resideo Technologies, Inc		1,818
	8,757	e	REV Group, Inc		126
	75,228	*	Rexnord Corp		2,273
	78,805		Rockwell Automation, Inc		12,911
	66,598		Roper Industries, Inc		24,392
	21,510		Rush Enterprises, Inc (Class A)		785
	4,597		Rush Enterprises, Inc (Class B)		170
	100,062	*	Sensata Technologies Holding plc		4,903
	29,530		Simpson Manufacturing Co, Inc		1,963
	24,415	*,e	SiteOne Landscape Supply, Inc		1,692
	34,435		Snap-On, Inc		5,704
	66,489		Spirit Aerosystems Holdings, Inc (Class A)		5,410

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	30,406	*	SPX Corp	$	1,004
	29,148	*	SPX FLOW, Inc		1,220
	8,333		Standex International Corp		609
	98,999		Stanley Black & Decker, Inc		14,316
	18,886	*	Sterling Construction Co, Inc		253
	60,603	*	Sunrun, Inc		1,137
	22,563	*	Teledyne Technologies, Inc		6,179
	12,744		Tennant Co		780
	35,787		Terex Corp		1,124
	18,852	*	Textainer Group Holdings Ltd		190
	155,293		Textron, Inc		8,237
	24,419	*	Thermon Group Holdings		626
	37,983		Timken Co		1,950
	33,155		Titan International, Inc		162
	11,613	*	Titan Machinery, Inc		239
	65,756		Toro Co		4,399
	7,431	*	TPI Composites, Inc		184
	31,351	*	TransDigm Group, Inc		15,168
	40,670	*	Trex Co, Inc		2,916
	34,233	*	Trimas Corp		1,060
	92,156		Trinity Industries, Inc		1,912
	30,588		Triton International Ltd		1,002
	32,779		Triumph Group, Inc		751
	27,269	*	Tutor Perini Corp		378
	6,567	*	Twin Disc, Inc		99
	49,764	*	United Rentals, Inc		6,600
	526,122		United Technologies Corp		68,501
	79,847	*	Univar, Inc		1,760
	44,298		Universal Forest Products, Inc		1,686
	10,628		Valmont Industries, Inc		1,348
	7,860	*	Vectrus, Inc		319
	7,828	*	Veritiv Corp		152
	12,845	*	Vicor Corp		399
	15,334	*,e	Vivint Solar, Inc		112
	29,246		W.W. Grainger, Inc		7,845
	42,603		Wabash National Corp		693
	31,460	*	WABCO Holdings, Inc		4,172
	104,415	e	Wabtec Corp		7,493
	21,705		Watsco, Inc		3,549
	18,825		Watts Water Technologies, Inc (Class A)		1,754
	88,290	*	Welbilt, Inc		1,474
	39,330	*	Wesco Aircraft Holdings, Inc		437
	24,346	*	WESCO International, Inc		1,233
	3,392	*	Willis Lease Finance Corp		198
	22,097	*	Willscot Corp		332
	35,736		Woodward Governor Co		4,044
	114,079		Xylem, Inc		9,542
			TOTAL CAPITAL GOODS		1,350,196

COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	40,285		ABM Industries, Inc		1,611
	37,820	*	Acacia Research (Acacia Technologies)		112
	77,675		ACCO Brands Corp		611

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	5,238	e	ADT, Inc	$	32
	49,123	*	Advanced Disposal Services, Inc		1,568
	5,145		Barrett Business Services, Inc		425
	4,266		BG Staffing, Inc		81
	33,472		Brady Corp (Class A)		1,651
	16,522	*	BrightView Holdings, Inc		309
	33,001		Brink’s Co		2,679
	29,675	*	Casella Waste Systems, Inc (Class A)		1,176
	35,493	*	CBIZ, Inc		695
	18,496	*	Ceco Environmental Corp		177
	14,958	*	Cimpress NV		1,360
	55,082		Cintas Corp		13,070
	38,542	*	Clean Harbors, Inc		2,740
	127,578	*	Copart, Inc		9,535
	23,688	*	CoStar Group, Inc		13,125
	84,474		Covanta Holding Corp		1,513
	7,013		CRA International, Inc		269
	27,694		Deluxe Corp		1,126
	20,052		Ennis, Inc		412
	76,115		Equifax, Inc		10,294
	36,012		Exponent, Inc		2,108
	7,582		Forrester Research, Inc		357
	7,620	*	Franklin Covey Co		259
	25,416	*	FTI Consulting, Inc		2,131
	9,864	*	GP Strategies Corp		149
	49,914	e	Healthcare Services Group		1,513
	14,300		Heidrick & Struggles International, Inc		429
	8,893	*	Heritage-Crystal Clean, Inc		234
	28,968		Herman Miller, Inc		1,295
	31,637		HNI Corp		1,119
	15,850	*	Huron Consulting Group, Inc		799
	13,124		ICF International, Inc		955
	257,366	*	IHS Markit Ltd		16,399
	32,837	*	Innerworkings, Inc		125
	25,976		Insperity, Inc		3,173
	44,581		Interface, Inc		683
	88,200		KAR Auction Services, Inc		2,205
	20,372		Kelly Services, Inc (Class A)		534
	18,302		Kforce, Inc		642
	25,171		Kimball International, Inc (Class B)		439
	35,963		Knoll, Inc		826
	37,013		Korn/Ferry International		1,483
	23,849		LSC Communications, Inc		88
	37,706		Manpower, Inc		3,642
	22,585		Matthews International Corp (Class A)		787
	17,061		McGrath RentCorp		1,060
	13,300	*	Mistras Group, Inc		191
	31,645		Mobile Mini, Inc		963
	24,011		MSA Safety, Inc		2,531
	9,774		Multi-Color Corp		488
	33,798		Navigant Consulting, Inc		784
	219,281		Nielsen NV		4,956
	4,961	*	NL Industries, Inc		18
	36,708	*	On Assignment, Inc		2,225

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	133,127	e	Pitney Bowes, Inc	$	570
	21,796	e	Quad Graphics, Inc		172
	141,252		Republic Services, Inc		12,238
	20,546		Resources Connection, Inc		329
	79,304		Robert Half International, Inc		4,521
	85,209		Rollins, Inc		3,057
	51,083		RR Donnelley & Sons Co		101
	12,140	*	SP Plus Corp		388
	61,807		Steelcase, Inc (Class A)		1,057
	49,051	*	Stericycle, Inc		2,342
	9,938		Systemax, Inc		220
	20,907	*,e	Team, Inc		320
	41,281		Tetra Tech, Inc		3,243
	115,960		TransUnion		8,524
	22,121	*	TriNet Group, Inc		1,500
	30,958	*	TrueBlue, Inc		683
	11,006		Unifirst Corp		2,075
	8,321	*	Upwork, Inc		134
	16,280		US Ecology, Inc		969
	104,117		Verisk Analytics, Inc		15,249
	15,178		Viad Corp		1,005
	5,586		VSE Corp		160
	26,743	*	WageWorks, Inc		1,358
	276,045		Waste Management, Inc		31,847
	5,398	*	Willdan Group, Inc		201
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		212,424

CONSUMER DURABLES & APPAREL - 1.3%
	15,286		Acushnet Holdings Corp		401
	39,523	*	American Outdoor Brands Corp		356
	7,681		Bassett Furniture Industries, Inc		117
	21,459	*	Beazer Homes USA, Inc		206
	54,098		Brunswick Corp		2,483
	69,841		Callaway Golf Co		1,198
	90,698	*	Capri Holdings Ltd		3,145
	27,877		Carter’s, Inc		2,719
	6,102	*	Cavco Industries, Inc		961
	13,611	*	Century Communities, Inc		362
	14,228		Clarus Corp		205
	19,279		Columbia Sportswear Co		1,931
	45,716	*	CROCS, Inc		903
	6,895		Culp, Inc		131
	19,292	*	Deckers Outdoor Corp		3,395
	222,088		DR Horton, Inc		9,579
	7,865		Escalade, Inc		90
	18,783		Ethan Allen Interiors, Inc		396
	5,531		Flexsteel Industries, Inc		94
	31,215	*,e	Fossil Group, Inc		359
	94,266		Garmin Ltd		7,522
	30,360	*	G-III Apparel Group Ltd		893
	74,136	*,e	GoPro, Inc		405
	16,535	*	Green Brick Partners, Inc		137
	6,360		Hamilton Beach Brands Holding Co		121

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	244,655		Hanesbrands, Inc	$	4,213
	74,516		Hasbro, Inc		7,875
	15,207	*	Helen of Troy Ltd		1,986
	7,913		Hooker Furniture Corp		163
	13,822	*	Installed Building Products, Inc		819
	18,443	*,e	iRobot Corp		1,690
	3,583		Johnson Outdoors, Inc		267
	60,650		KB Home		1,561
	30,075	*	Kontoor Brands, Inc		843
	36,137		La-Z-Boy, Inc		1,108
	94,275		Leggett & Platt, Inc		3,617
	11,279		Lennar Corp (B Shares)		434
	181,694		Lennar Corp (Class A)		8,805
	12,635	*,e	LGI Homes, Inc		903
	7,210		Lifetime Brands, Inc		68
	76,705	*	Lululemon Athletica, Inc		13,823
	16,714	*	M/I Homes, Inc		477
	13,092	*	Malibu Boats, Inc		509
	8,407		Marine Products Corp		130
	13,690	*	MasterCraft Boat Holdings, Inc		268
	246,470	*,e	Mattel, Inc		2,763
	32,691		MDC Holdings, Inc		1,072
	26,198	*	Meritage Homes Corp		1,345
	42,399	*	Mohawk Industries, Inc		6,253
	11,320		Movado Group, Inc		306
	3,180		Nacco Industries, Inc (Class A)		165
	273,995		Newell Rubbermaid, Inc		4,225
	801,459		Nike, Inc (Class B)		67,282
	2,226	*	NVR, Inc		7,502
	11,750		Oxford Industries, Inc		891
	38,838		Polaris Industries, Inc		3,543
	157,608		Pulte Homes, Inc		4,984
	47,687		PVH Corp		4,513
	35,853		Ralph Lauren Corp		4,073
	53,205	*	Roku, Inc		4,819
	79,579	*	Skechers U.S.A., Inc (Class A)		2,506
	32,514		Skyline Corp		890
	45,047	*	Sonos, Inc		511
	60,523		Steven Madden Ltd		2,055
	12,383		Sturm Ruger & Co, Inc		675
	5,163		Superior Uniform Group, Inc		88
	191,265		Tapestry, Inc		6,069
	79,194	*	Taylor Morrison Home Corp		1,660
	33,646	*	Tempur Sealy International, Inc		2,469
	80,868		Toll Brothers, Inc		2,961
	26,487	*	TopBuild Corp		2,192
	102,085	*	TRI Pointe Homes, Inc		1,222
	28,980		Tupperware Corp		552
	110,698	*	Under Armour, Inc (Class A)		2,806
	110,542	*	Under Armour, Inc (Class C)		2,454
	10,905	*	Unifi, Inc		198
	10,485	*	Universal Electronics, Inc		430
	16,444	*	Vera Bradley, Inc		197
	200,022		VF Corp		17,472

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	41,550	*	Vista Outdoor, Inc	$	369
	41,162		Whirlpool Corp		5,860
	17,713	*	William Lyon Homes, Inc		323
	67,978		Wolverine World Wide, Inc		1,872
	11,211	*,e	YETI Holdings, Inc		325
	21,026	*	Zagg, Inc		146
			TOTAL CONSUMER DURABLES & APPAREL		257,706

CONSUMER SERVICES - 2.4%
	33,727	*	Adtalem Global Education, Inc		1,519
	12,233	*	American Public Education, Inc		362
	143,934		ARAMARK Holdings Corp		5,190
	44,487		BBX Capital Corp		218
	769	*	Biglari Holdings, Inc (B Shares)		80
	15,173		BJ’s Restaurants, Inc		667
	44,145		Bloomin’ Brands, Inc		835
	61,116		Boyd Gaming Corp		1,646
	36,213	*	Bright Horizons Family Solutions		5,463
	25,489	e	Brinker International, Inc		1,003
	404,805	*	Caesars Entertainment Corp		4,785
	46,334	*	Career Education Corp		884
	257,356		Carnival Corp		11,980
	11,838		Carriage Services, Inc		225
	27,792	*	Carrols Restaurant Group, Inc		251
	16,727	*	Century Casinos, Inc		162
	31,824	e	Cheesecake Factory		1,391
	60,816	*	Chegg, Inc		2,347
	16,294	*	Chipotle Mexican Grill, Inc (Class A)		11,942
	17,380		Choice Hotels International, Inc		1,512
	23,949		Churchill Downs, Inc		2,756
	12,474	*	Chuy’s Holdings, Inc		286
	9,516	e	Cracker Barrel Old Country Store, Inc		1,625
	78,161		Darden Restaurants, Inc		9,515
	30,312		Dave & Buster’s Entertainment, Inc		1,227
	17,725	*,e	Del Frisco’s Restaurant Group, Inc		141
	23,487	*	Del Taco Restaurants, Inc		301
	41,277	*	Denny’s Corp		847
	10,362	e	Dine Brands Global Inc		989
	26,483		Domino’s Pizza, Inc		7,370
	43,999	*	Drive Shack, Inc		206
	49,730		Dunkin Brands Group, Inc		3,961
	14,501	*	El Pollo Loco Holdings, Inc		155
	44,594	*,e	Eldorado Resorts, Inc		2,054
	2,242	*,e	Empire Resorts, Inc		22
	117,907		Extended Stay America, Inc		1,991
	20,469	*	Fiesta Restaurant Group, Inc		269
	43,198	*	frontdoor, Inc		1,881
	7,389	*	Golden Entertainment, Inc		103
	2,783		Graham Holdings Co		1,920
	32,189	*	Grand Canyon Education, Inc		3,767
	129,519		H&R Block, Inc		3,795
	14,706	*	Habit Restaurants, Inc		154
	65,914	*	Hilton Grand Vacations, Inc		2,097

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	186,771		Hilton Worldwide Holdings, Inc	$	18,255
	76,812	*	Houghton Mifflin Harcourt Co		442
	24,452		Hyatt Hotels Corp		1,862
	76,027	e	International Game Technology plc		986
	18,045		International Speedway Corp (Class A)		810
	10,324	*	J Alexander’s Holdings, Inc		116
	14,716		Jack in the Box, Inc		1,198
	26,055	*	K12, Inc		792
	221,443		Las Vegas Sands Corp		13,085
	62,559	*	Laureate Education, Inc		983
	10,890	*	Lindblad Expeditions Holdings, Inc		195
	180,454		Marriott International, Inc (Class A)		25,316
	28,647		Marriott Vacations Worldwide Corp		2,762
	499,476		McDonald’s Corp		103,721
	326,708		MGM Resorts International		9,334
	7,140	*	Monarch Casino & Resort, Inc		305
	2,378		Nathan’s Famous, Inc		186
	8,091	*,e	Noodles & Co		64
	135,741	*	Norwegian Cruise Line Holdings Ltd		7,280
	29,338	*	OneSpaWorld Holdings Ltd		455
	18,811	e	Papa John’s International, Inc		841
	76,441	*	Penn National Gaming, Inc		1,472
	60,595	*	Planet Fitness, Inc		4,390
	10,854	*	PlayAGS, Inc		211
	16,455	*	Potbelly Corp		84
	6,547		RCI Hospitality Holdings, Inc		115
	11,433	*	Red Lion Hotels Corp		81
	9,211	*	Red Robin Gourmet Burgers, Inc		282
	48,687		Red Rock Resorts, Inc		1,046
	27,109	*	Regis Corp		450
	111,454		Royal Caribbean Cruises Ltd		13,509
	21,790		Ruth’s Chris Steak House, Inc		495
	37,197	*	Scientific Games Corp (Class A)		737
	30,308	*	SeaWorld Entertainment, Inc		940
	108,167		Service Corp International		5,060
	86,396	*	ServiceMaster Global Holdings, Inc		4,500
	15,620	*	Shake Shack, Inc		1,128
	48,601		Six Flags Entertainment Corp		2,415
	27,603	*	Sotheby’s (Class A)		1,605
	9,984		Speedway Motorsports, Inc		185
	787,689		Starbucks Corp		66,032
	15,126		Strategic Education, Inc		2,692
	21,327	*	Target Hospitality Corp		194
	48,860		Texas Roadhouse, Inc (Class A)		2,622
	13,497	*	Twin River Worldwide Holdings Inc		402
	26,170		Vail Resorts, Inc		5,841
	26,120	*	Weight Watchers International, Inc		499
	134,006		Wendy’s		2,624
	21,048		Wingstop, Inc		1,994
	55,993		Wyndham Destinations, Inc		2,458
	68,964		Wyndham Hotels & Resorts, Inc		3,844
	63,559		Wynn Resorts Ltd		7,881
	236,930		Yum China Holdings, Inc		10,946
	195,815		Yum! Brands, Inc		21,671
			TOTAL CONSUMER SERVICES		457,287

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
DIVERSIFIED FINANCIALS - 3.6%
	31,723		Affiliated Managers Group, Inc	$	2,923
	21,134		AG Mortgage Investment Trust		336
	341,429		AGNC Investment Corp		5,743
	252,030		Ally Financial, Inc		7,810
	445,234		American Express Co		54,960
	86,040		Ameriprise Financial, Inc		12,490
	945,108		Annaly Capital Management, Inc		8,629
	70,479		Anworth Mortgage Asset Corp		267
	97,878		Apollo Commercial Real Estate Finance, Inc		1,800
	22,112		Ares Commercial Real Estate Corp		329
	41,515		Ares Management Corp		1,086
	16,506	e	Arlington Asset Investment Corp (Class A)		114
	26,163	*	ARMOUR Residential REIT, Inc		488
	32,135		Artisan Partners Asset Management, Inc		884
	4,316	e	Associated Capital Group, Inc		161
	181,952		AXA Equitable Holdings, Inc		3,803
	10,240		B. Riley Financial, Inc		214
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		447
	554,133		Bank of New York Mellon Corp		24,465
	166,153		BGC Partners, Inc (Class A)		869
	77,066		BlackRock, Inc		36,167
	73,790		Blackstone Mortgage Trust, Inc		2,625
	30,473	*	Blucora, Inc		925
	48,331	*	Cannae Holdings, Inc		1,401
	299,330		Capital One Financial Corp		27,161
	71,072		Capstead Mortgage Corp		593
	74,260		CBOE Holdings, Inc		7,696
	778,329		Charles Schwab Corp		31,281
	7,318		Cherry Hill Mortgage Investment Corp		117
	94,757		Chimera Investment Corp		1,788
	231,358		CME Group, Inc		44,909
	15,440		Cohen & Steers, Inc		794
	56,629		Colony Credit Real Estate, Inc		878
	18,127	*	Cowen Group, Inc		312
	6,914	*	Credit Acceptance Corp		3,345
	7,834	*	Curo Group Holdings Corp		87
	2,179		Diamond Hill Investment Group, Inc		309
	214,390		Discover Financial Services		16,635
	19,156	*	Donnelley Financial Solutions, Inc		256
	11,107		Dynex Capital, Inc		186
	169,137		E*TRADE Financial Corp		7,544
	78,977		Eaton Vance Corp		3,406
	11,344	*	Elevate Credit, Inc		47
	17,423		Ellington Financial Inc		313
	17,368	*,e	Encore Capital Group, Inc		588
	23,911	*	Enova International, Inc		551
	29,096		Evercore Partners, Inc (Class A)		2,577
	22,197		Exantas Capital Corp		251
	38,445	*	Ezcorp, Inc (Class A)		364
	24,832		Factset Research Systems, Inc		7,116
	68,886		Federated Investors, Inc (Class B)		2,239

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	26,518		FGL Holdings	$	223
	30,190		FirstCash, Inc		3,020
	12,579	*	Focus Financial Partners, Inc		344
	199,787		Franklin Resources, Inc		6,953
	23,847	e	Gain Capital Holdings, Inc		98
	4,049		GAMCO Investors, Inc (Class A)		78
	214,193		Goldman Sachs Group, Inc		43,824
	31,227		Granite Point Mortgage Trust, Inc		599
	8,938		Great Ajax Corp		125
	33,057	*	Green Dot Corp		1,616
	19,893		Greenhill & Co, Inc		270
	10,099		Hamilton Lane, Inc		576
	15,460		Houlihan Lokey, Inc		688
	47,028		Interactive Brokers Group, Inc (Class A)		2,549
	366,206		IntercontinentalExchange Group, Inc		31,472
	11,369	*	INTL FCStone, Inc		450
	270,619		Invesco Ltd		5,537
	84,385		Invesco Mortgage Capital, Inc		1,360
	106,298		Janus Henderson Group plc		2,666
	181,956		Jefferies Financial Group, Inc		3,499
	7,773		KKR Real Estate Finance Trust, Inc		155
	49,932		Ladder Capital Corp		829
	73,441		Ladenburg Thalmann Financial Services, Inc		252
	76,930		Lazard Ltd (Class A)		2,646
	62,850		Legg Mason, Inc		2,406
	214,482	*	LendingClub Corp		703
	55,907		LPL Financial Holdings, Inc		4,560
	23,522	e	MarketAxess Holdings, Inc		7,560
	6,533		Marlin Business Services Corp		163
	270,747		MFA Mortgage Investments, Inc		1,944
	26,390		Moelis & Co		922
	109,387		Moody’s Corp		21,364
	793,582		Morgan Stanley		34,767
	13,834		Morningstar, Inc		2,001
	54,542		MSCI, Inc (Class A)		13,024
	76,744		NASDAQ OMX Group, Inc		7,380
	166,451		Navient Corp		2,272
	14,990		Nelnet, Inc (Class A)		888
	269,022		New Residential Investment Corp		4,140
	75,449		New York Mortgage Trust, Inc		468
	22,218	*	NewStar Financial, Inc		6
	132,839		Northern Trust Corp		11,956
	10,879		Och-Ziff Capital Management Group LLC		250
	40,173		OM Asset Management plc		458
	36,046	*	On Deck Capital, Inc		150
	51,991		OneMain Holdings, Inc		1,758
	7,363		Oppenheimer Holdings, Inc		200
	23,694	e	Orchid Island Capital, Inc		151
	47,765		PennyMac Mortgage Investment Trust		1,043
	17,372		Pico Holdings, Inc		202
	10,272		Piper Jaffray Cos		763
	13,025		PJT Partners, Inc		528
	33,753	*	PRA Group, Inc		950
	9,591		Pzena Investment Management, Inc (Class A)		82

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	86,900		Raymond James Financial, Inc	$	7,347
	10,497		Ready Capital Corp		156
	49,700		Redwood Trust, Inc		822
	8,577	*	Regional Management Corp		226
	160,322		S&P Global, Inc		36,520
	16,951	*	Safeguard Scientifics, Inc		205
	78,809		Santander Consumer USA Holdings, Inc		1,888
	87,401		SEI Investments Co		4,903
	5,338		Silvercrest Asset Management Group, Inc		75
	258,465		SLM Corp		2,512
	153,692		Starwood Property Trust, Inc		3,492
	247,347		State Street Corp		13,866
	47,909		Stifel Financial Corp		2,829
	447,723		Synchrony Financial		15,523
	153,545		T Rowe Price Group, Inc		16,845
	181,531		TD Ameritrade Holding Corp		9,062
	7,897		TPG RE Finance Trust, Inc		152
	131,331		Two Harbors Investment Corp		1,664
	18,355	e	Virtu Financial, Inc		400
	4,800		Virtus Investment Partners, Inc		516
	92,465		Voya Financial, Inc		5,113
	58,496		Waddell & Reed Financial, Inc (Class A)		975
	28,538		Western Asset Mortgage Capital Corp		285
	5,409		Westwood Holdings Group, Inc		190
	84,317		WisdomTree Investments, Inc		520
	4,248	*	World Acceptance Corp		697
			TOTAL DIVERSIFIED FINANCIALS		689,950

ENERGY - 4.7%
	109,725	*	Abraxas Petroleum Corp		113
	327,331		Anadarko Petroleum Corp		23,097
	146,439		Antero Midstream Corp		1,678
	132,421	*	Antero Resources Corp		732
	260,509		Apache Corp		7,547
	52,623	*	Apergy Corp		1,765
	9,586		Arch Coal, Inc		903
	85,865		Archrock, Inc		910
	20,832	*	Ardmore Shipping Corp		170
	342,142		Baker Hughes a GE Co		8,427
	36,376		Berry Petroleum Co LLC		386
	14,562	*	Bonanza Creek Energy, Inc		304
	10,396	*	Brigham Minerals, Inc		223
	33,520	*	C&J Energy Services, Inc		395
	261,574		Cabot Oil & Gas Corp		6,006
	16,011	*	Cactus, Inc		530
	30,573	*,e	California Resources Corp		602
	145,414	*,e	Callon Petroleum Co		958
	45,074	*	Carrizo Oil & Gas, Inc		452
	124,454	*	Centennial Resource Development, Inc		945
	155,280	*	Cheniere Energy, Inc		10,629
	550,015	*,e	Chesapeake Energy Corp		1,073
	1,238,958		Chevron Corp		154,176
	64,851		Cimarex Energy Co		3,848

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	96,211	*	Clean Energy Fuels Corp	$	257
	128,347	*	CNX Resources Corp		938
	128,934		Concho Resources, Inc		13,303
	740,450		ConocoPhillips		45,167
	20,666	*	CONSOL Energy, Inc		550
	64,271	*	Continental Resources, Inc		2,705
	12,254	*	Contura Energy Inc		636
	22,043	*,e	Covia Holdings Corp		43
	11,149		CVR Energy, Inc		557
	56,457		Delek US Holdings, Inc		2,288
	280,409	*,e	Denbury Resources, Inc		348
	269,019		Devon Energy Corp		7,672
	55,111		DHT Holdings, Inc		326
	38,317	*,e	Diamond Offshore Drilling, Inc		340
	106,761		Diamondback Energy, Inc		11,634
	9,586		DMC Global, Inc		607
	20,589	*	Dorian LPG Ltd		186
	27,635	*	Dril-Quip, Inc		1,327
	7,121	*	Earthstone Energy, Inc		44
	56,201	*,e	Energy Fuels, Inc		176
	371,998		EOG Resources, Inc		34,655
	153,612		EQT Corp		2,429
	144,519		Equitrans Midstream Corp		2,848
	14,364	*	Era Group, Inc		120
	17,517		Evolution Petroleum Corp		125
	23,313	*	Exterran Corp		332
	87,596	*,e	Extraction Oil & Gas, Inc		379
	2,754,768	d	Exxon Mobil Corp		211,098
	24,885		Falcon Minerals Corp		209
	49,153	*	Forum Energy Technologies, Inc		168
	36,662	*	Frank’s International NV		200
	15,611	*	FTS International, Inc		87
	32,033		GasLog Ltd		461
	69,477		Golar LNG Ltd		1,284
	26,945		Green Plains Renewable Energy, Inc		290
	109,431	*	Gulfport Energy Corp		537
	10,340		Hallador Energy Co		58
	565,966		Halliburton Co		12,870
	100,808	*	Helix Energy Solutions Group, Inc		870
	67,802		Helmerich & Payne, Inc		3,432
	180,836		Hess Corp		11,496
	21,135	*	HighPoint Resources Corp		38
	110,468		HollyFrontier Corp		5,112
	23,510	*	Independence Contract Drilling, Inc		37
	20,967	*	International Seaways, Inc		398
	823	*	Isramco, Inc		98
	22,747	*,e	Jagged Peak Energy, Inc		188
	22,628	*	Keane Group, Inc		152
	1,262,845		Kinder Morgan, Inc		26,368
	11,654	*	KLX Energy Services Holdings, Inc		238
	234,852		Kosmos Energy Ltd		1,473
	117,588	*	Laredo Petroleum Holdings, Inc		341
	9,873	e	Liberty Oilfield Services, Inc		160
	65,268	*	Magnolia Oil & Gas Corp		756

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	5,616		Mammoth Energy Services, Inc	$	39
	550,921		Marathon Oil Corp		7,829
	427,163		Marathon Petroleum Corp		23,870
	64,577	*	Matador Resources Co		1,284
	19,934	*	Matrix Service Co		404
	126,473	*	McDermott International, Inc		1,222
	7,181	*	Midstates Petroleum Co, Inc		42
	4,077	*	Montage Resources Corp		25
	114,242	e	Murphy Oil Corp		2,816
	203,104		Nabors Industries Ltd		589
	256,371		National Oilwell Varco, Inc		5,699
	9,713	*	Natural Gas Services Group, Inc		160
	7,613	*,e	NCS Multistage Holdings, Inc		27
	63,344	*	Newpark Resources, Inc		470
	5,415	*	Nine Energy Service, Inc		94
	165,932	*	Noble Corp plc		310
	330,855		Noble Energy, Inc		7,411
	68,002	e	Nordic American Tanker Shipping		159
	73,198	*	Northern Oil And Gas, Inc		141
	170,623	*	Oasis Petroleum, Inc		969
	494,020		Occidental Petroleum Corp		24,839
	71,446	*	Oceaneering International, Inc		1,457
	38,178	*	Oil States International, Inc		699
	270,781		ONEOK, Inc		18,632
	26,237	*	Overseas Shipholding Group, Inc		49
	19,282	*	Pacific Drilling SA		243
	10,734		Panhandle Oil and Gas, Inc (Class A)		140
	23,180	*	Par Pacific Holdings, Inc		476
	167,421	*	Parsley Energy, Inc		3,183
	150,779		Patterson-UTI Energy, Inc		1,735
	78,916		PBF Energy, Inc		2,470
	47,717	*	PDC Energy, Inc		1,721
	54,624		Peabody Energy Corp		1,316
	10,090	*	Penn Virginia Corp		310
	295,097		Phillips 66		27,603
	108,107		Pioneer Natural Resources Co		16,633
	48,018	*	ProPetro Holding Corp		994
	173,948	*	Questar Market Resources, Inc		1,258
	139,657	e	Range Resources Corp		975
	27,182	*	Renewable Energy Group, Inc		431
	4,186	*	Rex American Resources Corp		305
	9,601	*	RigNet, Inc		97
	32,471	*	Ring Energy, Inc		106
	42,512	e	RPC, Inc		307
	24,071	*	SandRidge Energy, Inc		167
	909,046		Schlumberger Ltd		36,126
	12,175		Scorpio Tankers, Inc		359
	11,768	*	SEACOR Holdings, Inc		559
	11,831	*	SEACOR Marine Holdings, Inc		177
	6,869	*	Select Energy Services, Inc		80
	48,551		SemGroup Corp		583
	45,041	e	Ship Finance International Ltd		563
	4,694	*	SilverBow Resources, Inc		65

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	80,594		SM Energy Co	$	1,009
	12,316	*,e	Smart Sand, Inc		30
	6,855		Solaris Oilfield Infrastructure, Inc		103
	264,381	*	Southwestern Energy Co		835
	143,792	*	SRC Energy, Inc		713
	111,107	*	Superior Energy Services		144
	13,911	*	Talos Energy, Inc		335
	141,390		Targa Resources Investments, Inc		5,551
	36,192	e	Teekay Corp		125
	85,424		Teekay Tankers Ltd (Class A)		109
	39,279	*,e	Tellurian, Inc		308
	32,701	*	Tetra Technologies, Inc		53
	16,234	*	Tidewater, Inc		381
	343,005	*,e	Transocean Ltd (NYSE)		2,199
	36,980	*	Unit Corp		329
	95,169	*,e	Uranium Energy Corp		130
	58,687	e	US Silica Holdings, Inc		751
	274,481		Valero Energy Corp		23,498
	14,396	*	W&T Offshore, Inc		71
	65,205	*,e	Whiting Petroleum Corp		1,218
	779,453		Williams Cos, Inc		21,856
	49,281		World Fuel Services Corp		1,772
	284,313	*	WPX Energy, Inc		3,272
			TOTAL ENERGY		897,290

FOOD & STAPLES RETAILING - 1.3%
	19,849		Andersons, Inc		541
	22,168		Casey’s General Stores, Inc		3,458
	14,374	*	Chefs’ Warehouse Holdings, Inc		504
	284,357		Costco Wholesale Corp		75,144
	10,217		Ingles Markets, Inc (Class A)		318
	511,913		Kroger Co		11,114
	6,410	*	Natural Grocers by Vitamin C		64
	70,016	*	Performance Food Group Co		2,803
	14,866		Pricesmart, Inc		760
	38,176	*,e	Rite Aid Corp		306
	27,344		Spartan Stores, Inc		319
	72,919	*	Sprouts Farmers Market, Inc		1,377
	302,506		Sysco Corp		21,393
	36,929	*	United Natural Foods, Inc		331
	129,589	*	US Foods Holding Corp		4,634
	4,843		Village Super Market (Class A)		128
	502,191		Walgreens Boots Alliance, Inc		27,455
	912,181		Walmart, Inc		100,787
	4,684		Weis Markets, Inc		171
			TOTAL FOOD & STAPLES RETAILING		251,607

FOOD, BEVERAGE & TOBACCO - 3.4%
	78,794	*,e	22nd Century Group, Inc		165
	2,296		Alico, Inc		70
	1,217,743		Altria Group, Inc		57,660
	356,749		Archer Daniels Midland Co		14,555
	48,393	e	B&G Foods, Inc (Class A)		1,007
	6,271	*	Beyond Meat, Inc		1,008

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	5,887	*	Boston Beer Co, Inc (Class A)	$	2,224
	38,532		Brown-Forman Corp (Class A)		2,119
	111,708		Brown-Forman Corp (Class B)		6,192
	92,994		Bunge Ltd		5,181
	11,455	e	Calavo Growers, Inc		1,108
	22,629		Cal-Maine Foods, Inc		944
	113,057		Campbell Soup Co		4,530
	3,092		Coca-Cola Bottling Co Consolidated		925
	2,488,616		Coca-Cola Co		126,720
	310,765		ConAgra Brands, Inc		8,241
	101,370		Constellation Brands, Inc (Class A)		19,964
	7,653	*	Craft Brewers Alliance, Inc		107
	118,243	*	Darling International, Inc		2,352
	65,223	e	Dean Foods Co		60
	5,320	*	Farmer Bros Co		87
	126,516		Flowers Foods, Inc		2,944
	20,613		Fresh Del Monte Produce, Inc		555
	15,781	*	Freshpet, Inc		718
	394,045		General Mills, Inc		20,695
	73,323	*	Hain Celestial Group, Inc		1,606
	93,866		Hershey Co		12,581
	177,534	e	Hormel Foods Corp		7,197
	57,996	*	Hostess Brands, Inc		837
	40,912		Ingredion, Inc		3,375
	10,369		J&J Snack Foods Corp		1,669
	68,388		J.M. Smucker Co		7,878
	5,780		John B. Sanfilippo & Son, Inc		461
	160,382		Kellogg Co		8,592
	119,054		Keurig Dr Pepper, Inc		3,441
	405,553		Kraft Heinz Co		12,588
	92,646		Lamb Weston Holdings, Inc		5,870
	13,060		Lancaster Colony Corp		1,941
	19,323	*	Landec Corp		181
	8,386		Limoneira Co		167
	77,671		McCormick & Co, Inc		12,040
	9,193	e	MGP Ingredients, Inc		610
	109,880		Molson Coors Brewing Co (Class B)		6,153
	931,423		Mondelez International, Inc		50,204
	257,472	*	Monster Beverage Corp		16,434
	8,574	e	National Beverage Corp		383
	46,743	*	New Age Beverages Corp		218
	911,743		PepsiCo, Inc		119,557
	1,010,071		Philip Morris International, Inc		79,321
	34,513	*	Pilgrim’s Pride Corp		876
	40,868	*	Post Holdings, Inc		4,249
	18,742	*	Primo Water Corp		231
	14,731		Sanderson Farms, Inc		2,012
	192		Seaboard Corp		794
	5,451	*	Seneca Foods Corp		152
	40,880	*	Simply Good Foods Co		984
	11,308	e	Tootsie Roll Industries, Inc		418
	40,066	*	TreeHouse Foods, Inc		2,168
	4,760		Turning Point Brands, Inc		233

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	189,676		Tyson Foods, Inc (Class A)	$	15,314
	17,023		Universal Corp		1,034
	50,602		Vector Group Ltd		493
			TOTAL FOOD, BEVERAGE & TOBACCO		662,393

HEALTH CARE EQUIPMENT & SERVICES - 6.1%
	1,120,895		Abbott Laboratories		94,267
	28,689	*	Abiomed, Inc		7,473
	56,824	*	Acadia Healthcare Co, Inc		1,986
	58,290	*	Accuray, Inc		226
	5,501	*	Addus HomeCare Corp		412
	52,525	*	Align Technology, Inc		14,376
	133,589	*	Allscripts Healthcare Solutions, Inc		1,554
	15,919	*	Amedisys, Inc		1,933
	6,596	*	American Renal Associates Holdings, Inc		49
	101,878		AmerisourceBergen Corp		8,686
	31,962	*	AMN Healthcare Services, Inc		1,734
	26,107	*	Angiodynamics, Inc		514
	104,354	*,e	Antares Pharma, Inc		343
	169,277		Anthem, Inc		47,772
	16,786	*,e	Apollo Medical Holdings, Inc		280
	22,609	*	AtriCure, Inc		675
	1,019		Atrion Corp		869
	33,829	*	Avanos Medical, Inc		1,475
	18,090	*	AxoGen, Inc		358
	9,978	*	Axonics Modulation Technologies, Inc		409
	313,824		Baxter International, Inc		25,702
	174,227		Becton Dickinson & Co		43,907
	86,257	*	BioScrip, Inc		224
	19,708	*	BioTelemetry, Inc		949
	901,739	*	Boston Scientific Corp		38,757
	135,933	*	Brookdale Senior Living, Inc		980
	25,974		Cantel Medical Corp		2,094
	198,011		Cardinal Health, Inc		9,326
	23,626	*	Cardiovascular Systems, Inc		1,014
	45,319	*	Castlight Health, Inc		146
	268,250	*	Centene Corp		14,067
	210,440	*	Cerner Corp		15,425
	71,510	*	Cerus Corp		402
	9,197		Chemed Corp		3,319
	243,896		Cigna Corp		38,426
	8,700		Computer Programs & Systems, Inc		242
	19,875		Conmed Corp		1,701
	32,161		Cooper Cos, Inc		10,835
	7,512	*	Corvel Corp		654
	39,829	*,e	Covetrus, Inc		974
	25,224	*	Cross Country Healthcare, Inc		237
	23,064	*	CryoLife, Inc		690
	16,944	*,e	CryoPort, Inc		310
	10,004	*	Cutera, Inc		208
	837,456		CVS Health Corp		45,633
	19,235	*,e	CytoSorbents Corp		127
	411,011		Danaher Corp		58,742
	84,282	*	DaVita, Inc		4,742

293

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	139,354		Dentsply Sirona, Inc	$	8,133
	56,861	*	DexCom, Inc		8,520
	34,269	*	Diplomat Pharmacy, Inc		209
	135,363	*	Edwards Lifesciences Corp		25,007
	62,923		Encompass Health Corp		3,987
	35,447		Ensign Group, Inc		2,018
	27,058	*	Enzo Biochem, Inc		91
	45,708	*	Evolent Health, Inc		363
	28,070	*	Genesis Health Care, Inc		35
	30,765	*	GenMark Diagnostics, Inc		200
	20,642	*	Glaukos Corp		1,556
	48,523	*	Globus Medical, Inc		2,052
	22,258	*	Guardant Health, Inc		1,921
	36,085	*	Haemonetics Corp		4,342
	23,398	*	Hanger Orthopedic Group, Inc		448
	176,046		HCA Holdings, Inc		23,796
	35,870	*	HealthEquity, Inc		2,346
	18,780		HealthStream, Inc		486
	100,313	*	Henry Schein, Inc		7,012
	4,605	*	Heska Corp		392
	42,299		Hill-Rom Holdings, Inc		4,425
	60,877	*	HMS Holdings Corp		1,972
	172,070	*	Hologic, Inc		8,263
	88,716		Humana, Inc		23,536
	10,885	*	ICU Medical, Inc		2,742
	57,119	*	IDEXX Laboratories, Inc		15,727
	12,244	*	Inogen, Inc		817
	43,464	*,e	Inovalon Holdings, Inc		631
	5,311	*	Inspire Medical Systems, Inc		322
	41,898	*	Insulet Corp		5,002
	22,691	*	Integer Holding Corp		1,904
	44,740	*	Integra LifeSciences Holdings Corp		2,499
	4,136	*	IntriCon Corp		97
	74,125	*	Intuitive Surgical, Inc		38,882
	23,110		Invacare Corp		120
	16,105	*	iRhythm Technologies, Inc		1,274
	66,643	*	Laboratory Corp of America Holdings		11,523
	18,233	*	Lantheus Holdings, Inc		516
	9,523		LeMaitre Vascular, Inc		266
	19,826	*	LHC Group, Inc		2,371
	33,006	*	LivaNova plc		2,375
	16,931	*	Magellan Health Services, Inc		1,257
	32,408	*	Masimo Corp		4,823
	123,990		McKesson Corp		16,663
	40,701	*	Medidata Solutions, Inc		3,684
	43,753	*	MEDNAX, Inc		1,104
	873,530		Medtronic plc		85,073
	31,965		Meridian Bioscience, Inc		380
	35,220	*	Merit Medical Systems, Inc		2,098
	2,255		Mesa Laboratories, Inc		551
	41,890	*	Molina Healthcare, Inc		5,996
	7,753		National Healthcare Corp		629
	5,598		National Research Corp		322

294

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	24,197	*	Natus Medical, Inc	$	622
	35,733	*	Neogen Corp		2,219
	19,942	*	Nevro Corp		1,293
	37,773	*	NextGen Healthcare, Inc		752
	54,721	*	Novocure Ltd		3,460
	36,380	*	NuVasive, Inc		2,130
	26,681	*	Omnicell, Inc		2,295
	40,487	*	OraSure Technologies, Inc		376
	12,159	*	Orthofix International NV		643
	5,177	*	OrthoPediatrics Corp		202
	43,714		Owens & Minor, Inc		140
	57,408		Patterson Cos, Inc		1,315
	21,136	*,e	Penumbra, Inc		3,382
	5,304	*,e	PetIQ, Inc		175
	33,935	*	Premier, Inc		1,327
	8,662	*	Providence Service Corp		497
	6,666	*,e	Pulse Biosciences, Inc		88
	86,772		Quest Diagnostics, Inc		8,834
	20,943	*	Quidel Corp		1,242
	72,154	*	R1 RCM, Inc		908
	25,914	*	RadNet, Inc		357
	93,908		Resmed, Inc		11,460
	37,335	*	Rockwell Medical, Inc		112
	38,631	*	RTI Biologics, Inc		164
	77,335	*	Select Medical Holdings Corp		1,227
	45,067	*	Senseonics Holdings, Inc		92
	4,272	*	Shockwave Medical Inc		244
	10,185	*,e	Sientra, Inc		63
	4,496	*	Silk Road Medical Inc		218
	7,680		Simulations Plus, Inc		219
	26,141	*	Staar Surgical Co		768
	54,225		STERIS plc		8,073
	221,661		Stryker Corp		45,569
	13,353	*,e	Surgery Partners, Inc		109
	10,275	*	SurModics, Inc		444
	6,560	*,e	Tabula Rasa HealthCare, Inc		327
	6,719	*,e	Tactile Systems Technology, Inc		382
	30,224	*	Tandem Diabetes Care, Inc		1,950
	38,788	*,e	Teladoc, Inc		2,576
	29,977		Teleflex, Inc		9,927
	59,665	*	Tenet Healthcare Corp		1,233
	30,967	*	Tivity Health, Inc		509
	105,717	*,e	TransEnterix, Inc		144
	18,039	*	Triple-S Management Corp (Class B)		430
	615,208		UnitedHealth Group, Inc		150,117
	53,322		Universal Health Services, Inc (Class B)		6,953
	9,158		US Physical Therapy, Inc		1,122
	2,349		Utah Medical Products, Inc		225
	27,229	*	Varex Imaging Corp		834
	56,947	*	Varian Medical Systems, Inc		7,752
	81,875	*	Veeva Systems, Inc		13,273
	19,827	*,e	ViewRay, Inc		175
	20,093	*	Vocera Communications, Inc		641
	31,751	*	WellCare Health Plans, Inc		9,051

295

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	47,210		West Pharmaceutical Services, Inc	$	5,908
	76,096	*,e	Wright Medical Group NV		2,269
	131,297		Zimmer Biomet Holdings, Inc		15,459
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,178,258

HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
	7,431	*	Central Garden & Pet Co		200
	24,471	*	Central Garden and Pet Co (Class A)		603
	159,512		Church & Dwight Co, Inc		11,654
	84,999		Clorox Co		13,014
	547,022		Colgate-Palmolive Co		39,205
	215,270		Coty, Inc		2,885
	41,449	*	Edgewell Personal Care Co		1,117
	15,146	*	elf Beauty, Inc		214
	44,546		Energizer Holdings, Inc		1,721
	137,237		Estee Lauder Cos (Class A)		25,129
	69,622	*	Herbalife Ltd		2,977
	12,258		Inter Parfums, Inc		815
	220,637		Kimberly-Clark Corp		29,406
	7,966		Medifast, Inc		1,022
	5,868	*	Nature’s Sunshine Products, Inc		55
	36,417		Nu Skin Enterprises, Inc (Class A)		1,796
	3,981		Oil-Dri Corp of America		136
	1,608,971		Procter & Gamble Co		176,424
	8,319	*,e	Revlon, Inc (Class A)		161
	22,541		Spectrum Brands Holdings, Inc		1,212
	8,349	*	USANA Health Sciences, Inc		663
	9,183		WD-40 Co		1,460
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		311,869

INSURANCE - 4.1%
	483,614		Aflac, Inc		26,507
	9,183		Alleghany Corp		6,255
	213,295		Allstate Corp		21,690
	32,424	*	AMBAC Financial Group, Inc		546
	61,796		American Equity Investment Life Holding Co		1,678
	43,725		American Financial Group, Inc		4,481
	566,215		American International Group, Inc		30,168
	5,469		American National Insurance Co		637
	13,468		Amerisafe, Inc		859
	156,363		Aon plc		30,175
	243,531	*	Arch Capital Group Ltd		9,030
	24,041		Argo Group International Holdings Ltd		1,780
	119,205		Arthur J. Gallagher & Co		10,441
	39,854		Assurant, Inc		4,240
	61,872		Assured Guaranty Ltd		2,604
	96,464	*	Athene Holding Ltd		4,154
	49,119		Axis Capital Holdings Ltd		2,930
	1,273,321	*	Berkshire Hathaway, Inc (Class B)		271,434
	80,775	*	Brighthouse Financial, Inc		2,964
	144,728		Brown & Brown, Inc		4,848
	298,697		Chubb Ltd		43,995
	102,852		Cincinnati Financial Corp		10,663

296

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	32,879	*,e	Citizens, Inc (Class A)	$	240
	17,827		CNA Financial Corp		839
	123,157		Conseco, Inc		2,054
	7,812		Donegal Group, Inc (Class A)		119
	11,930	*	eHealth, Inc		1,027
	6,754		EMC Insurance Group, Inc		243
	23,170		Employers Holdings, Inc		979
	8,013	*	Enstar Group Ltd		1,397
	17,977		Erie Indemnity Co (Class A)		4,571
	26,539		Everest Re Group Ltd		6,560
	7,071		FBL Financial Group, Inc (Class A)		451
	10,321		FedNat Holding Co		147
	67,815		First American Financial Corp		3,642
	172,857		FNF Group		6,966
	339,186	*	Genworth Financial, Inc (Class A)		1,258
	6,929		Global Indemnity Ltd		215
	6,616	e	Goosehead Insurance, Inc		316
	20,683	*	Greenlight Capital Re Ltd (Class A)		176
	7,438	*	Hallmark Financial Services		106
	26,224		Hanover Insurance Group, Inc		3,365
	226,634		Hartford Financial Services Group, Inc		12,628
	5,533		HCI Group, Inc		224
	8,194	*,e	Health Insurance Innovations, Inc		212
	18,411		Heritage Insurance Holdings, Inc		284
	29,606		Horace Mann Educators Corp		1,193
	5,237		Independence Holding Co		203
	1,119		Investors Title Co		187
	12,617		James River Group Holdings Ltd		592
	38,336		Kemper Corp		3,308
	10,502		Kinsale Capital Group, Inc		961
	137,254		Lincoln National Corp		8,846
	177,981		Loews Corp		9,730
	9,220	*	Markel Corp		10,046
	330,400		Marsh & McLennan Cos, Inc		32,957
	59,989	*	MBIA, Inc		558
	20,342		Mercury General Corp		1,271
	525,928		Metlife, Inc		26,123
	35,673		National General Holdings Corp		818
	1,551		National Western Life Group, Inc		399
	7,308	*	NI Holdings, Inc		129
	192,340		Old Republic International Corp		4,305
	27,126		Primerica, Inc		3,254
	179,527		Principal Financial Group		10,398
	37,307		ProAssurance Corp		1,347
	380,107		Progressive Corp		30,382
	6,904		Protective Insurance Corp		120
	268,880		Prudential Financial, Inc		27,157
	37,637		Reinsurance Group of America, Inc (Class A)		5,873
	28,312		RenaissanceRe Holdings Ltd		5,040
	27,824		RLI Corp		2,385
	11,093		Safety Insurance Group, Inc		1,055
	42,211		Selective Insurance Group, Inc		3,161
	11,039		State Auto Financial Corp		386
	15,315		Stewart Information Services Corp		620

297

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	51,271	*	Third Point Reinsurance Ltd	$	529
	22,143		Tiptree Financial, Inc		140
	70,371		Torchmark Corp		6,295
	170,412		Travelers Cos, Inc		25,480
	15,868	*,e	Trupanion, Inc		573
	16,104		United Fire & Casualty Co		780
	12,682		United Insurance Holdings Corp		181
	22,402		Universal Insurance Holdings, Inc		625
	127,358		UnumProvident Corp		4,273
	89,718		W.R. Berkley Corp		5,915
	13,074	*	Watford Holdings Ltd		358
	1,751		White Mountains Insurance Group Ltd		1,789
	82,679		Willis Towers Watson plc		15,836
			TOTAL INSURANCE		795,676

MATERIALS - 3.0%
	15,014	e	Advanced Emissions Solutions, Inc		190
	22,501	*	AdvanSix, Inc		550
	143,595		Air Products & Chemicals, Inc		32,506
	228,124	*,e	AK Steel Holding Corp		541
	66,965	e	Albemarle Corp		4,715
	122,406	*	Alcoa Corp		2,866
	78,013	*	Allegheny Technologies, Inc		1,966
	20,501		American Vanguard Corp		316
	36,989		Aptargroup, Inc		4,599
	13,288		Ardagh Group S.A.		233
	43,629		Ashland Global Holdings, Inc		3,489
	57,376		Avery Dennison Corp		6,637
	134,265	*	Axalta Coating Systems Ltd		3,997
	23,190		Balchem Corp		2,318
	221,402		Ball Corp		15,496
	79,377	*	Berry Plastics Group, Inc		4,174
	27,727		Boise Cascade Co		779
	31,457		Cabot Corp		1,501
	31,590		Carpenter Technology Corp		1,516
	79,323		Celanese Corp (Series A)		8,551
	36,798	*	Century Aluminum Co		254
	154,694		CF Industries Holdings, Inc		7,226
	5,158		Chase Corp		555
	96,050		Chemours Co		2,305
	11,678	*	Clearwater Paper Corp		216
	213,712	e	Cleveland-Cliffs, Inc		2,280
	119,550	*	Coeur Mining, Inc		519
	83,562		Commercial Metals Co		1,492
	22,798		Compass Minerals International, Inc		1,253
	495,838	*	Corteva, Inc		14,662
	76,387	*	Crown Holdings, Inc		4,667
	32,116		Domtar Corp		1,430
	490,803		Dow, Inc		24,202
	487,799		DuPont de Nemours, Inc		36,619
	34,107		Eagle Materials, Inc		3,162
	85,014		Eastman Chemical Co		6,617
	163,398		Ecolab, Inc		32,261

298

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	159,281	*	Element Solutions, Inc	$	1,647
	60,041	*	Ferro Corp		949
	47,286	*	Ferroglobe plc		0
	40,724	*,e	Flotek Industries, Inc		135
	83,295		FMC Corp		6,909
	941,449		Freeport-McMoRan Copper & Gold, Inc (Class B)		10,930
	17,819	*	FutureFuel Corp		208
	48,995	*	GCP Applied Technologies, Inc		1,109
	39,231	*	Gold Resource Corp		133
	224,514		Graphic Packaging Holding Co		3,139
	18,292		Greif, Inc (Class A)		595
	3,993		Greif, Inc (Class B)		174
	34,325		H.B. Fuller Co		1,593
	7,923		Hawkins, Inc		344
	9,402		Haynes International, Inc		299
	335,463		Hecla Mining Co		604
	143,018		Huntsman Corp		2,923
	30,403	*	Ingevity Corp		3,198
	14,138		Innophos Holdings, Inc		412
	17,291		Innospec, Inc		1,578
	69,358		International Flavors & Fragrances, Inc		10,063
	264,086		International Paper Co		11,440
	67,354	*	Intrepid Potash, Inc		226
	12,178		Kaiser Aluminum Corp		1,189
	15,231	*	Koppers Holdings, Inc		447
	21,628	*	Kraton Polymers LLC		672
	14,288		Kronos Worldwide, Inc		219
	353,206		Linde plc		70,924
	93,236	*	Livent Corp		645
	80,217		Louisiana-Pacific Corp		2,103
	15,120	*	LSB Industries, Inc		59
	191,027		LyondellBasell Industries AF S.C.A		16,453
	42,490		Martin Marietta Materials, Inc		9,777
	14,781		Materion Corp		1,002
	23,990		Minerals Technologies, Inc		1,284
	233,459		Mosaic Co		5,843
	18,118		Myers Industries, Inc		349
	10,909		Neenah Paper, Inc		737
	4,083		NewMarket Corp		1,637
	522,170		Newmont Mining Corp		20,088
	149,512	*	Novagold Resources Inc		1,153
	198,297		Nucor Corp		10,926
	119,149		Olin Corp		2,611
	6,559		Olympic Steel, Inc		90
	32,453	*	Omnova Solutions, Inc		202
	38,461	*	Orion Engineered Carbons SA		823
	90,414		Owens-Illinois, Inc		1,561
	63,758		Packaging Corp of America		6,077
	32,454		PH Glatfelter Co		548
	58,890		PolyOne Corp		1,849
	153,401		PPG Industries, Inc		17,903
	20,162	*	PQ Group Holdings, Inc		320
	9,399		Quaker Chemical Corp		1,907
	31,957	e	Rayonier Advanced Materials, Inc		207

299

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	43,438		Reliance Steel & Aluminum Co	$	4,110
	41,577		Royal Gold, Inc		4,261
	85,949		RPM International, Inc		5,252
	8,418	*	Ryerson Holding Corp		70
	19,399		Schnitzer Steel Industries, Inc (Class A)		508
	20,766		Schweitzer-Mauduit International, Inc		689
	24,552		Scotts Miracle-Gro Co (Class A)		2,418
	109,559		Sealed Air Corp		4,687
	23,291		Sensient Technologies Corp		1,711
	54,872		Sherwin-Williams Co		25,147
	33,528		Silgan Holdings, Inc		1,026
	58,033		Sonoco Products Co		3,792
	56,197		Southern Copper Corp (NY)		2,183
	140,856		Steel Dynamics, Inc		4,254
	14,267		Stepan Co		1,311
	78,354	*	Summit Materials, Inc		1,508
	48,451	*	SunCoke Energy, Inc		430
	29,755	*,e	TimkenSteel Corp		242
	15,246	*	Trecora Resources		146
	19,671		Tredegar Corp		327
	23,427		Trinseo S.A.		992
	47,159		Tronox Holdings plc		603
	4,630	*	UFP Technologies, Inc		193
	1,357		United States Lime & Minerals, Inc		109
	113,186	e	United States Steel Corp		1,733
	11,048	*,e	US Concrete, Inc		549
	16,839		Valhi, Inc		50
	120,028		Valvoline, Inc		2,344
	22,885	*	Verso Corp		436
	84,861		Vulcan Materials Co		11,652
	11,178		Warrior Met Coal, Inc		292
	24,489		Westlake Chemical Corp		1,701
	166,890		WestRock Co		6,086
	31,289	*	Worthington Industries, Inc		1,260
	41,116		WR Grace and Co		3,129
			TOTAL MATERIALS		570,074

MEDIA & ENTERTAINMENT - 7.3%
	488,645		Activision Blizzard, Inc		23,064
	194,399	*	Alphabet, Inc (Class A)		210,495
	198,117	*	Alphabet, Inc (Class C)		214,146
	213,593	*	Altice USA, Inc		5,201
	39,663	e	AMC Entertainment Holdings, Inc		370
	27,567	*	AMC Networks, Inc		1,502
	2,913		Cable One, Inc		3,411
	8,784	*	Cardlytics, Inc		228
	10,137	*	Care.com, Inc		111
	33,333	*	Cargurus, Inc		1,204
	51,951	*	Cars.com, Inc		1,024
	207,768		CBS Corp (Class B)		10,368
	57,360	*	Central European Media Enterprises Ltd (Class A) (NASDAQ)		250
	103,869	*	Charter Communications, Inc		41,047

300

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	76,895		Cinemark Holdings, Inc	$	2,776
	28,047	*	Clear Channel		132
	2,923,754		Comcast Corp (Class A)		123,616
	31,610	*	comScore, Inc		163
	772	*,e	Daily Journal Corp		184
	89,117	*,e	Discovery, Inc (Class A)		2,736
	216,367	*	Discovery, Inc (Class C)		6,156
	140,931	*	DISH Network Corp (Class A)		5,413
	197,158	*	Electronic Arts, Inc		19,964
	11,002		Emerald Expositions Events, Inc		123
	88,350		Entercom Communications Corp (Class A)		512
	50,932		Entravision Communications Corp (Class A)		159
	20,620	*,e	Eros International plc		28
	23,593	*	Eventbrite Inc		382
	42,935		EW Scripps Co (Class A)		657
	1,555,615	*	Facebook, Inc		300,234
	10,504	*	Fluent, Inc		57
	227,338		Fox Corp (Class A)		8,330
	106,773		Fox Corp (Class B)		3,900
	86,657		Gannett Co, Inc		707
	68,741	*	GCI Liberty, Inc		4,225
	54,344	*	Glu Mobile, Inc		390
	46,930	*	Gray Television, Inc		769
	11,523	*	Hemisphere Media Group, Inc		149
	88,200	*	IAA, Inc		3,420
	49,755	*	IAC/InterActiveCorp		10,823
	42,177	*	Imax Corp		852
	230,004		Interpublic Group of Cos, Inc		5,196
	30,218		John Wiley & Sons, Inc (Class A)		1,386
	7,655	*	Liberty Braves Group (Class A)		213
	25,374	*	Liberty Braves Group (Class C)		710
	17,476	*	Liberty Broadband Corp (Class A)		1,797
	67,609	*	Liberty Broadband Corp (Class C)		7,046
	29,453	*	Liberty Latin America Ltd (Class A)		508
	77,076	*	Liberty Latin America Ltd (Class C)		1,325
	15,619	*	Liberty Media Group (Class A)		560
	123,792	*	Liberty Media Group (Class C)		4,631
	50,898	*	Liberty SiriusXM Group (Class A)		1,924
	102,962	*	Liberty SiriusXM Group (Class C)		3,911
	53,282	*	Liberty TripAdvisor Holdings, Inc		661
	37,150	e	Lions Gate Entertainment Corp (Class A)		455
	71,817		Lions Gate Entertainment Corp (Class B)		834
	88,266	*	Live Nation, Inc		5,848
	9,932	*	Loral Space & Communications, Inc		343
	13,200	*	Madison Square Garden Co		3,695
	14,211		Marcus Corp		468
	35,129	e	Match Group, Inc		2,363
	37,799	*	MDC Partners, Inc		95
	46,865	*	Meet Group, Inc		163
	27,920	e	Meredith Corp		1,537
	43,336	*	MSG Networks, Inc		899
	46,358		National CineMedia, Inc		304
	274,142	*	NetFlix, Inc		100,698
	36,183		New Media Investment Group, Inc		342

301

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	89,935		New York Times Co (Class A)	$	2,934
	268,456		News Corp (Class A)		3,621
	86,319		News Corp (Class B)		1,205
	31,898		Nexstar Broadcasting Group, Inc (Class A)		3,222
	146,186		Omnicom Group, Inc		11,980
	20,643	*	QuinStreet, Inc		327
	12,373	*	Reading International, Inc		161
	13,437	*	Rosetta Stone, Inc		307
	3,161		Saga Communications, Inc		99
	19,984		Scholastic Corp		664
	42,650		Sinclair Broadcast Group, Inc (Class A)		2,287
	920,777	e	Sirius XM Holdings, Inc		5,138
	76,688	*	Spotify Technology S.A.		10,545
	73,771	*	Take-Two Interactive Software, Inc		8,375
	12,153	*	TechTarget, Inc		258
	156,124		TEGNA, Inc		2,365
	52,414		Tribune Co		2,423
	15,283		Tribune Publishing Co		122
	71,015	*	TripAdvisor, Inc		3,287
	44,667	*	TrueCar, Inc		244
	489,505	*	Twitter, Inc		17,084
	7,706	e	Viacom, Inc (Class A)		263
	214,191		Viacom, Inc (Class B)		6,398
	1,136,249		Walt Disney Co		158,666
	15,148	*	WideOpenWest, Inc		110
	27,047	e	World Wrestling Entertainment, Inc (Class A)		1,953
	56,028	*	Yelp, Inc		1,915
	38,071	*	Zillow Group, Inc (Class A)		1,742
	76,096	*,e	Zillow Group, Inc (Class C)		3,530
	549,506	*	Zynga, Inc		3,368
			TOTAL MEDIA & ENTERTAINMENT		1,411,783

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.7%
	962,528		AbbVie, Inc		69,995
	18,729	*	Abeona Therapeutics, Inc		90
	70,913	*,e	Acadia Pharmaceuticals, Inc		1,896
	18,841	*,e	Accelerate Diagnostics, Inc		431
	22,847	*	Acceleron Pharma, Inc		939
	86,253	*	Achillion Pharmaceuticals, Inc		231
	14,790	*	Aclaris Therapeutics, Inc		32
	31,389	*	Acorda Therapeutics, Inc		241
	12,735	*,e	Adamas Pharmaceuticals, Inc		79
	36,900	*	Adverum Biotechnologies, Inc		439
	21,807	*	Aerie Pharmaceuticals, Inc		644
	56,789	*,e	Agenus, Inc		170
	206,481		Agilent Technologies, Inc		15,418
	34,493	*,e	Agios Pharmaceuticals, Inc		1,721
	25,712	*,e	Aimmune Therapeutics, Inc		535
	10,845	*,e	Akcea Therapeutics, Inc		254
	48,526	*	Akebia Therapeutics, Inc		235
	64,824	*	Akorn, Inc		334
	6,175	*	Albireo Pharma, Inc		199
	34,164	*	Alder Biopharmaceuticals, Inc		402

302

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	142,239	*	Alexion Pharmaceuticals, Inc	$	18,630
	110,420	*	Alkermes plc		2,489
	5,532	*,e	Allakos, Inc		240
	213,422		Allergan plc		35,733
	14,115	*,e	Allogene Therapeutics, Inc		379
	68,830	*	Alnylam Pharmaceuticals, Inc		4,994
	25,493	*	AMAG Pharmaceuticals, Inc		255
	396,934		Amgen, Inc		73,147
	128,302	*,e	Amicus Therapeutics, Inc		1,601
	53,162	*	Amneal Pharmaceuticals, Inc		381
	25,774	*	Amphastar Pharmaceuticals, Inc		544
	12,566	*	AnaptysBio, Inc		709
	5,767	*	ANI Pharmaceuticals, Inc		474
	10,943	*	Anika Therapeutics, Inc		445
	24,477	*	Apellis Pharmaceuticals, Inc		620
	29,050	*	Aratana Therapeutics, Inc		150
	20,717	*,e	Arcus Biosciences, Inc		165
	22,973	*	Ardelyx, Inc		62
	33,642	*	Arena Pharmaceuticals, Inc		1,972
	58,861	*	Arqule, Inc		648
	143,939	*	Array Biopharma, Inc		6,669
	58,978	*,e	Arrowhead Research Corp		1,563
	11,368	*	Arvinas, Inc		250
	10,043	*	Assembly Biosciences, Inc		135
	44,278	*	Assertio Therapeutics, Inc		153
	27,557	*	Atara Biotherapeutics, Inc		554
	28,525	*,e	Athenex, Inc		565
	52,762	*,e	Athersys, Inc		89
	21,700	*	Audentes Therapeutics, Inc		822
	33,858	*	Avid Bioservices, Inc		190
	15,727	*	Axsome Therapeutics, Inc		405
	53,741	*	BioCryst Pharmaceuticals, Inc		204
	52,671	*	BioDelivery Sciences International, Inc		245
	125,861	*	Biogen Idec, Inc		29,435
	18,525	*	Biohaven Pharmaceutical Holding Co Ltd		811
	120,472	*	BioMarin Pharmaceutical, Inc		10,318
	15,362	*	Bio-Rad Laboratories, Inc (Class A)		4,802
	3,856	*	Biospecifics Technologies Corp		230
	25,935		Bio-Techne Corp		5,407
	56,186	*,e	BioTime, Inc		62
	33,689	*,e	Bluebird Bio, Inc		4,285
	28,144	*	Blueprint Medicines Corp		2,655
	1,065,911		Bristol-Myers Squibb Co		48,339
	76,600		Bruker BioSciences Corp		3,826
	21,820	*	Calithera Biosciences, Inc		85
	5,849	*,e	Calyxt, Inc		73
	23,380	*	Cambrex Corp		1,094
	19,366	*,e	Cara Therapeutics, Inc		416
	21,908	*	CareDx, Inc		788
	33,837	*,e	CASI Pharmaceuticals, Inc		108
	90,837	*	Catalent, Inc		4,924
	50,782	*	Catalyst Pharmaceuticals, Inc		195
	457,387	*	Celgene Corp		42,281
	34,386	*	Charles River Laboratories International, Inc		4,879

303

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	18,304	*	ChemoCentryx, Inc	$	170
	30,594	*	Chimerix, Inc		132
	28,355	*,e	Clovis Oncology, Inc		422
	23,538	*	Codexis, Inc		434
	27,864	*	Coherus Biosciences, Inc		616
	16,286	*	Collegium Pharmaceutical, Inc		214
	11,239	*	Concert Pharmaceuticals, Inc		135
	32,828	*,e	Corbus Pharmaceuticals Holdings, Inc		228
	65,375	*,e	Corcept Therapeutics, Inc		729
	15,295	*,e	Corium International, Inc		3
	11,975	*,e	Cue Biopharma, Inc		108
	9,501	*	Cyclerion Therapeutics, Inc		109
	39,943	*	Cymabay Therapeutics, Inc		286
	30,153	*	Cytokinetics, Inc		339
	21,311	*	CytomX Therapeutics, Inc		239
	5,156	*,e	Deciphera Pharmaceuticals, Inc		116
	11,457	*,e	Denali Therapeutics, Inc		238
	27,246	*,e	Dermira, Inc		260
	30,105	*	Dicerna Pharmaceuticals, Inc		474
	7,981	*	Dova Pharmaceuticals, Inc		113
	35,256	*,e	Dynavax Technologies Corp		141
	6,368	*	Eagle Pharmaceuticals, Inc		355
	24,325	*	Editas Medicine, Inc		602
	10,671	*	Eidos Therapeutics, Inc		332
	238,191	*	Elanco Animal Health, Inc		8,051
	559,796		Eli Lilly & Co		62,020
	14,575	*,e	Eloxx Pharmaceuticals, Inc		145
	24,015	*	Emergent Biosolutions, Inc		1,160
	11,786	*	Enanta Pharmaceuticals, Inc		995
	161,263	*	Endo International plc		664
	29,818	*	Epizyme, Inc		374
	9,694	*	Esperion Thereapeutics, Inc		451
	79,297	*	Exact Sciences Corp		9,360
	189,826	*	Exelixis, Inc		4,057
	24,636	*	Fate Therapeutics, Inc		500
	50,667	*	FibroGen, Inc		2,289
	19,800	*	Five Prime Therapeutics, Inc		119
	19,463	*,e	Flexion Therapeutics, Inc		239
	20,851	*	Fluidigm Corp		257
	5,695	*	G1 Therapeutics, Inc		175
	14,071	*	Genomic Health, Inc		819
	114,325	*,e	Geron Corp		161
	835,632		Gilead Sciences, Inc		56,455
	26,450	*,e	Global Blood Therapeutics, Inc		1,391
	22,784	*	GlycoMimetics, Inc		272
	12,922	*	Gossamer Bio, Inc		287
	79,065	*	Halozyme Therapeutics, Inc		1,358
	32,353	*	Heron Therapeutics, Inc		601
	11,341	*	Homology Medicines, Inc		222
	118,653	*	Horizon Pharma plc		2,855
	96,259	*	Illumina, Inc		35,438
	65,469	*	Immunogen, Inc		142
	89,330	*,e	Immunomedics, Inc		1,239

304

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	116,540	*	Incyte Corp	$	9,901
	55,553	*	Innoviva, Inc		809
	49,160	*,e	Inovio Pharmaceuticals, Inc		145
	45,452	*	Insmed, Inc		1,164
	10,757	*,e	Intellia Therapeutics, Inc		176
	12,921	*,e	Intercept Pharmaceuticals, Inc		1,028
	18,642	*	Intersect ENT, Inc		424
	25,348	*	Intra-Cellular Therapies, Inc		329
	39,434	*,e	Intrexon Corp		302
	55,953	*	Invitae Corp		1,315
	89,084	*	Ionis Pharmaceuticals, Inc		5,725
	74,052	*	Iovance Biotherapeutics, Inc		1,816
	114,676	*	IQVIA Holdings, Inc		18,451
	95,014	*,e	Ironwood Pharmaceuticals, Inc		1,039
	40,066	*	Jazz Pharmaceuticals plc		5,712
	1,729,191		Johnson & Johnson		240,842
	4,482	*	Jounce Therapeutics, Inc		22
	47,099	*	Kadmon Holdings, Inc		97
	5,857	*	Kala Pharmaceuticals, Inc		37
	23,632	*,e	Karyopharm Therapeutics, Inc		142
	15,620	*	Kindred Biosciences, Inc		130
	5,660	*	Krystal Biotech Inc		228
	10,057	*	Kura Oncology, Inc		198
	12,410	*,e	La Jolla Pharmaceutical Co		115
	19,506	*,e	Lannett Co, Inc		118
	30,110	*,e	Lexicon Pharmaceuticals, Inc		189
	14,752	*,e	Ligand Pharmaceuticals, Inc (Class B)		1,684
	31,134		Luminex Corp		643
	23,459	*	MacroGenics, Inc		398
	3,934	*,e	Madrigal Pharmaceuticals, Inc		412
	47,591	*	Mallinckrodt plc		437
	94,899	*,e	MannKind Corp		109
	24,678	*,e	Marinus Pharmaceuticals, Inc		102
	49,764	*,e	Medicines Co		1,815
	22,034	*,e	MediciNova, Inc		212
	17,824	*	Medpace Holdings, Inc		1,166
	10,086	*	MeiraGTx Holdings plc		271
	1,676,652		Merck & Co, Inc		140,587
	8,441	*	Mersana Therapeutics, Inc		34
	16,303	*	Mettler-Toledo International, Inc		13,695
	18,922	*	Minerva Neurosciences, Inc		107
	12,275	*	Mirati Therapeutics, Inc		1,264
	17,422	*,e	Moderna, Inc		255
	53,355	*	Momenta Pharmaceuticals, Inc		664
	350,312	*	Mylan NV		6,670
	20,674	*	MyoKardia, Inc		1,037
	46,607	*	Myriad Genetics, Inc		1,295
	10,862	*	NanoString Technologies, Inc		330
	19,889	*	Natera, Inc		549
	106,507	*	Nektar Therapeutics		3,790
	38,546	*	NeoGenomics, Inc		846
	63,342	*	Neurocrine Biosciences, Inc		5,348
	9,899	*,e	Novavax, Inc		58
	13,115	*,e	Ocular Therapeutix, Inc		58

305

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	29,642	*,e	Omeros Corp	$	465
	238,337	*,e	Opko Health, Inc		582
	10,903	*,e	Optinose, Inc		77
	55,440	*	Pacific Biosciences of California, Inc		335
	28,237	*	Pacira Pharmaceuticals, Inc		1,228
	17,330	*,e	Paratek Pharmaceuticals, Inc		69
	120,653	*	PDL BioPharma, Inc		379
	73,051		PerkinElmer, Inc		7,038
	92,108		Perrigo Co plc		4,386
	3,621,380		Pfizer, Inc		156,878
	12,927		Phibro Animal Health Corp		411
	24,527	*	Pieris Pharmaceuticals, Inc		115
	5,876	*,e	PolarityTE, Inc		34
	36,240	*,e	Portola Pharmaceuticals, Inc		983
	34,913	*	PRA Health Sciences, Inc		3,462
	38,233	*	Prestige Brands Holdings, Inc		1,211
	8,652	*	Principia Biopharma, Inc		287
	51,583	*	Progenics Pharmaceuticals, Inc		318
	27,579	*	Prothena Corp plc		292
	25,096	*	PTC Therapeutics, Inc		1,129
	20,506	*,e	Puma Biotechnology, Inc		261
	149,997	*	QIAGEN NV		6,082
	6,148	*	Quanterix Corp		208
	8,205	*	Ra Pharmaceuticals, Inc		247
	27,010	*	Radius Health, Inc		658
	12,412	*	Reata Pharmaceuticals, Inc		1,171
	8,471	*	Recro Pharma, Inc		86
	53,535	*	Regeneron Pharmaceuticals, Inc		16,756
	19,715	*	REGENXBIO, Inc		1,013
	24,847	*	Repligen Corp		2,136
	25,726	*	Retrophin, Inc		517
	15,494	*	Revance Therapeutics, Inc		201
	6,147	*	Rhythm Pharmaceuticals, Inc		135
	86,450	*	Rigel Pharmaceuticals, Inc		226
	14,146	*,e	Rocket Pharmaceuticals, Inc		212
	22,395	*,e	Rubius Therapeutics, Inc		352
	32,762	*	Sage Therapeutics, Inc		5,998
	52,234	*	Sangamo Biosciences, Inc		563
	42,194	*	Sarepta Therapeutics, Inc		6,411
	70,004	*	Seattle Genetics, Inc		4,845
	13,345	*,e	Seres Therapeutics, Inc		43
	35,191	*	SIGA Technologies, Inc		200
	6,168	*,e	Solid Biosciences, Inc		35
	58,895	*,e	Sorrento Therapeutics, Inc		157
	16,648	*	Spark Therapeutics, Inc		1,704
	56,104	*	Spectrum Pharmaceuticals, Inc		483
	12,168	*	Stemline Therapeutics, Inc		186
	34,621	*	Supernus Pharmaceuticals, Inc		1,146
	6,983	*	Syndax Pharmaceuticals, Inc		65
	39,474	*	Syneos Health, Inc		2,017
	9,466	*	Syros Pharmaceuticals, Inc		88
	34,724	*,e	TG Therapeutics, Inc		300
	114,084	*,e	TherapeuticsMD, Inc		297

306

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	29,259	*,e	Theravance Biopharma, Inc	$	478
	260,940		Thermo Fisher Scientific, Inc		76,633
	6,159	*	Tocagen, Inc		41
	18,965	*	Translate Bio, Inc		240
	7,799	*	Tricida, Inc		308
	13,734	*	Twist Bioscience Corp		398
	68,656	*,e	Tyme Technologies, Inc		84
	28,669	*	Ultragenyx Pharmaceutical, Inc		1,820
	28,234	*	United Therapeutics Corp		2,204
	16,428	*,e	UNITY Biotechnology, Inc		156
	12,098	*	UroGen Pharma Ltd		435
	31,395	*	Vanda Pharmaceuticals, Inc		442
	16,367	*	Veracyte, Inc		467
	24,994	*	Vericel Corp		472
	168,688	*	Vertex Pharmaceuticals, Inc		30,934
	29,514	*,e	Viking Therapeutics, Inc		245
	8,673	*	Voyager Therapeutics, Inc		236
	44,761	*	Waters Corp		9,634
	8,910	*	WaVe Life Sciences Pte Ltd		232
	27,098	*	Xencor, Inc		1,109
	13,141	*	Y-mAbs Therapeutics, Inc		301
	90,754	*,e	ZIOPHARM Oncology, Inc		529
	315,959		Zoetis, Inc		35,858
	17,421	*,e	Zogenix, Inc		832
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,486,527

REAL ESTATE - 4.0%
	60,331		Acadia Realty Trust		1,651
	18,415		Agree Realty Corp		1,179
	47,563		Alexander & Baldwin, Inc		1,099
	1,329		Alexander’s, Inc		492
	73,674		Alexandria Real Estate Equities, Inc		10,395
	8,343	*,e	Altisource Portfolio Solutions S.A.		164
	28,646		American Assets Trust, Inc		1,350
	96,842		American Campus Communities, Inc		4,470
	68,972		American Finance Trust, Inc		752
	164,177		American Homes 4 Rent		3,991
	285,702		American Tower Corp		58,412
	124,274		Americold Realty Trust		4,029
	102,599		Apartment Investment & Management Co		5,142
	113,878	*	Apple Hospitality REIT, Inc		1,806
	31,681		Armada Hoffler Properties, Inc		524
	56,474		Ashford Hospitality Trust, Inc		168
	90,146		AvalonBay Communities, Inc		18,316
	16,903		Bluerock Residential Growth REIT, Inc		199
	98,458		Boston Properties, Inc		12,701
	20,771		BraeMar Hotels & Resorts, Inc		206
	121,360		Brandywine Realty Trust		1,738
	218,369		Brixmor Property Group, Inc		3,904
	71,996		Brookfield Property REIT, Inc		1,360
	61,667		Camden Property Trust		6,437
	50,740		CareTrust REIT, Inc		1,207
	29,192		CatchMark Timber Trust, Inc		305
	124,137	e	CBL & Associates Properties, Inc		129

307

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	217,508	*	CBRE Group, Inc	$	11,158
	62,949		Cedar Realty Trust, Inc		167
	28,285		Chatham Lodging Trust		534
	40,024		Chesapeake Lodging Trust		1,137
	21,833		City Office REIT, Inc		262
	10,462		Clipper Realty, Inc		117
	350,580		Colony Capital, Inc		1,753
	83,894		Columbia Property Trust, Inc		1,740
	9,586		Community Healthcare Trust, Inc		378
	3,235		Consolidated-Tomoka Land Co		193
	86,682		CoreCivic, Inc		1,800
	9,299	e	CorEnergy Infrastructure Trust, Inc		369
	7,951		CorePoint Lodging, Inc		99
	24,799		Coresite Realty		2,856
	72,219		Corporate Office Properties Trust		1,904
	101,092	*	Cousins Properties, Inc		3,657
	270,162		Crown Castle International Corp		35,216
	114,248		CubeSmart		3,820
	66,192	*	Cushman & Wakefield plc		1,184
	72,671		CyrusOne, Inc		4,195
	144,818		DiamondRock Hospitality Co		1,497
	134,391		Digital Realty Trust, Inc		15,830
	102,445		Douglas Emmett, Inc		4,081
	236,841		Duke Realty Corp		7,487
	26,096		Easterly Government Properties, Inc		473
	23,492		EastGroup Properties, Inc		2,725
	87,790		Empire State Realty Trust, Inc		1,300
	45,571		Entertainment Properties Trust		3,399
	53,603		Equinix, Inc		27,031
	62,602		Equity Commonwealth		2,036
	56,851		Equity Lifestyle Properties, Inc		6,898
	232,924		Equity Residential		17,684
	23,787		Essential Properties Realty Trust, Inc		477
	42,504		Essex Property Trust, Inc		12,408
	77,495		Extra Space Storage, Inc		8,222
	19,962	e	Farmland Partners, Inc		141
	48,478		Federal Realty Investment Trust		6,242
	80,676		First Industrial Realty Trust, Inc		2,964
	425	*	Forestar Group, Inc		8
	44,705		Four Corners Property Trust, Inc		1,222
	72,511		Franklin Street Properties Corp		535
	37,147		Front Yard Residential Corp		454
	4,942	*	FRP Holdings, Inc		276
	124,798		Gaming and Leisure Properties, Inc		4,865
	87,896		Geo Group, Inc		1,847
	18,198		Getty Realty Corp		560
	17,811		Gladstone Commercial Corp		378
	10,990		Global Medical REIT, Inc		115
	44,961		Global Net Lease, Inc		882
	35,286		Hannon Armstrong Sustainable Infrastructure Capital, Inc		994
	322,762		HCP, Inc		10,322
	82,789		Healthcare Realty Trust, Inc		2,593
	142,087		Healthcare Trust of America, Inc		3,897

308

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	27,708		Hersha Hospitality Trust	$	458
	14,600		HFF, Inc (Class A)		664
	71,000		Highwoods Properties, Inc		2,932
	94,726		Hospitality Properties Trust		2,368
	476,733		Host Marriott Corp		8,686
	24,727	*	Howard Hughes Corp		3,062
	113,109		Hudson Pacific Properties		3,763
	48,914		Independence Realty Trust, Inc		566
	34,891		Industrial Logistics Properties Trust		726
	4,353		Innovative Industrial Properties, Inc		538
	9,060		Investors Real Estate Trust		532
	250,063		Invitation Homes, Inc		6,684
	190,342		Iron Mountain, Inc		5,958
	49,646		iStar Financial, Inc		617
	79,348		JBG SMITH Properties		3,122
	6,203		Jernigan Capital, Inc		127
	28,591		Jones Lang LaSalle, Inc		4,022
	84,885		Kennedy-Wilson Holdings, Inc		1,746
	61,892		Kilroy Realty Corp		4,568
	269,965		Kimco Realty Corp		4,989
	55,102		Kite Realty Group Trust		834
	51,720		Lamar Advertising Co		4,174
	144,484		Lexington Realty Trust		1,360
	90,704		Liberty Property Trust		4,539
	25,812		Life Storage, Inc		2,454
	26,668		LTC Properties, Inc		1,218
	92,755		Macerich Co		3,106
	65,387		Mack-Cali Realty Corp		1,523
	11,498	*	Marcus & Millichap, Inc		355
	4,532	*	Maui Land & Pineapple Co, Inc		47
	253,278		Medical Properties Trust, Inc		4,417
	77,362		Mid-America Apartment Communities, Inc		9,110
	50,307		Monmouth Real Estate Investment Corp (Class A)		682
	19,871		National Health Investors, Inc		1,551
	98,822		National Retail Properties, Inc		5,239
	31,451		National Storage Affiliates Trust		910
	55,714		New Senior Investment Group, Inc		374
	93,396		Newmark Group, Inc		839
	12,730		NexPoint Residential Trust, Inc		527
	42,262		NorthStar Realty Europe Corp		694
	23,677		Office Properties Income Trust		622
	144,310		Omega Healthcare Investors, Inc		5,303
	9,027		One Liberty Properties, Inc		261
	97,077		Outfront Media, Inc		2,504
	141,733		Paramount Group, Inc		1,986
	136,729		Park Hotels & Resorts, Inc		3,768
	85,851		Pebblebrook Hotel Trust		2,419
	52,388	e	Pennsylvania REIT		341
	107,460		Physicians Realty Trust		1,874
	72,743		Piedmont Office Realty Trust, Inc		1,450
	47,001		Potlatch Corp		1,832
	21,687		Preferred Apartment Communities, Inc		324
	413,024		Prologis, Inc		33,083
	13,748		PS Business Parks, Inc		2,317

309

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	95,840		Public Storage, Inc	$	22,826
	34,553		QTS Realty Trust, Inc		1,596
	89,792		Rayonier, Inc		2,721
	13,117		Re/Max Holdings, Inc		403
	75,694	e	Realogy Holdings Corp		548
	204,582		Realty Income Corp		14,110
	40,113	*,e	Redfin Corp		721
	100,880		Regency Centers Corp		6,733
	78,162		Retail Opportunities Investment Corp		1,339
	173,060		Retail Properties of America, Inc		2,035
	10,654		Retail Value, Inc		371
	67,055		Rexford Industrial Realty, Inc		2,707
	92,471		RLJ Lodging Trust		1,640
	5,123		RMR Group, Inc		241
	57,913		RPT Realty		701
	31,992		Ryman Hospitality Properties		2,594
	116,469		Sabra Healthcare REIT, Inc		2,293
	7,521		Safehold, Inc		227
	6,451		Saul Centers, Inc		362
	72,235	*	SBA Communications Corp		16,241
	136,618		Senior Housing Properties Trust		1,130
	18,501	e	Seritage Growth Properties		795
	200,450		Simon Property Group, Inc		32,024
	103,764		SITE Centers Corp		1,374
	58,281		SL Green Realty Corp		4,684
	28,096		Spirit MTA REIT		234
	56,193		Spirit Realty Capital, Inc		2,397
	33,773	*	St. Joe Co		584
	64,412		STAG Industrial, Inc		1,948
	121,165		STORE Capital Corp		4,021
	4,495	*	Stratus Properties, Inc		146
	73,018		Summit Hotel Properties, Inc		838
	52,001		Sun Communities, Inc		6,666
	159,024		Sunstone Hotel Investors, Inc		2,180
	67,688	e	Tanger Factory Outlet Centers, Inc		1,097
	41,435		Taubman Centers, Inc		1,692
	12,164	*	Tejon Ranch Co		202
	35,329		Terreno Realty Corp		1,733
	175,727		UDR, Inc		7,888
	20,169		UMH Properties, Inc		250
	119,952	e	Uniti Group, Inc		1,140
	9,264		Universal Health Realty Income Trust		787
	70,770		Urban Edge Properties		1,226
	20,808		Urstadt Biddle Properties, Inc (Class A)		437
	236,538		Ventas, Inc		16,167
	661,427		VEREIT, Inc		5,959
	241,895		VICI Properties, Inc		5,331
	109,042		Vornado Realty Trust		6,990
	134,922	e	Washington Prime Group, Inc		515
	53,425		Washington REIT		1,428
	67,227		Weingarten Realty Investors		1,843
	263,397		Welltower, Inc		21,475
	484,128		Weyerhaeuser Co		12,752

310

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	25,132	*	Whitestone REIT	$	319
	109,722		WP Carey, Inc		8,907
	79,064		Xenia Hotels & Resorts, Inc		1,648
			TOTAL REAL ESTATE		761,889

RETAILING - 6.0%
	18,290	*	1-800-FLOWERS.COM, Inc (Class A)		345
	45,849		Aaron’s, Inc		2,816
	51,631		Abercrombie & Fitch Co (Class A)		828
	46,868		Advance Auto Parts, Inc		7,224
	269,218	*	Amazon.com, Inc		509,799
	117,400		American Eagle Outfitters, Inc		1,984
	5,481	*	America’s Car-Mart, Inc		472
	5,528	*	Asbury Automotive Group, Inc		466
	117,039	*	Ascena Retail Group, Inc		71
	17,984	*,e	At Home Group, Inc		120
	36,032	*	Autonation, Inc		1,511
	16,378	*	AutoZone, Inc		18,007
	29,015	*	Barnes & Noble Education, Inc		97
	40,294		Barnes & Noble, Inc		270
	76,045	e	Bed Bath & Beyond, Inc		884
	148,525		Best Buy Co, Inc		10,357
	20,052		Big Lots, Inc		574
	86,634	*	BJ’s Wholesale Club Holdings, Inc		2,287
	28,114	*	Booking Holdings, Inc		52,706
	9,762	*	Boot Barn Holdings, Inc		348
	14,004	e	Buckle, Inc		242
	44,520	*	Burlington Stores, Inc		7,575
	28,267		Caleres, Inc		563
	22,123	e	Camping World Holdings, Inc		275
	111,632	*	CarMax, Inc		9,693
	21,643	*,e	Carvana Co		1,355
	12,003		Cato Corp (Class A)		148
	83,036		Chico’s FAS, Inc		280
	12,596	e	Children’s Place Retail Stores, Inc		1,201
	11,556		Citi Trends, Inc		169
	13,169	*	Conn’s, Inc		235
	11,400	*	Container Store Group, Inc		83
	33,096		Core-Mark Holding Co, Inc		1,315
	49,292		Designer Brands, Inc		945
	52,804		Dick’s Sporting Goods, Inc		1,829
	3,340	e	Dillard’s, Inc (Class A)		208
	171,998		Dollar General Corp		23,247
	154,566	*	Dollar Tree, Inc		16,599
	7,236	*,e	Duluth Holdings, Inc		98
	536,633		eBay, Inc		21,197
	75,173	*	Etsy, Inc		4,613
	74,446		Expedia, Inc		9,904
	55,323	*	Express Parent LLC		151
	34,498	*	Five Below, Inc		4,140
	38,520	*	Floor & Decor Holdings, Inc		1,614
	71,401		Foot Locker, Inc		2,993
	10,965	*	Funko, Inc		266
	6,584	*,e	Gaia, Inc		50

311

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	67,461	e	GameStop Corp (Class A)	$	369
	130,367		Gap, Inc		2,343
	13,677	*	Genesco, Inc		578
	91,234		Genuine Parts Co		9,450
	50,651	*,e	GNC Holdings, Inc		76
	5,257		Group 1 Automotive, Inc		430
	244,899	*	Groupon, Inc		877
	60,011	*	GrubHub, Inc		4,680
	44,451		Guess?, Inc		718
	13,840		Haverty Furniture Cos, Inc		236
	16,994	*	Hibbett Sports, Inc		309
	717,420		Home Depot, Inc		149,202
	27,375	*	Hudson Ltd		377
	228,517	*,e	JC Penney Co, Inc		261
	101,978		Kohl’s Corp		4,849
	139,756		L Brands, Inc		3,648
	9,431	*	Lands’ End, Inc		115
	9,177	*	Leaf Group Ltd		68
	39,468	*	Liberty Expedia Holdings, Inc		1,886
	19,090	*	Liquidity Services, Inc		116
	10,868		Lithia Motors, Inc (Class A)		1,291
	193,627	*	LKQ Corp		5,152
	518,739		Lowe’s Companies, Inc		52,346
	19,294	*,e	Lumber Liquidators, Inc		223
	199,770		Macy’s, Inc		4,287
	18,578	*	MarineMax, Inc		305
	61,561	*	Michaels Cos, Inc		536
	23,604		Monro Muffler, Inc		2,013
	16,896	*	Murphy USA, Inc		1,420
	32,478	*	National Vision Holdings, Inc		998
	70,237	e	Nordstrom, Inc		2,238
	375,116		Office Depot, Inc		773
	34,400	*	Ollie’s Bargain Outlet Holdings, Inc		2,997
	51,273	*	O’Reilly Automotive, Inc		18,936
	12,199	*,e	Overstock.com, Inc		166
	17,507	*,e	Party City Holdco, Inc		128
	12,813		Penske Auto Group, Inc		606
	14,105	e	PetMed Express, Inc		221
	24,507		Pool Corp		4,681
	53,361	*	Quotient Technology, Inc		573
	260,506	*	Qurate Retail Group, Inc QVC Group		3,228
	30,873	*	Rent-A-Center, Inc		822
	10,459	*,e	RH		1,209
	233,920		Ross Stores, Inc		23,186
	30,967	*	Rubicon Project, Inc		197
	66,571	*,e	Sally Beauty Holdings, Inc		888
	2,356	e	Shoe Carnival, Inc		65
	18,402	*	Shutterfly, Inc		930
	13,499		Shutterstock, Inc		529
	38,798		Signet Jewelers Ltd		694
	15,272	*	Sleep Number Corp		617
	20,728		Sonic Automotive, Inc (Class A)		484
	19,952	*	Sportsman’s Warehouse Holdings, Inc		75

312

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	11,437	*	Stamps.com, Inc	$	518
	27,087	*	Stitch Fix Inc		867
	26,598	e	Tailored Brands, Inc		153
	324,312		Target Corp		28,089
	78,944		Tiffany & Co		7,392
	24,339		Tile Shop Holdings, Inc		97
	6,790		Tilly’s, Inc		52
	790,106		TJX Companies, Inc		41,781
	81,030		Tractor Supply Co		8,816
	37,822	*	Ulta Beauty, Inc		13,120
	50,352	*	Urban Outfitters, Inc		1,146
	33,890	*	Waitr Holdings Inc		213
	38,206	*,e	Wayfair, Inc		5,578
	5,214		Weyco Group, Inc		139
	56,628	e	Williams-Sonoma, Inc		3,681
	1,945		Winmark Corp		337
	11,661	*	Zumiez, Inc		304
			TOTAL RETAILING		1,147,839

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%
	13,345	*	Acacia Communications, Inc		629
	26,575	*	Advanced Energy Industries, Inc		1,495
	651,395	*	Advanced Micro Devices, Inc		19,783
	15,539	*	Alpha & Omega Semiconductor Ltd		145
	23,188	*	Ambarella, Inc		1,023
	73,241	*	Amkor Technology, Inc		546
	241,286		Analog Devices, Inc		27,234
	616,861		Applied Materials, Inc		27,703
	14,361	*	Aquantia Corp		187
	20,849	*	Axcelis Technologies, Inc		314
	26,991	*	AXT, Inc		107
	251,405		Broadcom, Inc		72,369
	49,923		Brooks Automation, Inc		1,935
	18,819		Cabot Microelectronics Corp		2,072
	15,710	*	Ceva, Inc		383
	46,452	*	Cirrus Logic, Inc		2,030
	26,675		Cohu, Inc		412
	70,502	*	Cree, Inc		3,961
	236,910		Cypress Semiconductor Corp		5,269
	28,713	*	Diodes, Inc		1,044
	14,071	*	DSP Group, Inc		202
	86,577		Entegris, Inc		3,231
	49,996	*	First Solar, Inc		3,284
	51,293	*	Formfactor, Inc		804
	8,421	*	Ichor Holdings Ltd		199
	13,074	*,e	Impinj, Inc		374
	29,376	*	Inphi Corp		1,472
	2,916,483		Intel Corp		139,612
	102,996		Kla-Tencor Corp		12,174
	100,268		Lam Research Corp		18,834
	75,431	*	Lattice Semiconductor Corp		1,101
	29,103	*	MA-COM Technology Solutions		440
	425,994		Marvell Technology Group Ltd		10,168
	173,048		Maxim Integrated Products, Inc		10,352

313

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	43,500	*	MaxLinear, Inc	$	1,020
	148,473	e	Microchip Technology, Inc		12,873
	720,687	*	Micron Technology, Inc		27,811
	31,711		MKS Instruments, Inc		2,470
	28,750		Monolithic Power Systems, Inc		3,904
	18,167	*	Nanometrics, Inc		631
	21,168	*	NeoPhotonics Corp Ltd		89
	3,184		NVE Corp		222
	379,293		NVIDIA Corp		62,291
	279,225	*	ON Semiconductor Corp		5,643
	20,605	*	PDF Solutions, Inc		270
	46,544	*	Photronics, Inc		382
	20,135		Power Integrations, Inc		1,614
	75,484	*	Qorvo, Inc		5,028
	789,855		Qualcomm, Inc		60,084
	79,664	*	Rambus, Inc		959
	22,659	*	Rudolph Technologies, Inc		626
	47,350	*	Semtech Corp		2,275
	28,958	*	Silicon Laboratories, Inc		2,994
	109,883		Skyworks Solutions, Inc		8,491
	2,025	*	SMART Global Holdings, Inc		47
	42,585	*,e	SunPower Corp		455
	114,074		Teradyne, Inc		5,465
	610,237		Texas Instruments, Inc		70,031
	23,500	*	Ultra Clean Holdings		327
	27,466	e	Universal Display Corp		5,165
	34,384	*	Veeco Instruments, Inc		420
	67,027		Versum Materials, Inc		3,457
	166,285		Xilinx, Inc		19,608
	35,485		Xperi Corp		731
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		676,271

SOFTWARE & SERVICES - 12.3%
	36,774	*	2U, Inc		1,384
	65,506	*	8x8, Inc		1,579
	32,215	*	A10 Networks, Inc		220
	416,817		Accenture plc		77,015
	86,241	*	ACI Worldwide, Inc		2,962
	316,960	*	Adobe, Inc		93,392
	102,915	*	Akamai Technologies, Inc		8,248
	14,717	*	Alarm.com Holdings, Inc		787
	32,517		Alliance Data Systems Corp		4,557
	16,908	*	Altair Engineering, Inc		683
	29,506	*,e	Alteryx, Inc		3,220
	11,882	*	Amber Road, Inc		155
	86,274		Amdocs Ltd		5,357
	15,720	*	American Software, Inc (Class A)		207
	53,266	*	Anaplan, Inc		2,688
	54,342	*	Ansys, Inc		11,130
	5,867	*	Appfolio, Inc		600
	20,140	*	Appian Corp		726
	44,157	*	Aspen Technology, Inc		5,488
	64,859	*	Atlassian Corp plc		8,486

314

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	145,747	*	Autodesk, Inc	$	23,742
	281,714		Automatic Data Processing, Inc		46,576
	27,680	*	Avalara, Inc		1,998
	70,813	*	Avaya Holdings Corp		843
	11,374	*	Benefitfocus, Inc		309
	96,845	*	Black Knight, Inc		5,825
	34,044		Blackbaud, Inc		2,843
	21,965	*	Blackline, Inc		1,175
	87,893		Booz Allen Hamilton Holding Co		5,819
	29,562	*	Bottomline Technologies, Inc		1,308
	86,219	*	Box, Inc		1,518
	20,694	*	Brightcove, Inc		214
	77,769		Broadridge Financial Solutions, Inc		9,930
	17,838	*	CACI International, Inc (Class A)		3,649
	184,754	*	Cadence Design Systems, Inc		13,082
	5,472	*,e	Carbon Black, Inc		91
	18,030	*	Carbonite, Inc		470
	33,955	*	Cardtronics plc		928
	10,596		Cass Information Systems, Inc		514
	76,663		CDK Global, Inc		3,790
	38,326	*	Ceridian HCM Holding, Inc		1,924
	15,814	*	ChannelAdvisor Corp		139
	26,536	*	Cision Ltd		311
	86,913		Citrix Systems, Inc		8,530
	114,390	*,e	Cloudera, Inc		602
	368,994		Cognizant Technology Solutions Corp (Class A)		23,391
	28,135	*	Commvault Systems, Inc		1,396
	137,713	*	Conduent, Inc		1,321
	37,259	*	Cornerstone OnDemand, Inc		2,158
	36,045	*	Coupa Software, Inc		4,564
	24,883		CSG Systems International, Inc		1,215
	7,264	*,e	Digimarc Corp		322
	49,997	*	Digital Turbine, Inc		250
	99,229	*	DocuSign, Inc		4,933
	11,005	*	Domo, Inc		301
	137,416	*	Dropbox, Inc		3,442
	166,357		DXC Technology Co		9,175
	17,480	e	Ebix, Inc		878
	24,228	*,e	Elastic NV		1,809
	43,380	*	Endurance International Group Holdings, Inc		208
	30,234	*	Envestnet, Inc		2,067
	34,220	*	EPAM Systems, Inc		5,923
	30,598	*	Euronet Worldwide, Inc		5,148
	21,053	*	Everbridge, Inc		1,883
	45,885	*	Everi Holdings, Inc		547
	44,094		EVERTEC, Inc		1,442
	10,859	*	Evo Payments, Inc		342
	32,121	*,e	Exela Technologies, Inc		70
	21,916	*	ExlService Holdings, Inc		1,449
	20,028	*	Fair Isaac Corp		6,289
	210,147		Fidelity National Information Services, Inc		25,781
	127,712	*	FireEye, Inc		1,891
	48,580	*	First American Corp		2,032
	370,406	*	First Data Corp		10,027

315

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	254,750	*	Fiserv, Inc	$	23,223
	37,675	*	Five9, Inc		1,932
	55,426	*	FleetCor Technologies, Inc		15,566
	19,555	*	ForeScout Technologies, Inc		662
	92,111	*	Fortinet, Inc		7,077
	58,348	*	Gartner, Inc		9,391
	97,664		Genpact Ltd		3,720
	103,518		Global Payments, Inc		16,576
	111,509	*	GoDaddy, Inc		7,822
	22,127	*,e	GTT Communications, Inc		389
	52,363	*	Guidewire Software, Inc		5,309
	17,956		Hackett Group, Inc		301
	24,272	*	HubSpot, Inc		4,139
	24,668	*	Information Services Group, Inc		78
	15,324	*	Instructure, Inc		651
	577,310		International Business Machines Corp		79,611
	160,246		Intuit, Inc		41,877
	33,493		j2 Global, Inc		2,977
	51,199		Jack Henry & Associates, Inc		6,857
	104,383		KBR, Inc		2,603
	92,643		Leidos Holdings, Inc		7,398
	50,961	*	Limelight Networks, Inc		138
	40,701	*	Liveperson, Inc		1,141
	44,500	*	LiveRamp Holdings, Inc		2,157
	36,974		LogMeIn, Inc		2,724
	48,035	*	Manhattan Associates, Inc		3,330
	18,418		Mantech International Corp (Class A)		1,213
	584,309		MasterCard, Inc (Class A)		154,567
	36,930		MAXIMUS, Inc		2,679
	4,923,513		Microsoft Corp		659,554
	6,844	*	MicroStrategy, Inc (Class A)		981
	22,456	*	Mitek Systems, Inc		223
	40,466	*	MobileIron, Inc		251
	14,483	*	Model N, Inc		282
	15,530	*	MongoDB, Inc		2,362
	29,292		Monotype Imaging Holdings, Inc		493
	30,028	*	New Relic, Inc		2,598
	46,584		NIC, Inc		747
	176,319	*	Nuance Communications, Inc		2,816
	92,944	*	Nutanix, Inc		2,411
	66,319	*	Okta, Inc		8,191
	21,489	*	OneSpan, Inc		305
	1,495,137		Oracle Corp		85,178
	6,520	*	Pagerduty, Inc		307
	59,973	*	Palo Alto Networks, Inc		12,220
	210,767		Paychex, Inc		17,344
	31,529	*	Paycom Software, Inc		7,148
	18,614	*	Paylocity Holding Corp		1,746
	763,238	*	PayPal Holdings, Inc		87,360
	19,229	*	Paysign Inc		257
	26,462		Pegasystems, Inc		1,884
	25,493	*	Perficient, Inc		875
	95,646		Perspecta, Inc		2,239

316

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	40,409	*	Pluralsight, Inc	$	1,225
	13,412		Presidio, Inc		183
	31,483		Progress Software Corp		1,373
	34,295	*	Proofpoint, Inc		4,124
	19,034	*	PROS Holdings, Inc		1,204
	67,535	*	PTC, Inc		6,062
	22,395	*	Q2 Holdings, Inc		1,710
	7,729		QAD, Inc (Class A)		311
	22,512	*	Qualys, Inc		1,960
	31,056	*	Rapid7, Inc		1,796
	42,414	*	RealPage, Inc		2,496
	113,684	*	Red Hat, Inc		21,345
	44,988	*	RingCentral, Inc		5,170
	186,641		Sabre Corp		4,143
	35,043	*	SailPoint Technologies Holding, Inc		702
	479,076	*	salesforce.com, Inc		72,690
	38,338		Science Applications International Corp		3,319
	4,599	*,e	SecureWorks Corp		61
	119,412	*	ServiceNow, Inc		32,787
	4,906	*,e	ShotSpotter, Inc		217
	55,308	*	Smartsheet, Inc		2,677
	16,667	*,e	SolarWinds Corp		306
	98,246	*	Splunk, Inc		12,354
	12,246	*	SPS Commerce, Inc		1,252
	216,363	*	Square, Inc		15,693
	140,643		SS&C Technologies Holdings, Inc		8,102
	54,194	*	SVMK, Inc		895
	25,754	e	Switch, Inc		337
	29,262	*	Sykes Enterprises, Inc		804
	399,967		Symantec Corp		8,703
	94,245	*	Synopsys, Inc		12,128
	49,311	*	Tableau Software, Inc		8,187
	27,913	*	Telaria, Inc		210
	20,400	*	TeleNav, Inc		163
	8,418	*,e	Tenable Holdings, Inc		240
	76,002	*	Teradata Corp		2,725
	85,228		TiVo Corp		628
	117,407		Total System Services, Inc		15,060
	24,614	*	Trade Desk, Inc		5,607
	10,054		TTEC Holdings, Inc		468
	6,516	*,e	Tucows, Inc		398
	74,964	*	Twilio, Inc		10,221
	24,426	*	Tyler Technologies, Inc		5,277
	38,674	*,e	Unisys Corp		376
	4,914	*	Upland Software, Inc		224
	28,420	*,e	USA Technologies, Inc		211
	18,823	*	Varonis Systems, Inc		1,166
	45,384	*	Verint Systems, Inc		2,441
	67,876	*	VeriSign, Inc		14,197
	63,620	*	Verra Mobility Corp		833
	32,131	*,e	VirnetX Holding Corp		200
	19,953	*	Virtusa Corp		887
	1,132,454		Visa, Inc (Class A)		196,538
	50,493		VMware, Inc (Class A)		8,443

317

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	279,835		Western Union Co	$	5,566
	27,596	*	WEX, Inc		5,743
	103,705	*	Workday, Inc		21,320
	16,351	*	Workiva, Inc		950
	201,106	*	Worldpay, Inc		24,646
	55,032	*	Yext, Inc		1,106
	69,807	*	Zendesk, Inc		6,215
	42,422	*	Zix Corp		386
	40,123	*	Zscaler, Inc		3,075
	55,037	*	Zuora Inc		843
			TOTAL SOFTWARE & SERVICES		2,359,827

TECHNOLOGY HARDWARE & EQUIPMENT - 5.4%
	74,639	*,e	3D Systems Corp		679
	35,649		Adtran, Inc		544
	16,323	*	Aerohive Networks, Inc		72
	11,056	*	Agilysys, Inc		237
	189,257		Amphenol Corp (Class A)		18,157
	21,094	*	Anixter International, Inc		1,260
	2,996,470		Apple, Inc		593,061
	13,189	*,e	Applied Optoelectronics, Inc		136
	36,466	*	Arista Networks, Inc		9,467
	47,303	*	Arlo Technologies, Inc		190
	48,820	*	Arrow Electronics, Inc		3,479
	24,161	*	Avid Technology, Inc		220
	63,498		Avnet, Inc		2,875
	34,410		AVX Corp		571
	19,362		Badger Meter, Inc		1,156
	7,316		Bel Fuse, Inc (Class B)		126
	30,293		Belden CDT, Inc		1,805
	35,867		Benchmark Electronics, Inc		901
	26,799	*	CalAmp Corp		313
	28,887	*	Calix, Inc		189
	9,824	*	Casa Systems, Inc		63
	94,505		CDW Corp		10,490
	88,003	*	Ciena Corp		3,620
	2,867,700		Cisco Systems, Inc		156,949
	8,964	*	Clearfield, Inc		119
	110,414		Cognex Corp		5,298
	17,685	*	Coherent, Inc		2,412
	122,398	*	CommScope Holding Co, Inc		1,925
	16,237		Comtech Telecommunications Corp		456
	15,682	*	Control4 Corp		372
	505,750		Corning, Inc		16,806
	29,620	*	Cray, Inc		1,031
	23,637		CTS Corp		652
	27,847		Daktronics, Inc		172
	98,960	*	Dell Technologies, Inc		5,027
	53,560	*	Diebold, Inc		491
	18,652	*	Digi International, Inc		236
	39,659		Dolby Laboratories, Inc (Class A)		2,562
	33,587	*	EchoStar Corp (Class A)		1,489
	33,181	*	Electronics for Imaging, Inc		1,225

318

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	9,278	*	ePlus, Inc	$	640
	79,396	*	Extreme Networks, Inc		514
	38,706	*	F5 Networks, Inc		5,637
	26,560	*	Fabrinet		1,319
	12,851	*	FARO Technologies, Inc		676
	80,146	*	Finisar Corp		1,833
	124,310	*,e	Fitbit, Inc		547
	84,050		Flir Systems, Inc		4,547
	58,321	*	Harmonic, Inc		324
	874,985		Hewlett Packard Enterprise Co		13,081
	1,003,379		HP, Inc		20,860
	43,712	*	II-VI, Inc		1,598
	21,661	*	Immersion Corp		165
	103,799	*	Infinera Corp		302
	25,682	*	Insight Enterprises, Inc		1,495
	25,007		InterDigital, Inc		1,610
	25,495	*	IPG Photonics Corp		3,933
	18,293	*	Iteris, Inc		95
	24,355	*	Itron, Inc		1,524
	88,419		Jabil Circuit, Inc		2,794
	201,956		Juniper Networks, Inc		5,378
	32,485		Kemet Corp		611
	121,590	*	Keysight Technologies, Inc		10,920
	21,162	*	Kimball Electronics, Inc		344
	64,648	*	Knowles Corp		1,184
	10,929	*	KVH Industries, Inc		119
	17,448		Littelfuse, Inc		3,087
	51,429	*	Lumentum Holdings, Inc		2,747
	25,950		Methode Electronics, Inc		741
	107,024		Motorola Solutions, Inc		17,844
	12,096		MTS Systems Corp		708
	7,937	*	Napco Security Technologies, Inc		236
	76,957		National Instruments Corp		3,231
	68,992	*	NCR Corp		2,146
	158,593		NetApp, Inc		9,785
	23,887	*	Netgear, Inc		604
	64,175	*	Netscout Systems, Inc		1,629
	4,719	*	nLight, Inc		91
	23,522	*	Novanta, Inc		2,218
	12,827	*	OSI Systems, Inc		1,445
	7,480	*,e	PAR Technology Corp		211
	14,228		Park Electrochemical Corp		237
	8,216		PC Connection, Inc		287
	6,115	*	PC Mall, Inc		214
	24,496		Plantronics, Inc		907
	24,305	*	Plexus Corp		1,419
	148,433	*	Pure Storage, Inc		2,267
	37,508	*	Ribbon Communications, Inc		183
	12,852	*	Rogers Corp		2,218
	52,368	*	Sanmina Corp		1,586
	17,777	*	Scansource, Inc		579
	37,383	*	Stratasys Ltd		1,098
	25,356	*	Synaptics, Inc		739
	23,676		Synnex Corp		2,330

319

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	19,502	*	Tech Data Corp	$	2,040
	162,259	*	Trimble Navigation Ltd		7,319
	66,124	*	TTM Technologies, Inc		674
	9,730	e	Ubiquiti Networks, Inc		1,279
	38,380	*,e	Viasat, Inc		3,102
	165,919	*	Viavi Solutions, Inc		2,205
	97,366		Vishay Intertechnology, Inc		1,608
	9,508	*	Vishay Precision Group, Inc		386
	197,112		Western Digital Corp		9,373
	123,554		Xerox Corp		4,375
	33,846	*	Zebra Technologies Corp (Class A)		7,090
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,029,121

TELECOMMUNICATION SERVICES - 1.9%
	4,751,904		AT&T, Inc		159,236
	7,918		ATN International, Inc		457
	10,381	*	Bandwidth Inc		779
	27,406	*	Boingo Wireless, Inc		493
	707,474		CenturyLink, Inc		8,320
	33,512	*	Cincinnati Bell, Inc		166
	29,776		Cogent Communications Group, Inc		1,768
	48,355	e	Consolidated Communications Holdings, Inc		238
	57,416	*,e	Frontier Communications Corp		101
	42,541	*,e	Gogo, Inc		169
	23,607	*,e	Intelsat S.A.		459
	60,764	*	Iridium Communications, Inc		1,413
	13,047	*	Ooma, Inc		137
	44,329	*	Orbcomm, Inc		321
	7,472	*	pdvWireless, Inc		351
	33,638		Shenandoah Telecom Co		1,296
	14,641		Spok Holdings, Inc		220
	368,092	*	Sprint Corp		2,418
	70,982		Telephone & Data Systems, Inc		2,158
	199,928	*	T-Mobile US, Inc		14,823
	9,529	*	US Cellular Corp		426
	2,693,889		Verizon Communications, Inc		153,902
	143,849	*	Vonage Holdings Corp		1,630
	134,804	*	Zayo Group Holdings, Inc		4,436
			TOTAL TELECOMMUNICATION SERVICES		355,717

TRANSPORTATION - 2.0%
	37,928	*	Air Transport Services Group, Inc		925
	77,886		Alaska Air Group, Inc		4,978
	8,722		Allegiant Travel Co		1,252
	5,749		Amerco, Inc		2,176
	271,150		American Airlines Group, Inc		8,842
	19,331		Arkansas Best Corp		543
	16,948	*	Atlas Air Worldwide Holdings, Inc		757
	41,208	*	Avis Budget Group, Inc		1,449
	88,271		CH Robinson Worldwide, Inc		7,446
	21,812		Copa Holdings S.A. (Class A)		2,128
	23,634		Costamare, Inc		121
	8,672	*	Covenant Transportation Group, Inc		128

320

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	505,910		CSX Corp	$	39,142
	14,173	*	Daseke, Inc		51
	379,034		Delta Air Lines, Inc		21,510
	28,818	*	Eagle Bulk Shipping, Inc		151
	21,041	*	Echo Global Logistics, Inc		439
	104,823		Expeditors International of Washington, Inc		7,952
	159,852		FedEx Corp		26,246
	20,963		Forward Air Corp		1,240
	6,118	*	Genco Shipping & Trading Ltd		52
	37,162	*	Genesee & Wyoming, Inc (Class A)		3,716
	36,387		Hawaiian Holdings, Inc		998
	33,759		Heartland Express, Inc		610
	40,162	*,e	Hertz Global Holdings, Inc		641
	21,791	*	Hub Group, Inc (Class A)		915
	56,707		JB Hunt Transport Services, Inc		5,184
	182,861	*	JetBlue Airways Corp		3,381
	64,963		Kansas City Southern Industries, Inc		7,914
	37,438	*	Kirby Corp		2,958
	87,818		Knight-Swift Transportation Holdings, Inc		2,884
	25,122		Landstar System, Inc		2,713
	21,177	*	Lyft, Inc (Class A)		1,392
	55,800		Macquarie Infrastructure Co LLC		2,262
	23,235		Marten Transport Ltd		422
	32,238		Matson, Inc		1,252
	173,050		Norfolk Southern Corp		34,494
	43,304		Old Dominion Freight Line		6,464
	6,136		Park-Ohio Holdings Corp		200
	29,335	*	Radiant Logistics, Inc		180
	30,762		Ryder System, Inc		1,793
	33,371	*	Safe Bulkers, Inc		52
	18,094	*	Saia, Inc		1,170
	22,723		Schneider National, Inc		414
	40,927		Scorpio Bulkers, Inc		188
	37,279		Skywest, Inc		2,262
	321,924		Southwest Airlines Co		16,347
	50,261	*	Spirit Airlines, Inc		2,399
	117,286	*	Uber Technologies, Inc		5,440
	460,871		Union Pacific Corp		77,938
	154,858	*	United Continental Holdings, Inc		13,558
	454,471		United Parcel Service, Inc (Class B)		46,933
	6,297		Universal Truckload Services, Inc		141
	14,010	*,e	US Xpress Enterprises, Inc		72
	31,167	e	Werner Enterprises, Inc		969
	59,513	*,e	XPO Logistics, Inc		3,440
	23,809	*	YRC Worldwide, Inc		96
			TOTAL TRANSPORTATION		379,320

UTILITIES - 3.2%
	451,060		AES Corp		7,560
	30,256		Allete, Inc		2,518
	148,965		Alliant Energy Corp		7,311
	157,895		Ameren Corp		11,860
	322,084		American Electric Power Co, Inc		28,347
	25,230		American States Water Co		1,898

321

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES			COMPANY	(000)
	117,462		American Water Works Co, Inc	$	13,626
	134,955		Aqua America, Inc		5,583
	8,231	*,e	AquaVenture Holdings Ltd		164
	4,909		Artesian Resources Corp		182
	92,825	*,e	Atlantic Power Corp		225
	75,733		Atmos Energy Corp		7,994
	27,653		Avangrid, Inc		1,396
	33,562		Avista Corp		1,497
	36,321		Black Hills Corp		2,839
	15,011	*,e	Cadiz, Inc		169
	35,650		California Water Service Group		1,805
	338,271		Centerpoint Energy, Inc		9,685
	11,318		Chesapeake Utilities Corp		1,075
	24,011		Clearway Energy, Inc (Class A)		389
	47,061		Clearway Energy, Inc (Class C)		793
	188,591		CMS Energy Corp		10,921
	8,405		Connecticut Water Service, Inc		586
	213,086		Consolidated Edison, Inc		18,683
	10,961		Consolidated Water Co, Inc		156
	521,403		Dominion Resources, Inc		40,315
	118,724		DTE Energy Co		15,182
	473,983		Duke Energy Corp		41,824
	205,070		Edison International		13,824
	27,569		El Paso Electric Co		1,803
	123,427		Entergy Corp		12,704
	165,373		Evergy, Inc		9,947
	203,372		Eversource Energy		15,407
	629,117		Exelon Corp		30,160
	345,369		FirstEnergy Corp		14,785
	6,410		Global Water Resources, Inc		67
	57,379		Hawaiian Electric Industries, Inc		2,499
	30,421		Idacorp, Inc		3,055
	119,020		MDU Resources Group, Inc		3,071
	24,502		MGE Energy, Inc		1,791
	11,759		Middlesex Water Co		697
	44,613		National Fuel Gas Co		2,353
	62,202		New Jersey Resources Corp		3,096
	311,502		NextEra Energy, Inc		63,814
	234,601		NiSource, Inc		6,757
	14,483		Northwest Natural Holding Co		1,007
	35,112		NorthWestern Corp		2,533
	183,501		NRG Energy, Inc		6,445
	142,240		OGE Energy Corp		6,054
	36,272		ONE Gas, Inc		3,275
	26,977		Ormat Technologies, Inc		1,710
	27,545		Otter Tail Corp		1,455
	50,689		Pattern Energy Group, Inc		1,170
	313,259	*,b	PG&E Corp		7,180
	73,930		Pinnacle West Capital Corp		6,956
	55,254		PNM Resources, Inc		2,813
	60,652		Portland General Electric Co		3,286
	461,227		PPL Corp		14,303
	324,557		Public Service Enterprise Group, Inc		19,090

322

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

	SHARES		COMPANY	VALUE (000)
	11,616	*	Pure Cycle Corp	$	123
	4,887		RGC Resources, Inc		149
	176,334		Sempra Energy		24,235
	12,005		SJW Corp		730
	58,642		South Jersey Industries, Inc		1,978
	668,547		Southern Co		36,957
	34,400		Southwest Gas Corp		3,083
	7,544	e	Spark Energy, Inc		84
	33,979		Spire, Inc		2,852
	49,399		TerraForm Power, Inc		706
	113,045		UGI Corp		6,038
	10,272		Unitil Corp		615
	255,191		Vistra Energy Corp		5,778
	202,695		WEC Energy Group, Inc		16,899
	334,606		Xcel Energy, Inc		19,906
	9,006		York Water Co		322
			TOTAL UTILITIES		618,145

			TOTAL COMMON STOCKS		19,090,366
			(Cost $8,305,287)

RIGHTS / WARRANTS - 0.0%

COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	80,085	†	Media General, Inc		0
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		0

MATERIALS - 0.0%
	20,886	†	A Schulman, Inc		9
	207,059	†	Pan American Silver Corp		47
			TOTAL MATERIALS		56

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	4,045	†	Omthera Pharmaceuticals, Inc		3
	6,981		Tobira Therapeutics, Inc		0	^
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		3

TRANSPORTATION - 0.0%
	40,162	e	Hertz Global Holdings, Inc		78
			TOTAL TRANSPORTATION		78

			TOTAL RIGHTS / WARRANTS		137
			(Cost $715)

PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.2%

GOVERNMENT AGENCY DEBT - 0.2%
$	10,000,000	Federal Home Loan Bank (FHLB)		2.100	%	07/01/19	10,000
	33,088,000	FHLB		2.197		07/19/19	33,052
		TOTAL GOVERNMENT AGENCY DEBT					43,052

TREASURY DEBT - 0.3%
	1,440,000	United States Treasury Bill		2.246		07/09/19	1,439
	22,000,000	United States Treasury Bill		2.068		07/23/19	21,972

323

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	37,590,000		United States Treasury Bill		2.057	%	08/15/19	$	37,493
			TOTAL TREASURY DEBT						60,904

	SHARES		COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.7%
	135,491,337	c	State Street Navigator Securities Lending Government Money Market Portfolio						135,491
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						135,491

			TOTAL SHORT-TERM INVESTMENTS						239,447
			(Cost $239,448)
			TOTAL INVESTMENTS - 100.5%						19,329,950
			(Cost $8,545,450)
			OTHER ASSETS & LIABILITIES, NET - (0.5)%						(99,801	)
			NET ASSETS - 100.0%					$	19,230,149


			Abbreviation(s):
	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.
	b		In bankruptcy
	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 $175,921,102.

Cost amounts are in thousands.

Futures contracts outstanding as of June 30, 2019 were as follows (notional amounts and values are in thousands):

Description	Number of long (short) contracts	Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
Russell 2000 E Mini Index	132	09/20/19	$	10,268	$	10,343	$	75
S&P 500 E Mini Index	639	09/20/19	94,352			94,067		(285	)
S&P Mid-Cap 400 E Mini Index	53	09/20/19	10,260			10,335		75
Total	824		$	114,880	$	114,745	$	(135	)

324

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND

BOND MARKET ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
BANK LOAN OBLIGATIONS - 0.2%

CAPITAL GOODS - 0.0%
$	313,861	i	Avolon TLB Borrower US LLC	LIBOR 1 M + 1.750%		4.130	%	01/15/25	$	313
	1,466,250	i	Berry Global, Inc	LIBOR 1 M + 2.000%		4.490		01/19/24		1,451
	1,385,930	i	TransDigm, Inc	LIBOR 3 M + 2.500%		4.830		08/22/24		1,356
			TOTAL CAPITAL GOODS							3,120

COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	1,042,125	i	United Rentals North America, Inc	LIBOR 1 M + 1.750%		4.150		10/31/25		1,041
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							1,041

CONSUMER DURABLES & APPAREL - 0.0%
	888,750	i	Hanesbrands, Inc	LIBOR 1 M + 1.750%		4.190		12/16/24		889
	1,485,000	i	Samsonite IP Holdings Sarl	LIBOR 1 M + 1.750%		4.150		04/25/25		1,449
			TOTAL CONSUMER DURABLES & APPAREL							2,338

CONSUMER SERVICES - 0.0%
	488,750	i	1011778 BC / New Red Finance, Inc	LIBOR 1 M + 2.250%		4.650		02/16/24		485
	461,994	i	Boyd Gaming Corp	LIBOR 1 W + 2.250%		4.620		09/15/23		459
	1,185,720	i	Las Vegas Sands LLC	LIBOR 1 M + 1.750%		4.150		03/27/25		1,176
	705,234	i	YUM! Brands	LIBOR 1 M + 1.750%		4.130		04/03/25		702
			TOTAL CONSUMER SERVICES							2,822

FOOD & STAPLES RETAILING - 0.0%
	204,820	i	Albertsons LLC	LIBOR 1 M + 3.000%		5.400		06/22/23		204
			TOTAL FOOD & STAPLES RETAILING							204

FOOD, BEVERAGE & TOBACCO - 0.0%
	595,227	i	Post Holdings, Inc	LIBOR 1 M + 2.000%		4.400		05/24/24		592
			TOTAL FOOD, BEVERAGE & TOBACCO							592

HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	122,500	i	Endo Luxembourg Finance I Co Sarl	LIBOR 1 M + 4.250%		6.690		04/29/24		115
	1,039,264	i	Envision Healthcare Corp	LIBOR 1 M + 3.750%		6.150		10/10/25		916
	163,504	i	Mallinckrodt International Finance S.A.	LIBOR 3 M + 2.750%		5.080		09/24/24		147
	1,438,951	i	Team Health Holdings, Inc	LIBOR 1 M + 2.750%		5.150		02/06/24		1,272
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							2,450

MATERIALS - 0.1%
	492,500	i	Ineos US Finance LLC	LIBOR 1 M + 2.000%		4.400		03/31/24		485
	1,197,000	i	Messer Industries USA, Inc	LIBOR 3 M + 2.500%		4.830		03/01/26		1,180
	1,394,117	i	PolyOne Corp	LIBOR 1 M + 1.750%		4.161		01/30/26		1,389
	448,875	i	Starfruit US Holdco LLC	LIBOR 1 M + 3.250%		5.670		10/01/25		441
			TOTAL MATERIALS							3,495

MEDIA & ENTERTAINMENT - 0.0%
	725,000	i	CSC Holdings LLC	LIBOR 1 M + 3.000%		5.390		04/15/27		725

325

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	982,240	i	Lions Gate Capital Holdings LLC	LIBOR 1 M + 2.250%		4.650	%	03/24/25	$	974
	538,608	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		4.410		10/04/23		533
			TOTAL MEDIA & ENTERTAINMENT							2,232

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	478,750	i	Change Healthcare Holdings LLC	LIBOR 1 M + 2.750%		5.150		03/01/24		475
	1,378,028	i	Valeant Pharmaceuticals International, Inc	LIBOR 1 M + 3.000%		5.410		06/02/25		1,377
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							1,852

REAL ESTATE - 0.1%
	1,389,500	i	DTZ US Borrower LLC	LIBOR 1 M + 3.250%		5.650		08/21/25		1,383
	1,880,270	i	MGM Growth Properties LLC	LIBOR 1 M + 2.000%		4.400		03/23/25		1,867
			TOTAL REAL ESTATE							3,250

SOFTWARE & SERVICES - 0.0%
	263,670	i	First Data Corp	LIBOR 1 M + 2.000%		4.400		07/08/22		263
	97,517	i	Sabre GLBL, Inc	LIBOR 1 M + 2.000%		4.400		02/22/24		97
			TOTAL SOFTWARE & SERVICES							360

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	1,488,665	i	Dell International LLC	LIBOR 1 M + 2.000%		4.410		09/07/23		1,480
	1,286,696	i	Plantronics, Inc	LIBOR 1 M + 2.500%		4.900		07/02/25		1,278
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							2,758

TRANSPORTATION - 0.0%
	1,659,808	i	American Airlines, Inc	LIBOR 1 M + 2.000%		4.390		12/14/23		1,633
	541,337	i	Vouvray US Finance, LLC	LIBOR 1 M + 3.000%		5.400		03/11/24		472
			TOTAL TRANSPORTATION							2,105

UTILITIES - 0.0%
	750,000	i	Virgin Media Bristol LLC	LIBOR 1 M + 2.500%		4.890		01/15/26		747
			TOTAL UTILITIES							747

			TOTAL BANK LOAN OBLIGATIONS							29,366
			(Cost $29,976)

BONDS - 97.4%

CORPORATE BONDS - 31.7%

AUTOMOBILES & COMPONENTS - 0.3%
EUR	650,000	g	Adient Global Holdings Ltd			3.500		08/15/24		613
$	4,247,000		Aptiv plc			4.350		03/15/29		4,474
	3,300,000		General Motors Co			4.200		10/01/27		3,323
	6,950,000		General Motors Co			6.600		04/01/36		7,694
	3,350,000		General Motors Co			6.250		10/02/43		3,563
	6,500,000		General Motors Co			5.200		04/01/45		6,248
	1,925,000		General Motors Co			6.750		04/01/46		2,176
	50,000	g	Hyundai Capital America			3.250		09/20/22		51
	4,000,000	g	Hyundai Capital America			4.125		06/08/23		4,148
	4,600,000	g	Hyundai Capital America			2.750		09/27/26		4,333
EUR	400,000	g,o	IHO Verwaltungs GmbH			3.750		09/15/26		461
$	8,675,000		Magna International, Inc			3.625		06/15/24		9,076
			TOTAL AUTOMOBILES & COMPONENTS							46,160

326

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
BANKS - 6.7%
$	3,075,000	g	Akbank TAS		7.200	%	03/16/27	$	2,719
	4,400,000	g	Banco del Estado de Chile		2.668		01/08/21		4,400
	300,000	g	Banco General S.A.		4.125		08/07/27		303
	3,800,000	g	Banco Internacional del Peru SAA Interbank		3.375		01/18/23		3,815
	3,800,000		Banco Santander S.A.		3.800		02/23/28		3,880
	5,000,000	g	Bank Nederlandse Gemeenten		2.625		04/28/21		5,060
	2,350,000	g	Bank Nederlandse Gemeenten NV		2.500		02/28/20		2,355
	15,900,000		Bank of America Corp		2.151		11/09/20		15,848
	15,000,000		Bank of America Corp		3.864		07/23/24		15,734
EUR	400,000		Bank of America Corp		1.375		03/26/25		482
$	10,200,000		Bank of America Corp		3.875		08/01/25		10,910
	14,900,000		Bank of America Corp		3.559		04/23/27		15,521
EUR	300,000		Bank of America Corp		1.776		05/04/27		366
$	28,050,000		Bank of America Corp		3.248		10/21/27		28,728
	7,300,000		Bank of America Corp		3.419		12/20/28		7,517
	10,000,000		Bank of America Corp		4.271		07/23/29		10,917
	19,325,000		Bank of America Corp		3.974		02/07/30		20,697
	25,000,000		Bank of Nova Scotia		2.125		09/11/19		24,989
	5,450,000	g	Bank of Tokyo-Mitsubishi UFJ Ltd		2.350		09/08/19		5,449
	5,900,000		Barclays plc		4.338		05/16/24		6,092
	6,700,000		Barclays plc		3.650		03/16/25		6,733
	10,000,000		Barclays plc		3.932		05/07/25		10,173
	18,400,000	g	BNG Bank NV		3.000		09/20/23		19,197
	20,320,000		Capital One Bank USA NA		2.350		01/31/20		20,310
	9,750,000		Capital One Bank USA NA		2.650		08/08/22		9,798
	20,775,000		Capital One Bank USA NA		3.375		02/15/23		21,184
EUR	250,000		Citigroup, Inc		1.500		07/24/26		300
$	50,075,000		Citigroup, Inc		3.200		10/21/26		51,093
	6,575,000		Citigroup, Inc		4.300		11/20/26		6,980
	10,850,000		Citigroup, Inc		3.668		07/24/28		11,318
	7,400,000		Citizens Bank NA		2.650		05/26/22		7,455
	6,875,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA		3.950		11/09/22		7,129
	5,650,000	g	Cooperatieve Rabobank UA		3.875		09/26/23		5,957
	15,225,000		Cooperatieve Rabobank UA		3.750		07/21/26		15,538
	5,500,000	g	Credit Agricole S.A.		2.375		07/01/21		5,507
	11,050,000	g	Credit Agricole S.A.		3.250		10/04/24		11,264
	2,450,000	g	DBS Group Holdings Ltd		4.520		12/11/28		2,596
	4,875,000		Discover Bank		3.200		08/09/21		4,946
	8,455,000		Discover Bank		3.450		07/27/26		8,598
	5,150,000		HSBC Holdings plc		2.650		01/05/22		5,168
	6,575,000		HSBC Holdings plc		3.262		03/13/23		6,689
GBP	500,000		HSBC Holdings plc		2.175		06/27/23		641
$	4,250,000		HSBC Holdings plc		3.033		11/22/23		4,302
	11,825,000		HSBC Holdings plc		3.900		05/25/26		12,374
	17,350,000		HSBC Holdings plc		4.292		09/12/26		18,446
	3,825,000		HSBC Holdings plc		4.375		11/23/26		4,042
	6,450,000		HSBC Holdings plc		4.041		03/13/28		6,773
	8,950,000		HSBC Holdings plc		3.973		05/22/30		9,338
	13,025,000		Huntington National Bank		2.500		08/07/22		13,099
	4,350,000	g	ING Groep NV		4.625		01/06/26		4,743
	2,125,000	g	Intercorp Financial Services, Inc		4.125		10/19/27		2,134

327

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	10,850,000		JPMorgan Chase & Co		2.776	%	04/25/23	$	10,952
	4,850,000		JPMorgan Chase & Co		2.700		05/18/23		4,898
	20,400,000		JPMorgan Chase & Co		3.200		06/15/26		20,986
	21,275,000		JPMorgan Chase & Co		2.950		10/01/26		21,648
EUR	600,000		JPMorgan Chase & Co		1.638		05/18/28		733
$	12,000,000		JPMorgan Chase & Co		4.203		07/23/29		13,114
	14,500,000		JPMorgan Chase & Co		3.702		05/06/30		15,282
	5,750,000		JPMorgan Chase & Co		3.882		07/24/38		6,022
	46,225,000		JPMorgan Chase Bank NA		3.086		04/26/21		46,467
	2,700,000		KeyBank NA		2.500		12/15/19		2,700
	9,950,000		Manufacturers & Traders Trust Co		2.100		02/06/20		9,938
	12,500,000		Mitsubishi UFJ Financial Group, Inc		3.761		07/26/23		13,085
	5,775,000		Mitsubishi UFJ Financial Group, Inc		3.741		03/07/29		6,194
	5,700,000		MUFG Americas Holdings Corp		3.500		06/18/22		5,877
	17,000,000		PNC Bank NA		2.600		07/21/20		17,052
	5,625,000		PNC Bank NA		2.450		11/05/20		5,638
	10,950,000		PNC Bank NA		2.700		11/01/22		11,056
	6,000,000		PNC Financial Services Group, Inc		3.900		04/29/24		6,315
	40,000,000		Royal Bank of Canada		1.875		02/05/20		39,897
	30,000,000	g	Royal Bank of Canada		3.350		10/22/21		30,843
	11,800,000		Royal Bank of Canada		3.700		10/05/23		12,427
	9,350,000		Santander Holdings USA, Inc		3.400		01/18/23		9,484
	4,825,000		Santander Holdings USA, Inc		4.400		07/13/27		5,033
	13,100,000	g	Skandinaviska Enskilda Banken AB		2.625		11/17/20		13,143
	400,000	g	State Bank of India		4.375		01/24/24		418
	6,650,000		Sumitomo Mitsui Banking Corp		2.450		01/16/20		6,651
	13,875,000		Sumitomo Mitsui Financial Group, Inc		2.442		10/19/21		13,897
	3,675,000		Sumitomo Mitsui Financial Group, Inc		2.778		10/18/22		3,711
	6,850,000		SunTrust Bank		3.525		10/26/21		6,952
	3,900,000		SunTrust Bank		4.050		11/03/25		4,204
	5,700,000		SunTrust Bank, Inc		2.750		05/01/23		5,740
	13,700,000		Toronto-Dominion Bank		1.850		09/11/20		13,658
	2,350,000		Toronto-Dominion Bank		3.625		09/15/31		2,394
	3,000,000	g	Turkiye Is Bankasi		6.125		04/25/24		2,744
	5,000,000	g	UBS AG.		2.450		12/01/20		5,005
	7,575,000		Wells Fargo Bank NA		3.325		07/23/21		7,646
	10,000,000		Westpac Banking Corp		2.750		01/11/23		10,127
	8,475,000		Westpac Banking Corp		4.322		11/23/31		8,771
	3,000,000	g	Yapi ve Kredi Bankasi AS.		6.100		03/16/23		2,868
			TOTAL BANKS						923,177

CAPITAL GOODS - 0.9%
GBP	1,000,000		BAE Systems plc		4.125		06/08/22		1,364
$	4,575,000		General Electric Co		4.125		10/09/42		4,209
	1,925,000	g	Gold Fields Orogen Holdings BVI Ltd		5.125		05/15/24		2,008
EUR	1,000,000		Illinois Tool Works, Inc		1.250		05/22/23		1,190
$	7,125,000		Ingersoll-Rand Luxembourg Finance S.A.		3.800		03/21/29		7,472
	2,875,000		Lam Research Corp		3.750		03/15/26		3,017
	3,275,000		Lam Research Corp		4.000		03/15/29		3,486
	8,350,000		Lockheed Martin Corp		2.500		11/23/20		8,382
	6,375,000	g	Molex Electronic Technologies LLC		2.878		04/15/20		6,378
	9,825,000	g	Molex Electronic Technologies LLC		3.900		04/15/25		10,145
	1,725,000		Mosaic Co		4.875		11/15/41		1,734
EUR	500,000		Parker-Hannifin Corp		1.125		03/01/25		583

328

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	9,375,000		Parker-Hannifin Corp		3.250	%	06/14/29	$	9,719
	2,900,000		Parker-Hannifin Corp		4.000		06/14/49		3,061
	5,050,000	g	Rolls-Royce plc		2.375		10/14/20		5,041
	1,850,000	g	Rolls-Royce plc		3.625		10/14/25		1,914
	5,475,000		Roper Technologies, Inc		3.800		12/15/26		5,715
	250,000	g	Sigma Alimentos S.A. de C.V.		4.125		05/02/26		252
	350,000	g	Stena AB		7.000		02/01/24		336
	2,075,000		Textron, Inc		3.875		03/01/25		2,171
	650,000		Trimble, Inc		4.900		06/15/28		696
	2,400,000		United Technologies Corp		3.650		08/16/23		2,512
	7,681,000		United Technologies Corp		2.800		05/04/24		7,792
EUR	500,000		United Technologies Corp		1.150		05/18/24		592
$	20,450,000		United Technologies Corp		4.125		11/16/28		22,455
	6,665,000		United Technologies Corp		4.500		06/01/42		7,525
			TOTAL CAPITAL GOODS						119,749

COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
	1,425,000		ADT Corp		6.250		10/15/21		1,507
	1,875,000		AECOM		5.875		10/15/24		2,031
	2,350,000	g	Prime Security Services Borrower LLC		5.250		04/15/24		2,391
EUR	500,000		RELX Capital, Inc		1.300		05/12/25		598
$	11,102,000		Republic Services, Inc		3.550		06/01/22		11,454
	7,971,000		Republic Services, Inc		2.900		07/01/26		8,010
	1,000,000		United Rentals North America, Inc		4.625		10/15/25		1,016
	9,650,000		Waste Management, Inc		2.900		09/15/22		9,898
	3,600,000		Waste Management, Inc		2.950		06/15/24		3,701
	9,700,000		Waste Management, Inc		3.150		11/15/27		10,012
	7,250,000		Waste Management, Inc		3.450		06/15/29		7,625
	2,225,000		Waste Management, Inc		4.100		03/01/45		2,425
	3,475,000		Waste Management, Inc		4.150		07/15/49		3,816
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						64,484

CONSUMER DURABLES & APPAREL - 0.1%
	1,600,000		Leggett & Platt, Inc		4.400		03/15/29		1,677
	8,075,000		Newell Rubbermaid, Inc		4.200		04/01/26		8,022
			TOTAL CONSUMER DURABLES & APPAREL						9,699

CONSUMER SERVICES - 1.2%
	9,820,000		Amherst College		4.100		11/01/45		10,742
	29,085,000		Anheuser-Busch Cos LLC		3.650		02/01/26		30,591
	5,500,000		Anheuser-Busch Cos LLC		4.900		02/01/46		6,113
EUR	680,000	g	Aramark International Finance Sarl		3.125		04/01/25		798
$	600,000		Boyd Gaming Corp		6.000		08/15/26		631
	2,000,000		Duke University		3.199		10/01/38		1,986
	4,500,000		George Washington University		3.545		09/15/46		4,532
	1,610,000	g	International Game Technology		6.250		02/15/22		1,701
	1,610,000	g	International Game Technology		6.500		02/15/25		1,760
EUR	500,000	g	International Game Technology plc		4.750		02/15/23		634
$	5,000,000		Johns Hopkins University		4.083		07/01/53		5,530
	750,000		MGM Resorts International		4.625		09/01/26		754
	9,605,000		Northwestern University		3.812		12/01/50		9,833

329

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	8,000,000		President and Fellows of Harvard College		3.529	%	10/01/31	$	8,628
	14,250,000		President and Fellows of Harvard College		3.619		10/01/37		15,205
	200,000		Sands China Ltd		5.125		08/08/25		214
	2,100,000		Sands China Ltd		5.400		08/08/28		2,280
	1,000,000	g	Scientific Games International, Inc		5.000		10/15/25		1,010
EUR	500,000	g	Scientific Games International, Inc		3.375		02/15/26		570
$	2,600,000	g	ServiceMaster Co LLC		5.125		11/15/24		2,675
	15,000,000		Smith College		4.620		07/01/45		17,768
	6,600,000		Trustees of Dartmouth College		3.474		06/01/46		6,763
	21,000,000		University of Chicago		4.151		10/01/45		21,171
			TOTAL CONSUMER SERVICES						151,889

DIVERSIFIED FINANCIALS - 3.5%
	4,920,000		AerCap Ireland Capital DAC		3.500		01/15/25		4,946
	5,525,000		American Express Co		2.500		08/01/22		5,558
	4,000,000		American Express Co		3.700		08/03/23		4,197
	2,775,000		American Express Credit Corp		3.300		05/03/27		2,911
	3,975,000		Ameriprise Financial, Inc		3.000		03/22/22		4,047
	6,000,000		Australia & New Zealand Banking Group Ltd		2.625		05/19/22		6,055
	500,000		AXA Equitable Holdings, Inc		5.000		04/20/48		515
	5,350,000		Bank of Montreal		3.803		12/15/32		5,425
	300,000	g	BBVA Bancomer S.A.		5.350		11/12/29		295
	4,000,000	g	BBVA Bancomer S.A.		5.125		01/18/33		3,849
	10,525,000		Berkshire Hathaway, Inc		3.125		03/15/26		10,931
	2,450,000	g	BPCE S.A.		4.000		09/12/23		2,560
	5,224,000	g	BPCE S.A.		4.625		07/11/24		5,515
	1,733,000	g	BPCE S.A.		4.500		03/15/25		1,826
	26,000,000	g	Canadian Imperial Bank of Commerce		3.150		06/27/21		26,520
EUR	150,000		Capital One Financial Corp		0.800		06/12/24		172
$	9,800,000	g	Credit Suisse Group AG.		2.997		12/14/23		9,879
EUR	250,000	g	Credit Suisse Group AG.		1.250		07/17/25		296
$	3,900,000	g	Credit Suisse Group AG.		4.282		01/09/28		4,115
	7,700,000		Credit Suisse Group Funding Guernsey Ltd		3.800		06/09/23		7,982
	10,250,000		Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		10,699
	9,200,000		Deutsche Bank AG.		3.950		02/27/23		9,228
EUR	500,000		EDP Finance BV		1.125		02/12/24		592
$	4,975,000		Ford Motor Credit Co LLC		2.425		06/12/20		4,956
	4,000,000		Ford Motor Credit Co LLC		3.096		05/04/23		3,940
	12,925,000		Ford Motor Credit Co LLC		3.815		11/02/27		12,378
	4,825,000		GE Capital International Funding Co		3.373		11/15/25		4,881
	9,960,000		GE Capital International Funding Co		4.418		11/15/35		9,822
	1,432,000		General Electric Capital Corp		5.875		01/14/38		1,621
	108,000		General Electric Capital Corp		6.875		01/10/39		136
	6,500,000		General Motors Financial Co, Inc		3.950		04/13/24		6,638
	5,475,000		General Motors Financial Co, Inc		5.650		01/17/29		6,002
EUR	850,000		Goldman Sachs Group, Inc		2.000		07/27/23		1,031
$	13,575,000		Goldman Sachs Group, Inc		3.500		01/23/25		14,037
	18,250,000		Goldman Sachs Group, Inc		3.691		06/05/28		18,847
	6,600,000		Goldman Sachs Group, Inc		3.814		04/23/29		6,873
	6,075,000		Goldman Sachs Group, Inc		4.017		10/31/38		6,254
	7,675,000		Goldman Sachs Group, Inc		4.800		07/08/44		8,833
	1,453,463		Golondrina Leasing LLC		1.822		05/03/25		1,442
	1,065,749		Helios Leasing I LLC		2.018		05/29/24		1,062
	1,725,000		Icahn Enterprises LP		5.875		02/01/22		1,742

330

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	5,375,000	g	ICICI Bank Ltd		3.800	%	12/14/27	$	5,383
	5,000,000		International Lease Finance Corp		5.875		08/15/22		5,445
	3,050,000		Jefferies Group LLC		4.150		01/23/30		2,922
	1,625,000		Legg Mason, Inc		2.700		07/15/19		1,625
	1,305,000		Legg Mason, Inc		3.950		07/15/24		1,365
	7,625,000		Morgan Stanley		3.125		01/23/23		7,794
	2,750,000		Morgan Stanley		3.737		04/24/24		2,866
	24,800,000		Morgan Stanley		3.700		10/23/24		26,154
	32,125,000		Morgan Stanley		3.125		07/27/26		32,723
EUR	700,000		Morgan Stanley		1.342		10/23/26		832
$	1,925,000		Morgan Stanley		4.431		01/23/30		2,131
	21,300,000	g	OMERS Finance Trust		2.500		05/02/24		21,765
	2,950,036		Santa Rosa Leasing LLC		1.693		08/15/24		2,914
	17,580,000		Shire Acquisitions Investments Ireland DAC		3.200		09/23/26		17,753
	2,600,000	g	Swiss Re Finance Luxembourg SA		5.000		04/02/49		2,781
	9,269,000		Synchrony Financial		4.250		08/15/24		9,653
	6,625,000		TD Ameritrade Holding Corp		3.300		04/01/27		6,833
	10,157,000	g	UBS Group Funding Switzerland AG.		2.859		08/15/23		10,250
	9,775,000		Unilever Capital Corp		2.900		05/05/27		9,993
	2,550,000	g	United Overseas Bank Ltd		3.750		04/15/29		2,629
	45,550,000		Wells Fargo & Co		2.625		07/22/22		45,896
	8,400,000		Wells Fargo & Co		3.750		01/24/24		8,828
	5,300,000		Wells Fargo & Co		3.550		09/29/25		5,530
	13,850,000		Wells Fargo & Co		3.000		04/22/26		14,005
			TOTAL DIVERSIFIED FINANCIALS						486,678

ENERGY - 2.9%
	1,825,000	g	Abu Dhabi Crude Oil Pipeline LLC		4.600		11/02/47		2,003
	2,375,000		AmeriGas Partners LP		5.625		05/20/24		2,529
	1,050,000		AmeriGas Partners LP		5.875		08/20/26		1,113
	4,200,000		Anadarko Petroleum Corp		5.550		03/15/26		4,719
	5,925,000		Anadarko Petroleum Corp		4.500		07/15/44		6,062
	2,900,000		Apache Corp		4.750		04/15/43		2,825
	1,575,000	g	APT Pipelines Ltd		4.250		07/15/27		1,651
	3,800,000		BP Capital Markets America, Inc		2.520		09/19/22		3,829
	3,105,000		BP Capital Markets America, Inc		3.224		04/14/24		3,214
	13,000,000		BP Capital Markets America, Inc		3.796		09/21/25		13,865
	7,500,000		BP Capital Markets America, Inc		3.588		04/14/27		7,869
	6,575,000		BP Capital Markets plc		3.279		09/19/27		6,791
	699,000	g	California Resources Corp		8.000		12/15/22		527
	478,000	†	California Resources Corp		6.000		11/15/24		277
	2,900,000		Cenovus Energy, Inc		4.250		04/15/27		2,999
	2,800,000	g	Cheniere Energy Partners LP		5.625		10/01/26		2,954
	3,025,000		Cimarex Energy Co		3.900		05/15/27		3,107
	5,800,000		Cimarex Energy Co		4.375		03/15/29		6,155
	6,150,000		Concho Resources, Inc		3.750		10/01/27		6,371
	2,375,000		Crestwood Midstream Partners LP		5.750		04/01/25		2,405
	150,000		Ecopetrol S.A.		5.375		06/26/26		165
	2,000,000		Ecopetrol S.A.		5.875		05/28/45		2,212
	7,750,000		Enbridge, Inc		3.700		07/15/27		8,001
	11,435,000		Energy Transfer Operating LP		5.250		04/15/29		12,788
	8,700,000		Energy Transfer Operating LP		6.250		04/15/49		10,298
	8,400,000		Energy Transfer Partners LP		4.750		01/15/26		8,997

331

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	7,850,000		Energy Transfer Partners LP		4.950	%	06/15/28	$	8,579
	5,125,000		Enterprise Products Operating LLC		3.700		02/15/26		5,423
	6,275,000	h	Enterprise Products Operating LLC		3.125		07/31/29		6,307
	1,250,000		Enterprise Products Operating LLC		4.900		05/15/46		1,401
	4,025,000		Enterprise Products Operating LLC		4.250		02/15/48		4,164
	6,200,000		Enterprise Products Operating LLC		4.800		02/01/49		6,932
	4,200,000	h	Enterprise Products Operating LLC		4.200		01/31/50		4,314
	2,250,000		Exterran Partners LP		6.000		10/01/22		2,278
	300,000	g	Gazprom OAO Via Gaz Capital S.A.		4.950		03/23/27		317
	2,000,000	g	KazMunayGas National Co JSC		5.375		04/24/30		2,213
	4,850,000		Kinder Morgan Energy Partners LP		5.400		09/01/44		5,371
	2,065,000		Kinder Morgan, Inc		5.300		12/01/34		2,334
	5,030,000		Marathon Oil Corp		2.700		06/01/20		5,034
	2,000,000		Marathon Oil Corp		4.400		07/15/27		2,124
	6,500,000		Marathon Petroleum Corp		3.800		04/01/28		6,604
	5,850,000		MPLX LP		4.000		03/15/28		6,072
	12,525,000		MPLX LP		4.500		04/15/38		12,634
	6,150,000		MPLX LP		4.700		04/15/48		6,291
	900,000		Noble Energy, Inc		3.900		11/15/24		939
	9,500,000		Noble Energy, Inc		3.850		01/15/28		9,718
	6,075,000		Noble Energy, Inc		5.050		11/15/44		6,455
	1,500,000		Noble Energy, Inc		4.950		08/15/47		1,590
	3,500,000		ONE Gas, Inc		3.610		02/01/24		3,657
	4,000,000		ONEOK, Inc		4.000		07/13/27		4,156
	12,150,000		ONEOK, Inc		4.350		03/15/29		12,984
	3,000,000	g	Pertamina Persero PT		4.300		05/20/23		3,130
	3,050,000	g	Peru LNG Srl		5.375		03/22/30		3,274
	2,025,000		Petrobras Global Finance BV		5.299		01/27/25		2,149
	2,335,000		Petrobras Global Finance BV		5.999		01/27/28		2,482
	750,000		Petrobras Global Finance BV		7.250		03/17/44		839
	4,000,000		Petroleos Mexicanos		6.375		02/04/21		4,104
EUR	375,000		Petroleos Mexicanos		1.875		04/21/22		410
$	7,000,000		Petroleos Mexicanos		1.950		12/20/22		6,968
	3,745,000		Petroleos Mexicanos		2.000		12/20/22		3,737
	6,000,000		Petroleos Mexicanos		3.500		01/30/23		5,693
	3,900,000		Petroleos Mexicanos		4.500		01/23/26		3,581
	3,775,000		Petroleos Mexicanos		6.500		03/13/27		3,723
	3,050,000		Petroleos Mexicanos		5.350		02/12/28		2,776
	6,575,000		Phillips 66 Partners LP		3.550		10/01/26		6,692
	3,275,000		Phillips 66 Partners LP		4.680		02/15/45		3,386
	1,600,000		Phillips 66 Partners LP		4.900		10/01/46		1,703
	614,000		Pioneer Natural Resources Co		7.500		01/15/20		630
	2,335,000		Range Resources Corp		5.000		08/15/22		2,224
	1,200,000		Regency Energy Partners LP		4.500		11/01/23		1,267
	3,000,000	g	Reliance Industries Ltd		3.667		11/30/27		3,025
	2,650,000	g	Rio Oil Finance Trust		8.200		04/06/28		2,975
	9,875,000		Sabine Pass Liquefaction LLC		4.200		03/15/28		10,367
	5,550,000		Shell International Finance BV		2.250		01/06/23		5,559
	4,875,000		Shell International Finance BV		3.250		05/11/25		5,098
	6,825,000		Shell International Finance BV		4.000		05/10/46		7,483
	3,950,000		Spectra Energy Partners LP		3.500		03/15/25		4,052
	6,500,000		Sunoco Logistics Partners Operations LP		4.000		10/01/27		6,693
	1,925,000		Sunoco Logistics Partners Operations LP		5.400		10/01/47		2,045
	1,000,000		Sunoco LP		4.875		01/15/23		1,021

332

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	600,000		Targa Resources Partners LP		5.125	%	02/01/25	$	619
	1,000,000		Targa Resources Partners LP		5.875		04/15/26		1,060
	425,000	g	Targa Resources Partners LP		6.500		07/15/27		463
	1,250,000	g	Targa Resources Partners LP		6.875		01/15/29		1,384
EUR	600,000		Total Capital International S.A.		2.500		03/25/26		792
$	21,650,000		TransCanada PipeLines Ltd		4.250		05/15/28		23,376
	2,500,000		Vale Overseas Ltd		6.250		08/10/26		2,840
	6,150,000		Valero Energy Partners LP		4.500		03/15/28		6,519
	5,075,000		Williams Partners LP		3.600		03/15/22		5,210
	1,175,000		Williams Partners LP		4.900		01/15/45		1,237
	350,000		WPX Energy, Inc		8.250		08/01/23		399
	2,400,000		WPX Energy, Inc		5.250		09/15/24		2,454
	2,000,000	g	YPF S.A.		8.500		07/28/25		2,001
			TOTAL ENERGY						407,057

FOOD & STAPLES RETAILING - 0.9%
	9,200,000		CVS Health Corp		3.700		03/09/23		9,498
	15,950,000		CVS Health Corp		2.875		06/01/26		15,658
	16,055,000		CVS Health Corp		4.300		03/25/28		16,921
	20,300,000		CVS Health Corp		4.780		03/25/38		21,158
	8,350,000		CVS Health Corp		5.050		03/25/48		8,881
	2,900,000		Ingles Markets, Inc		5.750		06/15/23		2,965
	5,575,000		Kroger Co		3.700		08/01/27		5,743
	2,450,000		Kroger Co		4.500		01/15/29		2,666
EUR	1,000,000		SYSCO Corp		1.250		06/23/23		1,178
$	22,300,000		Walmart, Inc		3.700		06/26/28		24,341
	9,350,000		Walmart, Inc		3.250		07/08/29		9,858
	6,150,000		Walmart, Inc		3.950		06/28/38		6,846
			TOTAL FOOD & STAPLES RETAILING						125,713

FOOD, BEVERAGE & TOBACCO - 1.0%
	4,000,000		Altria Group, Inc		4.400		02/14/26		4,276
	3,500,000		Altria Group, Inc		4.800		02/14/29		3,775
	5,800,000		Altria Group, Inc		5.950		02/14/49		6,596
	6,691,000		Anheuser-Busch InBev Finance, Inc		2.650		02/01/21		6,726
	17,999,000		Anheuser-Busch InBev Finance, Inc		3.300		02/01/23		18,569
	6,600,000		Anheuser-Busch InBev Worldwide, Inc		4.150		01/23/25		7,142
	14,800,000		Anheuser-Busch InBev Worldwide, Inc		4.750		01/23/29		16,765
	6,000,000		Anheuser-Busch InBev Worldwide, Inc		5.450		01/23/39		7,128
	5,750,000		ConAgra Brands, Inc		4.850		11/01/28		6,364
	4,050,000		ConAgra Brands, Inc		5.300		11/01/38		4,398
	1,700,000		Constellation Brands, Inc		4.400		11/15/25		1,850
	8,200,000		Constellation Brands, Inc		3.600		02/15/28		8,452
	3,000,000	g	Corp Lindley S.A.		4.625		04/12/23		3,111
	5,800,000		Diageo Capital plc		3.500		09/18/23		6,068
	4,925,000		Diageo Capital plc		3.875		05/18/28		5,381
	3,700,000	g	Grupo Bimbo SAB de C.V.		4.700		N/A‡		3,791
	2,400,000	g	Grupo Bimbo SAB de C.V.		5.950		12/30/49		2,520
	3,900,000		Kellogg Co		3.400		11/15/27		3,970
	4,115,000		Mead Johnson Nutrition Co		4.900		11/01/19		4,146
	3,125,000		PepsiCo, Inc		3.450		10/06/46		3,209
	1,600,000		Philip Morris International, Inc		6.375		05/16/38		2,116
	2,700,000		Tyson Foods, Inc		3.900		09/28/23		2,844

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,600,000	Tyson Foods, Inc		3.550	%	06/02/27	$	4,765
	5,800,000	Tyson Foods, Inc		5.100		09/28/48		6,541
		TOTAL FOOD, BEVERAGE & TOBACCO						140,503

HEALTH CARE EQUIPMENT & SERVICES - 0.8%
	11,100,000	Anthem, Inc		3.650		12/01/27		11,531
EUR	430,000	Becton Dickinson and Co		1.401		05/24/23		507
	670,000	Becton Dickinson and Co		1.900		12/15/26		810
$	11,589,000	Becton Dickinson and Co		3.700		06/06/27		12,105
	4,850,000	Boston Scientific Corp		4.000		03/01/29		5,243
	19,230,000	Children’s Hospital Medic		4.268		05/15/44		21,683
	3,800,000	Covidien International Finance S.A.		3.200		06/15/22		3,904
	4,105,000	Dartmouth-Hitchcock Health		4.178		08/01/48		4,423
EUR	500,000	DH Europe Finance S.A.		1.200		06/30/27		585
$	4,225,000	HCA, Inc		5.625		09/01/28		4,573
	875,000	HCA, Inc		5.875		02/01/29		959
	5,000,000	HCA, Inc		5.500		06/15/47		5,336
	647,000	Medtronic, Inc		4.625		03/15/45		783
	12,500,000	Mercy Health		3.382		11/01/25		12,799
	5,000,000	New York and Presbyterian Hospital		3.563		08/01/36		5,040
EUR	500,000	Stryker Corp		2.125		11/30/27		637
	450,000	Stryker Corp		2.625		11/30/30		595
$	2,000,000	Tenet Healthcare Corp		4.375		10/01/21		2,030
	5,350,000	Thermo Fisher Scientific, Inc		2.950		09/19/26		5,386
EUR	300,000	Thermo Fisher Scientific, Inc		1.950		07/24/29		374
	325,000	Thermo Fisher Scientific, Inc		2.875		07/24/37		439
$	5,775,000	UnitedHealth Group, Inc		2.950		10/15/27		5,870
	4,625,000	UnitedHealth Group, Inc		3.750		10/15/47		4,735
	2,150,000	Zimmer Biomet Holdings, Inc		3.700		03/19/23		2,218
	3,745,000	Zimmer Holdings, Inc		3.550		04/01/25		3,859
		TOTAL HEALTH CARE EQUIPMENT & SERVICES						116,424

HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
EUR	600,000	The Procter & Gamble Company		0.625		10/30/24		702
	400,000	The Procter & Gamble Company		1.875		10/30/38		530
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS						1,232

INSURANCE - 1.0%
$	6,250,000	ACE INA Holdings, Inc		2.875		11/03/22		6,364
	1,925,000	Aetna, Inc		6.625		06/15/36		2,367
	5,500,000	Allstate Corp		3.280		12/15/26		5,745
	2,700,000	American Financial Group, Inc		3.500		08/15/26		2,715
EUR	650,000	American International Group, Inc		1.500		06/08/23		770
$	9,025,000	American International Group, Inc		3.900		04/01/26		9,442
	2,875,000	American International Group, Inc		4.200		04/01/28		3,073
	6,650,000	Aon Corp		3.750		05/02/29		6,934
	12,975,000	Aon plc		3.500		06/14/24		13,509
	2,400,000	Berkshire Hathaway Finance Corp		4.250		01/15/49		2,697
EUR	450,000	Chubb INA Holdings, Inc		0.875		06/15/27		518
	500,000	Chubb INA Holdings, Inc		1.550		03/15/28		604
	450,000	Chubb INA Holdings, Inc		1.400		06/15/31		522
$	3,525,000	CNA Financial Corp		3.950		05/15/24		3,718
	3,050,000	CNA Financial Corp		3.450		08/15/27		3,094

334

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	900,000		CNA Financial Corp			3.900	%	05/01/29	$	946
	5,665,000	g,i	Cranberry RE Ltd	LIBOR 6 M + 2.000%		3.952		07/13/20		5,631
EUR	250,000	g	Fairfax Financial Holdings Ltd			2.750		03/29/28		304
$	5,575,000	g	Five Corners Funding Trust			4.419		11/15/23		5,974
	1,350,000		Hartford Financial Services Group, Inc			4.300		04/15/43		1,426
	6,250,000		Humana, Inc			3.950		03/15/27		6,490
	728,000	g	Liberty Mutual Group, Inc			4.250		06/15/23		769
EUR	750,000		Liberty Mutual Group, Inc			2.750		05/04/26		941
$	2,572,000	g	Liberty Mutual Group, Inc			4.569		02/01/29		2,826
	1,350,000	g	Liberty Mutual Group, Inc			4.500		06/15/49		1,416
	2,425,000		Lincoln National Corp			3.800		03/01/28		2,544
	3,250,000		Markel Corp			3.500		11/01/27		3,241
	1,600,000		Marsh & McLennan Cos, Inc			3.500		06/03/24		1,668
	1,365,000		Marsh & McLennan Cos, Inc			3.500		03/10/25		1,422
	4,325,000		MetLife, Inc			3.600		11/13/25		4,592
	600,000		Principal Financial Group, Inc			3.700		05/15/29		628
	9,200,000		Prudential Financial, Inc			3.878		03/27/28		9,997
	3,000,000	g	Prudential Funding LLC			6.750		09/15/23		3,462
	4,150,000		Reinsurance Group of America, Inc			3.900		05/15/29		4,306
	1,250,000		Verisk Analytics, Inc			4.125		03/15/29		1,344
	7,750,000	g,i	Vitality Re IX Ltd			3.687		01/10/22		7,724
	3,500,000	g,i	Vitality Re X Ltd			3.837		01/10/23		3,506
	2,400,000		WR Berkley Corp			5.375		09/15/20		2,485
			TOTAL INSURANCE							135,714

MATERIALS - 0.8%
	3,349,000		Albemarle Corp			5.450		12/01/44		3,591
	5,520,000		ArcelorMittal			6.250		02/25/22		5,989
EUR	850,000	g	Axalta Coating Systems Dutch Holding B BV			3.750		01/15/25		1,005
	250,000		Ball Corp			4.375		12/15/23		329
$	852,000	g	Bemis Co, Inc			3.100		09/15/26		828
	200,000		Celulosa Arauco y Constitucion S.A.			3.875		11/02/27		203
	3,000,000	g	Celulosa Arauco y Constitucion S.A.			4.250		04/30/29		3,156
	3,900,000	g	Corp Nacional del Cobre de Chile-CODELCO			3.625		08/01/27		4,036
	3,250,000	g	CRH America Finance, Inc			3.400		05/09/27		3,242
	3,250,000		Dow Chemical Co			4.375		11/15/42		3,284
	7,945,000		DowDuPont, Inc			4.725		11/15/28		8,974
	7,225,000		DowDuPont, Inc			5.319		11/15/38		8,476
	2,600,000	g	Glencore Funding LLC			4.000		03/27/27		2,624
EUR	350,000	g	INEOS Finance plc			2.875		05/01/26		403
$	11,275,000		International Paper Co			4.350		08/15/48		11,050
	3,000,000	g	Inversiones CMPC S.A.			4.375		04/04/27		3,137
	5,800,000	g	Midwest Connector Capital Co LLC			3.900		04/01/24		6,033
	5,800,000	g	Midwest Connector Capital Co LLC			4.625		04/01/29		6,213
	3,000,000	g	Nexa Resources S.A.			5.375		05/04/27		3,153
	2,000,000	g	Nova Chemicals Corp			4.875		06/01/24		2,070
	4,767,000		Nutrien Ltd			3.375		03/15/25		4,884
EUR	125,000	g	OCI NV			5.000		04/15/23		150
$	500,000	g	OCI NV			6.625		04/15/23		519
	3,000,000	g	OCP S.A.			4.500		10/22/25		3,070
EUR	250,000	g	OI European Group BV			3.125		11/15/24		309
$	8,300,000		Rio Tinto Finance USA Ltd			3.750		06/15/25		8,914
	2,550,000	g	SABIC Capital II BV			4.000		10/10/23		2,649

335

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,650,000		SASOL Financing USA LLC		6.500	%	09/27/28	$	1,851
EUR	750,000		Silgan Holdings, Inc		3.250		03/15/25		881
$	1,800,000		Steel Dynamics, Inc		5.250		04/15/23		1,831
	1,700,000		Westlake Chemical Corp		3.600		08/15/26		1,726
			TOTAL MATERIALS						104,580

MEDIA & ENTERTAINMENT - 1.4%
GBP	425,000		AMC Entertainment Holdings, Inc		6.375		11/15/24		525
$	1,750,000		CBS Corp		2.900		06/01/23		1,765
	4,200,000		CBS Corp		2.900		01/15/27		4,073
	2,500,000		CBS Corp		3.375		02/15/28		2,488
	5,225,000		Charter Communications Operating LLC		3.579		07/23/20		5,271
	22,275,000		Charter Communications Operating LLC		4.908		07/23/25		24,170
	8,400,000		Charter Communications Operating LLC		5.375		05/01/47		8,839
	8,850,000	h	Charter Communications Operating LLC		5.125		07/01/49		8,968
	1,500,000		Cinemark USA, Inc		4.875		06/01/23		1,519
	7,200,000		Comcast Corp		3.700		04/15/24		7,638
	11,800,000		Comcast Corp		3.950		10/15/25		12,723
	10,650,000		Comcast Corp		2.350		01/15/27		10,384
	5,750,000		Comcast Corp		3.150		02/15/28		5,900
	21,850,000		Comcast Corp		4.150		10/15/28		24,083
	18,200,000		Comcast Corp		3.200		07/15/36		17,679
	3,000,000		Comcast Corp		3.900		03/01/38		3,161
	1,500,000	g	CSC Holdings LLC		7.500		04/01/28		1,647
	4,000,000		Discovery Communications LLC		2.950		03/20/23		4,035
GBP	300,000		Discovery Communications LLC		2.500		09/20/24		384
$	7,625,000		Discovery Communications LLC		3.950		03/20/28		7,858
	1,895,000		Grupo Televisa SAB		6.625		01/15/40		2,265
	2,000,000		Lamar Media Corp		5.375		01/15/24		2,058
	10,350,000		NBC Universal Media LLC		2.875		01/15/23		10,568
	2,925,000	g	Tegna, Inc		5.500		09/15/24		2,998
	5,675,000		Time Warner Cable, Inc		5.875		11/15/40		6,133
	4,075,000		Time Warner Cable, Inc		4.500		09/15/42		3,829
	2,250,000		Viacom, Inc		4.375		03/15/43		2,199
	1,150,000		Viacom, Inc		5.850		09/01/43		1,357
	2,105,000	g	Walt Disney Co		7.625		11/30/28		2,845
	1,578,000	g	Walt Disney Co		6.550		03/15/33		2,134
	7,375,000	g	Walt Disney Co		6.900		08/15/39		10,860
			TOTAL MEDIA & ENTERTAINMENT						200,356

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.4%
EUR	400,000		Abbott Ireland Financing DAC		0.875		09/27/23		470
	400,000		Abbott Ireland Financing DAC		1.500		09/27/26		487
$	4,750,000		Abbott Laboratories		3.875		09/15/25		5,120
	11,022,000		Abbott Laboratories		3.750		11/30/26		11,912
	2,250,000		Abbott Laboratories		5.300		05/27/40		2,773
	3,500,000		AbbVie, Inc		2.850		05/14/23		3,524
	2,200,000		AbbVie, Inc		3.750		11/14/23		2,294
	14,350,000		AbbVie, Inc		3.200		05/14/26		14,531
	9,525,000		AbbVie, Inc		4.250		11/14/28		10,173
	6,700,000		AbbVie, Inc		4.400		11/06/42		6,628
	2,680,000		AbbVie, Inc		4.450		05/14/46		2,629
	8,700,000		Actavis Funding SCS		3.800		03/15/25		9,024
	2,175,000		Actavis Funding SCS		4.550		03/15/35		2,194

336

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
EUR$	550,000		Allergan Funding SCS		1.250	%	06/01/24	$	641
	350,000		Allergan Funding SCS		2.625		11/15/28		437
$	5,650,000		AstraZeneca plc		3.125		06/12/27		5,774
	8,625,000		AstraZeneca plc		4.000		01/17/29		9,419
	9,800,000	g	Bristol-Myers Squibb Co		3.400		07/26/29		10,250
	8,000,000	g	Bristol-Myers Squibb Co		4.250		10/26/49		8,805
	2,900,000		Celgene Corp		3.875		08/15/25		3,107
	13,600,000		Celgene Corp		3.450		11/15/27		14,172
	8,675,000		Gilead Sciences, Inc		2.950		03/01/27		8,787
	1,775,000		Gilead Sciences, Inc		4.000		09/01/36		1,869
	5,075,000		Gilead Sciences, Inc		4.150		03/01/47		5,323
	8,275,000		GlaxoSmithKline Capital plc		3.000		06/01/24		8,544
	8,750,000		GlaxoSmithKline Capital, Inc		3.875		05/15/28		9,573
	8,150,000		Johnson & Johnson		2.900		01/15/28		8,403
	3,750,000		Johnson & Johnson		3.400		01/15/38		3,904
	5,750,000		Mylan, Inc		4.550		04/15/28		5,635
	9,600,000		Novartis Capital Corp		3.000		11/20/25		9,904
EUR	400,000	g	Takeda Pharmaceutical Co Ltd		0.375		11/21/20		458
	1,200,000	g	Takeda Pharmaceutical Co Ltd		1.125		11/21/22		1,411
	400,000	g	Takeda Pharmaceutical Co Ltd		3.000		11/21/30		525
$	11,400,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		8,863
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						197,563

REAL ESTATE - 1.3%
	1,675,000		Alexandria Real Estate Equities, Inc		3.950		01/15/27		1,757
	2,300,000		Alexandria Real Estate Equities, Inc		3.950		01/15/28		2,418
	5,950,000		American Tower Corp		3.000		06/15/23		6,005
	5,775,000		American Tower Corp		2.950		01/15/25		5,817
EUR	600,000		American Tower Corp		1.950		05/22/26		727
$	2,418,000		American Tower Corp		3.375		10/15/26		2,459
	1,600,000		American Tower Corp		3.600		01/15/28		1,628
	8,850,000		American Tower Corp		3.800		08/15/29		9,122
	5,575,000		Brandywine Operating Partnership LP		4.100		10/01/24		5,806
	2,700,000		Brandywine Operating Partnership LP		3.950		11/15/27		2,783
	5,825,000		Brixmor Operating Partnership LP		3.850		02/01/25		5,999
	5,250,000		Brixmor Operating Partnership LP		4.125		06/15/26		5,425
	4,050,000		Brixmor Operating Partnership LP		3.900		03/15/27		4,132
	3,965,000		Camden Property Trust		4.625		06/15/21		4,109
	1,950,000		Camden Property Trust		3.150		07/01/29		1,980
	3,911,000		Crown Castle International Corp		4.875		04/15/22		4,158
	2,275,000		Crown Castle International Corp		3.700		06/15/26		2,362
	1,700,000		Crown Castle International Corp		3.650		09/01/27		1,750
	2,968,000		DDR Corp		3.625		02/01/25		3,002
	350,000		DDR Corp		4.700		06/01/27		375
	3,075,000		Digital Realty Trust LP		3.700		08/15/27		3,159
	1,600,000		Duke Realty LP		3.250		06/30/26		1,626
	2,525,000		Duke Realty LP		4.000		09/15/28		2,700
	2,750,000		Equity One, Inc		3.750		11/15/22		2,853
	2,754,000		Essex Portfolio LP		3.375		01/15/23		2,813
	675,000	h	HCP, Inc		3.500		07/15/29		678
	1,625,000		Healthcare Realty Trust, Inc		3.750		04/15/23		1,661
	6,600,000		Healthcare Realty Trust, Inc		3.875		05/01/25		6,812
	3,700,000		Healthcare Trust of America Holdings LP		3.375		07/15/21		3,758
	3,550,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		3,628

337

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	6,250,000		Healthcare Trust of America Holdings LP		3.500	%	08/01/26	$	6,312
	1,950,000		Highwoods Realty LP		3.875		03/01/27		1,999
	2,900,000		Highwoods Realty LP		4.125		03/15/28		3,019
	2,875,000		Highwoods Realty LP		4.200		04/15/29		3,006
	1,833,000		Hudson Pacific Properties LP		3.950		11/01/27		1,865
	4,050,000		Kilroy Realty LP		4.750		12/15/28		4,498
	2,700,000		Liberty Property LP		4.375		02/01/29		2,921
	5,224,000		Mid-America Apartments LP		4.300		10/15/23		5,552
	5,525,000		Mid-America Apartments LP		3.750		06/15/24		5,748
	4,300,000		Mid-America Apartments LP		4.000		11/15/25		4,557
	3,575,000		Mid-America Apartments LP		3.600		06/01/27		3,689
	3,600,000		National Retail Properties, Inc		3.800		10/15/22		3,734
	5,425,000		National Retail Properties, Inc		3.300		04/15/23		5,541
	2,575,000		National Retail Properties, Inc		4.000		11/15/25		2,715
	3,000,000		National Retail Properties, Inc		3.600		12/15/26		3,084
EUR	350,000		ProLogis LP		3.000		06/02/26		467
$	7,225,000		Regency Centers LP		3.900		11/01/25		7,588
	4,750,000		Regency Centers LP		3.600		02/01/27		4,904
EUR	330,000		Simon International Finance S.C.A		1.250		05/13/25		395
$	1,170,000		Weingarten Realty Investors		3.375		10/15/22		1,188
	4,800,000		Weingarten Realty Investors		3.500		04/15/23		4,893
	3,025,000		Weingarten Realty Investors		4.450		01/15/24		3,188
	3,950,000		Weingarten Realty Investors		3.850		06/01/25		4,047
	1,300,000		Weingarten Realty Investors		3.250		08/15/26		1,265
			TOTAL REAL ESTATE						187,677

RETAILING - 0.3%
	600,000		Asbury Automotive Group, Inc		6.000		12/15/24		621
	2,950,000		AutoNation, Inc		3.800		11/15/27		2,890
	2,960,000		Enable Midstream Partners LP		4.950		05/15/28		3,105
	8,850,000		Home Depot, Inc		2.000		04/01/21		8,843
	6,875,000		O’Reilly Automotive, Inc		3.600		09/01/27		7,066
	1,500,000	g	PetSmart, Inc		5.875		06/01/25		1,455
	9,000,000		Target Corp		3.375		04/15/29		9,543
	5,625,000		Target Corp		3.625		04/15/46		5,770
			TOTAL RETAILING						39,293

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3%
	15,640,000		Intel Corp		2.875		05/11/24		16,090
	4,800,000		Intel Corp		2.600		05/19/26		4,830
	2,500,000		Intel Corp		3.734		12/08/47		2,609
	5,250,000	g	NXP BV		4.875		03/01/24		5,627
	5,800,000	g	NXP BV		3.875		06/18/26		5,947
	3,475,000		Texas Instruments, Inc		2.625		05/15/24		3,537
	3,100,000		Texas Instruments, Inc		4.150		05/15/48		3,534
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						42,174

SOFTWARE & SERVICES - 1.2%
	4,175,000		Activision Blizzard, Inc		2.300		09/15/21		4,166
	4,350,000		Activision Blizzard, Inc		3.400		09/15/26		4,410
	3,000,000		Baidu, Inc		2.875		07/06/22		3,007
	1,725,000		Baidu, Inc		4.375		05/14/24		1,828
	11,348,000		Fidelity National Information Services, Inc		3.625		10/15/20		11,514

338

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
GBP	150,000		Fidelity National Information Services, Inc		1.700	%	06/30/22	$	192
EUR	375,000		Fidelity National Information Services, Inc		1.100		07/15/24		442
$	3,750,000		Fidelity National Information Services, Inc		3.750		05/21/29		3,981
	14,800,000		Fiserv, Inc		2.750		07/01/24		14,898
	8,350,000		Fiserv, Inc		3.500		07/01/29		8,563
	1,950,000		IHS Markit Ltd		4.125		08/01/23		2,027
	3,175,000		IHS Markit Ltd		4.250		05/01/29		3,346
	25,850,000		International Business Machines Corp		3.500		05/15/29		27,022
	26,300,000		Microsoft Corp		2.400		08/08/26		26,413
	3,750,000		Microsoft Corp		4.100		02/06/37		4,277
	5,850,000		Microsoft Corp		3.700		08/08/46		6,292
	1,475,000		NCR Corp		4.625		02/15/21		1,479
	12,600,000		Oracle Corp		2.500		05/15/22		12,731
	8,600,000		Oracle Corp		2.650		07/15/26		8,638
	4,900,000		Oracle Corp		3.800		11/15/37		5,184
	6,300,000		Oracle Corp		4.000		11/15/47		6,763
	2,425,000		salesforce.com, Inc		3.700		04/11/28		2,613
	250,000	g	Tencent Holdings Ltd		3.975		04/11/29		261
	250,000	h	Weibo Corp		3.500		07/05/24		251
			TOTAL SOFTWARE & SERVICES						160,298

TECHNOLOGY HARDWARE & EQUIPMENT - 0.8%
	3,475,000		Amphenol Corp		3.125		09/15/21		3,525
	1,525,000		Amphenol Corp		4.350		06/01/29		1,654
EUR	675,000		Amphenol Technologies Holding GmbH		2.000		10/08/28		839
$	8,075,000		Apple, Inc		2.450		08/04/26		8,058
	31,025,000		Apple, Inc		3.200		05/11/27		32,334
EUR	750,000		Apple, Inc		1.375		05/24/29		927
$	4,525,000		Apple, Inc		4.650		02/23/46		5,361
	4,075,000		Broadcom Corp		3.875		01/15/27		3,995
	19,750,000		Cisco Systems, Inc		1.850		09/20/21		19,628
	2,600,000	g	CommScope, Inc		5.500		06/15/24		2,460
	2,075,000		Corning, Inc		4.375		11/15/57		2,015
	13,175,000	g	Dell International LLC		4.420		06/15/21		13,568
	7,050,000	g	Dell International LLC		5.300		10/01/29		7,420
	3,150,000		L-3 Technologies, Inc		3.850		06/15/23		3,285
	6,669,000		Tyco Electronics Group S.A.		3.500		02/03/22		6,833
EUR	400,000		Tyco Electronics Group S.A.		1.100		03/01/23		471
$	2,175,000		Tyco Electronics Group S.A.		3.700		02/15/26		2,265
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						114,638

TELECOMMUNICATION SERVICES - 1.5%
EUR	107,229	g	Altice Luxembourg S.A.		7.250		05/15/22		125
	300,000		AT&T, Inc		1.300		09/05/23		356
$	18,025,000		AT&T, Inc		3.400		05/15/25		18,520
	3,900,000		AT&T, Inc		3.600		07/15/25		4,042
	4,045,000		AT&T, Inc		2.950		07/15/26		4,015
	7,500,000		AT&T, Inc		3.800		02/15/27		7,792
	31,525,000		AT&T, Inc		4.350		03/01/29		33,820
EUR	500,000		AT&T, Inc		2.350		09/05/29		631
$	21,900,000		AT&T, Inc		4.300		02/15/30		23,386
	9,000,000		AT&T, Inc		4.500		05/15/35		9,424
	4,525,000		AT&T, Inc		4.500		03/09/48		4,636

339

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	3,000,000	g	C&W Senior Financing Designated Activity Co		6.875	%	09/15/27	$	3,098
	4,000,000		Deutsche Telekom International Finance BV		8.750		06/15/30		5,757
	4,000,000	g	MTN Mauritius Investment Ltd		6.500		10/13/26		4,317
	698,000	o	Oi S.A.		10.000		07/27/25		724
	3,950,000		Orange S.A.		5.375		01/13/42		4,772
	5,000,000		Rogers Communications, Inc		4.350		05/01/49		5,401
	2,125,000		Telefonica Emisiones SAU		4.103		03/08/27		2,256
	2,400,000	g	Turk Telekomunikasyon AS.		6.875		02/28/25		2,413
	577,000		Verizon Communications, Inc		3.376		02/15/25		602
EUR	400,000		Verizon Communications, Inc		1.375		10/27/26		483
$	2,542,000		Verizon Communications, Inc		4.329		09/21/28		2,811
	6,425,000		Verizon Communications, Inc		3.875		02/08/29		6,888
EUR	400,000		Verizon Communications, Inc		1.875		10/26/29		500
$	3,812,000	g	Verizon Communications, Inc		4.016		12/03/29		4,129
	30,220,000		Verizon Communications, Inc		4.272		01/15/36		32,703
EUR	300,000		Verizon Communications, Inc		2.875		01/15/38		405
$	10,550,000		Verizon Communications, Inc		3.850		11/01/42		10,769
	3,350,000		Verizon Communications, Inc		4.522		09/15/48		3,742
EUR	500,000	g	Virgin Media Finance plc		4.500		01/15/25		590
$	8,700,000		Vodafone Group plc		4.375		05/30/28		9,396
	7,000,000		Vodafone Group plc		4.875		06/19/49		7,340
			TOTAL TELECOMMUNICATION SERVICES						215,843

TRANSPORTATION - 0.9%
	4,850,000	g	Adani Ports & Special Economic Zone Ltd		4.000		07/30/27		4,836
	2,040,000		CSX Corp		2.600		11/01/26		2,016
	7,125,000		CSX Corp		3.250		06/01/27		7,352
	3,500,000		CSX Corp		3.800		03/01/28		3,761
	23,495,000		CSX Corp		4.250		03/15/29		26,156
	5,175,000		CSX Corp		3.800		11/01/46		5,239
	1,500,000		CSX Corp		4.300		03/01/48		1,624
	9,250,000		Delta Air Lines, Inc		3.625		03/15/22		9,405
	6,100,000		Delta Air Lines, Inc		3.800		04/19/23		6,260
	3,650,000	g	DP World Ltd		5.625		09/25/48		4,039
EUR	400,000		FedEx Corp		1.000		01/11/23		465
	325,000		FedEx Corp		1.625		01/11/27		390
$	2,830,000		FedEx Corp		4.100		02/01/45		2,699
	2,000,000		FedEx Corp		4.400		01/15/47		1,990
	7,425,000		FedEx Corp		4.050		02/15/48		7,118
	10,000,000		Kansas City Southern		2.350		05/15/20		9,979
	8,925,000		Northrop Grumman Corp		3.250		01/15/28		9,157
	3,400,000		Northrop Grumman Corp		4.030		10/15/47		3,618
	4,475,000	g	Pelabuhan Indonesia III Persero PT		4.500		05/02/23		4,676
	6,150,000		Union Pacific Corp		3.950		09/10/28		6,732
	6,125,000		Union Pacific Corp		4.500		09/10/48		6,947
			TOTAL TRANSPORTATION						124,459

UTILITIES - 2.0%
	1,650,000		AEP Transmission Co LLC		3.100		12/01/26		1,676
	1,650,000		AEP Transmission Co LLC		4.000		12/01/46		1,724
	1,775,000		AES Corp		4.875		05/15/23		1,806
	8,475,000		AGL Capital Corp		3.875		11/15/25		8,906
	2,125,000		AGL Capital Corp		4.400		06/01/43		2,236
	3,475,000		Alabama Power Co		4.150		08/15/44		3,744

340

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	2,750,000		American Water Capital Corp		3.000	%	12/01/26	$	2,750
	2,375,000		American Water Capital Corp		4.000		12/01/46		2,421
	7,175,000		American Water Capital Corp		3.750		09/01/47		7,233
	1,175,000		Atmos Energy Corp		4.125		10/15/44		1,285
	6,500,000		Baltimore Gas & Electric Co		3.750		08/15/47		6,631
	5,925,000		Berkshire Hathaway Energy Co		3.250		04/15/28		6,115
	6,225,000		Black Hills Corp		4.250		11/30/23		6,588
	1,575,000		Black Hills Corp		3.150		01/15/27		1,564
	3,670,000		CenterPoint Energy Resources Corp		4.500		01/15/21		3,774
	3,550,000		CenterPoint Energy Resources Corp		6.250		02/01/37		4,356
	350,000	g	Cerro del Aguila S.A.		4.125		08/16/27		361
	4,675,000		CMS Energy Corp		3.600		11/15/25		4,861
	4,200,000		Commonwealth Edison Co		5.900		03/15/36		5,423
	3,775,000		Dominion Resources, Inc		2.000		08/15/21		3,743
	5,750,000		DTE Electric Co		3.750		08/15/47		6,055
	1,400,000		Duke Energy Carolinas LLC		4.300		06/15/20		1,427
	5,825,000		Duke Energy Corp		1.800		09/01/21		5,761
	8,675,000		Duke Energy Corp		2.650		09/01/26		8,569
	3,649,931		Duke Energy Florida Project Finance LLC		1.196		03/01/20		3,617
	2,000,000		Duke Energy Florida Project Finance LLC		1.731		09/01/22		1,972
	1,450,000		Duke Energy Ohio, Inc		3.800		09/01/23		1,527
	3,200,000		Enel Chile S.A.		4.875		06/12/28		3,496
	5,700,000		Entergy Corp		2.950		09/01/26		5,699
	3,000,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		3,024
	2,675,000	g	Eskom Holdings SOC Ltd		6.350		08/10/28		2,895
	9,450,000		Exelon Generation Co LLC		3.400		03/15/22		9,680
	5,775,000		Florida Power & Light Co		3.990		03/01/49		6,327
	4,985,000		Fortis, Inc		3.055		10/04/26		4,946
	3,600,000		Indiana Michigan Power Co		3.750		07/01/47		3,634
	2,725,000		Integrys Energy Group, Inc		4.170		11/01/20		2,774
	6,125,000	g	Israel Electric Corp Ltd		4.250		08/14/28		6,367
	3,475,000	g	KazTransGas JSC		4.375		09/26/27		3,537
	3,675,000	g	Korea Hydro & Nuclear Power Co Ltd		3.750		07/25/23		3,840
	5,000,000		LG&E and KU Energy LLC		3.750		11/15/20		5,072
	6,150,000		MidAmerican Energy Co		3.650		08/01/48		6,339
	3,000,000	g	Minejesa Capital BV		4.625		08/10/30		3,032
	3,335,000		Nevada Power Co		5.450		05/15/41		3,988
	7,100,000		NiSource Finance Corp		3.490		05/15/27		7,341
EUR	230,000		NTPC Ltd		2.750		02/01/27		279
$	6,150,000		Ohio Power Co		4.150		04/01/48		6,708
	6,150,000		Ohio Power Co		4.000		06/01/49		6,617
	1,280,000		Oncor Electric Delivery Co LLC		5.250		09/30/40		1,600
	3,000,000	g	Perusahaan Gas Negara Persero Tbk PT		5.125		05/16/24		3,213
	3,000,000	g	Perusahaan Listrik Negara PT		4.125		05/15/27		3,060
	750,000		Potomac Electric Power Co		7.900		12/15/38		1,139
	4,300,000		PPL Capital Funding, Inc		3.950		03/15/24		4,508
	2,000,000		PPL Electric Utilities Corp		3.000		09/15/21		2,028
	9,725,000		PSEG Power LLC		3.850		06/01/23		10,129
	2,000,000		Southern Co Gas Capital Corp		3.950		10/01/46		1,963
	8,250,000		Southern Power Co		2.500		12/15/21		8,259
	7,825,000		Southern Power Co		4.150		12/01/25		8,325
	7,375,000		Southwest Gas Corp		3.700		04/01/28		7,791
	1,925,000	g	Suzano Austria GmbH		6.000		01/15/29		2,098

341

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	3,680,000		Virginia Electric & Power Co		2.950	%	01/15/22	$	3,731
	3,250,000		Virginia Electric & Power Co		2.950		11/15/26		3,302
	3,250,000		Virginia Electric & Power Co		3.500		03/15/27		3,423
	2,425,000	g	Vistra Operations Co LLC		5.625		02/15/27		2,567
	4,125,000		Wisconsin Power & Light Co		4.100		10/15/44		4,268
	2,975,000		Xcel Energy, Inc		3.350		12/01/26		3,065
	2,890,000		Xcel Energy, Inc		4.800		09/15/41		3,136
			TOTAL UTILITIES						279,325

			TOTAL CORPORATE BONDS						4,394,685
			(Cost $4,216,179)

GOVERNMENT BONDS - 47.7%

AGENCY SECURITIES - 2.3%
	5,467,764		AMAL Ltd		3.465		08/21/21		5,543
	2,500,000		Amber Circle Funding Ltd		3.250		12/04/22		2,537
	3,758,000		Canal Barge Co, Inc		4.500		11/12/34		4,166
	38,987,240		CES MU2 LLC		1.994		05/13/27		38,849
	6,160,000		DY8 Leasing LLC		2.627		04/29/26		6,260
	9,244,447		DY9 Leasing LLC		2.372		03/19/27		9,331
	3,677,968		Export Lease Ten Co LLC		1.650		05/07/25		3,628
	11,004,077		Helios Leasing II LLC		2.668		03/18/25		11,188
	11,478,011		HNA LLC		2.291		06/30/27		11,553
	12,400,000		Lutheran Medical Center		1.982		02/20/30		12,045
	7,440,000		Montefiore Medical Center		2.152		10/20/26		7,437
	3,088,343		MSN 41079 and 41084 Ltd		1.631		12/14/24		3,049
	12,303,572		Overseas Private Investment Corp (OPIC)		3.520		09/20/32		13,155
	4,210,800		Premier Aircraft Leasing		3.576		02/06/22		4,286
	7,240,000		Private Export Funding Corp (PEFCO)		1.450		08/15/19		7,233
	27,750,000		PEFCO		2.250		03/15/20		27,751
	24,000,000	g	PEFCO		3.266		11/08/21		24,696
	35,000,000		PEFCO		4.300		12/15/21		36,919
	25,747,000		PEFCO		2.050		11/15/22		25,837
	27,935,463		Tagua Leasing LLC		1.900		07/12/24		27,756
	1,495,402		Union 12 Leasing LLC		2.164		02/17/24		1,495
	12,110,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		12,431
	6,879,321		Windermere Aviation LLC		2.351		05/27/26		6,936
	15,770,116		Zarapito Leasing LLC		2.628		11/12/26		16,075
			TOTAL AGENCY SECURITIES						320,156

FOREIGN GOVERNMENT BONDS - 5.3%
	4,000,000	g	Abu Dhabi Government International Bond		3.125		05/03/26		4,155
	3,325,000	g	Arab Petroleum Investments Corp		4.125		09/18/23		3,477
	2,950,000		Argentina Republic Government International Bond		5.625		01/26/22		2,487
NOK	7,000,000		Asian Development Bank		1.683		01/16/24		822
AUD	400,000		Australia Government International Bond		2.250		05/21/28		303
	2,500,000		Australia Government International Bond		3.000		03/21/47		2,154
$	3,450,000	g	Bermuda Government International Bond		3.717		01/25/27		3,515
	2,500,000	g	Bermuda Government International Bond		4.750		02/15/29		2,756
	3,510,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		3,615
BRL	3,500,000		Brazil Notas do Tesouro Nacional Serie F		10.000		01/01/23		1,003
$	5,700,000		Brazilian Government International Bond		5.625		02/21/47		6,066
EUR	1,000,000		Bundesrepublik Deutschland		1.250		08/15/48		1,451

342

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	5,000,000	g	Caisse d’Amortissement de la Dette Sociale		2.000	%	04/17/20	$	4,996
	1,850,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		07/28/20		1,846
	4,000,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		02/12/22		3,997
EUR	400,000		Caisse d’Amortissement de la Dette Sociale		1.375		11/25/24		497
CAD	1,300,000	g	Canada Housing Trust No 1		2.550		12/15/23		1,031
	1,960,000		Canadian Government International Bond		1.750		08/01/20		1,499
	1,000,000		Canadian Government International Bond		5.000		06/01/37		1,164
$	19,500,000	g	CDP Financial, Inc		2.750		03/07/22		19,886
	2,800,000		Chile Government International Bond		3.240		02/06/28		2,937
CNY	6,500,000		China Government Bond		4.000		05/22/24		987
$	6,125,000		Colombia Government International Bond		2.625		03/15/23		6,094
	2,100,000		Colombia Government International Bond		5.000		06/15/45		2,317
	3,500,000	g	Costa Rica Government International Bond		7.158		03/12/45		3,509
	20,200,000	g	CPPIB Capital, Inc		2.250		01/25/22		20,363
	16,400,000	g	CPPIB Capital, Inc		2.750		11/02/27		17,007
DOP	48,650,000	g	Dominican Republic Government International Bond		8.900		02/15/23		958
$	2,000,000	g	Dominican Republic Government International Bond		6.500		02/15/48		2,113
	2,275,000	g	Egypt Government International Bond		5.577		02/21/23		2,310
	725,000	g	Egypt Government International Bond		7.600		03/01/29		765
EUR	700,000	g	Egypt Government International Bond		6.375		04/11/31		808
$	2,700,000	g	Egypt Government International Bond		8.500		01/31/47		2,857
	10,000,000		European Investment Bank		2.500		04/15/21		10,108
	3,500,000		European Investment Bank		4.875		02/15/36		4,594
	15,000,000		Export Development Canada		2.000		11/30/20		14,997
	4,000,000	g	Export-Import Bank of India		3.875		02/01/28		4,129
EUR	1,100,000	g	Finland Government International Bond		0.500		09/15/29		1,318
	3,000,000		French Republic Government Bond OAT		0.500		05/25/25		3,594
	2,650,000		French Republic Government Bond OAT		0.750		11/25/28		3,240
	1,250,000		French Republic Government Bond OAT		1.250		05/25/34		1,604
	1,200,000	g	French Republic Government Bond OAT		2.000		05/25/48		1,756
$	2,325,000	g	Ghana Government International Bond		8.125		03/26/32		2,361
	1,000,000	g	Ghana Government International Bond		8.627		06/16/49		1,008
	3,600,000	g	Guatemala Government International Bond		4.500		05/03/26		3,632
	450,000	g	Guatemala Government International Bond		4.375		06/05/27		449
	600,000	g	Guatemala Government International Bond		6.125		06/01/50		629
EUR	2,150,000	g	Hellenic Republic Government International Bond		4.375		08/01/22		2,698
	875,000	g	Hellenic Republic Government International Bond		3.450		04/02/24		1,092
	1,100,000	g	Hellenic Republic Government International Bond		3.375		02/15/25		1,371
	650,000	g	Hellenic Republic Government International Bond		3.875		03/12/29		828
$	2,650,000	g	Honduras Government International Bond		6.250		01/19/27		2,845
CAD	1,800,000		Hydro-Quebec		5.000		02/15/45		2,029
IDR	12,500,000,000		Indonesia Treasury Bond		7.500		05/15/38		845
AUD	500,000		Inter-American Development Bank		4.750		08/27/24		408
	900,000		Inter-American Development Bank		2.750		10/30/25		674
	1,300,000		International Bank for Reconstruction & Development		2.800		01/13/21		934
NZD	1,891,000		International Bank for Reconstruction & Development		3.375		01/25/22		1,325
AUD	400,000		International Bank for Reconstruction & Development		2.200		02/27/24		290
$	6,200,000		Israel Government International Bond		3.250		01/17/28		6,541
ILS	3,100,000		Israel Government International Bond		5.500		01/31/42		1,305
	3,200,000		Israel Government International Bond		3.750		03/31/47		1,044
$	4,375,000		Israel Government International Bond		4.125		01/17/48		4,773
EUR	1,375,000		Italy Buoni Poliennali Del Tesoro		0.350		06/15/20		1,569
	1,250,000		Italy Buoni Poliennali Del Tesoro		0.050		04/15/21		1,417
	3,500,000		Italy Buoni Poliennali Del Tesoro		2.450		10/01/23		4,193

343

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
EUR	3,345,000		Italy Buoni Poliennali Del Tesoro			1.250	%	12/01/26	$	3,713
	1,225,000	g	Italy Buoni Poliennali Del Tesoro			2.950		09/01/38		1,449
	1,050,000	g	Italy Buoni Poliennali Del Tesoro			3.850		09/01/49		1,379
	1,000,000	g	Ivory Coast Government International Bond			6.625		03/22/48		1,109
$	6,000,000		Japan Bank for International Cooperation			2.375		04/20/26		6,040
	2,000,000	g	Japan Finance Organization for Municipalities			2.000		09/08/20		1,995
	2,700,000	g	Japan Finance Organization for Municipalities			2.125		02/12/21		2,700
	4,000,000	g	Japan Finance Organization for Municipalities			2.125		04/13/21		3,995
	6,650,000	g	Japan Finance Organization for Municipalities			3.375		09/27/23		6,960
	2,500,000	g	Japan Finance Organization for Municipalities			3.000		03/12/24		2,590
JPY	113,000,000		Japan Finance Organization for Municipalities			0.450		03/14/25		1,080
	103,000,000		Japan Finance Organization for Municipalities			0.484		06/13/25		987
	140,000,000		Japan Finance Organization for Municipalities			0.020		03/13/26		1,306
	76,000,000		Japan Government Five Year Bond			0.100		06/20/23		715
	440,000,000		Japan Government Ten Year Bond			0.100		09/20/26		4,188
	369,000,000		Japan Government Ten Year Bond			0.100		12/20/26		3,516
	350,000,000		Japan Government Thirty Year Bond			2.400		11/20/31		4,232
	350,000,000		Japan Government Thirty Year Bond			2.300		05/20/32		4,222
	300,000,000		Japan Government Thirty Year Bond			2.500		09/20/34		3,806
	450,000,000		Japan Government Thirty Year Bond			0.500		09/20/46		4,350
	114,000,000		Japan Government Thirty Year Bond			0.700		06/20/48		1,156
	530,000,000		Japan Government Twenty Year Bond			1.900		03/22/21		5,096
	93,000,000		Japan Government Twenty Year Bond			0.600		12/20/36		929
	219,000,000		Japan Government Twenty Year Bond			0.500		12/20/38		2,138
EUR	600,000	g	Kazakhstan Government International Bond			2.375		11/09/28		739
$	1,525,000	g	Kenya Government International Bond			6.875		06/24/24		1,621
	600,000	g	Kenya Government International Bond			7.000		05/22/27		626
EUR	1,725,000	g	Kingdom of Belgium Government International Bond			0.900		06/22/29		2,124
	1,080,000		Kingdom of Belgium Government International Bond			1.250		04/22/33		1,377
	1,025,000	g	Kingdom of Belgium Government International Bond			1.600		06/22/47		1,355
$	7,700,000	g	Kommunalbanken AS.			1.625		01/15/20		7,674
	1,925,000	g	Kommunalbanken AS.			1.375		10/26/20		1,908
	3,750,000	g	Kommunalbanken AS.			1.625		02/10/21		3,731
	5,000,000	g	Kommunalbanken AS.			2.250		01/25/22		5,043
	2,600,000	g	Kommunalbanken AS.			2.750		02/05/24		2,694
EUR	500,000		Kommunalbanken AS.			0.625		04/20/26		595
$	4,500,000	g	Kommuninvest I Sverige AB			2.250		05/29/21		4,524
	2,833,000	g	Kommuninvest I Sverige AB			2.625		09/15/22		2,899
	4,000,000	i	Korea Development Bank	LIBOR 3 M + 0.550%		2.986		03/12/21		4,010
	2,675,000	g	Korea Housing Finance Corp			2.000		10/11/21		2,648
	5,775,000	g	Korea Housing Finance Corp			3.000		10/31/22		5,869
KRW	3,920,000,000		Korea Treasury Bond			2.000		03/10/21		3,423
	4,630,000,000		Korea Treasury Bond			1.375		09/10/21		3,998
	1,800,000,000		Korea Treasury Bond			1.500		12/10/26		1,547
	1,600,000,000		Korea Treasury Bond			2.375		12/10/28		1,475

344

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	45,000,000		Kreditanstalt fuer Wiederaufbau		2.750	%	10/01/20	$	45,428
	18,750,000		Kreditanstalt fuer Wiederaufbau		2.625		01/25/22		19,137
	5,750,000	g	Kuwait Government International Bond		2.750		03/20/22		5,827
	1,750,000		Lebanon Government International Bond		6.750		11/29/27		1,366
	5,250,000	g	Lithuania Government International Bond		6.625		02/01/22		5,794
MYR	3,500,000		Malaysia Government International Bond		3.757		04/20/23		857
MXN	14,500,000		Mexican Bonos		8.000		12/07/23		772
	23,500,000		Mexican Bonos		5.750		03/05/26		1,113
$	4,925,000		Mexico Government International Bond		3.600		01/30/25		5,041
EUR	900,000		Mexico Government International Bond		1.625		04/08/26		1,049
$	3,000,000		Mexico Government International Bond		4.150		03/28/27		3,144
	6,051,000		Mexico Government International Bond		6.050		01/11/40		7,222
	3,000,000	g	Mongolia Government International Bond		5.125		12/05/22		3,020
	5,750,000	g	Morocco Government International Bond		5.500		12/11/42		6,536
	2,900,000	g	Municipality Finance plc		1.125		09/16/19		2,892
	3,075,000	g	Namibia Government International Bond		5.250		10/29/25		3,084
	4,500,000	g	Nederlandse Waterschapsbank NV		2.125		11/15/21		4,526
	5,000,000	g	Nederlandse Waterschapsbank NV		1.875		04/14/22		4,999
	4,000,000	g	Nederlandse Waterschapsbank NV		3.125		12/05/22		4,162
EUR	1,075,000	g	Netherlands Government International Bond		0.750		07/15/28		1,334
AUD	500,000		New South Wales Treasury Corp		4.000		05/20/26		408
NZD	1,350,000		New Zealand Government International Bond		3.000		04/20/29		1,024
	1,175,000		New Zealand Government International Bond		2.750		04/15/37		886
$	4,600,000	g	Nigeria Government International Bond		6.500		11/28/27		4,604
NOK	26,500,000	g	Norway Government International Bond		1.750		09/06/29		3,188
$	6,455,000	g	Panama Notas del Tesora		3.750		04/17/26		6,671
	1,650,000	g	Paraguay Government International Bond		4.700		03/27/27		1,786
	925,000	g	Paraguay Government International Bond		5.400		03/30/50		1,027
	4,275,000	g	Perusahaan Penerbit SBSN Indonesia III		3.900		08/20/24		4,428
	9,350,000	g	Perusahaan Penerbit SBSN Indonesia III		4.400		03/01/28		9,962
PEN	4,860,000	g	Peruvian Government International Bond		8.200		08/12/26		1,832
$	4,900,000		Peruvian Government International Bond		2.844		06/20/30		4,925
	625,000	g	Petroamazonas EP		4.625		11/06/20		617
PHP	45,000,000		Philippine Government International Bond		4.950		01/15/21		882
EUR	1,050,000		Philippine Government International Bond		0.875		05/17/27		1,209
$	1,000,000		Philippine Government International Bond		3.750		01/14/29		1,092
	1,700,000		Philippine Government International Bond		3.700		03/01/41		1,839
	3,000,000		Philippine Government International Bond		3.700		02/02/42		3,267
PLN	6,600,000		Poland Government International Bond		4.000		10/25/23		1,918
EUR	1,525,000	g	Portugal Obrigacoes do Tesouro OT		1.950		06/15/29		1,981
$	15,000,000		Province of British Columbia Canada		2.000		10/23/22		15,037
CAD	2,350,000		Province of British Columbia Canada		2.550		06/18/27		1,867
$	10,000,000		Province of Manitoba Canada		3.050		05/14/24		10,449
	25,000,000		Province of Manitoba Canada		2.125		06/22/26		24,768
CAD	1,300,000		Province of New Brunswick Canada		3.100		08/14/28		1,060
$	25,000,000		Province of Ontario Canada		3.050		01/29/24		26,085
	22,500,000		Province of Quebec Canada		3.500		07/29/20		22,844
CAD	1,650,000		Province of Quebec Canada		2.750		09/01/27		1,325
$	6,000,000		Province of Quebec Canada		7.500		09/15/29		8,690
	2,000,000	g	Provincia de Mendoza Argentina		8.375		05/19/24		1,710
	4,200,000	g	Qatar Government International Bond		4.817		03/14/49		4,813
EUR	850,000	g	Republic of Austria Government International Bond		0.750		02/20/28		1,043
PLN	1,415,000		Republic of Poland Government International Bond		2.250		10/25/24		382
	2,805,000		Republic of Poland Government International Bond		2.750		10/25/29		770
$	2,475,000		Republic of South Africa Government International Bond		4.850		09/27/27		2,550

345

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	3,225,000	g	Republic of Uzbekistan Government International Bond			4.750	%	02/20/24	$	3,369
	1,500,000	g	Saudi Government International Bond			2.375		10/26/21		1,497
	11,775,000	g	Saudi Government International Bond			4.500		04/17/30		12,837
EUR	1,000,000	g	Senegal Government International Bond			4.750		03/13/28		1,140
$	2,000,000	g	Senegal Government International Bond			6.250		05/23/33		1,933
	2,000,000	g	Senegal Government International Bond			6.750		03/13/48		1,877
EUR	500,000	g	Serbia Government International Bond			1.500		06/26/29		567
RSD	96,000,000		Serbia Treasury Bonds			5.875		02/08/28		1,066
SGD	1,300,000		Singapore Government International Bond			2.625		05/01/28		1,008
$	4,000,000		South Africa Government International Bond			5.875		09/16/25		4,381
ZAR	12,200,000		South Africa Government International Bond			10.500		12/21/26		980
	15,100,000		South Africa Government International Bond			8.750		01/31/44		977
EUR	2,220,000		Spain Government International Bond			0.400		04/30/22		2,581
	2,550,000	g	Spain Government International Bond			2.750		10/31/24		3,345
	845,000	g	Spain Government International Bond			1.400		07/30/28		1,054
	1,100,000	g	Spain Government International Bond			1.850		07/30/35		1,431
	1,200,000	g	Spain Government International Bond			2.700		10/31/48		1,794
$	750,000	g	Sri Lanka Government International Bond			6.850		03/14/24		767
	4,000,000		Svensk Exportkredit AB			1.750		03/10/21		3,987
SEK	12,000,000		Sweden Government International Bond			2.250		06/01/32		1,626
THB	33,000,000		Thailand Government International Bond			2.000		12/17/22		1,083
	23,000,000		Thailand Government International Bond			2.400		12/17/23		767
	48,800,000		Thailand Government International Bond			3.300		06/17/38		1,788
$	3,500,000		Turkey Government International Bond			3.250		03/23/23		3,183
	2,950,000		Turkey Government International Bond			6.875		03/17/36		2,824
EUR	1,000,000	g	Ukraine Government International Bond			6.750		06/20/26		1,204
$	2,100,000	g	Ukraine Government International Bond			7.375		09/25/32		2,063
GBP	2,375,000		United Kingdom Gilt			1.750		07/22/19		3,018
	2,365,000		United Kingdom Gilt			2.750		09/07/24		3,328
	2,450,000		United Kingdom Gilt			4.750		12/07/30		4,399
	1,000,000		United Kingdom Gilt			4.250		03/07/36		1,839
	900,000		United Kingdom Gilt			1.500		07/22/47		1,148
	775,000		United Kingdom Gilt			1.625		10/22/54		1,038
	975,000		United Kingdom Gilt			1.750		07/22/57		1,366
UYU	20,760,000	g	Uruguay Government International Bond			9.875		06/20/22		584
$	2,352,945		Uruguay Government International Bond			4.375		10/27/27		2,541
UYU	21,800,000	g	Uruguay Government International Bond			8.500		03/15/28		539
AUD	2,735,000		Western Australian Treasury Corp			2.750		07/24/29		2,071
			TOTAL FOREIGN GOVERNMENT BONDS							736,118

MORTGAGE BACKED - 19.1%
$	7,732,106		Federal Home Loan Mortgage Corp (FHLMC)			3.000		10/15/33		7,947
	29,019,685		FHLMC			3.500		08/15/43		30,084
	8,279,120		FHLMC			3.000		03/15/44		8,431
	23,193,274		FHLMC			3.500		09/15/44		23,969
	37,134,193	i	FHLMC	LIBOR 1 M + 0.300%		2.694		06/15/48		36,900
	23,208,871	i	FHLMC			6.089		06/15/48		27,524
	19,707,012	i	FHLMC			6.009		10/15/48		22,940
	9,168		Federal Home Loan Mortgage Corp Gold (FGLMC)			7.000		10/01/20		9
	5,360		FGLMC			7.000		05/01/23		6

346

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	22,042		FGLMC			8.000	%	01/01/31	$	23
	5,161		FGLMC			7.000		01/01/32		5
	539,291		FGLMC			4.500		07/01/33		576
	3,626,830		FGLMC			7.000		12/01/33		4,223
	1,219,249		FGLMC			4.500		10/01/34		1,302
	705,735		FGLMC			4.500		04/01/35		758
	1,102,765		FGLMC			7.000		05/01/35		1,276
	3,074,313		FGLMC			5.000		06/01/36		3,362
	1,167,751		FGLMC			5.000		07/01/39		1,269
	144,137		FGLMC			4.500		12/01/43		155
	93,215		FGLMC			4.500		02/01/44		100
	3,420,627		FGLMC			4.500		10/01/44		3,670
	1,515,854		FGLMC			4.500		11/01/44		1,627
	2,204,293		FGLMC			4.500		11/01/44		2,366
	851,960		FGLMC			4.500		12/01/44		900
	1,400,294		FGLMC			4.500		12/01/44		1,503
	7,031,452		FGLMC			3.500		04/01/45		7,333
	839,531		FGLMC			4.500		05/01/45		859
	56,947,320		FGLMC			3.500		10/01/45		59,318
	33,886,498		FGLMC			4.000		12/01/45		35,876
	85,818,592		FGLMC			3.500		08/01/46		89,375
	121,771,078	h	FGLMC			3.000		01/01/47		123,212
	94,823,137		FGLMC			3.000		02/01/47		95,953
	2,823,652		FGLMC			4.500		06/01/47		3,031
	5,800,759		FGLMC			4.000		09/01/47		6,120
	6,540,208	h	FGLMC			3.500		12/01/47		6,807
	29,948,567		FGLMC			3.500		03/01/48		31,080
	37,858,394		FGLMC			4.000		03/01/48		40,063
	19,414,533		FGLMC			4.000		07/01/48		20,557
	29,426,120		FGLMC			4.500		08/01/48		31,645
	14,121,395		FGLMC			4.500		10/01/48		15,184
	17,129,471		FGLMC			3.500		11/01/48		17,777
	45,610		Federal National Mortgage Association (FNMA)			8.000		07/01/24		51
	10,327		FNMA			9.000		11/01/25		11
	6,190,300		FNMA			3.500		05/01/32		6,412
	2,348,241		FNMA			3.000		11/01/32		2,400
	565,913		FNMA			4.500		10/01/33		605
	38,287,326		FNMA			3.500		11/01/33		39,563
	1,016,985		FNMA			4.500		05/01/35		1,091
	6,443,560		FNMA			5.000		05/01/35		7,042
	2,861,442		FNMA			5.000		10/01/35		3,128
	2,430,148		FNMA			5.000		02/01/36		2,657
	4,626,598		FNMA			5.500		11/01/38		5,093
	5,603,639		FNMA			5.000		09/01/40		6,085
	8,127,857		FNMA			5.000		05/01/41		8,831
	5,528,897		FNMA			4.500		04/01/42		5,937
	4,471,531		FNMA			4.500		06/01/42		4,802
	7,574,764		FNMA			3.000		04/25/43		7,718
	14,593,527	i	FNMA	LIBOR 1 M + 5.950%		3.546		09/25/43		2,582
	10,122,168		FNMA			4.500		03/01/44		10,911
	6,464,703		FNMA			4.500		06/01/44		6,933
	6,488,083		FNMA			4.500		10/01/44		6,962
	12,514,081		FNMA			4.500		11/01/44		13,429
	4,722,874		FNMA			5.000		11/01/44		5,127
	3,741,221		FNMA			4.500		12/01/44		4,015
	36,515,551		FNMA			3.000		02/25/45		37,530

347

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	8,024,609		FNMA		3.000	%	02/25/45	$	8,114
	609,753		FNMA		3.500		03/01/45		632
	377,505		FNMA		3.500		03/01/45		393
	1,480,562		FNMA		4.500		03/01/45		1,588
	10,632,493		FNMA		3.000		03/25/45		10,891
	637,083		FNMA		4.500		04/01/45		684
	29,399,972		FNMA		3.500		04/25/45		30,478
	32,144,809		FNMA		3.500		04/25/45		33,341
	14,193,177		FNMA		3.500		05/01/45		14,813
	8,080,036		FNMA		4.000		06/01/45		8,515
	66,110,442		FNMA		3.000		12/25/45		67,336
	20,578,943		FNMA		3.500		01/01/46		21,422
	35,672,542		FNMA		4.000		01/01/46		37,742
	1,066,447		FNMA		4.000		03/01/46		1,124
	18,045,566		FNMA		3.500		06/01/46		18,778
	4,308,399		FNMA		3.500		08/01/46		4,452
	9,443,908		FNMA		3.000		10/01/46		9,448
	20,366,105		FNMA		3.500		10/01/46		21,185
	27,298,836		FNMA		3.000		11/01/46		27,639
	43,683,682		FNMA		3.500		12/01/46		44,972
	99,748,110		FNMA		3.500		01/01/47		102,522
	8,676,043		FNMA		3.000		04/25/47		8,858
	3,783,274		FNMA		3.500		08/01/47		3,900
	2,210,940		FNMA		3.000		11/01/47		2,212
	6,235,071		FNMA		3.000		11/01/47		6,237
	3,601,676	h	FNMA		3.500		01/01/48		3,736
	16,176,970		FNMA		4.500		01/01/48		17,393
	13,881,564		FNMA		4.500		02/01/48		14,919
	124,644,254		FNMA		3.000		02/25/48		127,544
	15,318,153		FNMA		4.000		03/01/48		16,199
	60,714,888		FNMA		4.500		03/01/48		65,253
	171,769,259		FNMA		4.000		04/01/48		178,549
	11,451,060		FNMA		4.500		05/01/48		12,307
	8,555,727		FNMA		4.500		05/01/48		9,195
	19,114,099		FNMA		5.000		06/01/48		20,238
	37,340,056		FNMA		4.000		08/01/48		38,575
	6,748,451		FNMA		4.500		08/01/48		7,050
	22,422,099		FNMA		5.000		08/01/48		24,412
	37,496,467	h	FNMA		4.000		09/01/48		38,759
	71,108,380	h	FNMA		3.000		11/01/48		71,848
	42,269,786	h	FNMA		4.500		11/01/48		44,154
	38,556,120		FNMA		4.000		12/01/48		39,865
	62,798,783		FNMA		4.500		12/01/48		65,697
	12,387,885		FNMA		3.000		06/01/49		12,393
	49,122,440	h	FNMA		3.500		06/01/49		50,273
	6,225,580		FNMA		5.000		06/01/49		6,601
	13,630,997		Government National Mortgage Association (GNMA)		3.700		10/15/33		14,371
	214,958		GNMA		6.000		10/20/36		245
	247,213		GNMA		6.000		01/20/37		282
	744,897		GNMA		6.000		02/20/37		849
	558,674		GNMA		5.000		04/15/38		615
	243,097		GNMA		6.000		08/20/38		277
	460,457		GNMA		6.500		11/20/38		538
	62,531		GNMA		4.500		02/20/39		68

348

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	133,905		GNMA		2.176	%	05/16/39	$	133
	1,853,903		GNMA		5.000		06/15/39		2,040
	1,057,633		GNMA		5.000		06/15/39		1,147
	11,121,812		GNMA		3.700		08/15/40		11,764
	83,970		GNMA		4.500		08/20/41		91
	306,060		GNMA		4.500		09/20/41		332
	69,169		GNMA		4.500		01/20/44		75
	69,506		GNMA		4.500		02/20/44		76
	133,480		GNMA		4.500		05/20/44		145
	860,546		GNMA		4.500		05/20/44		935
	980,967		GNMA		4.500		08/20/44		1,066
	668,250		GNMA		4.500		09/20/44		713
	370,665		GNMA		4.500		10/20/44		400
	145,141		GNMA		4.500		11/20/44		152
	607,130		GNMA		4.500		12/20/44		660
	891,154		GNMA		4.500		02/20/45		968
	1,080,207		GNMA		4.500		08/20/45		1,173
	953,218		GNMA		4.500		08/20/45		1,036
	1,026,677		GNMA		4.500		12/20/45		1,116
	14,954,597	†	GNMA		4.000		06/20/46		2,170
	33,976,016		GNMA		3.000		12/20/47		34,745
	108,256,340		GNMA		3.500		12/20/47		111,859
	19,570,013		GNMA		3.000		01/20/48		20,013
	66,309,756		GNMA		3.500		01/20/48		68,510
	4,547,942		GNMA		3.500		07/20/48		4,698
	24,832,520		GNMA		4.000		12/20/48		25,741
	23,937,567		GNMA		3.500		01/20/49		24,716
	3,222,730		GNMA		4.000		03/20/49		3,343
			TOTAL MORTGAGE BACKED						2,643,328

MUNICIPAL BONDS - 5.1%
	16,270,000		California State University		3.899		11/01/47		17,614
	2,975,000		Chicago Housing Authority		3.682		01/01/25		3,149
	845,000		City & County of San Francisco CA		3.750		09/01/37		872
	2,000,000		City & County of San Francisco CA		4.000		09/01/48		2,050
	245,000		City & County of San Francisco CA Community Facilities District		3.264		09/01/25		254
	1,000,000		City & County of San Francisco CA Community Facilities District		4.038		09/01/34		1,062
	2,950,000		City & County of San Francisco CA Community Facilities District		4.221		09/01/39		3,132
	8,080,000		City of Austin TX Electric Utility Revenue		2.456		11/15/22		8,182
	6,590,000		City of Austin TX Electric Utility Revenue		2.524		11/15/23		6,692
	8,025,000		City of Austin TX Electric Utility Revenue		2.574		11/15/24		8,169
	4,940,000		City of Austin TX Electric Utility Revenue		2.677		11/15/25		5,054
	8,725,000		City of Dallas TX Waterworks & Sewer System Revenue		1.217		10/01/19		8,707
	5,000,000		City of Dallas TX Waterworks & Sewer System Revenue		1.868		10/01/22		4,974
	2,775,000		City of Dallas TX Waterworks & Sewer System Revenue		2.068		10/01/23		2,774
	1,350,000		City of Dallas TX Waterworks & Sewer System Revenue		2.389		10/01/25		1,364
	3,995,000		City of Los Angeles CA Wastewater System Revenue		4.029		06/01/39		4,246
	7,470,000		City of New York NY		3.010		08/01/24		7,763
	4,870,000		City of New York NY		3.430		12/01/24		5,172
	2,025,000		City of San Antonio TX Customer Facility Charge Revenue		4.253		07/01/24		2,124
	1,575,000		City of San Antonio TX Customer Facility Charge Revenue		4.353		07/01/25		1,666
	20,000,000		City of San Francisco CA Public Utilities Commission Water Revenue		4.035		11/01/41		20,850

349

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
$	7,215,000	Commonwealth Financing Authority		3.864	%	06/01/38	$	7,586
	19,355,000	Commonwealth Financing Authority		3.807		06/01/41		20,305
	1,875,000	County of Miami-Dade FL Aviation Revenue		1.885		10/01/21		1,864
	1,505,000	County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		1,507
	1,500,000	County of Miami-Dade FL Aviation Revenue		2.368		10/01/23		1,509
	2,500,000	County of Miami-Dade FL Aviation Revenue		3.285		10/01/23		2,608
	3,500,000	County of Miami-Dade FL Aviation Revenue		2.504		10/01/24		3,526
	2,250,000	County of Miami-Dade FL Aviation Revenue		3.405		10/01/24		2,376
	4,365,000	County of Miami-Dade FL Aviation Revenue		2.604		10/01/25		4,419
	2,375,000	County of Miami-Dade FL Aviation Revenue		3.505		10/01/25		2,528
	2,500,000	County of Miami-Dade FL Aviation Revenue		2.704		10/01/26		2,523
	3,750,000	County of Miami-Dade FL Aviation Revenue		3.612		10/01/26		4,008
	3,730,000	County of Miami-Dade FL Aviation Revenue		3.732		10/01/37		3,743
	3,900,000	County of Miami-Dade FL Aviation Revenue		3.982		10/01/41		3,999
	9,160,000	County of Miami-Dade FL Aviation Revenue		4.280		10/01/41		9,785
	7,890,000	Denver City & County School District No		4.242		12/15/37		8,924
	39,400,000	Florida Hurricane Catastrophe Fund Finance Corp		2.995		07/01/20		39,656
	11,200,000	Florida State Board of Administration Finance Corp		2.163		07/01/19		11,200
	5,080,000	Illinois Finance Authority		3.944		08/15/47		5,406
	5,265,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		1.125		09/01/19		5,257
	2,350,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		1.500		09/01/21		2,319
	1,000,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		2.000		09/01/22		994
	4,805,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		3.375		09/01/35		4,891
	2,560,000	Michigan Finance Authority		1.941		11/01/21		2,527
	3,000,000	Michigan Finance Authority		2.244		11/01/22		2,983
	13,330,000	Michigan Finance Authority		2.862		09/01/49		13,459
	14,000,000	Michigan Finance Authority		2.988		09/01/49		14,284
	570,000	New Jersey Economic Development Authority		3.500		06/15/20		575
	500,000	New Jersey Economic Development Authority		3.700		06/15/21		508
	1,110,000	New Jersey Economic Development Authority		3.800		07/01/22		1,127
	870,000	New York City Housing Development Corp		3.403		05/01/22		901
	750,000	New York City Housing Development Corp		3.453		11/01/22		782
	1,360,000	New York City Housing Development Corp		3.523		05/01/23		1,427
	1,815,000	New York City Housing Development Corp		3.573		11/01/23		1,916
	1,000,000	New York City Housing Development Corp		3.650		05/01/24		1,063
	5,680,000	New York State Dormitory Authority		3.998		07/01/39		5,949
	10,605,000	New York State Dormitory Authority		4.294		07/01/44		11,361
	6,000,000	New York State Dormitory Authority		3.879		07/01/46		6,148
	855,000	Oklahoma City Economic Development Trust		3.172		09/01/21		873
	1,120,000	Oklahoma City Economic Development Trust		3.222		09/01/22		1,157
	810,000	Oklahoma City Economic Development Trust		3.440		09/01/24		853
	2,350,000	Oregon State Lottery		2.505		04/01/24		2,384
	3,500,000	Palm Beach County Solid Waste Authority		2.083		10/01/21		3,502
	4,720,000	Permanent University Fund		1.880		07/01/19		4,720
	2,320,000	Permanent University Fund		2.258		07/01/20		2,325
	2,160,000	Permanent University Fund		2.408		07/01/21		2,179
	2,750,000	Permanent University Fund		2.508		07/01/22		2,795
	2,855,000	Permanent University Fund		2.608		07/01/23		2,926

350

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
$	3,250,000	Permanent University Fund		2.708	%	07/01/24	$	3,352
	2,335,000	Permanent University Fund		2.808		07/01/25		2,418
	3,775,000	Permanent University Fund		2.908		07/01/26		3,915
	4,000,000	Permanent University Fund		3.008		07/01/27		4,146
	2,000,000	Port of Corpus Christi Authority of Nueces County		3.138		12/01/22		2,051
	3,400,000	Port of Corpus Christi Authority of Nueces County		3.287		12/01/23		3,524
	1,500,000	Port of Corpus Christi Authority of Nueces County		3.387		12/01/24		1,564
	1,000,000	Port of Corpus Christi Authority of Nueces County		3.487		12/01/25		1,048
	7,500,000	Port of Morrow OR		1.582		09/01/20		7,464
	2,075,000	Port of Morrow OR		1.782		09/01/21		2,061
	4,355,000	Public Finance Authority		4.269		07/01/40		4,714
	1,000,000	Regents of the University of California Medical Center Pooled Revenue		2.037		05/15/23		996
	1,000,000	Regents of the University of California Medical Center Pooled Revenue		2.259		05/15/24		1,000
	1,250,000	Regents of the University of California Medical Center Pooled Revenue		2.359		05/15/25		1,249
	1,785,000	Regents of the University of California Medical Center Pooled Revenue		2.459		05/15/26		1,783
	1,600,000	Regents of the University of California Medical Center Pooled Revenue		2.559		05/15/27		1,598
	700,000	Regents of the University of California Medical Center Pooled Revenue		2.659		05/15/28		699
	900,000	Regents of the University of California Medical Center Pooled Revenue		2.759		05/15/29		896
	6,000,000	San Francisco City & County Airport Comm-San Francisco International Airport		3.046		05/01/22		6,157
	6,360,000	San Jose Redevelopment Agency		3.375		08/01/34		6,547
	335,000	Santa Ana Community Redevelopment Agency Successor Agency		3.346		09/01/21		344
	1,340,000	Santa Ana Community Redevelopment Agency Successor Agency		3.467		09/01/22		1,397
	1,340,000	Santa Ana Community Redevelopment Agency Successor Agency		3.567		09/01/23		1,416
	13,060,000	State of California		4.600		04/01/38		14,261
	3,060,000	State of Georgia		2.000		07/01/20		3,064
	3,215,000	State of Georgia		2.150		07/01/21		3,226
	3,465,000	State of Georgia		1.910		02/01/23		3,450
	3,905,000	State of Georgia		2.750		07/01/25		3,959
	4,100,000	State of Georgia		2.850		07/01/26		4,157
	4,305,000	State of Georgia		2.950		07/01/27		4,359
	4,520,000	State of Georgia		3.050		07/01/28		4,586
	3,245,000	State of Georgia		3.150		07/01/29		3,299
	7,160,000	State of Illinois		5.463		02/01/20		7,255
	12,500,000	State of Illinois		1.930		06/15/20		12,405
	12,500,000	State of Illinois		2.250		06/15/21		12,386
	12,500,000	State of Illinois		3.150		06/15/26		12,478
	12,500,000	State of Illinois		3.250		06/15/27		12,415
	20,150,000	State of Illinois		5.100		06/01/33		21,220
	20,000,000	State of Michigan		1.579		11/01/20		19,932
	13,000,000	State of Michigan		1.779		11/01/21		12,976
	7,000,000	State of Michigan		1.966		11/01/22		7,020
	9,700,000	State of Oregon Department of Administrative Services		4.103		05/01/39		10,388

351

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	9,900,000		State of Wisconsin		3.154	%	05/01/27	$	10,356
	7,000,000		The Ohio State University		3.798		12/01/46		7,629
	6,000,000		University of California		2.570		05/15/22		6,095
	25,860,000		University of California		3.063		07/01/25		26,854
	10,230,000		University of California		4.601		05/15/31		11,677
	17,045,000		University of California		3.931		05/15/45		18,037
	20,000,000		University of New Mexico		3.532		06/20/32		20,669
	500,000		Utah Municipal Power Agency		1.630		07/01/19		500
	835,000		Utah Municipal Power Agency		1.823		07/01/20		830
	500,000		Utah Municipal Power Agency		2.023		07/01/21		496
	1,750,000		Utah Municipal Power Agency		2.262		07/01/22		1,743
	1,500,000		Utah Municipal Power Agency		2.512		07/01/23		1,507
	2,160,000		Virginia Port Authority		4.228		07/01/36		2,250
	390,000		Washington Convention & Sports Authority		3.969		10/01/30		419
			TOTAL MUNICIPAL BONDS						697,764

U.S. TREASURY SECURITIES - 15.9%
	66,677,000		United States Treasury Bond		4.500		02/15/36		87,907
	4,500,000		United States Treasury Bond		4.750		02/15/37		6,157
	48,750,000		United States Treasury Bond		3.500		02/15/39		57,854
	11,900,000		United States Treasury Bond		3.875		08/15/40		14,850
	19,135,000		United States Treasury Bond		4.375		05/15/41		25,530
	16,434,000		United States Treasury Bond		3.750		08/15/41		20,162
	56,375,000		United States Treasury Bond		3.625		08/15/43		67,991
	35,680,000		United States Treasury Bond		3.000		05/15/45		38,973
	81,710,000		United States Treasury Bond		2.875		08/15/45		87,235
	102,850,000		United States Treasury Bond		2.500		05/15/46		102,123
	1,075,000		United States Treasury Bond		3.000		05/15/47		1,176
	58,160,000		United States Treasury Bond		2.750		11/15/47		60,618
	6,655,000		United States Treasury Bond		3.000		02/15/48		7,280
	41,095,000		United States Treasury Bond		3.125		05/15/48		46,050
	85,945,000		United States Treasury Bond		3.000		08/15/48		94,116
	98,520,000		United States Treasury Bond		3.375		11/15/48		115,807
	30,999,636	k	United States Treasury Inflation Indexed Bonds		0.500		04/15/24		31,387
	50,000,000		United States Treasury Note		0.750		07/15/19		49,972
	61,725,000		United States Treasury Note		1.375		07/31/19		61,680
	32,565,000		United States Treasury Note		1.250		08/31/19		32,509
	1,680,000		United States Treasury Note		1.500		10/31/19		1,677
	14,075,000		United States Treasury Note		2.250		02/29/20		14,093
	4,065,000		United States Treasury Note		1.625		03/15/20		4,053
	5,340,000		United States Treasury Note		2.250		03/31/20		5,349
	51,445,000		United States Treasury Note		2.375		04/30/20		51,594
	1,600,000		United States Treasury Note		1.500		05/15/20		1,593
	76,920,000		United States Treasury Note		2.500		05/31/20		77,260
	21,800,000		United States Treasury Note		1.625		07/31/20		21,725
	39,810,000		United States Treasury Note		2.625		08/31/20		40,132
	3,200,000		United States Treasury Note		2.500		12/31/20		3,231
	825,000		United States Treasury Note		2.125		01/31/21		829
	9,925,000		United States Treasury Note		2.500		01/31/21		10,027
	12,589,300		United States Treasury Note		1.125		02/28/21		12,445
	10,470,000		United States Treasury Note		2.000		02/28/21		10,499
	52,345,000		United States Treasury Note		2.500		02/28/21		52,918
	88,000,000		United States Treasury Note		2.250		03/31/21		88,667
	10,385,000		United States Treasury Note		1.375		04/30/21		10,306

352

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	68,550,000		United States Treasury Note			2.250	%	04/30/21	$	69,112
	50,565,000		United States Treasury Note			2.625		05/15/21		51,333
	1,040,000		United States Treasury Note			1.375		05/31/21		1,032
	16,465,000		United States Treasury Note			2.000		05/31/21		16,532
	4,080,000		United States Treasury Note			2.125		05/31/21		4,107
	37,305,000		United States Treasury Note			2.625		06/15/21		37,920
	1,730,000		United States Treasury Note			2.125		06/30/21		1,742
	37,725,000		United States Treasury Note			2.375		03/15/22		38,385
	6,710,000		United States Treasury Note			1.750		03/31/22		6,712
	5,725,000		United States Treasury Note			1.750		04/30/22		5,728
	17,300,000		United States Treasury Note			1.750		06/15/22		17,318
	3,200,000		United States Treasury Note			2.000		07/31/22		3,225
	17,530,000		United States Treasury Note			2.625		02/28/23		18,077
	120,834,000		United States Treasury Note			2.750		04/30/23		125,313
	126,842,000		United States Treasury Note			2.750		05/31/23		131,643
	3,718,000		United States Treasury Note			2.875		11/30/23		3,895
	1,650,000		United States Treasury Note			2.000		05/31/24		1,669
	27,557,000		United States Treasury Note			2.500		02/28/26		28,645
	19,083,000		United States Treasury Note			2.375		04/30/26		19,696
	22,500,000		United States Treasury Note			2.125		05/31/26		22,861
	24,700,000		United States Treasury Note			2.750		02/15/28		26,249
	98,915,000		United States Treasury Note			2.375		05/15/29		102,161
	33,182,000		United States Treasury Note			3.000		02/15/49		36,391
	18,000,000		United States Treasury Note			2.875		05/15/49		19,280
			TOTAL U.S. TREASURY SECURITIES							2,204,801

			TOTAL GOVERNMENT BONDS							6,602,167
			(Cost $6,420,109)

STRUCTURED ASSETS - 18.0%

ASSET BACKED - 8.2%
	11,450,000		Ally Auto Receivables Trust			2.100		03/15/22		11,427
			Series - 2017 2 (Class A4)
	282,902		AmeriCredit Automobile Receivables Trust			2.400		01/08/21		283
			Series - 2015 2 (Class C)
	201,589		AmeriCredit Automobile Receivables Trust			1.460		05/10/21		202
			Series - 2016 3 (Class A3)
	12,805,000		AmeriCredit Automobile Receivables Trust			3.340		08/08/21		12,863
			Series - 2015 3 (Class D)
	2,369,829		AmeriCredit Automobile Receivables Trust			1.870		08/18/21		2,366
			Series - 2017 1 (Class A3)
	4,707,595		AmeriCredit Automobile Receivables Trust			1.900		03/18/22		4,697
			Series - 2017 3 (Class A3)
	5,500,000		AmeriCredit Automobile Receivables Trust			2.740		12/08/22		5,520
			Series - 2016 4 (Class D)
	74,236	†,g	Asset Backed Funding Corp NIM Trust			5.900		07/26/35		0	^
			Series - 2005 WMC1 (Class N1)
	1,497,448	i	Asset Backed Securities Corp Home Equity Loan Trust	LIBOR 1 M + 0.900%		3.386		08/25/34		1,487
			Series - 2004 HE5 (Class M1)

353

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	8,000,000	g	Avis Budget Rental Car Funding AESOP LLC			3.450	%	03/20/23	$	8,192
			Series - 2019 1A (Class A)
	12,000,000	g	Avis Budget Rental Car Funding AESOP LLC			3.070		09/20/23		12,176
			Series - 2017 1A (Class A)
	32,000,000	g	Avis Budget Rental Car Funding AESOP LLC			2.970		03/20/24		32,483
			Series - 2017 2A (Class A)
	4,745,000	i	Bayview Financial Mortgage Pass-Through Trust	LIBOR 1 M + 0.650%		3.052		02/28/41		4,685
			Series - 2006 A (Class M3)
	6,537,000	i	Bear Stearns Asset Backed Securities Trust	LIBOR 1 M + 0.670%		3.074		04/25/36		6,525
			Series - 2006 SD1 (Class M1)
	5,184,409	g	BRE Grand Islander Timeshare Issuer LLC			3.280		09/26/33		5,267
			Series - 2019 A (Class A)
	3,412,121		Capital Auto Receivables Asset Trust			1.690		03/20/21		3,406
			Series - 2016 3 (Class A4)
	7,966,817	g	Capital Automotive REIT			3.660		10/15/44		8,042
			Series - 2014 1A (Class A)
	6,848,333	g	Capital Automotive REIT			3.870		04/15/47		6,968
			Series - 2017 1A (Class A1)
	5,800,000		Capital One Multi-Asset Execution Trust			2.430		01/15/25		5,851
			Series - 2017 A3 (Class A3)
	3,875,000		CarMax Auto Owner Trust			2.150		03/15/21		3,874
			Series - 2015 2 (Class B)
	2,640,000		CarMax Auto Owner Trust			2.390		03/15/21		2,640
			Series - 2015 2 (Class C)
	5,290,737		CarMax Auto Owner Trust			1.970		04/15/22		5,279
			Series - 2017 3 (Class A3)
	2,850,000		CarMax Auto Owner Trust			2.250		09/15/22		2,855
			Series - 2017 2 (Class A4)
	4,100,000		CarMax Auto Owner Trust			2.330		05/15/23		4,121
			Series - 2017 4 (Class A4)
	1,761,995	i	C-BASS Trust	LIBOR 1 M + 0.080%		2.484		07/25/36		1,741
			Series - 2006 CB6 (Class A1)
	428,194	i	Chase Funding Mortgage Loan Asset-Backed Certificates			5.700		02/26/35		430
			Series - 2004 2 (Class 1M2)
	348,431		CIT Group Home Equity Loan Trust (Step Bond)			6.200		02/25/30		356
			Series - 2002 1 (Class AF6)
	650,000	i	Citigroup Mortgage Loan Trust, Inc	LIBOR 1 M + 0.750%		3.154		01/25/36		649
			Series - 2006 WFH1 (Class M4)
	3,551,119		CNH Equipment Trust			2.930		12/15/21		3,561
			Series - 2018 B (Class A2)
	9,500,000		CNH Equipment Trust			2.170		04/17/23		9,518
			Series - 2017 B (Class A4)
	31,490,000		CNH Equipment Trust			2.360		11/15/24		31,606
			Series - 2017 C (Class A4)
	2,000,000		CNH Equipment Trust			3.300		04/15/25		2,061
			Series - 2018 A (Class A4)

354

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	2,350,000		CNH Equipment Trust			3.220	%	01/15/26	$	2,432
			Series - 2019 A (Class A4)
	1,002,062	g	DaimlerChrysler Capital Auto Receivables Trust			1.640		07/15/21		1,001
			Series - 2016 BA (Class A3)
	20,817,975	g	DB Master Finance LLC			3.629		11/20/47		21,140
			Series - 2017 1A (Class A2I)
	4,800,000	g	DB Master Finance LLC			3.787		05/20/49		4,902
			Series - 2019 1A (Class A2I)
	8,310,000	g	DB Master Finance LLC			4.021		05/20/49		8,553
			Series - 2019 1A (Class A2II)
	5,856,430	g	Diamond Resorts Owner Trust			3.700		01/21/31		5,939
			Series - 2018 1 (Class A)
	5,000,000		Discover Card Execution Note Trust			2.390		07/15/24		5,046
			Series - 2017 A2 (Class A2)
	39,373,688	g	Domino’s Pizza Master Issuer LLC			3.082		07/25/47		39,433
			Series - 2017 1A (Class A2II)
	2,988,644	g,i	Ellington Loan Acquisition Trust	LIBOR 1 M + 1.100%		3.504		05/25/37		3,010
			Series - 2007 2 (Class A2C)
	18,000,000	g	Ford Credit Auto Owner Trust			2.150		07/15/26		17,969
			Series - 2015 1 (Class A)
	17,400,000	g	Ford Credit Auto Owner Trust			2.440		01/15/27		17,421
			Series - 2015 2 (Class A)
	16,500,000	g	Ford Credit Auto Owner Trust			2.030		12/15/27		16,450
			Series - 2016 2 (Class A)
	12,000,000	g	Ford Credit Auto Owner Trust			2.620		08/15/28		12,141
			Series - 2017 1 (Class A)
	27,050,000	g	Ford Credit Auto Owner Trust			2.360		03/15/29		27,104
			Series - 2017 2 (Class A)
	3,500,000		Ford Credit Floorplan Master Owner Trust			2.070		05/15/22		3,495
			Series - 2017 1 (Class A1)
	5,000,000		Ford Credit Floorplan Master Owner Trust			2.390		08/15/22		5,010
			Series - 2015 5 (Class A)
	6,000,000		Ford Credit Floorplan Master Owner Trust			2.480		09/15/24		6,066
			Series - 2017 3 (Class A)
	750,000	g,i	FREMF Mortgage Trust			4.156		03/25/49		784
			Series - 2016 K53 (Class B)
	5,250,065		GM Financial Automobile Leasing Trust			2.890		09/21/20		5,257
			Series - 2018 3 (Class A2A)
	6,000,000	g	GM Financial Consumer Automobile Receivables Trust			2.130		03/16/23		5,999
			Series - 2017 3A (Class A4)
	7,000,000	g	GMF Floorplan Owner Revolving Trust			2.130		07/15/20		6,985
			Series - 2017 2 (Class A1)
	2,950,000	g	GMF Floorplan Owner Revolving Trust			2.220		01/18/22		2,947
			Series - 2017 1 (Class A1)
	6,923,727	i	GSAMP Trust	LIBOR 1 M + 0.975%		3.461		09/25/34		6,979
			Series - 2004 HE2 (Class M1)
	721,266	g	HERO Funding Trust			3.280		09/20/48		729
			Series - 2017 2A (Class A1)
	1,442,532	g	HERO Funding Trust			4.070		09/20/48		1,500
			Series - 2017 2A (Class A2)
	5,250,000	g	Hertz Vehicle Financing II LP			3.710		03/25/23		5,387
			Series - 2019 1A (Class A)
	15,500,000	g	Hertz Vehicle Financing II LP			3.290		02/25/24		15,765
			Series - 2018 1A (Class A)

355

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	5,000,000	g	Hertz Vehicle Financing II LP			3.420	%	05/25/25	$	5,107
			Series - 2019 2A (Class A)
	11,875,000	g	Hertz Vehicle Financing LLC			2.270		07/25/20		11,870
			Series - 2016 3A (Class A)
	10,000,000	g	Hertz Vehicle Financing LLC			4.030		07/25/24		10,455
			Series - 2018 3A (Class A)
	6,044,999	g	Hilton Grand Vacations Trust			2.660		12/26/28		6,077
			Series - 2017 AA (Class A)
	5,213,812	g	Hilton Grand Vacations Trust			2.960		12/26/28		5,237
			Series - 2017 AA (Class B)
	2,653,221	g	Hilton Grand Vacations Trust			4.000		02/25/32		2,730
			Series - 2018 AA (Class C)
	940,162	i	Home Equity Asset Trust	LIBOR 1 M + 1.500%		3.986		06/25/33		944
			Series - 2003 1 (Class M1)
	7,100,000	g	Houston Galleria Mall Trust			3.087		03/05/37		7,287
			Series - 2015 HGLR (Class A1A2)
	1,750,000	g	Hyundai Auto Lease Securitization Trust			2.120		02/16/21		1,748
			Series - 2017 C (Class A3)
	3,750,000	g	Hyundai Auto Lease Securitization Trust			2.210		09/15/21		3,745
			Series - 2017 C (Class A4)
	707,529	i	Irwin Home Equity Corp	LIBOR 1 M + 0.760%		3.164		02/25/34		704
			Series - 2005 A (Class A3)
	7,484,401	g	JG Wentworth XXII LLC			3.820		12/15/48		7,740
			Series - 2010 3A (Class A)
	6,700,000		John Deere Owner Trust			2.110		07/15/24		6,703
			Series - 2017 B (Class A4)
	2,000,000		JP Morgan Chase Commercial Mortgage Securities Trust			3.914		01/15/49		2,151
			Series - 2015 JP1 (Class A5)
	4,807,683	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.320%		2.724		03/25/37		4,708
			Series - 2007 CH3 (Class A1B)
	22,499,983	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.160%		2.564		06/25/37		22,169
			Series - 2007 CH5 (Class A1)
	2,000,000		JPMBB Commercial Mortgage Securities Trust			3.898		02/15/48		2,075
			Series - 2015 C27 (Class B)
	5,714,105	i	Morgan Stanley ABS Capital I, Inc Trust	LIBOR 1 M + 1.050%		3.266		12/27/33		5,736
			Series - 2004 NC1 (Class M1)
	1,155,949	i	Morgan Stanley ABS Capital I, Inc Trust	LIBOR 1 M + 0.825%		3.229		08/25/34		1,154
			Series - 2004 HE6 (Class M1)
	2,417,971	g	Morgan Stanley Bank of America Merrill Lynch Trust			4.384		12/15/46		2,561
			Series - 2014 C19 (Class LNC2)
	2,563,107	g	MVW Owner Trust			2.520		12/20/32		2,559
			Series - 2015 1A (Class A)
	6,510,132	g	MVW Owner Trust			2.420		12/20/34		6,490
			Series - 2017 1A (Class A)
	7,010,114	g	MVW Owner Trust			3.450		01/21/36		7,205
			Series - 2018 1A (Class A)
	6,350,000	g	MVW Owner Trust			2.890		11/20/36		6,432
			Series - 2019 1A (Class A)
	1,555,000	g	MVW Owner Trust			3.330		11/20/36		1,573
			Series - 2019 1A (Class C)
	4,400,000	g	Navient Student Loan Trust			3.390		12/15/59		4,540
			Series - 2019 BA (Class A2A)

356

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	1,868,889	g	Orange Lake Timeshare Trust			3.100	%	11/08/30	$	1,897
			Series - 2018 A (Class A)
	14,391,250	g	Planet Fitness Master Issuer LLC			4.262		09/05/48		14,826
			Series - 2018 1A (Class A2I)
	2,621,787	g	Pretium Mortgage Credit Partners I LLC (Step Bond)			4.125		08/25/33		2,640
			Series - 2018 NPL3 (Class A1)
	4,266,778	g	Pretium Mortgage Credit Partners I LLC (Step Bond)			3.844		12/25/58		4,279
			Series - 2019 NPL2 (Class A1)
	4,521,266	g	Pretium Mortgage Credit Partners I LLC (Step Bond)			4.213		07/25/60		4,588
			Series - 2019 NPL1 (Class A1)
	5,307,282	g	PRPM LLC (Step Bond)			3.967		04/25/24		5,384
			Series - 2019 2A (Class A1)
	2,790,000	i	RASC	LIBOR 1 M + 0.590%		3.080		08/25/35		2,794
			Series - 2005 KS8 (Class M4)
	15,369	i	Renaissance Home Equity Loan Trust	LIBOR 1 M + 0.880%		3.284		08/25/33		15
			Series - 2003 2 (Class A)
	5,270,446		Santander Drive Auto Receivables Trust			2.970		07/15/21		5,274
			Series - 2018 5 (Class A2A)
	5,325,000		Santander Drive Auto Receivables Trust			3.190		03/15/22		5,351
			Series - 2018 5 (Class A3)
	6,000,000		Santander Drive Auto Receivables Trust			2.800		08/15/22		6,034
			Series - 2016 3 (Class D)
	8,000,000		Santander Drive Auto Receivables Trust			3.170		04/17/23		8,063
			Series - 2017 1 (Class D)
	4,250,000		Santander Drive Auto Receivables Trust			3.210		09/15/23		4,319
			Series - 2019 1 (Class B)
	12,500,000	g	Santander Retail Auto Lease Trust			2.370		01/20/22		12,499
			Series - 2017 A (Class A4)
	10,968,989	g	Sierra Receivables Funding Co LLC			2.910		03/20/34		11,075
			Series - 2017 1A (Class A)
	5,056,606	g	Sierra Receivables Funding Co LLC			3.200		03/20/34		5,086
			Series - 2017 1A (Class B)
	1,731,101	g	Sierra Timeshare Receivables Funding LLC			2.400		03/22/32		1,727
			Series - 2015 1A (Class A)
	2,211,337	g	Sierra Timeshare Receivables Funding LLC			2.580		09/20/32		2,208
			Series - 2015 3A (Class A)
	2,667,359	g	Sierra Timeshare Receivables Funding LLC			3.080		09/20/32		2,668
			Series - 2015 3A (Class B)
	1,394,739	g	Sierra Timeshare Receivables Funding LLC			3.080		03/21/33		1,404
			Series - 2016 1A (Class A)
	4,485,285	g	Sierra Timeshare Receivables Funding LLC			2.330		07/20/33		4,469
			Series - 2016 2A (Class A)
	714,217	g	Sierra Timeshare Receivables Funding LLC			2.780		07/20/33		713
			Series - 2016 2A (Class B)
	3,256,383	g	Sierra Timeshare Receivables Funding LLC			2.430		10/20/33		3,246
			Series - 2016 3A (Class A)

357

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	1,929,709	g	Sierra Timeshare Receivables Funding LLC			2.630	%	10/20/33	$	1,923
			Series - 2016 3A (Class B)
	4,957,788	g	Sierra Timeshare Receivables Funding LLC			3.500		06/20/35		5,097
			Series - 2018 2A (Class A)
	5,914,024	g	Sierra Timeshare Receivables Funding LLC			4.170		09/20/35		6,098
			Series - 2018 3A (Class C)
	7,518,119	g	Sierra Timeshare Receivables Funding LLC			3.200		01/20/36		7,701
			Series - 2019 1A (Class A)
	8,691,467	g	Sierra Timeshare Receivables Funding LLC			3.770		01/20/36		8,825
			Series - 2019 1A (Class C)
	67,904	g	SLM Student Loan Trust			3.740		02/15/29		68
			Series - 2011 B (Class A2)
	2,715,005	g	SMB Private Education Loan Trust			2.490		06/15/27		2,719
			Series - 2015 A (Class A2A)
	5,967,762	g	SMB Private Education Loan Trust			2.750		07/15/27		5,999
			Series - 2015 C (Class A2A)
	9,615,032	g	SMB Private Education Loan Trust			2.430		02/17/32		9,589
			Series - 2016 B (Class A2A)
	14,128,475	g	SMB Private Education Loan Trust			2.880		09/15/34		14,293
			Series - 2017 A (Class A2A)
	15,250,000	g	SMB Private Education Loan Trust			2.820		10/15/35		15,381
			Series - 2017 B (Class A2A)
	5,000,000	g	SMB Private Education Loan Trust			3.500		02/15/36		5,183
			Series - 2018 A (Class A2A)
	7,247,624	g	Sofi Professional Loan Program LLC			3.120		02/25/48		7,307
			Series - 2018 D (Class A1FX)
	5,500,000	g	Sofi Professional Loan Program LLC			3.690		06/15/48		5,770
			Series - 2019 A (Class A2FX)
	13,805,402	g	SoFi Professional Loan Program LLC			2.340		04/25/33		13,787
			Series - 2016 D (Class A2B)
	13,433,991	g	SoFi Professional Loan Program LLC			2.490		01/25/36		13,459
			Series - 2016 E (Class A2B)
	2,188,463	g	SoFi Professional Loan Program LLC			2.760		12/26/36		2,201
			Series - 2016 A (Class A2)
	201,850	g	SoFi Professional Loan Program LLC			1.550		03/26/40		201
			Series - 2017 A (Class A2A)
	4,925,000	g	SoFi Professional Loan Program LLC			2.400		03/26/40		4,922
			Series - 2017 A (Class A2B)
	1,662,482	g	SoFi Professional Loan Program LLC			1.830		05/25/40		1,660
			Series - 2017 B (Class A1FX)
	13,050,000	g	SoFi Professional Loan Program LLC			2.740		05/25/40		13,047
			Series - 2017 B (Class A2FX)
	4,000,000	g	SoFi Professional Loan Program LLC			2.630		07/25/40		3,998
			Series - 2017 C (Class A2B)
	10,556,000	g	SoFi Professional Loan Program LLC			2.720		11/26/40		10,574
			Series - 2017 E (Class A2B)
	13,500,000	g	SoFi Professional Loan Program LLC			2.840		01/25/41		13,640
			Series - 2017 F (Class A2FX)
	21,000,000	g	SoFi Professional Loan Program LLC			2.950		02/25/42		21,335
			Series - 2018 A (Class A2B)
	431,229	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 0.900%		3.304		09/25/34		429
			Series - 2004 8 (Class M1)

358

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	992,368	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 1.000%		3.404	%	09/25/34	$	994
			Series - 2004 8 (Class A9)
	9,000,000		Synchrony Credit Card Master Note Trust			2.620		10/15/25		9,130
			Series - 2017 2 (Class A)
	17,014,500	g	Taco Bell Funding LLC			4.318		11/25/48		17,649
			Series - 2018 1A (Class A2I)
	7,999,963	g	Tesla Auto Lease Trust			3.710		08/20/21		8,119
			Series - 2018 B (Class A)
	6,139,075	g	TLF National Tax Lien Trust			3.090		12/15/29		6,134
			Series - 2017 1A (Class A)
	12,548,000		UBS Commercial Mortgage Trust			3.256		06/15/50		12,931
			Series - 2017 C1 (Class ASB)
	2,000,000		UBS Commercial Mortgage Trust			3.366		10/15/50		2,082
			Series - 2017 C4 (Class ASB)
	16,591,009	g	Verizon Owner Trust			2.060		09/20/21		16,568
			Series - 2017 1A (Class A)
	21,500,000	g	Verizon Owner Trust			1.920		12/20/21		21,457
			Series - 2017 2A (Class A)
	49,400,000		Verizon Owner Trust			3.230		04/20/23		50,346
			Series - 2018 A (Class A1A)
	5,485,291	g	VOLT LXII LLC (Step Bond)			3.125		09/25/47		5,498
			Series - 2017 NPL9 (Class A1)
	1,051,692	g	VOLT LXV LLC (Step Bond)			3.750		04/25/48		1,055
			Series - 2018 NPL1 (Class A1)
	6,953,321	g	VOLT LXXIII LLC (Step Bond)			4.458		10/25/48		7,018
			Series - 2018 NPL9 (Class A1A)
	5,534,555	g	VOLT LXXV LLC (Step Bond)			4.336		01/25/49		5,609
			Series - 2019 NPL1 (Class A1A)
	7,083,569	g	VOLT LXXV LLC (Step Bond)			3.967		02/25/49		7,150
			Series - 2019 NPL2 (Class A1)
	5,386,377	g	VOLT LXXV LLC (Step Bond)			3.967		03/25/49		5,425
			Series - 2019 NPL3 (Class A1)
	1,890,000	g	Vornado DP LLC			5.280		09/13/28		1,936
			Series - 2010 VNO (Class C)
	61,501	g,i	Wachovia Loan Trust	LIBOR 1 M + 0.360%		2.764		05/25/35		62
			Series - 2005 SD1 (Class A)
	1,350,000		Wells Fargo Commercial Mortgage Trust			3.405		12/15/47		1,411
			Series - 2014 LC18 (Class A5)
	32,012,500	g	Wendys Funding LLC			3.573		03/15/48		32,196
			Series - 2018 1A (Class A2I)
	3,000,000		World Financial Network Credit Card Master Trust			2.030		04/15/25		2,990
			Series - 2016 A (Class A)
	15,613,258		World Omni Auto Receivables Trust			3.010		04/15/22		15,684
			Series - 2018 D (Class A2A)
	9,000,000		World Omni Auto Receivables Trust			2.250		10/16/23		9,020
			Series - 2017 B (Class A4)
			TOTAL ASSET BACKED							1,136,504

OTHER MORTGAGE BACKED - 9.8%
	25,000,000	g,i	20 TSQ GROUNDCO LLC			3.203		05/15/35		24,633
			Series - 2018 20TS (Class E)
	3,177,382	g,i	Agate Bay Mortgage Trust			3.500		11/25/44		3,196
			Series - 2014 3 (Class A13)

359

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	8,980,381	g,i	Agate Bay Mortgage Trust			3.500	%	09/25/45	$	8,953
			Series - 2015 6 (Class A9)
	1,015,895	i	Alternative Loan Trust	LIBOR 1 M + 0.500%		2.904		06/25/34		1,027
			Series - 2004 8CB (Class M1)
	2,000,000	†,g,i	Banc of America Commercial Mortgage Trust			6.038		02/10/51		302
			Series - 2007 5 (Class B)
	3,575,633	i	Banc of America Commercial Mortgage Trust			6.236		02/10/51		3,360
			Series - 2007 5 (Class AJ)
	3,850,000	g	BBCMS Mortgage Trust			3.821		09/05/32		3,880
			Series - 2013 TYSN (Class C)
	5,000,000		BBCMS Mortgage Trust			3.488		02/15/50		5,246
			Series - 2017 C1 (Class ASB)
	1,500,000	g,i	BBCMS Trust			4.409		08/05/38		1,359
			Series - 2018 CHRS (Class E)
	2,500,000	g	BWAY Mortgage Trust			3.342		01/10/35		2,539
			Series - 2015 1740 (Class C)
	7,698,000	i	CCUBS Commercial Mortgage Trust			3.462		11/15/50		8,094
			Series - 2017 C1 (Class ASB)
	5,167,000		CD Mortgage Trust			2.622		08/10/49		5,223
			Series - 2016 CD1 (Class ASB)
	9,000,000		CD Mortgage Trust			2.926		08/10/49		8,999
			Series - 2016 CD1 (Class AM)
	5,750,000	i	CD Mortgage Trust			3.879		11/10/49		6,026
			Series - 2016 CD2 (Class B)
	1,000,000	i	CD Mortgage Trust			4.163		11/10/49		1,034
			Series - 2016 CD2 (Class C)
	1,000,000		CD Mortgage Trust			3.453		02/10/50		1,046
			Series - 2017 CD3 (Class AAB)
	5,000,000		CD Mortgage Trust			3.220		08/15/50		5,177
			Series - 2017 CD5 (Class AAB)
	1,000,000	g,i	CFCRE Commercial Mortgage Trust			6.272		04/15/44		1,051
			Series - 2011 C1 (Class C)
	958,693		CFCRE Commercial Mortgage Trust			3.121		05/10/58		984
			Series - 2016 C4 (Class AHR)
	4,000,000	g	CGBAM Commercial Mortgage Trust			3.768		04/10/28		4,029
			Series - 2015 SMRT (Class D)
	5,300,000		CGMS Commercial Mortgage Trust			3.243		08/15/50		5,500
			Series - 2017 B1 (Class AAB)
	2,334,392	i	CHL Mortgage Pass-Through Trust			4.285		02/20/35		2,358
			Series - 2004 HYB9 (Class 1A1)
	4,092,000		Citigroup Commercial Mortgage Trust			3.371		10/10/47		4,189
			Series - 2014 GC25 (Class AAB)
	1,700,000	i	Citigroup Commercial Mortgage Trust			3.758		04/10/48		1,750
			Series - 2015 GC29 (Class B)
	3,000,000	i	Citigroup Commercial Mortgage Trust			4.280		04/10/48		3,122
			Series - 2015 GC29 (Class C)
	1,981,470		Citigroup Commercial Mortgage Trust			1.506		05/10/49		1,966
			Series - 2016 C1 (Class A1)
	6,500,000		Citigroup Commercial Mortgage Trust			3.003		05/10/49		6,656
			Series - 2016 C1 (Class AAB)
	6,765,000		Citigroup Commercial Mortgage Trust			3.764		10/12/50		7,163
			Series - 2017 C4 (Class AS)
	1,958,823	i	COBALT CMBS Commercial Mortgage Trust			5.646		04/15/47		1,976
			Series - 2007 C2 (Class C)

360

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	5,000,000	g	COMM Mortgage Trust		3.244	%	10/10/29	$	5,168
			Series - 2017 PANW (Class A)
	3,750,000		COMM Mortgage Trust		2.853		10/15/45		3,786
			Series - 2012 CR4 (Class A3)
	4,000,000	g	COMM Mortgage Trust		3.397		03/10/46		4,027
			Series - 2013 CR6 (Class B)
	3,359,721	g,i	COMM Mortgage Trust		4.093		06/10/46		3,499
			Series - 2013 CR8 (Class B)
	4,325,000	g,i	COMM Mortgage Trust		4.952		08/10/46		4,647
			Series - 2013 CR10 (Class B)
	4,780,000	g,i	COMM Mortgage Trust		4.952		08/10/46		5,066
			Series - 2013 CR10 (Class C)
	3,000,000		COMM Mortgage Trust		4.199		03/10/47		3,169
			Series - 2014 UBS2 (Class AM)
	750,000		COMM Mortgage Trust		4.174		05/10/47		798
			Series - 2014 CR17 (Class AM)
	1,843,000	i	COMM Mortgage Trust		4.891		07/15/47		1,943
			Series - 2014 CR18 (Class C)
	1,500,000	i	COMM Mortgage Trust		4.895		08/10/47		1,585
			Series - 2014 CR19 (Class C)
	14,331,817		COMM Mortgage Trust		3.917		10/10/47		15,332
			Series - 2014 LC17 (Class A5)
	1,185,000	i	COMM Mortgage Trust		4.490		10/10/47		1,260
			Series - 2014 LC17 (Class B)
	34,391		COMM Mortgage Trust		1.399		02/10/48		34
			Series - 2015 LC19 (Class A1)
	800,979	i	COMM Mortgage Trust		3.829		02/10/48		833
			Series - 2015 LC19 (Class B)
	3,382,775	i	COMM Mortgage Trust		3.603		03/10/48		3,523
			Series - 2015 CR22 (Class AM)
	1,000,000	i	COMM Mortgage Trust		3.926		03/10/48		1,036
			Series - 2015 CR22 (Class B)
	1,805,000	i	COMM Mortgage Trust		4.255		03/10/48		1,888
			Series - 2015 CR22 (Class C)
	11,650,000		COMM Mortgage Trust		3.801		05/10/48		12,254
			Series - 2015 CR23 (Class AM)
	5,500,000	g,i	COMM Mortgage Trust		3.807		05/10/48		5,538
			Series - 2015 CR23 (Class CMB)
	4,000,000	i	COMM Mortgage Trust		4.183		05/10/48		4,215
			Series - 2015 CR23 (Class B)
	2,530,000	i	COMM Mortgage Trust		4.393		05/10/48		2,658
			Series - 2015 CR23 (Class C)
	4,900,000		COMM Mortgage Trust		3.421		07/10/48		5,075
			Series - 2015 LC21 (Class ASB)
	2,000,000		COMM Mortgage Trust		3.696		08/10/48		2,130
			Series - 2015 CR24 (Class A5)
	2,000,000	i	COMM Mortgage Trust		4.028		08/10/48		2,116
			Series - 2015 CR24 (Class AM)
	3,685,000	i	COMM Mortgage Trust		4.523		08/10/48		3,961
			Series - 2015 CR24 (Class B)
	8,212,000	i	COMM Mortgage Trust		4.509		10/10/48		8,798
			Series - 2015 CR27 (Class B)
	1,073,736		COMM Mortgage Trust		3.651		02/10/49		1,119
			Series - 2016 CR28 (Class AHR)
	4,650,000	i	COMM Mortgage Trust		4.801		02/10/49		5,106
			Series - 2016 CR28 (Class B)

361

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	298,274		COMM Mortgage Trust			1.667	%	07/10/50	$	298
			Series - 2015 PC1 (Class A1)
	1,000,000		COMM Mortgage Trust			3.961		05/10/51		1,087
			Series - 2018 COR3 (Class A2)
	26,922,998	i	Connecticut Avenue Securities	LIBOR 1 M + 2.600%		5.004		05/25/24		27,826
			Series - 2014 C02 (Class 1M2)
	15,881,500	i	Connecticut Avenue Securities	LIBOR 1 M + 3.000%		5.404		07/25/24		16,653
			Series - 2014 C03 (Class 1M2)
	3,477,155	i	Connecticut Avenue Securities	LIBOR 1 M + 1.450%		3.854		01/25/29		3,487
			Series - 2016 C04 (Class 1M1)
	7,680,232	i	Connecticut Avenue Securities	LIBOR 1 M + 1.300%		3.704		04/25/29		7,707
			Series - 2016 C06 (Class 1M1)
	5,344,370	i	Connecticut Avenue Securities	LIBOR 1 M + 1.300%		2.165		07/25/29		5,363
			Series - 2017 C01 (Class 1M1)
	6,491,473	i	Connecticut Avenue Securities	LIBOR 1 M + 0.850%		3.254		11/25/29		6,497
			Series - 2017 C04 (Class 2M1)
	9,035,815	i	Connecticut Avenue Securities	LIBOR 1 M + 2.200%		4.604		01/25/30		9,150
			Series - 2017 C05 (Class 1M2A)
	21,488,844	i	Connecticut Avenue Securities	LIBOR 1 M + 0.600%		3.004		07/25/30		21,477
			Series - 2018 C01 (Class 1M1)
	10,474,185	i	Connecticut Avenue Securities	LIBOR 1 M + 0.680%		3.084		10/25/30		10,477
			Series - 2018 C03 (Class 1M1)
	10,670,000	i	Connecticut Avenue Securities	LIBOR 1 M + 0.850%		3.254		10/25/30		10,695
			Series - 2018 C03 (Class 1EA2)
	1,069,214	i	Connecticut Avenue Securities	LIBOR 1 M + 0.720%		3.124		01/25/31		1,070
			Series - 2018 C05 (Class 1M1)
	3,351,000	i	Connecticut Avenue Securities	LIBOR 1 M + 2.350%		4.754		01/25/31		3,381
			Series - 2018 C05 (Class 1M2)
	7,054,482	g,i	Connecticut Avenue Securities	LIBOR 1 M + 0.850%		3.254		07/25/31		7,065
			Series - 2019 R01 (Class 2M1)
	1,005,000	g,i	Connecticut Avenue Securities	LIBOR 1 M + 2.450%		4.854		07/25/31		1,017
			Series - 2019 R01 (Class 2M2)
	13,910,000	†,g,h,i	Connecticut Avenue Securities	LIBOR 1 M + 0.750%		3.154		06/25/39		13,922
			Series - 2019 R04 (Class 2M1)
	4,689,000	g,i	Credit Suisse Commercial Mortgage Trust			5.897		01/15/49		5,867
			Series - 2007 C2 (Class C)
	1,360,000	g	Credit Suisse First Boston Mortgage Securities Corp			5.538		05/15/23		1,378
			Series - 2006 OMA (Class B2)
	7,000,000	g	Credit Suisse Mortgage Capital Certificates			5.626		05/15/23		7,095
			Series - 2006 OMA (Class D)
	4,000,000		CSAIL Commercial Mortgage Trust			3.314		11/15/49		4,130
			Series - 2016 C7 (Class ASB)
	7,400,000	g,i	CSMC Trust			3.854		11/10/32		7,735
			Series - 2017 CALI (Class B)
	14,000,000	g	CSMC Trust			3.639		11/15/34		14,611
			Series - 2015 GLPB (Class A)
	2,773,000	g,i	CSMC Trust	LIBOR 1 M + 0.650%		3.054		05/25/36		2,753
			Series - 2006 CF2 (Class M3)
	16,861,525	g,i	CSMC Trust			3.500		02/25/48		16,862
			Series - 2018 J1 (Class A11)
	11,000,000		DBJPM Mortgage Trust			2.756		08/10/49		11,155
			Series - 2016 C3 (Class ASB)
	10,000,000		DBJPM Mortgage Trust			3.121		06/10/50		10,301
			Series - 2017 C6 (Class ASB)

362

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	17,410,000	g	DBUBS Mortgage Trust			3.452	%	10/10/34	$	18,251
			Series - 2017 BRBK (Class A)
	15,500,000	g,i	DBUBS Mortgage Trust			3.648		10/10/34		16,140
			Series - 2017 BRBK (Class B)
	4,879,594	g	DBUBS Mortgage Trust			4.452		05/10/44		5,028
			Series - 2011 LC3A (Class PM1)
	23,978,511	g	DBUBS Mortgage Trust			4.537		07/10/44		24,783
			Series - 2011 LC2A (Class A4)
	3,100,000	g,i	DBUBS Mortgage Trust			4.998		07/10/44		3,235
			Series - 2011 LC2A (Class B)
	5,000,000	g,i	DBUBS Mortgage Trust			5.714		07/10/44		5,253
			Series - 2011 LC2A (Class C)
	5,500,000	g,i	DBUBS Mortgage Trust			5.512		08/10/44		5,800
			Series - 2011 LC3A (Class AM)
	2,084,000	g,i	DBUBS Mortgage Trust			5.512		08/10/44		2,194
			Series - 2011 LC3A (Class B)
	5,625,000	g,i	DBUBS Mortgage Trust			5.885		11/10/46		5,849
			Series - 2011 LC1A (Class C)
	3,368,403	i	Fieldstone Mortgage Investment Trust	LIBOR 1 M + 0.735%		3.139		12/25/35		3,356
			Series - 2005 2 (Class M2)
	3,065,227	g,i	FirstKey Mortgage Trust			3.500		11/25/44		3,082
			Series - 2014 1 (Class A8)
	7,421,924	g,i	Flagstar Mortgage Trust			3.500		03/25/47		7,540
			Series - 2017 1 (Class 1A5)
	3,929,445	g,i	Flagstar Mortgage Trust			3.500		03/25/48		3,987
			Series - 2018 1 (Class A5)
	3,492,899	g,i	Flagstar Mortgage Trust			4.000		09/25/48		3,508
			Series - 2018 5 (Class A11)
	3,544,818	i	GMAC Commercial Mortgage Securities, Inc			4.984		12/10/41		3,547
			Series - 2004 C3 (Class C)
	10,000,000	g	GRACE Mortgage Trust			3.369		06/10/28		10,188
			Series - 2014 GRCE (Class A)
	8,970,000	g	GRACE Mortgage Trust			3.520		06/10/28		9,120
			Series - 2014 GRCE (Class B)
	2,445,486	i	Greenwich Capital Commercial Funding Corp			5.830		07/10/38		2,459
			Series - 2006 GG7 (Class AM)
	5,943,000	g	GS Mortgage Securities Corp II			3.551		04/10/34		6,127
			Series - 2012 ALOH (Class A)
	4,430,000	g	GS Mortgage Securities Corp II			2.954		11/05/34		4,518
			Series - 2012 BWTR (Class A)
	4,500,000	g	GS Mortgage Securities Corp II			3.682		02/10/46		4,624
			Series - 2013 GC10 (Class B)
	2,500,000	i	GS Mortgage Securities Corp II			4.192		05/10/50		2,579
			Series - 2015 GC30 (Class C)
	5,910,000	g,i	GS Mortgage Securities Trust			5.353		12/10/43		6,116
			Series - 2010 C2 (Class B)
	2,250,000		GS Mortgage Securities Trust			2.635		05/10/49		2,259
			Series - 2016 GS2 (Class A2)
	1,000,000		GS Mortgage Securities Trust			3.143		10/10/49		1,009
			Series - 2016 GS3 (Class AS)
	12,000,000		GS Mortgage Securities Trust			3.230		05/10/50		12,471
			Series - 2017 GS6 (Class AAB)

363

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	3,000,000		GS Mortgage Securities Trust			3.837	%	11/10/50	$	3,214
			Series - 2017 GS8 (Class ABP)
	4,000,000	g,h,i	GS Mortgage Securities Trust			3.668		07/10/52		4,093
			Series - 2019 GC40 (Class DBC)
	3,897,936	i	HarborView Mortgage Loan Trust	LIBOR 1 M + 0.620%		3.010		08/19/45		3,874
			Series - 2005 11 (Class 2A1A)
	6,000,000	g	Hudson Yards Mortgage Trust			2.835		08/10/38		6,076
			Series - 2016 10HY (Class A)
	2,500,000	g,i	Hudson Yards Mortgage Trust			3.076		08/10/38		2,529
			Series - 2016 10HY (Class B)
	7,250,000	g,i	Hudson Yards Mortgage Trust			3.076		08/10/38		7,243
			Series - 2016 10HY (Class C)
	636,429	i	Impac CMB Trust	LIBOR 1 M + 0.660%		3.064		03/25/35		633
			Series - 2004 11 (Class 2A1)
	22,738,779	g	JP Morgan Chase Commercial Mortgage Securities Trust			4.717		02/15/46		23,431
			Series - 2011 C3 (Class A4)
	10,975,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			5.360		02/15/46		11,105
			Series - 2011 C3 (Class C)
	16,813,036	g	JP Morgan Chase Commercial Mortgage Securities Trust			4.388		07/15/46		17,366
			Series - 2011 C4 (Class A4)
	15,000,000	g	JP Morgan Chase Commercial Mortgage Securities Trust			4.801		07/15/46		15,575
			Series - 2011 C4 (Class B)
	6,455,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			5.582		07/15/46		6,765
			Series - 2011 C4 (Class C)
	750,000	i	JP Morgan Chase Commercial Mortgage Securities Trust			4.119		01/15/49		800
			Series - 2015 JP1 (Class AS)
	7,000,000		JP Morgan Chase Commercial Mortgage Securities Trust			2.713		08/15/49		7,084
			Series - 2016 JP2 (Class ASB)
	4,500,000		JP Morgan Chase Commercial Mortgage Securities Trust			3.379		09/15/50		4,667
			Series - 2017 JP7 (Class A3)
	4,870,750	g,i	JP Morgan Mortgage Trust			3.654		12/25/44		4,868
			Series - 2015 1 (Class B1)
	1,484,138	g,i	JP Morgan Mortgage Trust			3.500		05/25/45		1,477
			Series - 2015 3 (Class A19)
	10,254,129	g,i	JP Morgan Mortgage Trust			3.500		10/25/45		10,227
			Series - 2015 6 (Class A13)
	3,007,922	g,i	JP Morgan Mortgage Trust			3.500		05/25/46		2,991
			Series - 2016 1 (Class A13)
	553,249	g,i	JP Morgan Mortgage Trust			3.500		01/25/47		561
			Series - 2017 1 (Class A3)
	11,379,755	g,i	JP Morgan Mortgage Trust			3.500		05/25/47		11,546
			Series - 2017 2 (Class A5)
	6,692,564	g,i	JP Morgan Mortgage Trust			3.500		05/25/47		6,681
			Series - 2017 2 (Class A13)
	1,077,638	g,i	JP Morgan Mortgage Trust			3.500		08/25/47		1,093
			Series - 2017 3 (Class 1A5)

364

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	5,711,149	g,i	JP Morgan Mortgage Trust		3.500	%	06/25/48	$	5,795
			Series - 2018 1 (Class A5)
	4,295,504	g,i	JP Morgan Mortgage Trust		3.500		09/25/48		4,358
			Series - 2018 3 (Class A5)
	3,409,354	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		3,459
			Series - 2018 4 (Class A5)
	4,662,713	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		4,734
			Series - 2018 5 (Class A5)
	5,193,419	g,i	JP Morgan Mortgage Trust		3.000		12/25/48		5,159
			Series - 2017 6 (Class A6)
	7,421,786	g,i	JP Morgan Mortgage Trust		3.500		12/25/48		7,531
			Series - 2018 6 (Class 1A3)
	4,011,244	g,i	JP Morgan Mortgage Trust		4.000		01/25/49		4,044
			Series - 2018 8 (Class A13)
	11,526,672	g,i	JP Morgan Mortgage Trust		4.000		02/25/49		11,640
			Series - 2018 9 (Class A13)
	11,701,593	g,i	JP Morgan Mortgage Trust		4.000		05/25/49		11,937
			Series - 2019 1 (Class A15)
	4,500,000		JPMBB Commercial Mortgage Securities Trust		3.775		08/15/47		4,758
			Series - 2014 C21 (Class A5)
	5,000,000		JPMBB Commercial Mortgage Securities Trust		3.997		08/15/47		5,261
			Series - 2014 C21 (Class AS)
	2,000,000	i	JPMBB Commercial Mortgage Securities Trust		4.618		09/15/47		2,138
			Series - 2014 C23 (Class B)
	2,345,000		JPMBB Commercial Mortgage Securities Trust		3.611		05/15/48		2,471
			Series - 2015 C29 (Class A4)
	2,500,000	i	JPMBB Commercial Mortgage Securities Trust		3.917		05/15/48		2,630
			Series - 2015 C29 (Class AS)
	2,000,000	i	JPMBB Commercial Mortgage Securities Trust		4.118		05/15/48		2,095
			Series - 2015 C29 (Class B)
	2,000,000		JPMBB Commercial Mortgage Securities Trust		3.801		08/15/48		2,132
			Series - 2015 C31 (Class A3)
	2,500,000		JPMBB Commercial Mortgage Securities Trust		4.106		08/15/48		2,659
			Series - 2015 C31 (Class AS)
	2,210,000	i	JPMBB Commercial Mortgage Securities Trust		4.771		08/15/48		2,387
			Series - 2015 C31 (Class B)
	3,253,000	i	JPMBB Commercial Mortgage Securities Trust		4.771		08/15/48		3,434
			Series - 2015 C31 (Class C)
	3,000,000	i	JPMBB Commercial Mortgage Securities Trust		4.361		10/15/48		3,075
			Series - 2015 C28 (Class C)
	3,687	i	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		4
			Series - 2007 C6 (Class AM)
	35,521	g	LB-UBS Commercial Mortgage Trust		6.114		07/15/40		35
			Series - 2007 C6 (Class AMFL)
	15,000,000	g	LCCM 2017-LC26		3.357		07/12/50		15,516
			Series - 2017 LC26 (Class ASB)
	7,250,000	g	Liberty Street Trust		3.597		02/10/36		7,679
			Series - 2016 225L (Class A)
	2,795,000	i	Morgan Stanley ABS Capital I, Inc Trust		3.779		05/15/48		2,982
			Series - 2015 MS1 (Class A4)
	2,310,062		Morgan Stanley Bank of America Merrill Lynch Trust		2.469		02/15/46		2,319
			Series - 2013 C7 (Class AAB)
	2,000,000	i	Morgan Stanley Bank of America Merrill Lynch Trust		4.920		11/15/46		2,155
			Series - 2013 C13 (Class B)
	1,063,907	g	Morgan Stanley Bank of America Merrill Lynch Trust		3.989		12/15/46		1,117
			Series - 2014 C19 (Class LNC1)

365

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	1,824,343		Morgan Stanley Bank of America Merrill Lynch Trust			3.669	%	02/15/47	$	1,856
			Series - 2014 C14 (Class A3)
	2,980,216		Morgan Stanley Bank of America Merrill Lynch Trust			3.194		10/15/47		2,979
			Series - 2014 C18 (Class A2)
	1,600,000		Morgan Stanley Bank of America Merrill Lynch Trust			3.605		02/15/48		1,674
			Series - 2015 C20 (Class AS)
	2,500,000	i	Morgan Stanley Bank of America Merrill Lynch Trust			4.611		02/15/48		2,606
			Series - 2015 C20 (Class C)
	2,500,000		Morgan Stanley Bank of America Merrill Lynch Trust			3.338		03/15/48		2,603
			Series - 2015 C21 (Class A4)
	5,500,000		Morgan Stanley Bank of America Merrill Lynch Trust			3.652		03/15/48		5,734
			Series - 2015 C21 (Class AS)
	3,000,000		Morgan Stanley Bank of America Merrill Lynch Trust			3.561		04/15/48		3,111
			Series - 2015 C22 (Class AS)
	9,695,000	g,i	Morgan Stanley Capital I Trust			3.516		07/13/29		9,861
			Series - 2014 CPT (Class AM)
	2,000,000	g,i	Morgan Stanley Capital I Trust			3.560		07/13/29		2,015
			Series - 2014 CPT (Class E)
	4,500,000	g	Morgan Stanley Capital I Trust			2.695		01/11/32		4,493
			Series - 2013 WLSR (Class A)
	2,850,000	g	Morgan Stanley Capital I Trust			4.012		09/09/32		3,023
			Series - 2014 150E (Class AS)
	7,548,000	g	Morgan Stanley Capital I Trust			4.193		09/15/47		7,700
			Series - 2011 C1 (Class F)
	3,450,000	g,i	Morgan Stanley Capital I Trust			5.554		09/15/47		3,589
			Series - 2011 C1 (Class D)
	825,322	†,i	Morgan Stanley Capital I Trust			6.446		12/12/49		536
			Series - 2007 IQ16 (Class AJ)
	562,976	†,i	Morgan Stanley Capital I Trust			6.446		12/12/49		366
			Series - 2007 IQ16 (Class AJFX)
	6,000,000		Morgan Stanley Capital I Trust			3.304		06/15/50		6,204
			Series - 2017 H1 (Class ASB)
	9,000,000	g,i	MSDB Trust			3.427		07/11/39		9,320
			Series - 2017 712F (Class A)
	2,500,000	g,i	Natixis Commercial Mortgage Securities Trust			3.917		11/15/32		2,574
			Series - 2018 285M (Class C)
	1,063,848	i	New York Mortgage Trust	LIBOR 1 M + 0.480%		2.884		02/25/36		1,064
			Series - 2005 3 (Class A1)
	949,895	g	Prima Capital CRE Securitization Ltd			2.550		08/24/49		947
			Series - 2015 4A (Class MR-A)
	2,000,000	g	RBS Commercial Funding, Inc Trust			3.511		03/11/31		2,014
			Series - 2013 SMV (Class B)
	3,448,047	g,i	Sequoia Mortgage Trust			3.500		05/25/45		3,492
			Series - 2015 2 (Class A1)
	3,084,767	g,i	Sequoia Mortgage Trust			3.500		06/25/46		3,089
			Series - 2016 1 (Class A19)
	1,834,690	g,i	Sequoia Mortgage Trust			3.500		11/25/46		1,865
			Series - 2016 3 (Class A10)

366

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	6,094,923	g,i	Sequoia Mortgage Trust			3.500	%	02/25/47	$	6,199
			Series - 2017 2 (Class A4)
	734,104	g,i	Sequoia Mortgage Trust			3.500		02/25/47		730
			Series - 2017 2 (Class A19)
	9,761,899	g,i	Sequoia Mortgage Trust			3.500		04/25/47		9,929
			Series - 2017 3 (Class A4)
	3,959,949	g,i	Sequoia Mortgage Trust			3.500		08/25/47		4,028
			Series - 2017 5 (Class A4)
	1,280,759	g,i	Sequoia Mortgage Trust			3.500		09/25/47		1,300
			Series - 2017 6 (Class A4)
	2,383,142	g,i	Sequoia Mortgage Trust			3.500		02/25/48		2,412
			Series - 2018 2 (Class A1)
	10,192,377	g,i	Sequoia Mortgage Trust			3.500		03/25/48		10,245
			Series - 2018 3 (Class A1)
	7,694,263	g,i	Sequoia Mortgage Trust			3.500		05/25/48		7,820
			Series - 2018 5 (Class A4)
	4,094,670	g,i	Sequoia Mortgage Trust			4.000		06/25/48		4,187
			Series - 2018 CH2 (Class A21)
	1,209,041	g,i	Sequoia Mortgage Trust			4.000		11/25/48		1,221
			Series - 2018 8 (Class A19)
	12,930,823	g,i	Sequoia Mortgage Trust			4.000		06/25/49		13,229
			Series - 2019 2 (Class A1)
	3,139,740	g,i	Sequoia Mortgage Trust			4.000		06/25/49		3,204
			Series - 2019 2 (Class A19)
	2,298,219	g,i	Shellpoint Co-Originator Trust			3.500		11/25/46		2,314
			Series - 2016 1 (Class 1A10)
	4,700,000	g,i	Spruce Hill Mortgage Loan Trust			3.395		04/29/49		4,743
			Series - 2019 SH1 (Class A1)
	2,287,075	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 2.200%		4.604		09/25/24		2,323
			Series - 2014 HQ2 (Class M2)
	9,531,429		STACR	LIBOR 1 M + 1.950%		4.354		05/25/25		9,624
			Series - 2015 HQ2 (Class M2)
	6,400,000		STACR	LIBOR 1 M + 4.650%		7.054		10/25/28		6,910
			Series - 2016 DNA2 (Class M3)
	2,150,433		STACR	LIBOR 1 M + 1.300%		3.704		03/25/29		2,156
			Series - 2016 DNA4 (Class M2)
	6,591,971		STACR	LIBOR 1 M + 1.200%		3.604		07/25/29		6,618
			Series - 2017 DNA1 (Class M1)
	12,155,420		STACR	LIBOR 1 M + 1.200%		3.604		10/25/29		12,226
			Series - 2017 DNA2 (Class M1)
	24,694,592		STACR	LIBOR 1 M + 0.750%		3.154		03/25/30		24,723
			Series - 2017 DNA3 (Class M1)
	17,518,789		STACR	LIBOR 1 M + 0.950%		3.354		04/25/30		17,422
			Series - 2017 HQA3 (Class M2AS)
	4,251,945	g	STACR			3.818		05/25/48		4,266
			Series - 2018 SPI2 (Class M1)
	7,037,829	g	STACR			4.165		08/25/48		7,111
			Series - 2018 SPI3 (Class M1)
	1,720,000	g	STACR			4.460		11/25/48		1,712
			Series - 2018 SPI4 (Class M2)
	2,685,000	g	VNDO Mortgage Trust			3.808		12/13/29		2,733
			Series - 2013 PENN (Class A)
	300,000	g,i	VNDO Mortgage Trust			4.079		12/13/29		304
			Series - 2013 PENN (Class C)
	2,199,634	g	VSE VOI Mortgage LLC			2.540		07/20/33		2,199
			Series - 2016 A (Class A)

367

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,686,859	g	VSE VOI Mortgage LLC		2.740	%	07/20/33	$	1,682
			Series - 2016 A (Class B)
	6,236,607	g	VSE VOI Mortgage LLC		2.330		03/20/35		6,223
			Series - 2017 A (Class A)
	1,840,832	i	Wachovia Bank Commercial Mortgage Trust		6.308		05/15/46		1,852
			Series - 2007 C34 (Class AJ)
	3,328,000	i	Wachovia Bank Commercial Mortgage Trust		6.383		05/15/46		3,351
			Series - 2007 C34 (Class B)
	2,595,000	i	Wachovia Bank Commercial Mortgage Trust		6.383		05/15/46		2,621
			Series - 2007 C34 (Class C)
	10,000,000		Wells Fargo Commercial Mortgage Trust		3.539		10/15/45		10,315
			Series - 2012 LC5 (Class AS)
	7,703,000		Wells Fargo Commercial Mortgage Trust		3.540		05/15/48		8,114
			Series - 2015 C28 (Class A4)
	10,000,000		Wells Fargo Commercial Mortgage Trust		2.788		07/15/48		10,161
			Series - 2016 C35 (Class ASB)
	512,142		Wells Fargo Commercial Mortgage Trust		1.321		08/15/49		506
			Series - 2016 BNK1 (Class A1)
	15,000,000		Wells Fargo Commercial Mortgage Trust		2.514		08/15/49		15,074
			Series - 2016 BNK1 (Class ASB)
	15,000,000		Wells Fargo Commercial Mortgage Trust		2.825		10/15/49		15,257
			Series - 2016 LC24 (Class ASB)
	7,500,000		Wells Fargo Commercial Mortgage Trust		3.446		03/15/50		7,843
			Series - 2017 RB1 (Class ASB)
	872,111		Wells Fargo Commercial Mortgage Trust		3.635		03/15/50		927
			Series - 2017 RB1 (Class A5)
	3,950,000		Wells Fargo Commercial Mortgage Trust		2.978		04/15/50		4,030
			Series - 2015 LC20 (Class ASB)
	3,325,000		Wells Fargo Commercial Mortgage Trust		3.184		04/15/50		3,439
			Series - 2015 LC20 (Class A5)
	15,000,000		Wells Fargo Commercial Mortgage Trust		3.261		07/15/50		15,535
			Series - 2017 C38 (Class ASB)
	10,000,000		Wells Fargo Commercial Mortgage Trust		3.212		09/15/50		10,341
			Series - 2017 C39 (Class ASB)
	10,550,000	i	Wells Fargo Commercial Mortgage Trust		3.767		07/15/58		11,253
			Series - 2015 NXS2 (Class A5)
	7,250,000		Wells Fargo Commercial Mortgage Trust		3.185		03/15/59		7,474
			Series - 2016 C33 (Class ASB)
	6,000,000		Wells Fargo Commercial Mortgage Trust		3.749		03/15/59		6,296
			Series - 2016 C33 (Class AS)
	650,000		Wells Fargo Commercial Mortgage Trust		2.933		11/15/59		664
			Series - 2016 C36 (Class ASB)
	4,725,000	g,i	Wells Fargo Mortgage Backed Securities Trust		5.276		11/15/43		4,871
			Series - 2010 C1 (Class B)
	30,000,000	g,i	WFRBS Commercial Mortgage Trust		4.902		06/15/44		31,242
			Series - 2011 C4 (Class A4)
	4,411,000	i	WFRBS Commercial Mortgage Trust		3.714		03/15/45		4,536
			Series - 2013 C11 (Class B)
	750,000		WFRBS Commercial Mortgage Trust		3.345		05/15/45		773
			Series - 2013 C13 (Class AS)
	2,185,281		WFRBS Commercial Mortgage Trust		3.995		05/15/47		2,336
			Series - 2014 C20 (Class A5)

368

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,240,000		WFRBS Commercial Mortgage Trust		3.607	%	11/15/47	$	1,307
			Series - 2014 C24 (Class A5)
			TOTAL OTHER MORTGAGE BACKED						1,363,513

			TOTAL STRUCTURED ASSETS						2,500,017
			(Cost $2,476,825)

			TOTAL BONDS						13,496,869
			(Cost $13,113,113)

SHARES			COMPANY
COMMON STOCKS - 0.0%

TELECOMMUNICATION SERVICES - 0.0%
	147,623		Oi S.A. (ADR)						297
			TOTAL TELECOMMUNICATION SERVICES						297

			TOTAL COMMON STOCKS						297
			(Cost $1,332)

PREFERRED STOCKS - 0.2%

BANKS - 0.2%
	470,597	*	Federal Home Loan Mortgage Corp						5,835
	1,527,061	*	Federal National Mortgage Association (FNMA)						19,027
			TOTAL BANKS						24,862

			TOTAL PREFERRED STOCKS						24,862
			(Cost $49,941)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 1.9%

GOVERNMENT AGENCY DEBT - 1.2%
$	24,460,000		Federal Home Loan Bank (FHLB)		2.100		07/01/19		24,460
	50,000,000		FHLB		2.196		07/12/19		49,966
	50,000,000		FHLB		2.203		07/26/19		49,924
	50,000,000		Federal Agricultural Mortgage Corp (FAMC)		2.208		07/22/19		49,936
			TOTAL GOVERNMENT AGENCY DEBT						174,286

TREASURY DEBT - 0.7%
EGP	42,000,000	j	Egypt Treasury Bill		0.000		08/27/19		2,453
	16,500,000	j	Egypt Treasury Bill		0.000		04/28/20		864
NGN	600,000,000	j	Nigeria OMO Bill		0.000		09/12/19		1,625
	450,000,000	j	Nigeria OMO Bill		0.000		01/09/20		1,170
$	4,590,000		United States Treasury Bill		2.281		07/30/19		4,582
	28,480,000		United States Treasury Bill		2.066		08/20/19		28,398
	53,220,000		United States Treasury Bill		2.284		09/05/19		53,016
			TOTAL TREASURY DEBT						92,108

			TOTAL SHORT-TERM INVESTMENTS						266,394
			(Cost $266,174)

			TOTAL INVESTMENTS - 99.7%						13,817,788
			(Cost $13,460,536)
			OTHER ASSETS & LIABILITIES, NET - 0.3%						39,081
			NET ASSETS - 100.0%					$	13,856,869

369

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account



		Abbreviation(s):
ADR		American Depositary Receipt
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar

CNY		Chinese Yuan
DOP		Dominican Republic Peso
EGP		Egyptian Pound
EUR		Euro
GBP		Pound Sterling
IDR		Indonesian Rupiah
ILS		Israeli New Shekel
JPY		Japanese Yen
KRW		South Korean Won
LIBOR		London Interbank Offered Rates
M		Month
MXN		Mexican Peso
MYR		Malaysian Ringgit
NGN		Nigerian Naira
NOK		Norwegian Krone
NZD		New Zealand Dollar
PEN		Peruvian Sol

PHP		Philippine Peso
PLN		Polish Zloty
REIT		Real Estate Investment Trust
RSD		Serbian Dinar
SEK		Swedish Krona
SGD		Singapore Dollar
THB		Thai Baht
UYU		Uruguayan Peso
W		Week
ZAR		South African Rand

^		Amount represents less than $1,000.
*		Non-income producing
†		Security is categorized as Level 3 in the fair value hierarchy.
‡		Perpetual security
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/19, the aggregate value of these securities was $2,359,138,748 or 17.0% 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
k		Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
o		Payment in Kind Bond

		Cost amounts are in thousands.

370

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

Forward foreign currency contracts outstanding as of June 30, 2019 were as follows (dollar amounts are in thousands):

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation)
$	1,811	THB	55,655	Australia & New Zealand Banking Group	07/31/19	$	(5	)
$	7,272	AUD	10,387	Australia & New Zealand Banking Group	08/30/19		(35	)
$	19,454	GBP	15,284	Australia & New Zealand Banking Group	08/30/19		(11	)
EUR	243	$	277	Australia & New Zealand Banking Group	09/30/19		2
Total						$	(49	)
$	2,364	ILS	8,473	Bank of America	07/31/19	$	(15	)
$	481	ZAR	6,891	Bank of America	07/31/19		(6	)
Total						$	(21	)
$	10,495	KRW	12,100,279	Citibank N.A.	07/31/19	$	30
$	2,357	PLN	8,815	Citibank N.A.	07/31/19		(6	)
$	1,023	SGD	1,385	Citibank N.A.	07/31/19		(1	)
$	9,994	CAD	13,087	Citibank N.A.	08/30/19		(12	)
$	32,267	JPY	3,458,232	Citibank N.A.	08/30/19		45
$	3,029	NOK	25,632	Citibank N.A.	08/30/19		19
$	3,245	NZD	4,846	Citibank N.A.	08/30/19		(15	)
$	1,633	SEK	15,051	Citibank N.A.	08/30/19		5
$	817	EUR	722	Citibank N.A.	09/30/19		(10	)
Total						$	55
$	92,492	EUR	81,646	Morgan Stanley	09/30/19	$	(1,014	)
Total						$	(1,029	)


		Abbreviation(s):
AUD		Australian Dollar
CAD		Canadian Dollar
EUR		Euro
GBP		Pound Sterling
ILS		Israeli New Shekel
JPY		Japanese Yen
KRW		South Korean Won
NOK		Norwegian Krone
NZD		New Zealand Dollar
PLN		Polish Zloty
SEK		Swedish Krona
SGD		Singapore Dollar
THB		Thai Baht
ZAR		South African Rand

Bilateral credit default swap contracts outstanding as of June 30, 2019 were as follows (notional amounts and values are in thousands):

PURCHASED

Reference
entity

Terms of payments to
be paid

Terms of payments to
be received

Counterparty

Maturity
date

Notional
amount⁽¹⁾

Value

Upfront
premiums
paid
(received)

Unrealized
appreciation
(depreciation)

CDX-EMS31-V1-5Y Index

1.000%

Credit event as specified in contract

Citibank, N.A.

06/20/24

$20,000

624

627

)

⁽¹⁾ The maximum potential amount the Account could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.

371

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

Centrally cleared credit default swap contracts outstanding as of June 30, 2019 were as follows (notional amounts and values are in thousands):

PURCHASED

Reference
entity

Terms of payments to
be paid

Terms of payments to
be received

Counterparty

Maturity
date

Notional
amount⁽¹⁾

Variation
margin

Unrealized
appreciation
(depreciation)

CDX-NAHYS32V1-5Y Index

5.000%

Credit event as specified in contract

Citigroup Global Markets Inc

06/20/24

$25,000

(48

)

(281

)

372

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND

INFLATION-LINKED BOND ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
GOVERNMENT BONDS - 99.3%

AGENCY SECURITIES - 0.8%
$	4,287,500		Crowley Conro LLC		4.181	%	08/15/43	$	4,737
	17,870,000		Montefiore Medical Center		2.895		04/20/32		18,494
	3,500,000		Private Export Funding Corp (PEFCO)		2.300		09/15/20		3,511
	3,000,000		PEFCO		3.250		06/15/25		3,187
	4,605,263		Reliance Industries Ltd		2.444		01/15/26		4,653
	3,500,000		Ukraine Government AID International Bonds		1.847		05/29/20		3,504
	15,000,000		Ukraine Government AID International Bonds		1.471		09/29/21		14,882
			TOTAL AGENCY SECURITIES						52,968

MORTGAGE BACKED - 0.7%
	24,096,658		Government National Mortgage Association (GNMA)		3.600		09/15/31		25,465
	11,888,792		GNMA		3.650		02/15/32		12,486
	2,548,552		GNMA		3.380		07/15/35		2,671
	3,261,022		GNMA		3.870		10/15/36		3,471
			TOTAL MORTGAGE BACKED						44,093

U.S. TREASURY SECURITIES - 97.8%
	58,371,175	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/20		57,758
	205,762,839	k	United States Treasury Inflation Indexed Bonds		1.250		07/15/20		207,084
	258,057,920	k	United States Treasury Inflation Indexed Bonds		1.125		01/15/21		260,044
	342,816,720	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/21		339,610
	306,989,712	k	United States Treasury Inflation Indexed Bonds		0.625		07/15/21		308,861
	356,700,343	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/22		354,437
	277,886,345	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/22		275,700
	324,429,520	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/22		323,446
	330,972,070	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/23		329,098
	233,499,010	k	United States Treasury Inflation Indexed Bonds		0.625		04/15/23		236,248
	235,501,695	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/23		237,401
	152,482,928	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/24		155,139
	153,478,590	k	United States Treasury Inflation Indexed Bonds		0.500		04/15/24		155,394
	138,272,425	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/24		138,034
	175,834,620	k	United States Treasury Inflation Indexed Bonds		0.250		01/15/25		176,032
	267,381,985	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/25		298,769
	116,361,360	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/25		117,637
	158,069,100	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/26		161,865
	213,469,839	k	United States Treasury Inflation Indexed Bonds		2.000		01/15/26		237,513
	136,437,760	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/26		135,518
	222,650,060	k	United States Treasury Inflation Indexed Bonds		0.375		01/15/27		224,190
	121,882,514	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/27		140,787
	120,639,750	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/27		121,761
	212,863,065	k	United States Treasury Inflation Indexed Bonds		0.500		01/15/28		216,350
	210,260,764	k	United States Treasury Inflation Indexed Bonds		1.750		01/15/28		235,708
	112,199,613	k	United States Treasury Inflation Indexed Bonds		3.625		04/15/28		144,024
	111,965,700	k	United States Treasury Inflation Indexed Bonds		0.750		07/15/28		116,661
	184,162,160	k	United States Treasury Inflation Indexed Bonds		0.875		01/15/29		193,869
	140,306,895	k	United States Treasury Inflation Indexed Bonds		2.500		01/15/29		168,794
	194,417,380	k	United States Treasury Inflation Indexed Bonds		3.875		04/15/29		260,259

373

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	25,190,375	k	United States Treasury Inflation Indexed Bonds		3.375	%	04/15/32	$	34,508
	7,000,000		United States Treasury Note		2.125		05/31/26		7,112
	25,000,000	h	United States Treasury Note		1.750		06/30/26		24,996
	55,000,000		United States Treasury Note		2.375		05/15/29		56,805
			TOTAL U.S. TREASURY SECURITIES						6,451,412

			TOTAL GOVERNMENT BONDS						6,548,473
			(Cost $6,319,034)

SHORT-TERM INVESTMENTS - 0.8%

GOVERNMENT AGENCY DEBT - 0.4%
	25,710,000		Federal Home Loan Bank (FHLB)		2.100		07/01/19		25,710
			TOTAL GOVERNMENT AGENCY DEBT						25,710

TREASURY DEBT - 0.4%
	25,000,000		United States Treasury Bill		2.057		08/29/19		24,914
			TOTAL TREASURY DEBT						24,914

			TOTAL SHORT-TERM INVESTMENTS						50,624
			(Cost $50,626)

			TOTAL INVESTMENTS - 100.1%						6,599,097
			(Cost $6,369,660)
			OTHER ASSETS & LIABILITIES, NET - (0.1)%						(3,809	)
			NET ASSETS - 100.0%					$	6,595,288



h		All or a portion of these securities were purchased on a delayed delivery basis.
k		Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

		Cost amounts are in thousands.

374

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND

SOCIAL CHOICE ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
BANK LOAN OBLIGATIONS - 0.2%

COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
$	5,185,813	i	United Rentals North America, Inc	LIBOR 1 M + 1.750%		4.150	%	10/31/25	$	5,181
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							5,181

ENERGY - 0.0%
	3,869,211	i	TerraForm Power Operating LLC	LIBOR 1 M + 2.000%		4.400		11/08/22		3,845
			TOTAL ENERGY							3,845

MATERIALS - 0.0%
	2,929,480	i	H.B. Fuller Co	LIBOR 1 M + 2.000%		4.380		10/21/24		2,876
			TOTAL MATERIALS							2,876

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	8,434,043	i	MTS Systems Corp	LIBOR 1 M + 3.250%		5.660		07/05/23		8,397
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							8,397

UTILITIES - 0.1%
	4,776,925	i	ExGen Renewables IV LLC	LIBOR 3 M + 3.000%		5.530		11/28/24		4,568
	13,255,364	i	Terra-Gen Finance Co LLC	LIBOR 1 M + 4.250%		6.660		12/09/21		11,996
			TOTAL UTILITIES							16,564

			TOTAL BANK LOAN OBLIGATIONS							36,863
			(Cost $38,352)

BONDS - 38.6%

CORPORATE BONDS - 14.5%

AUTOMOBILES & COMPONENTS - 0.2%
	6,675,000		Aptiv plc			5.400		03/15/49		7,032
	8,000,000	g	Harley-Davidson Financial Services, Inc			4.050		02/04/22		8,261
	10,675,000		Magna International, Inc			3.625		06/15/24		11,169
			TOTAL AUTOMOBILES & COMPONENTS							26,462

BANKS - 2.4%
	21,500,000	e,g	Bank of Montreal			2.500		01/11/22		21,698
	7,000,000		BB&T Corp			3.875		03/19/29		7,483
	8,000,000	e,g	BNG Bank NV			3.125		11/08/21		8,220
	12,400,000	g	BNG Bank NV			2.625		02/27/24		12,781
	3,800,000		Citizens Bank NA			3.750		02/18/26		3,998
	1,350,000		Citizens Financial Group, Inc			2.375		07/28/21		1,349
	7,025,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA			3.950		11/09/22		7,284
	4,950,000		Cooperatieve Rabobank UA			3.750		07/21/26		5,052
	9,400,000		Discover Bank			3.450		07/27/26		9,559

375

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
$	9,300,000		Discover Bank			4.650	%	09/13/28	$	10,170
	5,000,000	g	DNB Boligkreditt AS.			2.000		05/28/20		4,994
	9,400,000		Fifth Third Bancorp			3.650		01/25/24		9,877
	13,400,000		HSBC Holdings plc			3.033		11/22/23		13,563
	14,376,000	g	ING Groep NV			4.625		01/06/26		15,674
	11,500,000	g	Intesa Sanpaolo S.p.A			5.017		06/26/24		11,525
	10,000,000	g	Intesa Sanpaolo S.p.A			5.710		01/15/26		10,117
	8,000,000	i	KeyBank NA	LIBOR 3 M + 0.660%		3.239		02/01/22		8,029
	14,500,000	e	KeyCorp			4.100		04/30/28		15,787
	11,250,000	i	M&T Bank Corp	LIBOR 3 M + 0.680%		3.266		07/26/23		11,285
	9,076,000	i	Manufacturers & Traders Trust Co	LIBOR 3 M + 0.640%		3.160		12/01/21		9,052
	1,605,000		Manufacturers & Traders Trust Co			2.900		02/06/25		1,638
	3,425,000		Manufacturers & Traders Trust Co			3.400		08/17/27		3,613
	18,775,000		Mitsubishi UFJ Financial Group, Inc			2.527		09/13/23		18,728
	10,250,000		People’s United Bank NA			4.000		07/15/24		10,662
	24,878,000		People’s United Financial, Inc			3.650		12/06/22		25,599
	8,245,000		PNC Bank NA			2.950		01/30/23		8,407
	13,500,000	i	Regions Bank	LIBOR 3 M + 0.380%		2.699		04/01/21		13,466
	6,600,000	i	Regions Bank	LIBOR 3 M + 0.500%		3.035		08/13/21		6,594
	10,000,000		Regions Financial Corp			2.750		08/14/22		10,069
	17,785,000		SVB Financial Group			3.500		01/29/25		18,135
	5,000,000	e	Toronto-Dominion Bank			1.800		07/13/21		4,962
	14,000,000		US Bancorp			2.950		07/15/22		14,279
	19,000	g	Westpac Banking Corp			2.100		02/25/21		19
	4,350,000		Zions Bancorp NA			3.500		08/27/21		4,438
	4,400,000		Zions Bancorp NA			3.350		03/04/22		4,480
			TOTAL BANKS							342,586

CAPITAL GOODS - 0.4%
	6,525,000		Air Lease Corp			4.250		09/15/24		6,897
	1,975,000		Anixter, Inc			5.125		10/01/21		2,047
	6,250,000		CNH Industrial Capital LLC			3.875		10/15/21		6,372
	4,800,000		CNH Industrial Capital LLC			4.200		01/15/24		5,010
	4,000,000		Ingersoll-Rand Luxembourg Finance S.A.			3.550		11/01/24		4,166
	3,175,000		Ingersoll-Rand Luxembourg Finance S.A.			3.500		03/21/26		3,277
	8,975,000		Ingersoll-Rand Luxembourg Finance S.A.			3.800		03/21/29		9,412
	3,700,000		Parker-Hannifin Corp			3.250		06/14/29		3,836
	5,625,000		Parker-Hannifin Corp			4.200		11/21/34		6,142
	725,000		Trimble, Inc			4.150		06/15/23		750
	6,050,000		Trimble, Inc			4.900		06/15/28		6,479
			TOTAL CAPITAL GOODS							54,388

COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	11,250,000		Covanta Holding Corp			6.000		01/01/27		11,756
	3,475,000		Waste Management, Inc			3.900		03/01/35		3,711
	4,550,000		Waste Management, Inc			4.000		07/15/39		4,886
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							20,353

CONSUMER DURABLES & APPAREL - 0.1%
	13,900,000	e	Leggett & Platt, Inc			4.400		03/15/29		14,563
			TOTAL CONSUMER DURABLES & APPAREL							14,563

376

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
CONSUMER SERVICES - 0.7%
$	10,000,000		Henry J Kaiser Family Foundation			3.356	%	12/01/25	$	10,435
	3,440,000	i	Nature Conservancy	LIBOR 3 M + 1.080%		3.659		02/01/24		3,437
	17,500,000		New York Public Library Astor Lenox & Tilden Foundations			4.305		07/01/45		19,959
	5,145,000		Salvation Army			5.637		09/01/26		5,914
	20,000,000		Salvation Army			4.528		09/01/48		21,149
	9,800,000		Starbucks Corp			2.450		06/15/26		9,695
	13,500,000		Starbucks Corp			4.450		08/15/49		14,765
	11,065,000		YMCA of Greater New York			5.151		08/01/48		12,909
			TOTAL CONSUMER SERVICES							98,263

DIVERSIFIED FINANCIALS - 1.0%
	2,960,000		Ally Financial, Inc			3.875		05/21/24		3,034
	11,500,000		Century Housing Corp			3.995		11/01/21		11,649
	12,000,000		Charles Schwab Corp			3.250		05/22/29		12,430
	2,169,000		Discover Financial Services			3.850		11/21/22		2,261
	9,500,000	e,g	EDP Finance BV			5.250		01/14/21		9,860
	11,625,000	g	EDP Finance BV			3.625		07/15/24		11,949
	4,750,000		Enterprise Community Loan Fund, Inc			4.152		11/01/28		4,924
	9,500,000		Ford Foundation			3.859		06/01/47		10,077
	2,300,000		Legg Mason, Inc			3.950		07/15/24		2,406
	2,214,000		Northern Trust Corp			3.375		08/23/21		2,272
	13,000,000	g	OMERS Finance Trust			2.500		05/02/24		13,284
	680,000		Reinvestment Fund, Inc			3.377		02/15/22		693
	1,535,000		Reinvestment Fund, Inc			3.166		11/01/23		1,552
	3,000,000		Reinvestment Fund, Inc			3.600		02/15/24		3,081
	10,250,000		Reinvestment Fund, Inc			3.366		11/01/24		10,425
	2,570,000		Reinvestment Fund, Inc			3.513		11/01/25		2,616
	15,240,000		Reinvestment Fund, Inc			3.880		02/15/27		15,824
	10,435,000		Reinvestment Fund, Inc			3.930		02/15/28		10,879
	5,300,000	g	Swiss Re Finance Luxembourg SA			5.000		04/02/49		5,668
	11,075,000		Unilever Capital Corp			2.000		07/28/26		10,678
			TOTAL DIVERSIFIED FINANCIALS							145,562

ENERGY - 1.3%
	1,683,000	e	Apache Corp			3.250		04/15/22		1,710
	14,500,000		Cenovus Energy, Inc			5.250		06/15/37		15,167
	3,175,000	e	Cimarex Energy Co			3.900		05/15/27		3,261
	7,550,000	g	Colorado Interstate Gas Co LLC			4.150		08/15/26		7,805
	7,229,476	g	Continental Wind LLC			6.000		02/28/33		8,176
	3,125,000		EnLink Midstream LLC			5.375		06/01/29		3,203
	4,450,000		EOG Resources, Inc			5.100		01/15/36		5,232
	11,050,000	g	Greenko Dutch BV			4.875		07/24/22		11,038
	15,000,000		Kinder Morgan, Inc			3.150		01/15/23		15,253
	17,292,000		National Oilwell Varco, Inc			3.950		12/01/42		14,966
	3,290,000		Noble Energy, Inc			5.050		11/15/44		3,496
	3,875,000		ONEOK, Inc			4.000		07/13/27		4,026
	6,200,000		ONEOK, Inc			4.950		07/13/47		6,548
	9,000,000		Phillips 66			4.650		11/15/34		10,011
	9,500,000		Statoil ASA			3.150		01/23/22		9,720
	4,500,000		Statoil ASA			2.650		01/15/24		4,560
	5,932,000		Statoil ASA			3.950		05/15/43		6,411
	625,000	g	Targa Resources Partners LP			6.500		07/15/27		681

377

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
$	20,000,000	g	TerraForm Power Operating LLC			5.000	%	01/31/28	$	20,075
	5,000,000	g	Texas Eastern Transmission LP			4.125		12/01/20		5,077
	7,150,000		Total Capital International S.A.			3.455		02/19/29		7,611
	8,700,000		Valero Energy Corp			4.350		06/01/28		9,307
	10,050,000	g	Woodside Finance Ltd			3.700		03/15/28		10,056
			TOTAL ENERGY							183,390

HEALTH CARE EQUIPMENT & SERVICES - 0.3%
	7,500,000	i	Becton Dickinson & Co	LIBOR 3 M + 1.030%		3.504		06/06/22		7,550
	2,750,000		Becton Dickinson & Co			3.363		06/06/24		2,839
	3,518,000		Becton Dickinson and Co			4.685		12/15/44		3,913
	15,000,000	g,i	Halfmoon Parent, Inc	LIBOR 3 M + 0.890%		3.487		07/15/23		14,987
	5,500,000	g	Halfmoon Parent, Inc			4.800		08/15/38		5,922
	3,200,000		HCA, Inc			5.125		06/15/39		3,324
	9,000,000		Laboratory Corp of America Holdings			3.200		02/01/22		9,148
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							47,683

HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	2,700,000		Kimberly-Clark Corp			3.950		11/01/28		2,983
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS							2,983

INSURANCE - 0.4%
	2,270,000	g,i	Cranberry RE Ltd	LIBOR 6 M + 2.000%		3.952		07/13/20		2,257
	15,000,000		Prudential Financial, Inc			5.200		03/15/44		15,605
	7,450,000		Prudential Financial, Inc			5.375		05/15/45		7,841
	18,222,000	g	Swiss Re Treasury US Corp			2.875		12/06/22		18,435
	14,024,000	g	Swiss Re Treasury US Corp			4.250		12/06/42		15,189
			TOTAL INSURANCE							59,327

MATERIALS - 1.0%
	2,275,000		Ball Corp			5.000		03/15/22		2,392
	8,930,000		Ball Corp			4.000		11/15/23		9,231
	4,800,000		Commercial Metals Co			5.750		04/15/26		4,792
	20,000,000		Fibria Overseas Finance Ltd			5.500		01/17/27		21,430
	7,500,000		International Paper Co			5.000		09/15/35		8,269
	5,000,000		International Paper Co			6.000		11/15/41		5,856
	4,600,000		International Paper Co			4.800		06/15/44		4,717
	17,000,000	g	Inversiones CMPC S.A.			4.375		04/04/27		17,775
	14,250,000	g	Klabin Austria GmbH			7.000		04/03/49		15,067
	8,125,000	e,g	Klabin Finance S.A.			4.875		09/19/27		8,277
EUR	2,500,000	g	LG Chem Ltd			0.500		04/15/23		2,879
$	9,300,000	g	LG Chem Ltd			3.625		04/15/29		9,615
	2,500,000	g	Sealed Air Corp			5.500		09/15/25		2,663
	6,850,000		WRKCo, Inc			3.000		09/15/24		6,913
	7,450,000		WRKCo, Inc			3.750		03/15/25		7,748
	9,600,000		WRKCo, Inc			4.650		03/15/26		10,436
	5,430,000		WRKCo, Inc			4.200		06/01/32		5,621
			TOTAL MATERIALS							143,681

MEDIA & ENTERTAINMENT - 0.2%
	7,525,000	e,g	Consorcio Transmantaro SA			4.700		04/16/34		7,920
	3,625,000		Discovery Communications LLC			5.000		09/20/37		3,783
	3,700,000	g	HAT Holdings I LLC			5.250		07/15/24		3,774

378

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
$	5,500,000		Time Warner Cable, Inc			4.500	%	09/15/42	$	5,168
			TOTAL MEDIA & ENTERTAINMENT							20,645

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.4%
	4,275,000	g,i	Bristol-Myers Squibb Co	LIBOR 3 M + 0.380%		2.905		05/16/22		4,285
	5,650,000	g	Bristol-Myers Squibb Co			4.125		06/15/39		6,120
	4,000,000	i	GlaxoSmithKline Capital plc	LIBOR 3 M + 0.350%		2.878		05/14/21		4,008
	8,650,000		GlaxoSmithKline Capital plc			3.625		05/15/25		9,201
	11,500,000		Merck & Co, Inc			3.900		03/07/39		12,585
	7,200,000	i	Zoetis, Inc	LIBOR 3 M + 0.440%		2.960		08/20/21		7,147
	4,525,000		Zoetis, Inc			4.450		08/20/48		4,986
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							48,332

REAL ESTATE - 0.5%
	8,500,000		Alexandria Real Estate Equities, Inc			4.000		01/15/24		8,987
	1,975,000		Brandywine Operating Partnership LP			3.950		02/15/23		2,047
	4,300,000		Brandywine Operating Partnership LP			3.950		11/15/27		4,432
	8,775,000		Brixmor Operating Partnership LP			3.900		03/15/27		8,953
	5,113,000		Digital Realty Trust LP			3.950		07/01/22		5,327
	3,500,000		Federal Realty Investment Trust			2.750		06/01/23		3,527
	4,475,000		Hudson Pacific Properties LP			4.650		04/01/29		4,803
	11,075,000		Kilroy Realty LP			3.450		12/15/24		11,389
	8,375,000		Kilroy Realty LP			4.750		12/15/28		9,302
	16,822,000		Regency Centers LP			3.750		06/15/24		17,515
			TOTAL REAL ESTATE							76,282

RETAILING - 0.1%
	7,450,000		Lowe’s Cos Inc			3.650		04/05/29		7,783
	10,774,000		Lowe’s Cos, Inc			4.250		09/15/44		10,929
			TOTAL RETAILING							18,712

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	11,025,000		Texas Instruments, Inc			3.875		03/15/39		11,979
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							11,979

SOFTWARE & SERVICES - 0.2%
	13,000,000	i	International Business Machines Corp	LIBOR 3 M + 0.400%		2.935		05/13/21		13,033
	17,900,000		International Business Machines Corp			4.150		05/15/39		19,077
			TOTAL SOFTWARE & SERVICES							32,110

TECHNOLOGY HARDWARE & EQUIPMENT - 0.2%
	14,250,000		Apple, Inc			3.000		06/20/27		14,597
	10,200,000		Corning, Inc			4.375		11/15/57		9,907
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							24,504

TELECOMMUNICATION SERVICES - 0.4%
	11,000,000		Telefonica Emisiones SAU			5.520		03/01/49		12,724
	18,500,000	i	Verizon Communications, Inc	LIBOR 3 M + 1.100%		3.618		05/15/25		18,738
	11,750,000		Verizon Communications, Inc			2.625		08/15/26		11,669
	5,150,000		Verizon Communications, Inc			4.272		01/15/36		5,573
			TOTAL TELECOMMUNICATION SERVICES							48,704

379

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
TRANSPORTATION - 0.8%
$	2,050,000		CSX Corp		4.250	%	03/15/29	$	2,282
	5,650,000		CSX Corp		4.750		11/15/48		6,574
	6,775,000		CSX Corp		4.250		11/01/66		6,985
	7,150,000		Delta Air Lines, Inc		3.625		03/15/22		7,270
	1,917,386		Delta Air Lines, Inc		4.250		07/30/23		2,030
	7,150,000		Delta Air Lines, Inc		3.204		04/25/24		7,401
	5,028,547		Delta Air Lines, Inc		3.625		07/30/27		5,292
	7,000,000		Kansas City Southern		4.300		05/15/43		7,240
	15,925,000		Kansas City Southern		4.950		08/15/45		17,512
	475,000		Norfolk Southern Corp		5.590		05/17/25		541
	13,000,000		Union Pacific Corp		4.375		09/10/38		14,386
	4,620,254		Union Pacific Railroad Co		3.227		05/14/26		4,781
	15,312,209		Union Pacific Railroad Co		2.695		05/12/27		15,365
	1,360,000		United Parcel Service of America, Inc (Step Bond)		8.375		04/01/30		1,914
	10,000,000		United Parcel Service, Inc		4.250		03/15/49		10,951
			TOTAL TRANSPORTATION						110,524

UTILITIES - 3.7%
	13,155,000		Avangrid, Inc		3.150		12/01/24		13,407
	22,200,000		Avangrid, Inc		3.800		06/01/29		23,243
	15,275,000		Avista Corp		4.350		06/01/48		16,798
	700,000	g	Azure Power Energy Ltd		5.500		11/03/22		706
	16,500,000	g	Brooklyn Union Gas Co		4.273		03/15/48		17,891
	13,500,000	g	Brooklyn Union Gas Co		4.487		03/04/49		15,168
	3,000,000	g	Clearway Energy Operating LLC		5.750		10/15/25		3,045
	2,000,000		Connecticut Light & Power Co		5.750		03/01/37		2,465
	4,850,000		Dominion Energy, Inc (Step Bond)		3.071		08/15/24		4,884
	13,787,000		DTE Electric Co		3.950		03/01/49		15,013
	22,500,000	g	Electricite de France S.A.		3.625		10/13/25		23,769
	6,656,000		Fortis, Inc		3.055		10/04/26		6,604
	13,750,000		Georgia Power Co		3.250		04/01/26		13,915
	2,745,000		International Transmission Co		4.625		08/15/43		3,003
	6,575,000		Interstate Power & Light Co		3.250		12/01/24		6,788
	3,000,000		Interstate Power & Light Co		4.100		09/26/28		3,252
	24,325,000	g	Korea Hydro & Nuclear Power Co Ltd		3.750		07/25/23		25,417
	4,000,000		MidAmerican Energy Co		3.100		05/01/27		4,107
	3,100,000		MidAmerican Energy Co		3.650		04/15/29		3,347
	6,100,000		MidAmerican Energy Co		4.250		07/15/49		6,936
	9,250,000	g	Narragansett Electric Co		4.170		12/10/42		9,468
	3,225,000	g	NextEra Energy Operating Partners LP		4.250		07/15/24		3,239
	2,050,000	g	NextEra Energy Operating Partners LP		4.250		09/15/24		2,061
	3,875,000	g	NextEra Energy Operating Partners LP		4.500		09/15/27		3,827
	9,732,000	g	Niagara Mohawk Power Corp		4.278		10/01/34		10,774
	9,750,000	g	Niagara Mohawk Power Corp		4.119		11/28/42		10,192
	9,350,000		NorthWestern Corp		4.176		11/15/44		10,068
	1,400,000		ONE Gas, Inc		4.500		11/01/48		1,601
	18,900,000	g	Pattern Energy Group, Inc		5.875		02/01/24		19,184
	13,050,000		PSEG Power LLC		3.850		06/01/23		13,592
	630,000		Public Service Co of Colorado		4.750		08/15/41		721
	7,625,000		Public Service Co of Colorado		4.100		06/15/48		8,401
	2,975,000		Public Service Co of New Hampshire		3.600		07/01/49		3,064
	5,500,000		San Diego Gas & Electric Co		3.000		08/15/21		5,569
	5,732,204		San Diego Gas & Electric Co		1.914		02/01/22		5,611

380

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
$	24,491,901	g	Solar Star Funding LLC			3.950	%	06/30/35	$	22,693
	23,209,956	g	Solar Star Funding LLC			5.375		06/30/35		23,662
	2,000,000		Southern California Edison Co			2.400		02/01/22		1,987
	6,000,000		Southern California Edison Co			3.400		06/01/23		6,117
	4,700,000		Southern California Edison Co			4.125		03/01/48		4,733
	8,300,000		Southern Power Co			2.500		12/15/21		8,310
	25,000,000		Southern Power Co			4.150		12/01/25		26,596
	14,000,000		Southwestern Public Service Co			3.750		06/15/49		14,198
	29,793,800	g	Star Energy Geothermal Wayang Windu Ltd			6.750		04/24/33		30,044
	12,400,000		Tampa Electric Co			4.300		06/15/48		13,267
	21,799,630	g	Topaz Solar Farms LLC			4.875		09/30/39		21,642
	12,036,262	g	Topaz Solar Farms LLC			5.750		09/30/39		12,711
	19,650,000		Westar Energy, Inc			2.550		07/01/26		19,418
			TOTAL UTILITIES							522,508

			TOTAL CORPORATE BONDS							2,053,541
			(Cost $1,971,323)

GOVERNMENT BONDS - 19.9%

AGENCY SECURITIES - 3.4%
	4,697,000		Canal Barge Co, Inc			4.500		11/12/34		5,207
	3,745,532		CES MU2 LLC			1.994		05/13/27		3,732
	3,250,000		DY7 Leasing LLC			2.578		12/10/25		3,298
	4,013,453		DY9 Leasing LLC			2.415		06/30/27		4,061
	9,088,825		Ethiopian Leasing LLC			2.566		08/14/26		9,274
	2,627,120		Export Lease Ten Co LLC			1.650		05/07/25		2,592
	3,278,053		Export Leasing LLC			1.859		08/28/21		3,268
	2,290,826	g	Genesis Solar Pass Through Trust			3.875		02/15/38		2,536
	5,000,000	j	Government Trust Certificate			0.000		04/01/21		4,814
	5,950,000		Hashemite Kingdom of Jordan Government AID International Bond			3.000		06/30/25		6,247
	4,550,000	g	Hospital for Special Surgery			3.500		01/01/23		4,704
	6,000,000	i	India Government AID Bond	LIBOR 3 M + 0.100%		2.679		02/01/27		5,819
	45,500,000		Iraq Government AID International Bond			2.149		01/18/22		45,802
	4,130,000		Lutheran Medical Center			1.982		02/20/30		4,012
	5,812,500		Mexican Aircraft Finance V LLC			2.329		01/14/27		5,863
	4,750,000		Montefiore Medical Center			2.152		10/20/26		4,748
	2,705,000	g	Montefiore Medical Center			3.896		05/20/27		2,897
	18,960,000		Montefiore Medical Center			2.895		04/20/32		19,622
	7,000,000		NCUA Guaranteed Notes			3.450		06/12/21		7,152
	15,065,000		New York Society for the Relief of the Ruptured & Crippled			2.881		12/20/31		15,408
	2,384,243	j	Overseas Private Investment Corp (OPIC)			0.000		09/30/19		2,463
	2,400,000	j	OPIC			0.000		11/15/19		2,453
	4,363,082	j	OPIC			0.000		11/15/19		4,846
	3,050,000	j	OPIC			0.000		01/26/21		3,179
	3,000,000	j	OPIC			0.000		01/26/21		3,118
	12,226,000	j	OPIC			0.000		07/17/21		12,657
	3,004,370		OPIC			2.290		09/15/26		3,019
	1,555,484		OPIC			2.040		12/15/26		1,553
	9,183,246		OPIC			2.740		09/15/29		9,358
	14,128,070		OPIC			3.220		09/15/29		14,769

381

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
$	12,715,264		OPIC			3.280	%	09/15/29	$	13,334
	2,421,331		OPIC			2.610		04/15/30		2,449
	3,391,500		OPIC			2.930		05/15/30		3,493
	5,604,900		OPIC			3.040		05/15/30		5,807
	6,470,666		OPIC			3.540		06/15/30		6,897
	16,820,893		OPIC			3.370		12/15/30		17,792
	7,334,822		OPIC			3.520		09/20/32		7,842
	19,117,599		OPIC			3.820		12/20/32		20,760
	12,333,935		OPIC			3.938		12/20/32		13,495
	11,097,870		OPIC			3.160		06/01/33		11,566
	10,653,955		OPIC			3.430		06/01/33		11,329
	1,120,729		OPIC			2.810		07/31/33		1,136
	1,793,167		OPIC			2.940		07/31/33		1,834
	3,898,220		Penta Aircraft Leasing LLC			1.691		04/29/25		3,842
	3,409,088	i	Pluto Aircraft Leasing LLC	LIBOR 3 M + 0.210%		2.775		02/07/23		3,398
	8,000,000		Private Export Funding Corp (PEFCO)			2.300		09/15/20		8,024
	7,500,000	g	PEFCO			3.266		11/08/21		7,718
	17,500,000		PEFCO			4.300		12/15/21		18,459
	4,250,000		PEFCO			2.050		11/15/22		4,265
	4,000,000		PEFCO			3.550		01/15/24		4,257
	8,000,000		PEFCO			3.250		06/15/25		8,498
	3,782,485		Safina Ltd			1.550		01/15/22		3,750
	6,304,737		Sandalwood 2013 LLC			2.836		07/10/25		6,458
	1,299,671		Tayarra Ltd			3.628		02/15/22		1,324
	1,215,111		Tricahue Leasing LLC			3.503		11/19/21		1,235
	15,300,000		Ukraine Government AID International Bonds			1.847		05/29/20		15,319
	23,945,000		Ukraine Government AID International Bonds			1.471		09/29/21		23,757
	7,173,914		Ulani MSN 37894			2.184		12/20/24		7,194
	2,526,640		Union 16 Leasing LLC			1.863		01/22/25		2,510
	6,980,000		UNM Sandoval Regional Medical Center			4.500		07/20/36		7,165
	750,000		US Department of Housing and Urban Development (HUD)			2.050		08/01/19		750
	2,196,000		HUD			4.870		08/01/19		2,202
	2,632,000		HUD			4.960		08/01/20		2,639
	2,310,000		HUD			5.050		08/01/21		2,316
	3,217,000		HUD			2.910		08/01/23		3,271
	4,000,000		HUD			2.860		08/01/26		4,189
			TOTAL AGENCY SECURITIES							478,745

FOREIGN GOVERNMENT BONDS - 3.5%
	13,550,000		African Development Bank			2.375		09/23/21		13,707
	9,500,000		Asian Development Bank			2.125		03/19/25		9,606
	14,000,000		Asian Development Bank			3.125		09/26/28		15,195
	6,000,000	g	Caisse d’Amortissement de la Dette Sociale			2.000		04/17/20		5,995
	4,641,657	g	Carpintero Finance Ltd			2.004		09/18/24		4,629
	7,500,000	g	CDP Financial, Inc			2.125		06/11/21		7,522
	4,900,000	g	CDP Financial, Inc			2.750		03/07/22		4,997
EUR	8,000,000		Chile Government International Bond			0.830		07/02/31		9,087
$	5,000,000	g	CPPIB Capital, Inc			2.750		11/02/27		5,185
	20,750,000		European Investment Bank			2.125		04/13/26		20,934
	3,750,000		European Investment Bank			2.375		05/24/27		3,858
	2,000,000	e	European Investment Bank			4.875		02/15/36		2,625
	12,000,000	e	Export Development Canada			1.375		10/21/21		11,869
	12,500,000		Export Development Canada			2.625		02/21/24		12,917

382

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
$	15,000,000	g	Finnvera Oyj			2.375	%	06/04/25	$	15,189
	6,082,000		Hydro Quebec			8.400		01/15/22		7,011
	20,000,000	i	Inter-American Development Bank	LIBOR 3 M + 0.010%		2.607		01/15/22		19,982
	19,250,000		International Bank for Reconstruction & Development			3.125		11/20/25		20,553
	27,900,000	g	International Development Association			2.750		04/24/23		28,819
	46,500,000		International Finance Corp			1.546		11/04/21		45,965
	41,500,000		International Finance Corp			2.125		04/07/26		41,907
	5,000,000		Japan Bank for International Cooperation			1.875		04/20/21		4,989
	9,000,000	g	Japan Finance Organization for Municipalities			2.125		04/13/21		8,990
	12,500,000	g	Kommunalbanken AS.			2.125		02/11/25		12,595
	9,500,000	i	Korea Development Bank International Bond	LIBOR 3 M + 0.725%		3.314		07/06/22		9,549
	10,000,000		Kreditanstalt fuer Wiederaufbau			2.625		01/25/22		10,206
	3,000,000	g	Nacional Financiera SNC			3.375		11/05/20		3,007
	15,000,000	g	Nederlandse Waterschapsbank NV			3.125		12/05/22		15,608
	25,000,000	g	Nederlandse Waterschapsbank NV			2.375		03/24/26		25,459
	3,725,000		North American Development Bank			4.375		02/11/20		3,770
	22,800,000	g	Perusahaan Penerbit SBSN Indonesia III			3.750		03/01/23		23,445
	10,500,000	e,g	Perusahaan Penerbit SBSN Indonesia III			3.900		08/20/24		10,875
	15,000,000		Province of Manitoba Canada			2.100		09/06/22		15,033
	12,700,000		Province of Manitoba Canada			3.050		05/14/24		13,271
	12,500,000	e	Province of Ontario Canada			3.050		01/29/24		13,043
	10,000,000	e	Province of Quebec Canada			2.750		04/12/27		10,384
	5,000,000		Province of Quebec Canada			7.500		09/15/29		7,242
			TOTAL FOREIGN GOVERNMENT BONDS							495,018

MORTGAGE BACKED - 5.6%
	2,600,000		Federal Home Loan Mortgage Corp (FHLMC)			3.000		10/15/33		2,672
	9,762,382		FHLMC			3.500		08/15/43		10,120
	4,017,934		FHLMC			3.000		03/15/44		4,092
	8,713,735		FHLMC			3.500		09/15/44		9,005
	14,148,179	i	FHLMC	LIBOR 1 M + 0.300%		2.694		06/15/48		14,059
	8,842,612	i	FHLMC			6.089		06/15/48		10,487
	6,850,533	i	FHLMC			6.009		10/15/48		7,974
	7,640		Federal Home Loan Mortgage Corp Gold (FGLMC)			7.000		10/01/20		8
	2,145		FGLMC			7.000		05/01/23		2
	13,102		FGLMC			8.000		01/01/31		14
	236,684		FGLMC			4.500		07/01/33		253
	1,593,628		FGLMC			7.000		12/01/33		1,856
	484,351		FGLMC			7.000		05/01/35		560
	1,139,013		FGLMC			5.000		06/01/36		1,246
	364,641		FGLMC			5.000		07/01/39		396
	570,104		FGLMC			4.500		10/01/44		612
	673,713		FGLMC			4.500		11/01/44		723
	979,686		FGLMC			4.500		11/01/44		1,052
	378,649		FGLMC			4.500		12/01/44		400
	622,353		FGLMC			4.500		12/01/44		668
	2,326,076		FGLMC			3.500		04/01/45		2,426
	21,450,388		FGLMC			3.500		10/01/45		22,343
	10,147,764		FGLMC			4.000		12/01/45		10,744
	33,213,610		FGLMC			3.500		08/01/46		34,590
	26,856,284	h	FGLMC			3.000		01/01/47		27,174

383

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
$	15,036,022		FGLMC			3.000	%	02/01/47	$	15,215
	1,017,489		FGLMC			4.500		06/01/47		1,092
	2,480,251		FGLMC			4.000		09/01/47		2,617
	2,053,625	h	FGLMC			3.500		12/01/47		2,137
	8,496,748		FGLMC			3.500		03/01/48		8,818
	13,875,923		FGLMC			4.000		03/01/48		14,684
	3,438,087		FGLMC			4.000		07/01/48		3,640
	10,548,813		FGLMC			4.500		08/01/48		11,344
	12,619		Federal National Mortgage Association (FNMA)			8.000		07/01/24		14
	18,500,000	i	FNMA			2.878		02/25/27		19,004
	3,500,000	i	FNMA			3.436		06/25/28		3,721
	3,001,631		FNMA			3.500		05/01/32		3,109
	1,371,715		FNMA			3.000		11/01/32		1,402
	12,856,448		FNMA			3.500		11/01/33		13,285
	3,006,995		FNMA			5.000		05/01/35		3,286
	1,907,628		FNMA			5.000		10/01/35		2,085
	1,452,650		FNMA			5.000		02/01/36		1,588
	1,850,639		FNMA			5.500		11/01/38		2,037
	1,561,755		FNMA			5.000		09/01/40		1,696
	2,566,692		FNMA			5.000		05/01/41		2,789
	1,419,182		FNMA			4.500		04/01/42		1,524
	1,972,734		FNMA			4.500		06/01/42		2,119
	2,410,929		FNMA			3.000		04/25/43		2,457
	4,250,045	i	FNMA	LIBOR 1 M + 5.950%		3.546		09/25/43		752
	1,917,381		FNMA			4.500		03/01/44		2,067
	727,022		FNMA			4.500		06/01/44		779
	8,203,910		FNMA			4.500		06/01/44		8,799
	1,964,338		FNMA			4.500		08/01/44		2,107
	4,540,408		FNMA			4.500		10/01/44		4,872
	9,384,078		FNMA			4.500		11/01/44		10,070
	2,074,185		FNMA			5.000		11/01/44		2,252
	2,085,035		FNMA			4.500		12/01/44		2,237
	10,711,228		FNMA			3.000		02/25/45		11,009
	3,205,663		FNMA			3.000		02/25/45		3,241
	304,877		FNMA			3.500		03/01/45		316
	188,753		FNMA			3.500		03/01/45		197
	493,521		FNMA			4.500		03/01/45		529
	3,271,536		FNMA			3.000		03/25/45		3,351
	637,082		FNMA			4.500		04/01/45		684
	8,603,462		FNMA			3.500		04/25/45		8,919
	13,278,827		FNMA			3.500		04/25/45		13,773
	4,520,120		FNMA			3.500		05/01/45		4,718
	23,854,375		FNMA			3.000		12/25/45		24,297
	7,349,621		FNMA			3.500		01/01/46		7,651
	8,761,677		FNMA			4.000		01/01/46		9,270
	9,022,783		FNMA			3.500		06/01/46		9,389
	2,585,039		FNMA			3.500		08/01/46		2,671
	1,967,481		FNMA			3.000		10/01/46		1,968
	6,612,914		FNMA			3.500		10/01/46		6,879
	2,422,759		FNMA			3.000		11/01/46		2,453
	6,524,822		FNMA			3.500		12/01/46		6,717
	20,404,214		FNMA			3.500		01/01/47		20,972
	2,709,308		FNMA			3.000		04/25/47		2,766
	1,137,634		FNMA			3.500		08/01/47		1,173
	1,533,321		FNMA			3.000		11/01/47		1,534
	1,131,180	h	FNMA			3.500		01/01/48		1,173

384

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	5,795,904		FNMA		4.500	%	01/01/48	$	6,231
	4,602,086		FNMA		4.500		02/01/48		4,946
	53,855,739		FNMA		3.000		02/25/48		55,109
	5,841,404		FNMA		4.000		03/01/48		6,177
	20,136,669		FNMA		4.500		03/01/48		21,642
	55,240,020		FNMA		4.000		04/01/48		57,420
	4,120,289		FNMA		4.500		05/01/48		4,428
	3,053,668		FNMA		4.500		05/01/48		3,282
	874,089		FNMA		5.000		06/01/48		925
	5,892,234		FNMA		4.000		08/01/48		6,087
	7,356,392		FNMA		5.000		08/01/48		8,009
	6,450,837	h	FNMA		3.000		11/01/48		6,518
	12,756,527		FNMA		4.000		12/01/48		13,190
	5,747,539		FNMA		4.500		12/01/48		6,013
	7,378,275		FNMA		3.500		06/01/49		7,551
	241,685		FNMA		5.000		06/01/49		256
	4,540,596		Government National Mortgage Association (GNMA)		2.580		08/15/25		4,532
	56,811		GNMA		6.500		05/20/31		66
	7,413,232		GNMA		2.640		01/15/33		7,404
	10,434,334		GNMA		2.690		06/15/33		10,698
	8,474,290		GNMA		3.700		10/15/33		8,934
	57,566		GNMA		6.000		10/20/36		66
	66,203		GNMA		6.000		01/20/37		75
	372,921		GNMA		6.000		02/20/37		425
	170,000		GNMA		5.000		04/15/38		187
	101,723		GNMA		6.000		08/20/38		116
	230,229		GNMA		6.500		11/20/38		269
	23,097		GNMA		4.500		02/20/39		25
	8,009,331		GNMA		3.700		08/15/40		8,472
	31,016		GNMA		4.500		08/20/41		34
	113,049		GNMA		4.500		09/20/41		123
	25,549		GNMA		4.500		01/20/44		28
	25,673		GNMA		4.500		02/20/44		28
	49,304		GNMA		4.500		05/20/44		54
	317,859		GNMA		4.500		05/20/44		345
	362,340		GNMA		4.500		08/20/44		394
	246,831		GNMA		4.500		09/20/44		263
	136,912		GNMA		4.500		10/20/44		148
	53,611		GNMA		4.500		11/20/44		56
	224,255		GNMA		4.500		12/20/44		244
	329,165		GNMA		4.500		02/20/45		358
	394,016		GNMA		4.500		08/20/45		428
	352,090		GNMA		4.500		08/20/45		383
	379,223		GNMA		4.500		12/20/45		412
	5,093,375	†	GNMA		4.000		06/20/46		739
	11,946,594		GNMA		3.000		12/20/47		12,217
	40,525,648		GNMA		3.500		12/20/47		41,875
	3,693,743		GNMA		3.000		01/20/48		3,777
	11,829,454		GNMA		3.500		01/20/48		12,222
	7,337,546		GNMA		4.000		12/20/48		7,606
	8,591,611		GNMA		3.500		01/20/49		8,871
			TOTAL MORTGAGE BACKED						802,382

385

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
MUNICIPAL BONDS - 4.4%
$	3,340,000		Antelope Valley-East Kern Water Agency Financing Authority			4.326	%	06/01/36	$	3,521
	4,500,000	g	Basin Electric Power Coop			6.127		06/01/41		5,431
	3,790,000		Bay Area Water Supply & Conservation Agency			2.535		10/01/21		3,819
	2,635,000		Bay Area Water Supply & Conservation Agency			3.015		10/01/24		2,713
	1,170,000		Brunswick & Glynn County Development Authority			3.060		04/01/25		1,215
	3,135,300		California Earthquake Authority			2.805		07/01/19		3,135
	13,000,000		California Housing Finance Agency			2.966		08/01/22		13,327
	3,380,000		Chicago Board of Education			5.000		12/01/20		3,502
	14,000,000		Chicago Housing Authority			4.361		01/01/38		15,358
	9,700,000		Chicago Metropolitan Water Reclamation District-Greater Chicago			5.720		12/01/38		12,573
	3,500,000		City & County Honolulu HI Wastewater System Revenue			3.200		07/01/26		3,681
	3,035,000		City & County of Honolulu HI			2.668		10/01/27		3,078
	1,250,000		City & County of Honolulu HI			6.114		07/01/29		1,250
	5,645,000		City & County of Honolulu HI			3.974		09/01/35		5,969
	1,615,000		City & County of Honolulu HI			4.004		09/01/36		1,702
	7,085,000		City & County of San Francisco CA			4.000		04/01/47		7,347
	5,500,000		City & County of San Francisco CA			4.000		09/01/48		5,637
	2,750,000		City of Austin TX Water & Wastewater System Revenue			2.133		11/15/19		2,749
	5,395,000		City of Chicago IL			7.750		01/01/42		6,949
	1,105,000		City of Chicago IL			7.750		01/01/42		1,248
	7,280,000		City of Cincinnati OH Water System Revenue			2.568		12/01/21		7,378
	475,000		City of Eugene, OR			6.320		08/01/22		510
	1,250,000		City of Florence SC			4.250		12/01/34		1,318
	1,000,000		City of Houston TX Combined Utility System Revenue			3.375		11/15/24		1,066
	1,275,000		City of Houston TX Combined Utility System Revenue			4.172		11/15/38		1,375
	12,500,000		City of Houston TX Utility System Revenue			2.563		05/15/20		12,553
	925,000		City of Jersey City NJ			2.423		09/01/19		925
	5,145,000		City of Los Angeles CA			3.320		09/01/24		5,400
	5,145,000		City of Los Angeles CA			3.450		09/01/25		5,461
	7,500,000		City of Los Angeles CA			3.880		09/01/38		7,795
	1,780,000	g	City of Miami FL			4.808		01/01/39		1,952
	3,010,000		City of Norfolk VA			3.000		10/01/35		2,900
	3,665,000		City of Norfolk VA			3.050		10/01/36		3,522
	3,345,000		City of San Francisco CA Public Utilities Commission Water Revenue			3.000		11/01/26		3,482
	3,725,000		City of San Francisco CA Public Utilities Commission Water Revenue			3.950		11/01/36		3,924
	18,500,000		City of San Francisco CA Public Utilities Commission Water Revenue			4.185		11/01/46		19,318
	1,000,000		City of San Juan Capistrano CA			3.700		08/01/31		1,048
	1,000,000		Commonwealth Financing Authority			2.675		06/01/21		1,009
	1,150,000		Commonwealth Financing Authority			2.875		06/01/22		1,171
	2,310,000		Commonwealth Financing Authority			3.075		06/01/23		2,371
	2,730,000		Commonwealth Financing Authority			3.864		06/01/38		2,871
	11,650,000	i	Connecticut Housing Finance Authority	SOFR + 0.650%		3.060		05/15/49		11,661
	7,650,000		County of Alameda CA			3.820		08/01/38		7,994

386

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	1,500,000	County of Miami-Dade FL Aviation Revenue		2.218	%	10/01/22	$	1,502
	995,000	County of Saline AR		3.550		06/01/42		1,020
	15,000,000	District of Columbia Water & Sewer Authority		4.814		10/01/14		19,190
	760,000	Fiscal Year 2005 Securitization Corp		4.760		08/15/19		762
	1,000,000	Grant County Public Utility District No 2		5.470		01/01/34		1,101
	1,250,000	Grant County Public Utility District No 2		4.164		01/01/35		1,373
	4,135,000	Greene County OH		2.720		12/01/21		4,137
	4,365,000	Greene County OH		3.120		12/01/23		4,368
	4,615,000	Greene County OH		3.270		12/01/24		4,619
	4,755,000	Greene County OH		3.420		12/01/25		4,759
	1,300,000	Guadalupe Valley Electric Coop, Inc		5.671		10/01/32		1,515
	795,000	Guadalupe-Blanco River Authority Industrial Development Corp		3.287		04/15/23		815
	2,000,000	Kern County Water Agency Improvement District No 4		4.276		05/01/36		2,198
	540,000	Lavaca-Navidad River Authority		3.850		08/01/26		567
	6,430,000	Lavaca-Navidad River Authority		4.430		08/01/35		6,729
	3,540,000	Maryland Community Development Administration Housing Revenue		3.797		03/01/39		3,615
	140,000	Massachusetts Housing Finance Agency		4.782		12/01/20		142
	4,650,000	Massachusetts St. Water Pollution Abatement		5.192		08/01/40		5,353
	3,500,000	Metropolitan Council		1.750		09/01/20		3,490
	5,000,000	Metropolitan Water District of Southern California		6.250		07/01/39		5,000
	8,000,000	Michigan Finance Authority		5.000		07/01/22		8,841
	500,000	Michigan Finance Authority		5.000		07/01/22		543
	8,945,000	Michigan Finance Authority		5.000		07/01/22		9,885
	2,500,000	Michigan Finance Authority		5.000		07/01/30		2,866
	2,000,000	Michigan Finance Authority		5.000		07/01/31		2,284
	8,500,000	New Jersey Economic Development Authority		4.271		06/15/20		8,610
	7,400,000	New Jersey Economic Development Authority		5.706		06/15/30		8,765
	3,000,000	New Jersey Economic Development Authority		5.756		06/15/31		3,565
	3,375,000	New Mexico Finance Authority		4.090		06/15/38		3,561
	2,500,000	New York City Housing Development Corp		3.720		11/01/39		2,529
	1,590,000	New York State Energy Research & Development Authority		2.372		07/01/19		1,590
	1,285,000	New York State Energy Research & Development Authority		2.772		07/01/20		1,294
	1,590,000	New York State Energy Research & Development Authority		3.206		07/01/22		1,646
	1,255,000	New York State Environmental Facilities Corp		3.045		06/15/24		1,307
	1,225,000	New York State Environmental Facilities Corp		3.195		06/15/25		1,291
	2,120,000	New York State Environmental Facilities Corp		3.520		07/15/27		2,283
	17,500,000	New York Transportation Development Corp		5.000		01/01/26		20,574
	4,750,000	Northern California Power Agency		4.320		07/01/24		5,139
	11,245,000	Ohio State Water Development Authority		4.879		12/01/34		13,142
	700,000	Oklahoma Water Resources Board		3.071		04/01/22		720

387

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
$	13,250,000	g	Oregon State Business Development Commission			6.500	%	04/01/31	$	12,431
	2,500,000		Palm Beach County Solid Waste Authority			2.636		10/01/24		2,560
	1,070,000		Pend Oreille County Public Utility District No Box Canyon			3.621		01/01/21		1,078
	4,500,000		Pend Oreille County Public Utility District No Box Canyon			5.000		01/01/30		4,717
	180,000	g,h	Pennsylvania Economic Development Financing Authority			5.750		06/01/36		188
	1,000,000		Sacramento Area Flood Control Agency			2.699		10/01/22		1,013
	435,000		San Francisco City & County Redevelopment Agency			3.113		08/01/22		447
	2,000,000		San Francisco City & County Redevelopment Agency			4.375		08/01/44		2,100
	38,830,000		State of California			3.750		10/01/37		40,839
	11,565,000		State of California			4.600		04/01/38		12,629
	10,050,000		State of California			4.988		04/01/39		10,934
	2,000,000		State of California			2.193		04/01/47		1,999
	5,445,000	i	State of California	LIBOR 1 M + 0.780%		3.211		04/01/47		5,462
	9,800,000		State of Illinois			5.000		02/01/20		9,986
	8,000,000		State of Illinois			5.000		02/01/22		8,592
	9,000,000		State of Illinois			5.520		04/01/38		9,401
	1,500,000		State of Louisiana			1.769		08/01/20		1,494
	4,505,000		State of Michigan			3.375		12/01/20		4,591
	4,405,000		State of Michigan			3.590		12/01/26		4,589
	2,500,000		State of Ohio			5.412		09/01/28		3,091
	2,500,000		State of Texas			2.749		10/01/23		2,570
	5,000,000		State of Texas			6.072		10/01/29		5,047
	2,025,000		State of Texas			3.576		08/01/34		2,071
	3,370,000		State of Texas			3.726		08/01/43		3,446
	3,000		State of Wisconsin			5.700		05/01/26		3
	1,650,000		Syracuse Industrial Development Agency			5.000		01/01/36		1,659
	2,280,000		Tampa Bay Water			2.612		10/01/25		2,309
	3,225,000		Tampa Bay Water			2.782		10/01/26		3,291
	3,000,000		Tampa Bay Water			2.952		10/01/27		3,085
	1,255,000		Texas Water Development Board			4.248		10/15/35		1,341
	5,880,000		Texas Water Development Board			4.340		10/15/48		6,208
	4,170,000		Texas Water Development Board			4.648		04/15/50		4,466
	5,000,000		Tuolumne Wind Project Authority			6.918		01/01/34		6,497
	3,035,000		University of California			3.809		05/15/28		3,335
	11,400,000		University of California			4.009		05/15/30		12,747
	1,000,000		University of Cincinnati			3.250		06/01/29		1,052
	1,560,000		University of Cincinnati			3.650		06/01/34		1,631
	1,615,000		University of Cincinnati			3.700		06/01/35		1,691
	18,000,000		University of New Mexico			3.532		06/20/32		18,602
	5,000,000		Vermont Educational & Health Buildings Financing Agency			4.000		12/01/42		5,338
	3,000,000		Vermont Educational & Health Buildings Financing Agency			4.000		12/01/46		3,191
	1,000,000		Washington County Clean Water Services			5.078		10/01/24		1,132

388

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
$	3,750,000		Water Works Board of the City of Birmingham			1.988	%	01/01/21	$	3,744
	3,100,000		Water Works Board of the City of Birmingham			2.192		01/01/22		3,108
	600,000		West Virginia Water Development Authority			5.000		11/01/21		648
	1,345,000		West Virginia Water Development Authority			5.000		11/01/22		1,497
	1,000,000		West Virginia Water Development Authority			5.000		11/01/23		1,144
			TOTAL MUNICIPAL BONDS							622,892

U.S. TREASURY SECURITIES - 3.0%
	6,000,000		United States Treasury Bond			3.125		02/15/43		6,685
	1,000,000		United States Treasury Bond			3.375		05/15/44		1,161
	66,090,000		United States Treasury Bond			2.875		11/15/46		70,636
	20,261,200	k	United States Treasury Inflation Indexed Bonds			0.500		04/15/24		20,514
	5,785,000		United States Treasury Note			1.375		05/31/21		5,740
	27,300,000		United States Treasury Note			1.750		06/15/22		27,329
	4,150,000		United States Treasury Note			2.000		07/31/22		4,183
	4,500,000		United States Treasury Note			1.750		09/30/22		4,502
	12,234,500		United States Treasury Note			1.625		11/15/22		12,189
	36,680,000		United States Treasury Note			2.875		09/30/23		38,358
	6,100,000		United States Treasury Note			2.625		12/31/23		6,327
	73,526,000		United States Treasury Note			2.000		05/31/24		74,353
	1,525,000		United States Treasury Note			2.250		10/31/24		1,560
	9,350,000		United States Treasury Note			2.125		11/30/24		9,505
	5,560,000		United States Treasury Note			2.750		06/30/25		5,848
	40,842,000		United States Treasury Note			2.500		02/28/26		42,455
	26,845,000		United States Treasury Note			2.375		04/30/26		27,707
	2,500,000		United States Treasury Note			2.125		05/31/26		2,540
	7,397,000		United States Treasury Note			2.375		05/15/29		7,640
	59,726,000		United States Treasury Note			3.000		02/15/49		65,503
			TOTAL U.S. TREASURY SECURITIES							434,735

			TOTAL GOVERNMENT BONDS							2,833,772
			(Cost $2,743,797)

STRUCTURED ASSETS - 4.2%

ASSET BACKED - 1.5%
	226,210	i	Asset Backed Securities Corp Home Equity Loan Trust	LIBOR 1 M + 0.900%		3.386		08/25/34		225
			Series - 2004 HE5 (Class M1)
	1,500,000	i	Bayview Financial Mortgage Pass-Through Trust	LIBOR 1 M + 0.650%		3.052		02/28/41		1,481
			Series - 2006 A (Class M3)
	100,000	i	Bear Stearns Asset Backed Securities Trust	LIBOR 1 M + 0.670%		3.074		04/25/36		100
			Series - 2006 SD1 (Class M1)
	3,983,409	g	Capital Automotive REIT			3.660		10/15/44		4,021
			Series - 2014 1A (Class A)

389

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
$	3,913,333	g	Capital Automotive REIT			3.870	%	04/15/47	$	3,982
			Series - 2017 1A (Class A1)
	632,128	i	C-BASS Trust	LIBOR 1 M + 0.080%		2.484		07/25/36		625
			Series - 2006 CB6 (Class A1)
	4,001,302	i	Chase Funding Loan Acquisition Trust	LIBOR 1 M + 0.855%		3.259		06/25/34		3,979
			Series - 2004 OPT1 (Class M1)
	325,000	i	Citigroup Mortgage Loan Trust, Inc	LIBOR 1 M + 0.750%		3.154		01/25/36		324
			Series - 2006 WFH1 (Class M4)
	2,955,000	g	DB Master Finance LLC			3.629		11/20/47		3,001
			Series - 2017 1A (Class A2I)
	873,000	g	Domino’s Pizza Master Issuer LLC			4.474		10/25/45		909
			Series - 2015 1A (Class A2II)
	11,888,250	g	Domino’s Pizza Master Issuer LLC			3.082		07/25/47		11,906
			Series - 2017 1A (Class A2II)
	1,584,000	g	Domino’s Pizza Master Issuer LLC			4.116		07/25/48		1,631
			Series - 2018 1A (Class A2I)
	425,627	g,i	Ellington Loan Acquisition Trust	LIBOR 1 M + 1.100%		3.504		05/25/37		429
			Series - 2007 2 (Class A2C)
	265,061	i	GSAMP Trust	LIBOR 1 M + 0.975%		3.461		09/25/34		267
			Series - 2004 HE2 (Class M1)
	7,525,578	g	HERO Funding Trust			3.840		09/21/40		7,797
			Series - 2015 1A (Class A)
	1,854,078	g	HERO Funding Trust			3.990		09/21/40		1,896
			Series - 2014 2A (Class A)
	3,663,090	g	HERO Funding Trust			3.750		09/20/41		3,827
			Series - 2016 2A (Class A)
	3,498,097	g	HERO Funding Trust			4.050		09/20/41		3,695
			Series - 2016 1A (Class A)
	1,342,293	g	HERO Funding Trust			3.080		09/20/42		1,364
			Series - 2016 3A (Class A1)
	604,443	g	HERO Funding Trust			4.500		09/21/42		611
			Series - 2016 1R (Class A1)
	8,662,405	g	HERO Funding Trust			3.710		09/20/47		9,020
			Series - 2017 1A (Class A1)
	9,161,074	g	HERO Funding Trust			3.190		09/20/48		9,310
			Series - 2017 3A (Class A1)
	2,163,798	g	HERO Funding Trust			3.280		09/20/48		2,186
			Series - 2017 2A (Class A1)
	10,049,291	g	HERO Funding Trust			4.670		09/20/48		10,581
			Series - 2018 1A (Class A2)
	36,056	i	Home Equity Asset Trust	LIBOR 1 M + 1.500%		3.986		06/25/33		36
			Series - 2003 1 (Class M1)
	2,800,000	g	Houston Galleria Mall Trust			3.087		03/05/37		2,874
			Series - 2015 HGLR (Class A1A2)
	499,336	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.320%		2.724		03/25/37		489
			Series - 2007 CH3 (Class A1B)
	8,930,939	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.160%		2.564		06/25/37		8,799
			Series - 2007 CH5 (Class A1)
	1,105,956	i	Morgan Stanley ABS Capital I, Inc Trust	LIBOR 1 M + 1.050%		3.266		12/27/33		1,110
			Series - 2004 NC1 (Class M1)
	44,891	i	Morgan Stanley ABS Capital I, Inc Trust	LIBOR 1 M + 0.825%		3.229		08/25/34		45
			Series - 2004 HE6 (Class M1)
	6,799,316	g	Mosaic Solar Loans LLC			3.820		06/22/43		6,911
			Series - 2017 2A (Class A)

390

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
$	2,083,020	g	MVW Owner Trust			2.420	%	12/20/34	$	2,077
			Series - 2017 1A (Class A)
	4,066,361	g,i	Navient Student Loan Trust	LIBOR 1 M + 0.250%		2.654		06/27/67		4,064
			Series - 2018 4A (Class A1)
	650,000	i	RASC	LIBOR 1 M + 0.590%		3.080		08/25/35		651
			Series - 2005 KS8 (Class M4)
	4,743,610	g	Renew			3.670		09/20/52		4,949
			Series - 2017 1A (Class A)
	10,735,297	g	Renew			3.950		09/20/53		11,229
			Series - 2018 1 (Class A)
	340,651	g	Sierra Timeshare Receivables Funding LLC			2.580		09/20/32		340
			Series - 2015 3A (Class A)
	241,027	g	Sierra Timeshare Receivables Funding LLC			3.080		09/20/32		241
			Series - 2015 3A (Class B)
	4,746,434	g	SolarCity LMC			4.590		04/20/44		4,845
			Series - 2014 1 (Class A)
	23,660,733	g	SolarCity LMC			4.020		07/20/44		23,848
			Series - 2014 2 (Class A)
	4,396,427	g	SolarCity LMC			4.800		09/20/48		4,558
			Series - 2016 A (Class A)
	33,112	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 0.900%		3.304		09/25/34		33
			Series - 2004 8 (Class M1)
	73,591	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 1.000%		3.404		09/25/34		74
			Series - 2004 8 (Class A9)
	2,413,247	i	Structured Asset Securities Corp Mortgage Loan Trust	LIBOR 1 M + 1.500%		3.940		04/25/35		2,381
			Series - 2005 7XS (Class 2A1A)
	2,932,047	g	Sunrun Athena Issuer LLC			5.310		04/30/49		3,152
			Series - 2018 1 (Class A)
	11,686,305	g	TES LLC			4.330		10/20/47		11,680
			Series - 2017 1A (Class A)
	2,500,000	g	TES LLC			7.740		10/20/47		2,632
			Series - 2017 1A (Class B)
	7,712,088	g	TES LLC			4.120		02/20/48		7,821
			Series - 2017 2A (Class A)
	3,950,746	g	Tesla Auto Lease Trust			2.320		12/20/19		3,949
			Series - 2018 A (Class A)
	4,085,818	g	Tesla Auto Lease Trust			3.710		08/20/21		4,147
			Series - 2018 B (Class A)
	205,529		Toyota Auto Receivables Owner Trust			1.300		04/15/20		205
			Series - 2016 B (Class A3)
	14,821,390	g	Vivint Colar Financing V LLC			4.730		04/30/48		15,696
			Series - 2018 1A (Class A)
	31,890	g,i	Wachovia Loan Trust	LIBOR 1 M + 0.360%		2.764		05/25/35		32
			Series - 2005 SD1 (Class A)
	2,955,000	g	Wendys Funding LLC			3.573		03/15/48		2,972
			Series - 2018 1A (Class A2I)
			TOTAL ASSET BACKED							215,007

391

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
OTHER MORTGAGE BACKED - 2.7%
$	2,015,000	g,i	20 Times Square Trust			3.203	%	05/15/35	$	2,054
			Series - 2018 20TS (Class B)
	1,335,610	g,i	Agate Bay Mortgage Trust			3.500		11/25/44		1,343
			Series - 2014 3 (Class A13)
	641,456	g,i	Agate Bay Mortgage Trust			3.500		09/25/45		640
			Series - 2015 6 (Class A9)
	259,702	i	Alternative Loan Trust	LIBOR 1 M + 0.500%		2.904		06/25/34		263
			Series - 2004 8CB (Class M1)
	2,000,000	†,g,i	Banc of America Commercial Mortgage Trust			6.038		02/10/51		302
			Series - 2007 5 (Class B)
	4,620,566	g,i	Bancorp Commercial Mortgage Trust	LIBOR 1 M + 0.900%		3.294		09/15/35		4,610
			Series - 2018 CRE4 (Class A)
	12,500,000	g	BBCMS Trust			3.593		09/15/32		12,944
			Series - 2015 MSQ (Class A)
	6,000,000	g	BBCMS Trust			3.894		09/15/32		6,203
			Series - 2015 MSQ (Class B)
	5,440,000	g,i	BBCMS Trust			4.409		08/05/38		4,929
			Series - 2018 CHRS (Class E)
	12,870,000	g,i	Benchmark Mortgage Trust			4.030		03/15/62		13,210
			Series - 2019 B10 (Class 3CCA)
	2,000,000	i	CD Mortgage Trust			3.879		11/10/49		2,096
			Series - 2016 CD2 (Class B)
	2,000,000	i	Citigroup Commercial Mortgage Trust			4.280		04/10/48		2,082
			Series - 2015 GC29 (Class C)
	3,000,000	g,i	Cityline Commercial Mortgage Trust			2.871		11/10/31		3,056
			Series - 2016 CLNE (Class A)
	2,750,000	g,i	COMM Mortgage Trust			3.528		10/10/29		2,852
			Series - 2017 PANW (Class B)
	7,500,000	g,i	COMM Mortgage Trust			3.712		10/10/29		7,704
			Series - 2017 PANW (Class C)
	8,811,000	g	COMM Mortgage Trust			3.544		03/10/31		9,207
			Series - 2013 WWP (Class C)
	925,000	g,i	COMM Mortgage Trust			4.952		08/10/46		994
			Series - 2013 CR10 (Class B)
	2,000,000		COMM Mortgage Trust			4.701		03/10/47		2,127
			Series - 2014 UBS2 (Class B)
	3,500,000	g,i	COMM Mortgage Trust			4.255		03/10/48		3,412
			Series - 2015 CR22 (Class D)
	1,525,000	i	COMM Mortgage Trust			4.393		05/10/48		1,602
			Series - 2015 CR23 (Class C)
	4,000,000	i	COMM Mortgage Trust			4.393		05/10/48		3,945
			Series - 2015 CR23 (Class D)

392

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

REFERENCE

MATURITY

VALUE

PRINCIPAL

ISSUER

RATE & SPREAD

RATE

DATE

(000)

2,500,000

COMM Mortgage Trust

3.463

08/10/48

2,296

Series - 2015 CR24 (Class D)

3,387,717

Connecticut Avenue Securities

LIBOR 1 M + 2.600%

5.004

05/25/24

3,501

Series - 2014 C02 (Class 1M2)

8,306,481

Connecticut Avenue Securities

LIBOR 1 M + 3.000%

5.404

07/25/24

8,710

Series - 2014 C03 (Class 1M2)

1,819,700

Connecticut Avenue Securities

LIBOR 1 M + 5.000%

7.404

11/25/24

1,992

Series - 2014 C04 (Class 2M2)

5,000,000

Connecticut Avenue Securities

LIBOR 1 M + 4.250%

6.654

01/25/29

5,368

Series - 2016 C04 (Class 1M2)

2,236,980

Connecticut Avenue Securities

LIBOR 1 M + 4.450%

6.854

01/25/29

2,382

Series - 2016 C05 (Class 2M2)

515,312

Connecticut Avenue Securities

LIBOR 1 M + 0.850%

3.254

11/25/29

516

Series - 2017 C04 (Class 2M1)

5,150,000

Connecticut Avenue Securities

LIBOR 1 M + 2.200%

4.604

01/25/30

5,215

Series - 2017 C05 (Class 1M2A)

21,333

Connecticut Avenue Securities

LIBOR 1 M + 0.600%

3.004

07/25/30

Series - 2018 C01 (Class 1M1)

5,650,000

Connecticut Avenue Securities

LIBOR 1 M + 2.200%

3.965

08/25/30

5,673

Series - 2018 C02 (Class 2M2)

450,619

Connecticut Avenue Securities

LIBOR 1 M + 0.680%

3.084

10/25/30

451

Series - 2018 C03 (Class 1M1)

2,850,000

Connecticut Avenue Securities

LIBOR 1 M + 0.850%

3.254

10/25/30

2,857

Series - 2018 C03 (Class 1EA2)

2,740,000

Connecticut Avenue Securities

LIBOR 1 M + 2.350%

4.754

01/25/31

2,764

Series - 2018 C05 (Class 1M2)

338,538

g,i

Connecticut Avenue Securities

LIBOR 1 M + 0.850%

3.254

07/25/31

339

Series - 2019 R01 (Class 2M1)

505,000

g,i

Connecticut Avenue Securities

LIBOR 1 M + 2.450%

4.854

07/25/31

511

Series - 2019 R01 (Class 2M2)

1,620,000

†,g,h,i

Connecticut Avenue Securities

LIBOR 1 M + 0.750%

3.154

06/25/39

1,621

Series - 2019 R04 (Class 2M1)

6,650,000

g,i

CSAIL Commercial Mortgage Trust

3.800

06/15/37

6,956

Series - 2017 C8 (Class 85BA)

8,750,000

g,i

CSAIL Commercial Mortgage Trust

3.800

06/15/37

9,077

Series - 2017 C8 (Class 85BB)

5,000,000

g,i

CSMC Trust

3.854

11/10/32

5,226

Series - 2017 CALI (Class B)

825,000

g,i

CSMC Trust

LIBOR 1 M + 0.650%

3.054

05/25/36

819

Series - 2006 CF2 (Class M3)

5,299,993

g,i

CSMC Trust

3.500

02/25/48

5,300

Series - 2018 J1 (Class A11)

1,715,000

g,i

DBUBS Mortgage Trust

5.885

11/10/46

1,783

Series - 2011 LC1A (Class C)

1,024,964

Fieldstone Mortgage Investment Trust

LIBOR 1 M + 0.735%

3.139

12/25/35

1,021

Series - 2005 2 (Class M2)

3,813,201

g,i

FirstKey Mortgage Trust

3.500

11/25/44

3,834

Series - 2014 1 (Class A8)

393

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
$	1,222,718	g,i	Flagstar Mortgage Trust			4.000	%	09/25/48	$	1,228
			Series - 2018 5 (Class A11)
	3,539,981	i	GMAC Commercial Mortgage Securities, Inc			4.984		12/10/41		3,542
			Series - 2004 C3 (Class C)
	10,000,000	g	GRACE Mortgage Trust			3.369		06/10/28		10,188
			Series - 2014 GRCE (Class A)
	3,000,000	g,i	GS Mortgage Securities Trust	LIBOR 1 M + 1.090%		3.484		10/15/31		2,999
			Series - 2018 HART (Class A)
	2,535,000	g,i	GS Mortgage Securities Trust			5.353		12/10/43		2,623
			Series - 2010 C2 (Class B)
	3,000,000		GS Mortgage Securities Trust			3.143		10/10/49		3,028
			Series - 2016 GS3 (Class AS)
	830,000	i	GS Mortgage Securities Trust			3.922		11/10/49		836
			Series - 2016 GS4 (Class C)
	2,000,000	g	GS Mortgage Securities Trust			3.000		02/10/52		1,786
			Series - 2019 GC38 (Class D)
	1,399,859	i	HarborView Mortgage Loan Trust	LIBOR 1 M + 0.620%		3.010		08/19/45		1,391
			Series - 2005 11 (Class 2A1A)
	6,000,000	g	Hudson Yards Mortgage Trust			2.835		08/10/38		6,076
			Series - 2016 10HY (Class A)
	5,000,000	g,i	Hudson Yards Mortgage Trust			3.076		08/10/38		5,059
			Series - 2016 10HY (Class B)
	5,000,000	g,i	Hudson Yards Mortgage Trust			3.076		08/10/38		4,995
			Series - 2016 10HY (Class C)
	306,354	i	Impac CMB Trust	LIBOR 1 M + 0.660%		3.064		03/25/35		305
			Series - 2004 11 (Class 2A1)
	3,025,000	g,i	JP Morgan Chase Commercial Mortgage Securities Trust			5.582		07/15/46		3,170
			Series - 2011 C4 (Class C)
	1,690,227	g,i	JP Morgan Mortgage Trust			3.654		12/25/44		1,689
			Series - 2015 1 (Class B1)
	567,316	g,i	JP Morgan Mortgage Trust			3.500		05/25/45		565
			Series - 2015 3 (Class A19)
	2,059,821	g,i	JP Morgan Mortgage Trust			3.500		10/25/45		2,054
			Series - 2015 6 (Class A13)
	1,178,317	g,i	JP Morgan Mortgage Trust			3.500		05/25/46		1,172
			Series - 2016 1 (Class A13)
	169,048	g,i	JP Morgan Mortgage Trust			3.500		01/25/47		171
			Series - 2017 1 (Class A3)
	4,653,966	g,i	JP Morgan Mortgage Trust			3.500		05/25/47		4,722
			Series - 2017 2 (Class A5)
	1,324,284	g,i	JP Morgan Mortgage Trust			3.500		05/25/47		1,322
			Series - 2017 2 (Class A13)
	2,182,195	g,i	JP Morgan Mortgage Trust			3.500		08/25/47		2,214
			Series - 2017 3 (Class 1A5)
	238,051	g,i	JP Morgan Mortgage Trust			3.500		06/25/48		242
			Series - 2018 1 (Class A5)
	1,342,008	g,i	JP Morgan Mortgage Trust			3.500		09/25/48		1,362
			Series - 2018 3 (Class A5)
	442,236	g,i	JP Morgan Mortgage Trust			3.500		10/25/48		449
			Series - 2018 5 (Class A5)
	3,104,583	g,i	JP Morgan Mortgage Trust			3.000		12/25/48		3,084
			Series - 2017 6 (Class A6)

394

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
$	2,028,334	g,i	JP Morgan Mortgage Trust			3.500	%	12/25/48	$	2,058
			Series - 2018 6 (Class 1A3)
	1,447,402	g,i	JP Morgan Mortgage Trust			4.000		01/25/49		1,459
			Series - 2018 8 (Class A13)
	3,117,036	g,i	JP Morgan Mortgage Trust			4.000		02/25/49		3,148
			Series - 2018 9 (Class A13)
	3,514,320	g,i	JP Morgan Mortgage Trust			4.000		05/25/49		3,585
			Series - 2019 1 (Class A15)
	3,687	i	LB-UBS Commercial Mortgage Trust			6.114		07/15/40		4
			Series - 2007 C6 (Class AM)
	10,000,000	g	Liberty Street Trust			3.597		02/10/36		10,591
			Series - 2016 225L (Class A)
	4,000,000	g,i	MAD Mortgage Trust			3.478		08/15/34		4,078
			Series - 2017 330M (Class B)
	21,000,000	g	Morgan Stanley Capital I Trust			3.350		07/13/29		21,422
			Series - 2014 CPT (Class A)
	2,000,000	g,i	Morgan Stanley Capital I Trust			3.560		07/13/29		2,015
			Series - 2014 CPT (Class E)
	63,978	i	Morgan Stanley Capital I Trust			6.380		10/15/42		64
			Series - 2006 IQ11 (Class AJ)
	281,488	†,i	Morgan Stanley Capital I Trust			6.446		12/12/49		183
			Series - 2007 IQ16 (Class AJFX)
	5,000,000	g,i	MSDB Trust			3.427		07/11/39		5,178
			Series - 2017 712F (Class A)
	15,780,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 0.784%		3.178		07/15/33		15,775
			Series - 2018 850T (Class A)
	154,569	i	New York Mortgage Trust	LIBOR 1 M + 0.480%		2.884		02/25/36		155
			Series - 2005 3 (Class A1)
	17,385,000	g	OBP Depositor LLC Trust			4.646		07/15/45		17,578
			Series - 2010 OBP (Class A)
	3,900,000	g	One Market Plaza Trust			3.614		02/10/32		4,069
			Series - 2017 1MKT (Class A)
	2,342,100	g,i	Sequoia Mortgage Trust			3.500		05/25/45		2,372
			Series - 2015 2 (Class A1)
	1,028,249	g,i	Sequoia Mortgage Trust			3.500		06/25/46		1,030
			Series - 2016 1 (Class A19)
	405,728	g,i	Sequoia Mortgage Trust			3.500		11/25/46		412
			Series - 2016 3 (Class A10)
	2,491,255	g,i	Sequoia Mortgage Trust			3.500		04/25/47		2,482
			Series - 2017 3 (Class A19)
	3,959,949	g,i	Sequoia Mortgage Trust			3.000		08/25/47		3,948
			Series - 2017 5 (Class A5)
	899,299	g,i	Sequoia Mortgage Trust			3.500		02/25/48		910
			Series - 2018 2 (Class A1)
	719,439	g,i	Sequoia Mortgage Trust			3.500		02/25/48		716
			Series - 2018 2 (Class A19)
	2,356,179	g,i	Sequoia Mortgage Trust			3.500		05/25/48		2,395
			Series - 2018 5 (Class A4)
	1,537,450	g,i	Sequoia Mortgage Trust			4.000		06/25/48		1,572
			Series - 2018 CH2 (Class A21)
	3,852,069	g,i	Sequoia Mortgage Trust			4.000		06/25/49		3,941
			Series - 2019 2 (Class A1)
	981,169	g,i	Sequoia Mortgage Trust			4.000		06/25/49		1,001
			Series - 2019 2 (Class A19)

395

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
$	488,342	g,i	Shellpoint Co-Originator Trust			3.500	%	11/25/46	$	492
			Series - 2016 1 (Class 1A10)
	3,787,023	g,i	Shellpoint Co-Originator Trust			3.500		10/25/47		3,808
			Series - 2017 2 (Class A1)
	1,445,000	g,i	Spruce Hill Mortgage Loan Trust			3.395		04/29/49		1,458
			Series - 2019 SH1 (Class A1)
	675,696	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 3.800%		6.204		03/25/25		695
			Series - 2015 HQ1 (Class M3)
	1,609,689	i	STACR	LIBOR 1 M + 1.350%		3.754		03/25/29		1,620
			Series - 2016 HQA3 (Class M2)
	181,880	i	STACR	LIBOR 1 M + 1.200%		3.604		07/25/29		183
			Series - 2017 DNA1 (Class M1)
	4,089,539	i	STACR	LIBOR 1 M + 1.200%		3.604		10/25/29		4,113
			Series - 2017 DNA2 (Class M1)
	1,134,742	i	STACR	LIBOR 1 M + 0.750%		3.154		03/25/30		1,136
			Series - 2017 DNA3 (Class M1)
	3,929,016	i	STACR	LIBOR 1 M + 0.950%		3.354		04/25/30		3,907
			Series - 2017 HQA3 (Class M2AS)
	1,572,417	g,i	STACR			3.818		05/25/48		1,578
			Series - 2018 SPI2 (Class M1)
	1,436,545	g,i	STACR			4.165		08/25/48		1,451
			Series - 2018 SPI3 (Class M1)
	510,000	g,i	STACR			4.460		11/25/48		508
			Series - 2018 SPI4 (Class M2)
	4,893,080	g,i	VMC Finance LLC	LIBOR 1 M + 0.920%		3.314		10/15/35		4,889
			Series - 2018 FL2 (Class A)
	426,467	i	Wachovia Bank Commercial Mortgage Trust			6.308		05/15/46		429
			Series - 2007 C34 (Class AJ)
	3,000,000	i	Wachovia Bank Commercial Mortgage Trust			6.383		05/15/46		3,021
			Series - 2007 C34 (Class B)
	1,650,000	i	Wachovia Bank Commercial Mortgage Trust			6.383		05/15/46		1,667
			Series - 2007 C34 (Class C)
			TOTAL OTHER MORTGAGE BACKED							373,176

			TOTAL STRUCTURED ASSETS							588,183
			(Cost $580,485)

			TOTAL BONDS							5,475,496
			(Cost $5,295,605)

SHARES			COMPANY
COMMON STOCKS - 59.7%

AUTOMOBILES & COMPONENTS - 0.8%
	25,123	*	American Axle & Manufacturing Holdings, Inc							321
	82,313		Aptiv plc							6,653
	562	*	Autoliv, Inc							40
	158,397		Bayerische Motoren Werke AG.							11,708
	3,491		BorgWarner, Inc							147
	220,582		Denso Corp							9,301

396

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	97,691		Harley-Davidson, Inc	$	3,500
	508,180		Honda Motor Co Ltd		13,141
	163,362		Magna International, Inc		8,128
	56,903		Michelin (C.G.D.E.) (Class B)		7,195
	7,033	*	Modine Manufacturing Co		101
	336,046		Peugeot S.A.		8,271
	100,987		Renault S.A.		6,349
	53,134	*,e	Tesla, Inc		11,873
	406,100		Toyota Motor Corp		25,204
	40,640		Valeo S.A.		1,323
	334	*	Visteon Corp		20
			TOTAL AUTOMOBILES & COMPONENTS		113,275

BANKS - 4.3%
	20,740		Ameris Bancorp		813
	24,817		Associated Banc-Corp		525
	849,371		Australia & New Zealand Banking Group Ltd		16,859
	6,018,075		Banca Intesa S.p.A.		12,883
	2,060		Bancfirst Corp		115
	2,407,997		Banco Bilbao Vizcaya Argentaria S.A.		13,431
	977,707	*	Bank Hapoalim Ltd		7,261
	841,607		Bank Leumi Le-Israel		6,083
	1,030		Bank of Hawaii Corp		85
	174,230		Bank of Montreal		13,161
	317,885		Bank of Nova Scotia		17,075
	60,679		Bank OZK		1,826
	3,730		BankUnited		126
	2,405		Banner Corp		130
	489,395		BB&T Corp		24,044
	356		Bendigo Bank Ltd		3
	25,572		Berkshire Hills Bancorp, Inc		803
	2,436,000		BOC Hong Kong Holdings Ltd		9,591
	900		BOK Financial Corp		68
	6,533		Brookline Bancorp, Inc		100
	8,589		Bryn Mawr Bank Corp		321
	10,067		Cadence BanCorp		209
	2,301,426		CaixaBank S.A.		6,601
	19,106		Camden National Corp		876
	79,444	e	Canadian Imperial Bank of Commerce		6,247
	897,709		Citigroup, Inc		62,867
	579,748		Citizens Financial Group, Inc		20,500
	2,120		Columbia Banking System, Inc		77
	161,899		Comerica, Inc		11,760
	3,349		Commerce Bancshares, Inc		200
	426,452		Commonwealth Bank of Australia		24,815
	889		Community Trust Bancorp, Inc		38
	9,015		Cullen/Frost Bankers, Inc		844
	67,309	*	Customers Bancorp, Inc		1,413
	648,293		DBS Group Holdings Ltd		12,454
	14,324		Federal Agricultural Mortgage Corp (Class C)		1,041
	334,249		Fifth Third Bancorp		9,326
	21,395		First Commonwealth Financial Corp		288
	6,726		First Financial Bancorp		163
	9,862		First Financial Bankshares, Inc		304

397

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	1,399		First Financial Corp	$	56
	290		First Interstate Bancsystem, Inc		11
	3,952		First Merchants Corp		150
	52,717		First Republic Bank		5,148
	2,590		Glacier Bancorp, Inc		105
	5,441		Hancock Holding Co		218
	412,900		Hang Seng Bank Ltd		10,277
	16,503		Heartland Financial USA, Inc		738
	9,347		Heritage Financial Corp		276
	24,702	*	HomeStreet, Inc		732
	21,937		HomeTrust Bancshares, Inc		551
	194,137		Huntington Bancshares, Inc		2,683
	6,451		Independent Bank Corp (MA)		491
	1,029,939		ING Groep NV		11,931
	1,147		International Bancshares Corp		43
	125,286		KBC Groep NV		8,222
	886,165		Keycorp		15,729
	2,791	e	Live Oak Bancshares, Inc		48
	120,267		M&T Bank Corp		20,454
	212,400		Mitsui Trust Holdings, Inc		7,717
	97,776	*	Mizrahi Tefahot Bank Ltd		2,259
	825,235		National Australia Bank Ltd		15,501
	15,790		National Bank Holdings Corp		573
	7,259		National Bank of Canada		345
	3,324		NBT Bancorp, Inc		125
	43,621		New York Community Bancorp, Inc		435
	54,855		Northfield Bancorp, Inc		856
	1,532		OceanFirst Financial Corp		38
	65,374		OFG Bancorp		1,554
	9,051		Old National Bancorp		150
	15,649		Opus Bank		330
	14,998		People’s United Financial, Inc		252
	37,397		Pinnacle Financial Partners, Inc		2,150
	294,577		PNC Financial Services Group, Inc		40,439
	46,716		Popular, Inc		2,534
	820		Prosperity Bancshares, Inc		54
	983,409		Regions Financial Corp		14,692
	993,900		Resona Holdings, Inc		4,146
	590,050		Skandinaviska Enskilda Banken AB (Class A)		5,463
	1,305,643		Standard Chartered plc		11,845
	8,646		Stock Yards Bancorp, Inc		313
	424,600		Sumitomo Mitsui Financial Group, Inc		15,050
	19,906	*	SVB Financial Group		4,471
	607,817		Svenska Handelsbanken AB		5,998
	558,840		Swedbank AB (A Shares)		8,413
	18,341	*	Texas Capital Bancshares, Inc		1,126
	6,965		TFS Financial Corp		126
	50,351	*	The Bancorp, Inc		449
	422,826		Toronto-Dominion Bank		24,707
	2,462		Trico Bancshares		93
	17,930	*	Tristate Capital Holdings, Inc		383
	1,700		Trustmark Corp		57
	5,827		Umpqua Holdings Corp		97

398

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	5,260		Univest Corp of Pennsylvania	$	138
	856,957		US Bancorp		44,905
	14,406		Webster Financial Corp		688
	3,410		WesBanco, Inc		131
	3,019		Westamerica Bancorporation		186
	44,194	*	Western Alliance Bancorp		1,976
	944,951		Westpac Banking Corp		18,833
	1,110		Wintrust Financial Corp		81
	1,706		WSFS Financial Corp		70
	55,295		Zions Bancorporation		2,542
			TOTAL BANKS		605,480

CAPITAL GOODS - 4.3%
	245,325		3M Co		42,525
	641,032		ABB Ltd		12,852
	881		Acuity Brands, Inc		122
	7,218		Air Lease Corp		298
	25,858		Aircastle Ltd		550
	429		Allegion plc		47
	14,787		Argan, Inc		600
	456		Armstrong World Industries, Inc		44
	167,764		Assa Abloy AB		3,785
	33,222	*	Astronics Corp		1,336
	341,645		Atlas Copco AB (A Shares)		10,948
	317,704		Atlas Copco AB (B Shares)		9,134
	75,623	*	Axon Enterprise, Inc		4,856
	68,269		Barnes Group, Inc		3,846
	2,120	*	Beacon Roofing Supply, Inc		78
	54,799		Brenntag AG.		2,689
	13,142		Briggs & Stratton Corp		135
	73,289	*	Builders FirstSource, Inc		1,236
	6,729		CAE, Inc		181
	6,075		Carlisle Cos, Inc		853
	257,975		Caterpillar, Inc		35,159
	10,312	*	Chart Industries, Inc		793
	819,840		CNH Industrial NV		8,422
	51,888		Cummins, Inc		8,891
	89,304		Curtiss-Wright Corp		11,353
	5,900		Daifuku Co Ltd		333
	89,000		Daikin Industries Ltd		11,654
	95,083		DCC plc		8,483
	139,053		Deere & Co		23,042
	888		Donaldson Co, Inc		45
	243,475		Eaton Corp		20,277
	14,474		Eiffage S.A.		1,430
	4,718		EMCOR Group, Inc		416
	210,956		Fastenal Co		6,875
	72,856		Ferguson plc		5,187
	978		Flowserve Corp		52
	124,937		Fortive Corp		10,185
	856		Fortune Brands Home & Security, Inc		49
	32,368		HEICO Corp		4,331
	67,182		HEICO Corp (Class A)		6,945
	27,784	*	Herc Holdings, Inc		1,273

399

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	99,540		Hexcel Corp	$	8,051
	95,000		Hino Motors Ltd		802
	97,900		Hitachi Construction Machinery Co Ltd		2,561
	18,668		Hochtief AG.		2,273
	288		Hubbell, Inc		38
	386		IDEX Corp		66
	225,549		Illinois Tool Works, Inc		34,015
	95,239		Ingersoll-Rand plc		12,064
	415,507		Johnson Controls International plc		17,165
	303,500		Kajima Corp		4,174
	55,200		Kawasaki Heavy Industries Ltd		1,302
	1,335,270		Keppel Corp Ltd		6,579
	421,000		Komatsu Ltd		10,221
	579,800		Kubota Corp		9,686
	14,151		Legrand S.A.		1,035
	364		Lennox International, Inc		100
	24,449	*	Lydall, Inc		494
	266,596		Masco Corp		10,461
	765,887		Meggitt plc		5,103
	73,194	*	Mercury Systems, Inc		5,149
	9,220		Metso Oyj		363
	469,400		Mitsubishi Corp		12,404
	20,703		Moog, Inc (Class A)		1,938
	29,979		MTU Aero Engines Holding AG.		7,150
	8,124	*	MYR Group, Inc		303
	83,000		NGK Insulators Ltd		1,214
	333,800		Obayashi Corp		3,298
	358		Oshkosh Truck Corp		30
	386		Owens Corning, Inc		22
	126,166		PACCAR, Inc		9,041
	61,539		Parker-Hannifin Corp		10,462
	184,808	*,e	Plug Power, Inc		416
	89,372		Quanta Services, Inc		3,413
	55,656		Rockwell Automation, Inc		9,118
	53,750		Roper Industries, Inc		19,686
	8,372		Rush Enterprises, Inc (Class A)		306
	171,627		Schneider Electric S.A.		15,529
	41,557	*	Sensata Technologies Holding plc		2,036
	386,200		Shimizu Corp		3,216
	187,283		Siemens AG.		22,297
	11,700		Snap-On, Inc		1,938
	153,637		Spirit Aerosystems Holdings, Inc (Class A)		12,501
	18,600		Stanley Black & Decker, Inc		2,690
	922,500		Techtronic Industries Co		7,067
	66,932	*	Teledyne Technologies, Inc		18,331
	22,276	*	Titan Machinery, Inc		458
	54,800		Toto Ltd		2,170
	35,495	*	TransDigm Group, Inc		17,173
	29,026	*	United Rentals, Inc		3,850
	10,935	*	Veritiv Corp		212
	11,896		Vestas Wind Systems AS		1,031
	598,938		Volvo AB (B Shares)		9,517
	19,142		W.W. Grainger, Inc		5,134

400

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	5,431		Wabash National Corp	$	88
	137	*	WABCO Holdings, Inc		18
	362,244		Wartsila Oyj (B Shares)		5,260
	3,753	*	Welbilt, Inc		63
	185,548	*	Wesco Aircraft Holdings, Inc		2,060
	698	*	WESCO International, Inc		35
	40,619		Woodward Governor Co		4,596
	12,800		WSP Global, Inc		705
	49,895		Xylem, Inc		4,173
			TOTAL CAPITAL GOODS		613,961

COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
	2,604		ABM Industries, Inc		104
	36,304		ACCO Brands Corp		286
	25,543		Adecco S.A.		1,535
	1,175		Brambles Ltd		11
	9,583	*	Cimpress NV		871
	305,559	*	Copart, Inc		22,837
	28,504		Exponent, Inc		1,669
	12,422		Heidrick & Struggles International, Inc		372
	11,793		ICF International, Inc		859
	379,488	*	IHS Markit Ltd		24,181
	18,190		Insperity, Inc		2,222
	130,358		Intertek Group plc		9,113
	1,600		KAR Auction Services, Inc		40
	16,221		Kelly Services, Inc (Class A)		425
	7,947		Kforce, Inc		279
	15,748		Manpower, Inc		1,521
	23,089	*	Mistras Group, Inc		332
	2,100		Mobile Mini, Inc		64
	29,024		Navigant Consulting, Inc		673
	1,000	*	On Assignment, Inc		61
	10,610	e	Pitney Bowes, Inc		45
	278,600		Recruit Holdings Co Ltd		9,328
	3,689		RELX plc		89
	630,858		RELX plc (London)		15,301
	21,731		Resources Connection, Inc		348
	73,813		Robert Half International, Inc		4,208
	1,100		Secom Co Ltd		95
	3,476		SGS S.A.		8,860
	1,544	*	SP Plus Corp		49
	66,652	*,e	Team, Inc		1,021
	9,438		Tetra Tech, Inc		741
	167,743		TransUnion		12,331
	14,915		Viad Corp		988
	93,382		Waste Management, Inc		10,773
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		131,632

CONSUMER DURABLES & APPAREL - 1.1%
	51,420		Adidas-Salomon AG.		15,908
	490,275		Barratt Developments plc		3,568
	48,830		Berkeley Group Holdings plc		2,314
	245,066		Burberry Group plc		5,809
	46,626		Callaway Golf Co		800

401

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	666	*	Capri Holdings Ltd	$	23
	224		Carter’s, Inc		22
	20,968	*	Century Communities, Inc		557
	102,608		Essilor International S.A.		13,372
	34,065	*,e	Fossil Group, Inc		392
	709		Garmin Ltd		57
	58,882		Hanesbrands, Inc		1,014
	804		Hasbro, Inc		85
	15,890	*,e	iRobot Corp		1,456
	69,366		Lennar Corp (Class A)		3,361
	9,939	*,e	LGI Homes, Inc		710
	16,136	*	Lululemon Athletica, Inc		2,908
	76,594	*,e	Mattel, Inc		859
	34,564	*	Meritage Homes Corp		1,774
	24,650	*	Mohawk Industries, Inc		3,635
	8,565		Movado Group, Inc		231
	144,037		Newell Rubbermaid, Inc		2,221
	534,975		Nike, Inc (Class B)		44,911
	10	*	NVR, Inc		34
	963,700		Panasonic Corp		8,050
	14,720		Pandora AS		524
	646		PVH Corp		61
	4,718		SEB S.A.		849
	34,300		Sekisui Chemical Co Ltd		516
	342,400		Sekisui House Ltd		5,642
	206,400	e	Sharp Corp		2,277
	336,100		Sony Corp		17,662
	750		Tapestry, Inc		24
	943,268		Taylor Wimpey plc		1,893
	279		Tupperware Corp		5
	111,648	*	Under Armour, Inc (Class A)		2,830
	84,700	*	Under Armour, Inc (Class C)		1,880
	18,549	*	Unifi, Inc		337
	107,569		VF Corp		9,396
	12,737		Whirlpool Corp		1,813
			TOTAL CONSUMER DURABLES & APPAREL		159,780

CONSUMER SERVICES - 1.3%
	138,079		Accor S.A.		5,927
	15,319	*	American Public Education, Inc		453
	71,614		ARAMARK Holdings Corp		2,582
	36,619	*	Bright Horizons Family Solutions		5,525
	19,899		Carriage Services, Inc		378
	7,596	*	Chipotle Mexican Grill, Inc (Class A)		5,567
	31,329		Choice Hotels International, Inc		2,726
	566,067		Compass Group plc		13,570
	53,679		Darden Restaurants, Inc		6,534
	676		Dunkin Brands Group, Inc		54
	17,199	*	El Pollo Loco Holdings, Inc		183
	30,658	*	frontdoor, Inc		1,335
	2,317		Graham Holdings Co		1,599
	39,800		H&R Block, Inc		1,166
	203,430		Hilton Worldwide Holdings, Inc		19,883

402

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	84,571	*	Houghton Mifflin Harcourt Co	$	487
	138,008		InterContinental Hotels Group plc		9,077
	10,496		International Speedway Corp (Class A)		471
	18,356		Marriott Vacations Worldwide Corp		1,770
	698,155	g	Merlin Entertainments plc		3,991
	103,328	*	Norwegian Cruise Line Holdings Ltd		5,541
	89,000		Oriental Land Co Ltd		11,041
	11,777	*	Red Robin Gourmet Burgers, Inc		360
	103,138		Royal Caribbean Cruises Ltd		12,501
	95,265		Service Corp International		4,457
	53,952	*	ServiceMaster Global Holdings, Inc		2,810
	1,234,000		Shangri-La Asia Ltd		1,554
	635		Six Flags Entertainment Corp		32
	600,224		Starbucks Corp		50,317
	15,174		Vail Resorts, Inc		3,387
	3,787		Wendy’s		74
	130,649		Whitbread plc		7,687
			TOTAL CONSUMER SERVICES		183,039

DIVERSIFIED FINANCIALS - 3.0%
	674,782		3i Group plc		9,547
	61,300		AEON Financial Service Co Ltd		989
	78,780		Ally Financial, Inc		2,441
	344,056		American Express Co		42,470
	36,612		Ameriprise Financial, Inc		5,315
	1,444,992		AMP Ltd		2,155
	512,928		Bank of New York Mellon Corp		22,646
	67,602		BlackRock, Inc		31,726
	577,288		Charles Schwab Corp		23,201
	6,710		Chimera Investment Corp		127
	180,500		CME Group, Inc		35,037
	29,039		Deutsche Boerse AG.		4,099
	252,927		Discover Financial Services		19,625
	1,016		Dynex Capital, Inc		17
	29,186		E*TRADE Financial Corp		1,302
	11,008		Factset Research Systems, Inc		3,154
	100,214		Franklin Resources, Inc		3,487
	14,336	*	Green Dot Corp		701
	404,575		Hong Kong Exchanges and Clearing Ltd		14,298
	207,610		IntercontinentalExchange Group, Inc		17,842
	229,267		Invesco Ltd		4,691
	674,926		Investec plc		4,387
	138,061		Investor AB (B Shares)		6,639
	47,941		Legg Mason, Inc		1,835
	158,282		London Stock Exchange Group plc		11,030
	655		LPL Financial Holdings, Inc		53
	127,644		Macquarie Group Ltd		11,259
	390,100		Mitsubishi UFJ Lease & Finance Co Ltd		2,073
	55,264		Moody’s Corp		10,794
	744,071		Morgan Stanley		32,598
	910		Morningstar, Inc		132
	928,314		Natixis		3,738
	12,048	*	NewStar Financial, Inc		3
	167,564		Northern Trust Corp		15,081

403

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	104,012	*	On Deck Capital, Inc	$	432
	1,841		Raymond James Financial, Inc		156
	161,985		S&P Global, Inc		36,898
	115,786		Schroders plc		4,492
	2,395,397		Standard Life Aberdeen plc		8,962
	6,210		Starwood Property Trust, Inc		141
	179,751		State Street Corp		10,077
	67,773		T Rowe Price Group, Inc		7,435
	1,236,596		UBS AG.		14,697
	26,721		Voya Financial, Inc		1,478
	27,266		Wendel		3,717
			TOTAL DIVERSIFIED FINANCIALS		432,977

ENERGY - 3.2%
	63,576		Aker BP ASA		1,834
	142,503		Apache Corp		4,128
	15,185		Archrock, Inc		161
	255,486		Baker Hughes a GE Co		6,293
	63,543	*,e	California Resources Corp		1,251
	316,426	*	Callon Petroleum Co		2,085
	3,504		Caltex Australia Ltd		61
	1,008,557		Cenovus Energy, Inc (Toronto)		8,895
	118,400	*	Cheniere Energy, Inc		8,104
	26,240		Cimarex Energy Co		1,557
	710,754		ConocoPhillips		43,356
	84,484	*,e	Covia Holdings Corp		166
	32,100		Delek US Holdings, Inc		1,301
	946,023	*,e	Denbury Resources, Inc		1,173
	233,611		Devon Energy Corp		6,663
	58,257		Enagas		1,555
	520,749		Enbridge, Inc (Toronto)		18,809
	344,580		EnCana Corp		1,768
	88,578		EQT Corp		1,400
	33,952	*	Exterran Corp		483
	125,569	*	Forum Energy Technologies, Inc		429
	496,088		Galp Energia SGPS S.A.		7,629
	47,174		Green Plains Renewable Energy, Inc		509
	83,636	*	Gulfport Energy Corp		411
	97,403	*	Helix Energy Solutions Group, Inc		841
	113,299		Hess Corp		7,202
	936,486		Inpex Holdings, Inc		8,488
	661,866		John Wood Group plc		3,811
	1,782,540		Kinder Morgan, Inc		37,219
	68,235		Koninklijke Vopak NV		3,142
	266,847	*	Laredo Petroleum Holdings, Inc		774
	162,614	e	Lundin Petroleum AB		5,066
	473,778		Marathon Oil Corp		6,732
	28,451	*	Matrix Service Co		576
	108,605	*	McDermott International, Inc		1,049
	259,876		National Oilwell Varco, Inc		5,777
	280,952		Neste Oil Oyj		9,552
	107,917	*	Newpark Resources, Inc		801
	251,720		Noble Energy, Inc		5,639

404

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	386,249	*	Oasis Petroleum, Inc	$	2,194
	474,928		Occidental Petroleum Corp		23,879
	5,830	*	Oceaneering International, Inc		119
	147,317		OMV AG.		7,181
	234,574		ONEOK, Inc		16,141
	29,146		PBF Energy, Inc		912
	33,891	*	PDC Energy, Inc		1,222
	83,671		Pioneer Natural Resources Co		12,874
	128,649	e	Range Resources Corp		898
	59,114	*	Renewable Energy Group, Inc		938
	682,249		Repsol YPF S.A.		10,706
	1,410	e	RPC, Inc		10
	321,579		Santos Ltd		1,605
	947,400		Schlumberger Ltd		37,650
	126,983		SM Energy Co		1,590
	1,687,985		Snam Rete Gas S.p.A.		8,397
	236,915	*	Southwestern Energy Co		749
	542,196		Statoil ASA		10,756
	498,365		Suncor Energy, Inc		15,546
	286,093	*	Superior Energy Services		372
	9,821		Targa Resources Investments, Inc		386
	801		TechnipFMC plc (Euro OTC)		21
	242,721		Tenaris S.A.		3,183
	244,854	*	Tetra Technologies, Inc		399
	14,614	*	Tidewater, Inc		343
	535,062		Total S.A.		30,014
	23,728	e	US Silica Holdings, Inc		303
	303,045		Valero Energy Corp		25,944
	373,557		Williams Cos, Inc		10,475
	243,032		Woodside Petroleum Ltd		6,233
	36,997		World Fuel Services Corp		1,330
	1,470	e	WorleyParsons Ltd		15
			TOTAL ENERGY		449,075

FOOD & STAPLES RETAILING - 0.5%
	293,800		Aeon Co Ltd		5,056
	105,434		Alimentation Couche Tard, Inc		6,635
	50,951		Casey’s General Stores, Inc		7,948
	53,397	e	Casino Guichard Perrachon S.A.		1,821
	41,504	*	Chefs’ Warehouse Holdings, Inc		1,456
	63,518		George Weston Ltd		4,820
	1,723,406		J Sainsbury plc		4,283
	161,220		Loblaw Cos Ltd		8,255
	147,990		Metro Wholesale & Food Specialist AG.		2,704
	15,498		Pricesmart, Inc		792
	48,144		Spartan Stores, Inc		562
	178,912	*	Sprouts Farmers Market, Inc		3,380
	129,096	*	United Natural Foods, Inc		1,158
	453,089	*	US Foods Holding Corp		16,202
	12,906		Weis Markets, Inc		470
	1,541,430		WM Morrison Supermarkets plc		3,945
	112,406		Woolworths Ltd		2,625
			TOTAL FOOD & STAPLES RETAILING		72,112

405

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
FOOD, BEVERAGE & TOBACCO - 2.4%
	331,300		Ajinomoto Co, Inc	$	5,748
	287,044		Associated British Foods plc		8,986
	2,097		Barry Callebaut AG.		4,209
	43,258		Bunge Ltd		2,410
	106,791		Campbell Soup Co		4,279
	272,091		Coca-Cola Amatil Ltd		1,953
	1,370,634		Coca-Cola Co		69,793
	163,527		Coca-Cola European Partners plc (Class A)		9,239
	197,653		Coca-Cola HBC AG.		7,466
	193,494		Danone		16,384
	399,949		General Mills, Inc		21,005
	2,360	*	Hain Celestial Group, Inc		52
	265,167	e	Hormel Foods Corp		10,750
	162,766		Kellogg Co		8,720
	78,322		Kerry Group plc (Class A)		9,351
	99,300		Kikkoman Corp		4,330
	39,990		McCormick & Co, Inc		6,199
	582,413		Nestle S.A.		60,293
	29,600		Nissin Food Products Co Ltd		1,909
	302,914		Orkla ASA		2,688
	113,527		PAN Fish ASA		2,657
	515,539		PepsiCo, Inc		67,602
	136,700		Suntory Beverage & Food Ltd		5,944
	69,000		Yakult Honsha Co Ltd		4,072
			TOTAL FOOD, BEVERAGE & TOBACCO		336,039

HEALTH CARE EQUIPMENT & SERVICES - 2.7%
	28,216	*	Abiomed, Inc		7,350
	28,953	*	Acadia Healthcare Co, Inc		1,012
	39,666	*	Accuray, Inc		154
	43,041	*	Alcon, Inc		2,658
	11,700		Alfresa Holdings Corp		289
	59,557	*	Align Technology, Inc		16,301
	55,129	*	Allscripts Healthcare Solutions, Inc		641
	25,237	*	Amedisys, Inc		3,064
	38,928	*	AMN Healthcare Services, Inc		2,112
	35,222	*	Angiodynamics, Inc		694
	32,319	*	AtriCure, Inc		964
	30,445	*	BioTelemetry, Inc		1,466
	73,393	*	Brookdale Senior Living, Inc		529
	219,662		Cardinal Health, Inc		10,346
	17,497	*	Cardiovascular Systems, Inc		751
	152,171	*	Centene Corp		7,980
	229,717	*	Cerner Corp		16,838
	79,050	*	Cerus Corp		444
	81,195		Cigna Corp		12,792
	50,101		Coloplast AS		5,663
	14,582		Computer Programs & Systems, Inc		405
	40,675		Cooper Cos, Inc		13,703
	4,570	*	Corvel Corp		398
	25,039	*	Cross Country Healthcare, Inc		235
	372,827		CVS Health Corp		20,315

406

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	105,467		Dentsply Sirona, Inc	$	6,155
	21,016	*	Diplomat Pharmacy, Inc		128
	106,089	*	Edwards Lifesciences Corp		19,599
	52,788	*	GenMark Diagnostics, Inc		343
	15,806	*	Glaukos Corp		1,192
	10,466	*	Globus Medical, Inc		443
	7,411	*	Haemonetics Corp		892
	154,940		HCA Holdings, Inc		20,943
	30,112	*	Henry Schein, Inc		2,105
	2,953	*	Heska Corp		252
	10,561	*	HMS Holdings Corp		342
	125,859	*	Hologic, Inc		6,044
	88,259		Humana, Inc		23,415
	62,888	*	IDEXX Laboratories, Inc		17,315
	32,221	*	Integer Holding Corp		2,704
	320,838		Koninklijke Philips Electronics NV		13,949
	59,472	*	Laboratory Corp of America Holdings		10,283
	5,704		LeMaitre Vascular, Inc		160
	19,312	*	LHC Group, Inc		2,309
	9,373	*	LivaNova plc		674
	7,710	*	Medidata Solutions, Inc		698
	37,651	*	Merit Medical Systems, Inc		2,243
	42,933	*	NextGen Healthcare, Inc		854
	43,368	*	Omnicell, Inc		3,731
	94,301	*	OraSure Technologies, Inc		875
	8,096	*,e	Penumbra, Inc		1,295
	112		Phonak Holding AG.		25
	2,830	*	Premier, Inc		111
	15,337	*	Providence Service Corp		879
	31,422		Quest Diagnostics, Inc		3,199
	11,938	*	Quidel Corp		708
	103,188		Ramsay Health Care Ltd		5,239
	73,692		Resmed, Inc		8,993
	252,994		Ryman Healthcare Ltd		1,998
	35,003		Sartorius AG.		7,179
	36,701	*	Select Medical Holdings Corp		582
	90,885	*,e	Senseonics Holdings, Inc		185
	48,724	*	Staar Surgical Co		1,432
	41,823	*,e	Surgery Partners, Inc		340
	63,500		Sysmex Corp		4,154
	22,561	*	Tactile Systems Technology, Inc		1,284
	13,158	*	Tandem Diabetes Care, Inc		849
	67,030	*,e	Teladoc, Inc		4,451
	43,590	*	Tivity Health, Inc		717
	347,286	*,e	TransEnterix, Inc		472
	18,482	*	Triple-S Management Corp (Class B)		441
	258,894		UnitedHealth Group, Inc		63,172
	10,051		US Physical Therapy, Inc		1,232
	36,170	*	Varian Medical Systems, Inc		4,924
	32,132	*	Vocera Communications, Inc		1,026
	26,563		West Pharmaceutical Services, Inc		3,324
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		382,963

407

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	493		Clorox Co	$	76
	357,920		Colgate-Palmolive Co		25,652
	4,015		Energizer Holdings, Inc		155
	244,460		Essity AB		7,521
	87,393		Estee Lauder Cos (Class A)		16,003
	96,176		Henkel KGaA		8,839
	37,753		Henkel KGaA (Preference)		3,693
	103,700		Kao Corp		7,913
	75,803		Kimberly-Clark Corp		10,103
	67,286		L’Oreal S.A.		19,131
	775,835		Procter & Gamble Co		85,070
	81,300		Shiseido Co Ltd		6,149
	48,700		Uni-Charm Corp		1,468
	365,155		Unilever NV		22,186
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		213,959

INSURANCE - 2.8%
	1,073,234		Aegon NV		5,331
	100,018		Allianz AG.		24,122
	112,380		Allstate Corp		11,428
	645,127		American International Group, Inc		34,372
	44,909		Aon plc		8,666
	2,370		Arthur J. Gallagher & Co		208
	369,224		Assicurazioni Generali S.p.A.		6,952
	2,027,090		Aviva plc		10,737
	574,060		AXA S.A.		15,076
	276,581		Chubb Ltd		40,738
	168,773		CNP Assurances		3,831
	1,270		First American Financial Corp		68
	139,663	*	Genworth Financial, Inc (Class A)		518
	3,149,995		Legal & General Group plc		10,792
	2,173		Lincoln National Corp		140
	256,759		Loews Corp		14,037
	329,689		Marsh & McLennan Cos, Inc		32,886
	48,028		Muenchener Rueckver AG.		12,038
	123,000		NKSJ Holdings, Inc		4,758
	61,399		Principal Financial Group		3,556
	386,567		Progressive Corp		30,898
	366,292		Prudential Financial, Inc		36,995
	775,997		Prudential plc		16,941
	209,543		RSA Insurance Group plc		1,536
	169,346		Sun Life Financial, Inc		7,013
	100,851		Swiss Re Ltd		10,248
	173,200		Tokio Marine Holdings, Inc		8,690
	180,362		Travelers Cos, Inc		26,968
	495		White Mountains Insurance Group Ltd		506
	1,467		Willis Towers Watson plc		281
	46,595		Zurich Financial Services AG.		16,213
			TOTAL INSURANCE		396,543

MATERIALS - 2.7%
	189,495	e	Agnico-Eagle Mines Ltd		9,715
	124,417		Air Liquide		17,402

408

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	2,399,091		Alumina Ltd	$	3,938
	6,164		Aptargroup, Inc		766
	226,300		Asahi Kasei Corp		2,419
	2,277	*	Axalta Coating Systems Ltd		68
	217,625		Ball Corp		15,232
	214,323		BASF SE		15,592
	531	*	Berry Plastics Group, Inc		28
	519,596		BlueScope Steel Ltd		4,418
	137,863		Boliden AB		3,533
	83,968	*	Century Aluminum Co		580
	6,223		Christian Hansen Holding		586
	22,619	*	Clearwater Paper Corp		418
	86,865		Commercial Metals Co		1,551
	97,630	*	Corteva, Inc		2,887
	231,534		CRH plc		7,568
	94,615		Croda International plc		6,154
	5,941		DSM NV		733
	111,135		DuPont de Nemours, Inc		8,343
	206,281		Ecolab, Inc		40,728
	1,356,694		Fortescue Metals Group Ltd		8,628
	101,779		Franco-Nevada Corp		8,639
	3,439		Givaudan S.A.		9,714
	83,785		HeidelbergCement AG.		6,780
	204,900		Hitachi Metals Ltd		2,324
	28,589		Imerys S.A.		1,516
	10,422		International Flavors & Fragrances, Inc		1,512
	187,147		International Paper Co		8,107
	41,353		Johnson Matthey plc		1,748
	27,469	*	Kraton Polymers LLC		853
	258,238		Linde plc		51,854
	59,233		Louisiana-Pacific Corp		1,553
	646,860		Lundin Mining Corp		3,561
	3,682		Materion Corp		250
	25,920		Minerals Technologies, Inc		1,387
	486,000		Mitsubishi Chemical Holdings Corp		3,403
	141,592		Mitsui Chemicals, Inc		3,518
	75,838		Mondi plc		1,726
	186,516		Mosaic Co		4,669
	442,768		Newcrest Mining Ltd		9,947
	184,857		Newmont Mining Corp		7,111
	513,500		Nippon Steel Corp		8,837
	28,700		Nitto Denko Corp		1,421
	1,326,157		Norsk Hydro ASA		4,750
	281,587		Nucor Corp		15,515
	229,433		Nutrien Ltd (Toronto)		12,273
	25,736		PH Glatfelter Co		434
	4,188		Reliance Steel & Aluminum Co		396
	79,007		Royal Gold, Inc		8,097
	10,424		Schnitzer Steel Industries, Inc (Class A)		273
	337		Scotts Miracle-Gro Co (Class A)		33
	131,300		Shin-Etsu Chemical Co Ltd		12,285
	5,600	e	Showa Denko KK		166
	31,200		Sika AG.		5,330
	1,033		Sonoco Products Co		68

409

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	153,789		Stora Enso Oyj (R Shares)	$	1,810
	1,184,000		Sumitomo Chemical Co Ltd		5,513
	229,200		Sumitomo Metal Mining Co Ltd		6,871
	67,852	*	Summit Materials, Inc		1,306
	411,519		Teck Cominco Ltd		9,497
	9,000		Toray Industries, Inc		68
	29,019		Trinseo S.A.		1,229
	96,947	e	Umicore S.A.		3,111
	166,329		UPM-Kymmene Oyj		4,426
	40,659	*,e	US Concrete, Inc		2,020
	110,931		Voestalpine AG.		3,429
			TOTAL MATERIALS		390,617

MEDIA & ENTERTAINMENT - 3.1%
	73,737	*	Alphabet, Inc (Class A)		79,843
	75,180	*	Alphabet, Inc (Class C)		81,263
	7,751		Cable One, Inc		9,076
	124,069		Cinemark Holdings, Inc		4,479
	66,744	*	Clear Channel		315
	700		CyberAgent, Inc		26
	353,531	*,e	Discovery, Inc (Class A)		10,853
	502,403	*	Discovery, Inc (Class C)		14,293
	56,544	*	Electronic Arts, Inc		5,726
	84,634		Entravision Communications Corp (Class A)		264
	548,141	*	Facebook, Inc		105,791
	213,454		Gannett Co, Inc		1,742
	50,522	*	GCI Liberty, Inc		3,105
	152,247	*	Gray Television, Inc		2,495
	1,600	*	IAA, Inc		62
	33,809	*	Imax Corp		683
	933,107		Informa plc		9,895
	2,648,309		ITV plc		3,632
	71,383		JC Decaux S.A.		2,162
	15,074		John Wiley & Sons, Inc (Class A)		691
	225,880	*	Liberty Broadband Corp (Class C)		23,541
	2,960	*	Liberty Global plc (Class A)		80
	8,773	*	Liberty Global plc (Class C)		233
	5,583	*	Loral Space & Communications, Inc		193
	18,064		Marcus Corp		595
	90,036		New York Times Co (Class A)		2,937
	34,600		Nintendo Co Ltd		12,695
	396,106		Omnicom Group, Inc		32,461
	373,284		Pearson plc		3,884
	7,561		Schibsted ASA (B Shares)		197
	15,261		Scholastic Corp		507
	42,401		Sinclair Broadcast Group, Inc (Class A)		2,274
	1,944	*	Take-Two Interactive Software, Inc		221
	35,473		TEGNA, Inc		537
	173,076		Tribune Co		8,000
	119,365	*	TripAdvisor, Inc		5,525
	39,073		World Wrestling Entertainment, Inc (Class A)		2,822
	793,979		WPP plc		10,001
			TOTAL MEDIA & ENTERTAINMENT		443,099

410

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.6%
	398,513		AbbVie, Inc	$	28,980
	81,706	*	Acadia Pharmaceuticals, Inc		2,184
	8,756	*	Acceleron Pharma, Inc		360
	204,728	*	Achillion Pharmaceuticals, Inc		549
	196,629		Agilent Technologies, Inc		14,682
	24,557	*,e	Agios Pharmaceuticals, Inc		1,225
	158,690	*	Akorn, Inc		817
	243,201		Amgen, Inc		44,817
	701,314		Astellas Pharma, Inc		9,994
	295,145		AstraZeneca plc		24,129
	11,500		AstraZeneca plc (ADR)		475
	12,449	*	Atara Biotherapeutics, Inc		250
	56,798	*,e	Aurora Cannabis, Inc		445
	165,249	*	BioCryst Pharmaceuticals, Inc		626
	74,549	*	Biogen Idec, Inc		17,435
	65,896	*	BioMarin Pharmaceutical, Inc		5,644
	14,780	*,e	Bluebird Bio, Inc		1,880
	604,616		Bristol-Myers Squibb Co		27,419
	1,178		Bruker BioSciences Corp		59
	40,285	*,e	Canopy Growth Corp (Toronto)		1,626
	263,991	*	Celgene Corp		24,403
	146,097		Chugai Pharmaceutical Co Ltd		9,568
	69,722	*	Coherus Biosciences, Inc		1,541
	23,539	*	Collegium Pharmaceutical, Inc		310
	122,430		CSL Ltd		18,539
	91,300		Eisai Co Ltd		5,175
	414,541		Eli Lilly & Co		45,927
	5,911	*	Esperion Thereapeutics, Inc		275
	40,521	*	FibroGen, Inc		1,831
	19,936	*,e	Flexion Therapeutics, Inc		245
	451,037		Gilead Sciences, Inc		30,472
	67,537		H Lundbeck AS		2,675
	11,045	*	Halozyme Therapeutics, Inc		190
	61,136	*	Illumina, Inc		22,507
	32,294	*,e	Inovio Pharmaceuticals, Inc		95
	34,337	*	Intersect ENT, Inc		782
	17,371	*	Intra-Cellular Therapies, Inc		225
	96,227	*	Iovance Biotherapeutics, Inc		2,360
	76,044	*	IQVIA Holdings, Inc		12,235
	30,394	*	Jazz Pharmaceuticals plc		4,333
	96,532	*,e	Karyopharm Therapeutics, Inc		578
	239,300	e	Kyowa Hakko Kogyo Co Ltd		4,318
	33,602		Lonza Group AG.		11,344
	876,871		Merck & Co, Inc		73,526
	85,531		Merck KGaA		8,934
	7,502	*	Mettler-Toledo International, Inc		6,302
	65,713	*	Nektar Therapeutics		2,338
	428,218		Novo Nordisk AS		21,872
	225,662	*,e	Opko Health, Inc		551
	1,883		Orion Oyj (Class B)		69
	36,884		Perrigo Co plc		1,756

411

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	160,718	*	Progenics Pharmaceuticals, Inc	$	992
	16,974	*	Prothena Corp plc		179
	181,028	*	QIAGEN NV (Turquoise)		7,366
	36,080	*	Radius Health, Inc		879
	12,992	*	Reata Pharmaceuticals, Inc		1,226
	567	*	Repligen Corp		49
	16,560	*	Revance Therapeutics, Inc		215
	143,519		Roche Holding AG.		40,356
	8,730	*	Sage Therapeutics, Inc		1,598
	62,806	*	Sangamo Biosciences, Inc		676
	269,255		Sanofi-Aventis		23,270
	23,488	*	Sarepta Therapeutics, Inc		3,569
	93,800		Shionogi & Co Ltd		5,420
	4,346	*	Spark Therapeutics, Inc		445
	31,200		Sumitomo Dainippon Pharma Co Ltd		594
	30,109	*,e	Theravance Biopharma, Inc		492
	58,831		UCB S.A.		4,882
	31,135	*	Ultragenyx Pharmaceutical, Inc		1,977
	100,149	*	Vertex Pharmaceuticals, Inc		18,365
	4,804	e	Vifor Pharma AG.		694
	24,174	*	Waters Corp		5,203
	345,989		Zoetis, Inc		39,266
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		656,585

REAL ESTATE - 2.3%
	48,412		Alexandria Real Estate Equities, Inc		6,830
	15,548	*,e	Altisource Portfolio Solutions S.A.		306
	22,670		American Campus Communities, Inc		1,046
	222,184		American Tower Corp		45,425
	108,838		Boston Properties, Inc		14,040
	4,210		Brandywine Realty Trust		60
	887,545		British Land Co plc		6,074
	80,242		Brixmor Property Group, Inc		1,435
	1,473,649		CapitaLand Ltd		3,848
	68,626		CatchMark Timber Trust, Inc		717
	116,947	*	CBRE Group, Inc		5,999
	22,344		Chatham Lodging Trust		422
	228,200		City Developments Ltd		1,599
	77,133		CorePoint Lodging, Inc		956
	32,533		Coresite Realty		3,747
	44,542	*	Cousins Properties, Inc		1,611
	317,700		Daiwa House Industry Co Ltd		9,283
	58,798		Deutsche Wohnen AG.		2,155
	66,074		Digital Realty Trust, Inc		7,783
	132,166		Duke Realty Corp		4,178
	41,460		Easterly Government Properties, Inc		751
	49,975		Equinix, Inc		25,202
	7,555		First Industrial Realty Trust, Inc		278
	31,038		Franklin Street Properties Corp		229
	539		Gecina S.A.		81
	1,997,000		Hang Lung Properties Ltd		4,751
	300,951		HCP, Inc		9,624
	257,492		Host Marriott Corp		4,691
	50,390	*	Howard Hughes Corp		6,240

412

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	248,000		Hulic Co Ltd	$	1,997
	260,670		Hysan Development Co Ltd		1,347
	146,574		Iron Mountain, Inc		4,588
	92,924		iStar Financial, Inc		1,154
	6,605		Jones Lang LaSalle, Inc		929
	38,039		Kimco Realty Corp		703
	12,720		Land Securities Group plc		135
	45,796		Lend Lease Corp Ltd		418
	9,428		Liberty Property Trust		472
	542,500		Link REIT		6,676
	579,500		Mitsubishi Estate Co Ltd		10,800
	362,810		Mitsui Fudosan Co Ltd		8,818
	17		Nippon ProLogis REIT, Inc		39
	59,300		Nomura Real Estate Holdings, Inc		1,277
	49,218		NorthStar Realty Europe Corp		809
	25,895		Office Properties Income Trust		680
	29,522		Park Hotels & Resorts, Inc		814
	7,000		Piedmont Office Realty Trust, Inc		140
	482,616		Prologis, Inc		38,658
	36,640		QTS Realty Trust, Inc		1,692
	3,184		Rayonier, Inc		96
	19,275		Realogy Holdings Corp		140
	3,972		Regency Centers Corp		265
	3,556		RMR Group, Inc		167
	19,104		Sabra Healthcare REIT, Inc		376
	63,370	*	SBA Communications Corp		14,248
	968,417		Segro plc		8,991
	12,041		Senior Housing Properties Trust		100
	498,500		Swire Pacific Ltd (Class A)		6,125
	1,168,200		Swire Properties Ltd		4,723
	80,625		UDR, Inc		3,619
	40,112	e	Unibail-Rodamco-Westfield		6,009
	281,758		Welltower, Inc		22,972
	373,134		Weyerhaeuser Co		9,828
			TOTAL REAL ESTATE		329,166

RETAILING - 3.4%
	74,043	*	1-800-FLOWERS.COM, Inc (Class A)		1,398
	35,173		Advance Auto Parts, Inc		5,422
	63,230	*	Amazon.com, Inc		119,734
	440	*	Autonation, Inc		18
	80,023		Best Buy Co, Inc		5,580
	23,668	*	Booking Holdings, Inc		44,371
	70,677	*	CarMax, Inc		6,137
	476,544		eBay, Inc		18,824
	127,047	*	Etsy, Inc		7,797
	201,697		Expedia, Inc		26,832
	18,500		Fast Retailing Co Ltd		11,198
	7,052	*	Five Below, Inc		846
	3,480	e	GameStop Corp (Class A)		19
	118,188		Gap, Inc		2,124
	24,552	*	Genesco, Inc		1,038
	679		Genuine Parts Co		70

413

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	331		Group 1 Automotive, Inc	$	27
	912,891	*	Groupon, Inc		3,268
	14,217		Haverty Furniture Cos, Inc		242
	61,083	e	Hennes & Mauritz AB (B Shares)		1,085
	31,775	*	Hibbett Sports, Inc		578
	347,819		Home Depot, Inc		72,336
	412,725		Industria De Diseno Textil S.A.		12,418
	97,400		Jardine Cycle & Carriage Ltd		2,610
	24,650		Kering		14,549
	602,335		Kingfisher plc		1,642
	133,661		Kohl’s Corp		6,356
	829		L Brands, Inc		22
	55,655	*	Lands’ End, Inc		680
	120,512	*	LKQ Corp		3,207
	322,264		Lowe’s Companies, Inc		32,520
	1,225		Macy’s, Inc		26
	16,107	*	MarineMax, Inc		265
	342,665		Marks & Spencer Group plc		916
	2,400		Marui Co Ltd		49
	165	*	MercadoLibre, Inc		101
	308	*	Murphy USA, Inc		26
	52,121		Next plc		3,650
	300		Nitori Co Ltd		40
	33,409		Nordstrom, Inc		1,064
	201		Pool Corp		38
	171,930	*	Quotient Technology, Inc		1,847
	8,315	*	Rent-A-Center, Inc		221
	181,350		Ross Stores, Inc		17,975
	1,746	*,e	Sally Beauty Holdings, Inc		23
	15,085	e	Shoe Carnival, Inc		416
	88,799	*	Shutterfly, Inc		4,489
	166,451		Target Corp		14,416
	22,162		Tiffany & Co		2,075
	15,696		Tile Shop Holdings, Inc		63
	167,225		TJX Companies, Inc		8,843
	20,554		Tractor Supply Co		2,236
	24,383	*	Ulta Beauty, Inc		8,458
	30,024	*	Wayfair, Inc		4,384
	249,509		Wesfarmers Ltd		6,343
	46,193	e	Williams-Sonoma, Inc		3,003
	29,100	*,g	Zalando SE		1,288
			TOTAL RETAILING		485,203

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.5%
	484,804		Applied Materials, Inc		21,773
	101,259		ASML Holding NV		21,071
	29,888	*	Cirrus Logic, Inc		1,306
	35,909	*	Cree, Inc		2,017
	21,963	*	First Solar, Inc		1,443
	1,230,183		Intel Corp		58,889
	66,734		Lam Research Corp		12,535
	203,429		NVIDIA Corp		33,409
	441,272		Texas Instruments, Inc		50,640
	65,100		Tokyo Electron Ltd		9,150
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		212,233

414

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
SOFTWARE & SERVICES - 5.1%
	289,061		Accenture plc	$	53,410
	181,643	*	Adobe, Inc		53,521
	102,701		Amadeus IT Holding S.A.		8,139
	17,791		Atos Origin S.A.		1,486
	140,161	*	Autodesk, Inc		22,832
	35,973	*	Avaya Holdings Corp		428
	53,343	*	Benefitfocus, Inc		1,448
	323,104	*	Black Knight, Inc		19,435
	25,271		Blackbaud, Inc		2,110
	312,661		Booz Allen Hamilton Holding Co		20,701
	147,514	*	Cadence Design Systems, Inc		10,445
	80,102		Cap Gemini S.A.		9,959
	118,984	*	CGI, Inc		9,148
	23,801	*	ChannelAdvisor Corp		209
	78,696		Computershare Ltd		898
	415,660	*	Conduent, Inc		3,986
	70,417		CSG Systems International, Inc		3,438
	58,725	*	ExlService Holdings, Inc		3,884
	95,600		Fujitsu Ltd		6,681
	403,627		International Business Machines Corp		55,660
	151,467		Intuit, Inc		39,583
	216,763	*	Limelight Networks, Inc		585
	88,213		LogMeIn, Inc		6,500
	771	*	Manhattan Associates, Inc		53
	1,709,786		Microsoft Corp		229,043
	90,382	*	New Relic, Inc		7,819
	193,200		Nomura Research Institute Ltd		3,107
	78,199	*	Nutanix, Inc		2,028
	29,738	*	OneSpan, Inc		421
	1,800		Otsuka Corp		73
	5,706	*	Paylocity Holding Corp		535
	70,881	*	Perficient, Inc		2,433
	32,565	*	Qualys, Inc		2,836
	71,860	*	Rapid7, Inc		4,156
	95,484	*	RingCentral, Inc		10,973
	320,788	*	salesforce.com, Inc		48,673
	220,637		SAP AG.		30,248
	67,561		Science Applications International Corp		5,848
	39,259	*	Shopify, Inc (Class A) (Toronto)		11,799
	60,522	*	SPS Commerce, Inc		6,186
	41,006	*	Sykes Enterprises, Inc		1,126
	206,080	*	Teradata Corp		7,388
	82,173		TiVo Corp		606
	6,080		TTEC Holdings, Inc		283
	51,534	*	Virtusa Corp		2,290
	31,904		VMware, Inc (Class A)		5,335
	45,032	*	WEX, Inc		9,371
	16,415	*,g	Worldline S.A.		1,193
	37,590	*	Zendesk, Inc		3,347
			TOTAL SOFTWARE & SERVICES		731,656

415

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
TECHNOLOGY HARDWARE & EQUIPMENT - 3.1%
	15,530	*	Anixter International, Inc	$	927
	1,005,988		Apple, Inc		199,105
	28,175		AVX Corp		468
	18,747		Badger Meter, Inc		1,119
	4,043		Belden CDT, Inc		241
	127,495		Benchmark Electronics, Inc		3,203
	1,372,895		Cisco Systems, Inc		75,139
	2,446	*	Coherent, Inc		334
	61,509	*	Cray, Inc		2,142
	33,384		CTS Corp		921
	39,009		Daktronics, Inc		241
	136,069		Dolby Laboratories, Inc (Class A)		8,790
	43,308	*	Fabrinet		2,151
	25,626	*	FARO Technologies, Inc		1,347
	67,967	*	Finisar Corp		1,554
	1,094,260		Hewlett Packard Enterprise Co		16,359
	939,405		HP, Inc		19,530
	20,660	*	Insight Enterprises, Inc		1,202
	44,469	*	Itron, Inc		2,782
	93,108		Kemet Corp		1,751
	27,037		Keyence Corp		16,674
	16,232	*	Keysight Technologies, Inc		1,458
	34,382	*	Kimball Electronics, Inc		558
	193,000		Konica Minolta Holdings, Inc		1,880
	151,900		Kyocera Corp		9,953
	25,369		Littelfuse, Inc		4,488
	23,460	*	Lumentum Holdings, Inc		1,253
	8,736		Methode Electronics, Inc		250
	70,681		Motorola Solutions, Inc		11,785
	3,868		MTS Systems Corp		226
	209,100		Murata Manufacturing Co Ltd		9,414
	165,267		National Instruments Corp		6,940
	103,381		NEC Corp		4,079
	9,996	*	Netgear, Inc		253
	26,169	*	Novanta, Inc		2,468
	58,800		Omron Corp		3,084
	7,653	*	OSI Systems, Inc		862
	21,896	*	Plexus Corp		1,278
	64,222	*	Ribbon Communications, Inc		314
	17,584	*	Rogers Corp		3,035
	67,700		Shimadzu Corp		1,667
	25,259		Synnex Corp		2,485
	4,348		TE Connectivity Ltd		416
	61,397	*	Tech Data Corp		6,422
	150,468	*	TTM Technologies, Inc		1,535
	127,732		Vishay Intertechnology, Inc		2,110
	123,800		Yaskawa Electric Corp		4,234
	32,700		Yokogawa Electric Corp		644
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		439,071

TELECOMMUNICATION SERVICES - 1.5%
	40,702	*	Boingo Wireless, Inc		731
	4,203,347		BT Group plc		10,510

416

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	871,582		CenturyLink, Inc	$	10,250
	72,478	*	Cincinnati Bell, Inc		359
	30,636		Cogent Communications Group, Inc		1,819
	45,812	*,e	Gogo, Inc		182
	511,000		HKT Trust and HKT Ltd		811
	192,037	*	Iridium Communications, Inc		4,467
	535,332		KDDI Corp		13,622
	435,500		NTT DoCoMo, Inc		10,161
	725,735		Orange S. A.		11,447
	121,776	*	Orbcomm, Inc		883
	185,118		Rogers Communications, Inc (Class B)		9,909
	3,479,100		Singapore Telecommunications Ltd		9,005
	536,300		Singapore Telecommunications Ltd		1,387
	309,000		Softbank Group Corp		14,883
	17,350		Swisscom AG.		8,715
	2,071		Tele2 AB (B Shares)		30
	183,099		Telenor ASA		3,890
	25,967		TeliaSonera AB		115
	779,160		Telstra Corp Ltd		2,107
	7,102		TELUS Corp		262
	1,333,711		Verizon Communications, Inc		76,195
	8,805,986		Vodafone Group plc		14,434
			TOTAL TELECOMMUNICATION SERVICES		206,174

TRANSPORTATION - 1.4%
	26,980		Aeroports de Paris		4,760
	26,400		All Nippon Airways Co Ltd		875
	1,271		Amerco, Inc		481
	4,904		Arkansas Best Corp		138
	141,851		Auckland International Airport Ltd		939
	2,308	*	Avis Budget Group, Inc		81
	196,808		Canadian National Railway Co		18,215
	57,800		Central Japan Railway Co		11,589
	612		CH Robinson Worldwide, Inc		52
	472,736		CSX Corp		36,576
	272,536		Delta Air Lines, Inc		15,466
	313,413		Deutsche Post AG.		10,310
	124,800		East Japan Railway Co		11,687
	66,478		easyJet plc		805
	12,132	*	Echo Global Logistics, Inc		253
	813		Expeditors International of Washington, Inc		62
	18,939		Fraport AG. Frankfurt Airport Services Worldwide		1,630
	100	*	Genesee & Wyoming, Inc (Class A)		10
	75,281		Groupe Eurotunnel S.A.		1,206
	18,300		Hankyu Hanshin Holdings, Inc		657
	33,090	*,e	Hertz Global Holdings, Inc		528
	592		Kansas City Southern Industries, Inc		72
	723		Kuehne & Nagel International AG.		107
	459		Landstar System, Inc		50
	1,388,864		MTR Corp		9,355
	2,378		Nippon Yusen Kabushiki Kaisha		38
	98,391		Norfolk Southern Corp		19,612
	98,900		Singapore Airlines Ltd		678

417

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES			COMPANY	(000)
	247,495		Southwest Airlines Co	$	12,568
	14,066		Sydney Airport		80
	927,821		Transurban Group (ASE)		9,607
	316,179		United Parcel Service, Inc (Class B)		32,652
	200		West Japan Railway Co		16
			TOTAL TRANSPORTATION		201,155

UTILITIES - 2.2%
	161,542	e	AltaGas Ltd		2,444
	336,986		American Electric Power Co, Inc		29,658
	26,096		American Water Works Co, Inc		3,027
	500,415		APA Group (ASE)		3,795
	4,270		Aqua America, Inc		177
	7,166		Avista Corp		320
	340,100		Chubu Electric Power Co, Inc		4,778
	949		CMS Energy Corp		55
	259,278		Consolidated Edison, Inc		22,734
	11,093		DTE Energy Co		1,419
	2,387,039		Enel S.p.A.		16,651
	10,425		Energias de Portugal S.A.		40
	188,278		Eversource Energy		14,264
	112,045		Fortis, Inc		4,424
	199,133		Gas Natural SDG S.A.		5,488
	5,041,461		Hong Kong & China Gas Ltd		11,176
	435,000		Hong Kong Electric Holdings Ltd		3,129
	1,724,367		Iberdrola S.A.		17,168
	14,562		Idacorp, Inc		1,462
	142,000		Kyushu Electric Power Co, Inc		1,395
	563,939		Meridian Energy Ltd		1,802
	1,272,952		National Grid plc		13,538
	37,537		New Jersey Resources Corp		1,868
	6,499		NiSource, Inc		187
	3,431		ONE Gas, Inc		310
	70,329	g	Orsted AS		6,084
	3,980		Pinnacle West Capital Corp		374
	292,099		Public Service Enterprise Group, Inc		17,181
	693,106		Scottish & Southern Energy plc		9,879
	252,022		Sempra Energy		34,638
	87,681		South Jersey Industries, Inc		2,957
	737,766		Southern Co		40,784
	400		Tokyo Gas Co Ltd		9
	673,588		United Utilities Group plc		6,705
	145,186		WEC Energy Group, Inc		12,104
	248,120		Xcel Energy, Inc		14,761
			TOTAL UTILITIES		306,785

			TOTAL COMMON STOCKS		8,492,579
			(Cost $6,909,508)

PREFERRED STOCKS - 0.2%

BANKS - 0.2%
	233,115	*,e	Federal Home Loan Mortgage Corp		2,891
	740,991	*,e	Federal National Mortgage Association (FNMA)		9,233

418

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

VALUE

SHARES

COMPANY

(000)

14,500

M&T Bank Corp

15,007

TOTAL BANKS

27,131

TOTAL PREFERRED STOCKS

27,131

(Cost $38,865)

RIGHTS / WARRANTS - 0.0%

COMMERCIAL & PROFESSIONAL SERVICES - 0.0%

38,808

†

Media General, Inc

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

ENERGY - 0.0%

682,249

Repsol S.A.

378

TOTAL ENERGY

378

TRANSPORTATION - 0.0%

33,090

Hertz Global Holdings, Inc

TOTAL TRANSPORTATION

TOTAL RIGHTS / WARRANTS

443

(Cost $480)

MATURITY

PRINCIPAL

ISSUER

RATE

DATE

SHORT-TERM INVESTMENTS - 0.8%

GOVERNMENT AGENCY DEBT - 0.2%

27,050,000

Federal Home Loan Bank (FHLB)

2.100

07/01/19

27,050

TOTAL GOVERNMENT AGENCY DEBT

27,050

SHARES

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.6%

85,211,345

State Street Navigator Securities Lending Government Money Market Portfolio

85,211

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

85,211

TOTAL SHORT-TERM INVESTMENTS

112,261

(Cost $112,261)

TOTAL INVESTMENTS - 99.5%

14,144,773

(Cost $12,395,071)

OTHER ASSETS & LIABILITIES, NET - 0.5%

73,606

NET ASSETS - 100.0%

14,218,379



		Abbreviation(s):
ADR		American Depositary Receipt
EUR		Euro
LIBOR		London Interbank Offered Rates
M		Month
OTC		Over The Counter
REIT		Real Estate Investment Trust
SOFR		Secure Overnight Financing Rate

419

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

*		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 $114,141,958.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/19, the aggregate value of these securities was $1,296,539,648 or 9.1% 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
k		Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

		Cost amounts are in thousands.

Forward foreign currency contracts outstanding as of June 30, 2019 were as follows (dollar amounts are in thousands):

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation)
$	2,852	EUR	2,490	Australia & New Zealand Banking Group	09/30/19	$	(0	)^
$	4,582	EUR	4,000	Australia & New Zealand Banking Group	09/30/19		1
Total						$	1

^ Amount represents less than $1,000.


		Abbreviation(s):
EUR		Euro

420

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND

MONEY MARKET ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2019

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 100.4%

GOVERNMENT AGENCY DEBT - 62.3%
$	12,180,000	Federal Agricultural Mortgage Corp (FAMC)		0.010	%	07/25/19	$	12,160
	24,420,000	FAMC		0.010		07/30/19		24,373
	4,175,000	FAMC		0.010		08/23/19		4,161
	7,635,000	FAMC		0.010		09/23/19		7,596
	35,000,000	Federal Farm Credit Bank (FFCB)		0.010		07/09/19		34,981
	18,000,000	FFCB		0.010		07/12/19		17,987
	40,000,000	FFCB		0.010		07/15/19		39,965
	30,000,000	FFCB		0.010		07/17/19		29,970
	28,600,000	FFCB		0.010		07/22/19		28,561
	50,000,000	FFCB		0.010		07/25/19		49,928
	45,000,000	FFCB		0.010		07/30/19		44,921
	44,000,000	FFCB		0.010		07/31/19		43,916
	25,000,000	FFCB		0.010		08/01/19		24,953
	85,000,000	FFCB		0.010		08/05/19		84,805
	39,200,000	FFCB		0.010		08/06/19		39,108
	24,000,000	FFCB		0.010		08/12/19		23,938
	34,900,000	FFCB		0.010		08/14/19		34,804
	30,000,000	FFCB		0.010		08/20/19		29,904
	3,000,000	FFCB		0.010		08/29/19		2,988
	26,000,000	FFCB		0.010		09/03/19		25,896
	37,000,000	FFCB		0.010		09/09/19		36,828
	21,000,000	FFCB		0.010		09/16/19		20,893
	17,000,000	FFCB		0.010		09/23/19		16,905
	23,000,000	FFCB		0.010		09/30/19		22,861
	63,282,000	FFCB		0.010		10/04/19		62,905
	11,000,000	FFCB		0.010		10/11/19		10,925
	17,000,000	FFCB		0.010		10/21/19		16,873
	45,400,000	FFCB		0.010		11/27/19		45,000
	10,000,000	Federal Home Loan Bank (FHLB)		0.010		07/01/19		10,000
	28,300,000	FHLB		0.010		07/02/19		28,298
	13,800,000	FHLB		0.010		07/03/19		13,798
	110,000,000	FHLB		0.010		07/08/19		109,949
	93,565,000	FHLB		0.010		07/09/19		93,516
	98,730,000	FHLB		0.010		07/10/19		98,671
	21,000,000	FHLB		0.010		07/11/19		20,987
	82,020,000	FHLB		0.010		07/12/19		81,960
	25,200,000	FHLB		0.010		07/15/19		25,177
	125,245,000	FHLB		0.010		07/16/19		125,120
	134,068,000	FHLB		0.010		07/17/19		133,926
	168,500,000	FHLB		0.010		07/19/19		168,302
	124,360,000	FHLB		0.010		07/22/19		124,186
	80,000,000	FHLB		0.010		07/23/19		79,883
	118,463,000	FHLB		0.010		07/24/19		118,289
	50,000,000	FHLB		0.010		07/25/19		49,920
	137,790,000	FHLB		0.010		07/26/19		137,565
	12,931,000	FHLB		0.010		07/29/19		12,907

421

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
$	39,000,000	FHLB		0.010	%	07/30/19	$	38,925
	84,313,000	FHLB		0.010		07/31/19		84,150
	20,000,000	FHLB		0.010		08/01/19		19,960
	106,890,000	FHLB		0.010		08/02/19		106,663
	19,900,000	FHLB		0.010		08/05/19		19,857
	9,030,000	FHLB		0.010		08/06/19		9,009
	40,000,000	FHLB		0.010		08/07/19		39,902
	186,955,000	FHLB		0.010		08/09/19		186,489
	111,800,000	FHLB		0.010		08/14/19		111,488
	72,050,000	FHLB		0.010		08/15/19		71,842
	155,128,000	FHLB		0.010		08/16/19		154,682
	50,000,000	FHLB		0.010		08/19/19		49,839
	50,000,000	FHLB		0.010		08/20/19		49,847
	51,900,000	FHLB		0.010		08/21/19		51,732
	152,976,000	FHLB		0.010		08/23/19		152,456
	13,270,000	FHLB		0.010		08/27/19		13,224
	55,145,000	FHLB		0.010		08/28/19		54,940
	59,200,000	FHLB		0.010		08/30/19		58,969
	11,000,000	FHLB		0.010		09/03/19		10,957
	44,000,000	FHLB		0.010		09/04/19		43,816
	32,800,000	FHLB		0.010		09/09/19		32,660
	40,000,000	FHLB		0.010		09/10/19		39,827
	80,500,000	FHLB		0.010		09/11/19		80,147
	137,174,000	FHLB		0.010		09/13/19		136,557
	30,000,000	FHLB		0.010		09/17/19		29,859
	88,500,000	FHLB		0.010		09/18/19		88,077
	145,475,000	FHLB		0.010		09/20/19		144,771
	125,955,000	FHLB		0.010		09/23/19		125,312
	83,000,000	FHLB		0.010		09/30/19		82,552
	50,000,000	FHLB		0.010		10/03/19		49,716
	90,000,000	Federal Home Loan Mortgage Corp (FHLMC)		0.010		07/03/19		89,988
	30,000,000	FHLMC		0.010		07/08/19		29,986
	14,460,000	FHLMC		0.010		09/03/19		14,398
	61,145,000	FHLMC		0.010		09/04/19		60,882
	50,000,000	FHLMC		0.010		09/05/19		49,782
	20,000,000	FHLMC		0.010		09/12/19		19,904
	49,260,000	FHLMC		0.010		09/24/19		48,979
	87,385,000	FHLMC		0.010		10/03/19		86,842
	50,000,000	FHLMC		0.010		10/04/19		49,686
	20,000,000	FHLMC		0.010		10/07/19		19,871
	100,000,000	FHLMC		0.010		10/17/19		99,298
	30,000,000	FHLMC		0.010		10/18/19		29,788
	20,000,000	FHLMC		0.010		10/21/19		19,854
	20,000,000	FHLMC		0.010		10/22/19		19,853
	40,000,000	FHLMC		0.010		10/29/19		39,681
	105,000,000	FHLMC		0.010		11/04/19		104,163
	6,600,000	FHLMC		0.010		11/08/19		6,544
	25,740,000	FHLMC		0.010		11/12/19		25,519
	38,367,000	FHLMC		0.010		11/19/19		38,037
	207,910,000	Federal National Mortgage Association (FNMA)		0.010		07/01/19		207,910
	7,363,000	FNMA		0.010		07/03/19		7,362
	10,000,000	FNMA		0.010		07/08/19		9,995
	25,000,000	FNMA		0.010		07/09/19		24,987
	53,990,000	FNMA		0.010		07/10/19		53,958

422

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	10,000,000		FNMA			0.010	%	07/11/19	$	9,994
	61,225,000		FNMA			0.010		07/15/19		61,169
	30,000,000		FNMA			0.010		07/17/19		29,968
	40,000,000		FNMA			0.010		07/19/19		39,953
	88,475,000		FNMA			0.010		07/23/19		88,349
	75,000,000		FNMA			0.010		07/24/19		74,886
	53,665,000		FNMA			0.010		07/26/19		53,579
	50,000,000		FNMA			0.010		07/29/19		49,909
	40,000,000		FNMA			0.010		07/30/19		39,926
	45,782,000		FNMA			0.010		07/31/19		45,691
	31,500,000		FNMA			0.010		08/07/19		31,423
	10,290,000		FNMA			0.010		08/14/19		10,260
	39,380,000		FNMA			0.010		08/21/19		39,250
	7,141,000		FNMA			0.010		09/18/19		7,107
	17,700,000		FNMA			0.010		09/25/19		17,609
			TOTAL GOVERNMENT AGENCY DEBT							6,165,124

TREASURY DEBT - 19.0%
	120,000,000		United States Treasury Bill			0.010		07/02/19		119,992
	50,000,000		United States Treasury Bill			0.010		07/05/19		49,987
	150,000,000		United States Treasury Bill			0.010		07/11/19		149,902
	25,000,000		United States Treasury Bill			0.010		07/16/19		24,976
	141,495,000		United States Treasury Bill			0.010		07/18/19		141,337
	70,000,000		United States Treasury Bill			0.010		07/25/19		69,890
	100,000,000		United States Treasury Bill			0.010		07/30/19		99,814
	137,575,000		United States Treasury Bill			0.010		08/01/19		137,296
	75,000,000		United States Treasury Bill			0.010		08/06/19		74,830
	40,000,000		United States Treasury Bill			0.010		08/08/19		39,900
	32,000,000		United States Treasury Bill			0.010		08/15/19		31,908
	50,000,000		United States Treasury Bill			0.010		08/22/19		49,836
	75,600,000		United States Treasury Bill			0.010		09/05/19		75,292
	14,900,000		United States Treasury Bill			0.010		09/12/19		14,831
	140,000,000		United States Treasury Bill			0.010		09/19/19		139,316
	46,800,000		United States Treasury Bill			0.010		10/03/19		46,533
	98,385,000		United States Treasury Bill			0.010		10/10/19		97,716
	92,900,000		United States Treasury Bill			0.010		10/24/19		92,230
	4,165,000		United States Treasury Bill			0.010		10/31/19		4,131
	116,940,000		United States Treasury Bill			0.010		11/07/19		115,915
	56,800,000		United States Treasury Bill			0.010		12/12/19		56,245
	60,000,000		United States Treasury Note			0.750		07/15/19		59,963
	25,000,000		United States Treasury Note			0.875		07/31/19		24,966
	70,000,000		United States Treasury Note			1.000		10/15/19		69,692
	96,825,000		United States Treasury Note			1.000		11/15/19		96,270
			TOTAL TREASURY DEBT							1,882,768

VARIABLE RATE SECURITIES - 19.1%
	30,000,000	i	Federal Agricultural Mortgage Corp (FAMC)	LIBOR 1 M - 0.050%		2.390		07/01/19		30,000
	50,000,000	i	FAMC	EFFR + 0.150%		2.530		09/27/19		50,000
	30,000,000	i	FAMC	LIBOR 3 M - 0.200%		2.379		11/01/19		30,000
	44,500,000	i	FAMC	EFFR + 0.120%		2.500		02/26/20		44,500
	65,000,000	i	FAMC	SOFR + 0.050%		2.470		03/18/20		65,000
	35,000,000	i	FAMC	FRED - 2.950%		2.550		05/19/20		35,000
	25,000,000	i	FAMC	EFFR + 0.100%		2.480		07/06/20		25,000

423

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	35,000,000	i	FAMC	EFFR + 0.090%		2.470	%	07/08/20	$	35,000
	30,000,000	i	FAMC	FRED - 2.960%		2.540		08/28/20		30,000
	44,000,000	i	FAMC	FRED - 3.020%		2.480		09/01/20		44,000
	25,000,000	i	FAMC	SOFR + 0.060%		2.490		10/01/20		25,000
	45,000,000	i	FAMC	SOFR + 0.070%		2.500		10/02/20		45,000
	20,000,000	i	FAMC	SOFR + 0.080%		2.500		12/21/20		20,000
	50,000,000	i	Federal Farm Credit Bank (FFCB)	FRED - 3.080%		2.420		08/16/19		50,000
	30,000,000	i	FFCB	EFFR - 0.015%		2.365		09/20/19		30,000
	57,500,000	i	FFCB	FRED - 3.075%		2.425		09/25/19		57,489
	50,000,000	i	FFCB	FRED - 3.080%		2.420		10/10/19		49,988
	40,000,000	i	FFCB	US Treasury Bill 3 M + 0.050%		2.146		10/18/19		40,000
	10,000,000	i	FFCB	US Treasury Bill 3 M + 0.050%		2.146		11/04/19		10,000
	10,000,000	i	FFCB	FRED - 2.910%		2.590		12/11/19		10,005
	47,000,000	i	FFCB	FRED - 3.065%		2.435		12/26/19		46,991
	50,000,000	i	FFCB	LIBOR 1 M - 0.030%		2.389		01/07/20		50,000
	50,000,000	i	FFCB	US Treasury Bill 3 M + 0.055%		2.151		01/27/20		50,000
	80,000,000	i	FFCB	FRED - 2.980%		2.520		02/20/20		79,998
	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		49,996
	25,000,000	i	FFCB	US Treasury Bill 3 M + 0.110%		2.206		08/04/20		24,994
	50,000,000	i	FFCB	US Treasury Bill 3 M + 0.045%		2.141		08/17/20		49,997
	9,500,000	i	FFCB	FRED - 3.020%		2.480		09/28/20		9,490
	25,000,000	i	FFCB	US Treasury Bill 3 M + 0.110%		2.206		12/28/20		25,004
	50,000,000	i	FFCB	US Treasury Bill 3 M + 0.160%		2.256		01/19/21		49,992
	45,000,000	i	Federal Home Loan Bank (FHLB)	LIBOR 1 M - 0.070%		2.343		07/12/19		45,000
	19,000,000	i	FHLB	SOFR + 0.060%		2.480		09/10/19		19,000
	8,300,000	i	FHLB	US Treasury Bill 3 M + 0.070%		2.201		01/30/20		8,302
	30,000,000	i	FHLB	SOFR + 0.035%		2.455		06/19/20		30,000
	28,000,000	i	FHLB	SOFR + 0.045%		2.475		09/28/20		28,000
	12,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	LIBOR 3 M - 0.165%		2.433		07/05/19		12,000
	80,900,000	i	FHLMC	LIBOR 1 M - 0.100%		2.312		08/08/19		80,900
	30,000,000	i	FHLMC	LIBOR 3 M - 0.225%		2.296		08/27/19		30,000
	20,000,000	i	Federal National Mortgage Association (FNMA)	SOFR + 0.070%		2.490		10/30/19		20,000
	24,000,000	i	FNMA	SOFR + 0.060%		2.480		07/30/20		24,000
	15,000,000	i	FNMA	SOFR + 0.075%		2.495		10/30/20		15,000
	100,000,000	i	United States Treasury Floating Rate Note	US Treasury Bill 3 M + 0.048%		2.144		10/31/19		100,010
	30,000,000	i	United States Treasury Floating Rate Note	US Treasury Bill 3 M - 0.000%		2.096		01/31/20		30,000
	157,000,000	i	United States Treasury Floating Rate Note	US Treasury Bill 3 M + 0.033%		2.129		04/30/20		157,008
	100,000,000	i	United States Treasury Floating Rate Note	US Treasury Bill 3 M + 0.045%		2.141		10/31/20		99,931
			TOTAL VARIABLE RATE SECURITIES							1,883,295

			TOTAL SHORT-TERM INVESTMENTS							9,931,187
			(Cost $9,931,187)

424

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

	VALUE (000)
TOTAL INVESTMENTS - 100.4%	$	9,931,187
(Cost $9,931,187)
OTHER ASSETS & LIABILITIES, NET - (0.4)%		(39,386	)
NET ASSETS - 100.0%	$	9,891,801

Abbreviation(s):

EFFR

Effective Federal Funds Rate

FRED

Federal Bank Prime Loan Rate

LIBOR

London Interbank Offered Rates

Month

SOFR

Secure Overnight Financing Rate

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.

425

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	COLLEGE RETIREMENT EQUITIES FUND

Dated: August 15, 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: August 15, 2019	By:	/s/Carol W. Deckbar
		Carol W. Deckbar
		Principal Executive Officer and Executive Vice President (principal executive officer)

Dated: August 15, 2019	By:	/s/Glenn E. Brightman
		Glenn E. Brightman
		Executive Vice President, Chief Financial Officer and Principal Accounting Officer (principal financial officer)

EXHIBIT INDEX

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