N-CSRS 1 c100090_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)

Rachael M. Zufall, Esq.

College Retirement Equities Fund

8500 Andrew Carnegie Blvd.

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2020

Item 1. Reports to Stockholders.

Semiannual Report ■ June 30, 2020

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)
Statements of assets and liabilities	70
Statements of operations	72
Statements of changes in net assets	74
Financial highlights	80
Notes to financial statements	90
Approval of investment management agreement	107
Liquidity risk management program	117
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, 2020. The report contains four main sections:

	•	A letter to participants from Carol Deckbar, Principal Executive Officer, CREF; Executive Vice President, Chief Product Officer.
	•	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, 2020.
	•	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 ■ 2020 Semiannual Report

Letter to CREF participants

As economies and financial markets across the globe struggled with the impact of the COVID-19 pandemic and measures taken to limit its spread, most domestic and international stock markets declined for the six months. The U.S. economy contracted at an annualized rate of 5.0% during the first quarter of 2020, leading to a sharp rise in unemployment in the latter months of the period. Likewise, most other global economies also contracted during the first quarter, and central banks responded with stimulus measures. The U.S. Federal Reserve cut the federal funds target rate in March to 0.00%–0.25%; the European Central Bank created a large bond-buying program to support their economies; and the Bank of England reduced its benchmark interest rate.

	•	The five CREF accounts with significant exposure to U.S. equities posted mixed results, ranging from a decline of 6.0% for the Stock Account to a gain of 11.4% for the Growth Account.
	•	Within fixed income, the Bond Account advanced 5.0% and the Inflation-Linked Bond Account gained 4.0%.
	•	For the period, three accounts outperformed their benchmarks, while five others underperformed. All account returns are for Class R1.

CREF performance review

For the six-month period, four of the eight CREF accounts had positive returns. Overall, fixed-income securities outperformed common stocks. Within the equity space, domestic growth outpaced value shares, while large-cap stocks surpassed small caps. Domestic equities generally outperformed international stocks.

Turning to individual account performances, the Stock Account, which is the largest CREF account in terms of net assets, returned –6.0% and underperformed its composite benchmark due to certain stock allocations. The Growth Account gained an impressive 11.4%, outpacing its benchmark as a result of favorable security selection. The Global Equities Account declined 4.1% but outperformed its benchmark, while the Equity Index Account’s return of –3.7% modestly underperformed its benchmark, primarily due to the effect of expenses. The Social Choice Account, which excludes certain stocks due to environmental, social and governance criteria, trailed its benchmark with a return of –1.2%.

The Bond Market Account rose 5.0%, and the Inflation-Linked Bond Account gained 4.0%, but both underperformed their respective benchmarks. The Money Market Account slightly outperformed its average.

For more information regarding the performance of the CREF accounts, please see the commentaries starting on page 10.

4	2020 Semiannual Report ■ College Retirement Equities Fund

Carol Deckbar

U.S. stocks declined amid pandemic

The domestic equity market, as measured by the broad Russell 3000^® Index, returned –3.5% for the six-month period. Foreign stocks, as represented in U.S.-dollar terms by the MSCI EAFE^® Index, returned –11.3%. U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 6.1%. Yields on U.S. Treasury securities of all maturities declined, pushing bond prices higher (bond yields move in the opposite direction of prices).

Diversification in an uncertain environment

The first half of 2020 was a challenging time for people around the world. Few have seen anything like the COVID-19 pandemic in their lifetimes. Worries about health and safety, as well as concerns about the economic implications of trying to contain the virus, were all well founded during the period. But it’s worth remembering that the U.S. economy has had a long history of recovering from adversity—notably, the events of September 11th and the 2007–2008 credit crisis.

During the six months, stock markets fell sharply when the virus first emerged but later staged a powerful rally. While periods of market volatility will likely occur in the future, the experience of early 2020 speaks to the value of sticking to a sound financial plan that aims to achieve long-term investment goals. We believe a thoughtful investment approach and a balanced, well-diversified portfolio can be an important part of such a plan. Of course, diversification does not guarantee against market losses, and past performance cannot guarantee future results.

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

/s/ Carol W. Deckbar

Carol W. Deckbar

Principal Executive Officer, CREF

Executive Vice President, Chief Product Officer

College Retirement Equities Fund ■ 2020 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-MFP (for money market products only) filings. Form N-CSR filings are as of December 31 or June 30; Form N-PORT or Form N-MFP filings are as of March 31 or September 30. Copies of these forms are available:

	•	Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at sec.gov; or
	•	From the SEC’s Office of Investor Education and Advocacy. Call 202-551-8090 for more information.

Proxy voting

CREF’s ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the accounts voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.

Contacting TIAA

There are three easy ways to contact us: by email, using the Contact Us link 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	2020 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 ■ 2020 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	2020 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, 2020–June 30, 2020).

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 ■ 2020 Semiannual Report

CREF Stock Account

Performance for the six months ended June 30, 2020

The CREF Stock Account returned –5.96% for the period, compared with the –5.84% 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, 2020, the Account returned 2.07%, versus 3.08% for the composite index. (All returns for the Account are for Class R1.)

During the six-month period, the U.S. economy was jolted by the COVID-19 pandemic and efforts to contain the spread of the virus. The unemployment rate jumped from 3.6% in January 2020 to 14.7% in April before ending the period at 11.1%. Core inflation, which includes all items except food and energy, held steady at 1.2% for the twelve months ended June 30, 2020. The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%.

The U.S. stock market, as measured by the Russell 3000 Index, was negative across most investment styles and capitalization sizes. Growth stocks advanced, outperforming value shares, while large-cap stocks surpassed smaller equities. (Returns by investment style and capitalization size are based on the Russell indexes.)

The MSCI ACWI ex USA 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, declined 11.24% in U.S.-dollar terms for the six months.

Account lagged its composite benchmark

For the six months, the Account underperformed its benchmark. The primary detractors were an overweight position in banking giant JPMorgan Chase, an underweight in Microsoft and an overweight in Parsley Energy. Significant contributors were overweights in Amazon.com and PayPal and an underweight in Exxon Mobil.

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

10	2020 Semiannual Report ■ College Retirement Equities Fund

CREF Stock Account

Performance as of June 30, 2020

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		–5.96	%		2.07	%		6.64	%		10.48	%		0.570	%
Class R2	4/24/2015		–5.89			2.25			6.89			10.61	^†		0.385
Class R3	4/24/2015		–5.86			2.31			6.97			10.65	^†		0.325
CREF Stock Account Composite Index^§	—		–5.84			3.08			7.71			11.14			—
Broad market index
Morningstar Aggressive Target Risk Index	—		–8.58			–0.81			6.38			9.84			—

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, 2020, 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, 2020

Stock Account	Beginning account value (1/1/20		)	Ending account value (6/30/20		)	Expenses paid during period (1/1/20–6/30/20		* )
Actual return
Class R1	$	1,000.00		$	940.37			$2.41
Class R2		1,000.00			941.14			1.64
Class R3		1,000.00			941.44			1.35
5% annual hypothetical return
Class R1		1,000.00			1,022.38			2.51
Class R2		1,000.00			1,023.17			1.71
Class R3		1,000.00			1,023.47			1.41

*	“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were

College Retirement Equities Fund ■ 2020 Semiannual Report

CREF Stock Account

182 days in the six months ended June 30, 2020. The Account’s annualized six-month expense ratios for that period were 0.50% for Class R1, 0.34% for Class R2 and 0.28% for Class R3.

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

Account profile
	as of 6/30/2020
Net assets	$106.44 billion
Portfolio turnover rate*	39%
Number of holdings	9,727
Weighted median market capitalization	$59.91 billion
Price/earnings ratio (weighted 12-month trailing average)^†	27.0

*	The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, 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 6/30/2020
Information technology	21.7
Health care	13.5
Financials	12.6
Consumer discretionary	12.0
Industrials	9.5
Communication services	9.1
Consumer staples	6.8
Materials	4.2
Real estate	3.2
Energy	3.0
Utilities	3.0
Short-term investments, other assets & liabilities, net	1.4
Total	100.0

Holdings by company size
Market capitalization	% of equity investments as of 6/30/2020
More than $50 billion	54.3
More than $15 billion–$50 billion	21.6
More than $2 billion–$15 billion	19.0
$2 billion or less	5.1
Total	100.0

Holdings by country
	% of portfolio investments as of 6/30/2020
United States	66.7
Japan	5.0
China	3.2
United Kingdom	3.1
Switzerland	2.0
France	1.9
Canada	1.8
Germany	1.6
72 other nations	12.2
Short-term investments	2.5
Total	100.0

12	2020 Semiannual Report ■ College Retirement Equities Fund

CREF Global Equities Account

Performance for the six months ended June 30, 2020

The CREF Global Equities Account returned –4.12% for the period, compared with the –6.25% return of its benchmark, the MSCI All Country World Index (ACWI). For the twelve months ended June 30, 2020, the Account returned 4.94%, versus 2.11% for the index. (All returns for the Account are for Class R1.)

International equities in both developed and emerging markets declined for the period, rattled by the COVID-19 pandemic and efforts to limit its spread. Most global economies shrank during the first quarter of 2020. The 19-nation euro area’s economy contracted by 3.1% on a year-over-year basis, while China’s economy shrank by 6.8% for the same period. The Japanese economy contracted by an annualized rate of 2.2% during the first quarter of 2020. In the face of the pandemic, central banks acted quickly: the U.S. Federal Reserve lowered the federal funds target rate twice in March to 0.00%–0.25%; the European Central Bank increased its pandemic emergency purchase program to more than 1.3 trillion euros; and the Bank of England reduced its benchmark interest rate to 0.1% in March.

Most country components within the MSCI ACWI declined for the six months. U.S.-dollar returns for 29 of the 49 index nations were lower than, or equal to, their local-currency returns.

Account outperformed its benchmark

The Account outpaced its benchmark for the six months. The top contributors were an out-of-benchmark investment in Peloton Interactive, a U.S.-based provider of fitness and cycling equipment, followed by overweight positions in Swiss chemical producer Lonza Group and Chinese Internet conglomerate Tencent Holdings.

In contrast, certain stocks did not perform as anticipated. Overweight positions in Airbus, Dutch financial firm ING and Britain’s Lloyds Banking Group were the largest detractors.

College Retirement Equities Fund ■ 2020 Semiannual Report

CREF Global Equities Account

Performance as of June 30, 2020

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		–4.12	%		4.94	%		5.97	%		9.65	%		0.545	%
Class R2	4/24/2015		–4.04			5.13			6.21			9.78	^†		0.360
Class R3	4/24/2015		–4.01			5.19			6.29			9.82	^†		0.300
MSCI All Country World Index	—		–6.25			2.11			6.46			9.16			—

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, 2020

Global Equities Account	Beginning account value (1/1/20		)	Ending account value (6/30/20		)	Expenses paid during period (1/1/20–6/30/20		* )
Actual return
Class R1	$	1,000.00		$	958.76			$2.39
Class R2		1,000.00			959.56			1.61
Class R3		1,000.00			959.86			1.32
5% annual hypothetical return
Class R1		1,000.00			1,022.43			2.46
Class R2		1,000.00			1,023.22			1.66
Class R3		1,000.00			1,023.52			1.36

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Account’s annualized six-month expense ratios for that period were 0.49% for Class R1, 0.33% for Class R2 and 0.27% for Class R3.

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

14	2020 Semiannual Report ■ College Retirement Equities Fund

CREF Global Equities Account

Account profile
	as of 6/30/2020
Net assets	$19.34 billion
Portfolio turnover rate*	42%
Number of holdings	3,156
Weighted median market capitalization	$82.33 billion
Price/earnings ratio (weighted 12-month trailing average)^†	24.3

*	The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, 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 6/30/2020
Information technology	22.2
Consumer discretionary	14.8
Health care	13.6
Financials	11.5
Communication services	8.9
Industrials	8.9
Consumer staples	7.6
Materials	4.7
Utilities	2.8
Energy	2.0
Real estate	1.8
Short-term investments, other assets & liabilities, net	1.2
Total	100.0

Holdings by company size
Market capitalization	% of equity investments as of 6/30/2020
More than $50 billion	62.4
More than $15 billion–$50 billion	22.8
More than $2 billion–$15 billion	13.3
$2 billion or less	1.5
Total	100.0

Holdings by country
	% of portfolio investments as of 6/30/2020
United States	55.5
Japan	6.7
China	5.7
United Kingdom	4.0
France	3.4
Switzerland	3.0
Germany	2.5
Netherlands	2.0
47 other nations	15.5
Short-term investments	1.7
Total	100.0

College Retirement Equities Fund ■ 2020 Semiannual Report

CREF Growth Account

Performance for the six months ended June 30, 2020

The CREF Growth Account returned 11.43% for the period, compared with the 9.81% return of its benchmark, the Russell 1000^® Growth Index. For the twelve months ended June 30, 2020, the Account returned 20.19%, versus 23.28% for the index. (All returns for the Account are for Class R1.)

The U.S. stock market, as measured by the Russell 3000^®Index, declined sharply early in the period but rallied in the latter months to post an overall return of –3.48%. Growth stocks advanced, outperforming value shares, while large-cap stocks surpassed smaller equities. (Returns by investment style and capitalization size are based on the Russell indexes.)

Fund posted double-digit gains, surpassed its benchmark

Six of the eleven industry sectors in the Russell 1000 Growth Index advanced for the six months. Information technology (up 18.4%)—the benchmark’s largest sector—had the biggest impact, as technology stocks generally fared well during the COVID-19 crisis. Consumer discretionary (up 19.5%) and communication services (up 8.9%) were the next-largest contributors. Together, these three sectors represented two-thirds of the benchmark’s total market capitalization on June 30, 2020. The industrials, consumer staples, materials and financials sectors all posted negative returns, as did energy (down 33.8%)—the benchmark’s smallest sector—which was the worst performer.

The Account outperformed its benchmark for the period due to astute security selection and allocation decisions. Significant overweight positions in financial transaction giant PayPal, Amazon.com and electric car maker Tesla made the largest contributions to relative performance. PayPal and Amazon benefited from stay-at-home advisories driven by the pandemic, while Tesla’s stock continued to surge due to strong global demand for electric cars.

By contrast, certain positions limited the Account’s return versus the benchmark. Underweight positions in Apple and Microsoft, both of which had strong performance, were the leading detractors, followed by an out-of-benchmark position in Walt Disney, which performed poorly.

16	2020 Semiannual Report ■ College Retirement Equities Fund

CREF Growth Account

Performance as of June 30, 2020

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	11.43	%	20.19	%		14.12	%	16.48	%		0.500	%
Class R2	4/24/2015	11.52		20.41			14.38		16.62	^†		0.315
Class R3	4/24/2015	11.56		20.48			14.47		16.66	^†		0.255
Russell 1000^® Growth Index	—	9.81		23.28			15.89		17.23			—

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, 2020

Growth Account	Beginning account value (1/1/20		)	Ending account value (6/30/20		)	Expenses paid during period (1/1/20–6/30/20		* )
Actual return
Class R1		$1,000.00			$1,114.30			$2.42
Class R2		1,000.00			1,115.24			1.53
Class R3		1,000.00			1,115.58			1.21
5% annual hypothetical return
Class R1		1,000.00			1,022.58			2.31
Class R2		1,000.00			1,023.42			1.46
Class R3		1,000.00			1,023.72			1.16

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Account’s annualized six-month expense ratios for that period were 0.46% for Class R1, 0.29% for Class R2 and 0.23% for Class R3.

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

College Retirement Equities Fund ■ 2020 Semiannual Report

CREF Growth Account

Account profile

	as of 6/30/2020
Net assets		$29.41 billion
Portfolio turnover rate*		44%
Number of holdings		485
Weighted median market capitalization		$153.74 billion
Price/earnings ratio (weighted 12-month trailing average)^†		44.6

*	The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, 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
	% of net assets
Sector	as of 6/30/2020
Information technology		36.7
Consumer discretionary		18.0
Health care		15.7
Communication services		15.1
Industrials		6.0
Financials		3.4
Consumer staples		3.3
Materials		1.0
Real estate		0.3
Energy		0.1
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Holdings by company size
% of equity investments
Market capitalization	as of 6/30/2020
More than $50 billion		77.1
More than $15 billion–$50 billion		17.0
More than $2 billion–$15 billion		5.7
$2 billion or less		0.2
Total		100.0

18	2020 Semiannual Report ■ College Retirement Equities Fund

CREF Equity Index Account

Performance for the six months ended June 30, 2020

The CREF Equity Index Account returned –3.66% for the period, compared with the –3.48% return of its benchmark, the Russell 3000^® Index. For the twelve months ended June 30, 2020, the Account returned 6.10%, versus 6.53% 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.

Most benchmark sectors suffered losses

Eight of the eleven industry sectors in the Russell 3000 Index lost ground for the six months. Energy (down 36.3%) was the worst-performing sector as oil prices plunged. Financials (down 24.2%)—the third-largest sector in the benchmark—was the biggest detractor from the index’s return. Industrials (down 14.6%) and real estate (down 13.9%) were also significant detractors. Together, these four sectors accounted for more than one-quarter of the benchmark’s total market capitalization on June 30, 2020. Information technology (up 14.7%)—the benchmark’s largest sector—was the best performer, as technology stocks generally fared well during the COVID-19 crisis. Consumer discretionary and health care were also beneficial.

For the six-month period, all of the five largest stocks in the Russell 3000 Index posted solid gains and exceeded the overall return of the benchmark. Amazon.com performed best, benefiting from surging demand due to COVID-19. Next in line were Microsoft, which continued to profit from its cloud-computing business, and Apple, which reported strong revenues. Alphabet (the parent company of Google) and Facebook advanced more modestly.

College Retirement Equities Fund ■ 2020 Semiannual Report

CREF Equity Index Account

Performance as of June 30, 2020
Equity Index 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		–3.66	%	6.10	%		9.48	%	13.22	%		0.475	%
Class R2		4/24/2015		–3.58		6.29			9.74		13.35	^†		0.290
Class R3		4/24/2015		–3.55		6.35			9.81		13.40	^†		0.230
Russell 3000^® Index		—		–3.48		6.53			10.03		13.72			—

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, 2020

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
Equity Index Account		(1/1/20	)		(6/30/20	)		(1/1/20–6/30/20	)
Actual return
Class R1		$1,000.00		$	963.40			$2.10
Class R2		1,000.00			964.20			1.27
Class R3		1,000.00			964.50			0.98
5% annual hypothetical return
Class R1		1,000.00			1,022.73			2.16
Class R2		1,000.00			1,023.57			1.31
Class R3		1,000.00			1,023.87			1.01

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Account’s annualized six-month expense ratios for that period were 0.43% for Class R1, 0.26% for Class R2 and 0.20% for Class R3.

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

20	2020 Semiannual Report ■ College Retirement Equities Fund

CREF Equity Index Account

Account profile
	as of 6/30/2020
Net assets		$18.36 billion
Portfolio turnover rate*		2%
Number of holdings		2,724
Weighted median market capitalization		$102.54 billion
Price/earnings ratio (weighted 12-month trailing average)^†		31.2

*	The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, 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

	% of net assets
Sector	as of 6/30/2020
Information technology		26.5
Health care		14.8
Consumer discretionary		11.3
Financials		10.4
Communication services		9.8
Industrials		8.7
Consumer staples		6.2
Real estate		3.6
Utilities		3.0
Materials		2.7
Energy		2.6
Short-term investments, other assets & liabilities, net		0.4
Total		100.0

Holdings by company size
% of equity investments
Market capitalization	as of 6/30/2020
More than $50 billion		63.0
More than $15 billion–$50 billion		18.4
More than $2 billion–$15 billion		15.4
$2 billion or less		3.2
Total		100.0

College Retirement Equities Fund ■ 2020 Semiannual Report

CREF Bond Market Account

Performance for the six months ended June 30, 2020

The CREF Bond Market Account returned 4.98% for the period, compared with the 6.14% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2020, the Account returned 7.43%, versus 8.74% for the index. (All returns for the Account are for Class R1.)

The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%. Yields on U.S. Treasury securities of all maturities fell sharply during the period, boosting bond prices (bond yields move in the opposite direction of prices). Economies around the world were also rattled by the pandemic, and foreign central banks responded similarly with accommodative measures. The European Central Bank increased its pandemic emergency purchase program to more than 1.3 trillion euros. The Bank of England reduced its benchmark interest rate to 0.1% in March.

Account trailed its benchmark

All of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index produced positive returns for the six-month period. U.S. Treasuries, the largest index sector with a weight of 39.5%, advanced 8.7% and was the primary driver of the benchmark’s overall performance. Corporate bonds, which accounted for 25.3% of the index’s total market capitalization on June 30, 2020, returned 5.0%. Mortgage-backed securities— the benchmark’s second-largest sector at 26.2%— rose 3.6%. Government credit securities and commercial mortgage-backed securities (CMBS) both advanced 5.2%.

The Account underperformed its benchmark for the period primarily due to sector allocation. Much of the underperformance occurred in the first quarter of 2020 as a result of the COVID-19 related shock. The Account’s broad overweight to non-Treasury spread sectors was the largest detractor as U.S. Treasuries handily outperformed all other sectors. An overweight allocation to corporate bonds, including small high-yield and emerging-market corporate positions, detracted most. Security selection within the investment-grade corporate sector was positive as companies with the financial flexibility to weather a recession were emphasized, and this almost fully offset the negative impact of the sector allocation. Security selection within CMBS and asset-backed securities also hurt. Yield curve positioning hindered results due to a slightly shorter duration than the Account’s benchmark, as interest rates generally fell during the period.

22	2020 Semiannual Report ■ College Retirement Equities Fund

CREF Bond Market Account

Performance as of June 30, 2020

Bond Market Account		Total return						Average annual total return						Estimated annual
	Inception													operating
	date	6 months			1 year			5 years			10 years			expenses		*
Class R1	3/1/1990		4.98	%		7.43	%		4.06	%		3.72	%		0.505	%
Class R2	4/24/2015		5.06			7.63			4.30			3.84	^†		0.320
Class R3	4/24/2015		5.10			7.69			4.38			3.88	^†		0.260
Bloomberg Barclays U.S. Aggregate Bond Index	—		6.14			8.74			4.30			3.82			—

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance and 30-day SEC yield information, including performance to the most recent month-end, please visit TIAA.org.

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

*	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, 2020

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
Bond Market Account	(1/1/20		)	(6/30/20		)	(1/1/20–6/30/20		)
Actual return
Class R1		$1,000.00			$1,049.76			$2.40
Class R2		1,000.00			1,050.65			1.53
Class R3		1,000.00			1,050.97			1.22
5% annual hypothetical return
Class R1		1,000.00			1,022.53			2.36
Class R2		1,000.00			1,023.37			1.51
Class R3		1,000.00			1,023.67			1.21

*	“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Account’s annualized six-month expense ratios for that period were 0.47% for Class R1, 0.30% for Class R2 and 0.24% for Class R3.

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

College Retirement Equities Fund ■ 2020 Semiannual Report

CREF Bond Market Account

Account profile

	as of 6/30/2020
Net assets		$14.83 billion
Portfolio turnover rate*		52%
Portfolio turnover rate, excluding mortgage dollar-roll transactions*		47%
Number of issues		2,077
Option-adjusted duration^‡		5.43 years
Average maturity^§		7.92 years

*	The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, 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 6/30/2020
Corporate bonds		33.0
Mortgage-backed securities		20.1
Foreign government & corporate bonds denominated in U.S. dollars		13.3
Asset-backed securities		8.4
Commercial mortgage-backed securities		7.2
U.S. Treasury securities		6.9
Municipal bonds		5.0
U.S. agency securities		1.8
Bank loan obligations		0.7
Preferred stock		0.1
Short-term investments, other assets & liabilities, net		3.5
Total		100.0

Holdings by maturity

	% of fixed-income investments (excluding short-term investments) as of 6/30/2020
Less than 1 year		4.4
1–3 years		22.1
3–5 years		23.6
5–10 years		31.9
Over 10 years		18.0
Total		100.0

Holdings by credit quality

	% of fixed-income investments (excluding short-term investments) as of 6/30/2020
U.S. Treasury & U.S. agency securities*		28.4
Aaa/AAA		13.8
Aa/AA		9.8
A/A		18.8
Baa/BBB		24.8
Ba/BB		1.8
B/B		0.9
Below B/B		0.2
Non-rated		1.5
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	2020 Semiannual Report ■ College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Performance for the six months ended June 30, 2020

The CREF Inflation-Linked Bond Account returned 4.02% for the period, compared with the 4.08% 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, 2020, the Account returned 5.42%, versus 5.75% for the index. (All returns for the Account are for Class R1.)

The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%. Yields on U.S. Treasury securities of all maturities fell sharply during the period, boosting bond prices (bond yields move in the opposite direction of prices). The European Central Bank increased its pandemic emergency purchase program to more than 1.3 trillion euros. The Bank of England reduced its benchmark interest rate to 0.1% in March.

TIPS trailed the broader bond market

For the twelve months, the return of the TIPS 1–10 Year Index trailed the 6.14% return of the broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index.

The decline in high-quality bond yields continued during the period, accelerating as the COVID-19 pandemic caused investors to seek the relative safety of U.S. Treasuries and other government-issued fixed-income securities. As a result, bonds generally performed well for the six months. However, the core inflation rate remained low, which tended to limit the returns of Treasury inflation-protected securities.

The Account slightly trailed 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 ■ 2020 Semiannual Report

CREF Inflation-Linked Bond Account

Performance as of June 30, 2020

Inflation-Linked Bond Account		Total return						Average annual total return						Estimated annual
	Inception													operating
	date	6 months			1 year			5 years			10 years			expenses		*
Class R1	5/1/1997		4.02	%		5.42	%		2.55	%		2.69	%		0.475	%
Class R2	4/24/2015		4.10			5.61			2.78			2.81	^†		0.290
Class R3	4/24/2015		4.14			5.68			2.86			2.85	^†		0.230
Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index	—		4.08			5.75			2.97			2.66			—

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance and 30-day SEC yield information, including performance to the most recent month-end, please visit TIAA.org.

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

*	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, 2020

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
Inflation-Linked Bond Account	(1/1/20		)	(6/30/20		)	(1/1/20–6/30/20		)
Actual return
Class R1		$1,000.00			$1,040.16			$2.23
Class R2		1,000.00			1,041.04			1.37
Class R3		1,000.00			1,041.36			1.07
5% annual hypothetical return
Class R1		1,000.00			1,022.68			2.21
Class R2		1,000.00			1,023.52			1.36
Class R3		1,000.00			1,023.82			1.06

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Account’s annualized six-month expense ratios for that period were 0.44% for Class R1, 0.27% for Class R2 and 0.21% for Class R3.

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

26	2020 Semiannual Report ■ College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Account profile

	as of 6/30/2020
Net assets		$6.90 billion
Portfolio turnover rate*		13%
Number of issues		55
Option-adjusted duration^‡		4.79 years
Average maturity^§		5.15 years

*	The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, 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 6/30/2020
U.S. Treasury securities		95.0
Mortgage-backed securities		2.6
U.S. agency securities		0.9
Short-term investments, other assets & liabilities, net		1.5
Total		100.0

Holdings by maturity

	% of fixed-income investments (excluding short-term investments) as of 6/30/2020
Less than 1 year		0.6
1–3 years		25.9
3–5 years		24.1
5–10 years		47.9
Over 10 years		1.5
Total		100.0

Holdings by credit quality

	% of fixed-income investments (excluding short-term investments) as of 6/30/2020
U.S. Treasury & U.S. agency securities*		99.1
Non-rated		0.9
Total		100.0

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

College Retirement Equities Fund ■ 2020 Semiannual Report

CREF Social Choice Account

Performance for the six months ended June 30, 2020

The CREF Social Choice Account returned –1.15% for the period, compared with the –0.76% 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, 2020, the Account returned 5.75%, versus 5.78% 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 performance of the Account’s domestic equities outpaced that of the Russell 3000 Index. Avoiding JPMorgan Chase, Wells Fargo and Berkshire Hathaway benefited the Account most, while excluding PayPal, Facebook and Netflix detracted most. The Account’s international equities outperformed the MSCI EAFE+Canada Index, helped by omitting Royal Dutch Shell, British bank HSBC and Airbus, but hindered by excluding Barrick Gold, Japanese conglomerate SoftBank and global consumer goods firm Reckitt Benckiser.

Account underperformed its composite benchmark

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

The performance of the Account’s domestic equities versus the Russell 3000 Index was helped by overweight positions in information technology company NVIDIA, electric car maker Tesla and software company Adobe. On the other hand, an underweight in Amazon.com and overweights in U.S. Bancorp and energy giant Schlumberger detracted.

Relative to the MSCI EAFE+Canada Index, the Account’s international holdings benefited from overweight positions in Canadian e-commerce platform provider Shopify, Japan’s Chugai Pharmaceutical and German electronic equipment manufacturer Sartorius. Conversely, overweight positions in French commercial real estate investor WFD Unibail-Rodamco, Canadian oil company Cenovus Energy and British aerospace engineering group Meggitt detracted most.

The Account’s fixed-income segment trailed the 6.14% return of the Bloomberg Barclays U.S. Aggregate Bond Index mainly due to its positions in the U.S. Treasury and mortgage-backed securities sectors.

28	2020 Semiannual Report ■ College Retirement Equities Fund

CREF Social Choice Account

Performance as of June 30, 2020

Social Choice Account						Average annual				Estimated
		Total return				total return				annual
	Inception									operating
	date	6 months		1 year		5 years		10 years		expenses	*
Class R1	3/1/1990	–1.15	%	5.75	%	6.36	%	8.22	%	0.500	%
Class R2	4/24/2015	–1.07		5.95		6.61		8.35	^†	0.315
Class R3	4/24/2015	–1.04		6.01		6.69		8.39	^†	0.255
CREF Social Choice Account Composite Index^§	—	–0.76		5.78		6.58		8.69		—
Broad market index
Morningstar Moderate Target Risk Index	—	–2.35		3.70		6.00		7.76		—

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, 2020, 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, 2020

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
Social Choice Account	(1/1/20		)	(6/30/20		)	(1/1/20–6/30/20		)
Actual return
Class R1		$1,000.00			$ 988.47			$2.27
Class R2		1,000.00			989.29			1.48
Class R3		1,000.00			989.60			1.14
5% annual hypothetical return
Class R1		1,000.00			1,022.58			2.31
Class R2		1,000.00			1,023.37			1.51
Class R3		1,000.00			1,023.72			1.16

*	“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were

College Retirement Equities Fund ■ 2020 Semiannual Report

CREF Social Choice Account

182 days in the six months ended June 30, 2020. The Account’s annualized six-month expense ratios for that period were 0.46% for Class R1, 0.30% for Class R2 and 0.23% for Class R3.

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

Account profile

	as of 6/30/2020
Net assets	$15.25 billion
Portfolio turnover rate*	45%
Portfolio turnover rate, excluding mortgage dollar-roll transactions*	43%
Equity segment
Number of holdings	1,024
Weighted median market capitalization	$55.14 billion
Price/earnings ratio (weighted 12-month trailing average)^†	28.9
Fixed-income segment
Number of issues	873
Option-adjusted duration^‡	5.95 years
Average maturity^§	9.11 years

*	The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, 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

	% of net assets
Sector	as of 6/30/2020
Equities	59.6
Fixed-income securities	39.5
Short-term investments, other assets & liabilities, net	0.9
Total	100.0

Holdings by company size

% of equity investments
Market capitalization	as of 6/30/2020
More than $50 billion	51.3
More than $15 billion–$50 billion	29.2
More than $2 billion–$15 billion	17.7
$2 billion or less	1.8
Total	100.0

Holdings by maturity

% of fixed-income investments
(excluding short-term investments)
	as of 6/30/2020
Less than 1 year	1.5
1–3 years	22.2
3–5 years	24.0
5–10 years	28.2
Over 10 years	24.1
Total	100.0

30	2020 Semiannual Report ■ College Retirement Equities Fund

CREF Money Market Account

Performance for the six months ended June 30, 2020

The CREF Money Market Account returned 0.28% for the six months, compared with the 0.27% 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.)

The U.S. economy closed 2019 with steady, moderate growth, but it was jolted in March 2020 by the COVID-19 pandemic and efforts to contain the spread of the virus. The unemployment rate jumped from 3.6% in January 2020 to 14.7% in April before ending the period at 11.1%. Core inflation, which includes all items except food and energy, held steady at 1.2% for the twelve months ended June 30, 2020. In March, the Federal Reserve took swift action and substantially lowered the federal funds target rate—a key short-term interest-rate measure—to 0.00%–0.25%. The Fed also stated that it remains committed to monetary policies designed to spur economic growth.

As a result of the heightened volatility in the financial markets during the period, government money market fund assets experienced steady increases, with growth of more than $1 trillion between December 2019 and May 2020.

The low interest-rate environment pushed yields on the short-term government securities in which the Fund invests sharply lower. The “secured overnight financing rate” (SOFR), which represents dealer transactions in Treasury collateralized overnight repurchase agreements, has become widely accepted by government agencies as a key indicator of short-term government money market rates. Over the six-month period, SOFR declined from 1.54% on January 2, 2020, to 0.10% on June 30, 2020. As a result, with short-term interest rates at historic lows, money market fund yields followed suit—a trend that is expected to continue.

Account surpassed the iMoneyNet average

For the six-month period, the Money Market Account’s return slightly outperformed that of the iMoneyNet average. 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 30, 2020, the Account’s weighted average maturity (WAM) was 45 days, versus 42 days for the iMoneyNet average, and this longer WAM also benefited the Account’s relative performance.

Effective October 1, 2020, Joseph Rolston is no longer a portfolio manager of the Money Market Account. Chad Kemper and Andrew Hurst each continue to be portfolio managers on the Account.

College Retirement Equities Fund ■ 2020 Semiannual Report

CREF Money Market Account

Net annualized yield for the 7 days ended June 30, 2020^§

	Current yield			Effective yield
Money Market Account
Class R1		0.00	%		0.00	%
Class R2		0.00			0.00
Class R3		0.01			0.01
iMoneyNet Money Fund Averages™—All Government^‡		0.03			0.03

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, 2020

Money Market Account^#		Total return				Average annual total return				Estimated annual
	Inception									operating
	date	6 months		1 year		5 years		10 years		expenses	*
Class R1	4/1/1988	0.28	%	1.07	%	0.63	%	0.31	%	0.475	%
Class R2	4/24/2015	0.35		1.24		0.83		0.41	^†	0.290
Class R3	4/24/2015	0.38		1.30		0.90		0.45	^†	0.230
iMoneyNet Money Fund Averages™—All Government^‡	—	0.27		1.06		0.80		0.41		—

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

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

Between July 16, 2009, and March 7, 2017, TIAA withheld (“waived”) a portion of the 12b–1 distribution and/or administrative expenses for each class of the CREF Money Market Account when a class’ yield was less than zero. Without this waiver, the total returns of the Money Market Account would have been lower. For a period of three years after the date an amount was waived, it was eligible for recoupment by TIAA, under certain conditions. All eligible expenses were recouped by July 2018 for Class R3, September 2018 for Class R2 and June 2019 for Class R1.

TIAA has agreed to withhold (“waive”) a portion of the Rule 12b-1 distribution and/or administrative expenses for each class of the CREF Money Market Account (the “Account”) when a class’ yield is less than zero. Without this waiver, the total returns of each class of the Account would be lower, and could be negative. TIAA may, for a period of three years after the date an amount was waived, recover from the Account a portion of the amounts waived at such time as the class’ daily yield would be positive absent the effect of the waiver and, in such event, the amount of recovery on any day will be approximately 25% of the class’ yield (net of all other

32	2020 Semiannual Report ■ College Retirement Equities Fund

CREF Money Market Account

	expenses) on that day. This limited waiver may be terminated at any time and, in any event, will extend only through December 31, 2020.
*	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 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, 2020

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
Money Market Account	(1/1/20		)	(6/30/20		)	(1/1/20–6/30/20		)
Actual return
Class R1		$1,000.00			$1,002.84			$ 2.04
Class R2		1,000.00			1,003.53			1.34
Class R3		1,000.00			1,003.82			1.10
5% annual hypothetical return
Class R1		1,000.00			1,022.82			2.06
Class R2		1,000.00			1,023.52			1.36
Class R3		1,000.00			1,023.77			1.11

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Account’s annualized six-month expense ratios for that period were 0.41% for Class R1, 0.27% for Class R2 and 0.22% for Class R3. The expense charges of the Account reflect a voluntary waiver. Without this waiver, the expenses of the account would have been higher and its performance lower.

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

Account profile

	as of 6/30/2020
Net assets	$12.13 billion
Number of issues	159

Portfolio composition

	% of net assets
Sector	as of 6/30/2020
U.S. Treasury securities*	45.7
U.S. government agency securities*	29.1
Floating-rate securities, government*	25.2
Total	100.0

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

College Retirement Equities Fund ■ 2020 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Stock Account ■ June 30, 2020

Principal			Issuer		Value (000)		% of net assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES					$	309	0.0	%
			TOTAL GOVERNMENT BONDS	(Cost $301)		309	0.0

Shares			Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	368,419	*	Tesla, Inc			397,823	0.4
			Other			1,140,619	1.0
						1,538,442	1.4
BANKS
	14,928,805		Bank of America Corp			354,559	0.3
	10,594,362	n	JPMorgan Chase & Co			996,506	1.0
			Other			4,620,201	4.3
						5,971,266	5.6
CAPITAL GOODS
	3,138,646		Honeywell International, Inc			453,817	0.4
			Other			6,369,414	6.0
						6,823,231	6.4
COMMERCIAL & PROFESSIONAL SERVICES						1,401,352	1.3
CONSUMER DURABLES & APPAREL
	3,266,381		Nike, Inc (Class B)			320,269	0.3
			Other			1,724,628	1.6
						2,044,897	1.9
CONSUMER SERVICES
	2,053,294		McDonald’s Corp			378,771	0.4
			Other			1,488,057	1.4
						1,866,828	1.8
DIVERSIFIED FINANCIALS
	10,047,005	n	Morgan Stanley			485,270	0.5
			Other			3,476,570	3.2
						3,961,840	3.7
ENERGY
	4,691,984		Chevron Corp			418,666	0.4
			Other			2,752,091	2.6
						3,170,757	3.0
FOOD & STAPLES RETAILING
	1,161,446		Costco Wholesale Corp			352,162	0.3
	3,524,407		Walmart, Inc			422,153	0.4
			Other			756,835	0.7
						1,531,150	1.4

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)	continued

CREF Stock Account ■ June 30, 2020

Shares			Company	Value (000)		% of net assets
FOOD, BEVERAGE & TOBACCO
	8,497,728		Coca-Cola Co	$	379,679		0.4	%
	4,007,419		Nestle S.A.		444,305		0.4
	3,094,851		PepsiCo, Inc		409,325		0.4
			Other		2,701,571		2.5
					3,934,880		3.7
HEALTH CARE EQUIPMENT & SERVICES
	3,790,638		Abbott Laboratories		346,578		0.3
	2,147,409		UnitedHealth Group, Inc		633,378		0.6
			Other		4,523,548		4.3
					5,503,504		5.2
HOUSEHOLD & PERSONAL PRODUCTS
	5,567,010		Procter & Gamble Co		665,647		0.6
			Other		1,154,209		1.1
					1,819,856		1.7
INSURANCE
	3,871,101	*	Berkshire Hathaway, Inc (Class B)		691,030		0.6
			Other		2,827,373		2.7
					3,518,403		3.3
MATERIALS					4,516,497		4.2
MEDIA & ENTERTAINMENT
	567,718	*	Alphabet, Inc (Class A)		805,053		0.7
	854,905	*,n	Alphabet, Inc (Class C)		1,208,502		1.1
	12,549,671		Comcast Corp (Class A)		489,186		0.5
	6,555,469	*,n	Facebook, Inc		1,488,550		1.4
	846,768	*	Netflix, Inc		385,313		0.4
	9,442,890		Tencent Holdings Ltd		605,080		0.6
	5,309,554		Walt Disney Co		592,068		0.5
			Other		1,920,695		1.8
					7,494,447		7.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	6,893,414		AbbVie, Inc		676,795		0.6
	3,205,222		AstraZeneca plc		333,582		0.3
	5,475,018		Johnson & Johnson		769,952		0.7
	4,698,912		Merck & Co, Inc		363,367		0.4
	12,576,754		Pfizer, Inc		411,260		0.4
	557,592	*	Regeneron Pharmaceuticals, Inc		347,742		0.3
	1,119,131		Roche Holding AG.		387,722		0.4
			Other		5,573,303		5.2
					8,863,723		8.3
REAL ESTATE					3,445,286		3.2

See notes to financial statements

College Retirement Equities Fund ■ 2020 Semiannual Report

Summary portfolio of investments (unaudited)	continued

CREF Stock Account ■ June 30, 2020

Shares			Company		Value (000)		% of net assets
RETAILING
	2,797,407	*	Alibaba Group Holding Ltd (ADR)		$	603,401		0.6	%
	1,076,508	*,n	Amazon.com, Inc			2,969,892		2.8
	2,860,724		Home Depot, Inc			716,640		0.7
			Other			3,022,528		2.8
						7,312,461		6.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,074,064		Broadcom, Inc			338,985		0.3
	10,873,435		Intel Corp			650,558		0.6
	1,421,789		NVIDIA Corp			540,152		0.5
	3,522,763		QUALCOMM, Inc			321,311		0.3
	40,870,458		Taiwan Semiconductor Manufacturing Co Ltd			436,477		0.4
			Other			2,863,875		2.8
						5,151,358		4.9
SOFTWARE & SERVICES
	2,479,237		Mastercard, Inc (Class A)			733,110		0.7
	17,625,597		Microsoft Corp			3,586,985		3.4
	3,987,232	*	PayPal Holdings, Inc			694,695		0.7
	3,660,007	*	salesforce.com, Inc			685,629		0.6
	4,597,806		Visa, Inc (Class A)			888,158		0.8
			Other			5,316,059		5.0
						11,904,636		11.2
TECHNOLOGY HARDWARE & EQUIPMENT
	9,071,086	d,n	Apple, Inc			3,309,132		3.1
	7,462,194	n	Cisco Systems, Inc			348,037		0.3
			Other			2,299,586		2.2
						5,956,755		5.6
TELECOMMUNICATION SERVICES
	14,664,997		AT&T, Inc			443,323		0.4
	8,036,299		Verizon Communications, Inc			443,041		0.4
			Other			1,289,488		1.3
						2,175,852		2.1
TRANSPORTATION
	2,261,580		Union Pacific Corp			382,365		0.4
			Other			1,512,329		1.4
						1,894,694		1.8
UTILITIES						3,170,009		3.0
			TOTAL COMMON STOCKS	(Cost $97,018,453)		104,972,124		98.6

PURCHASED OPTIONS
DIVERSIFIED FINANCIALS						543		0.0
MATERIALS						61		0.0
TECHNOLOGY HARDWARE & EQUIPMENT						2,878		0.0
UTILITIES						792		0.0
			TOTAL PURCHASED OPTIONS	(Cost $5,070)		4,274		0.0

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)	continued

CREF Stock Account ■ June 30, 2020

Shares			Company		Value (000)			% of net assets
PREFERRED STOCKS
REAL ESTATE					$	17			0.0	%
			TOTAL PREFERRED STOCKS	(Cost $20)		17			0.0
RIGHTS / WARRANTS
CAPITAL GOODS						431			0.0
CONSUMER DURABLES & APPAREL						6			0.0
CONSUMER SERVICES						10			0.0
ENERGY						449			0.0
MEDIA & ENTERTAINMENT						5			0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						21			0.0
REAL ESTATE						22			0.0
RETAILING						4			0.0
TECHNOLOGY HARDWARE & EQUIPMENT						5			0.0
TELECOMMUNICATION SERVICES						1,355			0.0
TRANSPORTATION						138			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $2,823)		2,446			0.0

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						805,291			0.7
REPURCHASE AGREEMENT
	$319,510,000	r	Fixed Income Clearing Corp	0.070%, 07/01/20		319,510			0.3
						319,510			0.3
TREASURY DEBT						297,537			0.3
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
CERTIFICATE OF DEPOSIT						166,000			0.2
REPURCHASE AGREEMENT						1,067,434			1.0
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						1,233,434			1.2
TOTAL SHORT-TERM INVESTMENTS				(Cost $2,655,817)		2,655,772			2.5

			TOTAL PORTFOLIO	(Cost $99,682,484)		107,634,942			101.1
OTHER ASSETS & LIABILITIES, NET						(1,193,837	)		(1.1	)
NET ASSETS					$	106,441,105			100.0	%

Abbreviation(s):

ADR	American Depositary Receipt

*	Non-income producing
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
n	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.
r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $319,510,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $325,900,201.

See notes to financial statements

College Retirement Equities Fund ■ 2020 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Stock Account ■ June 30, 2020

“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 6/30/20, the aggregate value of securities on loan is $1,867,232,815. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

At 6/30/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $986,620,381 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.

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

Purchased options outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date	Value
Cisco Systems, Inc, Call		2,500	$	542	$	47.50	10/16/20	$	638
Cisco Systems, Inc, Call		16,000		3,167		50.00	10/16/20		2,240
Dow, Inc, Call		340		47		50.00	01/15/21		61
Energy Select Sector SPDR Fund, Call		3,600		727		43.00	12/18/20		792
Financial Select Sector SPDR Fund, Call		5,600		587		26.00	12/18/20		543
Total		28,040	$	5,070				$	4,274

Written options outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Alphabet, Inc, Call		37	$	(89	)	$	1,520.00	07/17/20	$	(11	)
Alphabet, Inc, Put		37		(38	)		1,300.00	07/17/20		(20	)
Amazon.com, Inc, Call		15		(34	)		2,900.00	07/17/20		(33	)
Amazon.com, Inc, Put		10		(30	)		1,850.00	07/17/20		(1	)
Amazon.com, Inc, Put		20		(91	)		1,900.00	07/17/20		(1	)
Amazon.com, Inc, Put		10		(16	)		2,300.00	07/17/20		(3	)
Amazon.com, Inc, Put		5		(25	)		2,370.00	08/21/20		(19	)
Amazon.com, Inc, Put		10		(148	)		1,600.00	09/18/20		(4	)
Apple, Inc, Call		351		(658	)		350.00	08/21/20		(953	)
Apple, Inc, Put		171		(69	)		255.00	07/17/20		(2	)
Apple, Inc, Put		351		(159	)		300.00	08/21/20		(109	)
Cisco Systems, Inc, Call		18,500		(222	)		60.00	10/16/20		(203	)
Cisco Systems, Inc, Put		2,500		(307	)		36.00	10/16/20		(159	)
Cisco Systems, Inc, Put		16,000		(1,068	)		37.50	10/16/20		(1,360	)
Dow, Inc, Put		340		(47	)		25.00	01/15/21		(40	)
DuPont de Nemours, Inc, Put		209		(85	)		42.50	10/16/20		(33	)
DuPont de Nemours, Inc, Put		209		(110	)		45.00	10/16/20		(48	)
Facebook, Inc, Call		263		(72	)		270.00	07/17/20		(4	)
Hess Corp, Put		20		(4	)		35.00	07/17/20		(0	)^
Hess Corp, Put		20		(7	)		30.00	08/21/20		(1	)
JPMorgan Chase & Co, Put		20		(2	)		75.00	07/17/20		(0	)^
Morgan Stanley, Put		30		(8	)		42.00	09/18/20		(6	)
Southwest Airlines Co, Call		1,500		(170	)		40.00	07/17/20		(52	)
Total		40,628	$	(3,459	)				$	(3,062	)

^	Amount represents less than $1,000.

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Stock Account ■ June 30, 2020

Futures contracts outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):

	Number of								Unrealized
	long (short		)	Expiration	Notional				appreciation
Description	contracts			date	amount		Value		(depreciation		)
Russell 2000 E Mini Index		693		09/18/20	$	50,454	$	49,813	$	(641	)
S&P 500 E Mini Index		4,116		09/18/20		651,633		635,963		(15,670	)
S&P Mid-Cap 400 E Mini Index		430		09/18/20		79,150		76,501		(2,649	)
Total		5,239			$	781,237	$	762,277	$	(18,960	)

Forward foreign currency contracts outstanding as of June 30, 2020 were as follows (dollar amounts are in thousands):

Currency		Currency				Unrealized
to be		to be				appreciation
purchased	Receive	sold	Deliver	Counterparty	Settlement date	(depreciation		)
$	3,502	AUD	5,500	Bank of America	07/22/20	$	(294	)
$	4,005	SEK	40,000	Bank of America	07/22/20		(288	)
EUR	8,300	$	9,051	Bank of America	07/22/20		279
Total						$	(303	)
$	2,981	CAD	4,200	Morgan Stanley	07/22/20	$	(113	)
$	51,248	CAD	69,000	Morgan Stanley	09/10/20		415
$	8,003	GBP	6,400	Morgan Stanley	07/22/20		72
$	38,359	GBP	30,000	Morgan Stanley	09/10/20		1,170
$	6,529	JPY	700,000	Morgan Stanley	07/22/20		44
CHF	2,400	$	2,489	Morgan Stanley	07/22/20		46
Total						$	1,634
Total						$	1,331

Abbreviation(s):

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
SEK	Swedish Krona

See notes to financial statements

College Retirement Equities Fund ■ 2020 Semiannual Report

Summary of market values by country (unaudited)

CREF Stock Account ■ June 30, 2020

			% of
	Value		total
Country		(000)		portfolio
DOMESTIC
UNITED STATES	$	74,514,131		69.2	%
TOTAL DOMESTIC		74,514,131		69.2

FOREIGN
ARGENTINA		31,200		0.0
AUSTRALIA		1,577,078		1.5
AUSTRIA		166,062		0.2
BAHAMAS		201		0.0
BELGIUM		168,340		0.2
BERMUDA		37,128		0.0
BRAZIL		660,901		0.6
BURKINA FASO		3,239		0.0
CAMEROON		933		0.0
CANADA		1,942,211		1.8
CAYMAN ISLANDS		443		0.0
CHILE		64,325		0.1
CHINA		3,444,473		3.2
COLOMBIA		16,572		0.0
COTE D’IVOIRE		2,132		0.0
CYPRUS		63		0.0
CZECH REPUBLIC		10,648		0.0
DENMARK		425,754		0.4
EGYPT		18,017		0.0
FAROE ISLANDS		2,316		0.0
FINLAND		234,148		0.2
FRANCE		2,053,271		1.9
GEORGIA		271		0.0
GERMANY		1,753,185		1.6
GHANA		3,521		0.0
GREECE		14,902		0.0
GUERNSEY, C.I.		1,025		0.0
HONG KONG		583,629		0.6
HUNGARY		17,254		0.0
INDIA		755,307		0.7
INDONESIA		150,949		0.1
IRELAND		375,835		0.4
ISLE OF MAN		275		0.0
ISRAEL		131,355		0.1
ITALY		545,922		0.5
JAPAN		5,407,441		5.0
JERSEY, C.I.		605		0.0
JORDAN		3,609		0.0
KAZAKHSTAN		6,126		0.0

			% of
	Value		total
Country		(000)		portfolio
KENYA	$	4,139		0.0	%
KOREA, REPUBLIC OF		1,034,898		1.0
KYRGYZSTAN		2,815		0.0
LIECHTENSTEIN		1,096		0.0
LUXEMBOURG		34,465		0.0
MACAU		76,419		0.1
MALAYSIA		150,417		0.1
MALTA		2,414		0.0
MEXICO		182,082		0.2
MONACO		1,598		0.0
MONGOLIA		849		0.0
MYANMAR		163		0.0
NETHERLANDS		1,410,972		1.3
NEW ZEALAND		75,957		0.1
NORWAY		150,437		0.1
PAKISTAN		6,661		0.0
PANAMA		2,816		0.0
PERU		43,162		0.0
PHILIPPINES		64,090		0.1
POLAND		55,834		0.1
PORTUGAL		53,483		0.0
PUERTO RICO		19,682		0.0
QATAR		64,661		0.1
ROMANIA		3,027		0.0
RUSSIA		267,781		0.2
SAUDI ARABIA		192,593		0.2
SINGAPORE		226,463		0.2
SLOVENIA		4,241		0.0
SOUTH AFRICA		356,162		0.3
SPAIN		394,469		0.4
SWEDEN		625,119		0.6
SWITZERLAND		2,110,321		2.0
TAIWAN		1,287,486		1.2
THAILAND		166,775		0.2
TURKEY		76,408		0.1
UKRAINE		681		0.0
UNITED ARAB EMIRATES		41,463		0.0
UNITED KINGDOM		3,306,749		3.1
VIETNAM		2,838		0.0
ZAMBIA		8,459		0.0
TOTAL FOREIGN		33,120,811		30.8

TOTAL PORTFOLIO	$	107,634,942		100.0	%

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

CREF Global Equities Account ■ June 30, 2020

					Value	% of net
	Shares		Company		(000)	assets
COMMON STOCKS
ARGENTINA				$	5,496	0.0	%
AUSTRALIA
	578,642		CSL Ltd		115,086	0.6
			Other		224,303	1.2
					339,389	1.8
AUSTRIA					9,613	0.1
BELGIUM					4,722	0.0
BERMUDA					6,436	0.0
BRAZIL
	5,814,800	*	B2W Companhia Global Do Varejo		114,465	0.6
			Other		224,406	1.2
					338,871	1.8
CANADA					323,431	1.7
CHILE					6,729	0.0
CHINA
	1,035,644	*	Alibaba Group Holding Ltd (ADR)		223,388	1.1
	1,376,648	*	GDS Holdings Ltd (ADR)		109,664	0.6
	4,430,200		Tencent Holdings Ltd		283,878	1.5
			Other		482,277	2.5
					1,099,207	5.7
COLOMBIA					2,173	0.0
CZECH REPUBLIC					2,985	0.0
DENMARK
	1,764,618		Novo Nordisk AS		114,961	0.6
			Other		123,667	0.6
					238,628	1.2
EGYPT					1,288	0.0
FINLAND					44,490	0.2
FRANCE					651,741	3.4
GERMANY
	4,001,510		Infineon Technologies AG.		93,764	0.5
	857,428		Siemens AG.		101,123	0.5
			Other		282,398	1.5
					477,285	2.5
GREECE					1,531	0.0
HONG KONG					71,488	0.4
HUNGARY					2,529	0.0
INDIA					89,102	0.5

See notes to financial statements

College Retirement Equities Fund ■ 2020 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Global Equities Account ■ June 30, 2020

				Value	% of net
	Shares	Company		(000)	assets
INDONESIA			$	28,731	0.2	%
IRELAND				117,950	0.6
ISRAEL				3,357	0.0
ITALY				245,409	1.3
JAPAN
	299,559	Nintendo Co Ltd		133,923	0.7
	2,692,240	Sony Corp		185,846	1.0
	1,659,153	Toyota Motor Corp		104,334	0.5
		Other		876,177	4.5
				1,300,280	6.7
JORDAN				83	0.0
KOREA, REPUBLIC OF
	3,105,351	Samsung Electronics Co Ltd		137,467	0.7
		Other		140,341	0.7
				277,808	1.4
LUXEMBOURG				882	0.0
MACAU				10,232	0.1
MALAYSIA				19,693	0.1
MEXICO				19,402	0.1
NETHERLANDS
	347,959	ASML Holding NV		127,288	0.6
	15,838,222	ING Groep NV		110,407	0.6
		Other		150,046	0.8
				387,741	2.0
NEW ZEALAND				12,794	0.1
NORWAY				33,466	0.2
PAKISTAN				236	0.0
PERU				2,795	0.0
PHILIPPINES				17,036	0.1
POLAND				8,048	0.0
PORTUGAL				20,639	0.1
QATAR				9,265	0.0
ROMANIA				387	0.0
RUSSIA				145,427	0.8
SAUDI ARABIA				29,670	0.2
SINGAPORE				18,097	0.1
SOUTH AFRICA				38,694	0.2
SPAIN				82,311	0.4

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Global Equities Account ■ June 30, 2020

					Value	% of net
	Shares		Company		(000)	assets
SWEDEN				$	89,356	0.5	%
SWITZERLAND
	281,498		Lonza Group AG.		149,109	0.8
	582,665		Roche Holding AG.		201,864	1.1
			Other		239,790	1.2
					590,763	3.1
TAIWAN
	21,093,500		Taiwan Semiconductor Manufacturing Co Ltd		225,268	1.1
			Other		112,148	0.6
					337,416	1.7
THAILAND					25,397	0.1
TURKEY					5,090	0.0
UNITED ARAB EMIRATES					5,886	0.0
UNITED KINGDOM
	1,038,620		AstraZeneca plc		108,094	0.5
	618,315		Linde plc (Xetra)		130,956	0.7
			Other		535,729	2.8
					774,779	4.0
UNITED STATES
	1,662,975		Abbott Laboratories		152,046	0.8
	1,608,037		AbbVie, Inc		157,877	0.8
	85,109	*	Alphabet, Inc (Class A)		120,689	0.6
	149,911	*,n	Alphabet, Inc (Class C)		211,916	1.1
	184,166	*	Amazon.com, Inc		508,081	2.6
	955,333		American Express Co		90,948	0.5
	1,613,560	n	Apple, Inc		588,627	3.0
	330,237		Broadcom, Inc		104,226	0.5
	2,220,737		Citigroup, Inc		113,480	0.6
	3,294,522		Coca-Cola Co		147,199	0.8
	402,858		Costco Wholesale Corp		122,151	0.6
	1,124,419	*,n	Facebook, Inc		255,322	1.3
	711,733		Home Depot, Inc		178,296	0.9
	784,456		Honeywell International, Inc		113,424	0.6
	3,164,951		Intel Corp		189,359	1.0
	664,446		Johnson & Johnson		93,441	0.5
	2,408,623		JPMorgan Chase & Co		226,555	1.2
	750,035		McDonald’s Corp		138,359	0.7
	3,142,684		Microsoft Corp		639,568	3.3
	3,009,329		Morgan Stanley		145,351	0.7
	1,324,009		Nike, Inc (Class B)		129,819	0.7
	958,200	*	PayPal Holdings, Inc		166,947	0.9
	1,566,890		Procter & Gamble Co		187,353	1.0
	892,379	*	salesforce.com, Inc		167,169	0.9
	216,379	*	ServiceNow, Inc		87,646	0.4
	114,639	*	Tesla, Inc		123,788	0.6
	847,155		Union Pacific Corp		143,229	0.7
	442,147		UnitedHealth Group, Inc		130,411	0.7

See notes to financial statements

College Retirement Equities Fund ■ 2020 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Global Equities Account ■ June 30, 2020

				Value			% of net
Shares		Company		(000)			assets
UNITED STATES—continued
	927,568	Visa, Inc (Class A)		$	179,178			0.9	%
	911,114	Walmart, Inc			109,133			0.6
	1,320,007	Walt Disney Co			147,194			0.8
		Other			4,854,334			25.1
					10,723,116			55.4
ZAMBIA					3,422			0.0
	TOTAL COMMON STOCKS		(Cost $17,140,917)		19,102,792			98.8

PURCHASED OPTIONS
UNITED STATES					67			0.0
	TOTAL PURCHASED OPTIONS		(Cost $51)		67			0.0

RIGHTS / WARRANTS
CHINA					1			0.0
KOREA, REPUBLIC OF					9			0.0
SPAIN					146			0.0
THAILAND					5			0.0
UNITED STATES					57			0.0
	TOTAL RIGHTS / WARRANTS		(Cost $261)		218			0.0

	Principal	Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					124,156			0.6
REPURCHASE AGREEMENTS					20,040			0.1
TREASURY DEBT					58,587			0.3

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
CERTIFICATE OF DEPOSIT					7,000			0.0
REPURCHASE AGREEMENTS					113,000			0.6
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				120,000			0.6
	TOTAL SHORT-TERM INVESTMENTS		(Cost $322,778)		322,783			1.6

	TOTAL PORTFOLIO		(Cost $17,464,007)		19,425,860			100.4
	OTHER ASSETS & LIABILITIES, NET				(86,823	)		(0.4	)
	NET ASSETS			$	19,339,037			100.0	%

Abbreviation(s):

ADR American Depositary Receipt

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

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Global Equities Account ■ June 30, 2020

“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 6/30/20, the aggregate value of securities on loan is $245,216,895. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

At 6/30/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $258,703,548 or 1.3% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

Purchased options outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):

	Number of	Notional			Exercise		Expiration
Description/underlying investment	contracts	amount			price		date	Value
Dow, Inc, Call	370		$51			$50.00	01/15/21		$ 67

Written options outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):

	Number of	Notional			Exercise		Expiration
Description/underlying investment	contracts	amount			price		date	Value
Alphabet, Inc, Call	25	$	(60	)	$	1,520.00	07/17/20		$ (8	)
Alphabet, Inc, Put	25		(26	)		1,300.00	07/17/20		(14	)
Apple, Inc, Call	234		(439	)		350.00	08/21/20		(635	)
Apple, Inc, Put	114		(46	)		255.00	07/17/20		(1	)
Apple, Inc, Put	234		(106	)		300.00	08/21/20		(73	)
Dow, Inc, Put	370		(51	)		25.00	01/15/21		(43	)
DuPont de Nemours, Inc, Put	228		(93	)		42.50	10/16/20		(36	)
DuPont de Nemours, Inc, Put	228		(120	)		45.00	10/16/20		(53	)
Facebook, Inc, Call	176		(48	)		270.00	07/17/20		(2	)
Southwest Airlines Co, Call	800		(90	)		40.00	07/17/20		(28	)
Total	2,434	$	(1,079	)					$(893	)

Futures contracts outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):

	Number of							Unrealized
	long (short	)	Expiration	Notional				appreciation
Description	contracts		date	amount		Value		(depreciation		)
MSCI EAFE Index	384		09/18/20		$ 34,217		$ 34,145		$ (72	)
S&P 500 E Mini Index	461		09/18/20		73,186		71,229		(1,957	)
Total	845				$107,403		$105,374		$(2,029	)

See notes to financial statements

College Retirement Equities Fund ■ 2020 Semiannual Report

Summary of market values by sector (unaudited)

CREF Global Equities Account ■ June 30, 2020

	Value			% of net
Sector	(000)			assets
INFORMATION TECHNOLOGY	$	4,269,109			22.2	%
CONSUMER DISCRETIONARY		2,869,068			14.8
HEALTH CARE		2,626,863			13.6
FINANCIALS		2,225,741			11.5
COMMUNICATION SERVICES		1,728,725			8.9
INDUSTRIALS		1,715,319			8.9
CONSUMER STAPLES		1,477,994			7.6
MATERIALS		918,569			4.7
UTILITIES		545,937			2.8
ENERGY		380,230			2.0
REAL ESTATE		345,522			1.8
SHORT-TERM INVESTMENTS		322,783			1.6
OTHER ASSETS & LIABILITIES, NET		(86,823	)		(0.4	)
NET ASSETS	$	19,339,037			100.0	%

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

CREF Growth Account ■ June 30, 2020

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	376,421	*	Tesla, Inc	$	406,463		1.4	%
			Other		58,528		0.2
					464,991		1.6
BANKS					474		0.0
CAPITAL GOODS
	3,116,495	*	Raytheon Technologies Corp		192,038		0.6
	572,906		Roper Technologies Inc		222,437		0.8
			Other		243,582		0.8
					658,057		2.2
COMMERCIAL & PROFESSIONAL SERVICES
	2,223,709		Waste Connections, Inc		208,562		0.7
			Other		524,762		1.8
					733,324		2.5
CONSUMER DURABLES & APPAREL
	2,692,800		Nike, Inc (Class B)		264,029		0.9
			Other		254,273		0.9
					518,302		1.8
CONSUMER SERVICES
	207,315	*	Chipotle Mexican Grill, Inc (Class A)		218,170		0.7
			Other		282,960		1.0
					501,130		1.7
DIVERSIFIED FINANCIALS
	1,409,500	e	iShares Russell 1000 Growth Index Fund		270,554		0.9
	1,556,992		S&P Global, Inc		512,998		1.7
			Other		195,491		0.7
					979,043		3.3
ENERGY					27,945		0.1
FOOD & STAPLES RETAILING
	1,282,508		Costco Wholesale Corp		388,869		1.3
			Other		4,823		0.0
					393,692		1.3
FOOD, BEVERAGE & TOBACCO
	2,911,418	*	Monster Beverage Corp		201,819		0.7
			Other		228,967		0.8
					430,786		1.5
HEALTH CARE EQUIPMENT & SERVICES
	4,864,240	*	Boston Scientific Corp		170,783		0.6
	278,076	*	Intuitive Surgical, Inc		158,456		0.5
			Other		766,035		2.6
					1,095,274		3.7
HOUSEHOLD & PERSONAL PRODUCTS					140,647		0.5


See notes to financial statements	College Retirement Equities Fund ■ 2020 Semiannual Report	47

Summary portfolio of investments (unaudited)

continued

CREF Growth Account ■ June 30, 2020

Shares			Company	Value (000)		% of net assets
INSURANCE				$	23,415		0.1	%
MATERIALS					280,631		1.0
MEDIA & ENTERTAINMENT
	261,039	*	Alphabet, Inc (Class A)		370,166		1.3
	729,344	*	Alphabet, Inc (Class C)		1,031,008		3.5
	1,259,846	*	Electronic Arts, Inc		166,363		0.6
	6,371,388	*	Facebook, Inc		1,446,751		4.9
	1,208,595	*	Match Group, Inc (Euro OTC)		390,860		1.3
	424,614	*	Netflix, Inc		193,216		0.7
	5,534,009	*	Twitter, Inc		164,858		0.6
	2,170,252		Walt Disney Co		242,005		0.8
			Other		293,862		0.9
					4,299,089		14.6
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	3,943,465		AbbVie, Inc		387,169		1.3
	4,328,187		AstraZeneca plc		450,454		1.5
	1,774,749		Eli Lilly & Co		291,378		1.0
	1,074,221	*	Illumina, Inc		397,838		1.4
	416,550		Lonza Group AG.		220,645		0.8
	466,148	*	Regeneron Pharmaceuticals, Inc		290,713		1.0
	1,130,774	*	Vertex Pharmaceuticals, Inc		328,275		1.1
	3,375,849		Zoetis, Inc		462,626		1.6
			Other		703,527		2.3
					3,532,625		12.0
REAL ESTATE					81,582		0.3
RETAILING
	874,353	*	Amazon.com, Inc		2,412,183		8.2
	169,770	*	Booking Holdings, Inc		270,332		0.9
	1,726,048	*	CarMax, Inc		154,568		0.5
	675,859		Home Depot, Inc		169,309		0.6
	1,254,166		Lowe’s Companies, Inc		169,463		0.6
	4,609,271		TJX Companies, Inc		233,045		0.8
			Other		387,610		1.3
					3,796,510		12.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	4,740,260		Applied Materials, Inc		286,549		1.0
	996,281		NVIDIA Corp		378,497		1.3
	2,109,481		NXP Semiconductors NV		240,565		0.8
	1,667,084		QUALCOMM, Inc		152,055		0.5
			Other		901,804		3.1
					1,959,470		6.7
SOFTWARE & SERVICES
	773,826	*	Adobe, Inc		336,854		1.1
	214,365	*,g	Adyen NV		312,007		1.1
	1,538,893		Intuit, Inc		455,805		1.5
	1,010,030		Mastercard, Inc (Class A)		298,666		1.0
	9,500,731		Microsoft Corp		1,933,494		6.6


48	2020 Semiannual Report ■ College Retirement Equities Fund	See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Growth Account ■ June 30, 2020

Shares			Company		Value (000)			% of net assets
SOFTWARE & SERVICES—continued
	5,124,240	*	PayPal Holdings, Inc		$	892,796			3.0	%
	4,647,330	*	salesforce.com, Inc			870,584			3.0
	699,826	*	ServiceNow, Inc			283,472			1.0
	5,226,694		Visa, Inc (Class A)			1,009,640			3.4
			Other			770,140			2.6
						7,163,458			24.3
TECHNOLOGY HARDWARE & EQUIPMENT
	4,270,850		Apple, Inc			1,558,006			5.3
			Other			136,106			0.4
						1,694,112			5.7
TELECOMMUNICATION SERVICES
	1,488,679	*	T-Mobile US, Inc			155,046			0.5
						155,046			0.5
TRANSPORTATION
	6,180,487	*	Uber Technologies, Inc			192,090			0.7
			Other			181,883			0.6
						373,973			1.3
UTILITIES						612			0.0
			TOTAL COMMON STOCKS	(Cost $21,265,800)		29,304,188			99.6

RIGHTS / WARRANTS
TELECOMMUNICATION SERVICES						0	^		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $1)		0	^		0.0

SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	125,498,869	c	State Street Navigator Securities Lending Government Money Market Portfolio			125,499			0.4
						125,499			0.4
			TOTAL SHORT-TERM INVESTMENTS	(Cost $125,499)		125,499			0.4

			TOTAL PORTFOLIO	(Cost $21,391,300)		29,429,687			100.0
			OTHER ASSETS & LIABILITIES, NET			(19,682	)		(0.0	)
			NET ASSETS		$	29,410,005			100.0	%

Abbreviation(s):

OTC	Over The Counter
*	Non-income producing
^	Amount represents less than $1,000.
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 $149,769,119. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/20, the aggregate value of these securities, including those in “Other,” is $425,059,102 or 1.4% of net assets.

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

Cost amounts are in thousands.

See notes to financial statements

College Retirement Equities Fund ■ 2020 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Equity Index Account ■ June 30, 2020

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	88,696	*	Tesla, Inc	$	95,775		0.5	%
			Other		79,203		0.5
					174,978		1.0
BANKS
	4,639,339		Bank of America Corp		110,184		0.6
	1,816,802		JPMorgan Chase & Co		170,888		0.9
			Other		453,623		2.5
					734,695		4.0
CAPITAL GOODS					1,063,574		5.8
COMMERCIAL & PROFESSIONAL SERVICES					200,026		1.1
CONSUMER DURABLES & APPAREL
	726,526		Nike, Inc (Class B)		71,236		0.4
			Other		168,316		0.9
					239,552		1.3
CONSUMER SERVICES
	446,525		McDonald’s Corp		82,370		0.4
			Other		254,719		1.4
					337,089		1.8
DIVERSIFIED FINANCIALS					589,034		3.2
ENERGY
	1,121,304		Chevron Corp		100,054		0.6
	2,538,479	d	Exxon Mobil Corp		113,521		0.6
			Other		264,951		1.4
					478,526		2.6
FOOD & STAPLES RETAILING
	264,671		Costco Wholesale Corp		80,251		0.4
	835,845		Walmart, Inc		100,118		0.5
			Other		66,198		0.4
					246,567		1.3
FOOD, BEVERAGE & TOBACCO
	2,318,733		Coca-Cola Co		103,601		0.6
	832,524		PepsiCo, Inc		110,110		0.6
			Other		374,056		2.0
					587,767		3.2
HEALTH CARE EQUIPMENT & SERVICES
	1,036,767		Abbott Laboratories		94,792		0.5
	804,567		Medtronic plc		73,779		0.4
	566,232		UnitedHealth Group, Inc		167,010		0.9
			Other		862,794		4.7
					1,198,375		6.5

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Equity Index Account ■ June 30, 2020

Shares			Company	Value (000)		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	1,461,710		Procter & Gamble Co	$	174,777		1.0	%
			Other		134,631		0.7
					309,408		1.7
INSURANCE
	1,169,401	*	Berkshire Hathaway, Inc (Class B)		208,750		1.1
			Other		385,936		2.1
					594,686		3.2
MATERIALS					498,907		2.7
MEDIA & ENTERTAINMENT
	180,056	*	Alphabet, Inc (Class A)		255,328		1.4
	177,733	*	Alphabet, Inc (Class C)		251,245		1.4
	2,717,984		Comcast Corp (Class A)		105,947		0.6
	1,440,298	*	Facebook, Inc		327,048		1.8
	255,074	*	Netflix, Inc		116,069		0.6
	1,084,039		Walt Disney Co		120,881		0.6
			Other		296,599		1.6
					1,473,117		8.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,056,636		AbbVie, Inc		103,741		0.6
	353,057		Amgen, Inc		83,272		0.5
	1,357,920		Bristol-Myers Squibb Co		79,846		0.4
	505,221		Eli Lilly & Co		82,947		0.5
	1,581,665		Johnson & Johnson		222,430		1.2
	1,515,299		Merck & Co, Inc		117,178		0.6
	3,335,484		Pfizer, Inc		109,070		0.6
	236,888		Thermo Fisher Scientific, Inc		85,834		0.5
			Other		633,453		3.4
					1,517,771		8.3
REAL ESTATE					658,080		3.6
RETAILING
	254,332	*	Amazon.com, Inc		701,656		3.8
	644,327		Home Depot, Inc		161,410		0.9
			Other		459,465		2.5
					1,322,531		7.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	233,890		Broadcom, Inc		73,818		0.4
	2,542,429		Intel Corp		152,113		0.8
	354,604		NVIDIA Corp		134,718		0.7
	550,579		Texas Instruments, Inc		69,907		0.4
			Other		395,294		2.2
					825,850		4.5
SOFTWARE & SERVICES
	382,335		Accenture plc		82,095		0.4
	288,537	*	Adobe, Inc		125,603		0.7
	529,165		Mastercard, Inc (Class A)		156,474		0.9
	4,491,647		Microsoft Corp		914,095		5.0

See notes to financial statements

College Retirement Equities Fund ■ 2020 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Equity Index Account ■ June 30, 2020

Shares			Company		Value (000)			% of net assets
SOFTWARE & SERVICES—continued
	704,402	*	PayPal Holdings, Inc		$	122,728		0.7	%
	519,468	*	salesforce.com, Inc			97,312		0.5
	1,012,750		Visa, Inc (Class A)			195,633		1.1
			Other			1,110,109		6.0
						2,804,049		15.3
TECHNOLOGY HARDWARE & EQUIPMENT
	2,453,199		Apple, Inc			894,927		4.9
	2,547,020		Cisco Systems, Inc			118,793		0.6
			Other			227,863		1.2
						1,241,583		6.7
TELECOMMUNICATION SERVICES
	4,277,012		AT&T, Inc			129,294		0.7
	2,485,321		Verizon Communications, Inc			137,016		0.8
			Other			56,460		0.3
						322,770		1.8
TRANSPORTATION
	407,182		Union Pacific Corp			68,842		0.4
			Other			263,287		1.4
						332,129		1.8
UTILITIES
	293,520		NextEra Energy, Inc			70,495		0.4
			Other			474,343		2.6
						544,838		3.0
			TOTAL COMMON STOCKS	(Cost $7,885,901)		18,295,902		99.6
RIGHTS / WARRANTS
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						4		0.0
TELECOMMUNICATION SERVICES						38		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $85)		42		0.0

	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						13,995		0.1
REPURCHASE AGREEMENT						36,990		0.2
TREASURY DEBT						7,780		0.0

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	160,972,395	c	State Street Navigator Securities Lending Government Money Market Portfolio			160,972		0.9
						160,972		0.9
			TOTAL SHORT-TERM INVESTMENTS	(Cost $219,740)		219,737		1.2

			TOTAL PORTFOLIO	(Cost $8,105,726)		18,515,681		100.8
			OTHER ASSETS & LIABILITIES, NET			(154,720	)	(0.8	)
			NET ASSETS		$	18,360,961		100.0	%

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Equity Index Account ■ June 30, 2020

*	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 6/30/20, the aggregate value of securities on loan is $175,917,217. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

At 6/30/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $1,012,204 or 5.5% 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.

Futures contracts outstanding as of June 30, 2020 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		60		09/18/20		$ 4,142		$ 4,313		$ 171
S&P 500 E Mini Index		271		09/18/20		40,750		41,872		1,122
S&P Mid-Cap 400 E Mini Index		12		09/18/20		2,067		2,135		68
Total		343				$46,959		$48,320		$1,361

See notes to financial statements

College Retirement Equities Fund ■ 2020 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Bond Market Account ■ June 30, 2020

						Value	% of net
Principal		Issuer				(000)	assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS					$	4,282	0.0	%
BANKS						951	0.0
CAPITAL GOODS						5,987	0.1
COMMERCIAL & PROFESSIONAL SERVICES						7,768	0.1
CONSUMER DURABLES & APPAREL						897	0.0
CONSUMER SERVICES						4,092	0.0
DIVERSIFIED FINANCIALS						830	0.0
ENERGY						4,309	0.0
FOOD, BEVERAGE & TOBACCO						862	0.0
HEALTH CARE EQUIPMENT & SERVICES						15,463	0.1
INSURANCE						4,211	0.0
MATERIALS						12,881	0.1
MEDIA & ENTERTAINMENT						11,503	0.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						6,508	0.1
REAL ESTATE						1,292	0.0
RETAILING						313	0.0
SOFTWARE & SERVICES						5,273	0.1
TECHNOLOGY HARDWARE & EQUIPMENT						4,943	0.0
TELECOMMUNICATION SERVICES						5,151	0.0
TRANSPORTATION						1,772	0.0
UTILITIES						943	0.0
		TOTAL BANK LOAN OBLIGATIONS		(Cost $105,364)		100,231	0.7

BONDS

CORPORATE BONDS
AUTOMOBILES & COMPONENTS						54,212	0.4
BANKS
$	40,050,000	Bank of America Corp	2.456%, 10/22/25			42,134	0.3
	50,500,000	Bank of America Corp	2.496%, 02/13/31			52,933	0.4
	36,375,000	Citigroup, Inc	3.200%, 10/21/26			39,892	0.3
	49,250,000	Citigroup, Inc	2.666%, 01/29/31			51,110	0.3
	35,850,000	JPMorgan Chase & Co	2.301%, 10/15/25			37,554	0.3
	44,675,000	JPMorgan Chase & Co	2.739%, 10/15/30			47,920	0.3
	68,700,000	Wells Fargo Bank NA	2.082%, 09/09/22			69,808	0.5
		Other				876,332	5.9
						1,217,683	8.3
CAPITAL GOODS						140,422	0.9

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Bond Market Account ■ June 30, 2020

						Value	% of net
Principal		Issuer				(000)	assets
COMMERCIAL & PROFESSIONAL SERVICES					$	82,580	0.6	%
CONSUMER DURABLES & APPAREL						2,114	0.0
CONSUMER SERVICES						116,294	0.8
DIVERSIFIED FINANCIALS
$	37,625,000	Morgan Stanley		3.125%, 07/27/26		41,509	0.3
		Other				496,642	3.3
						538,151	3.6
ENERGY						448,018	3.0
FOOD & STAPLES RETAILING						93,642	0.6
FOOD, BEVERAGE & TOBACCO						163,471	1.1
HEALTH CARE EQUIPMENT & SERVICES						249,339	1.7
HOUSEHOLD & PERSONAL PRODUCTS						1,234	0.0
INSURANCE						158,406	1.0
MATERIALS						146,914	1.1
MEDIA & ENTERTAINMENT
	48,450,000	Comcast Corp		4.150%, 10/15/28		58,288	0.4
		Other				312,406	2.1
						370,694	2.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						300,653	2.1
REAL ESTATE						292,898	2.0
RETAILING						59,567	0.4
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						88,744	0.6
SOFTWARE & SERVICES						192,506	1.2
TECHNOLOGY HARDWARE & EQUIPMENT
	36,100,000	Apple, Inc		2.050%, 09/11/26		38,571	0.3
		Other				105,731	0.7
						144,302	1.0
TELECOMMUNICATION SERVICES
	50,870,000	AT&T, Inc		4.350%, 03/01/29		59,300	0.4
		Other				392,836	2.7
						452,136	3.1
TRANSPORTATION						151,463	1.0
UTILITIES						494,450	3.3
			TOTAL CORPORATE BONDS	(Cost $5,543,858)		5,959,893	40.3

See notes to financial statements

College Retirement Equities Fund ■ 2020 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Bond Market Account ■ June 30, 2020

							Value	% of net
Principal			Issuer				(000)	assets
GOVERNMENT BONDS
AGENCY SECURITIES						$	277,340	1.8	%
FOREIGN GOVERNMENT BONDS
$	45,000,000		Kreditanstalt fuer Wiederaufbau		2.750%, 10/01/20		45,287	0.3
			Other				799,140	5.4
							844,427	5.7
MORTGAGE BACKED
	37,158,826		Federal Home Loan Mortgage Corp (FHLMC)		3.000%, 11/01/49		39,564	0.3
	144,483,241	i	FHLMC, LIBOR 1 M + 9.840%	3.000%–9.624%, 10/15/33–10/15/48			154,006	1.0
	47,290,151		Federal Home Loan Mortgage Corp Gold (FGLMC)		3.500%, 10/01/45		51,703	0.4
	71,658,996		FGLMC		3.500%, 08/01/46		78,267	0.5
	101,851,564		FGLMC		3.000%, 01/01/47		107,625	0.7
	80,266,973		FGLMC		3.000%, 02/01/47		84,881	0.6
	215,751,157		FGLMC	3.500%–8.000%, 10/01/20–11/01/48			238,006	1.6
	38,721,310		Federal National Mortgage Association (FNMA)		3.000%, 10/01/32		40,689	0.3
	53,972,386		FNMA		3.000%, 12/25/45		56,386	0.4
	100,592,811		FNMA		3.500%, 01/01/47		106,615	0.7
	43,629,823		FNMA		4.000%, 12/01/47		48,230	0.3
	108,136,374		FNMA		3.000%, 02/25/48		114,757	0.8
	48,909,762		FNMA		4.500%, 03/01/48		54,759	0.4
	106,974,940		FNMA		4.000%, 04/01/48		113,515	0.8
	49,000,000	h	FNMA		2.000%, 07/25/50		50,120	0.3
	228,000,000	h	FNMA		2.500%, 07/25/50		237,592	1.6
	184,000,000	h	FNMA		3.000%, 07/25/50		193,732	1.3
	709,248,106	h,i,j	FNMA	0.000%–9.000%, 07/01/24–08/01/49			742,021	5.0
			Other				92,350	0.6
							2,604,818	17.6
MUNICIPAL BONDS
	39,400,000		Florida Hurricane Catastrophe Fund Finance Corp		2.995%, 07/01/20		39,400	0.3
			Other				704,796	4.7
							744,196	5.0
U.S. TREASURY SECURITIES
	42,427,000		United States Treasury Bond		4.500%, 02/15/36		64,932	0.4
	56,375,000		United States Treasury Bond		3.625%, 08/15/43		82,321	0.6
	35,680,000		United States Treasury Bond		3.000%, 05/15/45		47,891	0.3
	81,710,000		United States Treasury Bond		2.875%, 08/15/45		107,669	0.7
	67,140,000		United States Treasury Bond		2.500%, 05/15/46		83,233	0.6
	58,160,000		United States Treasury Bond		2.750%, 11/15/47		76,056	0.5
	52,015,000		United States Treasury Bond		3.000%, 08/15/48		71,492	0.5
	55,120,000		United States Treasury Bond		3.375%, 11/15/48		80,951	0.6
	109,239,000		United States Treasury Bond	2.000%–4.750%, 02/15/37–02/15/50			158,578	1.1
	138,785,000		United States Treasury Note		0.125%, 05/31/22		138,682	0.9
	80,270,000		United States Treasury Note		0.250%, 06/15/23		80,439	0.5
			Other				36,577	0.2
							1,028,821	6.9
				TOTAL GOVERNMENT BONDS	(Cost $5,112,980)		5,499,602	37.0

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Bond Market Account ■ June 30, 2020

									Value		% of net
Principal			Issuer						(000)		assets
STRUCTURED ASSETS
ASSET BACKED
$	59,500,000		Chase Issuance Trust Series - 2020 A1 (Class A1)				1.530%, 01/15/25	$	61,236		0.4	%
	39,073,125	g	Domino’s Pizza Master Issuer LLC Series - 2017 1A (Class A2II)				3.082%, 07/25/47		39,908		0.3
	55,800,000		Verizon Owner Trust Series - 2020 A (Class A1A)				1.850%, 07/22/24		57,268		0.4
			Other						1,135,184		7.6
									1,293,596		8.7
OTHER MORTGAGE BACKED									1,439,433		9.7
						TOTAL STRUCTURED ASSETS	(Cost $2,707,384)		2,733,029		18.4
						TOTAL BONDS	(Cost $13,364,222)		14,192,524		95.7

Shares			Company
COMMON STOCKS
TELECOMMUNICATION SERVICES									155		0.0
						TOTAL COMMON STOCKS	(Cost $1,332)		155		0.0

PREFERRED STOCKS
BANKS									15,877		0.1
						TOTAL PREFERRED STOCKS	(Cost $49,941)		15,877		0.1

Principal			Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	39,203,000		Federal Home Loan Bank (FHLB)			0.095%–0.100%, 07/14/20			39,201		0.2
	45,270,000		FHLB		0.100%–0.150%, 07/24/20				45,267		0.3
	41,416,000		FHLB		0.105%–0.150%, 07/31/20				41,412		0.3
	42,535,000		FHLB		0.110%–0.150%, 08/03/20				42,529		0.3
	40,650,000		FHLB		0.015%–0.270%, 09/15/20				40,638		0.3
			Other						272,723		1.8
									481,770		3.2
REPURCHASE AGREEMENT									1,210		0.0
TREASURY DEBT
	105,230,000		United States Treasury Bill		0.084%–0.101%, 07/02/20				105,230		0.7
	41,860,000		United States Treasury Bill		0.088%–0.110%, 07/09/20				41,859		0.3
	43,340,000		United States Treasury Bill				0.116%, 08/20/20		43,332		0.3
	60,000,000		United States Treasury Bill				0.146%, 11/19/20		59,963		0.4
			Other						118,031		0.8
									368,415		2.5
			TOTAL SHORT-TERM INVESTMENTS				(Cost $851,427)		851,395		5.7

						TOTAL PORTFOLIO	(Cost $14,372,286)		15,160,182		102.2
				OTHER ASSETS & LIABILITIES, NET					(328,903	)	(2.2	)
						NET ASSETS		$	14,831,279		100.0	%

See notes to financial statements

College Retirement Equities Fund ■ 2020 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Bond Market Account ■ June 30, 2020

g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/20, the aggregate value of these securities, including those in “Other,” is $2,738,927,276 or 18.5% of net assets.
h	All or a portion of these securities were purchased on a delayed delivery basis.
i	Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
j	Zero coupon

“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.

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Bond Market Account ■ June 30, 2020

Forward foreign currency contracts outstanding as of June 30, 2020 were as follows (dollar amounts are in thousands):

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation		)
$	10,833	CAD	14,793	Australia and New Zealand Banking Group	09/30/20	$	(66	)
$	3,958	EUR	3,660	Australia and New Zealand Banking Group	07/27/20		(156	)
$	414	EUR	368	Australia and New Zealand Banking Group	09/30/20		(0	)^
$	2,714	NZD	4,218	Australia and New Zealand Banking Group	09/30/20		(8	)
Total						$	(230	)
$	5,152	AUD	7,493	Bank of America	09/30/20	$	(21	)
$	9,835	KRW	11,811,392	Bank of America	07/31/20		(14	)
Total						$	(35	)
$	1,072	EUR	990	Citibank N.A.	08/18/20	$	(42	)
$	972	THB	30,033	Citibank N.A.	07/31/20		1
Total						$	(41	)
$	760	CZK	18,150	Morgan Stanley	07/31/20	$	(6	)
$	3,011	ILS	10,330	Morgan Stanley	07/31/20		27
$	39,155	JPY	4,182,524	Morgan Stanley	09/30/20		369
$	3,819	PLN	15,221	Morgan Stanley	07/31/20		(29	)
$	386	ZAR	6,681	Morgan Stanley	07/31/20		2
Total						$	363
$	8,365	CNY	59,368	Toronto Dominion Bank	07/31/20	$	(22	)
$	92,234	EUR	82,080	Toronto Dominion Bank	09/30/20		(172	)
$	19,844	GBP	16,027	Toronto Dominion Bank	09/30/20		(25	)
$	4,836	NOK	46,946	Toronto Dominion Bank	09/30/20		(43	)
$	11	NOK	109	Toronto Dominion Bank	09/30/20		(0	)^
Total						$	(262	)
Total						$	(205	)

^	Amount represents less than $1,000.

Abbreviation(s):

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

See notes to financial statements

College Retirement Equities Fund ■ 2020 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Inflation-Linked Bond Account ■ June 30, 2020

Principal			Issuer		Value (000)		% of net assets
GOVERNMENT BONDS
AGENCY SECURITIES
$	4,112,500		Crowley Conro LLC	4.181%, 08/15/43	$	5,167		0.1	%
	10,000,000		Federal Home Loan Mortgage Corp (FHLMC)	1.500%, 02/12/25		10,472		0.1
	16,740,000		Montefiore Medical Center	2.895%, 04/20/32		18,018		0.3
	15,000,000		Ukraine Government AID International Bonds	1.471%, 09/29/21		15,222		0.2
			Other			12,616		0.2
						61,495		0.9
MORTGAGE BACKED
	22,526,507		Government National Mortgage Association (GNMA)	3.600%, 09/15/31		24,862		0.4
	11,150,729		GNMA	3.650%, 02/15/32		12,286		0.2
	40,761,000	h	GNMA	1.730%, 07/20/37		40,869		0.6
	59,890,170		GNMA	4.250%, 09/15/38		65,397		0.9
	27,384,549		GNMA	2.750%, 01/15/45		29,692		0.4
			Other			6,135		0.1
						179,241		2.6
U.S. TREASURY SECURITIES
	39,788,201	k	United States Treasury Inflation Indexed Bonds	1.125%, 01/15/21		40,189		0.6
	136,802,374	k	United States Treasury Inflation Indexed Bonds	0.625%, 07/15/21		139,317		2.0
	324,026,779	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/22		328,720		4.8
	278,912,605	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/22		283,253		4.1
	325,626,720	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/22		333,600		4.8
	332,191,990	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/23		340,613		4.9
	234,361,610	k	United States Treasury Inflation Indexed Bonds	0.625%, 04/15/23		243,922		3.5
	236,370,420	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/23		246,375		3.6
	153,045,498	k	United States Treasury Inflation Indexed Bonds	0.625%, 01/15/24		161,335		2.3
	207,427,200	k	United States Treasury Inflation Indexed Bonds	0.500%, 04/15/24		218,226		3.2
	138,782,570	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/24		145,113		2.1
	172,420,650	k	United States Treasury Inflation Indexed Bonds	0.125%, 10/15/24		180,776		2.6
	176,483,360	k	United States Treasury Inflation Indexed Bonds	0.250%, 01/15/25		185,877		2.7
	268,368,285	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/25		309,299		4.6
	66,518,940	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/25		69,750		1.0
	127,605,200	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/25		136,436		2.0
	158,652,690	k	United States Treasury Inflation Indexed Bonds	0.625%, 01/15/26		171,962		2.5
	214,257,508	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26		249,250		3.6
	147,640,680	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/26		156,949		2.3
	223,473,115	k	United States Treasury Inflation Indexed Bonds	0.375%, 01/15/27		241,061		3.5
	122,332,730	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/27		148,672		2.2
	121,084,425	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/27		131,742		1.9
	213,648,075	k	United States Treasury Inflation Indexed Bonds	0.500%, 01/15/28		234,133		3.4
	211,036,564	k	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28		251,905		3.6
	112,613,689	k	United States Treasury Inflation Indexed Bonds	3.625%, 04/15/28		151,630		2.2
	130,768,640	k	United States Treasury Inflation Indexed Bonds	0.750%, 07/15/28		147,527		2.1
	212,264,580	k	United States Treasury Inflation Indexed Bonds	0.875%, 01/15/29		241,988		3.5
	140,824,476	k	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29		180,618		2.6
	202,935,196	k	United States Treasury Inflation Indexed Bonds	3.875%, 04/15/29		286,972		4.2
	277,706,350	k	United States Treasury Inflation Indexed Bonds	0.250%, 07/15/29		303,987		4.4
	24,918,750	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/30		26,942		0.4
	51,289,335	k	United States Treasury Inflation Indexed Bonds	3.375%, 04/15/32		76,371		1.1

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Inflation-Linked Bond Account ■ June 30, 2020

Principal			Issuer		Value (000)			% of net assets
U.S. TREASURY SECURITIES—continued
$	80,000,000		United States Treasury Note	0.125%, 06/30/22	$	79,953			1.2	%
	70,000,000		United States Treasury Note	0.250%, 06/30/25		69,863			1.0
	30,000,000		United States Treasury Note	0.500%, 05/31/27		30,032			0.4
	10,000,000		United States Treasury Note	0.625%, 05/15/30		9,970			0.1
						6,554,328			95.0
			TOTAL GOVERNMENT BONDS	(Cost $6,254,789)		6,795,064			98.5

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	5,250,000		Federal National Mortgage Association (FNMA)	0.200%, 10/16/20		5,247			0.1
						5,247			0.1
REPURCHASE AGREEMENT
	29,700,000	r	Fixed Income Clearing Corp	0.070%, 07/01/20		29,700			0.4
						29,700			0.4
TREASURY DEBT
	50,000,000		United States Treasury Bill	0.100%, 07/02/20		50,000			0.8
	29,235,000		United States Treasury Bill	0.120%, 07/07/20		29,234			0.4
	14,920,000		United States Treasury Bill	0.101%, 07/09/20		14,920			0.2
						94,154			1.4
			TOTAL SHORT-TERM INVESTMENTS	(Cost $129,101)		129,101			1.9

			TOTAL PORTFOLIO	(Cost $6,383,890)		6,924,165			100.4
			OTHER ASSETS & LIABILITIES, NET			(22,267	)		(0.4	)
			NET ASSETS		$	6,901,898			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.
r	Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $29,700,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $30,294,085.

“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 ■ 2020 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Social Choice Account ■ June 30, 2020

Principal		Issuer		Value (000)		% of net assets
BANK LOAN OBLIGATIONS
TECHNOLOGY HARDWARE & EQUIPMENT				$	3,535	0.0	%
TRANSPORTATION					2,284	0.0
UTILITIES					4,496	0.1
		TOTAL BANK LOAN OBLIGATIONS	(Cost $10,588)		10,315	0.1

BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					66,266	0.5
BANKS					416,130	2.8
CAPITAL GOODS					73,151	0.5
COMMERCIAL & PROFESSIONAL SERVICES					21,182	0.1
CONSUMER DURABLES & APPAREL					17,896	0.1
CONSUMER SERVICES					122,357	0.8
DIVERSIFIED FINANCIALS					259,225	1.7
ENERGY					171,820	1.2
FOOD, BEVERAGE & TOBACCO					18,530	0.1
HEALTH CARE EQUIPMENT & SERVICES					38,691	0.3
HOUSEHOLD & PERSONAL PRODUCTS					21,769	0.1
INSURANCE					113,334	0.7
MATERIALS					128,872	0.9
MEDIA & ENTERTAINMENT					6,680	0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					138,890	0.9
REAL ESTATE					138,804	0.9
RETAILING					4,092	0.0
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT					8,459	0.1
TECHNOLOGY HARDWARE & EQUIPMENT					15,916	0.1
TRANSPORTATION					116,603	0.8
UTILITIES					661,265	4.2
		TOTAL CORPORATE BONDS	(Cost $2,422,751)		2,559,932	16.8

GOVERNMENT BONDS
AGENCY SECURITIES					293,970	1.9
FOREIGN GOVERNMENT BONDS
$	46,500,000	International Finance Corp	1.546%, 11/04/21		46,982	0.3
		Other			469,827	3.1
					516,809	3.4


62	2020 Semiannual Report ■ College Retirement Equities Fund	See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Social Choice Account ■ June 30, 2020

Principal			Issuer			Value (000)		% of net assets
MORTGAGE BACKED
$	46,723,087		Federal National Mortgage Association (FNMA)		3.000%, 02/25/48	$	49,584	0.3	%
	105,000,000	h	FNMA		2.500%, 07/25/50		109,417	0.7
	148,000,000	h	FNMA		3.000%, 07/25/50		155,828	1.0
	396,871,998	h,i,j	FNMA	0.000%–8.000%, 07/01/24–07/25/50			419,215	2.7
	65,000,000	h	Government National Mortgage Association (GNMA)		3.000%, 07/20/47		68,847	0.5
			Other				278,844	1.9
							1,081,735	7.1
MUNICIPAL BONDS							645,431	4.2
U.S. TREASURY SECURITIES
	35,830,000		United States Treasury Bond		2.875%, 11/15/46		47,625	0.3
	58,073,000		United States Treasury Bond		2.000%, 02/15/50		66,471	0.4
	46,184,500		United States Treasury Note		0.250%, 06/15/23		46,282	0.3
	59,823,000		United States Treasury Note		0.625%, 05/15/30		59,641	0.4
	153,237,000		United States Treasury Note	0.125%–2.875%, 09/30/21–05/31/27			160,502	1.1
			Other				12,997	0.1
							393,518	2.6
			TOTAL GOVERNMENT BONDS		(Cost $2,779,891)		2,931,463	19.2

STRUCTURED ASSETS
ASSET BACKED							195,348	1.2
OTHER MORTGAGE BACKED							340,472	2.2
			TOTAL STRUCTURED ASSETS		(Cost $537,091)		535,820	3.4
			TOTAL BONDS		(Cost $5,739,733)		6,027,215	39.4

	Shares		Company
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	50,537	*	Tesla, Inc				54,570	0.4
			Other				107,531	0.7
							162,101	1.1
BANKS							427,533	2.8
CAPITAL GOODS
	280,121		3M Co				43,696	0.3
			Other				508,276	3.3
							551,972	3.6
COMMERCIAL & PROFESSIONAL SERVICES							147,390	1.0
CONSUMER DURABLES & APPAREL
	516,699		Nike, Inc (Class B)				50,662	0.3
			Other				122,858	0.8
							173,520	1.1

See notes to financial statements

College Retirement Equities Fund ■ 2020 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Social Choice Account ■ June 30, 2020

Shares			Company	Value (000)		% of net assets
CONSUMER SERVICES
	593,077		Starbucks Corp	$	43,645		0.3	%
			Other		131,956		0.9
					175,601		1.2
DIVERSIFIED FINANCIALS
	144,654		S&P Global, Inc		47,661		0.3
			Other		423,357		2.8
					471,018		3.1
ENERGY
	540,071		Chevron Corp		48,190		0.3
			Other		242,881		1.6
					291,071		1.9
FOOD & STAPLES RETAILING					95,015		0.6
FOOD, BEVERAGE & TOBACCO
	1,362,545		Coca-Cola Co		60,879		0.4
	634,697		Nestle S.A.		70,369		0.5
	525,062		PepsiCo, Inc		69,445		0.5
			Other		180,048		1.1
					380,741		2.5
HEALTH CARE EQUIPMENT & SERVICES
	292,116		UnitedHealth Group, Inc		86,160		0.6
			Other		437,155		2.8
					523,315		3.4
HOUSEHOLD & PERSONAL PRODUCTS
	768,638		Procter & Gamble Co		91,906		0.6
			Other		157,798		1.0
					249,704		1.6
INSURANCE					331,445		2.2
MATERIALS
	255,145		Linde plc		54,119		0.4
			Other		389,720		2.5
					443,839		2.9
MEDIA & ENTERTAINMENT
	73,639	*	Alphabet, Inc (Class A)		104,424		0.7
	73,693	*	Alphabet, Inc (Class C)		104,173		0.7
	1,672,184		Comcast Corp (Class A)		65,182		0.4
			Other		216,425		1.4
					490,204		3.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	502,296		AbbVie, Inc		49,315		0.3
	237,360		Amgen, Inc		55,984		0.4
	912,149		Bristol-Myers Squibb Co		53,634		0.4
	346,753		Eli Lilly & Co		56,930		0.4
	900,659		Merck & Co, Inc		69,648		0.5

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

continued

CREF Social Choice Account ■ June 30, 2020

Shares			Company		Value (000)		% of net assets
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES—continued
	155,872		Roche Holding AG.		$	54,002		0.4	%
	157,590	*	Vertex Pharmaceuticals, Inc			45,750		0.3
			Other			425,614		2.7
						810,877		5.4
REAL ESTATE
	200,190		American Tower Corp			51,757		0.3
	457,893		Prologis, Inc			42,735		0.3
			Other			222,147		1.5
						316,639		2.1
RETAILING
	26,477	*	Booking Holdings, Inc			42,160		0.3
	329,155		Home Depot, Inc			82,457		0.5
			Other			305,240		2.0
						429,857		2.8
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,378,576		Intel Corp			82,480		0.5
	203,257		NVIDIA Corp			77,219		0.5
	436,622		Texas Instruments, Inc			55,438		0.4
			Other			100,616		0.7
						315,753		2.1
SOFTWARE & SERVICES
	284,657		Accenture plc			61,122		0.4
	170,640	*	Adobe, Inc			74,281		0.5
	420,210		International Business Machines Corp			50,749		0.3
	149,574		Intuit, Inc			44,302		0.3
	1,702,232		Microsoft Corp			346,421		2.3
	336,094	*	salesforce.com, Inc			62,961		0.4
			Other			358,358		2.4
						998,194		6.6
TECHNOLOGY HARDWARE & EQUIPMENT
	931,346		Apple, Inc			339,755		2.2
	1,553,100		Cisco Systems, Inc			72,437		0.5
			Other			109,960		0.7
						522,152		3.4
TELECOMMUNICATION SERVICES
	1,405,357		Verizon Communications, Inc			77,477		0.5
			Other			101,365		0.7
						178,842		1.2
TRANSPORTATION						222,101		1.5
UTILITIES						320,039		2.1
			TOTAL COMMON STOCKS	(Cost $7,443,145)		9,028,923		59.4

See notes to financial statements

College Retirement Equities Fund ■ 2020 Semiannual Report

Summary portfolio of investments (unaudited)

continued

CREF Social Choice Account ■ June 30, 2020

Shares			Company		Value (000)			% of net assets
PREFERRED STOCKS
BANKS					$	7,742		0.1	%
REAL ESTATE						18,580		0.1
UTILITIES						7,727		0.0
			TOTAL PREFERRED STOCKS	(Cost $59,178)		34,049		0.2

RIGHTS / WARRANTS
ENERGY						497		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $568)		497		0.0

	Principal		Issuer
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						218,595		1.5
REPURCHASE AGREEMENT						29,700		0.2
TREASURY DEBT
$	100,000,000		United States Treasury Bill	0.120%, 07/07/20		99,998		0.7
	50,000,000		United States Treasury Bill	0.110%, 08/11/20		49,993		0.3
			Other			97,359		0.6
						247,350		1.6

Shares			Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	138,794,106	c	State Street Navigator Securities Lending Government Money Market Portfolio			138,794		0.9
						138,794		0.9
			TOTAL SHORT-TERM INVESTMENTS	(Cost $634,439)		634,439		4.2

			TOTAL PORTFOLIO	(Cost $13,887,651)		15,735,438		103.3
			OTHER ASSETS & LIABILITIES, NET			(490,405	)	(3.3	)
			NET ASSETS		$	15,245,033		100.0	%

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

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Social Choice Account ■ June 30, 2020

“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 6/30/20, the aggregate value of securities on loan is $185,157,435. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.

At 6/30/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $1,448,262,279 or 9.5% 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.

Forward foreign currency contracts outstanding as of June 30, 2020 were as follows (dollar amounts are in thousands):

Currency

Unrealized

to be

appreciation

purchased

Receive

sold

Deliver

Counterparty

Settlement date

(depreciation

)

7,335

EUR

6,490

Citibank N.A.

09/30/20

$28

Abbreviation(s):

EUR

Euro

See notes to financial statements

College Retirement Equities Fund ■ 2020 Semiannual Report

Summary portfolio of investments (unaudited)

CREF Money Market Account ■ June 30, 2020

Principal		Issuer		Value (000)		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	100,000,000	Federal Agricultural Mortgage Corp (FAMC)	0.010%, 09/15/20	$	99,939	0.8	%
	100,000,000	FAMC	0.010%, 09/30/20		99,899	0.8
	90,000,000	FAMC	0.010%, 12/15/20		89,854	0.7
	182,600,000	FAMC	0.010%, 07/02/20–12/21/20		182,450	1.5
	169,580,000	Federal Farm Credit Bank (FFCB)	0.010%, 07/06/20–11/20/20		169,412	1.4
	247,720,000	Federal Home Loan Bank (FHLB)	0.010%, 07/17/20		247,638	2.1
	89,700,000	FHLB	0.010%, 07/21/20		89,695	0.7
	145,255,000	FHLB	0.010%, 07/22/20		145,246	1.2
	96,135,000	FHLB	0.010%, 07/24/20		96,125	0.8
	100,000,000	FHLB	0.010%, 07/31/20		99,992	0.8
	100,000,000	FHLB	0.010%, 08/17/20		99,932	0.8
	92,705,000	FHLB	0.010%, 08/21/20		92,687	0.8
	225,000,000	FHLB	0.010%, 08/24/20		224,856	1.9
	146,700,000	FHLB	0.010%, 08/28/20		146,668	1.2
	224,330,000	FHLB	0.010%, 09/09/20		224,133	1.9
	103,970,000	FHLB	0.010%, 09/28/20		103,926	0.9
	976,078,000	FHLB	0.010%, 07/06/20–12/23/20		975,699	8.0
	230,024,000	Federal Home Loan Mortgage Corp (FHLMC)	0.010%, 07/17/20–10/19/20		229,959	1.9
	88,300,000	Federal National Mortgage Association (FNMA)	0.010%, 08/26/20		88,281	0.7
		Other			27,483	0.2
					3,533,874	29.1
TREASURY DEBT
	491,950,000	United States Cash Management Bill	0.010%, 09/08/20		491,791	4.1
	113,600,000	United States Cash Management Bill	0.010%, 09/15/20		113,549	0.9
	133,500,000	United States Cash Management Bill	0.010%, 09/22/20		133,458	1.1
	131,200,000	United States Cash Management Bill	0.010%, 09/29/20		131,162	1.1
	211,500,000	United States Cash Management Bill	0.010%, 10/06/20		211,407	1.7
	143,327,000	United States Cash Management Bill	0.010%, 10/13/20		143,264	1.2
	130,000,000	United States Cash Management Bill	0.010%, 10/20/20		129,932	1.1
	100,434,000	United States Cash Management Bill	0.010%, 12/01/20		100,368	0.8
	250,000,000	United States Treasury Bill	0.000%, 07/07/20		249,995	2.1
	182,100,000	United States Treasury Bill	0.010%, 07/14/20		182,092	1.5
	169,705,000	United States Treasury Bill	0.010%, 07/16/20		169,699	1.4
	124,280,000	United States Treasury Bill	0.010%, 07/21/20		124,273	1.0
	135,500,000	United States Treasury Bill	0.010%, 07/23/20		135,492	1.1
	199,400,000	United States Treasury Bill	0.010%, 07/28/20		199,381	1.6
	142,650,000	United States Treasury Bill	0.010%, 07/30/20		142,636	1.2
	114,500,000	United States Treasury Bill	0.010%, 08/04/20		114,487	0.9
	269,400,000	United States Treasury Bill	0.010%, 08/06/20		269,368	2.2
	227,600,000	United States Treasury Bill	0.010%, 08/11/20		227,575	1.9
	239,025,000	United States Treasury Bill	0.010%, 08/13/20		238,986	2.0
	200,000,000	United States Treasury Bill	0.010%, 08/18/20		199,970	1.7
	187,800,000	United States Treasury Bill	0.010%, 08/20/20		187,769	1.6
	243,399,000	United States Treasury Bill	0.010%, 08/25/20		243,351	2.0
	293,893,000	United States Treasury Bill	0.010%, 08/27/20		293,836	2.4
	216,948,000	United States Treasury Bill	0.010%, 09/03/20		216,898	1.8
	122,200,000	United States Treasury Bill	0.010%, 09/10/20		122,161	1.0

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments (unaudited)

concluded

CREF Money Market Account ■ June 30, 2020

Principal			Issuer		Value (000)		% of net assets
TREASURY DEBT—continued
$	129,300,000		United States Treasury Bill	0.010%, 09/24/20	$	129,256	1.1	%
	111,700,000		United States Treasury Bill	0.010%, 10/15/20		111,647	0.9
	111,700,000		United States Treasury Bill	0.010%, 10/22/20		111,645	0.9
	319,579,000		United States Treasury Bill	0.010%, 07/02/20–10/29/20		319,525	2.6
			Other			100,168	0.8
						5,545,141	45.7
VARIABLE RATE SECURITIES
	753,000,000	i	Federal Agricultural Mortgage Corp (FAMC), SOFR + 0.040%–SOFR + 0.300%	0.120%–0.380%, 07/06/20–05/14/21		752,997	6.2
	100,000,000	i	Federal Farm Credit Bank (FFCB), SOFR + 0.280%	0.360%, 04/23/21		100,000	0.8
	100,000,000	i	FFCB, SOFR + 0.300%	0.380%, 04/27/21		100,000	0.8
	312,000,000	i	FFCB, US Treasury Bill 3 M + 0.045%–SOFR + 0.290%	0.195%–0.370%, 07/09/20–04/23/21		311,990	2.6
	100,000,000	i	Federal Home Loan Bank (FHLB), LIBOR 3 M – 0.220%	0.095%, 09/11/20		100,029	0.9
	100,000,000	i	FHLB, SOFR + 0.070%	0.150%, 10/02/20		99,995	0.8
	150,000,000	i	FHLB, SOFR + 0.230%	0.310%, 04/13/21		150,000	1.3
	679,000,000	i	FHLB, SOFR + 0.030%–SOFR + 0.280%	0.110%–0.360%, 07/17/20–05/14/21		679,000	5.6
	209,000,000	i	Federal Home Loan Mortgage Corp (FHLMC), SOFR + 0.030%–SOFR + 0.300%	0.110%–0.380%, 01/22/21–10/25/21		209,000	1.7
	100,000,000	i	Federal National Mortgage Association (FNMA), SOFR + 0.250%	0.330%, 03/24/21		100,000	0.8
	352,000,000	i	FNMA, SOFR + 0.050%–SOFR + 0.320%	0.130%–0.400%, 07/30/20–10/27/21		352,000	2.9
	100,000,000	i	United States Treasury Note, US Treasury Bill 3 M + 0.045%	0.195%, 10/31/20		99,983	0.8
						3,054,994	25.2
			TOTAL SHORT-TERM INVESTMENTS	(Cost $12,134,009)		12,134,009	100.0

			TOTAL PORTFOLIO	(Cost $12,134,009)		12,134,009	100.0
			OTHER ASSETS & LIABILITIES, NET			646	0.0
			NET ASSETS		$	12,134,655	100.0	%

Abbreviation(s):
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 ■ 2020 Semiannual Report

Statements of assets and liabilities (unaudited)

College Retirement Equities Fund ■ June 30, 2020

(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*^†		$	107,478,477	$	19,425,860	$	29,429,687	$	18,515,681	$	15,160,182	$	6,924,165	$	15,735,438	$	12,134,009
Affiliated investments, at value^‡			156,465		—		—		—		—		—		—		—
Total portfolio investments, at value		$	107,634,942	$	19,425,860	$	29,429,687	$	18,515,681	$	15,160,182	$	6,924,165	$	15,735,438	$	12,134,009
Cash^#			83,437		9,980		—		—		98,151		2		49,114		1
Cash - foreign^{^}			38,052		6,848		—		—		62		—		1,627		—
Dividends and interest receivable			164,854		31,463		7,725		14,871		79,689		19,724		50,537		888
Receivable from securities transactions			857,201		63,790		202,908		—		54,368		—		23,026		—
Receivable for delayed delivery securities			9,040		526		—		—		114,412		—		56,289		—
Due from affiliates			—		—		—		—		—		—		67		168
Receivable for variation margin on open futures contracts			—		—		—		1,362		—		—		—		—
Unrealized appreciation on forward foreign currency contracts			2,026		—		—		—		399		—		28		—
Other			11,395		2,232		2,409		2,005		2,038		1,350		2,052		1,727
Total assets			108,800,947		19,540,699		29,642,729		18,533,919		15,509,301		6,945,241		15,918,178		12,136,793
LIABILITIES
Investment management fees payable			4,140		853		322		197		253		127		264		154
Service agreement fees payable			1,579		6		537		297		—		59		—		257
Payable for collateral for securities loaned			1,285,368		126,626		125,499		160,972		—		—		138,794		—
Payable for securities transactions			920,432		64,832		84,229		—		26,147		—		20,090		—
Payable for delayed delivery securities			—		—		—		—		648,156		40,865		512,225		—
Due to affiliates			114,212		4,179		8,735		8,867		992		942		2		—
Overdraft payable			—		—		10,996		629		—		—		—		—
Written options^à			3,062		893		—		—		—		—		—		—
Payable for variation margin on futures contracts			18,949		2,027		—		—		—		—		—		—
Unrealized depreciation on forward foreign currency contracts			695		—		—		—		604		—		—		—
Payable for trustee compensation			11,284		2,230		2,406		1,996		1,859		1,350		1,770		1,727
Other			121		16		—		—		11		—		—		—
Total liabilities			2,359,842		201,662		232,724		172,958		678,022		43,343		673,145		2,138
NET ASSETS		$	106,441,105	$	19,339,037	$	29,410,005	$	18,360,961	$	14,831,279	$	6,901,898	$	15,245,033	$	12,134,655
CLASS R1 (Accumulation):	Net assets	$	12,969,325	$	3,327,066	$	5,473,983	$	3,597,729	$	2,360,697	$	1,114,416	$	2,340,244	$	2,214,508
	Units outstanding		24,891		17,259		20,885		13,914		17,065		14,769		8,786		84,063
	Unit value	$	521.05	$	192.77	$	262.10	$	258.58	$	138.33	$	75.46	$	266.36	$	26.34
CLASS R2 (Accumulation):	Net assets		31,702,329		6,496,995		9,837,431		6,254,433		5,051,843		2,169,122		5,308,214		3,620,516
	Units outstanding		60,118		33,303		37,086		23,900		36,084		28,404		19,692		136,082
	Unit value	$	527.33	$	195.09	$	265.26	$	261.69	$	140.00	$	76.37	$	269.57	$	26.61
CLASS R3 (Accumulation):	Net assets		51,657,821		9,148,820		13,557,220		8,081,119		7,112,226		3,437,508		7,205,865		6,158,755
	Units outstanding		97,593		46,720		50,917		30,765		50,611		44,845		26,631		230,683
	Unit value	$	529.32	$	195.82	$	266.26	$	262.67	$	140.53	$	76.65	$	270.58	$	26.70
ANNUITY:	Net assets	$	10,111,630	$	366,156	$	541,371	$	427,680	$	306,513	$	180,852	$	390,710	$	140,876
* Includes securities loaned of		$	1,867,233	$	245,217	$	149,769	$	175,917	$	—	$	—	$	185,157	$	—
^# Includes cash collateral for mortgage dollar rolls of		$	—	$	—	$	—	$	—	$	95,000	$	—	$	27,501	$	—
^† Portfolio investments, cost		$	99,454,300	$	17,464,007	$	21,391,300	$	8,105,726	$	14,372,286	$	6,383,890	$	13,887,651	$	12,134,009
^‡ Affiliated investments, cost		$	228,184	$	—	$	—	$	—	$	—	$	—	$	—	$	—
^{^} Foreign cash, cost		$	38,119	$	6,887	$	—	$	—	$	62	$	—	$	1,634	$	—
^à Written options premiums		$	3,459	$	1,079	$	—	$	—	$	—	$	—	$	—	$	—


70	2020 Semiannual Report ■ College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund ■ 2020 Semiannual Report	71

Statements of operations (unaudited)

College Retirement Equities Fund ■ For the period ended June 30, 2020

(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*	$	1,057,059		$	180,166		$	108,683		$	166,238		$	—		$	—		$	95,152		$	—
Affiliated issuers*		1,371			—			—			—			—			—			—			—
Income from securities lending		13,086			3,499			1,089			1,293			—			—			1,330			—
Interest*		5,153			501			275			249			208,238			1,919			88,068			52,267
Other		—			—			1			33			1,691			—			345			—
Total income		1,076,669			184,166			110,048			167,813			209,929			1,919			184,895			52,267
EXPENSES
Investment management fees		46,653			7,418			6,032			1,378			3,772			792			3,333			1,507
Administrative – Class R1		18,676			4,729			7,349			5,168			3,338			1,569			3,331			3,123
Administrative – Class R2		27,655			5,598			8,002			5,465			4,357			1,875			4,499			2,991
Administrative – Class R3		40,496			6,151			8,651			5,588			4,824			2,354			4,840			3,952
Distribution fees – Class R1		7,566			1,916			2,983			2,094			1,355			637			1,351			1,270
Distribution fees – Class R2		10,305			2,087			2,992			2,037			1,630			702			1,681			1,125
Distribution fees – Class R3		14,618			2,220			3,116			2,016			1,736			848			1,742			1,421
Mortality and expense risk charges		2,621			470			672			452			359			167			364			282
Total expenses		168,590			30,589			39,797			24,198			21,371			8,944			21,141			15,671
Less: Expenses withheld by TIAA		—			—			—			—			—			—			—			(485	)
Net expenses		168,590			30,589			39,797			24,198			21,371			8,944			21,141			15,186
Net investment income (loss)		908,079			153,577			70,251			143,615			188,558			(7,025	)		163,754			37,081
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers^†		297,816			(49,135	)		1,594,558			687,814			134,412			(655	)		191,811			418
Affiliated issuers		(18,449	)		—			—			—			—			—			—			—
Purchased options		20,581			—			—			—			—			—			—			—
Written options		(12,397	)		(26	)		—			—			—			—			—			—
Futures contracts		(15,746	)		2,966			—			(14,873	)		17			—			1			—
Forward foreign currency contracts		4,444			—			—			—			2,570			—			(65	)		—
Swap contracts		—			—			—			—			4,333			—			—			—
Foreign currency transactions		(9,906	)		(3,096	)		20			—			(1,056	)		—			(161	)		—
Net realized gain (loss) on total investments		266,343			(49,291	)		1,594,578			672,941			140,276			(655	)		191,586			418
Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers^‡		(8,335,863	)		(1,032,441	)		1,323,190			(1,605,918	)		372,294			277,298			(529,755	)		—
Affiliated issuers		(77,386	)		—			—			—			—			—			—			—
Purchased options		(796	)		16			—			—			—			—			—			—
Written options		334			186			—			—			—			—			—			—
Futures contracts		(29,682	)		(4,472	)		—			989			—			—			—			—
Forward foreign currency contracts		2,476			—			—			—			1,814			—			150			—
Swap contracts		—			—			—			—			2,485			—			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(334	)		56			(5	)		—			(707	)		—			77			—
Net change in unrealized appreciation (depreciation) on total investments		(8,441,251	)		(1,036,655	)		1,323,185			(1,604,929	)		375,886			277,298			(529,528	)		—
Net realized and unrealized gain (loss) on total investments		(8,174,908	)		(1,085,946	)		2,917,763			(931,988	)		516,162			276,643			(337,942	)		418
Net increase (decrease) in net assets from operations	$	(7,266,829	)	$	(932,369	)	$	2,988,014		$	(788,373	)	$	704,720		$	269,618		$	(174,188	)	$	37,499
* Net of foreign withholding taxes of	$	47,271		$	10,442		$	998		$	11		$	87		$	—		$	4,592		$	—
^† Includes net realized gain (loss) from securities sold to affiliates of	$	163,582		$	55,346		$	94,309		$	59,614		$	—		$	—		$	4,332		$	—
^‡ Includes net change in unrealized foreign capital gains taxes of	$	4,989		$	696		$	—		$	—		$	1		$	—		$	—		$	—


72	2020 Semiannual Report ■ College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund ■ 2020 Semiannual Report	73

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, 2020			December 31, 2019			June 30, 2020			December 31, 2019			June 30, 2020			December 31, 2019
			(unaudited)						(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	908,079		$	2,136,156		$	153,577		$	386,694		$	70,251		$	169,110
Net realized gain (loss) on total investments			266,343			6,052,252			(49,291	)		951,173			1,594,578			3,248,644
Net change in unrealized appreciation (depreciation) on total investments			(8,441,251	)		19,070,768			(1,036,655	)		3,608,155			1,323,185			3,672,225
Net increase (decrease) in net assets from operations			(7,266,829	)		27,259,176			(932,369	)		4,946,022			2,988,014			7,089,979

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		199,090			419,648			62,426			168,295			147,269			225,735
	Class R2		444,656			886,355			96,648			219,387			172,702			257,856
	Class R3		800,939			1,511,960			184,932			430,907			297,974			493,263
Net transfers between CREF Accounts:	Class R1		(157,760	)		(138,706	)		(39,548	)		(15,647	)		(86,309	)		(75,553	)
	Class R2		(334,062	)		(314,196	)		(58,206	)		8,864			(149,768	)		(162,025	)
	Class R3		(571,309	)		(527,435	)		(104,707	)		(40,003	)		(219,859	)		(154,390	)
Withdrawals and death benefits:	Class R1		(750,072	)		(1,651,825	)		(213,109	)		(475,045	)		(323,597	)		(585,733	)
	Class R2		(1,692,852	)		(4,093,122	)		(379,798	)		(839,791	)		(521,794	)		(999,097	)
	Class R3		(2,957,866	)		(6,477,972	)		(580,202	)		(1,256,279	)		(791,712	)		(1,348,676	)
Annuity payments:			(607,745	)		(1,374,717	)		(18,001	)		(39,602	)		(23,822	)		(47,666	)
Net increase (decrease) from participant transactions			(5,626,981	)		(11,760,010	)		(1,049,565	)		(1,838,914	)		(1,498,916	)		(2,396,286	)
Net increase (decrease) in net assets			(12,893,810	)		15,499,166			(1,981,934	)		3,107,108			1,489,098			4,693,693

NET ASSETS
Beginning of period			119,334,915			103,835,749			21,320,971			18,213,863			27,920,907			23,227,214
End of period		$	106,441,105		$	119,334,915		$	19,339,037		$	21,320,971		$	29,410,005		$	27,920,907

ACCUMULATION UNITS:
Units purchased:	Class R1		405,447			831,917			343,583			938,135			631,867			1,064,423
	Class R2		886,820			1,749,458			523,772			1,205,316			735,249			1,197,261
	Class R3		1,485,549			2,676,325			981,431			2,257,078			1,225,879			2,184,748
Units sold / transferred:	Class R1		(1,822,602	)		(3,559,148	)		(1,397,300	)		(2,699,139	)		(1,786,222	)		(3,095,678	)
	Class R2		(4,020,256	)		(8,668,268	)		(2,390,458	)		(4,530,578	)		(2,897,823	)		(5,380,848	)
	Class R3		(6,950,249	)		(13,658,015	)		(3,709,886	)		(7,017,380	)		(4,350,650	)		(6,975,282	)
Outstanding:
Beginning of period			192,617,266			213,244,997			102,931,427			112,777,995			115,328,924			126,334,300
End of period			182,601,975			192,617,266			97,282,569			102,931,427			108,887,224			115,328,924

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2020 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, 2020			December 31, 2019				June 30, 2020			December 31, 2019				June 30, 2020			December 31, 2019
		(unaudited)							(unaudited)							(unaudited)
OPERATIONS
Net investment income (loss)			$	143,615		$	324,671			$	188,558		$	392,776			$	(7,025	)	$	136,298
Net realized gain (loss) on total investments				672,941			934,581				140,276			115,047				(655	)		(1,373	)
Net change in unrealized appreciation (depreciation) on total investments				(1,604,929	)		3,718,832				375,886			662,264				277,298			271,988
Net increase (decrease) in net assets from operations				(788,373	)		4,978,084				704,720			1,170,087				269,618			406,913

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1			102,323			169,126				127,566			183,520				78,464			112,111
	Class R2			164,312			247,715				182,055			285,876				85,301			139,346
	Class R3			186,278			364,644				357,317			567,202				163,601			242,397
Net transfers between CREF Accounts:	Class R1			(67,159	)		(31,536	)			67,008			101,745				24,514			36,553
	Class R2			(133,683	)		(27,137	)			90,257			215,468				45,662			75,864
	Class R3			(156,728	)		(49,180	)			124,571			272,800				62,722			103,379
Withdrawals and death benefits:	Class R1			(235,914	)		(460,364	)			(163,027	)		(289,786	)			(72,406	)		(130,350	)
	Class R2			(398,177	)		(752,721	)			(323,042	)		(611,249	)			(146,198	)		(273,489	)
	Class R3			(563,453	)		(952,105	)			(513,737	)		(895,928	)			(230,533	)		(406,981	)
Annuity payments:				(21,354	)		(45,192	)			(14,777	)		(28,622	)			(9,177	)		(18,628	)
Net increase (decrease) from participant transactions				(1,123,555	)		(1,536,750	)			(65,809	)		(198,974	)			1,950			(119,798	)
Net increase (decrease) in net assets				(1,911,928	)		3,441,334				638,911			971,113				271,568			287,115

NET ASSETS
Beginning of period				20,272,889			16,831,555				14,192,368			13,221,255				6,630,330			6,343,215
End of period			$	18,360,961		$	20,272,889			$	14,831,279		$	14,192,368			$	6,901,898		$	6,630,330

ACCUMULATION UNITS:
Units purchased:	Class R1			419,843			702,275				949,842			1,425,839				1,064,123			1,570,229
	Class R2			669,630			1,019,672				1,337,316			2,208,673				1,143,280			1,945,878
	Class R3			740,251			1,416,310				2,525,345			4,216,412				2,148,581			3,224,346
Units sold / transferred:	Class R1			(1,236,250	)		(2,044,142	)			(730,356	)		(1,478,865	)			(655,639	)		(1,327,505	)
	Class R2			(2,151,602	)		(3,213,358	)			(1,736,587	)		(3,075,368	)			(1,359,550	)		(2,758,743	)
	Class R3			(2,894,224	)		(4,106,533	)			(2,896,886	)		(4,842,623	)			(2,246,216	)		(4,176,084	)

Outstanding:
Beginning of period				73,031,391			79,257,167				104,311,928			105,857,860				87,922,685			89,444,564
End of period				68,579,039			73,031,391				103,760,602			104,311,928				88,017,264			87,922,685

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2020 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, 2020			December 31, 2019			June 30, 2020			December 31, 2019
			(unaudited)						(unaudited)
OPERATIONS
Net investment income (loss)		$	163,754		$	342,311		$	37,081		$	188,092
Net realized gain (loss) on total investments			191,586			587,126			418			203
Net change in unrealized appreciation (depreciation) on total investments			(529,528	)		1,695,423			—			—
Net increase (decrease) in net assets from operations			(174,188	)		2,624,860			37,499			188,295

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		69,005			129,760			612,303			683,018
	Class R2		260,923			276,985			889,534			701,710
	Class R3		440,372			459,555			1,914,230			1,377,722
Net transfers between CREF Accounts:	Class R1		12,505			17,602			200,154			35,623
	Class R2		84,503			119,106			491,181			149,485
	Class R3		139,539			134,898			736,482			264,420
Withdrawals and death benefits:	Class R1		(125,906	)		(257,228	)		(539,231	)		(678,356	)
	Class R2		(250,236	)		(512,009	)		(725,183	)		(924,766	)
	Class R3		(350,437	)		(656,578	)		(1,514,876	)		(1,640,679	)
Annuity payments:			(18,628	)		(37,737	)		(7,589	)		(14,695	)
Net increase (decrease) from participant transactions			261,640			(325,646	)		2,057,005			(46,518	)
Net increase (decrease) in net assets			87,452			2,299,214			2,094,504			141,777

NET ASSETS
Beginning of period			15,157,581			12,858,367			10,040,151			9,898,374
End of period		$	15,245,033		$	15,157,581		$	12,134,655		$	10,040,151

ACCUMULATION UNITS:
Units purchased:	Class R1		267,811			517,476			23,256,998			26,200,893
	Class R2		994,061			1,092,143			33,460,528			26,716,005
	Class R3		1,643,626			1,708,819			71,374,080			51,911,585
Units sold / transferred:	Class R1		(446,188	)		(963,165	)		(12,879,044	)		(24,656,686	)
	Class R2		(659,967	)		(1,565,109	)		(8,799,545	)		(29,532,791	)
	Class R3		(847,377	)		(2,075,868	)		(29,318,704	)		(52,284,054	)
Outstanding:
Beginning of period			54,157,355			55,443,059			373,734,208			375,379,256
End of period			55,109,321			54,157,355			450,828,521			373,734,208

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2020 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								Net			& unrealized			Net			Accumulation		Accumulation								Net						units			Accumulation
	period or								investment			gain (loss		)	change in			unit value		unit value								investment			Portfolio			outstanding			fund net
	year		Investment						income			on total			accumulation			beginning		end of		Total			Gross			income			turnover			end of period			assets
	ended		income		^a	Expenses		^a	(loss		)^a	investments			unit value			of period		period		return		^b	expenses			(loss		)	rate			(in millions		)	(in millions		)ⁱ
STOCK ACCOUNT
Class R1:	6/30/20	^#	$	5.143		$	1.263		$	3.880		$	(36.927	)	$	(33.047	)	$	554.098	$	521.051		(5.96	)%^c		0.50	%^d		1.55	%^d		39	%^c		25		$	12,969
	12/31/19			11.125			2.749			8.376			109.873			118.249			435.849		554.098		27.13			0.55			1.67			60			26			14,577
	12/31/18			10.238			2.573			7.665			(55.323	)		(47.658	)		483.507		435.849		(9.86	)		0.53			1.57			55			29			12,655
	12/31/17			8.937			2.869			6.068			84.379			90.447			393.060		483.507		23.01			0.65			1.38			48			33			15,853
	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
Class R2:	6/30/20	^#		5.203			0.855			4.348			(37.330	)		(32.982	)		560.315		527.333		(5.89	)^c		0.34	^d		1.72	^d		39	^c		60			31,702
	12/31/19			11.240			1.772			9.468			110.979			120.447			439.868		560.315		27.38			0.35			1.86			60			63			35,441
	12/31/18			10.327			1.687			8.640			(55.847	)		(47.207	)		487.075		439.868		(9.69	)		0.34			1.75			55			70			30,866
	12/31/17			8.990			1.736			7.254			84.893			92.147			394.928		487.075		23.33			0.39			1.64			48			78			38,159
	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:	6/30/20	^#		5.222			0.699			4.523			(37.452	)		(32.929	)		562.248		529.319		(5.86	)^c		0.28	^d		1.78	^d		39	^c		98			51,658
	12/31/19			11.279			1.507			9.772			111.324			121.096			441.152		562.248		27.45			0.30			1.92			60			103			57,944
	12/31/18			10.352			1.485			8.867			(56.010	)		(47.143	)		488.295		441.152		(9.65	)		0.30			1.79			55			114			50,309
	12/31/17			9.010			1.395			7.615			85.073			92.688			395.607		488.295		23.43			0.32			1.72			48			124			60,531
	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:	6/30/20	^#		1.791			0.452			1.339			(9.630	)		(8.291	)		201.059		192.768		(4.12	)^c		0.49	^d		1.47	^d		42	^c		17			3,327
	12/31/19			4.042			0.913			3.129			40.803			43.932			157.127		201.059		27.96			0.50			1.73			67			18			3,682
	12/31/18			3.712			0.948			2.764			(25.325	)		(22.561	)		179.688		157.127		(12.56	)		0.53			1.54			77			20			3,154
	12/31/17			3.346			1.117			2.229			32.997			35.226			144.462		179.688		24.38			0.69			1.38			36			20			3,681
	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
Class R2:	6/30/20	^#		1.812			0.303			1.509			(9.731	)		(8.222	)		203.309		195.087		(4.04	)^c		0.33	^d		1.63	^d		42	^c		33			6,497
	12/31/19			4.081			0.560			3.521			41.217			44.738			158.571		203.309		28.21			0.31			1.92			67			35			7,150
	12/31/18			3.746			0.624			3.122			(25.558	)		(22.436	)		181.007		158.571		(12.40	)		0.35			1.73			77			38			6,104
	12/31/17			3.365			0.700			2.665			33.198			35.863			145.144		181.007		24.71			0.43			1.64			36			39			7,131
	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:	6/30/20	^#		1.818			0.246			1.572			(9.762	)		(8.190	)		204.012		195.822		(4.01	)^c		0.27	^d		1.70	^d		42	^c		47			9,149
	12/31/19			4.095			0.465			3.630			41.347			44.977			159.035		204.012		28.28			0.25			1.98			67			49			10,088
	12/31/18			3.747			0.547			3.200			(25.626	)		(22.426	)		181.461		159.035		(12.36	)		0.30			1.77			77			54			8,621
	12/31/17			3.372			0.574			2.798			33.270			36.068			145.393		181.461		24.81			0.35			1.71			36			53			9,558
	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


80	2020 Semiannual Report ■ College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund ■ 2020 Semiannual Report	81

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								Net			& unrealized			Net			Accumulation		Accumulation								Net						units			Accumulation
	period or								investment			gain (loss		)	change in			unit value		unit value								investment			Portfolio			outstanding			fund net
	year		Investment						income			on total			accumulation			beginning		end of		Total			Gross			income			turnover			end of period			assets
	ended		income		^a	Expenses		^a		(loss	)^a	investments			unit value			of period			period		return	^b		expenses			(loss	)		rate			(in millions	)	(in millions		)ⁱ
GROWTH ACCOUNT
Class R1:	6/30/20	^#	$	0.957		$	0.541		$	0.416		$	26.472		$	26.888		$	235.215	$	262.103		11.43	%^c		0.46	%^d		0.36	%^d		44	%^c		21		$	5,474
	12/31/19			1.988			1.026			0.962			55.151			56.113			179.102		235.215		31.33			0.48			0.45			85			22			5,184
	12/31/18			2.166			0.914			1.252			(6.193	)		(4.941	)		184.043		179.102		(2.69	)		0.46			0.63			62			24			4,311
	12/31/17			1.818			0.977			0.841			43.121			43.962			140.081		184.043		31.38			0.60			0.52			48			26			4,841
	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
Class R2:	6/30/20	^#		0.968			0.348			0.620			26.792			27.412			237.849		265.261		11.52	^c		0.29	^d		0.52	^d		44	^c		37			9,837
	12/31/19			2.007			0.609			1.398			55.701			57.099			180.750		237.849		31.59			0.28			0.65			85			39			9,335
	12/31/18			2.186			0.555			1.631			(6.277	)		(4.646	)		185.396		180.750		(2.51	)		0.28			0.82			62			43			7,850
	12/31/17			1.830			0.556			1.274			43.379			44.653			140.743		185.396		31.73			0.34			0.78			48			47			8,788
	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:	6/30/20	^#		0.972			0.276			0.696			26.894			27.590			238.674		266.264		11.56	^c		0.23	^d		0.59	^d		44	^c		51			13,557
	12/31/19			2.016			0.496			1.520			55.873			57.393			181.281		238.674		31.66			0.23			0.70			85			54			12,898
	12/31/18			2.193			0.471			1.722			(6.301	)		(4.579	)		185.860		181.281		(2.46	)		0.24			0.86			62			59			10,665
	12/31/17			1.834			0.429			1.405			43.471			44.876			140.984		185.860		31.83			0.26			0.86			48			62			11,524
	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:	6/30/20	^#		2.295			0.533			1.762			(11.585	)		(9.823	)		268.398		258.575		(3.66	)^c		0.43	^d		1.43	^d		2	^c		14			3,598
	12/31/19			4.780			1.100			3.680			58.895			62.575			205.823		268.398		30.40			0.46			1.53			2			15			3,954
	12/31/18			4.426			0.992			3.434			(15.616	)		(12.182	)		218.005		205.823		(5.59	)		0.44			1.52			3			16			3,308
	12/31/17			3.836			1.126			2.710			34.271			36.981			181.024		218.005		20.43			0.57			1.37			4			18			3,912
	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
Class R2:	6/30/20	^#		2.322			0.330			1.992			(11.709	)		(9.717	)		271.404		261.687		(3.58	)^c		0.26	^d		1.59	^d		2	^c		24			6,254
	12/31/19			4.832			0.630			4.202			59.485			63.687			207.717		271.404		30.66			0.26			1.73			2			25			6,889
	12/31/18			4.465			0.581			3.884			(15.774	)		(11.890	)		219.607		207.717		(5.41	)		0.26			1.71			3			28			5,728
	12/31/17			3.859			0.612			3.247			34.480			37.727			181.880		219.607		20.74			0.31			1.63			4			31			6,708
	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:	6/30/20	^#		2.330			0.253			2.077			(11.745	)		(9.668	)		272.341		262.673		(3.55	)^c		0.20	^d		1.65	^d		2	^c		31			8,081
	12/31/19			4.851			0.502			4.349			59.668			64.017			208.324		272.341		30.73			0.21			1.78			2			33			8,965
	12/31/18			4.479			0.486			3.993			(15.823	)		(11.830	)		220.154		208.324		(5.37	)		0.21			1.75			3			36			7,418
	12/31/17			3.869			0.458			3.411			34.551			37.962			182.192		220.154		20.84			0.23			1.71			4			39			8,486
	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


82	2020 Semiannual Report ■ College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund ■ 2020 Semiannual Report	83

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:	6/30/20	^#		$ 1.955			$0.315			$ 1.640			$ 4.917			$ 6.557			$131.777		$138.334		4.98	%^c		0.47	%^d		2.45	%^d		52	%^c		47	%^c		17			$2,361
	12/31/19			4.029			0.634			3.395			7.214			10.609			121.168		131.777		8.75			0.50			2.66			85			79			17			2,220
	12/31/18			3.829			0.620			3.209			(3.713	)		(0.504	)		121.672		121.168		(0.41	)		0.52			2.68			106			91			17			2,048
	12/31/17			3.517			0.764			2.753			1.670			4.423			117.249		121.672		3.77			0.64			2.30			140			96			18			2,209
	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
Class R2:	6/30/20	^#		1.978			0.204			1.774			4.975			6.749			133.253		140.002		5.06	^c		0.30	^d		2.62	^d		52	^c		47	^c		36			5,052
	12/31/19			4.070			0.385			3.685			7.286			10.971			122.282		133.253		8.97			0.30			2.86			85			79			36			4,862
	12/31/18			3.861			0.402			3.459			(3.741	)		(0.282	)		122.564		122.282		(0.23	)		0.33			2.87			106			91			37			4,567
	12/31/17			3.539			0.453			3.086			1.676			4.762			117.802		122.564		4.04			0.38			2.56			140			96			39			4,818
	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:	6/30/20	^#		1.985			0.163			1.822			4.993			6.815			133.712		140.527		5.10	^c		0.24	^d		2.68	^d		52	^c		47	^c		51			7,112
	12/31/19			4.083			0.317			3.766			7.308			11.074			122.638		133.712		9.03			0.25			2.91			85			79			51			6,817
	12/31/18			3.872			0.352			3.520			(3.753	)		(0.233	)		122.871		122.638		(0.19	)		0.29			2.91			106			91			52			6,329
	12/31/17			3.546			0.360			3.186			1.681			4.867			118.004		122.871		4.12			0.30			2.63			140			96			53			6,527
	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:	6/30/20	^#		0.017			0.163			(0.146	)		3.062			2.916			72.542		75.458		4.02	^c		0.44	^d		(0.40	)^d		13	^c		13	^c		15			1,114
	12/31/19			1.660			0.329			1.331			2.944			4.275			68.267		72.542		6.27			0.46			1.88			26			26			14			1,042
	12/31/18			2.105			0.307			1.798			(2.292	)		(0.494	)		68.761		68.267		(0.72	)		0.45			2.63			21			21			14			964
	12/31/17			1.731			0.395			1.336			(0.315	)		1.021			67.740		68.761		1.51			0.58			1.95			18			18			15			1,041
	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
Class R2:	6/30/20	^#		0.024			0.101			(0.077	)		3.091			3.014			73.353		76.367		4.10	^c		0.27	^d		(0.21	)^d		13	^c		13	^c		28			2,169
	12/31/19			1.686			0.190			1.496			2.962			4.458			68.895		73.353		6.48			0.27			2.09			26			26			29			2,099
	12/31/18			2.122			0.182			1.940			(2.310	)		(0.370	)		69.265		68.895		(0.53	)		0.26			2.82			21			21			29			2,028
	12/31/17			1.743			0.218			1.525			(0.319	)		1.206			68.059		69.265		1.77			0.32			2.22			18			18			30			2,096
	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:	6/30/20	^#		0.021			0.079			(0.058	)		3.106			3.048			73.606		76.654		4.14	^c		0.21	^d		(0.16	)^d		13	^c		13	^c		45			3,438
	12/31/19			1.694			0.153			1.541			2.970			4.511			69.095		73.606		6.53			0.21			2.14			26			26			45			3,308
	12/31/18			2.125			0.154			1.971			(2.313	)		(0.342	)		69.437		69.095		(0.49	)		0.22			2.86			21			21			46			3,171
	12/31/17			1.746			0.165			1.581			(0.320	)		1.261			68.176		69.437		1.85			0.24			2.29			18			18			46			3,214
	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


84	2020 Semiannual Report ■ College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund ■ 2020 Semiannual Report	85

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:	6/30/20	^#		$3.255			$0.593			$2.662			$ (5.771	)		$ (3.109	)		$269.468		$266.359		(1.15	)%^c		0.46	%^d		2.08	%^d		45	%^c		43	%^c		9			$2,340
	12/31/19			6.789			1.210			5.579			40.254			45.833			223.635		269.468		20.50			0.49			2.24			52			51			9			2,416
	12/31/18			6.291			1.102			5.189			(15.749	)		(10.560	)		234.195		223.635		(4.51	)		0.47			2.21			52			47			9			2,104
	12/31/17			5.627			1.327			4.300			24.249			28.549			205.646		234.195		13.88			0.60			1.95			53			37			10			2,426
	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
Class R2:	6/30/20	^#		3.293			0.382			2.911			(5.831	)		(2.920	)		272.485		269.565		(1.07	)^c		0.30	^d		2.25	^d		45	^c		43	^c		20			5,308
	12/31/19			6.857			0.724			6.133			40.661			46.794			225.691		272.485		20.73			0.29			2.43			52			51			19			5,275
	12/31/18			6.344			0.673			5.671			(15.895	)		(10.224	)		235.915		225.691		(4.33	)		0.28			2.39			52			47			20			4,476
	12/31/17			5.661			0.757			4.904			24.394			29.298			206.617		235.915		14.18			0.34			2.21			53			37			22			5,082
	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:	6/30/20	^#		3.305			0.303			3.002			(5.848	)		(2.846	)		273.423		270.577		(1.04	)^c		0.23	^d		2.31	^d		45	^c		43	^c		27			7,206
	12/31/19			6.879			0.592			6.287			40.787			47.074			226.349		273.423		20.80			0.23			2.49			52			51			26			7,064
	12/31/18			6.361			0.576			5.785			(15.940	)		(10.155	)		236.504		226.349		(4.29	)		0.24			2.43			52			47			26			5,931
	12/31/17			5.673			0.586			5.087			24.445			29.532			206.972		236.504		14.27			0.26			2.29			53			37			28			6,547
	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


86	2020 Semiannual Report ■ College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund ■ 2020 Semiannual Report	87

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								Net			& unrealized			Net		Accumulation		Accumulation								Expenses			Net			units			Accumulation
	period or								investment			gain (loss		)	change in		unit value		unit value								net of TIAA			Investment			outstanding			fund net
	year		Investment						income			on total			accumulation		beginning		end of		Total			Gross			withholding/			Income			end of period			assets
	ended		income		^a	Expenses		^a	(loss		)^a	investments			unit value		of period		period		return		^b	expenses			recovery			(loss		)	(in millions		)	(in millions		)ⁱ
MONEY MARKET ACCOUNT
Class R1:	6/30/20	^#		$0.123			$0.054			$0.069			$0.005			$0.074		$26.269		$26.343		0.28	%^c		0.45	%^d		0.41	%^d		0.53	%^d		84			$2,215
	12/31/19			0.577			0.175			0.402			0.001			0.403		25.866		26.269		1.56			0.47			0.67			1.54			74			1,936
	12/31/18			0.474			0.206			0.268			0.002			0.270		25.596		25.866		1.05			0.45			0.80			1.04			72			1,866
	12/31/17			0.227			0.165			0.062			0.000			0.062		25.534		25.596		0.25			0.57			0.64			0.32			72			1,842
	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
Class R2:	6/30/20	^#		0.122			0.036			0.086			0.007			0.093		26.512		26.605		0.35	^c		0.28	^d		0.27	^d		0.65	^d		136			3,621
	12/31/19			0.582			0.071			0.511			0.001			0.512		26.000		26.512		1.97			0.27			0.27			1.94			111			2,954
	12/31/18			0.476			0.138			0.338			0.000			0.338		25.662		26.000		1.32			0.27			0.53			1.31			114			2,970
	12/31/17			0.227			0.116			0.111			0.002			0.113		25.549		25.662		0.44			0.31			0.45			0.58			111			2,838
	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:	6/30/20	^#		0.122			0.029			0.093			0.009			0.102		26.596		26.698		0.38	^c		0.22	^d		0.22	^d		0.71	^d		231			6,159
	12/31/19			0.583			0.057			0.526			0.001			0.527		26.069		26.596		2.02			0.22			0.22			2.00			189			5,017
	12/31/18			0.477			0.103			0.374			0.000			0.374		25.695		26.069		1.46			0.23			0.40			1.45			189			4,927
	12/31/17			0.228			0.102			0.126			0.002			0.128		25.567		25.695		0.50			0.23			0.40			0.66			177			4,539
	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.

2020 Semiannual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2020 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.

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

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

90	2020 Semiannual Report ■ College Retirement Equities Fund

receiving annuity payments. The net increase or decrease in net assets from investment operations is apportioned between the funds based upon their relative daily net asset values. Annuitants bear the mortality risk under their contracts. Initial annuity payments are calculated based on the value of a participant’s accumulation on the last valuation day before the annuity start date, the income option chosen, an assumed annual investment return, and expense and mortality assumptions. Annuity payments vary after the initial payment based on investment performance, Account expenses, and mortality experience. Death benefits are paid to beneficiaries if the annuitant dies during the accumulation period, or during the annuity period while payments are still due for the remainder of a guaranteed period.

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded 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. In many cases, these estimates are based on data from the prior calendar year end.

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

College Retirement Equities Fund ■ 2020 Semiannual Report

Notes to financial statements (unaudited)

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 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.

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.

New accounting pronouncements: In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only changes to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Accounts may elect to apply the optional expedients as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the optional expedients, but is currently assessing the impact of the ASU’s adoption to the Accounts’ financial statements and various filings.

92	2020 Semiannual Report ■ College Retirement Equities Fund

continued

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:

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.

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date, or if there is no official close of business, the latest sale price, or at the mean of the latest available bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date 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.

College Retirement Equities Fund ■ 2020 Semiannual Report

Notes to financial statements (unaudited)

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.

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.

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.

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, 2020, 100% of the value of investments in the Inflation-Linked Bond Account and Money Market Account were valued based on Level 2 inputs.

94	2020 Semiannual Report ■ College Retirement Equities Fund

continued

The following table summarizes the market value of the Accounts’ investments as of June 30, 2020, based on the inputs used to value them (dollar amounts are in thousands):

Account	Level 1			Level 2		Level 3		Total
Stock
Government bonds	$	—		$	309	$	—	$	309
Equity investments:
Communication services		7,591,972			2,079,046		641		9,671,659
Consumer discretionary		9,353,994			3,406,700		1,955		12,762,649
Consumer staples		4,383,823			2,897,886		4,178		7,285,887
Energy		1,989,014			1,181,516		676		3,171,206
Financials		8,232,614			5,218,624		271		13,451,509
Health care		10,879,556			3,487,495		197		14,367,248
Industrials		6,506,308			3,612,313		1,223		10,119,844
Information technology		19,013,663			3,999,075		16		23,012,754
Materials		2,042,525			2,471,270		2,702		4,516,497
Real estate		2,301,870			1,135,672		7,783		3,445,325
Utilities		2,123,389			1,046,620		—		3,170,009
Short-term investments		—			2,655,772		—		2,655,772
Purchased options		4,274			—		—		4,274
Written options**		(3,062	)		—		—		(3,062	)
Futures contracts**		(18,960	)		—		—		(18,960	)
Forward foreign currency contracts**		—			1,331		—		1,331
Total	$	74,400,980		$	33,193,629	$	19,642	$	107,614,251
Global Equities
Equity investments:
Asia	$	397,907		$	2,001,568	$	13	$	2,399,488
Australasia		—			339,385		4		339,389
Europe		99,907			2,782,402		—		2,882,309
Latin America		82,672			256,199		—		338,871
North America		10,712,381			10,792		—		10,723,173
All other equity investments*		187,079			2,232,700		1		2,419,780
Short-term investments		—			322,783		—		322,783
Purchased options		67			—		—		67
Written options**		(893	)		—		—		(893	)
Futures contracts**		(2,029	)		—		—		(2,029	)
Total	$	11,477,091		$	7,945,829	$	18	$	19,422,938
Growth
Equity investments:
Communication services	$	4,203,942		$	250,193	$	—	$	4,454,135
Consumer discretionary		4,956,445			324,488		—		5,280,933
Consumer staples		867,883			97,242		—		965,125
Health care		3,765,322			862,577		—		4,627,899
Industrials		1,622,264			143,091		—		1,765,355
Information technology		10,505,033			312,007		—		10,817,040
All other equity investments*		1,393,701			—		—		1,393,701
Short-term investments		125,499			—		—		125,499
Total	$	27,440,089		$	1,989,598	$	—	$	29,429,687

College Retirement Equities Fund ■ 2020 Semiannual Report

Notes to financial statements (unaudited)

Account	Level 1		Level 2			Level 3		Total
Equity Index
Equity investments:
Financials	$	1,918,410	$	—		$	5	$	1,918,415
Health care		2,716,116		—			34		2,716,150
Information technology		4,868,654		2,828			—		4,871,482
All other equity investments*		8,789,897		—			—		8,789,897
Short-term investments		160,972		58,765			—		219,737
Futures contracts**		1,361		—			—		1,361
Total	$	18,455,410	$	61,593		$	39	$	18,517,042
Bond Market
Bank loan obligations	$	—	$	100,231		$	—	$	100,231
Corporate bonds		—		5,959,893			—		5,959,893
Government bonds		—		5,497,667			1,935		5,499,602
Structured assets		—		2,705,257			27,772		2,733,029
Common stocks		155		—			—		155
Preferred stocks		15,877		—			—		15,877
Short-term investments		—		851,395			—		851,395
Forward foreign currency contracts**		—		(205	)		—		(205	)
Total	$	16,032	$	15,114,238		$	29,707	$	15,159,977
Social Choice
Bank loan obligations	$	—	$	10,315		$	—	$	10,315
Corporate bonds		—		2,559,932			—		2,559,932
Government bonds		—		2,922,376			9,087		2,931,463
Structured assets		—		535,663			157		535,820
Equity investments:
Communication services		538,608		130,438			—		669,046
Consumer discretionary		659,432		281,647			—		941,079
Consumer staples		417,966		307,494			—		725,460
Energy		174,367		117,201			—		291,568
Financials		732,055		505,680			3		1,237,738
Health care		980,911		353,281			—		1,334,192
Industrials		578,118		343,345			—		921,463
Information technology		1,606,186		229,913			—		1,836,099
Materials		195,218		248,621			—		443,839
Real estate		242,026		93,193			—		335,219
Utilities		206,106		121,660			—		327,766
Short-term investments		138,794		495,645			—		634,439
Forward foreign currency contracts**		—		28			—		28
Total	$	6,469,787	$	9,256,432		$	9,247	$	15,735,466

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

Note 3—derivative instruments

As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices

96	2020 Semiannual Report ■ College Retirement Equities Fund

continued

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, 2020, 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

Liability derivatives

Derivative contracts

Location

Fair value
amount

Location

Fair value
amount

Stock Account

Equity contracts

Portfolio investments

$4,274

Written options

$(3,062

)

Equity contracts

Futures contracts*

(18,960

)

Foreign-exchange contracts

Forward foreign currency contracts

2,026

Forward foreign currency contracts

(695

)

Global Equities Account

Equity contracts

Portfolio investments

Written options

(893

)

Equity contracts

Futures contracts*

(2,029

)

Equity Index Account

Equity contracts

Futures contracts*

1,361

Bond Market Account

Foreign-exchange contracts

Forward foreign currency contracts

399

Forward foreign currency contracts

(604

)

Social Choice Account

Foreign-exchange contracts

Forward foreign currency contracts

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

For the period ended June 30, 2020, 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	Purchased options	$	20,581		$	(796	)
Equity contracts	Written options		(12,397	)		334
Equity contracts	Futures contracts		(15,746	)		(29,682	)
Foreign-exchange contracts	Forward foreign currency contracts		4,444			2,476
Global Equities Account
Equity contracts	Purchased options		—			16
Equity contracts	Written options		(26	)		186
Equity contracts	Futures contracts		2,966			(4,472	)
Equity Index Account
Equity contracts	Futures contracts		(14,873	)		989

College Retirement Equities Fund ■ 2020 Semiannual Report

Notes to financial statements (unaudited)

Derivative contracts	Location	Realized gain (loss)			Change in unrealized appreciation (depreciation)
Bond Market Account
Interest-rate contracts	Futures contracts	$	17		$	—
Foreign-exchange contracts	Forward foreign currency contracts		2,570			1,814
Credit contracts	Swap contracts		4,333			2,485
Social Choice Account
Interest-rate contracts	Futures contracts		1			—
Foreign-exchange contracts	Forward foreign currency contracts		(65	)		150

Options: Certain Accounts are subject to equity price risk in the normal course of pursuing their investment objectives. Options can be settled either directly with the counterparty (over the counter) or through a central clearinghouse (exchange traded). To manage the risk, the Accounts may invest in both equity and index options. The Accounts use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Purchased options are included in the Summary portfolio of investments, and written options are separately reflected as a liability in 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, 2020, 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, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of investments.

Futures contracts: Certain Accounts are subject to equity price risk in the normal course of pursuing their investment objectives. The Accounts use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or

98	2020 Semiannual Report ■ College Retirement Equities Fund

continued

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, 2020, the Stock Account, Global Equities Account, Equity Index Account, Bond Market Account, and Social Choice Account had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets. The futures contracts outstanding as of June 30, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of investments.

Forward foreign currency contracts: Certain Accounts are subject to foreign exchange risk in the normal course of pursuing their investment objectives. The Accounts use forward foreign currency contracts (“forwards”), including non-deliverable forwards (“NDFs”), to, among other things, hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies. Forwards are over-the-counter (“OTC”) commitments that involve an obligation to purchase or sell a fixed amount of a specific currency on a future date at a locked exchange rate. NDFs allow hedging of currencies where government regulations restrict foreign access to local currency or the parties want to compensate for risk without a physical exchange of funds. Forwards are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded as appreciation or depreciation in the Statements of assets and liabilities. The Accounts realize gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statements of operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts; from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statements of assets and liabilities. During the period ended June 30, 2020, the Stock Account, Bond Market Account, and Social Choice Account had exposure to forwards, based on underlying notional values, generally between 0% and 2% of net assets. The forward contracts outstanding as of June 30, 2020 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

College Retirement Equities Fund ■ 2020 Semiannual Report

Notes to financial statements (unaudited)

notional value of the swap and is estimated to be the maximum potential future payment that the Accounts could be required to make under the contract. In return, the Accounts receive from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Accounts keep the stream of payments with no payment obligations. When the Accounts sell a credit default swap contract it will cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets in a segregated account equal to the aggregate notional value of the reference entities for all outstanding credit default swap contracts sold by the Accounts.

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

The value of a bilateral swap included in net assets is the unrealized gain or loss of the contract plus or minus any unamortized premiums paid or received, respectively. Appreciated swaps and premiums paid are reflected as assets, while depreciated swaps and premiums received are reflected as liabilities on the Statements of assets and liabilities. Centrally cleared swaps initial margin deposits are made, and variation margin payments are made or received reflecting daily changes in the value 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, 2020, the Bond Market Account had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 2% of net assets. There were no credit default swap contracts outstanding as of June 30, 2020.

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

100	2020 Semiannual Report ■ College Retirement Equities Fund

continued

organization of CREF. Investment management expenses generally include investment management, portfolio accounting and custodial services and are the same across all classes of an Account.

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

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

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

As of June 30, 2020, 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		0.089	%		0.292	%		0.177	%		0.133	%		0.118	%		0.066	%		0.048	%
Global Equities		0.079			0.292			0.178			0.133			0.118			0.066			0.048
Growth		0.045			0.294			0.178			0.134			0.119			0.067			0.048
Equity Index		0.015			0.292			0.178			0.133			0.119			0.066			0.048
Bond Market		0.053			0.294			0.178			0.134			0.119			0.067			0.048
Inflation-Linked Bond		0.024			0.294			0.178			0.134			0.120			0.067			0.048
Social Choice		0.046			0.293			0.178			0.134			0.119			0.066			0.048
Money Market		0.027			0.296			0.178			0.136			0.120			0.067			0.049

Between July 16, 2009 and March 7, 2017, TIAA withheld (“waived”) a portion of the distribution Rule 12b-1 and/or administrative expenses for the Money Market Account. TIAA terminated this waiver on April 14, 2017. For a period of three years after the date an amount was waived, TIAA recovered from the Account a portion of the amounts waived, under certain conditions. All eligible expenses were recouped by June 2019 for Class R1, September 2018 for Class R2, and July 2018 for Class R3.

College Retirement Equities Fund ■ 2020 Semiannual Report

101

Notes to financial statements (unaudited)

TIAA has agreed to withhold (“waive”) a portion of the Rule 12b-1 distribution and/or administrative expenses for each class of the Money Market Account when a class’s yield is less than zero, subject to a maximum aggregate limit of $25 million for all amounts waived. TIAA may, for a period of three years after the date an amount was waived, recover from the Account a portion of the amounts waived at such time as the class’s daily yield would be positive absent the effect of the waiver and, in such event, the amount of recovery on any day will be approximately 25% of the class’s yield (net of all other expenses) on that day. This limited waiver started on May 12, 2020 and may be terminated at any time and, in any event, will extend only through December 31, 2020. As of June 30, 2020, the cumulative amount of expenses waived subject to recovery is $400,464 for Class R1 and $84,981 for Class R2. 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, 2020, the Accounts engaged in the following security transactions with affiliated entities (dollar amounts are in thousands):

Account	Purchases		Sales		Realized gain (loss)
Stock		$ 609,192		$ 1,474,649	$	163,582
Global Equities		511,544		511,947		55,346
Growth		365,582		571,400		94,309
Equity Index		14,068		91,290		59,614
Social Choice		28,380		10,540		4,332

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 12/31/19			Purchases cost		Sales proceeds		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Dividend income		Shares at 6/30/20		Value at 6/30/20
Stock Account
Common Stock
Capital Goods
Terex Corp	$	100,748	^‡	$	32,484	$	14,276	$	(20,905	)	$	(21,032	)	$	437		4,103,296	$	77,019
Consumer Services
Arcos Dorados Holdings, Inc		70,698			2,174		8,635		2,456			(32,663	)		410		8,121,701		34,030
Real Estate
Hibernia REIT plc		56,926			32		63		—			(11,479	)		524		35,972,677		45,416
Total	$	228,372		$	34,690	$	22,974	$	(18,449	)	$	(65,174	)	$	1,371		48,197,674	$	156,465

‡	At December 31, 2019 the issuer was not an affiliated company of the Account.

102	2020 Semiannual Report ■ College Retirement Equities Fund

continued

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, 2020, securities lending transactions (with the exception of the Social Choice Account) are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. For the Social Choice Account, all loans from securities lending transactions are continuous, can be recalled at any time, and have no set maturity, with $151,868,053 related to equity securities and $33,289,382 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, 2020, the total value of securities on loan and the total value of collateral received were as follows (dollar amounts are in thousands):

	Aggregate value of		Cash collateral			Non-cash collateral		Total collateral
Account	securities on loan		received		*	received		received
Stock		$1,867,233		$1,285,368			$670,233		$1,955,601
Global Equities		245,217		126,626			130,744		257,370
Growth		149,769		125,499			34,246		159,745
Equity Index		175,917		160,972			16,506		177,478
Social Choice		185,157		138,794			51,966		190,760

*	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.

College Retirement Equities Fund ■ 2020 Semiannual Report

103

Notes to financial statements (unaudited)

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.

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

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

104	2020 Semiannual Report ■ College Retirement Equities Fund

continued

the nominal value of the underlying instrument at the time of purchase and that instrument’s value at maturity. The Account will record a realized gain or loss on the transaction. The note is valued daily and any change in the value of the note is reflected in net unrealized gains and losses. Investments in equity-linked notes involve the same risks associated with a direct investment in the underlying security or index that the notes seek to replicate. In addition, there is also counterparty risk associated with these investments because the Account is relying on the creditworthiness of such counterparty and has no rights under an equity-linked note against the issuer of the underlying security.

Net unrealized appreciation (depreciation): At June 30, 2020, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows (dollar amounts are in thousands):

			Gross		Gross			Net unrealized
	Tax		unrealized		unrealized			appreciation
Account	cost		appreciation		(depreciation		)	(depreciation		)
Stock	$	99,661,396	$	15,750,153	$	(7,797,298	)	$	7,952,855
Global Equities		17,460,899		3,251,960		(1,289,921	)		1,962,039
Growth		21,391,300		8,325,184		(286,797	)		8,038,387
Equity Index		8,107,087		11,320,196		(910,241	)		10,409,955
Bond Market		14,372,080		892,939		(105,042	)		787,897
Inflation-Linked Bond		6,383,890		540,351		(76	)		540,275
Social Choice		13,887,679		2,507,347		(659,560	)		1,847,787

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

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Accounts for the period ended June 30, 2020 were as follows (dollar amounts are in thousands):

											Inflation-
			Global				Equity		Bond		Linked		Social
	Stock		Equities		Growth		Index		Market		Bond		Choice
	Account		Account		Account		Account		Account		Account		Account
Purchases:
Non-U.S. Government	$	41,231,755	$	7,827,221	$	11,958,397	$	338,395	$	3,142,897	$	5,000	$	3,698,826
U.S. Government		—		—		—		—		4,527,892		861,166		3,307,124
Sales:
Non-U.S. Government	$	45,980,612	$	8,728,997	$	13,408,268	$	1,253,384	$	2,019,538	$	8,000	$	3,399,266
U.S. Government		—		—		—		—		5,266,902		942,474		3,108,251

College Retirement Equities Fund ■ 2020 Semiannual Report

105

Notes to financial statements (unaudited)

concluded

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 its portfolio manager(s). During the period ended June 30, 2020, 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 16, 2020 expiring on June 15, 2021, replacing the previous, which expired June 2020. 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, 2020, there were no borrowings under this credit facility by the Accounts.

Note 8—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 0.06% and 0.11%, respectively, of net assets as of June 30, 2020.

106	2020 Semiannual Report ■ College Retirement Equities Fund

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 to each Account and overseeing the everyday operations and other service providers of CREF. 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. The Agreement 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 is an interested person of CREF. Rather, they are all deemed to be independent Trustees.

Overview of the renewal process

The Board held a telephonic meeting on March 26, 2020, in order to consider the annual renewal of the Agreement with respect to each Account using the process established by the Board described further below.

As part of the Board’s established 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 consultations with TCIM’s representatives, other Board members, 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., an independent provider of investment company data. The Operations Committee considered that Broadridge is widely recognized as a leading provider of comparative analyses used by

College Retirement Equities Fund ■ 2020 Semiannual Report

107

Approval of investment management agreement (unaudited)

independent directors and trustees of investment companies during their advisory contract review processes.

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 for each Account, including data relating to each Fund’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 Fund against a universe of investment companies (except for 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 discussed, 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 reports is to provide an objective view of each Account’s relative position regarding the level of fees, expenses and 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 26, 2020, 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 Accounts’ 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, portfolio trading, soft dollar usage and best execution practices, and any actual and potential conflicts of interest

108	2020 Semiannual Report ■ College Retirement Equities Fund

continued

identified by TCIM in connection with rendering services to the Accounts; (6) a copy of the Agreement and certain related agreements between the Accounts and affiliates of 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.

On March 12, 2020, the Board met informally to discuss TCIM’s materials, which led to the Trustees providing additional questions to, and requesting additional information from, TCIM. Subsequently, at the March 26, 2020 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they discussed 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 discussed various factors, 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 part of the Board’s review of these factors, the Board received information from management on the impact of the COVID-19 pandemic on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise generally and the Accounts in particular including, among other information, the current and expected impact on the Accounts’ performance and operations. As a general matter, the Board considered 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 the March 26, 2020 meeting that included TCIM 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 discussions and meetings leading up to the March 26, 2020 meeting, the oversight and evaluation of TCIM’s services to the Accounts by the Board and its Committees is an ongoing process. The Board, as well as its Committees, discussed reports on various investment and

College Retirement Equities Fund ■ 2020 Semiannual Report

109

Approval of investment management agreement (unaudited)

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 discuss, 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 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, 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 26, 2020, 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 since their operations commenced. Investment professionals at TCIM’s affiliate, Advisors, 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 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

110	2020 Semiannual Report ■ College Retirement Equities Fund

continued

and other services to the Accounts, including the impact of recent and anticipated regulatory requirements and operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.

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 or, in circumstances where an Account’s peer group or peer universe was not viewed as a representative basis for comparison, other comparative information deemed relevant by management and/or the Board. The Board also discussed 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 2019 and the estimated amounts to be charged by TCIM to each Account in 2020 (for the period May 1, 2020–April 30, 2021). 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

College Retirement Equities Fund ■ 2020 Semiannual Report

111

Approval of investment management agreement (unaudited)

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 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 similar 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 each Account. 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 the 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 may: (1) be offered through products that charge additional fees to their investors; (2) be offered in different types of markets; (3) be provided with different types or levels of services; (4) have different regulatory burdens; (5) target different investors; and/or (6) be packaged with other products. The Board noted that these factors, among others, could reasonably explain different management fee rate schedules.

112	2020 Semiannual Report ■ College Retirement Equities Fund

continued

Other benefits

The Board also considered additional “fall-out benefits” to TCIM and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Accounts to TCIM’s affiliates for other services, such as distribution and administration, and investment-related benefits, such as economies of scale to the extent the Accounts share investment resources and/or personnel with other clients of TCIM, use of research obtained through the Accounts’ use of soft dollar to manage the assets of other clients and the ability to incubate strategies within one or more Accounts that could be subsequently utilized to manage other non-Account products. TCIM and its affiliates may also benefit from the level of business and relationships the Accounts have with certain service providers. Also, TCIM and its affiliates may benefit from their relationship with the Accounts to the extent that this relationship results in potential investors viewing TIAA, of which TCIM is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs.

Account-by-account synopsis of 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, 2019. Under the Morningstar rating system, an Overall Morningstar Rating of 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, 2019.

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 0.115% of average daily net assets for the year ending April 30, 2021. The Account’s actual management costs for the year ended December 31, 2019 equaled 0.104% 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 the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”) and the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”).

College Retirement Equities Fund ■ 2020 Semiannual Report

113

Approval of investment management agreement (unaudited)

•

The Account did not have a group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) for each of the one-, three-, five- and ten-year periods. The Account was in the 1st quintile of the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for each of the one-, three-, five- and ten-year periods.

•

The Account received an Overall Morningstar Rating of 4 stars.

CREF Global Equities Account

•	The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.090% of average daily net assets for the year ending April 30, 2021. The Account’s actual management costs for the year ended December 31, 2019 equaled 0.061% 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 did not have a Performance Group for each of the one-, three-, five-and ten-year periods. The Account was in the 1st, 2nd, 2nd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Account received an Overall Morningstar Rating of 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 0.045% of average daily net assets for the year ending April 30, 2021. The Account’s actual management costs for the year ended December 31, 2019 equaled 0.037% 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, 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, 4th and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Account received an Overall Morningstar Rating of 3 stars.

CREF 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 0.020% of average daily net assets for the year ending April 30, 2021. The Account’s actual management costs for the year ended December 31, 2019 equaled 0.014% 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.

114	2020 Semiannual Report ■ College Retirement Equities Fund

continued

•

For the three-year period, the Account’s adjusted relative gross performance (meaning the Account’s performance without any reductions for fees or expenses 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 +1 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 0.050% of average daily net assets for the year ending April 30, 2021. The Account’s actual management costs for the year ended December 31, 2019 equaled 0.053% 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 4th, 4th, 3rd and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 3rd, 2nd, 2nd and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.
•	The Account received an Overall Morningstar Rating of 4 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, 2021. The Account’s actual management costs for the year ended December 31, 2019 equaled 0.020% 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 5th, 5th, 4th and 5th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 5th, 5th, 4th 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 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 0.045% of average daily net assets for the year ending April 30, 2021. The Account’s actual management costs for the year ended December 31, 2019 equaled 0.042% of average daily net assets, which was used by Broadridge for comparative purposes.

College Retirement Equities Fund ■ 2020 Semiannual Report

115

Approval of investment management agreement (unaudited)

concluded

•	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, 3rd, 4th and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 1st, 1st, 1st and 2nd quintiles of its Performance Universe for each of the one-, three-, five- and ten-year periods, respectively.
•	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 0.020% of average daily net assets for the year ending April 30, 2021. The Account’s actual management costs for the year ended December 31, 2019 equaled 0.026% 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 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, 2019. The Board also acknowledged that, absent such recoupments, the Account’s total costs would have been lower.
•	The Account ranked 2 out of 4 funds, 3 out of 4 funds, 2 out of 4 funds and 3 out of 4 funds within its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 2nd, 3rd, 2nd and 2nd quintiles of its Performance Universe for the one, three-, five- and ten-year periods, respectively.
•	Money market funds are not rated by Morningstar.

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

116	2020 Semiannual Report ■ College Retirement Equities Fund

Liquidity risk management program

Discussion of the operation and effectiveness of the Accounts’ liquidity risk management program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each Account covered by this Report (the “Accounts”) has adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage each Account’s liquidity risk. The Program consists of various provisions relating to assessing and managing Account liquidity risk, as discussed further below. The Accounts’ Board of Trustees (the “Board”) previously approved the designation of TCIM (the “Administrator”) as Program administrator. The Liquidity Monitoring and Analysis Team (the “LMAT”) carries out day-to-day Program management with oversight by the Liquidity Oversight Committee (the “LOSC”). Personnel from the Administrator and Nuveen Fund Advisors, LLC, an affiliate of the Administrator, comprise the LMAT and LOSC.

At a February 11, 2020 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from December 1, 2018 through November 30, 2019 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Accounts’ liquidity developments.

In accordance with the Program, the LMAT assesses each Account’s liquidity risk no less frequently than annually based on various factors, such as (i) the Account’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Account portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and utilize third-party vendor data.

Any Account that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Account net assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Account primarily held highly liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.

College Retirement Equities Fund ■ 2020 Semiannual Report

117

Liquidity risk management program

concluded

The Liquidity Rule also limits each Account’s investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in an Account holding more than 15% of its net assets in illiquid investments and requires certain reporting anytime an Account’s holdings of illiquid investments exceed 15% of net assets. During the Review Period, no Account exceeded the 15% limit on illiquid investments.

118	2020 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 2020. 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 ■ 2020 Semiannual Report

119

Additional information about index providers (unaudited)

concluded

Morningstar indexes

© 2020 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	2020 Semiannual Report ■ College Retirement Equities Fund

[This page intentionally left blank.]

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

For the hearing- or speech-impaired

800-842-2755

8 a.m. to 10 p.m. (ET), Monday–Friday

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. TIAA Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Individual & Institutional Services, LLC, member FINRA, distributes securities products. CREF variable annuities are issued by College Retirement Equities Fund, New York, NY. Each of the foregoing is solely responsible for its own financial condition and contractual obligations.

This material is 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.

730 Third Avenue
New York, NY 10017-3206

PRESORTED STANDARD

U.S. POSTAGE

PAID

TIAA

Printed on paper containing recycled fiber

We’re fond of paper…in its original form.

Switch to eDelivery at

TIAA.org/eDelivery

1220712

A10939 (8/20)

730 Third Avenue
New York, NY 10017-3206

Printed on paper containing recycled fiber

1220712

A10939 (8/20)

730 Third Avenue
New York, NY 10017-3206

1220712

A10939 (8/20)

Item 2. Code of Conduct.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not Applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2020

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

309

TOTAL U.S. TREASURY SECURITIES

309

TOTAL GOVERNMENT BONDS

309

(Cost $301)

SHARES				COMPANY
COMMON STOCKS - 98.6%

AUTOMOBILES & COMPONENTS - 1.4%
	7,763		e	AB Dynamics plc	157
	258,517		*	Adient plc	4,245
	15,275			Aisan Industry Co Ltd	75
	1,254,663			Aisin Seiki Co Ltd	36,777
	297,370		*	American Axle & Manufacturing Holdings, Inc	2,260
	416,739			Apollo Tyres Ltd	596
	1,111,944			Aptiv plc	86,643
	38,895			ARB Corp Ltd	486
	936,021	*,e,g		Aston Martin Lagonda Global Holdings plc	573
	35,738			Autoliv, Inc	2,305
	1,474		*,e	Autoneum Holding AG.	144
	120,300		*	BAIC BluePark New Energy Technology Co Ltd	110
	1,648,500		g	BAIC Motor Corp Ltd	721
	126,495			Bajaj Holdings and Investment Ltd	4,732
	99,296			Balkrishna Industries Ltd	1,667
	783,459			Bayerische Motoren Werke AG.	50,016
	665			Bayerische Motoren Werke AG. (Preference)	32
	624,456			Bharat Forge Ltd	2,641
	58,161			BorgWarner, Inc	2,053
	2,732			Bosch Ltd	414
	150,589		e	Brembo S.p.A	1,399
	256,227		e	Bridgestone Corp	8,270
	1,896,235			Brilliance China Automotive Holdings Ltd	1,716
	60,400			BYD Co Ltd	618
	2,016,162		e	BYD Co Ltd (H shares)	15,719
	64,302			Ceat Ltd	778
	10,500			Changzhou Xingyu Automotive Lighting Systems Co Ltd	189
	1,514,000			Chaowei Power Holdings Ltd	678
	1,005,009			Cheng Shin Rubber Industry Co Ltd	1,155
	450,400			China Motor Corp	564
	2,616,390			Chongqing Changan Automobile Co Ltd	4,083
	195,958		e	Cie Automotive S.A.	3,450
	131,991			Compagnie Plastic-Omnium S.A.	2,704
	43,409		*	Continental AG.	4,268
	44,826			Cooper Tire & Rubber Co	1,238
	27,553		*	Cooper-Standard Holding, Inc	365

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES				COMPANY	VALUE (000)
	12,589		*	Cub Elecparts, Inc	$	65
	18,500			Daido Metal Co Ltd		94
	17,400			Daikyonishikawa Corp		78
	126,454		*	Daimler AG. (Registered)		5,145
	234,997			Dana Inc		2,865
	162,419			Denso Corp		6,370
	21,000			Depo Auto Parts Ind Co Ltd		37
	242,267		e,g	Dometic Group AB		2,189
	1,649,187		e	Dongfeng Motor Group Co Ltd		995
	37,715		*	Dorman Products, Inc		2,530
	6,393,300			Drb-Hicom BHD		2,575
	12,800			Eagle Industry Co Ltd		86
	56,270			Eicher Motors Ltd		13,663
	69,057		*,e	ElringKlinger AG.		413
	23,401		g	Endurance Technologies Ltd		271
	23,082			Exedy Corp		345
	260,348			Exide Industries Ltd		510
	124,706			Faurecia		4,900
	19,900			FCC Co Ltd		342
	87,542			Ferrari NV		14,996
	800,932			Fiat DaimlerChrysler Automobiles NV		8,104
	3,744,181			Ford Motor Co		22,765
	348,874			Ford Otomotiv Sanayi AS		3,620
	47,680		*	Fox Factory Holding Corp		3,939
	256,932			Fuji Heavy Industries Ltd		5,380
	30,380			Futaba Industrial Co Ltd		128
	66,600		*	Fuyao Glass Industry Group Co Ltd		197
	334,800		*,g	Fuyao Glass Industry Group Co Ltd (Hong Kong)		802
	4,541,302			Geely Automobile Holdings Ltd		7,215
	1,501,273			General Motors Co		37,982
	26,439,191		*,†	General Motors Co		0
	6,062,000		*,†	General Motors Co		0
	24,057,000		*,†	General Motors Co		0
	35,983,677		*,†	General Motors Co		0
	40,684,487	*,†,e		General Motors Co		0
	18,507,434		*,†	General Motors Co		0
	85,268,000	*,†,e		General Motors Co		0
	7,950,000		*,†	General Motors Co		0
	4,230,271	*,†,e		General Motors Co		0
	722,689	*,†,e		General Motors Co		0
	69,907			Gentex Corp		1,801
	77,070		*	Gentherm, Inc		2,998
	88,232		e,g	Gestamp Automocion S.A.		223
	37,385			Global & Yuasa Battery Co Ltd		954
	8,000		*	Global PMX Co Ltd		47
	719,277			Goodyear Tire & Rubber Co		6,434
	1,874,589		e	Great Wall Motor Co Ltd		1,180
	10,900			G-Tekt Corp		106
	1,786,165			Guangzhou Automobile Group Co Ltd (Hong Kong)		1,301
	46,395			GUD Holdings Ltd		371
	21,734			Halla Holdings Corp		487
	47,693			Hankook Tire Co Ltd		987
	102,350			Hanon Systems		776
	329,335			Harley-Davidson, Inc		7,828
	111,268			Hero Honda Motors Ltd		3,760

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	572,090		Honda Motor Co Ltd	$	14,642
	46,990		Hota Industrial Manufacturing Co Ltd		162
	96,900		Huayu Automotive Systems Co Ltd		287
	131,935		Hyundai Mobis		21,178
	102,742		Hyundai Motor Co		8,440
	24,892		Hyundai Motor Co Ltd (2nd Preference)		1,190
	19,157		Hyundai Motor Co Ltd (Preference)		887
	137,640		Hyundai Wia Corp		4,007
	14,500		Ichikoh Industries Ltd		66
	24,500		Indus Motor Co Ltd		145
	275,251		Isuzu Motors Ltd		2,501
	9,496	*	Kayaba Industry Co Ltd		178
	21,106		Keihin Corp		494
	194,455		Kenda Rubber Industrial Co Ltd		194
	658,081		Kia Motors Corp		17,783
	45,616	*	Knorr-Bremse AG.		4,629
	72,187	*	Koito Manufacturing Co Ltd		2,921
	19,041	*	Kumho Tire Co, Inc		48
	49,829		LCI Industries, Inc		5,729
	18,441		Lear Corp		2,010
	15,536	*	Leoni AG.		117
	111,301		Linamar Corp		3,009
	309,814		Magna International, Inc		13,797
	1,678,651		Mahindra & Mahindra Ltd		11,394
	97,214	*	Mahindra CIE Automotive Ltd		151
	224,200		Mahle-Metal Leve S.A. Industria e Comercio		738
	181,439		Mando Corp		3,413
	170,703		Martinrea International, Inc		1,293
	110,981		Maruti Suzuki India Ltd		8,591
	386,082		Mazda Motor Corp		2,333
	12,840		MGI Coutier		208
	696,019	e	Michelin (C.G.D.E.) (Class B)		72,548
	14,541		Minda Industries Ltd		53
	903,536		Minth Group Ltd		2,594
	52,863		Mitsubishi Motors Corp		131
	215,995	*	Modine Manufacturing Co		1,192
	576,171		Motherson Sumi Systems Ltd		725
	25,113	*,e	Motorcar Parts of America, Inc		444
	23,738		Musashi Seimitsu Industry Co Ltd		213
	92,949		Nan Kang Rubber Tire Co Ltd		141
	95,784		Nexen Tire Corp		427
	2,200,000	*	Nexteer Automotive Group Ltd		1,525
	592,320		NGK Spark Plug Co Ltd		8,513
	650,329	*	NHK Spring Co Ltd		4,229
	74,712		Nifco, Inc		1,598
	51,300	*	Ningbo Joyson Electronic Corp		174
	42,400	*	Ningbo Tuopu Group Co Ltd		169
	674,700	*,e	NIO, Inc (ADR)		5,209
	23,153		Nippon Seiki Co Ltd		272
	1,454,816	*	Nissan Motor Co Ltd		5,395
	154,333		Nissan Shatai Co Ltd		1,332
	134,500		Nissin Kogyo Co Ltd		2,736
	30,500	*	Niu Technologies (ADR)		488

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	299,672		NOK Corp	$	3,733
	86,938	e	Nokian Renkaat Oyj		1,911
	21,800		Pacific Industrial Co Ltd		192
	1,016,721	e	Peugeot S.A.		16,673
	1,184,270		Piaggio & C S.p.A.		2,870
	14,494		Piolax Inc		217
	482,637	g	Pirelli & C S.p.A		2,053
	426,016	*	Porsche AG.		24,674
	43,754		Press Kogyo Co Ltd		119
	32,000		Prinx Chengshan Cayman Holding Ltd		32
	65,953,907		PT Astra International Tbk		22,308
	483,600		PT Selamat Sempurna Tbk		36
	944,000		Qingling Motors Co Ltd		172
	58,754		Renault S.A.		1,504
	4,161		Riken Corp		116
	90,005		S&T Daewoo Co Ltd		2,868
	298,100		SAIC Motor Corp Ltd		719
	115,920		Sanyang Industry Co Ltd		84
	42,200		Shandong Linglong Tyre Co Ltd		121
	13,800		Shoei Co Ltd		346
	25,937		Showa Corp		536
	48,434	†	SL Corp		575
	882,880		Sri Trang Agro-Industry PCL (Foreign)		778
	23,403		Standard Motor Products, Inc		964
	10,335		Stanley Electric Co Ltd		250
	202,888	*	Stoneridge, Inc		4,192
	528,693		Sumitomo Electric Industries Ltd		6,099
	95,959	e	Sumitomo Rubber Industries, Inc		950
	10,366		Sundram Fasteners Ltd		51
	519,024		Suzuki Motor Corp		17,723
	14,000		Tachi-S Co Ltd		113
	9,465,410	*	Tata Motors Ltd		12,414
	979,496	*,e	Tata Motors Ltd (ADR)		6,435
	11,100		Teikoku Piston Ring Co Ltd		138
	79,280	*	Tenneco, Inc		599
	368,419	*	Tesla, Inc		397,823
	96,066		Thor Industries, Inc		10,234
	120,411	e,g	TI Fluid Systems plc		277
	6,204,000	e	Tianneng Power International Ltd		10,640
	30,047		Tokai Rika Co Ltd		437
	200,035		Tokai Rubber Industries, Inc		1,162
	77,699		Tong Yang Industry Co Ltd		97
	16,868		Topre Corp		189
	326,603	e	Toyo Tire & Rubber Co Ltd		4,408
	110,450		Toyoda Gosei Co Ltd		2,308
	36,895		Toyota Boshoku Corp		498
	39,678		Toyota Industries Corp		2,109
	4,223,120		Toyota Motor Corp		265,567
	7,465		Trigano S.A.		786
	22,900		TS Tech Co Ltd		631
	67,424		Tube Investments of India Ltd		397
	15,300	*	Tupy S.A.		54
	60,300		UMW Holdings BHD		36
	19,600		Unipres Corp		172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	357,040	e	Valeo S.A.	$	9,417
	24,630	*	Visteon Corp		1,687
	43,766	*	Volkswagen AG.		7,066
	40,464	*	Volkswagen AG. (Preference)		6,151
	5,009		WABCO India Ltd		457
	16,900		Weifu High-Technology Group Co Ltd		50
	57,744		Winnebago Industries, Inc		3,847
	109,177	*,e	Workhorse Group, Inc		1,899
	2,031,657		Xingda International Holdings Ltd		395
	2,873,353		Xinyi Glass Holdings Co Ltd		3,546
	27,339	*	XPEL, Inc		428
	234,000	*,g	Yadea Group Holdings Ltd		160
	497,574		Yamaha Motor Co Ltd		7,837
	9,370	e	Yokohama Rubber Co Ltd		132
	6,200		Yorozu Corp		61
	198,000		Yulon Motor Co Ltd		146
	200,500	*	Zhejiang Century Huatong Group Co Ltd		435
			TOTAL AUTOMOBILES & COMPONENTS		1,538,442

BANKS - 5.6%
	6,562		1st Constitution Bancorp		81
	52,611		1st Source Corp		1,872
	171,866		77 Bank Ltd		2,563
	41,372		Aareal Bank AG.		808
	20,034	*	Aavas Financiers Ltd		354
	55,354	g	ABN AMRO Group NV (ADR)		476
	574,557		Absa Group Ltd		2,836
	2,242,155		Abu Dhabi Commercial Bank PJSC		3,038
	5,988		ACNB Corp		157
	207,695	e	Addiko Bank AG.		1,505
	55,942,649	*	Agricultural Bank of China Ltd		22,642
	2,560,800	*	Agricultural Bank of China Ltd (Class A)		1,226
	26,724,353		AIB Group plc		33,743
	3,647		Aichi Bank Ltd		94
	2,474,119	*	Akbank TAS		2,195
	7,100		Akita Bank Ltd		96
	144,147		Aktia Bank Oyj		1,431
	1,597,813		Al Rajhi Bank		24,160
	1,766,296	*	Alinma Bank		6,862
	21,665	*	Alior Bank S.A.		89
	18,217		Allegiance Bancshares, Inc		463
	199,800		Alliance Financial Group BHD		102
	309,431	*	Alpha Bank AE		232
	315,270	*,†	Amagerbanken AS		0
	51,479		Amalgamated Bank		651
	17,557	*,e	Amerant Bancorp Inc		264
	8,982		American National Bankshares, Inc		225
	111,161		Ameris Bancorp		2,622
	7,012		Ames National Corp		138
	3,415,986		AMMB Holdings BHD		2,489
	9,100		Aomori Bank Ltd		190
	51,149	e	Aozora Bank Ltd		892
	467,820		Arab National Bank		2,382

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES				COMPANY	VALUE (000)
	18,353			Arrow Financial Corp	$	546
	17,980		e	Aruhi Corp		257
	1,832,602			Ashikaga Holdings Co Ltd		4,269
	30,121			Associated Banc-Corp		412
	112,225		*	Atlantic Capital Bancshares, Inc		1,365
	218,134			Atlantic Union Bankshares Corp		5,052
	123,793		g	AU Small Finance Bank Ltd		887
	2,028			Auburn National Bancorporation, Inc		116
	3,504,638			Australia & New Zealand Banking Group Ltd		45,473
	25,744			Awa Bank Ltd		580
	2,140,821			Axis Bank Ltd		11,581
	86,347		*	Axos Financial, Inc		1,907
	42,170			Banc of California, Inc		457
	1,011,883		*,e	Banca Monte dei Paschi di Siena S.p.A		1,803
	750,678		e	Banca Popolare dell'Emilia Romagna Scrl		1,877
	518,339		*	Banca Popolare di Sondrio SCARL		983
	50,340			Bancfirst Corp		2,042
	1,079,311		e	Banche Popolari Unite Scpa		3,543
	428,854			Banco ABC Brasil S.A.		1,110
	15,500		*,e	Banco BBVA Argentina S.A. (ADR)		58
	874,526			Banco Bilbao Vizcaya Argentaria S.A.		3,011
	1,235,572			Banco BPM S.p.A.		1,851
	1,630,091			Banco Bradesco S.A.		5,683
	5,316,045			Banco Bradesco S.A. (Preference)		20,235
	43,652,553		*,e	Banco Comercial Portugues S.A.		5,244
	27,557,232			Banco de Chile		2,432
	34,992			Banco de Credito e Inversiones		1,189
	3,295,514			Banco de Oro Universal Bank		6,503
	4,862,717			Banco de Sabadell S.A.		1,708
	1,343,300	*,e,g		Banco del Bajio S.A.		1,142
	2,907,082			Banco do Brasil S.A.		17,187
	46,400			Banco do Estado do Rio Grande do Sul		116
	16,063,377		*,†	Banco Espirito Santo S.A.		180
	408,400			Banco Inter SA		3,094
	10,840,047			Banco Itau Holding Financeira S.A.		50,731
	9,900		*	Banco Macro S.A. (ADR) (Class B)		184
	2,432,100			Banco Pan S.A.		3,936
	711,148			Banco Santander Brasil S.A.		3,664
	38,580,195			Banco Santander Chile S.A.		1,578
	426,490			Banco Santander S.A.		1,053
	4,964,193			Banco Santander S.A. (AQXE)		12,145
	153,987			BanColombia S.A.		983
	674,532			BanColombia S.A. (Preference)		4,433
	212,445			BancorpSouth Bank		4,831
	311,380		*,g	Bandhan Bank Ltd		1,328
	1,170,500			Bangkok Bank PCL (Foreign)		4,079
	325,086			Bank AlBilad		1,925
	1,088,600			Bank Alfalah Ltd		219
	744,691			Bank Al-Jazira		2,249
	5,453		e	Bank First Corp		350
	7,412		*	Bank Handlowy w Warszawie S.A.		72
	268,901			Bank Hapoalim Ltd		1,608
	342,418			Bank Leumi Le-Israel		1,722
	138,713		*	Bank Millennium S.A.		107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	14,928,805		Bank of America Corp	$	354,559
	644,300		Bank of Beijing Co Ltd		447
	89,480		Bank of Chengdu Co Ltd		101
	1,430,100	*	Bank of China Ltd		705
	98,734,572	*	Bank of China Ltd (Hong Kong)		36,575
	14,096		Bank of Commerce Holdings		107
	1,407,700		Bank of Communications Co Ltd		1,022
	19,636,846	*	Bank of Communications Co Ltd (Hong Kong)		12,159
	1,284,383		Bank of East Asia Ltd		2,944
	20,317		Bank of Georgia Group plc		271
	243,900		Bank of Hangzhou Co Ltd		309
	8,799		Bank of Hawaii Corp		540
	33,387,095		Bank of Ireland Group plc		68,795
	7,359		Bank of Iwate Ltd		178
	465,400		Bank of Jiangsu Co Ltd		374
	106,394		Bank of Kaohsiung		35
	236,324		Bank of Kyoto Ltd		8,397
	38,277		Bank of Marin Bancorp		1,276
	547,955		Bank of Montreal		29,166
	5,710		Bank of Nagoya Ltd		123
	377,700		Bank of Nanjing Co Ltd		392
	4,346,288		Bank of New York Mellon Corp		167,984
	1,514,683		Bank of Ningbo Co Ltd		5,644
	1,245,125	e	Bank of Nova Scotia		51,526
	311,692		Bank of NT Butterfield & Son Ltd		7,602
	10,700		Bank of Okinawa Ltd		309
	4,582		Bank of Princeton		92
	244,440	e	Bank of Queensland Ltd		1,050
	571,468		Bank of Shanghai Co Ltd		672
	739,846		Bank of the Philippine Islands		1,072
	20,505		Bank of the Ryukyus Ltd		183
	26,474		Bank OZK		621
	149,904		Bank Pekao S.A.		2,054
	86,670,357		Bank Rakyat Indonesia		18,499
	28,907	*	Bank Zachodni WBK S.A.		1,291
	3,603		Bank7 Corp		39
	36,202		BankFinancial Corp		304
	2,728,505		Bankia S.A.		2,917
	714,091		Bankinter S.A.		3,423
	193,799		BankUnited		3,924
	4,832		Bankwell Financial Group, Inc		77
	76,787		Banner Corp		2,918
	53,212		Banque Cantonale Vaudoise		5,182
	802,601		Banque Saudi Fransi		6,132
	47,397		Bar Harbor Bankshares		1,061
	12,529,244		Barclays plc		17,676
	1,435,443	*,g	BAWAG Group AG.		49,669
	11,439	*	Baycom Corp		148
	11,116		BCB Bancorp, Inc		103
	473,831	e	Bendigo Bank Ltd		2,314
	221,309		Berkshire Hills Bancorp, Inc		2,439
	120,500		BIMB Holdings BHD		96
	969,356		BNP Paribas S.A.		38,730

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,424,816		BOC Hong Kong Holdings Ltd	$	14,168
	5,139	*	Bogota Financial Corp		45
	6,176		BOK Financial Corp		349
	76,010		Boston Private Financial Holdings, Inc		523
	11,393		BRE Bank S.A.		666
	20,076		Bridge Bancorp, Inc		459
	57,845	*	Bridgewater Bancshares, Inc		593
	223,758		Brookline Bancorp, Inc		2,255
	19,149		Bryn Mawr Bank Corp		530
	247,813		BS Financial Group, Inc		1,041
	5,344,822		Bumiputra-Commerce Holdings BHD		4,459
	18,126		Business First Bancshares, Inc		278
	22,083		Byline Bancorp, Inc		289
	2,865		C&F Financial Corp		95
	481,597		Cadence BanCorp		4,267
	3,816,913		CaixaBank S.A.		8,165
	6,635	*	California Bancorp, Inc		99
	7,672		Cambridge Bancorp		454
	12,757		Camden National Corp		441
	55,439		Can Fin Homes Ltd		248
	517,918	e	Canadian Imperial Bank of Commerce		34,617
	190,936	e	Canadian Western Bank		3,326
	7,115	*	Capital Bancorp, Inc		76
	17,076		Capital City Bank Group, Inc		358
	247,617		Capitec Bank Holdings Ltd		12,307
	240,636		Capitol Federal Financial		2,649
	12,574		Capstar Financial Holdings, Inc		151
	30,229		Carter Bank & Trust		244
	191,282		Cathay General Bancorp		5,031
	4,307		CB Financial Services, Inc		94
	24,195		CBTX, Inc		508
	389,669		Central Pacific Financial Corp		6,246
	9,019		Central Valley Community Bancorp		139
	2,614		Century Bancorp, Inc		203
	3,685,056		Chang Hwa Commercial Bank		2,425
	2,742		Chemung Financial Corp		75
	79,254		Chiba Bank Ltd		375
	28,895,481		China Citic Bank		12,662
	150,900		China CITIC Bank Corp Ltd		110
	5,160,182		China Construction Bank Corp		4,614
	123,931,159		China Construction Bank Corp (Hong Kong)		100,803
	1,569,600		China Everbright Bank Co Ltd		796
	6,976,685		China Everbright Bank Co Ltd (Hong Kong)		2,634
	3,157,896		China Merchants Bank Co Ltd		14,634
	5,173,432		China Merchants Bank Co Ltd (Class A)		24,768
	1,495,400	*	China Minsheng Banking Corp Ltd		1,201
	3,605,719	*	China Minsheng Banking Corp Ltd (Hong Kong)		2,482
	11,536,422		Chinatrust Financial Holding Co		7,995
	5,973		ChoiceOne Financial Services, Inc		177
	1,686,084		Chongqing Rural Commercial Bank		667
	82,400		Chugoku Bank Ltd		765
	5,100		Chukyo Bank Ltd		102
	228,193		CIT Group, Inc		4,730
	6,082,085		Citigroup, Inc		310,795

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,109		Citizens & Northern Corp	$	229
	2,529,500		Citizens Financial Group, Inc		63,845
	4,084		Citizens Holding Co		102
	16,917		City Holding Co		1,102
	281,260		City Union Bank Ltd		452
	38,785		Civista Bancshares, Inc		597
	18,747		CNB Financial Corp		336
	7,466	*	Coastal Financial Corp		108
	8,138		Codorus Valley Bancorp, Inc		113
	1,033,955	*,e	Collector AB		1,508
	5,751		Colony Bankcorp Inc		68
	64,208		Columbia Banking System, Inc		1,820
	50,775	*	Columbia Financial, Inc		709
	42,461		Comerica, Inc		1,618
	21,706		Commerce Bancshares, Inc		1,291
	4,227,131		Commercial Bank of Qatar QSC		4,413
	2,419,960		Commercial International Bank		9,683
	1,086,886	e	Commerzbank AG.		4,844
	1,785,156		Commonwealth Bank of Australia		86,213
	84,424		Community Bank System, Inc		4,814
	12,140		Community Bankers Trust Corp		67
	3,581		Community Financial Corp		87
	13,838		Community Trust Bancorp, Inc		453
	84,860		Concordia Financial Group Ltd		273
	148,965		ConnectOne Bancorp, Inc		2,401
	336,318,916		Corpbanca S.A.		909
	4,348		County Bancorp, Inc		91
	181,901		Credicorp Ltd (NY)		24,315
	2,449,862		Credit Agricole S.A.		23,263
	46,714	*	Credito Emiliano S.p.A.		231
	162,670	*	Credito Valtellinese S.p.A		966
	57,099	*,e	CrossFirst Bankshares, Inc		558
	12,207		Cullen/Frost Bankers, Inc		912
	140,526	*	Customers Bancorp, Inc		1,689
	205,472		CVB Financial Corp		3,851
	1,194,620	*	CYBG plc		1,358
	5,646,074	*,†	Cyprus Popular Bank Public Co Ltd		63
	247,627		Dah Sing Banking Group Ltd		227
	71,908		Dah Sing Financial Holdings Ltd		202
	18,286		Daishi Hokuetsu Financial Group, Inc		371
	310,763		Danske Bank AS		4,154
	1,739,246		DBS Group Holdings Ltd		26,170
	8,587		Delmar Bancorp		56
	145,966	g	Deutsche Pfandbriefbank AG.		1,068
	33,322	*	Development Credit Bank Ltd		33
	39,188		DGB Financial Group Co Ltd		169
	44,565		Dime Community Bancshares		612
	326,752		DNB NOR Holding ASA		4,361
	344,417	*	Doha Bank QSC		194
	4,185,220		Dubai Islamic Bank PJSC		4,368
	8,205,296		E.Sun Financial Holding Co Ltd		7,772
	5,464		Eagle Bancorp Montana, Inc		95
	43,439		Eagle Bancorp, Inc		1,423

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	120,218		East West Bancorp, Inc	$	4,357
	14,975		Ehime Bank Ltd		162
	1,119,030		Emirates NBD Bank PJSC		2,726
	6,805		Enterprise Bancorp, Inc		162
	67,494		Enterprise Financial Services Corp		2,100
	13,463		Equitable Group, Inc		708
	19,486	*	Equity Bancshares, Inc		340
	388,097	*	Erste Bank der Oesterreichischen Sparkassen AG.		9,166
	5,131	*	Esquire Financial Holdings, Inc		87
	6,855		ESSA Bancorp, Inc		95
	389,114		Essent Group Ltd		14,113
	578,659	*	Eurobank Ergasias S.A.		268
	4,198		Evans Bancorp, Inc		98
	454,777		Far Eastern International Bank		172
	7,683	e	Farmers & Merchants Bancorp, Inc		163
	31,858		Farmers National Banc Corp		378
	16,492	e	FB Financial Corp		409
	13,759		Federal Agricultural Mortgage Corp (FAMC)		881
	328,250		Federal Bank Ltd		222
	41,277		FIBI Holdings Ltd		1,007
	3,403	e	Fidelity D&D Bancorp, Inc		164
	2,823,422		Fifth Third Bancorp		54,436
	31,512		Financial Institutions, Inc		586
	1,058,933		FinecoBank Banca Fineco S.p.A		14,332
	75,717		First Bancorp (NC)		1,899
	593,560		First Bancorp (Puerto Rico)		3,318
	10,178		First Bancorp, Inc		221
	26,308		First Bancshares, Inc		592
	11,725		First Bank		76
	129,838		First Busey Corp		2,421
	6,092		First Business Financial Services, Inc		100
	2,897	e	First Capital Inc		201
	6,283		First Choice Bancorp		103
	4,290		First Citizens Bancshares, Inc (Class A)		1,738
	360,427		First Commonwealth Financial Corp		2,984
	19,589		First Community Bancshares, Inc		440
	6,222		First Community Corp		94
	161,088		First Financial Bancorp		2,238
	124,043		First Financial Bankshares, Inc		3,584
	12,164		First Financial Corp		448
	5,630,342		First Financial Holding Co Ltd		4,341
	193,750		First Foundation, Inc		3,166
	303	e	First Guaranty Bancshares, Inc		4
	324,398		First Hawaiian, Inc		5,593
	62,520		First Horizon National Corp		623
	197,303		First International Bank Of Israel Ltd		4,188
	18,624		First Internet Bancorp		310
	140,012		First Interstate Bancsystem, Inc		4,335
	224,429		First Merchants Corp		6,188
	13,223		First Mid-Illinois Bancshares, Inc		347
	268,884		First Midwest Bancorp, Inc		3,590
	20,578	e	First National Financial Corp		428
	7,378		First Northwest Bancorp		92
	45,123		First of Long Island Corp		737

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	412,041		First Republic Bank	$	43,672
	1,634		First Savings Financial Group, Inc		71
	5,881	*	First United Corp		78
	5,482	*	First Western Financial, Inc		78
	195,211		Flagstar Bancorp, Inc		5,745
	33,944		Flushing Financial Corp		391
	68,698		FNB Corp		515
	14,166		FNCB Bancorp Inc		81
	44,066		Franklin Financial Network, Inc		1,135
	3,132		Franklin Financial Services Corp		81
	3,632		FS Bancorp, Inc		140
	52,231		Fukuoka Financial Group, Inc		826
	205,235		Fulton Financial Corp		2,161
	8,475	*	FVCBankcorp, Inc		91
	44,430	e	Genworth MI Canada, Inc		1,087
	1,193,327		Genworth Mortgage Insurance Australia Ltd		1,716
	22,083		German American Bancorp, Inc		687
	211,994		Glacier Bancorp, Inc		7,481
	14,353		Great Southern Bancorp, Inc		579
	176,355		Great Western Bancorp, Inc		2,427
	3,349		Greene County Bancorp, Inc		75
	5,305,869	*,e	Grupo Financiero Banorte S.A. de C.V.		18,403
	24,300	*,e	Grupo Financiero Galicia S.A. (ADR) (Class B)		236
	1,772,665	*	Grupo Financiero Inbursa S.A.		1,230
	2,105,417		Grupo Security S.A.		377
	13,200	e	Grupo Supervielle S.A. (ADR)		29
	7,491		Guaranty Bancshares, Inc		194
	306,200		Gunma Bank Ltd		975
	357,100		Habib Bank Ltd		206
	201,800		Hachijuni Bank Ltd		768
	683,977		Hana Financial Group, Inc		15,555
	207,431		Hancock Whitney Corp		4,398
	946,385		Hang Seng Bank Ltd		15,939
	42,461		Hanmi Financial Corp		412
	74,325	*	HarborOne Northeast Bancorp, Inc		635
	4,326		Hawthorn Bancshares Inc		85
	16,596		HBT Financial, Inc		221
	165,388		HDFC Bank Ltd (ADR)		7,519
	96,926		Heartland Financial USA, Inc		3,241
	297,444		Heritage Commerce Corp		2,232
	33,071		Heritage Financial Corp		661
	363,438		Hilltop Holdings, Inc		6,705
	1,410		Hingham Institution for Savings		237
	132,802		Hiroshima Bank Ltd		628
	10,300		Hokkoku Bank Ltd		274
	79,460		Hokuhoku Financial Group, Inc		660
	7,151		Home Bancorp, Inc		191
	169,178		Home Bancshares, Inc		2,602
	57,605	*	Home Capital Group, Inc		856
	21,264		HomeStreet, Inc		523
	56,421		HomeTrust Bancshares, Inc		903
	477,620		Hong Leong Bank BHD		1,577
	137,873		Hong Leong Credit BHD		424

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	147,739		Hope Bancorp, Inc	$	1,362
	133,807		Horizon Bancorp		1,430
	2,167,946		Housing Development Finance Corp		50,409
	10,574	*	Howard Bancorp, Inc		112
	4,974,472		HSBC Holdings plc		23,119
	4,360,157		Hua Nan Financial Holdings Co Ltd		2,968
	352,100		Huaxia Bank Co Ltd		305
	255,527		Huntington Bancshares, Inc		2,309
	305,282		Hyakugo Bank Ltd		932
	63,197		Hyakujushi Bank Ltd		1,142
	118,192		IBERIABANK Corp		5,382
	5,512,586		ICICI Bank Ltd		25,700
	995,600		ICICI Bank Ltd (ADR)		9,249
	484,788	*	IDFC Bank Ltd		165
	32,259	*	Illimity Bank S.p.A		267
	45,187		Independent Bank Corp (MA)		3,032
	134,097		Independent Bank Corp (MI)		1,991
	117,588		Independent Bank Group, Inc		4,765
	26,334		India Infoline Ltd		26
	1,885,600		Industrial & Commercial Bank of China Ltd		1,330
	74,730,506		Industrial & Commercial Bank of China Ltd (Hong Kong)		45,180
	781,471	*	Industrial Bank Co Ltd		1,749
	176,789		Industrial Bank of Korea		1,201
	24,091,713		ING Groep NV		167,941
	750,000	*	ING Groep NV (ADR)		5,175
	47,225		International Bancshares Corp		1,512
	16,653,938		Intesa Sanpaolo S.p.A.		32,004
	7,201		Investar Holding Corp		104
	5,463,078		Investimentos Itau S.A. - PR		9,634
	634,328		Investors Bancorp, Inc		5,392
	627,647		Israel Discount Bank Ltd		1,914
	469,700	e	Iyo Bank Ltd		2,875
	80,131		Japan Post Bank Co Ltd		596
	476,886		JB Financial Group Co Ltd		1,891
	135,000	*	Jiangsu Changshu Rural Commercial Bank Co Ltd		144
	10,594,362	n	JPMorgan Chase & Co		996,506
	91,961		Juroku Bank Ltd		1,676
	31,354	*	Jyske Bank		923
	80,000		Kansai Mirai Financial Group, Inc		301
	428,259		Karur Vysya Bank Ltd		192
	1,346,034		Kasikornbank PCL (Foreign)		4,069
	654,587		KB Financial Group, Inc		18,531
	218,136		KBC Groep NV		12,532
	95,832		Kearny Financial Corp		784
	49,448		Keiyo Bank Ltd		239
	249,667		Keycorp		3,041
	48,932		Kiatnakin Bank PCL (Foreign)		64
	1,011,000		King's Town Bank		1,234
	33,419		Kiyo Bank Ltd		509
	61,369		Komercni Banka AS		1,432
	3,352,248		Krung Thai Bank PCL (Foreign)		1,121
	195,600	e	Kyushu Financial Group, Inc		828
	231,943		Lakeland Bancorp, Inc		2,651

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	21,209		Lakeland Financial Corp	$	988
	3,215		Landmark Bancorp, Inc		79
	48,809	e	Laurentian Bank of Canada		1,028
	10,301		LCNB Corp		164
	10,874	*,e	LendingTree, Inc		3,148
	3,834		Level One Bancorp, Inc		64
	3,083,994	*	Liberbank S.A.		512
	212,873		LIC Housing Finance Ltd		749
	6,574	e	Liechtensteinische Landesbank AG.		404
	4,428	*	Limestone Bancorp, Inc		58
	47,863	e	Live Oak Bancshares, Inc		694
	79,451,115		Lloyds TSB Group plc		30,649
	19,257		Luther Burbank Corp		193
	28,481		M&T Bank Corp		2,961
	27,220		Macatawa Bank Corp		213
	6,860		Mackinac Financial Corp		71
	5,556	*	MainStreet Bancshares Inc		73
	3,161,705		Malayan Banking BHD		5,555
	371,238	*	Malaysia Building Society		54
	4,271,187		Masraf Al Rayan		4,491
	413,500		MCB Bank Ltd		401
	2,217,054		Mediobanca S.p.A.		16,010
	8,398,363		Mega Financial Holding Co Ltd		8,828
	25,319		Mercantile Bank Corp		572
	26,341		Merchants Bancorp		487
	313,568		Meridian Bancorp, Inc		3,637
	4,651	*	Meridian Corp		74
	116,307		Meta Financial Group, Inc		2,113
	15,305	e	Metrocity Bankshares, Inc		219
	3,086,551		Metropolitan Bank & Trust		2,306
	23,135	*	Metropolitan Bank Holding Corp		742
	775,651		MGIC Investment Corp		6,353
	5,282		Mid Penn Bancorp, Inc		97
	5,156		Middlefield Banc Corp		107
	17,485		Midland States Bancorp, Inc		261
	24,226		MidWestOne Financial Group, Inc		485
	8,885,761		Mitsubishi UFJ Financial Group, Inc		34,970
	6,900		Miyazaki Bank Ltd		153
	36,583		Mizrahi Tefahot Bank Ltd		687
	9,466,037		Mizuho Financial Group, Inc		11,644
	3,640	*	MMA Capital Holdings Inc		84
	2,184,399	g	Moneta Money Bank AS		4,947
	207,815	*	Mr Cooper Group, Inc		2,585
	26,868		Musashino Bank Ltd		385
	7,912		MVB Financial Corp		105
	14,849		Nanto Bank Ltd		289
	3,674,907		National Australia Bank Ltd		46,570
	241,104		National Bank Holdings Corp		6,510
	2,189,137		National Bank of Abu Dhabi PJSC		6,791
	392,407	e	National Bank of Canada		17,782
	122,191	*	National Bank of Greece S.A.		173
	92,500	*	National Bank Of Pakistan		15
	5,307		National Bankshares, Inc		152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,070,676		National Commercial Bank	$	20,650
	122,677		NBT Bancorp, Inc		3,774
	284,844		Nedbank Group Ltd		1,670
	696,115		New York Community Bancorp, Inc		7,100
	21,381	g	NIBC Holding NV		167
	14,428	*	Nicolet Bankshares, Inc		791
	403,710		Nishi-Nippon Financial Holdings, Inc		2,729
	357,080	*	NMI Holdings, Inc		5,742
	2,720,389	*	Nordea Bank Abp		18,867
	132,097		North Pacific Bank Ltd		255
	6,536		Northeast Bank		115
	57,991		Northfield Bancorp, Inc		668
	5,182		Northrim BanCorp, Inc		130
	195,564		Northwest Bancshares, Inc		2,000
	334,415		Norwegian Finans Holding ASA		2,308
	3,527		Norwood Financial Corp		87
	492,388	*	Nova Ljubljanska Banka dd (ADR)		4,241
	6,548	e	Oak Valley Bancorp		83
	218,000		O-Bank Co Ltd		53
	153,485		OceanFirst Financial Corp		2,706
	931		Oconee Federal Financial Corp		24
	142,425	e	OFG Bancorp		1,904
	17,607		Ogaki Kyoritsu Bank Ltd		372
	3,538		Ohio Valley Banc Corp		80
	32,848		Oita Bank Ltd		727
	290,025		Old National Bancorp		3,991
	80,966		Old Second Bancorp, Inc		630
	1,323,055		OneSavings Bank plc		4,349
	4,100		OP Bancorp		28
	24,756		Origin Bancorp, Inc		545
	8,624		Orrstown Financial Services, Inc		127
	299,477	*	OTP Bank		10,528
	4,778,076		Oversea-Chinese Banking Corp		31,142
	121,660		Pacific Premier Bancorp, Inc		2,638
	111,102		PacWest Bancorp		2,190
	449,497		Paragon Group of Cos plc		1,953
	23,565		Park National Corp		1,659
	8,137		Parke Bancorp, Inc		110
	10,545		PCB Bancorp		109
	53,383		PCSB Financial Corp		677
	6,039	*	PDL Community Bancorp		61
	77,403		Peapack Gladstone Financial Corp		1,450
	6,206		Penns Woods Bancorp, Inc		141
	124,600		PennyMac Financial Services, Inc		5,207
	3,774		Peoples Bancorp of North Carolina, Inc		67
	26,789		Peoples Bancorp, Inc		570
	6,827		Peoples Financial Services Corp		261
	129,692		People's United Financial, Inc		1,501
	15,414		People's Utah Bancorp		346
	5,418,458	*,e	Permanent TSB Group Holdings plc		3,103
	684,951		Ping An Bank Co Ltd		1,244
	15,583		Pinnacle Financial Partners, Inc		654
	10,694	*	Pioneer Bancorp, Inc		98
	61,706	*	Piraeus Bank S.A.		110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,010		Plumas Bancorp	$	89
	11,710	g	PNB Housing Finance Ltd		32
	1,425,036		PNC Financial Services Group, Inc		149,928
	190,498		Popular, Inc		7,081
	19,425,000	g	Postal Savings Bank of China Co Ltd		11,193
	736,002		Powszechna Kasa Oszczednosci Bank Polski S.A.		4,286
	12,643		Preferred Bank		542
	10,316		Premier Financial Bancorp, Inc		132
	148,796		Premier Financial Corp		2,629
	1,694	*	Professional Holding Corp		24
	58,807		Prosperity Bancshares, Inc		3,492
	5,204		Provident Bancorp Inc		41
	4,274		Provident Financial Holdings, Inc		57
	288,512		Provident Financial Services, Inc		4,169
	4,724		Prudential Bancorp, Inc		57
	12,967,474		PT Bank Central Asia Tbk		25,945
	613,800		PT Bank Jabar Banten Tbk		33
	14,405,705		PT Bank Mandiri Persero Tbk		5,002
	5,556,919		PT Bank Negara Indonesia		1,795
	716,400		PT Bank Pembangunan Daerah Jawa Timur Tbk		25
	939,400		PT Bank Tabungan Negara Tbk		83
	407,800		PT Bank Tabungan Pensiunan Nasional Syariah Tbk		91
	2,322,489		Public Bank BHD		8,968
	681,902		Qatar International Islamic Bank QSC		1,524
	1,466,857		Qatar Islamic Bank SAQ		6,359
	5,179,655		Qatar National Bank		24,835
	52,323		QCR Holdings, Inc		1,631
	259,300		Qingdao Rural Commercial Bank Corp		163
	1,006,005		Radian Group, Inc		15,603
	584,864	*,e	Raiffeisen International Bank Holding AG.		10,453
	13,573		RBB Bancorp		185
	79,218	g	RBL Bank Ltd		183
	5,010		Red River Bancshares Inc		220
	1,171,400	*,e	Regional SAB de C.V.		3,152
	250,121		Regions Financial Corp		2,781
	28,968		Reliant Bancorp Inc		472
	68,569		Renasant Corp		1,707
	9,140		Republic Bancorp, Inc (Class A)		299
	32,974	*	Republic First Bancorp, Inc		80
	1,238,758		Resona Holdings, Inc		4,239
	1,280,639		RHB Capital BHD		1,435
	10,685		Richmond Mutual Bancorporation, Inc		120
	77,713		Ringkjoebing Landbobank A.S.		5,506
	16,237		Riverview Bancorp, Inc		92
	1,168,385		Riyad Bank		5,268
	5,200	*,†	Roskilde Bank		0
	1,780,286		Royal Bank of Canada		120,788
	6,718,794		Royal Bank of Scotland Group plc		10,087
	61,894		S&T Bancorp, Inc		1,451
	2,198		Salisbury Bancorp, Inc		90
	773,485		Samba Financial Group		5,562
	8,300		San ju San Financial Group, Inc		102
	131,350		Sandy Spring Bancorp, Inc		3,255

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	76,864		San-In Godo Bank Ltd	$	388
	608,993		Saudi British Bank		3,711
	6,147		SB Financial Group, Inc		102
	6,182		SB One Bancorp		122
	5,171,596	*	Sberbank of Russia (ADR)		58,646
	46,333	*	Seacoast Banking Corp of Florida		945
	96,630		Security Bank Corp		201
	8,095	*	Security National Financial Corp		55
	13,194	*	Select Bancorp, Inc		107
	106,780		Senshu Ikeda Holdings, Inc		159
	41,835		ServisFirst Bancshares, Inc		1,496
	451,617		Seven Bank Ltd		1,238
	2,672,393		Shanghai Commercial & Savings Bank Ltd		4,145
	1,104,800	*	Shanghai Pudong Development Bank Co Ltd		1,656
	44,200		Shiga Bank Ltd		984
	15,478		Shikoku Bank Ltd		113
	580,770		Shinhan Financial Group Co Ltd		14,035
	132,758	*	Shinsei Bank Ltd		1,606
	37,246		Shizuoka Bank Ltd		240
	10,626		Shore Bancshares, Inc		118
	1,974,900		Siam Commercial Bank PCL (ADR)		4,655
	935,897		Siam Commercial Bank PCL (Foreign)		2,227
	25,664		Sierra Bancorp		485
	87,908		Signature Bank		9,399
	47,388	*	Silvergate Capital Corp		663
	271,764		Simmons First National Corp (Class A)		4,650
	21,992,617		SinoPac Financial Holdings Co Ltd		8,129
	382,870	g	Skandiabanken ASA		2,507
	3,044,351		Skandinaviska Enskilda Banken AB (Class A)		26,427
	11,746		SmartFinancial, Inc		190
	120,218		Societe Generale		2,010
	18,856		South Plains Financial Inc		269
	137,253		South State Corp		6,541
	9,725	*	Southern First Bancshares, Inc		269
	8,280		Southern Missouri Bancorp, Inc		201
	57,023		Southern National Bancorp of Virginia, Inc		553
	42,447		Southside Bancshares, Inc		1,177
	49,433		Spar Nord Bank AS		394
	81,104		Sparebank Oestlandet		740
	96,052		SpareBank SR-Bank ASA		703
	127,182		Sparebanken Midt-Norge		1,040
	406,176		Sparebanken Nord-Norge		2,636
	14,983	*	Spirit of Texas Bancshares, Inc		184
	1,613	e	St Galler Kantonalbank		722
	3,346		Standard AVB Financial Corp		78
	1,675,022		Standard Bank Group Ltd		10,111
	3,881,516		Standard Chartered plc		21,041
	1,544,522	*	State Bank of India		3,659
	38,652		Sterling Bancorp		453
	12,473		Sterling Bancorp, Inc		45
	52,876		Stock Yards Bancorp, Inc		2,126
	4,249,185		Sumitomo Mitsui Financial Group, Inc		119,920
	603,445		Sumitomo Mitsui Trust Holdings, Inc		17,005
	8,635		Summit Financial Group, Inc		142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,224,692	e	Suruga Bank Ltd	$	4,305
	15,138	*	SVB Financial Group		3,263
	704,936		Svenska Handelsbanken AB		6,694
	118,620		Swedbank AB (A Shares)		1,523
	33,396		Sydbank AS		620
	30,649		Synovus Financial Corp		629
	538,303		Taichung Commercial Bank		213
	5,375,613		Taishin Financial Holdings Co Ltd		2,444
	3,111,075		Taiwan Business Bank		1,144
	6,849,573		Taiwan Cooperative Financial Holding		4,835
	1,128,045		TCF Financial Corp		33,187
	667,752		TCS Group Holding plc (ADR)		13,555
	8,459		Territorial Bancorp, Inc		201
	86,585	*	Texas Capital Bancshares, Inc		2,673
	6,228		Texcell-NetCom Co Ltd		32
	171,947		TFS Financial Corp		2,461
	2,511,900		Thanachart Capital PCL		2,908
	328,580	*	The Bancorp, Inc		3,220
	128,186	e	Timbercreek Financial Corp		811
	4,890		Timberland Bancorp, Inc		89
	24,804,654		TMB Bank PCL (Foreign)		848
	90,643		Toho Bank Ltd		188
	107,970		Tokyo TY Financial Group, Inc		1,106
	70,064		Tomony Holdings, Inc		225
	13,008		Tompkins Financial Corp		843
	2,332,035		Toronto-Dominion Bank		104,079
	14,800		Towa Bank Ltd		96
	136,353		Towne Bank		2,569
	34,923		Trico Bancshares		1,063
	153,158	*	Tristate Capital Holdings, Inc		2,406
	20,800	*	Triumph Bancorp, Inc		505
	3,858,441		Truist Financial Corp		144,884
	414,157		Trustco Bank Corp NY		2,622
	104,404		Trustmark Corp		2,560
	9,183,435	*	Turkiye Garanti Bankasi AS		11,323
	142,539	*	Turkiye Halk Bankasi AS		133
	1,305,245	*	Turkiye Is Bankasi (Series C)		1,066
	20,768,677	*	Turkiye Sinai Kalkinma Bankasi AS		3,909
	78,323		UMB Financial Corp		4,038
	44,200		Umpqua Holdings Corp		470
	417,807	g	Unicaja Banco S.A.		214
	5,781,595		UniCredit S.p.A.		53,360
	317,230	*	Union Bank Of Taiwan		120
	917,500		United Bank Ltd		567
	224,653		United Bankshares, Inc		6,214
	306,006		United Community Banks, Inc		6,157
	1,720,400		United Overseas Bank Ltd		25,138
	10,134		United Security Bancshares		68
	6,779		Unity Bancorp, Inc		97
	128,475		Univest Financial Corp		2,074
	4,602,593		US Bancorp		169,467
	8,881		Valiant Holding		829
	586,805		Valley National Bancorp		4,589

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	300,135		Van Lanschot Kempen NV (ADR)	$	4,349
	78,750		Veritex Holdings, Inc		1,394
	1,196,022	*	VTB Bank PJSC (GDR) Equiduct		1,116
	396,904	*	VTB Bank PJSC (GDR) Tradegate		373
	107,006		Walker & Dunlop, Inc		5,437
	202,481		Washington Federal, Inc		5,435
	52,074		Washington Trust Bancorp, Inc		1,705
	41,012		Waterstone Financial, Inc		608
	19,171		Webster Financial Corp		548
	4,409,888		Wells Fargo & Co		112,893
	108,215		WesBanco, Inc		2,198
	21,906		West Bancorporation, Inc		383
	46,982		Westamerica Bancorporation		2,698
	20,339		Western Alliance Bancorp		770
	18,503		Western New England Bancorp, Inc		107
	3,482,452		Westpac Banking Corp		43,647
	12,438		Wintrust Financial Corp		543
	326,055		Woori Financial Group, Inc		2,403
	172,833		WSFS Financial Corp		4,960
	12,000		Yamagata Bank Ltd		148
	307,199		Yamaguchi Financial Group, Inc		1,888
	80,058		Yamanashi Chuo Bank Ltd		634
	2,064,787	*	Yapi ve Kredi Bankasi		737
	298,569	*	Yes Bank Ltd		103
	144,098		Zions Bancorporation		4,899
			TOTAL BANKS		5,971,266

CAPITAL GOODS - 6.4%
	578,926		3M Co		90,307
	219,270		A.O. Smith Corp		10,332
	144,573		Aalberts Industries NV		4,741
	4,851,517		Aamal Co		991
	36,461	e	Aaon, Inc		1,979
	130,810		AAR Corp		2,704
	1,403,666		ABB Ltd		31,839
	1,537,306		Aboitiz Equity Ventures, Inc		1,406
	2,085,000		AcBel Polytech, Inc		1,399
	296,582		ACS Actividades de Construccion y Servicios S.A.		7,622
	8,666		Acuity Brands, Inc		830
	741,700		Adani Enterprises Ltd		1,554
	19,460	e	Adapteo Oyj		166
	106,904	*	AddTech AB		4,324
	12,900		Advan Co Ltd		161
	284,532		Advanced Drainage Systems, Inc		14,056
	50,421		AECC Aero-Engine Control Co Ltd		98
	107,500	*	AECC Aviation Power Co Ltd		359
	327,486	*	Aecom Technology Corp		12,307
	206,763		Aecon Group, Inc		2,248
	40,144	*	Aegion Corp		637
	124,133	*	AerCap Holdings NV		3,823
	70,067	*	Aerojet Rocketdyne Holdings, Inc		2,777
	46,399	*	Aerovironment, Inc		3,695
	31,170		AFG Arbonia-Forster Hldg		323
	21,389	e	AG Growth International Inc		430

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,127,200		AGCO Corp	$	62,515
	46,393		AIA Engineering Ltd		985
	27,352		Aica Kogyo Co Ltd		899
	16,100		Aichi Corp		111
	27,241		Aida Engineering Ltd		184
	185,232		Air Lease Corp		5,425
	890,638		Airbus SE		63,818
	99,579		Airtac International Group		1,759
	10,819		Alamo Group, Inc		1,110
	59,699		Albany International Corp (Class A)		3,505
	864,382		Alfa Laval AB		19,068
	5,181,614	e	Alfa S.A. de C.V. (Class A)		2,919
	6,957	*,g	Alfen Beheer BV		281
	21,244	g	Alimak Group AB		230
	219,857		Allegion plc		22,474
	19,432,218	*	Alliance Global Group, Inc		2,664
	353,346		Allied Electronics Corp Ltd		412
	13,460		Allied Motion Technologies, Inc		475
	481,534		Allison Transmission Holdings, Inc		17,711
	10,689	*	Alpha Pro Tech Ltd		189
	3,363		Alstom Projects India Ltd		20
	39,069		Alstom RGPT		1,821
	14,879	*	Alta Equipment Group, Inc		116
	129,989		Altra Industrial Motion Corp		4,141
	358,232		Amada Co Ltd		2,933
	5,037		Amara Raja Batteries Ltd		43
	21,444	*	Ameresco, Inc		596
	21,318	*,e	American Superconductor Corp		173
	33,473	*	American Woodmark Corp		2,532
	160,957		Ametek, Inc		14,385
	50,883	*,e	Andritz AG.		1,855
	14,287		Anest Iwata Corp		111
	35,937		Apogee Enterprises, Inc		828
	125,350		Applied Industrial Technologies, Inc		7,821
	22,116	*	Aprogen KIC, Inc		54
	154,295	e	Arcadis NV		2,797
	65,833		Arcosa, Inc		2,778
	25,532		Argan, Inc		1,210
	116,655		Armstrong World Industries, Inc		9,094
	25,400		Asahi Diamond Industrial Co Ltd		116
	227,138		Asahi Glass Co Ltd		6,512
	304,280		Aselsan Elektronik Sanayi Ve Ticaret AS		1,436
	1,677,480		Ashok Leyland Ltd		1,045
	1,427,320		Ashtead Group plc		48,148
	69,144		Ashtrom Group Ltd		734
	1,103,285		Assa Abloy AB		22,581
	19,236		Astec Industries, Inc		891
	52,518		Astral Polytechnik Ltd		666
	77,007	*	Astronics Corp		813
	307,337	*	Atkore International Group, Inc		8,406
	531,631	e	Atlas Copco AB (A Shares)		22,640
	240,514		Atlas Copco AB (B Shares)		8,937
	84,529	*	ATS Automation Tooling Systems, Inc		1,190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,735,137		Austal Ltd	$	3,911
	104,600		AVIC Aircraft Co Ltd		264
	135,900	*	AVIC Electromechanical Systems Co Ltd		152
	45,600		AVIC Shenyang Aircraft Co Ltd		212
	1,628,719		AviChina Industry & Technology Co		743
	26,700	*	AVICOPTER plc		156
	39,105	*	Axon Enterprise, Inc		3,837
	216,204		Ayala Corp		3,394
	287,889		AZZ, Inc		9,880
	39,936	e	Badger Daylighting Ltd		874
	4,909,521		BAE Systems plc		29,356
	1,771,361		Balfour Beatty plc		5,703
	186,552	*,e	Ballard Power Systems, Inc		2,871
	16,400		Bando Chemical Industries Ltd		100
	357,642		Barloworld Ltd		1,426
	97,278		Barnes Group, Inc		3,848
	8,355		BayWa AG.		270
	76,945	*	Beacon Roofing Supply, Inc		2,029
	103,792	e	Beijer Ref AB		3,148
	65,691		Beijing New Building Materials plc		199
	1,002		Belimo Holding AG.		7,416
	300,000		BES Engineering Corp		72
	6,263		BGF Co Ltd		22
	1,433,552		Bharat Electronics Ltd		1,687
	185,798		Bharat Heavy Electricals		88
	226,342		Bidvest Group Ltd		1,857
	39,321	*,e	Biesse S.p.A.		499
	156,570		Bizlink Holdings Inc		1,123
	382,908	*,e	Bloom Energy Corp		4,166
	33,764	*	Blue Bird Corp		506
	5,651		Blue Star Ltd		38
	409,176	*	BMC Stock Holdings, Inc		10,287
	4,260	e	Bobst Group AG.		252
	202,700	g	BOC Aviation Ltd		1,305
	559,336		Bodycote plc		4,337
	1,075,231		Boeing Co		197,090
	2,436,492	*,e	Bombardier, Inc		754
	29,077	e	Bonheur ASA		715
	43,135	e	Boskalis Westminster		852
	3,053	e	Bossard Holding AG.		468
	298,656		Bouygues S.A.		10,230
	49,032		Brenntag AG.		2,600
	93,000		Brighton-Best International Taiwan, Inc		85
	13,868		Bucher Industries AG.		4,006
	19,659		Budimex S.A.		1,065
	14,759		Bufab AB		156
	435,760	*	Builders FirstSource, Inc		9,020
	141,100		Bunka Shutter Co Ltd		977
	506,873		Bunzl plc		13,596
	5,138		Burckhardt Compression Holding AG.		1,259
	2,116	e	Burkhalter Holding AG.		136
	129,935		BWX Technologies, Inc		7,360
	263,137		CAE, Inc		4,268
	112,347	e	Caesarstone Sdot-Yam Ltd		1,331

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	27,003	*	CAI International, Inc	$	450
	17,086		Carbone Lorraine		410
	9,595		Carborundum Universal Ltd		36
	53,671		Cargotec Corp (B Shares)		1,253
	110,494		Carlisle Cos, Inc		13,223
	2,004,643		Carrier Global Corp		44,543
	915,216		Caterpillar, Inc		115,775
	18,700		Central Glass Co Ltd		318
	983		Cera Sanitaryware Ltd		29
	43,922	*	Ceres Power Holdings plc		296
	1,137,225		CH Karnchang PCL		741
	952,400	*,e	Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		737
	66,517	*	Chart Industries, Inc		3,225
	65,824		Cheil Industries, Inc		6,403
	629,844		Chicony Power Technology Co Ltd		1,444
	129,600	*	China Aerospace Times Electronics Co Ltd		119
	965,500		China Aircraft Leasing Group Holdings Ltd		787
	47,183		China Avionics Systems Co Ltd		89
	257,300		China Communications Construction Co Ltd		268
	2,725,492		China Communications Construction Co Ltd (Hong Kong)		1,546
	1,515,671	e	China Communications Services Corp Ltd		950
	986,500		China Conch Venture Holdings Ltd		4,187
	74,175		China Fangda Group Co Ltd		28
	108,700		China Gezhouba Group Co Ltd		92
	97,000		China High Speed Transmission Equipment Group Co Ltd		56
	916,000		China Lesso Group Holdings Ltd		1,202
	193,000	*	China Machinery Engineering Corp		51
	14,600		China Meheco Co Ltd		29
	206,700	*	China National Chemical Engineering Co Ltd		161
	1,224,743		China Railway Construction Corp		970
	553,000		China Railway Construction Corp Ltd		658
	1,045,300		China Railway Group Ltd		745
	6,647,027		China Railway Group Ltd (Hong Kong)		3,431
	1,257,200		China Shipbuilding Industry Co Ltd		714
	36,500	*	China Spacesat Co Ltd		160
	2,066,006		China State Construction Engineering Corp Ltd		1,398
	1,162,685		China State Construction International Holdings Ltd		683
	86,728		China Yuchai International Ltd		1,247
	1,063,108	*,e	Chiyoda Corp		2,806
	4,600		Chiyoda Integre Co Ltd		71
	5,760		Chori Co Ltd		99
	16,500		Chudenko Corp		355
	37,000	g	CIMC Vehicles Group Co Ltd		26
	252,972		CIMIC Group Ltd		4,251
	34,598	*	CIRCOR International, Inc		882
	3,800,796		Citic Pacific Ltd		3,589
	689,000	*	Citic Resources Holdings Ltd		22
	35,337		CJ Corp		2,553
	3,718,819		CK Hutchison Holdings Ltd		24,082
	25,093		CKD Corp		447

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	133,927		CNH Industrial NV	$	941
	2,858,224		CNH Industrial NV (NYSE)		20,093
	8,337	g	Cochin Shipyard Ltd		33
	2,457,377		Cofide S.p.A.		1,149
	217,693	*	Colfax Corp		6,074
	75,259		Columbus McKinnon Corp		2,517
	234,936		Comfort Systems USA, Inc		9,574
	3,160,195		Compagnie de Saint-Gobain		114,023
	4,360	*,e	Compagnie d'Entreprises CFE		299
	159,847		COMSYS Holdings Corp		4,740
	20,895	*,e	Concrete Pumping Holdings Inc		73
	43,708		Construcciones y Auxiliar de Ferrocarriles S.A.		1,590
	28,722	*,e	Construction Partners Inc		510
	114,600		Contemporary Amperex Technology Co Ltd		2,856
	74,450		Continental Engineering Corp		33
	2,921		Conzzeta AG.		2,619
	65,684	*	Cornerstone Building Brands, Inc		398
	12,395		Cosel Co Ltd		108
	9,755		Crane Co		580
	3,035,221		CRRC Corp Ltd		1,289
	1,084,800		CRRC Corp Ltd (Class A)		857
	1,440		CS Wind Corp		51
	43,746	*	CSBC Corp Taiwan		35
	47,479		CSW Industrials, Inc		3,281
	580,000		CTCI Corp		769
	27,797		Cubic Corp		1,335
	14,834	*	Cummins India Ltd		77
	33,554		Cummins, Inc		5,814
	88,756		Curtiss-Wright Corp		7,924
	93,441		Daelim Industrial Co		6,428
	20,612		Daetwyler Holding AG.		4,041
	118,235	*	Daewoo Engineering & Construction Co Ltd		339
	44,638		Daewoo International Corp		521
	23,759	*	Daewoo Shipbuilding & Marine Engineering Co Ltd		541
	36,100	e	Dai-Dan Co Ltd		945
	55,113		Daifuku Co Ltd		4,830
	54,628		Daihen Corp		1,955
	57,471		Daiho Corp		1,297
	31,120		Daiichi Jitsugyo Co Ltd		1,056
	208,240		Daikin Industries Ltd		33,693
	16,000		Daiwa Industries Ltd		135
	6,274	e	Danieli & Co S.p.A.		80
	154,555		Danieli & Co S.p.A. (RSP)		1,267
	2,518		Dassault Aviation S.A.		2,310
	91,614		DCC plc		7,645
	797,270		Deere & Co		125,291
	21,400		Denyo Co Ltd		380
	63,079		Deutz AG.		297
	62,937	g	Dilip Buildcon Ltd		228
	235,674		Diploma plc		5,239
	881,000		DMCI Holdings, Inc		73
	5,702,049		Dogan Sirketler Grubu Holdings		1,747
	24,847		Donaldson Co, Inc		1,156
	124,100		Dongfang Electric Corp Ltd		156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	40,759		Doosan Bobcat, Inc	$	907
	1,300	*	Doosan Corp		42
	4,950	*	Doosan Fuel Cell Co Ltd		134
	168,392	*	Doosan Heavy Industries and Construction Co Ltd		686
	107,653	*	Doosan Infracore Co Ltd		657
	20,141		Douglas Dynamics, Inc		707
	674,703		Dover Corp		65,149
	392,953	*,†	Drake & Scull International PJSC		1
	1,678,000	*,e	Drone Delivery Canada Corp		1,088
	356,000	*,e	DTXS Silk Road Investment Holdings Co Ltd		216
	3,033,580		Dubai Investments PJSC		969
	18,834	*	Ducommun, Inc		657
	27,868		Duerr AG.		727
	63,845	*	DXP Enterprises, Inc		1,271
	26,870	*	Dycom Industries, Inc		1,099
	711,000		Dynasty Ceramic PCL		46
	4,822		Eastern Co		86
	1,874,596		Eaton Corp		163,990
	189,061		Ebara Corp		4,461
	2,057		Ecopro BM Co Ltd		209
	81,563		Eiffage S.A.		7,477
	300,700		Ekovest BHD		36
	22,754		Elbit Systems Ltd		3,127
	38,246		Elco Holdings Ltd		1,265
	2,015		Electra Israel Ltd		859
	617,959		ElSwedy Cables Holding Co		255
	272,566		EMCOR Group, Inc		18,028
	1,152,633	*,e	Emeco Holdings Ltd		802
	132,680		Emerson Electric Co		8,230
	4,463,800	*	Empresa Brasileira de Aeronautica S.A.		6,641
	47,808		Encore Wire Corp		2,334
	31,081	*,e	Energy Recovery, Inc		236
	77,015		Enerpac Tool Group Corp		1,355
	44,873		EnerSys		2,889
	35,551		Engineers India Ltd		36
	70,613		EnPro Industries, Inc		3,481
	156,000	e	Enric Energy Equipment Holdings Ltd		62
	51,057	e	Epiroc AB		627
	505,788		Epiroc AB (Class A)		6,338
	45,715		ESCO Technologies, Inc		3,864
	189,391		Escorts Ltd		2,610
	66,530		Eve Energy Co Ltd		452
	4,347	*,e	EVI Industries, Inc		94
	487,445	*	Evoqua Water Technologies Corp		9,066
	10,596	e	FACC AG.		77
	396,461		Famur S.A.		222
	276,410	*	Fangda Carbon New Material Co Ltd		247
	99,799		Fanuc Ltd		17,891
	2,564,680		Far Eastern Textile Co Ltd		2,436
	832,292		Fastenal Co		35,655
	272,099		Federal Signal Corp		8,090
	13,378	*	Feelux Co Ltd		50
	99,899		Ferguson plc		8,168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	447,815		Ferrovial S.A.	$	11,970
	264,695	*,e	Fincantieri S.p.A		183
	435,047		Finmeccanica S.p.A.		2,900
	248,531	e	Finning International, Inc		3,389
	14,295		Finolex Cables Ltd		54
	91,762		Flowserve Corp		2,617
	170,163	e	FLSmidth & Co AS		4,950
	25,392	*	Fluidra S.A.		337
	220,894		Fluor Corp		2,668
	3,029	*	Fomento de Construcciones y Contratas S.A.		29
	64,274	*	Fomento de Construcciones y Contratas S.A.		608
	1,302,659		Fortive Corp		88,138
	184,023		Fortune Brands Home & Security, Inc		11,765
	2,145,724	e	Fosun International		2,750
	174,919	*	Foundation Building Materials, Inc		2,730
	40,553		Franklin Electric Co, Inc		2,130
	431,411	*	FuelCell Energy, Inc		975
	249,569		Fuji Electric Holdings Co Ltd		6,869
	34,245		Fuji Machine Manufacturing Co Ltd		602
	134,078		Fujikura Ltd		388
	132,700		Fujitec Co Ltd		2,442
	14,000	e	Fukuda Corp		635
	6,539		Fukushima Industries Corp		208
	1,855,000	*	Fullshare Holdings Ltd		34
	14,756		Furukawa Co Ltd		150
	58,344		Furukawa Electric Co Ltd		1,417
	16,181		Futaba Corp/Chiba		148
	3,077,196		Gamuda BHD		2,629
	66,414	*	Gates Industrial Corp plc		683
	56,102		GATX Corp		3,421
	593,398		GEA Group AG.		18,833
	25,105		Geberit AG.		12,596
	6,300		Gecoss Corp		54
	209,705	*	GEK Group of Cos S.A.		1,425
	6,912	*	Gencor Industries, Inc		87
	17,039	*	Generac Holdings, Inc		2,078
	390,817		General Dynamics Corp		58,412
	3,768,149		General Electric Co		25,736
	3,871	*,e	General Finance Corp		26
	2,622		Georg Fischer AG.		2,260
	156,050	*	Gibraltar Industries, Inc		7,492
	8,901		Giken Seisakusho Co, Inc		420
	25,756		Glory Ltd		588
	781	*	GMM Pfaudler Ltd		43
	175,379	*	GMS, Inc		4,313
	43,485		Godrej Industries Ltd		241
	18,578		Gorman-Rupp Co		577
	52,025		Graco, Inc		2,497
	140,630		GrafTech International Ltd		1,122
	159,910		Grafton Group plc		1,308
	13,050		Graham Corp		166
	42,541		Granite Construction, Inc		814
	172,320		Graphite India Ltd		419
	558,094	*	Great Lakes Dredge & Dock Corp		5,168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	28,695		Greenbrier Cos, Inc	$	653
	43,188		Griffon Corp		800
	326,784	*,e	Grupo Carso S.A. de C.V. (Series A1)		637
	11,795	*,e	Grupo Empresarial San Jose		63
	36,617		Grupo Rotoplas SAB de C.V.		23
	48,227		GS Engineering & Construction Corp		993
	189,553		GS Yuasa Corp		3,366
	419,480		GT Capital Holdings, Inc		3,850
	3,759,152		Gunkul Engineering PCL		318
	78,600	*	Guocheng Mining Co Ltd		206
	43,000		Guoxuan High-Tech Co Ltd		164
	121,087		GWA International Ltd		234
	98,541		H&E Equipment Services, Inc		1,821
	530,813	e	Haitian International Holdings Ltd		1,081
	64,796	*	Hangzhou Steam Turbine Co		67
	19,579		Hanwa Co Ltd		359
	26,874		Hanwha Corp		502
	532,700		HAP Seng Consolidated BHD		1,097
	136,000	*	Harbin Power Equipment		53
	27,694	e	Harmonic Drive Systems, Inc		1,528
	238,520	*	Harsco Corp		3,222
	136,173		Havells India Ltd		1,045
	510,974		Hazama Ando Corp		2,964
	59,639	*	HC2 Holdings, Inc		199
	262,471	*	HD Supply Holdings, Inc		9,095
	8,774		HDC Hyundai Development Co-Engineering & Construction		155
	97,500	*	Hebei Construction Group Corp Ltd		115
	22,600		Hefei Meiya Optoelectronic Technology, Inc		168
	27,217		HEG Ltd		299
	67,006		HEICO Corp		6,677
	229,201		HEICO Corp (Class A)		18,620
	26,136		Helios Technologies, Inc		974
	69,656	*	Herc Holdings, Inc		2,141
	49,858	*,e	Hexagon Composites ASA		210
	1,506,943		Hexcel Corp		68,144
	8,028		Hibiya Engineering Ltd		139
	90,185		Hillenbrand, Inc		2,441
	1,065,412		Hino Motors Ltd		7,228
	5,000		Hirata Corp		263
	9,624	e	Hisaka Works Ltd		67
	190,126	*	Hitachi Construction Machinery Co Ltd		5,281
	561,600		Hitachi Zosen Corp		2,054
	136,710		Hiwin Technologies Corp		1,371
	57,279		Hochtief AG.		5,097
	3,138,646		Honeywell International, Inc		453,817
	248,000	*	Hong Kong Finance Investment Holding Group Ltd		24
	32,500	*	Hongfa Technology Co Ltd		185
	49,650		Hoshizaki Electric Co Ltd		4,256
	14,701		Hosokawa Micron Corp		779
	1,135,638		Howden Joinery Group plc		7,775
	699,632		Howmet Aerospace, Inc		11,089
	26,100		Huangshi Dongbei Electrical Appliance Co Ltd		65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,200		Hubbell, Inc	$	1,404
	23,811		Huber & Suhner AG.		1,674
	61,494		Huntington Ingalls		10,730
	4,062		Hurco Cos, Inc		114
	12,814		Hyster-Yale Materials Handling, Inc		495
	2,550	*	Hyundai Construction Equipment Co Ltd		47
	8,204		Hyundai Development Co		58
	3,752	*	Hyundai Electric & Energy System Co Ltd		25
	3,931		Hyundai Elevator Co Ltd		229
	122,980		Hyundai Engineering & Construction Co Ltd		3,407
	68,169	*	Hyundai Heavy Industries		5,018
	6,824		Hyundai Mipo Dockyard		179
	6,127		Hyundai Robotics Co Ltd		1,265
	10,205	*	Hyundai Rotem Co Ltd		132
	17,377		Idec Corp		278
	19,531		IDEX Corp		3,087
	6,996	*	IES Holdings, Inc		162
	2,002,512		IJM Corp BHD		851
	1,400		Iljin Diamond Co Ltd		50
	207,247		Illinois Tool Works, Inc		36,237
	267,552		IMI plc		3,052
	60,715		Implenia AG.		2,258
	317,078	e	Impregilo S.p.A.		499
	7,071	e	IMS-Intl Metal Service		93
	109,923		Inaba Denki Sangyo Co Ltd		2,451
	73,316		Inabata & Co Ltd		889
	1,605	g	IndiaMart InterMesh Ltd		49
	9,996	*	Indus Holding AG.		338
	11,571	e	Industria Macchine Automatiche S.p.A.		696
	1,460,512		Industries Qatar QSC		3,096
	78,472		Indutrade AB		3,112
	761,784	*	Ingersoll Rand, Inc		21,421
	65,500		Inner Mongolia First Machinery Group Co Ltd		96
	89,452		Instalco AB		1,384
	51,436		Insteel Industries, Inc		981
	74,848		Interpump Group S.p.A.		2,232
	718		Interroll Holding AG.		1,453
	128,773	e	Investment AB Latour		2,338
	301,375		Inwido AB		2,103
	25,400		Iochpe-Maxion S.A.		63
	271,779	*	IRB Infrastructure Developers Ltd		320
	3,215		IS Dongseo Co Ltd		76
	8,300		Iseki & Co Ltd		86
	2,015,451		Ishikawajima-Harima Heavy Industries Co Ltd		29,242
	34,942		Italmobiliare S.p.A		1,143
	237,653	*,e	Itm Power PLC		775
	1,413,893		Itochu Corp		30,594
	844,416		ITT, Inc		49,601
	49,438		Iwatani International Corp		1,729
	226,359		Jacobs Engineering Group, Inc		19,195
	22,960		Japan Pulp & Paper Co Ltd		840
	32,061		Japan Steel Works Ltd		458
	301,468		Jardine Matheson Holdings Ltd		12,605
	411,888		Jardine Strategic Holdings Ltd		8,885

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	188,700	e	JDC Corp	$	1,014
	101,793	*	JELD-WEN Holding, Inc		1,640
	2,163,097		JG Summit Holdings (Series B)		2,823
	1,492,296		JGC Corp		15,736
	50,176		Jiangsu Hengli Hydraulic Co Ltd		572
	129,800		Jiangsu Zhongtian Technology Co Ltd		212
	27,887		John Bean Technologies Corp		2,399
	265,344	g	John Laing Group plc		1,149
	439,080		Johnson Controls International plc		14,990
	654,929		Johnson Electric Holdings Ltd		1,165
	14,345	g	JOST Werke AG.		484
	230,782		JTEKT Corp		1,802
	12,054		Judges Scientific plc		757
	50,108		Jungheinrich AG.		1,178
	4,858		Kaba Holding AG.		2,653
	9,483		Kadant, Inc		945
	14,494		Kajaria Ceramics Ltd		76
	192,313		Kajima Corp		2,299
	8,689		Kalpataru Power Transmission Ltd		25
	51,400	*	Kama Co Ltd		22
	24,623		Kaman Corp		1,024
	10,275		Kamei Corp		97
	17,700		Kanamoto Co Ltd		388
	417,300		Kandenko Co Ltd		3,547
	42,800		Kanematsu Corp		514
	628,955		KAP Industrial Holdings Ltd		91
	19,811	e	Kardex AG.		3,643
	11,900		Katakura Industries Co Ltd		127
	36,132		Kawasaki Heavy Industries Ltd		522
	8,767		KCC Corp		976
	121,070		KEC International Ltd		435
	8,763		KEI Industries Ltd		41
	66,959		Keihan Electric Railway Co Ltd		2,990
	36,992		Keller Group plc		291
	1,842,062		Kennametal, Inc		52,886
	3,033		KEPCO Engineering & Construction Co, Inc		38
	1,373,379	e	Keppel Corp Ltd		5,915
	403,572		Kinden Corp		6,670
	15,000		King Slide Works Co Ltd		171
	29,405		Kingspan Group plc		1,898
	88,217	*	KION Group AG.		5,432
	36,700		Kitz Corp		235
	108,540	*	Kloeckner & Co AG.		595
	656,230		KOC Holding AS		1,726
	7,293	*	Koenig & Bauer AG.		163
	184,370		Komatsu Ltd		3,776
	2,111	e	Komax Holding AG.		344
	23,990		Komori Corp		157
	159,871		Kone Oyj (Class B)		11,026
	34,206	*	Konecranes Oyj		776
	126,732		Kongsberg Gruppen ASA		1,784
	161,624		Koninklijke BAM Groep NV		293
	66,568		Korea Aerospace Industries Ltd		1,328

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,241		Korea Electric Terminal Co Ltd	$	33
	44,631	*	Kornit Digital Ltd		2,382
	130,209	*	Kratos Defense & Security Solutions, Inc		2,035
	7,644		Krones AG.		491
	383,714		Kubota Corp		5,740
	130,804		Kumagai Gumi Co Ltd		3,142
	169,000		Kung Long Batteries Industrial Co Ltd		851
	175,210		Kurita Water Industries Ltd		4,874
	14,554		Kyokuto Kaihatsu Kogyo Co Ltd		178
	53,955		Kyowa Exeo Corp		1,295
	22,722		Kyudenko Corp		671
	1,367		Kyung Dong Navien Co Ltd		47
	734,892		L3Harris Technologies, Inc		124,689
	705		Lakshmi Machine Works Ltd		27
	631,561		Larsen & Toubro Ltd		7,926
	3,584	*	Lawson Products, Inc		116
	29,430	*	LB Foster Co (Class A)		376
	93,630		Legrand S.A.		7,114
	55,968		Lennox International, Inc		13,040
	196,933		LG Corp		11,753
	32,458		LG Hausys Ltd		1,748
	130,283		LG International Corp		1,700
	44,004	e	Lifco AB		2,806
	2,464		LIG Nex1 Co Ltd		62
	9,015		Lincoln Electric Holdings, Inc		759
	151,555		Lindab International AB		1,786
	9,283		Lindsay Corp		856
	19,971		LISI		417
	142,986		LIXIL Group Corp		2,008
	403,353		Lockheed Martin Corp		147,192
	9,317,000		Lonking Holdings Ltd		2,838
	48,561		Lotte Corp		1,284
	86,096		LS Cable Ltd		2,512
	28,433		LS Industrial Systems Co Ltd		1,145
	22,263		LSI Industries, Inc		144
	40,127		Luxfer Holdings plc		568
	31,196	*	Lydall, Inc		423
	25,832		Mabuchi Motor Co Ltd		824
	346,915		Maeda Corp		2,655
	10,233		Maeda Kosen Co Ltd		234
	91,793		Maeda Road Construction Co Ltd		1,731
	76,394	e	Maire Tecnimont S.p.A		149
	12,939		Makino Milling Machine Co Ltd		398
	64,903		Makita Corp		2,360
	450,100		Malaysian Resources Corp BHD		50
	5,303	*,e	Manitou BF S.A.		104
	58,301	*	Manitowoc Co, Inc		634
	109,400		Marcopolo S.A.		59
	1,207,175		Marubeni Corp		5,483
	1,080,472		Masco Corp		54,251
	92,729	*	Masonite International Corp		7,212
	88,073	*	Mastec, Inc		3,952
	12,800		Max Co Ltd		181
	114,649	e	Maxar Technologies, Inc		2,059

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES				COMPANY	VALUE (000)
	7,201		*	MBB SE	$	530
	660,083			Meggitt plc		2,404
	140,064			Meidensha Corp		2,277
	14,300			Meisei Industrial Co Ltd		106
	638,015			Melrose Industries plc		899
	32,332		*	Mercury Systems, Inc		2,543
	63,437		*	Meritor, Inc		1,256
	790,800			Metallurgical Corp of China Ltd		282
	6,000			METAWATER Co Ltd		276
	13,752			Metso Oyj		452
	11,904		*	Middleby Corp		940
	25,394			Mie Kotsu Group Holdings, Inc		111
	54,777			Millat Tractors Ltd		232
	49,365			Miller Industries, Inc		1,470
	538,090			Minebea Co Ltd		9,808
	44,062		e	Miraito Holdings Corp		660
	250,854			MISUMI Group, Inc		6,299
	1,290,213			Mitsubishi Corp		27,264
	1,803,163			Mitsubishi Electric Corp		23,552
	129,627			Mitsubishi Heavy Industries Ltd		3,061
	13,500			Mitsubishi Nichiyu Forklift Co Ltd		120
	12,050			Mitsuboshi Belting Co Ltd		189
	1,927,987			Mitsui & Co Ltd		28,566
	35,116		*	Mitsui Engineering & Shipbuilding Co Ltd		136
	65,331			Miura Co Ltd		2,722
	51,380			Monadelphous Group Ltd		388
	241,595			MonotaRO Co Ltd		9,707
	82,297			Moog, Inc (Class A)		4,360
	591,850			Morgan Crucible Co plc		1,770
	22,037			Morgan Sindall plc		336
	71,144		e	Mori Seiki Co Ltd		869
	16,000			Morita Holdings Corp		279
	44,583		*,e	Mota Engil SGPS S.A.		57
	541,395		*	MRC Global, Inc		3,200
	97,000			MSC Industrial Direct Co (Class A)		7,063
	68,671			MTU Aero Engines Holding AG.		11,956
	239,837			Mueller Industries, Inc		6,375
	460,390			Mueller Water Products, Inc (Class A)		4,341
	66,877	*,e,g		Munters Group AB		377
	61,175		*	MYR Group, Inc		1,952
	68,523		e	Nabtesco Corp		2,121
	6,733			Nachi-Fujikoshi Corp		212
	57,300			Nagase & Co Ltd		717
	46,000		*	Nanyang Topsec Technologies Group, Inc		174
	218,800			NARI Technology Co Ltd		631
	40,327			National Central Cooling Co PJSC		21
	4,465			National Presto Industries, Inc		390
	99,839		*	Navistar International Corp		2,815
	88,467			NBCC India Ltd		27
	188,868			NCC AB (B Shares)		3,070
	967,974		*	NEL ASA		1,928
	11,562		*	Nesco Holdings, Inc		46
	79,857			Nexans S.A.		3,715

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES				COMPANY	VALUE (000)
	64,408			NFI Group, Inc	$	790
	230,880			NGK Insulators Ltd		3,199
	326,747			Nibe Industrier AB		7,247
	62,440			Nichias Corp		1,305
	7,400			Nichiden Corp		162
	38,745			Nichiha Corp		828
	10,400		*	Nichireki Co Ltd		155
	199,418			Nidec Corp		13,435
	2,285			Nihon Trim Co Ltd		65
	13,340		*	Nilfisk Holding A.S.		184
	87,976			Nippo Corp		2,222
	5,000			Nippon Carbon Co Ltd		160
	56,100		e	Nippon Densetsu Kogyo Co Ltd		1,242
	10,725			Nippon Koei Co Ltd		300
	7,300			Nippon Road Co Ltd		491
	3,572		*	Nippon Sharyo Ltd		83
	47,200		e	Nippon Sheet Glass Co Ltd		165
	7,517			Nippon Steel Trading Co Ltd		238
	26,440			Nippon Thompson Co Ltd		83
	251,100			Nishimatsu Construction Co Ltd		5,012
	15,600			Nishio Rent All Co Ltd		322
	4,095			Nissei ASB Machine Co Ltd		122
	483,332		e	Nisshinbo Industries, Inc		3,516
	24,800			Nissin Electric Co Ltd		242
	11,900			Nitta Corp		259
	201,800		e	Nitto Boseki Co Ltd		10,068
	92,544			Nitto Kogyo Corp		1,663
	4,473			Nitto Kohki Co Ltd		74
	7,435			Nittoku Engineering Co Ltd		210
	36,012		*	NKT Holding AS		808
	68,785			NN, Inc		326
	2,400	*,†,e		Noble Group Ltd		0	^
	47,782			Nolato AB (B Shares)		3,231
	73,133		*	Nordex AG.		731
	85,667			Nordson Corp		16,252
	4,683			Noritake Co Ltd		153
	9,351			Noritsu Koki Co Ltd		131
	14,831			Noritz Corp		181
	17,860		*	NORMA Group		478
	397,514			Northrop Grumman Corp		122,212
	15,819		*	Northwest Pipe Co		397
	262,857		*	NOW, Inc		2,268
	1,333,413			NRW Holdings Ltd		1,748
	2,872,255			NSK Ltd		21,435
	214,061			NTN Corp		430
	9,250		*	NV5 Global Inc		470
	99,914			nVent Electric plc		1,871
	2,092,711			NWS Holdings Ltd		1,820
	5,846		e	Obara Corp		178
	350,713			Obayashi Corp		3,297
	109,257			OC Oerlikon Corp AG.		896
	6,048			OHB AG.		285
	11,521			Oiles Corp		149
	18,200			Okabe Co Ltd		137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	12,767		Okuma Holdings, Inc	$	549
	16,900		Okumura Corp		390
	2,677		Omega Flex, Inc		283
	53,370	*,e	Opus Global Rt		44
	25,500		Organo Corp		1,380
	68,378	*	Orion Energy Systems, Inc		237
	46,806	e	OSG Corp		718
	18,349		Oshkosh Corp		1,314
	259,323		OSJB Holdings Corp		557
	89,097	*	OSRAM Licht AG.		4,237
	951,985		Otis Worldwide Corp		54,130
	1,810		Otokar Otobus Karoseri Sanayi AS		40
	222,408	e	Outotec Oyj		1,233
	1,948,677		Owens Corning, Inc		108,658
	271,601		PACCAR, Inc		20,329
	34,090	*,e	Palfinger AG.		753
	33,126		Park Aerospace Corp		369
	814,608		Parker-Hannifin Corp		149,293
	197,390	*,e	Parsons Corp		7,153
	28,970		Patrick Industries, Inc		1,774
	248,778		Peab AB (Series B)		2,056
	52,158		Pentair plc		1,981
	775,900	*	Pentamaster Corp BHD		942
	1,492,887		Penta-Ocean Construction Co Ltd		8,062
	84,971		PER Aarsleff A.S.		3,062
	2,656		Pfeiffer Vacuum Technology AG.		490
	85,887	*	PGT, Inc		1,347
	889,186	*,e	Plug Power, Inc		7,300
	11,055		PNC Infratech Ltd		21
	22,205		PNE AG.		125
	6,878		Polycab India Ltd		72
	122,882		Polypipe Group plc		657
	779,000		Polyplex PCL (Foreign)		420
	5,654	e	Porr AG.		94
	50,320		Powell Industries, Inc		1,378
	595,000		Power Construction Corp of China Ltd		292
	31,014	*	PowerCell Sweden AB		1,029
	2,757		Preformed Line Products Co		138
	114,467		Primoris Services Corp		2,033
	23,578	*	Proto Labs, Inc		2,652
	82,074		Prysmian S.p.A.		1,904
	1,819,600		PT AKR Corporindo Tbk		326
	2,803,600	*,†	PT Inovisi Infracom Tbk		0	^
	2,889,888		PT Pembangunan Perumahan Tbk		178
	1,455,100	*,†	PT Sitara Propertindo Tbk		20
	1,000,300		PT Waskita Karya Persero Tbk		50
	6,032,923		PT Wijaya Karya		510
	1,051,376		QinetiQ plc		3,873
	108,244		Quanex Building Products Corp		1,502
	297,281		Quanta Services, Inc		11,662
	24,900		Raito Kogyo Co Ltd		330
	39,813		Randon Participacoes S.A.		70
	2,701		Rational AG.		1,514

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	32,898		Raven Industries, Inc	$	708
	4,917,221	*	Raytheon Technologies Corp		302,999
	82,626	*	RBC Bearings, Inc		11,075
	102,000	*,e	Realord Group Holdings Ltd		57
	78,797		Rechi Precision Co Ltd		46
	62,748		Regal-Beloit Corp		5,479
	496,046		Reliance Worldwide Corp Ltd		1,019
	203,061	*	Resideo Technologies, Inc		2,380
	374,070		Reunert Ltd		736
	45,310		REV Group, Inc		276
	921,098		Rexel S.A.		10,557
	505,269		Rexnord Corp		14,729
	29,000	*	Rexon Industrial Corp Ltd		78
	97,617		Rheinmetall AG.		8,483
	8,700		Rheon Automatic Machinery Co Ltd		100
	61,211		Richelieu Hardware Ltd		1,302
	1,965	e	Rieter Holding AG.		182
	375,804		Rockwell Automation, Inc		80,046
	15,353		Rockwool International AS (B Shares)		4,178
	6,493,240		Rolls-Royce Group plc		22,925
	439,603		Roper Technologies Inc		170,680
	727,069		Rotork plc		2,516
	34,000		Run Long Construction Co Ltd		71
	57,844		Rush Enterprises, Inc (Class A)		2,398
	3,312		Rush Enterprises, Inc (Class B)		118
	187,401	e	Russel Metals, Inc		2,239
	11,457		Ryobi Ltd		129
	54,286	e	Saab AB (Class B)		1,364
	199,626		Sacyr Vallehermoso S.A.		416
	334,721		Safran S.A.		33,670
	7,085		Salcef S.p.A		96
	125,206	*	Samsung Engineering Co Ltd		1,290
	269,314	*	Samsung Heavy Industries Co Ltd		1,348
	186,298	*	Samsung Techwin Co Ltd		3,840
	22,623	*	San Shing Fastech Corp		35
	2,150,949		Sandvik AB		40,493
	107,000		Sanki Engineering Co Ltd		1,227
	12,200		Sankyo Tateyama, Inc		109
	238,641		Sanwa Shutter Corp		2,145
	240,000		Sany Heavy Equipment International		112
	451,600		Sany Heavy Industry Co Ltd		1,205
	4,400		Sanyo Denki Co Ltd		199
	68,065	*	Saudi Ceramic Co		607
	34,748	e	Savaria Corp		319
	4,611		Schaeffler India Ltd		218
	75,482		Schindler Holding AG.		17,863
	6,918		Schindler Holding AG. (Registered)		1,640
	973,814		Schneider Electric S.A.		108,324
	542		Schweiter Technologies AG.		672
	1,725,521		Seazen Group Ltd		1,498
	700	e	SEC Carbon Ltd		43
	13,695		Sekisui Jushi Corp		276
	1,455,600	e	SembCorp Industries Ltd		1,843
	434,000	*,e	SembCorp Marine Ltd		134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	20,680	*,e	Semperit AG. Holding	$	251
	217,658		Senior plc		188
	158,967	*	Sensata Technologies Holding plc		5,918
	663,797		Service Stream Ltd		881
	223,188	e	Seven Network Ltd		2,684
	17,791		SFS Group AG.		1,677
	31,775	*,e	SGL Carbon AG.		116
	54,408	*	SGSB Group Co Ltd		19
	208,700		Shanghai Construction Group Co Ltd		91
	96,980		Shanghai Diesel Engine Co Ltd		32
	298,900		Shanghai Electric Group Co Ltd		214
	2,776,525	*	Shanghai Electric Group Co Ltd (Hong Kong)		792
	63,200		Shanghai Highly Group Co Ltd		33
	446,908		Shanghai Industrial Holdings Ltd		690
	101,300		Shanghai Tunnel Engineering Co Ltd		81
	107,423	*	Shapir Engineering and Industry Ltd		654
	76,435		Shenzhen Inovance Technology Co Ltd		412
	8,500		Shibuya Kogyo Co Ltd		222
	194,002	*	Shikun & Binui Ltd		694
	14,300		Shima Seiki Manufacturing Ltd		205
	285,582		Shimizu Corp		2,353
	41,100		Shin Nippon Air Technologies Co Ltd		906
	33,000		Shin Zu Shing Co Ltd		168
	10,100		Shinko Electric Co Ltd		96
	24,600		Shinmaywa Industries Ltd		231
	39,800		Shinnihon Corp		311
	21,408	e	SHO-BOND Holdings Co Ltd		952
	3,237,469	e	Shun TAK Holdings Ltd		1,212
	57,990		Shyft Group, Inc		977
	80,100	*	Siasun Robot & Automation Co Ltd		156
	1,226,085		Siemens AG.		144,601
	1,216,977	*,e	Siemens Gamesa Renewable Energy		21,668
	54,840		Siemens India Ltd		797
	5,475	*,e	SIF Holding NV		64
	689,017	g	Signify NV		17,715
	6,048,713		Sime Darby BHD		3,050
	111,230		Simpson Manufacturing Co, Inc		9,383
	1,336,300		Singapore Technologies Engineering Ltd		3,189
	45,751		Sinko Industries Ltd		618
	1,024,757		Sino Thai Engineering & Construction PCL		507
	985,000		Sinopec Engineering Group Co Ltd		423
	556,329		Sinotruk Hong Kong Ltd		1,452
	19,961		Sintokogio Ltd		147
	59,673	*	SiteOne Landscape Supply, Inc		6,801
	27,540		SK C&C Co Ltd		6,698
	42,137		SK Networks Co Ltd		167
	536,523		Skanska AB (B Shares)		10,953
	460,231		SKF AB (B Shares)		8,603
	2,443,400		SKP Resources BHD		775
	188,377	*	SM Investments Corp		3,578
	36,700	*	SMC Corp		18,861
	90,654		Smiths Group plc		1,585
	88,337		Snap-On, Inc		12,236

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	221,020	e	SNC-Lavalin Group, Inc	$	3,730
	20,900	e	Sodick Co Ltd		155
	1,003,413		Sojitz Holdings Corp		2,193
	32,665	*,e	Solaria Energia y Medio Ambiente S.A.		416
	69,023		Spirax-Sarco Engineering plc		8,497
	156,263		Spirit Aerosystems Holdings, Inc (Class A)		3,741
	187,362	*	SPX Corp		7,710
	52,911	*	SPX FLOW, Inc		1,981
	68,966		Stabilus S.A.		3,620
	24,162	e	Stadler Rail AG.		997
	11,540		Standex International Corp		664
	460,829		Stanley Black & Decker, Inc		64,230
	18,966		Star Micronics Co Ltd		212
	225,435	*	Sterling Construction Co, Inc		2,360
	191,800		STP & I PCL		27
	26,139		Sulzer AG.		2,096
	1,076,905		Sumitomo Corp		12,386
	54,682		Sumitomo Densetsu Co Ltd		1,215
	1,442,595		Sumitomo Heavy Industries Ltd		31,551
	582,017		Sumitomo Mitsui Construction C		2,538
	40,000		Sunonwealth Electric Machine Industry Co Ltd		70
	102,017	*	Sunrun, Inc		2,012
	1,483,822		Sunway Construction Group BHD		652
	52,600		Sunwoda Electronic Co Ltd		142
	44,700		Suzhou Gold Mantis Construction Decoration Co Ltd		50
	87,785		Sweco AB (B Shares)		3,963
	17,467		Systemax, Inc		359
	54,522		Tadano Ltd		456
	330,666		Taeyoung Engineering & Construction		4,330
	33,563		Taihei Dengyo Kaisha Ltd		718
	48,953		Taikisha Ltd		1,357
	153,393		Taisei Corp		5,591
	220,670		Taiwan Glass Industrial Corp		75
	24,300		Takamatsu Corp		544
	17,164		Takara Standard Co Ltd		243
	147,100		Takasago Thermal Engineering Co Ltd		2,164
	19,900		Takeuchi Manufacturing Co Ltd		332
	35,900		Takuma Co Ltd		495
	43,544	*,g	Talgo S.A.		208
	17,137		Tarkett S.A.		200
	19,900		Tatsuta Electric Wire and Cable Co Ltd		106
	231,000		TBEA Co Ltd		222
	2,076,573		Techtronic Industries Co		20,547
	395,000		Teco Electric and Machinery Co Ltd		363
	20,892		Teikoku Sen-I Co Ltd		444
	41,593		Tekfen Holding AS		103
	5,700		Tekken Corp		109
	125,883	*	Teledyne Technologies, Inc		39,143
	16,078		Tennant Co		1,045
	4,103,296	a	Terex Corp		77,019
	68,743	*	Textainer Group Holdings Ltd		562
	1,088,152		Textron, Inc		35,811
	101,928		Thales S.A.		8,250
	9,834	*	The ExOne Company		84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,867		Thermax Ltd	$	59
	139,368	*	Thermon Group Holdings		2,031
	27,671		THK Co Ltd		689
	1,788,850		Timken Co		81,375
	3,667		Timken India Ltd		46
	32,866	*	Titan Machinery, Inc		357
	156,000		TK Group Holdings Ltd		45
	50,794		TKH Group NV		2,001
	37,000		Toa Corp/Tokyo		537
	29,911		Tocalo Co Ltd		323
	770,641		Toda Corp		4,985
	14,242		Toenec Corp		494
	50,800		Tokai Corp		470
	44,502		Tokyu Construction Co Ltd		231
	91,226		Toro Co		6,052
	113,260	e	Toromont Industries Ltd		5,620
	169,637		Toshiba Corp		5,442
	110,441		Toshiba Machine Co Ltd		2,218
	63,501		Totetsu Kogyo Co Ltd		1,603
	34,386		Toto Ltd		1,322
	267,303		Toyo Construction Co Ltd		997
	5,900		Toyo Tanso Co Ltd		93
	253,064		Toyota Tsusho Corp		6,453
	26,559	*	TPI Composites, Inc		621
	102,838		Trakya Cam Sanayi AS		54
	1,356,787	e	Trane Technologies plc		120,727
	6,523	*	Transcat Inc		169
	95,301		TransDigm Group, Inc		42,128
	163,760		Travis Perkins plc		2,283
	240,136		Trelleborg AB (B Shares)		3,523
	26,359	*	Trex Co, Inc		3,429
	83,689	*	Trimas Corp		2,004
	21,521	e	Trinity Industries, Inc		458
	45,362		Triton International Ltd		1,372
	88,987		Triumph Group, Inc		802
	80,638	e	Troax Group AB		1,266
	23,210		Trusco Nakayama Corp		602
	21,830		Tsubaki Nakashima Co Ltd		171
	68,500		Tsubakimoto Chain Co		1,670
	25,100	e	Tsugami Corp		211
	11,200		Tsukishima Kikai Co Ltd		122
	8,314		Tsurumi Manufacturing Co Ltd		143
	173,416	*,e	Tutor Perini Corp		2,112
	166,497		Ultra Electronics Holdings		4,106
	7,883	*	Ultralife Corp		55
	4,600		Union Tool Co		112
	812,800		United Integrated Services Co Ltd		5,576
	114,746	*	United Rentals, Inc		17,102
	452,528	*	Univar Solutions Inc		7,630
	152,370		Uponor Oyj		2,064
	51,400		Ushio, Inc		687
	436,061		Valmet Corp		11,429
	32,856		Valmont Industries, Inc		3,733

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	21,636	*,e	Varta AG.	$	2,442
	33,444	g	VAT Group AG.		6,143
	126,869	*	Vectrus, Inc		6,233
	167,912		Veidekke ASA		2,039
	20,367	*	Veritiv Corp		345
	18,472	*	Vertiv Holdings Co		250
	31,009		Vestas Wind Systems AS		3,175
	116,791		Vesuvius plc		560
	23,485		V-Guard Industries Ltd		53
	23,308	*	Vicor Corp		1,677
	714,861		Vinci S.A.		66,284
	36,463	*	Virgin Galactic Holdings, Inc		596
	42,869	*,e	Vivint Solar, Inc		424
	23,289		Voltas Ltd		169
	18,544		Voltronic Power Technology Corp		534
	364,198	e	Volvo AB (B Shares)		5,731
	5,120		Vossloh AG.		225
	1,926,000	g	VPower Group International Holdings Ltd		1,053
	433,788		W.W. Grainger, Inc		136,279
	47,217		Wabash National Corp		501
	148,089		Wabtec Corp		8,525
	17,047	*	Wacker Construction Equipment AG.		258
	18,700		Wakita & Co Ltd		161
	10,925,000		Walsin Lihwa Corp		5,420
	57,911		Wartsila Oyj (B Shares)		480
	6,563		Washtec AG.		270
	50,015		Watsco, Inc		8,888
	91,870		Watts Water Technologies, Inc (Class A)		7,441
	857,133		Weg S.A.		7,977
	6,222,284		Weichai Power Co Ltd		11,724
	200,300	*	Weichai Power Co Ltd (Class A)		390
	252,573		Weir Group plc		3,319
	274,393	*	Welbilt, Inc		1,671
	51,904	*	WESCO International, Inc		1,822
	2,196	*	Willis Lease Finance Corp		53
	45,930	*	Willscot Corp		564
	76,527		Wilson Bayly Holmes-Ovcon Ltd		445
	83,417		Woodward Inc		6,469
	138,860	e	WSP Global, Inc		8,516
	328,600	*	XCMG Construction Machinery Co Ltd		276
	72,700		Xiamen C & D, Inc		83
	201,300		Xinjiang Goldwind Science & Technology Co Ltd		285
	716,544		Xinjiang Goldwind Science & Technology Co Ltd (Hong Kong)		617
	30,112	*	Xxentria Technology Materials Corp		56
	43,396		Xylem, Inc		2,819
	60,700		Yahagi Construction Co Ltd		444
	15,680		YAMABIKO Corp		131
	22,100	e	Yamashin-Filter Corp		218
	30,070		Yamazen Corp		254
	2,209,200	e	Yangzijiang Shipbuilding		1,487
	73,027	*,e	YIT Oyj		399
	78,031		Yokogawa Bridge Holdings Corp		1,624
	8,552		Yuasa Trading Co Ltd		231

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	28,000		Yungtay Engineering Co Ltd	$	54
	18,400		Yurtec Corp		112
	7,760		Yushin Precision Equipment Co Ltd		52
	10,438	*,†	Yuyang DNU Co Ltd		11
	100,205		Zardoya Otis S.A.		687
	44,755		Zehnder Group AG.		1,762
	116,300		Zhejiang Chint Electrics Co Ltd		435
	20,020		Zhejiang Dingli Machinery Co Ltd		216
	110,760		Zhejiang Sanhua Intelligent Controls Co Ltd		345
	75,900		Zhejiang Weixing New Building Materials Co Ltd		125
	47,000		Zhengzhou Coal Mining Machinery Group Co Ltd		20
	87,500		Zhengzhou Yutong Bus Co Ltd		151
	40,100	*	Zhongji Innolight Co Ltd		360
	380,941		Zhuzhou CSR Times Electric Co Ltd		977
	320,900		Zoomlion Heavy Industry Science and Technology Co Ltd		293
	63,862	*	Zumtobel AG.		462
			TOTAL CAPITAL GOODS		6,823,231

COMMERCIAL & PROFESSIONAL SERVICES - 1.3%
	14,900	*	51job, Inc (ADR)		1,070
	176,829		ABM Industries, Inc		6,419
	61,438	*	Acacia Research (Acacia Technologies)		251
	112,614		ACCO Brands Corp		800
	155,684		Adecco S.A.		7,338
	194,491	e	ADT, Inc		1,552
	64,141	*	Advanced Disposal Services, Inc		1,935
	33,200		Aeon Delight Co Ltd		926
	52,256		AF AB		1,130
	329,444	e	Aggreko plc		1,812
	7,856	*	Akerna Corp		69
	6,372	*,e	Akka Technologies S.A.		206
	398,750	g	A-Living Services Co Ltd		2,027
	548,044		ALS Ltd		2,503
	32,430		Altech Corp		574
	2,758	*	Amadeus Fire AG		342
	247,516	*,g	API Group Corp		3,007
	170,144		Applus Services S.A.		1,311
	81,854	*	ASGN Inc		5,458
	332,432		Babcock International Group		1,274
	7,247		Barrett Business Services, Inc		385
	64,300		BayCurrent Consulting, Inc		5,376
	18,415	g	Befesa S.A.		718
	68,100		Beijing Originwater Technology Co Ltd		78
	17,400		Bell System24 Holdings, Inc		226
	61,982		Benefit One, Inc		1,250
	2,914		Bertrandt AG.		115
	9,474		BG Staffing, Inc		107
	157,473	g	Biffa plc		393
	16,630		Bilfinger Berger AG.		319
	185,548		Bingo Industries Ltd		278
	42,615		Brady Corp (Class A)		1,995
	1,691,725		Brambles Ltd		12,827

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	385,650	g	Bravida Holding AB	$	3,687
	27,896	*	BrightView Holdings, Inc		312
	58,261		Brink's Co		2,651
	11,782	e	Brunel International NV		85
	468,415		Bureau Veritas S.A.		9,935
	191,187	*	Calisen plc		427
	938,635	*	Capita Group plc		513
	40,340	*	Casella Waste Systems, Inc (Class A)		2,103
	69,591	*,e	Casper Sleep, Inc		624
	50,864	*	Caverion Corp		345
	200,246	*	CBIZ, Inc		4,800
	24,787	*	Ceco Environmental Corp		163
	11,241		Central Security Patrols Co Ltd		446
	20,300		Centre Testing International Group Co Ltd		57
	21,415		Cewe Color Holding AG.		2,368
	2,248,303		China Everbright International Ltd		1,193
	168,122	*,e	Cimpress plc		12,834
	98,528		Cintas Corp		26,244
	1,170,713	*	Clarivate Analytics plc		26,142
	149,896	*	Clean Harbors, Inc		8,991
	18,000	*	Cleanaway Co Ltd		102
	2,541,477		Cleanaway Waste Management Ltd		3,902
	1,724		Compx International, Inc		24
	50,151	g	Coor Service Management Holding AB		332
	349,725	*	Copart, Inc		29,122
	80,332	*	CoStar Group, Inc		57,090
	3,548,000		Country Garden Services Holdings Co Ltd		16,563
	119,001		Covanta Holding Corp		1,141
	48,805		CRA International, Inc		1,928
	1,320,000	*,†	CT Environmental Group Ltd		2
	483,095		Dai Nippon Printing Co Ltd		11,107
	48,200		Daiseki Co Ltd		1,292
	43,233		Deluxe Corp		1,018
	48,861		Derichebourg		141
	42,622		DKSH Holding AG.		2,746
	320,818		Downer EDI Ltd		982
	21,398		Duskin Co Ltd		545
	75,000		Dynagreen Environmental Protection Group Co Ltd		26
	190,548		Elis S.A.		2,236
	102,066	*	Emerald Holding, Inc		314
	15,620		en-japan, Inc		389
	38,908		Ennis, Inc		706
	332,657		Equifax, Inc		57,177
	136,000		Ever Sunshine Lifestyle Services Group Ltd		212
	1,342,483		Experian Group Ltd		47,120
	82,384		Exponent, Inc		6,667
	11,370	*,e	Fila S.p.A		112
	24,766	*,e	Forrester Research, Inc		794
	136,362	*	Franklin Covey Co		2,918
	133,500		Frontken Corp BHD		80
	87,087	*	FTI Consulting, Inc		9,976
	129,500		Fullcast Co Ltd		1,728
	51,650		Funai Soken Holdings, Inc		1,169
	24,130		GL Events		336

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,508	*	GP Strategies Corp	$	193
	5,500	*	Grace Technology, Inc		327
	1,136,000		Greentown Service Group Co Ltd		1,347
	835,746		Group 4 Securicor plc		1,182
	3,425		Groupe CRIT		203
	903,701		Hays plc		1,338
	240,517		Healthcare Services Group		5,883
	66,466		Heidrick & Struggles International, Inc		1,437
	20,172	*	Heritage-Crystal Clean, Inc		352
	145,525		Herman Miller, Inc		3,436
	37,667		HNI Corp		1,151
	680,767		HomeServe plc		11,006
	71,658	*	Huron Consulting Group, Inc		3,171
	422,189	*,e	Hyve Group plc		520
	225,846	*	IAA, Inc		8,711
	41,184		ICF International, Inc		2,670
	658,631		IHS Markit Ltd		49,727
	5,603	*,e	Insource Co Ltd		138
	128,089		Insperity, Inc		8,291
	184,823		Interface, Inc		1,504
	295,049		Intertek Group plc		19,872
	48,854	g	Intertrust NV		832
	638,017	e	Intrum Justitia AB		11,745
	166,626		IPH Ltd		867
	100,270		IR Japan Holdings Ltd		10,567
	102,317		ISS AS		1,625
	7,700		JAC Recruitment Co Ltd		82
	385,100		Japan Elevator Service Holdings Co Ltd		12,458
	79,800		JMT Network Services PCL		59
	36,300	*	JOYY, Inc (ADR)		3,214
	4,100	*	JTOWER, Inc		216
	199,760		KAR Auction Services, Inc		2,749
	6,000		KD Holding Corp		45
	57,023		Kelly Services, Inc (Class A)		902
	82,163		KEPCO Plant Service & Engineering Co Ltd		1,996
	121,131		Kforce, Inc		3,543
	151,572		Kimball International, Inc (Class B)		1,752
	184,465		Knoll, Inc		2,249
	4,247		Koentec Co Ltd		31
	172,200		Kokuyo Co Ltd		2,088
	87,756		Korn/Ferry International		2,697
	5,509	g	L&T Technology Services Ltd		94
	17,989	e	Link And Motivation, Inc		65
	119,727		Loomis AB		2,860
	4,359		Maharah Human Resources Co		80
	90,395		Manpower, Inc		6,215
	24,964	*	Mastech Holdings, Inc		647
	6,562		Matsuda Sangyo Co Ltd		82
	69,850		Matthews International Corp (Class A)		1,334
	100,251		McGrath RentCorp		5,415
	174,075		McMillan Shakespeare Ltd		1,100
	13,928		Meitec Corp		674
	356,134		Michael Page International plc		1,672

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	18,183	*	Mistras Group, Inc	$	72
	189,812	e	Mitie Group		196
	18,344		Mitsubishi Pencil Co Ltd		230
	247,672		Mobile Mini, Inc		7,306
	77,957	e	Morneau Sobeco Income Fund		1,820
	295,600		Moshi Moshi Hotline, Inc		2,753
	6,991		MSA Safety, Inc		800
	2,171,370		New World Development Co Ltd		10,310
	7,172		NICE Information Service Co Ltd		110
	4,004		Nichiban Co Ltd		54
	98,277		Nielsen NV		1,460
	93,135		Nihon M&A Center, Inc		4,236
	10,400		Nippon Kanzai Co Ltd		190
	99,011		Nippon Parking Development Co Ltd		128
	6,165		NL Industries, Inc		21
	225,500		Nomura Co Ltd		1,884
	238,111		Okamura Corp		1,654
	134,832		Omni Bridgeway Ltd		445
	298,269		Outsourcing, Inc		1,901
	25,568		Oyo Corp		334
	239,570		Park24 Co Ltd		4,107
	10,900		Pasona Group, Inc		121
	39,972		Pilot Corp		1,216
	157,298	e	Pitney Bowes, Inc		409
	88,344	*,e	Precigen, Inc		441
	54,027		Prestige International, Inc		407
	233,596	g	Prosegur Cash S.A.		198
	365,374		Prosegur Cia de Seguridad S.A.		852
	59,830		Quad Graphics, Inc		194
	15,816	*,g	Quess Corp Ltd		76
	442,903	*,e	Raksul, Inc		12,082
	161,486		Randstad Holdings NV		7,221
	3,671,128		Recruit Holdings Co Ltd		126,251
	5,637	*	Red Violet, Inc		99
	1,935,456		RELX plc		44,794
	1,345,738		RELX plc (London)		31,148
	8,600	*	Renrui Human Resources Technology Holdings Ltd		34
	2,861,213		Rentokil Initial plc		18,092
	325,209		Republic Services, Inc		26,683
	27,529		Resources Connection, Inc		330
	63,750	e	Restore plc		284
	215,370		Ritchie Bros Auctioneers, Inc		8,768
	246,800		Robert Half International, Inc		13,038
	215,068		Rollins, Inc		9,117
	304,709		RWS Holdings plc		2,263
	15,060		S1 Corp (Korea)		1,079
	15,152		Sato Corp		330
	217,639		Secom Co Ltd		19,096
	617,266		Securitas AB (B Shares)		8,347
	319,981		Seek Ltd		4,895
	858,699		Serco Group plc		1,626
	304,427		SG Fleet Group Ltd		338
	6,069		SGS S.A.		14,867
	33,500		Shanghai M&G Stationery, Inc		259

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	100,500	*,†	Shanghai Youngsun Investment Co Ltd	$	85
	40,200	*	Shenzhen Dongjiang Environmental Co Ltd		27
	157,221		SmartGroup Corp Ltd		667
	37,587		SMS Co Ltd		846
	19,137	e	Societe BIC S.A.		974
	78,490		Sohgo Security Services Co Ltd		3,665
	75,093	*	SP Plus Corp		1,555
	176,020	e	SPIE S.A.		2,645
	64,532	*	S-Pool, Inc		443
	14,743		Sporton International, Inc		121
	147,381		Stantec, Inc		4,550
	395,306		Steelcase, Inc (Class A)		4,767
	274,852	*	Stericycle, Inc		15,386
	21,000		Sunny Friend Environmental Technology Co Ltd		184
	3,776	*	Synergie S.A		96
	79,660		Taiwan Secom Co Ltd		236
	163,020		Taiwan-Sogo Shinkong Security Corp		205
	19,200		Tanseisha Co Ltd		134
	50,610	*	Team, Inc		282
	2,135	*	TeamLease Services Ltd		47
	69,080		TechnoPro Holdings, Inc		3,988
	114,686	*	Teleperformance		29,208
	82,324		Temp Holdings Co Ltd		1,135
	62,537		Tetra Tech, Inc		4,948
	185,883		Thomson Reuters Corp		12,630
	414,000	e	Times Neighborhood Holdings Ltd		566
	10,144	*,e	Tinexta S.p.A		136
	83,355	e	Tomra Systems ASA		3,079
	24,506		Toppan Forms Co Ltd		243
	653,150		Toppan Printing Co Ltd		10,920
	164,903	e	Transcontinental, Inc		1,834
	434,312		TransUnion		37,803
	39,059	*	TriNet Group, Inc		2,380
	31,487	*	TrueBlue, Inc		481
	11,062		Trust Tech, Inc		97
	8,500	*	Uchida Yoko Co Ltd		497
	25,157		Unifirst Corp		4,502
	14,099	*,e	United Technology Holdings Co Ltd		324
	27,804	*	US Ecology, Inc		942
	239,134		Verisk Analytics, Inc		40,701
	36,289		Viad Corp		690
	109,919	*	Vivint Smart Home, Inc		1,905
	10,993		VSE Corp		345
	491,285		Waste Connections, Inc		46,078
	1,079,168		Waste Management, Inc		114,295
	4,800	e	WDB Holdings Co Ltd		119
	2,000		Weathernews, Inc		65
	9,615	*	Willdan Group, Inc		240
	239,055		Wolters Kluwer NV		18,672
	3,500		World Holdings Co Ltd		56
	5,100		YAMADA Consulting Group Co Ltd		64
	22,900	e	Yumeshin Holdings Co Ltd		126
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,401,352

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
CONSUMER DURABLES & APPAREL - 1.9%
	169,000		361 Degrees International Ltd	$	22
	10,318		Accell Group		257
	29,645		Acushnet Holdings Corp		1,031
	220,586		Adidas-Salomon AG.		58,158
	1,035,269		Aksa Akrilik Kimya Sanayii		1,103
	2,468		Amber Enterprises India Ltd		47
	171,157	*	AmTRAN Technology Co Ltd		47
	1,507,335		Anta Sports Products Ltd		13,411
	2,292,000	*	Apollo Future Mobility Group Ltd		144
	10,300		Arezzo Industria e Comercio S.A.		91
	97,070	*	Aritzia, Inc		1,359
	81,873	e	Asics Corp		936
	59,617		Bajaj Electricals Ltd		310
	857,716		Barratt Developments plc		5,272
	7,141		Bata India Ltd		124
	53,965	*	Beazer Homes USA, Inc		543
	166,072		Bellway plc		5,231
	19,302		Beneteau S.A.		138
	81,326		Berkeley Group Holdings plc		4,188
	464,657		Betsson AB		3,239
	259,391	*	Betsson AB (Redemption)		80
	45,186		Bonava AB		244
	1,996,000		Bosideng International Holdings Ltd		621
	360,261		Bovis Homes Group plc		3,173
	156,519		Breville Group Ltd		2,474
	49,054		BRP, Inc (Toronto)		2,092
	17,930	e	Brunello Cucinelli S.p.A		534
	342,205		Brunswick Corp		21,905
	128,017		Burberry Group plc		2,530
	3,173,720		Cairn Homes plc		3,094
	5,552,409		Cairn Homes plc (London)		5,629
	149,406		Callaway Golf Co		2,616
	67,239	*,e	Canada Goose Holdings, Inc		1,561
	1,263,611	*	Capri Holdings Ltd		19,750
	19,529		Carter’s, Inc		1,576
	243,216	*	Casio Computer Co Ltd		4,243
	17,285	*	Cavco Industries, Inc		3,333
	8,557		CCC S.A.		130
	25,217	*	Century Communities, Inc		773
	9,317	e	Chargeurs S.A.		141
	738,400		China Dongxiang Group Co		66
	726,000		China Lilang Ltd		391
	9,200		Chofu Seisakusho Co Ltd		193
	163,357		Chow Sang Sang Holding		174
	371,300		Cia Hering		978
	622,228		Cie Financiere Richemont S.A.		40,134
	694,000	*	Citychamp Watch & Jewellery Group Ltd		139
	21,186		Clarus Corp		245
	3,162,548		Coats Group plc		2,201
	6,308		Columbia Sportswear Co		508
	16,100		Construtora Tenda S.A.		92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,636		Corona Corp	$	64
	170,000	*,e,g	Cosmo Lady China Holdings Co Ltd		11
	893,050	*,g	Countryside Properties plc		3,657
	5,337		COWELL FASHION Co Ltd		24
	144,473		Crest Nicholson Holdings plc		353
	229,394	*	CROCS, Inc		8,446
	404,361		Crompton Greaves Consumer Electricals Ltd		1,279
	2,106,795	g	Crystal International Group Ltd		460
	333		Cuckoo Electronics Co Ltd		22
	66,700		Cyrela Brazil Realty S.A.		280
	41,633	*	Deckers Outdoor Corp		8,176
	125,618		De’Longhi S.p.A.		3,295
	37,306		Delta-Galil Industries Ltd		429
	16,002	e	Descente Ltd		222
	624		Dixon Technologies India Ltd		48
	864,422		DR Horton, Inc		47,932
	91,571	*	Duni AB		960
	114,950		Eclat Textile Co Ltd		1,339
	276,973		Electrolux AB (Series B)		4,660
	2,604,520	*,e	Electrolux Professional AB		9,540
	6,665		Escalade, Inc		93
	292,900		ES-Con Japan Ltd		2,231
	462,410		Essilor International S.A.		59,470
	42,590		Ethan Allen Interiors, Inc		504
	24,300		Even Construtora e Incorporadora S.A.		49
	22,666		Ez Tec Empreendimentos e Participacoes S.A.		166
	20,536		F&F Co Ltd		1,585
	603,604		Feng TAY Enterprise Co Ltd		3,423
	27,835		Fila Korea Ltd		821
	2,401		Forbo Holding AG.		3,486
	693,052		Formosa Taffeta Co Ltd		859
	21,452		Forus S.A.		26
	75,611	*,e	Fossil Group, Inc		352
	29,391		Foster Electric Co Ltd		288
	10,408		France Bed Holdings Co Ltd		82
	339,999	*,†,e	Fuguiniao Co Ltd		0	^
	4,900		Fujibo Holdings Inc		149
	32,421		Fujitsu General Ltd		666
	24,000	*	Fulgent Sun International Holding Co Ltd		86
	425,000		Fusheng Precision Co Ltd		2,357
	64,859		Games Workshop Group plc		6,445
	208,739		Garmin Ltd		20,352
	77,919	*	Genasys, Inc		379
	8,946	*	GeneOne Life Science, Inc		72
	170,639		Giant Manufacturing Co Ltd		1,534
	111,499	*	G-III Apparel Group Ltd		1,482
	196,967		Gildan Activewear, Inc		3,051
	2,709,904	*,g	Glenveagh Properties plc		2,043
	2,700,000	*,e,g	Glenveagh Properties plc (London)		2,081
	77,693		Goldwin, Inc		5,094
	113,788	*,e	GoPro, Inc		542
	150,300		Gree Electric Appliances, Inc of Zhuhai		1,207
	129,995	*	Green Brick Partners, Inc		1,540
	69,600		Grendene S.A.		94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	23,200		Guararapes Confeccoes S.A.	$	75
	46,500		Gunze Ltd		1,728
	1,057,944		Haier Electronics Group Co Ltd		3,221
	6,027		Hamilton Beach Brands Holding Co		72
	10,094		Handsome Co Ltd		296
	170,250		Hanesbrands, Inc		1,922
	879,586		Hangzhou Robam Appliances Co Ltd		3,885
	4,128		Hansae Co Ltd		37
	55,270		Hanssem Co Ltd		3,985
	6,145		Hanwha Systems Co Ltd		46
	247,043		Hasbro, Inc		18,516
	638,572		Haseko Corp		8,063
	29,689		Heiwa Corp		497
	28,531	*	Helen of Troy Ltd		5,380
	24,654	*,†	Hellenic Duty Free Shops S.A.		0	^
	29,397		Hermes International		24,682
	1,487		Hitachi Home & Life Solutions India Ltd		44
	34,163	*,e	HLB, Inc		2,640
	9,943		Hooker Furniture Corp		193
	466,000	*,†	HOSA International Ltd		1
	8,071		HS Industries Co Ltd		47
	43,477		Hugo Boss AG.		1,318
	972,946		Husqvarna AB (B Shares)		8,007
	4,239		Hwaseung Enterprise Co Ltd		41
	10,553		Hyosung TNC Co Ltd		990
	127,442		IG Design Group plc		796
	12,021		Iida Group Holdings Co Ltd		185
	98,881	*	Installed Building Products, Inc		6,801
	30,972	*,e	iRobot Corp		2,599
	154,200		Japan Wool Textile Co Ltd		1,531
	29,905	e	JM AB		677
	489,000		JNBY Design Ltd		492
	21,000		Johnson Health Tech Co Ltd		51
	15,732		Johnson Outdoors, Inc		1,432
	31,200		Joyoung Co Ltd		165
	82,600		JVC KENWOOD Holdings, Inc		126
	9,935		Kaufman & Broad S.A.		344
	191,922		KB Home		5,888
	3,232,000		Kinpo Electronics		1,193
	11,956		KMC Kuei Meng International In		60
	111,700		Konka Group Co Ltd		33
	84,632	e	Kontoor Brands, Inc		1,507
	3,826		KPR Mill Ltd		25
	8,500		Kurabo Industries Ltd		179
	13,626	*	Lakeland Industries, Inc		306
	75,482		La-Z-Boy, Inc		2,043
	130,776	*	Lealea Enterprise Co Ltd		33
	58,900	e	LEC, Inc		887
	3,841	*,e	Legacy Housing Corp		55
	164,522		Leggett & Platt, Inc		5,783
	27,096		Lennar Corp (B Shares)		1,249
	342,094		Lennar Corp (Class A)		21,080
	183,420	e	Levi Strauss & Co		2,458

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	68,966		LG Electronics, Inc	$	3,655
	45,331		LG Fashion Corp		469
	19,464	*,e	LGI Homes, Inc		1,713
	3,942,000		Li Ning Co Ltd		12,624
	7,367		Lifetime Brands, Inc		49
	6,987	*,e	Lovesac Co		183
	1,066	*	LPP S.A.		1,627
	301,492	*	Lululemon Athletica, Inc		94,069
	783,224	*	Luthai Textile Co Ltd		465
	358,012		LVMH Moet Hennessy Louis Vuitton S.A.		158,060
	94,287	*	M/I Homes, Inc		3,247
	53,271		Makalot Industrial Co Ltd		281
	96,781	*	Malibu Boats, Inc		5,028
	2,528,903		Man Wah Holdings Ltd		2,436
	6,442	*,†	Mariella Burani S.p.A.		0
	6,357		Marine Products Corp		88
	32,300		Mars Engineering Corp		487
	14,832	*	MasterCraft Boat Holdings, Inc		283
	1,823,147	*,e	Mattel, Inc		17,630
	7,945	*,g	Mavi Giyim Sanayi Ve Ticaret AS.		55
	48,250		Maytronics Ltd		548
	889,358	g	McCarthy & Stone plc		787
	86,854		MDC Holdings, Inc		3,101
	46,000		Merida Industry Co Ltd		314
	62,048	*	Meritage Homes Corp		4,723
	111		Metall Zug AG.(B Shares)		166
	165,928		MIPS AB		5,754
	9,000		Mizuno Corp		173
	109,243	*	Mohawk Industries, Inc		11,117
	603,506		Moncler S.p.A		23,207
	26,521		Movado Group, Inc		287
	1,068,765		MRV Engenharia e Participacoes S.A.		3,538
	6,790		Nacco Industries, Inc (Class A)		158
	188,030		Namco Bandai Holdings, Inc		9,898
	9,000		Nan Liu Enterprise Co Ltd		80
	61,884	*	Nautilus, Inc		574
	832,700	*	NavInfo Co Ltd		1,951
	28,632	*,g	Neinor Homes S.A.		295
	1,932,572		Newell Brands Inc		30,689
	316,000		Nien Made Enterprise Co Ltd		3,097
	3,266,381		Nike, Inc (Class B)		320,269
	243,965		Nikon Corp		2,049
	58,709		Nobia AB		280
	17,144	*	NVR, Inc		55,868
	48,631		Onward Kashiyama Co Ltd		144
	10,500	*	Oppein Home Group, Inc		173
	11,014		Orient Electric Ltd		30
	1,120,041	*	Oriental Weavers		382
	15,380		Oxford Industries, Inc		677
	497,778		Pacific Textile Holdings Ltd		241
	3,120		Page Industries Ltd		823
	27,456		Paiho Shih Holdings Corp		28
	2,802,113		Panasonic Corp		24,572
	75,573		Pandora AS		4,127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	402,000	*,†	Peace Mark Holdings Ltd	$	0
	240,914	*	Peloton Interactive, Inc		13,918
	318,489		Persimmon plc		9,014
	252,953	*	Peter England Fashions and Retail Ltd		420
	20,656	*	PIK Group (GDR)		124
	130,199		Polaris Inc		12,050
	1,418,041		Pou Chen Corp		1,391
	12,095,792	e	Prada S.p.A		42,266
	162,040		Pressance Corp		1,787
	539,444		Pulte Homes, Inc		18,357
	104,422		Puma AG. Rudolf Dassler Sport		8,096
	126,734	*,e	Purple Innovation, Inc		2,281
	63,227		PVH Corp		3,038
	91,000		Q Technology Group Co Ltd		120
	256,100		Qingdao Haier Co Ltd		643
	251,000		Quang Viet Enterprise Co Ltd		1,167
	173,848		Rajesh Exports Ltd		1,072
	13,765		Ralph Lauren Corp		998
	393,125		Redrow plc		2,097
	11,052	*	Relaxo Footwears Ltd		93
	110,570		Rinnai Corp		9,259
	6,540		Rocky Brands, Inc		134
	99,000	*	Roo Hsing Co Ltd		45
	105,000		Ruentex Industries Ltd		253
	26,778	e	Salvatore Ferragamo Italia S.p.A		363
	1,561,800	*,e,g	Samsonite International		1,593
	26,124		Sangetsu Co Ltd		370
	24,400		Sankyo Co Ltd		591
	8,000	*	Sanlorenzo S.p.A		136
	22,300		SEB S.A.		3,699
	113,682		Sega Sammy Holdings, Inc		1,363
	13,000		Seiko Holdings Corp		207
	103,658		Seiren Co Ltd		1,310
	418,667		Sekisui Chemical Co Ltd		5,999
	614,125		Sekisui House Ltd		11,725
	90,694	*,e	Sharp Corp		973
	655,124		Shenzhou International Group Holdings Ltd		7,964
	10,354		Shimano, Inc		1,991
	5,432		Sioen Industries NV		104
	28,441	*	Skechers U.S.A., Inc (Class A)		892
	283,108	*	Skyline Champion Corp		6,891
	412,000	*,e	Skyworth Digital Holdings Ltd		116
	113,606	*	Smith & Wesson Brands, Inc		2,445
	458,415	*	Sonos, Inc		6,707
	3,492,212		Sony Corp		241,068
	1,358,107	*,g	Spin Master Corp		24,539
	51,600		Starts Corp, Inc		1,059
	822,263	*,e	Steinhoff International Holdings NV		48
	225,500		Stella International Holdings Ltd		231
	199,519		Steven Madden Ltd		4,926
	59,840		Sturm Ruger & Co, Inc		4,548
	624,939		Sumitomo Forestry Co Ltd		7,862
	37,500		Suofeiya Home Collection Co Ltd		129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,456		Superior Uniform Group, Inc	$	127
	40,780	*,e	Swatch Group AG.		8,185
	698		Swatch Group AG. (Registered)		27
	3,272		Symphony Ltd		38
	244,602		Tainan Spinning Co Ltd		94
	461,600		Taiwan Paiho Ltd		1,015
	7,200	e	Tama Home Co Ltd		82
	47,300		Tamron Co Ltd		818
	270,793		Tapestry, Inc		3,596
	1,104,000	*	Tatung Co Ltd		789
	370,943	*	Taylor Morrison Home Corp		7,155
	4,730,573		Taylor Wimpey plc		8,349
	536,900		TCL Corp		473
	3,402,000		TCL Multimedia Technology Holdings Ltd		1,675
	3,766	*,g	TCNS Clothing Co Ltd		17
	65,039	*,e,g	Technogym S.p.A		544
	348,951	*	Tempur Sealy International, Inc		25,107
	59,000		Texhong Textile Group Ltd		47
	55,535	g	Thule Group AB		1,410
	246,785		Titan Industries Ltd		3,107
	24,756	e	Tod’s S.p.A.		737
	3,790		Token Corp		247
	149,318		Toll Brothers, Inc		4,866
	38,301	*	TomTom NV		303
	46,301		Tomy Co Ltd		366
	90,872	*	TopBuild Corp		10,338
	402,726	*	TRI Pointe Homes, Inc		5,916
	19,300		Trisul S.A.		42
	240,818		TSI Holdings Co Ltd		1,035
	686		TTK Prestige Ltd		49
	83,812	e	Tupperware Brands Corp		398
	69,964	*	Turtle Beach Corp		1,030
	56,807	*	Under Armour, Inc (Class A)		553
	1,716,917	*,e	Under Armour, Inc (Class C)		15,178
	25,631	*	Unifi, Inc		330
	64,591	*	Universal Electronics, Inc		3,024
	17,843	*,e	Universal Entertainment Corp		348
	3,051	*	VAN DE Velde		72
	21,926		Vardhman Textiles Ltd		191
	50,264	*	Vera Bradley, Inc		223
	12,948	*	Vestel Elektronik Sanayi		31
	434,011		VF Corp		26,449
	50,888	*,e	Victoria plc		175
	8,459		VIP Industries Ltd		29
	162,183	*	Vista Outdoor, Inc		2,344
	21,000		Vivara Participacoes S.A.		81
	17,411	*	VOXX International Corp (Class A)		101
	1,110	*	V-ZUG Holding AG.		91
	22,313		Wacoal Holdings Corp		414
	84,000		Weiqiao Textile Co		15
	71,763		Welspun India Ltd		35
	253,335		Whirlpool Corp		32,814
	1,857		Winix, Inc		31
	161,446		Wolverine World Wide, Inc		3,844

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	29,110		Woongjin Coway Co Ltd	$	1,760
	18,800		Xiamen Intretech, Inc		154
	279,883		XTEP International Holdings		94
	44,996		Yamaha Corp		2,122
	205,185	*	YETI Holdings, Inc		8,768
	8,500		Yondoshi Holdings, Inc		140
	26,800	e	Yonex Co Ltd		146
	6,106		Youngone Corp		130
	7,103		Youngone Holdings Co Ltd		229
	435,500		Yue Yuen Industrial Holdings		664
	38,700		Zhejiang Semir Garment Co Ltd		39
	15,000		Zhejiang Supor Co Ltd		151
	1,892		Zinus, Inc		127
	18,600		Zojirushi Corp		236
			TOTAL CONSUMER DURABLES & APPAREL		2,044,897

CONSUMER SERVICES - 1.8%
	407,802	e	888 Holdings plc		882
	44,206	g	AcadeMedia AB		300
	58,716	*	Accel Entertainment, Inc		565
	367,709		Accor S.A.		10,035
	1,495,077		Accordia Golf Trust		738
	151,131	*	Adtalem Global Education, Inc		4,708
	3,172		Aeon Fantasy Co Ltd		45
	666,295	*	Afya Ltd		15,618
	1,386,500	*	Alsea SAB de C.V.		1,364
	43,460	*,†	Altus San Nicolas Corp		5
	36,708	*	American Public Education, Inc		1,087
	74,162	*	AmRest Holdings SE		431
	458,153		ARAMARK Holdings Corp		10,341
	7,960	e	ARCLAND SERVICE Co Ltd		141
	85,745	*	Arco Platform Ltd		3,728
	8,121,701	a,e	Arcos Dorados Holdings, Inc		34,030
	553,238		Aristocrat Leisure Ltd		9,907
	28,401	*	Aspen Group, Inc		257
	5,321,806		Asset World Corp PCL		671
	50,100	e	Atom Corp		381
	73,683	*	Autogrill S.p.A.		389
	79,649	*,g	Basic-Fit NV		2,108
	468,215		BBX Capital Corp		1,189
	98,534		Benesse Holdings, Inc		2,643
	1,663,800		Berjaya Sports Toto BHD		857
	1,640		bet-at-home.com AG.		71
	64	*	Biglari Holdings, Inc (A Shares)		21
	10,475	*	Biglari Holdings, Inc (B Shares)		723
	33,717		BJ’s Restaurants, Inc		706
	40,500		BK Brasil Operacao e Assessoria a Restaurantes S.A.		85
	881,600		Bloomberry Resorts Corp		132
	152,411		Bloomin’ Brands, Inc		1,625
	6,777		Bluegreen Vacations Corp		37
	214,777		Boyd Gaming Corp		4,489
	106,011	*	Bright Horizons Family Solutions		12,424
	3,700		Bright Scholar Education Holdings Ltd (ADR)		29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	50,695		Brinker International, Inc	$	1,217
	4,600	e	BRONCO BILLY Co Ltd		103
	46,600	*	BTG Hotels Group Co Ltd		102
	882,931	*	Caesars Entertainment Corp		10,710
	192,000		Cafe de Coral Holdings Ltd		399
	60,462		Cairo Investment & Real Estate Development Co SAE		49
	1,239,436	e	Carnival Corp		20,352
	189,756		Carnival plc		2,321
	133,167		Carriage Services, Inc		2,413
	67,123	*	Carrols Restaurant Group, Inc		325
	442,600		Central Plaza Hotel PCL		332
	48,569	*	Century Casinos, Inc		202
	37,419	e	Cheesecake Factory		858
	30,607	*	Chegg, Inc		2,059
	786,000		China Beststudy Education Group		368
	319,500	g	China East Education Holdings Ltd		581
	354,000		China Education Group Holdings Ltd		571
	99,100	*	China International Travel Service Corp Ltd		2,172
	232,000		China Kepei Education Group Ltd		188
	340,000	e	China Maple Leaf Educational Systems Ltd		104
	172,000	g	China New Higher Education Group Ltd		115
	496,000		China Travel International Inv HK		71
	93,000	g	China Xinhua Education Group Ltd		31
	1,060,000	g	China Yuhua Education Corp Ltd		875
	117,645	*	Chipotle Mexican Grill, Inc (Class A)		123,805
	41,948		Choice Hotels International, Inc		3,310
	33,533		Churchill Downs, Inc		4,465
	30,003	*	Chuy’s Holdings, Inc		446
	19,215		Cie des Alpes		383
	1,318,645		Cogna Educacao		1,603
	8,101		Collectors Universe		278
	54,404		Collins Foods Ltd		359
	33,900	e	Colowide Co Ltd		463
	1,896,891		Compass Group plc		26,098
	46,319		Corporate Travel Management Ltd		315
	23,099		Cracker Barrel Old Country Store, Inc		2,562
	329,000	e	Create Restaurants Holdings, Inc		2,170
	318,077		Crown Resorts Ltd		2,143
	32,000		CVC Brasil Operadora e Agencia de Viagens S.A.		107
	195,429		Dadi Early-Childhood Education Group Ltd		1,228
	5,697		Daekyo Co Ltd		20
	33,000		Dahan Development Corp		65
	4,200		Daisyo Corp		50
	106,381		Dalata Hotel Group plc		341
	263,000		Darden Restaurants, Inc		19,928
	101,501	e	Dave & Buster’s Entertainment, Inc		1,353
	84,260	*	Del Taco Restaurants, Inc		500
	350,935	*	Denny’s Corp		3,544
	40,349	e	Dine Brands Global Inc.		1,699
	14,239	e	DO & CO AG.		732
	74,648	e	Domino’s Pizza Enterprises Ltd		3,579
	356,568		Domino’s Pizza Group plc		1,369
	28,280		Domino’s Pizza, Inc		10,448
	2,706		DoubleUGames Co Ltd		180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	62,100		Doutor Nichires Holdings Co Ltd	$	1,004
	796,230	*	Dubai Parks & Resorts PJSC		27
	141,624		Dunkin Brands Group, Inc		9,238
	56,207		Dur Hospitality Co		372
	29,546		EIH Ltd		25
	15,535	*,e	El Pollo Loco Holdings, Inc		229
	156,522	*,e	Eldorado Resorts, Inc		6,270
	322,920	e,g	Elior Participations S.C.A		1,847
	11,317	*	Emerson Pacific, Inc		92
	202,742	e,g	Evolution Gaming Group AB		12,042
	388,331		Extended Stay America, Inc		4,345
	33,000		Fairwood Holdings Ltd		74
	2,707	*	Fattal Holdings 1998 Ltd		118
	35,865	*	Fiesta Restaurant Group, Inc		229
	175,199	†	Flight Centre Travel Group Ltd		1,370
	249,345	*	Flutter Entertainment plc		32,689
	11,990		Formosa International Hotels Corp		61
	34,936		Franchise Group, Inc		764
	172,019	*	frontdoor, Inc		7,626
	315,000		Fu Shou Yuan International Group Ltd		290
	12,699	e	Fuji Kyuko Co Ltd		397
	6,800	e	Fujio Food System Co Ltd		90
	431,014		G8 Education Ltd		266
	16,000	*	GAEC Educacao S.A.		72
	4,847,043		Galaxy Entertainment Group Ltd		33,249
	52,274	*	GAN Ltd		1,330
	5,322,967		Genting BHD		5,127
	4,179,978		Genting Singapore Ltd		2,300
	32,930	*	Golden Entertainment, Inc		294
	20,739		Gourmet Master Co Ltd		72
	7,322		Graham Holdings Co		2,509
	59,145	*	Grand Canyon Education, Inc		5,354
	7,247		Grand Korea Leisure Co Ltd		78
	60,244	*	Great Canadian Gaming Corp		1,199
	3,000	e	GreenTree Hospitality Group Ltd		40
	109,790		Greggs plc		2,202
	61,219	*,e	GSX Techedu, Inc (ADR)		3,673
	573,755		GVC Holdings plc		5,259
	510,752		H&R Block, Inc		7,294
	256,000	*,g	Haichang Holdings Ltd		15
	774,000	e,g	Haidilao International Holding Ltd		3,289
	2,007		Hana Tour Service, Inc		65
	5,088		Herfy Food Services Co		61
	13,037		Hiday Hidaka Corp		203
	169,989	*	Hilton Grand Vacations, Inc		3,323
	711,577		Hilton Worldwide Holdings, Inc		52,265
	104,554	e	HIS Co Ltd		1,558
	207,000		Hongkong & Shanghai Hotels		188
	444,000	*,g	Hope Education Group Co Ltd		153
	234,323	*	Houghton Mifflin Harcourt Co		424
	49,975	*	Huangshan Tourism Development Co Ltd		32
	98,272	e	Huazhu Group Ltd (ADR)		3,444
	45,004		Hyatt Hotels Corp		2,263

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,100	e	Ichibanya Co Ltd	$	357
	1,373,235		IDP Education Ltd		14,882
	428,119	*	Indian Hotels Co Ltd		454
	148,480		InterContinental Hotels Group plc		6,555
	152,433	e	International Game Technology plc		1,357
	116,229	e	Invocare Ltd		845
	41,130		Jack in the Box, Inc		3,047
	39,399	*	Jackpotjoy plc		418
	48,000	e	Japan Best Rescue System Co Ltd		373
	383,000	*,e,g	Jiumaojiu International Holdings Ltd		665
	225,427		Jollibee Foods Corp		636
	55,800		Jubilant Foodworks Ltd		1,277
	411,168	e	Jumbo Interactive Ltd		2,750
	79,205	*	K12, Inc		2,158
	22,426	*,e	Kambi Group plc		502
	59,488		Kangwon Land, Inc		1,072
	12,570	*	Kappa Create Co Ltd		171
	12,800		Kisoji Co Ltd		291
	5,446	*,e	KNT-CT Holdings Co Ltd		50
	23,700		KOMEDA Holdings Co Ltd		402
	181,046	*,e,g	Koolearn Technology Holding Ltd		731
	481,522	e	Koshidaka Holdings Co Ltd		1,871
	5,253	e	Kourakuen Holdings Corp		76
	5,402		Kura Corp		263
	1,327	*,e	Kura Sushi USA, Inc		19
	15,583		Kyoritsu Maintenance Co Ltd		533
	73,601	e,g	La Francaise des Jeux SAEM		2,275
	1,670,552		Las Vegas Sands Corp		76,077
	353,987	*	Laureate Education, Inc		3,527
	4,953		Leejam Sports Co JSC		77
	319,216	g	LeoVegas AB		1,434
	65,494	*	Lindblad Expeditions Holdings, Inc		506
	5,100	*	Litalico, Inc		114
	6,998	*	Lotte Tour Development Co Ltd		79
	1,178,504	*	Macau Legend Development Ltd		160
	1,170,700		Magnum BHD		603
	291,800	e	Mandarin Oriental International Ltd		442
	541,660		Marriott International, Inc (Class A)		46,437
	61,746		Marriott Vacations Worldwide Corp		5,076
	554,996		Marston’s plc		366
	4,400		Matsuya Foods Co Ltd		149
	2,053,294		McDonald’s Corp		378,771
	67,599		McDonald’s Holdings Co Japan Ltd		3,654
	1,762		MegaStudyEdu Co Ltd		53
	9,400		Meiko Network Japan Co Ltd		74
	405,217		Melco Crown Entertainment Ltd (ADR)		6,289
	3,552,544		Melco International Development		6,926
	59,651	e	Melia Hotels International S.A.		255
	738,533		MGM Resorts International		12,407
	1		Minor International PCL (ADR)		0	^
	1,723,578		Minor International PCL (Foreign)		1,139
	170,000	e,g	Minsheng Education Group Co Ltd		23
	355,614	*	Mitchells & Butlers plc		828
	11,245	*	Monarch Casino & Resort, Inc		383

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,617	e	Monogatari Corp	$	204
	12,700		MOS Food Services, Inc		350
	22,938	e	MTY Food Group, Inc		411
	2,019		Nathan’s Famous, Inc		114
	212,041	*	New Oriental Education & Technology Group (ADR)		27,614
	63,683	*	Noodles & Co		385
	422,495	*,e	Norwegian Cruise Line Holdings Ltd		6,942
	633,700	*	Nusantara Properti International Tbk PT		13
	118,500		Offcn Education Technology Co Ltd		467
	7,200		Ohsho Food Service Corp		402
	14,100	*,e	OneSmart International Education Group Ltd (ADR)		55
	42,243	*,e	OneSpaWorld Holdings Ltd		201
	161,136		OPAP S.A.		1,536
	6,508	*,e	Orascom Development Holding AG.		60
	162,067		Oriental Land Co Ltd		21,416
	171,625	e	Paddy Power plc		22,659
	49,711		Pandox AB		577
	49,236		Papa John’s International, Inc		3,910
	10,553		Paradise Co Ltd		119
	259,890		Park Lawn Corp		4,292
	38,470	*,†	Patisserie Holdings plc		0	^
	217,673	*,e	Penn National Gaming, Inc		6,648
	392,855	*	Perdoceo Education Corp		6,258
	2,293	e	PIA Corp		73
	139,395	*	Planet Fitness, Inc		8,443
	170,454	*	PlayAGS, Inc		576
	161,781		Playtech Ltd		565
	60,085		Plenus Co Ltd		998
	505,817	*,e	PointsBet Holdings Ltd		1,903
	7,000		Power Wind Health Industry, Inc		44
	12,573		RCI Hospitality Holdings, Inc		174
	19,159	e	Recipe Unlimited Corp		131
	24,315	*,e	Red Robin Gourmet Burgers, Inc		248
	358,963		Red Rock Resorts, Inc		3,916
	144,000		Regal Hotels International Holdings Ltd		57
	22,084	*	Regis Corp		181
	3,555,529		Resorts World BHD		2,115
	64,700		Resorttrust, Inc		840
	333,094		Restaurant Brands International, Inc (Toronto)		18,129
	15,734	*	Restaurant Brands New Zealand Ltd		120
	759,713	e	Restaurant Group plc		532
	12,400		Ringer Hut Co Ltd		270
	67,900		Riso Kyoiku Co Ltd		205
	38,561		Round One Corp		279
	298,602	e	Royal Caribbean Cruises Ltd		15,020
	13,300	e	Royal Holdings Co Ltd		232
	26,786		Ruth’s Hospitality Group Inc		219
	24,200		Saizeriya Co Ltd		469
	2,508,759		Sands China Ltd		9,883
	34,500		Saudi Airlines Catering Co		714
	188,241	e,g	Scandic Hotels Group AB		666
	32,000		Scholar Education Group		66
	160,296	*,e	Scientific Games Corp (Class A)		2,478

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	87,546	*,e	SeaWorld Entertainment, Inc	$	1,297
	33,505	*	Seera Group Holding		143
	14,196	g	Ser Educacional S.A.		39
	269,548		Service Corp International		10,483
	311,209	*	ServiceMaster Global Holdings, Inc		11,107
	4,800		SFP Holdings Co Ltd		69
	31,040	*,e	Shake Shack, Inc		1,644
	26,400		Shanghai Jinjiang International Hotels Development Co Ltd		104
	280,000		Shanghai Jinjiang International Hotels Group Co Ltd		50
	606,000		Shangri-La Asia Ltd		524
	110,900		Shenzhen Overseas Chinese Town Co Ltd		95
	119,200	*,e	Silver Life Co Ltd		2,591
	111,905		Six Flags Entertainment Corp		2,150
	1,494,000		SJM Holdings Ltd		1,675
	23,828		SkiStar AB		244
	1,221,590		Sky City Entertainment Group Ltd		1,900
	106,482	e	Skylark Co Ltd		1,692
	84,022	e	Sodexho Alliance S.A.		5,697
	96,840		Songcheng Performance Development Co Ltd		238
	560,459	*	SSP Group plc		1,786
	9,600		St Marc Holdings Co Ltd		148
	857,182		Star Entertainment Grp Ltd		1,703
	1,747,705		Starbucks Corp		128,614
	51,049		Strategic Education, Inc		7,844
	3,900		Studio Alice Co Ltd		57
	282,924		Sushiro Global Holdings Ltd		6,273
	1,838,154		Tabcorp Holdings Ltd		4,336
	295,593	*	TAL Education Group (ADR)		20,213
	20,888	*	Target Hospitality Corp		35
	131,027		Texas Roadhouse, Inc (Class A)		6,888
	253,000		Tianli Education International Holdings Ltd		178
	6,771	*,e	TKP Corp		132
	43,600	e	Tokyo Dome Corp		313
	8,185		Tokyotokeiba Co Ltd		273
	88,300		Toridoll.corp		993
	66,704		Tosho Co Ltd		793
	36,718	*	Transat AT, Inc		155
	256,487		TUI AG. (DI)		1,215
	137,418	e	Twin River Worldwide Holdings Inc		3,063
	316,705		Unibet Group plc (ADR)		1,912
	24,977	*	Universal Technical Institute, Inc		174
	53,358		Vail Resorts, Inc		9,719
	11,092		Watami Co Ltd		98
	243,627		Wendy’s		5,306
	7,717	*	Westlife Development Ltd		32
	44,782		Wetherspoon (J.D.) plc		557
	173,161	*,e	Whitbread plc		4,764
	536,704		William Hill plc		758
	67,581		Wingstop, Inc		9,392
	142,000		Wisdom Education International Holdings Co Ltd		59
	74,456	*	WW International Inc		1,890
	726,748		Wyndham Destinations, Inc		20,480
	363,010		Wyndham Hotels & Resorts, Inc		15,471

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	19,099,590		Wynn Macau Ltd	$	33,127
	266,237		Wynn Resorts Ltd		19,832
	85,000	g	Xiabuxiabu Catering Management China Holdings Co Ltd		84
	767,700		YDUQS Part		4,750
	1,935		Yomiuri Land Co Ltd		64
	122,331		Yoshinoya D&C Co Ltd		2,528
	1,194,309		Yum China Holdings, Inc		57,410
	965,051		Yum! Brands, Inc		83,873
	203,357	e	Zensho Co Ltd		4,113
			TOTAL CONSUMER SERVICES		1,866,828

DIVERSIFIED FINANCIALS - 3.7%
	122,100	*,e	360 Finance, Inc (ADR)		1,308
	460,095		3i Group plc		4,738
	17,345		ABC Arbitrage		133
	27,094		Ackermans & Van Haaren		3,548
	31,870		Acom Co Ltd		122
	92,500		Aeon Credit Service M BHD		206
	91,800		AEON Financial Service Co Ltd		1,007
	15,700		Aeon Thana Sinsap Thailand PCL		55
	9,966		Affiliated Managers Group, Inc		743
	2,017,834		AGNC Investment Corp		26,030
	185,700	*,e	Aiful Corp		410
	237,399		AJ Bell plc		1,141
	14,046		Aker ASA (A Shares)		517
	42,043	e	Alaris Royalty Corp		401
	12,832		Alerus Financial Corp		254
	1,126,395		Alexander Forbes Group Holdings Ltd		310
	589,313		Ally Financial, Inc		11,686
	1,823,649		Amanat Holdings PJSC		427
	4,257	*	A-Mark Precious Metals, Inc		81
	2,308,413		American Express Co		219,761
	195,653		Ameriprise Financial, Inc		29,356
	3,265,352	*	AMP Ltd		4,225
	119,458	g	Amundi S.A.		9,391
	1,687,045	g	Anima Holding S.p.A		7,287
	3,435,361		Annaly Capital Management, Inc		22,536
	168,399		Anworth Mortgage Asset Corp		286
	362,056		Apollo Commercial Real Estate Finance, Inc		3,552
	76,111		Apollo Global Management, Inc		3,799
	149,958		Arbor Realty Trust, Inc		1,386
	165,339	e	Ares Commercial Real Estate Corp		1,508
	10,661		Ares Management Corp		423
	27,080	e	Arlington Asset Investment Corp (Class A)		80
	319,218		ARMOUR Residential REIT, Inc		2,997
	292,836		Artisan Partners Asset Management, Inc		9,517
	13,065	*	Aseer Trading Tourism & Manufacturing Co		36
	1,351,603		Ashmore Group plc		6,979
	98,824	*	Assetmark Financial Holdings, Inc		2,697
	1,807		Associated Capital Group, Inc		66
	4,348	*	Atlanticus Holdings Corp		45
	11,175		Aurelius AG.		185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	343,665		Australian Stock Exchange Ltd	$	20,427
	318,275		Avanza Bank Holding AB		4,535
	156,900		Avic Capital Co Ltd		88
	2,215	*,†	Ayala Corp Preferred		0	^
	190,100		Azimut Holding S.p.A.		3,263
	27,655		B. Riley Financial, Inc		602
	2,398,353		B3 SA-Brasil Bolsa Balcao		24,296
	263,711		Bajaj Finance Ltd		9,926
	513,308	*,g	Banca Farmafactoring S.p.A		2,925
	278,845	*	Banca Generali S.p.A		8,384
	45,300		Banca IFIS S.p.A.		438
	82,883	*	Banca Mediolanum S.p.A		596
	557,800		Banco BTG Pactual S.A.		7,847
	27,450		Banco Latinoamericano de Exportaciones S.A. (Class E)		316
	1,492,000		Bangkok Commercial Asset Management PCL		1,184
	740,672		BGC Partners, Inc (Class A)		2,029
	189,208		BlackRock, Inc		102,946
	299,600		Blackstone Group, Inc		16,975
	218,185		Blackstone Mortgage Trust, Inc		5,256
	188,420	*	Blucora, Inc		2,152
	1,510,000	e	BOCOM International Holdings Co Ltd		190
	273,000	*	Bohai Leasing Co Ltd		115
	514,305	e	Bolsa Mexicana de Valores S.A. de C.V.		963
	175,507	*,e	Brait S.A.		34
	333,163		Brewin Dolphin Holdings plc		1,074
	300,418		Brightsphere Investment Group, Inc		3,743
	158,070		Broadmark Realty Capital, Inc		1,497
	1,355,896		Brookfield Asset Management, Inc		44,624
	367,392		BT Investment Management Ltd		1,537
	25,665		Bure Equity AB		560
	216,470		Burford Capital Ltd		1,252
	178,200		Bursa Malaysia BHD		304
	199,800		Caitong Securities Co Ltd		291
	37,983	*,†	Calamos Asset Management, Inc		0
	224,768	e	Canaccord Financial, Inc		1,144
	261,916	*	Cannae Holdings, Inc		10,765
	619,238		Capital One Financial Corp		38,758
	360,990		Capital Securities Corp		127
	188,488		Capstead Mortgage Corp		1,035
	27,293		Carlyle Group, Inc		761
	175,245		CBOE Global Markets, Inc		16,347
	78,727		Cembra Money Bank AG.		7,696
	30,010	e	Century Leasing System, Inc		1,537
	180,126	*	Cerved Information Solutions S.p.A		1,296
	1,917,180		Chailease Holding Co Ltd		8,173
	1,019,149		Challenger Financial Services Group Ltd		3,156
	318,700		Changjiang Securities Co Ltd		304
	3,939,850		Charles Schwab Corp		132,931
	13,245		Cherry Hill Mortgage Investment Corp		119
	329,456		Chimera Investment Corp		3,166
	157,000		China Bills Finance Corp		82
	7,346,698	*,e	China Cinda Asset Management Co Ltd		1,449
	863,925	e	China Everbright Ltd		1,259

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,331,045	*,e	China Galaxy Securities Co Ltd	$	1,269
	194,300	*	China Galaxy Securities Co Ltd (Class A)		316
	109,900	*	China Great Wall Securities Co Ltd		192
	8,994,000	*,g	China Huarong Asset Management Co Ltd		911
	842,400	*,e,g	China International Capital Corp Ltd		1,667
	293,200		China Merchants Securities Co Ltd		913
	35,700	g	China Renaissance Holdings Ltd		54
	43,023		Cholamandalam Investment and Finance Co Ltd		108
	600,995		CI Financial Corp		7,645
	1,671,215	e	CITIC Securities Co Ltd		3,188
	513,700		CITIC Securities Co Ltd (Class A)		1,758
	112,941		Close Brothers Group plc		1,546
	451,251	g	CMC Markets plc		1,493
	651,648		CME Group, Inc		105,919
	307,767		Coface S.A.		2,031
	52,757		Cohen & Steers, Inc		3,590
	195,056	e	Colony Credit Real Estate, Inc		1,369
	81,875		Coronation Fund Managers Ltd		189
	17,442		Corp Financiera Alba		707
	186,319	*	Corp Financiera Colombiana S.A.		1,377
	22,954	e	Cowen Group, Inc		372
	2,614	*	Creades AB		180
	15,803	*,e	Credit Acceptance Corp		6,622
	33,514		Credit Corp Group Ltd		367
	175,630		Credit Saison Co Ltd		2,018
	4,999,311	*	Credit Suisse Group		52,017
	6,271	*	CreditAccess Grameen Ltd		43
	17,205		CRISIL Ltd		369
	141,000		CSC Financial Co Ltd		789
	101,186		Curo Group Holdings Corp		827
	21,800	*,e	Curves Holdings Co Ltd		120
	213,258		Daewoo Securities Co Ltd		1,196
	7,237		Daishin Securities Co Ltd		59
	3,640		Daishin Securities Co Ltd PF		26
	1,536,413	*	Daiwa Securities Group, Inc		6,454
	59,935		Daou Data Corp		631
	115,751		Daou Technology, Inc		1,933
	44,200		DeA Capital S.p.A.		63
	349,279	*	Deutsche Bank AG. (Registered)		3,332
	26,528		Deutsche Beteiligungs AG.		901
	74,206		Deutsche Boerse AG.		13,430
	2,658		Diamond Hill Investment Group, Inc		302
	2,686,629		Discover Financial Services		134,573
	21,871	e,g	doBank S.p.A		197
	90,800		Dongxing Securities Co Ltd		140
	53,492	*	Donnelley Financial Solutions, Inc		449
	437,171		Dubai Financial Market		99
	21,944	e	Dynex Capital, Inc		314
	59,075		E*TRADE Financial Corp		2,938
	388,880		East Money Information Co Ltd		1,116
	24,344		Eaton Vance Corp		940
	261,179		ECN Capital Corp		743
	10,907,287		Edelweiss Capital Ltd		9,040

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,360		EFG Financial Products Holding AG.	$	225
	50,239	e	EFG International		358
	63,400		eGuarantee, Inc		1,505
	1,311,525	*	Egyptian Financial Group-Hermes Holding		1,137
	608,969		Element Financial Corp		4,544
	183,934		Ellington Financial Inc		2,167
	7,901		Ellington Residential Mortgage REIT		81
	44,068	*,e	Encore Capital Group, Inc		1,506
	130,609	*	Enova International, Inc		1,942
	204,569	e	EQT AB		3,689
	71,207		Eurazeo		3,659
	971,670	g	Euronext NV		97,803
	173,100		Everbright Securities Co Ltd		394
	62,921		Evercore Inc		3,707
	114,048		EXOR NV		6,546
	48,686	*	Ezcorp, Inc (Class A)		307
	27,223		Factset Research Systems, Inc		8,942
	2,593,966	e	Far East Horizon Ltd		2,214
	417,119		Federated Investors, Inc (Class B)		9,886
	76,809	e	Fiera Capital Corp		537
	35,400	e	Financial Products Group Co Ltd		196
	10,899	*,e	FinTech Group AG.		556
	23,500		FinVolution Group (ADR)		43
	98,100		First Capital Securities Co Ltd		96
	2,452,000		First Pacific Co		470
	79,322		FirstCash, Inc		5,353
	8,665,404		FirstRand Ltd		19,056
	18,830	g	Flow Traders		674
	73,541	*	Focus Financial Partners, Inc		2,431
	431,000		Founder Securities Co Ltd		434
	76,018		Franklin Resources, Inc		1,594
	16,576,690		Fuhwa Financial Holdings Co Ltd		9,865
	78,971	*,e,g	Funding Circle Holdings plc		67
	26,484		Fuyo General Lease Co Ltd		1,476
	18,114	e	Gain Capital Holdings, Inc		109
	4,785		GAMCO Investors, Inc (Class A)		64
	6,185,788	e	Gentera SAB de C.V.		2,963
	878,800		GF Securities Co Ltd		946
	307,000	*	GF Securities Co Ltd (Class A)		615
	12,265		Gimv NV		706
	124,700		GMO Financial Holdings, Inc		736
	383,517	e	goeasy Ltd		15,447
	331,827		Goldman Sachs Group, Inc		65,576
	96,310		Granite Point Mortgage Trust, Inc		691
	16,531		Great Ajax Corp		152
	128,689	*	Green Dot Corp		6,316
	15,178		Greenhill & Co, Inc		152
	14,961		GRENKELEASING AG.		1,161
	18,924	*	Grid Dynamics Holdings, Inc		131
	26,810		Groupe Bruxelles Lambert S.A.		2,246
	30,725	e	Groupe Bruxelles Lambert S.A. (EN Brussels)		2,574
	192,257		Grupo de Inversiones Suramericana S.A.		954
	43,167		Gruppo MutuiOnline S.p.A		922
	234,100		Guosen Securities Co Ltd		375

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,406,800	e	Guotai Junan International Hol	$	185
	401,800		Guotai Junan Securities Co Ltd		984
	416,800	g	Guotai Junan Securities Co Ltd (Hong Kong)		580
	196,400		Guoyuan Securities Co Ltd		234
	2,062	*,e	GWG Holdings Inc		16
	755,263		Haci Omer Sabanci Holding AS		1,017
	1,578,562		Haitong Securities Co Ltd		1,282
	449,100		Haitong Securities Co Ltd (Class A)		802
	62,344		Hamilton Lane, Inc		4,200
	5,302		Hankook Tire Worldwide Co Ltd		57
	25,643	*	Hanwha Securities Co		36
	121,230		Hargreaves Lansdown plc		2,445
	34,595	g	HDFC Asset Management Co Ltd		1,139
	68,432		Hellenic Exchanges S.A.		244
	106,100		Hitachi Capital Corp		2,349
	89,334		Hithink RoyalFlush Information Network Co Ltd		1,693
	1,997,156		Hong Kong Exchanges and Clearing Ltd		85,062
	40,000	*	Hotai Finance Co Ltd		111
	38,316		Houlihan Lokey, Inc		2,132
	258,100	*	Huaan Securities Co Ltd		250
	902,400	g	Huatai Securities Co Ltd		1,445
	362,716		Huatai Securities Co Ltd (Class A)		968
	153,000		Huaxi Securities Co Ltd		231
	27,346		HUB24 Ltd		178
	33,622	*	Hypoport AG.		14,956
	15,800		IBJ Leasing Co Ltd		348
	14,670	g	ICICI Securities Ltd		91
	781,446		IG Group Holdings plc		7,891
	332,742	e	IGM Financial, Inc		8,086
	17,227		IIFL Wealth Management Ltd		233
	56,320		Indiabulls Housing Finance Ltd		154
	42,580		Indiabulls Securities Ltd		66
	7,782	g	Indian Energy Exchange Ltd		19
	321,400		Industrial Securities Co Ltd		313
	173,336		Industrivarden AB		3,951
	163,409		Infrastructure Development Finance Co Ltd		40
	223,655		IntegraFin Holdings plc		1,268
	113,373		Interactive Brokers Group, Inc (Class A)		4,736
	1,357,014		Intercontinental Exchange Group, Inc		124,302
	395,754		Intermediate Capital Group plc		6,314
	93,371		Inversiones La Construccion S.A.		625
	125,988		Invesco Ltd		1,356
	311,042	e	Invesco Mortgage Capital, Inc		1,163
	63,872		Investec Ltd		128
	1,487,179		Investec plc		2,984
	14,542		Investment AB Oresund		163
	153,001	e	Investor AB (B Shares)		8,116
	177,355	e	IOOF Holdings Ltd		609
	9,650		iShares Core S&P 500 ETF		2,988
	21,300	e	iShares MSCI ACWI ex US ETF		921
	709,738	e	iShares MSCI Canada Index Fund		18,368
	3,113,308		iShares MSCI EAFE Index Fund		189,507
	12,800	e	iShares MSCI EAFE Small-Cap ETF		686

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,989,096	e	iShares MSCI Emerging Markets	$	79,544
	5,000		iShares MSCI Emerging Markets Small-Cap ETF		195
	290		iShares MSCI South Korea Index Fund		17
	222,600	e	iShares Russell 2000 Index Fund		31,872
	100,000	e	iShares Russell Midcap Growth Index Fund		15,812
	112,741		Isracard Ltd		257
	295,400	e	J Trust Co Ltd		843
	37,817		Jaccs Co Ltd		619
	80,010	*	Jafco Co Ltd		2,706
	228,838	e	Japan Investment Adviser Co Ltd		2,192
	93,400		Japan Securities Finance Co Ltd		444
	384,676		Jefferies Financial Group, Inc		5,982
	353,428		Jih Sun Financial Holdings Co Ltd		116
	298,655		JM Financial Ltd		275
	188,181		JSE Ltd		1,323
	29,517		Julius Baer Group Ltd		1,240
	192,500	*	Julius Baer Holding AG.		447
	770,363		Jupiter Investment Management Group Ltd		2,443
	105,509	*	KBC Ancora		3,599
	84,840	*	Kinnevik AB		2,240
	2,706		KIWOOM Securities Co Ltd		198
	98,178		KKR & Co, Inc		3,032
	157,886		KKR Real Estate Finance Trust, Inc		2,618
	34,906		Korea Investment Holdings Co Ltd		1,309
	3,674		KRUK S.A.		101
	627,925		Krungthai Card PCL		614
	59,039	*	Kumho Investment Bank		28
	176,777		Ladder Capital Corp		1,432
	21,122		Lazard Ltd (Class A)		605
	16,993		Legg Mason, Inc		845
	123,117	*	LendingClub Corp		560
	650,945		London Stock Exchange Group plc		67,695
	307,286		LPL Financial Holdings, Inc		24,091
	65,816	e	Lundbergs AB (B Shares)		3,000
	12,700	*	M&A Capital Partners Co Ltd		472
	7,356,859		M&G plc		15,276
	317,589		Macquarie Group Ltd		26,357
	150,099		Magellan Financial Group Ltd		6,129
	66,408		Mahindra & Mahindra Financial Services Ltd		148
	26,136,662		Man Group plc		42,315
	47,862		Manappuram General Finance & Leasing Ltd		96
	64,394		MarketAxess Holdings, Inc		32,256
	5,142		Marlin Business Services Corp		43
	26,300		Marusan Securities Co Ltd		100
	62,900	e	Matsui Securities Co Ltd		487
	8,804		Meritz finance Holdings Co Ltd		69
	180,694		Meritz Securities Co Ltd		460
	31,692,906		Metro Pacific Investments Corp		2,369
	663,714		MFA Financial Inc		1,653
	385,770		Mitsubishi UFJ Lease & Finance Co Ltd		1,841
	123,365		MLP AG.		758
	46,804		Moelis & Co		1,458
	30,058	e	Moelis Australia Ltd		73
	1,105,600	e	Monex Beans Holdings, Inc		2,245

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	248,376		Moody’s Corp	$	68,236
	10,047,005	n	Morgan Stanley		485,270
	58,132		Morningstar, Inc		8,195
	32,125		Motilal Oswal Financial Services Ltd		252
	142,863		MSCI, Inc (Class A)		47,691
	471,000		Muangthai Capital PCL		800
	58,838		Multi Commodity Exchange of India Ltd		1,002
	126,400		Nanjing Securities Co Ltd		256
	178,098		Nasdaq Inc		21,277
	114,826		Natixis		303
	384,458		Navient Corp		2,703
	4,400		NEC Capital Solutions Ltd		81
	21,784		Nelnet, Inc (Class A)		1,040
	53,619		Netwealth Group Ltd		335
	811,059		New Residential Investment Corp		6,026
	665,985		New York Mortgage Trust, Inc		1,738
	56,823	*,†	NewStar Financial, Inc		14
	29,652		NICE Holdings Co Ltd		527
	189,254	*	Ninety One Ltd		477
	27,085	g	Nippon Life India Asset Management Ltd		113
	22,000	*,e	Noah Holdings Ltd (ADR)		560
	2,391,056	*	Nomura Holdings, Inc		10,744
	102,000		Northeast Securities Co Ltd		122
	85,863		Northern Trust Corp		6,812
	32,738		Numis Corp plc		129
	81,993		Okasan Holdings, Inc		248
	497,776		OneMain Holdings, Inc		12,215
	106,581		Onex Corp		4,815
	54,248	*	Oportun Financial Corp		729
	9,575		Oppenheimer Holdings, Inc		209
	88,870	e	Orchid Island Capital, Inc		419
	268,400		Orient Corp		295
	266,400		Orient Securities Co Ltd		359
	4,876,440		ORIX Corp		60,552
	755,850		Osaka Securities Exchange Co Ltd		17,505
	129,302		P2P Global Investments plc		1,172
	415,600	*	Pacific Securities Co Ltd		187
	5,049,800	*	Pacific Strategic Financial Tbk PT		300
	7,665		Pargesa Holding S.A.		581
	9,839		Partners Group		8,960
	200,884		PennyMac Mortgage Investment Trust		3,521
	30,697		Perpetual Trustees Australia Ltd		635
	16,965	*	Pico Holdings, Inc		143
	684,581	e	Pinnacle Investment Management Group Ltd		1,879
	29,418		Piper Jaffray Cos		1,740
	36,900		PJT Partners, Inc		1,894
	239,975		Platinum Asset Mangement Ltd		624
	95,786		Plus500 Ltd		1,562
	59,161	*	PRA Group, Inc		2,287
	174,082		President Securities Corp		81
	292,889		Provident Financial plc		640
	230,456		PSG Group Ltd		2,107
	125,222		Pzena Investment Management, Inc (Class A)		681

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	31,400	*,e	Qudian, Inc (ADR)	$	53
	2,682,406	g	Quilter plc		4,616
	281,718		Ratchthani Leasing PCL		33
	30,490		Rathbone Brothers		537
	444,228		Ratos AB (B Shares)		1,195
	33,646		Raymond James Financial, Inc		2,316
	189,857		Ready Capital Corp		1,650
	258,629		Redwood Trust, Inc		1,810
	56,775	*	Regional Management Corp		1,005
	120,848		Reinet Investments S.C.A		2,121
	945,190		Remgro Ltd		5,457
	799,171	g	Resurs Holding AB		3,297
	7,461		Ricoh Leasing Co Ltd		206
	362,285		RMB Holdings Ltd		34
	1,465,615		Rural Electrification Corp Ltd		2,104
	751,941		S&P Global, Inc		247,749
	18,066		Safeguard Scientifics, Inc		126
	97,522		Samsung Card Co		2,229
	48,109		Samsung Securities Co Ltd		1,064
	77,591		Sanne Group plc		605
	155,649		Santander Consumer USA Holdings, Inc		2,865
	960,147	*	SBI Holdings, Inc		20,836
	108,812	e	Schroders plc		3,971
	27,979		Sculptor Capital Management, Inc		362
	159,900		SDIC Capital Co Ltd		289
	233,970		Sealand Securities Co Ltd		144
	197,943		SEI Investments Co		10,883
	65,200	*	Shanghai Dajiang Group		17
	44,980		Shanxi Securities Co Ltd		42
	68,000	e	Sheng Ye Capital Ltd		56
	1,077,300	*	Shenwan Hongyuan Group Co Ltd		772
	782		Shinyoung Securities Co Ltd		28
	149,109		Shriram Transport Finance Co Ltd		1,361
	1,227,132	*	SHUAA Capital PSC		175
	8,644	*,e	Siebert Financial Corp		44
	7,745		Silvercrest Asset Management Group, Inc		98
	1,880,701		Singapore Exchange Ltd		11,317
	168,600		Sinolink Securities Co Ltd		273
	16,744		Sixt Leasing SE		340
	32,640,000	e	Skyway Securities Group Ltd		694
	614,245		SLM Corp		4,318
	768,475	*,†,e	SNS Reaal		9
	2,581		Societe Fonciere Financiere et de Participations FFP		195
	24,464		Sofina S.A.		6,460
	228,350		SooChow Securities Co Ltd		265
	186,292		Southwest Securities Co Ltd		121
	3,246	*	Spandana Sphoorty Financial Ltd		23
	43,558		Sparx Group Co Ltd		88
	8,000		SPDR Trust Series 1		2,467
	24,756	e	Sprott, Inc		890
	536,417		Srisawad Corp PCL		901
	911,416		St. James’s Place plc		10,717
	2,384,064		Standard Life Aberdeen plc		7,900
	1,502,603		Starwood Property Trust, Inc		22,479

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	894,704		State Street Corp	$	56,858
	129,328		Stifel Financial Corp		6,134
	77,217	*	StoneX Group, Inc		4,247
	71,795		Strike Co Ltd		3,225
	1,253,000		Sun Hung Kai & Co Ltd		493
	22,244		Sundaram Finance Ltd		428
	7,439		Swissquote Group Holding S.A.		638
	3,114	*	SWK Holdings Corp		37
	282,394		Synchrony Financial		6,258
	44,494		T Rowe Price Group, Inc		5,495
	9,128,538	e	Tai Fook Securities Group Ltd		2,191
	672,100		Taiwan Acceptance Corp		2,498
	64,817	e	Tamburi Investment Partners S.p.A.		424
	2,820		Tata Investment Corp Ltd		29
	176,826		TD Ameritrade Holding Corp		6,433
	1,200,000		Tel Aviv Stock Exchange Ltd		5,398
	317,300		Tianfeng Securities Co Ltd		273
	73,394	e	TMX Group Ltd		7,257
	100,780		Tokai Tokyo Securities Co Ltd		223
	17,585	*	Tong Yang Investment Bank		39
	162,948	e	TPG RE Finance Trust, Inc		1,401
	166,637		Tradeweb Markets, Inc		9,688
	730,937		Transaction Capital Ltd		786
	900,425		Tullett Prebon plc		3,911
	520,066		Two Harbors Investment Corp		2,621
	1,679		Ubiquoss Holdings, Inc		47
	4,662,014		UBS Group AG		53,842
	85,556		Ujjivan Financial Services Ltd		249
	158,070	*	Uranium Participation Corp		533
	9,100	*	Uzabase, Inc		188
	247		Value Line, Inc		7
	4,787,000		Value Partners Group Ltd		2,440
	2,420		Vanguard Emerging Markets ETF		96
	25,000		Vanguard FTSE Developed Markets ETF		970
	326,174		Virtu Financial, Inc		7,698
	30,657		Virtus Investment Partners, Inc		3,565
	237,558		Vontobel Holding AG.		16,728
	1,869,067		Voya Financial, Inc		87,192
	5,312	e	VP Bank AG.		692
	7,542		VZ Holding AG.		566
	57,743		Waddell & Reed Financial, Inc (Class A)		896
	100,549		Warsaw Stock Exchange		1,067
	455,904		Waterland Financial Holdings		182
	54,486		Wendel		5,200
	80,368		Western Asset Mortgage Capital Corp		220
	209,400		Western Securities Co Ltd		243
	14,924		Westwood Holdings Group, Inc		235
	386,708		WisdomTree Investments, Inc		1,342
	79,326		Woori Investment & Securities Co Ltd		552
	4,944	*,e	World Acceptance Corp		324
	90,000	*	XP, Inc		3,781
	4,400	e	Yintech Investment Holdings Ltd (ADR)		27
	419,500	*,e,g	Yixin Group Ltd		104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	218,631		Zeder Investments Ltd	$	29
	131,193		Zenkoku Hosho Co Ltd		4,956
	1,684,429		Zheshang Securities Co Ltd		2,370
	563,670	*,e	Zip Co Ltd		2,102
			TOTAL DIVERSIFIED FINANCIALS		3,961,840

ENERGY - 3.0%
	1,929		Adams Resources & Energy, Inc		52
	37,717,904		Adaro Energy Tbk		2,654
	213,969	*,e	Advantage Oil & Gas Ltd		262
	16,816		Aegis Logistics Ltd		39
	424,829	e	Aker BP ASA		7,862
	37,402		Aldrees Petroleum and Transport Services Co		631
	580,915		Ampol Ltd		11,837
	105,285		Anglo Pacific Group plc		175
	380,820		Antero Midstream Corp		1,942
	776,304	*,e	Antero Resources Corp		1,972
	345,492		Apache Corp		4,664
	405,486	e	ARC Resources Ltd		1,362
	22,588	*,e	Arch Resources, Inc		642
	226,154		Archrock, Inc		1,468
	29,497		Ardmore Shipping Corp		128
	59,528	*	Aspen Aerogels, Inc		392
	1,330,918		Baker Hughes Co		20,483
	231,700		Bangchak Corp PCL		159
	921,300		Banpu PCL (Foreign)		184
	2,822,613		Beach Petroleum Ltd		3,015
	117,241		Berry Petroleum Co LLC		566
	1,622,665		Bharat Petroleum Corp Ltd		8,046
	304,391	e	Birchcliff Energy Ltd		256
	32,956	*	Bonanza Creek Energy, Inc		488
	17,431,822		BP plc		66,782
	303,378	e	BP plc (ADR)		7,075
	189,300		Brigham Minerals, Inc		2,338
	4,650,000	*,†,e	Brightoil Petroleum Holdings Ltd		675
	6,413	*	Bristow Group, Inc		89
	692,794	g	BW LPG Ltd		2,181
	541,673		BW Offshore Ltd		1,813
	224,383		Cabot Oil & Gas Corp		3,855
	225,443		Cactus, Inc		4,651
	1,346,310	*	Cairn Energy plc		1,959
	405,287		Cameco Corp (Toronto)		4,156
	165,758	e	Canacol Energy Ltd		469
	1,474,326		Canadian Natural Resources Ltd (Canada)		25,575
	1,070,978		Cenovus Energy, Inc (Toronto)		5,009
	1,583,206	*	CGG S.A.		1,749
	701,019	*	ChampionX Corp		6,842
	730,959	*	Cheniere Energy, Inc		35,320
	4,691,984		Chevron Corp		418,666
	745,606		China Aviation Oil Singapore Corp Ltd		539
	388,000		China Merchants Energy Shipping Co Ltd		321
	7,101,126		China Oilfield Services Ltd		6,471
	403,400		China Shenhua Energy Co Ltd		822
	3,465,695		China Shenhua Energy Co Ltd (Hong Kong)		5,379

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	842,000	*	China Shipping Development Co Ltd	$	377
	2,552,000	*	China Suntien Green Energy Cor		587
	106,534		Cimarex Energy Co		2,929
	868,268	*	Clean Energy Fuels Corp		1,928
	31,276,946		CNOOC Ltd		35,103
	297,016	*	CNX Resources Corp		2,569
	1,217,233		Coal India Ltd		2,150
	118	*,†,b	Cobalt International Energy, Inc		0	^
	91,798		Computer Modelling Group Ltd		321
	34,420	*	Comstock Resources Inc		151
	941,105		Concho Resources, Inc		48,467
	3,381,201		ConocoPhillips		142,078
	45,825	*,e	CONSOL Energy, Inc		232
	130,947	*	Contango Oil & Gas Co		300
	38,731	e	Continental Resources, Inc		679
	1,178,642	*	Cooper Energy Ltd		308
	112,628		Cosan SA Industria e Comercio		1,469
	229,500	*	COSCO SHIPPING Energy Transportation Co Ltd		212
	29,558		Cosmo Energy Holdings Co Ltd		434
	1,281,288	e	Crescent Point Energy Corp		2,076
	108,403		CropEnergies AG.		1,091
	26,714		CVR Energy, Inc		537
	812,549		Dana Gas PJSC		144
	3,239	*	Delek Group Ltd		78
	127,985	e	Delek US Holdings, Inc		2,228
	322,283		Devon Energy Corp		3,655
	266,287		DHT Holdings, Inc		1,366
	10,652,151		Dialog Group BHD		9,028
	48,953	*	Diamond S Shipping Inc		391
	296,633		Diamondback Energy, Inc		12,405
	764,324		Diversified Gas & Oil plc		906
	13,190	e	DMC Global, Inc		364
	1,199,876	e	DNO International ASA		740
	101,149	*	Dorian LPG Ltd		783
	10,467	*	Drilling Co of 1972		222
	60,878	*	Dril-Quip, Inc		1,814
	18,604	*,e	Earthstone Energy, Inc		53
	7,379,454		Ecopetrol S.A.		4,075
	314,786		Empresas COPEC S.A.		2,112
	434,700		Enauta Participacoes S.A.		827
	2,239,282		Enbridge, Inc (Toronto)		68,089
	420,874		EnCana Corp		4,019
	213,642		Enerflex Ltd		809
	1,168,600	*,†	Energy Earth PCL		0	^
	383,037	*,e	Energy Fuels, Inc		578
	1		Energy Transfer LP		0	^
	253,865	e	Enerplus Resources Fund		714
	1,421,024		ENI S.p.A.		13,622
	2,051,342		EOG Resources, Inc		103,921
	111,607		EQT Corp		1,328
	3,000,814		Equinor ASA		43,229
	38,973	*	Equital Ltd		715
	175,166	e	Equitrans Midstream Corp		1,456

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	216,100	*	Esso Thailand PCL (Foreign)	$	50
	21,903	*,e	Etablissements Maurel et Prom		44
	602,041	e	Euronav NV		4,861
	27,809		Evolution Petroleum Corp		78
	22,939	*,e	Exmar NV		57
	41,906	*	Exterran Corp		226
	309,342	e	Exxaro Resources Ltd		2,335
	6,079,083		Exxon Mobil Corp		271,857
	25,992	e	Falcon Minerals Corp		83
	15,454	e	FLEX LNG Ltd		72
	950,714		Formosa Petrochemical Corp		2,878
	260,636	*	Frank’s International NV		581
	108,591	e	Freehold Royalty Trust		282
	165,677	e	Frontera Energy Corp		415
	200,339		Frontline Ltd		1,398
	299,492		Frontline Ltd (Sigmax MTF)		2,085
	139,676	*,e	Fugro NV		553
	334,719		Galp Energia SGPS S.A.		3,883
	6,585,972		Gazprom (ADR)		35,696
	16,873		Gaztransport Et Technigaz S.A.		1,295
	187,975		Gibson Energy, Inc		2,926
	128,886	*	Golar LNG Ltd		933
	7,116	*	Goodrich Petroleum Corp		51
	57,564		Great Eastern Shipping Co Ltd		162
	251,884	*,e	Green Plains Inc		2,573
	82,006		Grupa Lotos S.A.		1,250
	46,406		GS Holdings Corp		1,406
	1,021,700	*	Guanghui Energy Co Ltd		391
	1,820,699	*	Gulf International Services QSC		750
	289,085	*	Gulfport Energy Corp		315
	196,453		Hafnia Ltd		309
	1,238,277		Halliburton Co		16,073
	162		Hankook Shell Oil Co Ltd		31
	425,136	*	Helix Energy Solutions Group, Inc		1,475
	83,974		Helmerich & Payne, Inc		1,638
	453,190	n	Hess Corp		23,480
	1,166,232	*	Hindustan Petroleum Corp Ltd		3,357
	202,876		HollyFrontier Corp		5,924
	73,885		Hunting plc		193
	7,971,410	*,e	Hurricane Energy plc		574
	402,775	e	Husky Energy, Inc		1,323
	176,010		Idemitsu Kosan Co Ltd		3,756
	311,381	e	Imperial Oil Ltd		5,009
	1,555,514		Indian Oil Corp Ltd		1,763
	1,075,100		Inner Mongolia Yitai Coal Co		700
	1,188,724		Inpex Holdings, Inc		7,423
	417,882	e	Inter Pipeline Ltd		3,891
	96,868		International Seaways, Inc		1,583
	11,239,593		IRPC PCL (Foreign)		962
	168,553		Itochu Enex Co Ltd		1,370
	19,477	e	Japan Petroleum Exploration Co		329
	648,801		John Wood Group plc		1,556
	2,704,880		JX Holdings, Inc		9,642
	291,591	e	Keyera Corp		4,440

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,003,666		Kinder Morgan, Inc	$	30,396
	82,084		Koninklijke Vopak NV		4,342
	1,336,321		Kosmos Energy Ltd		2,218
	126,003	e	Liberty Oilfield Services, Inc		690
	525,136		LUKOIL PJSC (ADR)		38,976
	1,222,092	e	Lundin Petroleum AB		29,826
	487,000	*	Magnolia Oil & Gas Corp		2,951
	1,406,120		Marathon Oil Corp		8,605
	1,171,566		Marathon Petroleum Corp		43,793
	5,980		Mari Petroleum Co Ltd		45
	128,566	*,e	Matador Resources Co		1,093
	181,136	*	Matrix Service Co		1,761
	877,550	*	MEG Energy Corp		2,437
	14,000		Mitsuuroko Co Ltd		150
	9,830		Modec, Inc		141
	377,062	*	MOL Hungarian Oil & Gas plc		2,229
	23,271	*,e	Montage Resources Corp		92
	57,197		Motor Oil Hellas Corinth Refineries S.A.		790
	31,997	e	Murphy Oil Corp		442
	11,920	*,e	Nabors Industries Ltd		441
	13,088	*	Naphtha Israel Petroleum Corp Ltd		43
	15,751	*,e	National Energy Services Reunited Corp		108
	738,702		National Oilwell Varco, Inc		9,049
	685,370		Neste Oil Oyj		26,919
	214,667	e	New Hope Corp Ltd		205
	159,257	*	Newpark Resources, Inc		355
	366,592	*,e	NexGen Energy Ltd		478
	8,843	*,e	NextDecade Corp		19
	1,021,328	*	NexTier Oilfield Solutions, Inc		2,502
	227,737		Noble Energy, Inc		2,041
	237,656	e	Nordic American Tankers Ltd		965
	92,760		Novatek PJSC (GDR)		13,190
	372,265		Occidental Petroleum Corp		6,812
	33,096	e	Ocean Yield ASA		75
	170,208	*	Oceaneering International, Inc		1,088
	545,900		Offshore Oil Engineering Co Ltd		354
	2,371,677		Oil & Gas Development Co Ltd		1,564
	272,939		Oil India Ltd		340
	3,888,508		Oil Refineries Ltd		726
	2,164,563		Oil Search Ltd		4,797
	118,994	*	Oil States International, Inc		565
	188,713	*	OMV AG.		6,368
	677,737		ONEOK, Inc		22,514
	1,751,555		Origin Energy Ltd		7,127
	96,478	*	Overseas Shipholding Group, Inc		179
	303,667		Pakistan Oilfields Ltd		642
	124,361		Pakistan Petroleum Ltd		65
	46,636		Pakistan State Oil Co Ltd		45
	86,005	*	Par Pacific Holdings, Inc		773
	337,029	*	Parex Resources, Inc		4,061
	161,657	e	Parkland Corp		4,014
	6,219,313		Parsley Energy, Inc		66,422
	91,869		Pason Systems, Inc		502

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	574,249		Patterson-UTI Energy, Inc	$	1,993
	5,741		Paz Oil Co Ltd		461
	296,942		PBF Energy, Inc		3,041
	210,674	*	PDC Energy, Inc		2,621
	103,680		Peabody Energy Corp		299
	598,839	e	Pembina Pipeline Income Fund		14,971
	49,381	*	Penn Virginia Corp		471
	272,300	*	Petro Rio S.A.		1,772
	147,737	e	Petrofac Ltd		327
	4,109,802		Petroleo Brasileiro S.A.		16,883
	9,382,040		Petroleo Brasileiro S.A. (Preference)		37,179
	706,100		Petron		44
	259,559		Petronas Dagangan BHD		1,251
	554,840		Petronet LNG Ltd		1,899
	188,751	e	Peyto Exploration & Development Corp		249
	1,318,186		Phillips 66		94,778
	696,300	*	Pilipinas Shell Petroleum Corp		251
	1,105,592		Pioneer Natural Resources Co		108,016
	2,505,658		Polish Oil & Gas Co		2,889
	264,620		Polski Koncern Naftowy Orlen S.A.		4,205
	100,100	*,†	Poseidon Concepts Corp		1
	239,730	e	PrairieSky Royalty Ltd		1,515
	195,100		Prima Marine PCL		50
	523	*	PrimeEnergy Corp		37
	306,719	*	ProPetro Holding Corp		1,577
	90,800		PT Indo Tambangraya Megah		45
	1,260,766	*	PT Medco Energi Internasional Tbk		40
	1,791,500	*	PT Pelayaran Tamarin Samudra Tbk		8
	3,279,100		PT Tambang Batubara Bukit Asam Tbk		469
	7,210,006		PT United Tractors Tbk		8,390
	1,243,221		PTT Exploration & Production PCL (Foreign)		3,737
	9,220,650		PTT PCL (Foreign)		11,382
	586,190		Qatar Fuel QSC		2,602
	202,590	*	Rabigh Refining & Petrochemical Co		727
	2,162,387	e	Range Resources Corp		12,174
	4,862,937		Reliance Industries Ltd		110,614
	183,004	*,e	Renewable Energy Group, Inc		4,535
	831,591	e	Repsol YPF S.A.		7,348
	4,920	*	Rex American Resources Corp		341
	1,556,788	*	Rosneft Oil Co PJSC (GDR)		7,828
	5,201,360		Royal Dutch Shell plc (A Shares)		83,280
	4,334,471		Royal Dutch Shell plc (B Shares)		65,712
	58,635	*,e	RPC, Inc		181
	579,052		Saipem S.p.A		1,453
	116,566		San-Ai Oil Co Ltd		1,054
	3,330,273		Santos Ltd		12,377
	1,530,000	*	Sapurakencana Petroleum BHD		35
	295,862		Saras S.p.A.		233
	433,706	*,e	Sasol Ltd		3,330
	1,186,191	g	Saudi Arabian Oil Co		10,297
	242,297		SBM Offshore NV		3,570
	2,509,250		Schlumberger Ltd		46,145
	17,705	e	Schoeller-Bleckmann Oilfield Equipment AG.		468
	124,718	e	Scorpio Tankers, Inc		1,598

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	32,760	*	SEACOR Holdings, Inc	$	928
	111,258	*	Select Energy Services, Inc		545
	224,000		Semirara Mining & Power Corp		57
	10,385,100		Serba Dinamik Holdings BHD		4,042
	300,150	e	Serica Energy plc		408
	50	*,†	Serval Integrated Energy Services		0
	325,757	*	Seven Generations Energy Ltd		727
	162,039	e	SFL Corp Ltd		1,505
	621,455		Shaanxi Coal Industry Co Ltd		636
	294,036		Shanxi Lu’an Environmental Energy Development Co Ltd		233
	285,800	*	Shanxi Meijin Energy Co Ltd		255
	434,200		Shanxi Xishan Coal & Electricity Power Co Ltd		231
	141,800		Shinko Plantech Co Ltd		1,603
	1,760,900		Siamgas & Petrochemicals PCL		488
	7,200		Sinanen Co Ltd		183
	220,000	e	Sinopec Kantons Holdings Ltd		84
	44,675		SK Energy Co Ltd		4,939
	13,315		SK Gas Co Ltd		824
	359,483		SM Energy Co		1,348
	38,317		S-Oil Corp		2,043
	29,664		Solaris Oilfield Infrastructure, Inc		220
	1,098,998	*,e	Southwestern Energy Co		2,813
	1,663,800		Star Petroleum Refining PCL		358
	363,585	*,e	Stobart Group Ltd		155
	120,799	*	Subsea 7 S.A.		770
	1,623,356		Suncor Energy, Inc		27,371
	1,561,849		Surgutneftegaz (ADR) (London)		8,348
	70,346	*,e	Talos Energy, Inc		647
	613,544	e	Targa Resources Investments, Inc		12,314
	300,650		Tatneft PJSC (ADR)		14,158
	1,280,750	e	TC Energy Corp		54,717
	2,566		TechnipFMC plc (Euro OTC)		18
	79,848	*	Tecnicas Reunidas S.A.		1,222
	92,680	*,e	Tellurian, Inc		107
	446,037		Tenaris S.A.		2,899
	80,350	*	Tervita Corp		225
	134,516	e	TGS Nopec Geophysical Co ASA		1,984
	1,015,855		Thai Oil PCL (Foreign)		1,474
	68,335	*	Tidewater, Inc		382
	178,563	*	TMK PJSC (GDR)		592
	36,845	e	TORM plc		254
	2,490,214		Total S.A.		96,019
	356,796		Tourmaline Oil Corp		3,120
	1,004,644	*,e	Transocean Ltd (NYSE)		1,838
	17,600	*,e	Transportadora de Gas del Sur S.A. (ADR) (Class B)		99
	3,289,616	e	Tullow Oil plc		1,303
	402,694	*	Tupras Turkiye Petrol Rafine		5,268
	595,488		Ultrapar Participacoes S.A.		2,013
	669,862	*	UMW Oil & Gas Corp BHD		23
	164,959	*,e	Uranium Energy Corp		145
	147,872	e	US Silica Holdings, Inc		534
	2,342,438		Valero Energy Corp		137,782

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,315		Verbio AG.	$	118
	353,648	e	Vermilion Energy, Inc		1,573
	904,202	g	Viva Energy Group Ltd		1,153
	176,313	*,e	W&T Offshore, Inc		402
	91,695	e	Washington H Soul Pattinson & Co Ltd		1,245
	803	*	Weatherford International Ltd		2
	468,946	e	Whitecap Resources, Inc		770
	704,252	e	Whitehaven Coal Ltd		704
	2,090,101		Williams Cos, Inc		39,754
	272,000		Wison Engineering Services Co Ltd		28
	848,801		Woodside Petroleum Ltd		12,828
	215,588		World Fuel Services Corp		5,554
	359,611		Worley Ltd		2,200
	1,941,770	*	WPX Energy, Inc		12,388
	58,500	*	Yantai Jereh Oilfield Services Group Co Ltd		259
	5,361,477		Yanzhou Coal Mining Co Ltd		4,038
	227,800		Yanzhou Coal Mining Co Ltd (Class A)		283
	135,200		Yinson Holdings BHD		187
	159,300		YPF S.A. (ADR) (Class D)		916
	601,608		Z Energy Ltd		1,055
			TOTAL ENERGY		3,170,757

FOOD & STAPLES RETAILING - 1.4%
	5,700	*,e	111, Inc (ADR)		36
	52,083		Abdullah Al Othaim Markets Co		1,562
	563,117		Aeon Co Ltd		13,101
	12,100	*	Aeon Hokkaido Corp		94
	13,383	e	Ain Pharmaciez Inc		879
	296,834		Al Meera Consumer Goods Co		1,486
	1,251,709		Alimentation Couche Tard, Inc		39,250
	188,384		Andersons, Inc		2,592
	22,679		Arcs Co Ltd		457
	295,655		Atacadao Distribuicao Comercio e Industria Ltd		1,074
	130,959	*,g	Avenue Supermarts Ltd		4,019
	347,234	*	Axfood AB		7,591
	8,455		Axial Retailing, Inc		338
	5,900		Belc Co Ltd		404
	905,985		Berli Jucker PCL		1,163
	5,739		BGF retail Co Ltd		665
	576,797		Bid Corp Ltd		9,471
	646,043		BIM Birlesik Magazalar AS		6,405
	1,054,875		Carrefour S.A.		16,359
	58,599		Casey’s General Stores, Inc		8,762
	5,186	*	Casino Guichard Perrachon S.A.		192
	82,200		Cawachi Ltd		2,123
	2,565,374		Centros Comerciales Sudamericanos S.A.		3,592
	44,786	*	Chefs’ Warehouse Holdings, Inc		608
	2,371,261		Cia Brasileira de Distribuicao		30,951
	201,899		Clicks Group Ltd		2,448
	54,760		Cocokara Fine Holdings, Inc		2,960
	1,497,714		Coles Group Ltd		17,804
	16,774		Colruyt S.A.		922
	4,354,100		Cosco Capital, Inc		442
	20,100		Cosmos Pharmaceutical Corp		3,084

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,161,446		Costco Wholesale Corp	$	352,162
	7,996,529		CP Seven Eleven PCL (Foreign)		17,624
	23,400		Create SD Holdings Co Ltd		730
	20,900	e	Daikokutenbussaan Co Ltd		938
	909,200		Dairy Farm International Holdings Ltd		4,248
	85,104	*,g	Dino Polska S.A.		4,335
	66,438	e,g	Dis-Chem Pharmacies Ltd		67
	8,044,892	*,e	Distribuidora Internacional de Alimentacion S.A.		1,006
	6,534		Dongsuh Co, Inc		86
	12,228		E-Mart Co Ltd		1,081
	187,755		Empire Co Ltd		4,496
	313,256	*	Eurocash S.A.		1,375
	275,790		FamilyMart Co Ltd		4,735
	5,500		G-7 Holdings, Inc		120
	4,200		Genky DrugStores Co Ltd		139
	157,732		George Weston Ltd		11,555
	122,085	*	Grocery Outlet Holding Corp		4,981
	77,000	e	Grupo Comercial Chedraui S.a. DE C.V.		90
	14,134		GS Retail Co Ltd		432
	4,000		Halows Co Ltd		125
	15,158		Heiwado Co Ltd		266
	31,258	*,e	HF Foods Group Inc		283
	9,966		Hyundai Greenfood Co Ltd		64
	145,098	e	ICA Gruppen AB		6,897
	24,515		Ingles Markets, Inc (Class A)		1,056
	10,200		Itochu-Shokuhin Co Ltd		485
	1,691,484		J Sainsbury plc		4,378
	5,700	e	Japan Meat Co Ltd		160
	636,808	*,e	Jeronimo Martins SGPS S.A.		11,144
	6,700		Kansai Super Market Ltd		68
	64,100		Kato Sangyo Co Ltd		2,101
	678,935		Kesko Oyj (B Shares)		11,622
	42,300	e	Kobe Bussan Co Ltd		2,402
	1,392,873		Koninklijke Ahold Delhaize NV		37,961
	1,517,046		Kroger Co		51,352
	8,434		Kusuri no Aoki Holdings Co Ltd		663
	134,100	e	La Comer SAB de C.V.		187
	10,900		Laobaixing Pharmacy Chain JSC		154
	94,051		Lawson, Inc		4,731
	35,900		Life Corp		1,154
	199,195		Loblaw Cos Ltd		9,700
	441,776	*	Magnit PJSC (GDR)		5,739
	19,850		MARR S.p.A.		299
	395,820	*,e	Massmart Holdings Ltd		525
	99,947		Matsumotokiyoshi Holdings Co Ltd		3,632
	6,300	*	Maxvalu Tokai Co Ltd		145
	2,979,025	e	Metcash Ltd		5,621
	23,514		Metro Wholesale & Food Specialist AG.		223
	293,854		Metro, Inc		12,121
	97,545	*	Migros Ticaret AS		549
	6,300		Ministop Co Ltd		88
	84,200		Natural Grocers by Vitamin C		1,253
	3,200		Nihon Chouzai Co Ltd		47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	56,265	e	North West Co, Inc	$	1,230
	122,000		Okuwa Co Ltd		1,874
	395,467	*	Performance Food Group Co		11,524
	281,333		Pick’n Pay Stores Ltd		827
	1,260,722		President Chain Store Corp		12,682
	36,336		Pricesmart, Inc		2,192
	798,610		Puregold Price Club, Inc		745
	12,200		Qol Co Ltd		128
	267,596		Raia Drogasil S.A.		5,443
	67,987	*,e	Rallye S.A.		538
	4,171		Rami Levi Chain Stores Hashikma Marketing Ltd		231
	11,612		Retail Partners Co Ltd		183
	104,357	*,e	Rite Aid Corp		1,780
	469,600		Robinsons Retail Holdings, Inc		612
	71,579		Ryoshoku Ltd		1,829
	9,300		San-A Co Ltd		357
	821,677		Seven & I Holdings Co Ltd		26,880
	2,286,800		Sheng Siong Group Ltd		2,717
	5,411		Shoei Foods Corp		211
	393,614		Shoprite Holdings Ltd		2,419
	96,464		Shufersal Ltd		630
	578,020		SMU S.A.		107
	395,031	*	Sok Marketler Ticaret AS.		775
	2,478,436		Sonae SPGS S.A.		1,793
	153,193		Spar Group Ltd		1,516
	180,751		SpartanNash Co		3,841
	170,255	*	Sprouts Farmers Market, Inc		4,357
	79,938		Sugi Pharmacy Co Ltd		5,421
	1,490,628		Sun Art Retail Group Ltd		2,557
	155,164		Sundrug Co Ltd		5,135
	740,029		SYSCO Corp		40,450
	117,000		Taiwan TEA Corp		63
	17,491,330		Tesco plc		49,197
	70,567		Tsuruha Holdings, Inc		9,746
	234,599	*,e	United Natural Foods, Inc		4,272
	27,250		United Super Markets Holdings, Inc		287
	438,880	*	US Foods Holding Corp		8,655
	46,278		Valor Co Ltd		905
	7,201		Village Super Market (Class A)		200
	1,013,207		Walgreens Boots Alliance, Inc		42,950
	7,485,750		Wal-Mart de Mexico SAB de C.V.		17,962
	3,524,407		Walmart, Inc		422,153
	8,612		Weis Markets, Inc		432
	86,480		Welcia Holdings Co Ltd		6,986
	1,056,077	e	WM Morrison Supermarkets plc		2,488
	1,503,487		Woolworths Ltd		38,755
	102,843	*	X5 Retail Group NV (GDR)		3,641
	6,400		YAKUODO Holdings Co Ltd		156
	16,600		Yaoko Co Ltd		1,188
	25,900		Yifeng Pharmacy Chain Co Ltd		334
	22,900		Yokohama Reito Co Ltd		190
	371,200		Yonghui Superstores Co Ltd		493
	39,775	*	Zur Rose Group AG.		10,884
			TOTAL FOOD & STAPLES RETAILING		1,531,150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
FOOD, BEVERAGE & TOBACCO - 3.7%
	908,138	*	a2 Milk Co Ltd	$	11,887
	118,557		AAK AB		2,046
	30,600	*	Adecoagro S.A.		133
	57,902	e	AG. Barr plc		324
	6,444		Agrana Beteiligungs AG.		133
	1,015,995		Ajinomoto Co, Inc		16,860
	5,064		Alico, Inc		158
	339,112		Almarai Co JSC		4,700
	3,522,865		Altria Group, Inc		138,272
	5,657,730		AMBEV S.A.		14,711
	4,215,862		Anadolu Efes Biracilik Ve Malt Sanayii AS		13,114
	32,400		Angel Yeast Co Ltd		227
	760,630		Anheuser-Busch InBev S.A.		37,496
	95,000	*	Anhui Gujing Distillery Co Ltd		1,023
	13,300	*	Anhui Gujing Distillery Co Ltd (Class A)		283
	21,700		Anhui Kouzi Distillery Co Ltd		157
	835,894		Archer-Daniels-Midland Co		33,352
	9,572		Ariake Japan Co Ltd		606
	1,849,582	*,e	Aryzta AG.		837
	348,864		Asahi Breweries Ltd		12,253
	968,003		Associated British Foods plc		22,888
	192,812		Astral Foods Ltd		1,628
	1,152,528	e	Ausnutria Dairy Corp Ltd		2,592
	50,968		Austevoll Seafood ASA		423
	157,038	*	Australian Agricultural Co Ltd		112
	56,592		Avanti Feeds Ltd		378
	79,809		AVI Ltd		324
	116,284	e	B&G Foods, Inc (Class A)		2,835
	36,631	*	Bakkafrost P		2,316
	74,720	g	Bakkavor Group plc		65
	1,346,241		Baladna		464
	178,535		Balrampur Chini Mills Ltd		319
	3,214		Barry Callebaut AG.		6,135
	429,318		Becle SAB de C.V.		827
	549,609		Bega Cheese Ltd		1,699
	142,300		Beijing Dabeinong Technology Group Co Ltd		183
	31,200		Beijing Shunxin Agriculture Co Ltd		252
	123,900		Beijing Yanjing Brewery Co Ltd		120
	3,236		Bell AG.		820
	101,030	*,e	Beyond Meat, Inc		13,536
	1,264		Binggrae Co Ltd		64
	121,814		Biostime International Holdings Ltd		554
	8,881		Bonduelle S.C.A.		214
	3,130	*,e	Boston Beer Co, Inc (Class A)		1,680
	464,286	*	BRF S.A.		1,815
	1,749	*	Bridgford Foods Corp		29
	57,779		Britannia Industries Ltd		2,763
	31,000		British American Tobacco Malaysia BHD		78
	3,357,184		British American Tobacco plc		128,757
	491,158		Britvic plc		4,677
	63,677		Brown-Forman Corp (Class A)		3,666

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	259,940		Brown-Forman Corp (Class B)	$	16,548
	1,105,200	*,e	Bubs Australia Ltd		711
	1,472,429	e,g	Budweiser Brewing Co APAC Ltd		4,310
	185,100	e	Bumitama Agri Ltd		59
	358,551		Bunge Ltd		14,747
	457,628	*	C&C Group plc		1,305
	14,806		Calavo Growers, Inc		931
	75,004		Calbee, Inc		2,073
	62,233	*	Cal-Maine Foods, Inc		2,768
	25,000		Camil Alimentos S.A.		52
	647,089		Campbell Soup Co		32,115
	166,079		Carlsberg AS (Class B)		22,023
	112,752		Carlsberg Brewery-Malay BHD		656
	13,443		CCL Products India Ltd		42
	134,203	*	Celsius Holdings, Inc		1,580
	21,500		Chacha Food Co Ltd		166
	723,000		Charoen Pokphand Enterprise		1,678
	3,432,846		Charoen Pokphand Foods PCL		3,540
	695,335	g	China Feihe Ltd		1,401
	4,375,889	*,†,e	China Huishan Dairy Holdings Co Ltd		6
	370,000	*,†	China Huiyuan Juice Group Ltd		0	^
	2,221,146		China Mengniu Dairy Co Ltd		8,517
	427,000	*	China Modern Dairy Holdings		48
	1,701,629		China Resources Beer Holdings Company Ltd		9,499
	20,800		Chongqing Brewery Co Ltd		215
	25,300		Chongqing Fuling Zhacai Group Co Ltd		129
	55,561		Chubu Shiryo Co Ltd		842
	423,389		Cia Cervecerias Unidas S.A.		3,049
	5,062		CJ CheilJedang Corp		1,382
	109,792		Cloetta AB		281
	434,229		Coca-Cola Amatil Ltd		2,616
	8,497,728		Coca-Cola Co		379,679
	5,054		Coca-Cola Consolidated Inc		1,158
	271,978		Coca-Cola European Partners plc (Class A)		10,270
	603,691		Coca-Cola Femsa SAB de C.V.		2,643
	181,574		Coca-Cola HBC AG.		4,545
	62,922		Coca-Cola Icecek AS		400
	90,850	e	Coca-Cola West Japan Co Ltd		1,648
	6,742,000		Cofco International Ltd		2,566
	314,000	e	COFCO Meat Holdings Ltd		104
	1,367,935		ConAgra Brands, Inc		48,110
	268,219		Constellation Brands, Inc (Class A)		46,925
	13,856		Corby Spirit and Wine Ltd		166
	184,185		Costa Group Holdings Ltd		372
	10,722	*,e	Craft Brewers Alliance, Inc		165
	28,110		Cranswick plc		1,259
	125,230		Daesang Corp		2,716
	1,294,500	g	Dali Foods Group Co Ltd		789
	771,583		Danone		53,558
	454,354	*	Darling International, Inc		11,186
	3,369,642		Davide Campari-Milano S.p.A		28,497
	3,030,218		Diageo plc		100,716
	31,900		Diageo plc (ADR)		4,287
	257		Dongwon F&B Co Ltd		38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	282		Dongwon Industries Co Ltd	$	47
	4,700	e	Dydo Drinco, Inc		213
	827,103		Eastern Tobacco		655
	6,751	*	Easy Bio, Inc		292
	8,122		Easy Bio, Inc		34
	65,915	e	Ebro Puleva S.A.		1,366
	247,318		Embotelladora Andina S.A.		605
	376,922		Embotelladoras Arca SAB de C.V.		1,652
	4,526		Emmi AG.		3,961
	75,254	e	Ezaki Glico Co Ltd		3,588
	21,371	*	Farmer Bros Co		157
	52,936		Feed One Co Ltd		99
	4,395,600		Felda Global Ventures Holdings BHD		1,028
	1,197,339		Fevertree Drinks plc		30,352
	286,800		First Resources Ltd		288
	291,796		Flowers Foods, Inc		6,525
	2,051,619		Fomento Economico Mexicano S.A. de C.V.		12,719
	257,700		Fomento Economico Mexicano SAB de C.V. (ADR)		15,980
	18,603		ForFarmers NV		114
	92,620		Foshan Haitian Flavouring & Food Co Ltd		1,631
	284,497		Fraser & Neave Holdings BHD		2,161
	74,371	†,e	Freedom Foods Group Ltd		115
	37,326		Fresh Del Monte Produce, Inc		919
	174,279	*	Freshpet, Inc		14,580
	108,380		Fuji Oil Co Ltd		2,789
	38,900	*	Fujian Sunner Development Co Ltd		160
	8,432		Fujicco Co Ltd		157
	5,382		Fujiya Co Ltd		111
	421,340		Futuris Corp Ltd		2,754
	986,927		General Mills, Inc		60,844
	181,474		Genting Plantations BHD		419
	104,500		GFPT PCL (Foreign)		44
	226,327		Glanbia plc		2,572
	21,381		Godfrey Phillips India Ltd		289
	21,053,800		Golden Agri-Resources Ltd		2,253
	164,156	*	GrainCorp Ltd-A		469
	2,485,342		Great Wall Enterprise Co		3,604
	436,963	*	Greencore Group plc		680
	25,699		Grieg Seafood ASA		264
	191,931		Gruma SAB de C.V.		2,071
	1,286,013	e	Grupo Bimbo S.A. de C.V. (Series A)		2,152
	50,295	e	Grupo Herdez SAB de C.V.		74
	68,100		Guan Chong Bhd		43
	46,600		Guangdong Haid Group Co Ltd		315
	135,389	*	Hain Celestial Group, Inc		4,266
	58,400		Heilongjiang Agriculture Co Ltd		133
	125,188		Heineken Holding NV		10,246
	285,070		Heineken NV		26,282
	94,100		Henan Shuanghui Investment & Development Co Ltd		615
	253,698		Hershey Co		32,884
	10,000		Hokuto Corp		188
	422,691		Hormel Foods Corp		20,403
	239,232	*	Hostess Brands, Inc		2,923

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	28,360	e	Hotel Chocolat Group Ltd	$	110
	32,662		House Foods Corp		1,056
	812,634		Imperial Tobacco Group plc		15,470
	5,822,930	*	Indofood CBP Sukses Makmur Tbk		3,822
	170,039	e	Inghams Group Ltd		378
	157,757		Ingredion, Inc		13,094
	223,300		Inner Mongolia Yili Industrial Group Co Ltd		986
	1,495,797		IOI Corp BHD		1,520
	4,305,573	*	ITC Ltd		11,117
	33,329		Ito En Ltd		1,881
	140,600		Itoham Yonekyu Holdings, Inc		847
	26,011		J&J Snack Foods Corp		3,307
	164,354		J.M. Smucker Co		17,390
	1,433,419	e	Japan Tobacco, Inc		26,623
	3,229,469	e	Japfa Ltd		1,597
	904,997		JBS S.A.		3,520
	6,846		Jeil Holdings Co Ltd		39
	45,100		Jiangsu King’s Luck Brewery JSC Ltd		255
	58,200		Jiangsu Yanghe Brewery Joint-Stock Co Ltd		869
	96,700		Jiangxi Zhengbang Technology Co Ltd		240
	87,484		Jinro Ltd		3,207
	35,418		John B. Sanfilippo & Son, Inc		3,022
	4,873		J-Oil Mills, Inc		180
	31,100		Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd		258
	18,700	*	Juewei Food Co Ltd		187
	86,561		Juhayna Food Industries		40
	43,346		Kagome Co Ltd		1,295
	6,700		Kameda Seika Co Ltd		323
	4,696		Kaveri Seed Co Ltd		36
	372,987		Kellogg Co		24,640
	5,400		Kenko Mayonnaise Co Ltd		97
	247,961		Kerry Group plc (Class A)		30,804
	1,829,102		Keurig Dr Pepper, Inc		51,947
	9,300		KEY Coffee, Inc		197
	340,860		Khon Kaen Sugar Industry PCL		22
	130,280	e	Kikkoman Corp		6,292
	807,704		Kirin Brewery Co Ltd		17,026
	30,680		Kotobuki Spirits Co Ltd		1,263
	1,004,083		Kraft Heinz Co		32,020
	54,508		KRBL Ltd		178
	74,397		KT&G Corp		4,859
	1,131,490		Kuala Lumpur Kepong BHD		5,860
	93,553		Kweichow Moutai Co Ltd		19,428
	6,242		KWS Saat AG.		468
	4,753		La Doria S.p.A		61
	273,027		Lamb Weston Holdings, Inc		17,455
	20,396		Lancaster Colony Corp		3,161
	38,565	*	Landec Corp		307
	3,641		Lassonde Industries, Inc		416
	251,200		Leong Hup International BHD		45
	206,500		Leroy Seafood Group ASA		1,246
	201,629		Lien Hwa Industrial Corp		291
	14,023	e	Limoneira Co		203

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,311		Lindt & Spruengli AG.	$	19,087
	128		Lindt & Spruengli AG. (Registered)		11,041
	821		Lotte Chilsung Beverage Co Ltd		70
	374		Lotte Confectionery Co Ltd		33
	3,069		Lotte Samkang Co Ltd		901
	56,500		Luzhou Laojiao Co Ltd		731
	18,500		M Dias Branco S.A.		138
	26,357		Maeil Dairies Co Ltd		1,745
	92,207	e	Maple Leaf Foods, Inc		1,936
	550,900	*	Marfrig Global Foods S.A.		1,277
	9,300		Marudai Food Co Ltd		164
	21,900		Maruha Nichiro Corp		449
	176,889		McCormick & Co, Inc		31,736
	79,169		Megmilk Snow Brand Co Ltd		1,844
	139,514		MEIJI Holdings Co Ltd		11,102
	41,475	e	MGP Ingredients, Inc		1,522
	294,461	*	Minerva S.A.		712
	8,100		Mitsui Sugar Co Ltd		149
	259,549		Molson Coors Brewing Co (Class B)		8,918
	4,622,875		Mondelez International, Inc		236,368
	1,816,923	*	Monster Beverage Corp		125,949
	20,379		Morinaga & Co Ltd		791
	98,574		Morinaga Milk Industry Co Ltd		4,389
	386,628		Mowi ASA		7,370
	163,166		Muyuan Foodstuff Co Ltd		1,898
	20,145		Nagatanien Co Ltd		404
	37,000	*	Namchow Chemical Industrial Ltd		58
	11,055	*	National Agriculture Development Co		82
	10,536	*,e	National Beverage Corp		643
	10,710	*	Naturecell Co Ltd		81
	28,439		Nestle India Ltd		6,457
	57,300		Nestle Malaysia BHD		1,873
	4,007,419		Nestle S.A.		444,305
	73,354	*,e	New Age Beverages Corp		112
	190,100		New Hope Liuhe Co Ltd		805
	109,592		Nichirei Corp		3,193
	4,597		Nippon Beet Sugar Manufacturing Co Ltd		80
	111,500		Nippon Flour Mills Co Ltd		1,674
	92,360		Nippon Meat Packers, Inc		3,717
	188,359		Nippon Suisan Kaisha Ltd		820
	13,522		Nisshin Oillio Group Ltd		423
	167,447		Nisshin Seifun Group, Inc		2,500
	128,133		Nissin Food Products Co Ltd		11,353
	410,435		Nissin Foods Co Ltd		331
	5,667		Nong Shim Co Ltd		1,727
	401		Nong Shim Holdings Co Ltd		28
	6,859	e	Norway Royal Salmon ASA		180
	168,790		Oceana Group Ltd		694
	63,751	e	Origin Enterprises plc		193
	5,014		Orion Corp		56
	30,084		Orion Corp/Republic of Korea		3,368
	20,393		Orior AG.		1,677
	720,936		Orkla ASA		6,330

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	585,500		Osotspa PCL	$	724
	604		Ottogi Corp		281
	3,094,851		PepsiCo, Inc		409,325
	192,686		Pernod-Ricard S.A.		30,342
	3,967,786		Philip Morris International, Inc		277,983
	88,048	*	Pilgrim’s Pride Corp		1,487
	95,516	*	Post Holdings, Inc		8,369
	372,849		PPB Group BHD		1,552
	358,620	*	Premier Foods plc		309
	38,697	e	Premium Brands Holdings Corp		2,468
	156,700		Prima Meat Packers Ltd		4,208
	396,528		Primo Water Corp		5,452
	167,126		Primo Water Corp		2,293
	105,900		PT Astra Agro Lestari Tbk		62
	11,909,918	*	PT Charoen Pokphand Indonesia Tbk		4,670
	736,911		PT Gudang Garam Tbk		2,440
	6,975,500		PT Hanjaya Mandala Sampoerna Tbk		810
	4,686,291	*	PT Indofood Sukses Makmur Tbk		2,152
	9,135,000	*,†	PT Inti Agri Resources Tbk		32
	13,543,200		PT Japfa Comfeed Indonesia Tbk		1,133
	707,500	*	PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		41
	753,200		PT Sawit Sumbermas Sarana Tbk		41
	2,697		Pulmuone Co Ltd		39
	56,697		Q.P. Corp		1,068
	1,151,500		QL Resources BHD		2,579
	12,017		Radico Khaitan Ltd		60
	19,236	e	Remy Cointreau S.A.		2,624
	10,100		Riken Vitamin Co Ltd		214
	9,325	e	Rock Field Co Ltd		113
	107,692	e	Rogers Sugar, Inc		371
	5,400		Rokko Butter Co Ltd		77
	1,606		Ros Agro plc (ADR)		15
	92,051		Royal Unibrew A.S.		7,674
	43,915		S Foods, Inc		1,073
	418,470		Saigon Beer Alcohol Beverage Corp		2,838
	15,955		Sakata Seed Corp		510
	62,609		Salmar ASA		2,999
	432		Samlip General Foods Co Ltd		23
	659		Samyang Corp		22
	664		Samyang Foods Co Ltd		70
	8,818		Samyang Holdings Corp		419
	18,938		Sanderson Farms, Inc		2,195
	192,300		Sao Martinho S.A.		750
	34,086		Sapporo Holdings Ltd		641
	293,785		Saputo, Inc		7,005
	16,484		Saudia Dairy & Foodstuff Co		726
	537,740		Savola Group		6,062
	105,069		Scandi Standard AB		728
	369,082	g	Scandinavian Tobacco Group A.S.		5,450
	12,422		Schouw & Co		992
	616		Seaboard Corp		1,807
	126,353		Select Harvests Ltd		552
	6,176	*	Seneca Foods Corp		209

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	37,137		Shanxi Xinghuacun Fen Wine Factory Co Ltd	$	763
	8,387		Showa Sangyo Co Ltd		257
	16,900		Sichuan Swellfun Co Ltd		150
	1,185,813		Sime Darby Plantation BHD		1,369
	305,651	*	Simply Good Foods Co		5,679
	20,600	*	SLC Agricola S.A.		89
	1,297,194		Standard Foods Corp		2,777
	3,300		Starzen Co Ltd		130
	28,154		Strauss Group Ltd		781
	82,520		Suedzucker AG.		1,302
	116,723		Suntory Beverage & Food Ltd		4,554
	379,562		Swedish Match AB		26,780
	32,966	*	Synlait Milk Ltd		152
	45,000		Taisun Enterprise Co Ltd		35
	146,703		Takara Holdings, Inc		1,313
	97,800		Taokaenoi Food & Marketing PCL		33
	120,319		Tassal Group Ltd		288
	345,419		Tata Tea Ltd		1,774
	975,640		Tate & Lyle plc		8,065
	2,109,409		Thai Union Group PCL		888
	1,130,100		Thai Vegetable Oil PCL (Foreign)		964
	126,673		Tiger Brands Ltd		1,302
	6,170,290		Tingyi Cayman Islands Holding Corp		9,612
	24,300		Toly Bread Co Ltd		175
	126,200		Tongwei Co Ltd		312
	21,499		Tootsie Roll Industries, Inc		737
	122,417		Toyo Suisan Kaisha Ltd		6,840
	616,210		Treasury Wine Estates Ltd		4,483
	86,022	*	TreeHouse Foods, Inc		3,768
	327,879		Tsingtao Brewery Co Ltd		2,447
	22,100		Tsingtao Brewery Co Ltd (Class A)		240
	33,000		Ttet Union Corp		137
	7,914	e	Turning Point Brands, Inc		197
	782,709		Tyson Foods, Inc (Class A)		46,736
	43,849	*	Ulker Biskuvi Sanayi AS		156
	725,000		Uni-President China Holdings Ltd		725
	5,060,053		Uni-President Enterprises Corp		12,260
	304,759	*	United Malt Grp Ltd		870
	314,958	*	United Spirits Ltd		2,471
	31,342		Universal Corp		1,332
	507,864		Universal Robina		1,330
	75,027		Varun Beverages Ltd		678
	214,695		Vector Group Ltd		2,160
	3,589		Vilmorin & Cie		190
	124,963		Vina Concha y Toro S.A.		194
	115,226		Viscofan S.A.		7,521
	402,000	e	Vitasoy International Holdings Ltd		1,545
	3,054,714		Want Want China Holdings Ltd		2,320
	5,832		Warabeya Nichiyo Co Ltd		92
	1,350,000		Wei Chuan Food Corp		1,056
	326,520		Wens Foodstuffs Group Co Ltd		1,010
	13,498,000	g	WH Group Ltd		11,665
	2,407,280		Wilmar International Ltd		7,120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	512,171		Wuliangye Yibin Co Ltd	$	12,444
	238,171		Yakult Honsha Co Ltd		14,013
	137,367		Yamazaki Baking Co Ltd		2,360
	1,022,000		Yihai International Holding Ltd		10,532
	48,400		Yuan Longping High-tech Agriculture Co Ltd		114
	139,000	g	Zhou Hei Ya International Holdings Co Ltd		119
			TOTAL FOOD, BEVERAGE & TOBACCO		3,934,880

HEALTH CARE EQUIPMENT & SERVICES - 5.2%
	33,158	*,e	1Life Healthcare, Inc		1,204
	3,790,638		Abbott Laboratories		346,578
	6,177	*	Abiomed, Inc		1,492
	106,927	*	Acadia Healthcare Co, Inc		2,686
	78,089	*,e	Accuray, Inc		159
	6,801	*	AdaptHealth Corp		109
	15,732	*	Addus HomeCare Corp		1,456
	439,936	e	Advanced Medical Solutions Group plc		1,297
	456,461	*	AGFA-Gevaert NV		1,908
	740,324		Aier Eye Hospital Group Co Ltd		4,557
	292,000	g	AK Medical Holdings Ltd		931
	13,434	*	Al Hammadi Co for Development and Investment		79
	834,879		Alcon, Inc		47,972
	387,270	e	Alcon, Inc (XNYS)		22,198
	97,490		Alfresa Holdings Corp		2,044
	5,984,659	*	Alibaba Health Information Technology Ltd		17,599
	186,104	*	Align Technology, Inc		51,074
	13,600		Alliar Medicos A Frente S.A.		26
	272,669	*	Allscripts Healthcare Solutions, Inc		1,846
	35,253	*	Alphatec Holdings Inc		166
	32,912	g	Ambea AB		168
	140,097	e	Ambu A.S.		4,429
	9,389	*	Amedisys, Inc		1,864
	17,087	*	American Renal Associates Holdings, Inc		111
	177,945		AmerisourceBergen Corp		17,932
	64,334	*	AMN Healthcare Services, Inc		2,910
	67,165		Amplifon S.p.A.		1,794
	12,878		Andlauer Healthcare Group, Inc		348
	84,355	*	Angiodynamics, Inc		858
	566,378		Ansell Ltd		14,397
	149,929	*	Antares Pharma, Inc		412
	693,373		Anthem, Inc		182,343
	93,111		Apollo Hospitals Enterprise Ltd		1,666
	7,516	*,e	Apollo Medical Holdings, Inc		124
	33,374	*	Apyx Medical Corp		185
	780,536		Arjo AB		4,358
	22,007	e	As One Corp		2,403
	61,040		Asahi Intecc Co Ltd		1,742
	17,075	*,e	Ascom Holding AG.		158
	167,926	*	AtriCure, Inc		7,548
	1,269		Atrion Corp		808
	128,120	*,g	Attendo AB		504
	1,336,639		Australian Pharmaceutical Industries Ltd		1,059
	16,800		Autobio Diagnostics Co Ltd		386
	22,465	*	Avalon GloboCare Corp		43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	58,791	*	Avanos Medical, Inc	$	1,728
	30,532	*	AxoGen, Inc		282
	26,504	*,e	Axonics Modulation Technologies, Inc		931
	1,315,250		Bangkok Chain Hospital PCL		641
	8,315,745		Bangkok Dusit Medical Services PCL (Foreign)		6,057
	3,415,242		Baxter International, Inc		294,052
	212,495		Becton Dickinson & Co		50,844
	17,500		Beijing Chunlizhengda Medical Instruments Co Ltd		119
	11,458	*	Beyond Air, Inc		83
	27,785	*,e,g	Biocartis NV		145
	6,774	*,e	BioLife Solutions Inc		111
	38,733		BioMerieux		5,319
	16,072	*	BioSig Technologies Inc		116
	30,881	*	BioTelemetry, Inc		1,396
	35,000		BML, Inc		912
	3,139		Boditech Med, Inc		45
	8,780,867	*	Boston Scientific Corp		308,296
	537,111	*	Brookdale Senior Living, Inc		1,584
	218,665		Bumrungrad Hospital PCL (Foreign)		826
	61,702		Cantel Medical Corp		2,729
	339,559		Cardinal Health, Inc		17,722
	31,190	*	Cardiovascular Systems, Inc		984
	5,279	*	Carl Zeiss Meditec AG.		514
	6,263	*,e	Catasys Inc		155
	8,472		Cellavision AB		256
	10,794	*	CELLINK AB		138
	102,419	*	Celltrion Healthcare Co Ltd		9,285
	1,557,888	*	Centene Corp		99,004
	422,025		Cerner Corp		28,930
	320,182	*	Cerus Corp		2,113
	8,558	*	CHA Bio & Diostech Co Ltd		143
	339,219	*	Change Healthcare, Inc		3,799
	17,164	*	Chembio Diagnostics, Inc		56
	17,562		Chemed Corp		7,922
	15,000		China National Accord Medicines Corp Ltd		96
	27,000		China National Medicines Corp Ltd		155
	193,500		China Resources Phoenix Healthcare Holdings Co Ltd		111
	4,753,800		Chularat Hospital PCL		380
	1,536,235		Cigna Corp		288,274
	1,747,662	*	Cleopatra Hospital		567
	176,000	e	C-Mer Eye Care Holdings Ltd		151
	28,594		Cochlear Ltd		3,754
	28,622	*,e	Co-Diagnostics, Inc		554
	152,717		Coloplast AS		23,804
	2,537	e	Coltene Holding AG.		191
	12,920		CompuGroup Medical SE & Co KgaA		1,017
	11,076		Computer Programs & Systems, Inc		252
	84,588		Conmed Corp		6,089
	2,492,855	g	ConvaTec Group plc		6,020
	31,944		Cooper Cos, Inc		9,061
	7,775	*	Corvel Corp		551
	219,952	*	Covetrus, Inc		3,935
	134,127	e	Craneware plc		2,834

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	112,181	*	Cross Country Healthcare, Inc	$	691
	33,791	*	CryoLife, Inc		648
	40,281	*,e	CryoPort, Inc		1,219
	12,955	*,e	Cutera, Inc		158
	77,674		CVS Group plc		991
	3,074,952		CVS Health Corp		199,780
	110,631	*,e	CYBERDYNE, Inc		464
	30,241	*,e	CytoSorbents Corp		299
	5,885		Dallah Healthcare Co		74
	1,602,534		Danaher Corp		283,376
	133,762	*	DaVita, Inc		10,586
	1,566	*	Dentium Co Ltd		49
	360,989		Dentsply Sirona, Inc		15,905
	369,183	*	DexCom, Inc		149,667
	29,948	e	DiaSorin S.p.A.		5,751
	2,086	*	DIO Corp		44
	24,457	g	Dr Lal PathLabs Ltd		507
	28,116		Draegerwerk AG.		2,301
	7,900		Draegerwerk AG. & Co KGaA		530
	16,451		Eckert & Ziegler Strahlen- und Medizintechnik AG.		2,755
	1,126,196	*	Edwards Lifesciences Corp		77,831
	15,400		Eiken Chemical Co Ltd		247
	5,511	e	El.En. S.p.A		140
	102,269	e	Elan Corp		1,803
	6,074	*	Electromed, Inc		93
	269,943	e	Elekta AB (B Shares)		2,515
	17,200		EM Systems Co Ltd		157
	125,176		EMIS Group plc		1,675
	219,386		Encompass Health Corp		13,587
	118,682		Ensign Group, Inc		4,967
	2,971,696	*	Envista Holdings Corp		62,673
	78,366	*	Enzo Biochem, Inc		176
	244,925		Estia Health Ltd		262
	206,035	*	Evolent Health, Inc		1,467
	636	*	Exagen, Inc		8
	166,997	e	Extendicare, Inc		690
	95,961		Fagron NV		2,017
	742,425		Fisher & Paykel Healthcare Corp		17,103
	16,860	*	Five Star Senior Living, Inc		66
	275,600		Fleury S.A.		1,246
	5,454	*	FONAR Corp		117
	451,521	*	Fortis Healthcare Ltd		728
	369,659		Fresenius Medical Care AG.		31,802
	329,384		Fresenius SE		16,371
	8,429	*	Fulgent Genetics, Inc		135
	173,725	g	Galenica AG.		12,455
	3,247,500	e,g	Genertec Universal Medical Group Company Limited		1,973
	244,767	*	GenMark Diagnostics, Inc		3,601
	616,110	e	Getinge AB (B Shares)		11,481
	11,000		Ginko International Co Ltd		55
	37,561	*,e	Glaukos Corp		1,443
	31,592	*	Globus Medical, Inc		1,507
	21,659		GN Store Nord		1,159
	132,076		Green Hospital Supply, Inc		5,528

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,200		Guangzhou Kingmed Diagnostics Group Co Ltd	$	218
	10,500		Guangzhou Wondfo Biotech Co Ltd		155
	748,091	*	Guardant Health, Inc		60,693
	3,085		Guerbet		117
	19,297	*	Haemonetics Corp		1,728
	53,607	*	Hanger Inc		888
	178,500	g	Hapvida Participacoes e Investimentos S.A.		2,041
	3,824,600		Hartalega Holdings BHD		11,666
	720,793		HCA Healthcare, Inc		69,960
	464,057		Healius Ltd		981
	69,836	*,e	Health Catalyst, Inc		2,037
	143,497	*	HealthEquity, Inc		8,419
	108,789	*	HealthStream, Inc		2,408
	189,640	*	Henry Schein, Inc		11,073
	6,125	*,e	Heska Corp		571
	66,691		Hill-Rom Holdings, Inc		7,321
	8,722	*	HLB Life Science CO Ltd		136
	23,609	*,e	HLS Therapeutics, Inc		316
	289,231	*	HMS Holdings Corp		9,368
	22,300		Hogy Medical Co Ltd		688
	1,614,342	*	Hologic, Inc		92,017
	190,589	*	Hoya Corp		18,251
	52,800		Huadong Medicine Co Ltd		189
	468,988		Humana, Inc		181,850
	1,090		Huons Global Co Ltd		29
	674,177		Ibnsina Pharma SAE		382
	17,477	*	iCAD, Inc		175
	3,533	*	ICU Medical, Inc		651
	171,978	*	IDEXX Laboratories, Inc		56,780
	1,318,842		IHH Healthcare BHD		1,700
	12,540	*	InfuSystem Holdings, Inc		145
	14,266	*,e	Inmode Ltd		404
	16,477	*	Inogen, Inc		585
	257,127	*	Inovalon Holdings, Inc		4,952
	40,044	*	Inspire Medical Systems, Inc		3,485
	12,500		Instituto Hermes Pardini S.A.		51
	90,201	*	Insulet Corp		17,522
	101,003	*	Integer Holding Corp		7,378
	14,572	*	Integra LifeSciences Holdings Corp		685
	84,649		Integral Diagnostics Ltd		230
	8,458	*,e	IntriCon Corp		114
	84,497	*	Intuitive Surgical, Inc		48,149
	31,146		Invacare Corp		198
	46,653	e	Ion Beam Applications		400
	9,249	*,e	iRadimed Corp		215
	38,380	*,e	iRhythm Technologies, Inc		4,448
	91,000		IVD Medical Holding Ltd		37
	47,310		Jafron Biomedical Co Ltd		467
	51,600		Japan Lifeline Co Ltd		684
	7,400		Japan Medical Dynamic Marketing, Inc		112
	57,328		Jeol Ltd		1,592
	42,700		Jiangsu Yuyue Medical Equipment & Supply Co Ltd		220
	67,714	*,e	Joint Corp		1,034

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	68,000	*	Jointown Pharmaceutical Group Co Ltd	$	179
	1,146,533		Koninklijke Philips Electronics NV		53,483
	47,144		Korian-Medica		1,730
	910,000		Kossan Rubber Industries		1,818
	4,549,992		KPJ Healthcare BHD		893
	157,385	*	Laboratory Corp of America Holdings		26,143
	202,039	*	Lantheus Holdings, Inc		2,889
	10,852		Le Noble Age		579
	14,871		LeMaitre Vascular, Inc		393
	55,600		Lepu Medical Technology Beijing Co Ltd		287
	45,223	*	LHC Group, Inc		7,883
	7,701,987		Life Healthcare Group Holdings Pte Ltd		7,419
	624,000	*	Lifetech Scientific Corp		197
	98,266	*	LivaNova plc		4,730
	31,362	*	Livongo Health, Inc		2,358
	3,728	*	Lyra Therapeutics, Inc		42
	497,338		M3, Inc		21,127
	72,855	*	Magellan Health Services, Inc		5,317
	80,080		Mani, Inc		2,126
	7,340	*	Masimo Corp		1,673
	364,588		McKesson Corp		55,935
	3,638	*,g	Medacta Group S.A.		292
	2,301	*,e,g	Medartis Holding AG.		98
	11,700	*	Medical Data Vision Co Ltd		134
	372,390		Medicare Group		703
	343,273		Mediceo Paltac Holdings Co Ltd		6,625
	218,806		Mediclinic International plc		719
	3,348	*	Medipost Co Ltd		76
	124,058	*	MEDNAX, Inc		2,121
	1,733,722		Medtronic plc		158,982
	169,748		Meinian Onehealth Healthcare Holdings Co Ltd		347
	36,742		Menicon Co Ltd		1,816
	253,553	*	Meridian Bioscience, Inc		5,905
	72,193	*	Merit Medical Systems, Inc		3,296
	3,404	e	Mesa Laboratories, Inc		738
	89,647		Metlifecare Ltd		300
	2,873	g	Metropolis Healthcare Ltd		52
	465,352	e	Microport Scientific Corp		1,877
	7,966	*	Middle East Healthcare Co		65
	30,534	*	Milestone Scientific, Inc		60
	28,200		Miraca Holdings, Inc		666
	31,247	*	Misonix Inc		424
	19,209	*,g	MLP Saglik Hizmetleri AS.		56
	99,013	*	Molina Healthcare, Inc		17,622
	14,773		Mouwasat Medical Services Co		357
	11,836		Nagaileben Co Ltd		290
	38,222		Nakanishi, Inc		500
	307,138	*	Nanosonics Ltd		1,456
	52,083	*	NantHealth, Inc		239
	21,018		National Healthcare Corp		1,333
	5,051		National Medical Care Co		57
	14,143		National Research Corp		823
	116,273	*	Natus Medical, Inc		2,537
	5,843	*	Nemaura Medical, Inc		54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	69,886	*	Neogen Corp	$	5,423
	311,165		Network Healthcare Holdings Ltd		245
	3,505		Neuca S.A.		454
	158,842	*	Nevro Corp		18,977
	124,858	*	NextGen Healthcare, Inc		1,371
	36,650		Nichii Gakkan Co		567
	68,477		Nihon Kohden Corp		2,302
	25,867	e	Nikkiso Co Ltd		247
	73,752		Nipro Corp		817
	159,379	*,†	NMC Health plc		2
	6,496	g	NNIT A.S.		115
	507,600		Notre Dame Intermedica Participacoes S.A.		6,348
	29,251	*	Novocure Ltd		1,735
	80,244	*	NuVasive, Inc		4,466
	356,491		Oceania Healthcare Ltd		209
	95,400		Odontoprev S.A.		250
	1,206,370		Olympus Corp		23,226
	74,506	*	Omnicell, Inc		5,262
	25,280	*,e	OptimizeRx Corp		329
	84,103	*	Option Care Health, Inc		1,167
	199,630	*	OraSure Technologies, Inc		2,322
	329,718		Oriola-KD Oyj (B Shares)		742
	6,784		Orpea		784
	125,654	*	Orthofix Medical Inc		4,021
	10,510	*	OrthoPediatrics Corp		460
	2,381	*	Osstem Implant Co Ltd		60
	27,900		Ovctek China, Inc		274
	110,136		Owens & Minor, Inc		839
	34,753		Paramount Bed Holdings Co Ltd		1,420
	195,537		Patterson Cos, Inc		4,302
	31,616	*	PAVmed, Inc		67
	40,830	*	Pennant Group, Inc		923
	3,187	*	Penumbra, Inc		570
	45,201	*,e	PetIQ, Inc		1,575
	148,316	*	Phreesia, Inc		4,194
	79,000	*,†	Pihsiang Machinery Manufacturing Co Ltd		0	^
	399,000	*,e,g	Ping An Healthcare and Technology Co Ltd		6,117
	294,595	*,e	PolyNovo Ltd		523
	391,527	*	PPD, Inc		10,493
	75,469	*	Premier, Inc		2,587
	49,123	e	Pro Medicus Ltd		905
	76,736	*	Progyny, Inc		1,981
	1,768	*	Protara Therapeutics, Inc		52
	44,565	*	Providence Service Corp		3,517
	12,497	*,e	Pulse Biosciences, Inc		131
	627,200		Qualicorp S.A.		3,345
	637,686		Quest Diagnostics, Inc		72,671
	15,265	*	Quidel Corp		3,415
	52,659	*	Quotient Ltd		390
	665,434	*	R1 RCM, Inc		7,420
	55,019	*	RadNet, Inc		873
	474,456		Raffles Medical Group Ltd		314
	65,432		Ramsay Health Care Ltd		3,022

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	65,803		Regis Healthcare Ltd	$	64
	21,111	*	Repro-Med Systems, Inc		190
	22,202		Resmed, Inc		4,263
	68,277	*	Retractable Technologies, Inc		479
	8,451		Rhoen Klinikum AG.		172
	60,006	*,e	Rockwell Medical, Inc		117
	93,944	*,e	RTI Surgical Holdings Inc		299
	124,409		Ryman Healthcare Ltd		1,055
	38,235		Sartorius AG.		12,619
	9,802	*	Saudi Chemical Co		60
	76,738	*	SeaSpine Holdings Corp		803
	7,909	*	Sedana Medical AB		193
	776,513		Selcuk Ecza Deposu Ticaret ve Sanayi AS		999
	637,171	*	Select Medical Holdings Corp		9,386
	6,311,215		Shandong Weigao Group Medical Polymer Co Ltd		14,092
	94,600		Shanghai Kindly Medical Instruments Co Ltd		788
	51,900		Shanghai Pharmaceuticals Holding Co Ltd		135
	490,940		Shanghai Pharmaceuticals Holding Co Ltd (Hong Kong)		825
	12,614	*	Sharps Compliance Corp		89
	146,880		Shenzhen Mindray Bio-Medical Electronics Co Ltd		6,348
	42,643	*,e	Shockwave Medical Inc		2,020
	67,638	*	SI-BONE, Inc		1,078
	56,776	g	Siemens Healthineers AG.		2,729
	76,480	e	Sienna Senior Living, Inc		521
	43,186	*	Sientra, Inc		167
	1,794,569		Sigma Healthcare Ltd		777
	86,518	*	Silk Road Medical Inc		3,624
	10,962		Simulations Plus, Inc		656
	860,371		Sinopharm Group Co		2,212
	591,424		Smith & Nephew plc		11,020
	1,200		Software Service, Inc		125
	27,500		Solasto Corp		274
	5,231	*,e	Soliton Inc		41
	742,838		Sonic Healthcare Ltd		15,686
	69,986	*	Sonova Holdings AG		14,009
	266,930	g	Spire Healthcare Group plc		282
	11,000		St. Shine Optical Co Ltd		133
	72,053	*	Staar Surgical Co		4,434
	38,316	*	Stereotaxis, Inc		171
	133,185		STERIS plc		20,436
	3,805		STRATEC Biomedical AG.		373
	10,407		Straumann Holding AG.		8,997
	309,609		Stryker Corp		55,788
	14,123		Suheung Capsule Co Ltd		632
	112,445		Summerset Group Holdings Ltd		471
	2,597,113	*	Supermax Corp BHD		4,876
	81,500	*	Surgery Partners, Inc		943
	24,923	*	SurModics, Inc		1,078
	133,192	*	Suven Pharmaceuticals Ltd		830
	177,039		Suzuken Co Ltd		6,614
	74,942		Sysmex Corp		5,753
	17,569	*,e	Tabula Rasa HealthCare, Inc		962
	19,915	*	Tactile Systems Technology, Inc		825

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,000		TaiDoc Technology Corp	$	102
	51,749	*	Tandem Diabetes Care, Inc		5,119
	4,728	*	Tela Bio, Inc		61
	32,849	*,e	Teladoc, Inc		6,269
	68,825		Teleflex, Inc		25,051
	310,636	*	Tenet Healthcare Corp		5,626
	214,764		Terumo Corp		8,175
	478,800		Thonburi Healthcare Group PCL		311
	58,339	*,e	Tivity Health, Inc		661
	256,900		Toho Pharmaceutical Co Ltd		4,801
	10,009		Tokai Corp (GIFU)		221
	3,594,400		Top Glove Corp BHD		13,565
	12,000	*	Topchoice Medical Corp		284
	2,414,000	†,e	Town Health International Medical Group Ltd		3
	17,114	*	Transmedics Group, Inc		307
	41,897	*,e	Triple-S Management Corp (Class B)		797
	59,500		Tsuki Corp		280
	492,287		Uniphar plc		968
	1,390,170	e	United Drug plc		12,356
	2,147,409		UnitedHealth Group, Inc		633,378
	98,638		Universal Health Services, Inc (Class B)		9,162
	11,613		US Physical Therapy, Inc		941
	3,348		Utah Medical Products, Inc		297
	25,799		Value Added Technologies Co Ltd		440
	74,660	*	Vapotherm, Inc		3,060
	68,949	*	Varex Imaging Corp		1,045
	21,153	*	Varian Medical Systems, Inc		2,592
	197,158	*	Veeva Systems, Inc		46,218
	16,161	*	Venus Concept, Inc		56
	39,659	*,e	Viemed Healthcare, Inc		380
	29,976	*	Viemed Healthcare, Inc		288
	1,749		Vieworks Co Ltd		48
	104,006	*,e	ViewRay, Inc		233
	18,800		VITAL KSK Holdings, Inc		180
	27,594	*	Vocera Communications, Inc		585
	99,849	*	VolitionRX Ltd		388
	304,548		West Pharmaceutical Services, Inc		69,184
	14,189	*,e	William Demant Holding A.S.		376
	83,200		Winning Health Technology Group Co Ltd		271
	134,098	*,e	Wright Medical Group NV		3,985
	208,432	*,e	Xvivo Perfusion AB		4,025
	1,833	e	Ypsomed Holding AG.		260
	2,177,329		Zimmer Biomet Holdings, Inc		259,886
	14,539	*,e	Zynex Inc		362
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		5,503,504

HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
	2,028		Aekyung Industrial Co Ltd		40
	128,607		Amorepacific Corp		17,989
	7,053		Amorepacific Corp (Preference)		420
	18,335	*	Bajaj Corp Ltd		36
	118,095		Beiersdorf AG.		13,429
	102,288	*	BellRing Brands, Inc		2,040

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,499,000	†,e	Best World International Ltd	$	4,025
	6,751	e	Blackmores Ltd		365
	430,197		BWX Ltd		1,050
	49,100		By-health Co Ltd		137
	58,800		C&S Paper Co Ltd		186
	31,718	*	Central Garden & Pet Co		1,142
	106,690	*	Central Garden and Pet Co (Class A)		3,605
	10,000		Chlitina Holding Ltd		74
	349,241		Church & Dwight Co, Inc		26,996
	195,175		Clorox Co		42,816
	1,859,374		Colgate-Palmolive Co		136,218
	41,724		Colgate-Palmolive India Ltd		778
	1,657		Cosmax, Inc		135
	441,036		Coty, Inc		1,971
	611,096		Dabur India Ltd		3,774
	18,200		Earth Chemical Co Ltd		1,388
	178,990	*	Edgewell Personal Care Co		5,577
	455,853	*	elf Beauty, Inc		8,693
	24,129		Emami Ltd		71
	96,167	e	Energizer Holdings, Inc		4,567
	520,790		Essity AB		16,885
	716,192		Estee Lauder Cos (Class A)		135,131
	42,800	*	Euglena Co Ltd		310
	89,284	e	Fancl Corp		2,660
	6,389		Gillette India Ltd		422
	458,590		Godrej Consumer Products Ltd		4,202
	26,000		Grape King Industrial Co		168
	919,147		Hengan International Group Co Ltd		7,235
	111,519		Henkel KGaA		9,330
	241,085		Henkel KGaA (Preference)		22,492
	158,767	*	Herbalife Nutrition Ltd		7,141
	959,460		Hindustan Lever Ltd		27,739
	6,788	*	Hyundai Bioscience Co Ltd		76
	7,476		Inter Parfums S.A.		336
	25,156		Inter Parfums, Inc		1,211
	44,636		Jamieson Wellness, Inc		1,170
	22,031		Jyothy Laboratories Ltd		34
	524,884		Kao Corp		41,654
	562,303		Kimberly-Clark Corp		79,481
	2,435,016		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		3,801
	136,000	e	Kitanotatsujin Corp		652
	39,560		Kobayashi Pharmaceutical Co Ltd		3,478
	1,693		Kolmar BNH Co Ltd		57
	3,210		Korea Kolmar Co Ltd		115
	1,576		Korea Kolmar Holdings Co Ltd		29
	24,240		Kose Corp		2,934
	7,601		LG Household & Health Care Ltd		8,519
	2,121		LG Household & Health Care Ltd (Preference)		1,285
	12,441	*	Lifevantage Corp		168
	216,350		Lion Corp		5,204
	345,207	*	L’Oreal S.A.		111,414
	19,672		Mandom Corp		363
	376,097		Marico Ltd		1,754
	29,312	e	Medifast, Inc		4,068

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	13,398		Milbon Co Ltd	$	640
	585,335		Natura & Co Holding S.A.		4,295
	6,809	*	Natura & Co Holding S.A. (RCT)		50
	6,509	*	Nature’s Sunshine Products, Inc		59
	8,700		Noevir Holdings Co Ltd		372
	76,347		Nu Skin Enterprises, Inc (Class A)		2,919
	8,415		Oil-Dri Corp of America		292
	55,456	e	Ontex Group NV		815
	28,429		Pacific Corp		1,231
	92,760	e	Pigeon Corp		3,590
	66,955	e	Pola Orbis Holdings, Inc		1,169
	5,567,010		Procter & Gamble Co		665,647
	6,300		Proya Cosmetics Co Ltd		161
	5,607,500		PT Industri Jamu Dan Farmasi Sido Muncul Tbk		479
	15,151,145		PT Unilever Indonesia Tbk		8,408
	108,919	e	PZ Cussons plc		249
	907,111		Reckitt Benckiser Group plc		83,453
	38,007	*,e	Revlon, Inc (Class A)		376
	534,922		Reynolds Consumer Products Inc		18,583
	149,929		Rohto Pharmaceutical Co Ltd		4,763
	61,135		Sarantis S.A.		563
	19,400	*	Shanghai Jahwa United Co Ltd		132
	383,233		Shiseido Co Ltd		24,420
	64,343		Spectrum Brands Holdings, Inc		2,953
	6,300		ST Corp		100
	25,128		TCI Co Ltd		235
	458,992		Uni-Charm Corp		18,824
	1,924,985		Unilever NV		102,636
	1,631,870		Unilever plc		88,025
	10,247	*	USANA Health Sciences, Inc		752
	92,299	*	Veru, Inc		308
	497,000	e	Vinda International Holdings Ltd		1,785
	11,977		WD-40 Co		2,375
	15,800	e	YA-MAN Ltd		157
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		1,819,856

INSURANCE - 3.3%
	319,794		Admiral Group plc		9,069
	515,932		Aegon NV		1,525
	1,117,198		Aflac, Inc		40,253
	213,321	e	Ageas		7,560
	14,414,323		AIA Group Ltd		134,883
	3,617	*	Al Rajhi Co for Co-operative Insurance		58
	29,774		Alleghany Corp		14,564
	575,377		Allianz AG.		117,574
	998,084		Allstate Corp		96,804
	111,785		Alm Brand AS		1,046
	79,914	*	AMBAC Financial Group, Inc		1,144
	138,682		American Equity Investment Life Holding Co		3,427
	157,294		American Financial Group, Inc		9,982
	3,137,244		American International Group, Inc		97,819
	11,091		American National Insurance Co		799
	26,578		Amerisafe, Inc		1,625

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,700	*	Anicom Holdings, Inc	$	752
	344,244		Aon plc		66,301
	664,532	*	Arch Capital Group Ltd		19,039
	58,857	*	Argo Group International Holdings Ltd		2,050
	288,876		Arthur J. Gallagher & Co		28,162
	75,833		ASR Nederland NV		2,333
	1,750,240		Assicurazioni Generali S.p.A.		26,587
	236,493		Assurant, Inc		24,427
	212,810		Assured Guaranty Ltd		5,195
	408,186	*	Athene Holding Ltd		12,731
	68,530		AUB Group Ltd		695
	6,492,430		Aviva plc		22,005
	2,021,827	e	AXA S.A.		42,545
	322,084		Axis Capital Holdings Ltd		13,064
	51,579		Bajaj Finserv Ltd		3,997
	63,751		Baloise Holding AG.		9,604
	144,800		Bangkok Life Assurance PCL		73
	1,038,174		BB Seguridade Participacoes S.A.		5,206
	1,627,143		Beazley plc		8,249
	9,294	*,e	Benefytt Technologies, Inc		190
	3,871,101	*	Berkshire Hathaway, Inc (Class B)		691,030
	203,905	*	Brighthouse Financial, Inc		5,673
	366,870		Brown & Brown, Inc		14,954
	15,287	*	BRP Group, Inc		264
	52,451		Bupa Arabia for Cooperative Insurance Co		1,528
	5,418,214		Cathay Financial Holding Co Ltd		7,707
	7,028,677		China Development Financial Holding Corp		2,260
	1,198,886		China Insurance International Holdings Co Ltd		1,937
	9,937,790	*	China Life Insurance Co Ltd		20,052
	119,200	*	China Life Insurance Co Ltd (Class A)		461
	2,343,179	*	China Life Insurance Co Ltd (Taiwan)		1,741
	225,600		China Pacific Insurance Group Co Ltd		874
	1,637,039		China Pacific Insurance Group Co Ltd (Hong Kong)		4,400
	10,483,000		China Reinsurance Group Corp		1,074
	1,529,993		Chubb Ltd		193,728
	246,320		Cincinnati Financial Corp		15,772
	48,892	*,e	Citizens, Inc (Class A)		293
	186,229	*	Clal Insurance		1,564
	42,861		CNA Financial Corp		1,378
	291,808		CNP Assurances		3,384
	111,804	*	Co for Cooperative Insurance		2,131
	172,454		Conseco, Inc		2,685
	3,630,000	*,†,e	Convoy Financial Holdings Ltd		5
	1,454,043	e	Corp Mapfre S.A.		2,596
	13,474		Crawford & Co		106
	723,651		Dai-ichi Mutual Life Insurance Co		8,662
	1,022,820		Direct Line Insurance Group plc		3,430
	309,360		Discovery Holdings Ltd		1,869
	22,462		Donegal Group, Inc (Class A)		319
	43,647		Dongbu Insurance Co Ltd		1,565
	44,168	*	eHealth, Inc		4,339
	33,184		Employers Holdings, Inc		1,000
	20,161	*	Enstar Group Ltd		3,080
	37,983		Erie Indemnity Co (Class A)		7,289

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	148,386		Everest Re Group Ltd	$	30,597
	32,589		Fairfax Financial Holdings Ltd		10,068
	11,600	e	Fanhua, Inc (ADR)		232
	16,815		FBL Financial Group, Inc (Class A)		603
	8,169		FedNat Holding Co		90
	528,234	e	Fidelity National Financial Inc		16,196
	245,919		First American Financial Corp		11,809
	12,497,977		Fubon Financial Holding Co Ltd		18,660
	1,103,350	*	Genworth Financial, Inc (Class A)		2,549
	238,376		Gjensidige Forsikring BA		4,404
	5,988		Global Indemnity Ltd		143
	170,228		Globe Life, Inc		12,636
	13,246	*	Goosehead Insurance, Inc		996
	280,636		Great-West Lifeco, Inc		4,920
	27,286	*,e	Greenlight Capital Re Ltd (Class A)		178
	90,644		Grupo Catalana Occidente S.A.		2,099
	60,528		Hannover Rueckversicherung AG.		10,461
	58,735		Hanover Insurance Group, Inc		5,952
	66,338		Harel Insurance Investments & Finances Ltd		361
	1,925,443		Hartford Financial Services Group, Inc		74,226
	511,309	e,g	Hastings Group Holdings Ltd		1,221
	5,311		HCI Group, Inc		245
	767,110	*,g	HDFC Life Insurance Co Ltd		5,603
	42,983		Helvetia Holding AG.		4,026
	163,294		Heritage Insurance Holdings, Inc		2,137
	210,227		Hiscox Ltd		2,052
	73,810		Horace Mann Educators Corp		2,711
	174,500		Hubei Biocause Pharmaceutical Co Ltd		129
	47,577		Hyundai Marine & Fire Insurance Co Ltd		913
	227,417		iA Financial Corp, Inc		7,615
	224,333	g	ICICI Lombard General Insurance Co Ltd		3,768
	288,248	g	ICICI Prudential Life Insurance Co Ltd		1,630
	4,720		IDI Insurance Co Ltd		110
	8,037		Independence Holding Co		246
	2,933,076		Insurance Australia Group Ltd		11,771
	224,286		Intact Financial Corp		21,346
	1,225		Investors Title Co		149
	544,600		IRB Brasil Resseguros S		1,102
	25,447		James River Group Holdings Ltd		1,145
	442,760		Japan Post Holdings Co Ltd		3,160
	584,000		Japan Post Insurance Co Ltd		7,695
	2,361,062	*,e	Just Retirement Group plc		1,540
	186,763		Kemper Corp		13,544
	50,535		Kinsale Capital Group, Inc		7,844
	68,885		Korea Life Insurance Co Ltd		79
	274,676		Korean Reinsurance Co		1,689
	282,901		Lancashire Holdings Ltd		2,837
	8,588,212		Legal & General Group plc		23,414
	41,851		Liberty Holdings Ltd		160
	768,793		Lincoln National Corp		28,284
	374,486		Loews Corp		12,841
	2,479,659		Manulife Financial Corp (Toronto)		33,735
	28,361	*	Markel Corp		26,182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,495,584		Marsh & McLennan Cos, Inc	$	160,581
	171,493	*	Max India Ltd		1,234
	145,732	*	MBIA, Inc		1,057
	3,755,603		Medibank Pvt Ltd		7,786
	13,144		Menorah Mivtachim Holdings Ltd		132
	1,486,999		Mercuries & Associates Holding Ltd		1,340
	2,597,058	*	Mercuries Life Insurance Co Lt		884
	113,881		Mercury General Corp		4,641
	34,434		Meritz Fire & Marine Insurance Co Ltd		365
	2,445,656		Metlife, Inc		89,315
	543,406		Migdal Insurance Holdings Ltd		284
	211,072		Mirae Asset Life Insurance Co Ltd		467
	334,284		Mitsui Sumitomo Insurance Group Holdings, Inc		9,206
	2,106,213		Momentum Metropolitan Holdings		2,143
	125,157		Muenchener Rueckver AG.		32,590
	472,707		National General Holdings Corp		10,215
	2,045		National Western Life Group, Inc		416
	70,600		New China Life Insurance Co Ltd		444
	497,582		New China Life insurance Co Ltd (Hong Kong)		1,678
	8,858	*	NI Holdings, Inc		131
	451,415		nib holdings Ltd		1,441
	208,682		NKSJ Holdings, Inc		7,184
	344,791		NN Group NV		11,588
	3,807,014		Old Mutual Ltd		2,653
	600,109		Old Republic International Corp		9,788
	32,703	*	Palomar Holdings, Inc		2,805
	7,557,888		People’s Insurance Co Group of China Ltd		2,216
	294,200	*	People’s Insurance Co Group of China Ltd (Class A)		269
	560,652		Phoenix Group Holdings plc		4,480
	86,614	*	Phoenix Holdings Ltd		322
	4,804,318		PICC Property & Casualty Co Ltd		3,993
	10,769,676		Ping An Insurance Group Co of China Ltd		107,363
	1,728,396		Ping An Insurance Group Co of China Ltd (Class A)		17,493
	69,874		Porto Seguro S.A.		648
	643,035	g	Poste Italiane S.p.A		5,617
	855,427	e	Power Corp Of Canada		15,047
	474,361		Powszechny Zaklad Ubezpieczen S.A.		3,491
	60,509		Primerica, Inc		7,055
	543,158		Principal Financial Group		22,563
	131,135		ProAssurance Corp		1,898
	1,069,657		Progressive Corp		85,690
	56,694	*	ProSight Global, Inc		505
	7,987		Protective Insurance Corp		120
	171,867	*,e	Protector Forsikring ASA		662
	932,443		Prudential Financial, Inc		56,786
	3,712,280		Prudential plc		55,937
	2,660,400	*	PT Panin Life Tbk		34
	361,420		Qatar Insurance Co SAQ		189
	1,865,139		QBE Insurance Group Ltd		11,510
	1,043,029		Qualitas Controladora SAB de C.V.		4,099
	900,392		Rand Merchant Investment Holdings Ltd		1,515
	109,921		Reinsurance Group of America, Inc (Class A)		8,622
	102,980		RenaissanceRe Holdings Ltd		17,613
	34,773		RLI Corp		2,855

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,261,285		RSA Insurance Group plc	$	6,388
	273,687	e,g	Sabre Insurance Group plc		899
	24,071		Safety Insurance Group, Inc		1,836
	582,461		Saga plc		112
	398,069		Sampo Oyj (A Shares)		13,721
	17,972		Samsung Fire & Marine Insurance Co Ltd		2,642
	43,550		Samsung Life Insurance Co Ltd		1,637
	1,485,538		Sanlam Ltd		5,053
	463,239	*,g	SBI Life Insurance Co Ltd		4,946
	133,990	*	SCOR SE		3,701
	191,480		Selective Insurance Group, Inc		10,099
	31,912,474		Shin Kong Financial Holding Co Ltd		9,349
	493,000		Shinkong Insurance Co Ltd		598
	88,385	*,e	Societa Cattolica di Assicurazioni SCRL		509
	179,318		Sony Financial Holdings, Inc		4,330
	21,151		State Auto Financial Corp		378
	579,923		Steadfast Group Ltd		1,359
	41,371		Stewart Information Services Corp		1,345
	251,459		Storebrand ASA		1,310
	222,894		Sul America S.A.		1,847
	722,935		Sun Life Financial, Inc		26,567
	1,298,415		Suncorp-Metway Ltd		8,343
	43,876		Swiss Life Holding		16,323
	71,820		Swiss Re Ltd		5,569
	58,400		Syarikat Takaful Malaysia BHD		61
	2,248,370		T&D Holdings, Inc		19,312
	730,138	*	Third Point Reinsurance Ltd		5,483
	67,130		TI Financial Holdings Ltd		263
	24,797		Tiptree Inc		160
	1,544,035		Tokio Marine Holdings, Inc		67,587
	9,411		Tong Yang Life Insurance		23
	67,588		Topdanmark AS		2,800
	114,800		TQM Corp PCL		499
	455,136		Travelers Cos, Inc		51,908
	79,219	*,e	Trupanion, Inc		3,382
	88,356		Tryg A.S.		2,567
	458,476		Unipol Gruppo Finanziario S.p.A		1,791
	168,065		Uniqa Versicherungen AG.		1,131
	26,031		United Fire Group Inc		721
	64,815		United Insurance Holdings Corp		507
	137,241		Universal Insurance Holdings, Inc		2,436
	308,733		Unum Group		5,122
	1,606		Vericity, Inc		17
	277,635		W.R. Berkley Corp		15,906
	73,916	*	Watford Holdings Ltd		1,234
	7,287		White Mountains Insurance Group Ltd		6,471
	146,266	*	Wiener Staedtische Allgemeine Versicherung AG.		3,280
	200,999		Willis Towers Watson plc		39,587
	13,900		Wiz Solucoes e Corretagem de Seguros S.A.		27
	50,205		Wuestenrot & Wuerttembergische AG.		855
	305,000	*,e,g	ZhongAn Online P&C Insurance Co Ltd		1,521
	218,275		Zurich Insurance Group AG		77,341
			TOTAL INSURANCE		3,518,403

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
MATERIALS - 4.2%
	59,173		Aarti Industries	$	731
	213,614		Acerinox S.A.		1,737
	56,716		Achilles Corp		1,024
	116,100		ADEKA Corp		1,543
	205,666		Adelaide Brighton Ltd		456
	8,767	e	Advanced Emissions Solutions, Inc		43
	16,237		Advanced Metallurgical Group NV		289
	95,333		Advanced Petrochemical Co		1,359
	35,914	*	Advansa Sasa Polyester Sanayi AS		57
	46,326	*	AdvanSix, Inc		544
	32,516		Aeci Ltd		145
	91,197		African Rainbow Minerals Ltd		893
	289,831		Agnico-Eagle Mines Ltd		18,558
	26,066	*	AgroFresh Solutions, Inc		79
	5,400		Aichi Steel Corp		154
	627,277		Air Liquide		90,696
	334,387		Air Products & Chemicals, Inc		80,741
	294,749		Air Water, Inc		4,164
	1,170		AK Holdings, Inc		18
	1,867		Akzo Nobel India Ltd		45
	329,816		Akzo Nobel NV		29,631
	447,813		Alamos Gold, Inc		4,176
	356,291	e	Albemarle Corp		27,509
	444,103	*	Alcoa Corp		4,992
	639,600	*	Allegheny Technologies, Inc		6,518
	95,500	*,e	Alpek SAB de C.V.		73
	45,739	e	Altius Minerals Corp		328
	35,655		Altri SGPS S.A.		172
	7,199	*,†	Alujain Corp		26
	1,406,717		Alumina Ltd		1,603
	3,698,145	*	Aluminum Corp of China Ltd		698
	561,900	*	Aluminum Corp of China Ltd (Class A)		220
	533,020		Ambuja Cements Ltd		1,367
	279,341		Amcor plc		2,852
	49,881		American Vanguard Corp		686
	103,105	*,e	Amyris, Inc		440
	2,301,824		Anadolu Cam Sanayii AS		1,562
	337,433	*	Anatolia Minerals Development Ltd		2,319
	431,240		Angang Steel Co Ltd		150
	126,014		Anglo American Platinum Ltd		9,171
	1,510,106		Anglo American plc (London)		34,813
	323,757		AngloGold Ashanti Ltd		9,526
	191,700	e	AngloGold Ashanti Ltd (ADR)		5,653
	3,235,969		Anhui Conch Cement Co Ltd		21,927
	207,075		Anhui Conch Cement Co Ltd (Class A)		1,558
	374,156		Antofagasta plc		4,331
	156,735		APERAM		4,394
	1,506		APL Apollo Tubes Ltd		31
	22,088		Aptargroup, Inc		2,473
	89,827		Arabian Cement Co		634
	934,642		ArcelorMittal		9,900

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	209,353	*,e	Arconic Corp	$	2,916
	26,354		Ardagh Group S.A.		340
	60,504		Arkema		5,816
	3,424	*,†	Arti Surfactants Ltd		10
	106,117		Asahi Holdings, Inc		2,825
	1,470,293		Asahi Kasei Corp		12,035
	19,496		Ashland Global Holdings, Inc		1,347
	3,050,000		Asia Cement China Holdings Corp		3,014
	4,851,164		Asia Cement Corp		7,195
	495,036		Asian Paints Ltd		11,068
	92,700		ATA IMS BHD		27
	13,221		Atul Ltd		799
	125,336	*,e	Aurora Cannabis, Inc		1,550
	89,364		Aurubis AG.		5,524
	325,214		Avery Dennison Corp		37,104
	3,079,287	*	Axalta Coating Systems Ltd		69,438
	1,318,962		B2Gold Corp		7,500
	90,211		Balchem Corp		8,557
	875,549		Ball Corp		60,842
	1,147,500		Baoshan Iron & Steel Co Ltd		743
	2,880,663		Barrick Gold Corp (Canada)		77,512
	2,188		BASF India Ltd		33
	925,896		BASF SE		52,007
	12,388		Bayer CropScience Ltd		973
	275,700		BBMG Corp		120
	70,500		Beijing Oriental Yuhong Waterproof Technology Co Ltd		407
	20,532		Bekaert S.A.		404
	137,571		Berger Paints India Ltd		901
	2,293,337	*	Berry Global Group, Inc		101,641
	3,335,658		BHP Billiton Ltd		83,051
	2,669,693		BHP Group plc		54,630
	95,187		Billerud AB		1,366
	4,000	*,†,e	Bio On S.p.A.		0	^
	3,663		Birla Corp Ltd		28
	641,867		BlueScope Steel Ltd		5,288
	101,314		Boise Cascade Co		3,810
	485,352	*	Boliden AB		11,132
	1,069,227		Boral Ltd		2,843
	71,352		Borregaard ASA		761
	462,100		Bradespar S.A.		3,102
	135,775		Braskem S.A.		580
	39,453		Brickworks Ltd		434
	335,350		Buzzi Unicem S.p.A.		7,246
	141,777		Buzzi Unicem S.p.A. RSP		1,768
	20,614		Cabot Corp		764
	137,500	*	Cahya Mata Sarawak BHD		51
	26,861	*	Caledonia Mining Corp plc		465
	71,684	*	Canfor Corp		621
	33,599		Canfor Pulp Products, Inc		134
	19,630	*	CAP S.A.		127
	77,968		Carpenter Technology Corp		1,893
	169,870		Cascades, Inc		1,851
	148,602		CCL Industries		4,803

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	41,998		Celanese Corp (Series A)	$	3,626
	138,610		Cementir Holding NV		990
	104,264		Cementos Argos S.A.		94
	23,339,038	*	Cemex S.A. de C.V.		6,580
	2,107,600	e	Cemex SAB de C.V. (ADR)		6,070
	1,399,114		Centamin plc		3,194
	252,229		Centerra Gold, Inc		2,815
	98,702		Central Asia Metals plc		180
	91,340	*,e	Century Aluminum Co		651
	26,000		Century Iron & Steel Industrial Co Ltd		74
	6,491		Century Textile & Industries Ltd		25
	217,439		CF Industries Holdings, Inc		6,119
	174,414		Chambal Fertilizers & Chemicals Ltd		329
	427,639	*	Champion Iron Ltd		857
	6,384		Chase Corp		654
	55,748		Chemours Co		856
	4,233,560		Cheng Loong Corp		3,352
	95,000	*	Chia Hsin Cement Corp		57
	400,695		China BlueChemical Ltd		60
	70,550		China General Plastics Corp		46
	15,600		China Hi-ment Corp		24
	1,533,500		China Hongqiao Group Ltd		683
	228,000		China Jushi Co Ltd		296
	277,232		China Manmade Fibers Corp		63
	57,112		China Metal Products		54
	858,455	*,†,e	China Metal Recycling Holdings Ltd		1
	240,000	*,e,g	China Metal Resources Utilization Ltd		16
	3,279,000	e	China Molybdenum Co Ltd		1,083
	724,200		China Molybdenum Co Ltd (Class A)		379
	11,641,982		China National Building Material Co Ltd		12,487
	148,200	*	China Northern Rare Earth Group High-Tech Co Ltd		196
	256,000	e	China Oriental Group Co Ltd		70
	747,359	*	China Petrochemical Development Corp		211
	2,560,000		China Resources Cement Holdings Ltd		3,157
	55,000		China Steel Chemical Corp		196
	9,304,633		China Steel Corp		6,553
	157,912		China Synthetic Rubber Corp		108
	82,000		China XLX Fertiliser Ltd		19
	360,000		China Zhongwang Holdings Ltd		68
	93,029		Christian Hansen Holding		9,596
	23,978		Chugoku Marine Paints Ltd		179
	924		Chunbo Co Ltd		71
	199,000		Chung Hung Steel Corp		56
	82,540		Chung Hwa Pulp Corp		25
	941,355		Cia de Minas Buenaventura S.A. (ADR) (Series B)		8,604
	514,075		Cia Siderurgica Nacional S.A.		1,010
	70,881	*	Ciech S.A.		575
	249,368	*	City Cement Co		1,082
	401,454	*,e	Clariant AG.		7,901
	33,137	*	Clearwater Paper Corp		1,197
	568,574	e	Cleveland-Cliffs, Inc		3,139
	584,256	*	Coeur Mining, Inc		2,968
	536,294		Commercial Metals Co		10,940

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	86,132	*,†	Companhia Vale do Rio Doce	$	0
	30,229		Compass Minerals International, Inc		1,474
	49,707		Corbion NV		1,791
	57,420		Coromandel International Ltd		574
	506,889	g	Coronado Global Resources, Inc (ADR)		328
	1,512,434		Corteva, Inc		40,518
	20,528		Corticeira Amorim SGPS S.A.		232
	388,426	*,g	Covestro AG.		14,794
	118,000	e	CPMC Holdings Ltd		45
	1,725,662		CRH plc		59,398
	47,646		Croda International plc		3,095
	1,167,948	*	Crown Holdings, Inc		76,068
	1,332,247		CSR Ltd		3,429
	469,900	*	D&L Industries Inc		47
	42,908		Daicel Chemical Industries Ltd		333
	14,631		Daido Steel Co Ltd		449
	5,600		Daiken Corp		94
	6,271		Dainichiseika Color & Chemicals Manufacturing Co Ltd		136
	40,901		Dainippon Ink and Chemicals, Inc		1,029
	317,181	e	Daio Paper Corp		4,238
	8,400		Daiso Co Ltd		186
	6,996		Deepak Nitrite Ltd		44
	47,049		Denki Kagaku Kogyo KK		1,153
	4,300	*,e	DKS Co Ltd		208
	67,734		Domtar Corp		1,430
	64,248		Dongjin Semichem Co Ltd		1,522
	13,041	*	Dongkuk Steel Mill Co Ltd		58
	884		Dongwon Systems Corp		15
	265,000		Dongyue Group		108
	1,743,313	n	Dow, Inc		71,057
	132,329		Dowa Holdings Co Ltd		4,017
	95,462		DRDGOLD Ltd		149
	1,036,000		DS Smith plc		4,206
	239,296		DSM NV		33,219
	2,498	*	Duk San Neolux Co Ltd		71
	165,387		Dundee Precious Metals, Inc		1,089
	4,167,760	n	DuPont de Nemours, Inc		221,433
	8,919		Eagle Materials, Inc		626
	200,000		Eastern Polymer Group PCL		31
	43,384		Eastern Province Cement Co		339
	49,000		Eastman Chemical Co		3,412
	339,593		Ecolab, Inc		67,562
	4,339		Ecopro Co Ltd		107
	62,251	*	EID Parry India Ltd		230
	188,913	*	Eldorado Gold Corp		1,821
	277,608	*	Element Solutions, Inc		3,012
	881,131		Elementis plc		703
	758,289	g	Elkem ASA		1,563
	1,982,211		Empresas CMPC S.A.		3,938
	4,370	e	EMS-Chemie Holding AG.		3,395
	79,738	e	Ence Energia y Celulosa S.A.		262
	88,112	*	Endeavour Mining Corp		2,132
	160,172	*,e	Endeavour Silver Corp		363

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	354,540		Engro Chemical Pakistan Ltd	$	617
	2,460,943		Engro Fertilizers Ltd		884
	290,561	*	Equinox Gold Corp		3,249
	4,816	*,e	Eramet		174
	2,520,875		Eregli Demir ve Celik Fabrikalari TAS		3,156
	73,607	*	ERO Copper Corp		1,066
	244,097	e	Essentra plc		882
	258,574		Eternal Chemical Co Ltd		274
	552,773		Eugene Corp		1,684
	85,128		Everlight Chemical Industrial Corp		43
	1,621,531		Evolution Mining Ltd		6,442
	320,918		Evonik Industries AG.		8,174
	68,480		Evraz plc		243
	1,259,706		Fauji Fertilizer Co Ltd		828
	133,050		Feng Hsin Iron & Steel Co		235
	9,800		Ferbasa-Ferro Ligas DA Bahia		34
	317,233		Ferrexpo plc		681
	140,916	*	Ferro Corp		1,683
	202,348	*,†	Ferroglobe plc		0
	6,515		Finolex Industries Ltd		43
	211,054	*,e	First Majestic Silver Corp		2,099
	1,061,332		First Quantum Minerals Ltd		8,459
	1,124,271		Fletcher Building Ltd		2,705
	205,251		FMC Corp		20,447
	11,735		Foosung Co Ltd		79
	2,830,755	*	Formosa Chemicals & Fibre Corp		7,291
	3,037,712		Formosa Plastics Corp		9,045
	328,989	g	Forterra plc		819
	29,910	*,e	Forterra, Inc		334
	2,592,030		Fortescue Metals Group Ltd		25,199
	209,885	*,e	Fortuna Silver Mines, Inc		1,067
	19,560		FP Corp		1,566
	206,981		Franco-Nevada Corp		28,914
	2,995,805		Freeport-McMoRan, Inc (Class B)		34,661
	163,062		Fuchs Petrolub AG. (Preference)		6,554
	3,781,200		Fufeng Group Ltd		1,212
	94,997		Fuji Seal International, Inc		1,849
	9,575		Fujimi, Inc		295
	8,030		Fujimori Kogyo Co Ltd		280
	93,400		Furukawa-Sky Aluminum Corp		1,683
	2,745,800	e	Fushan International Energy Group Ltd		577
	10,300		Fuso Chemical Co Ltd		376
	20,152		FutureFuel Corp		241
	1,951		Galaxy Surfactants Ltd		38
	89,932	*	GCP Applied Technologies, Inc		1,671
	45,700		GEM Co Ltd		32
	2,370,912		Gerdau S.A. (Preference)		6,980
	12,975		Givaudan S.A.		48,500
	9,064,323		Glencore Xstrata plc		19,309
	92,494		Godo Steel Ltd		1,577
	1,337,824		Gold Fields Ltd		12,632
	227,270		Gold Resource Corp		934
	1,128,838	*	Gold Road Resources Ltd		1,327

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,416,510		Goldsun Development & Construction Co Ltd	$	1,242
	62,598	*	Gran Colombia Gold Corp		317
	196,000	*	Grand Pacific Petrochemical		97
	43,434		Granges AB		346
	1,158,409		Graphic Packaging Holding Co		16,206
	238,382		Grasim Industries Ltd		1,958
	605,755	*,†	Great Basin Gold Ltd		4
	42,916		Greif, Inc (Class A)		1,477
	8,175		Greif, Inc (Class B)		342
	3,825		Groupe Guillin		90
	65,055		Grupo Argos S.A.		171
	37,100	e	Grupo Cementos de Chihuahua SAB de C.V.		156
	4,142,243		Grupo Mexico S.A. de C.V. (Series B)		9,629
	116,600	*	Guangdong HEC Technology Holding Co Ltd		115
	26,400	*	Guangdong Hongda Blasting Co Ltd		132
	2,524		Gulf Oil Lubricants India Ltd		19
	1,695		Gurit Holding AG.		2,483
	45,495		H.B. Fuller Co		2,029
	385		Hanil Cement Co Ltd		26
	2,420		Hansol Chemical Co Ltd		258
	188,024		Hansol Paper Co Ltd		2,200
	94,992		Hanwha Chemical Corp		1,542
	1,051,182	*	Harmony Gold Mining Co Ltd		4,395
	12,952		Hawkins, Inc		551
	37,480		Haynes International, Inc		876
	1,418,248		Hecla Mining Co		4,638
	1,262,115		HeidelbergCement AG.		67,563
	13,125		HeidelbergCement India Ltd		31
	262,220		Hengli Petrochemical Co Ltd		521
	102,220		Hengyi Petrochemical Co Ltd		132
	578,300		Hesteel Co Ltd		167
	352,938		Hexpol AB		2,634
	62,524		Hill & Smith Holdings plc		964
	1,646,436		Hindalco Industries Ltd		3,224
	391,890		Hitachi Metals Ltd		4,697
	267,616	e	Hochschild Mining plc		647
	3,100		Hodogaya Chemical Co Ltd		126
	65,229		Hokuetsu Paper Mills Ltd		231
	263,903		Holcim Ltd		11,627
	97,791		Holmen AB		3,141
	13,540		Honam Petrochemical Corp		1,892
	50,000		Hsin Kuang Steel Co Ltd		43
	176,000		Huabao International Holdings Ltd		77
	51,400	*	Huaxin Cement Co Ltd		174
	4,332		Huchems Fine Chemical Corp		58
	594,273	e	HudBay Minerals, Inc		1,799
	77,566		Huhtamaki Oyj		3,069
	205,000		Hunan Valin Steel Co Ltd		110
	876,151		Huntsman Corp		15,744
	630	*	Hyosung Advanced Materials Corp		61
	3,448		Hyosung Chemical Corp		304
	77,586		Hyosung Corp		4,077
	72,075		Hyundai Steel Co		1,246
	815,887	*	IAMGOLD Corp		3,239

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	230,332	g	Ibstock plc	$	512
	367,151		Iluka Resources Ltd		2,193
	36,791		IMCD Group NV		3,469
	16,814		Imerys S.A.		577
	1,043,685		Impala Platinum Holdings Ltd		7,029
	4,020,838		Incitec Pivot Ltd		5,242
	2,012,560		Independence Group NL		6,867
	37,733		India Cements Ltd		64
	1,005,578		Indorama Ventures PCL (Foreign)		910
	116,046		Industrias Penoles S.A. de C.V.		1,185
	130,048	*	Ingevity Corp		6,837
	2,437,500		Inner Mongolia BaoTou Steel Union Co Ltd		373
	128,120		Inner Mongolia Eerduosi Resourses Co Ltd		94
	320,600		Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd		116
	71,045		Innospec, Inc		5,488
	5,367	*	Inox Fluorochemicals Ltd		25
	77,012	*	Interfor Corp		649
	35,959	e	International Flavors & Fragrances, Inc		4,404
	1		International Flavors & Fragrances, Inc (Tel Aviv)		0	^
	655,935		International Paper Co		23,095
	117,556	e	Intertape Polymer Group, Inc		1,037
	198,979	*	Intrepid Potash, Inc		197
	16,517		Ishihara Sangyo Kaisha Ltd		109
	296,474		Israel Chemicals Ltd		883
	1,839	*	Israel Corp Ltd		151
	1,090,785	*	Ivanhoe Mines Ltd		3,093
	517,395		James Hardie Industries NV		9,969
	12,655		Jastrzebska Spolka Weglowa S.A.		61
	12,100		JCU Corp		379
	407,906	*	JFE Holdings, Inc		2,949
	97,392		Jiangsu Shagang Co Ltd		174
	15,957		Jiangsu Yangnong Chemical Co Ltd		187
	4,637,545		Jiangxi Copper Co Ltd		4,725
	111,700		Jiangxi Copper Co Ltd (Class A)		214
	59,900		Jiangxi Ganfeng Lithium Co Ltd		456
	698,000		Jinchuan Group International Resources Co Ltd		60
	1,801,589	*	Jindal Steel & Power Ltd		3,919
	192,749		Jinduicheng Molybdenum Co Ltd		169
	4,287		JK Cement Ltd		78
	25,356		Johnson Matthey plc		660
	6,707		JSP Corp		91
	1,872,678		JSR Corp		36,330
	654,308		JSW Steel Ltd		1,657
	727,114		Jupiter Mines Ltd		141
	103,441		K&S AG.		656
	13,597		Kaiser Aluminum Corp		1,001
	25,415		Kaneka Corp		661
	142,880		Kansai Paint Co Ltd		3,019
	93,000		Kanto Denka Kogyo Co Ltd		740
	2,268,357		Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)		1,075
	994,320		KAZ Minerals plc		6,126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	236,294	*	Kemira Oyj	$	3,051
	221,528	*	KGHM Polska Miedz S.A.		5,147
	17,000		KH Neochem Co Ltd		322
	1,347,553	*	Kinross Gold Corp		9,727
	323,272		Kirkland Lake Gold Ltd		13,311
	1,560		KISWIRE Ltd		20
	546,000		Klabin S.A.		2,041
	1,349,700		Klabin S.A. (Preference)		1,018
	14,200		Koatsu Gas Kogyo Co Ltd		97
	166,800	*	Kobe Steel Ltd		578
	53,369		Kolon Industries, Inc		1,434
	15,058		Konishi Co Ltd		211
	25,000	*	Koppers Holdings, Inc		471
	11,403		Korea Kumho Petrochemical		713
	16,674		Korea Petrochemical Ind Co Ltd		1,581
	6,360		Korea Zinc Co Ltd		1,782
	8,448	*	Koza Altin Isletmeleri AS		103
	1,677,802	*	Koza Anadolu Metal Madencilik Isletmeleri AS		3,280
	55,209	*	Kraton Corp		954
	20,142		Kronos Worldwide, Inc		210
	2,400		Krosaki Harima Corp		81
	19,461	*	Kuk-il Paper Manufacturing Co Ltd		94
	170,157		Kumba Iron Ore Ltd		4,550
	45,348	e	Kumiai Chemical Industry Co Ltd		424
	268,444		Kuraray Co Ltd		2,809
	8,700		Kureha CORP		383
	97,400		Kyoei Steel Ltd		1,175
	192,602	e	Labrador Iron Ore Royalty Corp		3,443
	275,384	*	Lanxess AG.		14,563
	352,677	*,e	Largo Resources Ltd		218
	5,152,000		Lee & Man Paper Manufacturing Ltd		2,800
	3,087	*	LEMON Co Ltd		42
	7,155	e	Lenzing AG.		332
	103,082		LG Chem Ltd		42,540
	8,101		LG Chem Ltd (Preference)		1,704
	4,034	*	Linde India Ltd		33
	1,487,681		Linde plc		315,552
	163,949		Linde plc (Xetra)		34,723
	22,100		Lintec Corp		527
	56,196	*,e	Lithium Americas Corp		290
	163,670	*,e	Livent Corp		1,008
	4,451	*	Lock & Lock Co Ltd		42
	13,200	*,e	Loma Negra Cia Industrial Argentina S.A. (ADR)		56
	80,700		Lomon Billions Group Co Ltd		212
	147,704	*	Long Chen Paper Co Ltd		72
	101,600	g	Lotte Chemical Titan Holding Bhd		43
	231,601		Louisiana-Pacific Corp		5,941
	29,859		Lucky Cement Ltd		82
	76,792	*	Lundin Gold, Inc		721
	654,348		Lundin Mining Corp		3,509
	376,574	*	Lynas Corp Ltd		511
	130,890		LyondellBasell Industries NV		8,602
	552,600	*	Maanshan Iron & Steel Co Ltd (Class A)		202
	44,514		Madras Cements Ltd		374

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	89,159	*	MAG. Silver Corp	$	1,258
	42,758	*,e	Marrone Bio Innovations, Inc		50
	381,358		Marshalls plc		2,907
	12,729		Martin Marietta Materials, Inc		2,629
	40,679		Maruichi Steel Tube Ltd		1,014
	148,922		Materion Corp		9,157
	7,800	*	Mayville Engineering Co Inc		62
	32,100	*	Mechel PJSC (ADR)		55
	6,054,633		Mesaieed Petrochemical Holding Co		3,377
	185,300		Metalurgica Gerdau S.A.		249
	74,168		Methanex Corp		1,338
	471,354		Mineral Resources Ltd		6,980
	56,979		Minerals Technologies, Inc		2,674
	31,822		Miquel y Costas & Miquel S.A.		457
	9,933	*,g	Mishra Dhatu Nigam Ltd		29
	1,368,343		Mitsubishi Chemical Holdings Corp		7,980
	251,010		Mitsubishi Gas Chemical Co, Inc		3,818
	81,965		Mitsubishi Materials Corp		1,731
	156,534		Mitsui Chemicals, Inc		3,274
	348,864		Mitsui Mining & Smelting Co Ltd		7,149
	783,796		MMC Norilsk Nickel PJSC (ADR)		20,637
	544,000	*,e	MMG Ltd		114
	13,657		MOIL Ltd		26
	550,801		Mondi plc		10,303
	12,981	*,†	Mongolian Metals Corporation		0
	328,171		Mosaic Co		4,105
	207,351		Mount Gibson Iron Ltd		88
	153,734	e	M-real Oyj (B Shares)		1,044
	97,180		Myers Industries, Inc		1,414
	24,699		Mytilineos Holdings S.A.		203
	679,023	*	Najran Cement Co		1,966
	4,297		Namhae Chemical Corp		26
	12,872	*	Namsun Aluminum Co Ltd		66
	12,000		Nan Pao Resins Chemical Co Ltd		54
	4,082,936		Nan Ya Plastics Corp		8,968
	956,275		Nantex Industry Co Ltd		1,263
	1,533,630		National Aluminium Co Ltd		651
	289,841	*	National Industrialization Co		811
	2,817		Navin Fluorine International Ltd		61
	15,080		Neenah Inc		746
	14,617		Neturen Co Ltd		74
	731,930	*	New Gold, Inc		992
	1,630,558		Newcrest Mining Ltd		36,156
	1,712		NewMarket Corp		686
	2,028,888		Newmont Goldcorp Corp		125,264
	17,300	e	Nihon Nohyaku Co Ltd		75
	42,981		Nihon Parkerizing Co Ltd		432
	1,534,102		Nine Dragons Paper Holdings Ltd		1,403
	6,600	*	Nippon Fine Chemical Co Ltd		91
	71,866		Nippon Kayaku Co Ltd		752
	314,732		Nippon Light Metal Holdings Co Ltd		551
	141,052	e	Nippon Paint Co Ltd		10,288
	369,870		Nippon Paper Industries Co Ltd		5,188

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	14,228		Nippon Shokubai Co Ltd	$	746
	72,062		Nippon Soda Co Ltd		1,890
	721,749		Nippon Steel Corp		6,820
	9,800		Nippon Valqua Industries Ltd		176
	118,031		Nissan Chemical Industries Ltd		6,073
	2,707		Nittetsu Mining Co Ltd		110
	183,788		Nitto Denko Corp		10,419
	36,582		NOF Corp		1,267
	56,107	e	Norbord, Inc		1,281
	1,287,059		Norsk Hydro ASA		3,591
	497,314	*	Northam Platinum Ltd		3,354
	21,520	*	Northern Region Cement Co		57
	1,126,274		Northern Star Resources Ltd		10,622
	291,848	*	Novagold Resources Inc		2,679
	281,959	*,e	Novagold Resources, Inc		2,586
	111,431		Novolipetsk Steel PJSC (GDR)		2,215
	48,372		Novozymes AS		2,804
	470,512		Nucor Corp		19,484
	147,560	*	Nufarm Ltd		419
	878,791	e	Nutrien Ltd (Toronto)		28,236
	712,622	*	OceanaGold Corp		1,659
	4,240	*	OCI Co Ltd		132
	95,858	*,e	OCI NV		1,007
	38,518		Odisha Cement Ltd		344
	12,753		Oeneo S.A.		159
	137,070		O-I Glass, Inc		1,231
	815,079		OJI Paper Co Ltd		3,803
	5,500		Okamoto Industries, Inc		203
	56,084		Olin Corp		644
	7,298		Olympic Steel, Inc		86
	846,243	e	Orbia Advance Corp SAB de C.V.		1,251
	575,290		Orica Ltd		6,653
	120,000		Oriental Union Chemical Corp		69
	265,369		Orion Engineered Carbons SA		2,810
	108,762	*,e	Orocobre Ltd		177
	558,565		Orora Ltd		988
	6,229		Osaka Steel Co Ltd		70
	141,969	e	Osisko Gold Royalties Ltd		1,418
	233,194	*	Osisko Mining, Inc		658
	163,134	*,e	Outokumpu Oyj		467
	200,119		Oxiana Ltd		1,538
	55,950	e	Pacific Metals Co Ltd		803
	6,800		Pack Corp		198
	5,750		Packages Ltd		12
	154,524		Packaging Corp of America		15,421
	855,505	*,e	Pact Group Holdings Ltd		1,306
	240,092	e	Pan American Silver Corp (Toronto)		7,292
	188,500	*	Pangang Group Vanadium Titanium & Resources Co Ltd		54
	1,666,004		Perenti Global Ltd		1,353
	2,087,532	*	Perseus Mining Ltd		1,932
	1,702,666	*,e	Peter Hambro Mining plc		527
	247,415	*	Petkim Petrokimya Holding		154
	1,879,616		Petronas Chemicals Group BHD		2,739

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	392,683		PH Glatfelter Co	$	6,303
	120,217		PhosAgro PJSC (GDR)		1,483
	62,238		PI Industries Ltd		1,238
	131,732		Pidilite Industries Ltd		2,394
	770,439	*,e	Pilbara Minerals Ltd		136
	200,463		Polymetal International plc (ADR)		4,013
	337,895		PolyOne Corp		8,863
	101,977	*	Polyus PJSC (GDR)		8,581
	40,248		Poongsan Corp		739
	109,111		Portucel Empresa Produtora de Pasta e Papel S.A.		266
	59,267	*	POSCO		8,633
	15,149		POSCO Refractories & Environment Co Ltd		957
	943,035		PPG Industries, Inc		100,018
	52,477	*	PQ Group Holdings, Inc		695
	230,915	*	Premier Gold Mines Ltd		376
	1,042,100		Press Metal BHD		1,109
	212,279	*	Pretium Resources, Inc		1,776
	1,713,704		PT Aneka Tambang Tbk		73
	38,931,392	*	PT Barito Pacific Tbk		3,186
	1,937,787		PT Indah Kiat Pulp and Paper Corp Tbk		817
	1,093,519	*	PT Indocement Tunggal Prakarsa Tbk		908
	240,700		PT Pabrik Kertas Tjiwi Kimia Tbk		88
	8,218,300	*,†	PT Sekawan Intipratama Tbk		0	^
	2,200,838		PT Semen Gresik Persero Tbk		1,491
	1,967,400		PT Waskita Beton Precast Tbk		27
	1,783,948		PTT Global Chemical PCL (Foreign)		2,695
	54,357		Qassim Cement Co		876
	5,853,619		Qatar Aluminum Manufacturing Co		1,214
	224,581		Qatar National Cement Co		229
	11,716		Quaker Chemical Corp		2,175
	10,945		Rallis India Ltd		40
	737,393		Ramelius Resources Ltd		1,035
	25,120	*	Ranpak Holdings Corp		187
	57,210	*	Rayonier Advanced Materials, Inc		161
	20,423	e	Recticel S.A.		182
	682,067		Regis Resources Ltd		2,496
	167,698		Reliance Steel & Aluminum Co		15,920
	987,737		Rengo Co Ltd		8,052
	591,037	*	Resolute Mining Ltd		474
	85,846		Rhi Magnesita NV		2,620
	505,917		Rio Tinto Ltd		34,642
	1,817,018		Rio Tinto plc		102,256
	266,377		Rongsheng Petro Chemical Co Ltd		465
	230,740	*	Royal Bafokeng Platinum Ltd		465
	137,490		Royal Gold, Inc		17,093
	38,471		RPM International, Inc		2,888
	22,050	*	Ryerson Holding Corp		124
	11,597		Sa des Ciments Vicat		356
	305,912	*	Sabina Gold & Silver Corp		439
	296,640		Sahara International Petrochemical Co		1,143
	6,219		Sakai Chemical Industry Co Ltd		118
	21,500		Sakata INX Corp		205
	22,991		Salzgitter AG.		324

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,906		Samsung Fine Chemicals Co Ltd	$	170
	94,940		Sandfire Resources NL		337
	276,882	*,e	Sandstorm Gold Ltd		2,657
	111,779		Sansteel Minguang Co Ltd		106
	58,500		Sanyo Chemical Industries Ltd		2,521
	9,506		Sanyo Special Steel Co Ltd		78
	121,340	*	Sappi Ltd		190
	1,121,760	*	Saracen Mineral Holdings Ltd		4,272
	68,800		Satipel Industrial S.A.		163
	280,319		Saudi Arabian Fertilizer Co		5,583
	331,546	*	Saudi Arabian Mining Co		3,110
	723,592		Saudi Basic Industries Corp		17,041
	120,587		Saudi Cement Co		1,704
	173,123		Saudi Industrial Investment Group		936
	608,319	*	Saudi Kayan Petrochemical Co		1,338
	44,885		Schnitzer Steel Industries, Inc (Class A)		792
	27,918		Schweitzer-Mauduit International, Inc		933
	52,900		Scientex BHD		110
	78,102		Scotts Miracle-Gro Co (Class A)		10,502
	57,958	*	Seabridge Gold, Inc		1,018
	45,565		Seah Besteel Corp		389
	64,570		Sealed Air Corp		2,121
	9,127		Sekisui Plastics Co Ltd		49
	700,010	*	SEMAFO, Inc		2,387
	55,827		Semapa-Sociedade de Investimento e Gestao		508
	192,342		Sensient Technologies Corp		10,033
	12,567,923		Sesa Sterlite Ltd		17,955
	312,793		Severstal (GDR)		3,785
	140,100	*	Shandong Gold Mining Co Ltd		736
	92,800		Shandong Hualu Hengsheng Chemical Co Ltd		233
	757,800		Shandong Nanshan Aluminum Co Ltd		218
	36,400		Shandong Sinocera Functional Material Co Ltd		173
	107,900	*	Shandong Sun Paper Industry JSC Ltd		146
	91,100		Shanghai Chlor-Alkali Chemical Co Ltd		36
	19,600		Shanghai Putailai New Energy Technology Co Ltd		286
	356,100		Shanxi Taigang Stainless Steel Co Ltd		168
	196,828		Sherwin-Williams Co		113,737
	18,500		Shikoku Chemicals Corp		187
	432,925		Shin-Etsu Chemical Co Ltd		50,809
	123,300		Shin-Etsu Polymer Co Ltd		1,010
	2,737,032		Shinkong Synthetic Fibers Corp		1,046
	12,000	*	Shiny Chemical Industrial Co Ltd		45
	387,200		Shougang Concord International Enterprises Co Ltd		77
	124,080	e	Showa Denko KK		2,801
	10,769		Shree Cement Ltd		3,292
	605,992		Siam Cement PCL (Foreign)		7,249
	4,357,004	*	Sibanye Stillwater Ltd		9,460
	341,249		SIG Combibloc Group AG.		5,553
	37,662		Sika AG.		7,260
	208,747		Silgan Holdings, Inc		6,761
	268,000	*	Silver Grant International		34
	763,277	*	Silver Lake Resources Ltd		1,143
	197,408		Silvercorp Metals, Inc		1,056
	107,206	*,e	SilverCrest Metals, Inc		983

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	90,897		Sims Group Ltd	$	505
	460,000		Sinofert Holdings Ltd		41
	2,766,924	e	Sinopec Shanghai Petrochemical Co Ltd		666
	794,400		Sinopec Shanghai Petrochemical Co Ltd (Class A)		392
	71,340		SK Chemicals Co Ltd		2,342
	1,670		SK Chemicals Co Ltd (New)		180
	63,249		SKC Co Ltd		3,238
	3,388		SKCKOLONPI, Inc		82
	598,868		Smurfit Kappa Group plc		20,125
	178,295		Sociedad Quimica y Minera de Chile S.A. (Class B)		4,639
	94,723		Soda Sanayii AS		85
	1,357		SODIFF Advanced Materials Co Ltd		227
	1,218,363	*,e	SolGold plc		317
	27,921		Solvay S.A.		2,240
	3,378		Songwon Industrial Co Ltd		36
	34,531		Sonoco Products Co		1,806
	4,866,881		South32 Ltd		6,890
	196,060		Southern Copper Corp (NY)		7,797
	25,300		Southern Province Cement Co		369
	33,063		SRF Ltd		1,581
	131,783		Ssab Svenskt Stal AB (Series A)		365
	331,199	e	Ssab Svenskt Stal AB (Series B)		884
	140,938	*	SSR Mining, Inc		3,003
	847,765		St Barbara Ltd		1,877
	329,424		Steel Dynamics, Inc		8,595
	40,623	e	Stelco Holdings, Inc		229
	5,200		Stella Chemifa Corp		117
	69,532		Stella-Jones, Inc		1,749
	48,963		Stepan Co		4,754
	5,550		STO AG.		630
	739,973		Stora Enso Oyj (R Shares)		8,857
	19,512		Sumitomo Bakelite Co Ltd		551
	1,640,832		Sumitomo Chemical Co Ltd		4,937
	235,785		Sumitomo Metal Mining Co Ltd		6,642
	58,337		Sumitomo Osaka Cement Co Ltd		2,056
	32,400		Sumitomo Seika Chemicals Co Ltd		1,055
	9,012	*,e	Sumitomo Titanium Corp		78
	562,514	*	Summit Materials, Inc		9,045
	371,351		SunCoke Energy, Inc		1,099
	2,444,500	*,†,e	Superb Summit International Group Ltd		3
	58,724		Supreme Industries Ltd		876
	619,939	*	Suzano Papel e Celulose S.A.		4,194
	637,420		Svenska Cellulosa AB (B Shares)		7,624
	154,952		Symrise AG.		18,106
	17,200		T Hasegawa Co Ltd		385
	2,363,211		TA Chen Stainless Pipe		2,183
	60		Taekwang Industrial Co Ltd		35
	142,107		Taiheiyo Cement Corp		3,302
	8,584,437		Taiwan Cement Corp		12,491
	220,000		Taiwan Fertilizer Co Ltd		373
	271,725		Taiwan Hon Chuan Enterprise Co Ltd		508
	3,690,329		Taiwan Styrene Monomer		2,061
	9,800		Taiyo Ink Manufacturing Co Ltd		453

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	82,119		Taiyo Nippon Sanso Corp	$	1,373
	6,855		Takasago International Corp		137
	3,000	*,e	Taki Chemical Co Ltd		215
	103,600		Takiron Co Ltd		674
	39,300		Tangshan Jidong Cement Co Ltd		90
	95,989		Tata Chemicals Ltd		396
	570,140		Tata Steel Ltd		2,496
	21,885		Tayca Corp		281
	33,264	†	Technosemichem Co Ltd		2,658
	480,695		Teck Cominco Ltd		5,035
	179,746		Teijin Ltd		2,862
	7,800		Tenma Corp		120
	134,277	*	Teranga Gold Corp		1,217
	18,833	*	Tessenderlo Chemie NV		561
	2,852,445	*	ThyssenKrupp AG.		20,350
	2,206,000		Tiangong International Co Ltd		713
	33,440	*	Tianqi Lithium Corp		109
	32,752	*	TimkenSteel Corp		127
	675,100		Tipco Asphalt PCL		550
	11,767		Titan Cement International S.A.		141
	53,403		Toagosei Co Ltd		525
	15,624	e	Toho Titanium Co Ltd		95
	127,629	e	Tokai Carbon Co Ltd		1,206
	4,400		Tokushu Tokai Holdings Co Ltd		189
	67,804		Tokuyama Corp		1,604
	51,003	e	Tokyo Ohka Kogyo Co Ltd		2,558
	335,788		Tokyo Steel Manufacturing Co Ltd		1,934
	145,750		Ton Yi Industrial Corp		45
	25,340	b	Tong Yang Major Corp		25
	83,600	*	Tongkun Group Co Ltd		152
	457,900		Tongling Nonferrous Metals Group Co Ltd		125
	6,500		Topy Industries Ltd		74
	714,192		Toray Industries, Inc		3,371
	97,783	*	Torex Gold Resources, Inc		1,541
	408,473		Tosoh Corp		5,611
	2,800	*	Toyo Gosei Co Ltd		205
	19,300		Toyo Ink Manufacturing Co Ltd		366
	94,201		Toyo Seikan Kaisha Ltd		1,062
	157,467		Toyobo Co Ltd		2,194
	1,403,900		TPI Polene PCL		54
	216,400		Transfar Zhilian Co Ltd		167
	21,850	*	Trecora Resources		137
	41,177		Tredegar Corp		634
	39,058	e	Trinseo S.A.		866
	538,972		Tronox Holdings plc		3,891
	119,000		TSRC Corp		69
	1,693,000		Tung Ho Steel Enterprise Corp		1,291
	1,152,088	*,e	Turquoise Hill Resources Ltd		849
	108,226		UBE Industries Ltd		1,865
	211,411		UFP Industries, Inc		10,467
	9,879	*,e	UFP Technologies, Inc		435
	139,729		Ultra Tech Cement Ltd		7,224
	64,678		Umicore S.A.		3,053
	10,650		Uniao de Industrias Petroquimicas S.A.		47

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	21,372		Unid Co Ltd	$	750
	410,813	*	United Phosphorus Ltd		2,318
	1,570		United States Lime & Minerals, Inc		133
	237,100	e	United States Steel Corp		1,712
	2,620,135		UPC Technology Corp		892
	741,827		UPM-Kymmene Oyj		21,487
	65,194	*	US Concrete, Inc		1,617
	2,732,655		USI Corp		1,143
	91,000		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		122
	4,118,043		Vale S.A.		42,346
	3,709	*,e	Vallourec S.A.		156
	237,446		Valvoline, Inc		4,590
	15,891	g	Verallia S.A.		456
	61,004		Verso Corp		730
	49,890	*	Vetropack Holding AG.		2,759
	36,745	*,e	Victoria Gold Corp		384
	115,280		Victrex plc		2,787
	5,198		Vinati Organics Ltd		67
	997,500		Vinythai PCL (Foreign)		713
	99,026	e	Voestalpine AG.		2,138
	224,766		Vulcan Materials Co		26,039
	24,248		Wacker Chemie AG.		1,667
	575,451	*	Wallbridge Mining Co Ltd		470
	166,700		Wanhua Chemical Group Co Ltd		1,182
	58,613		Warrior Met Coal, Inc		902
	23,500		Weihai Guangwei Composites Co Ltd		209
	158,006	*	Wesdome Gold Mines Ltd		1,365
	18,294,000		West China Cement Ltd		3,353
	67,965	e	West Fraser Timber Co Ltd		2,389
	920,938		Western Areas NL		1,693
	698,812	*	Westgold Resources Ltd		1,026
	11,705		Westlake Chemical Corp		628
	386,677		WestRock Co		10,927
	538,207	e	Wheaton Precious Metals Corp		23,671
	2,486,499	*,e	Wienerberger AG.		54,168
	37,214		Winpak Ltd		1,140
	42,233		Worthington Industries, Inc		1,575
	17,638		WR Grace and Co		896
	65,700		Xiamen Tungsten Co Ltd		111
	271,046		Yamama Cement Co		1,576
	942,082		Yamana Gold, Inc		5,121
	22,005		Yamato Kogyo Co Ltd		450
	74,100		Yanbu Cement Co		557
	208,613		Yanbu National Petrochemical Co		2,858
	80,907		Yara International ASA		2,821
	774,100		Yeun Chyang Industrial Co Ltd		655
	228,220		Yieh Phui Enterprise		67
	105,500		Yintai Gold Co Ltd		238
	12,655		Yodogawa Steel Works Ltd		221
	2,087		Youlchon Chemical Co Ltd		25
	91		Young Poong Corp		35
	231,000	*,†,e	Youyuan International Holdings Ltd		0	^
	4,314,285		Yuen Foong Yu Paper Manufacturing Co Ltd		2,029

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	181,067		Yule Catto & Co plc	$	624
	29,900		Yunnan Energy New Material Co Ltd		280
	9,834	*	Zaklady Azotowe w Tarnowie-Moscicach S.A.		77
	255,581		Zeon Corp		2,360
	825,500	e	Zhaojin Mining Industry Co Ltd		980
	301,353	*	Zhejiang Huayou Cobalt Co Ltd		1,672
	159,200		Zhejiang Juhua Co Ltd		156
	142,400	*	Zhejiang Longsheng Group Co Ltd		259
	137,200		Zhongjin Gold Corp Ltd		179
	11,062		Zignago Vetro S.p.A.		166
	5,286,931		Zijin Mining Group Co Ltd		2,498
	1,184,600	*	Zijin Mining Group Co Ltd (Class A)		747
			TOTAL MATERIALS		4,516,497

MEDIA & ENTERTAINMENT - 7.0%
	56,300	*,e	58.COM, Inc (ADR)		3,037
	1,794,465		Activision Blizzard, Inc		136,200
	4,513		Addcn Technology Co Ltd		36
	172,405	*	Adevinta ASA		1,745
	1,853		AfreecaTV Co Ltd		98
	67	*	Agora, Inc (ADR)		3
	3,200	e	Akatsuki, Inc		114
	6,597,467	*,e	Alibaba Pictures Group Ltd		883
	567,718	*	Alphabet, Inc (Class A)		805,053
	854,905	*,n	Alphabet, Inc (Class C)		1,208,502
	840,128	*	Altice NV (Class A)		3,249
	639,900	*	Altice USA, Inc		14,423
	31,600	*,e	Amazia, Inc		1,202
	48,433	e	AMC Entertainment Holdings, Inc		208
	99,235	*	AMC Networks, Inc		2,321
	21,740		Amuse, Inc		446
	48,152	e	Antena 3 de Television S.A.		126
	674		APG SGA S.A.		126
	67,698		Arnoldo Mondadori Editore S.p.A.		73
	216,499	g	Ascential plc		777
	2,943,961	g	Auto Trader Group plc		19,167
	134,833		Autohome, Inc (ADR)		10,180
	17,259		Avex Group Holdings, Inc		137
	447,729	*	Baidu, Inc (ADR)		53,678
	113,400		Beijing Enlight Media Co Ltd		176
	56,900		Beijing Kunlun Tech Co Ltd		202
	4,100	*,e	Bengo4.com, Inc		392
	81,200	*,e	Bilibili, Inc (ADR)		3,761
	6,600	*	Bitauto Holdings Ltd (ADR)		105
	11,195	*	Black Diamond Therapeutics, Inc		472
	1,511,806		Borussia Dortmund GmbH & Co KGaA		9,800
	16,565	*,e	Boston Omaha Corp		265
	704		Cable One, Inc		1,249
	28,257		Cairo Communication S.p.A.		47
	126,447		Capcom Co Ltd		4,628
	63,886	*	Cardlytics, Inc		4,471
	222,138	*	Cargurus, Inc		5,631
	118,633	*	Cars.com, Inc		683
	191,861		carsales.com Ltd		2,375

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	54,250	*	CD Projekt Red S.A.	$	5,467
	19,689	*	Central European Media Enterprises Ltd (Class A)		72
	210,391	*	Central European Media Enterprises Ltd (Class A) (NASDAQ)		745
	1,032,618	*	Central Retail Corp PCL		1,086
	270,799	*	Charter Communications, Inc		138,118
	37,662		Cheil Communications, Inc		520
	161,865	*,†	Chennai Super Kings Cricket Ltd		30
	55,300		China Film Co Ltd		103
	171,000	*,e,g	China Literature Ltd		1,160
	69,100		China South Publishing & Media Group Co Ltd		104
	44,400		Chinese Universe Publishing and Media Group Co Ltd		74
	234,715		Cinemark Holdings, Inc		2,711
	72,509	e	Cineplex Galaxy Income Fund		429
	1,151,644	e	Cineworld Group plc		865
	3,294	*	CJ CGV Co Ltd		57
	6,054		CJ Hellovision Co Ltd		20
	56,401		Cogeco Communications, Inc		4,063
	14,064		Cogeco, Inc		839
	112,208	*,e	COLOPL, Inc		1,026
	11,701		Com2uSCorp		1,148
	12,549,671		Comcast Corp (Class A)		489,186
	83,316	*	comScore, Inc		258
	2,118,849	*	Conyers Park II Acquisition Corp		24,791
	31,700	*,e	COOKPAD, Inc		93
	529,039	e	Corus Entertainment, Inc		1,114
	90,513		CTS Eventim AG.		3,779
	91,910		CyberAgent, Inc		4,518
	227,895	*	Cyfrowy Polsat S.A.		1,523
	36,731		Daiichikosho Co Ltd		1,099
	1,052	*,e	Daily Journal Corp		284
	182,216	e	Daily Mail & General Trust plc		1,557
	52,911		Dena Co Ltd		661
	65,228	e	Dentsu, Inc		1,547
	47,775	*	DHI Group, Inc		100
	78,579		Dip Corp		1,596
	45,484	*,e	Discovery, Inc (Class A)		960
	74,119	*	Discovery, Inc (Class C)		1,428
	421,285	*	DISH Network Corp (Class A)		14,539
	122,102		Domain Holdings Australia Ltd		285
	1,439		Echo Marketing, Inc		43
	789,941	*	Electronic Arts, Inc		104,312
	338,437	*	Embracer Group AB		4,756
	706,897		Entercom Communications Corp (Class A)		976
	473,887		Entravision Communications Corp (Class A)		678
	67,926	*,e	Eros International plc		215
	79,046		Euromoney Institutional Investor plc		771
	283,109		Eutelsat Communications		2,619
	80,092	*	Eventbrite Inc		686
	55,277	*,e	EverQuote Inc		3,215
	93,056		EW Scripps Co (Class A)		814
	21,729		F@N Communications, Inc		90
	6,555,469	*,n	Facebook, Inc		1,488,550

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	36,589	*	Fluent, Inc	$	65
	673,240		Focus Media Information Technology Co Ltd		533
	291,601		Fox Corp (Class A)		7,821
	255,836		Fox Corp (Class B)		6,867
	11,388	*	Frontier Developments plc		261
	471,670	e	Future plc		7,445
	10,570	*,e	Gaia, Inc		89
	67,300	e	Gakken Co Ltd		906
	168,820	*,e	Gannett Co, Inc		233
	3,900		G-bits Network Technology Xiamen Co Ltd		304
	39,500		Giant Network Group Co Ltd		97
	6,100	*,e	giftee, Inc		135
	235,000	*	Glory Sun Land Group Ltd		14
	487,139	*	Glu Mobile, Inc		4,516
	115,800		Gourmet Navigator, Inc		796
	150,990	*	Gray Television, Inc		2,106
	416,700	e	Gree, Inc		1,791
	1,880,327	*,e	Grupo Televisa S.A.		1,974
	2,582,677	*	Grupo Televisa SAB (ADR)		13,533
	22,143	*	GungHo Online Entertainment Inc		396
	208,837		Hakuhodo DY Holdings, Inc		2,492
	16,496	*	Hemisphere Media Group, Inc		162
	3,000	*,e	Heroz, Inc		100
	70,000		Homeland Interactive Technology Ltd		26
	122,205	e	HT&E Ltd		101
	962,600	*,e	HUYA, Inc (ADR)		17,972
	8,829		Hyundai Hy Communications & Network Co		32
	92,158	*	IBN18 Broadcast Ltd		41
	98,800	*,g	iDreamSky Technology Holdings Ltd		64
	3,395,000	e	IGG, Inc		2,792
	177,593	*	iHeartMedia, Inc		1,483
	28,900	e,g	IMAX China Holding, Inc		42
	85,438	*	Imax Corp		958
	34,469		Info Edge India Ltd		1,259
	1,362,327		Informa plc		7,877
	30,576		Innocean Worldwide, Inc		1,140
	11,247		Inox Leisure Ltd		34
	90,000		International Games System Co Ltd		2,252
	589,207		Interpublic Group of Cos, Inc		10,111
	53,624		IPSOS		1,352
	409,800	*	IQIYI, Inc (ADR)		9,503
	233,110		iShares MSCI Saudi Arabia ETF		6,135
	3,656	*	Itokuro, Inc		45
	9,527,782		ITV plc		8,806
	180,881		JC Decaux S.A.		3,379
	1,088		Jcontentree Corp		28
	220,362	*	JDE Peet’s BV		8,933
	9,734		John Wiley & Sons, Inc (Class A)		380
	8,339	*	Just Dial Ltd		44
	299,445	*,e	Juventus Football Club S.p.A.		311
	9,595		JYP Entertainment Corp		170
	191,905		Kadokawa Dwango Corp		3,943
	97,180		Kakaku.com, Inc		2,476
	92,134		Kakao Corp		20,675

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	112,600	*,e	Kamakura Shinsho Ltd	$	1,180
	7,843	e	Kinepolis Group NV		355
	16,184	*	KLab, Inc		110
	63,171		Konami Corp		2,108
	69,480		KT Skylife Co Ltd		460
	29,486	e	Lagardere S.C.A.		421
	346,400		Leo Group Co Ltd		189
	576,767	*	Leyou Technologies Holdings Ltd		190
	8,406	*	Liberty Braves Group (Class A)		169
	144,310	*	Liberty Braves Group (Class C)		2,849
	54,270	*	Liberty Broadband Corp (Class A)		6,631
	203,631	*	Liberty Broadband Corp (Class C)		25,242
	194,001	*	Liberty Global plc (Class A)		4,241
	56,439	*	Liberty Media Group (Class A)		1,647
	496,505	*	Liberty Media Group (Class C)		15,744
	214,020	*	Liberty SiriusXM Group (Class A)		7,388
	464,873	*	Liberty SiriusXM Group (Class C)		16,015
	155,547	*	Liberty TripAdvisor Holdings, Inc		331
	42,720	*	LINE Corp		2,150
	168,516	*,e	Lions Gate Entertainment Corp (Class A)		1,249
	240,518	*	Lions Gate Entertainment Corp (Class B)		1,643
	194,333	*	Live Nation, Inc		8,615
	51,215	*	LiveXLive Media, Inc		185
	34,255		Loral Space & Communications, Inc		669
	60,084		M6-Metropole Television		680
	124,523		Macromill, Inc		860
	38,356	*	Madison Square Garden Co		5,634
	35,937	*	Madison Square Garden Entertainment Corp		2,695
	559,214	*	Mail.Ru Group Ltd		12,582
	128,500		Major Cineplex Group PCL (Foreign)		63
	71,890	*	Mango Excellent Media Co Ltd		666
	41,575		Marcus Corp		552
	16,058		Marvelous, Inc		105
	350,033	*,e	Match Group, Inc		37,471
	406,035	*	Match Group, Inc (Euro OTC)		131,312
	412,960	*	Match Group, Inc (NASDAQ)		33,863
	1,097,224	*	Mediaset Espana Comunicacion SA		4,070
	151,042	*,e	Mediaset S.p.A.		269
	59,964	*	Meet Group, Inc		374
	267,668		Megacable Holdings SAB de C.V.		783
	50,675	e	Meredith Corp		737
	59,800		Mixi Inc		1,058
	684,000	g	Mobvista, Inc		393
	34,810	*	Modern Times Group AB (B Shares)		379
	254,200		Momo, Inc (ADR)		4,443
	35,626	*,e	MSG Networks, Inc		354
	11,500		MTI Ltd		68
	390,840	*	MultiChoice Group Ltd		2,390
	91,500		NanJi E-Commerce Co Ltd		275
	156,277		National CineMedia, Inc		464
	145,431		Naver Corp		32,720
	27,508		NCsoft		20,464
	950,000		NetDragon Websoft, Inc		2,679

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	107,300		Netease.com (ADR)	$	46,072
	846,768	*	Netflix, Inc		385,313
	11,828	*,e,g	Netmarble Corp		991
	1,522		New Work SE		469
	260,559		New York Times Co (Class A)		10,951
	96,269		News Corp (Class A)		1,142
	25,641		News Corp (Class B)		306
	452,960		Nexon Co Ltd		10,217
	63,995		Nexstar Media Group Inc		5,356
	39,808	*	Next Co Ltd		157
	2,130	*	NHN Entertainment Corp		147
	783,296		Nine Entertainment Co Holdings Ltd		755
	1,130,634	*	Ninety One plc		2,904
	193,331		Nintendo Co Ltd		86,432
	61,758		Nordic Entertainment Group AB		1,899
	280,000	e	NOVA Group Holdings Ltd		5
	128,321		Omnicom Group, Inc		7,006
	532,241		oOh!media Ltd		341
	7,400	*	OPT, Inc		99
	62,295		Paradox Interactive AB		1,348
	9,775	*	Pearl Abyss Corp		1,778
	468,736		Pearson plc		3,337
	70,100	*	Perfect World Co Ltd		574
	62,558	*	Pinterest, Inc		1,387
	1,827,000		Plan B Media PCL		358
	100,800	*,e	PR Times, Inc		2,684
	402,249	*	Promotora de Informaciones S.A.		227
	350,381	e	ProSiebenSat. Media AG.		4,187
	70,200		Proto Corp		655
	32,578,600		PT Media Nusantara Citra Tbk		2,075
	540,845	*,e	PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		2,362
	1,362,700		PT Surya Citra Media Tbk		112
	60,274		Publicis Groupe S.A.		1,958
	30,770		PVR Ltd		410
	239,860		Quebecor, Inc		5,154
	108,897	*	QuinStreet, Inc		1,139
	13,700	*,e	Qutoutiao, Inc (ADR)		41
	224,792	*,g	RAI Way S.p.A		1,479
	50,941		REA Group Ltd		3,839
	1,565,895		Rightmove plc		10,585
	155,594	*	Roku, Inc		18,131
	22,580	e,g	Rovio Entertainment Oyj		139
	11,653	*	RPA Holdings, Inc		86
	81,900		RS PCL		43
	2,913		Saga Communications, Inc		75
	82,344		Sanoma-WSOY Oyj		835
	7,867	*	Saudi Research & Marketing Group		133
	84,797		Schibsted ASA (B Shares)		2,003
	27,419		Scholastic Corp		821
	264,277	g	Scout24 AG.		20,447
	294,669	*,e	Sea Ltd (ADR)		31,600
	1,000,000	*,e	Septeni Holdings Co Ltd		1,856
	319,860		SES Global S.A.		2,186

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	185,370		Shanghai Oriental Pearl Group Co Ltd	$	254
	513,827		Shaw Communications, Inc (B Shares)		8,380
	4,901	e	Shochiku Co Ltd		675
	281,422	*	Sina Corp		10,106
	86,723	e	Sinclair Broadcast Group, Inc (Class A)		1,601
	1,579,700	e	Singapore Press Holdings Ltd		1,447
	2,043,926		Sirius XM Holdings, Inc		11,998
	77,500		Sky Perfect Jsat Corp		288
	4,311	*	SM Entertainment Co		88
	617,600	*,†,e	SMI Holdings Group Ltd		1
	12,600		Smiles Fidelidade S.A.		34
	618,620	*	Snap, Inc		14,531
	22,840	e	Societe Television Francaise 1		124
	14,540		Soft-World International Corp		57
	91,300	*	Sohu.com Ltd (ADR)		841
	4,965,270	†	Southern Cross Media Group		608
	284,432	*	Spotify Technology S.A.		73,437
	57,300		Square Enix Co Ltd		2,903
	39,783	*	Stillfront Group AB		3,576
	76,173	*	Storytel AB		1,571
	34,293	*	Stroer Out-of-Home Media AG.		2,314
	430,865	*	Take-Two Interactive Software, Inc		60,136
	3,888	*,e	Tamedia AG.		289
	104,418	*	TechTarget, Inc		3,136
	24,500		Tecmo Koei Holdings Co Ltd		798
	490,074		TEGNA, Inc		5,459
	73,868		Telenet Group Holding NV		3,044
	163,496	e	Television Broadcasts Ltd		191
	803		TEN Square Games S.A.		107
	9,442,890		Tencent Holdings Ltd		605,080
	972,100	*	Tencent Music Entertainment (ADR)		13,084
	4,300	e	Toei Animation Co Ltd		202
	5,584		Toei Co Ltd		748
	69,770		Toho Co Ltd		2,520
	20,500		Tokyo Broadcasting System, Inc		328
	14,616		Tribune Publishing Co		146
	129,734		TripAdvisor, Inc		2,466
	140,303	*	TrueCar, Inc		362
	160,661	*	Tuas Ltd		75
	88,613		TV Asahi Corp		1,291
	3,300	*	TV Tokyo Corp		73
	2,323,433	*	Twitter, Inc		69,215
	82,227	*	Ubisoft Entertainment		6,809
	4,500	*,e	UUUM, Inc		104
	30,500	e	ValueCommerce Co Ltd		820
	14,335	*	Vector, Inc		117
	18,389		ViacomCBS, Inc (Class A)		471
	1,615,987		ViacomCBS, Inc (Class B)		37,685
	39,607		Village Roadshow Ltd		60
	633,629		Vivendi Universal S.A.		16,373
	5,309,554		Walt Disney Co		592,068
	86,500	*	Wanda Film Holding Co Ltd		187
	45,608	*	Webzen, Inc		835

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	34,698	*,e	Weibo Corp (ADR)	$	1,166
	2,132		WeMade Entertainment Co Ltd		73
	214,013	*	WideOpenWest, Inc		1,128
	40,800	*	Wise Talent Information Technology Co Ltd		90
	119,068	e	World Wrestling Entertainment, Inc (Class A)		5,173
	2,300		Wowow, Inc		52
	2,177,989		WPP plc		16,980
	78,200		Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd		519
	2,786,001		Yahoo! Japan Corp		13,673
	100,722	*	Yelp, Inc		2,330
	2,348	*	YG Entertainment, Inc		73
	42,900	*	Youzu Interactive Co Ltd		159
	493,872		ZEE Telefilms Ltd		1,122
	16,250		Zenrin Co Ltd		184
	28,900		ZIGExN Co Ltd		91
	86,587	*	Zillow Group, Inc (Class A)		4,977
	247,948	*,e	Zillow Group, Inc (Class C)		14,284
	1,441,243	*	Zynga, Inc		13,749
			TOTAL MEDIA & ENTERTAINMENT		7,494,447

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3%
	45,684	*	10X Genomics, Inc		4,080
	747,500	*,g	3SBio, Inc		951
	7,588	*,e	89bio, Inc		151
	16,798	*,e	AB Science S.A.		171
	6,893,414		AbbVie, Inc		676,795
	174,366		Abcam plc		2,880
	51,938	*	Abeona Therapeutics, Inc		151
	5,658	*	ABLBio, Inc		147
	324,004	*	Acadia Pharmaceuticals, Inc		15,704
	60,391	*,e	Accelerate Diagnostics, Inc		916
	32,452	*	Acceleron Pharma, Inc		3,092
	74,515	*,e	AcelRx Pharmaceuticals, Inc		90
	94,981	*,e	Adaptive Biotechnologies Corp		4,595
	176,666		Adcock Ingram Holdings Ltd		487
	169,985	*,e	ADMA Biologics, Inc		498
	61,986	*	Aduro Biotech, Inc		143
	139,270	*	Adverum Biotechnologies, Inc		2,908
	79,236	*	Aeglea BioTherapeutics, Inc		733
	162,726	*	Aerie Pharmaceuticals, Inc		2,402
	196,171	*,e	Affimed NV		905
	138,554	*,e	Agenus, Inc		545
	133,764	*	Agile Therapeutics, Inc		372
	76,961		Agilent Technologies, Inc		6,801
	128,072	*,e	Agios Pharmaceuticals, Inc		6,849
	41,534	*,e	Aimmune Therapeutics, Inc		694
	41,831		Ajanta Pharma Ltd		785
	12,323	*,e	Akcea Therapeutics, Inc		169
	462,004	*	Akebia Therapeutics, Inc		6,274
	15,126	*,e	Akero Therapeutics, Inc		377
	30,058	*	Albireo Pharma, Inc		796
	75,281	*,†,e	Alder Biopharmaceuticals Inc		66
	64,943	*	Alector, Inc		1,587

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	57,004		Alembic Pharmaceuticals Ltd	$	688
	449,570	*	Alexion Pharmaceuticals, Inc		50,460
	6,861	*	ALK-Abello AS		1,837
	125,069	*	Alkermes plc		2,427
	27,822	*,e	Allakos, Inc		1,999
	260,919		Alliance Pharma plc		240
	72,562	*,e	Allogene Therapeutics, Inc		3,107
	161,136	*	Alnylam Pharmaceuticals, Inc		23,866
	2,161	*	Alteogen, Inc		483
	32,463	*,e	AMAG Pharmaceuticals, Inc		248
	1,092,497		Amgen, Inc		257,676
	3,263	*	Amicogen, Inc		80
	1,062,987	*	Amicus Therapeutics, Inc		16,030
	200,533	*	Amneal Pharmaceuticals, Inc		955
	69,004	*	Amphastar Pharmaceuticals, Inc		1,550
	54,658	*,e	AnaptysBio, Inc		1,221
	43,835	*,e	Anavex Life Sciences Corp		216
	113,072	*,e	AnGes MG, Inc		2,335
	12,621	*	ANI Pharmaceuticals, Inc		408
	21,643	*	Anika Therapeutics, Inc		817
	1,349	*	Anterogen Co Ltd		80
	2,796,000	*,†,e	Anxin-China Holdings Ltd		4
	84,701	*	Apellis Pharmaceuticals, Inc		2,766
	48,200		Apeloa Pharmaceutical Co Ltd		159
	455,139	*,e	Aphria, Inc		1,951
	33,798	*	Applied Genetic Technologies Corp		187
	20,146	*	Applied Therapeutics, Inc		728
	10,107	*	Aprea Therapeutics, Inc		392
	44,638	*	Aptinyx, Inc		186
	32,402	*	Aquestive Therapeutics, Inc		157
	22,703	*	Arcturus Therapeutics Holdings, Inc		1,061
	97,886	*	Arcus Biosciences, Inc		2,422
	8,922	*,e	Arcutis Biotherapeutics, Inc		270
	125,825	*	Ardelyx, Inc		871
	157,914	*	Arena Pharmaceuticals, Inc		9,941
	63,652	*	Argenx SE		14,328
	244,933	*	Arrowhead Pharmaceuticals Inc		10,579
	46,543	*,e	Arvinas, Inc		1,561
	59,000	*,e,g	Ascletis Pharma, Inc		25
	44,828		ASKA Pharmaceutical Co Ltd		506
	468,129	*	Aspen Pharmacare Holdings Ltd		3,888
	40,864	*	Aspira Women’s Health, Inc		157
	68,766	*	Assembly Biosciences, Inc		1,604
	2,642,384		Astellas Pharma, Inc		44,127
	1,177		AstraZeneca Pharma India Ltd		55
	3,205,222		AstraZeneca plc		333,582
	1,199,437		AstraZeneca plc (ADR)		63,438
	17,000		Asymchem Laboratories Tianjin Co Ltd		584
	61,446	*,e	Atara Biotherapeutics, Inc		895
	5,358	*	ATGen Co Ltd		56
	117,771	*,e	Athenex, Inc		1,621
	258,903	*,e	Athersys, Inc		715
	28,728	*,e	Atreca, Inc		611

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	91,941	*,e	Aurinia Pharmaceuticals, Inc	$	1,493
	424,602		Aurobindo Pharma Ltd		4,339
	5,760,358	*	Avantor, Inc		97,926
	6,023	*	Avenue Therapeutics, Inc		65
	11,990	*	AVEO Pharmaceuticals, Inc		62
	213,816	*	Avid Bioservices, Inc		1,404
	58,313	*	Avita Medical Ltd		366
	31,328	*	Avrobio, Inc		547
	7,672	*,e	Axcella Health, Inc		42
	60,028	*	Axsome Therapeutics, Inc		4,939
	21,212	*	Aytu BioScience, Inc		30
	12,723		Bachem Holding AG.		3,360
	6,392	*,e	Basilea Pharmaceutica		330
	314,244	*	Bausch Health Cos, Inc		5,750
	53,367	*	Bavarian Nordic AS		1,463
	1,467,242		Bayer AG.		108,757
	19,561	*	Beam Therapeutics, Inc		548
	35,100	*,e	BeiGene Ltd (ADR)		6,613
	44,784	*	Beijing Tiantan Biological Products Corp Ltd		287
	57,000	e	Beijing Tong Ren Tang Chinese Medicine Co Ltd		77
	74,100		Beijing Tongrentang Co Ltd		285
	3,059	*	Bellerophon Therapeutics, Inc		38
	44,379	*,e	BELLUS Health, Inc		459
	18,800		Betta Pharmaceuticals Co Ltd		373
	12,286	*,e	Beyondspring Inc		185
	21,400	*	BGI Genomics Co Ltd		472
	5,826	*	Binex Co Ltd		62
	16,736	e,g	BioArctic AB		132
	212,938		Biocon Ltd		1,097
	506,014	*,e	BioCryst Pharmaceuticals, Inc		2,411
	514,277	*	BioDelivery Sciences International, Inc		2,242
	8,194		Biogaia AB (B Shares)		451
	195,715	*	Biogen, Inc		52,364
	91,887	*	Biohaven Pharmaceutical Holding Co Ltd		6,718
	789,992	*	BioMarin Pharmaceutical, Inc		97,438
	7,674	*	Bio-Rad Laboratories, Inc (Class A)		3,465
	6,688	*	Biospecifics Technologies Corp		410
	31,681		Biotage AB		474
	4,365		Bio-Techne Corp		1,153
	357,021	*	Biovitrum AB		8,278
	20,621	*	Bioxcel Therapeutics Inc		1,093
	248,758	*	Bluebird Bio, Inc		15,184
	89,321	*	Blueprint Medicines Corp		6,967
	2,194	e	Boiron S.A.		90
	267,583		Boryung Pharmaceutical Co Ltd		3,777
	23,237	*,e	BrainStorm Cell Therapeutics, Inc		260
	101,182	*,e	Bridgebio Pharma, Inc		3,300
	3,993,489		Bristol-Myers Squibb Co		234,817
	86,256		Bruker BioSciences Corp		3,509
	10,165		Bukwang Pharmaceutical Co Ltd		288
	18,546	*	Cabaletta Bio, Inc		207
	90,883	*	Calithera Biosciences, Inc		480
	5,334	*,e	Calyxt, Inc		26
	14,248	*,e	Camurus AB		242

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	224,989	*,e	Canopy Growth Corp (Toronto)	$	3,644
	45,847	*,e,g	CanSino Biologics, Inc		1,262
	151,926	*,e	Cara Therapeutics, Inc		2,598
	145,719	*	CareDx, Inc		5,163
	40,413	*,e	CASI Pharmaceuticals, Inc		101
	20,985	*	Cassava Sciences, Inc		65
	24,087	*	Castle Biosciences, Inc		908
	52,261	*	Catabasis Pharmaceuticals, Inc		336
	365,998	*	Catalent, Inc		26,828
	48,816	*	Catalyst Biosciences, Inc		287
	85,153	*	Catalyst Pharmaceuticals, Inc		393
	90,535	*	Cellectis S.A.		1,622
	1,309	*	Cellivery Therapeutics, Inc		105
	9,087	*	Celltrion Pharm Inc		967
	108,956	*	Celltrion, Inc		27,886
	11,796	*,e	Cellular Biomedicine Group, Inc		177
	30,168	*,e	CEL-SCI Corp		450
	62,928		Center Laboratories, Inc		160
	2,335	*	Centogene NV		53
	12,050	*	Cerecor Inc		31
	6,265	*	Champions Oncology, Inc		60
	17,400		Changchun High & New Technology Industry Group, Inc		1,071
	74,887	*	Charles River Laboratories International, Inc		13,057
	114,836	*	Charlottes Web Holdings, Inc		442
	21,577	*	Checkpoint Therapeutics Inc		43
	148,854	*	ChemoCentryx, Inc		8,565
	6,327		Chemometec A.S.		302
	24,800		Chengdu Kanghong Pharmaceutical Group Co Ltd		174
	29,965	*	Chiasma, Inc		161
	218,629	*	Chimerix, Inc		678
	10,235,300	†,e	China Animal Healthcare Ltd		13
	704,000		China Grand Pharmaceutical and Healthcare Holdings Ltd		497
	1,146,900		China Medical System Holdings Ltd		1,356
	957,500	g	China Resources Pharmaceutical Group Ltd		555
	37,900		China Resources Sanjiu Medical & Pharmaceutical Co Ltd		157
	938,000		China Shineway Pharmaceutical Group Ltd		619
	17,576		Chong Kun Dang Pharm Corp		1,764
	11,368		Chong Kun Dang Pharmaceutical Corp		1,032
	49,900	*	Chongqing Zhifei Biological Products Co Ltd		705
	2,928		Choongwae Pharma Corp		89
	37,281	*	ChromaDex Corp		171
	995,199		Chugai Pharmaceutical Co Ltd		53,283
	58,147	*	Cidara Therapeutics, Inc		215
	410,319		Cipla Ltd		3,480
	176,729		Clinigen Group plc		1,771
	44,470	e	Clinuvel Pharmaceuticals Ltd		793
	163,355	*,e	Clovis Oncology, Inc		1,103
	24,049	*	CMG Pharmaceutical Co Ltd		80
	47,478		CMIC Co Ltd		628
	48,654	*	Codexis, Inc		555

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	21,466	*	Cohbar, Inc	$	33
	569,378	*,e	Coherus Biosciences, Inc		10,169
	52,546	*	Collegium Pharmaceutical, Inc		920
	90,489	*,e	Compugen Ltd		1,359
	43,170	*	Concert Pharmaceuticals, Inc		430
	66,132	*	Constellation Pharmaceuticals, Inc		1,987
	1,963,000		Consun Pharmaceutical Group Ltd		810
	11,947	*	ContraFect Corp		76
	61,726	*,e	Corbus Pharmaceuticals Holdings, Inc		518
	166,014	*,e	Corcept Therapeutics, Inc		2,792
	50,389	*,e	CorMedix Inc		317
	28,551	*,e	Cortexyme Inc		1,322
	3,999	*,e	COSMO Pharmaceuticals NV		366
	74,318	*	Crinetics Pharmaceuticals, Inc		1,302
	216,225	*,e	Cronos Group, Inc		1,303
	7,964	*	CrystalGenomics, Inc		106
	787,670		CSL Ltd		156,659
	4,729,953		CSPC Pharmaceutical Group Ltd		8,958
	468,000	*,g	CStone Pharmaceuticals		668
	63,115	*	Cue Biopharma, Inc		1,547
	63,305	*	Cymabay Therapeutics, Inc		221
	128,900	*	Cytokinetics, Inc		3,038
	189,180	*	CytomX Therapeutics, Inc		1,576
	43,230		Da An Gene Co Ltd		167
	56,945		Daewon Pharmaceutical Co Ltd		817
	148,934		Daewoong Co Ltd		3,398
	1,041		Daewoong Pharmaceutical Co Ltd		115
	1,797,731		Daiichi Sankyo Co Ltd		147,039
	33,100		Daito Pharmaceutical Co Ltd		1,227
	22,195	*,e	DBV Technologies S.A.		197
	449,554		Dechra Pharmaceuticals plc		15,835
	68,224	*	Deciphera Pharmaceuticals, Inc		4,074
	106,065	*,e	Denali Therapeutics, Inc		2,565
	14,074		Dermapharm Holding SE		699
	7,042	*	DermTech, Inc		93
	149,676	*	Dicerna Pharmaceuticals, Inc		3,802
	55,405		Divi S Laboratories Ltd		1,673
	9,703		Dong-A Pharmaceutical Co Ltd		772
	1,069		Dong-A ST Co Ltd		77
	39,700		Dong-E-E-Jiao Co Ltd		201
	23,107		DongKook Pharmaceutical Co Ltd		2,332
	4,319	*	Dongsung Pharmaceutical Co Ltd		45
	192,678		Dr Reddy’s Laboratories Ltd		10,092
	92,936		Dr Reddys Laboratories Ltd (ADR)		4,927
	262,537	*	Durect Corp		609
	39,494	*	Dyadic International, Inc		342
	91,915	*,e	Dynavax Technologies Corp		815
	9,613	*	Eagle Pharmaceuticals, Inc		461
	82,609	*	Ecofibre Ltd		127
	133,155	*,e	Editas Medicine, Inc		3,939
	10,068	*	Eidos Therapeutics, Inc		480
	20,547	*	Eiger BioPharmaceuticals, Inc		197
	588,390		Eisai Co Ltd		46,747
	537,870	*	Elanco Animal Health, Inc		11,537

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,944,165		Eli Lilly & Co	$	319,193
	24,139	*,e	Eloxx Pharmaceuticals, Inc		73
	101,109	*	Emergent Biosolutions, Inc		7,996
	55,866	*	Enanta Pharmaceuticals, Inc		2,805
	269,022	*	Endo International plc		923
	4,377	*,e	Enochian Biosciences Inc		18
	1,449	*	Enzychem Lifesciences Corp		112
	4,432	*	Eone Diagnomics Genome Center Co Ltd		44
	185,224	*	Epizyme, Inc		2,975
	19,500		EPS Co Ltd		187
	32,169	g	Eris Lifesciences Ltd		195
	75,362	*,e	Esperion Thereapeutics, Inc		3,867
	59,000		Essex Bio-technology Ltd		42
	13,552	*	Eton Pharmaceuticals, Inc		74
	14,836	e	Eurofins Scientific		9,358
	762	*	Eutilex Co Ltd		44
	10,977	*	Evelo Biosciences, Inc		54
	83,701	*	Evofem Biosciences Inc		237
	15,519	*,e	Evolus, Inc		82
	101,358	*	Evotec AG.		2,767
	386,840	*	Exact Sciences Corp		33,632
	595,918	*	Exelixis, Inc		14,147
	51,635	*	Exicure, Inc		126
	812,192		Faes Farma S.A. (Sigma)		3,311
	154,806	*	Fate Therapeutics, Inc		5,311
	52,117		FDC Ltd		193
	19,020	*	Fennec Pharmaceuticals, Inc		159
	188,841	*	FibroGen, Inc		7,654
	26,091	*	Five Prime Therapeutics, Inc		159
	103,919	*,e	Flexion Therapeutics, Inc		1,367
	215,265	*	Fluidigm Corp		863
	107,876	*	Fortress Biotech, Inc		289
	35,612	*,e	Frequency Therapeutics, Inc		828
	6,300		Fuji Pharma Co Ltd		68
	18,174	*	Fulcrum Therapeutics, Inc		332
	44,223	*	G1 Therapeutics, Inc		1,073
	74,918	*	Galapagos NV		14,734
	36,031	*	Galectin Therapeutics, Inc		110
	7,634	*	Galera Therapeutics, Inc		55
	3,458	*	Genexine Co Ltd		274
	20,755	*,e	Genfit		118
	134,536	*	Genmab AS		45,365
	174,900	*,e	Genomma Lab Internacional S.A. de C.V.		179
	25,265	*	Genprex, Inc		79
	1,908,000	*,e	Genscript Biotech Corp		3,946
	149,945		Genus plc		6,564
	333,894	*	Geron Corp		728
	46,712		Gerresheimer AG.		4,317
	1,713,936		Gilead Sciences, Inc		131,870
	3,658,289		GlaxoSmithKline plc		73,896
	227,900		GlaxoSmithKline plc (ADR)		9,296
	347,473		Glenmark Pharmaceuticals Ltd		2,074
	23,683	*	Global Blood Therapeutics, Inc		1,495

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	54,013	*	GlycoMimetics, Inc	$	203
	23,201	*	GNI Group Ltd		356
	58,042	*,e	Gossamer Bio, Inc		755
	201,353		Granules India Ltd		540
	1,376		Green Cross Cell Corp		47
	1,320		Green Cross Corp		163
	4,741		Green Cross Holdings Corp		95
	1,111		Green Cross LabCell Corp		47
	69,969	e	Grifols S.A.		2,128
	37,697	*,e	Gritstone Oncology, Inc		250
	4,829	*	G-treeBNT Co Ltd		99
	60,700		Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd		278
	8	*	GW Pharmaceuticals plc		0	^
	69,313	*,e	GW Pharmaceuticals plc (ADR)		8,506
	8,935		H Lundbeck AS		338
	333,328	*	Halozyme Therapeutics, Inc		8,937
	6,932	*	Han All Pharmarceutical Co		164
	1,687		Handok Pharmaceuticals Co Ltd		43
	236,532		Hangzhou Tigermed Consulting Co Ltd		3,405
	20,001		Hanmi Pharm Co Ltd		4,081
	17,252	*,e	Hansa Medical AB		322
	288,000	*,g	Hansoh Pharmaceutical Group Co Ltd		1,362
	47,223	*	Harpoon Therapeutics, Inc		784
	19,890	*	Harrow Health, Inc		104
	32,938	*	Harvard Bioscience, Inc		102
	11,300	*	HEALIOS KK		182
	246,205	*	Heron Therapeutics, Inc		3,622
	131,527		Hikma Pharmaceuticals plc		3,609
	37,159		Hisamitsu Pharmaceutical Co, Inc		2,009
	29,932	*	Homology Medicines, Inc		455
	28,590	*,e	Hookipa Pharma, Inc		332
	1,070,801	*	Horizon Therapeutics Plc		59,515
	2,548,684	*,†,e	Hua Han Bio-Pharmaceutical Holdings Ltd		20
	89,117		Hualan Biological Engineering, Inc		633
	19,700		Hubei Jumpcan Pharmaceutical Co Ltd		71
	606	*	Hugel, Inc		239
	8,511		Huons Co Ltd		390
	113,800	*	Hutchison China MediTech Ltd (ADR)		3,139
	213,517		Hypermarcas S.A.		1,307
	43,440	*	iBio, Inc		96
	18,434	*	Ideaya Biosciences, Inc		262
	94,521	*	Idorsia Ltd		3,038
	14,104	*	IGM Biosciences, Inc		1,030
	97,194		Il Dong Pharmaceutical Co Ltd		1,220
	314,649	*	Illumina, Inc		116,530
	2,883		Ilyang Pharmaceutical Co Ltd		155
	7,232	*	IMARA, Inc		200
	3,076	*	Immunic, Inc		37
	402,357	*	Immunogen, Inc		1,851
	206,335	*	Immunomedics, Inc		7,313
	38,472	*	Immunovant, Inc		937
	308,407	*	Incyte Corp		32,065
	914,285	*	Indivior plc		940

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	140,790	*,e	Innate Pharma S.A.	$	882
	984,500	*,g	Innovent Biologics, Inc		7,327
	308,367	*	Innoviva, Inc		4,311
	354,419	*,e	Inovio Pharmaceuticals, Inc		9,552
	158,279	*	Insmed, Inc		4,359
	140,564	*,e	Intellia Therapeutics, Inc		2,955
	25,940	*,e	Intercept Pharmaceuticals, Inc		1,243
	83,991	*	Intersect ENT, Inc		1,137
	118,468	*	Intra-Cellular Therapies, Inc		3,041
	4,945	*	iNtRON Biotechnology, Inc		62
	253,605	*,e	Invitae Corp		7,682
	175,568	*	Ionis Pharmaceuticals, Inc		10,351
	41,782	*	Iovance Biotherapeutics, Inc		1,147
	15,681		Ipsen		1,330
	486,932	*	IQVIA Holdings, Inc		69,086
	387,176	*	Ironwood Pharmaceuticals, Inc		3,996
	77,034	*	IVERIC bio, Inc		393
	6,500	*,e	Japan Tissue Engineering Co Lt		42
	693,411	*	Jazz Pharmaceuticals plc		76,511
	4,165	*	JB Chemicals & Pharmaceuticals Ltd		39
	15,686		JCR Pharmaceuticals Co Ltd		1,654
	1,052		Jeil Pharmaceutical Co Ltd		41
	485,522		Jiangsu Hengrui Medicine Co Ltd		6,345
	34,400	*	Jilin Aodong Pharmaceutical Group Co Ltd		77
	47,100		Jinyu Bio-Technology Co Ltd		186
	5,475,018		Johnson & Johnson		769,952
	89,000	*	Joincare Pharmaceutical Group Industry Co Ltd		205
	28,492	*	Jounce Therapeutics, Inc		197
	165,362		Jubilant Organosys Ltd		1,444
	169,573		JW Holdings Corp		756
	174,753	*	Kadmon Holdings, Inc		895
	106,504		Kaken Pharmaceutical Co Ltd		5,454
	47,748	*,e	Kala Pharmaceuticals, Inc		502
	10,868	*	Kaleido Biosciences Inc		81
	62,036	*	KalVista Pharmaceuticals Inc		751
	39,140	*	Karo Pharma AB		231
	25,101	*,e	Karuna Therapeutics, Inc		2,798
	161,487	*	Karyopharm Therapeutics, Inc		3,059
	6,040	*	Keros Therapeutics, Inc		227
	44,783	*	Kezar Life Sciences, Inc		232
	34,172	*	Kindred Biosciences, Inc		153
	58,773	*	Kiniksa Pharmaceuticals Ltd		1,498
	14,900		Kissei Pharmaceutical Co Ltd		376
	124,216	*	Knight Therapeutics, Inc		642
	44,650	*,e	Kodiak Sciences, Inc		2,416
	8,349	*	Komipharm International Co Ltd		119
	61,817		Korea United Pharm Inc		1,238
	10,413	*	Krystal Biotech Inc		431
	242,461	*	Kura Oncology, Inc		3,952
	141,342		Kwang Dong Pharmaceutical Co Ltd		832
	87,335		Kyorin Co Ltd		1,789
	197,870	e	Kyowa Hakko Kogyo Co Ltd		5,209
	1,060		L&C Bio Co Ltd		90

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	70,161	*,e	La Jolla Pharmaceutical Co	$	299
	37,640	*	Laboratorios Almirall S.A.		497
	46,985	*,e	Lannett Co, Inc		341
	7,590	g	Laurus Labs Ltd		52
	48,000		Lee’s Pharmaceutical Holdings Ltd		26
	3,364	*	LegoChem Biosciences, Inc		161
	73,607	*,e	Lexicon Pharmaceuticals, Inc		147
	22,083	*,e	Ligand Pharmaceuticals, Inc (Class B)		2,470
	17,972	*	Liquidia Technologies, Inc		151
	23,400		Livzon Pharmaceutical Group, Inc		159
	10,428	*	LogicBio Therapeutics, Inc		88
	408,385		Lonza Group AG.		216,320
	19,000	*	Lotus Pharmaceutical Co Ltd		54
	38,187		Luminex Corp		1,242
	184,639		Lupin Ltd		2,231
	1,077,000	e,g	Luye Pharma Group Ltd		662
	192,429	*	MacroGenics, Inc		5,373
	7,709	*,e	Madrigal Pharmaceuticals, Inc		873
	18,195	*	Magenta Therapeutics, Inc		137
	174,032	*,e	MannKind Corp		305
	76,522	*	Marinus Pharmaceuticals, Inc		194
	78,412	*,e	Marker Therapeutics Inc		162
	5,531,704	*,e	Mayne Pharma Group Ltd		1,482
	36,042	*,e	MediciNova, Inc		195
	75,175	*	Medpace Holdings, Inc		6,993
	9,474	*	MedPacto, Inc		425
	997		Medy-Tox, Inc		122
	471,000		Mega Lifesciences PCL		568
	267,081	*	MEI Pharma, Inc		1,103
	27,804	*	MeiraGTx Holdings plc		348
	218,415	*,e	Menlo Therapeutics, Inc		378
	4,698,912		Merck & Co, Inc		363,367
	84,201		Merck KGaA		9,805
	919	*	Merck Ltd		50
	124,282	*	Mersana Therapeutics, Inc		2,908
	462,028	*,e	Mesoblast Ltd		1,063
	36,910	*	Mettler-Toledo International, Inc		29,733
	1,452	*	Mezzion Pharma Co Ltd		278
	105,201	*	Minerva Neurosciences, Inc		380
	56,387	*	Mirati Therapeutics, Inc		6,438
	10,396	*,e	Mirum Pharmaceuticals, Inc		202
	9,001	*,e	Mithra Pharmaceuticals S.A.		184
	13,575		Mochida Pharmaceutical Co Ltd		506
	370,843	*	Moderna, Inc		23,812
	6,616	*	Molecular Partners AG.		104
	78,465	*	Molecular Templates, Inc		1,082
	253,711	*	Momenta Pharmaceuticals, Inc		8,441
	10,597	*,e	Morphic Holding, Inc		287
	47,592	*	Morphosys AG.		6,034
	25,640	*,e	Mustang Bio, Inc		82
	127,142	*	Mylan NV		2,044
	77,809	*	MyoKardia, Inc		7,518
	101,638	*	Myriad Genetics, Inc		1,153

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	68,700		Nanjing King-Friend Biochemical Pharmaceutical Co Ltd	$	628
	107,749	*	NanoString Technologies, Inc		3,162
	24,958	*	NantKwest, Inc		306
	104,800		Natco Pharma Ltd		881
	273,098	*	Natera, Inc		13,617
	210,821	*	Nektar Therapeutics		4,883
	206,330	*	NeoGenomics, Inc		6,392
	77,514	*	Neoleukin Therapeutics, Inc		1,287
	51,287	*	Neubase Therapeutics, Inc		450
	3,696	*	NeuroBo Pharmaceuticals, Inc		30
	221,890	*	Neurocrine Biosciences, Inc		27,071
	24,316	*	NextCure Inc		521
	40,363	*,e	NGM Biopharmaceuticals Inc		797
	45,902		Nichi-iko Pharmaceutical Co Ltd		557
	28,500		Nippon Shinyaku Co Ltd		2,326
	2,212,027		Novartis AG.		192,714
	162,672	*,e	Novavax, Inc		13,559
	2,027,778		Novo Nordisk AS		132,105
	34,186	*	Nymox Pharmaceutical Corp		121
	27,963	*	OBI Pharma, Inc		110
	86,591	*,e	Ocular Therapeutix, Inc		721
	11,547	*	Odonate Therapeutics, Inc		489
	93,910	*,e	Omeros Corp		1,382
	142,728	*	Oncocyte Corp		273
	18,362	*,e,g	Oncopeptides AB		258
	59,000	*	Oneness Biotech Co Ltd		502
	165,720		Ono Pharmaceutical Co Ltd		4,837
	637,958	*,e	Opko Health, Inc		2,175
	129,550	*,e	Optinose, Inc		964
	187,317	*,e	Organigram Holdings, Inc		293
	10,820	*	Organogenesis Holdings Inc		42
	15,785	*	Orgenesis, Inc		96
	7,548	*	ORIC Pharmaceuticals, Inc		255
	70,618		Orion Oyj (Class B)		3,425
	4,582	*	Oscotec, Inc		95
	22,900	*	Osmotica Pharmaceuticals plc		154
	203,180		Otsuka Holdings KK		8,855
	70,485	*	Ovid therapeutics, Inc		519
	27,448	*	Oxford Biomedica plc		238
	11,332	*,e	Oyster Point Pharma, Inc		327
	129,602	*	Pacific Biosciences of California, Inc		447
	117,270	*	Pacira BioSciences Inc		6,153
	1,353,590	*	Paion AG.		4,033
	28,343	*	Paratek Pharmaceuticals, Inc		148
	44,088	*	Passage Bio, Inc		1,205
	106,341	*	PDL BioPharma, Inc		309
	29,100	*	PeptiDream, Inc		1,341
	25,858		PerkinElmer, Inc		2,536
	1,202,506	e	Perrigo Co plc		66,463
	18,609	*,e	Personalis, Inc		241
	56,845	*	Pfenex, Inc		475
	12,576,754		Pfizer, Inc		411,260
	329,591	e	Pharma Mar S.A.		2,847

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	877		PHARMA RESEARCH PRODUCTS Co Ltd	$	40
	20,472		PharmaEngine Inc		56
	34,000	*	PharmaEssentia Corp		136
	15,951		Pharmally International Holding Co Ltd		89
	12,344	*	Pharmicell Co Ltd		190
	1,031,005	*,e	Pharming Group NV		1,354
	11,247	*,e	PhaseBio Pharmaceuticals Inc		52
	16,359	*	Phathom Pharmaceuticals, Inc		538
	91,344		Phibro Animal Health Corp		2,400
	37,152	*	Pieris Pharmaceuticals, Inc		115
	1,559,589		Piramal Healthcare Ltd		28,070
	70,501	*	Portola Pharmaceuticals, Inc		1,268
	162,905	*	PRA Health Sciences, Inc		15,849
	79,883	*	Precision BioSciences Inc		665
	44,868	*	Prestige Consumer Healthcare, Inc.		1,685
	29,490	*	Prevail Therapeutics, Inc		439
	98,314	*	Principia Biopharma, Inc		5,878
	83,715	*,†	Progenics Pharmaceuticals, Inc		0
	19,838	*	Protagonist Therapeutics, Inc		350
	90,100	*	Prothena Corp plc		942
	36,847	*	Provention Bio, Inc		520
	32,009,631		PT Kalbe Farma Tbk		3,284
	95,042	*	PTC Therapeutics, Inc		4,822
	105,927	*,e	Puma Biotechnology, Inc		1,105
	59,959	*	QIAGEN NV		2,567
	40,729	*	QIAGEN NV (Turquoise)		1,754
	64,791	*	Quanterix Corp		1,775
	130,744	*	Radius Health, Inc		1,782
	14,512	*	RAPT Therapeutics, Inc		421
	19,008	*	Reata Pharmaceuticals, Inc		2,966
	41,606	*,e	Recipharm AB		513
	103,327	e	Recipharm AB (B Shares)		1,282
	106,452		Recordati S.p.A.		5,327
	43,842	*	Recro Pharma, Inc		199
	557,592	*	Regeneron Pharmaceuticals, Inc		347,742
	35,525	*	REGENXBIO, Inc		1,308
	14,311	*	Relmada Therapeutics, Inc		640
	15,454	*	Repligen Corp		1,910
	57,710	*	Replimune Group, Inc		1,434
	38,129	*	Retrophin, Inc		778
	50,504	*	Revance Therapeutics, Inc		1,233
	82,523	*	REVOLUTION Medicines, Inc		2,605
	36,328	*	Rhythm Pharmaceuticals, Inc		810
	150,271		Richter Gedeon Rt		3,118
	321,375	*	Rigel Pharmaceuticals, Inc		588
	1,119,131		Roche Holding AG.		387,722
	30,534	*	Rocket Pharmaceuticals, Inc		639
	338,677	*	Royalty Pharma plc		16,443
	32,455	*,e	Rubius Therapeutics, Inc		194
	100,374	*	Sage Therapeutics, Inc		4,174
	2,800		Sam Chun Dang Pharm Co Ltd		86
	1,912		Samjin Pharmaceutical Co Ltd		43
	37,136	*,g	Samsung Biologics Co Ltd		24,092

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,024	*,e	SanBio Co Ltd	$	234
	172,668	*	Sangamo Therapeutics Inc		1,547
	5,219		Sanofi India Ltd		544
	2,360,256		Sanofi-Aventis		240,710
	271,730		Santen Pharmaceutical Co Ltd		5,002
	182,987	*	Sarepta Therapeutics, Inc		29,340
	37,893		Sartorius Stedim Biotech		9,607
	12,542	*	Satsuma Pharmaceuticals, Inc		361
	13,982		Saudi Pharmaceutical Industries & Medical Appliances Corp		108
	74,302		Sawai Pharmaceutical Co Ltd		3,819
	42,793	*	Scholar Rock Holding Corp		779
	24,981	*	Schrodinger, Inc		2,288
	53,960		Scinopharm Taiwan Ltd		69
	4,714	*	scPharmaceuticals, Inc		35
	15,595		Searle Co Ltd		19
	461,170	*	Seattle Genetics, Inc		78,362
	19,076		Seegene, Inc		1,777
	22,800		Seikagaku Corp		240
	86,485	*	Selecta Biosciences, Inc		246
	119,162	*,e	Seres Therapeutics, Inc		567
	39,400		Shandong Buchang Pharmaceuticals Co Ltd		161
	75,800		Shanghai Fosun Pharmaceutical Group Co Ltd		362
	315,251		Shanghai Fosun Pharmaceutical Group Co Ltd (Hong Kong)		1,057
	55,000		Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd		38
	87,300		Shanghai Haixin Group Co		25
	101,100	*,g	Shanghai Haohai Biological Technology Co Ltd		467
	249,700	*	Shanghai RAAS Blood Products Co Ltd		299
	64,400		Shenzhen Hepalink Pharmaceutical Group Co Ltd		228
	29,400		Shenzhen Kangtai Biological Products Co Ltd		674
	35,100		Shenzhen Salubris Pharmaceuticals Co Ltd		148
	60,100		Shijiazhuang Yiling Pharmaceutical Co Ltd		266
	5,596		Shilpa Medicare Ltd		35
	6,467	*	Shin Poong Pharmaceutical Co Ltd		162
	204,532		Shionogi & Co Ltd		12,831
	59,500		Sichuan Kelun Pharmaceutical Co Ltd		177
	3,648	*,e	Siegfried Holding AG.		1,660
	49,542	*	SIGA Technologies, Inc		293
	868,000		Sihuan Pharmaceutical Holdings		83
	16,776	*	Silence Therapeutics plc		96
	13,434	*,†	SillaJen, Inc		68
	3,972,807		Sino Biopharmaceutical		7,488
	29,525	*	Soleno Therapeutics, Inc		66
	25,872	*,e	Solid Biosciences, Inc		76
	184,465	*,e	Sorrento Therapeutics, Inc		1,158
	37,408	*,e	Sosei Group		605
	198,321	*	Spectrum Pharmaceuticals, Inc		670
	25,001	*	Spero Therapeutics, Inc		338
	28,410	*,e	SpringWorks Therapeutics, Inc		1,193
	872,000		SSY Group Ltd		597
	1,927	*	ST Pharm Co Ltd		65
	5,375	*	STCUBE		47

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,064	*	Stoke Therapeutics, Inc	$	264
	244,169		Strides Arcolab Ltd		1,320
	159,411	*	Strongbridge Biopharma plc		603
	49,812		Sumitomo Dainippon Pharma Co Ltd		690
	15,756	*	Sun Pharma Advanced Research Company Ltd		34
	981,989		Sun Pharmaceutical Industries Ltd		6,164
	166,969	*	Supernus Pharmaceuticals, Inc		3,966
	23,486	*	Sutro Biopharma, Inc		182
	49,076	*	Syndax Pharmaceuticals, Inc		727
	25,611	*	Syneos Health, Inc		1,492
	94,726	g	Syngene International Ltd		505
	77,962	*	Syros Pharmaceuticals, Inc		831
	57,799	*	Taigen Biopharmaceuticals Holdings Ltd		49
	31,600	*	Taiko Pharmaceutical Co Ltd		763
	40,000	*	TaiMed Biologics, Inc		123
	9,922		Taisho Pharmaceutical Holdings Co Ltd		609
	74,546		Takara Bio, Inc		2,124
	1,049,499		Takeda Pharmaceutical Co Ltd		37,706
	21,124	*	Tanvex BioPharma, Inc		34
	23,605	*,e	TCR2 Therapeutics Inc		363
	14,865		Tecan Group AG.		5,268
	976,030	*	Teva Pharmaceutical Industries Ltd (ADR)		12,034
	133,750	*	TG Therapeutics, Inc		2,605
	6,237	*	Theragen Etex Co Ltd		54
	223,304	*,e	TherapeuticsMD, Inc		279
	65,851	*,e	Theravance Biopharma, Inc		1,382
	770,551		Thermo Fisher Scientific, Inc		279,201
	31,300		Tianjin Chase Sun Pharmaceutical Co Ltd		24
	128,000		Tong Ren Tang Technologies Co Ltd		97
	95,300		Tonghua Dongbao Pharmaceutical Co Ltd		236
	6,565		Torii Pharmaceutical Co Ltd		189
	41,591		Torrent Pharmaceuticals Ltd		1,308
	110,100		Towa Pharmaceutical Co Ltd		2,039
	72,323	*,e	Translate Bio, Inc		1,296
	25,120	*	Tricida, Inc		690
	65,400		Tsumura & Co		1,713
	79,917		TTY Biopharm Co Ltd		207
	43,270	*	Turning Point Therapeutics Inc		2,795
	71,704	*	Twist Bioscience Corp		3,248
	55,998	*,e	Tyme Technologies, Inc		74
	169,212		UCB S.A.		19,636
	104,867	*	Ultragenyx Pharmaceutical, Inc		8,203
	4,680,680	*,e	United Laboratories Ltd		4,054
	194,282	*	United Therapeutics Corp		23,508
	76,006	*,e	UNITY Biotechnology, Inc		660
	73,148	*,e	UroGen Pharma Ltd		1,911
	109,795	*	Vanda Pharmaceuticals, Inc		1,256
	39,279	*	Vaxart, Inc		348
	296,841	*	VBI Vaccines, Inc		920
	1,633,583		Vectura Group plc		1,957
	198,877	*	Veracyte, Inc		5,151
	204,969	*	Verastem, Inc		353
	138,306	*	Vericel Corp		1,911

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	21,703	*	Verrica Pharmaceuticals, Inc	$	239
	10,588	*	Versartis, Inc		123
	736,714	*	Vertex Pharmaceuticals, Inc		213,875
	49,777	*	Viela Bio, Inc		2,156
	136,483		Vifor Pharma AG.		20,648
	57,505	*,e	Viking Therapeutics, Inc		415
	85,325	*	Vir Biotechnology, Inc		3,496
	9,272	*	Virbac S.A.		2,032
	13,644	*	ViroMed Co Ltd		699
	64,656		Vitrolife AB		1,445
	67,501	*	Voyager Therapeutics, Inc		852
	8,926	*	vTv Therapeutics, Inc		20
	45,200		Walvax Biotechnology Co Ltd		335
	14,674	*	Waters Corp		2,647
	18,554	*,e	WaVe Life Sciences Ltd		193
	2,510,000	e	Winteam Pharmaceutical Group Ltd		1,214
	6,426	*	Wockhardt Ltd		24
	106,380		WuXi AppTec Co Ltd		1,453
	462,466	g	WuXi AppTec Co Ltd (Hong Kong)		6,040
	3,722,651	*,g	Wuxi Biologics Cayman, Inc		68,332
	34,763	*	X4 Pharmaceuticals, Inc		324
	14,091	*,e	XBiotech, Inc		193
	139,847	*	Xencor, Inc		4,530
	35,018	*,e	Xeris Pharmaceuticals, Inc		93
	12,007	*	XOMA Corp		237
	1,854,000	e,g	YiChang HEC ChangJiang Pharmaceutical Co Ltd		3,805
	54,900		Yifan Pharmaceutical Co Ltd		179
	55,890	*	Y-mAbs Therapeutics, Inc		2,414
	25,713		Yuhan Corp		1,089
	19,255	*	Yungjin Pharmaceutical Co Ltd		89
	505,000		YungShin Global Holding Corp		841
	44,300		Yunnan Baiyao Group Co Ltd		589
	37,800	*	Zai Lab Ltd (ADR)		3,105
	26,676	*	Zealand Pharma AS		922
	8,959	*	Zentalis Pharmaceuticals, Inc		430
	12,000		Zeria Pharmaceutical Co Ltd		223
	18,900		Zhangzhou Pientzehuang Pharmaceutical Co Ltd		456
	123,300	*	Zhejiang Conba Pharmaceutical Co Ltd		96
	45,870		Zhejiang Huahai Pharmaceutical Co Ltd		221
	93,800		Zhejiang NHU Co Ltd		387
	23,500		Zhejiang Wolwo Bio-Pharmaceutical Co Ltd		207
	282,465	*,e	ZIOPHARM Oncology, Inc		926
	1,523,778		Zoetis, Inc		208,819
	162,265	*	Zogenix, Inc		4,383
	22,300	*,e	Zymeworks, Inc		804
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		8,863,723

REAL ESTATE - 3.2%
	188,018		Abacus Property Group		351
	142,509		Acadia Realty Trust		1,850
	1,116		Activia Properties Inc		3,867
	29,842	g	ADO Properties S.A.		814
	1,315		Advance Residence Investment Corp		3,913
	227,931	*,g	Aedas Homes SAU		4,133

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	33,972		Aedifica S.A.	$	3,720
	138,854		Aeon Mall Co Ltd		1,845
	3,853		AEON REIT Investment Corp		4,097
	13,183	*	Africa Israel Properties Ltd		308
	1,001,791		Agile Property Holdings Ltd		1,187
	171,184		Agree Realty Corp		11,249
	285,500		AIMS AMP Capital Industrial REIT		252
	37,532	*	Airport City Ltd		404
	5,452,253		Aldar Properties PJSC		2,669
	461,030		Alexander & Baldwin, Inc		5,620
	1,910		Alexander’s, Inc		460
	242,938		Alexandria Real Estate Equities, Inc		39,417
	29,310	*	Aliansce Sonae Shopping Centers sa		154
	93,765		Allied Properties Real Estate Investment Trust		2,829
	16,325		Allreal Holding AG.		3,236
	117,771		Alony Hetz Properties & Investments Ltd		1,177
	28,956		Alpine Income Property Trust, Inc		471
	113,454	*	Alstria Office REIT-AG.		1,689
	2,307	*	Altisource Portfolio Solutions S.A.		34
	46,021		Altus Group Ltd		1,383
	766,700		Amata Corp PCL (Foreign)		386
	141,126		American Assets Trust, Inc		3,929
	253,284		American Campus Communities, Inc		8,855
	250,545		American Finance Trust, Inc		1,988
	940,795		American Homes 4 Rent		25,307
	2,409	*	American Realty Investors, Inc		22
	990,816		American Tower Corp		256,166
	639,004		Americold Realty Trust		23,196
	146,739		Amot Investments Ltd		669
	54,000		Aoyuan Healthy Life Group Co Ltd		56
	91,004	e	Apartment Investment & Management Co		3,425
	45,742		Apple Hospitality REIT, Inc		442
	434,527		Argosy Property Ltd		330
	361,158		Armada Hoffler Properties, Inc		3,594
	563,025		Aroundtown S.A.		3,227
	20,793		Arriyadh Development Co		82
	77,186		Artis Real Estate Investment Trust		429
	498,100		Ascendas India Trust		483
	3,082,601		Ascendas REIT		7,073
	1,040,204		Ascott Trust		755
	9,521,360		Asian Property Development PCL (Foreign)		1,829
	5,443,116		Assura Group Ltd		5,282
	23,301		Atrium Ljungberg AB		329
	128,160		Attacq Ltd		37
	402,678		AvalonBay Communities, Inc		62,270
	700,592		Aventus Retail Property Fund Ltd		1,018
	262,200		Axis Real Estate Investment Trust		126
	9,638,152		Ayala Land, Inc		6,574
	4,761,352	*,†	AZ BGP Holdings		13
	5,564		Azrieli Group		254
	2,306,300		Bangkok Land PCL		76
	1,573,413		Barwa Real Estate Co		1,321
	3,657		Bayside Land Corp		1,908

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	24,916	e	Befimmo SCA Sicafi	$	1,117
	183,200		Beijing Capital Development Co Ltd		152
	4,502,000		Beijing Capital Land Ltd		855
	1,158,000		Beijing North Star Co		256
	9,273		Big Shopping Centers Ltd		646
	483,233		Big Yellow Group plc		6,015
	1,326		BLife Investment Corp		3,120
	2,583		Blue Square Real Estate Ltd		90
	38,012		Bluerock Residential Growth REIT, Inc		307
	929,649	*,e	BMO Commercial Property Trust Ltd		726
	25,929		Boardwalk REIT		567
	327,401		Boston Properties, Inc		29,591
	557,362		BR Malls Participacoes S.A.		1,033
	50,908		BR Properties S.A.		84
	1,879	*	Brack Capital Properties NV		123
	35,059		Brandywine Realty Trust		382
	264,954		British Land Co plc		1,267
	354,747		Brixmor Property Group, Inc		4,548
	104,610	e	Brookfield Property REIT, Inc		1,042
	14,699		Brt Realty Trust		159
	2,007,640		Bunnings Warehouse Property Trust		5,340
	943,000		C&D International Investment Group Ltd		1,475
	78,111	*	CA Immobilien Anlagen AG.		2,612
	516,452		Cache Logistics Trust		211
	1,116,777		Cambridge Industrial Trust		320
	363,797		Camden Property Trust		33,186
	107,716		Canadian Apartment Properties REIT		3,855
	2,501,505		CapitaCommercial Trust		3,061
	740,386		Capital & Counties Properties		1,343
	4,470,750	*	CapitaLand Ltd		9,445
	2,382,824		CapitaMall Trust		3,381
	442,387		CapitaRetail China Trust		404
	286,133		CareTrust REIT, Inc		4,910
	27,166	*	Carmila S.A.		374
	403,409		Castellum AB		7,559
	77,386		CatchMark Timber Trust, Inc		685
	33,468	e	Catena AB		1,323
	120,900		Cathay Real Estate Development Co Ltd		82
	599,539	*	CBRE Group, Inc		27,111
	408,720		CDL Hospitality Trusts		303
	29,639		Cedar Woods Properties Ltd		108
	354,536		Cencosud Shopping S.A.		630
	1,602,000		Central China Real Estate Ltd		751
	2,381,358		Central Pattana PCL (Foreign)		3,785
	189,149		Centuria Industrial REIT		416
	199,122		Centuria Office REIT		280
	1,155,806		Champion Real Estate Investment Trust		604
	161,407		Charter Hall Education Trust		264
	993,572		Charter Hall Group		6,731
	720,280		Charter Hall Long Wale REIT		2,149
	86,257		Chatham Lodging Trust		528
	6,016,000		China Aoyuan Group Ltd		7,353
	61,200	*	China Enterprise Co Ltd		35
	1,480,663	*,e	China Evergrande Group		3,853

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	103,900		China Fortune Land Development Co Ltd	$	337
	189,000	*,g	China Logistics Property Holdings Co Ltd		81
	147,000	*	China Merchants Commercial Real Estate Investment Trust		53
	262,000		China Merchants Land Ltd		41
	42,700	*	China Merchants Property Operation & Service Co Ltd		186
	267,767		China Merchants Shekou Industrial Zone Holdings Co Ltd		625
	5,540,000		China Overseas Grand Oceans Group Ltd		3,157
	3,916,469		China Overseas Land & Investment Ltd		11,959
	1,150,000		China Overseas Property Holdings Ltd		1,226
	2,560,622		China Resources Land Ltd		9,787
	12,670,400		China SCE Group Holdings Ltd		5,535
	948,000		China South City Holdings Ltd		97
	1,554,857		China Vanke Co Ltd		4,963
	461,588		China Vanke Co Ltd (Class A)		1,714
	110,000	g	China Vast Industrial Urban Development Co Ltd		48
	250,000		Chinese Estates Holdings Ltd		167
	185,424	e	Chip Eng Seng Corp Ltd		77
	274,088		Chong Hong Construction Co		809
	14,424	*	Cibus Nordic Real Estate AB		216
	2,457,845	e	CIFI Holdings Group Co Ltd		1,936
	11,804		CIM Commercial Trust Corp		127
	453,653		City Developments Ltd		2,772
	248,431		City Office REIT, Inc		2,499
	31,062	e	Citycon Oyj		217
	321,990		Civitas Social Housing plc		438
	3,145,676		CK Asset Holdings Ltd		18,864
	10,119		Clipper Realty, Inc		82
	29,581		Cofinimmo		4,079
	35,284	e	Colliers International Group, Inc		2,025
	1,534,579		Colony Capital, Inc		3,683
	68,000	e	Colour Life Services Group		33
	287,685		Columbia Property Trust, Inc		3,780
	327		Comforia Residential REIT, Inc		975
	102,068		Cominar Real Estate Investment Trust		615
	45,011		Community Healthcare Trust, Inc		1,841
	1,201,104		Concentradora Fibra Danhos S.A. de C.V.		1,141
	227,310		CoreCivic, Inc		2,128
	11,687	e	CorEnergy Infrastructure Trust, Inc		107
	70,755		CorePoint Lodging, Inc		298
	62,181		Coresite Realty		7,528
	18,216		Corestate Capital Holding S.A.		370
	761,607		Corp Inmobiliaria Vesta SAB de C.V.		1,130
	24,935		Corporate Office Properties Trust		632
	294,000	*,e	Cosmopolitan International Holdings Ltd		50
	6,027,891		Country Garden Holdings Co Ltd		7,476
	220,099		Cousins Properties, Inc		6,566
	2,669	e	CRE Logistics REIT, Inc		3,746
	450		Crescendo Investment Corp		427
	52,169		Crombie Real Estate Investment Trust		492
	738,500		Cromwell European Real Estate Investment Trust		351
	2,722,314	e	Cromwell Group		1,702

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	852,849		Crown Castle International Corp	$	142,724
	8,378,943		CSI Properties Ltd		264
	58,075		CT Real Estate Investment Trust		581
	4,527		CTO Realty Growth, Inc		179
	179,110		CubeSmart		4,834
	97,868	*	Cushman & Wakefield plc		1,219
	198,012		Custodian Reit plc		223
	280,492		CyrusOne, Inc		20,406
	735		DA Office Investment Corp		4,059
	59,000		DaFa Properties Group Ltd		31
	170,500		Daibiru Corp		1,562
	38,073		Daito Trust Construction Co Ltd		3,509
	372,325		Daiwa House Industry Co Ltd		8,792
	404,461	*	DAMAC Properties Dubai Co PJSC		76
	1,303,372	*	Dar Al Arkan Real Estate Development Co		2,473
	205,285		Derwent London plc		7,062
	230,572	*	Deutsche Annington Immobilien SE		14,093
	27,811	*	Deutsche Euroshop AG.		393
	155,905		Deutsche Wohnen AG.		7,006
	181,000	e	Dexin China Holdings Co Ltd		74
	1,032,001		Dexus Property Group		6,624
	307,045	*	Deyaar Development PJSC		23
	275,665		DiamondRock Hospitality Co		1,524
	194,581	*	DIC Asset AG.		2,614
	399,843		Digital Realty Trust, Inc		56,822
	123,378	e	Dios Fastigheter AB		826
	937,137		Diversified Healthcare Trust		4,147
	482,143		DLF Ltd		946
	133,261		Dongwon Development Co Ltd		366
	474,330	*	DoubleDragon Properties Corp		163
	446,977		Douglas Emmett, Inc		13,704
	82,918		Dream Industrial Real Estate Investment Trust		652
	31,474		Dream Office Real Estate Investment Trust		476
	68,617		Dream Unlimited Corp		453
	104,331		Duke Realty Corp		3,692
	437,000	†	Eagle Hospitality Trust		30
	168,909		Easterly Government Properties, Inc		3,905
	59,472		EastGroup Properties, Inc		7,054
	193,100	*	Eco World Development Group BHD		19
	138,300	*	E-House China Enterprise Holdings Ltd		162
	334,823	*	Emaar Economic City		609
	2,515,549	*	Emaar Malls Group PJSC		948
	4,798,959	*	Emaar Properties PJSC		3,626
	401,289		Emlak Konut Gayrimenkul Yatiri		120
	607,258		Emperor International Holdings		102
	342,839		Empire State Realty Trust, Inc		2,400
	2,187,375		Empiric Student Property plc		1,577
	393,408	g	Entra ASA		5,043
	16,576		EPR Properties		549
	201,518		Equinix, Inc		141,526
	1,011,942		Equites Property Fund Ltd		974
	87,129		Equity Commonwealth		2,806
	1,094,190		Equity Lifestyle Properties, Inc		68,365
	755,331		Equity Residential		44,429

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	250,486		Essential Properties Realty Trust, Inc	$	3,717
	68,537		Essex Property Trust, Inc		15,707
	51,807	e	Eurocommercial Properties NV		668
	73,119	*,e	eXp World Holdings Inc		1,247
	226,092		Extra Space Storage, Inc		20,884
	329,588		Fabege AB		3,876
	6,776,000		Fantasia Holdings Group Co Ltd		1,278
	608,269		Far East Consortium		199
	405,005		Far East Hospitality Trust		145
	53,812		Farglory Land Development Co Ltd		87
	19,074	e	Farmland Partners, Inc		131
	129,210	*	Fastighets AB Balder		4,944
	18,220		Federal Realty Investment Trust		1,553
	6,613,406		Fibra Uno Administracion S.A. de C.V.		5,251
	1,874,000	*	Filinvest Land, Inc		37
	72,600	*	Financial Street Holdings Co Ltd		68
	120,948		First Capital Real Estate Investment Trust		1,237
	92,647		First Industrial Realty Trust, Inc		3,561
	371,070		First Real Estate Investment Trust		186
	40,474		FirstService Corp		4,077
	47,482		Fonciere Des Regions		3,444
	16,081	*	Forestar Group, Inc		243
	1,613,643		Fortress REIT Ltd (Class A)		1,157
	792,000		Fortune Real Estate Investment Trust		716
	200,824		Four Corners Property Trust, Inc		4,900
	94,783		Franklin Street Properties Corp		482
	4,135,125		Franshion Properties China Ltd		2,943
	393,777	e	Frasers Centrepoint Trust		660
	403,400		Frasers Hospitality Trust		136
	7,028,219		Frasers Logistics & Industrial Trust		6,054
	241,256		Front Yard Residential Corp		2,099
	468	e	Frontier Real Estate Investment Corp		1,481
	9,468	*	FRP Holdings, Inc		384
	350		Fukuoka REIT Corp		427
	85,687	*	Future Land Holdings Co Ltd		380
	901,355		Gaming and Leisure Properties, Inc		31,187
	577,684		Gateway Real Estate AG.		2,116
	411,386		Gazit Globe Ltd		1,949
	36,637		Gazit, Inc		181
	1,918,431		GCP Student Living plc		2,953
	1,728,060		GDI Property Group		1,336
	16,312	e	Gecina S.A.		2,015
	144,600		Gemdale Corp		281
	9,968,000		Gemdale Properties and Investment Corp Ltd		1,858
	196,231		Geo Group, Inc		2,321
	123,259		Getty Realty Corp		3,658
	125,320		Gladstone Commercial Corp		2,350
	27,022		Gladstone Land Corp		429
	200,483		Global Medical REIT, Inc		2,271
	210,827		Global Net Lease, Inc		3,527
	2,627		Global One Real Estate Investment Corp		2,438
	692		GLP J-Reit		1,000
	13,901	*	Godrej Properties Ltd		160

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	91,480		Goldcrest Co Ltd	$	1,256
	1,908,777		Goodman Group		19,695
	1,177,026		Goodman Property Trust		1,546
	2,948,487		GPT Group		8,566
	180,000	*	GR Properties Ltd		34
	458,222		Grainger plc		1,626
	184,621		Grand City Properties S.A.		4,270
	12,200	*	Grandjoy Holdings Group Co Ltd		9
	71,007		Granite REIT		3,664
	956,199		Great Portland Estates plc		7,491
	303,100		Greenland Holdings Corp Ltd		266
	167,000		Greenland Hong Kong Holdings Ltd		60
	2,209		Griffin Land & Nurseries, Inc (Class A)		120
	436,679		Growthpoint Properties Australia Ltd		971
	2,527,470		Growthpoint Properties Ltd		1,953
	4,982,013		Guangzhou R&F Properties Co Ltd		5,863
	409,800		Guocoland Ltd		432
	265,000	*	Guorui Properties Ltd		40
	190,753		H&R Real Estate Investment Trust		1,371
	36,883		Hamborner AG.		362
	409,661	e	Hammerson plc		406
	1,010,000		Hang Lung Group Ltd		2,364
	2,481,341		Hang Lung Properties Ltd		5,899
	288		Hankyu Reit, Inc		332
	125,952	e	Hannon Armstrong Sustainable Infrastructure Capital, Inc		3,585
	347,456		Healthcare Realty Trust, Inc		10,177
	683,361		Healthcare Trust of America, Inc		18,123
	1,036,541		Healthpeak Properties Inc		28,567
	38,454		Heiwa Real Estate Co Ltd		1,102
	214,992		Helical Bar plc		828
	74,904		Heliopolis Housing		27
	35,794	*,†	Hemisphere Properties India Ltd		79
	1,649,445		Henderson Land Development Co Ltd		6,290
	54,919		Hersha Hospitality Trust		316
	35,972,677	a	Hibernia REIT plc		45,416
	507,194		Highwealth Construction Corp		751
	21,912		Highwoods Properties, Inc		818
	38,880	e	HKC Holdings Ltd		23
	2,390,397		Hongkong Land Holdings Ltd		9,943
	114	e	Hoshino Resorts REIT, Inc		493
	1,411,193		Host Hotels and Resorts, Inc		15,227
	60,049	*	Howard Hughes Corp		3,120
	1,264,235		Huaku Development Co Ltd		3,619
	308,742		Hudson Pacific Properties		7,768
	109,360		Hufvudstaden AB (Series A)		1,363
	170,000		Huijing Holdings Co Ltd		45
	213,855	e	Hulic Co Ltd		2,019
	1,037		Hulic Reit, Inc		1,289
	105,640	*	Hung Sheng Construction Co Ltd		64
	615,696		Hysan Development Co Ltd		1,988
	8,984		Icade		627
	143,125		Ichigo Holdings Co Ltd		361
	640		Ichigo Real Estate Investment Corp		445

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	360,000		IGB Real Estate Investment Trust	$	150
	20,100		Iguatemi Empresa de Shopping Centers S.A.		123
	28,617	e	Immobiliare Grande Distribuzione SIIQ S.p.A		113
	104,732	*,e	IMMOFINANZ AG.		1,790
	308,273		Independence Realty Trust, Inc		3,542
	440,423	*	Indiabulls Real Estate Ltd		284
	1,334		Industrial & Infrastructure Fund Investment Corp		2,154
	1,299,680	*	Industrial Buildings Corp		2,355
	256,549		Industrial Logistics Properties Trust		5,272
	2,836,283		Ingenia Communities Group		8,866
	354,565	*	Inmobiliaria Colonial S.A.		3,135
	42,888	e	Innovative Industrial Properties, Inc		3,775
	231,251	*,g	Instone Real Estate Group AG.		5,017
	75,725		InterRent Real Estate Investment Trust		799
	3,129		Intershop Holding AG.		1,873
	49,727	e	Intervest Offices		1,281
	4,748		Invesco Office J-Reit, Inc		617
	486,301		Investec Australia Property Fund		409
	125,438		Investec Property Fund Ltd		68
	11,930		Investors Real Estate Trust		841
	21,996		Invincible Investment Corp		5,709
	1,718,223		Invitation Homes, Inc		47,303
	303,400		IOI Properties Group BHD		70
	931,821		Irish Residential Properties REIT plc		1,480
	425,370		Iron Mountain, Inc		11,102
	6,300	*,e	IRSA Inversiones y Representaciones S.A. (ADR)		19
	65,273		iStar Inc		804
	254	*	ITOCHU Advance Logistics Investment Corp		320
	497,628		IWG plc		1,636
	944		Japan Excellent, Inc		1,097
	3,375		Japan Hotel REIT Investment Corp		1,400
	464		Japan Logistics Fund Inc		1,260
	974		Japan Prime Realty Investment Corp		2,857
	221		Japan Real Estate Investment Corp		1,134
	12,043		Japan Rental Housing Investments, Inc		11,216
	659		Japan Retail Fund Investment Corp		824
	26,189		JBG SMITH Properties		774
	39,448		Jernigan Capital, Inc		540
	53,900	*	JHSF Participacoes S.A.		70
	1,596,750	*,†	Jiangsu Future Land Co Ltd		7,615
	143,300		Jiangsu Zhongnan Construction Group Co Ltd		181
	1,102,000		Jiayuan International Group Ltd		456
	2,906,000		Jingrui Holdings Ltd		832
	127,700	*	Jinke Properties Group Co Ltd		148
	9,510	*	John Mattson Fastighetsforetagen AB		148
	53,852		Jones Lang LaSalle, Inc		5,572
	71,000		JY Grandmark Holdings Ltd		29
	1,717,329		K Wah International Holdings Ltd		744
	1,958,000		Kaisa Group Holdings Ltd		745
	9,250		Kaisa Prosperity Holdings Ltd		38
	345,452		Katitas Co Ltd		8,037
	16,300		Keihanshin Building Co Ltd		210
	426		Kenedix Realty Investment Corp		2,380

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,363	e	Kenedix Residential Investment Corp	$	5,811
	277		Kenedix Retail REIT Corp		519
	1,040,418		Kenedix, Inc		5,142
	387,432		Kennedy-Wilson Holdings, Inc		5,897
	1,125,617		Keppel DC REIT		2,061
	2,612,400		Keppel-KBS US REIT		1,849
	1,424,325		Kerry Properties Ltd		3,700
	24,150	*,e	K-fast Holding AB		651
	135,828		Killam Apartment Real Estate Investment Trust		1,753
	222,257		Kilroy Realty Corp		13,046
	91,291		Kimco Realty Corp		1,172
	2,733,000		Kindom Construction Co		2,891
	74,174		Kite Realty Group Trust		856
	881,048		Kiwi Property Group Ltd		599
	63,956		Klepierre		1,278
	815,831	e	Klovern AB (B Shares)		1,298
	33,508		Korea Real Estate Investment Trust Co		48
	1,362,091	e	K-REIT Asia		1,083
	291,522		Kungsleden AB		2,182
	1,110,108		KWG Property Holding Ltd		1,886
	118,887		Lai Sun Development Co Ltd		125
	130,519		Lamar Advertising Co		8,713
	20,764	*	Lamda Development S.A.		140
	5,964,245		Land and Houses PCL Co Reg		1,478
	202,795		Land Securities Group plc		1,386
	452,500		Langham Hospitality Investments Ltd		71
	35,563	e	Lar Espana Real Estate Socimi S.A.		186
	2,524		LaSalle Logiport REIT		3,887
	28,326		LEG Immobilien AG.		3,593
	591,848		Lend Lease Corp Ltd		5,115
	950,800		Lendlease Global Commercial REIT		468
	163,643	*,e	Leopalace21 Corp		321
	288,205	e	Lexington Realty Trust		3,041
	37,309		Life Storage, Inc		3,542
	46,036		Lifestyle Communities Ltd		301
	1,916,958		Link REIT		15,739
	1,000,740	e	Lippo-Mapletree Indonesia Retail Trust		98
	128,318		LOG Commercial Properties e Participacoes S.A.		777
	5,349,000		Logan Property Holdings Co Ltd		9,557
	429,678		London & Stamford Property plc		1,122
	1,488,561	g	Longfor Properties Co Ltd		7,125
	19,272		LOTTE Reit Co Ltd		89
	69,208		LSR Group PJSC (ADR)		137
	33,913		LTC Properties, Inc		1,278
	242,000		LVGEM China Real Estate Investment Co Ltd		73
	1,569,663		LXI REIT plc		2,213
	262,213	e	Macerich Co		2,352
	153,473		Mack-Cali Realty Corp		2,347
	271,461		Macquarie CountryWide Trust		632
	744,690		Macquarie MEAG Prime REIT		275
	1,099,176		Mah Sing Group BHD		137
	766,550		Manulife US Real Estate Investment Trust		582
	35,779	*,†,e	Mapeley Ltd		0	^
	2,002,384		Mapletree Commercial Trust		2,802

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,259,200		Mapletree Greater China Commercial Trust	$	846
	3,136,126		Mapletree Industrial Trust		6,524
	2,781,425	e	Mapletree Logistics Trust		3,905
	20,760	*	Marcus & Millichap, Inc		599
	673,792		Matrix Concepts Holdings BHD		285
	6,283	*	Maui Land & Pineapple Co, Inc		70
	209,500		MBK PCL		95
	472,699		Medical Properties Trust, Inc		8,887
	2,172,810		Medinet Nasr Housing		369
	13,688		Mega Or Holdings Ltd		306
	8,383,111		Megaworld Corp		516
	11,434		Melisron Ltd		432
	109,041		Mercialys S.A		914
	311,589		Merlin Properties Socimi S.A.		2,597
	24,114	*,e,g	Metrovacesa S.A.		166
	2,029,012	g	Mexico Real Estate Management S.A. de C.V.		2,082
	1,003,067		MGM Growth Properties LLC		27,293
	903		MID Reit, Inc		658
	86,713		Mid-America Apartment Communities, Inc		9,943
	20,271		Minto Apartment Real Estate REIT NPV		297
	15,479		Mirae Asset Maps Asia Pacific Real Estate Investment		52
	3,041		Mirai Corp		1,074
	4,125,606		Mirvac Group		6,232
	1,358,321		Mitsubishi Estate Co Ltd		20,241
	149		Mitsubishi Estate Logistics REIT Investment Corp		548
	480,679		Mitsui Fudosan Co Ltd		8,539
	937		Mitsui Fudosan Logistics Park, Inc		4,189
	5,500	*	Mobimo Holding AG.		1,596
	154,904	e	Monmouth Real Estate Investment Corp (Class A)		2,245
	16,175	e	Montea C.V.A		1,627
	21,755		Morguard North American Resid		234
	27,558		Morguard Real Estate Investment Trust		105
	1,936		Mori Hills REIT Investment Corp		2,439
	172		Mori Trust Hotel Reit, Inc		157
	535		Mori Trust Sogo Reit, Inc		660
	216,329		Multiplan Empreendimentos Imobiliarios S.A.		815
	85,963		National Health Investors, Inc		5,220
	102,580		National Retail Properties, Inc		3,640
	404,613		National Storage Affiliates Trust		11,596
	1,505,919		National Storage REIT		1,927
	428,000	e	Neo-China Land Group Holdings Ltd		50
	590,123		NEPI Rockcastle plc		3,027
	4,495		NESCO Ltd		25
	153,206		New Senior Investment Group, Inc		555
	281,417		Newmark Group, Inc		1,368
	40,853		Nexity		1,329
	127,112		NexPoint Residential Trust, Inc		4,493
	317		Nippon Accommodations Fund, Inc		1,833
	406		Nippon Building Fund, Inc		2,312
	3,181		Nippon ProLogis REIT, Inc		9,666
	384		NIPPON REIT Investment Corp		1,241
	82,951		Nomura Real Estate Holdings, Inc		1,544
	2,793		Nomura Real Estate Master Fund, Inc		3,345

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	107,091		Northview Apartment Real Estate Investment Trust	$	2,744
	87,010		NorthWest Healthcare Properties Real Estate Investment Trust		692
	10,565		NSI NV		408
	182,138	*	Nyfosa AB		1,250
	165,736		Oberoi Realty Ltd		801
	317,500		Oceanwide Holdings Co Ltd		170
	60,884		Office Properties Income Trust		1,581
	201,598		Omega Healthcare Investors, Inc		5,994
	25,843		One Liberty Properties, Inc		455
	202,764		Open House Co Ltd		6,953
	2,330,150		Origin Property PCL		414
	472		Orix JREIT, Inc		622
	1,117,474		OUE Commercial Real Estate Investment Trust		308
	346,830		Outfront Media, Inc		4,915
	846,215		Overseas Union Enterprise Ltd		725
	452,845		Oxley Holdings Ltd		77
	317,868	*	Palm Hills Developments SAE		23
	217,344		Paramount Group, Inc		1,676
	287,076		Park Hotels & Resorts, Inc		2,839
	214,424		Parkway Life Real Estate Investment Trust		515
	1,037,920		Parque Arauco S.A.		1,883
	52,898	*	Patrizia Immobilien AG.		1,283
	172,200		Pavilion Real Estate Investment Trust		64
	156,498		Pebblebrook Hotel Trust		2,138
	53,611		Phoenix Mills Ltd		416
	678,501		Physicians Realty Trust		11,887
	283,855		Picton Property Income Ltd		240
	213,461		Piedmont Office Realty Trust, Inc		3,546
	1,388,700		PLA Administradora Industrial S de RL de C.V.		1,616
	12,892		Plymouth Industrial REIT, Inc		165
	2,213,817		Poly Hong Kong Investment Ltd		671
	90,800	e	Poly Property Development Co Ltd		920
	549,299		Poly Real Estate Group Co Ltd		1,152
	97,377		PotlatchDeltic Corp		3,703
	34,500		Powerlong Commercial Management Holdings Ltd		80
	3,180,776		Precinct Properties New Zealand Ltd		3,240
	230,473		Preferred Apartment Communities, Inc		1,752
	709		Premier Investment Co		788
	131,002		Prestige Estates Projects Ltd		364
	857,348		Primary Health Properties plc		1,662
	244,000		Prime US REIT		192
	214,826		Prince Housing & Development Corp		74
	150,800		ProLogis Property Mexico S.A. de C.V.		270
	2,330,285		Prologis, Inc		217,486
	950		Property & Building Corp		57
	666,000		Prosperity REIT		199
	141,500		Pruksa Holding PCL		53
	46,839		PS Business Parks, Inc		6,201
	99,460		PSP Swiss Property AG.		11,203
	1,685,900	*	PT Bumi Serpong Damai		88
	2,336,440		PT Ciputra Development Tbk		101
	16,315,400	*,†	PT Hanson International Tbk		29
	7,765,040	*	PT Lippo Karawaci Tbk		93

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,700,600		PT Pakuwon Jati Tbk	$	108
	51,909,000		PT Puradelta Lestari Tbk		629
	2,078,800		PT Summarecon Agung Tbk		86
	197,840		Public Storage, Inc		37,964
	499,297	e	QTS Realty Trust, Inc		32,000
	1,805,422		Quality House PCL		131
	127,841		Radium Life Tech Co Ltd		45
	9,309	*	Rafael Holdings, Inc		134
	210,581		Rayonier, Inc		5,220
	134,274	e	Raysum Co Ltd		1,184
	147,940		RDI REIT plc		151
	29,505		Re/Max Holdings, Inc		927
	155,079	e	Realogy Holdings Corp		1,149
	319,835		Realty Income Corp		19,030
	238,000	g	Redco Properties Group Ltd		110
	1,225,818		Redefine Properties Ltd		236
	158,262	*	Redfin Corp		6,633
	223,000	*	Redsun Properties Group Ltd		73
	601,201		Regency Centers Corp		27,589
	1,439,149	g	Regional REIT Ltd		1,263
	240,678		Reit Ltd		883
	88,528		Relo Holdings, Inc		1,670
	217,424		Resilient REIT Ltd		543
	5,336	*	Retail Estates NV		360
	189,366		Retail Opportunities Investment Corp		2,146
	589,398		Retail Properties of America, Inc		4,314
	25,222		Retail Value, Inc		312
	1,659,715		Rexford Industrial Realty, Inc		68,762
	262,411		RioCan Real Estate Investment Trust		2,969
	92,500		RiseSun Real Estate Development Co Ltd		106
	218,976		RLJ Lodging Trust		2,067
	104,154		RMR Group, Inc		3,069
	968,000		Road King Infrastructure		1,316
	1,956,884	*	Robinsons Land Corp		691
	1,460,500		Ronshine China Holdings Ltd		1,296
	135,463		RPT Realty		943
	390,747		Ruentex Development Co Ltd		679
	563,331		Rural Funds Group		748
	65,135		Ryman Hospitality Properties		2,254
	408,873		Sabana Shari’ah Compliant Industrial REIT		103
	369,888		Sabra Healthcare REIT, Inc		5,337
	23,494		Safehold, Inc		1,351
	960,920		Safestore Holdings plc		8,661
	371,651	e	Sagax AB		1,168
	102,038	*,e	Samhallsbyggnadsbolaget i - D		318
	909,215	e	Samhallsbyggnadsbolaget i Norden AB		2,336
	70,200		SAMTY Co Ltd		894
	148		Samty Residential Investment Corp		145
	13,814,877		Sansiri PCL		342
	312,100	e	Sasseur Real Estate Investment Trust		167
	21,546	*	Saudi Real Estate Co		73
	10,638	e	Saul Centers, Inc		343
	207,649		Savills plc		2,118

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	193,147		SBA Communications Corp	$	57,542
	4,064,100		SC Asset Corp PCL		288
	6,139,753		Scentre Group		9,321
	276,455		Schroder Real Estate Investment Trust Ltd		103
	2,329,394		Segro plc		25,763
	3,552		Sekisui House Reit, Inc		2,280
	190,280		Selvaag Bolig ASA		1,129
	31,054	*,e	Seritage Growth Properties		354
	418,228		Service Properties Trust		2,965
	82,688	*	Shaftesbury plc		541
	1,379,744		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		1,072
	1,116,700		Shanghai Zhangjiang High-Tech Park Development Co Ltd		3,237
	6,503,334		Shenzhen Investment Ltd		2,070
	1,010,969		Shimao Property Holdings Ltd		4,322
	70,970	*	Shining Building Business Co Ltd		24
	2,463,482		Shopping Centres Australasia Property Group		3,714
	3,870,500		Shui On Land Ltd		653
	125		SIA Reit, Inc		301
	254,240		Siam Future Development PCL		38
	7,700		Sichuan Languang Justbon Services Group Co Ltd		50
	539,900		Sime Darby Property BHD		86
	334,417		Simon Property Group, Inc		22,867
	629,600		Singha Estate PCL		32
	3,871,763		Sino Land Co		4,899
	2,775,004		Sino-Ocean Land Holdings Ltd		668
	51,692		Sinyi Realty Co		48
	3,281,299		Sirius Real Estate Ltd		3,117
	207,898		SITE Centers Corp		1,684
	42,789		Six of October Development & Investment		24
	1,830		SK D&D Co Ltd		41
	562,000	*	Skyfame Realty Holdings Ltd		73
	112,160		SL Green Realty Corp		5,528
	22,585		Slate Retail REIT		162
	18,165,552		SM Prime Holdings		11,683
	70,867		Smart Real Estate Investment Trust		1,092
	10,769		Sobha Developers Ltd		32
	4,847,635	*	Soho China Ltd		1,713
	472,169		Soilbuild Business Space REIT		133
	569	*	SOSiLA Logistics REIT, Inc		686
	338,600		SP Setia BHD		67
	24,366	*	Sparkassen Immobilien AG.		437
	559,500		SPH REIT		353
	92,288		Spirit Realty Capital, Inc		3,217
	104,369		ST Modwen Properties plc		448
	26,655	*	St. Joe Co		518
	488,247		STAG Industrial, Inc		14,315
	210,468		Standard Life Investment Property Income Trust Ltd		158
	10,691	e	Star Asia Investment Corp		9,458
	109		Starts Proceed Investment Corp		208
	4,305,891		Stockland Trust Group		9,985
	729,534	e	Stor-Age Property REIT Ltd		576
	1,023,000	e	StorageVault Canada, Inc		2,404

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	535,527		STORE Capital Corp	$	12,751
	5,604	*	Stratus Properties, Inc		111
	138,990		Sumitomo Realty & Development Co Ltd		3,836
	90,775		Summit Hotel Properties, Inc		538
	76,658		Summit Industrial Income REIT		647
	63,481		Summit Real Estate Holdings Ltd		582
	448,533		Sun Communities, Inc		60,857
	291,600		Sun Frontier Fudousan Co Ltd		2,323
	1,428,655		Sun Hung Kai Properties Ltd		18,251
	1,992,522		Sunac China Holdings Ltd		8,432
	880,000	*,e	Suncity Group Holdings Ltd		146
	631,000		Sunlight Real Estate Investment Trust		315
	216,107		Sunstone Hotel Investors, Inc		1,761
	2,000,129		Suntec Real Estate Investment Trust		2,043
	12,539		Sunteck Realty Ltd		31
	366,300		Sunway Real Estate Investment		139
	1,434,100		Supalai PCL		782
	498,500		Swire Pacific Ltd (Class A)		2,649
	1,653,594		Swire Properties Ltd		4,222
	82,744		Swiss Prime Site AG.		7,676
	262,526		TAG Tegernsee Immobilien und Beteiligungs AG.		6,270
	268,700		Takara Leben Co Ltd		901
	7		Takara Leben Infrastructure Fu		7
	2,266	*	Takara Leben Real Estate Investment Corp		1,880
	214,640		Talaat Moustafa Group		78
	73,299	e	Tanger Factory Outlet Centers, Inc		523
	71,157		Taubman Centers, Inc		2,687
	18,455	*	Tejon Ranch Co		266
	227,674		Terreno Realty Corp		11,985
	22,080		TOC Co Ltd		140
	1,663,227	e	Tokyo Tatemono Co Ltd		19,144
	1,320,810		Tokyu Fudosan Holdings Corp		6,214
	1,355		Tokyu REIT, Inc		1,855
	343,446		Tosei Corp		3,633
	2,141		Tosei Reit Investment Corp		2,101
	2,086	*	Transcontinental Realty Investors, Inc		63
	222,481	e	Tricon Capital Group, Inc		1,499
	4,484,723		Tritax Big Box REIT plc		8,057
	9,903,995	e,g	Tritax EuroBox plc		12,458
	63,579		UDR, Inc		2,377
	268,400	*	UEM Land Holdings BHD		28
	404,462	e	UK Commercial Property REIT Ltd		299
	54,777		UMH Properties, Inc		708
	20,099	e	Unibail-Rodamco-Westfield		1,133
	8,520		Unibail-Rodamco-Westfield (Paris)		480
	442,866	*	Union Properties PJSC		36
	472,686		Unite Group plc		5,504
	5,189,478		United Development Co PSC		1,628
	2,259		United Urban Investment Corp		2,433
	295,730		Uniti Group, Inc		2,765
	10,996		Universal Health Realty Income Trust		874
	644,702		UOL Group Ltd		3,170
	87,152	e	Urban & Civic plc		252

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	243,038		Urban Edge Properties	$	2,885
	26,106		Urstadt Biddle Properties, Inc (Class A)		310
	5,941	e	Vastned Retail NV		127
	608,356		Ventas, Inc		22,278
	258,743		VEREIT, Inc		1,664
	1,149,311		VICI Properties, Inc		23,205
	4,445,853		Vicinity Centres		4,456
	666,000		Vista Land & Lifescapes, Inc		49
	41,898		Vornado Realty Trust		1,601
	183,974		Vukile Property Fund Ltd		82
	87,489		Wallenstam AB		1,015
	527,510		Warehouse REIT plc		719
	235,200		Warehouses De Pauw CVA		6,462
	89,872		Washington REIT		1,995
	324,216		Watkin Jones plc		610
	1,503,448		Waypoint REIT		2,715
	106,990		Weingarten Realty Investors		2,025
	671,879		Welltower, Inc		34,770
	62,957	e	Wereldhave NV		580
	1,201,122		Weyerhaeuser Co		26,977
	8,588,235		WHA Corp PCL		929
	1,297,638	e	Wharf Holdings Ltd		2,655
	1,738,360	e	Wharf Real Estate Investment Co Ltd		8,345
	247,000		Wheelock & Co Ltd		2,074
	69,479		Whitestone REIT		505
	402,610		Wihlborgs Fastigheter AB		6,623
	201,240		Wing Tai Holdings Ltd		259
	244,010		Workspace Group plc		1,979
	36,606		WP Carey, Inc		2,476
	47,546		WPT Industrial Real Estate Investment Trust		613
	169,078		Xenia Hotels & Resorts, Inc		1,577
	363,300		Xinhu Zhongbao Co Ltd		154
	84,000		Xinji Shaxi Group Co Ltd		31
	137,900		Yango Group Co Ltd		124
	1,273,287	*	Yanlord Land Group Ltd		1,078
	4,338		YH Dimri Construction & Development Ltd		114
	120,000		Yincheng International Holding Co Ltd		36
	714,144	*	Yoma Strategic Holdings Ltd		163
	157,700		YTL Hospitality REIT		39
	367,000		Yuexiu Real Estate Investment Trust		168
	18,812,000		Yuexiul Property Co Ltd		3,374
	1,497,963		Yuzhou Properties Co		653
	1,141,000	e	Zhenro Properties Group Ltd		716
	289,000	*	Zhongtian Financial Group Co Ltd		132
	330,000	*	Zhuguang Holdings Group Co Ltd		46
			TOTAL REAL ESTATE		3,445,286

RETAILING - 6.9%
	209,965	*	1-800-FLOWERS.COM, Inc (Class A)		4,203
	201,741		Aaron’s, Inc		9,159
	54,069		ABC-Mart, Inc		3,172
	105,422	e	Abercrombie & Fitch Co (Class A)		1,122
	884,841		Accent Group Ltd		864
	42,425		Adastria Holdings Co Ltd		675

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	104,761		Advance Auto Parts, Inc	$	14,923
	134,200	*	Aeon Co M BHD		32
	352,500	*	Alibaba Group Holding Ltd		9,512
	2,797,407	*	Alibaba Group Holding Ltd (ADR)		603,401
	289,900	*	AllHome Corp		43
	99,384		Alpen Co Ltd		1,546
	1,076,508	*,n	Amazon.com, Inc		2,969,892
	218,598	e	American Eagle Outfitters, Inc		2,383
	8,041	*	America’s Car-Mart, Inc		707
	547,469	*,e	AO World plc		983
	19,600		AOKI Holdings, Inc		114
	21,041		Aoyama Trading Co Ltd		144
	83,088	e	AP Eagers Ltd		392
	54,694		Arata Corp		2,457
	63,400		Arc Land Sakamoto Co Ltd		1,112
	7,358		Asahi Co Ltd		102
	43,833	*	Asbury Automotive Group, Inc		3,390
	48,000		ASKUL Corp		1,542
	478,395	*	ASOS plc		20,333
	74,832	*,e	At Home Group, Inc		486
	36,588		Autobacs Seven Co Ltd		462
	120,463	*,e	Autonation, Inc		4,527
	36,513	*	AutoZone, Inc		41,191
	4,437,453		B&M European Value Retail S.A.		21,843
	12,144	*,g	B&S Group Sarl		86
	3,195,481	*	B2W Companhia Global Do Varejo		62,904
	208,502	*,e	Baozun, Inc (ADR)		8,017
	352,492	e	Bed Bath & Beyond, Inc		3,736
	24,805		Belluna Co Ltd		140
	2,375,160		Berjaya Auto BHD		825
	754,835		Best Buy Co, Inc		65,874
	50,900		BIC CAMERA, Inc		541
	62,055	e	Big Lots, Inc		2,606
	257,420		Bilia AB		2,086
	558,700	*	Bintang Oto Global Tbk PT		55
	652,839	*	BJ’s Wholesale Club Holdings, Inc		24,331
	2,824,330	*	boohoo.com plc		14,463
	114,684	*	Booking Holdings, Inc		182,616
	25,114	*	Boot Barn Holdings, Inc		541
	20,408	*,g	Boozt AB		202
	537,000	*,†,e	Boshiwa International Holding		1
	107,467		Boyd Group Services, Inc		15,996
	50,268	e	Buckle, Inc		788
	139,804	*	Burlington Stores, Inc		27,532
	182,514		Burson Group Ltd		753
	24,000		C&A Modas Ltd		45
	68,269		Caleres, Inc		569
	270,441	e	Camping World Holdings, Inc		7,345
	73,084	e	Canadian Tire Corp Ltd		6,333
	627,256	*	CarMax, Inc		56,171
	69,908	*,e	Carvana Co		8,403
	18,277		Cato Corp (Class A)		150
	436,493		Chico’s FAS, Inc		602

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	349,159	e	Children’s Place, Inc	$	13,066
	110,000		China Animation Characters Co Ltd		29
	58,700		China Grand Automotive Services Co Ltd		27
	988,500	e	China Harmony New Energy Auto Holding Ltd		494
	3,364,000		China Meidong Auto Holdings Ltd		8,297
	228,500	e	China ZhengTong Auto Services Holdings Ltd		33
	8,816		Chiyoda Co Ltd		97
	2,248,600	*	Chow Tai Fook Jewellery Group Ltd		2,153
	17,666		Citi Trends, Inc		357
	317,000	*	City Telecom (HK) Ltd		183
	20,649		CJ O Shopping Co Ltd		1,914
	127,443	e	Clas Ohlson AB (B Shares)		1,428
	2,488,327		Com7 PCL (Foreign)		2,291
	92,061	*,e	Conn’s, Inc		929
	9,964	*,e	Container Store Group, Inc		32
	225,897		Core-Mark Holding Co, Inc		5,637
	1,517		Cuckoo Homesys Co Ltd		43
	347,779		DCM Japan Holdings Co Ltd		3,988
	123,797		Delek Automotive Systems Ltd		564
	113,167	*,g	Delivery Hero AG.		11,630
	105,811		Designer Brands, Inc		716
	106,611	*,e	Despegar.com Corp		765
	294,960		Dick’s Sporting Goods, Inc		12,170
	38,681		Dieteren S.A.		2,145
	13,392	e	Dillard’s, Inc (Class A)		345
	209,650		Dohome PCL		71
	510,620		Dollar General Corp		97,278
	594,506	*	Dollar Tree, Inc		55,099
	306,156		Dollarama, Inc		10,184
	710,300		Don Quijote Co Ltd		15,638
	11,900		Doshisha Co Ltd		180
	46,008		Dufry Group		1,378
	33,352	*,e	Duluth Holdings, Inc		246
	132,791		Dunelm Group plc		1,956
	34,484	g	Dustin Group AB		188
	953,204		eBay, Inc		49,996
	43,178		EDION Corp		439
	193,902	*	eDreams ODIGEO S.A.		540
	103,900	e	Enigmo, Inc		1,283
	6,449	*	Envela Corp		39
	205,940	*	Etsy, Inc		21,877
	669,338	g	Europris ASA		3,245
	470,795		Expedia Group Inc		38,699
	97,896	*,e	Express Parent LLC		151
	295,000		Far Eastern Department Stores Co Ltd		250
	794,663	*,e	Farfetch Ltd		13,724
	56,379		Fast Retailing Co Ltd		32,405
	15,894	*	Fawaz Abdulaziz Al Hokair & Co		80
	74,560	*	Five Below, Inc		7,971
	8,753	*,e	Fiverr International Ltd		646
	79,097	*	Floor & Decor Holdings, Inc		4,560
	35,050		Foot Locker, Inc		1,022
	52,587		Foschini Ltd		195
	9,700		Fuji Co Ltd		169

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	43,075	*,e	Funko, Inc	$	250
	29,279	*	Future Enterprises Ltd		49
	15,632		Future Lifestyle Fashions Ltd		30
	258,380	*,e	GameStop Corp (Class A)		1,121
	37,616		Gap, Inc		475
	21,536	*	Genesco, Inc		466
	34,382		Genuine Parts Co		2,990
	16,100		Geo Holdings Corp		202
	618,000		Giordano International Ltd		94
	996,291	e	Gocompare.Com Group plc		1,192
	5,696,494	*,e	GOME Electrical Appliances Holdings Ltd		955
	146,000	*	Grand Baoxin Auto Group Ltd		22
	15,045	*,e	Greenlane Holdings Inc		60
	30,555		Group 1 Automotive, Inc		2,016
	9,359		Groupe Fnac		389
	35,695	*,e	Groupon, Inc		647
	24,982	*	GrowGeneration Corp		171
	544,738	*	GrubHub, Inc		38,295
	21,400	*	Grupo SBF S.A.		129
	8,732		GS Home Shopping, Inc		797
	77,035	e	Guess?, Inc		745
	35,300		Gulliver International Co Ltd		163
	638,756		Halfords Group plc		1,203
	47,525		Hankyu Department Stores, Inc		318
	421,424	e	Harvey Norman Holdings Ltd		1,036
	16,710		Haverty Furniture Cos, Inc		267
	457,114	*	HelloFresh SE		24,453
	4,972,000	*,e	HengTen Networks Group Ltd		93
	714,557	e	Hennes & Mauritz AB (B Shares)		10,430
	23,222	*,e	Hibbett Sports, Inc		486
	43,690		Hikari Tsushin, Inc		9,990
	2,860,724		Home Depot, Inc		716,640
	6,048,884		Home Product Center PCL (Foreign)		3,038
	31,508		Hornbach Baumarkt AG.		1,016
	44,365		Hornbach Holding AG. & Co KGaA		3,678
	440,618		Hotai Motor Co Ltd		10,565
	18,146		Hotel Shilla Co Ltd		1,079
	2,285,000	*,†	Hsin Chong Group Holdings Ltd		3
	487,606	*	Hudson Ltd		2,375
	9,480		Hyundai Department Store Co Ltd		446
	9,347		Hyundai Home Shopping Network Corp		501
	877,299		Inchcape plc		5,332
	1,307,548		Industria De Diseno Textil S.A.		34,694
	208,775		Isetan Mitsukoshi Holdings Ltd		1,201
	24,800		Izumi Co Ltd		786
	124,100		J Front Retailing Co Ltd		830
	40,291		Jardine Cycle & Carriage Ltd		588
	75,584		Jarir Marketing Co		2,963
	327,272		JB Hi-Fi Ltd		9,792
	439,199		JD Sports Fashion plc		3,380
	1,737,278	*	JD.com, Inc (ADR)		104,549
	7,442		Jin Co Ltd		453
	8,220		Joshin Denki Co Ltd		165

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	45,774	e	Joyful Honda Co Ltd	$	604
	87,654		JUMBO S.A.		1,576
	66,910	*,g	Just Eat Takeaway		6,977
	22,987		Keiyo Co Ltd		158
	111,682		Kering		61,059
	1,604,042		Kingfisher plc		4,413
	4,200	e	Kintetsu Department Store Co Ltd		118
	111,347		Kogan.com Ltd		1,143
	107,803		Kohl’s Corp		2,239
	87,600		Kohnan Shoji Co Ltd		2,762
	207,095		Komeri Co Ltd		5,312
	157,528		K’s Holdings Corp		2,152
	110,656		L Brands, Inc		1,657
	21,347	*,e	Lands’ End, Inc		172
	70,700		Liaoning Cheng Da Co Ltd		190
	96,500	*	Lifestyle China Group Ltd		23
	233,500		Lifestyle International Holdings Ltd		193
	44,364	*	Liquidity Services, Inc		264
	51,748		Lithia Motors, Inc (Class A)		7,831
	11,700		LIXIL VIVA Corp		283
	145,736	*	LKQ Corp		3,818
	993,490		Lojas Americanas S.A. (Preference)		5,879
	996,917		Lojas Renner S.A.		7,663
	2,187		LOTTE Himart Co Ltd		70
	6,950		Lotte Shopping Co Ltd		464
	29,751	e	Lovisa Holdings Ltd		124
	2,052,684		Lowe’s Companies, Inc		277,359
	394,561		Luk Fook Holdings International Ltd		858
	44,490	*,e	Lumber Liquidators, Inc		617
	525,250	e	Macy’s, Inc		3,614
	728,509		Magazine Luiza S.A.		9,599
	24,218	g	Maisons du Monde S.A.		320
	846,428	*	MakeMyTrip Ltd		12,967
	686,400	*,e,g	Maoyan Entertainment		1,054
	53,603	*	MarineMax, Inc		1,200
	29,300	*	Marisa Lojas S.A.		45
	6,050,725	*	Marks & Spencer Group plc		7,420
	118,609		Marui Co Ltd		2,146
	19,447	*	Matas A.S.		173
	14,616	e	Matsuya Co Ltd		93
	12,200	e	Media Do Holdings Co Ltd		500
	3,295,200	*	Meituan Dianping (Class B)		73,636
	122,365	e	Mekonomen AB		875
	16,479	*	MercadoLibre, Inc		16,244
	59,400	*	Mercari, Inc		1,844
	364,865	*	Metro AG.		1,273
	129,035	*,e	Michaels Cos, Inc		912
	174,436		Mobilezone Holding AG.		1,524
	98,000		momo.com, Inc		2,383
	1,246,999		Moneysupermarket.com Group plc		5,002
	29,186	e	Monro Muffler, Inc		1,603
	36,072	e	Motus Holdings Ltd		64
	1,294,761		Mr Price Group Ltd		10,706
	50,500	*,g	Mulsanne Group Holding Ltd		48

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	24,449	*	Murphy USA, Inc	$	2,753
	13,610	*	Musti Group Oyj		246
	640,409		Naspers Ltd (N Shares)		117,695
	173,445	*	National Vision Holdings, Inc		5,294
	564,592	e	New Carphone Warehouse plc		627
	207,161		Next plc		12,543
	378,700	e	Nextage Co Ltd		3,051
	55,787		Nishimatsuya Chain Co Ltd		576
	125,704		Nitori Co Ltd		24,647
	181,400		Nojima Corp		4,591
	60,189	e	Nordstrom, Inc		932
	403,647	*	Ocado Ltd		10,144
	1,049,520		Office Depot, Inc		2,466
	10,900	*	Oisix ra daichi, Inc		213
	60,451	*,e	Ollie’s Bargain Outlet Holdings, Inc		5,903
	76,936	g	On the Beach Group plc		280
	11,575	*	OneWater Marine, Inc		281
	5,884	*,e	Open Door, Inc		71
	144,530	*	O’Reilly Automotive, Inc		60,944
	81,670	*	Overstock.com, Inc		2,322
	1,041,800		Padini Holdings BHD		609
	10,728		Pal Co Ltd		129
	65,932		Paltac Corp		3,042
	21,780	*	PC Home Online		88
	55,248		Penske Auto Group, Inc		2,139
	699,638	e,g	Pepkor Holdings Ltd		443
	16,565	e	PetMed Express, Inc		590
	1,299,300		Petrobras Distribuidora S.A.		5,149
	694,842		Pets at Home Group plc		2,056
	413,230	*	Pinduoduo, Inc (ADR)		35,472
	57,998		Pool Corp		15,768
	5,891,500	*	Pou Sheng International Holdings Ltd		1,358
	15,701		Poya Co Ltd		310
	291,115		Premier Investments Ltd		3,510
	531,220	*	Prosus NV		49,381
	3,523,500	*	PT ACE Hardware Indonesia Tbk		373
	72,965,300	*	PT Matahari Department Store Tbk		8,286
	26,971,600	*	PT Mitra Adiperkasa Tbk		1,477
	6,565,900	*	PT Ramayana Lestari Sentosa Tbk		275
	948,800		PTG Energy PCL		502
	2,952,500		PTG Energy PCL (Foreign)		1,562
	334,980	*	Quotient Technology, Inc		2,452
	594,885	*	Qurate Retail Group, Inc QVC Group		5,651
	807,265	*	Rakuten, Inc		7,131
	92,348	*	Real Matters, Inc		1,801
	92,075	*,e	RealReal, Inc		1,178
	193,959		Rent-A-Center, Inc		5,396
	32,520	*,e	RH		8,094
	177,914		Ripley Corp S.A.		58
	36,997	*,g	Rocket Internet SE		797
	685,432		Ross Stores, Inc		58,426
	468,761	*	Rubicon Project, Inc		3,127
	174,000		Ryohin Keikaku Co Ltd		2,475

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	565,831	e	SA SA International Holdings Ltd	$	96
	963,015		SACI Falabella		3,048
	177,042	*	Sally Beauty Holdings, Inc		2,218
	27,800		Sanrio Co Ltd		431
	83,716		Saudi Co For Hardware CJSC		994
	6,037	*	Seobu Truck Terminal Co Ltd		33
	99,200		Seria Co Ltd		3,538
	245,500		Shanghai Yuyuan Tourist Mart Group Co Ltd		309
	20,706		Shimachu Co Ltd		575
	21,892		Shimamura Co Ltd		1,483
	4,370		Shinsegae Co Ltd		809
	635		Shinsegae International Co Ltd		84
	178,000	*	Shirble Department Stores		19
	7,960	e	Shoe Carnival, Inc		233
	14,669	*,e,g	Shop Apotheke Europe NV		1,754
	17,544		Shutterstock, Inc		614
	86,536	e	Signet Jewelers Ltd		889
	41,947	g	Sleep Country Canada Holdings, Inc		497
	68,306	*	Sleep Number Corp		2,844
	90,655	*,e,g	SMCP S.A.		444
	132,922		Sonic Automotive, Inc (Class A)		4,242
	464,641	*,e	Sports Direct International plc		1,761
	109,860	*	Sportsman’s Warehouse Holdings, Inc		1,565
	24,426	*	Stamps.com, Inc		4,487
	188,630	e	Start Today Co Ltd		4,205
	60,628	*,e	Stitch Fix Inc		1,512
	315,900	*	Suning.com Co Ltd		393
	407,218		Super Cheap Auto Group Ltd		2,291
	85,713	*	Super Group Ltd		79
	58,173	*	Super Retail Group Ltd		39
	331,400	e	Takashimaya Co Ltd		2,775
	39,315	*,g	Takeaway.com Holding BV		4,109
	97,062	*	Takkt AG.		994
	1,266,397		Target Corp		151,879
	10,069		Telepark Corp		190
	920,000	*	Temple & Webster Group Ltd		4,036
	38,000		Test-Rite International Co		27
	201,175		Tiffany & Co		24,531
	31,623		Tilly’s, Inc		179
	3,097,639		TJX Companies, Inc		156,617
	93,363		Tokmanni Group Corp		1,385
	653,400	*,e	Tongcheng-Elong Holdings Ltd		1,187
	3,648,054	g	Topsports International Holdings Ltd		4,693
	141,810		Tractor Supply Co		18,689
	381,025	*,g	Trainline plc		2,053
	791,138	*	Trip.com Group Ltd (ADR)		20,506
	379,933		Truworths International Ltd		745
	164,644	*	Ulta Beauty, Inc		33,492
	10,999		United Arrows Ltd		187
	6,861		United Electronics Co		101
	95,897	*	Urban Outfitters, Inc		1,460
	128,221	*	US Auto Parts Network, Inc		1,110
	220,043		USS Co Ltd		3,527
	28,200	*,e	Uxin Ltd (ADR)		40

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,933	e	Valora Holding AG.	$	371
	1,016,800	*	Via Varejo S.A.		2,863
	1,032,700	*	Vipshop Holdings Ltd (ADR)		20,561
	1,763		V-Mart Retail Ltd		41
	41,188		VT Holdings Co Ltd		135
	335,346	*,e	Waitr Holdings Inc		882
	103,056	*,e	Wayfair, Inc		20,365
	547,185	e	Webjet Ltd		1,279
	1,611,994		Wesfarmers Ltd		50,120
	4,834		Weyco Group, Inc		104
	178,658		WH Smith plc		2,432
	340,700		Wilcon Depot, Inc		106
	118,775		Williams-Sonoma, Inc		9,741
	9,974		Winmark Corp		1,708
	2,826,191		Woolworths Holdings Ltd		5,401
	19,000		Workman Co Ltd		1,681
	61,900		World Co Ltd		945
	176,200		Wuchan Zhongda Group Co Ltd		105
	115,100		Xebio Co Ltd		897
	1,733,994		Yamada Denki Co Ltd		8,601
	166,434		Yellow Hat Ltd		2,293
	14,400		Yume No Machi Souzou Iinkai Co Ltd		209
	227,783	*,g	Zalando SE		16,159
	342,000		Zhongsheng Group Holdings Ltd		1,913
	10,048	*	zooplus AG.		1,650
	113,971	*	Zumiez, Inc		3,121
			TOTAL RETAILING		7,312,461

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.9%
	110,655	*	Acacia Communications, Inc		7,435
	48,615		A-DATA Technology Co Ltd		95
	58,936	*	Advanced Energy Industries, Inc		3,995
	2,527,267	*	Advanced Micro Devices, Inc		132,960
	2,641		Advanced Process Systems Corp		52
	32,483		Advanced Wireless Semiconductor Co		101
	304,100		Advantest Corp		17,355
	83,941	*	Aixtron AG.		1,012
	13,000	*	Alchip Technologies Ltd		222
	17,044	*	Alpha & Omega Semiconductor Ltd		185
	28,946	*	Ambarella, Inc		1,326
	484,529	*	Amkor Technology, Inc		5,965
	406,426	*	ams AG.		6,059
	719,817		Analog Devices, Inc		88,278
	4,206,667		Applied Materials, Inc		254,293
	94,738		Ardentec Corp		103
	2,810,963		ASE Industrial Holding Co Ltd		6,474
	145,305		ASM International NV		22,369
	438,856		ASM Pacific Technology		4,638
	5,884		ASMedia Technology, Inc		288
	700,416		ASML Holding NV		256,221
	5,000		ASPEED Technology, Inc		212
	12,492	*	Atomera, Inc		112
	8,235	*	Atto Co Ltd		31

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	136,265	*	Axcelis Technologies, Inc	$	3,795
	36,882	*	AXT, Inc		176
	62,278		BE Semiconductor Industries NV		2,761
	1,074,064		Broadcom, Inc		338,985
	274,475		Brooks Automation, Inc		12,143
	31,260		Cabot Microelectronics Corp		4,362
	18,984	*	Ceva, Inc		710
	23,000		Chang Wah Technology Co Ltd		24
	11,538	*,†	China Energy Savings Technology, Inc		0
	953,000		Chipbond Technology Corp		2,091
	222,436		ChipMOS Technologies, Inc		256
	47,949	*	Cirrus Logic, Inc		2,962
	62,291		Cohu, Inc		1,080
	983,598	*	Cree, Inc		58,219
	16,114	*	CyberOptics Corp		519
	415,569	e	Dainippon Screen Manufacturing Co Ltd		19,524
	2,100	*	Daqo New Energy Corp (ADR)		156
	621,592	*	Dialog Semiconductor plc		28,412
	103,762	*	Diodes, Inc		5,261
	32,080		Disco Corp		7,824
	241,349		Dongbu HiTek Co Ltd		5,851
	71,792	*	DSP Group, Inc		1,140
	102,400		Elan Microelectronics Corp		421
	58,000		Elite Semiconductor Memory Technology, Inc		77
	5,188		Elmos Semiconductor AG.		126
	19,571		eMemory Technology, Inc		325
	248,129	*,e	Enphase Energy, Inc		11,804
	216,892		Entegris, Inc		12,807
	1,903		Eo Technics Co Ltd		151
	22,000	*	Episil-Precision, Inc		50
	309,000		Epistar Corp		389
	592,000		Everlight Electronics Co Ltd		626
	51,060		Faraday Technology Corp		81
	160,300		Ferrotec		972
	126,806	*	First Solar, Inc		6,277
	74,000		Forhouse Corp		27
	377,505	*	Formfactor, Inc		11,072
	34,000		Formosa Advanced Technologies Co Ltd		44
	239,200		Formosa Sumco Technology Corp		1,116
	213,850		Foxsemicon Integrated Technology, Inc		1,316
	3,144,000	*,e	GCL Poly Energy Holdings Ltd		89
	371,500	*	GCL System Integration Technology Co Ltd		137
	7,397	*	GemVax & Kael Co Ltd		120
	22,120		Gigadevice Semiconductor Beijing, Inc		742
	16,000	*	Global Lighting Technologies, Inc		69
	19,000		Global Unichip Corp		164
	312,000		Globalwafers Co Ltd		4,297
	126,633		Globetronics Technology BHD		64
	62,000		Greatek Electronics, Inc		98
	11,708	*	GSI Technology, Inc		84
	66,500		Hangzhou Silan Microelectronics Co Ltd		139
	4,905		Hanmi Semiconductor Co Ltd		31
	42,000		Holtek Semiconductor, Inc		95
	728,200	*,e,g	Hua Hong Semiconductor Ltd		2,553

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	634,651		Hynix Semiconductor, Inc	$	45,313
	46,613	*	Ichor Holdings Ltd		1,239
	110,401	*,e	Impinj, Inc		3,033
	2,697,552		Infineon Technologies AG.		63,210
	1,451	*	Innox Advanced Materials Co Ltd		54
	290,619	*	Inphi Corp		34,148
	10,873,435		Intel Corp		650,558
	1,262,380	*,e	IQE plc		799
	1,522	*	ITM Semiconductor Co Ltd		75
	97,725		Japan Material Co Ltd		1,541
	24,000	*	Jentech Precision Industrial Co Ltd		232
	258,715	*,e	JinkoSolar Holding Co Ltd (ADR)		4,582
	360,000		King Yuan Electronics Co Ltd		422
	111,000		Kinsus Interconnect Technology Corp		266
	137,580		KLA Corp		26,757
	13,436		Koh Young Technology, Inc		1,123
	3,400		L&F Co Ltd		88
	572,722		Lam Research Corp		185,253
	16,800		Land Mark Optoelectronics Corp		166
	160,848		Lasertec Corp		15,205
	514,756	*	Lattice Semiconductor Corp		14,614
	3,537		LEENO Industrial Inc		335
	41,000	*	Lite-On Semiconductor Corp		57
	181,050		LONGi Green Energy Technology Co Ltd		1,047
	7,278		Machvision, Inc		77
	69,660	*	MACOM Technology Solutions Holdings, Inc		2,393
	489,000		Macronix International		519
	17,500		Malaysian Pacific Industries BHD		45
	17,000	*	Marketech International Corp		50
	3,508,098		Marvell Technology Group Ltd		122,994
	653,419		Maxim Integrated Products, Inc		39,604
	83,574	*	MaxLinear, Inc		1,794
	2,928,565		MediaTek, Inc		57,900
	23,800	*	Megachips Corp		461
	10,908	e	Melexis NV		830
	225,476		Microchip Technology, Inc		23,745
	2,372,188	*	Micron Technology, Inc		122,215
	14,500		Micronics Japan Co Ltd		153
	40,700		Mimasu Semiconductor Industry Co Ltd		881
	80,400		Mitsui High-Tec, Inc		1,200
	124,357		MKS Instruments, Inc		14,082
	145,235		Monolithic Power Systems, Inc		34,421
	94,195	*	Nanometrics, Inc		3,206
	721,000		Nanya Technology Corp		1,504
	482,860	*	Neo Solar Power Corp		108
	481,777	*	NeoPhotonics Corp Ltd		4,278
	3,730		NEPES Corp		90
	77,709	*	Nordic Semiconductor ASA		596
	36,109	*	Nova Measuring Instruments Ltd		1,740
	942,452		Novatek Microelectronics Corp Ltd		7,324
	26,000	*	Nuvoton Technology Corp		34
	15,348		NVE Corp		949
	1,421,789		NVIDIA Corp		540,152

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,846,684		NXP Semiconductors NV	$	210,596
	396,691	*	ON Semiconductor Corp		7,862
	56,475		Optorun Co Ltd		1,324
	54,100		Pan Jit International, Inc		52
	21,401		Parade Technologies Ltd		717
	82,439	*	PDF Solutions, Inc		1,613
	87,195	*	Phison Electronics Corp		877
	104,316	*	Photronics, Inc		1,161
	40,613		Pixart Imaging, Inc		235
	78,441	*	Pixelworks, Inc		253
	28,883		Power Integrations, Inc		3,412
	540,597		Powertech Technology, Inc		1,973
	135,142	*	Qorvo, Inc		14,937
	3,522,763		QUALCOMM, Inc		321,311
	2,721,000		Radiant Opto-Electronics Corp		11,017
	448,151	*	Rambus, Inc		6,812
	925,598		Realtek Semiconductor Corp		9,434
	10,137,715	*	Renesas Electronics Corp		52,112
	2,984		RFHIC Corp		90
	12,000	*	RichWave Technology Corp		77
	664,406		Rohm Co Ltd		44,177
	14,400		Rorze Corp		719
	7,400		RS Technologies Co Ltd		239
	190,838		Sanan Optoelectronics Co Ltd		678
	52,907		Sanken Electric Co Ltd		1,042
	29,000		SDI Corp		48
	2,629,147	*,e	Semiconductor Manufacturing International Corp		9,223
	151,728	*	Semtech Corp		7,923
	8,737		Seoul Semiconductor Co Ltd		99
	6,600		SG Micro Corp		286
	58,000	*,e	Shanghai Fudan Microelectronics Group Co Ltd		69
	21,300		Shenzhen Goodix Technology Co Ltd		675
	3,440		Shindengen Electric Manufacturing Co Ltd		69
	660,100		Shinko Electric Industries		8,961
	9,000	*	ShunSin Technology Holding Ltd		34
	155,116		Sigurd Microelectronics Corp		215
	95,588		Silergy Corp		6,262
	57,674	*	Silicon Laboratories, Inc		5,783
	2,617		Silicon Works Co Ltd		85
	29,274		Siltronic AG.		3,002
	997,000		Sino-American Silicon Products, Inc		3,233
	6,506	*,e	SiTime Corp		308
	144,000		Sitronix Technology Corp		757
	974,701		Skyworks Solutions, Inc		124,625
	5,210	*	SMA Solar Technology AG.		162
	11,887	*	SMART Global Holdings, Inc		323
	11,449	*,e	SOITEC		1,275
	4,529	*	SolarEdge Technologies, Inc		629
	885,364		STMicroelectronics NV		24,133
	16,486	*	STS Semiconductor & Telecommunications		69
	2,605,316	*	Sumco Corp		40,054
	66,898	*,e	SunPower Corp		512
	324,600		SVI PCL (Foreign)		29
	48,227	*	Synaptics, Inc		2,899

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	47,000		Taiwan Semiconductor Co Ltd	$	64
	40,870,458		Taiwan Semiconductor Manufacturing Co Ltd		436,477
	1,156,442		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		65,651
	1,350,000		Taiwan Surface Mounting Technology Co Ltd		6,003
	265,763		Teradyne, Inc		22,460
	3,184		TES Co Ltd		57
	1,361,185		Texas Instruments, Inc		172,830
	122,600		Tianjin Zhonghuan Semiconductor Co Ltd		391
	122,900		Tianshui Huatian Technology Co Ltd		236
	1,058		Tokai Carbon Korea Co Ltd		77
	79,689		Tokyo Electron Ltd		19,663
	21,100		Tokyo Seimitsu Co Ltd		677
	50,800	*	TongFu Microelectronics Co Ltd		181
	971,185		Topco Scientific Co Ltd		3,609
	4,631		Toptec Co Ltd		74
	129,789	*	Tower Semiconductor Ltd		2,470
	4,300	*,e	Tri Chemical Laboratories, Inc		464
	1,746,000	*,†	Trony Solar Holdings Co Ltd.		2
	3,958	*,e	U-Blox AG.		271
	45,627		UKC Holdings Corp		888
	105,554	*	Ultra Clean Holdings		2,389
	31,844	e	Ulvac, Inc		924
	28,781,071		United Microelectronics Corp		15,560
	108,750		Universal Display Corp		16,271
	973,628		Vanguard International Semiconductor Corp		2,589
	86,115	*	Veeco Instruments, Inc		1,162
	45,000	*	Via Technologies, Inc		52
	82,300	*	Visionox Technology, Inc		167
	33,068	*	Visual Photonics Epitaxy Co Ltd		103
	36,700		ViTrox Corp BHD		78
	109,975		Wafer Works Corp		126
	29,200		Will Semiconductor Ltd		840
	1,335,000		Win Semiconductors Corp		13,630
	1,943,000		Winbond Electronics Corp		887
	6,678	*	WONIK IPS Co Ltd		200
	97,200		Wuxi Taiji Industry Co Ltd		163
	27,690	*,e,g	X-Fab Silicon Foundries SE		106
	291,951		Xilinx, Inc		28,725
	37,000	*	XinTec, Inc		143
	4,363,000		Xinyi Solar Holdings Ltd		4,196
	52,200		Zhejiang Jingsheng Mechanical & Electrical Co Ltd		183
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		5,151,358

SOFTWARE & SERVICES - 11.2%
	12,200	*,e	21Vianet Group, Inc (ADR)		291
	135,797	*,e	2U, Inc		5,155
	168,700		360 Security Technology, Inc		438
	134,710	*	8x8, Inc		2,155
	122,429	*	A10 Networks, Inc		834
	1,149,798		Accenture plc		246,885
	116,427	*	ACI Worldwide, Inc		3,142
	579,357	*	Adobe, Inc		252,200
	68,882	*,g	Adyen NV		100,257

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	697,394	*	Afterpay Touch Group Ltd	$	30,119
	876,000	*	AGTech Holdings Ltd		43
	1,265		Ahnlab, Inc		53
	1,000	*	AI inside, Inc		301
	117,500	*	Aisino Corp		271
	364,886	*	Akamai Technologies, Inc		39,076
	65,556	*	Alarm.com Holdings, Inc		4,249
	98,853	*,g	Alfa Financial Software Holdings plc		89
	65,287		Alliance Data Systems Corp		2,946
	2,700	*,e	Alpha Systems, Inc		93
	38,845	*,e	Altair Engineering, Inc		1,544
	30,781	*	Alten		2,660
	65,175	*,e	Alteryx, Inc		10,707
	113,626		Altium Ltd		2,574
	476,768		Amadeus IT Holding S.A.		25,031
	214,500		Amdocs Ltd		13,059
	40,750		American Software, Inc (Class A)		642
	1,057,579	*	Anaplan, Inc		47,919
	73,227	*	Ansys, Inc		21,363
	199,724		Appen Ltd		4,742
	14,048	*	Appfolio, Inc		2,286
	29,123	*,e	Appian Corp		1,493
	8,100		Argo Graphics, Inc		254
	117,860	*	Aspen Technology, Inc		12,211
	61,512		Asseco Poland S.A.		1,030
	28,797	*	Asure Software, Inc		185
	151,470	*	Atlassian Corp plc		27,306
	118,487		Atos Origin S.A.		10,158
	3,630		Aubay		114
	385,134	*	Autodesk, Inc		92,120
	656,019		Automatic Data Processing, Inc		97,675
	124,619	*	Avalara, Inc		16,586
	2,171,803	g	Avast plc		14,195
	188,196	*	Avaya Holdings Corp		2,326
	56,111		Aveva Group plc		2,845
	55,400	*,e	BASE, Inc		2,335
	5,010	*	BasWare OYJ		168
	126,224		Bechtle AG.		22,372
	16,700	*	Beijing E-Hualu Information Technology Co Ltd		133
	42,000		Beijing Shiji Information Technology Co Ltd		233
	69,500		Beijing Sinnet Technology Co Ltd		259
	69,504	*	Benefitfocus, Inc		748
	38,515	*	Bill.Com Holdings, Inc		3,474
	358,848	*	Black Knight, Inc		26,038
	59,215		Blackbaud, Inc		3,380
	522,491	*	Blackberry Ltd (New)		2,548
	96,967	*	Blackline, Inc		8,040
	272,532	*,e	Blue Prism Group plc		3,835
	307,720		Booz Allen Hamilton Holding Co		23,938
	94,638	*	Bottomline Technologies, Inc		4,805
	475,080	*	Box, Inc		9,863
	137,640		Bravura Solutions Ltd		434
	181,341	*	Brightcove, Inc		1,429
	52,400		Broadleaf Co Ltd		257

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	163,167		Broadridge Financial Solutions, Inc	$	20,590
	96,775	*	CACI International, Inc (Class A)		20,989
	513,467	*	Cadence Design Systems, Inc		49,272
	27,102	*	Cafe24 Corp		1,205
	57,264	*	Cancom SE		3,053
	408,129		Cap Gemini S.A.		47,099
	31,510	*	Cardtronics plc		756
	12,908		Cass Information Systems, Inc		504
	198,962		CDK Global, Inc		8,241
	48,160	*	Cerence Inc		1,967
	150,055	*	Ceridian HCM Holding, Inc		11,895
	257,230	*	CGI, Inc		16,206
	3,900	*	Change, Inc		273
	249,522	*	ChannelAdvisor Corp		3,952
	302,600	*,e	Chatwork Co Ltd		4,767
	166,522	*	Check Point Software Technologies		17,889
	2,604,000	*	China Innovationpay Group Ltd		433
	23,700		China National Software & Service Co Ltd		267
	61,800	*	China TransInfo Technology Co Ltd		211
	11,296,000	e	Chinasoft International Ltd		6,223
	781,413		Cielo S.A.		664
	126,036		Citrix Systems, Inc		18,642
	503,193	*,e	Cloudera, Inc		6,401
	10,108	*	Cloudflare, Inc		363
	446,834		Cognizant Technology Solutions Corp (Class A)		25,389
	150,884	*	Commvault Systems, Inc		5,839
	230,595		Computacenter plc		4,674
	61,000		Computer Engineering & Consulting Ltd		967
	475,546		Computershare Ltd		4,403
	11,788		Comture Corp		307
	286,603	*	Conduent, Inc		685
	23,043		Constellation Software, Inc		26,018
	428,186		CoreLogic Inc		28,783
	86,682	*	Cornerstone OnDemand, Inc		3,342
	45,113	*	Coupa Software, Inc		12,498
	57,164	*,e,g	Crayon Group Holding ASA		377
	119,625	*	Crowdstrike Holdings, Inc		11,997
	79,425		CSG Systems International, Inc		3,287
	35,753	*	CyberArk Software Ltd		3,549
	136,400		Cybozu, Inc		4,281
	360,086		Dassault Systemes S.A.		62,508
	80,341		Data#3 Ltd		254
	87,813	*	Datadog, Inc		7,635
	2,198		Datagroup SE		133
	536,745	*	Descartes Systems Group, Inc		28,336
	3,140		Devoteam S.A.		259
	155,300		DHC Software Co Ltd		276
	11,025	*,e	Digimarc Corp		176
	6,100		Digital Arts, Inc		496
	2,338,000		Digital China Holdings Ltd		1,518
	17,713		Digital Garage, Inc		567
	211,365	*	Digital Turbine, Inc		2,657
	218,446	*,e	DocuSign, Inc		37,619

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	133,374	*	Domo, Inc	$	4,291
	437,907	*	Dropbox, Inc		9,533
	221,600		DTS Corp		4,573
	13,801		DuzonBIzon Co Ltd		1,179
	311,432		DXC Technology Co		5,139
	371,799	*	Dynatrace, Inc		15,095
	13,700	*	Ebase Co Ltd		175
	22,321	e	Ebix, Inc		499
	70,822	e	Econocom Group S.A.		144
	154,530		Edenred		6,777
	17,497	*	eGain Corp		194
	102,978	*	Elastic NV		9,496
	46,256		Ementor ASA		448
	426,718	*,e	EML Payments Ltd		1,004
	105,619	*	Endurance International Group Holdings, Inc		426
	68,302		Enghouse Systems Ltd		3,648
	46,620	*	Envestnet, Inc		3,428
	42,703	*	EPAM Systems, Inc		10,762
	204,027	g	Equiniti Group plc		369
	35,948	*	Euronet Worldwide, Inc		3,445
	7,903	*	Everbridge, Inc		1,093
	402,860	*	Everi Holdings, Inc		2,079
	234,244		EVERTEC, Inc		6,582
	56,642	*	Evo Payments, Inc		1,293
	29,856	*	ExlService Holdings, Inc		1,893
	41,764	*	Fair Isaac Corp		17,459
	6,753	*	Fastly, Inc		575
	1,169,304		Fidelity National Information Services, Inc		156,792
	108,403	*,†,g	Finablr plc		7
	157,775	*	FireEye, Inc		1,921
	90,762	e	First Derivatives plc		2,872
	571,339	*	Fiserv, Inc		55,774
	76,228	*	Five9, Inc		8,436
	11,600	*	Fixstars Corp		139
	28,488	*	FleetCor Technologies, Inc		7,166
	42,653	*	ForeScout Technologies, Inc		904
	23,365		Formula Systems 1985 Ltd		1,821
	135,492	*	Fortinet, Inc		18,599
	97,216		Fortnox AB		2,660
	401,700	*,e	Freee KK		18,285
	49,183	*	F-Secure Oyj		159
	47,000		FUJI SOFT, Inc		1,865
	603,373		Fujitsu Ltd		70,645
	4,427		Fukui Computer Holdings, Inc		112
	11,200		Future Architect, Inc		179
	64,956	*	Gartner, Inc		7,881
	257,989		GB Group plc		2,155
	265,000	*,e	GDS Holdings Ltd (ADR)		21,110
	449,532		Genpact Ltd		16,417
	206,232	*,g	Global Dominion Access S.A.		661
	1,164,892		Global Payments, Inc		197,589
	21,341		GlobalSCAPE, Inc		208
	78,726	*	Globant S.A.		11,797
	57,200		Glodon Co Ltd		566

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,100	e	GMO Cloud KK	$	197
	134,270		GMO internet, Inc		3,730
	41,777		GMO Payment Gateway, Inc		4,370
	372,269	*	GoDaddy, Inc		27,298
	54,073	*	GreenSky, Inc		265
	25,635	*,e	GTT Communications, Inc		209
	33,252	*,e	GTY Technology Holdings Inc		139
	78,192	*	Guidewire Software, Inc		8,668
	112,506		Hackett Group, Inc		1,523
	86,181		Hansen Technologies Ltd		174
	1,147,126		HCL Technologies Ltd		8,466
	94,698		Hexaware Technologies Ltd		419
	2,667,000	*	Hi Sun Technology China Ltd		301
	7,906	*	Hilan Ltd		320
	301,921	*	HubSpot, Inc		67,736
	104,400	*,e,g	Huifu Payment Ltd		31
	60,268		Hundsun Technologies, Inc		922
	1,085		Hyundai Autoever Corp		34
	13,091	*	I3 Verticals, Inc		396
	104,992		Ideagen plc		243
	132,800		Iflytek Co Ltd		707
	211,147	*	Indra Sistemas S.A.		1,672
	9,509		Ines Corp		120
	74,486		Inesa Intelligent Tech, Inc - B		36
	28,800		Infocom Corp		790
	2,442,500		Infomart Corp		16,904
	35,987	*	Information Services Group, Inc		75
	19,000		Information Services International-Dentsu Ltd		884
	3,404,712		Infosys Technologies Ltd		33,096
	94,000	*	Inspur International Ltd		32
	53,088		Integrated Research Ltd		142
	26,732	*,e	Intelligent Systems Corp		911
	783,294		International Business Machines Corp		94,598
	11,554	*,e	International Money Express Inc		144
	593,867		Intuit, Inc		175,897
	53,793	e	iomart Group plc		233
	247,238		Iress Market Technology Ltd		1,890
	219,727		IT Holdings Corp		4,652
	117,800		Itochu Techno-Science Corp		4,430
	68,880	*	j2 Global, Inc		4,354
	19,188		Jack Henry & Associates, Inc		3,531
	6,300	*	JMDC, Inc		373
	53,450		Justsystems Corp		3,801
	42,083		Kainos Group plc		391
	5,986		Kanematsu Electronics Ltd		213
	76,700	*,e	Kaonavi, Inc		3,136
	300,077		KBR, Inc		6,767
	283,706	e	Keywords Studios plc		6,370
	65,217		Kginicis Co Ltd		1,194
	198,019	*	Kinaxis, Inc		28,306
	1,881,000		Kingdee International Software Group Co Ltd		4,401
	1,865,161	e	Kingsoft Corp Ltd		8,737
	8,212		LAC Co Ltd		89

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,814,746	e	Learning Technologies Group plc	$	4,297
	392,434		Leidos Holdings, Inc		36,759
	204,380	*,e	Lightspeed POS, Inc		4,882
	361,738	*	Limelight Networks, Inc		2,662
	286,235		Link Administration Holdings Ltd		819
	1,557,367		Linx S.A.		7,257
	65,177	*,e	Liveperson, Inc		2,700
	71,639	*	LiveRamp Holdings, Inc		3,043
	18,100	*,g	Locaweb Servicos de Internet S.A.		144
	73,038		LogMeIn, Inc		6,191
	68,719	*	Logo Yazilim Sanayi Ve Ticaret AS.		777
	21,975		Lotte Data Communication Co		676
	8,030	*	Majesco		63
	91,669	*	Manhattan Associates, Inc		8,635
	87,707		Mantech International Corp (Class A)		6,007
	2,479,237		Mastercard, Inc (Class A)		733,110
	25,976		Matrix IT Ltd		555
	73,675		MAXIMUS, Inc		5,190
	894,710	*,e	Medallia, Inc		22,582
	8,900	*,e	Medley, Inc		306
	430,940	*	Megaport Ltd		3,624
	180,435		Micro Focus International plc		963
	17,625,597		Microsoft Corp		3,586,985
	6,900	*	MicroStrategy, Inc (Class A)		816
	62,363	*	Mimecast Ltd		2,598
	93,363		MindTree Ltd		1,145
	10,200		Miroku Jyoho Service Co Ltd		215
	151,428	*	Mitek Systems, Inc		1,455
	47,900		Mitsubishi Research Institute, Inc		1,916
	180,216	*	MobileIron, Inc		888
	230,576	*	Model N, Inc		8,015
	9,494	*	Money Forward, Inc		526
	54,178	*	MoneyGram International, Inc		174
	30,703	*,e	MongoDB, Inc		6,949
	88,163		Mphasis Ltd		1,029
	521,800		My EG Services BHD		174
	852,000	*,†,e	National Agricultural Holdings Ltd		1
	159,355		NCC Group plc		353
	2,037,499	*,e	nearmap Ltd		3,222
	176,920		NEC Corp		8,500
	147,400		NEC Networks & System Integration Corp		3,015
	56,383		Nemetschek AG.		3,874
	103,825		NET One Systems Co Ltd		3,465
	55,294	*,g	Netcompany Group A.S.		3,627
	100,136	e	NetEnt AB		771
	964,598	g	Network International Holdings plc		5,281
	37,039	*	New Relic, Inc		2,552
	47,500		Newland Digital Technology Co Ltd		108
	493,437	*,g	Nexi S.p.A		8,556
	610,149	*	NEXTDC Ltd		4,197
	2,812		NHN KCP Corp		116
	226,044		NIC, Inc		5,190
	72,725	*	Nice Systems Ltd		13,709
	169,919		Nihon Unisys Ltd		5,342

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,384		NIIT Technologies Ltd	$	82
	37,700		Nippon System Development Co Ltd		644
	260,890		Nomura Research Institute Ltd		7,126
	398,725		NortonLifelock, Inc		7,907
	183,300		NS Solutions Corp		5,014
	328,145		NTT Data Corp		3,669
	443,927	*	Nuance Communications, Inc		11,234
	380,624	*	Nutanix, Inc		9,023
	10,900		OBIC Business Consultants Ltd		580
	35,710		Obic Co Ltd		6,294
	176,995	*	Okta, Inc		35,440
	54,195	*	OneSpan, Inc		1,514
	297,961		Open Text Corp		12,653
	9,000	*,e	Optim Corp		290
	2,154,918		Oracle Corp		119,102
	37,839	*	Oracle Corp Japan		4,488
	9,600	e	Oro Co Ltd		232
	163,138		Otsuka Corp		8,616
	107,236	*	Pagerduty, Inc		3,069
	190,614	*	Pagseguro Digital Ltd		6,736
	67,045	*	Palo Alto Networks, Inc		15,398
	10,806	*	Park City Group, Inc		46
	466,081		Paychex, Inc		35,306
	71,775	*	Paycom Software, Inc		22,231
	69,586	*	Paylocity Holding Corp		10,152
	3,987,232	*	PayPal Holdings, Inc		694,695
	27,743	*	Paysign Inc		269
	118,616		Pegasystems, Inc		12,000
	53,092	*	Perficient, Inc		1,900
	32,912		Persistent Systems Ltd		276
	658,237		Perspecta, Inc		15,291
	12,167	*	PFSweb, Inc		81
	13,882	*,e	Ping Identity Holding Corp		445
	7,500	*,e	PKSHA Technology, Inc		203
	173,926	*	Pluralsight, Inc		3,139
	13,320		POSDATA Co Ltd		47
	6,851	*	Priority Technology Holdings Inc		18
	294,510		Progress Software Corp		11,412
	787,781	*	Proofpoint, Inc		87,538
	81,960	*	PROS Holdings, Inc		3,641
	153,505	*	PTC, Inc		11,941
	214,988	*	Pushpay Holdings Ltd		1,228
	43,389	*	Q2 Holdings, Inc		3,722
	10,188		QAD, Inc (Class A)		421
	53,539	*	Qualys, Inc		5,569
	30,800		Rakus Co Ltd		544
	68,058	*	Rapid7, Inc		3,472
	156,580	*	RealPage, Inc		10,179
	57,089	*	Repay Holdings Corp		1,406
	44,287		Reply S.p.A		3,594
	7,606		RIB Software AG.		219
	28,881		RIB Software SE		941
	9,573	*	Rimini Street, Inc		49

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	136,790	*	RingCentral, Inc	$	38,987
	68,956	*	Rosetta Stone, Inc		1,163
	449,281		Sabre Corp		3,621
	1,111,932		Sage Group plc		9,230
	199,970	*	SailPoint Technologies Holding, Inc		5,293
	33,548		Saipens International Corp NV		905
	3,660,007	*	salesforce.com, Inc		685,629
	20,605		Samsung SDS Co Ltd		2,915
	14,200		Sangfor Technologies, Inc		415
	7,200	*	Sansan, Inc		276
	1,220,345		SAP AG.		170,591
	52,213		Sapiens International Corp NV		1,461
	65,161		Science Applications International Corp		5,062
	26,054	*	Seachange International, Inc		39
	15,498	*,e	SecureWorks Corp		177
	500	*	Serverworks Co Ltd		95
	785,846	*	ServiceNow, Inc		318,315
	75,500	*	ServiceSource International LLC		119
	266,212		Shanghai 2345 Network Holding Group Co Ltd		106
	44,600		Shanghai Baosight Software Co Ltd		375
	47,100	*	Shenzhen Kingdom Sci-Tech Co Ltd		130
	301,672	*	SHIFT, Inc		30,807
	4,881	*	Shopify, Inc (Class A)		4,633
	136,881	*	Shopify, Inc (Class A) (Toronto)		130,042
	7,709	*,e	ShotSpotter, Inc		194
	437,141		Silverlake Axis Ltd		74
	36,173		SimCorp AS		3,912
	46,685	*,g	Sinch AB		4,018
	4,240,898	*,e	Slack Technologies, Inc		131,850
	76,058	*	Smartsheet, Inc		3,873
	92,608	*	Smith Micro Software, Inc		413
	4,600	e	Softbank Technology Corp		159
	200,588		Softcat plc		2,713
	70,562		Software AG.		2,850
	35,196	*,e	SolarWinds Corp		622
	130,909	*,e	Solutions 30 SE		1,888
	113,349		Sonda S.A.		75
	37,296		Sopra Group S.A.		4,614
	42,462		Sourcenext Corp		110
	160,329	*	Splunk, Inc		31,857
	12,953	*	Sprout Social, Inc		350
	237,148	*	SPS Commerce, Inc		17,815
	71,520	*	Square, Inc		7,505
	490,927		SS&C Technologies Holdings, Inc		27,728
	18,231	*	StarTek, Inc		93
	332,976	*	StoneCo Ltd		12,906
	51,149		Sumisho Computer Systems Corp		2,502
	372,224		SUNeVision Holdings Ltd		293
	611,244	*	SVMK, Inc		14,389
	379,197		Switch, Inc		6,757
	90,393	*	Sykes Enterprises, Inc		2,500
	69,565	*	Synchronoss Technologies, Inc		246
	967,397	*	Synopsys, Inc		188,642
	84,138		Systena Corp		1,118

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	634,000		Systex Corp	$	1,751
	794,416		Tata Consultancy Services Ltd		21,868
	48,418		Tata Elxsi Ltd		577
	296,681	*,g	TeamViewer AG.		16,199
	712,179		Tech Mahindra Ltd		5,124
	77,800		TechMatrix Corp		1,358
	434,668		Technology One Ltd		2,664
	123,604	*	TeleNav, Inc		679
	27,417	e	Temenos Group AG.		4,261
	272,488	*	Tenable Holdings, Inc		8,123
	81,943	*	Teradata Corp		1,704
	15,600		Thunder Software Technology Co Ltd		172
	54,522	*	Tietoenator Oyj		1,493
	29,565		TKC		1,567
	577,100		Totvus S.A.		2,457
	61,098	*,e	Trade Desk, Inc		24,836
	101,800	*	Trans Cosmos, Inc/Japan		2,365
	681,000		Travelsky Technology Ltd		1,206
	89,624	*	Trend Micro, Inc		5,009
	15,339		TTEC Holdings, Inc		714
	8,273	*,e	Tucows, Inc		474
	267,554	*	Twilio, Inc		58,707
	55,836	*	Tyler Technologies, Inc		19,368
	85,557	*	Tyro Payments Ltd		211
	72,929	*,e	Unisys Corp		796
	5,482	*	UNITED, Inc		59
	38,658	*	Upland Software, Inc		1,344
	385,227	*	Upwork, Inc		5,563
	100,195		Vakrangee Ltd		46
	27,484	*	Varonis Systems, Inc		2,432
	34,600		Venustech Group, Inc		206
	200,891	*	Verint Systems, Inc		9,076
	130,898	*	VeriSign, Inc		27,074
	46,540	*	Veritone, Inc		692
	119,116	*	Verra Mobility Corp		1,225
	55,312	e	VirnetX Holding Corp		360
	26,365	*	Virtusa Corp		856
	4,597,806		Visa, Inc (Class A)		888,158
	59,376	*	VMware, Inc (Class A)		9,195
	1,371,595		Wangsu Science & Technology Co Ltd		1,659
	774,000	*,e,g	Weimob, Inc		979
	88,154		Western Union Co		1,906
	8,923	*	WEX, Inc		1,472
	1,522,929		Wipro Ltd		4,446
	121,681	e	Wisetech Global Ltd		1,646
	71,086	*	Wix.com Ltd		18,214
	61,700	*	Wonders Information Co Ltd		194
	198,362	*	Workday, Inc		37,165
	66,881	*	Workiva, Inc		3,577
	162,278	*,g	Worldline S.A.		14,149
	212,084		Xperi Holding Corp		3,130
	89,404	*	Yext, Inc		1,485
	162,596		Yonyou Network Technology Co Ltd		1,019

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	383,583	*	Zendesk, Inc	$	33,959
	89,815	*	Zix Corp		620
	107,210	*,e	Zoom Video Communications, Inc		27,182
	99,135	*	Zscaler, Inc		10,855
	8,100	*	Zuken, Inc		216
	314,622	*	Zuora Inc		4,011
			TOTAL SOFTWARE & SERVICES		11,904,636

TECHNOLOGY HARDWARE & EQUIPMENT - 5.6%
	105,582	*,e	3D Systems Corp		738
	415,922	e	AAC Technologies Holdings, Inc		2,569
	26,600		Accelink Technologies Co Ltd		124
	775,000		Accton Technology Corp		6,018
	1,698,130		Acer, Inc		1,035
	51,800		Addsino Co Ltd		101
	19,000	*	Adlink Technology, Inc		53
	159,045		Adtran, Inc		1,738
	105,800	*	ADVA AG. Optical Networking		701
	18,000		Advanced Ceramic X Corp		253
	694,256		Advantech Co Ltd		6,987
	85,201	*	Agilysys, Inc		1,529
	19,106	e	Ai Holdings Corp		276
	28,669	*,e	Akoustis Technologies, Inc		238
	164,500		Alps Electric Co Ltd		2,120
	18,843		ALSO Holding AG.		4,629
	41,750		Amano Corp		869
	351,564		Amphenol Corp (Class A)		33,683
	297,276	e	Anritsu Corp		7,062
	9,071,086	d,n	Apple, Inc		3,309,132
	19,537	*,e	Applied Optoelectronics, Inc		212
	31,409		Arcadyan Technology Corp		90
	58,812	*	Arista Networks, Inc		12,352
	194,330	*	Arlo Technologies, Inc		501
	187,609	*	Arrow Electronics, Inc		12,887
	50,000		Asia Optical Co, Inc		120
	63,000		Asia Vital Components Co Ltd		90
	10,000	*	ASROCK, Inc		48
	798,444		Asustek Computer, Inc		5,866
	18,000		Aten International Co Ltd		54
	5,324,593		AU Optronics Corp		1,681
	28,896		Audiocodes Ltd		930
	14,000	*	AURAS Technology Co Ltd		82
	121,800		Aurora Corp		377
	12,822		Austria Technologie & Systemtechnik AG.		231
	41,500		AVIC Jonhon Optronic Technology Co Ltd		242
	42,970	*	Avid Technology, Inc		312
	274,500		Avnet, Inc		7,654
	37,394		Badger Meter, Inc		2,353
	16,239		Barco NV		2,868
	1,960		Basler AG.		132
	6,961		Bel Fuse, Inc (Class B)		75
	38,927		Belden CDT, Inc		1,267
	50,497		Benchmark Electronics, Inc		1,091
	8,028,000		Benq Corp		4,826

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	51,218	*	BH Co Ltd	$	853
	1,286,600	*	BOE Technology Group Co Ltd		856
	174,345		Brother Industries Ltd		3,150
	456,500	*,e	BYD Electronic International Co Ltd		1,055
	31,715	*	CalAmp Corp		254
	123,136	*	Calix, Inc		1,835
	4,666	*	Cambium Networks Corp		34
	198,000	*,†,e	Camsing International Holding Ltd		0	^
	10,000	*	Canon Electronics, Inc		150
	28,090		Canon Marketing Japan, Inc		574
	321,148	*,e	Canon, Inc		6,406
	90,800		Career Technology Co Ltd		95
	32,381	g	Carel Industries S.p.A		595
	27,948	*	Casa Systems, Inc		116
	38,943		Casetek Holdings Ltd		87
	402,857		Catcher Technology Co Ltd		3,053
	310,084		CDW Corp		36,026
	251,757	*	Celestica, Inc		1,728
	92,800		Chaozhou Three-Circle Group Co Ltd		365
	7,000	*	Chaun-Choung Technology Corp		63
	2,121,602		Cheng Uei Precision Industry Co Ltd		2,892
	332,977		Chicony Electronics Co Ltd		965
	67,179		Chilisin Electronics Corp		207
	489,600	*,†	China Fiber Optic Network System Group Ltd		1
	143,600		China Greatwall Technology Group Co Ltd		270
	1,039,000	g	China Railway Signal & Communication Corp Ltd		449
	80,000		Chin-Poon Industrial Co		72
	78,840		Chroma ATE, Inc		408
	4,000		Chunghwa Precision Test Tech Co Ltd		111
	958,077	*	Ciena Corp		51,889
	7,462,194	n	Cisco Systems, Inc		348,037
	144,400		Citizen Watch Co Ltd		471
	9,601	*	Clearfield, Inc		134
	88,393		Clevo Co		89
	238,743	*	CMC Magnetics Corp		60
	22,000	*	CMK Corp		85
	243,021		Cognex Corp		14,513
	20,641	*	Coherent, Inc		2,704
	2,918,000	e	Comba Telecom Systems Holdings Ltd		1,199
	3,677		Comet Holding AG.		529
	1,147,518	*	CommScope Holding Co, Inc		9,559
	2,444,388		Compal Electronics, Inc		1,600
	2,291,000		Compeq Manufacturing Co		3,739
	53,405		Comtech Telecommunications Corp		902
	15,913		Concraft Holding Co Ltd		61
	90,600		Coretronic Corp		98
	716,206		Corning, Inc		18,550
	29,260		CTS Corp		586
	13,090		Daea TI Co Ltd		67
	112,710		Daeduck Electronics Co		542
	195,858	*	Daeduck Electronics Co Ltd		1,264
	47,500	*	Dai-ichi Seiko Co Ltd		959
	97,150		Daiwabo Co Ltd		6,376

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	56,734		Daktronics, Inc	$	247
	1,631,000		Darfon Electronics Corp		2,103
	6,804	*	DASAN Zhone Solutions, Inc		61
	8,471	e	Datalogic S.p.A.		105
	35,721		DataTec Ltd		55
	55,580		Dawning Information Industry Co Ltd		303
	779,874	*	Dell Technologies, Inc		42,846
	1,170,999		Delta Electronics, Inc		6,682
	4,699		Denki Kogyo Co Ltd		114
	56,401		Dexerials Corp		445
	197,285		Dicker Data Ltd		952
	198,121	*	Diebold, Inc		1,201
	87,588	*	Digi International, Inc		1,020
	64,210		Dolby Laboratories, Inc (Class A)		4,230
	2,722	*	Doosan Solus Co Ltd		77
	13,497	*	Eastman Kodak Co		30
	133,815	*	EchoStar Corp (Class A)		3,741
	13,000		Egis Technology, Inc		86
	37,171		Eizo Nanao Corp		1,397
	42,200		Elecom Co Ltd		2,067
	1,292,403		Electrocomponents plc		10,758
	8,700		Elematec Corp		71
	576,654		Elite Material Co Ltd		3,138
	11,807		Ennoconn Corp		113
	4,700		Enplas Corp		104
	63,182	*	ePlus, Inc		4,466
	3,007,336		Ericsson (LM) (B Shares)		27,877
	8,801		ESPEC Corp		146
	30,712		Evertz Technologies Ltd		254
	303,332	*	Extreme Networks, Inc		1,316
	103,276	*	F5 Networks, Inc		14,405
	153,832	*	Fabrinet		9,602
	35,338	*	FARO Technologies, Inc		1,894
	53,200		Fiberhome Telecommunication Technologies Co Ltd		219
	12,343,524	*,e	FIH Mobile Ltd		1,331
	151,699	*,e	Fingerprint Cards AB		277
	48,352		Firich Enterprises Co Ltd		49
	205,100	*	Fitbit, Inc		1,325
	664,339		FLEXium Interconnect, Inc		2,763
	517,805		FLIR Systems, Inc		21,007
	24,310		Flytech Technology Co Ltd		59
	8,371,285		Foxconn Industrial Internet Co Ltd		18,045
	1,316,266		Foxconn Technology Co Ltd		2,535
	21,500	*	Fujian Star-net Communication Co Ltd		108
	203,329		Fujifilm Holdings Corp		8,703
	61,000	*	General Interface Solution Holding Ltd		234
	26,378		Genius Electronic Optical Co Ltd		631
	1,528,000		Getac Technology Corp		2,256
	1,812,000		Gigabyte Technology Co Ltd		4,044
	13,816	*	Gilat Satellite Networks Ltd		90
	2,820,000	*	Glory Sun Financial Group Ltd		100
	127,300		GoerTek, Inc		532
	79,000	*	Gold Circuit Electronics Ltd		90
	109,800		GRG Banking Equipment Co Ltd		202

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	283,700	*	Guangdong LY Intelligent Manufacturing Co Ltd	$	430
	96,900		Guangzhou Haige Communications Group, Inc Co		178
	34,093		Guangzhou Shiyuan Electronic Technology Co Ltd		482
	725,147		Halma plc		20,660
	46,584		Hamamatsu Photonics KK		2,028
	165,600		Hana Microelectronics PCL (Foreign)		150
	5,265,450		Hangzhou Hikvision Digital Technology Co Ltd		22,750
	859,365		Hannstar Board Corp		1,139
	564,330		HannStar Display Corp		125
	79,600	*	Harmonic, Inc		378
	94,700		Hengtong Optic-electric Co Ltd		221
	1,033,955		Hewlett Packard Enterprise Co		10,060
	87,734		Hexagon AB (B Shares)		5,152
	1,764	*	HFR, Inc		51
	157,000		High Tech Computer Corp		177
	4,700		Hioki EE Corp		126
	27,858		Hirose Electric Co Ltd		3,059
	4,888,757	*	Hitachi Ltd		155,388
	14,411	e	HMS Networks AB		270
	45,186		Hochiki Corp		514
	22,300		Holitech Technology Co Ltd		17
	51,470		Holystone Enterprise Co Ltd		213
	22,378,333		Hon Hai Precision Industry Co, Ltd		65,706
	18,299		Horiba Ltd		968
	88,700		Hosiden Corp		780
	6,916,845		HP, Inc		120,561
	36,500	*	Huagong Tech Co Ltd		127
	102,100	*,e	Huami Corp (ADR)		1,262
	749,440		Hubei Kaile Science & Technology Co Ltd		1,437
	1,780,604		Ibiden Co Ltd		52,118
	4,700		Icom, Inc		135
	23,756		IEI Integration Corp		35
	151,836	*,e	II-VI, Inc		7,170
	5,116		Iljin Materials Co Ltd		214
	15,999	*	Immersion Corp		100
	585,170		Inari Amertron BHD		233
	921		Inficon Holding AG.		721
	138,469	*,e	Infinera Corp		820
	60,901		Ingenico		9,785
	14,000	*	Innodisk Corp		84
	5,122,419		InnoLux Display Corp		1,380
	78,529	*,e	Inseego Corp		911
	95,344	*	Insight Enterprises, Inc		4,691
	66,640		Inspur Electronic Information Industry Co Ltd		374
	42,356	*	Intellicheck, Inc		320
	27,721		InterDigital, Inc		1,570
	20,153	*	Intevac, Inc		110
	1,597,935		Inventec Co Ltd		1,364
	36,371	*	IPG Photonics Corp		5,834
	11,300	e	Iriso Electronics Co Ltd		372
	8,200		ITC Networks Corp		109
	642,346		ITEQ Corp		3,226
	70,477	*	Iteris, Inc		335

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	77,809	*	Itron, Inc	$	5,155
	28,979		Ituran Location and Control Ltd		464
	205,002		Jabil Inc		6,576
	74,542		Japan Aviation Electronics Industry Ltd		1,009
	1,205,754	*,e	Japan Display, Inc		553
	27,810		Jenoptik AG.		650
	519,705		Juniper Networks, Inc		11,880
	23,500		Kaga Electronics Co Ltd		428
	4,480		Kapsch TrafficCom AG.		87
	182,700		KCE Electronics PCL		136
	103,428		Keyence Corp		43,343
	749,627	*	Keysight Technologies, Inc		75,547
	71,481	*	Kimball Electronics, Inc		968
	445,000		Kingboard Chemical Holdings Ltd		1,162
	952,000		Kingboard Laminates Holdings Ltd		962
	19,492	*,e	KMW Co Ltd		1,041
	264,274	*	Knowles Corp		4,033
	12,600		Koa Corp		118
	243,900		Konica Minolta Holdings, Inc		848
	14,709	*	KVH Industries, Inc		131
	252,493		Kyocera Corp		13,782
	11,816	*	Landis&Gyr Group AG.		765
	107,766		Largan Precision Co Ltd		14,984
	595,900	g	Legend Holdings Corp		699
	247		LEM Holding S.A.		366
	11,503,653		Lenovo Group Ltd		6,418
	131,100		Lens Technology Co Ltd		523
	2,025,744		Leyard Optoelectronic Co Ltd		1,743
	10,819		LG Innotek Co Ltd		1,587
	143,972	*	LG.Philips LCD Co Ltd		1,378
	1,308,160		Lite-On Technology Corp		2,060
	36,207		Littelfuse, Inc		6,178
	214,560		Logitech International S.A.		14,060
	21,995		Lotes Co Ltd		284
	11,172		LPKF Laser & Electronics AG.		242
	15,444	*	Lumentum Holdings, Inc		1,258
	25,247	*	Luna Innovations, Inc		147
	318,109		Luxshare Precision Industry Co Ltd		2,326
	84,494		Macnica Fuji Electronics Holdings, Inc		1,225
	4,700		Maruwa Co Ltd		356
	23,600		Maxell Holdings Ltd		221
	99,000		Mcj Co Ltd		791
	97,877		Mcnex Co Ltd		2,551
	10,100		Meiko Electronics Co		130
	485,000	*,g	Meitu, Inc		96
	9,724	*	Melco Holdings, Inc		272
	371,076		Merry Electronics Co Ltd		1,762
	72,149		Methode Electronics, Inc		2,255
	95,472	e	Micronic Laser Systems AB		1,810
	1,226,000		Micro-Star International Co Ltd		4,488
	167,762		Mitac Holdings Corp		185
	364,311		Motorola Solutions, Inc		51,051
	43,439		MTS Systems Corp		764
	595,122		Murata Manufacturing Co Ltd		35,082

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	48,000		Nan Ya Printed Circuit Board Corp	$	130
	10,506	*	Napco Security Technologies, Inc		246
	328,849		National Instruments Corp		12,730
	22,400		NAURA Technology Group Co Ltd		543
	27,679	*	NCR Corp		479
	20,145		Neopost S.A.		294
	170,240		NetApp, Inc		7,554
	43,161	*	Netgear, Inc		1,117
	110,179	*	Netscout Systems, Inc		2,816
	19,412	*	Newmax Technology Co Ltd		34
	189,226		Nichicon Corp		1,321
	41,300		Ninestar Corp		193
	12,200		Nippon Ceramic Co Ltd		258
	96,500	e	Nippon Electric Glass Co Ltd		1,516
	81,200		Nippon Signal Co Ltd		855
	20,360		Nissha Printing Co Ltd		192
	49,822	*	nLight, Inc		1,109
	49,076		Nohmi Bosai Ltd		954
	8,710,633	e	Nokia Corp (ADR)		38,327
	5,275,533		Nokia Oyj (Turquoise)		23,053
	49,248	*	Novanta, Inc		5,258
	84,400	*	O-film Tech Co Ltd		221
	144,400		Oki Electric Industry Co Ltd		1,395
	232,199		Omron Corp		15,552
	196,000	*	O-Net Communications Group		130
	16,679		Optex Co Ltd		190
	1,788		OptoElectronics Solutions Co Ltd		71
	20,100		Osaki Electric Co Ltd		94
	50,150	*	OSI Systems, Inc		3,743
	51,152	*	PAE, Inc		489
	88,224		Pan-International Industrial		55
	14,220	*,e	PAR Technology Corp		426
	8,747		Partron Co Ltd		65
	1,801,000		PAX Global Technology Ltd		789
	22,243		PC Connection, Inc		1,031
	15,271		PC-Tel, Inc		102
	1,313,817		Pegatron Technology Corp		2,866
	31,410	e	Plantronics, Inc		461
	49,080	*	Plexus Corp		3,463
	23,847	*	Powerfleet, Inc		110
	1,352,000		Primax Electronics Ltd		2,211
	4,816,000		Prime View International Co Ltd		6,688
	10,588,600	*	PT Erajaya Swasembada Tbk		936
	607,098	*	Pure Storage, Inc		10,521
	2,481,838		Quanta Computer, Inc		6,005
	45,000		Quanta Storage, Inc		52
	47,849	*	Quantum Corp		185
	42,255	*	Radware Ltd		997
	243,179		Redington India Ltd		283
	19,605		Renishaw plc		975
	23,030	*	Research Frontiers, Inc		93
	43,314	*	Resonant, Inc		101
	307,436	*	Ribbon Communications, Inc		1,208

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	373,503		Ricoh Co Ltd	$	2,680
	29,100		Riken Keiki Co Ltd		644
	10,998		Riso Kagaku Corp		152
	297,202	*	Ritek Corp		53
	40,114	*,e	Rogers Corp		4,998
	9,433		Ryosan Co Ltd		194
	7,900		Ryoyo Electro Corp		214
	24,965		S&T AG.		642
	3,739		SAES Getters S.p.A.		101
	174,836	e	Samsung Electro-Mechanics Co Ltd		18,968
	6,974,859	*	Samsung Electronics Co Ltd		308,760
	876,144	*	Samsung Electronics Co Ltd (Preference)		34,130
	50,038		Samsung SDI Co Ltd		15,300
	1,784		Samwha Capacitor Co Ltd		80
	305,823	*	Sanmina Corp		7,658
	5,100		Sanshin Electronics Co Ltd		73
	42,575	*	Scansource, Inc		1,026
	1,411		Seagate Technology, Inc		68
	79,760		Seiko Epson Corp		914
	9,679	*,g	Sensirion Holding AG.		466
	2,729		Seojin System Co Ltd		73
	292,000		Sercomm Corp		776
	47,884		Sesa S.p.A		2,906
	72,340		SFA Engineering Corp		1,979
	124,000		Shengyi Technology Co Ltd		517
	27,833		Shennan Circuits Co Ltd		664
	63,000		Shenzhen Kaifa Technology Co Ltd		196
	44,000		Shenzhen Sunway Communication Co Ltd		332
	29,370		Shimadzu Corp		784
	14,400	*	Shinko Shoji Co Ltd		112
	41,482	*,e	Sierra Wireless, Inc		372
	14,100	e	Siix Corp		130
	1,142,600		Simplo Technology Co Ltd		12,465
	341,423		Sinbon Electronics Co Ltd		1,737
	104,230		Smart Metering Systems plc		765
	527,942		Softwareone Holding AG.		13,153
	114,973		Spectris plc		3,591
	2,055,158		Spirent Communications plc		6,149
	211,038		Sterlite Technologies Ltd		308
	115,299	e	Strix Group plc		275
	1,029,100		Sunny Optical Technology Group Co Ltd		16,563
	70,907	*	Super Micro Computer, Inc		2,013
	3,042,000		Supreme Electronics Co Ltd		3,082
	53,300		Suzhou Dongshan Precision Manufacturing Co Ltd		227
	22,250		Syncmold Enterprise Corp		61
	86,367		Synnex Corp		10,344
	811,413		Synnex Technology International Corp		1,150
	8,300	*	Tachibana Eletech Co Ltd		134
	52,000		Taiwan Union Technology Corp		255
	177,760		Taiyo Yuden Co Ltd		5,559
	36,700		Tamura Corp		156
	136,623		TDK Corp		13,601
	1,521,387		TE Connectivity Ltd		124,069
	8,697	*	Tech Data Corp		1,261

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,585	*	TELCON, Inc	$	68
	1		Telefonaktiebolaget Lm Ericsson (ADR)		0	^
	32,495		Test Research, Inc		60
	15,000		Thinking Electronic Industrial Co Ltd		45
	31,900		Tianjin 712 Communication & Broadcasting Co Ltd		174
	115,300		Tianma Microelectronics Co Ltd		252
	44,198	*,e	Tobii AB		170
	44,625		Tong Hsing Electronic Industries Ltd		213
	890,000		Tongda Group Holdings Ltd		53
	57,856		Topcon Corp		468
	14,085		Toshiba TEC Corp		540
	1,337,000	*	TPK Holding Co Ltd		2,118
	81,000		Transcend Information, Inc		198
	252,222	*	Trimble Inc		10,893
	1,783,832		Tripod Technology Corp		7,981
	338,000	*	Truly International Holdings		36
	90,806	*,e	TTM Technologies, Inc		1,077
	336,200		Tunghsu Optoelectronic Technology Co Ltd		128
	103,039		TXC Corp		224
	12,052	e	Ubiquiti, Inc		2,104
	27,000	*	Unigroup Guoxin Microelectronics Co Ltd		279
	3,895,883		Unimicron Technology Corp		6,677
	92,700	*	Unisplendour Corp Ltd		567
	127,500		Unitech Printed Circuit Board Corp		112
	68,000		Universal Scientific Industrial Shanghai Co Ltd		211
	4,605	e	V Technology Co Ltd		157
	264,800		Venture Corp Ltd		3,095
	96,990	*	Viasat, Inc		3,722
	458,875	*	Viavi Solutions, Inc		5,846
	161,601		Vishay Intertechnology, Inc		2,468
	51,420	*	Vishay Precision Group, Inc		1,264
	3,508,575		VS Industry BHD		804
	2,266,800		VST Holdings Ltd		1,225
	244,920		Vtech Holdings Ltd		1,475
	75,600		Wacom Co Ltd		386
	569,000		Wah Lee Industrial Corp		1,095
	199,000		Walsin Technology Corp		1,216
	104,000		Wasion Group Holdings Ltd		33
	462,286		Western Digital Corp		20,410
	46,500		Westone Information Industry, Inc		141
	40,200	*	Wingtech Technology Co Ltd		721
	190,500	*,†,b	Wintek Corp		0	^
	4,287		WiSoL Co Ltd		47
	4,027,013		Wistron Corp		4,916
	1,794,196		Wistron NeWeb Corp		3,937
	72,000	*	Wiwynn Corp		1,968
	945,593		WPG Holdings Co Ltd		1,262
	7,815	*,e	Wrap Technologies Inc		82
	1,716,066		WT Microelectronics Co Ltd		2,308
	69,090		Wuhan Guide Infrared Co Ltd		287
	119,200		Wuhu Token Science Co Ltd		190
	83,600		WUS Printed Circuit Kunshan Co Ltd		297
	37,100	*	Wuxi Lead Intelligent Equipment Co Ltd		243

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	145,608		Xerox Holdings Corp	$	2,226
	8,547,400	*,g	Xiaomi Corp		14,204
	15,750	*,†	Ya Hsin Industrial Co Ltd		0
	1,875,494		Yageo Corp		24,434
	181,997		Yamatake Corp		5,563
	18,898		Yaskawa Electric Corp		657
	46,350		Yealink Network Technology Corp Ltd		450
	18,009		Yokogawa Electric Corp		282
	25,500		Yokowo Co Ltd		596
	78,008	*	Zebra Technologies Corp (Class A)		19,966
	148,500		Zhejiang Dahua Technology Co Ltd		406
	1,167,485		Zhen Ding Technology Holding Ltd		5,123
	177,400	*	ZTE Corp		1,010
	483,618		ZTE Corp (Class H)		1,493
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		5,956,755

TELECOMMUNICATION SERVICES - 2.1%
	2,189,789		Advanced Info Service PCL (Foreign)		13,179
	133,979		AFK Sistema		635
	459,000		AFK Sistema (London)		2,168
	44,756		Alaska Communications Systems Group, Inc		125
	34,388,536	e	America Movil S.A. de C.V. (Series L)		22,068
	64,241	*	Anterix, Inc		2,913
	12,700		ARTERIA Networks Corp		226
	393,929	*	Asia Pacific Telecom Co Ltd		106
	14,664,997		AT&T, Inc		443,323
	10,060		ATN International, Inc		609
	220,900	*,e	Axtel SAB de C.V.		38
	48,987	*	Bandwidth Inc		6,221
	192,555		BCE, Inc		8,031
	3,770,088	*	Bezeq Israeli Telecommunication Corp Ltd		3,422
	3,074,998	*	Bharti Airtel Ltd		22,838
	577,309		Bharti Infratel Ltd		1,697
	160,094	*	Boingo Wireless, Inc		2,132
	8,598,362		BT Group plc		12,160
	325,841	*	Cellcom Israel Ltd		1,290
	235,660	g	Cellnex Telecom SAU		14,394
	1,656,055		CenturyLink, Inc		16,610
	5,000	*	Chief Telecom, Inc		64
	4,713,249		China Mobile Hong Kong Ltd		31,824
	9,049,057		China Telecom Corp Ltd		2,542
	46,902,000	g	China Tower Corp Ltd		8,335
	25,116,081		China Unicom Ltd		13,666
	1,381,375		China United Network Communications Ltd		950
	822,690		Chorus Ltd		3,985
	2,232,188		Chunghwa Telecom Co Ltd		8,865
	103,418	*	Cincinnati Bell, Inc		1,536
	7,690,000		Citic 1616 Holdings Ltd		2,450
	195,251		Cogent Communications Group, Inc		15,105
	105,695	*	Consolidated Communications Holdings, Inc		716
	4,380,189		Deutsche Telekom AG.		73,496
	1,831,739		Digi.Com BHD		1,848
	153,462		Elisa Oyj (Series A)		9,338
	1,840,371		Emirates Telecommunications Group Co PJSC		8,293

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	102,406		Empresa Nacional de Telecomunicaciones S.A.	$	661
	335,891	*	Etihad Etisalat Co		2,388
	225,188	g	Euskaltel S.A.		1,997
	947,336		Far EasTone Telecommunications Co Ltd		2,187
	131,012		Freenet AG.		2,104
	231,615	*	GCI Liberty, Inc		16,472
	68,231		Globe Telecom, Inc		2,836
	58,362	*,e	Gogo, Inc		184
	194,267		Hellenic Telecommunications Organization S.A.		2,624
	392,120		HKBN Ltd		688
	3,656,079		HKT Trust and HKT Ltd		5,365
	3,874,651		Hutchison Telecommunications Hong Kong Holdings Ltd		618
	1,966,558	*	Idea Cellular Ltd		276
	13,549	*	IDT Corp (Class B)		88
	29,641	e	Iliad S.A.		5,786
	301,879	g	Infrastrutture Wireless Italiane S.p.A		3,030
	42,000		Internet Initiative Japan, Inc		1,437
	2,481,093		Intouch Holdings PCL (Class F)		4,540
	138,189	*	Iridium Communications, Inc		3,516
	3,412,400		Jasmine International PCL		397
	7,900	*	Jereissati Participacoes S.A.		33
	1,730,090		KDDI Corp		51,621
	4,539,041		Koninklijke KPN NV		12,073
	222,725	*,†,e	Let’s GOWEX S.A.		2
	125,753		LG Telecom Ltd		1,285
	321,071	*	Liberty Latin America Ltd (Class A)		3,121
	366,289	*	Liberty Latin America Ltd (Class C)		3,458
	1,098,424		Magyar Telekom		1,334
	180,089	*	Masmovil Ibercom S.A.		4,614
	1,408,390		Maxis BHD		1,769
	76,640		Millicom International Cellular S.A.		2,018
	75,733	*	Mobile Telecommunications Co Saudi Arabia		229
	869,614		Mobile TeleSystems (ADR)		7,992
	106,804		Mobistar S.A.		1,742
	1,613,839	e	MTN Group Ltd		4,943
	6,222,835		NetLink NBN Trust		4,347
	2,044,426		Nippon Telegraph & Telephone Corp		47,634
	1,399,016		NTT DoCoMo, Inc		37,141
	74,606	*	Ooma, Inc		1,229
	693,810		Ooredoo QSC		1,249
	2,141,282		Orange S. A.		25,605
	191,972	*	ORBCOMM, Inc		739
	76,715	*	Partner Communications		340
	4,699,327		PCCW Ltd		2,687
	487,911	g	PLAY Communications S.A.		3,768
	53,432		PLDT, Inc		1,330
	258,291		Proximus plc		5,263
	11,864,600		PT Excelcomindo Pratama		2,316
	318,300	*	PT Indosat Tbk		53
	1,831,100		PT Link Net Tbk		289
	29,967,824		PT Telekomunikasi Indonesia Persero Tbk		6,419
	377,909		Rogers Communications, Inc (Class B)		15,185

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	33,013	*	Rostelecom (ADR)	$	243
	35,877		Rostelecom (ADR) (OTC US)		262
	15,373,473		Safaricom plc		4,139
	809,047		Saudi Telecom Co		21,434
	75,323		Shenandoah Telecom Co		3,713
	219,100		Singapore Telecommunications Ltd		390
	8,308,905		Singapore Telecommunications Ltd		14,766
	12,779		SK Telecom Co Ltd		2,251
	176,141		SmarTone Telecommunications Holding Ltd		95
	2,077,540		Softbank Corp		26,481
	1,680,316		Softbank Group Corp		84,734
	66,871		Spok Holdings, Inc		625
	839,700		StarHub Ltd		787
	92,156	g	Sunrise Communications Group AG.		8,197
	39,635	e	Swisscom AG.		20,785
	2,070,842		Taiwan Mobile Co Ltd		7,766
	2,061,732		TalkTalk Telecom Group plc		2,190
	70,862		Tata Communications Ltd		577
	449,924		Tele2 AB (B Shares)		5,989
	65,676		Telecom Argentina S.A. (ADR) (Class B)		588
	2,919,271		Telecom Corp of New Zealand Ltd		8,637
	1,318,263		Telecom Egypt		1,091
	5,303,174		Telecom Italia RSP		2,064
	11,438,046	e	Telecom Italia S.p.A.		4,510
	737,899		Telefonica Brasil S.A.		6,517
	1,698,052		Telefonica Deutschland Holding AG.		5,008
	5,575,712	e	Telefonica S.A.		26,667
	366,148	*,e	Telekom Austria AG.		2,530
	792,502		Telekom Malaysia BHD		770
	1,582,057	*	Telekomunikacja Polska S.A.		2,502
	862,018		Telenor ASA		12,586
	152,580		Telephone & Data Systems, Inc		3,033
	293,401	*,e	Telesites SAB de C.V.		186
	2,168,551		TeliaSonera AB		8,113
	1,123,879		Telkom S.A. Ltd		1,928
	4,250,458		Telstra Corp Ltd		9,226
	469,370		TELUS Corp		7,872
	1,235,084		Tim Participacoes S.A.		3,225
	437,320		Time dotCom BHD		1,112
	1,950,686		TM International BHD		1,624
	2,481,935	*	T-Mobile US, Inc		258,494
	1,998,800		Total Access Communication PCL (Foreign)		2,551
	2,262,600		Tower Bersama Infrastructure		176
	321,323	*	TPG Telecom Ltd		1,974
	7,187,970		True Corp PCL (Foreign)		796
	993,748		Turkcell Iletisim Hizmet AS		2,369
	134,060		United Internet AG.		5,696
	26,263	*	US Cellular Corp		811
	68,800	*,e	V-Cube, Inc		836
	8,036,299		Verizon Communications, Inc		443,041
	901,542	*,e	Vision, Inc		5,686
	301,895	*	Vocus Communications Ltd		620
	503,757	e	Vodacom Group Pty Ltd		3,574
	35,291,460		Vodafone Group plc		56,105

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	421,800		Vodafone Group plc (ADR)	$	6,723
	398,166		Vodafone Qatar		123
	481,533	*	Vonage Holdings Corp		4,844
			TOTAL TELECOMMUNICATION SERVICES		2,175,852

TRANSPORTATION - 1.8%
	52,528	*,†,e	Abertis Infraestructuras S.A. (Continuous)		1,084
	5,914	*	Aegean Airlines S.A.		27
	85,614	g	Aena S.A.		11,450
	24,399	g	Aeroflot PJSC (GDR)		135
	33,996		Aeroports de Paris		3,510
	5,098,856		Air Arabia PJSC		1,721
	149,473	*,e	Air Canada		1,866
	141,600		Air China Ltd		133
	1,249,325	e	Air China Ltd (H shares)		751
	257,092	*,e	Air France-KLM		1,168
	658,596	e	Air New Zealand Ltd		565
	76,057	*	Air Transport Services Group, Inc		1,694
	325,000	*	AirAsia BHD		67
	876,800		Airports of Thailand PCL (ADR)		1,726
	2,408,400		Airports of Thailand PCL (Foreign)		4,741
	367,212		Alaska Air Group, Inc		13,315
	54,345	e,g	ALD S.A.		540
	55,433	e	All Nippon Airways Co Ltd		1,267
	16,310	e	Allegiant Travel Co		1,781
	13,355		Amerco, Inc		4,036
	579,008	e	American Airlines Group, Inc		7,568
	82,000		Anhui Expressway Co		38
	7,375		AP Moller - Maersk AS (Class A)		8,064
	9,565		AP Moller - Maersk AS (Class B)		11,210
	65,111		ArcBest Corp		1,726
	519,700	*	Asia Aviation PCL (Foreign)		34
	28,872	*	Asiana Airlines		93
	33,808	*	Atlas Air Worldwide Holdings, Inc		1,455
	976,564		Atlas Arteria Ltd		4,510
	19,273	e	Atlas Corp		146
	1,134,733		Auckland International Airport Ltd		4,826
	56,119	*	Autostrada Torino-Milano S.p.A.		1,285
	445,535	*	Autostrade S.p.A.		7,207
	77,611	*,e	Avis Budget Group, Inc		1,777
	61,500	*	Azul S.A.		227
	130,400		Bangkok Airways Co Ltd		27
	40,500		Bangkok Aviation Fuel Services PCL		31
	6,013,053		Bangkok Expressway & Metro PCL		1,855
	1,137,297		Beijing Capital International Airport Co Ltd		712
	147,900	*,e	BEST, Inc (ADR)		633
	957		Blue Dart Express Ltd		26
	760,467		Bollore		2,400
	51,020		bpost S.A.		345
	6,815,957		BTS Group Holdings PCL		2,492
	788,049		Canadian National Railway Co		69,721
	149,798		Canadian Pacific Railway Ltd (Toronto)		38,103
	157,000	*,e	CAR, Inc		47

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	107,160	e	Cathay Pacific Airways Ltd	$	104
	47,840	*	Cebu Air, Inc		38
	198,645		Central Japan Railway Co		30,722
	209,092		CH Robinson Worldwide, Inc		16,531
	2,828,635		China Airlines		790
	1,283,000	*	China COSCO Holdings Co Ltd		371
	319,900	*	China Eastern Airlines Corp Ltd		192
	1,082,000	*,e	China Eastern Airlines Corp Ltd (H Shares)		390
	1,065,081		China Merchants Holdings International Co Ltd		1,263
	978,000	*,e	China Southern Airlines Co Ltd		437
	256,100		China Southern Airlines Co Ltd (Class A)		188
	90,117		Chorus Aviation, Inc		198
	1,878,078		Cia de Concessoes Rodoviarias		5,008
	148,342		Cia de Distribucion Integral Logista Holdings SAU		2,779
	367,400		Cia de Locacao das Americas		1,144
	1,691,700		ComfortDelgro Corp Ltd		1,778
	45,487,670	*	Compania SudAmericana de Vapores S.A.		1,042
	162,846		Container Corp Of India Ltd		900
	148,400	*,e	Controladora Vuela Cia de Aviacion SAB de C.V.		78
	49,461	e	Copa Holdings S.A. (Class A)		2,501
	5,993	*,e	Corp America Airports S.A.		13
	30,063	*	Cosan Logistica S.A.		105
	592,800	*	Cosco Corp Singapore Ltd		88
	1,134,000		Cosco International Holdings Ltd		338
	1,226,195		COSCO Pacific Ltd		661
	108,700	*	COSCO SHIPPING Development Co Ltd		28
	306,500	*	COSCO SHIPPING Holdings Co Ltd		151
	159,307		Costamare, Inc		886
	94,719	*	Covenant Transportation Group, Inc		1,367
	1,706,077		CSX Corp		118,982
	60,317		CTT-Correios de Portugal S.A.		143
	190,679		D/S Norden		2,573
	703,300	*	Daqin Railway Co Ltd		701
	313,958		Dart Group plc		3,262
	235,167	*,e	Daseke, Inc		924
	1,047,066	e	Delta Air Lines, Inc		29,370
	334,003	*,e	Deutsche Lufthansa AG.		3,351
	1,096,547		Deutsche Post AG.		40,265
	18,695	e	Dfds A.S.		580
	536,316		DSV AS		65,878
	45,684	*,e	Eagle Bulk Shipping, Inc		100
	211,027		East Japan Railway Co		14,623
	261,999	e	easyJet plc		2,212
	86,826	*	Echo Global Logistics, Inc		1,877
	882,100	*	EcoRodovias Infraestrutura e Logistica S.A.		2,104
	557,793	g	Enav S.p.A		2,520
	55,321	*,e,g	Europcar Groupe S.A.		132
	1,016,271		Eva Airways Corp		388
	111,000		Evergreen International Storage & Transport Corp		51
	1,599,563	*	Evergreen Marine Corp Tawain Ltd		585
	40,590	e	Exchange Income Corp		800
	257,438		Expeditors International of Washington, Inc		19,576
	398,558		FedEx Corp		55,886
	36,134	e	Finnair Oyj		32

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	682,858	*	Firstgroup plc	$	428
	12,899		Flughafen Zuerich AG.		1,685
	108,151		Forward Air Corp		5,388
	36,372	e	Fraport AG. Frankfurt Airport Services Worldwide		1,593
	68,026	e	Fukuyama Transporting Co Ltd		2,384
	116,166		Genco Shipping & Trading Ltd		730
	377,934		Getlink S.E.		5,465
	24,386		GLOVIS Co Ltd		2,073
	173,658	*	GMR Infrastructure Ltd		46
	118,966		Go-Ahead Group plc		1,234
	36,300	*	Gol Linhas Aereas Inteligentes S.A.		124
	451,214	e	Golden Ocean Group Ltd		1,761
	94,900	*	Grupo Aeroportuario del Centro Norte Sab de C.V.		441
	490,045		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		3,524
	290,260	*	Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		3,241
	98,100		Guangzhou Baiyun International Airport Co Ltd		212
	136,629		Gujarat Pipavav Port Ltd		136
	310,479		Gulf Warehousing Co		442
	1,010,300	*	Hainan Airlines Holding Co Ltd		215
	30,000	*	Hainan Meilan International Airport Co Ltd		42
	8,000		Hamakyorex Co Ltd		231
	64,125		Hamburger Hafen und Logistik AG.		1,089
	12,467		Hanjin Transportation Co Ltd		460
	54,818		Hankyu Hanshin Holdings, Inc		1,852
	80,074		Hawaiian Holdings, Inc		1,124
	125,995		Heartland Express, Inc		2,623
	24,125		Hitachi Transport System Ltd		645
	6,827		Hopewell Highway Infrastructure Ltd		2
	189,961	*	Hub Group, Inc (Class A)		9,092
	12,610,687		Hutchison Port Holdings Trust		1,215
	52,910	*	Hyundai Merchant Marine Co Ltd		209
	1,475	*	ID Logistics Group		286
	204,457		Iino Kaiun Kaisha Ltd		646
	36,562		Imperial Holdings Ltd		83
	66,182	g	InterGlobe Aviation Ltd		864
	836,017		International Container Term Services, Inc		1,720
	110,913		Japan Airlines Co Ltd		2,001
	96,350	e	Japan Airport Terminal Co Ltd		4,111
	17,444		JB Hunt Transport Services, Inc		2,099
	2,108	*	Jeju Air Co Ltd		29
	368,307	*	JetBlue Airways Corp		4,015
	874,034	e	Jiangsu Express		1,027
	2,728	*	Jin Air Co Ltd		24
	14,700		Julio Simoes Logistica S.A.		63
	70,400		Juneyao Airlines Co Ltd		91
	301,273		Kamigumi Co Ltd		5,925
	694,188		Kansas City Southern		103,635
	164,337	*,e	Kawasaki Kisen Kaisha Ltd		1,559
	45,330		Keihin Electric Express Railway Co Ltd		694
	27,170		Keio Corp		1,555
	39,389		Keisei Electric Railway Co Ltd		1,234

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	328,509		Kerry Logistics Network Ltd	$	438
	149,576		Kintetsu Corp		6,711
	28,500		Kintetsu World Express, Inc		492
	88,579	*	Kirby Corp		4,744
	261,072		Knight-Swift Transportation Holdings, Inc		10,889
	16,568		Konoike Transport Co Ltd		179
	5,046	*	Korea Express Co Ltd		665
	2,909	*	Korea Line Corp		42
	28,724	*	Korean Air Lines Co Ltd		421
	61,110		Kuehne & Nagel International AG.		10,179
	45,816	e	Kyushu Railway Co		1,190
	34,884		Landstar System, Inc		3,918
	476,116		Localiza Rent A Car		3,582
	579,182	*,e	Lyft, Inc (Class A)		19,119
	188,375		Macquarie Infrastructure Co LLC		5,781
	20,188		MacroAsia Corp		3
	606,818	g	Mahindra Logistics Ltd		2,208
	621,520		Malaysia Airports Holdings BHD		794
	219,556		Marten Transport Ltd		5,524
	39,000	e	Maruwa Unyu Kikan Co Ltd		1,100
	40,784		Maruzen Showa Unyu Co Ltd		1,269
	37,891		Matson, Inc		1,103
	164,944	*	Mesa Air Group, Inc		567
	4,981,656		MISC BHD		8,924
	28,478		Mitsubishi Logistics Corp		735
	58,540		Mitsui OSK Lines Ltd		1,042
	114,130		Mitsui-Soko Co Ltd		1,583
	168,300		MMC Corp BHD		29
	29,800		Movida Participacoes S.A.		72
	801,160		MTR Corp		4,167
	114,022		Mullen Group Ltd		611
	417,419		Mundra Port and Special Economic Zone Ltd		1,897
	133,135		Nagoya Railroad Co Ltd		3,752
	82,127		Nankai Electric Railway Co Ltd		1,881
	52,147		Napier Port Holdings Ltd		122
	1,126,536		National Express Group plc		2,622
	287,000	*	Ningbo Zhoushan Port Co Ltd		145
	88,482		Nippon Express Co Ltd		4,588
	199,800		Nippon Konpo Unyu Soko Co Ltd		3,972
	158,390		Nippon Yusen Kabushiki Kaisha		2,242
	32,100	e	Nishi-Nippon Railroad Co Ltd		871
	6,370		Nissin Corp		90
	190,373	*,g	Nobina AB		1,141
	130,702		Norfolk Southern Corp		22,947
	736,496	e	Northgate plc		1,514
	1,596,068	*,e	Norwegian Air Shuttle AS		450
	65,448		Odakyu Electric Railway Co Ltd		1,607
	79,406	e	Oesterreichische Post AG.		2,629
	144,055		Old Dominion Freight Line		24,430
	2,733,290	e	Pacific Basin Shipping Ltd		402
	1,625	*	PAM Transportation Services, Inc		50
	8,795	*	Pangaea Logistics Solutions Ltd		22
	13,859		Park-Ohio Holdings Corp		230
	7,978	*	Pegasus Hava Tasimaciligi AS.		65

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	12,717		Piraeus Port Authority	$	249
	178,737	*	Promotora y Operadora de Infraestructura SAB de C.V.		1,287
	482,800		PT Jasa Marga Tbk		149
	5,648,600	*,†	PT Trada Maritime Tbk		20
	748,905		Qantas Airways Ltd		1,985
	638,940		Qatar Navigation QSC		991
	3,484,954		QR National Ltd		11,859
	962,456		Qube Logistics Holdings Ltd		1,952
	116,343	*	Radiant Logistics, Inc		457
	556,032	e	Royal Mail plc		1,253
	1,332,170	*	Rumo S.A.		5,509
	11,495		Ryder System, Inc		431
	440,139	*	Safe Bulkers, Inc		537
	39,597		Sagami Railway Co Ltd		1,057
	42,259	*	Saia, Inc		4,698
	96	*,†	SAir Group		0
	26,960		Sakai Moving Service Co Ltd		1,376
	99,636		Sankyu, Inc		3,755
	56,800		Santos Brasil Participacoes S.A.		58
	99,622	*,e	SAS AB		83
	20,648	*	Saudi Ground Services Co		155
	13,976	*	Saudi Public Transport Co		53
	105,400		SBS Holdings, Inc		2,176
	162,087		Schneider National, Inc		3,999
	11,329		Scorpio Bulkers, Inc		173
	99,186		Seibu Holdings, Inc		1,080
	253,974		Seino Holdings Corp		3,311
	260,970		Senko Co Ltd		1,940
	103,700		SF Holding Co Ltd		803
	173,245		SG Holdings Co Ltd		5,654
	24,400		Shandong Airlines Co Ltd		20
	44,900		Shanghai International Airport Co Ltd		458
	354,200	*	Shanghai International Port Group Co Ltd		211
	32,900		Shanghai Jinjiang International Investment Holdings Co		22
	145,577		Shenzhen Airport Co Ltd		158
	776,000		Shenzhen Expressway Co Ltd		789
	1,064,792		Shenzhen International Holdings Ltd		1,704
	3,900		Shinwa Kaiun Kaisha Ltd		54
	144,200		SIA Engineering Co Ltd		206
	445,668		Signature Aviation plc		1,274
	60,720		Sincere Navigation		31
	946,490		Singapore Airlines Ltd		2,555
	365,000		Singapore Airport Terminal Services Ltd		757
	832,719		Singapore Post Ltd		463
	226,517		Sinotrans Ltd (Class A)		104
	4,015,398		SITC International Co Ltd		4,299
	7,205	*	Sixt AG.		553
	47,574		Sixt AG. (Preference)		2,478
	108,467		Skywest, Inc		3,538
	1,184,673	n	Southwest Airlines Co		40,492
	727,505	*	SpiceJet Ltd		484
	135,504	*,e	Spirit Airlines, Inc		2,412

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	23,100	*	Spring Airlines Co Ltd	$	116
	1,642,122	e	Stagecoach Group plc		1,216
	77,000		STO Express Co Ltd		180
	14,873		Stolt-Nielsen S.A.		136
	160,043	*	STX Pan Ocean Co Ltd		511
	59,883		Sumitomo Warehouse Co Ltd		723
	947,435		Sydney Airport		3,739
	1,524,000		Taiwan High Speed Rail Corp		1,894
	162,152		TAV Havalimanlari Holding AS		459
	115,600		Tegma Gestao Logistica		495
	254,239		TFI International, Inc		9,025
	163,800	*	Thai Airways International PCL (Foreign)		20
	460,000	*	Tianjin Port Development Holdings Ltd		32
	1,367,407		TNT NV		2,949
	36,509		Tobu Railway Co Ltd		1,206
	390,889		Tokyu Corp		5,503
	2,515		Tonami Holdings Co Ltd		132
	18,075		Trancom Co Ltd		1,162
	2,580,879		Transurban Group		25,310
	1,768,659	*	Turk Hava Yollari		3,219
	3,478,361	*	Uber Technologies, Inc		108,107
	93,000		U-Ming Marine Transport Corp		99
	2,261,580		Union Pacific Corp		382,365
	333,641	*	United Airlines Holdings Inc		11,547
	170,992		United International Transportation Co		1,396
	1,316,047		United Parcel Service, Inc (Class B)		146,318
	41,975		Universal Logistics Holdings Inc		730
	22,734	*,e	US Xpress Enterprises, Inc		136
	60,603	*,†	Virgin Australia Holdings Ltd		0	^
	67,336	*,†	Virgin Australia Int Holdings		0	^
	126,000		Wan Hai Lines Ltd		71
	170,023		Werner Enterprises, Inc		7,401
	141,716		West Japan Railway Co		7,949
	1,037,600		Westports Holdings BHD		921
	100,216	e	Westshore Terminals Investment Corp		1,233
	294,365		Wilh. Wilhelmsen ASA		387
	85,033		Wisdom Marine Lines Co Ltd		72
	172,848	*,e	XPO Logistics, Inc		13,352
	374,466		Yamato Transport Co Ltd		8,129
	251,523	*	Yang Ming Marine Transport		56
	222,000		Yuexiu Transport Infrastructure Ltd		156
	83,980		Yunda Holding Co Ltd		292
	998,794		Zhejiang Expressway Co Ltd		709
	350,600		ZTO Express Cayman, Inc (ADR)		12,871
			TOTAL TRANSPORTATION		1,894,694

UTILITIES - 3.0%
	3,069,451		A2A S.p.A.		4,363
	1,227,210		Aboitiz Power Corp		666
	14,025	e	Acciona S.A.		1,380
	186,952		ACEA S.p.A.		3,595
	450,781		Actelios S.p.A.		2,765
	176,857	*	Adani Power Ltd		85
	608,780		AES Corp		8,821

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,506,940		AES Gener S.A.	$	1,222
	37,482	*	AES Tiete Energia SA		108
	348,364	*,†	AET&D Holdings No 1 Ptd Ltd		0
	849,445		AGL Energy Ltd		10,049
	2,608,612		Aguas Andinas S.A.		884
	712,823	e	Algonquin Power & Utilities Corp		9,215
	73,622		Allete, Inc		4,021
	75,540		Alliant Energy Corp		3,614
	443,981	e	AltaGas Ltd		5,118
	517,310		Alupar Investimento S.A.		2,280
	60,944		Ameren Corp		4,288
	2,410,977		American Electric Power Co, Inc		192,010
	32,793		American States Water Co		2,579
	62,372		American Water Works Co, Inc		8,025
	1,188,628		APA Group		9,191
	10,629		Artesian Resources Corp		386
	51,530		Ascopiave S.p.A.		217
	252,180		Atco Ltd		7,480
	108,803		Athens Water Supply & Sewage Co S.A.		852
	174,096	*,e	Atlantic Power Corp		348
	24,663		Atmos Energy Corp		2,456
	2,339,184		AusNet Services		2,703
	12,565		Avangrid, Inc		527
	79,694		Avista Corp		2,900
	14,870		Aygaz AS		26
	627,133		B Grimm Power PCL		1,092
	831,400		Babcock & Brown Wind Partners		541
	128,700		BCPG PCL		66
	360,399		Beijing Enterprises Holdings Ltd		1,210
	3,098,191		Beijing Enterprises Water Group Ltd		1,216
	282,000		Beijing Jingneng Clean Energy Co Ltd		56
	42,705		BKW S.A.		3,834
	101,384		Black Hills Corp		5,744
	1,312,000	*	Blue Sky Power Holdings Ltd		19
	117,715		Boralex, Inc		2,679
	28,128		Brookfield Infrastructure Corp		1,281
	17,879	*,e	Cadiz, Inc		182
	63,518		California Water Service Group		3,030
	316,370		Canadian Utilities Ltd		7,877
	137,000	e	Canvest Environment Protection Group Co Ltd		60
	120,688	e	Capital Power Corp		2,487
	47,959		Capital Stage AG.		699
	14,085,798		Centerpoint Energy, Inc		262,982
	504,837		Centrais Eletricas Brasileiras S.A.		2,878
	197,479		Centrais Eletricas Brasileiras S.A. (Preference)		1,171
	20,800	e	Central Puerto S.A. (ADR)		53
	9,590,238		Centrica plc		4,557
	119,752		CESC Ltd		987
	196,030		CEZ AS		4,197
	274,000	*	CGN New Energy Holdings Co Ltd		53
	7,897,000	g	CGN Power Co Ltd		1,637
	53,695		Chesapeake Utilities Corp		4,510
	8,495,000		China Datang Corp Renewable Power Co Ltd		961

178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	139,000	e,g	China Everbright Greentech Ltd	$	55
	177,013	e	China Everbright Water Ltd		26
	2,544,408	e	China Gas Holdings Ltd		7,882
	2,044,127		China Longyuan Power Group Corp		1,153
	273,700		China National Nuclear Power Co Ltd		159
	3,248,000		China Power International Development Ltd		598
	520,780		China Resources Gas Group Ltd		2,548
	1,295,303		China Resources Power Holdings Co		1,528
	62,500	e	China Tian Lun Gas Holdings Ltd		48
	1,286,000	e	China Water Affairs Group Ltd		930
	797,100		China Yangtze Power Co Ltd		2,140
	792,640		Chubu Electric Power Co, Inc		9,941
	308,412		Chugoku Electric Power Co, Inc		4,112
	21,300		Cia de Gas de Sao Paulo-COMGAS		752
	264,294		Cia de Saneamento Basico do Estado de Sao Paulo		2,804
	113,880		Cia de Saneamento de Minas Gerais-COPASA		1,219
	43,800		Cia de Saneamento do Parana		254
	1,931,268		Cia de Saneamento do Parana (Preference)		2,230
	1,686,233		Cia Energetica de Minas Gerais		3,417
	520,900		Cia Energetica de Sao Paulo (Class B)		2,777
	3,200		Cia Energetica do Ceara		34
	401,419		Cia Paranaense de Energia		4,490
	662,000		CK Infrastructure Holdings Ltd		3,422
	2,334,400		CK Power PCL		313
	346,860		Clearway Energy, Inc (Class A)		7,274
	215,172		Clearway Energy, Inc (Class C)		4,962
	1,860,863		CLP Holdings Ltd		18,276
	249,665		CMS Energy Corp		14,585
	14,239,540		Colbun S.A.		2,271
	1,280,000		Concord New Energy Group Ltd		54
	71,602		Consolidated Edison, Inc		5,150
	20,738		Consolidated Water Co, Inc		299
	546,945		Contact Energy Ltd		2,223
	171,123	*	CPFL Energia S.A.		965
	1,762,647		Dominion Energy, Inc		143,092
	458,068		Drax Group plc		1,462
	279,809		DTE Energy Co		30,079
	1,206,048		Duke Energy Corp		96,351
	2,285,659		E.ON AG.		25,800
	137,000		Eastern Water Resources Development and Management PCL		45
	528,750		Edison International		28,716
	291,600		EDP - Energias do Brasil S.A.		934
	52,364		El Paso Electric Co		3,508
	106,559		Electric Power Development Co		2,020
	988,814		Electricite de France		9,193
	231,300		Electricity Generating PCL		1,862
	32,514	e	Elia System Operator S.A.		3,537
	274,761		Emera, Inc		10,812
	4,700	*,e	Empresa Distribuidora Y Comercializadora Norte (ADR)		19
	980,166		Empresa Electrica del Norte Grande S.A.		1,311
	60,243	e	Enagas		1,474
	900,744	e	Endesa S.A.		22,344

179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	505,110	*	Enea S.A.	$	920
	12,131,000		Enel S.p.A.		104,914
	16,305	*	Energa S.A.		34
	5,093,583		Energias de Portugal S.A.		24,313
	140,500		Energisa S.A.		1,266
	96,802	*	Energix-Renewable Energies Ltd		365
	1,106,871		Energy Absolute PCL (Foreign)		1,416
	50,288	g	Enerjisa Enerji AS.		63
	46,615,222		Enersis Chile S.A.		3,485
	45,102,887		Enersis S.A.		6,809
	327,500	*	Eneva S.A.		2,709
	163,651		Engie Brasil Energia S.A.		1,267
	407,506	*	Enlight Renewable Energy Ltd		625
	1,328,628		ENN Energy Holdings Ltd		15,014
	1,726,001		Entergy Corp		161,916
	701,822	*	Equatorial Energia S.A.		2,997
	2,387,623		Equitable Holdings, Inc		46,057
	22,343		eRex Co Ltd		294
	32,165		ERG S.p.A.		695
	51,695		Essential Utilities Inc		2,184
	804,175		Evergy, Inc		47,680
	185,757		Eversource Energy		15,468
	20,666		EVN AG.		349
	3,767,029		Exelon Corp		136,706
	3,515,600		First Gen Corp		1,735
	5,352,789		FirstEnergy Corp		207,581
	172,626	g	Fjordkraft Holding ASA		1,418
	513,977		Fortis, Inc		19,547
	665,081	e	Fortum Oyj		12,689
	1,417,688		GAIL India Ltd		1,930
	2,354,282		Gaz de France		29,198
	894,000	*	GD Power Development Co Ltd		234
	278,063		Genesis Energy Ltd		546
	25,542		Genie Energy Ltd		188
	615,665		Global Power Synergy Co Ltd (Foreign)		1,475
	10,852		Global Water Resources, Inc		114
	1,817,966		Guangdong Investments Ltd		3,136
	205,967		Gujarat Gas Ltd		871
	483,288		Gujarat State Petronet Ltd		1,412
	1,642,775		Gulf Energy Development PCL		2,016
	23,252		Hawaiian Electric Industries, Inc		838
	2,380,606	*	Hera S.p.A.		8,939
	3,433,500		HK Electric Investments & HK Electric Investments Ltd		3,566
	319,033		Hokkaido Electric Power Co, Inc		1,224
	146,477		Hokuriku Electric Power Co		932
	26,186		Holding CO ADMIE IPTO S.A.		67
	11,740,930		Hong Kong & China Gas Ltd		18,247
	1,402,162		Hong Kong Electric Holdings Ltd		7,662
	272,000		Huadian Power International Corp Ltd (Class A)		132
	252,600	*	Huaneng Power International, Inc		151
	2,283,556	*	Huaneng Power International, Inc (Hong Kong)		861
	169,898	*	Hub Power Co Ltd		74

180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	214,800		Hubei Energy Group Co Ltd	$	107
	381,559	g	Hydro One Ltd		7,175
	7,774,626		Iberdrola S.A.		90,766
	77,141		Idacorp, Inc		6,740
	159,160		Indraprastha Gas Ltd		936
	437,181		Infraestructura Energetica ,NV SAB de C.V.		1,262
	569,200		Infratil Ltd		1,736
	312,500		Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd		109
	224,932		Innergex Renewable Energy, Inc		3,165
	1,027,900	*,†	Inter Far East Energy Corp		0	^
	813,431		Interconexion Electrica S.A.		4,069
	1,200,864		Inversiones Aguas Metropolitanas S.A.		1,030
	769,963		Iride S.p.A.		1,912
	1,000,852		Italgas S.p.A		5,825
	68,657		JSW Energy Ltd		43
	6,600		K&O Energy Group, Inc		93
	1,295,993		Kansai Electric Power Co, Inc		12,558
	12,325		Kenon Holdings Ltd		244
	11,099,258		Keppel Infrastructure Trust		4,319
	766	*	Korea District Heating Corp		21
	448,849	*	Korea Electric Power Corp		7,320
	144,204		Korea Gas Corp		3,166
	294,970		Kyushu Electric Power Co, Inc		2,472
	52,100	*	Light S.A.		159
	58,700		Luenmei Quantum Co Ltd		119
	53,071		Mahanagar Gas Ltd		742
	806,600		Malakoff Corp BHD		172
	236,646		Manila Electric Co		1,277
	252,900		Manila Water Co, Inc		64
	725,293		MDU Resources Group, Inc		16,087
	57,100	*	Mega First Corp BHD		84
	1,610,140		Meridian Energy Ltd		5,019
	31,096		MGE Energy, Inc		2,006
	15,134		Middlesex Water Co		1,017
	1,443,148		Mighty River Power Ltd		4,397
	65,401		Mosenergo PJSC (ADR)		92
	35,881		National Fuel Gas Co		1,505
	8,515		National Gas & Industrialization Co		64
	3,099,847		National Grid plc		37,819
	390,665	e	Naturgy Energy Group S.A.		7,293
	125,766		New Jersey Resources Corp		4,106
	1,160,420		NextEra Energy, Inc		278,698
	33,029		Nippon Gas Co Ltd		1,420
	1,019,275		NiSource, Inc		23,178
	250,922	e	Northland Power Income Fund		6,280
	59,086		Northwest Natural Holding Co		3,296
	67,643		NorthWestern Corp		3,688
	521,443		NRG Energy, Inc		16,978
	3,239,617		NTPC Ltd		4,122
	159,555	e	Oest Elektrizitatswirts AG. (Class A)		7,166
	297,367		OGE Energy Corp		9,028
	23,801		Okinawa Electric Power Co, Inc		396
	27,600	*	Omega Geracao S.A.		191

181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	108,990		ONE Gas, Inc	$	8,398
	24,934		OPC Energy Ltd		204
	35,283		Ormat Technologies, Inc		2,240
	248,206	g	Orsted AS		28,643
	433,714		Osaka Gas Co Ltd		8,573
	52,190		Otter Tail Corp		2,024
	11,800	*,e	Pampa Energia S.A. (ADR)		124
	848,000	*	Panda Green Energy Group Ltd		15
	881,301		Pennon Group plc		12,204
	795,346		Petronas Gas BHD		3,148
	773,505	*,b,e	PG&E Corp		6,861
	224,166		Pinnacle West Capital Corp		16,429
	136,057		PNM Resources, Inc		5,230
	1,446,324	*	Polska Grupa Energetyczna S.A.		2,529
	299,994		Portland General Electric Co		12,543
	1,991,613		Power Grid Corp of India Ltd		4,619
	1,526,573		PPL Corp		39,447
	36,379,120		PT Perusahaan Gas Negara Persero Tbk		2,916
	322,576	*	Public Power Corp		1,264
	271,454		Public Service Enterprise Group, Inc		13,345
	31,705	*	Pure Cycle Corp		291
	456,986		Qatar Electricity & Water Co		1,989
	445,900		Ratch Group PCL		903
	395,912	e	Red Electrica Corp S.A.		7,407
	1,167,384		Redes Energeticas Nacionais S.A.		3,186
	16,700	*,e	RENOVA, Inc		146
	7,342		RGC Resources, Inc		177
	69,218		Rubis S.C.A		3,337
	1,597,343		RWE AG.		55,918
	1,368,671		Saudi Electricity Co		5,707
	102,538	*,g	Scatec Solar ASA		1,676
	1,227,998		Scottish & Southern Energy plc		20,794
	236,600		SDIC Power Holdings Co Ltd		264
	33,268		Sechilienne-Sidec		1,375
	513,446		Sempra Energy		60,191
	182,363		Severn Trent plc		5,581
	80,800		Shanghai Electric Power Co Ltd		85
	181,400	*	Shenergy Co Ltd		152
	196,080		Shenzhen Energy Group Co Ltd		129
	195,136		Shikoku Electric Power Co, Inc		1,436
	119,000	e	Shizuoka Gas Co Ltd		1,091
	136,200		Sichuan Chuantou Energy Co Ltd		179
	938,480	*	SIIC Environment Holdings Ltd		139
	61,658		SJW Corp		3,830
	368,335		Snam Rete Gas S.p.A.		1,796
	128,000	*,†	Sound Global Ltd		0	^
	82,962		South Jersey Industries, Inc		2,073
	577,686		Southern Co		29,953
	132,758		Southwest Gas Holdings Inc		9,167
	27,697	e	Spark Energy, Inc		196
	1,544,871		Spark Infrastructure Group		2,307
	106,400		SPCG PCL		56
	93,980		Spire, Inc		6,175

182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	355,614		Suez Environnement S.A.	$	4,180
	132,598	*	Sunnova Energy International, Inc		2,263
	16,031,700		Super Energy Corp PCL (Foreign)		491
	200,187		Superior Plus Corp		1,640
	144,450		Taiwan Cogeneration Corp		194
	247,580	*	Tata Power Co Ltd		148
	2,192,576	*	Tauron Polska Energia S.A.		1,320
	59,762	e	Telecom Plus plc		1,058
	1,775,015		Tenaga Nasional BHD		4,826
	105,215		Terna Energy S.A.		1,136
	1,657,472		Terna Rete Elettrica Nazionale S.p.A.		11,433
	408,666		TerraForm Power, Inc		7,536
	1,328,900		Thai Tap Water Supply PCL		572
	75,959		Toho Gas Co Ltd		3,797
	551,767		Tohoku Electric Power Co, Inc		5,242
	1,304,268	*	Tokyo Electric Power Co, Inc		4,012
	609,110		Tokyo Gas Co Ltd		14,585
	307,086		Torrent Power Ltd		1,299
	225,000		Towngas China Co Ltd		102
	2,393,000		TPI Polene Power PCL		313
	323,211		TransAlta Corp		1,917
	121,577	e	TransAlta Renewables, Inc		1,307
	700,263		Transmissora Alianca de Energia Eletrica S.A.		3,618
	44,574		UGI Corp		1,417
	325,921		Uniper SE		10,517
	661,109		United Utilities Group plc		7,429
	52,716		Unitil Corp		2,363
	726,431		Veolia Environnement		16,404
	1,012,459		Vistra Energy Corp		18,852
	67,565		WEC Energy Group, Inc		5,922
	7,500	*,e	West Holdings Corp		152
	232,000		WHA Utilities and Power PCL		34
	622,958		Xcel Energy, Inc		38,935
	11,559		York Water Co		554
	2,241,244		YTL Corp BHD		436
	1	*	Zorlu Enerji Elektrik Uretim AS		0	^
			TOTAL UTILITIES		3,170,009

			TOTAL COMMON STOCKS		104,972,124
			(Cost $97,018,453)

PURCHASED OPTIONS - 0.0%

DIVERSIFIED FINANCIALS - 0.0%
	560,000		Financial Select Sector SPDR Fund		543
			TOTAL DIVERSIFIED FINANCIALS		543

MATERIALS - 0.0%
	34,000		Dow, Inc		61
			TOTAL MATERIALS		61

183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	1,600,000		Cisco Systems, Inc	$	2,240
	250,000		Cisco Systems, Inc		638
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		2,878

UTILITIES - 0.0%
	360,000		Energy Select Sector SPDR Fund		792
			TOTAL UTILITIES		792

			TOTAL PURCHASED OPTIONS		4,274
			(Cost $5,070)

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)		1
	275,734		ACS Actividades de Construccion y Servicios S.A.		430
			TOTAL CAPITAL GOODS		431

CONSUMER DURABLES & APPAREL - 0.0%
	29,565		Aditya Birla Fashion and Retail Ltd		6
			TOTAL CONSUMER DURABLES & APPAREL		6

CONSUMER SERVICES - 0.0%
	210,192		Minor International PCL		10
			TOTAL CONSUMER SERVICES		10

ENERGY - 0.0%
	905,539	e	Repsol S.A.		441
	115,800		Serba Dinamik Holdings BHD		7
	8,918	e	Weatherford International plc		1
			TOTAL ENERGY		449

HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	318	e	Pulse Biosciences, Inc		0
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		0

MEDIA & ENTERTAINMENT - 0.0%
	1,735		CJ CGV Co Ltd		5
	230,631	†	Media General, Inc		0
			TOTAL MEDIA & ENTERTAINMENT		5

184

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	156,143	†	Elanco Animal Health, Inc CVR	$	9
	17,790	†,e	Omthera Pharmaceuticals, Inc		11
	20,027	†,e	Tobira Therapeutics, Inc		1
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		21

REAL ESTATE - 0.0%
	66,478,080		U City PCL		22
	150,614		Warehouse REIT plc		0
			TOTAL REAL ESTATE		22

RETAILING - 0.0%
	4,185		Arvind Fashions Ltd		4
			TOTAL RETAILING		4

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	30,484	†	Legend Holdings Corp		5
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		5

TELECOMMUNICATION SERVICES - 0.0%
	5,646,498	e	Telefonica S.A.		1,111
	1,455,433		T-Mobile US, Inc		244
			TOTAL TELECOMMUNICATION SERVICES		1,355

TRANSPORTATION - 0.0%
	2,935,002		BTS Group Holdings PCL		108
	779		Jejuair Co Ltd		2
	19,006		Korean Air Lines Co Ltd		28
			TOTAL TRANSPORTATION		138

			TOTAL RIGHTS / WARRANTS		2,446
			(Cost $2,823)

PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 2.5%

GOVERNMENT AGENCY DEBT - 0.7%
$	20,000,000	Federal Farm Credit Bank (FFCB)		0.100	%	07/09/20	19,999
	35,000,000	FFCB		0.120		07/10/20	34,999
	5,000,000	FFCB		0.120		09/25/20	4,998
	5,000,000	FFCB		0.100		11/20/20	4,997
	24,000,000	Federal Home Loan Bank (FHLB)		0.100-0.130		07/06/20	24,000
	50,000,000	FHLB		0.095		07/13/20	49,998
	60,000,000	FHLB		0.096-0.100		07/17/20	59,997
	24,100,000	FHLB		0.010-0.135		07/20/20	24,099
	4,800,000	FHLB		0.145		07/21/20	4,800
	29,288,000	FHLB		0.090-0.200		07/22/20	29,286
	37,749,000	FHLB		0.100-0.150		07/23/20	37,746
	50,600,000	FHLB		0.133-0.145		07/24/20	50,596
	30,000,000	FHLB		0.030		07/27/20	29,997

185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	15,845,000		FHLB		0.125-0.155	%	07/31/20	$	15,843
	27,400,000		FHLB		0.110-0.115		08/03/20		27,396
	34,300,000		FHLB		0.125-0.152		08/05/20		34,295
	4,675,000		FHLB		0.125-0.155		08/07/20		4,674
	47,400,000		FHLB		0.120-0.137		08/19/20		47,390
	30,000,000		FHLB		0.135		08/21/20		29,994
	15,160,000		FHLB		0.150-0.210		09/11/20		15,156
	23,173,000		FHLB		0.110-0.270		09/15/20		23,166
	27,000,000		FHLB		0.150-0.155		09/16/20		26,992
	25,000,000		FHLB		0.150		09/23/20		24,992
	60,000,000		FHLB		0.060		10/01/20		59,977
	45,000,000		FHLB		0.100		01/19/21		44,955
	15,000,000		FHLB		0.170		03/08/21		14,982
	25,000,000		Federal Home Loan Mortgage Corp (FHLMC)		0.140		08/26/20		24,994
	10,000,000		Federal National Mortgage Association (FNMA)		0.080		11/13/20		9,994
	25,000,000		FNMA		0.120		12/15/20		24,979
			TOTAL GOVERNMENT AGENCY DEBT						805,291

REPURCHASE AGREEMENT - 0.3%
	319,510,000	r	Fixed Income Clearing Corp		0.070		07/01/20		319,510
			TOTAL REPURCHASE AGREEMENT						319,510

TREASURY DEBT - 0.3%
	40,695,000		United States Cash Management Bill		0.135-0.173		09/29/20		40,681
	71,010,000		United States Treasury Bill		0.080-0.108		07/02/20		71,010
	36,055,000		United States Treasury Bill		0.110-0.130		07/09/20		36,054
	20,000,000		United States Treasury Bill		0.070		07/14/20		19,999
	25,000,000		United States Treasury Bill		0.141		07/30/20		24,998
	29,820,000		United States Treasury Bill		0.058		08/11/20		29,816
	25,000,000		United States Treasury Bill		0.125		08/25/20		24,995
	25,000,000		United States Treasury Bill		0.126		09/17/20		24,992
	25,000,000		United States Treasury Bill		0.137		09/24/20		24,992
			TOTAL TREASURY DEBT						297,537

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.2%

CERTIFICATE OF DEPOSIT - 0.2%
	83,000,000		Canadian Imperial Bank of Commerce		0.530		09/29/20		83,000
	83,000,000		Lloyds Bank plc		0.593		10/01/20		83,000
			TOTAL CERTIFICATE OF DEPOSIT						166,000

REPURCHASE AGREEMENT - 1.0%
	25,000,000	s	Barclays Capital		0.070		07/01/20		25,000
	100,000,000	t	Calyon		0.070		07/01/20		100,000
	50,000,000	u	Calyon		0.090		07/01/20		50,000
	100,000,000	v	Citigroup		0.070		07/01/20		100,000
	67,000,000	w	Citigroup		0.080		07/01/20		67,000
	46,000,000	x	Deutsche Bank		0.070		07/01/20		46,000
	40,000,000	y	Deutsche Bank		0.070		07/01/20		40,000
	77,000,000	z	Goldman Sachs		0.070		07/01/20		77,000
	58,000,000	aa	HSBC Bank		0.070		07/01/20		58,000
	188,000,000	ab	JP Morgan Securities		0.070		07/01/20		188,000
	83,434,000	ac	Merrill Lynch		0.090		07/01/20		83,434

186

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

							MATURITY	VALUE
PRINCIPAL			ISSUER	RATE			DATE	(000)
$	100,000,000	ad	Nomura		0.070	%	07/01/20	$	100,000
	63,000,000	ae	Royal Bank of Scotland		0.070		07/01/20		63,000
	50,000,000	af	Societe Generale		0.070		07/01/20		50,000
	20,000,000	ag	Societe Generale		0.090		07/01/20		20,000
			TOTAL REPURCHASE AGREEMENT						1,067,434

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						1,233,434

			TOTAL SHORT-TERM INVESTMENTS						2,655,772
			(Cost $2,655,817)

			TOTAL INVESTMENTS - 101.1%						107,634,942
			(Cost $99,682,484)
			OTHER ASSETS & LIABILITIES, NET - (1.1)%						(1,193,837	)
			NET ASSETS - 100.0%					$	106,441,105



		Abbreviation(s):
ADR		American Depositary Receipt
ETF		Exchange Traded Fund
GDR		Global Depositary Receipt
OTC		Over The Counter
REIT		Real Estate Investment Trust
SPDR		Standard & Poor’s Depositary Receipts

*		Non-income producing
^		Amount represents less than $1,000.
†		Security is categorized as Level 3 in the fair value hierarchy.
a		Affiliated holding
b		In bankruptcy
d		All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,867,232,815.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/20, the aggregate value of these securities is $986,620,381 or 0.9% 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.
r		Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $319,510,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $325,900,201.
s		Agreement with Barclays Capital, 0.070% dated 6/30/20 to be repurchased at $25,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $25,500,000.
t		Agreement with Calyon, 0.070% dated 6/30/20 to be repurchased at $100,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $102,000,000.
u		Agreement with Calyon, 0.090% dated 6/30/20 to be repurchased at $50,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $51,000,000.
v		Agreement with Citigroup, 0.070% dated 6/30/20 to be repurchased at $100,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $102,000,000.
w		Agreement with Citigroup, 0.080% dated 6/30/20 to be repurchased at $67,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $68,437,000.
x		Agreement with Deutsche Bank, 0.070% dated 6/30/20 to be repurchased at $46,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $46,920,000.
y		Agreement with Deutsche Bank, 0.070% dated 6/30/20 to be repurchased at $40,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $40,800,000.
z		Agreement with Goldman Sachs, 0.070% dated 6/30/20 to be repurchased at $77,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $78,540,000.

187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

aa		Agreement with HSBC Bank, 0.070% dated 6/30/20 to be repurchased at $58,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $59,160,000.
ab		Agreement with JP Morgan Securities, 0.070% dated 6/30/20 to be repurchased at $188,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $191,760,000.
ac		Agreement with Merrill Lynch, 0.090% dated 6/30/20 to be repurchased at $83,434,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $85,103,000.
ad		Agreement with Nomura, 0.070% dated 6/30/20 to be repurchased at $100,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $102,000,000.
ae		Agreement with Royal Bank of Scotland, 0.070% dated 6/30/20 to be repurchased at $63,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $64,260,000.
af		Agreement with Societe Generale, 0.070% dated 6/30/20 to be repurchased at $50,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $51,000,000.
ag		Agreement with Societe Generale, 0.090% dated 6/30/20 to be repurchased at $20,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $20,400,000.

		Cost amounts are in thousands.

Purchased options outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):

Description/underlying investment	Number of contracts		Notional amount		Exercise price		Expiration date	Value
Cisco Systems, Inc, Call		2,500	$	542	$	47.50	10/16/20	$	638
Cisco Systems, Inc, Call		16,000		3,167		50.00	10/16/20		2,240
Dow, Inc, Call		340		47		50.00	01/15/21		61
Energy Select Sector SPDR Fund, Call		3,600		727		43.00	12/18/20		792
Financial Select Sector SPDR Fund, Call		5,600		587		26.00	12/18/20		543
Total		28,040	$	5,070				$	4,274

Written options outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Alphabet, Inc, Call		37	$	(89	)	$	1,520.00	07/17/20	$	(11	)
Alphabet, Inc, Put		37		(38	)		1,300.00	07/17/20		(20	)
Amazon.com, Inc, Call		15		(34	)		2,900.00	07/17/20		(33	)
Amazon.com, Inc, Put		10		(30	)		1,850.00	07/17/20		(1	)
Amazon.com, Inc, Put		20		(91	)		1,900.00	07/17/20		(1	)
Amazon.com, Inc, Put		10		(16	)		2,300.00	07/17/20		(3	)
Amazon.com, Inc, Put		5		(25	)		2,370.00	08/21/20		(19	)
Amazon.com, Inc, Put		10		(148	)		1,600.00	09/18/20		(4	)
Apple, Inc, Call		351		(658	)		350.00	08/21/20		(953	)
Apple, Inc, Put		171		(69	)		255.00	07/17/20		(2	)
Apple, Inc, Put		351		(159	)		300.00	08/21/20		(109	)
Cisco Systems, Inc, Call		18,500		(222	)		60.00	10/16/20		(203	)
Cisco Systems, Inc, Put		2,500		(307	)		36.00	10/16/20		(159	)
Cisco Systems, Inc, Put		16,000		(1,068	)		37.50	10/16/20		(1,360	)

188

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Dow, Inc, Put		340	$	(47	)	$	25.00	01/15/21	$	(40	)
DuPont de Nemours, Inc, Put		209		(85	)		42.50	10/16/20		(33	)
DuPont de Nemours, Inc, Put		209		(110	)		45.00	10/16/20		(48	)
Facebook, Inc, Call		263		(72	)		270.00	07/17/20		(4	)
Hess Corp, Put		20		(4	)		35.00	07/17/20		(0	)^
Hess Corp, Put		20		(7	)		30.00	08/21/20		(1	)
JPMorgan Chase & Co, Put		20		(2	)		75.00	07/17/20		(0	)^
Morgan Stanley, Put		30		(8	)		42.00	09/18/20		(6	)
Southwest Airlines Co, Call		1,500		(170	)		40.00	07/17/20		(52	)
Total		40,628	$	(3,459	)				$	(3,062	)

^ Amount represents less than $1,000.

Futures contracts outstanding as of June 30, 2020 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		693	09/18/20	$	50,454	$	49,813		$	(641	)
S&P 500 E Mini Index		4,116	09/18/20		651,633		635,963			(15,670	)
S&P Mid-Cap 400 E Mini Index		430	09/18/20		79,150		76,501			(2,649	)
Total		5,239		$	781,237	$	762,277		$	(18,960	)

Forward foreign currency contracts outstanding as of June 30, 2020 were as follows (dollar amounts are in thousands):

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date	Unrealized appreciation (depreciation		)
$	3,502	AUD	5,500	Bank of America	07/22/20	$	(294	)
$	4,005	SEK	40,000	Bank of America	07/22/20		(288	)
EUR	8,300	$	9,051	Bank of America	07/22/20		279
Total						$	(303	)
$	2,981	CAD	4,200	Morgan Stanley	07/22/20	$	(113	)
$	51,248	CAD	69,000	Morgan Stanley	09/10/20		415
$	8,003	GBP	6,400	Morgan Stanley	07/22/20		72
$	38,359	GBP	30,000	Morgan Stanley	09/10/20		1,170
$	6,529	JPY	700,000	Morgan Stanley	07/22/20		44
CHF	2,400	$	2,489	Morgan Stanley	07/22/20		46
Total						$	1,634
Total						$	1,331

	Abbreviation(s):
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
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, 2020

Country	Value (000)		% of total portfolio
DOMESTIC

UNITED STATES	$	74,514,131		69.2	%
TOTAL DOMESTIC		74,514,131		69.2
FOREIGN

ARGENTINA		31,200		0.0
AUSTRALIA		1,577,078		1.5
AUSTRIA		166,062		0.2
BAHAMAS		201		0.0
BELGIUM		168,340		0.2
BERMUDA		37,128		0.0
BRAZIL		660,901		0.6
BURKINA FASO		3,239		0.0
CAMEROON		933		0.0
CANADA		1,942,211		1.8
CAYMAN ISLANDS		443		0.0
CHILE		64,325		0.1
CHINA		3,444,473		3.2
COLOMBIA		16,572		0.0
COTE D'IVOIRE		2,132		0.0
CYPRUS		63		0.0
CZECH REPUBLIC		10,648		0.0
DENMARK		425,754		0.4
EGYPT		18,017		0.0
FAROE ISLANDS		2,316		0.0
FINLAND		234,148		0.2
FRANCE		2,053,271		1.9
GEORGIA		271		0.0
GERMANY		1,753,185		1.6
GHANA		3,521		0.0
GREECE		14,902		0.0
GUERNSEY, C.I.		1,025		0.0
HONG KONG		583,629		0.6
HUNGARY		17,254		0.0
INDIA		755,307		0.7
INDONESIA		150,949		0.1
IRELAND		375,835		0.4
ISLE OF MAN		275		0.0
ISRAEL		131,355		0.1
ITALY		545,922		0.5
JAPAN		5,407,441		5.0
JERSEY, C.I.		605		0.0
JORDAN		3,609		0.0
KAZAKHSTAN		6,126		0.0
KENYA		4,139		0.0
KOREA, REPUBLIC OF		1,034,898		1.0
KYRGYZSTAN		2,815		0.0
LIECHTENSTEIN		1,096		0.0
LUXEMBOURG		34,465		0.0
MACAU		76,419		0.1
MALAYSIA		150,417		0.1

190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

Country	Value (000)		% of total portfolio
MALTA	$	2,414		0.0	%
MEXICO		182,082		0.2
MONACO		1,598		0.0
MONGOLIA		849		0.0
MYANMAR		163		0.0
NETHERLANDS		1,410,972		1.3
NEW ZEALAND		75,957		0.1
NORWAY		150,437		0.1
PAKISTAN		6,661		0.0
PANAMA		2,816		0.0
PERU		43,162		0.0
PHILIPPINES		64,090		0.1
POLAND		55,834		0.1
PORTUGAL		53,483		0.0
PUERTO RICO		19,682		0.0
QATAR		64,661		0.1
ROMANIA		3,027		0.0
RUSSIA		267,781		0.2
SAUDI ARABIA		192,593		0.2
SINGAPORE		226,463		0.2
SLOVENIA		4,241		0.0
SOUTH AFRICA		356,162		0.3
SPAIN		394,469		0.4
SWEDEN		625,119		0.6
SWITZERLAND		2,110,321		2.0
TAIWAN		1,287,486		1.2
THAILAND		166,775		0.2
TURKEY		76,408		0.1
UKRAINE		681		0.0
UNITED ARAB EMIRATES		41,463		0.0
UNITED KINGDOM		3,306,749		3.1
VIETNAM		2,838		0.0
ZAMBIA		8,459		0.0
TOTAL FOREIGN		33,120,811		30.8

TOTAL PORTFOLIO	$	107,634,942		100.0	%

191

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2020

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.8%

ARGENTINA - 0.0%
	6,931	*	Globant S.A.	$	1,039
	4,141	*	MercadoLibre, Inc		4,082
	16,300		Telecom Argentina S.A. (ADR) (Class B)		146
	39,900		YPF S.A. (ADR) (Class D)		229
			TOTAL ARGENTINA		5,496

AUSTRALIA - 1.8%
	523,966	*	Afterpay Touch Group Ltd		22,629
	72,498		AGL Energy Ltd		858
	398,977	*	AMP Ltd		516
	255,351		Ampol Ltd		5,203
	78,975		AngloGold Ashanti Ltd		2,324
	149,924		APA Group		1,159
	11,640		Aristocrat Leisure Ltd		208
	35,410		AusNet Services		41
	882,757		Australia & New Zealand Banking Group Ltd		11,454
	44,666		Australian Stock Exchange Ltd		2,655
	681,005	*,†	AZ BGP Holdings		2
	59,545		BHP Billiton Ltd		1,483
	37,599		BHP Group plc		769
	10,767		BlueScope Steel Ltd		89
	31,257		Brambles Ltd		237
	79,830		Challenger Financial Services Group Ltd		247
	1,581		CIMIC Group Ltd		27
	10,772		Coca-Cola Amatil Ltd		65
	1,304		Cochlear Ltd		171
	27,007		Coles Group Ltd		321
	65,090		Commonwealth Bank of Australia		3,143
	9,939		Computershare Ltd		92
	6,446		Crown Resorts Ltd		43
	578,642		CSL Ltd		115,086
	22,277		Dexus Property Group		143
	31,656		Evolution Mining Ltd		126
	6,958,949		Fortescue Metals Group Ltd		67,653
	178,360		Glencore Xstrata plc		380
	33,247		Goodman Group		343
	36,522		GPT Group		106
	1,214,495		IDP Education Ltd		13,162
	1,850,000		Ingenia Communities Group		5,783
	315,103		Insurance Australia Group Ltd		1,265
	12,883		Lend Lease Corp Ltd		111
	22,321		Macquarie Group Ltd		1,852
	2,693		Magellan Financial Group Ltd		110
	53,179		Medibank Pvt Ltd		110
	140,000	*	Megaport Ltd		1,178
	75,249		Mirvac Group		114

192

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	652,702		National Australia Bank Ltd	$	8,271
	472,914		Newcrest Mining Ltd		10,486
	1,083,503	*	NEXTDC Ltd		7,453
	14,591		Northern Star Resources Ltd		138
	36,406		Oil Search Ltd		81
	8,235		Orica Ltd		95
	35,417		Origin Energy Ltd		144
	5,461		Perpetual Trustees Australia Ltd		113
	384,271	*	PointsBet Holdings Ltd		1,445
	136,493		Qantas Airways Ltd		362
	162,501		QBE Insurance Group Ltd		1,003
	42,033		QR National Ltd		143
	3,636		Ramsay Health Care Ltd		168
	1,078	e	REA Group Ltd		81
	7,507		Rio Tinto Ltd		514
	481,731		Rio Tinto plc		27,110
	35,130		Santos Ltd		131
	696,130		Scentre Group		1,057
	7,237		Seek Ltd		111
	52,840		Sonic Healthcare Ltd		1,116
	105,698		South32 Ltd		150
	44,875		Stockland Trust Group		104
	155,742		Suncorp-Metway Ltd		1,001
	22,486		Sydney Airport		89
	39,801		Tabcorp Holdings Ltd		94
	560,448		Telstra Corp Ltd		1,217
	7,713	*	TPG Telecom Ltd		47
	55,316		Transurban Group		542
	14,190		Treasury Wine Estates Ltd		103
	3,856	*	Tuas Ltd		2
	73,288		Vicinity Centres		73
	264,254	*,†	Virgin Australia Holdings Ltd		2
	1,788		Washington H Soul Pattinson & Co Ltd		24
	72,927		Wesfarmers Ltd		2,267
	73,117		Westpac Banking Corp		916
	2,539	e	Wisetech Global Ltd		34
	19,196		Woodside Petroleum Ltd		290
	113,144		Woolworths Ltd		2,916
	2,208,434	*,e	Zip Co Ltd		8,238
			TOTAL AUSTRALIA		339,389

AUSTRIA - 0.1%
	1,324	*,e	Andritz AG.		48
	184,528	*,g	BAWAG Group AG.		6,385
	111,308	*	Erste Bank der Oesterreichischen Sparkassen AG.		2,629
	8,333	e	Oest Elektrizitatswirts AG. (Class A)		374
	2,485	*	OMV AG.		84
	3,159	*,e	Raiffeisen International Bank Holding AG.		56
	1,694	e	Voestalpine AG.		37
			TOTAL AUSTRIA		9,613

BELGIUM - 0.0%
	3,355		Ageas		119
	65,932		Anheuser-Busch InBev S.A.		3,250

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	804		Colruyt S.A.	$	44
	586		Elia System Operator S.A.		64
	749	*	Galapagos NV		147
	963		Groupe Bruxelles Lambert S.A.		81
	892		Groupe Bruxelles Lambert S.A. (EN Brussels)		75
	4,465		KBC Groep NV		256
	2,495		Proximus plc		51
	294		Sofina S.A.		78
	1,245		Solvay S.A.		100
	741		Telenet Group Holding NV		30
	2,248		UCB S.A.		261
	3,514		Umicore S.A.		166
			TOTAL BELGIUM		4,722

BERMUDA - 0.0%
	28,702		RenaissanceRe Holdings Ltd		4,909
	203,322	*	Third Point Reinsurance Ltd		1,527
			TOTAL BERMUDA		6,436

BRAZIL - 1.8%
	904,600		AMBEV S.A.		2,352
	271,721	*	Arco Platform Ltd		11,814
	455,000		Arcos Dorados Holdings, Inc		1,906
	79,000		Atacadao Distribuicao Comercio e Industria Ltd		287
	5,814,800	*	B2W Companhia Global Do Varejo		114,465
	390,600		B3 SA-Brasil Bolsa Balcao		3,957
	249,402		Banco Bradesco S.A.		870
	846,022		Banco Bradesco S.A. (Preference)		3,220
	42,800		Banco BTG Pactual S.A.		602
	163,132		Banco do Brasil S.A.		964
	1,024,500		Banco Inter SA		7,762
	926,019		Banco Itau Holding Financeira S.A.		4,334
	79,400		Banco Santander Brasil S.A.		409
	131,800		BB Seguridade Participacoes S.A.		661
	153,000		BR Malls Participacoes S.A.		284
	38,000		Braskem S.A.		162
	109,600	*	BRF S.A.		428
	64,555		Centrais Eletricas Brasileiras S.A.		368
	50,400		Centrais Eletricas Brasileiras S.A. (Preference)		299
	2,140,200		Cia Brasileira de Distribuicao		27,935
	229,400		Cia de Concessoes Rodoviarias		612
	66,600		Cia de Saneamento Basico do Estado de Sao Paulo		707
	186,800		Cia Energetica de Minas Gerais		379
	20,500		Cia Paranaense de Energia		229
	133,500		Cia Siderurgica Nacional S.A.		262
	243,300		Cielo S.A.		207
	359,800		Cogna Educacao		437
	29,100		Cosan SA Industria e Comercio		380
	44,200	*	CPFL Energia S.A.		249
	35,700		Energisa S.A.		322
	38,450		Engie Brasil Energia S.A.		298
	174,000	*	Equatorial Energia S.A.		743
	210,500		Gerdau S.A. (Preference)		620
	41,700	g	Hapvida Participacoes e Investimentos S.A.		477

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	71,500		Hypermarcas S.A.	$	438
	841,540		Investimentos Itau S.A. - PR		1,484
	133,600		IRB Brasil Resseguros S		270
	212,800		JBS S.A.		828
	135,900		Klabin S.A.		508
	2,122,890		Localiza Rent A Car		15,970
	3,074,323		Lojas Americanas S.A. (Preference)		18,192
	150,280		Lojas Renner S.A.		1,155
	1,412,900		Magazine Luiza S.A.		18,616
	55,300		Multiplan Empreendimentos Imobiliarios S.A.		208
	141,500		Natura & Co Holding S.A.		1,038
	6,810	*	Natura & Co Holding S.A. (RCT)		50
	91,200		Notre Dame Intermedica Participacoes S.A.		1,141
	635,555	*	Pagseguro Digital Ltd		22,461
	143,500		Petrobras Distribuidora S.A.		569
	726,200		Petroleo Brasileiro S.A.		2,983
	929,238		Petroleo Brasileiro S.A. (Preference)		3,682
	18,900		Porto Seguro S.A.		175
	40,700		Raia Drogasil S.A.		828
	206,800	*	Rumo S.A.		855
	598,102	*	StoneCo Ltd		23,182
	54,300		Sul America S.A.		450
	105,880	*	Suzano Papel e Celulose S.A.		716
	86,600		Telefonica Brasil S.A.		765
	164,300		Tim Participacoes S.A.		429
	142,100		Ultrapar Participacoes S.A.		480
	704,400		Vale S.A.		7,243
	158,660		Weg S.A.		1,477
	8,378	e	Wheaton Precious Metals Corp		368
	554,846	*	XP, Inc		23,309
			TOTAL BRAZIL		338,871

CANADA - 1.7%
	28,660		Agnico-Eagle Mines Ltd		1,835
	1,828	*,e	Air Canada		23
	10,425	e	Algonquin Power & Utilities Corp		135
	1,106,451		Alimentation Couche Tard, Inc		34,695
	5,231		AltaGas Ltd		60
	1,519		Atco Ltd		45
	20,648		B2Gold Corp		117
	12,020		Bank of Montreal		640
	70,180		Bank of Nova Scotia		2,904
	1,468,868		Barrick Gold Corp (Canada)		39,524
	3,005		BCE, Inc		125
	11,122	*	Blackberry Ltd (New)		54
	55,118		Brookfield Asset Management, Inc		1,814
	4,999		CAE, Inc		81
	7,201		Cameco Corp (Toronto)		74
	1,803		Canadian Apartment Properties REIT		65
	57,980		Canadian Imperial Bank of Commerce		3,875
	13,366		Canadian National Railway Co		1,183
	22,282		Canadian Natural Resources Ltd (Canada)		387
	224,483		Canadian Pacific Railway Ltd (Toronto)		57,100
	1,103	e	Canadian Tire Corp Ltd		96

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,385		Canadian Utilities Ltd	$	59
	4,095	*,e	Canopy Growth Corp (Toronto)		66
	2,684		CCL Industries		87
	17,655		Cenovus Energy, Inc (Toronto)		83
	4,523	*	CGI, Inc		285
	3,636		CI Financial Corp		46
	378		Constellation Software, Inc		427
	2,925	*,e	Cronos Group, Inc		18
	147,000	*	Descartes Systems Group, Inc		7,760
	675,349		Dollarama, Inc		22,465
	4,841		Emera, Inc		191
	3,416		Empire Co Ltd		82
	203,011		Enbridge, Inc (Toronto)		6,173
	508		Fairfax Financial Holdings Ltd		157
	1,795		First Capital Real Estate Investment Trust		18
	8,713		Fortis, Inc		331
	3,537		Franco-Nevada Corp		494
	1,498		George Weston Ltd		110
	3,707		Gildan Activewear, Inc		57
	5,604		Great-West Lifeco, Inc		98
	5,960	e,g	Hydro One Ltd		112
	2,067		iA Financial Corp, Inc		69
	1,410	e	IGM Financial, Inc		34
	4,376	e	Imperial Oil Ltd		70
	84,972		Intact Financial Corp		8,087
	8,216	e	Inter Pipeline Ltd		77
	4,210	e	Keyera Corp		64
	49,500	*	Kinaxis, Inc		7,076
	24,015	*	Kinross Gold Corp		173
	5,117		Kirkland Lake Gold Ltd		211
	515,661	*,e	Lightspeed POS, Inc		12,318
	3,378		Loblaw Cos Ltd		165
	5,523		Magna International, Inc		246
	154,434		Manulife Financial Corp (Toronto)		2,101
	4,759		Metro, Inc		196
	6,328	e	National Bank of Canada		287
	515,725	e	Nutrien Ltd (Toronto)		16,570
	1,405		Onex Corp		63
	5,097		Open Text Corp		216
	3,758		Pan American Silver Corp (Toronto)		114
	2,909	e	Parkland Corp		72
	10,328		Pembina Pipeline Income Fund		258
	76,529		Power Corp Of Canada		1,346
	3,557		Quebecor, Inc		76
	5,329		Restaurant Brands International, Inc (Toronto)		290
	62,960		RioCan Real Estate Investment Trust		712
	2,183		Ritchie Bros Auctioneers, Inc		89
	6,675		Rogers Communications, Inc (Class B)		268
	262,747		Royal Bank of Canada		17,827
	4,354		Saputo, Inc		104
	9,411		Shaw Communications, Inc (B Shares)		154
	41,005	*	Shopify, Inc (Class A) (Toronto)		38,956
	967		Smart Real Estate Investment Trust		15
	58,007		Sun Life Financial, Inc		2,132

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	28,791		Suncor Energy, Inc	$	485
	193,905	e	TC Energy Corp		8,284
	8,944		Teck Cominco Ltd		94
	8,114		TELUS Corp		136
	3,281		Thomson Reuters Corp		223
	1,123		TMX Group Ltd		111
	412,716		Toronto-Dominion Bank		18,420
	7,240	e	West Fraser Timber Co Ltd		255
	1,985		WSP Global, Inc		122
	16,676		Yamana Gold, Inc		91
	22,826	*	Zymeworks, Inc		823
			TOTAL CANADA		323,431

CHILE - 0.0%
	630,925		Aguas Andinas S.A.		214
	7,379		Antofagasta plc		85
	8,565,247		Banco de Chile		756
	8,894		Banco de Credito e Inversiones		302
	12,391,339		Banco Santander Chile S.A.		507
	96,748		Cencosud Shopping S.A.		172
	285,565		Centros Comerciales Sudamericanos S.A.		400
	31,017		Cia Cervecerias Unidas S.A.		223
	1,609,232		Colbun S.A.		257
	71,825		Embotelladora Andina S.A.		176
	27,406		Empresa Nacional de Telecomunicaciones S.A.		177
	214,711		Empresas CMPC S.A.		427
	76,508		Empresas COPEC S.A.		513
	5,621,199		Enersis Chile S.A.		420
	6,561,125		Enersis S.A.		990
	12,274		Lundin Mining Corp		66
	151,085		SACI Falabella		478
	21,737		Sociedad Quimica y Minera de Chile S.A. (Class B)		566
			TOTAL CHILE		6,729

CHINA - 5.7%
	29,000		360 Security Technology, Inc		75
	261,500	*,e,g	3SBio, Inc		333
	5,300	*	51job, Inc (ADR)		380
	18,300	*	58.COM, Inc (ADR)		987
	140,500	e	AAC Technologies Holdings, Inc		868
	3,800		Accelink Technologies Co Ltd		18
	14,200		Addsino Co Ltd		28
	17,600		AECC Aero-Engine Control Co Ltd		34
	31,600	*	AECC Aviation Power Co Ltd		105
	244,000		Agile Property Holdings Ltd		289
	5,423,000	*	Agricultural Bank of China Ltd		2,195
	856,400	*	Agricultural Bank of China Ltd (Class A)		410
	294,437		Aier Eye Hospital Group Co Ltd		1,812
	73,900		Air China Ltd		70
	364,000	e	Air China Ltd (H shares)		219
	24,000		Airtac International Group		424
	24,900	*	Aisino Corp		57
	76,000	g	AK Medical Holdings Ltd		242
	1,035,644	*	Alibaba Group Holding Ltd (ADR)		223,388

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	690,000	*	Alibaba Health Information Technology Ltd	$	2,029
	82,500	g	A-Living Services Co Ltd		419
	946,000	*	Aluminum Corp of China Ltd		178
	182,500	*	Aluminum Corp of China Ltd (Class A)		72
	107,430		Angang Steel Co Ltd		37
	11,400		Angel Yeast Co Ltd		80
	237,500		Anhui Conch Cement Co Ltd		1,609
	48,200		Anhui Conch Cement Co Ltd (Class A)		363
	22,000	*	Anhui Gujing Distillery Co Ltd		237
	5,100	*	Anhui Gujing Distillery Co Ltd (Class A)		109
	8,400		Anhui Kouzi Distillery Co Ltd		61
	205,000		Anta Sports Products Ltd		1,824
	14,200		Apeloa Pharmaceutical Co Ltd		47
	2,300		Asymchem Laboratories Tianjin Co Ltd		79
	3,000		Autobio Diagnostics Co Ltd		69
	11,300		Autohome, Inc (ADR)		853
	33,200		AVIC Aircraft Co Ltd		84
	80,200		Avic Capital Co Ltd		45
	44,800	*	AVIC Electromechanical Systems Co Ltd		50
	11,800		AVIC Jonhon Optronic Technology Co Ltd		69
	10,200		AVIC Shenyang Aircraft Co Ltd		47
	501,000		AviChina Industry & Technology Co		229
	6,800	*	AVICOPTER plc		40
	26,300	*	BAIC BluePark New Energy Technology Co Ltd		24
	380,500	g	BAIC Motor Corp Ltd		167
	52,500	*	Baidu, Inc (ADR)		6,294
	265,100		Bank of Beijing Co Ltd		184
	39,500		Bank of Chengdu Co Ltd		45
	383,500	*	Bank of China Ltd		189
	15,405,000	*	Bank of China Ltd (Hong Kong)		5,707
	502,500		Bank of Communications Co Ltd		365
	1,752,000	*	Bank of Communications Co Ltd (Hong Kong)		1,085
	61,800		Bank of Hangzhou Co Ltd		78
	142,600		Bank of Jiangsu Co Ltd		115
	115,600		Bank of Nanjing Co Ltd		120
	68,200		Bank of Ningbo Co Ltd		254
	152,422		Bank of Shanghai Co Ltd		179
	289,900		Baoshan Iron & Steel Co Ltd		188
	8,864	*,e	Baozun, Inc (ADR)		341
	48,500		BBMG Corp		21
	783	*	BeiGene Ltd (ADR)		148
	13,700		Beijing Capital Development Co Ltd		11
	394,000		Beijing Capital International Airport Co Ltd		247
	55,100		Beijing Dabeinong Technology Group Co Ltd		71
	5,200	*	Beijing E-Hualu Information Technology Co Ltd		41
	34,000		Beijing Enlight Media Co Ltd		53
	107,500		Beijing Enterprises Holdings Ltd		361
	1,068,000		Beijing Enterprises Water Group Ltd		419
	15,100		Beijing Kunlun Tech Co Ltd		54
	23,800		Beijing New Building Materials plc		72
	19,500		Beijing Oriental Yuhong Waterproof Technology Co Ltd		112
	35,500		Beijing Originwater Technology Co Ltd		41
	10,900		Beijing Shiji Information Technology Co Ltd		60
	10,300		Beijing Shunxin Agriculture Co Ltd		83

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	19,200		Beijing Sinnet Technology Co Ltd	$	71
	7,000		Beijing Thunisoft Corp Ltd		28
	11,700	*	Beijing Tiantan Biological Products Corp Ltd		75
	19,500		Beijing Tongrentang Co Ltd		75
	44,700		Beijing Yanjing Brewery Co Ltd		43
	41,000	*,e	BEST, Inc (ADR)		175
	4,700		Betta Pharmaceuticals Co Ltd		93
	5,100	*	BGI Genomics Co Ltd		112
	18,700	*,e	Bilibili, Inc (ADR)		866
	417,400	*	BOE Technology Group Co Ltd		278
	36,100	*	Bohai Leasing Co Ltd		15
	644,000		Bosideng International Holdings Ltd		201
	570,000		Brilliance China Automotive Holdings Ltd		516
	16,200	*	BTG Hotels Group Co Ltd		35
	32,800	g	Budweiser Brewing Co APAC Ltd		96
	23,600		BYD Co Ltd		241
	126,000	e	BYD Co Ltd (H shares)		982
	132,000	*,e	BYD Electronic International Co Ltd		305
	26,800		By-health Co Ltd		75
	15,600		C&S Paper Co Ltd		49
	48,600		Caitong Securities Co Ltd		71
	12,000	*,e,g	CanSino Biologics, Inc		330
	5,600		Centre Testing International Group Co Ltd		16
	2,085,000	g	CGN Power Co Ltd		432
	5,800		Chacha Food Co Ltd		45
	4,800		Changchun High & New Technology Industry Group, Inc		295
	83,500		Changjiang Securities Co Ltd		80
	271,600	*	Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		210
	1,300		Changzhou Xingyu Automotive Lighting Systems Co Ltd		23
	17,400		Chaozhou Three-Circle Group Co Ltd		68
	10,300		Chengdu Kanghong Pharmaceutical Group Co Ltd		72
	40,000	*	China Aerospace Times Electronics Co Ltd		37
	9,579,000	†,e	China Animal Healthcare Ltd		12
	230,000		China Aoyuan Group Ltd		281
	7,800		China Avionics Systems Co Ltd		15
	1,885,000	*	China Cinda Asset Management Co Ltd		372
	1,832,000		China Citic Bank		803
	54,500		China CITIC Bank Corp Ltd		40
	59,900		China Communications Construction Co Ltd		62
	904,000	e	China Communications Construction Co Ltd (Hong Kong)		513
	492,000		China Communications Services Corp Ltd		308
	307,000		China Conch Venture Holdings Ltd		1,303
	149,000		China Construction Bank Corp		133
	18,364,000		China Construction Bank Corp (Hong Kong)		14,937
	602,000	*	China COSCO Holdings Co Ltd		174
	111,500	g	China East Education Holdings Ltd		203
	103,800	*	China Eastern Airlines Corp Ltd		62
	366,000	*,e	China Eastern Airlines Corp Ltd (H Shares)		132
	122,000		China Education Group Holdings Ltd		197
	491,100		China Everbright Bank Co Ltd		249
	629,000		China Everbright Bank Co Ltd (Hong Kong)		238
	765,555		China Everbright International Ltd		406
	194,000		China Everbright Ltd		283

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	356,000	*,e	China Evergrande Group	$	926
	178,000	g	China Feihe Ltd		359
	20,700		China Film Co Ltd		39
	33,341		China Fortune Land Development Co Ltd		108
	694,000	*	China Galaxy Securities Co Ltd		378
	49,700	*	China Galaxy Securities Co Ltd (Class A)		81
	501,400		China Gas Holdings Ltd		1,553
	53,800		China Gezhouba Group Co Ltd		45
	28,100	*	China Great Wall Securities Co Ltd		49
	36,200		China Greatwall Technology Group Co Ltd		68
	376,500		China Hongqiao Group Ltd		168
	2,101,000	*,g	China Huarong Asset Management Co Ltd		213
	330,000		China Insurance International Holdings Co Ltd		533
	272,400	*,e,g	China International Capital Corp Ltd		539
	23,400	*	China International Travel Service Corp Ltd		513
	39,600		China Jushi Co Ltd		51
	206,000		China Lesso Group Holdings Ltd		270
	1,439,000	*	China Life Insurance Co Ltd		2,904
	28,200	*	China Life Insurance Co Ltd (Class A)		109
	60,800	*,e,g	China Literature Ltd		412
	672,000		China Longyuan Power Group Corp		379
	278,000		China Medical System Holdings Ltd		329
	7,600		China Meheco Co Ltd		15
	529,000		China Mengniu Dairy Co Ltd		2,028
	750,000		China Merchants Bank Co Ltd		3,476
	237,400		China Merchants Bank Co Ltd (Class A)		1,137
	99,200		China Merchants Energy Shipping Co Ltd		82
	303,426		China Merchants Holdings International Co Ltd		360
	11,900	*	China Merchants Property Operation & Service Co Ltd		52
	66,400		China Merchants Securities Co Ltd		207
	72,500		China Merchants Shekou Industrial Zone Holdings Co Ltd		169
	449,400	*	China Minsheng Banking Corp Ltd		361
	1,155,800	*	China Minsheng Banking Corp Ltd (Hong Kong)		796
	1,176,000		China Mobile Hong Kong Ltd		7,940
	678,000	e	China Molybdenum Co Ltd		224
	211,200		China Molybdenum Co Ltd (Class A)		110
	6,000		China National Accord Medicines Corp Ltd		38
	762,000		China National Building Material Co Ltd		817
	53,200	*	China National Chemical Engineering Co Ltd		41
	9,500		China National Medicines Corp Ltd		55
	145,600		China National Nuclear Power Co Ltd		84
	6,100		China National Software & Service Co Ltd		69
	42,900	*	China Northern Rare Earth Group High-Tech Co Ltd		57
	384,000		China Oilfield Services Ltd		350
	1,586,935		China Overseas Land & Investment Ltd		4,846
	79,700		China Pacific Insurance Group Co Ltd		309
	542,000		China Pacific Insurance Group Co Ltd (Hong Kong)		1,457
	1,104,000		China Power International Development Ltd		203
	408,500		China Railway Construction Corp		324
	134,913		China Railway Construction Corp Ltd		160
	236,400		China Railway Group Ltd		168
	773,000		China Railway Group Ltd (Hong Kong)		399
	370,000	g	China Railway Signal & Communication Corp Ltd		160
	1,334,000		China Reinsurance Group Corp		137

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	280,000		China Resources Beer Holdings Company Ltd	$	1,563
	176,000		China Resources Gas Group Ltd		861
	613,836		China Resources Land Ltd		2,346
	351,500	g	China Resources Pharmaceutical Group Ltd		204
	404,000		China Resources Power Holdings Co		477
	11,100		China Resources Sanjiu Medical & Pharmaceutical Co Ltd		46
	85,400		China Shenhua Energy Co Ltd		174
	697,500		China Shenhua Energy Co Ltd (Hong Kong)		1,083
	305,300		China Shipbuilding Industry Co Ltd		173
	278,000	*	China Shipping Development Co Ltd		125
	22,800		China South Publishing & Media Group Co Ltd		34
	364,000	*,e	China Southern Airlines Co Ltd		163
	102,600		China Southern Airlines Co Ltd (Class A)		75
	13,500	*	China Spacesat Co Ltd		59
	511,720		China State Construction Engineering Corp Ltd		346
	392,000		China State Construction International Holdings Ltd		230
	2,672,000		China Telecom Corp Ltd		751
	8,592,000	g	China Tower Corp Ltd		1,527
	17,400	*	China TransInfo Technology Co Ltd		59
	1,264,000		China Unicom Ltd		688
	361,400		China United Network Communications Ltd		248
	332,800		China Vanke Co Ltd		1,062
	118,700		China Vanke Co Ltd (Class A)		441
	271,100		China Yangtze Power Co Ltd		728
	232,000	g	China Yuhua Education Corp Ltd		192
	7,800		Chinese Universe Publishing and Media Group Co Ltd		13
	6,200		Chongqing Brewery Co Ltd		64
	42,600		Chongqing Changan Automobile Co Ltd		66
	13,200		Chongqing Fuling Zhacai Group Co Ltd		67
	555,000		Chongqing Rural Commercial Bank		219
	17,800	*	Chongqing Zhifei Biological Products Co Ltd		252
	614,535		CIFI Holdings Group Co Ltd		484
	1,133,000		Citic Pacific Ltd		1,070
	446,000	e	CITIC Securities Co Ltd		851
	120,500		CITIC Securities Co Ltd (Class A)		412
	3,539,000		CNOOC Ltd		3,972
	25,400		Contemporary Amperex Technology Co Ltd		633
	406,445	e	COSCO Pacific Ltd		219
	82,500	*	COSCO SHIPPING Development Co Ltd		22
	64,900	*	COSCO SHIPPING Energy Transportation Co Ltd		60
	77,500	*	COSCO SHIPPING Holdings Co Ltd		38
	1,460,000		Country Garden Holdings Co Ltd		1,811
	258,000		Country Garden Services Holdings Co Ltd		1,204
	905,000		CRRC Corp Ltd		384
	316,800		CRRC Corp Ltd (Class A)		250
	33,100		CSC Financial Co Ltd		185
	1,072,800		CSPC Pharmaceutical Group Ltd		2,032
	11,990		Da An Gene Co Ltd		46
	417,500	g	Dali Foods Group Co Ltd		254
	204,100	*	Daqin Railway Co Ltd		203
	15,820		Dawning Information Industry Co Ltd		86
	42,000		DHC Software Co Ltd		75
	14,300		Dong-E-E-Jiao Co Ltd		73
	31,200		Dongfang Electric Corp Ltd		39

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	554,000		Dongfeng Motor Group Co Ltd	$	334
	27,500		Dongxing Securities Co Ltd		43
	98,760		East Money Information Co Ltd		283
	151,100		ENN Energy Holdings Ltd		1,708
	23,570		Eve Energy Co Ltd		160
	42,900		Everbright Securities Co Ltd		98
	52,243	*	Fangda Carbon New Material Co Ltd		47
	376,000		Far East Horizon Ltd		321
	14,000		Fiberhome Telecommunication Technologies Co Ltd		58
	45,000		First Capital Securities Co Ltd		44
	194,500		Focus Media Information Technology Co Ltd		154
	30,960		Foshan Haitian Flavouring & Food Co Ltd		545
	495,000		Fosun International		634
	105,300		Founder Securities Co Ltd		106
	65,400		Foxconn Industrial Internet Co Ltd		141
	1,016,000		Franshion Properties China Ltd		723
	6,200	*	Fujian Star-net Communication Co Ltd		31
	12,500	*	Fujian Sunner Development Co Ltd		51
	27,600	*	Future Land Holdings Co Ltd		122
	30,100	*	Fuyao Glass Industry Group Co Ltd		89
	107,200	*,g	Fuyao Glass Industry Group Co Ltd (Hong Kong)		257
	700		G-bits Network Technology Xiamen Co Ltd		54
	69,900	*	GCL System Integration Technology Co Ltd		26
	342,400	*	GD Power Development Co Ltd		90
	1,376,648	*	GDS Holdings Ltd (ADR)		109,664
	1,124,000		Geely Automobile Holdings Ltd		1,786
	29,200		GEM Co Ltd		21
	49,100		Gemdale Corp		95
	208,000	*,e	Genscript Biotech Corp		430
	253,000		GF Securities Co Ltd		272
	76,000	*	GF Securities Co Ltd (Class A)		152
	15,000		Giant Network Group Co Ltd		37
	5,180		Gigadevice Semiconductor Beijing, Inc		174
	14,400		Glodon Co Ltd		143
	36,100		GoerTek, Inc		151
	1,905,000	*,e	GOME Electrical Appliances Holdings Ltd		319
	13,100	*	Grandjoy Holdings Group Co Ltd		9
	627,500		Great Wall Motor Co Ltd		395
	38,300		Gree Electric Appliances, Inc of Zhuhai		308
	73,800		Greenland Holdings Corp Ltd		65
	222,000		Greentown Service Group Co Ltd		263
	30,400		GRG Banking Equipment Co Ltd		56
	14,800	*,e	GSX Techedu, Inc (ADR)		888
	18,500		Guangdong Haid Group Co Ltd		125
	36,200	*	Guangdong HEC Technology Holding Co Ltd		36
	7,600	*	Guangdong Hongda Blasting Co Ltd		38
	578,000		Guangdong Investments Ltd		997
	74,500	*	Guangdong LY Intelligent Manufacturing Co Ltd		113
	132,800	*	Guanghui Energy Co Ltd		51
	584,000		Guangzhou Automobile Group Co Ltd (Hong Kong)		425
	31,300		Guangzhou Baiyun International Airport Co Ltd		68
	17,300		Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd		79
	23,500		Guangzhou Haige Communications Group, Inc Co		43
	5,100		Guangzhou Kingmed Diagnostics Group Co Ltd		65

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	277,600		Guangzhou R&F Properties Co Ltd	$	327
	7,895		Guangzhou Shiyuan Electronic Technology Co Ltd		112
	3,400		Guangzhou Wondfo Biotech Co Ltd		50
	14,600	*	Guocheng Mining Co Ltd		38
	47,700		Guosen Securities Co Ltd		76
	95,400		Guotai Junan Securities Co Ltd		234
	117,600	g	Guotai Junan Securities Co Ltd (Hong Kong)		164
	8,600		Guoxuan High-Tech Co Ltd		33
	32,300		Guoyuan Securities Co Ltd		39
	150,000	e,g	Haidilao International Holding Ltd		637
	241,000	e	Haier Electronics Group Co Ltd		734
	214,200	*	Hainan Airlines Holding Co Ltd		46
	124,000		Haitian International Holdings Ltd		253
	566,000		Haitong Securities Co Ltd		460
	101,700		Haitong Securities Co Ltd (Class A)		182
	106,300		Hangzhou Hikvision Digital Technology Co Ltd		459
	11,730		Hangzhou Robam Appliances Co Ltd		52
	17,000		Hangzhou Silan Microelectronics Co Ltd		35
	127,200		Hangzhou Tigermed Consulting Co Ltd		1,831
	102,000	*,g	Hansoh Pharmaceutical Group Co Ltd		482
	6,400		Hefei Meiya Optoelectronic Technology, Inc		48
	24,400		Heilongjiang Agriculture Co Ltd		56
	33,700		Henan Shuanghui Investment & Development Co Ltd		220
	126,000		Hengan International Group Co Ltd		992
	60,580		Hengli Petrochemical Co Ltd		120
	23,200		Hengtong Optic-electric Co Ltd		54
	44,330		Hengyi Petrochemical Co Ltd		57
	91,000		Hesteel Co Ltd		26
	7,200		Hithink RoyalFlush Information Network Co Ltd		136
	19,300		Holitech Technology Co Ltd		14
	9,100	*	Hongfa Technology Co Ltd		52
	6,260		Hopewell Highway Infrastructure Ltd		2
	90,000	*,e,g	Hua Hong Semiconductor Ltd		316
	48,600	*	Huaan Securities Co Ltd		47
	95,000		Huadian Power International Corp Ltd (Class A)		46
	22,540		Huadong Medicine Co Ltd		81
	10,800	*	Huagong Tech Co Ltd		38
	22,360		Hualan Biological Engineering, Inc		159
	113,600	*	Huaneng Power International, Inc		68
	792,000	*	Huaneng Power International, Inc (Hong Kong)		299
	294,600	e,g	Huatai Securities Co Ltd		472
	94,400		Huatai Securities Co Ltd (Class A)		252
	30,800		Huaxi Securities Co Ltd		46
	119,200		Huaxia Bank Co Ltd		103
	17,000	*	Huaxin Cement Co Ltd		57
	36,500		Huayu Automotive Systems Co Ltd		108
	25,900		Huazhu Group Ltd (ADR)		908
	51,000		Hubei Biocause Pharmaceutical Co Ltd		38
	15,600		Hubei Jumpcan Pharmaceutical Co Ltd		56
	6,200		Hubei Kaile Science & Technology Co Ltd		12
	72,200		Hunan Valin Steel Co Ltd		39
	13,663		Hundsun Technologies, Inc		209
	13,700	*	Hutchison China MediTech Ltd (ADR)		378
	12,300	*,e	HUYA, Inc (ADR)		230

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	27,700		Iflytek Co Ltd	$	148
	628,100		Industrial & Commercial Bank of China Ltd		443
	11,679,000		Industrial & Commercial Bank of China Ltd (Hong Kong)		7,061
	244,000	*	Industrial Bank Co Ltd		546
	83,900		Industrial Securities Co Ltd		82
	578,600		Inner Mongolia BaoTou Steel Union Co Ltd		89
	8,300		Inner Mongolia First Machinery Group Co Ltd		12
	92,700		Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd		33
	34,700		Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd		12
	79,300		Inner Mongolia Yili Industrial Group Co Ltd		350
	243,000		Inner Mongolia Yitai Coal Co		158
	179,000	*,g	Innovent Biologics, Inc		1,332
	17,584		Inspur Electronic Information Industry Co Ltd		99
	43,300	*	IQIYI, Inc (ADR)		1,004
	10,260		Jafron Biomedical Co Ltd		101
	163,200	*	JD.com, Inc (ADR)		9,821
	34,800	*	Jiangsu Changshu Rural Commercial Bank Co Ltd		37
	264,000		Jiangsu Express		310
	9,800		Jiangsu Hengli Hydraulic Co Ltd		112
	182,000		Jiangsu Hengrui Medicine Co Ltd		2,379
	16,300		Jiangsu King’s Luck Brewery JSC Ltd		92
	26,899		Jiangsu Shagang Co Ltd		48
	19,600		Jiangsu Yanghe Brewery Joint-Stock Co Ltd		293
	4,300		Jiangsu Yangnong Chemical Co Ltd		50
	12,100		Jiangsu Yuyue Medical Equipment & Supply Co Ltd		62
	44,600		Jiangsu Zhongnan Construction Group Co Ltd		56
	36,000		Jiangsu Zhongtian Technology Co Ltd		59
	270,000		Jiangxi Copper Co Ltd		275
	32,458		Jiangxi Copper Co Ltd (Class A)		62
	11,700		Jiangxi Ganfeng Lithium Co Ltd		89
	32,400		Jiangxi Zhengbang Technology Co Ltd		80
	21,500	*	Jilin Aodong Pharmaceutical Group Co Ltd		48
	14,400		Jinduicheng Molybdenum Co Ltd		13
	51,200	*	Jinke Properties Group Co Ltd		59
	14,000		Jinyu Bio-Technology Co Ltd		55
	20,800	*	Joincare Pharmaceutical Group Industry Co Ltd		48
	20,900	*	Jointown Pharmaceutical Group Co Ltd		55
	11,700		Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd		97
	8,800		Joyoung Co Ltd		46
	11,100	*	JOYY, Inc (ADR)		983
	7,100	*	Juewei Food Co Ltd		71
	6,600		Juneyao Airlines Co Ltd		9
	468,000	e	Kaisa Group Holdings Ltd		178
	134,000		Kingboard Chemical Holdings Ltd		350
	455,000		Kingdee International Software Group Co Ltd		1,065
	1,034,000	e	Kingsoft Corp Ltd		4,843
	47,500	*,e,g	Koolearn Technology Holding Ltd		192
	14,300		Kweichow Moutai Co Ltd		2,970
	249,064		KWG Property Holding Ltd		423
	3,400		Laobaixing Pharmacy Chain JSC		48
	291,000		Lee & Man Paper Manufacturing Ltd		158

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	131,400	g	Legend Holdings Corp	$	154
	1,424,000		Lenovo Group Ltd		795
	37,000		Lens Technology Co Ltd		148
	90,000		Leo Group Co Ltd		49
	21,000		Lepu Medical Technology Beijing Co Ltd		109
	16,000		Leyard Optoelectronic Co Ltd		14
	398,000		Li Ning Co Ltd		1,275
	17,200		Liaoning Cheng Da Co Ltd		46
	8,100		Livzon Pharmaceutical Group, Inc		55
	256,000		Logan Property Holdings Co Ltd		457
	27,000		Lomon Billions Group Co Ltd		71
	339,500	g	Longfor Properties Co Ltd		1,625
	47,260		LONGi Green Energy Technology Co Ltd		273
	12,900		Luenmei Quantum Co Ltd		26
	80,209		Luxshare Precision Industry Co Ltd		586
	377,000	e,g	Luye Pharma Group Ltd		232
	18,400		Luzhou Laojiao Co Ltd		238
	110,012	*	Maanshan Iron & Steel Co Ltd (Class A)		40
	18,590	*	Mango Excellent Media Co Ltd		172
	47,000		Meinian Onehealth Healthcare Holdings Co Ltd		96
	677,400	*	Meituan Dianping (Class B)		15,137
	188,900		Metallurgical Corp of China Ltd		67
	30,000		Momo, Inc (ADR)		524
	43,860		Muyuan Foodstuff Co Ltd		510
	29,500		NanJi E-Commerce Co Ltd		89
	5,100		Nanjing King-Friend Biochemical Pharmaceutical Co Ltd		47
	39,900		Nanjing Securities Co Ltd		81
	12,900	*	Nanyang Topsec Technologies Group, Inc		49
	54,000		NARI Technology Co Ltd		156
	6,000		NAURA Technology Group Co Ltd		145
	24,400	*	NavInfo Co Ltd		57
	15,600		Netease.com (ADR)		6,698
	25,500		New China Life Insurance Co Ltd		160
	168,000	e	New China Life insurance Co Ltd (Hong Kong)		567
	51,000		New Hope Liuhe Co Ltd		216
	27,200	*	New Oriental Education & Technology Group (ADR)		3,542
	6,500		Newland Digital Technology Co Ltd		15
	12,100		Ninestar Corp		56
	15,700	*	Ningbo Joyson Electronic Corp		53
	12,100	*	Ningbo Tuopu Group Co Ltd		48
	124,800	*	Ningbo Zhoushan Port Co Ltd		63
	170,200	*,e	NIO, Inc (ADR)		1,314
	6,600	*,e	Noah Holdings Ltd (ADR)		168
	30,200		Northeast Securities Co Ltd		36
	75,900		Oceanwide Holdings Co Ltd		41
	19,300		Offcn Education Technology Co Ltd		76
	93,200		Offshore Oil Engineering Co Ltd		60
	35,400	*	O-film Tech Co Ltd		92
	3,600	*	Oppein Home Group, Inc		59
	63,000		Orient Securities Co Ltd		85
	6,750		Ovctek China, Inc		66
	91,300	*	Pacific Securities Co Ltd		41
	90,600	*	Pangang Group Vanadium Titanium & Resources Co Ltd		26
	1,726,000		People’s Insurance Co Group of China Ltd		506

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	70,300	*	People’s Insurance Co Group of China Ltd (Class A)	$	64
	15,600	*	Perfect World Co Ltd		128
	1,348,000		PICC Property & Casualty Co Ltd		1,120
	49,136	*	Pinduoduo, Inc (ADR)		4,218
	234,500		Ping An Bank Co Ltd		426
	146,300	*,e,g	Ping An Healthcare and Technology Co Ltd		2,243
	7,794,703		Ping An Insurance Group Co of China Ltd		77,705
	125,400		Ping An Insurance Group Co of China Ltd (Class A)		1,269
	23,200	e	Poly Property Development Co Ltd		235
	139,300		Poly Real Estate Group Co Ltd		292
	1,920,000	g	Postal Savings Bank of China Co Ltd		1,106
	175,500		Power Construction Corp of China Ltd		86
	1,900		Proya Cosmetics Co Ltd		49
	75,200		Qingdao Haier Co Ltd		189
	63,300		Qingdao Rural Commercial Bank Corp		40
	51,600		RiseSun Real Estate Development Co Ltd		59
	41,500		Rongsheng Petro Chemical Co Ltd		73
	100,100		SAIC Motor Corp Ltd		242
	51,600		Sanan Optoelectronics Co Ltd		183
	3,300		Sangfor Technologies, Inc		97
	30,800		Sansteel Minguang Co Ltd		29
	100,600		Sany Heavy Industry Co Ltd		268
	36,400		SDIC Capital Co Ltd		66
	98,000		SDIC Power Holdings Co Ltd		109
	74,700		Sealand Securities Co Ltd		46
	432,000		Seazen Group Ltd		375
	634,500	*,e	Semiconductor Manufacturing International Corp		2,226
	37,200		SF Holding Co Ltd		288
	1,800		SG Micro Corp		78
	130,100		Shaanxi Coal Industry Co Ltd		133
	16,370		Shandong Buchang Pharmaceuticals Co Ltd		67
	32,300	*	Shandong Gold Mining Co Ltd		170
	20,100		Shandong Hualu Hengsheng Chemical Co Ltd		50
	3,700		Shandong Linglong Tyre Co Ltd		11
	177,200		Shandong Nanshan Aluminum Co Ltd		51
	5,100		Shandong Sinocera Functional Material Co Ltd		24
	28,800	*	Shandong Sun Paper Industry JSC Ltd		39
	472,000		Shandong Weigao Group Medical Polymer Co Ltd		1,054
	95,500		Shanghai 2345 Network Holding Group Co Ltd		38
	10,300		Shanghai Baosight Software Co Ltd		87
	74,200		Shanghai Construction Group Co Ltd		32
	80,700		Shanghai Electric Group Co Ltd		58
	548,000	*	Shanghai Electric Group Co Ltd (Hong Kong)		156
	32,800		Shanghai Electric Power Co Ltd		34
	25,600		Shanghai Fosun Pharmaceutical Group Co Ltd		122
	103,000		Shanghai Fosun Pharmaceutical Group Co Ltd (Hong Kong)		345
	104,000		Shanghai Industrial Holdings Ltd		161
	12,300		Shanghai International Airport Co Ltd		126
	126,600	*	Shanghai International Port Group Co Ltd		75
	9,100	*	Shanghai Jahwa United Co Ltd		62
	9,200		Shanghai Jinjiang International Hotels Development Co Ltd		36

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	234,669		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd	$	182
	10,700		Shanghai M&G Stationery, Inc		83
	44,100		Shanghai Oriental Pearl Group Co Ltd		60
	31,700		Shanghai Pharmaceuticals Holding Co Ltd		82
	167,000		Shanghai Pharmaceuticals Holding Co Ltd (Hong Kong)		281
	339,700	*	Shanghai Pudong Development Bank Co Ltd		509
	5,000		Shanghai Putailai New Energy Technology Co Ltd		73
	66,900	*	Shanghai RAAS Blood Products Co Ltd		80
	25,000		Shanghai Tunnel Engineering Co Ltd		20
	31,100		Shanghai Yuyuan Tourist Mart Group Co Ltd		39
	20,500		Shanghai Zhangjiang High-Tech Park Development Co Ltd		59
	61,779		Shanxi Lu’an Environmental Energy Development Co Ltd		49
	62,400	*	Shanxi Meijin Energy Co Ltd		56
	30,030		Shanxi Securities Co Ltd		28
	76,500		Shanxi Taigang Stainless Steel Co Ltd		36
	10,000		Shanxi Xinghuacun Fen Wine Factory Co Ltd		205
	114,270		Shanxi Xishan Coal & Electricity Power Co Ltd		61
	56,400	*	Shenergy Co Ltd		47
	27,700		Shengyi Technology Co Ltd		116
	5,880		Shennan Circuits Co Ltd		140
	282,300	*	Shenwan Hongyuan Group Co Ltd		202
	33,600		Shenzhen Airport Co Ltd		36
	148,000		Shenzhen Expressway Co Ltd		150
	5,500		Shenzhen Goodix Technology Co Ltd		174
	10,200		Shenzhen Hepalink Pharmaceutical Group Co Ltd		36
	21,100		Shenzhen Inovance Technology Co Ltd		114
	213,985		Shenzhen International Holdings Ltd		343
	672,776		Shenzhen Investment Ltd		214
	17,100		Shenzhen Kaifa Technology Co Ltd		53
	7,200		Shenzhen Kangtai Biological Products Co Ltd		165
	6,800	*	Shenzhen Kingdom Sci-Tech Co Ltd		19
	59,561		Shenzhen Mindray Bio-Medical Electronics Co Ltd		2,574
	86,800		Shenzhen Overseas Chinese Town Co Ltd		75
	14,300		Shenzhen Salubris Pharmaceuticals Co Ltd		60
	11,600		Shenzhen Sunway Communication Co Ltd		88
	158,500		Shenzhou International Group Holdings Ltd		1,927
	14,500		Shijiazhuang Yiling Pharmaceutical Co Ltd		64
	229,000		Shimao Property Holdings Ltd		979
	818,500		Shui On Land Ltd		138
	11,900	*	Siasun Robot & Automation Co Ltd		23
	68,300		Sichuan Chuantou Energy Co Ltd		90
	21,900		Sichuan Kelun Pharmaceutical Co Ltd		65
	13,700	*	Sichuan Languang Development Co Ltd		10
	6,600		Sichuan Swellfun Co Ltd		58
	304,400		Silergy Corp		19,941
	12,422	*	Sina Corp		446
	35,900		Sinolink Securities Co Ltd		58
	623,000		Sino-Ocean Land Holdings Ltd		150
	360,000		Sinopec Engineering Group Co Ltd		155
	880,000	e	Sinopec Shanghai Petrochemical Co Ltd		212
	119,300		Sinopec Shanghai Petrochemical Co Ltd (Class A)		59
	269,600		Sinopharm Group Co		693

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	24,400		Sinotrans Ltd (Class A)	$	11
	137,500		Sinotruk Hong Kong Ltd		359
	428,000	*	Soho China Ltd		151
	29,200		Songcheng Performance Development Co Ltd		72
	43,940		SooChow Securities Co Ltd		51
	60,100		Southwest Securities Co Ltd		39
	7,300	*	Spring Airlines Co Ltd		37
	18,800		STO Express Co Ltd		44
	454,500		Sun Art Retail Group Ltd		780
	486,000		Sunac China Holdings Ltd		2,057
	123,500	*	Suning.com Co Ltd		154
	1,020,000		Sunny Optical Technology Group Co Ltd		16,416
	19,000		Sunwoda Electronic Co Ltd		51
	15,500		Suofeiya Home Collection Co Ltd		53
	16,500		Suzhou Dongshan Precision Manufacturing Co Ltd		70
	42,100		Suzhou Gold Mantis Construction Decoration Co Ltd		47
	73,000	*	TAL Education Group (ADR)		4,992
	16,900		Tangshan Jidong Cement Co Ltd		39
	63,800		TBEA Co Ltd		61
	156,400		TCL Corp		138
	4,430,200		Tencent Holdings Ltd		283,878
	69,800	*	Tencent Music Entertainment (ADR)		940
	4,400		Thunder Software Technology Co Ltd		49
	82,500		Tianfeng Securities Co Ltd		71
	9,200		Tianjin 712 Communication & Broadcasting Co Ltd		50
	37,900		Tianjin Chase Sun Pharmaceutical Co Ltd		30
	33,400		Tianjin Zhonghuan Semiconductor Co Ltd		106
	21,800		Tianma Microelectronics Co Ltd		48
	20,360	*	Tianqi Lithium Corp		67
	32,600		Tianshui Huatian Technology Co Ltd		63
	376,000		Tingyi Cayman Islands Holding Corp		586
	7,300		Toly Bread Co Ltd		53
	168,800	*,e	Tongcheng-Elong Holdings Ltd		307
	13,500	*	TongFu Microelectronics Co Ltd		48
	31,900		Tonghua Dongbao Pharmaceutical Co Ltd		79
	23,300	*	Tongkun Group Co Ltd		42
	57,100		Tongling Nonferrous Metals Group Co Ltd		16
	52,600		Tongwei Co Ltd		130
	3,500	*	Topchoice Medical Corp		83
	7,114,912	g	Topsports International Holdings Ltd		9,154
	43,700		Transfar Zhilian Co Ltd		34
	184,000		Travelsky Technology Ltd		326
	91,000	*	Trip.com Group Ltd (ADR)		2,359
	82,000		Tsingtao Brewery Co Ltd		612
	9,100		Tsingtao Brewery Co Ltd (Class A)		99
	51,000		Tunghsu Optoelectronic Technology Co Ltd		19
	7,200	*	Unigroup Guoxin Microelectronics Co Ltd		74
	266,000		Uni-President China Holdings Ltd		266
	20,500	*	Unisplendour Corp Ltd		125
	8,400		Universal Scientific Industrial Shanghai Co Ltd		26
	9,900		Venustech Group, Inc		59
	84,200	*	Vipshop Holdings Ltd (ADR)		1,676
	7,500	*	Visionox Technology, Inc		15
	19,100		Walvax Biotechnology Co Ltd		141

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	29,200	*	Wanda Film Holding Co Ltd	$	63
	29,900		Wangsu Science & Technology Co Ltd		36
	38,700		Wanhua Chemical Group Co Ltd		275
	996,000	e	Want Want China Holdings Ltd		757
	10,700	*,e	Weibo Corp (ADR)		360
	373,000		Weichai Power Co Ltd		703
	71,000	*	Weichai Power Co Ltd (Class A)		138
	11,600		Weifu High-Technology Group Co Ltd		34
	6,000		Weihai Guangwei Composites Co Ltd		53
	79,440		Wens Foodstuffs Group Co Ltd		246
	48,800		Western Securities Co Ltd		57
	10,700		Westone Information Industry, Inc		33
	6,800		Will Semiconductor Ltd		196
	38,062		Wilmar International Ltd		113
	11,900	*	Wingtech Technology Co Ltd		213
	29,250		Winning Health Technology Group Co Ltd		95
	574,000	e	Winteam Pharmaceutical Group Ltd		278
	16,400	*	Wonders Information Co Ltd		51
	61,700		Wuchan Zhongda Group Co Ltd		37
	18,020		Wuhan Guide Infrared Co Ltd		75
	22,600		Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd		150
	31,200		Wuhu Token Science Co Ltd		50
	44,600		Wuliangye Yibin Co Ltd		1,084
	21,900		WUS Printed Circuit Kunshan Co Ltd		78
	25,480		WuXi AppTec Co Ltd		348
	43,040	e,g	WuXi AppTec Co Ltd (Hong Kong)		562
	2,870,450	*,g	Wuxi Biologics Cayman, Inc		52,689
	10,800	*	Wuxi Lead Intelligent Equipment Co Ltd		71
	26,200		Wuxi Taiji Industry Co Ltd		44
	78,500	*	XCMG Construction Machinery Co Ltd		66
	12,300		Xiamen C & D, Inc		14
	5,300		Xiamen Intretech, Inc		44
	8,700		Xiamen Tungsten Co Ltd		15
	1,997,200	*,g	Xiaomi Corp		3,319
	110,000		Xinhu Zhongbao Co Ltd		47
	42,600		Xinjiang Goldwind Science & Technology Co Ltd		60
	155,000	e	Xinjiang Goldwind Science & Technology Co Ltd (Hong Kong)		133
	784,863		Xinyi Solar Holdings Ltd		755
	48,100		Yango Group Co Ltd		43
	54,049	e	Yangzijiang Shipbuilding		36
	13,300	*	Yantai Jereh Oilfield Services Group Co Ltd		59
	362,000		Yanzhou Coal Mining Co Ltd		273
	57,000		Yanzhou Coal Mining Co Ltd (Class A)		71
	7,050		Yealink Network Technology Corp Ltd		68
	15,100		Yifan Pharmaceutical Co Ltd		49
	7,140		Yifeng Pharmacy Chain Co Ltd		92
	91,000	e	Yihai International Holding Ltd		938
	26,300		Yintai Gold Co Ltd		59
	120,400		Yonghui Superstores Co Ltd		160
	37,659		Yonyou Network Technology Co Ltd		236
	6,000	*	Youzu Interactive Co Ltd		22
	19,100		Yuan Longping High-tech Agriculture Co Ltd		45

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,322,000		Yuexiul Property Co Ltd	$	237
	206,651		Yum China Holdings, Inc		9,934
	29,380		Yunda Holding Co Ltd		102
	16,500		Yunnan Baiyao Group Co Ltd		220
	8,200		Yunnan Energy New Material Co Ltd		77
	351,220		Yuzhou Properties Co		153
	9,900	*	Zai Lab Ltd (ADR)		813
	7,100		Zhangzhou Pientzehuang Pharmaceutical Co Ltd		171
	217,000		Zhaojin Mining Industry Co Ltd		258
	51,600	*	Zhejiang Century Huatong Group Co Ltd		112
	22,600		Zhejiang Chint Electrics Co Ltd		84
	44,700	*	Zhejiang Conba Pharmaceutical Co Ltd		35
	33,600		Zhejiang Dahua Technology Co Ltd		92
	2,660		Zhejiang Dingli Machinery Co Ltd		29
	330,000		Zhejiang Expressway Co Ltd		234
	18,150		Zhejiang Huahai Pharmaceutical Co Ltd		88
	14,910	*	Zhejiang Huayou Cobalt Co Ltd		83
	14,100		Zhejiang Jingsheng Mechanical & Electrical Co Ltd		49
	36,900		Zhejiang Juhua Co Ltd		36
	43,900	*	Zhejiang Longsheng Group Co Ltd		80
	24,900		Zhejiang NHU Co Ltd		103
	39,390		Zhejiang Sanhua Intelligent Controls Co Ltd		123
	31,300		Zhejiang Semir Garment Co Ltd		31
	6,300		Zhejiang Supor Co Ltd		63
	15,100	*	Zhejiang Wanfeng Auto Wheel Co Ltd		14
	20,500		Zhejiang Weixing New Building Materials Co Ltd		34
	7,700		Zhejiang Wolwo Bio-Pharmaceutical Co Ltd		68
	28,200		Zhengzhou Yutong Bus Co Ltd		49
	271,000	e	Zhenro Properties Group Ltd		170
	36,500		Zheshang Securities Co Ltd		51
	76,700	*,e,g	ZhongAn Online P&C Insurance Co Ltd		383
	7,200	*	Zhongji Innolight Co Ltd		65
	47,900		Zhongjin Gold Corp Ltd		63
	107,000		Zhongsheng Group Holdings Ltd		598
	78,600	*	Zhongtian Financial Group Co Ltd		36
	108,700		Zhuzhou CSR Times Electric Co Ltd		279
	1,134,000		Zijin Mining Group Co Ltd		536
	288,000	*	Zijin Mining Group Co Ltd (Class A)		182
	61,800		Zoomlion Heavy Industry Science and Technology Co Ltd		56
	46,800	*	ZTE Corp		267
	150,000	e	ZTE Corp (Class H)		463
	71,200		ZTO Express Cayman, Inc (ADR)		2,614
			TOTAL CHINA		1,099,207

COLOMBIA - 0.0%
	47,713		BanColombia S.A.		305
	90,186		BanColombia S.A. (Preference)		593
	1,113,159		Ecopetrol S.A.		614
	46,112		Grupo de Inversiones Suramericana S.A.		229
	86,365		Interconexion Electrica S.A.		432
			TOTAL COLOMBIA		2,173

CZECH REPUBLIC - 0.0%
	32,620		CEZ AS		698

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	13,668		Komercni Banka AS	$	319
	868,919	g	Moneta Money Bank AS		1,968
			TOTAL CZECH REPUBLIC		2,985

DENMARK - 1.2%
	2,739	e	Ambu A.S.		87
	61		AP Moller - Maersk AS (Class A)		67
	119		AP Moller - Maersk AS (Class B)		139
	104,666		Carlsberg AS (Class B)		13,880
	1,887		Christian Hansen Holding		195
	12,121		Coloplast AS		1,889
	11,918		Danske Bank AS		159
	195,667		DSV AS		24,035
	34,185	*	Genmab AS		11,527
	2,426		GN Store Nord		130
	1,436		H Lundbeck AS		54
	1,764,618		Novo Nordisk AS		114,961
	3,813		Novozymes AS		221
	612,778	g	Orsted AS		70,715
	1,767		Pandora AS		96
	2,168		Tryg A.S.		63
	3,541		Vestas Wind Systems AS		363
	1,775	*,e	William Demant Holding A.S.		47
			TOTAL DENMARK		238,628

EGYPT - 0.0%
	264,193		Commercial International Bank		1,057
	213,703		Eastern Tobacco		170
	148,275		ElSwedy Cables Holding Co		61
			TOTAL EGYPT		1,288

FINLAND - 0.2%
	2,512		Elisa Oyj (Series A)		153
	7,896		Fortum Oyj		150
	6,041		Kone Oyj (Class B)		417
	1,739		Metso Oyj		57
	869,198		Neste Oil Oyj		34,139
	100,692		Nokia Oyj (Turquoise)		440
	86,958	*	Nordea Bank Abp		603
	1,727		Orion Oyj (Class B)		84
	213,223		Sampo Oyj (A Shares)		7,350
	63,122		Stora Enso Oyj (R Shares)		755
	9,480		UPM-Kymmene Oyj		274
	8,159		Wartsila Oyj (B Shares)		68
			TOTAL FINLAND		44,490

FRANCE - 3.4%
	198,012		Accor S.A.		5,404
	526		Aeroports de Paris		54
	38,316		Air Liquide		5,540
	1,097,944		Airbus SE		78,672
	3,635		Alstom RGPT		169
	1,096	e,g	Amundi S.A.		86
	1,199		Arkema		115

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,862		Atos Origin S.A.	$	160
	34,456		AXA S.A.		725
	743		BioMerieux		102
	1,337,274		BNP Paribas S.A.		53,429
	15,609		Bollore		49
	4,104		Bouygues S.A.		141
	5,288		Bureau Veritas S.A.		112
	170,480		Cap Gemini S.A.		19,674
	10,829		Carrefour S.A.		168
	751	*	Casino Guichard Perrachon S.A.		28
	2,330		CNP Assurances		27
	617,216		Compagnie de Saint-Gobain		22,270
	416,056		Credit Agricole S.A.		3,951
	173,978		Danone		12,076
	41		Dassault Aviation S.A.		38
	363,826		Dassault Systemes S.A.		63,158
	4,366		Edenred		191
	1,548		Eiffage S.A.		142
	75,179		Electricite de France		699
	207,373		Essilor International S.A.		26,670
	905		Eurazeo		46
	1,184		Faurecia		47
	776		Fonciere Des Regions		56
	238,823		Gaz de France		2,962
	4,827	e	Gecina S.A.		596
	8,408		Getlink S.E.		122
	563		Hermes International		473
	6,025		Icade		421
	251		Iliad S.A.		49
	1,081		Ingenico		174
	711		Ipsen		60
	1,642		JC Decaux S.A.		31
	108,013		Kering		59,053
	3,059	e	Klepierre		61
	1,630	e,g	La Francaise des Jeux SAEM		50
	4,768		Legrand S.A.		362
	154,566	*	L’Oreal S.A.		49,886
	57,654		LVMH Moet Hennessy Louis Vuitton S.A.		25,454
	94,826	e	Michelin (C.G.D.E.) (Class B)		9,884
	12,781		Natixis		34
	243,631		Orange S. A.		2,913
	980		Orpea		113
	9,035		Pernod-Ricard S.A.		1,423
	9,933	e	Peugeot S.A.		163
	3,822		Publicis Groupe S.A.		124
	404		Remy Cointreau S.A.		55
	3,065		Renault S.A.		78
	5,706		Safran S.A.		574
	580,497		Sanofi-Aventis		59,202
	13,541		Sartorius Stedim Biotech		3,433
	715,770		Schneider Electric S.A.		79,620
	2,678	*	SCOR SE		74
	371		SEB S.A.		62
	14,503		Societe Generale		242

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,574	e	Sodexho Alliance S.A.	$	107
	49,745		Suez Environnement S.A.		585
	164,829	*	Teleperformance		41,979
	2,024		Thales S.A.		164
	92,891		Total S.A.		3,582
	1,559	*	Ubisoft Entertainment		129
	2,327	e	Unibail-Rodamco-Westfield		131
	91		Unibail-Rodamco-Westfield (Paris)		5
	4,037	e	Valeo S.A.		106
	68,309		Veolia Environnement		1,542
	118,729		Vinci S.A.		11,009
	14,802		Vivendi Universal S.A.		382
	528		Wendel		50
	2,555	*,g	Worldline S.A.		223
			TOTAL FRANCE		651,741

GERMANY - 2.5%
	40,180		Adidas-Salomon AG.		10,593
	76,330		Allianz AG.		15,597
	320,280		Aroundtown S.A.		1,836
	72,498		BASF SE		4,072
	486,348		Bayer AG.		36,050
	68,757		Bayerische Motoren Werke AG.		4,389
	2,287		Bayerische Motoren Werke AG. (Preference)		111
	61,330		Bechtle AG.		10,870
	133,719		Beiersdorf AG.		15,206
	1,158,743		Borussia Dortmund GmbH & Co KGaA		7,512
	2,736		Brenntag AG.		145
	651	*	Carl Zeiss Meditec AG.		63
	15,848		Commerzbank AG.		71
	1,982	*	Continental AG.		195
	42,641	*,g	Covestro AG.		1,624
	15,289	*	Daimler AG. (Registered)		622
	2,304	*,g	Delivery Hero AG.		237
	59,166	*	Deutsche Annington Immobilien SE		3,616
	35,073	*	Deutsche Bank AG. (Registered)		335
	101,872		Deutsche Boerse AG.		18,436
	3,856	*	Deutsche Lufthansa AG.		39
	17,590		Deutsche Post AG.		646
	620,045		Deutsche Telekom AG.		10,404
	46,042		Deutsche Wohnen AG.		2,069
	287,034		E.ON AG.		3,240
	4,000		Evonik Industries AG.		102
	846		Fraport AG. Frankfurt Airport Services Worldwide		37
	66,272		Fresenius Medical Care AG.		5,701
	7,443		Fresenius SE		370
	1,181		Fuchs Petrolub AG. (Preference)		47
	2,760		GEA Group AG.		88
	1,076		Hannover Rueckversicherung AG.		186
	118,954		HeidelbergCement AG.		6,368
	368,481	*	HelloFresh SE		19,712
	23,833		Henkel KGaA		1,994
	3,159		Henkel KGaA (Preference)		295
	330		Hochtief AG.		29

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	4,001,510		Infineon Technologies AG.	$	93,764
	1,167	*	KION Group AG.		72
	857	*	Knorr-Bremse AG.		87
	1,593	*	Lanxess AG.		84
	8,221		LEG Immobilien AG.		1,043
	2,293		Merck KGaA		267
	3,124		Metro Wholesale & Food Specialist AG.		30
	934		MTU Aero Engines Holding AG.		163
	21,320		Muenchener Rueckver AG.		5,552
	1,095		Nemetschek AG.		75
	756	*	OSRAM Licht AG.		36
	472,863	*	Paion AG.		1,409
	2,905	*	Porsche AG.		168
	1,509		Puma AG. Rudolf Dassler Sport		117
	1,553,017		RWE AG.		54,366
	83,569		SAP AG.		11,682
	635		Sartorius AG.		210
	1,894	g	Scout24 AG.		146
	857,428		Siemens AG.		101,123
	2,581	g	Siemens Healthineers AG.		124
	2,292		Symrise AG.		268
	412,095	*,g	TeamViewer AG.		22,501
	19,926		Telefonica Deutschland Holding AG.		59
	6,073	*	ThyssenKrupp AG.		43
	3,716		Uniper SE		120
	1,759		United Internet AG.		75
	1,106	*	Volkswagen AG.		178
	2,755	*	Volkswagen AG. (Preference)		419
	2,779	*,g	Zalando SE		197
			TOTAL GERMANY		477,285

GREECE - 0.0%
	5,760	*,†	Hellenic Duty Free Shops S.A.		0	^
	45,714		Hellenic Telecommunications Organization S.A.		618
	19,961		JUMBO S.A.		359
	14,070		Motor Oil Hellas Corinth Refineries S.A.		194
	37,817		OPAP S.A.		360
			TOTAL GREECE		1,531

HONG KONG - 0.4%
	1,634,958		AIA Group Ltd		15,299
	2,360,000	*,e	Alibaba Pictures Group Ltd		316
	6,218		ASM Pacific Technology		66
	25,685	e	Bank of East Asia Ltd		59
	74,853		BOC Hong Kong Holdings Ltd		240
	130,000	e	Cathay Pacific Airways Ltd		126
	245,000		China Overseas Property Holdings Ltd		261
	475,999		China Resources Cement Holdings Ltd		587
	52,625		CK Asset Holdings Ltd		316
	54,453		CK Infrastructure Holdings Ltd		281
	227,954		CLP Holdings Ltd		2,239
	7,500		Dairy Farm International Holdings Ltd		35
	438,654		Hang Lung Properties Ltd		1,043
	15,472		Hang Seng Bank Ltd		261

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	181,073		Henderson Land Development Co Ltd	$	690
	46,500		HK Electric Investments & HK Electric Investments Ltd		48
	70,660		HKT Trust and HKT Ltd		104
	1,404,878		Hong Kong & China Gas Ltd		2,183
	172,488		Hong Kong Electric Holdings Ltd		942
	412,778	e	Hong Kong Exchanges and Clearing Ltd		17,581
	273,965		Hongkong Land Holdings Ltd		1,139
	4,500		Jardine Matheson Holdings Ltd		188
	4,300		Jardine Strategic Holdings Ltd		93
	11,526		Kerry Properties Ltd		30
	214,500		Kingboard Laminates Holdings Ltd		217
	191,868		Link REIT		1,575
	1,079,903		Melco Crown Entertainment Ltd (ADR)		16,760
	31,080		MTR Corp		162
	204,573		New World Development Co Ltd		971
	334,000	e	Nine Dragons Paper Holdings Ltd		305
	28,638		NWS Holdings Ltd		25
	101,262		PCCW Ltd		58
	1,321,500		Sino Biopharmaceutical		2,491
	62,885		Sino Land Co		79
	37,611		SJM Holdings Ltd		42
	310,000		SSY Group Ltd		212
	178,468		Sun Hung Kai Properties Ltd		2,280
	10,628		Swire Pacific Ltd (Class A)		56
	22,577		Swire Properties Ltd		58
	27,902	e	Techtronic Industries Co		276
	72,000		Vinda International Holdings Ltd		259
	205,500	g	WH Group Ltd		178
	298,000	e	Wharf Holdings Ltd		610
	155,537	e	Wharf Real Estate Investment Co Ltd		747
			TOTAL HONG KONG		71,488

HUNGARY - 0.0%
	87,585	*	MOL Hungarian Oil & Gas plc		518
	41,847	*	OTP Bank		1,471
	26,038		Richter Gedeon Rt		540
			TOTAL HUNGARY		2,529

INDIA - 0.5%
	137,989		Ambuja Cements Ltd		354
	55,045		Asian Paints Ltd		1,231
	54,530		Aurobindo Pharma Ltd		557
	29,273	*,g	Avenue Supermarts Ltd		898
	399,415		Axis Bank Ltd		2,161
	34,484		Bajaj Finance Ltd		1,298
	7,375		Bajaj Finserv Ltd		572
	16,334		Bajaj Holdings and Investment Ltd		611
	79,204	*,g	Bandhan Bank Ltd		338
	43,417		Berger Paints India Ltd		284
	40,580		Bharat Forge Ltd		172
	131,163		Bharat Petroleum Corp Ltd		650
	468,495	*	Bharti Airtel Ltd		3,480
	67,782		Bharti Infratel Ltd		199
	56,930		Biocon Ltd		293

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	997		Bosch Ltd	$	151
	10,944		Britannia Industries Ltd		523
	66,477		Cipla Ltd		564
	257,033		Coal India Ltd		454
	13,147		Colgate-Palmolive India Ltd		245
	40,841		Container Corp Of India Ltd		226
	102,763		Dabur India Ltd		635
	14,816		Divi S Laboratories Ltd		448
	119,780		DLF Ltd		235
	22,288		Dr Reddy’s Laboratories Ltd		1,167
	2,624		Eicher Motors Ltd		637
	313,000		GAIL India Ltd		426
	78,146		Godrej Consumer Products Ltd		716
	57,462		Grasim Industries Ltd		472
	50,001		Havells India Ltd		384
	207,284		HCL Technologies Ltd		1,530
	8,151	g	HDFC Asset Management Co Ltd		268
	134,372	*,g	HDFC Life Insurance Co Ltd		981
	19,304		Hero Honda Motors Ltd		652
	230,799		Hindalco Industries Ltd		452
	156,969		Hindustan Lever Ltd		4,538
	126,067	*	Hindustan Petroleum Corp Ltd		363
	313,323		Housing Development Finance Corp		7,285
	913,109		ICICI Bank Ltd		4,257
	38,529	g	ICICI Lombard General Insurance Co Ltd		647
	68,420	g	ICICI Prudential Life Insurance Co Ltd		387
	400,847		Indian Oil Corp Ltd		454
	41,516		Indraprastha Gas Ltd		244
	12,169		Info Edge India Ltd		444
	649,777		Infosys Technologies Ltd		6,316
	17,896	g	InterGlobe Aviation Ltd		234
	661,422	*	ITC Ltd		1,708
	162,623		JSW Steel Ltd		412
	14,482		Jubilant Foodworks Ltd		331
	92,097		Larsen & Toubro Ltd		1,156
	58,150		LIC Housing Finance Ltd		205
	43,630		Lupin Ltd		527
	142,634		Mahindra & Mahindra Ltd		968
	87,522		Marico Ltd		408
	23,020		Maruti Suzuki India Ltd		1,782
	188,309		Motherson Sumi Systems Ltd		237
	101,384		Mundra Port and Special Economic Zone Ltd		461
	4,380		Nestle India Ltd		995
	476,604		NTPC Ltd		606
	1,054		Page Industries Ltd		278
	124,060		Petronet LNG Ltd		425
	22,810		Pidilite Industries Ltd		415
	17,968		Piramal Healthcare Ltd		323
	369,685		Power Grid Corp of India Ltd		857
	547,250		Reliance Industries Ltd		12,448
	150,558		Rural Electrification Corp Ltd		216
	75,902	*,g	SBI Life Insurance Co Ltd		810
	386,017		Sesa Sterlite Ltd		552
	1,656		Shree Cement Ltd		506

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	17,132		Shriram Transport Finance Co Ltd	$	156
	13,543		Siemens India Ltd		197
	355,953	*	State Bank of India		843
	163,137		Sun Pharmaceutical Industries Ltd		1,024
	171,958		Tata Consultancy Services Ltd		4,734
	343,006	*	Tata Motors Ltd		450
	72,828		Tata Steel Ltd		319
	86,207		Tata Tea Ltd		443
	90,525		Tech Mahindra Ltd		651
	60,261		Titan Industries Ltd		759
	10,134		Torrent Pharmaceuticals Ltd		319
	21,972		Ultra Tech Cement Ltd		1,136
	94,451	*	United Phosphorus Ltd		533
	57,016	*	United Spirits Ltd		447
	220,515		Wipro Ltd		644
	170,757		ZEE Telefilms Ltd		388
			TOTAL INDIA		89,102

INDONESIA - 0.2%
	3,008,000		Adaro Energy Tbk		212
	68,433,600		Bank Rakyat Indonesia		14,607
	450,800	*	Indofood CBP Sukses Makmur Tbk		296
	1,289,900	*	PT ACE Hardware Indonesia Tbk		137
	3,857,100		PT Astra International Tbk		1,305
	1,870,100		PT Bank Central Asia Tbk		3,742
	3,528,547		PT Bank Mandiri Persero Tbk		1,225
	1,429,100		PT Bank Negara Indonesia		462
	5,213,000	*	PT Barito Pacific Tbk		426
	1,381,100	*	PT Charoen Pokphand Indonesia Tbk		541
	691,700		PT Excelcomindo Pratama		135
	94,200		PT Gudang Garam Tbk		312
	1,887,700		PT Hanjaya Mandala Sampoerna Tbk		219
	515,500		PT Indah Kiat Pulp and Paper Corp Tbk		217
	291,400	*	PT Indocement Tunggal Prakarsa Tbk		242
	851,900	*	PT Indofood Sukses Makmur Tbk		391
	4,110,900		PT Kalbe Farma Tbk		422
	2,537,300		PT Perusahaan Gas Negara Persero Tbk		203
	575,000		PT Semen Gresik Persero Tbk		389
	9,479,600		PT Telekomunikasi Indonesia Persero Tbk		2,031
	1,481,000		PT Unilever Indonesia Tbk		822
	339,500		PT United Tractors Tbk		395
			TOTAL INDONESIA		28,731

IRELAND - 0.6%
	2,267	*	AerCap Holdings NV		70
	3,905,171		AIB Group plc		4,931
	3,123,349		Bank of Ireland Group plc		6,436
	584,769		CRH plc		20,128
	166,584	*,e	Flutter Entertainment plc		21,839
	6,318,432		Hibernia REIT plc		7,977
	94,673		Kerry Group plc (Class A)		11,761
	739,784	e	Keywords Studios plc		16,610
	2,739		Kingspan Group plc		177
	2,789	e	Paddy Power plc		368

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	822,886		Smurfit Kappa Group plc	$	27,653
			TOTAL IRELAND		117,950

ISRAEL - 0.0%
	815		Azrieli Group		37
	146,284		Bank Hapoalim Ltd		874
	184,293		Bank Leumi Le-Israel		927
	2,075	*	Check Point Software Technologies		223
	423		Elbit Systems Ltd		58
	6,219		Isracard Ltd		14
	10,338		Israel Chemicals Ltd		31
	22,201		Israel Discount Bank Ltd		68
	23,821		Mizrahi Tefahot Bank Ltd		448
	1,109	*	Nice Systems Ltd		209
	19,437	*	Teva Pharmaceutical Industries Ltd (ADR)		240
	892	*	Wix.com Ltd		228
			TOTAL ISRAEL		3,357

ITALY - 1.3%
	675,087		Amplifon S.p.A.		18,035
	19,482		Assicurazioni Generali S.p.A.		296
	8,862	*	Autostrade S.p.A.		143
	2,838,339		Davide Campari-Milano S.p.A		24,004
	413		DiaSorin S.p.A.		79
	6,963,181		Enel S.p.A.		60,221
	45,420		ENI S.p.A.		435
	171,710		Ferrari NV		29,413
	10,552		FinecoBank Banca Fineco S.p.A		143
	7,064		Finmeccanica S.p.A.		47
	4,549	g	Infrastrutture Wireless Italiane S.p.A		46
	1,839,131		Intesa Sanpaolo S.p.A.		3,534
	432,439		Mediobanca S.p.A.		3,123
	635,434		Moncler S.p.A		24,435
	6,421	*,e,g	Nexi S.p.A		111
	5,743	g	Pirelli & C S.p.A		24
	9,898	g	Poste Italiane S.p.A		86
	2,775,681	e	Prada S.p.A		9,699
	4,258		Prysmian S.p.A.		99
	1,753		Recordati S.p.A.		88
	36,283		Snam Rete Gas S.p.A.		177
	126,073		Telecom Italia RSP		49
	151,285	e	Telecom Italia S.p.A.		60
	24,949		Terna Rete Elettrica Nazionale S.p.A.		172
	7,681,038		UniCredit S.p.A.		70,890
			TOTAL ITALY		245,409

JAPAN - 6.7%
	710		ABC-Mart, Inc		42
	5,800		Acom Co Ltd		22
	176		Activia Properties Inc		610
	103,500		Advantest Corp		5,907
	11,646		Aeon Co Ltd		271
	1,597		Aeon Mall Co Ltd		21
	19,573		Air Water, Inc		277

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	389,490		Aisin Seiki Co Ltd	$	11,417
	8,568		Ajinomoto Co, Inc		142
	3,405		Alfresa Holdings Corp		71
	7,650		All Nippon Airways Co Ltd		175
	5,044		Amada Co Ltd		41
	141,499	*,e	Amazia, Inc		5,382
	1,684	e	Aozora Bank Ltd		29
	6,851		Asahi Breweries Ltd		241
	3,301		Asahi Glass Co Ltd		95
	3,300		Asahi Intecc Co Ltd		94
	161,326		Asahi Kasei Corp		1,321
	12,400		Ashikaga Holdings Co Ltd		29
	358,300		Astellas Pharma, Inc		5,983
	137,621		Bank of Kyoto Ltd		4,890
	162,300	*	BASE, Inc		6,839
	468,700	e	Benefit One, Inc		9,451
	1,453		Benesse Holdings, Inc		39
	212		BLife Investment Corp		499
	9,530	e	Bridgestone Corp		308
	3,985		Brother Industries Ltd		72
	1,300		Calbee, Inc		36
	17,777	*,e	Canon, Inc		355
	3,433	*	Casio Computer Co Ltd		60
	41,781		Central Japan Railway Co		6,462
	600		Century Leasing System, Inc		31
	7,762		Chiba Bank Ltd		37
	102,206		Chubu Electric Power Co, Inc		1,282
	125,907		Chugai Pharmaceutical Co Ltd		6,741
	5,566		Chugoku Electric Power Co, Inc		74
	2,000	e	Coca-Cola West Japan Co Ltd		36
	18,200		Concordia Financial Group Ltd		59
	300		Cosmos Pharmaceutical Corp		46
	1,800		CyberAgent, Inc		88
	4,638		Dai Nippon Printing Co Ltd		107
	3,946		Daicel Chemical Industries Ltd		31
	1,900		Daifuku Co Ltd		167
	18,411		Dai-ichi Mutual Life Insurance Co		220
	988,194		Daiichi Sankyo Co Ltd		80,826
	77,577		Daikin Industries Ltd		12,552
	4,449		Daito Trust Construction Co Ltd		410
	9,956		Daiwa House Industry Co Ltd		235
	27,180	*	Daiwa Securities Group, Inc		114
	7,787		Denso Corp		305
	3,955		Dentsu, Inc		94
	500		Disco Corp		122
	7,332		Don Quijote Co Ltd		161
	86,597		East Japan Railway Co		6,001
	340,528		Eisai Co Ltd		27,055
	2,093		Electric Power Development Co		40
	4,476		FamilyMart Co Ltd		77
	3,485		Fanuc Ltd		625
	4,883		Fast Retailing Co Ltd		2,807
	105,200	*,e	Freee KK		4,789
	2,264		Fuji Electric Holdings Co Ltd		62

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	10,939		Fuji Heavy Industries Ltd	$	229
	6,286		Fujifilm Holdings Corp		269
	3,398		Fujitsu Ltd		398
	3,046		Fukuoka Financial Group, Inc		48
	59		GLP J-Reit		85
	125,999		GMO Payment Gateway, Inc		13,179
	4,700		Hakuhodo DY Holdings, Inc		56
	2,600		Hamamatsu Photonics KK		113
	4,093		Hankyu Hanshin Holdings, Inc		138
	432		Hikari Tsushin, Inc		99
	4,882		Hino Motors Ltd		33
	573		Hirose Electric Co Ltd		63
	1,075		Hisamitsu Pharmaceutical Co, Inc		58
	2,133	*	Hitachi Construction Machinery Co Ltd		59
	2,248,163	*	Hitachi Ltd		71,457
	25,285		Hitachi Metals Ltd		303
	28,896		Honda Motor Co Ltd		740
	912		Hoshizaki Electric Co Ltd		78
	6,727	*	Hoya Corp		644
	88,228		Hulic Co Ltd		833
	400		Hulic Reit, Inc		497
	250,000		Ibiden Co Ltd		7,317
	26,576		Idemitsu Kosan Co Ltd		567
	2,129		Iida Group Holdings Co Ltd		33
	7,722,600		Infomart Corp		53,447
	120,084		Inpex Holdings, Inc		750
	6		Invincible Investment Corp		2
	166,600		IR Japan Holdings Ltd		17,557
	5,281		Isetan Mitsukoshi Holdings Ltd		30
	9,200		Isuzu Motors Ltd		84
	3,600		IT Holdings Corp		76
	1,000		Ito En Ltd		56
	23,869		Itochu Corp		516
	1,700		Itochu Techno-Science Corp		64
	1,824		Japan Airlines Co Ltd		33
	903	e	Japan Airport Terminal Co Ltd		39
	568,900		Japan Elevator Service Holdings Co Ltd		18,404
	8,446		Japan Post Bank Co Ltd		63
	28,040		Japan Post Holdings Co Ltd		200
	3,700		Japan Post Insurance Co Ltd		49
	14		Japan Prime Realty Investment Corp		41
	25		Japan Real Estate Investment Corp		128
	41		Japan Retail Fund Investment Corp		51
	139,063	e	Japan Tobacco, Inc		2,583
	63,723	*	JFE Holdings, Inc		461
	259,878		JGC Corp		2,740
	25,459		JSR Corp		494
	3,003		JTEKT Corp		23
	387,888		JX Holdings, Inc		1,383
	7,586		Kajima Corp		91
	2,334		Kakaku.com, Inc		59
	353,700	*,e	Kamakura Shinsho Ltd		3,708
	1,585		Kamigumi Co Ltd		31
	186,135		Kansai Electric Power Co, Inc		1,804

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	25,815		Kansai Paint Co Ltd	$	546
	65,885		Kao Corp		5,228
	1,951		Kawasaki Heavy Industries Ltd		28
	29,197		KDDI Corp		871
	1,700		Keihan Electric Railway Co Ltd		76
	3,760		Keihin Electric Express Railway Co Ltd		58
	1,923		Keio Corp		110
	2,313		Keisei Electric Railway Co Ltd		72
	36		Kenedix Realty Investment Corp		201
	142,100		Kenedix, Inc		702
	3,276		Keyence Corp		1,373
	2,695		Kikkoman Corp		130
	3,049		Kintetsu Corp		137
	14,549	e	Kirin Brewery Co Ltd		307
	900		Kobayashi Pharmaceutical Co Ltd		79
	1,100		Kobe Bussan Co Ltd		62
	1,800	*	Koito Manufacturing Co Ltd		73
	15,550		Komatsu Ltd		318
	1,686		Konami Corp		56
	628		Kose Corp		76
	18,398		Kubota Corp		275
	43,675		Kuraray Co Ltd		457
	1,777		Kurita Water Industries Ltd		49
	5,700		Kyocera Corp		311
	4,745	e	Kyowa Hakko Kogyo Co Ltd		125
	30,277		Kyushu Electric Power Co, Inc		254
	2,800		Kyushu Railway Co		73
	1,400		Lasertec Corp		132
	880		Lawson, Inc		44
	1,000	*	LINE Corp		50
	4,000		Lion Corp		96
	4,664		LIXIL Group Corp		66
	102,976		M3, Inc		4,375
	3,988		Makita Corp		145
	28,265		Marubeni Corp		128
	3,109		Marui Co Ltd		56
	6,996		Maruichi Steel Tube Ltd		174
	10,015		Mazda Motor Corp		61
	1,200		McDonald’s Holdings Co Japan Ltd		65
	3,359		Mediceo Paltac Holdings Co Ltd		65
	1,908		MEIJI Holdings Co Ltd		152
	1,100	*,e	Mercari, Inc		34
	6,900		Minebea Co Ltd		126
	5,400		MISUMI Group, Inc		136
	178,463		Mitsubishi Chemical Holdings Corp		1,041
	23,922		Mitsubishi Corp		506
	32,314		Mitsubishi Electric Corp		422
	216,496		Mitsubishi Estate Co Ltd		3,226
	22,480		Mitsubishi Gas Chemical Co, Inc		342
	6,111		Mitsubishi Heavy Industries Ltd		144
	14,011		Mitsubishi Materials Corp		296
	11,108		Mitsubishi Motors Corp		28
	216,462		Mitsubishi UFJ Financial Group, Inc		852
	5,400		Mitsubishi UFJ Lease & Finance Co Ltd		26

221

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	293,782		Mitsui & Co Ltd	$	4,353
	23,729		Mitsui Chemicals, Inc		496
	16,556		Mitsui Fudosan Co Ltd		294
	654		Mitsui Fudosan Logistics Park, Inc		2,924
	8,142		Mitsui Sumitomo Insurance Group Holdings, Inc		224
	1,400		Miura Co Ltd		58
	428,356		Mizuho Financial Group, Inc		527
	518,525		MonotaRO Co Ltd		20,834
	153		Mori Hills REIT Investment Corp		193
	10,105		Murata Manufacturing Co Ltd		596
	1,739	e	Nabtesco Corp		54
	3,300		Nagoya Railroad Co Ltd		93
	3,506		Namco Bandai Holdings, Inc		185
	4,461		NEC Corp		214
	8,500		Nexon Co Ltd		192
	4,024		NGK Insulators Ltd		56
	2,648		NGK Spark Plug Co Ltd		38
	7,834		Nidec Corp		528
	2,800		Nihon M&A Center, Inc		127
	4,981		Nikon Corp		42
	299,559		Nintendo Co Ltd		133,923
	23		Nippon Building Fund, Inc		131
	1,444		Nippon Express Co Ltd		75
	1,372		Nippon Meat Packers, Inc		55
	20,126	e	Nippon Paint Co Ltd		1,468
	1,831		Nippon ProLogis REIT, Inc		5,564
	800		Nippon Shinyaku Co Ltd		65
	98,102		Nippon Steel Corp		927
	595,784		Nippon Telegraph & Telephone Corp		13,881
	2,776		Nippon Yusen Kabushiki Kaisha		39
	15,439		Nissan Chemical Industries Ltd		794
	40,927	*	Nissan Motor Co Ltd		152
	3,431		Nisshin Seifun Group, Inc		51
	51,145		Nissin Food Products Co Ltd		4,531
	1,413		Nitori Co Ltd		277
	20,637		Nitto Denko Corp		1,170
	5,938		NKSJ Holdings, Inc		204
	55,980	*	Nomura Holdings, Inc		252
	1,574		Nomura Real Estate Holdings, Inc		29
	489		Nomura Real Estate Master Fund, Inc		586
	5,700		Nomura Research Institute Ltd		156
	366,047		NSK Ltd		2,732
	11,000		NTT Data Corp		123
	20,586		NTT DoCoMo, Inc		547
	10,996		Obayashi Corp		103
	1,200		Obic Co Ltd		211
	5,546		Odakyu Electric Railway Co Ltd		136
	106,994		OJI Paper Co Ltd		499
	20,668		Olympus Corp		398
	77,955		Omron Corp		5,221
	6,568		Ono Pharmaceutical Co Ltd		192
	703	*	Oracle Corp Japan		83
	22,331		Oriental Land Co Ltd		2,951
	1,366,728		ORIX Corp		16,971

222

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	328		Orix JREIT, Inc	$	432
	7,120		Osaka Gas Co Ltd		141
	9,122		Osaka Securities Exchange Co Ltd		211
	1,822		Otsuka Corp		96
	6,900		Otsuka Holdings KK		301
	331,400		Paltac Corp		15,289
	295,655		Panasonic Corp		2,593
	1,500		Park24 Co Ltd		26
	1,700	*	PeptiDream, Inc		78
	1,900	e	Pigeon Corp		74
	1,810	e	Pola Orbis Holdings, Inc		32
	16,300	*	Rakuten, Inc		144
	2,142,153		Recruit Holdings Co Ltd		73,669
	3,723,100	*	Renesas Electronics Corp		19,138
	36,242		Resona Holdings, Inc		124
	11,482		Ricoh Co Ltd		82
	612		Rinnai Corp		51
	65,835		Rohm Co Ltd		4,377
	3,840		Ryohin Keikaku Co Ltd		55
	6,453		Santen Pharmaceutical Co Ltd		119
	4,491	*	SBI Holdings, Inc		97
	3,667		Secom Co Ltd		322
	3,452		Sega Sammy Holdings, Inc		41
	3,900		Seibu Holdings, Inc		42
	4,600		Seiko Epson Corp		53
	6,495		Sekisui Chemical Co Ltd		93
	84,920		Sekisui House Ltd		1,621
	348,900		Seria Co Ltd		12,444
	71,286		Seven & I Holdings Co Ltd		2,332
	7,800		Seven Bank Ltd		21
	2,900		SG Holdings Co Ltd		95
	2,899	*	Sharp Corp		31
	207,698	*	SHIFT, Inc		21,210
	4,047		Shimadzu Corp		108
	327		Shimamura Co Ltd		22
	1,292		Shimano, Inc		248
	8,662		Shimizu Corp		71
	80,200		Shin-Etsu Chemical Co Ltd		9,412
	2,677	*,e	Shinsei Bank Ltd		32
	4,790		Shionogi & Co Ltd		301
	19,393		Shiseido Co Ltd		1,236
	6,401		Shizuoka Bank Ltd		41
	1,900	e	Showa Denko KK		43
	1,063	*	SMC Corp		546
	559,200		SMS Co Ltd		12,584
	33,700		Softbank Corp		430
	27,732		Softbank Group Corp		1,398
	1,300		Sohgo Security Services Co Ltd		61
	2,692,240		Sony Corp		185,846
	2,628		Sony Financial Holdings, Inc		63
	1,700		Square Enix Co Ltd		86
	2,414		Stanley Electric Co Ltd		58
	880	e	Star Asia Investment Corp		779
	1,600	e	Start Today Co Ltd		36

223

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,173,835	*,e	Sumco Corp	$	18,047
	1,000		Sumisho Computer Systems Corp		49
	202,283		Sumitomo Chemical Co Ltd		609
	21,065		Sumitomo Corp		242
	2,663		Sumitomo Dainippon Pharma Co Ltd		37
	14,447		Sumitomo Electric Industries Ltd		167
	516,125		Sumitomo Heavy Industries Ltd		11,288
	31,115		Sumitomo Metal Mining Co Ltd		877
	2,598,391		Sumitomo Mitsui Financial Group, Inc		73,331
	5,818		Sumitomo Mitsui Trust Holdings, Inc		164
	5,136		Sumitomo Realty & Development Co Ltd		142
	2,763	e	Sumitomo Rubber Industries, Inc		27
	1,200		Sundrug Co Ltd		40
	2,600		Suntory Beverage & Food Ltd		101
	1,407		Suzuken Co Ltd		53
	206,534		Suzuki Motor Corp		7,052
	2,971		Sysmex Corp		228
	552,095		T&D Holdings, Inc		4,742
	2,300		Taiheiyo Cement Corp		53
	3,393		Taisei Corp		124
	756		Taisho Pharmaceutical Holdings Co Ltd		46
	15,567		Taiyo Nippon Sanso Corp		260
	83,411		Takeda Pharmaceutical Co Ltd		2,997
	2,356		TDK Corp		235
	201,799		TechnoPro Holdings, Inc		11,650
	24,387		Teijin Ltd		388
	2,502		Temp Holdings Co Ltd		35
	11,392		Terumo Corp		434
	1,894		THK Co Ltd		47
	3,334		Tobu Railway Co Ltd		110
	2,075		Toho Co Ltd		75
	1,200		Toho Gas Co Ltd		60
	7,013		Tohoku Electric Power Co, Inc		67
	180,364		Tokio Marine Holdings, Inc		7,895
	206,725	*	Tokyo Electric Power Co, Inc		636
	2,616		Tokyo Electron Ltd		645
	101,332		Tokyo Gas Co Ltd		2,426
	134,100	e	Tokyo Tatemono Co Ltd		1,543
	9,529		Tokyu Corp		134
	10,700		Tokyu Fudosan Holdings Corp		50
	4,667		Toppan Printing Co Ltd		78
	183,946		Toray Industries, Inc		868
	6,855		Toshiba Corp		220
	36,521		Tosoh Corp		502
	2,642		Toto Ltd		102
	17,800		Toyo Seikan Kaisha Ltd		201
	1,599		Toyo Suisan Kaisha Ltd		89
	697		Toyoda Gosei Co Ltd		15
	2,793		Toyota Industries Corp		148
	1,659,153		Toyota Motor Corp		104,334
	3,594		Toyota Tsusho Corp		92
	2,328	*	Trend Micro, Inc		130
	700		Tsuruha Holdings, Inc		97
	7,107		Uni-Charm Corp		291

224

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	299		United Urban Investment Corp	$	322
	3,930		USS Co Ltd		63
	800		Welcia Holdings Co Ltd		65
	2,907		West Japan Railway Co		163
	175,800	e	Workman Co Ltd		15,558
	46,938		Yahoo! Japan Corp		230
	2,004		Yakult Honsha Co Ltd		118
	14,031		Yamada Denki Co Ltd		70
	2,408		Yamaha Corp		114
	4,391		Yamaha Motor Co Ltd		69
	5,455		Yamato Transport Co Ltd		118
	2,253		Yamazaki Baking Co Ltd		39
	4,524		Yaskawa Electric Corp		157
	4,010		Yokogawa Electric Corp		63
	1,800	e	Yokohama Rubber Co Ltd		25
			TOTAL JAPAN		1,300,280

JORDAN - 0.0%
	3,032		Hikma Pharmaceuticals plc		83
			TOTAL JORDAN		83

KOREA, REPUBLIC OF - 1.4%
	6,293		Amorepacific Corp		880
	1,908		Amorepacific Corp (Preference)		114
	1,528		BGF retail Co Ltd		177
	54,789		BS Financial Group, Inc		230
	12,906	*	Celltrion Healthcare Co Ltd		1,170
	3,201	*	Celltrion Pharm Inc		341
	17,964	*	Celltrion, Inc		4,598
	13,310		Cheil Communications, Inc		184
	16,161		Cheil Industries, Inc		1,572
	1,552		CJ CheilJedang Corp		424
	2,858		CJ Corp		206
	2,348		CJ O Shopping Co Ltd		218
	5,324		Daelim Industrial Co		366
	28,545	*	Daewoo Engineering & Construction Co Ltd		82
	11,223		Daewoo International Corp		131
	54,959		Daewoo Securities Co Ltd		308
	7,022	*	Daewoo Shipbuilding & Marine Engineering Co Ltd		160
	9,312		Dongbu Insurance Co Ltd		334
	9,695		Doosan Bobcat, Inc		216
	3,736		DuzonBIzon Co Ltd		319
	3,928		E-Mart Co Ltd		347
	9,721		Fila Korea Ltd		287
	3,725		GLOVIS Co Ltd		317
	11,707		GS Engineering & Construction Corp		241
	10,667		GS Holdings Corp		323
	5,056		GS Retail Co Ltd		154
	57,388		Hana Financial Group, Inc		1,305
	14,431		Hankook Tire Co Ltd		299
	1,273		Hanmi Pharm Co Ltd		260
	35,652		Hanon Systems		270
	20,715		Hanwha Chemical Corp		336
	7,203		Hanwha Corp		135

225

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	8,662	*,e	HLB, Inc	$	669
	3,368		Honam Petrochemical Corp		471
	6,313		Hotel Shilla Co Ltd		375
	104,027		Hynix Semiconductor, Inc		7,427
	2,801		Hyundai Department Store Co Ltd		132
	14,888		Hyundai Engineering & Construction Co Ltd		412
	7,606	*	Hyundai Heavy Industries		560
	12,653		Hyundai Marine & Fire Insurance Co Ltd		243
	12,628		Hyundai Mobis		2,027
	28,559		Hyundai Motor Co		2,346
	7,193		Hyundai Motor Co Ltd (2nd Preference)		344
	4,568		Hyundai Motor Co Ltd (Preference)		211
	1,946		Hyundai Robotics Co Ltd		402
	17,277		Hyundai Steel Co		299
	53,710		Industrial Bank of Korea		365
	10,684		Kakao Corp		2,398
	21,102		Kangwon Land, Inc		380
	75,386		KB Financial Group, Inc		2,134
	590	*	KCC Glass Corp		16
	50,086		Kia Motors Corp		1,353
	5,159	*	KMW Co Ltd		276
	14,582		Korea Aerospace Industries Ltd		291
	51,053	*	Korea Electric Power Corp		833
	1,757	*	Korea Express Co Ltd		232
	6,214		Korea Gas Corp		136
	7,830		Korea Investment Holdings Co Ltd		294
	3,725		Korea Kumho Petrochemical		233
	1,593		Korea Zinc Co Ltd		446
	13,356	*	Korean Air Lines Co Ltd		196
	22,396		KT&G Corp		1,463
	131,692		LG Chem Ltd		54,347
	1,516		LG Chem Ltd (Preference)		319
	17,815		LG Corp		1,063
	20,706		LG Electronics, Inc		1,097
	1,779		LG Household & Health Care Ltd		1,994
	407		LG Household & Health Care Ltd (Preference)		247
	2,759		LG Innotek Co Ltd		405
	42,907		LG Telecom Ltd		438
	48,837	*	LG.Philips LCD Co Ltd		468
	4,997		Lotte Corp		132
	2,534		Lotte Shopping Co Ltd		169
	44,264		Meritz Securities Co Ltd		113
	23,423		Naver Corp		5,270
	3,116		NCsoft		2,318
	4,230	*,g	Netmarble Corp		355
	4,480		Orion Corp/Republic of Korea		502
	233		Ottogi Corp		108
	5,818		Pacific Corp		252
	1,085	*	Pearl Abyss Corp		197
	14,263	*	POSCO		2,077
	4,080		POSCO Refractories & Environment Co Ltd		258
	3,393		S1 Corp (Korea)		243
	3,139	*,g	Samsung Biologics Co Ltd		2,036
	5,040		Samsung Card Co		115

226

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	10,586		Samsung Electro-Mechanics Co Ltd	$	1,148
	3,105,351	*	Samsung Electronics Co Ltd		137,467
	156,685	*	Samsung Electronics Co Ltd (Preference)		6,104
	31,149	*	Samsung Engineering Co Ltd		321
	5,905		Samsung Fire & Marine Insurance Co Ltd		868
	91,728	*	Samsung Heavy Industries Co Ltd		459
	13,561		Samsung Life Insurance Co Ltd		510
	10,451		Samsung SDI Co Ltd		3,196
	6,590		Samsung SDS Co Ltd		932
	11,895		Samsung Securities Co Ltd		263
	87,435		Shinhan Financial Group Co Ltd		2,113
	1,470		Shinsegae Co Ltd		272
	6,728		SK C&C Co Ltd		1,636
	11,134		SK Energy Co Ltd		1,231
	3,978		SK Telecom Co Ltd		701
	9,661		S-Oil Corp		515
	49,431	*	STX Pan Ocean Co Ltd		158
	4,748	*	ViroMed Co Ltd		243
	9,529		Woongjin Coway Co Ltd		576
	105,985		Woori Financial Group, Inc		781
	20,185		Woori Investment & Securities Co Ltd		140
	9,050		Yuhan Corp		383
			TOTAL KOREA, REPUBLIC OF		277,808

LUXEMBOURG - 0.0%
	13,654		ArcelorMittal		145
	235	e	Eurofins Scientific		148
	28,307		Reinet Investments S.C.A		497
	5,752		SES Global S.A.		39
	8,187		Tenaris S.A.		53
			TOTAL LUXEMBOURG		882

MACAU - 0.1%
	204,803		Galaxy Entertainment Group Ltd		1,405
	49,133		Sands China Ltd		194
	4,977,483	e	Wynn Macau Ltd		8,633
			TOTAL MACAU		10,232

MALAYSIA - 0.1%
	315,600		AMMB Holdings BHD		230
	1,240,416		Bumiputra-Commerce Holdings BHD		1,035
	29,700		Carlsberg Brewery-Malay BHD		173
	780,700		Dialog Group BHD		662
	578,300		Digi.Com BHD		584
	28,700		Fraser & Neave Holdings BHD		218
	336,731		Gamuda BHD		288
	432,200		Genting BHD		416
	40,900		Genting Plantations BHD		94
	118,000		HAP Seng Consolidated BHD		243
	320,700		Hartalega Holdings BHD		978
	121,900		Hong Leong Bank BHD		403
	32,500		Hong Leong Credit BHD		100
	413,800		IHH Healthcare BHD		533
	518,500		IJM Corp BHD		221

227

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	477,800		IOI Corp BHD	$	486
	83,030		Kuala Lumpur Kepong BHD		430
	757,707		Malayan Banking BHD		1,331
	211,600		Malaysia Airports Holdings BHD		270
	424,400		Maxis BHD		533
	269,200		MISC BHD		482
	13,100		Nestle Malaysia BHD		428
	460,600		Petronas Chemicals Group BHD		671
	67,300		Petronas Dagangan BHD		324
	163,600		Petronas Gas BHD		648
	123,180		PPB Group BHD		513
	267,200		Press Metal BHD		284
	556,100		Public Bank BHD		2,147
	131,500		QL Resources BHD		295
	604,200		Resorts World BHD		359
	298,300		RHB Capital BHD		334
	542,100		Sime Darby BHD		273
	393,600		Sime Darby Plantation BHD		454
	1,153		SP Setia BHD		0	^
	220,200		Telekom Malaysia BHD		214
	443,100		Tenaga Nasional BHD		1,205
	550,843		TM International BHD		459
	291,800		Top Glove Corp BHD		1,101
	164,300		Westports Holdings BHD		146
	659,200		YTL Corp BHD		128
			TOTAL MALAYSIA		19,693

MEXICO - 0.1%
	594,800		Alfa S.A. de C.V. (Class A)		335
	6,391,500		America Movil S.A. de C.V. (Series L)		4,102
	102,600		Becle SAB de C.V.		198
	2,976,094	*	Cemex S.A. de C.V.		839
	109,300		Coca-Cola Femsa SAB de C.V.		479
	84,000		Embotelladoras Arca SAB de C.V.		368
	625,900		Fibra Uno Administracion S.A. de C.V.		497
	372,900		Fomento Economico Mexicano S.A. de C.V.		2,312
	44,425		Gruma SAB de C.V.		479
	72,500		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		521
	40,210	*	Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		449
	299,100	e	Grupo Bimbo S.A. de C.V. (Series A)		501
	86,100	*	Grupo Carso S.A. de C.V. (Series A1)		168
	492,500	*	Grupo Financiero Banorte S.A. de C.V.		1,708
	425,727	*	Grupo Financiero Inbursa S.A.		295
	589,500		Grupo Mexico S.A. de C.V. (Series B)		1,370
	468,000	*	Grupo Televisa S.A.		491
	29,360		Industrias Penoles S.A. de C.V.		300
	107,800		Infraestructura Energetica ,NV SAB de C.V.		311
	305,500		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		477
	66,300		Megacable Holdings SAB de C.V.		194
	212,200		Orbia Advance Corp SAB de C.V.		314
	41,490	*	Promotora y Operadora de Infraestructura SAB de C.V.		299
	998,300		Wal-Mart de Mexico SAB de C.V.		2,395
			TOTAL MEXICO		19,402

228

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
NETHERLANDS - 2.0%
	6,589	g	ABN AMRO Group NV (ADR)	$	57
	19,625	*,g	Adyen NV		28,564
	29,814		Aegon NV		88
	3,549		Akzo Nobel NV		319
	10,350	*	Altice NV (Class A)		40
	347,959		ASML Holding NV		127,288
	3,066		DSM NV		426
	161,119	g	Euronext NV		16,217
	1,947		EXOR NV		112
	2,189		Heineken Holding NV		179
	38,813		Heineken NV		3,578
	15,838,222		ING Groep NV		110,407
	500,000	*	ING Groep NV (ADR)		3,450
	148,337	*,g	Just Eat Takeaway		15,468
	165,400		Koninklijke Ahold Delhaize NV		4,508
	971,192		Koninklijke KPN NV		2,583
	83,389		Koninklijke Philips Electronics NV		3,890
	1,172		Koninklijke Vopak NV		62
	5,282		NN Group NV		178
	443,872		NXP Semiconductors NV		50,619
	8,677	*	Prosus NV		807
	2,284		Randstad Holdings NV		102
	1,010,688		Royal Dutch Shell plc (A Shares)		16,182
	66,311		Royal Dutch Shell plc (B Shares)		1,005
	11,784	*,g	Takeaway.com Holding BV		1,232
	4,870		Wolters Kluwer NV		380
			TOTAL NETHERLANDS		387,741

NEW ZEALAND - 0.1%
	14,796	*	a2 Milk Co Ltd		194
	23,969		Auckland International Airport Ltd		102
	529,323		Fisher & Paykel Healthcare Corp		12,194
	27,485		Meridian Energy Ltd		86
	12,557		Mighty River Power Ltd		38
	7,982		Ryman Healthcare Ltd		68
	37,964		Telecom Corp of New Zealand Ltd		112
			TOTAL NEW ZEALAND		12,794

NORWAY - 0.2%
	1,328,063	e	Aker BP ASA		24,577
	16,883		DNB NOR Holding ASA		225
	364,888		Equinor ASA		5,256
	148,411		Gjensidige Forsikring BA		2,742
	7,841		Mowi ASA		149
	22,860		Norsk Hydro ASA		64
	12,869		Orkla ASA		113
	1,936		Schibsted ASA (B Shares)		46
	12,809		Telenor ASA		187
	3,059		Yara International ASA		107
			TOTAL NORWAY		33,466

PAKISTAN - 0.0%
	70,800		Habib Bank Ltd		41

229

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	52,200		MCB Bank Ltd	$	50
	219,956		Oil & Gas Development Co Ltd		145
			TOTAL PAKISTAN		236

PERU - 0.0%
	43,700		Cia de Minas Buenaventura S.A. (ADR) (Series B)		399
	13,000		Credicorp Ltd (NY)		1,738
	16,536		Southern Copper Corp (NY)		658
			TOTAL PERU		2,795

PHILIPPINES - 0.1%
	374,260		Aboitiz Equity Ventures, Inc		342
	305,200		Aboitiz Power Corp		166
	4,228	*,†	Altus San Nicolas Corp		0	^
	54,770		Ayala Corp		860
	1,543,570		Ayala Land, Inc		1,053
	382,080		Banco de Oro Universal Bank		754
	177,260		Bank of the Philippine Islands		257
	6,540		Globe Telecom, Inc		272
	18,674		GT Capital Holdings, Inc		171
	199,370		International Container Term Services, Inc		410
	544,450		JG Summit Holdings (Series B)		711
	88,420		Jollibee Foods Corp		250
	48,110		Manila Electric Co		260
	2,159,927		Megaworld Corp		133
	2,876,900		Metro Pacific Investments Corp		215
	360,863		Metropolitan Bank & Trust		270
	16,960		PLDT, Inc		422
	202,300		Puregold Price Club, Inc		189
	376,600	*	Robinsons Land Corp		133
	5,826,950		Robinsons Retail Holdings, Inc		7,596
	46,940	*	SM Investments Corp		891
	1,920,800		SM Prime Holdings		1,235
	170,350		Universal Robina		446
			TOTAL PHILIPPINES		17,036

POLAND - 0.0%
	37,094		Bank Pekao S.A.		508
	7,065	*	Bank Zachodni WBK S.A.		316
	2,530		BRE Bank S.A.		148
	12,633	*	CD Projekt Red S.A.		1,273
	55,385	*	Cyfrowy Polsat S.A.		370
	9,140	*,g	Dino Polska S.A.		466
	20,686		Grupa Lotos S.A.		315
	25,838	*	KGHM Polska Miedz S.A.		600
	244	*	LPP S.A.		372
	363,031		Polish Oil & Gas Co		419
	166,946	*	Polska Grupa Energetyczna S.A.		292
	59,518		Polski Koncern Naftowy Orlen S.A.		946
	167,443		Powszechna Kasa Oszczednosci Bank Polski S.A.		975
	113,820		Powszechny Zaklad Ubezpieczen S.A.		838
	133,031	*	Telekomunikacja Polska S.A.		210
			TOTAL POLAND		8,048

230

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
PORTUGAL - 0.1%
	1,195,604		Energias de Portugal S.A.	$	5,707
	9,658		Galp Energia SGPS S.A.		112
	846,836	*,e	Jeronimo Martins SGPS S.A.		14,820
			TOTAL PORTUGAL		20,639

QATAR - 0.0%
	388,110		Barwa Real Estate Co		326
	382,709		Commercial Bank of Qatar QSC		400
	350,943		Industries Qatar QSC		744
	699,675		Masraf Al Rayan		736
	834,166		Mesaieed Petrochemical Holding Co		465
	166,968		Ooredoo QSC		301
	108,007		Qatar Electricity & Water Co		470
	100,957		Qatar Fuel QSC		448
	148,743		Qatar International Islamic Bank QSC		332
	213,232		Qatar Islamic Bank SAQ		924
	859,120		Qatar National Bank		4,119
			TOTAL QATAR		9,265

ROMANIA - 0.0%
	75,450		NEPI Rockcastle plc		387
			TOTAL ROMANIA		387

RUSSIA - 0.8%
	7,814		Evraz plc		28
	1,150,701		Gazprom (ADR)		6,237
	81,543		LUKOIL PJSC (ADR)		6,052
	71,949	*	Magnit PJSC (GDR)		935
	121,644		MMC Norilsk Nickel PJSC (ADR)		3,203
	92,500	e	Mobile TeleSystems (ADR)		850
	18,236		Novatek PJSC (GDR)		2,593
	27,470		Novolipetsk Steel PJSC (GDR)		546
	29,387		PhosAgro PJSC (GDR)		363
	45,494		Polymetal International plc (ADR)		911
	13,027	*	Polyus PJSC (GDR)		1,096
	263,996	*	Rosneft Oil Co PJSC (GDR)		1,327
	3,601,341	*	Sberbank of Russia (ADR)		40,839
	48,279		Severstal (GDR)		584
	270,029		Surgutneftegaz (ADR) (London)		1,443
	47,472		Tatneft PJSC (ADR)		2,236
	399,156	*	VTB Bank PJSC (GDR) Tradegate		375
	24,223	*	X5 Retail Group NV (GDR)		857
	1,498,441	*	Yandex NV		74,952
			TOTAL RUSSIA		145,427

SAUDI ARABIA - 0.2%
	8,343		Abdullah Al Othaim Markets Co		250
	20,579		Advanced Petrochemical Co		293
	233,755		Al Rajhi Bank		3,535
	185,332	*	Alinma Bank		720
	48,221		Almarai Co JSC		668
	112,890		Arab National Bank		575
	69,790		Bank AlBilad		413

231

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	83,131		Bank Al-Jazira	$	251
	113,423		Banque Saudi Fransi		867
	10,839		Bupa Arabia for Cooperative Insurance Co		316
	11,195	*	Co for Cooperative Insurance		213
	112,453	*	Dar Al Arkan Real Estate Development Co		213
	71,429	*	Emaar Economic City		130
	70,678	*	Etihad Etisalat Co		503
	11,099		Jarir Marketing Co		435
	278,656		National Commercial Bank		2,779
	72,508	*	National Industrialization Co		203
	50,635	*	Rabigh Refining & Petrochemical Co		182
	254,683		Riyad Bank		1,148
	74,984		Sahara International Petrochemical Co		289
	184,364		Samba Financial Group		1,326
	8,007		Saudi Airlines Catering Co		166
	38,716		Saudi Arabian Fertilizer Co		771
	82,140	*	Saudi Arabian Mining Co		770
	230,522	g	Saudi Arabian Oil Co		2,001
	173,172		Saudi Basic Industries Corp		4,078
	138,387		Saudi British Bank		843
	14,834		Saudi Cement Co		210
	164,097		Saudi Electricity Co		684
	44,226		Saudi Industrial Investment Group		239
	151,206	*	Saudi Kayan Petrochemical Co		333
	113,801		Saudi Telecom Co		3,015
	50,557		Savola Group		570
	49,689		Yanbu National Petrochemical Co		681
			TOTAL SAUDI ARABIA		29,670

SINGAPORE - 0.1%
	362,248		Ascendas REIT		831
	42,200	g	BOC Aviation Ltd		272
	63,485		CapitaCommercial Trust		78
	1,802,046	*	CapitaLand Ltd		3,807
	47,117		CapitaMall Trust		67
	8,900	e	City Developments Ltd		54
	36,222		DBS Group Holdings Ltd		545
	123,492		Genting Singapore Ltd		68
	2,166		Jardine Cycle & Carriage Ltd		32
	28,368	e	Keppel Corp Ltd		122
	42,700	e	Mapletree Commercial Trust		60
	56,800	e	Mapletree Logistics Trust		80
	606,712		Oversea-Chinese Banking Corp		3,954
	28,560		Singapore Airlines Ltd		77
	380,743	e	Singapore Exchange Ltd		2,291
	35,407		Singapore Technologies Engineering Ltd		84
	1,088,191		Singapore Telecommunications Ltd		1,936
	1,200		Singapore Telecommunications Ltd		2
	31,400		Suntec Real Estate Investment Trust		32
	246,343		United Overseas Bank Ltd		3,600
	8,631		UOL Group Ltd		42
	5,400		Venture Corp Ltd		63
			TOTAL SINGAPORE		18,097

232

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
SOUTH AFRICA - 0.2%
	137,640		Absa Group Ltd	$	680
	10,695		Anglo American Platinum Ltd		778
	21,882		Anglo American plc (London)		504
	75,045	*	Aspen Pharmacare Holdings Ltd		623
	63,868		Bid Corp Ltd		1,049
	57,344		Bidvest Group Ltd		470
	8,824		Capitec Bank Holdings Ltd		439
	47,780		Clicks Group Ltd		579
	75,737		Discovery Holdings Ltd		458
	49,257		Exxaro Resources Ltd		372
	920,550		FirstRand Ltd		2,024
	167,811		Gold Fields Ltd		1,584
	615,545		Growthpoint Properties Ltd		476
	152,797		Impala Platinum Holdings Ltd		1,029
	12,518	e	Kumba Iron Ore Ltd		335
	272,718		Life Healthcare Group Holdings Pte Ltd		263
	163,841		Momentum Metropolitan Holdings		167
	48,652		Mr Price Group Ltd		402
	325,071	e	MTN Group Ltd		996
	85,252	*	MultiChoice Group Ltd		521
	84,623		Naspers Ltd (N Shares)		15,552
	72,891		Nedbank Group Ltd		427
	72,212	*	Northam Platinum Ltd		487
	151,139	e,g	Pepkor Holdings Ltd		96
	69,108		Pick’n Pay Stores Ltd		203
	32,454		PSG Group Ltd		297
	148,822		Rand Merchant Investment Holdings Ltd		250
	103,087		Remgro Ltd		595
	357,619		Sanlam Ltd		1,217
	110,450	*	Sasol Ltd		848
	96,765		Shoprite Holdings Ltd		595
	431,603	*	Sibanye Stillwater Ltd		937
	37,891		Spar Group Ltd		375
	247,524		Standard Bank Group Ltd		1,494
	31,314		Tiger Brands Ltd		322
	122,011	e	Vodacom Group Pty Ltd		866
	200,901		Woolworths Holdings Ltd		384
			TOTAL SOUTH AFRICA		38,694

SPAIN - 0.4%
	4,285		ACS Actividades de Construccion y Servicios S.A.		110
	1,205	g	Aena S.A.		161
	276,400		Amadeus IT Holding S.A.		14,512
	119,034		Banco Bilbao Vizcaya Argentaria S.A.		410
	68,033		Banco Santander S.A.		168
	228,270		Banco Santander S.A. (AQXE)		558
	10,687		Bankinter S.A.		51
	67,484		CaixaBank S.A.		144
	4,458	g	Cellnex Telecom SAU		272
	17,286		Corp Mapfre S.A.		31
	4,010	e	Enagas		98
	347,535	e	Endesa S.A.		8,621
	8,625		Ferrovial S.A.		231

233

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	35,292		Grifols S.A.	$	1,073
	3,955,486		Iberdrola S.A.		46,179
	178,962		Industria De Diseno Textil S.A.		4,748
	108,528	*,†,e	Let’s GOWEX S.A.		1
	40,631	e	Naturgy Energy Group S.A.		759
	51,667	e	Red Electrica Corp S.A.		967
	24,846		Repsol YPF S.A.		220
	4,447	*,e	Siemens Gamesa Renewable Energy		79
	610,097	e	Telefonica S.A.		2,918
			TOTAL SPAIN		82,311

SWEDEN - 0.5%
	5,733		Alfa Laval AB		127
	647,940		Assa Abloy AB		13,262
	11,929		Atlas Copco AB (A Shares)		508
	6,921		Atlas Copco AB (B Shares)		257
	2,785		Autoliv, Inc		180
	4,976	*	Boliden AB		114
	4,183		Electrolux AB (Series B)		70
	7,160		Epiroc AB		88
	11,427		Epiroc AB (Class A)		143
	4,511	e	EQT AB		81
	51,964		Ericsson (LM) (B Shares)		482
	10,768		Essity AB		349
	2,224	e,g	Evolution Gaming Group AB		132
	32,000	*	Fastighets AB Balder		1,224
	14,318	e	Hennes & Mauritz AB (B Shares)		209
	266,325		Hexagon AB (B Shares)		15,640
	6,605		Husqvarna AB (B Shares)		54
	1,748	e	ICA Gruppen AB		83
	2,823		Industrivarden AB		64
	498,177	e	Intrum Justitia AB		9,171
	2,812	e	Investment AB Latour		51
	8,060	e	Investor AB (B Shares)		428
	4,164	*	Kinnevik AB		110
	1,353		Lundbergs AB (B Shares)		62
	134,383	e	Lundin Petroleum AB		3,280
	5,395		Nibe Industrier AB		120
	246,863		Sandvik AB		4,647
	17,787	*,e	SAS AB		15
	5,615		Securitas AB (B Shares)		76
	655,459		Skandinaviska Enskilda Banken AB (Class A)		5,690
	6,071		Skanska AB (B Shares)		124
	6,810		SKF AB (B Shares)		127
	10,531		Svenska Cellulosa AB (B Shares)		126
	27,727		Svenska Handelsbanken AB		263
	16,147		Swedbank AB (A Shares)		207
	440,527		Swedish Match AB		31,082
	9,343		Tele2 AB (B Shares)		124
	45,521		TeliaSonera AB		170
	26,407		Volvo AB (B Shares)		416
			TOTAL SWEDEN		89,356

234

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
SWITZERLAND - 3.1%
	361,451		ABB Ltd	$	8,199
	2,817		Adecco S.A.		133
	471,064		Alcon, Inc		27,067
	828		Baloise Holding AG.		125
	318		Banque Cantonale Vaudoise		31
	50		Barry Callebaut AG.		95
	69,398		Cie Financiere Richemont S.A.		4,476
	3,599	*,e	Clariant AG.		71
	3,809		Coca-Cola HBC AG.		95
	6,384,969	*	Credit Suisse Group		66,435
	138		EMS-Chemie Holding AG.		107
	661		Geberit AG.		332
	165		Givaudan S.A.		617
	9,330		Holcim Ltd		411
	4,014		Julius Baer Group Ltd		169
	954		Kuehne & Nagel International AG.		159
	7		Lindt & Spruengli AG.		58
	3		Lindt & Spruengli AG. (Registered)		259
	2,919		Logitech International S.A.		191
	281,498		Lonza Group AG.		149,109
	626,944		Nestle S.A.		69,510
	204,177		Novartis AG.		17,788
	333		Partners Group		303
	5,000		PSP Swiss Property AG.		563
	582,665		Roche Holding AG.		201,864
	725		Schindler Holding AG.		172
	354		Schindler Holding AG. (Registered)		84
	108		SGS S.A.		265
	2,524		Sika AG.		486
	978	*	Sonova Holdings AG		196
	11,371		STMicroelectronics NV		310
	182		Straumann Holding AG.		157
	257	*	Swatch Group AG.		52
	2,270		Swatch Group AG. (Registered)		89
	571		Swiss Life Holding		212
	6,440		Swiss Prime Site AG.		597
	5,266		Swiss Re Ltd		408
	462		Swisscom AG.		242
	1,172		Temenos Group AG.		182
	205,330		UBS Group AG		2,371
	10,859		Vifor Pharma AG.		1,643
	25,000	*	Zur Rose Group AG.		6,841
	79,837		Zurich Insurance Group AG		28,289
			TOTAL SWITZERLAND		590,763

TAIWAN - 1.7%
	98,000		Accton Technology Corp		761
	570,000		Acer, Inc		347
	64,000		Advantech Co Ltd		644
	623,000		ASE Industrial Holding Co Ltd		1,435
	426,000		Asia Cement Corp		632
	136,000		Asustek Computer, Inc		999
	1,766,000		AU Optronics Corp		557
	133,189		Catcher Technology Co Ltd		1,009

235

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,508,412		Cathay Financial Holding Co Ltd	$	2,146
	230,707		Chailease Holding Co Ltd		984
	936,529		Chang Hwa Commercial Bank		616
	349,000		Cheng Shin Rubber Industry Co Ltd		401
	112,335		Chicony Electronics Co Ltd		326
	434,000		China Airlines		121
	2,362,000		China Development Financial Holding Corp		760
	502,250	*	China Life Insurance Co Ltd (Taiwan)		373
	2,280,000		China Steel Corp		1,606
	3,345,000		Chinatrust Financial Holding Co		2,318
	729,000		Chunghwa Telecom Co Ltd		2,895
	816,000		Compal Electronics, Inc		534
	929,727		Dadi Early-Childhood Education Group Ltd		5,841
	371,000		Delta Electronics, Inc		2,117
	1,971,936		E.Sun Financial Holding Co Ltd		1,868
	37,000		Eclat Textile Co Ltd		431
	493,078		Eva Airways Corp		188
	424,731	*	Evergreen Marine Corp Tawain Ltd		155
	603,000		Far Eastern Textile Co Ltd		573
	313,000		Far EasTone Telecommunications Co Ltd		723
	64,200		Feng TAY Enterprise Co Ltd		364
	1,872,359		First Financial Holding Co Ltd		1,443
	686,000	*	Formosa Chemicals & Fibre Corp		1,767
	226,000		Formosa Petrochemical Corp		684
	736,000		Formosa Plastics Corp		2,191
	156,000		Formosa Taffeta Co Ltd		193
	183,000		Foxconn Technology Co Ltd		352
	1,269,000		Fubon Financial Holding Co Ltd		1,895
	1,781,000		Fuhwa Financial Holdings Co Ltd		1,060
	56,000		Giant Manufacturing Co Ltd		503
	43,000		Globalwafers Co Ltd		592
	128,000		Highwealth Construction Corp		190
	47,677		Hiwin Technologies Corp		478
	2,381,000		Hon Hai Precision Industry Co, Ltd		6,991
	1,934,278		Hota Industrial Manufacturing Co Ltd		6,688
	57,000		Hotai Motor Co Ltd		1,367
	1,464,636		Hua Nan Financial Holdings Co Ltd		997
	1,689,000		InnoLux Display Corp		455
	475,000		Inventec Co Ltd		406
	19,604		Largan Precision Co Ltd		2,726
	415,000		Lite-On Technology Corp		653
	287,242		MediaTek, Inc		5,679
	2,072,000		Mega Financial Holding Co Ltd		2,178
	132,000		Micro-Star International Co Ltd		483
	990,000		Nan Ya Plastics Corp		2,174
	238,000		Nanya Technology Corp		497
	32,000		Nien Made Enterprise Co Ltd		314
	110,000		Novatek Microelectronics Corp Ltd		855
	385,000		Pegatron Technology Corp		840
	29,000	*	Phison Electronics Corp		292
	475,000		Pou Chen Corp		466
	143,000		Powertech Technology, Inc		522
	112,000		President Chain Store Corp		1,127
	548,000		Quanta Computer, Inc		1,326

236

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	91,000		Realtek Semiconductor Corp	$	928
	103,400		Ruentex Development Co Ltd		180
	631,999		Shanghai Commercial & Savings Bank Ltd		980
	2,108,622		Shin Kong Financial Holding Co Ltd		618
	1,905,300		SinoPac Financial Holdings Co Ltd		704
	75,000		Standard Foods Corp		161
	251,000		Synnex Technology International Corp		356
	1,787,730		Taishin Financial Holdings Co Ltd		813
	987,064		Taiwan Business Bank		363
	886,789		Taiwan Cement Corp		1,290
	1,683,442		Taiwan Cooperative Financial Holding		1,188
	370,000		Taiwan High Speed Rail Corp		460
	320,000		Taiwan Mobile Co Ltd		1,200
	21,093,500		Taiwan Semiconductor Manufacturing Co Ltd		225,268
	255,000		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		14,476
	345,000	*	Tatung Co Ltd		246
	925,000		Uni-President Enterprises Corp		2,241
	2,189,000		United Microelectronics Corp		1,183
	170,000		Vanguard International Semiconductor Corp		452
	64,000		Walsin Technology Corp		391
	65,000		Win Semiconductors Corp		664
	619,000		Winbond Electronics Corp		282
	547,690		Wistron Corp		669
	15,000	*	Wiwynn Corp		410
	289,640		WPG Holdings Co Ltd		386
	70,339		Yageo Corp		916
	110,000		Zhen Ding Technology Holding Ltd		483
			TOTAL TAIWAN		337,416

THAILAND - 0.1%
	228,600		Advanced Info Service PCL (Foreign)		1,376
	817,300		Airports of Thailand PCL (Foreign)		1,609
	1,216,900		Asset World Corp PCL		153
	157,100		B Grimm Power PCL		274
	87,600		Bangkok Bank PCL (Foreign)		305
	356,100		Bangkok Commercial Asset Management PCL		283
	1,803,300		Bangkok Dusit Medical Services PCL (Foreign)		1,314
	1,456,200		Bangkok Expressway & Metro PCL		449
	219,100		Berli Jucker PCL		281
	1,411,090		BTS Group Holdings PCL		516
	78,500		Bumrungrad Hospital PCL (Foreign)		296
	431,500		Central Pattana PCL (Foreign)		686
	337,175	*	Central Retail Corp PCL		355
	753,900		Charoen Pokphand Foods PCL		778
	1,115,200		CP Seven Eleven PCL (Foreign)		2,458
	56,500		Electricity Generating PCL		455
	284,900		Energy Absolute PCL (Foreign)		365
	137,900		Global Power Synergy Co Ltd (Foreign)		330
	414,300		Gulf Energy Development PCL		509
	1,099,900		Home Product Center PCL (Foreign)		552
	328,400		Indorama Ventures PCL (Foreign)		297
	422,000		Intouch Holdings PCL (Class F)		772
	2,678,600		IRPC PCL (Foreign)		229
	343,500		Kasikornbank PCL (Foreign)		1,038

237

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	687,700		Krung Thai Bank PCL (Foreign)	$	230
	141,600		Krungthai Card PCL		138
	1,556,000		Land and Houses PCL Co Reg		386
	483,900		Minor International PCL (Foreign)		320
	134,600		Muangthai Capital PCL		229
	138,600		Osotspa PCL		171
	305,100		PTT Exploration & Production PCL (Foreign)		917
	435,300		PTT Global Chemical PCL (Foreign)		658
	2,183,600		PTT PCL (Foreign)		2,695
	148,300		Ratch Group PCL		300
	149,300		Siam Cement PCL (Foreign)		1,786
	168,600		Siam Commercial Bank PCL (Foreign)		401
	136,600		Srisawad Corp PCL		230
	260,200		Thai Oil PCL (Foreign)		378
	657,000		Thai Union Group PCL		277
	4,835,384		TMB Bank PCL (Foreign)		165
	146,900		Total Access Communication PCL (Foreign)		187
	2,248,300		True Corp PCL (Foreign)		249
			TOTAL THAILAND		25,397

TURKEY - 0.0%
	610,834	*	Akbank TAS		542
	37,623		Anadolu Efes Biracilik Ve Malt Sanayii AS		117
	62,541		Aselsan Elektronik Sanayi Ve Ticaret AS		295
	87,241		BIM Birlesik Magazalar AS		865
	264,121		Eregli Demir ve Celik Fabrikalari TAS		331
	12,638		Ford Otomotiv Sanayi AS		131
	174,450		Haci Omer Sabanci Holding AS		235
	143,217		KOC Holding AS		377
	41,827		TAV Havalimanlari Holding AS		118
	27,026	*	Tupras Turkiye Petrol Rafine		353
	111,001	*	Turk Hava Yollari		202
	220,896		Turkcell Iletisim Hizmet AS		527
	449,388	*	Turkiye Garanti Bankasi AS		554
	300,880	*	Turkiye Is Bankasi (Series C)		246
	551,174	*	Yapi ve Kredi Bankasi		197
			TOTAL TURKEY		5,090

UNITED ARAB EMIRATES - 0.0%
	546,382		Abu Dhabi Commercial Bank PJSC		740
	743,399		Aldar Properties PJSC		364
	370,996		Dubai Islamic Bank PJSC		387
	499,758	*	Emaar Malls Group PJSC		188
	691,680	*	Emaar Properties PJSC		523
	240,291		Emirates NBD Bank PJSC		586
	329,758		Emirates Telecommunications Group Co PJSC		1,486
	519,738		National Bank of Abu Dhabi PJSC		1,612
	5,358	*,†	NMC Health plc		0	^
			TOTAL UNITED ARAB EMIRATES		5,886

UNITED KINGDOM - 4.0%
	17,365		3i Group plc		179
	3,512		Admiral Group plc		100
	1,438,569		Ashtead Group plc		48,527

238

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	412,661		Associated British Foods plc	$	9,757
	1,038,620		AstraZeneca plc		108,094
	18,481	g	Auto Trader Group plc		120
	1,108		Aveva Group plc		56
	70,035		Aviva plc		237
	57,043		BAE Systems plc		341
	1,454,131		Barclays plc		2,051
	16,865		Barratt Developments plc		104
	1,095,538		Beazley plc		5,554
	2,130		Berkeley Group Holdings plc		110
	65,000		Big Yellow Group plc		809
	4,556,739	*	boohoo.com plc		23,335
	1,395,861		BP plc		5,348
	173,647	e	BP plc (ADR)		4,049
	410,724		British American Tobacco plc		15,752
	164,716		British Land Co plc		788
	157,707		BT Group plc		223
	6,328		Bunzl plc		170
	6,973		Burberry Group plc		138
	55,043		CK Hutchison Holdings Ltd		356
	18,879		CNH Industrial NV		133
	58,738		Coca-Cola European Partners plc (Class A)		2,218
	196,041		Compass Group plc		2,697
	2,268		Croda International plc		147
	1,854		DCC plc		155
	430,250		Dechra Pharmaceuticals plc		15,155
	20,000		Derwent London plc		688
	479,132		Diageo plc		15,925
	323,000	*	Dialog Semiconductor plc		14,764
	23,634		Direct Line Insurance Group plc		79
	2,516,483		Electrocomponents plc		20,948
	16,166		Experian Group Ltd		567
	562,363		Fevertree Drinks plc		14,256
	19,597		Fiat DaimlerChrysler Automobiles NV		198
	534,887		GlaxoSmithKline plc		10,805
	100,000		Great Portland Estates plc		783
	9,907		GVC Holdings plc		91
	6,750		Halma plc		192
	5,687		Hargreaves Lansdown plc		115
	361,504		HSBC Holdings plc		1,680
	16,857		Imperial Tobacco Group plc		321
	202,056		Informa plc		1,168
	3,065		InterContinental Hotels Group plc		135
	2,881		Intertek Group plc		194
	55,634		ITV plc		51
	31,036		J Sainsbury plc		80
	7,547		JD Sports Fashion plc		58
	3,485		Johnson Matthey plc		91
	36,526		Kingfisher plc		101
	122,729	e	Land Securities Group plc		839
	106,394		Legal & General Group plc		290
	198,488	*	Liberty Global plc (Class A)		4,339
	11,991	*	Liberty Global plc (Class C)		258
	164,880		Linde plc		34,973

239

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	618,315		Linde plc (Xetra)	$	130,956
	140,694,848		Lloyds TSB Group plc		54,274
	96,914		London Stock Exchange Group plc		10,079
	2,955,539		M&G plc		6,137
	3,745,647		Man Group plc		6,064
	5,000,000	*	Marks & Spencer Group plc		6,131
	80,739		Melrose Industries plc		114
	35,520		Mondi plc		664
	62,386		National Grid plc		761
	21,069		Next plc		1,276
	8,244	*	Ocado Ltd		207
	925,578		Old Mutual Ltd		645
	13,683	e	Pearson plc		97
	5,690		Persimmon plc		161
	1,285,408		Prudential plc		19,369
	94,556		Reckitt Benckiser Group plc		8,699
	438,995		RELX plc		10,160
	175,326		RELX plc (London)		4,058
	33,022		Rentokil Initial plc		209
	3,274,470		Rolls-Royce Group plc		11,561
	90,689		Royal Bank of Scotland Group plc		136
	16,635		RSA Insurance Group plc		84
	80,000		Safestore Holdings plc		721
	20,737		Sage Group plc		172
	2,224		Schroders plc		81
	138,349		Scottish & Southern Energy plc		2,343
	150,334		Segro plc		1,663
	4,065		Severn Trent plc		124
	15,577		Smith & Nephew plc		290
	7,554		Smiths Group plc		132
	1,309		Spirax-Sarco Engineering plc		161
	9,562		St. James’s Place plc		112
	48,482		Standard Chartered plc		263
	41,778		Standard Life Aberdeen plc		138
	54,755		Taylor Wimpey plc		97
	26,310,880		Tesco plc		74,004
	5,028,907		Tritax Big Box REIT plc		9,035
	257,751		Unilever NV		13,743
	258,899		Unilever plc		13,965
	11,988		United Utilities Group plc		135
	6,110,793		Vodafone Group plc		9,715
	3,764	*,e	Whitbread plc		104
	40,196		WM Morrison Supermarkets plc		95
	660,876		WPP plc		5,152
			TOTAL UNITED KINGDOM		774,779

UNITED STATES - 55.4%
	40,153		3M Co		6,263
	4,011		A.O. Smith Corp		189
	1,662,975		Abbott Laboratories		152,046
	1,608,037		AbbVie, Inc		157,877
	1,377	*	Abiomed, Inc		333
	60,495		Accenture plc		12,989
	540,923		Activision Blizzard, Inc		41,056

240

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	52,214	*	Adobe, Inc	$	22,729
	2,031		Advance Auto Parts, Inc		289
	1,601,615	*	Advanced Micro Devices, Inc		84,261
	19,492		AES Corp		282
	19,938		Aflac, Inc		718
	25,189		Agilent Technologies, Inc		2,226
	15,849		AGNC Investment Corp		204
	15,000		Agree Realty Corp		986
	27,984		Air Products & Chemicals, Inc		6,757
	4,708	*	Akamai Technologies, Inc		504
	62,210		Albemarle Corp		4,803
	29,116		Alexandria Real Estate Equities, Inc		4,724
	6,560	*	Alexion Pharmaceuticals, Inc		736
	7,232	*	Align Technology, Inc		1,985
	8,631		Alleghany Corp		4,222
	441,287	*	Allegheny Technologies, Inc		4,497
	35,920		Allegion plc		3,672
	27,739		Alliant Energy Corp		1,327
	144,694		Allstate Corp		14,034
	11,879		Ally Financial, Inc		236
	35,123	*	Alnylam Pharmaceuticals, Inc		5,202
	85,109	*	Alphabet, Inc (Class A)		120,689
	149,911	*,n	Alphabet, Inc (Class C)		211,916
	25,401	*	Altice USA, Inc		573
	226,701		Altria Group, Inc		8,898
	184,166	*	Amazon.com, Inc		508,081
	48,096		Amcor plc		491
	317		Amerco, Inc		96
	7,338		Ameren Corp		516
	248,009		American Electric Power Co, Inc		19,751
	955,333		American Express Co		90,948
	2,338		American Financial Group, Inc		148
	66,000		American Homes 4 Rent		1,775
	275,336		American International Group, Inc		8,585
	122,827		American Tower Corp		31,756
	5,371		American Water Works Co, Inc		691
	65,000		Americold Realty Trust		2,360
	3,577		Ameriprise Financial, Inc		537
	4,640		AmerisourceBergen Corp		468
	6,800		Ametek, Inc		608
	109,068		Amgen, Inc		25,725
	8,804		Amphenol Corp (Class A)		844
	37,837		Analog Devices, Inc		4,640
	42,326		Annaly Capital Management, Inc		278
	2,548	*	Ansys, Inc		743
	40,208		Anthem, Inc		10,574
	25,131		Aon plc		4,840
	5,014		Apollo Global Management, Inc		250
	1,613,560	n	Apple, Inc		588,627
	668,026		Applied Materials, Inc		40,382
	248,551		Aptiv plc		19,367
	7,423		ARAMARK Holdings Corp		168
	12,411	*	Arch Capital Group Ltd		356
	16,569		Archer-Daniels-Midland Co		661

241

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	202	*	Arconic Corp	$	3
	1,652	*	Arista Networks, Inc		347
	2,392	*	Arrow Electronics, Inc		164
	5,467		Arthur J. Gallagher & Co		533
	1,772		Assurant, Inc		183
	1,128,654		AT&T, Inc		34,119
	161,757	*	Athene Holding Ltd		5,045
	3,628		Atmos Energy Corp		361
	22,431	*	Autodesk, Inc		5,365
	12,768		Automatic Data Processing, Inc		1,901
	1,712	*	AutoZone, Inc		1,931
	2,258	*	Avalara, Inc		301
	41,376		AvalonBay Communities, Inc		6,398
	584,143	*	Avantor, Inc		9,930
	2,564		Avery Dennison Corp		293
	965,207	*	Axalta Coating Systems Ltd		21,765
	50,186		Axis Capital Holdings Ltd		2,036
	19,061		Baker Hughes Co		293
	71,318		Ball Corp		4,956
	1,140,713		Bank of America Corp		27,092
	684,501		Bank of New York Mellon Corp		26,456
	5,813	*	Bausch Health Cos, Inc		106
	171,343		Baxter International, Inc		14,753
	38,030		Becton Dickinson & Co		9,099
	164,387	*	Berkshire Hathaway, Inc (Class B)		29,345
	586,579	*	Berry Global Group, Inc		25,997
	21,094		Best Buy Co, Inc		1,841
	17,252	*	Biogen, Inc		4,616
	108,365	*	BioMarin Pharmaceutical, Inc		13,366
	648	*	Bio-Rad Laboratories, Inc (Class A)		293
	4,522	*	Black Knight, Inc		328
	16,795		BlackRock, Inc		9,138
	74,756		Blackstone Group, Inc		4,236
	400,697		Boeing Co		73,448
	17,067	*	Booking Holdings, Inc		27,176
	4,240		Booz Allen Hamilton Holding Co		330
	6,618		BorgWarner, Inc		234
	33,782		Boston Properties, Inc		3,053
	2,178,295	*	Boston Scientific Corp		76,480
	535,937		Bristol-Myers Squibb Co		31,513
	330,237		Broadcom, Inc		104,226
	3,459		Broadridge Financial Solutions, Inc		436
	7,265		Brown & Brown, Inc		296
	9,195		Brown-Forman Corp (Class B)		585
	4,372		Bunge Ltd		180
	1,929	*	Burlington Stores, Inc		380
	131		Cable One, Inc		233
	11,865		Cabot Oil & Gas Corp		204
	8,298	*	Cadence Design Systems, Inc		796
	3,091		Camden Property Trust		282
	5,196		Campbell Soup Co		258
	13,531		Capital One Financial Corp		847
	375,719	*	Capri Holdings Ltd		5,872
	8,480		Cardinal Health, Inc		443

242

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	4,207	e	Carlyle Group, Inc	$	117
	4,836	*	CarMax, Inc		433
	55,519	e	Carnival Corp		912
	457,781		Carrier Global Corp		10,172
	4,541	*	Catalent, Inc		333
	442,898		Caterpillar, Inc		56,026
	3,201		CBOE Global Markets, Inc		299
	68,172	*	CBRE Group, Inc		3,083
	3,798		CDK Global, Inc		157
	4,147		CDW Corp		482
	3,527		Celanese Corp (Series A)		305
	274,045	*	Centene Corp		17,416
	1,337,978		Centerpoint Energy, Inc		24,980
	26,960		CenturyLink, Inc		270
	56,361		Cerner Corp		3,864
	24,603		CF Industries Holdings, Inc		692
	3,841		CH Robinson Worldwide, Inc		304
	279,991		Charles Schwab Corp		9,447
	22,020	*	Charter Communications, Inc		11,231
	31,679	*	Cheniere Energy, Inc		1,531
	447,854		Chevron Corp		39,962
	8,737	*	Chipotle Mexican Grill, Inc (Class A)		9,194
	208,735		Chubb Ltd		26,430
	7,335		Church & Dwight Co, Inc		567
	233,264		Cigna Corp		43,772
	4,762		Cincinnati Financial Corp		305
	2,564		Cintas Corp		683
	665,888		Cisco Systems, Inc		31,057
	2,220,737		Citigroup, Inc		113,480
	508,262		Citizens Financial Group, Inc		12,829
	3,381		Citrix Systems, Inc		500
	17,994		Clorox Co		3,947
	69,692		CME Group, Inc		11,328
	8,246		CMS Energy Corp		482
	3,294,522		Coca-Cola Co		147,199
	5,264		Cognex Corp		314
	16,227		Cognizant Technology Solutions Corp (Class A)		922
	377,730	*	Coherus Biosciences, Inc		6,746
	314,361		Colgate-Palmolive Co		23,030
	1,714,597		Comcast Corp (Class A)		66,835
	4,675		Comerica, Inc		178
	151,709		ConAgra Brands, Inc		5,336
	5,986		Concho Resources, Inc		308
	770,734		ConocoPhillips		32,386
	9,703		Consolidated Edison, Inc		698
	23,154		Constellation Brands, Inc (Class A)		4,051
	1,475		Cooper Cos, Inc		418
	6,278	*	Copart, Inc		523
	22,190		Corning, Inc		575
	134,682		Corteva, Inc		3,608
	1,152	*	CoStar Group, Inc		819
	402,858		Costco Wholesale Corp		122,151
	6,548		Coty, Inc		29
	1,939	*	Coupa Software, Inc		537

243

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	3,004	*	Crowdstrike Holdings, Inc	$	301
	87,328		Crown Castle International Corp		14,614
	705,339	*	Crown Holdings, Inc		45,939
	394,379		CSX Corp		27,504
	4,363		Cummins, Inc		756
	285,613		CVS Health Corp		18,556
	665	*	CyberArk Software Ltd		66
	20,500		CyrusOne, Inc		1,491
	244,833		Danaher Corp		43,294
	3,807		Darden Restaurants, Inc		288
	3,244	*	Datadog, Inc		282
	2,544	*	DaVita, Inc		201
	93,907		Deere & Co		14,757
	7,021	*	Dell Technologies, Inc		386
	92,141		Delta Air Lines, Inc		2,585
	6,397		Dentsply Sirona, Inc		282
	20,908	*	DexCom, Inc		8,476
	12,537		Diamondback Energy, Inc		524
	23,276		Digital Realty Trust, Inc		3,308
	422,726		Discover Financial Services		21,174
	5,417	*,e	Discovery, Inc (Class A)		114
	10,405	*	Discovery, Inc (Class C)		200
	31,348	*	DISH Network Corp (Class A)		1,082
	5,059	*	DocuSign, Inc		871
	27,060		Dollar General Corp		5,155
	41,038	*	Dollar Tree, Inc		3,803
	265,805		Dominion Energy, Inc		21,578
	1,164		Domino’s Pizza, Inc		430
	38,804		Dover Corp		3,747
	575,311	n	Dow, Inc		23,450
	10,379		DR Horton, Inc		576
	7,626	*	Dropbox, Inc		166
	5,717		DTE Energy Co		615
	107,481		Duke Energy Corp		8,587
	37,112		Duke Realty Corp		1,313
	1,479,522	n	DuPont de Nemours, Inc		78,607
	3,816	*	Dynatrace, Inc		155
	6,560		E*TRADE Financial Corp		326
	4,288		East West Bancorp, Inc		155
	3,988		Eastman Chemical Co		278
	258,744		Eaton Corp		22,635
	122,914		eBay, Inc		6,447
	24,944		Ecolab, Inc		4,963
	52,145		Edison International		2,832
	927,606	*	Edwards Lifesciences Corp		64,107
	11,870	*	Elanco Animal Health, Inc		255
	8,575	*	Electronic Arts, Inc		1,132
	245,492		Eli Lilly & Co		40,305
	18,099		Emerson Electric Co		1,123
	231,038		Entergy Corp		21,674
	571,909	*	Envista Holdings Corp		12,062
	105,707		EOG Resources, Inc		5,355
	1,664	*	EPAM Systems, Inc		419
	3,615		Equifax, Inc		621

244

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	47,777		Equinix, Inc	$	33,554
	797,106		Equitable Holdings, Inc		15,376
	64,975		Equity Lifestyle Properties, Inc		4,060
	51,805		Equity Residential		3,047
	757		Erie Indemnity Co (Class A)		145
	6,546		Essential Utilities Inc		277
	6,922		Essex Property Trust, Inc		1,586
	140,533		Estee Lauder Cos (Class A)		26,516
	1,250		Everest Re Group Ltd		258
	6,615		Evergy, Inc		392
	9,765		Eversource Energy		813
	127,439	*	Exact Sciences Corp		11,080
	139,286		Exelon Corp		5,055
	42,085		Expedia Group Inc		3,459
	5,119		Expeditors International of Washington, Inc		389
	18,765		Extra Space Storage, Inc		1,733
	582,027	d	Exxon Mobil Corp		26,028
	1,849	*	F5 Networks, Inc		258
	1,124,419	*,n	Facebook, Inc		255,322
	1,146		Factset Research Systems, Inc		376
	849	*	Fair Isaac Corp		355
	17,041		Fastenal Co		730
	2,208		Federal Realty Investment Trust		188
	7,340		FedEx Corp		1,029
	4,010		Ferguson plc		328
	8,315		Fidelity National Financial Inc		255
	120,019		Fidelity National Information Services, Inc		16,093
	299,229		Fifth Third Bancorp		5,769
	4,983		First Republic Bank		528
	1,228,493		FirstEnergy Corp		47,641
	17,091	*	Fiserv, Inc		1,668
	2,479	*	FleetCor Technologies, Inc		624
	4,042		FLIR Systems, Inc		164
	3,771		FMC Corp		376
	113,323		Ford Motor Co		689
	4,369	*	Fortinet, Inc		600
	186,346		Fortive Corp		12,608
	3,998		Fortune Brands Home & Security, Inc		256
	10,023		Fox Corp (Class A)		269
	4,787		Fox Corp (Class B)		128
	9,404		Franklin Resources, Inc		197
	4,977,626		Freeport-McMoRan, Inc (Class B)		57,591
	45,551		Gaming and Leisure Properties, Inc		1,576
	4,122		Garmin Ltd		402
	2,747	*	Gartner, Inc		333
	7,262		General Dynamics Corp		1,085
	258,695		General Electric Co		1,767
	54,431		General Mills, Inc		3,356
	530,757	*,†	General Motors Co		0
	18,106,794	*,†,e	General Motors Co		0
	38,048		General Motors Co		963
	18,159,000	*,†	General Motors Co		0
	19,417,463	*,†	General Motors Co		0
	4,461,000	*,†	General Motors Co		0

245

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	26,439,985	*,†	General Motors Co	$	0
	29,845,445	*,†	General Motors Co		0
	13,592,224	*,†	General Motors Co		0
	61,921,000	*,†,e	General Motors Co		0
	69,850,000	*,†	General Motors Co		0
	4,461		Genuine Parts Co		388
	155,906		Gilead Sciences, Inc		11,995
	52,470		Global Payments, Inc		8,900
	2,991		Globe Life, Inc		222
	5,182	*	GoDaddy, Inc		380
	245,259		Goldman Sachs Group, Inc		48,468
	36,000	*	Guardant Health, Inc		2,921
	2,490	*	Guidewire Software, Inc		276
	26,747		Halliburton Co		347
	164,955		Hartford Financial Services Group, Inc		6,359
	3,810		Hasbro, Inc		286
	51,551		HCA Healthcare, Inc		5,004
	5,217	*	HD Supply Holdings, Inc		181
	26,000		Healthcare Trust of America, Inc		690
	93,248		Healthpeak Properties Inc		2,570
	1,423		HEICO Corp		142
	2,202		HEICO Corp (Class A)		179
	4,166	*	Henry Schein, Inc		243
	4,414		Hershey Co		572
	8,001		Hess Corp		415
	39,600		Hewlett Packard Enterprise Co		385
	90,280		Hexcel Corp		4,082
	8,241		Hilton Worldwide Holdings, Inc		605
	4,318		HollyFrontier Corp		126
	349,136	*	Hologic, Inc		19,901
	711,733		Home Depot, Inc		178,296
	784,456		Honeywell International, Inc		113,424
	160,000	*	Horizon Therapeutics Plc		8,893
	8,846		Hormel Foods Corp		427
	100,840		Host Hotels and Resorts, Inc		1,088
	12,574		Howmet Aerospace, Inc		199
	1,033,601		HP, Inc		18,016
	28,888	*	HubSpot, Inc		6,481
	14,507		Humana, Inc		5,625
	30,055		Huntington Bancshares, Inc		272
	1,159		Huntington Ingalls		202
	2,298		IDEX Corp		363
	16,553	*	IDEXX Laboratories, Inc		5,465
	26,414		IHS Markit Ltd		1,994
	9,443		Illinois Tool Works, Inc		1,651
	64,755	*	Illumina, Inc		23,982
	5,502	*	Incyte Corp		572
	567,160	*	Ingersoll Rand, Inc		15,949
	2,078		Ingredion, Inc		172
	1,876	*	Insulet Corp		364
	3,164,951		Intel Corp		189,359
	48,027		Intercontinental Exchange Group, Inc		4,399
	46,888		International Business Machines Corp		5,663
	2,488		International Flavors & Fragrances, Inc		305

246

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	106		International Flavors & Fragrances, Inc (Tel Aviv)	$	13
	27,748		International Paper Co		977
	198,794		Interpublic Group of Cos, Inc		3,411
	62,386		Intuit, Inc		18,478
	18,690	*	Intuitive Surgical, Inc		10,650
	12,523		Invesco Ltd		135
	115,741		Invitation Homes, Inc		3,186
	18,898	*	Ionis Pharmaceuticals, Inc		1,114
	1,171	*	IPG Photonics Corp		188
	20,345	*	IQVIA Holdings, Inc		2,887
	8,825		Iron Mountain, Inc		230
	131,264	e	iShares MSCI Canada Index Fund		3,397
	30,241		iShares MSCI South Korea Index Fund		1,728
	150,000	e	iShares Russell 2000 Index Fund		21,477
	148,932		ITT, Inc		8,748
	3,312		J.M. Smucker Co		350
	2,229		Jack Henry & Associates, Inc		410
	3,837		Jacobs Engineering Group, Inc		325
	8,749		James Hardie Industries NV		169
	213,942	*	Jazz Pharmaceuticals plc		23,606
	2,590		JB Hunt Transport Services, Inc		312
	664,446		Johnson & Johnson		93,441
	22,182		Johnson Controls International plc		757
	1,410		Jones Lang LaSalle, Inc		146
	2,408,623		JPMorgan Chase & Co		226,555
	9,448		Juniper Networks, Inc		216
	83,499		Kansas City Southern		12,466
	7,455		Kellogg Co		492
	1,561,708		Keurig Dr Pepper, Inc		44,353
	29,630		Keycorp		361
	5,598	*	Keysight Technologies, Inc		564
	10,000		Kilroy Realty Corp		587
	54,014		Kimberly-Clark Corp		7,635
	60,306		Kinder Morgan, Inc		915
	15,217	e	KKR & Co, Inc		470
	4,644		KLA Corp		903
	3,933		Knight-Swift Transportation Holdings, Inc		164
	19,991		Kraft Heinz Co		638
	137,992		Kroger Co		4,671
	305,044		L3Harris Technologies, Inc		51,757
	12,131	*	Laboratory Corp of America Holdings		2,015
	88,020		Lam Research Corp		28,471
	4,376		Lamb Weston Holdings, Inc		280
	1,035,208		Las Vegas Sands Corp		47,143
	1,674		Lear Corp		183
	4,043		Leidos Holdings, Inc		379
	8,237		Lennar Corp (Class A)		508
	1,062		Lennox International, Inc		247
	24,814	e	Levi Strauss & Co		333
	674	*	Liberty Broadband Corp (Class A)		82
	3,216	*	Liberty Broadband Corp (Class C)		399
	6,085	*	Liberty Media Group (Class C)		193
	2,871	*	Liberty SiriusXM Group (Class A)		99
	5,784	*	Liberty SiriusXM Group (Class C)		199

247

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,982		Lincoln National Corp	$	220
	4,624	*	Live Nation, Inc		205
	8,655	*	LKQ Corp		227
	7,506		Lockheed Martin Corp		2,739
	8,063		Loews Corp		276
	300,203		Lowe’s Companies, Inc		40,563
	126,948	*	Lululemon Athletica, Inc		39,609
	7,755		LyondellBasell Industries NV		510
	3,905		M&T Bank Corp		406
	19,260		Marathon Petroleum Corp		720
	398	*	Markel Corp		367
	1,132		MarketAxess Holdings, Inc		567
	173,008		Marriott International, Inc (Class A)		14,832
	209,477		Marsh & McLennan Cos, Inc		22,492
	1,807		Martin Marietta Materials, Inc		373
	19,856		Marvell Technology Group Ltd		696
	8,382		Masco Corp		421
	1,558	*	Masimo Corp		355
	278,395		Mastercard, Inc (Class A)		82,321
	263,547	*,e	Match Group, Inc		28,213
	41,294	*	Match Group, Inc (Euro OTC)		13,354
	121,950	*	Match Group, Inc (NASDAQ)		10,000
	7,830		Maxim Integrated Products, Inc		475
	3,675		McCormick & Co, Inc		659
	750,035		McDonald’s Corp		138,359
	33,433		McKesson Corp		5,129
	15,126		Medical Properties Trust, Inc		284
	168,418		Medtronic plc		15,444
	447,770		Merck & Co, Inc		34,626
	45,878		Metlife, Inc		1,675
	718	*	Mettler-Toledo International, Inc		578
	855,656		MGM Growth Properties LLC		23,282
	14,731		MGM Resorts International		247
	7,117		Microchip Technology, Inc		749
	108,186	*	Micron Technology, Inc		5,574
	3,142,684		Microsoft Corp		639,568
	15,316		Mid-America Apartment Communities, Inc		1,756
	8,163	*	Moderna, Inc		524
	1,797	*	Mohawk Industries, Inc		183
	1,851	*	Molina Healthcare, Inc		329
	5,664		Molson Coors Brewing Co (Class B)		195
	740,110		Mondelez International, Inc		37,842
	1,320	*	MongoDB, Inc		299
	1,076,555	*	Monster Beverage Corp		74,627
	4,988		Moody’s Corp		1,370
	3,009,329		Morgan Stanley		145,351
	12,270		Mosaic Co		154
	5,064		Motorola Solutions, Inc		710
	2,511		MSCI, Inc (Class A)		838
	15,629	*	Mylan NV		251
	3,476		Nasdaq Inc		415
	11,310		National Oilwell Varco, Inc		139
	5,277		National Retail Properties, Inc		187
	6,430		NetApp, Inc		285

248

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	91,349	*	Netflix, Inc	$	41,567
	2,536	*	Neurocrine Biosciences, Inc		309
	12,104		Newell Brands Inc		192
	393,171		Newmont Goldcorp Corp		24,274
	11,641		News Corp (Class A)		138
	170,377		NextEra Energy, Inc		40,919
	10,476		Nielsen NV		156
	1,324,009		Nike, Inc (Class B)		129,819
	11,565		NiSource, Inc		263
	1,676		Nordson Corp		318
	7,620		Norfolk Southern Corp		1,338
	5,776		Northern Trust Corp		458
	63,129		Northrop Grumman Corp		19,408
	17,146		NortonLifelock, Inc		340
	36,240		NRG Energy, Inc		1,180
	8,782		Nucor Corp		364
	100,798		NVIDIA Corp		38,294
	1,078	*	NVR, Inc		3,513
	26,968		Occidental Petroleum Corp		494
	6,182		OGE Energy Corp		188
	3,319	*	Okta, Inc		665
	2,774		Old Dominion Freight Line		470
	6,781		Omega Healthcare Investors, Inc		202
	6,664		Omnicom Group, Inc		364
	11,868	*	ON Semiconductor Corp		235
	59,213		ONEOK, Inc		1,967
	114,722		Oracle Corp		6,341
	4,894	*	O’Reilly Automotive, Inc		2,064
	74,973		Otis Worldwide Corp		4,263
	127,418		Owens Corning, Inc		7,105
	10,261		PACCAR, Inc		768
	9,247		Packaging Corp of America		923
	2,961	*	Palo Alto Networks, Inc		680
	186,082		Parker-Hannifin Corp		34,103
	273,466		Parsley Energy, Inc		2,921
	9,366		Paychex, Inc		709
	1,503	*	Paycom Software, Inc		466
	958,200	*	PayPal Holdings, Inc		166,947
	1,454,759	*	Peloton Interactive, Inc		84,041
	5,291		Pentair plc		201
	13,402		People’s United Financial, Inc		155
	267,614		PepsiCo, Inc		35,395
	3,234		PerkinElmer, Inc		317
	74,977		Perrigo Co plc		4,144
	1,090,520		Pfizer, Inc		35,660
	282,990		Philip Morris International, Inc		19,826
	424,876		Phillips 66		30,549
	3,485		Pinnacle West Capital Corp		255
	10,461	*	Pinterest, Inc		232
	45,141		Pioneer Natural Resources Co		4,410
	139,899		PNC Financial Services Group, Inc		14,719
	156,492		PPG Industries, Inc		16,598
	97,805		PPL Corp		2,527
	8,111		Principal Financial Group		337

249

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,566,890		Procter & Gamble Co	$	187,353
	183,238		Progressive Corp		14,679
	222,235		Prologis, Inc		20,741
	58,276		Prudential Financial, Inc		3,549
	3,334	*	PTC, Inc		259
	73,233		Public Service Enterprise Group, Inc		3,600
	17,650		Public Storage, Inc		3,387
	8,255		Pulte Homes, Inc		281
	4,087	*	QIAGEN NV (Turquoise)		176
	3,362	*	Qorvo, Inc		372
	156,000	e	QTS Realty Trust, Inc		9,998
	534,387		QUALCOMM, Inc		48,741
	73,175		Quest Diagnostics, Inc		8,339
	1,626		Ralph Lauren Corp		118
	3,820		Raymond James Financial, Inc		263
	656,283	*	Raytheon Technologies Corp		40,440
	36,045		Realty Income Corp		2,145
	50,177		Regency Centers Corp		2,303
	139,124	*	Regeneron Pharmaceuticals, Inc		86,765
	27,893		Regions Financial Corp		310
	1,875		Reinsurance Group of America, Inc (Class A)		147
	6,663		Republic Services, Inc		547
	8,295		Resmed, Inc		1,593
	566,370		Rexford Industrial Realty, Inc		23,465
	2,102	*	RingCentral, Inc		599
	3,579		Robert Half International, Inc		189
	67,541		Rockwell Automation, Inc		14,386
	2,728	*	Roku, Inc		318
	4,223		Rollins, Inc		179
	92,701		Roper Technologies Inc		35,992
	30,997		Ross Stores, Inc		2,642
	19,337	e	Royal Caribbean Cruises Ltd		973
	25,949	*	Royalty Pharma plc		1,260
	3,970		RPM International, Inc		298
	55,286		S&P Global, Inc		18,216
	892,379	*	salesforce.com, Inc		167,169
	2,148	*	Sarepta Therapeutics, Inc		344
	10,909		SBA Communications Corp		3,250
	40,431		Schlumberger Ltd		744
	6,822		Seagate Technology, Inc		330
	4,906		Sealed Air Corp		161
	54,615	*	Seattle Genetics, Inc		9,280
	3,740		SEI Investments Co		206
	40,841		Sempra Energy		4,788
	4,611	*	Sensata Technologies Holding plc		172
	216,379	*	ServiceNow, Inc		87,646
	23,375		Sherwin-Williams Co		13,507
	1,607		Signature Bank		172
	34,160		Simon Property Group, Inc		2,336
	31,560		Sirius XM Holdings, Inc		185
	185,066		Skyworks Solutions, Inc		23,663
	1,028,935	*	Slack Technologies, Inc		31,990
	26,158	*	Snap, Inc		614
	1,498		Snap-On, Inc		207

250

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	258,555		Southern Co	$	13,406
	234,221	n	Southwest Airlines Co		8,006
	4,617	*	Splunk, Inc		917
	76,800	*	Spotify Technology S.A.		19,829
	10,503	*	Square, Inc		1,102
	6,632		SS&C Technologies Holdings, Inc		375
	34,664		Stanley Black & Decker, Inc		4,831
	177,115		Starbucks Corp		13,034
	105,044		State Street Corp		6,676
	6,224		Steel Dynamics, Inc		162
	2,462		STERIS plc		378
	41,972		Stryker Corp		7,563
	33,341		Sun Communities, Inc		4,524
	1,512	*	SVB Financial Group		326
	16,060		Synchrony Financial		356
	74,870	*	Synopsys, Inc		14,600
	46,556		SYSCO Corp		2,545
	6,979		T Rowe Price Group, Inc		862
	62,113	*	Take-Two Interactive Software, Inc		8,669
	600,941		Target Corp		72,071
	77,103		TD Ameritrade Holding Corp		2,805
	307,493		TE Connectivity Ltd		25,076
	12,136	*	Teladoc, Inc		2,316
	1,116	*	Teledyne Technologies, Inc		347
	1,347		Teleflex, Inc		490
	5,050		Teradyne, Inc		427
	26,000		Terreno Realty Corp		1,369
	114,639	*	Tesla, Inc		123,788
	53,885		Texas Instruments, Inc		6,842
	196,693		Textron, Inc		6,473
	91,259		Thermo Fisher Scientific, Inc		33,067
	3,293		Tiffany & Co		402
	217,200		TJX Companies, Inc		10,982
	170,632	*	T-Mobile US, Inc		17,771
	3,410		Tractor Supply Co		449
	1,188	*	Trade Desk, Inc		483
	2,289		Tradeweb Markets, Inc		133
	398,867		Trane Technologies plc		35,491
	16,549		TransDigm Group, Inc		7,315
	5,486		TransUnion		478
	7,409		Travelers Cos, Inc		845
	7,218	*	Trimble Inc		312
	273,059		Tronox Holdings plc		1,971
	39,750		Truist Financial Corp		1,493
	3,517	*	Twilio, Inc		772
	22,938	*	Twitter, Inc		683
	1,144	*	Tyler Technologies, Inc		397
	24,234		Tyson Foods, Inc (Class A)		1,447
	320,130	*	Uber Technologies, Inc		9,950
	8,993		UDR, Inc		336
	6,158		UGI Corp		196
	47,386	*	Ulta Beauty, Inc		9,639
	847,155		Union Pacific Corp		143,229
	51,813		United Parcel Service, Inc (Class B)		5,761

251

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,194	*	United Rentals, Inc	$	327
	442,147		UnitedHealth Group, Inc		130,411
	2,342		Universal Health Services, Inc (Class B)		218
	550,730		US Bancorp		20,278
	4,333		Vail Resorts, Inc		789
	583,889		Valero Energy Corp		34,344
	319,640		Vanguard Emerging Markets ETF		12,661
	50,000		Vanguard FTSE Developed Markets ETF		1,940
	2,748	*	Varian Medical Systems, Inc		337
	23,727	*	Veeva Systems, Inc		5,562
	41,286		Ventas, Inc		1,512
	33,399		VEREIT, Inc		215
	3,114	*	VeriSign, Inc		644
	4,585		Verisk Analytics, Inc		780
	628,093		Verizon Communications, Inc		34,627
	87,583	*	Vertex Pharmaceuticals, Inc		25,426
	27,662		VF Corp		1,686
	73,217		ViacomCBS, Inc (Class B)		1,707
	88,637		VICI Properties, Inc		1,790
	927,568		Visa, Inc (Class A)		179,178
	47,984		Vistra Energy Corp		893
	2,478	*	VMware, Inc (Class A)		384
	5,243		Vornado Realty Trust		200
	428,832		Voya Financial, Inc		20,005
	88,847		Vulcan Materials Co		10,293
	4,498		W.R. Berkley Corp		258
	58,152		W.W. Grainger, Inc		18,269
	5,506		Wabtec Corp		317
	42,269		Walgreens Boots Alliance, Inc		1,792
	911,114		Walmart, Inc		109,133
	1,320,007		Walt Disney Co		147,194
	7,822		Waste Connections, Inc		734
	181,857		Waste Management, Inc		19,260
	1,808	*	Waters Corp		326
	1,923	*,e	Wayfair, Inc		380
	9,339		WEC Energy Group, Inc		819
	80,250	*	Welbilt, Inc		489
	115,292		Wells Fargo & Co		2,951
	47,931		Welltower, Inc		2,480
	28,764		West Pharmaceutical Services, Inc		6,534
	8,663		Western Digital Corp		382
	11,914		Western Union Co		258
	7,467		WestRock Co		211
	50,079		Weyerhaeuser Co		1,125
	1,854		Whirlpool Corp		240
	171,483		Williams Cos, Inc		3,262
	8,676		Willis Towers Watson plc		1,709
	4,943	*	Workday, Inc		926
	5,280		WP Carey, Inc		357
	564,517	*	WPX Energy, Inc		3,602
	921,176		Wynn Resorts Ltd		68,618
	15,537		Xcel Energy, Inc		971
	7,394		Xilinx, Inc		728
	2,754	*	XPO Logistics, Inc		213

252

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	5,453		Xylem, Inc	$	354
	44,672		Yum! Brands, Inc		3,882
	1,626	*	Zebra Technologies Corp (Class A)		416
	4,051	*,e	Zillow Group, Inc (Class C)		233
	110,614		Zimmer Biomet Holdings, Inc		13,203
	4,779		Zions Bancorporation		162
	210,202		Zoetis, Inc		28,806
	3,224	*,e	Zoom Video Communications, Inc		817
	42,500	*	Zscaler, Inc		4,654
			TOTAL UNITED STATES		10,723,116

ZAMBIA - 0.0%
	429,331		First Quantum Minerals Ltd		3,422
			TOTAL ZAMBIA		3,422

			TOTAL COMMON STOCKS		19,102,792
			(Cost $17,140,917)

PURCHASED OPTIONS – 0.0%

UNITED STATES - 0.0%
	37,000		Dow, Inc		67
			TOTAL UNITED STATES		67

			TOTAL PURCHASED OPTIONS		67
			(Cost $51)

RIGHTS / WARRANTS - 0.0%

CHINA - 0.0%
	3,146	†	Legend Holdings Corp		1
			TOTAL CHINA		1

KOREA, REPUBLIC OF - 0.0%
	6,288		Korean Air Lines Co Ltd		9
			TOTAL KOREA, REPUBLIC OF		9

SPAIN - 0.0%
	4,590	e	ACS Actividades de Construccion y Servicios S.A.		7
	31,183	e	Repsol S.A.		15
	630,802	e	Telefonica S.A.		124
			TOTAL SPAIN		146

THAILAND - 0.0%
	63,519		BTS Group Holdings PCL		2
	59,012		Minor International PCL		3
			TOTAL THAILAND		5

UNITED STATES - 0.0%
	10,700		Bristol-Myers Squibb Co		38
	112,210		T-Mobile US, Inc		19
			TOTAL UNITED STATES		57

			TOTAL RIGHTS / WARRANTS		218
			(Cost $261)

253

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 1.6%

GOVERNMENT AGENCY DEBT - 0.6%
$	10,000,000		Federal Farm Credit Bank (FFCB)		0.200	%	11/04/20	$	9,994
	25,000,000		Federal Home Loan Bank (FHLB)		0.084		07/01/20		25,000
	19,200,000		FHLB		0.080-0.115		07/09/20		19,199
	24,100,000		FHLB		0.100-0.155		07/20/20		24,098
	16,785,000		FHLB		0.125-0.190		07/31/20		16,783
	9,090,000		FHLB		0.125		08/07/20		9,089
	10,000,000		Federal National Mortgage Association (FNMA)		0.249		09/23/20		9,997
	10,000,000		FNMA		0.200		10/16/20		9,996
			TOTAL GOVERNMENT AGENCY DEBT						124,156

REPURCHASE AGREEMENT - 0.1%
	20,040,000	r	Fixed Income Clearing Corp		0.070		07/01/20		20,040
			TOTAL REPURCHASE AGREEMENT						20,040

TREASURY DEBT - 0.3%
	30,360,000		United States Treasury Bill		0.085		07/07/20		30,360
	28,230,000		United States Treasury Bill		0.075		07/28/20		28,227
			TOTAL TREASURY DEBT						58,587

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.6%

CERTIFICATE OF DEPOSIT - 0.0%
	7,000,000		Lloyds Bank plc		0.593		10/01/20		7,000
			TOTAL CERTIFICATE OF DEPOSIT						7,000

REPURCHASE AGREEMENT - 0.6%
	20,000,000	s	Barclays Capital		0.070		07/01/20		20,000
	20,000,000	t	Citigroup		0.070		07/01/20		20,000
	8,000,000	u	Deutsche Bank		0.070		07/01/20		8,000
	25,000,000	v	JP Morgan Securities		0.070		07/01/20		25,000
	10,000,000	w	Merrill Lynch		0.090		07/01/20		10,000
	10,000,000	x	Nomura Securities		0.070		07/01/20		10,000
	10,000,000	y	Royal Bank of Scotland		0.070		07/01/20		10,000
	10,000,000	z	Societe Generale		0.090		07/01/20		10,000
			TOTAL REPURCHASE AGREEMENT						113,000

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						120,000

			TOTAL SHORT-TERM INVESTMENTS						322,783
			(Cost $322,778)

			TOTAL INVESTMENTS - 100.4%						19,425,860
			(Cost $17,464,007)
			OTHER ASSETS & LIABILITIES, NET - (0.4)%						(86,823	)
			NET ASSETS - 100.0%					$	19,339,037

254

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account


		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 $245,216,895.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/20, the aggregate value of these securities is $258,703,548 or 1.3% 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.
r		Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $20,040,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $20,440,800.
s		Agreement with Barclays Capital, 0.070% dated 6/30/20 to be repurchased at $20,000,000 on 7/01/20, collateralized by U.S. Government Agency Securities valued at $20,400,000.
t		Agreement with Citigroup, 0.070% dated 6/30/20 to be repurchased at $20,000,000 on 7/01/20, collateralized by U.S. Government Agency Securities valued at $20,400,000.
u		Agreement with Deutsche Bank, 0.070% dated 6/30/20 to be repurchased at $8,000,000 on 7/01/20, collateralized by U.S. Government Agency Securities valued at $8,160,000.
v		Agreement with JP Morgan Securities, 0.070% dated 6/30/20 to be repurchased at $25,000,000 on 7/01/20, collateralized by U.S. Government Agency Securities valued at $25,500,000.
w		Agreement with Merrill Lynch, 0.090% dated 6/30/20 to be repurchased at $10,000,000 on 7/01/20, collateralized by U.S. Government Agency Securities valued at $10,206,000.
x		Agreement with Nomura Securities, 0.070% dated 6/30/20 to be repurchased at $10,000,000 on 7/01/20, collateralized by U.S. Government Agency Securities valued at $10,200,000.
y		Agreement with Royal Bank of Scotland, 0.070% dated 6/30/20 to be repurchased at $10,000,000 on 7/01/20, collateralized by U.S. Government Agency Securities valued at $10,200,000.
z		Agreement with Societe Generale, 0.090% dated 6/30/20 to be repurchased at $10,000,000 on 7/01/20, collateralized by U.S. Government Agency Securities valued at $10,200,000.

		Cost amounts are in thousands.

Purchased options outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):

Description/underlying investment		Number of contracts				Notional amount				Exercise price				Expiration date		Value
Dow, Inc, Call			370			$	51			$	50.00			01/15/21		$	67

255

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

Written options outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Alphabet, Inc, Call		25	$	(60	)	$	1,520.00	07/17/20	$	(8	)
Alphabet, Inc, Put		25		(26	)		1,300.00	07/17/20		(14	)
Apple, Inc, Call		234		(439	)		350.00	08/21/20		(635	)
Apple, Inc, Put		114		(46	)		255.00	07/17/20		(1	)
Apple, Inc, Put		234		(106	)		300.00	08/21/20		(73	)
Dow, Inc, Put		370		(51	)		25.00	01/15/21		(43	)
DuPont de Nemours, Inc, Put		228		(93	)		42.50	10/16/20		(36	)
DuPont de Nemours, Inc, Put		228		(120	)		45.00	10/16/20		(53	)
Facebook, Inc, Call		176		(48	)		270.00	07/17/20		(2	)
Southwest Airlines Co, Call		800		(90	)		40.00	07/17/20		(28	)
Total		2,434		(1,079	)				$	(893	)

Futures contracts outstanding as of June 30, 2020 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		384	09/18/20	$	34,217	$	34,145	$	(72	)
S&P 500 E Mini Index		461	09/18/20		73,186		71,229		(1,957	)
Total		845		$	107,403	$	105,374	$	(2,029	)

256

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND

GLOBAL EQUITIES ACCOUNT

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

June 30, 2020

SECTOR	VALUE (000)			% OF ASSETS
INFORMATION TECHNOLOGY	$	4,269,109			22.2	%
CONSUMER DISCRETIONARY		2,869,068			14.8
HEALTH CARE		2,626,863			13.6
FINANCIALS		2,225,741			11.5
COMMUNICATION SERVICES		1,728,725			8.9
INDUSTRIALS		1,715,319			8.9
CONSUMER STAPLES		1,477,994			7.6
MATERIALS		918,569			4.7
UTILITIES		545,937			2.8
ENERGY		380,230			2.0
REAL ESTATE		345,522			1.8
SHORT-TERM INVESTMENTS		322,783			1.6
OTHER ASSETS & LIABILITES, NET		(86,823	)		(0.4	)
NET ASSETS	$	19,339,037			100.0	%

257

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND

GROWTH ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2020

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.6%

AUTOMOBILES & COMPONENTS - 1.6%
	751,129		Aptiv plc	$	58,528
	376,421	*	Tesla, Inc		406,463
			TOTAL AUTOMOBILES & COMPONENTS		464,991

BANKS - 0.0%
	1,638	*,e	LendingTree, Inc		474
			TOTAL BANKS		474

CAPITAL GOODS - 2.2%
	78,561		3M Co		12,255
	13,154		Allegion plc		1,345
	15,020		Allison Transmission Holdings, Inc		552
	3,442		Armstrong World Industries, Inc		268
	13,389	*	Axon Enterprise, Inc		1,314
	399,144		Boeing Co		73,163
	13,198		BWX Technologies, Inc		748
	68,390		Carrier Global Corp		1,520
	2,830	e	Donaldson Co, Inc		132
	98,255		Fastenal Co		4,209
	12,181	*	Generac Holdings, Inc		1,485
	15,923		Graco, Inc		764
	7,491		HEICO Corp		746
	13,176		HEICO Corp (Class A)		1,070
	674,889		Honeywell International, Inc		97,582
	864		Huntington Ingalls		151
	29,489		Illinois Tool Works, Inc		5,156
	4,155		Lincoln Electric Holdings, Inc		350
	52,433		Lockheed Martin Corp		19,134
	9,682	*	Mercury Systems, Inc		762
	10,226	e	Nordson Corp		1,940
	30,410		Northrop Grumman Corp		9,349
	3,500		Quanta Services, Inc		137
	3,116,495	*	Raytheon Technologies Corp		192,038
	12,292		Rockwell Automation, Inc		2,618
	572,906		Roper Technologies Inc		222,437
	20,394		Toro Co		1,353
	2,504		TransDigm Group, Inc		1,107
	11,869	*	Trex Co, Inc		1,544
	43,607	*	Vertiv Holdings Co		591
	5,201	*	Virgin Galactic Holdings, Inc		85
	6,850		W.W. Grainger, Inc		2,152
			TOTAL CAPITAL GOODS		658,057

COMMERCIAL & PROFESSIONAL SERVICES - 2.5%
	678,690	*,e	Cimpress plc		51,811

258

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	16,844		Cintas Corp	$	4,487
	4,736,837	*	Clarivate Analytics plc		105,774
	42,981	*	Copart, Inc		3,579
	130,318	*	CoStar Group, Inc		92,613
	629,861		Equifax, Inc		108,260
	4,076,801		Experian Group Ltd		143,091
	7,163	*	IAA, Inc		276
	45,745		IHS Markit Ltd		3,454
	1,742		MSA Safety, Inc		199
	25,881		Rollins, Inc		1,097
	37,141		TransUnion		3,233
	33,542		Verisk Analytics, Inc		5,709
	2,223,709		Waste Connections, Inc		208,562
	11,135		Waste Management, Inc		1,179
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		733,324

CONSUMER DURABLES & APPAREL - 1.8%
	673,860		Essilor International S.A.		86,664
	24,050	*	Lululemon Athletica, Inc		7,504
	34,817	*	Mattel, Inc		337
	2,692,800		Nike, Inc (Class B)		264,029
	6	*	NVR, Inc		20
	303,274	*	Peloton Interactive, Inc		17,520
	945		Polaris Inc		87
	11,359,000		Prada S.p.A		39,692
	1,472,602		Sony Corp		101,654
	7,216	*	Tempur Sealy International, Inc		519
	4,534		VF Corp		276
			TOTAL CONSUMER DURABLES & APPAREL		518,302

CONSUMER SERVICES - 1.7%
	8,405	*	Bright Horizons Family Solutions		985
	2,976,517	e	Carnival Corp		48,874
	24,777	*	Chegg, Inc		1,666
	207,315	*	Chipotle Mexican Grill, Inc (Class A)		218,170
	8,385		Domino’s Pizza, Inc		3,098
	14,699	e	Dunkin Brands Group, Inc		959
	274,227	*	Flutter Entertainment plc		35,951
	3,153	*	frontdoor, Inc		140
	23,050		H&R Block, Inc		329
	214,103		Hilton Worldwide Holdings, Inc		15,726
	960,148		Las Vegas Sands Corp		43,725
	22,904		McDonald’s Corp		4,225
	9,420	*	Planet Fitness, Inc		571
	1,696,197		Starbucks Corp		124,823
	756		Vail Resorts, Inc		138
	35,645		Wendy’s		776
	4,049		Wynn Resorts Ltd		302
	5,738		Yum China Holdings, Inc		276
	4,557		Yum! Brands, Inc		396
			TOTAL CONSUMER SERVICES		501,130

259

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
DIVERSIFIED FINANCIALS - 3.3%
	291,656		Apollo Global Management, Inc	$	14,559
	20,925		Ares Management Corp		831
	1,792		Carlyle Group, Inc		50
	5,220		CBOE Global Markets, Inc		487
	112	*,e	Credit Acceptance Corp		47
	7,859		Factset Research Systems, Inc		2,581
	943,115		Intercontinental Exchange Group, Inc		86,389
	1,409,500	e	iShares Russell 1000 Growth Index Fund		270,554
	1,010		LPL Financial Holdings, Inc		79
	7,764		MarketAxess Holdings, Inc		3,889
	34,382		Moody’s Corp		9,446
	3,255		Morningstar, Inc		459
	17,509		MSCI, Inc (Class A)		5,845
	1,556,992		S&P Global, Inc		512,998
	19,310		SLM Corp		136
	12,525		T Rowe Price Group, Inc		1,547
	386,074		Tradeweb Markets, Inc		22,446
	8,029		Virtu Financial, Inc		189
	997,019		Voya Financial, Inc		46,511
			TOTAL DIVERSIFIED FINANCIALS		979,043

ENERGY - 0.1%
	48,259	*	Cheniere Energy, Inc		2,332
	496,044		Concho Resources, Inc		25,546
	8,056	e	Equitrans Midstream Corp		67
			TOTAL ENERGY		27,945

FOOD & STAPLES RETAILING - 1.3%
	1,282,508		Costco Wholesale Corp		388,869
	5,842	*	Grocery Outlet Holding Corp		239
	20,245	*	Sprouts Farmers Market, Inc		518
	74,388		SYSCO Corp		4,066
			TOTAL FOOD & STAPLES RETAILING		393,692

FOOD, BEVERAGE & TOBACCO - 1.5%
	171,784		Altria Group, Inc		6,743
	8,923	*	Beyond Meat, Inc		1,196
	1,853	*	Boston Beer Co, Inc (Class A)		994
	8,353		Brown-Forman Corp (Class A)		481
	31,950		Brown-Forman Corp (Class B)		2,034
	18,339		Campbell Soup Co		910
	480,644		Coca-Cola Co		21,475
	7,188,068		Davide Campari-Milano S.p.A		60,789
	1,438,011		Fevertree Drinks plc		36,453
	23,748		Hershey Co		3,078
	17,210		Kellogg Co		1,137
	2,182,779		Keurig Dr Pepper, Inc		61,991
	7,286		Lamb Weston Holdings, Inc		466
	14,590		McCormick & Co, Inc		2,618
	2,911,418	*	Monster Beverage Corp		201,819
	215,768		PepsiCo, Inc		28,537
	3,848	*	Pilgrim’s Pride Corp		65
			TOTAL FOOD, BEVERAGE & TOBACCO		430,786

260

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
HEALTH CARE EQUIPMENT & SERVICES - 3.7%
	140,523		Abbott Laboratories	$	12,848
	9,181	*	Abiomed, Inc		2,218
	1,058,909		Alcon, Inc		60,844
	1,932,672		Alcon, Inc (XNYS)		110,781
	363,093	*	Align Technology, Inc		99,647
	6,394	*	Amedisys, Inc		1,269
	14,931		AmerisourceBergen Corp		1,505
	13,950		Anthem, Inc		3,669
	45,138		Baxter International, Inc		3,886
	4,864,240	*	Boston Scientific Corp		170,783
	61,767		Cardinal Health, Inc		3,224
	35,269	*	Centene Corp		2,241
	64,341		Cerner Corp		4,411
	36,226	*	Change Healthcare, Inc		406
	3,159		Chemed Corp		1,425
	598,242		Cigna Corp		112,260
	1,199		Cooper Cos, Inc		340
	866,390		CVS Health Corp		56,289
	3,143	*	DaVita, Inc		249
	19,460	*	DexCom, Inc		7,889
	130,562	*	Edwards Lifesciences Corp		9,023
	8,167		Encompass Health Corp		506
	1,523,446	*	Guardant Health, Inc		123,597
	10,218	*	Haemonetics Corp		915
	29,835		HCA Healthcare, Inc		2,896
	1,837		Hill-Rom Holdings, Inc		202
	38,217	*	Hologic, Inc		2,178
	10,590		Humana, Inc		4,106
	1,191	*	ICU Medical, Inc		219
	17,797	*	IDEXX Laboratories, Inc		5,876
	13,201	*	Insulet Corp		2,564
	278,076	*	Intuitive Surgical, Inc		158,456
	1,289	*	Laboratory Corp of America Holdings		214
	10,481	*	Livongo Health, Inc		788
	10,319	*	Masimo Corp		2,353
	25,939		McKesson Corp		3,980
	8,133	*	Molina Healthcare, Inc		1,447
	20,037	*	Novocure Ltd		1,188
	6,963	*	Penumbra, Inc		1,245
	11,420	*	PPD, Inc		306
	7,623	*	Quidel Corp		1,706
	30,322		Resmed, Inc		5,822
	1,178		STERIS plc		181
	243,064		Stryker Corp		43,798
	10,215	*	Tandem Diabetes Care, Inc		1,010
	13,983	*	Teladoc, Inc		2,669
	6,214		Teleflex, Inc		2,262
	166,331		UnitedHealth Group, Inc		49,059
	2,602	*	Varian Medical Systems, Inc		319
	28,253	*	Veeva Systems, Inc		6,623
	15,767		West Pharmaceutical Services, Inc		3,582
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,095,274

261

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
HOUSEHOLD & PERSONAL PRODUCTS - 0.5%
	51,678		Church & Dwight Co, Inc	$	3,995
	18,928		Clorox Co		4,152
	10,666		Energizer Holdings, Inc		506
	552,154		Estee Lauder Cos (Class A)		104,180
	3,039	*	Herbalife Nutrition Ltd		137
	230,634		Procter & Gamble Co		27,577
	2,878		Reynolds Consumer Products Inc		100
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		140,647

INSURANCE - 0.1%
	322		Alleghany Corp		158
	48,557		Aon plc		9,352
	1,504		Axis Capital Holdings Ltd		61
	2,925		Brown & Brown, Inc		119
	3,153		Erie Indemnity Co (Class A)		605
	2,575		Lincoln National Corp		95
	83,250		Marsh & McLennan Cos, Inc		8,939
	5,437		Primerica, Inc		634
	35,430		Progressive Corp		2,838
	3,592		RenaissanceRe Holdings Ltd		614
			TOTAL INSURANCE		23,415

MATERIALS - 1.0%
	5,885		Air Products & Chemicals, Inc		1,421
	52,138		Amcor plc		532
	7,504		Avery Dennison Corp		856
	63,225		Ball Corp		4,394
	9,912	*	Berry Global Group, Inc		439
	3,036	*	Crown Holdings, Inc		198
	10,631		Ecolab, Inc		2,115
	5,351		FMC Corp		533
	13,042		Graphic Packaging Holding Co		182
	635,910		Linde plc		134,883
	1,055		NewMarket Corp		423
	10,226		Royal Gold, Inc		1,271
	23,381		RPM International, Inc		1,755
	8,269		Scotts Miracle-Gro Co (Class A)		1,112
	225,636		Sherwin-Williams Co		130,384
	2,614		WR Grace and Co		133
			TOTAL MATERIALS		280,631

MEDIA & ENTERTAINMENT - 14.6%
	63,830		Activision Blizzard, Inc		4,845
	261,039	*	Alphabet, Inc (Class A)		370,166
	729,344	*,n	Alphabet, Inc (Class C)		1,031,008
	68,934	*	Altice USA, Inc		1,554
	1,089	e	Cable One, Inc		1,933
	28,592	*	Charter Communications, Inc		14,583
	1,259,846	*	Electronic Arts, Inc		166,363
	6,371,388	*	Facebook, Inc		1,446,751

262

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	1,003,225	*	JDE Peet’s BV	$	40,666
	2,468	*	Liberty SiriusXM Group (Class A)		85
	4,756	*	Liberty SiriusXM Group (Class C)		164
	30,896	*	Live Nation, Inc		1,370
	12,072	*,e	Match Group, Inc		1,292
	1,208,595	*	Match Group, Inc (Euro OTC)		390,860
	900,491	*	Match Group, Inc (NASDAQ)		73,840
	424,614	*	Netflix, Inc		193,216
	5,219		Nexstar Media Group Inc		437
	72,468	*	Pinterest, Inc		1,607
	21,314	*	Roku, Inc		2,484
	148,816		Sirius XM Holdings, Inc		873
	27,690	*	Spotify Technology S.A.		7,149
	21,962	*	Take-Two Interactive Software, Inc		3,065
	2,117,514		Tencent Holdings Ltd		135,686
	5,534,009	*	Twitter, Inc		164,858
	2,170,252		Walt Disney Co		242,005
	10,008		World Wrestling Entertainment, Inc (Class A)		435
	1,412	*	Zillow Group, Inc (Class A)		81
	3,362	*	Zillow Group, Inc (Class C)		194
	159,244	*	Zynga, Inc		1,519
			TOTAL MEDIA & ENTERTAINMENT		4,299,089

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 12.0%
	11,857	*	10X Genomics, Inc		1,059
	3,943,465		AbbVie, Inc		387,169
	23,524	*	Acadia Pharmaceuticals, Inc		1,140
	9,359	*	Acceleron Pharma, Inc		892
	13,398	*	Adaptive Biotechnologies Corp		648
	4,862		Agilent Technologies, Inc		430
	1,273	*	Agios Pharmaceuticals, Inc		68
	6,872	*	Alexion Pharmaceuticals, Inc		771
	24,185	*	Alnylam Pharmaceuticals, Inc		3,582
	266,896		Amgen, Inc		62,950
	4,328,187		AstraZeneca plc		450,454
	8,192,259	*	Avantor, Inc		139,268
	10,568	*	Biogen, Inc		2,827
	886,366	*	BioMarin Pharmaceutical, Inc		109,324
	7,357		Bio-Techne Corp		1,943
	4,750	*	Bluebird Bio, Inc		290
	173,852		Bristol-Myers Squibb Co		10,223
	9,573		Bruker BioSciences Corp		389
	9,226	*	Charles River Laboratories International, Inc		1,609
	1,774,749		Eli Lilly & Co		291,378
	28,073	*	Exact Sciences Corp		2,441
	22,593	*	Exelixis, Inc		536
	12,730	*	Global Blood Therapeutics, Inc		804
	35,167	*	Horizon Therapeutics Plc		1,955
	1,074,221	*	Illumina, Inc		397,838
	42,038	*	Immunomedics, Inc		1,490
	38,509	*	Incyte Corp		4,004
	14,030	*	Ionis Pharmaceuticals, Inc		827
	25,821	*	Iovance Biotherapeutics, Inc		709
	649,252	*	IQVIA Holdings, Inc		92,116

263

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	74,731		Johnson & Johnson	$	10,509
	416,550		Lonza Group AG.		220,645
	467,501		Merck & Co, Inc		36,152
	4,666	*	Mettler-Toledo International, Inc		3,759
	56,776	*	Moderna, Inc		3,646
	19,289	*	Neurocrine Biosciences, Inc		2,353
	269,871		Novo Nordisk AS		17,582
	4,780		PerkinElmer, Inc		469
	11,341	*,e	PRA Health Sciences, Inc		1,103
	4,573	*	Reata Pharmaceuticals, Inc		713
	466,148	*	Regeneron Pharmaceuticals, Inc		290,713
	11,318	*	Repligen Corp		1,399
	690,391	*	Royalty Pharma plc		33,519
	768	*	Sage Therapeutics, Inc		32
	16,109	*	Sarepta Therapeutics, Inc		2,583
	95,866	*	Seattle Genetics, Inc		16,290
	1,516	*	Syneos Health, Inc		88
	49,093		Thermo Fisher Scientific, Inc		17,788
	1,130,774	*	Vertex Pharmaceuticals, Inc		328,275
	1,080	*	Waters Corp		195
	6,159,002	*,g	Wuxi Biologics Cayman, Inc		113,052
	3,375,849		Zoetis, Inc		462,626
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		3,532,625

REAL ESTATE - 0.3%
	93,443		American Tower Corp		24,159
	489,146		Americold Realty Trust		17,756
	2,065		Brookfield Property REIT, Inc		21
	5,885		Coresite Realty		712
	82,117		Crown Castle International Corp		13,742
	18,616		Equinix, Inc		13,074
	15,957		Equity Lifestyle Properties, Inc		997
	19,362	e	Extra Space Storage, Inc		1,788
	36,548	e	Iron Mountain, Inc		954
	20,876		Public Storage, Inc		4,006
	3,091		SBA Communications Corp		921
	50,480		Simon Property Group, Inc		3,452
			TOTAL REAL ESTATE		81,582

RETAILING - 12.9%
	874,353	*	Amazon.com, Inc		2,412,183
	1,424,108	*	ASOS plc		60,528
	2,926	*	AutoZone, Inc		3,301
	8,828		Best Buy Co, Inc		770
	169,770	*	Booking Holdings, Inc		270,332
	12,230	*	Burlington Stores, Inc		2,408
	1,726,048	*	CarMax, Inc		154,568
	11,052	*,e	Carvana Co		1,328
	53,231		Dollar General Corp		10,141
	23,992	*	Dollar Tree, Inc		2,224
	129,054		eBay, Inc		6,769
	25,576	*,e	Etsy, Inc		2,717
	3,367		Expedia Group Inc		277

264

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	2,894,211	*,e	Farfetch Ltd	$	49,983
	11,043	*	Five Below, Inc		1,181
	17,629	*	Floor & Decor Holdings, Inc		1,016
	1,725,089	*	GrubHub, Inc		121,274
	675,859		Home Depot, Inc		169,309
	1,254,166		Lowe’s Companies, Inc		169,463
	10,316	*,e	Ollie’s Bargain Outlet Holdings, Inc		1,007
	15,502	*	O’Reilly Automotive, Inc		6,537
	8,116		Pool Corp		2,206
	60,980		Ross Stores, Inc		5,198
	4,609,271		TJX Companies, Inc		233,045
	25,233		Tractor Supply Co		3,325
	2,014,684	*	Trip.com Group Ltd (ADR)		52,221
	248,359	*	Ulta Beauty, Inc		50,521
	12,385	*,e	Wayfair, Inc		2,447
	2,821		Williams-Sonoma, Inc		231
			TOTAL RETAILING		3,796,510

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.7%
	2,570,467	*	Advanced Micro Devices, Inc		135,232
	8,763		Analog Devices, Inc		1,075
	4,740,260		Applied Materials, Inc		286,549
	452,385		Broadcom, Inc		142,777
	22,858	*	Enphase Energy, Inc		1,087
	26,706		Entegris, Inc		1,577
	9,607	*	Inphi Corp		1,129
	980,381		Intel Corp		58,656
	32,842		KLA Corp		6,387
	456,916		Lam Research Corp		147,794
	3,443,714		Marvell Technology Group Ltd		120,737
	18,006		Maxim Integrated Products, Inc		1,091
	37,902		Microchip Technology, Inc		3,991
	9,023		MKS Instruments, Inc		1,022
	9,146		Monolithic Power Systems, Inc		2,168
	996,281		NVIDIA Corp		378,497
	2,109,481		NXP Semiconductors NV		240,565
	1,667,084		QUALCOMM, Inc		152,055
	510,851		Skyworks Solutions, Inc		65,317
	9,926	*	SolarEdge Technologies, Inc		1,378
	1,058,908		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		60,114
	34,950		Teradyne, Inc		2,954
	1,109,439		Texas Instruments, Inc		140,865
	9,155		Universal Display Corp		1,370
	51,658		Xilinx, Inc		5,083
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,959,470

SOFTWARE & SERVICES - 24.3%
	4,351	*	2U, Inc		165
	135,015		Accenture plc		28,990
	773,826	*	Adobe, Inc		336,854
	214,365	*,g	Adyen NV		312,007
	1,165,381	*	Akamai Technologies, Inc		124,801
	11,426	*	Alteryx, Inc		1,877
	28,393	*	Anaplan, Inc		1,286

265

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	18,114	*	Ansys, Inc	$	5,284
	13,709	*	Aspen Technology, Inc		1,420
	244,393	*	Atlassian Corp plc		44,057
	30,915	*	Autodesk, Inc		7,395
	78,277		Automatic Data Processing, Inc		11,655
	16,044	*	Avalara, Inc		2,135
	3,483	*	Bill.Com Holdings, Inc		314
	30,232	*	Black Knight, Inc		2,194
	29,496		Booz Allen Hamilton Holding Co		2,294
	24,150		Broadridge Financial Solutions, Inc		3,047
	971	*	CACI International, Inc (Class A)		211
	58,294	*	Cadence Design Systems, Inc		5,594
	2,639		CDK Global, Inc		109
	16,313	*	Ceridian HCM Holding, Inc		1,293
	7,290		Citrix Systems, Inc		1,078
	21,044	*	Cloudflare, Inc		757
	8,663		Cognizant Technology Solutions Corp (Class A)		492
	368		CoreLogic Inc		25
	14,045	*	Coupa Software, Inc		3,891
	215,379	*	Crowdstrike Holdings, Inc		21,600
	31,957	*	Datadog, Inc		2,779
	37,291	*	DocuSign, Inc		6,422
	51,881	*	Dropbox, Inc		1,129
	32,771	*	Dynatrace, Inc		1,331
	11,562	*	Elastic NV		1,066
	11,046	*	EPAM Systems, Inc		2,784
	7,403	*	Everbridge, Inc		1,024
	5,992	*	Fair Isaac Corp		2,505
	14,683	*	Fastly, Inc		1,250
	10,976	*	FireEye, Inc		134
	34,444	*	Fiserv, Inc		3,362
	13,286	*	Five9, Inc		1,470
	17,456	*	FleetCor Technologies, Inc		4,391
	27,932	*	Fortinet, Inc		3,834
	18,923	*	Gartner, Inc		2,296
	16,285		Genpact Ltd		595
	7,836	*	Globant S.A.		1,174
	35,484	*	GoDaddy, Inc		2,602
	3,478	*	Guidewire Software, Inc		386
	9,028	*	HubSpot, Inc		2,025
	1,538,893		Intuit, Inc		455,805
	12,517		Jack Henry & Associates, Inc		2,304
	3,030		Leidos Holdings, Inc		284
	971		LogMeIn, Inc		82
	12,287	*	Manhattan Associates, Inc		1,157
	1,010,030		Mastercard, Inc (Class A)		298,666
	17,741	*	Medallia, Inc		448
	9,500,731		Microsoft Corp		1,933,494
	8,711	*	MongoDB, Inc		1,972
	10,984	*	New Relic, Inc		757
	116,038		NortonLifelock, Inc		2,301
	38,736	*,e	Nutanix, Inc		918
	24,328	*	Okta, Inc		4,871

266

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	367,816		Oracle Corp	$	20,329
	14,904	*	Pagerduty, Inc		427
	20,675	*	Palo Alto Networks, Inc		4,748
	54,562		Paychex, Inc		4,133
	10,356	*	Paycom Software, Inc		3,208
	6,944	*	Paylocity Holding Corp		1,013
	5,124,240	*	PayPal Holdings, Inc		892,796
	6,753		Pegasystems, Inc		683
	20,553	*	Pluralsight, Inc		371
	11,994	*	Proofpoint, Inc		1,333
	21,478	*	PTC, Inc		1,671
	15,301	*	RealPage, Inc		995
	16,163	*	RingCentral, Inc		4,607
	4,647,330	*	salesforce.com, Inc		870,584
	1,732		Science Applications International Corp		135
	699,826	*	ServiceNow, Inc		283,472
	24,964	*	Shopify, Inc (Class A)		23,696
	3,018,476	*,e	Slack Technologies, Inc		93,844
	24,043	*	Smartsheet, Inc		1,224
	311,669	*	Splunk, Inc		61,929
	76,478	*	Square, Inc		8,026
	9,669		SS&C Technologies Holdings, Inc		546
	33,729	*	StoneCo Ltd		1,307
	17,525		Switch, Inc		312
	134,280	*	Synopsys, Inc		26,185
	18,383	*,e	Teradata Corp		382
	8,546	*	Trade Desk, Inc		3,474
	445,893	*	Twilio, Inc		97,838
	8,210	*	Tyler Technologies, Inc		2,848
	12,500	*	VeriSign, Inc		2,585
	5,226,694		Visa, Inc (Class A)		1,009,640
	16,541	*	VMware, Inc (Class A)		2,562
	17,599		Western Union Co		380
	864	*	WEX, Inc		143
	36,288	*	Workday, Inc		6,799
	24,689	*	Zendesk, Inc		2,186
	232,452	*,e	Zoom Video Communications, Inc		58,936
	15,237	*	Zscaler, Inc		1,668
			TOTAL SOFTWARE & SERVICES		7,163,458

TECHNOLOGY HARDWARE & EQUIPMENT - 5.7%
	36,222		Amphenol Corp (Class A)		3,471
	4,270,850		Apple, Inc		1,558,006
	35,399	*	Arista Networks, Inc		7,435
	30,472		CDW Corp		3,540
	34,177		Cognex Corp		2,041
	4,351	*	Coherent, Inc		570
	2,800	*	CommScope Holding Co, Inc		23
	2,265	*	Dell Technologies, Inc		125
	1,732		Dolby Laboratories, Inc (Class A)		114
	530	*	IPG Photonics Corp		85
	6,385		Jabil Inc		205
	1,124,428	*	Keysight Technologies, Inc		113,320
	1,841	*	Lumentum Holdings, Inc		150

267

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	3,548		Motorola Solutions, Inc	$	497
	26,211		NetApp, Inc		1,163
	30,336	*	Pure Storage, Inc		526
	1,532		Ubiquiti, Inc		267
	10,058	*	Zebra Technologies Corp (Class A)		2,574
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,694,112

TELECOMMUNICATION SERVICES - 0.5%
	1,488,679	*	T-Mobile US, Inc		155,046
			TOTAL TELECOMMUNICATION SERVICES		155,046

TRANSPORTATION - 1.3%
	4,566		CH Robinson Worldwide, Inc		361
	20,798		Expeditors International of Washington, Inc		1,581
	5,003		JB Hunt Transport Services, Inc		602
	716,514		Kansas City Southern		106,968
	5,869		Landstar System, Inc		659
	866,390	*,e	Lyft, Inc (Class A)		28,600
	18,279		Old Dominion Freight Line		3,100
	6,180,487	*	Uber Technologies, Inc		192,090
	171,387		Union Pacific Corp		28,976
	98,512		United Parcel Service, Inc (Class B)		10,953
	1,080	*	XPO Logistics, Inc		83
			TOTAL TRANSPORTATION		373,973

UTILITIES - 0.0%
	18,785		NRG Energy, Inc		612
			TOTAL UTILITIES		612

			TOTAL COMMON STOCKS		29,304,188
			(Cost $21,265,800)

RIGHTS / WARRANTS - 0.0%

TELECOMMUNICATION SERVICES - 0.0%
	2,528		T-Mobile US, Inc		0	^
			TOTAL TELECOMMUNICATION SERVICES		0	^

			TOTAL RIGHTS / WARRANTS		0	^
			(Cost $1)

SHORT-TERM INVESTMENTS - 0.4%

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4%
	125,498,869	c	State Street Navigator Securities Lending Government Money Market Portfolio		125,499
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		125,499

			TOTAL SHORT-TERM INVESTMENTS		125,499
			(Cost $125,499)

			TOTAL INVESTMENTS - 100.0%		29,429,687
			(Cost $21,391,300)
			OTHER ASSETS & LIABILITIES, NET - (0.0)%		(19,682	)
			NET ASSETS - 100.0%	$	29,410,005

268

COLLEGE RETIREMENT EQUITIES FUND - Growth Account


		Abbreviation(s):
ADR		American Depositary Receipt
OTC		Over The Counter
REIT		Real Estate Investment Trust

*		Non-income producing
^		Amount represents less than $1,000.
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 $149,769,119.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/20, the aggregate value of these securities is $425,059,102 or 1.4% 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, 2020

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.6%

AUTOMOBILES & COMPONENTS - 1.0%
	60,563	*	Adient plc	$	994
	60,325	*	American Axle & Manufacturing Holdings, Inc		459
	159,418		Aptiv plc		12,422
	117,898		BorgWarner, Inc		4,162
	30,001		Cooper Tire & Rubber Co		828
	12,534	*	Cooper-Standard Holding, Inc		166
	76,541		Dana Inc		933
	19,677	*	Dorman Products, Inc		1,320
	2,386,635		Ford Motor Co		14,511
	25,297	*	Fox Factory Holding Corp		2,090
	746,400		General Motors Co		18,884
	146,733		Gentex Corp		3,781
	26,543	*	Gentherm, Inc		1,033
	137,668		Goodyear Tire & Rubber Co		1,231
	99,714		Harley-Davidson, Inc		2,370
	17,506		LCI Industries, Inc		2,013
	34,172		Lear Corp		3,725
	36,302	*	Modine Manufacturing Co		200
	13,147	*,e	Motorcar Parts of America, Inc		232
	6,449		Standard Motor Products, Inc		266
	20,247	*	Stoneridge, Inc		418
	28,062	*	Tenneco, Inc		212
	88,696	*	Tesla, Inc		95,775
	33,002		Thor Industries, Inc		3,516
	16,494	*	Visteon Corp		1,130
	22,457		Winnebago Industries, Inc		1,496
	37,702	*,e	Workhorse Group, Inc		656
	9,934	*	XPEL, Inc		155
			TOTAL AUTOMOBILES & COMPONENTS		174,978

BANKS - 4.0%
	12,408		1st Source Corp		441
	4,570		ACNB Corp		120
	7,958		Allegiance Bancshares, Inc		202
	12,491	*	Amerant Bancorp Inc		188
	5,882		American National Bankshares, Inc		147
	38,500		Ameris Bancorp		908
	7,069		Ames National Corp		140
	8,428		Arrow Financial Corp		251
	90,642		Associated Banc-Corp		1,240
	14,762	*	Atlantic Capital Bancshares, Inc		179
	42,326		Atlantic Union Bankshares Corp		980
	43,167	*	Axos Financial, Inc		953
	31,112		Banc of California, Inc		337
	11,574		Bancfirst Corp		470
	62,103		BancorpSouth Bank		1,412

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	3,732	e	Bank First Corp	$	239
	4,639,339		Bank of America Corp		110,184
	11,787		Bank of Commerce Holdings		89
	23,380		Bank of Hawaii Corp		1,436
	7,728		Bank of Marin Bancorp		258
	477,736		Bank of New York Mellon Corp		18,464
	36,956		Bank of NT Butterfield & Son Ltd		901
	82,422		Bank OZK		1,934
	12,265		BankFinancial Corp		103
	56,051		BankUnited		1,135
	3,897		Bankwell Financial Group, Inc		62
	23,725		Banner Corp		902
	11,016		Bar Harbor Bankshares		247
	6,936	*	Baycom Corp		90
	7,059		BCB Bancorp, Inc		65
	26,834		Berkshire Hills Bancorp, Inc		296
	15,941	e	BOK Financial Corp		900
	59,217		Boston Private Financial Holdings, Inc		407
	13,328		Bridge Bancorp, Inc		304
	54,590		Brookline Bancorp, Inc		550
	12,987		Bryn Mawr Bank Corp		359
	6,436		Business First Bancshares, Inc		99
	5,576	e	Byline Bancorp, Inc		73
	2,353		C&F Financial Corp		78
	65,383		Cadence BanCorp		579
	2,502		Cambridge Bancorp		148
	11,436		Camden National Corp		395
	9,158		Capital City Bank Group, Inc		192
	92,364		Capitol Federal Financial		1,017
	5,956		Capstar Financial Holdings, Inc		71
	14,623		Carter Bank & Trust		118
	40,414		Cathay General Bancorp		1,063
	12,633		CBTX, Inc		265
	21,511		Central Pacific Financial Corp		345
	6,214		Central Valley Community Bancorp		96
	2,245		Century Bancorp, Inc		174
	2,189		Chemung Financial Corp		60
	49,642		CIT Group, Inc		1,029
	1,248,723		Citigroup, Inc		63,810
	9,568		Citizens & Northern Corp		198
	254,905		Citizens Financial Group, Inc		6,434
	10,955		City Holding Co		714
	7,262		Civista Bancshares, Inc		112
	9,772		CNB Financial Corp		175
	6,775		Codorus Valley Bancorp, Inc		94
	51,998		Columbia Banking System, Inc		1,474
	33,673	*	Columbia Financial, Inc		470
	83,206		Comerica, Inc		3,170
	61,969		Commerce Bancshares, Inc		3,685
	35,397		Community Bank System, Inc		2,018
	15,668		Community Bankers Trust Corp		86
	2,846		Community Financial Corp		69
	11,638		Community Trust Bancorp, Inc		381
	21,722		ConnectOne Bancorp, Inc		350

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	29,153	*,e	CrossFirst Bankshares, Inc	$	285
	33,515	e	Cullen/Frost Bankers, Inc		2,504
	19,196	*	Customers Bancorp, Inc		231
	75,634		CVB Financial Corp		1,417
	23,810		Dime Community Bancshares		327
	22,688		Eagle Bancorp, Inc		743
	93,759		East West Bancorp, Inc		3,398
	6,481		Enterprise Bancorp, Inc		154
	16,077		Enterprise Financial Services Corp		500
	7,477	*,e	Equity Bancshares, Inc		130
	6,121		ESSA Bancorp, Inc		85
	64,560		Essent Group Ltd		2,342
	3,168		Evans Bancorp, Inc		74
	6,654	e	Farmers & Merchants Bancorp, Inc		141
	18,150		Farmers National Banc Corp		215
	4,563	e	FB Financial Corp		113
	6,481		Federal Agricultural Mortgage Corp (FAMC)		415
	419,394		Fifth Third Bancorp		8,086
	10,211		Financial Institutions, Inc		190
	20,427		First Bancorp (NC)		512
	114,850		First Bancorp (Puerto Rico)		642
	6,485		First Bancorp, Inc		141
	6,018		First Bancshares, Inc		135
	26,747		First Busey Corp		499
	6,176		First Business Financial Services, Inc		102
	3,874		First Citizens Bancshares, Inc (Class A)		1,569
	69,402		First Commonwealth Financial Corp		575
	12,139		First Community Bancshares, Inc		273
	42,129		First Financial Bancorp		585
	76,885		First Financial Bankshares, Inc		2,221
	8,330		First Financial Corp		307
	19,660		First Foundation, Inc		321
	3,324	e	First Guaranty Bancshares, Inc		41
	71,845		First Hawaiian, Inc		1,239
	181,409		First Horizon National Corp		1,807
	4,089		First Internet Bancorp		68
	18,329		First Interstate Bancsystem, Inc		567
	29,933		First Merchants Corp		825
	7,120		First Mid-Illinois Bancshares, Inc		187
	73,424		First Midwest Bancorp, Inc		980
	7,602		First Northwest Bancorp		94
	15,462		First of Long Island Corp		253
	102,702		First Republic Bank		10,885
	15,789		Flagstar Bancorp, Inc		465
	20,105		Flushing Financial Corp		232
	181,165	e	FNB Corp		1,359
	8,854		Franklin Financial Network, Inc		228
	84,379		Fulton Financial Corp		889
	14,703		German American Bancorp, Inc		457
	55,696		Glacier Bancorp, Inc		1,966
	7,809		Great Southern Bancorp, Inc		315
	23,192		Great Western Bancorp, Inc		319
	2,003		Greene County Bancorp, Inc		45
	1,224		Guaranty Bancshares, Inc		32

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	47,878		Hancock Whitney Corp	$	1,015
	23,963		Hanmi Financial Corp		233
	16,668	*	HarborOne Northeast Bancorp, Inc		142
	17,800		Heartland Financial USA, Inc		595
	25,661		Heritage Commerce Corp		193
	22,188		Heritage Financial Corp		444
	54,190		Hilltop Holdings, Inc		1,000
	997		Hingham Institution for Savings		167
	4,264		Home Bancorp, Inc		114
	81,882		Home Bancshares, Inc		1,259
	15,022		HomeStreet, Inc		370
	13,541		HomeTrust Bancshares, Inc		217
	38,615		Hope Bancorp, Inc		356
	23,268		Horizon Bancorp		249
	6,001	*	Howard Bancorp, Inc		64
	617,910		Huntington Bancshares, Inc		5,583
	27,678		IBERIABANK Corp		1,260
	23,332		Independent Bank Corp (MA)		1,565
	17,558		Independent Bank Corp (MI)		261
	20,253	e	Independent Bank Group, Inc		821
	40,567		International Bancshares Corp		1,299
	5,550		Investar Holding Corp		80
	133,839		Investors Bancorp, Inc		1,138
	1,816,802		JPMorgan Chase & Co		170,888
	83,674		Kearny Financial Corp		684
	581,474		Keycorp		7,082
	32,502		Lakeland Bancorp, Inc		371
	18,387		Lakeland Financial Corp		857
	6,780		LCNB Corp		108
	4,628	*,e	LendingTree, Inc		1,340
	14,926		Live Oak Bancshares, Inc		217
	76,512		M&T Bank Corp		7,955
	19,210		Macatawa Bank Corp		150
	12,428		Mercantile Bank Corp		281
	10,918		Merchants Bancorp		202
	35,757		Meridian Bancorp, Inc		415
	20,574		Meta Financial Group, Inc		374
	4,420	*	Metropolitan Bank Holding Corp		142
	210,298		MGIC Investment Corp		1,722
	10,800		Midland States Bancorp, Inc		161
	7,821		MidWestOne Financial Group, Inc		156
	34,360	*	Mr Cooper Group, Inc		427
	19,324		National Bank Holdings Corp		522
	5,351		National Bankshares, Inc		153
	31,726		NBT Bancorp, Inc		976
	262,028		New York Community Bancorp, Inc		2,673
	6,480	*,e	Nicolet Bankshares, Inc		355
	38,864	*	NMI Holdings, Inc		625
	5,235		Northeast Bank		92
	33,024		Northfield Bancorp, Inc		380
	5,019		Northrim BanCorp, Inc		126
	39,220		Northwest Bancshares, Inc		401
	4,425	e	Norwood Financial Corp		110
	30,487		OceanFirst Financial Corp		537

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	33,903		OFG Bancorp	$	453
	3,155	e	Ohio Valley Banc Corp		71
	90,192	e	Old National Bancorp		1,241
	21,667		Old Second Bancorp, Inc		169
	11,057		Origin Bancorp, Inc		243
	5,318		Orrstown Financial Services, Inc		78
	41,564		Pacific Premier Bancorp, Inc		901
	66,007		PacWest Bancorp		1,301
	4,350	e	Park National Corp		306
	4,594		Parke Bancorp, Inc		62
	13,465		PCSB Financial Corp		171
	11,582		Peapack Gladstone Financial Corp		217
	4,446		Penns Woods Bancorp, Inc		101
	27,635		PennyMac Financial Services, Inc		1,155
	3,256		Peoples Bancorp of North Carolina, Inc		58
	12,623		Peoples Bancorp, Inc		269
	5,712		Peoples Financial Services Corp		218
	253,088		People’s United Financial, Inc		2,928
	9,341		People’s Utah Bancorp		210
	41,191		Pinnacle Financial Partners, Inc		1,730
	254,268		PNC Financial Services Group, Inc		26,752
	51,633		Popular, Inc		1,919
	8,859		Preferred Bank		380
	8,456		Premier Financial Bancorp, Inc		108
	28,197		Premier Financial Corp		498
	57,871	e	Prosperity Bancshares, Inc		3,436
	6,589		Provident Bancorp Inc		52
	18,723		Provident Financial Services, Inc		271
	6,101		Prudential Bancorp, Inc		73
	8,729		QCR Holdings, Inc		272
	122,609		Radian Group, Inc		1,902
	9,265		RBB Bancorp		126
	603,973		Regions Financial Corp		6,716
	4,712		Reliant Bancorp Inc		77
	30,881		Renasant Corp		769
	6,104		Republic Bancorp, Inc (Class A)		200
	34,776	*,e	Republic First Bancorp, Inc		85
	13,238		Riverview Bancorp, Inc		75
	25,676		S&T Bancorp, Inc		602
	22,606		Sandy Spring Bancorp, Inc		560
	28,631	*	Seacoast Banking Corp of Florida		584
	32,848		ServisFirst Bancshares, Inc		1,175
	8,913		Shore Bancshares, Inc		99
	8,919		Sierra Bancorp		168
	34,007		Signature Bank		3,636
	55,218		Simmons First National Corp (Class A)		945
	5,382		SmartFinancial, Inc		87
	43,651		South State Corp		2,080
	4,079	*	Southern First Bancshares, Inc		113
	4,139		Southern Missouri Bancorp, Inc		101
	8,140		Southern National Bancorp of Virginia, Inc		79
	20,042		Southside Bancshares, Inc		556
	93,752	e	Sterling Bancorp		1,099
	11,631		Sterling Bancorp, Inc		42

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	16,305		Stock Yards Bancorp, Inc	$	655
	6,101		Summit Financial Group, Inc		101
	30,747	*	SVB Financial Group		6,627
	85,330		Synovus Financial Corp		1,752
	81,693		TCF Financial Corp		2,403
	5,870		Territorial Bancorp, Inc		140
	35,836	*	Texas Capital Bancshares, Inc		1,106
	34,383		TFS Financial Corp		492
	35,393	*	The Bancorp, Inc		347
	4,645		Timberland Bancorp, Inc		85
	10,641		Tompkins Financial Corp		689
	46,422		Towne Bank		875
	19,212		Trico Bancshares		585
	16,178	*	Tristate Capital Holdings, Inc		254
	10,668	*	Triumph Bancorp, Inc		259
	810,381		Truist Financial Corp		30,430
	71,043		Trustco Bank Corp NY		450
	49,168		Trustmark Corp		1,206
	26,057		UMB Financial Corp		1,343
	161,706		Umpqua Holdings Corp		1,721
	83,649	e	United Bankshares, Inc		2,314
	51,942		United Community Banks, Inc		1,045
	9,461		United Security Bancshares		63
	5,346		Unity Bancorp, Inc		76
	19,117		Univest Financial Corp		309
	814,887		US Bancorp		30,004
	196,375		Valley National Bancorp		1,536
	22,054		Veritex Holdings, Inc		390
	19,235		Walker & Dunlop, Inc		977
	50,737		Washington Federal, Inc		1,362
	10,818		Washington Trust Bancorp, Inc		354
	19,189		Waterstone Financial, Inc		285
	53,515		Webster Financial Corp		1,531
	2,251,796		Wells Fargo & Co		57,646
	23,487		WesBanco, Inc		477
	11,970		West Bancorporation, Inc		209
	18,981		Westamerica Bancorporation		1,090
	57,400		Western Alliance Bancorp		2,174
	19,137		Western New England Bancorp, Inc		111
	38,890		Wintrust Financial Corp		1,696
	37,123		WSFS Financial Corp		1,065
	106,318		Zions Bancorporation		3,615
			TOTAL BANKS		734,695

CAPITAL GOODS - 5.8%
	335,286		3M Co		52,301
	79,946		A.O. Smith Corp		3,767
	21,498		Aaon, Inc		1,167
	23,226		AAR Corp		480
	24,498		Acuity Brands, Inc		2,345
	24,758		Advanced Drainage Systems, Inc		1,223
	93,206	*	Aecom Technology Corp		3,503
	24,436	*	Aegion Corp		388
	39,078	*	Aerojet Rocketdyne Holdings, Inc		1,549

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,335	*,e	Aerovironment, Inc	$	1,142
	32,215		AGCO Corp		1,787
	56,080		Air Lease Corp		1,643
	6,904		Alamo Group, Inc		709
	21,082		Albany International Corp (Class A)		1,238
	53,164		Allegion plc		5,434
	4,493		Allied Motion Technologies, Inc		159
	67,398		Allison Transmission Holdings, Inc		2,479
	41,492		Altra Industrial Motion Corp		1,322
	13,776	*,e	Ameresco, Inc		383
	10,171	*	American Woodmark Corp		769
	134,640		Ametek, Inc		12,033
	4,581		Apogee Enterprises, Inc		106
	27,154		Applied Industrial Technologies, Inc		1,694
	30,718		Arcosa, Inc		1,296
	10,471		Argan, Inc		496
	26,334		Armstrong World Industries, Inc		2,053
	15,250		Astec Industries, Inc		706
	15,755	*	Astronics Corp		166
	23,836	*	Atkore International Group, Inc		652
	35,579	*	Axon Enterprise, Inc		3,491
	19,364		AZZ, Inc		665
	25,595		Barnes Group, Inc		1,013
	41,684	*	Beacon Roofing Supply, Inc		1,099
	35,611	*	Bloom Energy Corp		387
	3,946	*	Blue Bird Corp		59
	47,040	*	BMC Stock Holdings, Inc		1,183
	322,123		Boeing Co		59,045
	67,070	*	Builders FirstSource, Inc		1,388
	56,807		BWX Technologies, Inc		3,218
	14,163		Caesarstone Sdot-Yam Ltd		168
	8,775	*	CAI International, Inc		146
	32,304		Carlisle Cos, Inc		3,866
	520,088		Carrier Global Corp		11,556
	323,825		Caterpillar, Inc		40,964
	22,344	*	Chart Industries, Inc		1,083
	12,045	*	CIRCOR International, Inc		307
	64,286	*,e	Colfax Corp		1,794
	14,727	e	Columbus McKinnon Corp		493
	24,840		Comfort Systems USA, Inc		1,012
	11,212	*	Construction Partners Inc		199
	29,151	*	Cornerstone Building Brands, Inc		177
	28,721		Crane Co		1,708
	10,574		CSW Industrials, Inc		731
	18,660		Cubic Corp		896
	87,253		Cummins, Inc		15,117
	22,308		Curtiss-Wright Corp		1,992
	169,067		Deere & Co		26,569
	71,161		Donaldson Co, Inc		3,310
	16,771	e	Douglas Dynamics, Inc		589
	86,001		Dover Corp		8,304
	8,048	*	Ducommun, Inc		281
	11,117	*	DXP Enterprises, Inc		221
	16,954	*	Dycom Industries, Inc		693

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	3,733		Eastern Co	$	67
	239,741		Eaton Corp		20,973
	28,208		EMCOR Group, Inc		1,866
	356,753		Emerson Electric Co		22,129
	15,305		Encore Wire Corp		747
	24,905	*,e	Energy Recovery, Inc		189
	43,959		Enerpac Tool Group Corp		774
	25,301		EnerSys		1,629
	8,505		EnPro Industries, Inc		419
	18,556		ESCO Technologies, Inc		1,569
	2,576	*,e	EVI Industries, Inc		56
	51,314	*	Evoqua Water Technologies Corp		954
	344,910		Fastenal Co		14,776
	42,557		Federal Signal Corp		1,265
	82,555		Flowserve Corp		2,354
	91,070		Fluor Corp		1,100
	175,635		Fortive Corp		11,883
	82,435		Fortune Brands Home & Security, Inc		5,270
	9,256	*	Foundation Building Materials, Inc		144
	25,145		Franklin Electric Co, Inc		1,321
	126,698	*	FuelCell Energy, Inc		286
	30,738	*	Gates Industrial Corp plc		316
	15,077	e	GATX Corp		919
	4,980	*	Gencor Industries, Inc		63
	36,885	*	Generac Holdings, Inc		4,497
	150,391		General Dynamics Corp		22,477
	5,211,596		General Electric Co		35,595
	22,869	*	Gibraltar Industries, Inc		1,098
	17,148	*	GMS, Inc		422
	2,315	e	Gorman-Rupp Co		72
	92,773		Graco, Inc		4,452
	26,067		GrafTech International Ltd		208
	7,763		Graham Corp		99
	33,088	e	Granite Construction, Inc		633
	44,924	*	Great Lakes Dredge & Dock Corp		416
	19,838		Greenbrier Cos, Inc		451
	20,793		Griffon Corp		385
	23,777		H&E Equipment Services, Inc		439
	59,172	*	Harsco Corp		799
	90,220	*	HD Supply Holdings, Inc		3,126
	26,390		HEICO Corp		2,630
	46,469		HEICO Corp (Class A)		3,775
	16,194		Helios Technologies, Inc		603
	17,889	*	Herc Holdings, Inc		550
	57,257		Hexcel Corp		2,589
	34,596		Hillenbrand, Inc		937
	421,137		Honeywell International, Inc		60,892
	229,339		Howmet Aerospace, Inc		3,635
	30,217		Hubbell, Inc		3,788
	23,249		Huntington Ingalls		4,057
	4,796		Hurco Cos, Inc		134
	7,224	e	Hyster-Yale Materials Handling, Inc		279
	44,158		IDEX Corp		6,979
	5,334	*	IES Holdings, Inc		124

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	188,744		Illinois Tool Works, Inc	$	33,002
	201,626	*	Ingersoll Rand, Inc		5,670
	13,472	e	Insteel Industries, Inc		257
	46,862		ITT, Inc		2,753
	74,957		Jacobs Engineering Group, Inc		6,356
	47,393	*	JELD-WEN Holding, Inc		764
	16,888		John Bean Technologies Corp		1,453
	446,021		Johnson Controls International plc		15,227
	8,084		Kadant, Inc		806
	17,941		Kaman Corp		746
	56,290		Kennametal, Inc		1,616
	50,983	*	Kratos Defense & Security Solutions, Inc		797
	129,086		L3Harris Technologies, Inc		21,902
	4,456	*	Lawson Products, Inc		144
	5,677	*	LB Foster Co (Class A)		73
	20,121		Lennox International, Inc		4,688
	34,169	e	Lincoln Electric Holdings, Inc		2,878
	7,273		Lindsay Corp		671
	148,406		Lockheed Martin Corp		54,156
	17,575		Luxfer Holdings plc		249
	12,223	*	Lydall, Inc		166
	22,630	*	Manitowoc Co, Inc		246
	162,654		Masco Corp		8,167
	18,516	*	Masonite International Corp		1,440
	38,304	*,e	Mastec, Inc		1,719
	38,365	e	Maxar Technologies, Inc		689
	33,690	*	Mercury Systems, Inc		2,650
	34,734	*	Meritor, Inc		688
	30,281	*	Middleby Corp		2,390
	7,280		Miller Industries, Inc		217
	15,909		Moog, Inc (Class A)		843
	64,419	*	MRC Global, Inc		381
	25,456		MSC Industrial Direct Co (Class A)		1,853
	40,743		Mueller Industries, Inc		1,083
	66,266		Mueller Water Products, Inc (Class A)		625
	10,993	*	MYR Group, Inc		351
	3,534	e	National Presto Industries, Inc		309
	35,673	*	Navistar International Corp		1,006
	19,066	e	NN, Inc		90
	33,227		Nordson Corp		6,304
	93,426		Northrop Grumman Corp		28,723
	6,891	*	Northwest Pipe Co		173
	78,206	*	NOW, Inc		675
	5,211	*	NV5 Global Inc		265
	87,536		nVent Electric plc		1,640
	2,354	e	Omega Flex, Inc		249
	38,204		Oshkosh Corp		2,736
	238,995		Otis Worldwide Corp		13,589
	65,515		Owens Corning, Inc		3,653
	201,744		PACCAR, Inc		15,101
	14,228	e	Park Aerospace Corp		159
	76,478		Parker-Hannifin Corp		14,016
	12,058	*	Parsons Corp		437
	17,097		Patrick Industries, Inc		1,047

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	96,376		Pentair plc	$	3,661
	36,380	*	PGT, Inc		570
	159,236	*,e	Plug Power, Inc		1,307
	7,077		Powell Industries, Inc		194
	1,801		Preformed Line Products Co		90
	28,783	e	Primoris Services Corp		511
	18,284	*	Proto Labs, Inc		2,056
	25,291		Quanex Building Products Corp		351
	75,730		Quanta Services, Inc		2,971
	25,955		Raven Industries, Inc		558
	854,951	*	Raytheon Technologies Corp		52,682
	16,634	*	RBC Bearings, Inc		2,230
	20,978	e	Regal-Beloit Corp		1,832
	82,950	*	Resideo Technologies, Inc		972
	8,757		REV Group, Inc		53
	56,852		Rexnord Corp		1,657
	69,422		Rockwell Automation, Inc		14,787
	61,829		Roper Technologies Inc		24,006
	21,510		Rush Enterprises, Inc (Class A)		892
	4,597		Rush Enterprises, Inc (Class B)		164
	88,808	*	Sensata Technologies Holding plc		3,306
	24,709		Shyft Group, Inc		416
	29,530		Simpson Manufacturing Co, Inc		2,491
	24,415	*,e	SiteOne Landscape Supply, Inc		2,783
	30,839		Snap-On, Inc		4,272
	66,489		Spirit Aerosystems Holdings, Inc (Class A)		1,592
	30,406	*	SPX Corp		1,251
	29,148	*,e	SPX FLOW, Inc		1,091
	8,333		Standex International Corp		480
	92,334		Stanley Black & Decker, Inc		12,870
	18,886	*	Sterling Construction Co, Inc		198
	60,603	*	Sunrun, Inc		1,195
	9,938		Systemax, Inc		204
	22,563	*	Teledyne Technologies, Inc		7,016
	12,744		Tennant Co		828
	35,787		Terex Corp		672
	18,852	*,e	Textainer Group Holdings Ltd		154
	143,403		Textron, Inc		4,719
	24,419	*	Thermon Group Holdings		356
	30,037		Timken Co		1,366
	11,613	*	Titan Machinery, Inc		126
	63,988		Toro Co		4,245
	7,431	*	TPI Composites, Inc		174
	146,429		Trane Technologies plc		13,029
	31,276		TransDigm Group, Inc		13,826
	35,201	*,e	Trex Co, Inc		4,579
	34,233	*	Trimas Corp		820
	63,620	e	Trinity Industries, Inc		1,354
	18,886		Triton International Ltd		571
	32,779		Triumph Group, Inc		295
	27,269	*	Tutor Perini Corp		332
	44,924	*	United Rentals, Inc		6,695
	107,143	*	Univar Solutions Inc		1,806
	10,628		Valmont Industries, Inc		1,208

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,860	*	Vectrus, Inc	$	386
	7,828	*	Veritiv Corp		133
	119,277	*	Vertiv Holdings Co		1,617
	12,845	*	Vicor Corp		924
	36,030	*	Virgin Galactic Holdings, Inc		589
	15,334	*,e	Vivint Solar, Inc		152
	25,541		W.W. Grainger, Inc		8,024
	42,603	e	Wabash National Corp		452
	107,131		Wabtec Corp		6,168
	18,257		Watsco, Inc		3,244
	12,563		Watts Water Technologies, Inc (Class A)		1,018
	88,290	*	Welbilt, Inc		538
	28,009	*	WESCO International, Inc		983
	3,392	*	Willis Lease Finance Corp		82
	22,097	*	Willscot Corp		272
	30,482		Woodward Inc		2,364
	107,015		Xylem, Inc		6,952
			TOTAL CAPITAL GOODS		1,063,574

COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	40,285		ABM Industries, Inc		1,462
	37,820	*	Acacia Research (Acacia Technologies)		155
	9,390		ACCO Brands Corp		67
	66,939	e	ADT, Inc		534
	43,994	*	Advanced Disposal Services, Inc		1,327
	83,309	*,g	API Group Corp		1,012
	27,574	*	ASGN Inc		1,839
	5,145		Barrett Business Services, Inc		273
	4,266		BG Staffing, Inc		48
	22,496		Brady Corp (Class A)		1,053
	16,522	*	BrightView Holdings, Inc		185
	33,001	e	Brink’s Co		1,502
	29,675	*	Casella Waste Systems, Inc (Class A)		1,547
	35,493	*	CBIZ, Inc		851
	18,496	*,e	Ceco Environmental Corp		122
	14,958	*	Cimpress plc		1,142
	52,857		Cintas Corp		14,079
	30,748	*	Clean Harbors, Inc		1,844
	121,043	*	Copart, Inc		10,079
	23,330	*	CoStar Group, Inc		16,580
	84,474		Covanta Holding Corp		810
	7,013		CRA International, Inc		277
	27,694		Deluxe Corp		652
	11,002	*	Emerald Holding, Inc		34
	20,052	e	Ennis, Inc		364
	72,290		Equifax, Inc		12,425
	29,463		Exponent, Inc		2,385
	7,582	*	Forrester Research, Inc		243
	7,620	*	Franklin Covey Co		163
	21,634	*	FTI Consulting, Inc		2,478
	9,864	*	GP Strategies Corp		85
	49,914		Healthcare Services Group		1,221
	14,300		Heidrick & Struggles International, Inc		309
	8,893	*	Heritage-Crystal Clean, Inc		155

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	28,968		Herman Miller, Inc	$	684
	31,637		HNI Corp		967
	15,850	*	Huron Consulting Group, Inc		701
	88,200	*	IAA, Inc		3,402
	13,124		ICF International, Inc		851
	240,754		IHS Markit Ltd		18,177
	25,976		Insperity, Inc		1,681
	44,581		Interface, Inc		363
	88,200		KAR Auction Services, Inc		1,214
	20,372		Kelly Services, Inc (Class A)		322
	18,302		Kforce, Inc		535
	25,171		Kimball International, Inc (Class B)		291
	35,963		Knoll, Inc		438
	37,013		Korn/Ferry International		1,137
	31,415		Manpower, Inc		2,160
	22,585		Matthews International Corp (Class A)		431
	10,506		McGrath RentCorp		567
	13,300	*	Mistras Group, Inc		53
	31,645		Mobile Mini, Inc		934
	19,573	e	MSA Safety, Inc		2,240
	219,281		Nielsen NV		3,259
	4,961		NL Industries, Inc		17
	133,127		Pitney Bowes, Inc		346
	39,456	*,e	Precigen, Inc		197
	21,796		Quad Graphics, Inc		71
	123,966		Republic Services, Inc		10,171
	20,546		Resources Connection, Inc		246
	69,302		Robert Half International, Inc		3,661
	85,209		Rollins, Inc		3,612
	12,140	*	SP Plus Corp		251
	61,807		Steelcase, Inc (Class A)		745
	49,051	*	Stericycle, Inc		2,746
	20,907	*	Team, Inc		117
	29,513		Tetra Tech, Inc		2,335
	115,960		TransUnion		10,093
	22,121	*	TriNet Group, Inc		1,348
	346	*	TrueBlue, Inc		5
	8,983		Unifirst Corp		1,608
	16,280	*	US Ecology, Inc		552
	94,718		Verisk Analytics, Inc		16,121
	15,178		Viad Corp		289
	41,530	*	Vivint Smart Home, Inc		720
	5,586		VSE Corp		175
	252,627		Waste Management, Inc		26,756
	5,398	*,e	Willdan Group, Inc		135
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		200,026

CONSUMER DURABLES & APPAREL - 1.3%
	15,286		Acushnet Holdings Corp		532
	21,459	*,e	Beazer Homes USA, Inc		216
	44,121		Brunswick Corp		2,824
	69,841		Callaway Golf Co		1,223
	68,422	*	Capri Holdings Ltd		1,069
	27,877		Carter’s, Inc		2,250

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	6,102	*	Cavco Industries, Inc	$	1,177
	13,611	*	Century Communities, Inc		417
	14,260		Clarus Corp		165
	13,474		Columbia Sportswear Co		1,086
	45,716	*	CROCS, Inc		1,683
	16,069	*	Deckers Outdoor Corp		3,156
	197,895		DR Horton, Inc		10,973
	7,865		Escalade, Inc		110
	18,783		Ethan Allen Interiors, Inc		222
	31,215	*,e	Fossil Group, Inc		145
	87,558		Garmin Ltd		8,537
	4,831	*,e	G-III Apparel Group Ltd		64
	74,136	*,e	GoPro, Inc		353
	16,535	*	Green Brick Partners, Inc		196
	6,360	e	Hamilton Beach Brands Holding Co		76
	201,239		Hanesbrands, Inc		2,272
	79,817		Hasbro, Inc		5,982
	15,207	*	Helen of Troy Ltd		2,867
	7,913		Hooker Furniture Corp		154
	13,822	*	Installed Building Products, Inc		951
	18,443	*	iRobot Corp		1,547
	3,583		Johnson Outdoors, Inc		326
	60,650		KB Home		1,861
	30,075	e	Kontoor Brands, Inc		536
	36,137		La-Z-Boy, Inc		978
	78,980		Leggett & Platt, Inc		2,776
	11,279		Lennar Corp (B Shares)		520
	161,976		Lennar Corp (Class A)		9,981
	12,635	*	LGI Homes, Inc		1,112
	7,210		Lifetime Brands, Inc		49
	68,041	*	Lululemon Athletica, Inc		21,230
	16,714	*	M/I Homes, Inc		576
	13,092	*	Malibu Boats, Inc		680
	8,407		Marine Products Corp		117
	13,690	*	MasterCraft Boat Holdings, Inc		261
	199,106	*	Mattel, Inc		1,925
	30,198		MDC Holdings, Inc		1,078
	22,102	*	Meritage Homes Corp		1,682
	37,671	*	Mohawk Industries, Inc		3,833
	11,320	e	Movado Group, Inc		123
	3,180		Nacco Industries, Inc (Class A)		74
	17,631	*	Nautilus, Inc		164
	241,949		Newell Brands Inc		3,842
	726,526		Nike, Inc (Class B)		71,236
	2,024	*	NVR, Inc		6,596
	11,750		Oxford Industries, Inc		517
	58,529	*	Peloton Interactive, Inc		3,381
	32,179		Polaris Inc		2,978
	157,608		Pulte Homes, Inc		5,363
	8,506	*	Purple Innovation, Inc		153
	40,092		PVH Corp		1,926
	30,697		Ralph Lauren Corp		2,226
	79,579	*	Skechers U.S.A., Inc (Class A)		2,497
	32,514	*	Skyline Champion Corp		791

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	39,523	*	Smith & Wesson Brands, Inc	$	851
	45,047	*	Sonos, Inc		659
	60,523		Steven Madden Ltd		1,494
	12,383		Sturm Ruger & Co, Inc		941
	5,163		Superior Uniform Group, Inc		69
	144,360		Tapestry, Inc		1,917
	67,492	*	Taylor Morrison Home Corp		1,302
	26,761	*	Tempur Sealy International, Inc		1,926
	69,223		Toll Brothers, Inc		2,256
	20,867	*	TopBuild Corp		2,374
	65,578	*	TRI Pointe Homes, Inc		963
	28,980	e	Tupperware Brands Corp		138
	110,698	*	Under Armour, Inc (Class A)		1,078
	110,542	*	Under Armour, Inc (Class C)		977
	10,905	*	Unifi, Inc		141
	10,485	*	Universal Electronics, Inc		491
	16,444	*	Vera Bradley, Inc		73
	193,170		VF Corp		11,772
	41,550	*	Vista Outdoor, Inc		600
	37,439	e	Whirlpool Corp		4,850
	48,726	e	Wolverine World Wide, Inc		1,160
	44,122	*	YETI Holdings, Inc		1,885
			TOTAL CONSUMER DURABLES & APPAREL		239,552

CONSUMER SERVICES - 1.8%
	25,118	*	Accel Entertainment, Inc		242
	33,727	*	Adtalem Global Education, Inc		1,051
	12,233	*	American Public Education, Inc		362
	143,934		ARAMARK Holdings Corp		3,249
	44,487		BBX Capital Corp		113
	769	*	Biglari Holdings, Inc (B Shares)		53
	15,173		BJ’s Restaurants, Inc		318
	44,145		Bloomin’ Brands, Inc		471
	61,116		Boyd Gaming Corp		1,277
	36,213	*	Bright Horizons Family Solutions		4,244
	25,489		Brinker International, Inc		612
	357,916	*	Caesars Entertainment Corp		4,342
	281,629	e	Carnival Corp		4,624
	11,838		Carriage Services, Inc		214
	27,792	*,e	Carrols Restaurant Group, Inc		134
	16,727	*	Century Casinos, Inc		69
	31,824	e	Cheesecake Factory		729
	72,467	*	Chegg, Inc		4,874
	16,678	*	Chipotle Mexican Grill, Inc (Class A)		17,551
	17,380	e	Choice Hotels International, Inc		1,371
	23,949		Churchill Downs, Inc		3,189
	12,474	*	Chuy’s Holdings, Inc		186
	5,424		Collectors Universe		186
	15,120		Cracker Barrel Old Country Store, Inc		1,677
	77,856		Darden Restaurants, Inc		5,899
	16,608	e	Dave & Buster’s Entertainment, Inc		221
	23,487	*	Del Taco Restaurants, Inc		139
	41,277	*	Denny’s Corp		417
	10,362	e	Dine Brands Global Inc.		436

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	23,325		Domino’s Pizza, Inc	$	8,617
	49,730		Dunkin Brands Group, Inc		3,244
	14,501	*	El Pollo Loco Holdings, Inc		214
	44,594	*,e	Eldorado Resorts, Inc		1,786
	105,919		Extended Stay America, Inc		1,185
	20,469	*	Fiesta Restaurant Group, Inc		131
	11,421		Franchise Group, Inc		250
	54,509	*	frontdoor, Inc		2,416
	7,389	*	Golden Entertainment, Inc		66
	1,652		Graham Holdings Co		566
	26,419	*	Grand Canyon Education, Inc		2,392
	98,961		H&R Block, Inc		1,413
	49,665	*	Hilton Grand Vacations, Inc		971
	163,465		Hilton Worldwide Holdings, Inc		12,006
	76,812	*	Houghton Mifflin Harcourt Co		139
	24,452		Hyatt Hotels Corp		1,230
	76,027	e	International Game Technology plc		677
	14,716	e	Jack in the Box, Inc		1,090
	26,055	*	K12, Inc		710
	198,874		Las Vegas Sands Corp		9,057
	62,559	*	Laureate Education, Inc		623
	10,890	*	Lindblad Expeditions Holdings, Inc		84
	160,967		Marriott International, Inc (Class A)		13,800
	24,090		Marriott Vacations Worldwide Corp		1,980
	446,525		McDonald’s Corp		82,370
	281,649		MGM Resorts International		4,732
	7,140	*	Monarch Casino & Resort, Inc		243
	2,378		Nathan’s Famous, Inc		134
	8,091	*	Noodles & Co		49
	153,189	*,e	Norwegian Cruise Line Holdings Ltd		2,517
	29,338	e	OneSpaWorld Holdings Ltd		140
	18,811		Papa John’s International, Inc		1,494
	76,441	*,e	Penn National Gaming, Inc		2,334
	46,334	*	Perdoceo Education Corp		738
	51,866	*	Planet Fitness, Inc		3,142
	10,854	*	PlayAGS, Inc		37
	6,547		RCI Hospitality Holdings, Inc		91
	9,211	*,e	Red Robin Gourmet Burgers, Inc		94
	48,687		Red Rock Resorts, Inc		531
	27,109	*,e	Regis Corp		222
	106,238	e	Royal Caribbean Cruises Ltd		5,344
	21,790		Ruth’s Hospitality Group Inc		178
	37,197	*	Scientific Games Corp (Class A)		575
	30,308	*,e	SeaWorld Entertainment, Inc		449
	108,167		Service Corp International		4,207
	86,396	*	ServiceMaster Global Holdings, Inc		3,083
	15,620	*	Shake Shack, Inc		828
	48,601		Six Flags Entertainment Corp		934
	701,007		Starbucks Corp		51,587
	11,328		Strategic Education, Inc		1,741
	21,327	*	Target Hospitality Corp		36
	40,109	e	Texas Roadhouse, Inc (Class A)		2,109
	13,497	e	Twin River Worldwide Holdings Inc		301
	23,348		Vail Resorts, Inc		4,253

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	107,288		Wendy’s	$	2,337
	17,626		Wingstop, Inc		2,449
	26,120	*	WW International Inc		663
	42,519		Wyndham Destinations, Inc		1,198
	58,768		Wyndham Hotels & Resorts, Inc		2,505
	58,587		Wynn Resorts Ltd		4,364
	211,867		Yum China Holdings, Inc		10,184
	184,086		Yum! Brands, Inc		15,999
			TOTAL CONSUMER SERVICES		337,089

DIVERSIFIED FINANCIALS - 3.2%
	24,496		Affiliated Managers Group, Inc		1,826
	341,429		AGNC Investment Corp		4,404
	8,948		Alerus Financial Corp		177
	234,210		Ally Financial, Inc		4,644
	392,152		American Express Co		37,333
	73,461		Ameriprise Financial, Inc		11,022
	885,022		Annaly Capital Management, Inc		5,806
	70,479		Anworth Mortgage Asset Corp		120
	68,911		Apollo Commercial Real Estate Finance, Inc		676
	102,107		Apollo Global Management, Inc		5,097
	61,262		Arbor Realty Trust, Inc		566
	22,112		Ares Commercial Real Estate Corp		202
	58,699		Ares Management Corp		2,330
	16,506	e	Arlington Asset Investment Corp (Class A)		49
	26,163		ARMOUR Residential REIT, Inc		246
	32,135		Artisan Partners Asset Management, Inc		1,044
	8,796	*,e	Assetmark Financial Holdings, Inc		240
	4,316	e	Associated Capital Group, Inc		158
	10,240		B. Riley Financial, Inc		223
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		247
	166,153		BGC Partners, Inc (Class A)		455
	88,176		BlackRock, Inc		47,976
	73,790	e	Blackstone Mortgage Trust, Inc		1,778
	30,473	*	Blucora, Inc		348
	40,173		Brightsphere Investment Group, Inc		501
	76,557		Broadmark Realty Capital, Inc		725
	16,951	*,†	Calamos Asset Management, Inc		0
	48,331	*	Cannae Holdings, Inc		1,986
	275,935		Capital One Financial Corp		17,271
	71,072		Capstead Mortgage Corp		390
	69,672		Carlyle Group, Inc		1,944
	68,387		CBOE Global Markets, Inc		6,379
	698,747		Charles Schwab Corp		23,576
	7,464		Cherry Hill Mortgage Investment Corp		67
	94,757		Chimera Investment Corp		911
	214,590		CME Group, Inc		34,879
	15,440		Cohen & Steers, Inc		1,051
	7,402		Colony Credit Real Estate, Inc		52
	18,127	e	Cowen Group, Inc		294
	6,049	*,e	Credit Acceptance Corp		2,535
	7,834	e	Curo Group Holdings Corp		64
	2,179		Diamond Hill Investment Group, Inc		248
	185,611		Discover Financial Services		9,297

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	19,156	*	Donnelley Financial Solutions, Inc	$	161
	11,107	e	Dynex Capital, Inc		159
	132,461		E*TRADE Financial Corp		6,587
	64,523		Eaton Vance Corp		2,491
	17,423		Ellington Financial Inc		205
	17,368	*,e	Encore Capital Group, Inc		594
	23,911	*	Enova International, Inc		356
	29,096		Evercore Inc		1,714
	38,445	*,e	Ezcorp, Inc (Class A)		242
	22,905		Factset Research Systems, Inc		7,524
	68,886		Federated Investors, Inc (Class B)		1,633
	24,222		FirstCash, Inc		1,634
	12,579	*,e	Focus Financial Partners, Inc		416
	162,178		Franklin Resources, Inc		3,401
	23,847	e	Gain Capital Holdings, Inc		144
	4,049		GAMCO Investors, Inc (Class A)		54
	198,638		Goldman Sachs Group, Inc		39,255
	31,227	e	Granite Point Mortgage Trust, Inc		224
	9,250		Great Ajax Corp		85
	33,057	*	Green Dot Corp		1,622
	19,893		Greenhill & Co, Inc		199
	10,099		Hamilton Lane, Inc		680
	25,893		Houlihan Lokey, Inc		1,441
	47,028		Interactive Brokers Group, Inc (Class A)		1,964
	323,731		Intercontinental Exchange Group, Inc		29,654
	225,540		Invesco Ltd		2,427
	100,745	e	Invesco Mortgage Capital, Inc		377
	149,295		Jefferies Financial Group, Inc		2,322
	319,034		KKR & Co, Inc		9,852
	7,773	e	KKR Real Estate Finance Trust, Inc		129
	49,932		Ladder Capital Corp		404
	61,713		Lazard Ltd (Class A)		1,767
	44,332		Legg Mason, Inc		2,205
	42,896	*,e	LendingClub Corp		195
	49,263		LPL Financial Holdings, Inc		3,862
	22,099		MarketAxess Holdings, Inc		11,070
	6,533		Marlin Business Services Corp		55
	270,747		MFA Financial Inc		674
	26,390		Moelis & Co		822
	97,378		Moody’s Corp		26,753
	661,157		Morgan Stanley		31,934
	12,950		Morningstar, Inc		1,826
	50,338		MSCI, Inc (Class A)		16,804
	70,673		Nasdaq Inc		8,443
	72,560		Navient Corp		510
	14,990		Nelnet, Inc (Class A)		716
	231,837		New Residential Investment Corp		1,723
	225,109	e	New York Mortgage Trust, Inc		587
	22,218	*,†	NewStar Financial, Inc		5
	114,651		Northern Trust Corp		9,096
	37,084		OneMain Holdings, Inc		910
	11,565	*	Oportun Financial Corp		155
	7,363		Oppenheimer Holdings, Inc		160
	23,694	e	Orchid Island Capital, Inc		112

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	47,765		PennyMac Mortgage Investment Trust	$	837
	17,372	*	Pico Holdings, Inc		146
	10,272		Piper Jaffray Cos		608
	13,025		PJT Partners, Inc		669
	33,753	*	PRA Group, Inc		1,305
	9,591		Pzena Investment Management, Inc (Class A)		52
	73,024		Raymond James Financial, Inc		5,026
	11,012		Ready Capital Corp		96
	49,700		Redwood Trust, Inc		348
	8,577	*	Regional Management Corp		152
	144,416		S&P Global, Inc		47,582
	16,951		Safeguard Scientifics, Inc		119
	57,054		Santander Consumer USA Holdings, Inc		1,050
	10,879		Sculptor Capital Management, Inc		141
	69,090		SEI Investments Co		3,799
	5,338		Silvercrest Asset Management Group, Inc		68
	211,103		SLM Corp		1,484
	153,692		Starwood Property Trust, Inc		2,299
	210,813		State Street Corp		13,397
	38,350		Stifel Financial Corp		1,819
	11,369	*	StoneX Group, Inc		625
	348,966		Synchrony Financial		7,733
	135,508		T Rowe Price Group, Inc		16,735
	155,302		TD Ameritrade Holding Corp		5,650
	7,897		TPG RE Finance Trust, Inc		68
	49,135		Tradeweb Markets, Inc		2,857
	174,270		Two Harbors Investment Corp		878
	37,412		Virtu Financial, Inc		883
	4,800		Virtus Investment Partners, Inc		558
	74,871		Voya Financial, Inc		3,493
	22,709		Waddell & Reed Financial, Inc (Class A)		352
	28,538	e	Western Asset Mortgage Capital Corp		78
	5,409		Westwood Holdings Group, Inc		85
	84,317		WisdomTree Investments, Inc		293
	4,248	*,e	World Acceptance Corp		278
			TOTAL DIVERSIFIED FINANCIALS		589,034

ENERGY - 2.6%
	146,439		Antero Midstream Corp		747
	132,421	*,e	Antero Resources Corp		336
	241,520		Apache Corp		3,260
	9,586	*	Arch Resources, Inc		272
	85,865		Archrock, Inc		557
	20,832		Ardmore Shipping Corp		90
	408,098		Baker Hughes Co		6,281
	36,376		Berry Petroleum Co LLC		176
	14,562	*	Bonanza Creek Energy, Inc		216
	10,396		Brigham Minerals, Inc		128
	4,788	*	Bristow Group, Inc		67
	248,510		Cabot Oil & Gas Corp		4,269
	16,011		Cactus, Inc		330
	110,556	*	ChampionX Corp		1,079
	138,494	*	Cheniere Energy, Inc		6,692
	1,121,304		Chevron Corp		100,054

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	49,611		Cimarex Energy Co	$	1,364
	96,211	*	Clean Energy Fuels Corp		214
	128,347	*	CNX Resources Corp		1,110
	120,147		Concho Resources, Inc		6,188
	643,987		ConocoPhillips		27,060
	20,666	*,e	CONSOL Energy, Inc		105
	53,393	*	Contango Oil & Gas Co		122
	32,957	e	Continental Resources, Inc		578
	11,149		CVR Energy, Inc		224
	26,329		Delek US Holdings, Inc		458
	242,317		Devon Energy Corp		2,748
	55,111		DHT Holdings, Inc		283
	14,000	*,e	Diamond S Shipping Inc		112
	92,205		Diamondback Energy, Inc		3,856
	9,586		DMC Global, Inc		265
	20,589	*	Dorian LPG Ltd		159
	27,635	*	Dril-Quip, Inc		823
	7,121	*	Earthstone Energy, Inc		20
	155,692		EnCana Corp		1,487
	56,201	*,e	Energy Fuels, Inc		85
	349,001		EOG Resources, Inc		17,680
	153,612		EQT Corp		1,828
	246,829	e	Equitrans Midstream Corp		2,051
	17,517		Evolution Petroleum Corp		49
	23,313	*	Exterran Corp		126
	2,538,479	d	Exxon Mobil Corp		113,521
	24,885		Falcon Minerals Corp		80
	36,662	*	Frank’s International NV		82
	70,150		Frontline Ltd		490
	69,477	*	Golar LNG Ltd		503
	26,945	*,e	Green Plains Inc		275
	109,431	*	Gulfport Energy Corp		119
	533,070		Halliburton Co		6,919
	100,808	*	Helix Energy Solutions Group, Inc		350
	52,744		Helmerich & Payne, Inc		1,029
	170,660		Hess Corp		8,842
	97,848		HollyFrontier Corp		2,857
	20,967		International Seaways, Inc		343
	1,165,460		Kinder Morgan, Inc		17,680
	234,852		Kosmos Energy Ltd		390
	9,873	e	Liberty Oilfield Services, Inc		54
	65,268	*	Magnolia Oil & Gas Corp		395
	503,108	e	Marathon Oil Corp		3,079
	387,559		Marathon Petroleum Corp		14,487
	64,577	*	Matador Resources Co		549
	19,934	*	Matrix Service Co		194
	4,077	*	Montage Resources Corp		16
	86,947	e	Murphy Oil Corp		1,200
	4,061	*,e	Nabors Industries Ltd		150
	256,371	e	National Oilwell Varco, Inc		3,141
	63,344	*	Newpark Resources, Inc		141
	76,759	*	NexTier Oilfield Solutions, Inc		188
	284,931		Noble Energy, Inc		2,553
	68,002	e	Nordic American Tankers Ltd		276

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	486,306		Occidental Petroleum Corp	$	8,899
	71,446	*	Oceaneering International, Inc		457
	38,178	*	Oil States International, Inc		181
	254,378		ONEOK, Inc		8,450
	26,237	*	Overseas Shipholding Group, Inc		49
	23,180	*	Par Pacific Holdings, Inc		208
	177,587	e	Parsley Energy, Inc		1,897
	150,779		Patterson-UTI Energy, Inc		523
	78,916		PBF Energy, Inc		808
	44,499	*	PDC Energy, Inc		554
	54,624		Peabody Energy Corp		157
	10,090	*	Penn Virginia Corp		96
	261,435		Phillips 66		18,797
	98,294		Pioneer Natural Resources Co		9,603
	48,018	*	ProPetro Holding Corp		247
	139,657		Range Resources Corp		786
	27,182	*,e	Renewable Energy Group, Inc		674
	4,186	*	Rex American Resources Corp		290
	42,512	*,e	RPC, Inc		131
	832,069		Schlumberger Ltd		15,302
	12,739	e	Scorpio Tankers, Inc		163
	11,768	*	SEACOR Holdings, Inc		333
	6,869	*,e	Select Energy Services, Inc		34
	45,041	e	SFL Corp Ltd		418
	80,594		SM Energy Co		302
	6,855	e	Solaris Oilfield Infrastructure, Inc		51
	264,381	*	Southwestern Energy Co		677
	13,911	*	Talos Energy, Inc		128
	141,390		Targa Resources Investments, Inc		2,838
	39,279	*,e	Tellurian, Inc		45
	16,234	*	Tidewater, Inc		91
	343,005	*,e	Transocean Ltd (NYSE)		628
	95,169	*,e	Uranium Energy Corp		84
	58,687	e	US Silica Holdings, Inc		212
	246,390		Valero Energy Corp		14,493
	14,396	*,e	W&T Offshore, Inc		33
	728,131		Williams Cos, Inc		13,849
	29,960		World Fuel Services Corp		772
	284,313	*	WPX Energy, Inc		1,814
			TOTAL ENERGY		478,526

FOOD & STAPLES RETAILING - 1.3%
	19,849		Andersons, Inc		273
	22,168		Casey’s General Stores, Inc		3,315
	14,374	*,e	Chefs’ Warehouse Holdings, Inc		195
	264,671		Costco Wholesale Corp		80,251
	32,707	*	Grocery Outlet Holding Corp		1,334
	21,180	*	HF Foods Group Inc		192
	10,217	e	Ingles Markets, Inc (Class A)		440
	472,071		Kroger Co		15,980
	6,410		Natural Grocers by Vitamin C		95
	70,016	*,e	Performance Food Group Co		2,040
	14,866		Pricesmart, Inc		897
	38,176	*,e	Rite Aid Corp		651

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	27,344		SpartanNash Co	$	581
	72,919	*	Sprouts Farmers Market, Inc		1,866
	295,000		SYSCO Corp		16,125
	36,929	*	United Natural Foods, Inc		672
	129,589	*	US Foods Holding Corp		2,555
	4,843		Village Super Market (Class A)		134
	439,201		Walgreens Boots Alliance, Inc		18,618
	835,845		Walmart, Inc		100,118
	4,684		Weis Markets, Inc		235
			TOTAL FOOD & STAPLES RETAILING		246,567

FOOD, BEVERAGE & TOBACCO - 3.2%
	2,296		Alico, Inc		72
	1,115,286		Altria Group, Inc		43,775
	327,930		Archer-Daniels-Midland Co		13,084
	48,393	e	B&G Foods, Inc (Class A)		1,180
	29,996	*	Beyond Meat, Inc		4,019
	4,644	*,e	Boston Beer Co, Inc (Class A)		2,492
	29,231		Brown-Forman Corp (Class A)		1,683
	108,142		Brown-Forman Corp (Class B)		6,884
	82,637		Bunge Ltd		3,399
	11,455		Calavo Growers, Inc		721
	22,629	*	Cal-Maine Foods, Inc		1,007
	99,585		Campbell Soup Co		4,942
	20,431	*	Celsius Holdings, Inc		240
	2,318,733		Coca-Cola Co		103,601
	3,092		Coca-Cola Consolidated Inc		709
	290,706		ConAgra Brands, Inc		10,224
	95,233		Constellation Brands, Inc (Class A)		16,661
	7,653	*,e	Craft Brewers Alliance, Inc		118
	96,358	*	Darling International, Inc		2,372
	5,320	*	Farmer Bros Co		39
	103,413		Flowers Foods, Inc		2,312
	20,613		Fresh Del Monte Produce, Inc		507
	23,047	*	Freshpet, Inc		1,928
	363,715		General Mills, Inc		22,423
	50,738	*	Hain Celestial Group, Inc		1,599
	90,196		Hershey Co		11,691
	163,534		Hormel Foods Corp		7,894
	57,996	*	Hostess Brands, Inc		709
	40,912		Ingredion, Inc		3,396
	10,369	e	J&J Snack Foods Corp		1,318
	67,954		J.M. Smucker Co		7,190
	5,780		John B. Sanfilippo & Son, Inc		493
	151,452		Kellogg Co		10,005
	204,467		Keurig Dr Pepper, Inc		5,807
	387,803		Kraft Heinz Co		12,367
	86,473		Lamb Weston Holdings, Inc		5,528
	13,060		Lancaster Colony Corp		2,024
	19,323	*	Landec Corp		154
	8,386		Limoneira Co		122
	73,868		McCormick & Co, Inc		13,253
	9,193	e	MGP Ingredients, Inc		337
	100,662		Molson Coors Brewing Co (Class B)		3,459

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	846,869		Mondelez International, Inc	$	43,300
	221,146	*	Monster Beverage Corp		15,330
	8,574	*,e	National Beverage Corp		523
	46,743	*,e	New Age Beverages Corp		72
	832,524		PepsiCo, Inc		110,110
	933,285		Philip Morris International, Inc		65,386
	34,513	*	Pilgrim’s Pride Corp		583
	35,377	*	Post Holdings, Inc		3,100
	92,946		Primo Water Corp		1,278
	11,652		Sanderson Farms, Inc		1,350
	192		Seaboard Corp		563
	5,451	*	Seneca Foods Corp		184
	40,880	*	Simply Good Foods Co		760
	11,646	e	Tootsie Roll Industries, Inc		399
	29,630	*	TreeHouse Foods, Inc		1,298
	4,760	e	Turning Point Brands, Inc		119
	176,288		Tyson Foods, Inc (Class A)		10,526
	14,454		Universal Corp		614
	53,131		Vector Group Ltd		534
			TOTAL FOOD, BEVERAGE & TOBACCO		587,767

HEALTH CARE EQUIPMENT & SERVICES - 6.5%
	12,693	*	1Life Healthcare, Inc		461
	1,036,767		Abbott Laboratories		94,792
	25,665	*	Abiomed, Inc		6,200
	56,824	*	Acadia Healthcare Co, Inc		1,427
	58,290	*	Accuray, Inc		118
	5,501	*	Addus HomeCare Corp		509
	46,444	*	Align Technology, Inc		12,746
	133,589	*	Allscripts Healthcare Solutions, Inc		904
	19,731	*	Amedisys, Inc		3,917
	6,596	*,e	American Renal Associates Holdings, Inc		43
	89,196		AmerisourceBergen Corp		8,988
	31,962	*,e	AMN Healthcare Services, Inc		1,446
	26,107	*	Angiodynamics, Inc		265
	104,354	*	Antares Pharma, Inc		287
	151,311		Anthem, Inc		39,792
	16,786	*,e	Apollo Medical Holdings, Inc		277
	22,609	*	AtriCure, Inc		1,016
	1,019		Atrion Corp		649
	33,829	*,e	Avanos Medical, Inc		994
	18,090	*,e	AxoGen, Inc		167
	9,978	*,e	Axonics Modulation Technologies, Inc		350
	305,282		Baxter International, Inc		26,285
	161,814		Becton Dickinson & Co		38,717
	19,708	*	BioTelemetry, Inc		891
	838,467	*	Boston Scientific Corp		29,439
	135,933	*	Brookdale Senior Living, Inc		401
	25,974		Cantel Medical Corp		1,149
	175,363		Cardinal Health, Inc		9,152
	23,626	*	Cardiovascular Systems, Inc		745
	344,224	*	Centene Corp		21,875
	185,847		Cerner Corp		12,740
	71,510	*	Cerus Corp		472

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	138,891	*	Change Healthcare, Inc	$	1,556
	9,197		Chemed Corp		4,148
	217,051		Cigna Corp		40,730
	15,433	*,e	Co-Diagnostics, Inc		299
	8,700		Computer Programs & Systems, Inc		198
	19,875	e	Conmed Corp		1,431
	28,533		Cooper Cos, Inc		8,093
	7,512	*	Corvel Corp		532
	39,829	*	Covetrus, Inc		713
	25,224	*	Cross Country Healthcare, Inc		155
	23,064	*	CryoLife, Inc		442
	16,944	*,e	CryoPort, Inc		513
	10,004	*,e	Cutera, Inc		122
	785,769		CVS Health Corp		51,051
	19,235	*,e	CytoSorbents Corp		190
	377,368		Danaher Corp		66,730
	53,875	*	DaVita, Inc		4,264
	130,875		Dentsply Sirona, Inc		5,766
	54,958	*	DexCom, Inc		22,280
	369,727	*	Edwards Lifesciences Corp		25,552
	62,923		Encompass Health Corp		3,897
	35,447		Ensign Group, Inc		1,483
	90,976	*	Envista Holdings Corp		1,919
	27,058	*	Enzo Biochem, Inc		61
	45,708	*,e	Evolent Health, Inc		325
	30,765	*	GenMark Diagnostics, Inc		453
	20,642	*,e	Glaukos Corp		793
	48,523	*	Globus Medical, Inc		2,315
	44,457	*	Guardant Health, Inc		3,607
	31,065	*	Haemonetics Corp		2,782
	23,398	*	Hanger Inc		387
	159,763		HCA Healthcare, Inc		15,507
	11,667	*	Health Catalyst, Inc		340
	41,555	*	HealthEquity, Inc		2,438
	18,780	*	HealthStream, Inc		416
	91,104	*	Henry Schein, Inc		5,320
	4,605	*	Heska Corp		429
	42,299		Hill-Rom Holdings, Inc		4,644
	44,045	*	HMS Holdings Corp		1,427
	153,523	*	Hologic, Inc		8,751
	79,236		Humana, Inc		30,724
	10,885	*	ICU Medical, Inc		2,006
	50,382	*	IDEXX Laboratories, Inc		16,634
	12,244	*,e	Inogen, Inc		435
	43,464	*	Inovalon Holdings, Inc		837
	15,579	*	Inspire Medical Systems, Inc		1,356
	38,127	*	Insulet Corp		7,407
	22,691	*	Integer Holding Corp		1,658
	44,740	*,e	Integra LifeSciences Holdings Corp		2,102
	4,136	*,e	IntriCon Corp		56
	69,466	*	Intuitive Surgical, Inc		39,584
	23,110	e	Invacare Corp		147
	16,105	*	iRhythm Technologies, Inc		1,866
	59,597	*	Laboratory Corp of America Holdings		9,900

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	34,224	*	Lantheus Holdings, Inc	$	489
	9,523		LeMaitre Vascular, Inc		251
	19,826	*	LHC Group, Inc		3,456
	33,006	*	LivaNova plc		1,589
	31,655	*,e	Livongo Health, Inc		2,380
	16,931	*	Magellan Health Services, Inc		1,236
	29,131	*	Masimo Corp		6,642
	98,231		McKesson Corp		15,071
	43,753	*	MEDNAX, Inc		748
	804,567		Medtronic plc		73,779
	31,965	*	Meridian Bioscience, Inc		744
	35,220	*	Merit Medical Systems, Inc		1,608
	2,255	e	Mesa Laboratories, Inc		489
	37,031	*,e	Molina Healthcare, Inc		6,591
	7,753		National Healthcare Corp		492
	5,598		National Research Corp		326
	24,197	*	Natus Medical, Inc		528
	35,733	*	Neogen Corp		2,773
	19,942	*	Nevro Corp		2,382
	37,773	*	NextGen Healthcare, Inc		415
	54,721	*	Novocure Ltd		3,245
	36,380	*	NuVasive, Inc		2,025
	26,681	*	Omnicell, Inc		1,884
	21,564	*	Option Care Health, Inc		299
	40,487	*	OraSure Technologies, Inc		471
	12,159	*	Orthofix Medical Inc		389
	5,177	*,e	OrthoPediatrics Corp		227
	43,714		Owens & Minor, Inc		333
	57,408	e	Patterson Cos, Inc		1,263
	17,723	*	Pennant Group, Inc		401
	17,918	*	Penumbra, Inc		3,204
	5,304	*,e	PetIQ, Inc		185
	16,748	*	Phreesia, Inc		474
	42,075	*	PPD, Inc		1,128
	33,935	*	Premier, Inc		1,163
	15,686	*	Progyny, Inc		405
	8,662	*	Providence Service Corp		683
	1,366	*,e	Pulse Biosciences, Inc		14
	81,012		Quest Diagnostics, Inc		9,232
	20,943	*	Quidel Corp		4,686
	36,034	*	Quotient Ltd		267
	72,154	*	R1 RCM, Inc		804
	25,914	*	RadNet, Inc		411
	86,671		Resmed, Inc		16,641
	37,335	*,e	Rockwell Medical, Inc		73
	38,631	*	RTI Surgical Holdings Inc		123
	15,644	*	SeaSpine Holdings Corp		164
	77,335	*	Select Medical Holdings Corp		1,139
	15,867	*	Shockwave Medical Inc		752
	10,272	*	SI-BONE, Inc		164
	10,185	*	Sientra, Inc		39
	18,916	*	Silk Road Medical Inc		792
	7,680		Simulations Plus, Inc		459
	26,141	*	Staar Surgical Co		1,609

293

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	50,626		STERIS plc	$	7,768
	209,351		Stryker Corp		37,723
	13,353	*	Surgery Partners, Inc		154
	10,275	*	SurModics, Inc		444
	6,560	*,e	Tabula Rasa HealthCare, Inc		359
	6,719	*,e	Tactile Systems Technology, Inc		278
	35,006	*	Tandem Diabetes Care, Inc		3,463
	44,411	*	Teladoc, Inc		8,475
	28,206		Teleflex, Inc		10,266
	59,665	*	Tenet Healthcare Corp		1,081
	30,967	*,e	Tivity Health, Inc		351
	11,786	*	Transmedics Group, Inc		211
	18,960	*	Triple-S Management Corp (Class B)		361
	566,232		UnitedHealth Group, Inc		167,010
	44,084		Universal Health Services, Inc (Class B)		4,095
	9,158	e	US Physical Therapy, Inc		742
	2,349	e	Utah Medical Products, Inc		208
	7,211	*	Vapotherm, Inc		296
	27,229	*	Varex Imaging Corp		412
	56,947	*	Varian Medical Systems, Inc		6,977
	79,245	*	Veeva Systems, Inc		18,577
	20,450	*	Viemed Healthcare, Inc		196
	19,827	*,e	ViewRay, Inc		44
	20,093	*,e	Vocera Communications, Inc		426
	44,107		West Pharmaceutical Services, Inc		10,020
	76,096	*,e	Wright Medical Group NV		2,262
	124,071		Zimmer Biomet Holdings, Inc		14,809
	9,856	*	Zynex Inc		245
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,198,375

HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
	25,021	*	BellRing Brands, Inc		499
	7,431	*,e	Central Garden & Pet Co		267
	24,471	*	Central Garden and Pet Co (Class A)		827
	145,069		Church & Dwight Co, Inc		11,214
	74,889		Clorox Co		16,428
	504,317		Colgate-Palmolive Co		36,946
	215,270		Coty, Inc		962
	41,449	*	Edgewell Personal Care Co		1,292
	15,146	*	elf Beauty, Inc		289
	37,105		Energizer Holdings, Inc		1,762
	132,280		Estee Lauder Cos (Class A)		24,959
	60,686	*	Herbalife Nutrition Ltd		2,730
	12,258		Inter Parfums, Inc		590
	203,737		Kimberly-Clark Corp		28,798
	7,966	e	Medifast, Inc		1,106
	5,868	*	Nature’s Sunshine Products, Inc		53
	36,417		Nu Skin Enterprises, Inc (Class A)		1,392
	3,981		Oil-Dri Corp of America		138
	1,461,710		Procter & Gamble Co		174,777
	8,319	*,e	Revlon, Inc (Class A)		82
	29,272		Reynolds Consumer Products Inc		1,017
	27,100	e	Spectrum Brands Holdings, Inc		1,244
	8,349	*	USANA Health Sciences, Inc		613

294

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,178	e	WD-40 Co	$	1,423
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		309,408

INSURANCE - 3.2%
	425,457		Aflac, Inc		15,329
	8,152		Alleghany Corp		3,987
	187,860		Allstate Corp		18,221
	32,424	*	AMBAC Financial Group, Inc		464
	39,602		American Equity Investment Life Holding Co		979
	43,725		American Financial Group, Inc		2,775
	516,480		American International Group, Inc		16,104
	5,469		American National Insurance Co		394
	13,468		Amerisafe, Inc		824
	137,468		Aon plc		26,476
	229,608	*	Arch Capital Group Ltd		6,578
	24,041	*	Argo Group International Holdings Ltd		837
	112,850		Arthur J. Gallagher & Co		11,002
	35,672		Assurant, Inc		3,685
	61,872		Assured Guaranty Ltd		1,510
	69,091	*	Athene Holding Ltd		2,155
	49,119		Axis Capital Holdings Ltd		1,992
	8,194	*	Benefytt Technologies, Inc		168
	1,169,401	*	Berkshire Hathaway, Inc (Class B)		208,750
	58,778	*	Brighthouse Financial, Inc		1,635
	144,728		Brown & Brown, Inc		5,899
	11,865	*	BRP Group, Inc		205
	269,522		Chubb Ltd		34,127
	89,646		Cincinnati Financial Corp		5,740
	32,879	*,e	Citizens, Inc (Class A)		197
	6,112		CNA Financial Corp		196
	66,761		Conseco, Inc		1,039
	7,812		Donegal Group, Inc (Class A)		111
	15,165	*	eHealth, Inc		1,490
	23,170		Employers Holdings, Inc		699
	5,156	*	Enstar Group Ltd		788
	15,223	e	Erie Indemnity Co (Class A)		2,921
	24,282		Everest Re Group Ltd		5,007
	7,071		FBL Financial Group, Inc (Class A)		254
	10,321		FedNat Holding Co		114
	168,274		Fidelity National Financial Inc		5,159
	67,815		First American Financial Corp		3,256
	311,286	*	Genworth Financial, Inc (Class A)		719
	6,929		Global Indemnity Ltd		166
	59,180		Globe Life, Inc		4,393
	6,616	*,e	Goosehead Insurance, Inc		497
	20,683	*,e	Greenlight Capital Re Ltd (Class A)		135
	22,092		Hanover Insurance Group, Inc		2,239
	216,161		Hartford Financial Services Group, Inc		8,333
	5,533		HCI Group, Inc		256
	18,411		Heritage Insurance Holdings, Inc		241
	29,606		Horace Mann Educators Corp		1,087
	5,237		Independence Holding Co		160
	1,119		Investors Title Co		136
	12,617		James River Group Holdings Ltd		568

295

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	38,336		Kemper Corp	$	2,780
	10,502		Kinsale Capital Group, Inc		1,630
	108,445		Lincoln National Corp		3,990
	143,403		Loews Corp		4,917
	7,794	*	Markel Corp		7,195
	303,403		Marsh & McLennan Cos, Inc		32,576
	59,989	*,e	MBIA, Inc		435
	20,342		Mercury General Corp		829
	460,914		Metlife, Inc		16,833
	35,673		National General Holdings Corp		771
	1,551		National Western Life Group, Inc		315
	7,308	*	NI Holdings, Inc		108
	167,351		Old Republic International Corp		2,729
	7,880	*	Palomar Holdings, Inc		676
	23,895		Primerica, Inc		2,786
	160,225		Principal Financial Group		6,656
	37,307		ProAssurance Corp		540
	351,914		Progressive Corp		28,192
	6,904		Protective Insurance Corp		104
	235,888		Prudential Financial, Inc		14,366
	37,637		Reinsurance Group of America, Inc (Class A)		2,952
	28,312		RenaissanceRe Holdings Ltd		4,842
	23,570		RLI Corp		1,935
	11,093		Safety Insurance Group, Inc		846
	35,222		Selective Insurance Group, Inc		1,858
	11,039		State Auto Financial Corp		197
	15,315		Stewart Information Services Corp		498
	51,271	*	Third Point Reinsurance Ltd		385
	22,143		Tiptree Inc		143
	151,513		Travelers Cos, Inc		17,280
	15,868	*,e	Trupanion, Inc		677
	16,104		United Fire Group Inc		446
	12,682		United Insurance Holdings Corp		99
	22,402		Universal Insurance Holdings, Inc		398
	121,437		Unum Group		2,015
	83,367		W.R. Berkley Corp		4,776
	13,074	*	Watford Holdings Ltd		218
	1,751		White Mountains Insurance Group Ltd		1,555
	76,877		Willis Towers Watson plc		15,141
			TOTAL INSURANCE		594,686

MATERIALS - 2.7%
	15,014	e	Advanced Emissions Solutions, Inc		73
	22,501	*	AdvanSix, Inc		264
	132,273		Air Products & Chemicals, Inc		31,939
	66,965	e	Albemarle Corp		5,170
	122,406	*	Alcoa Corp		1,376
	78,013	*	Allegheny Technologies, Inc		795
	960,658		Amcor plc		9,808
	20,501		American Vanguard Corp		282
	41,780	*	Amyris, Inc		178
	36,989		Aptargroup, Inc		4,142
	57,334	*	Arconic Corp		799
	13,288		Ardagh Group S.A.		172

296

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	36,159		Ashland Global Holdings, Inc	$	2,499
	52,341		Avery Dennison Corp		5,972
	113,646	*	Axalta Coating Systems Ltd		2,563
	19,086		Balchem Corp		1,810
	191,051		Ball Corp		13,276
	79,377	*	Berry Global Group, Inc		3,518
	27,727		Boise Cascade Co		1,043
	31,457		Cabot Corp		1,165
	31,590		Carpenter Technology Corp		767
	68,757		Celanese Corp (Series A)		5,936
	36,798	*,e	Century Aluminum Co		262
	127,807		CF Industries Holdings, Inc		3,596
	5,158		Chase Corp		529
	96,050		Chemours Co		1,474
	11,678	*	Clearwater Paper Corp		422
	234,932	e	Cleveland-Cliffs, Inc		1,297
	119,550	*	Coeur Mining, Inc		607
	66,530		Commercial Metals Co		1,357
	20,319		Compass Minerals International, Inc		991
	453,915		Corteva, Inc		12,160
	76,387	*	Crown Holdings, Inc		4,975
	32,116		Domtar Corp		678
	452,546		Dow, Inc		18,446
	440,615		DuPont de Nemours, Inc		23,410
	24,696		Eagle Materials, Inc		1,734
	81,165		Eastman Chemical Co		5,652
	149,312		Ecolab, Inc		29,706
	159,281	*	Element Solutions, Inc		1,728
	60,041	*	Ferro Corp		717
	47,286	*,†	Ferroglobe plc		0
	77,164		FMC Corp		7,687
	887,503		Freeport-McMoRan, Inc (Class B)		10,268
	17,819		FutureFuel Corp		213
	23,656	*	GCP Applied Technologies, Inc		440
	39,231		Gold Resource Corp		161
	186,442		Graphic Packaging Holding Co		2,608
	18,292		Greif, Inc (Class A)		629
	3,993		Greif, Inc (Class B)		167
	34,325		H.B. Fuller Co		1,531
	7,923		Hawkins, Inc		337
	9,402		Haynes International, Inc		220
	335,463		Hecla Mining Co		1,097
	119,837		Huntsman Corp		2,153
	30,403	*	Ingevity Corp		1,598
	11,273		Innospec, Inc		871
	64,736		International Flavors & Fragrances, Inc		7,928
	235,393		International Paper Co		8,288
	67,354	*	Intrepid Potash, Inc		67
	12,178		Kaiser Aluminum Corp		897
	15,231	*	Koppers Holdings, Inc		287
	21,628	*	Kraton Corp		374
	14,288	e	Kronos Worldwide, Inc		149
	315,034		Linde plc		66,822
	93,236	*,e	Livent Corp		574

297

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	80,217		Louisiana-Pacific Corp	$	2,058
	153,553		LyondellBasell Industries NV		10,091
	37,207		Martin Marietta Materials, Inc		7,686
	14,781		Materion Corp		909
	23,990		Minerals Technologies, Inc		1,126
	233,459		Mosaic Co		2,921
	18,118		Myers Industries, Inc		264
	10,909		Neenah Inc		540
	4,083		NewMarket Corp		1,635
	481,230		Newmont Goldcorp Corp		29,711
	149,512	*	Novagold Resources Inc		1,372
	174,843		Nucor Corp		7,240
	90,414		O-I Glass, Inc		812
	85,291		Olin Corp		980
	6,559		Olympic Steel, Inc		77
	38,461		Orion Engineered Carbons SA		407
	58,185		Packaging Corp of America		5,807
	32,454	e	PH Glatfelter Co		521
	58,890		PolyOne Corp		1,545
	139,917		PPG Industries, Inc		14,840
	20,162	*	PQ Group Holdings, Inc		267
	9,399	e	Quaker Chemical Corp		1,745
	31,957	*	Rayonier Advanced Materials, Inc		90
	37,719		Reliance Steel & Aluminum Co		3,581
	41,577		Royal Gold, Inc		5,169
	73,050		RPM International, Inc		5,483
	8,418	*	Ryerson Holding Corp		47
	19,399		Schnitzer Steel Industries, Inc (Class A)		342
	20,766		Schweitzer-Mauduit International, Inc		694
	24,552		Scotts Miracle-Gro Co (Class A)		3,301
	93,004		Sealed Air Corp		3,055
	23,291		Sensient Technologies Corp		1,215
	49,394		Sherwin-Williams Co		28,542
	47,046		Silgan Holdings, Inc		1,524
	58,033		Sonoco Products Co		3,035
	49,392		Southern Copper Corp (NY)		1,964
	120,908		Steel Dynamics, Inc		3,154
	14,267		Stepan Co		1,385
	78,354	*	Summit Materials, Inc		1,260
	48,451		SunCoke Energy, Inc		143
	29,755	*	TimkenSteel Corp		116
	15,246	*	Trecora Resources		96
	19,671		Tredegar Corp		303
	23,427		Trinseo S.A.		519
	47,159		Tronox Holdings plc		340
	31,994		UFP Industries, Inc		1,584
	4,630	*	UFP Technologies, Inc		204
	1,357		United States Lime & Minerals, Inc		115
	113,186	e	United States Steel Corp		817
	11,048	*	US Concrete, Inc		274
	92,954		Valvoline, Inc		1,797
	22,885		Verso Corp		274
	80,224		Vulcan Materials Co		9,294
	11,178		Warrior Met Coal, Inc		172

298

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	24,489		Westlake Chemical Corp	$	1,314
	152,608		WestRock Co		4,313
	13,987		Worthington Industries, Inc		522
	32,691		WR Grace and Co		1,661
			TOTAL MATERIALS		498,907

MEDIA & ENTERTAINMENT - 8.0%
	461,044		Activision Blizzard, Inc		34,993
	180,056	*	Alphabet, Inc (Class A)		255,328
	177,733	*	Alphabet, Inc (Class C)		251,245
	190,887	*	Altice USA, Inc		4,303
	39,663	e	AMC Entertainment Holdings, Inc		170
	16,067	*	AMC Networks, Inc		376
	7,321	*	Black Diamond Therapeutics, Inc		309
	3,042		Cable One, Inc		5,399
	15,383	*	Cardlytics, Inc		1,077
	51,402	*	Cargurus, Inc		1,303
	51,951	*	Cars.com, Inc		299
	57,360	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		203
	89,697	*	Charter Communications, Inc		45,749
	76,895		Cinemark Holdings, Inc		888
	2,717,984		Comcast Corp (Class A)		105,947
	31,610	*	comScore, Inc		98
	772	*,e	Daily Journal Corp		208
	89,117	*,e	Discovery, Inc (Class A)		1,880
	196,092	*	Discovery, Inc (Class C)		3,777
	156,886	*	DISH Network Corp (Class A)		5,414
	171,004	*	Electronic Arts, Inc		22,581
	88,350		Entercom Communications Corp (Class A)		122
	50,932		Entravision Communications Corp (Class A)		73
	20,620	*,e	Eros International plc		65
	23,593	*	Eventbrite Inc		202
	8,345	*	EverQuote Inc		485
	42,935		EW Scripps Co (Class A)		376
	1,440,298	*	Facebook, Inc		327,048
	10,504	*	Fluent, Inc		19
	207,531		Fox Corp (Class A)		5,566
	87,909		Fox Corp (Class B)		2,360
	6,584	*	Gaia, Inc		55
	83,211	*,e	Gannett Co, Inc		115
	54,344	*	Glu Mobile, Inc		504
	46,930	*	Gray Television, Inc		655
	11,523	*	Hemisphere Media Group, Inc		113
	35,623	*	iHeartMedia, Inc		297
	42,177	*	Imax Corp		473
	230,004		Interpublic Group of Cos, Inc		3,947
	30,218		John Wiley & Sons, Inc (Class A)		1,179
	7,655	*,e	Liberty Braves Group (Class A)		154
	25,374	*	Liberty Braves Group (Class C)		501
	12,929	*	Liberty Broadband Corp (Class A)		1,580
	63,254	*	Liberty Broadband Corp (Class C)		7,841
	15,619	*,e	Liberty Media Group (Class A)		456
	123,792	*,e	Liberty Media Group (Class C)		3,925

299

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	50,898	*	Liberty SiriusXM Group (Class A)	$	1,757
	98,761	*	Liberty SiriusXM Group (Class C)		3,402
	53,282	*	Liberty TripAdvisor Holdings, Inc		114
	37,150	*	Lions Gate Entertainment Corp (Class A)		275
	71,817	*	Lions Gate Entertainment Corp (Class B)		491
	88,266	*	Live Nation, Inc		3,913
	9,932		Loral Space & Communications, Inc		194
	13,200	*	Madison Square Garden Co		1,939
	13,200	*	Madison Square Garden Entertainment Corp		990
	14,211		Marcus Corp		189
	35,129	*,e	Match Group, Inc		3,761
	44,962	*	Match Group, Inc (Euro OTC)		14,541
	46,865	*	Meet Group, Inc		292
	5,731	e	Meredith Corp		83
	43,336	*,e	MSG Networks, Inc		431
	46,358		National CineMedia, Inc		138
	255,074	*	Netflix, Inc		116,069
	89,935		New York Times Co (Class A)		3,780
	232,243		News Corp (Class A)		2,754
	86,319		News Corp (Class B)		1,032
	26,017		Nexstar Media Group Inc		2,177
	131,619		Omnicom Group, Inc		7,186
	240,567	*	Pinterest, Inc		5,333
	20,643	*	QuinStreet, Inc		216
	60,893	*	Roku, Inc		7,096
	3,161		Saga Communications, Inc		81
	19,984		Scholastic Corp		598
	42,650	e	Sinclair Broadcast Group, Inc (Class A)		787
	706,019		Sirius XM Holdings, Inc		4,144
	78,401	*	Spotify Technology S.A.		20,242
	68,716	*	Take-Two Interactive Software, Inc		9,591
	12,153	*	TechTarget, Inc		365
	119,764		TEGNA, Inc		1,334
	15,283	e	Tribune Publishing Co		153
	71,015		TripAdvisor, Inc		1,350
	44,667	*	TrueCar, Inc		115
	459,581	*	Twitter, Inc		13,691
	4,594		ViacomCBS, Inc (Class A)		118
	335,479		ViacomCBS, Inc (Class B)		7,823
	1,084,039		Walt Disney Co		120,881
	15,148	*	WideOpenWest, Inc		80
	27,047	e	World Wrestling Entertainment, Inc (Class A)		1,175
	41,665	*	Yelp, Inc		964
	38,071	*	Zillow Group, Inc (Class A)		2,188
	76,096	*,e	Zillow Group, Inc (Class C)		4,384
	549,506	*	Zynga, Inc		5,242
			TOTAL MEDIA & ENTERTAINMENT		1,473,117

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3%
	32,568	*	10X Genomics, Inc		2,909
	1,056,636		AbbVie, Inc		103,741
	35,579	*	Abeona Therapeutics, Inc		104
	70,913	*	Acadia Pharmaceuticals, Inc		3,437
	18,841	*,e	Accelerate Diagnostics, Inc		286

300

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	27,490	*	Acceleron Pharma, Inc	$	2,619
	41,261	*	Adaptive Biotechnologies Corp		1,996
	42,500	*,e	ADMA Biologics, Inc		125
	39,587	*	Aduro Biotech, Inc		91
	36,900	*	Adverum Biotechnologies, Inc		770
	25,056	*	Aeglea BioTherapeutics, Inc		232
	21,807	*	Aerie Pharmaceuticals, Inc		322
	43,765	*	Affimed NV		202
	56,789	*	Agenus, Inc		223
	185,279		Agilent Technologies, Inc		16,373
	34,493	*	Agios Pharmaceuticals, Inc		1,845
	25,712	*,e	Aimmune Therapeutics, Inc		430
	10,845	*,e	Akcea Therapeutics, Inc		149
	62,063	*	Akebia Therapeutics, Inc		843
	6,662	*	Akero Therapeutics, Inc		166
	6,175	*	Albireo Pharma, Inc		164
	34,164	*,†	Alder Biopharmaceuticals Inc		30
	19,353	*	Alector, Inc		473
	129,884	*	Alexion Pharmaceuticals, Inc		14,578
	110,420	*	Alkermes plc		2,143
	12,247	*,e	Allakos, Inc		880
	28,864	*,e	Allogene Therapeutics, Inc		1,236
	68,830	*	Alnylam Pharmaceuticals, Inc		10,194
	25,493	*,e	AMAG Pharmaceuticals, Inc		195
	353,057		Amgen, Inc		83,272
	151,298	*	Amicus Therapeutics, Inc		2,282
	53,162	*,e	Amneal Pharmaceuticals, Inc		253
	25,774	*	Amphastar Pharmaceuticals, Inc		579
	12,566	*,e	AnaptysBio, Inc		281
	30,524	*	Anavex Life Sciences Corp		150
	5,767	*	ANI Pharmaceuticals, Inc		186
	10,943	*	Anika Therapeutics, Inc		413
	43,255	*	Apellis Pharmaceuticals, Inc		1,413
	2,776	*	Applied Therapeutics, Inc		100
	4,282	*	Aprea Therapeutics, Inc		166
	7,756	*	Arcturus Therapeutics Holdings, Inc		362
	20,717	*	Arcus Biosciences, Inc		513
	5,644	*	Arcutis Biotherapeutics, Inc		171
	22,973	*	Ardelyx, Inc		159
	33,642	*	Arena Pharmaceuticals, Inc		2,118
	58,978	*	Arrowhead Pharmaceuticals Inc		2,547
	11,368	*,e	Arvinas, Inc		381
	10,043	*	Assembly Biosciences, Inc		234
	34,194	*	Atara Biotherapeutics, Inc		498
	28,525	*,e	Athenex, Inc		392
	52,762	*,e	Athersys, Inc		146
	12,676	*	Atreca, Inc		270
	246,549	*	Avantor, Inc		4,191
	33,858	*	Avid Bioservices, Inc		222
	13,157	*,e	Avrobio, Inc		230
	15,727	*	Axsome Therapeutics, Inc		1,294
	7,336	*	Beam Therapeutics, Inc		205
	68,998	*	BioCryst Pharmaceuticals, Inc		329
	52,671	*,e	BioDelivery Sciences International, Inc		230

301

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	97,501	*	Biogen, Inc	$	26,086
	28,080	*	Biohaven Pharmaceutical Holding Co Ltd		2,053
	108,133	*	BioMarin Pharmaceutical, Inc		13,337
	12,637	*	Bio-Rad Laboratories, Inc (Class A)		5,705
	3,856	*	Biospecifics Technologies Corp		236
	23,799		Bio-Techne Corp		6,285
	6,302	*	Bioxcel Therapeutics Inc		334
	33,689	*	Bluebird Bio, Inc		2,056
	28,144	*	Blueprint Medicines Corp		2,195
	15,901	*,e	BrainStorm Cell Therapeutics, Inc		178
	46,072	*,e	Bridgebio Pharma, Inc		1,502
	1,357,920		Bristol-Myers Squibb Co		79,846
	63,170		Bruker BioSciences Corp		2,570
	21,820	*	Calithera Biosciences, Inc		115
	5,849	*,e	Calyxt, Inc		29
	19,366	*,e	Cara Therapeutics, Inc		331
	21,908	*,e	CareDx, Inc		776
	33,837	*,e	CASI Pharmaceuticals, Inc		85
	6,101	*	Castle Biosciences, Inc		230
	90,837	*	Catalent, Inc		6,658
	50,782	*	Catalyst Pharmaceuticals, Inc		235
	20,222	*,e	CEL-SCI Corp		302
	30,648	*	Charles River Laboratories International, Inc		5,343
	26,464	*	ChemoCentryx, Inc		1,523
	21,853	*	Chiasma, Inc		118
	30,594	*	Chimerix, Inc		95
	28,650	*,e	Clovis Oncology, Inc		193
	23,538	*	Codexis, Inc		268
	27,864	*,e	Coherus Biosciences, Inc		498
	16,286	*	Collegium Pharmaceutical, Inc		285
	11,239	*	Concert Pharmaceuticals, Inc		112
	9,720	*	Constellation Pharmaceuticals, Inc		292
	32,828	*,e	Corbus Pharmaceuticals Holdings, Inc		275
	65,375	*,e	Corcept Therapeutics, Inc		1,100
	7,159	*	Cortexyme Inc		331
	16,128	*	Crinetics Pharmaceuticals, Inc		283
	11,975	*	Cue Biopharma, Inc		293
	39,943	*	Cymabay Therapeutics, Inc		139
	30,153	*,e	Cytokinetics, Inc		711
	21,311	*	CytomX Therapeutics, Inc		178
	22,263	*	Deciphera Pharmaceuticals, Inc		1,330
	35,588	*	Denali Therapeutics, Inc		861
	30,105	*	Dicerna Pharmaceuticals, Inc		765
	117,742	*	Durect Corp		273
	35,256	*,e	Dynavax Technologies Corp		313
	6,368	*	Eagle Pharmaceuticals, Inc		306
	24,325	*,e	Editas Medicine, Inc		720
	10,671	*	Eidos Therapeutics, Inc		509
	14,062	*	Eiger BioPharmaceuticals, Inc		135
	242,422	*	Elanco Animal Health, Inc		5,200
	505,221		Eli Lilly & Co		82,947
	14,575	*,e	Eloxx Pharmaceuticals, Inc		44
	24,015	*	Emergent Biosolutions, Inc		1,899
	11,786	*	Enanta Pharmaceuticals, Inc		592

302

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	161,263	*	Endo International plc	$	553
	56,660	*,e	Epizyme, Inc		910
	9,694	*,e	Esperion Thereapeutics, Inc		497
	13,985	*	Evofem Biosciences Inc		40
	85,635	*	Exact Sciences Corp		7,445
	189,826	*	Exelixis, Inc		4,506
	42,216	*,e	Fate Therapeutics, Inc		1,448
	50,667	*	FibroGen, Inc		2,054
	19,800	*	Five Prime Therapeutics, Inc		121
	19,463	*,e	Flexion Therapeutics, Inc		256
	20,851	*	Fluidigm Corp		84
	16,778	*	Frequency Therapeutics, Inc		390
	20,311	*	G1 Therapeutics, Inc		493
	114,325	*	Geron Corp		249
	753,109		Gilead Sciences, Inc		57,944
	36,433	*	Global Blood Therapeutics, Inc		2,300
	22,784	*	GlycoMimetics, Inc		86
	12,922	*	Gossamer Bio, Inc		168
	79,065	*	Halozyme Therapeutics, Inc		2,120
	52,161	*,e	Heron Therapeutics, Inc		767
	11,341	*	Homology Medicines, Inc		172
	109,952	*,e	Horizon Therapeutics Plc		6,111
	2,211	*	IGM Biosciences, Inc		161
	87,972	*	Illumina, Inc		32,580
	65,469	*	Immunogen, Inc		301
	124,048	*	Immunomedics, Inc		4,396
	11,380	*	Immunovant, Inc		277
	110,207	*	Incyte Corp		11,458
	55,553	*,e	Innoviva, Inc		777
	85,599	*,e	Inovio Pharmaceuticals, Inc		2,307
	60,247	*	Insmed, Inc		1,659
	10,757	*,e	Intellia Therapeutics, Inc		226
	12,921	*	Intercept Pharmaceuticals, Inc		619
	18,642	*	Intersect ENT, Inc		252
	25,348	*	Intra-Cellular Therapies, Inc		651
	68,678	*,e	Invitae Corp		2,080
	79,163	*	Ionis Pharmaceuticals, Inc		4,667
	74,052	*	Iovance Biotherapeutics, Inc		2,033
	113,880	*	IQVIA Holdings, Inc		16,157
	95,014	*	Ironwood Pharmaceuticals, Inc		981
	26,875	*	IVERIC bio, Inc		137
	32,370	*	Jazz Pharmaceuticals plc		3,572
	1,581,665		Johnson & Johnson		222,430
	4,482	*,e	Jounce Therapeutics, Inc		31
	47,099	*	Kadmon Holdings, Inc		241
	5,857	*	Kala Pharmaceuticals, Inc		62
	9,228	*	Karuna Therapeutics, Inc		1,029
	46,110	*,e	Karyopharm Therapeutics, Inc		873
	4,158	*	Keros Therapeutics, Inc		156
	15,620	*	Kindred Biosciences, Inc		70
	11,321	*	Kiniksa Pharmaceuticals Ltd		288
	15,063	*,e	Kodiak Sciences, Inc		815
	5,660	*	Krystal Biotech Inc		234
	31,598	*	Kura Oncology, Inc		515

303

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,410	*,e	La Jolla Pharmaceutical Co	$	53
	19,506	*,e	Lannett Co, Inc		142
	30,110	*,e	Lexicon Pharmaceuticals, Inc		60
	8,586	*,e	Ligand Pharmaceuticals, Inc (Class B)		960
	31,134		Luminex Corp		1,013
	23,459	*	MacroGenics, Inc		655
	3,934	*,e	Madrigal Pharmaceuticals, Inc		446
	94,899	*,e	MannKind Corp		166
	24,678	*	Marinus Pharmaceuticals, Inc		63
	22,034	*,e	MediciNova, Inc		119
	17,824	*	Medpace Holdings, Inc		1,658
	61,495	*	MEI Pharma, Inc		254
	10,086	*	MeiraGTx Holdings plc		126
	1,515,299		Merck & Co, Inc		117,178
	27,294	*	Mersana Therapeutics, Inc		639
	14,126	*	Mettler-Toledo International, Inc		11,379
	18,922	*	Minerva Neurosciences, Inc		68
	21,876	*	Mirati Therapeutics, Inc		2,498
	160,850	*	Moderna, Inc		10,328
	33,966	*	Molecular Templates, Inc		468
	71,708	*	Momenta Pharmaceuticals, Inc		2,386
	8,159	*	Morphic Holding, Inc		221
	318,269	*	Mylan NV		5,118
	29,919	*	MyoKardia, Inc		2,891
	46,607	*	Myriad Genetics, Inc		529
	22,499	*	NanoString Technologies, Inc		660
	17,123	*	NantKwest, Inc		210
	39,201	*	Natera, Inc		1,955
	106,507	*	Nektar Therapeutics		2,467
	58,635	*	NeoGenomics, Inc		1,816
	17,673	*	Neoleukin Therapeutics, Inc		293
	57,167	*	Neurocrine Biosciences, Inc		6,974
	8,857	*	NextCure Inc		190
	15,360	*,e	NGM Biopharmaceuticals Inc		303
	34,678	*,e	Novavax, Inc		2,890
	13,115	*,e	Ocular Therapeutix, Inc		109
	7,487	*	Odonate Therapeutics, Inc		317
	29,642	*,e	Omeros Corp		436
	238,337	*,e	Opko Health, Inc		813
	10,903	*,e	Optinose, Inc		81
	5,193	*	ORIC Pharmaceuticals, Inc		175
	25,504	*	Ovid therapeutics, Inc		188
	55,440	*,e	Pacific Biosciences of California, Inc		191
	28,237	*,e	Pacira BioSciences Inc		1,482
	17,330	*	Paratek Pharmaceuticals, Inc		90
	8,093	*	Passage Bio, Inc		221
	120,653	*,e	PDL BioPharma, Inc		351
	66,642		PerkinElmer, Inc		6,537
	81,033		Perrigo Co plc		4,479
	11,655	*	Personalis, Inc		151
	18,762	*	Pfenex, Inc		157
	3,335,484		Pfizer, Inc		109,070
	6,396	*	Phathom Pharmaceuticals, Inc		210
	12,927		Phibro Animal Health Corp		340

304

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	24,527	*	Pieris Pharmaceuticals, Inc	$	76
	36,240	*	Portola Pharmaceuticals, Inc		652
	34,913	*	PRA Health Sciences, Inc		3,397
	22,592	*	Precision BioSciences Inc		188
	38,233	*,e	Prestige Consumer Healthcare, Inc.		1,436
	17,498	*	Principia Biopharma, Inc		1,046
	51,583	*,†	Progenics Pharmaceuticals, Inc		0
	13,443	*	Protagonist Therapeutics, Inc		237
	27,579	*	Prothena Corp plc		288
	25,243	*	Provention Bio, Inc		356
	37,990	*	PTC Therapeutics, Inc		1,928
	20,506	*,e	Puma Biotechnology, Inc		214
	136,855	*	QIAGEN NV		5,859
	6,148	*,e	Quanterix Corp		168
	27,010	*,e	Radius Health, Inc		368
	6,533	*	RAPT Therapeutics, Inc		190
	12,412	*	Reata Pharmaceuticals, Inc		1,937
	8,471	*	Recro Pharma, Inc		39
	57,988	*	Regeneron Pharmaceuticals, Inc		36,164
	19,715	*	REGENXBIO, Inc		726
	8,368	*	Relmada Therapeutics, Inc		374
	33,047	*	Repligen Corp		4,085
	10,254	*	Replimune Group, Inc		255
	25,726	*,e	Retrophin, Inc		525
	33,815	*,e	Revance Therapeutics, Inc		826
	8,731	*	REVOLUTION Medicines, Inc		276
	6,147	*	Rhythm Pharmaceuticals, Inc		137
	86,450	*,e	Rigel Pharmaceuticals, Inc		158
	20,281	*	Rocket Pharmaceuticals, Inc		424
	22,395	*,e	Rubius Therapeutics, Inc		134
	32,762	*	Sage Therapeutics, Inc		1,362
	52,234	*	Sangamo Therapeutics Inc		468
	44,554	*	Sarepta Therapeutics, Inc		7,144
	5,477	*	Satsuma Pharmaceuticals, Inc		158
	28,365	*	Scholar Rock Holding Corp		517
	8,484	*	Schrodinger, Inc		777
	72,859	*	Seattle Genetics, Inc		12,380
	13,345	*	Seres Therapeutics, Inc		64
	35,191	*,e	SIGA Technologies, Inc		208
	6,168	*	Solid Biosciences, Inc		18
	58,895	*,e	Sorrento Therapeutics, Inc		370
	56,104	*,e	Spectrum Pharmaceuticals, Inc		190
	6,568	*,e	SpringWorks Therapeutics, Inc		276
	10,464	*	Stoke Therapeutics, Inc		249
	34,621	*	Supernus Pharmaceuticals, Inc		822
	6,983	*,e	Syndax Pharmaceuticals, Inc		103
	39,474	*	Syneos Health, Inc		2,299
	9,466	*	Syros Pharmaceuticals, Inc		101
	9,709	*	TCR2 Therapeutics Inc		149
	57,481	*	TG Therapeutics, Inc		1,120
	114,084	*,e	TherapeuticsMD, Inc		143
	29,259	*,e	Theravance Biopharma, Inc		614
	236,888		Thermo Fisher Scientific, Inc		85,834
	18,965	*	Translate Bio, Inc		340

305

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,799	*	Tricida, Inc	$	214
	17,419	*	Turning Point Therapeutics Inc		1,125
	13,734	*	Twist Bioscience Corp		622
	68,656	*,e	Tyme Technologies, Inc		91
	33,751	*,e	Ultragenyx Pharmaceutical, Inc		2,640
	28,234	*	United Therapeutics Corp		3,416
	16,428	*,e	UNITY Biotechnology, Inc		143
	12,098	*,e	UroGen Pharma Ltd		316
	31,395	*	Vanda Pharmaceuticals, Inc		359
	102,172	*	VBI Vaccines, Inc		317
	29,749	*,e	Veracyte, Inc		770
	97,480	*	Verastem, Inc		168
	24,994	*	Vericel Corp		345
	155,655	*	Vertex Pharmaceuticals, Inc		45,188
	11,899	*	Viela Bio, Inc		515
	29,514	*,e	Viking Therapeutics, Inc		213
	27,553	*	Vir Biotechnology, Inc		1,129
	8,673	*	Voyager Therapeutics, Inc		109
	36,641	*	Waters Corp		6,610
	39,150	*,e	WaVe Life Sciences Ltd		408
	11,934	*,e	XBiotech, Inc		164
	27,098	*	Xencor, Inc		878
	13,141	*	Y-mAbs Therapeutics, Inc		568
	6,160	*	Zentalis Pharmaceuticals, Inc		296
	90,754	*,e	ZIOPHARM Oncology, Inc		298
	285,064		Zoetis, Inc		39,065
	33,098	*	Zogenix, Inc		894
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,517,771

REAL ESTATE - 3.6%
	36,029		Acadia Realty Trust		468
	31,682		Agree Realty Corp		2,082
	47,563		Alexander & Baldwin, Inc		580
	1,329		Alexander’s, Inc		320
	74,977		Alexandria Real Estate Equities, Inc		12,165
	8,343	*,e	Altisource Portfolio Solutions S.A.		123
	28,646		American Assets Trust, Inc		797
	84,782		American Campus Communities, Inc		2,964
	68,972	e	American Finance Trust, Inc		547
	164,177		American Homes 4 Rent		4,416
	264,561		American Tower Corp		68,400
	124,274		Americold Realty Trust		4,511
	80,063		Apartment Investment & Management Co		3,014
	113,878	e	Apple Hospitality REIT, Inc		1,100
	31,681		Armada Hoffler Properties, Inc		315
	84,670		AvalonBay Communities, Inc		13,093
	16,903		Bluerock Residential Growth REIT, Inc		137
	94,112		Boston Properties, Inc		8,506
	121,360		Brandywine Realty Trust		1,322
	188,541		Brixmor Property Group, Inc		2,417
	43,270	e	Brookfield Property REIT, Inc		431
	56,479		Camden Property Trust		5,152
	50,740		CareTrust REIT, Inc		871
	29,192		CatchMark Timber Trust, Inc		258

306

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	206,667	*	CBRE Group, Inc	$	9,345
	28,285		Chatham Lodging Trust		173
	21,833		City Office REIT, Inc		220
	10,462		Clipper Realty, Inc		85
	350,580		Colony Capital, Inc		841
	83,894		Columbia Property Trust, Inc		1,102
	9,586		Community Healthcare Trust, Inc		392
	49,610		CoreCivic, Inc		464
	9,299	e	CorEnergy Infrastructure Trust, Inc		85
	7,951		CorePoint Lodging, Inc		33
	24,055		Coresite Realty		2,912
	72,219		Corporate Office Properties Trust		1,830
	84,914		Cousins Properties, Inc		2,533
	249,155		Crown Castle International Corp		41,696
	3,235		CTO Realty Growth, Inc		128
	114,248	e	CubeSmart		3,084
	66,192	*	Cushman & Wakefield plc		825
	65,743		CyrusOne, Inc		4,783
	144,818		DiamondRock Hospitality Co		801
	157,725		Digital Realty Trust, Inc		22,414
	136,618		Diversified Healthcare Trust		605
	102,445		Douglas Emmett, Inc		3,141
	220,159		Duke Realty Corp		7,791
	45,779		Easterly Government Properties, Inc		1,058
	23,644		EastGroup Properties, Inc		2,804
	87,790		Empire State Realty Trust, Inc		615
	45,571	e	EPR Properties		1,510
	52,404		Equinix, Inc		36,803
	62,602		Equity Commonwealth		2,016
	106,022		Equity Lifestyle Properties, Inc		6,624
	220,120		Equity Residential		12,947
	50,764	e	Essential Properties Realty Trust, Inc		753
	39,045		Essex Property Trust, Inc		8,948
	14,218	*	eXp World Holdings Inc		242
	77,495	e	Extra Space Storage, Inc		7,158
	19,962	e	Farmland Partners, Inc		137
	43,819		Federal Realty Investment Trust		3,734
	67,202		First Industrial Realty Trust, Inc		2,583
	425	*	Forestar Group, Inc		6
	44,705		Four Corners Property Trust, Inc		1,091
	72,511		Franklin Street Properties Corp		369
	37,147		Front Yard Residential Corp		323
	4,942	*	FRP Holdings, Inc		201
	126,327		Gaming and Leisure Properties, Inc		4,371
	42,598		Geo Group, Inc		504
	18,198	e	Getty Realty Corp		540
	17,811		Gladstone Commercial Corp		334
	11,325		Gladstone Land Corp		180
	10,990		Global Medical REIT, Inc		125
	44,961		Global Net Lease, Inc		752
	35,286		Hannon Armstrong Sustainable Infrastructure Capital, Inc		1,004
	82,789		Healthcare Realty Trust, Inc		2,425
	142,087		Healthcare Trust of America, Inc		3,768
	322,762		Healthpeak Properties Inc		8,895

307

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	27,708		Hersha Hospitality Trust	$	160
	59,455		Highwoods Properties, Inc		2,219
	443,417		Host Hotels and Resorts, Inc		4,784
	24,727	*	Howard Hughes Corp		1,285
	96,055		Hudson Pacific Properties		2,417
	48,914	e	Independence Realty Trust, Inc		562
	34,891		Industrial Logistics Properties Trust		717
	12,680	e	Innovative Industrial Properties, Inc		1,116
	9,060		Investors Real Estate Trust		639
	325,872		Invitation Homes, Inc		8,971
	172,480	e	Iron Mountain, Inc		4,502
	49,646		iStar Inc		612
	64,898		JBG SMITH Properties		1,919
	6,203	e	Jernigan Capital, Inc		85
	30,788		Jones Lang LaSalle, Inc		3,185
	84,885	e	Kennedy-Wilson Holdings, Inc		1,292
	68,766		Kilroy Realty Corp		4,037
	238,176		Kimco Realty Corp		3,058
	55,102		Kite Realty Group Trust		636
	51,720		Lamar Advertising Co		3,453
	144,484		Lexington Realty Trust		1,524
	25,812		Life Storage, Inc		2,451
	26,668		LTC Properties, Inc		1,005
	97,543	e	Macerich Co		875
	65,387		Mack-Cali Realty Corp		1,000
	11,498	*	Marcus & Millichap, Inc		332
	4,532	*	Maui Land & Pineapple Co, Inc		50
	294,106		Medical Properties Trust, Inc		5,529
	68,412		Mid-America Apartment Communities, Inc		7,845
	50,307		Monmouth Real Estate Investment Corp (Class A)		729
	19,871		National Health Investors, Inc		1,207
	100,690		National Retail Properties, Inc		3,572
	31,451		National Storage Affiliates Trust		901
	55,714		New Senior Investment Group, Inc		202
	22,112		Newmark Group, Inc		107
	12,730		NexPoint Residential Trust, Inc		450
	23,677		Office Properties Income Trust		615
	129,929		Omega Healthcare Investors, Inc		3,863
	9,027		One Liberty Properties, Inc		159
	76,197		Outfront Media, Inc		1,080
	141,733		Paramount Group, Inc		1,093
	161,864		Park Hotels & Resorts, Inc		1,601
	85,851		Pebblebrook Hotel Trust		1,173
	107,460		Physicians Realty Trust		1,883
	72,743		Piedmont Office Realty Trust, Inc		1,208
	47,001		PotlatchDeltic Corp		1,787
	21,687		Preferred Apartment Communities, Inc		165
	441,585		Prologis, Inc		41,213
	13,748		PS Business Parks, Inc		1,820
	90,321		Public Storage, Inc		17,332
	34,553	e	QTS Realty Trust, Inc		2,214
	89,792		Rayonier, Inc		2,226
	13,117		Re/Max Holdings, Inc		412
	75,694	e	Realogy Holdings Corp		561

308

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	204,582		Realty Income Corp	$	12,173
	57,095	*,e	Redfin Corp		2,393
	100,880		Regency Centers Corp		4,629
	78,162		Retail Opportunities Investment Corp		886
	173,060		Retail Properties of America, Inc		1,267
	11,072		Retail Value, Inc		137
	67,055		Rexford Industrial Realty, Inc		2,778
	92,471		RLJ Lodging Trust		873
	5,123		RMR Group, Inc		151
	57,913		RPT Realty		403
	24,668	e	Ryman Hospitality Properties		853
	116,469		Sabra Healthcare REIT, Inc		1,681
	7,521		Safehold, Inc		432
	6,451		Saul Centers, Inc		208
	66,224		SBA Communications Corp		19,729
	18,501	*,e	Seritage Growth Properties		211
	94,726		Service Properties Trust		672
	182,204		Simon Property Group, Inc		12,459
	103,764		SITE Centers Corp		840
	50,489		SL Green Realty Corp		2,489
	56,193		Spirit Realty Capital, Inc		1,959
	33,773	*	St. Joe Co		656
	84,224		STAG Industrial, Inc		2,469
	121,165		STORE Capital Corp		2,885
	4,495	*	Stratus Properties, Inc		89
	73,018		Summit Hotel Properties, Inc		433
	56,879		Sun Communities, Inc		7,717
	159,024		Sunstone Hotel Investors, Inc		1,296
	67,688	e	Tanger Factory Outlet Centers, Inc		483
	31,888		Taubman Centers, Inc		1,204
	12,164	*	Tejon Ranch Co		175
	35,329		Terreno Realty Corp		1,860
	175,727		UDR, Inc		6,569
	20,169		UMH Properties, Inc		261
	119,952	e	Uniti Group, Inc		1,122
	9,264		Universal Health Realty Income Trust		736
	70,770		Urban Edge Properties		840
	20,808		Urstadt Biddle Properties, Inc (Class A)		247
	223,467		Ventas, Inc		8,183
	661,427		VEREIT, Inc		4,253
	272,311		VICI Properties, Inc		5,498
	109,042		Vornado Realty Trust		4,166
	53,425		Washington REIT		1,186
	67,227		Weingarten Realty Investors		1,273
	253,968		Welltower, Inc		13,143
	460,332		Weyerhaeuser Co		10,339
	25,132		Whitestone REIT		183
	102,407		WP Carey, Inc		6,928
	79,064		Xenia Hotels & Resorts, Inc		738
			TOTAL REAL ESTATE		658,080

RETAILING - 7.2%
	18,290	*	1-800-FLOWERS.COM, Inc (Class A)		366
	36,804		Aaron’s, Inc		1,671

309

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	36,579		Abercrombie & Fitch Co (Class A)	$	389
	39,176		Advance Auto Parts, Inc		5,581
	254,332	*	Amazon.com, Inc		701,656
	117,400	e	American Eagle Outfitters, Inc		1,280
	5,481	*	America’s Car-Mart, Inc		482
	12,332	*,e	Asbury Automotive Group, Inc		954
	17,984	*,e	At Home Group, Inc		117
	35,195	*,e	Autonation, Inc		1,323
	14,287	*	AutoZone, Inc		16,117
	76,045	e	Bed Bath & Beyond, Inc		806
	133,657		Best Buy Co, Inc		11,664
	20,052		Big Lots, Inc		842
	81,482	*	BJ’s Wholesale Club Holdings, Inc		3,037
	24,504	*	Booking Holdings, Inc		39,019
	9,762	*	Boot Barn Holdings, Inc		210
	14,004	e	Buckle, Inc		220
	38,902	*	Burlington Stores, Inc		7,661
	28,267		Caleres, Inc		236
	22,123	e	Camping World Holdings, Inc		601
	97,372	*	CarMax, Inc		8,720
	32,716	*,e	Carvana Co		3,932
	12,003	e	Cato Corp (Class A)		98
	83,036		Chico’s FAS, Inc		115
	12,596	e	Children’s Place, Inc		471
	11,556		Citi Trends, Inc		234
	13,169	*,e	Conn’s, Inc		133
	11,400	*,e	Container Store Group, Inc		37
	33,096		Core-Mark Holding Co, Inc		826
	49,292		Designer Brands, Inc		334
	38,579		Dick’s Sporting Goods, Inc		1,592
	3,340	e	Dillard’s, Inc (Class A)		86
	150,874		Dollar General Corp		28,743
	142,876	*	Dollar Tree, Inc		13,242
	7,236	*,e	Duluth Holdings, Inc		53
	399,960		eBay, Inc		20,978
	70,655	*	Etsy, Inc		7,506
	84,425		Expedia Group Inc		6,940
	55,323	*,e	Express Parent LLC		85
	34,498	*	Five Below, Inc		3,688
	48,609	*	Floor & Decor Holdings, Inc		2,802
	58,795		Foot Locker, Inc		1,714
	10,965	*,e	Funko, Inc		64
	67,461	*,e	GameStop Corp (Class A)		293
	99,905		Gap, Inc		1,261
	13,677	*	Genesco, Inc		296
	81,090		Genuine Parts Co		7,052
	11,094	e	Group 1 Automotive, Inc		732
	12,244	*,e	Groupon, Inc		222
	60,011	*	GrubHub, Inc		4,219
	10,337	e	Guess?, Inc		100
	13,840		Haverty Furniture Cos, Inc		221
	16,994	*,e	Hibbett Sports, Inc		356
	644,327		Home Depot, Inc		161,410
	27,375	*	Hudson Ltd		133

310

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	101,978		Kohl’s Corp	$	2,118
	139,756		L Brands, Inc		2,092
	9,431	*	Lands’ End, Inc		76
	19,090	*	Liquidity Services, Inc		114
	10,868	e	Lithia Motors, Inc (Class A)		1,645
	174,884	*	LKQ Corp		4,582
	453,317		Lowe’s Companies, Inc		61,252
	19,294	*,e	Lumber Liquidators, Inc		267
	172,372	e	Macy’s, Inc		1,186
	18,578	*	MarineMax, Inc		416
	11,632	*,e	Michaels Cos, Inc		82
	13,761	e	Monro Muffler, Inc		756
	16,896	*	Murphy USA, Inc		1,902
	47,869	*	National Vision Holdings, Inc		1,461
	70,237	e	Nordstrom, Inc		1,088
	310,790	e	Office Depot, Inc		730
	34,400	*,e	Ollie’s Bargain Outlet Holdings, Inc		3,359
	43,837	*	O’Reilly Automotive, Inc		18,485
	12,731	*	Overstock.com, Inc		362
	12,813		Penske Auto Group, Inc		496
	14,105	e	PetMed Express, Inc		503
	22,316		Pool Corp		6,067
	53,361	*	Quotient Technology, Inc		391
	260,506	*	Qurate Retail Group, Inc QVC Group		2,475
	31,889	*	RealReal, Inc		408
	30,873		Rent-A-Center, Inc		859
	10,459	*,e	RH		2,603
	212,463		Ross Stores, Inc		18,110
	61,168	*	Rubicon Project, Inc		408
	66,571	*,e	Sally Beauty Holdings, Inc		834
	2,356	e	Shoe Carnival, Inc		69
	13,499		Shutterstock, Inc		472
	9,872	e	Signet Jewelers Ltd		101
	15,272	*	Sleep Number Corp		636
	20,728	e	Sonic Automotive, Inc (Class A)		661
	19,952	*	Sportsman’s Warehouse Holdings, Inc		284
	8,050	*	Stamps.com, Inc		1,479
	27,087	*,e	Stitch Fix Inc		675
	299,695		Target Corp		35,942
	74,694		Tiffany & Co		9,108
	6,790		Tilly’s, Inc		38
	718,550		TJX Companies, Inc		36,330
	69,190		Tractor Supply Co		9,119
	32,239	*	Ulta Beauty, Inc		6,558
	50,352	*	Urban Outfitters, Inc		766
	38,206	*,e	Wayfair, Inc		7,550
	5,214		Weyco Group, Inc		113
	47,928	e	Williams-Sonoma, Inc		3,931
	1,945		Winmark Corp		333
	11,661	*	Zumiez, Inc		319
			TOTAL RETAILING		1,322,531

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5%
	23,158	*	Acacia Communications, Inc		1,556

311

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	26,575	*	Advanced Energy Industries, Inc	$	1,801
	699,289	*	Advanced Micro Devices, Inc		36,790
	15,539	*	Alpha & Omega Semiconductor Ltd		169
	23,188	*	Ambarella, Inc		1,062
	73,241	*,e	Amkor Technology, Inc		902
	220,805		Analog Devices, Inc		27,079
	549,190		Applied Materials, Inc		33,199
	20,849	*	Axcelis Technologies, Inc		581
	26,991	*	AXT, Inc		128
	233,890		Broadcom, Inc		73,818
	49,923		Brooks Automation, Inc		2,209
	15,115		Cabot Microelectronics Corp		2,109
	15,710	*	Ceva, Inc		588
	36,649	*	Cirrus Logic, Inc		2,264
	26,675		Cohu, Inc		463
	70,502	*,e	Cree, Inc		4,173
	4,191	*	CyberOptics Corp		135
	28,713	*	Diodes, Inc		1,456
	14,071	*	DSP Group, Inc		223
	63,240	*,e	Enphase Energy, Inc		3,008
	76,850		Entegris, Inc		4,538
	49,996	*,e	First Solar, Inc		2,475
	51,293	*	Formfactor, Inc		1,504
	8,421	*	Ichor Holdings Ltd		224
	13,074	*,e	Impinj, Inc		359
	29,376	*	Inphi Corp		3,452
	2,542,429		Intel Corp		152,113
	92,970		KLA Corp		18,081
	86,622		Lam Research Corp		28,019
	75,431	*	Lattice Semiconductor Corp		2,141
	29,103	*	MACOM Technology Solutions Holdings, Inc		1,000
	404,891		Marvell Technology Group Ltd		14,195
	153,732		Maxim Integrated Products, Inc		9,318
	43,500	*	MaxLinear, Inc		933
	142,382		Microchip Technology, Inc		14,994
	662,502	*	Micron Technology, Inc		34,132
	31,711		MKS Instruments, Inc		3,591
	25,309		Monolithic Power Systems, Inc		5,998
	18,536	*	Nanometrics, Inc		631
	21,168	*	NeoPhotonics Corp Ltd		188
	3,184		NVE Corp		197
	354,604		NVIDIA Corp		134,718
	248,719	*	ON Semiconductor Corp		4,930
	20,605	*,e	PDF Solutions, Inc		403
	46,544	*	Photronics, Inc		518
	20,135	e	Power Integrations, Inc		2,379
	67,941	*	Qorvo, Inc		7,509
	675,030		QUALCOMM, Inc		61,569
	79,664	*,e	Rambus, Inc		1,211
	38,440	*	Semtech Corp		2,007
	28,958	*	Silicon Laboratories, Inc		2,904
	99,742		Skyworks Solutions, Inc		12,753
	2,025	*,e	SMART Global Holdings, Inc		55
	29,247	*	SolarEdge Technologies, Inc		4,059

312

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	42,585	*,e	SunPower Corp	$	326
	17,210	*,e	Synaptics, Inc		1,035
	95,739		Teradyne, Inc		8,091
	550,579		Texas Instruments, Inc		69,907
	23,500	*	Ultra Clean Holdings		532
	27,466		Universal Display Corp		4,109
	34,384	*	Veeco Instruments, Inc		464
	148,131		Xilinx, Inc		14,575
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		825,850

SOFTWARE & SERVICES - 15.3%
	36,774	*	2U, Inc		1,396
	65,506	*	8x8, Inc		1,048
	32,215	*	A10 Networks, Inc		219
	382,335		Accenture plc		82,095
	68,208	*	ACI Worldwide, Inc		1,841
	288,537	*	Adobe, Inc		125,603
	96,418	*	Akamai Technologies, Inc		10,325
	26,945	*	Alarm.com Holdings, Inc		1,746
	24,151		Alliance Data Systems Corp		1,090
	16,908	*,e	Altair Engineering, Inc		672
	29,506	*,e	Alteryx, Inc		4,847
	77,492		Amdocs Ltd		4,718
	15,720		American Software, Inc (Class A)		248
	78,020	*	Anaplan, Inc		3,535
	50,132	*	Ansys, Inc		14,625
	9,509	*	Appfolio, Inc		1,547
	20,140	*,e	Appian Corp		1,032
	40,474	*	Aspen Technology, Inc		4,194
	74,256	*	Atlassian Corp plc		13,386
	131,476	*	Autodesk, Inc		31,448
	257,731		Automatic Data Processing, Inc		38,374
	46,044	*	Avalara, Inc		6,128
	70,813	*	Avaya Holdings Corp		875
	11,374	*	Benefitfocus, Inc		122
	6,084	*	Bill.Com Holdings, Inc		549
	88,655	*	Black Knight, Inc		6,433
	34,044		Blackbaud, Inc		1,943
	29,853	*	Blackline, Inc		2,475
	80,726		Booz Allen Hamilton Holding Co		6,280
	29,562	*	Bottomline Technologies, Inc		1,501
	86,219	*,e	Box, Inc		1,790
	20,694	*	Brightcove, Inc		163
	68,332		Broadridge Financial Solutions, Inc		8,623
	15,463	*	CACI International, Inc (Class A)		3,354
	165,121	*	Cadence Design Systems, Inc		15,845
	20,152	*	Cardtronics plc		483
	10,596		Cass Information Systems, Inc		414
	76,663		CDK Global, Inc		3,175
	22,039	*	Cerence Inc		900
	63,532	*	Ceridian HCM Holding, Inc		5,036
	15,814	*	ChannelAdvisor Corp		250
	71,481		Citrix Systems, Inc		10,573
	114,390	*	Cloudera, Inc		1,455

313

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	65,273	*	Cloudflare, Inc	$	2,347
	323,798		Cognizant Technology Solutions Corp (Class A)		18,398
	28,135	*	Commvault Systems, Inc		1,089
	137,713	*	Conduent, Inc		329
	48,580		CoreLogic Inc		3,266
	37,259	*	Cornerstone OnDemand, Inc		1,437
	39,352	*	Coupa Software, Inc		10,902
	69,043	*	Crowdstrike Holdings, Inc		6,924
	24,883		CSG Systems International, Inc		1,030
	91,272	*	Datadog, Inc		7,936
	7,264	*,e	Digimarc Corp		116
	49,997	*,e	Digital Turbine, Inc		628
	105,579	*	DocuSign, Inc		18,182
	11,005	*	Domo, Inc		354
	137,416	*	Dropbox, Inc		2,992
	146,671		DXC Technology Co		2,420
	90,901	*	Dynatrace, Inc		3,691
	17,480	e	Ebix, Inc		391
	33,437	*	Elastic NV		3,083
	43,380	*,e	Endurance International Group Holdings, Inc		175
	30,234	*	Envestnet, Inc		2,223
	31,755	*	EPAM Systems, Inc		8,003
	30,598	*	Euronet Worldwide, Inc		2,932
	21,053	*	Everbridge, Inc		2,913
	45,885	*	Everi Holdings, Inc		237
	44,094	e	EVERTEC, Inc		1,239
	10,859	*	Evo Payments, Inc		248
	21,916	*	ExlService Holdings, Inc		1,389
	16,754	*	Fair Isaac Corp		7,004
	43,606	*	Fastly, Inc		3,712
	370,613		Fidelity National Information Services, Inc		49,696
	127,712	*	FireEye, Inc		1,555
	334,635	*	Fiserv, Inc		32,667
	37,675	*	Five9, Inc		4,169
	49,379	*	FleetCor Technologies, Inc		12,420
	19,555	*	ForeScout Technologies, Inc		415
	79,608	*	Fortinet, Inc		10,928
	53,983	*	Gartner, Inc		6,550
	118,269		Genpact Ltd		4,319
	178,745		Global Payments, Inc		30,319
	21,651	*	Globant S.A.		3,244
	99,117	*	GoDaddy, Inc		7,268
	37,008	*	GreenSky, Inc		181
	18,964	*	GTT Communications, Inc		155
	52,363	*	Guidewire Software, Inc		5,804
	17,956		Hackett Group, Inc		243
	24,272	*,e	HubSpot, Inc		5,445
	9,245	*,e	I3 Verticals, Inc		280
	24,668	*	Information Services Group, Inc		51
	4,355	*,e	Intelligent Systems Corp		148
	532,864		International Business Machines Corp		64,354
	151,120		Intuit, Inc		44,760
	27,386	*	j2 Global, Inc		1,731
	47,383		Jack Henry & Associates, Inc		8,720

314

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	82,538		KBR, Inc	$	1,861
	80,771		Leidos Holdings, Inc		7,566
	50,961	*,e	Limelight Networks, Inc		375
	40,701	*,e	Liveperson, Inc		1,686
	44,500	*	LiveRamp Holdings, Inc		1,890
	29,939		LogMeIn, Inc		2,538
	40,270	*	Manhattan Associates, Inc		3,793
	18,418		Mantech International Corp (Class A)		1,261
	529,165		Mastercard, Inc (Class A)		156,474
	36,930		MAXIMUS, Inc		2,602
	41,794	*	Medallia, Inc		1,055
	4,491,647		Microsoft Corp		914,095
	6,844	*	MicroStrategy, Inc (Class A)		810
	33,586	*	Mimecast Ltd		1,399
	22,456	*	Mitek Systems, Inc		216
	40,466	*	MobileIron, Inc		200
	14,483	*	Model N, Inc		503
	25,021	*	MongoDB, Inc		5,663
	30,028	*	New Relic, Inc		2,069
	46,584		NIC, Inc		1,070
	328,732		NortonLifelock, Inc		6,519
	176,319	*	Nuance Communications, Inc		4,462
	92,944	*,e	Nutanix, Inc		2,203
	68,862	*	Okta, Inc		13,788
	21,489	*	OneSpan, Inc		600
	1,183,821		Oracle Corp		65,430
	41,005	*	Pagerduty, Inc		1,174
	57,235	*	Palo Alto Networks, Inc		13,145
	196,668		Paychex, Inc		14,898
	29,293	*	Paycom Software, Inc		9,073
	18,614	*	Paylocity Holding Corp		2,716
	704,402	*	PayPal Holdings, Inc		122,728
	19,229	*	Paysign Inc		187
	20,541		Pegasystems, Inc		2,078
	25,493	*	Perficient, Inc		912
	95,646		Perspecta, Inc		2,222
	8,669	*	Ping Identity Holding Corp		278
	40,409	*	Pluralsight, Inc		729
	31,483		Progress Software Corp		1,220
	34,295	*	Proofpoint, Inc		3,811
	19,034	*,e	PROS Holdings, Inc		846
	62,466	*	PTC, Inc		4,859
	29,530	*	Q2 Holdings, Inc		2,533
	7,729		QAD, Inc (Class A)		319
	22,512	*	Qualys, Inc		2,342
	31,056	*	Rapid7, Inc		1,584
	52,587	*	RealPage, Inc		3,419
	21,786	*	Repay Holdings Corp		537
	44,988	*	RingCentral, Inc		12,822
	13,437	*	Rosetta Stone, Inc		227
	186,641		Sabre Corp		1,504
	52,403	*	SailPoint Technologies Holding, Inc		1,387
	519,468	*	salesforce.com, Inc		97,312
	15,268		Sapiens International Corp NV		427

315

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	32,160		Science Applications International Corp	$	2,498
	4,599	*,e	SecureWorks Corp		53
	113,972	*	ServiceNow, Inc		46,166
	4,906	*,e	ShotSpotter, Inc		124
	224,484	*	Slack Technologies, Inc		6,979
	66,115	*	Smartsheet, Inc		3,367
	16,667	*,e	SolarWinds Corp		295
	94,519	*	Splunk, Inc		18,781
	24,492	*	SPS Commerce, Inc		1,840
	216,528	*	Square, Inc		22,722
	130,813		SS&C Technologies Holdings, Inc		7,388
	92,903	*	StoneCo Ltd		3,601
	70,963	*	SVMK, Inc		1,670
	52,841		Switch, Inc		942
	29,262	*	Sykes Enterprises, Inc		809
	90,556	*	Synopsys, Inc		17,658
	20,400	*,e	TeleNav, Inc		112
	36,255	*	Tenable Holdings, Inc		1,081
	76,002	*	Teradata Corp		1,581
	24,614	*	Trade Desk, Inc		10,006
	10,054		TTEC Holdings, Inc		468
	6,516	*,e	Tucows, Inc		373
	76,930	*	Twilio, Inc		16,880
	24,426	*	Tyler Technologies, Inc		8,473
	38,674	*	Unisys Corp		422
	4,914	*	Upland Software, Inc		171
	55,193	*	Upwork, Inc		797
	18,823	*,e	Varonis Systems, Inc		1,665
	45,384	*	Verint Systems, Inc		2,050
	62,060	*	VeriSign, Inc		12,836
	13,662	*	Veritone, Inc		203
	63,620	*	Verra Mobility Corp		654
	32,131		VirnetX Holding Corp		209
	19,953	*	Virtusa Corp		648
	1,012,750		Visa, Inc (Class A)		195,633
	46,709	*	VMware, Inc (Class A)		7,233
	255,834		Western Union Co		5,531
	27,596	*	WEX, Inc		4,554
	103,705	*	Workday, Inc		19,430
	16,351	*	Workiva, Inc		875
	41,557		Xperi Holding Corp		613
	55,032	*,e	Yext, Inc		914
	69,807	*	Zendesk, Inc		6,180
	42,422	*	Zix Corp		293
	100,147	*	Zoom Video Communications, Inc		25,391
	40,123	*	Zscaler, Inc		4,393
	55,037	*	Zuora Inc		702
			TOTAL SOFTWARE & SERVICES		2,804,049

TECHNOLOGY HARDWARE & EQUIPMENT - 6.7%
	74,639	*,e	3D Systems Corp		522
	35,649		Adtran, Inc		390
	11,056	*	Agilysys, Inc		198
	18,515	*	Akoustis Technologies, Inc		153

316

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	172,914		Amphenol Corp (Class A)	$	16,567
	2,453,199		Apple, Inc		894,927
	13,189	*,e	Applied Optoelectronics, Inc		143
	36,466	*	Arista Networks, Inc		7,659
	47,303	*	Arlo Technologies, Inc		122
	48,820	*	Arrow Electronics, Inc		3,353
	24,161	*	Avid Technology, Inc		176
	63,498		Avnet, Inc		1,771
	19,362		Badger Meter, Inc		1,218
	7,316		Bel Fuse, Inc (Class B)		79
	30,293		Belden CDT, Inc		986
	35,867		Benchmark Electronics, Inc		775
	26,799	*	CalAmp Corp		215
	28,887	*	Calix, Inc		430
	9,824	*	Casa Systems, Inc		41
	85,002		CDW Corp		9,876
	88,003	*	Ciena Corp		4,766
	2,547,020		Cisco Systems, Inc		118,793
	8,964	*	Clearfield, Inc		125
	98,192		Cognex Corp		5,864
	14,446	*	Coherent, Inc		1,892
	115,638	*	CommScope Holding Co, Inc		963
	16,237		Comtech Telecommunications Corp		274
	449,023		Corning, Inc		11,630
	23,637		CTS Corp		474
	27,847	e	Daktronics, Inc		121
	87,881	*	Dell Technologies, Inc		4,828
	53,560	*,e	Diebold, Inc		325
	18,652	*	Digi International, Inc		217
	37,732		Dolby Laboratories, Inc (Class A)		2,485
	33,587	*	EchoStar Corp (Class A)		939
	9,278	*	ePlus, Inc		656
	79,396	*	Extreme Networks, Inc		345
	34,732	*	F5 Networks, Inc		4,844
	26,560	*	Fabrinet		1,658
	12,851	*	FARO Technologies, Inc		689
	124,310	*,e	Fitbit, Inc		803
	84,050		FLIR Systems, Inc		3,410
	58,321	*,e	Harmonic, Inc		277
	760,445		Hewlett Packard Enterprise Co		7,399
	857,221		HP, Inc		14,941
	53,614	*,e	II-VI, Inc		2,532
	21,661	*	Immersion Corp		135
	103,799	*,e	Infinera Corp		615
	40,550	*	Inseego Corp		470
	16,992	*	Insight Enterprises, Inc		836
	18,324		InterDigital, Inc		1,038
	21,818	*	IPG Photonics Corp		3,499
	18,293	*	Iteris, Inc		87
	24,355	*	Itron, Inc		1,614
	88,419		Jabil Inc		2,836
	201,956		Juniper Networks, Inc		4,617
	109,424	*	Keysight Technologies, Inc		11,028
	21,162	*	Kimball Electronics, Inc		287

317

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	64,648	*	Knowles Corp	$	987
	10,929	*	KVH Industries, Inc		98
	14,095		Littelfuse, Inc		2,405
	44,541	*	Lumentum Holdings, Inc		3,627
	25,950		Methode Electronics, Inc		811
	101,354		Motorola Solutions, Inc		14,203
	12,096		MTS Systems Corp		213
	7,937	*	Napco Security Technologies, Inc		186
	76,957		National Instruments Corp		2,979
	68,992	*,e	NCR Corp		1,195
	136,516		NetApp, Inc		6,057
	23,887	*,e	Netgear, Inc		618
	43,446	*	Netscout Systems, Inc		1,110
	20,535	*	nLight, Inc		457
	23,522	*	Novanta, Inc		2,511
	12,827	*,e	OSI Systems, Inc		957
	35,158	*	PAE, Inc		336
	7,480	*,e	PAR Technology Corp		224
	8,216		PC Connection, Inc		381
	24,496	e	Plantronics, Inc		360
	17,083	*	Plexus Corp		1,205
	148,433	*	Pure Storage, Inc		2,572
	37,508	*	Ribbon Communications, Inc		147
	12,852	*	Rogers Corp		1,601
	52,368	*	Sanmina Corp		1,311
	17,777	*	Scansource, Inc		428
	26,460	*	Super Micro Computer, Inc		751
	23,676		Synnex Corp		2,836
	19,502	*	Tech Data Corp		2,828
	147,747	*	Trimble Inc		6,381
	66,124	*,e	TTM Technologies, Inc		784
	5,111		Ubiquiti, Inc		892
	38,380	*	Viasat, Inc		1,473
	136,006	*	Viavi Solutions, Inc		1,733
	97,366		Vishay Intertechnology, Inc		1,487
	9,508	*	Vishay Precision Group, Inc		234
	173,784		Western Digital Corp		7,673
	105,309		Xerox Holdings Corp		1,610
	31,291	*	Zebra Technologies Corp (Class A)		8,009
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,241,583

TELECOMMUNICATION SERVICES - 1.8%
	7,472	*	Anterix, Inc		339
	4,277,012		AT&T, Inc		129,294
	7,918		ATN International, Inc		480
	10,381	*	Bandwidth Inc		1,318
	27,406	*	Boingo Wireless, Inc		365
	627,826		CenturyLink, Inc		6,297
	33,512	*	Cincinnati Bell, Inc		498
	25,280		Cogent Communications Group, Inc		1,956
	48,355	*	Consolidated Communications Holdings, Inc		327
	60,132	*	GCI Liberty, Inc		4,277
	42,541	*,e	Gogo, Inc		134
	60,764	*	Iridium Communications, Inc		1,546

318

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	29,453	*	Liberty Latin America Ltd (Class A)	$	286
	77,076	*	Liberty Latin America Ltd (Class C)		728
	13,047	*	Ooma, Inc		215
	44,329	*	ORBCOMM, Inc		171
	33,638		Shenandoah Telecom Co		1,658
	14,641		Spok Holdings, Inc		137
	70,982		Telephone & Data Systems, Inc		1,411
	312,785	*	T-Mobile US, Inc		32,576
	9,529	*,e	US Cellular Corp		294
	2,485,321		Verizon Communications, Inc		137,016
	143,849	*	Vonage Holdings Corp		1,447
			TOTAL TELECOMMUNICATION SERVICES		322,770

TRANSPORTATION - 1.8%
	37,928	*	Air Transport Services Group, Inc		845
	69,726		Alaska Air Group, Inc		2,528
	8,722		Allegiant Travel Co		953
	5,336		Amerco, Inc		1,613
	230,466	e	American Airlines Group, Inc		3,012
	19,331		ArcBest Corp		512
	16,948	*	Atlas Air Worldwide Holdings, Inc		729
	19,991	*,e	Avis Budget Group, Inc		458
	81,564		CH Robinson Worldwide, Inc		6,448
	14,813		Copa Holdings S.A. (Class A)		749
	23,634		Costamare, Inc		131
	8,672	*	Covenant Transportation Group, Inc		125
	457,291		CSX Corp		31,891
	14,173	*,e	Daseke, Inc		56
	381,748		Delta Air Lines, Inc		10,708
	28,818	*,e	Eagle Bulk Shipping, Inc		63
	21,041	*	Echo Global Logistics, Inc		455
	97,352		Expeditors International of Washington, Inc		7,403
	144,253		FedEx Corp		20,227
	20,963		Forward Air Corp		1,044
	6,118		Genco Shipping & Trading Ltd		38
	36,387	e	Hawaiian Holdings, Inc		511
	33,759		Heartland Express, Inc		703
	21,791	*	Hub Group, Inc (Class A)		1,043
	50,840		JB Hunt Transport Services, Inc		6,118
	146,479	*	JetBlue Airways Corp		1,597
	56,767		Kansas City Southern		8,475
	37,438	*	Kirby Corp		2,005
	71,730	e	Knight-Swift Transportation Holdings, Inc		2,992
	25,122		Landstar System, Inc		2,821
	142,708	*,e	Lyft, Inc (Class A)		4,711
	43,936		Macquarie Infrastructure Co LLC		1,348
	23,235		Marten Transport Ltd		585
	32,238		Matson, Inc		938
	153,393		Norfolk Southern Corp		26,931
	60,432		Old Dominion Freight Line		10,249
	6,136		Park-Ohio Holdings Corp		102
	29,335	*	Radiant Logistics, Inc		115
	30,762		Ryder System, Inc		1,154
	33,371	*	Safe Bulkers, Inc		41

319

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	18,094	*	Saia, Inc	$	2,012
	22,723		Schneider National, Inc		561
	4,092		Scorpio Bulkers, Inc		63
	28,022		Skywest, Inc		914
	352,954		Southwest Airlines Co		12,064
	50,261	*,e	Spirit Airlines, Inc		895
	817,703	*	Uber Technologies, Inc		25,414
	407,182		Union Pacific Corp		68,842
	173,644	*	United Airlines Holdings Inc		6,010
	423,955		United Parcel Service, Inc (Class B)		47,135
	6,297		Universal Logistics Holdings Inc		109
	14,010	*	US Xpress Enterprises, Inc		84
	36,247		Werner Enterprises, Inc		1,578
	52,058	*	XPO Logistics, Inc		4,021
			TOTAL TRANSPORTATION		332,129

UTILITIES - 3.0%
	387,805		AES Corp		5,619
	30,256		Allete, Inc		1,652
	148,965		Alliant Energy Corp		7,126
	150,299		Ameren Corp		10,575
	297,582		American Electric Power Co, Inc		23,699
	25,230		American States Water Co		1,984
	108,515		American Water Works Co, Inc		13,962
	4,909		Artesian Resources Corp		178
	92,825	*,e	Atlantic Power Corp		186
	69,836		Atmos Energy Corp		6,954
	27,653		Avangrid, Inc		1,161
	33,562		Avista Corp		1,221
	36,321		Black Hills Corp		2,058
	19,362		Brookfield Infrastructure Corp		882
	15,011	*,e	Cadiz, Inc		152
	35,650		California Water Service Group		1,700
	318,428		Centerpoint Energy, Inc		5,945
	11,318		Chesapeake Utilities Corp		951
	24,011		Clearway Energy, Inc (Class A)		503
	47,061		Clearway Energy, Inc (Class C)		1,085
	170,995		CMS Energy Corp		9,989
	200,639		Consolidated Edison, Inc		14,432
	10,961		Consolidated Water Co, Inc		158
	499,196		Dominion Energy, Inc		40,525
	115,022		DTE Energy Co		12,365
	438,771		Duke Energy Corp		35,053
	214,176		Edison International		11,632
	19,026		El Paso Electric Co		1,275
	123,427		Entergy Corp		11,579
	239,118		Equitable Holdings, Inc		4,613
	134,955	e	Essential Utilities Inc		5,700
	139,501		Evergy, Inc		8,271
	203,372		Eversource Energy		16,935
	577,150	e	Exelon Corp		20,945
	320,514		FirstEnergy Corp		12,430
	6,410		Global Water Resources, Inc		68
	66,960		Hawaiian Electric Industries, Inc		2,415

320

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	30,421		Idacorp, Inc	$	2,658
	119,020		MDU Resources Group, Inc		2,640
	16,881		MGE Energy, Inc		1,089
	11,759		Middlesex Water Co		790
	44,613		National Fuel Gas Co		1,871
	62,202		New Jersey Resources Corp		2,031
	293,520		NextEra Energy, Inc		70,495
	234,601		NiSource, Inc		5,335
	14,483		Northwest Natural Holding Co		808
	27,636		NorthWestern Corp		1,507
	152,303		NRG Energy, Inc		4,959
	114,606		OGE Energy Corp		3,479
	29,641		ONE Gas, Inc		2,284
	20,715		Ormat Technologies, Inc		1,315
	27,545		Otter Tail Corp		1,068
	313,259	*,b,e	PG&E Corp		2,779
	62,725		Pinnacle West Capital Corp		4,597
	55,254		PNM Resources, Inc		2,124
	50,460		Portland General Electric Co		2,110
	455,249		PPL Corp		11,764
	298,291		Public Service Enterprise Group, Inc		14,664
	11,616	*	Pure Cycle Corp		107
	4,887		RGC Resources, Inc		118
	175,610		Sempra Energy		20,587
	12,005		SJW Corp		746
	58,642		South Jersey Industries, Inc		1,465
	639,342		Southern Co		33,150
	34,400		Southwest Gas Holdings Inc		2,375
	7,544	e	Spark Energy, Inc		53
	26,256		Spire, Inc		1,725
	17,984	*,e	Sunnova Energy International, Inc		307
	49,399		TerraForm Power, Inc		911
	132,205		UGI Corp		4,204
	10,272		Unitil Corp		460
	291,990		Vistra Energy Corp		5,437
	189,144		WEC Energy Group, Inc		16,578
	317,410		Xcel Energy, Inc		19,838
	9,006		York Water Co		432
			TOTAL UTILITIES		544,838

			TOTAL COMMON STOCKS		18,295,902
			(Cost $7,885,901)

RIGHTS / WARRANTS - 0.0%

HEALTH CARE EQUIPMENT & SERVICES - 0.0%
	204		Pulse Biosciences, Inc		0
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		0

MEDIA & ENTERTAINMENT - 0.0%
	80,085	†	Media General, Inc		0
			TOTAL MEDIA & ENTERTAINMENT		0

321

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	29,050	†	Elanco Animal Health, Inc CVR	$	2
	4,045	†	Omthera Pharmaceuticals, Inc		2
	6,981	†	Tobira Therapeutics, Inc		0	^
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		4

TELECOMMUNICATION SERVICES - 0.0%
	225,186		T-Mobile US, Inc		38
			TOTAL TELECOMMUNICATION SERVICES		38

			TOTAL RIGHTS / WARRANTS		42
			(Cost $85)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.2%

GOVERNMENT AGENCY DEBT - 0.1%
$	14,000,000		Federal Home Loan Bank (FHLB)		0.060	%	10/01/20		13,995
			TOTAL GOVERNMENT AGENCY DEBT						13,995

REPURCHASE AGREEMENT - 0.2%
	36,990,000	r	Fixed Income Clearing Corp		0.070		07/01/20		36,990
			TOTAL REPURCHASE AGREEMENT						36,990

TREASURY DEBT - 0.0%
	7,780,000		United States Treasury Bill		0.100		07/02/20		7,780
			TOTAL TREASURY DEBT						7,780

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9%
	160,972,395	c	State Street Navigator Securities Lending Government Money Market Portfolio						160,972
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						160,972

			TOTAL SHORT-TERM INVESTMENTS						219,737
			(Cost $219,740)

			TOTAL INVESTMENTS - 100.8%						18,515,681
			(Cost $8,105,726)
			OTHER ASSETS & LIABILITIES, NET - (0.8)%						(154,720	)
			NET ASSETS - 100.0%					$	18,360,961



		Abbreviation(s):
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.

322

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

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 $175,917,217.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/20, the aggregate value of these securities is $1,012,204 or 0.0% of net assets.
r		Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $36,990,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $37,729,842.

		Cost amounts are in thousands.

Futures contracts outstanding as of June 30, 2020 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	60	09/18/20	$	4,142	$	4,313	$	171
S&P 500 E Mini Index	271	09/18/20		40,750		41,872		1,122
S&P Mid-Cap 400 E Mini Index	12	09/18/20		2,067		2,135		68
Total	343		$	46,959	$	48,320	$	1,361

323

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2020

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
BANK LOAN OBLIGATIONS - 0.7%

AUTOMOBILES & COMPONENTS - 0.0%
$	992,481	i	Adient US LLC	LIBOR 1 and 3 M + 4.250%		4.474	%	05/06/24	$	951
	994,987	i	Clarios Global LP	LIBOR 1 M + 3.500%		3.678		04/30/26		945
	2,483,405	i	Gates Global LLC	LIBOR 1 M + 2.750%		3.750		04/01/24		2,386
			TOTAL AUTOMOBILES & COMPONENTS							4,282

BANKS - 0.0%
	994,962	i	BCPE Rover Merger Sub, Inc	LIBOR 1 M + 4.250%		4.428		11/28/25		951
			TOTAL BANKS							951

CAPITAL GOODS - 0.1%
	174,057	i	Avolon TLB Borrower US LLC	LIBOR 1 M + 1.750%		2.500		01/15/25		162
	224,438	i	Avolon TLB Borrower US LLC	LIBOR 1 M + 1.500%		2.250		02/05/27		204
	1,488,579	i	Beacon Roofing Supply, Inc	LIBOR 1 M + 2.250%		2.428		01/02/25		1,413
	1,000,000	h,i	Gardner Denver, Inc	LIBOR 1 M + 2.750%		2.934		03/01/27		970
	740,587	i	Prometric Holdings Inc	LIBOR 1 M + 3.000%		4.500		01/29/25		668
	1,372,000	i	TransDigm, Inc	LIBOR 1 M + 2.250%		2.428		08/22/24		1,237
	1,488,712	i	TransDigm, Inc	LIBOR 1 M + 2.250%		2.428		05/30/25		1,333
			TOTAL CAPITAL GOODS							5,987

COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	1,530,928	i	GFL Environmental, Inc	LIBOR 3 M + 3.000%		4.000		05/30/25		1,485
	596,939	i	Packers Holdings LLC	LIBOR 1 M + 3.000%		4.000		12/04/24		571
	994,872	i	Spin Holdco, Inc	LIBOR 3 M + 3.250%		4.250		11/14/22		950
	2,000,000	i	Syneos Health Inc	LIBOR 1 M + 1.750%		1.928		08/01/24		1,920
	1,932,308	i	Trans Union LLC	LIBOR 1 M + 1.750%		1.928		11/16/26		1,845
	1,031,625	i	United Rentals North America, Inc	LIBOR 1 M + 1.750%		1.928		10/31/25		997
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							7,768

CONSUMER DURABLES & APPAREL - 0.0%
	540,000	i	Hanesbrands, Inc	LIBOR 1 M + 1.750%		1.934		12/16/24		529
	396,766	i	Samsonite IP Holdings Sarl	LIBOR 1 M + 1.750%		1.928		04/25/25		368
			TOTAL CONSUMER DURABLES & APPAREL							897

CONSUMER SERVICES - 0.0%
	444,773	i	1011778 BC ULC	LIBOR 1 M + 1.750%		1.928		11/19/26		421
	323,928	i	Boyd Gaming Corp	LIBOR 1 W + 2.250%		2.359		09/15/23		304
	1,984,772	i	Scientific Games International, Inc	LIBOR 1 and 3 M + 2.750%		3.058		08/14/24		1,751
	1,690,478	i	YUM! Brands	LIBOR 1 M + 1.750%		1.944		04/03/25		1,616
			TOTAL CONSUMER SERVICES							4,092

DIVERSIFIED FINANCIALS - 0.0%
	880,353	i	Lions Gate Capital Holdings LLC	LIBOR 1 M + 2.250%		2.428		03/24/25		830
			TOTAL DIVERSIFIED FINANCIALS							830

324

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
ENERGY - 0.0%
$	1,995,000	i	Buckeye Partners LP	LIBOR 1 M + 2.750%		2.923	%	11/02/26	$	1,908
	575,000	i	ChampionX Holding, Inc	LIBOR 1 M + 5.000%		6.000		05/28/27		565
	1,984,838	i	Delek US Holdings, Inc	LIBOR 1 M + 2.250%		2.428		03/31/25		1,836
			TOTAL ENERGY							4,309

FOOD, BEVERAGE & TOBACCO - 0.0%
	895,489	i	Hostess Brands LLC	LIBOR 1 and 3 M + 2.250%		3.010		08/01/25		862
			TOTAL FOOD, BEVERAGE & TOBACCO							862

HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	1,463,358	i	Change Healthcare Holdings LLC	LIBOR 3 M + 2.500%		3.500		03/01/24		1,403
	1,500,000	i	Da Vinci Purchaser Corp	LIBOR 3 M + 4.000%		5.238		01/08/27		1,457
	992,513	i	DaVita, Inc	LIBOR 1 M + 1.750%		1.928		08/12/26		959
	2,608,429	i	Endo Luxembourg Finance I Co Sarl	LIBOR 3 M + 4.250%		5.000		04/29/24		2,458
	1,028,819	i	Envision Healthcare Corp	LIBOR 1 M + 3.750%		3.928		10/10/25		671
	2,462,625	i	Grifols Worldwide Operations USA, Inc	LIBOR 1 W + 2.000%		2.109		11/15/27		2,367
	161,832	i	Mallinckrodt International Finance S.A.	LIBOR 3 M + 2.750%		3.500		09/24/24		121
	2,325,930	i	RegionalCare Hospital Partners Holdings, Inc	LIBOR 1 M + 3.750%		3.924		11/16/25		2,174
	2,920,100	i	Select Medical Corp	LIBOR 1 M + 2.500%		2.680		03/06/25		2,768
	1,424,231	i	Team Health Holdings, Inc	LIBOR 1 M + 2.750%		3.750		02/06/24		1,085
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							15,463

INSURANCE - 0.0%
	1,995,000	i	NFP Corp	LIBOR 1 M + 3.250%		3.428		02/15/27		1,855
	2,487,212	i	USI, Inc	LIBOR 3 M + 3.000%		3.308		05/16/24		2,356
			TOTAL INSURANCE							4,211

MATERIALS - 0.1%
	988,570	i	Atotech Alpha 3 BV	LIBOR 3 M + 3.000%		4.000		01/31/24		950
	1,000,000	i	Berry Global, Inc	LIBOR 1 M + 2.000%		2.177		10/01/22		972
	1,450,084	i	Berry Global, Inc	LIBOR 1 M + 2.000%		2.177		01/19/24		1,407
	3,473,350	i	Chemours Co	LIBOR 1 M + 1.750%		1.930		04/03/25		3,269
	1,000,000	h,i	Illuminate Buyer LLC	LIBOR 3 M + 4.000%		5.000		06/18/27		984
	487,500	i	Ineos US Finance LLC	LIBOR 1 M + 2.000%		2.178		03/31/24		461
	1,906,348	i	Messer Industries USA, Inc	LIBOR 3 M + 2.500%		2.808		03/01/26		1,814
	1,383,282	i	PolyOne Corp	LIBOR 1 M + 1.750%		1.930		01/30/26		1,328
	349,125	i	Reynolds Consumer Products LLC	LIBOR 1 M + 1.750%		1.928		02/04/27		336
	432,969	i	Starfruit US Holdco LLC	LIBOR 1 M + 3.000%		3.188		10/01/25		405
	994,987	i	Tamko Building Products, Inc	LIBOR 1 M + 3.250%		3.428		05/29/26		955
			TOTAL MATERIALS							12,881

MEDIA & ENTERTAINMENT - 0.1%
	1,985,000	i	Charter Communications Operating LLC	LIBOR 1 M + 1.750%		1.930		02/01/27		1,906
	721,380	i	CSC Holdings LLC	LIBOR 1 M + 2.500%		2.685		04/15/27		683
	992,500	i	Diamond Sports Group LLC	LIBOR 1 M + 3.250%		3.430		08/24/26		805
	533,112	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		2.180		10/04/23		513
	2,375,000	h,i	Nielsen Finance LLC	LIBOR 1 M + 3.750%		4.750		06/06/25		2,348
	497,500	i	Pregis TopCo Corp	LIBOR 1 M + 4.000%		4.178		07/31/26		479
	995,000	i	Terrier Media Buyer, Inc	LIBOR 1 M + 4.250%		4.428		12/17/26		947
	1,712,500	i	Vertical US Newco, Inc	LIBOR 3 M + 4.250%		4.250		06/30/27		1,678

325

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	2,250,000	i	Virgin Media Bristol LLC	LIBOR 1 M + 2.500%		2.685	%	01/31/28	$	2,144
			TOTAL MEDIA & ENTERTAINMENT							11,503

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
	1,841,898	i	Bausch Health Americas, Inc	LIBOR 1 M + 3.000%		3.190		06/02/25		1,787
	1,828,571	i	Bausch Health Americas, Inc	LIBOR 1 M + 2.750%		2.940		11/27/25		1,765
	2,500,000	h,i	Catalent Pharma Solutions, Inc	LIBOR 1 M + 2.250%		3.250		05/18/26		2,467
	496,084	i	Jaguar Holding Co II	LIBOR 1 M + 2.500%		3.500		08/18/22		489
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							6,508

REAL ESTATE - 0.0%
	1,375,544	i	Cushman & Wakefield plc	LIBOR 1 M + 2.750%		2.928		08/21/25		1,292
			TOTAL REAL ESTATE							1,292

RETAILING - 0.0%
	323,375	i	Camelot Finance S.A.	LIBOR 1 M + 3.000%		3.178		10/28/26		313
			TOTAL RETAILING							313

SOFTWARE & SERVICES - 0.1%
	1,984,772	i	Open Text Corp	LIBOR 1 M + 1.750%		1.928		05/30/25		1,931
	96,527	i	Sabre GLBL, Inc	LIBOR 1 M + 2.000%		2.178		02/22/24		88
	1,625,000	h,i	Ultimate Software Group, Inc	LIBOR 3 M + 4.000%		4.750		05/04/26		1,603
	1,750,000	i	Web.com Group Inc	LIBOR 1 M + 3.750%		3.940		10/10/25		1,651
			TOTAL SOFTWARE & SERVICES							5,273

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	2,417,821	h,i	Dell International LLC	LIBOR 1 M + 2.000%		2.750		09/19/25		2,352
	1,259,245	i	Plantronics, Inc	LIBOR 1 and 3 M + 2.500%		3.572		07/02/25		1,144
	1,500,000	i	TTM Technologies, Inc	LIBOR 1 M + 2.500%		2.673		09/28/24		1,447
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							4,943

TELECOMMUNICATION SERVICES - 0.0%
	698,250	i	Front Range BidCo, Inc	LIBOR 1 M + 3.000%		3.178		03/09/27		661
	4,500,000	i	T-Mobile USA, Inc	LIBOR 1 M + 3.000%		3.178		04/01/27		4,490
			TOTAL TELECOMMUNICATION SERVICES							5,151

TRANSPORTATION - 0.0%
	1,642,871	i	American Airlines, Inc	LIBOR 1 M + 2.000%		2.185		12/14/23		1,307
	2,332,500	i	Delta Air Lines, Inc	LIBOR 3 M + 4.750%		5.510		04/27/23		465
			TOTAL TRANSPORTATION							1,772

UTILITIES - 0.0%
	994,807	i	Gopher Resource LLC	LIBOR 1 M + 3.250%		4.250		03/06/25		943
			TOTAL UTILITIES							943

			TOTAL BANK LOAN OBLIGATIONS							100,231
			(Cost $105,364)

BONDS - 95.7%

CORPORATE BONDS - 40.3%

326

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
AUTOMOBILES & COMPONENTS - 0.4%
EUR	450,000	g	Adient Global Holdings Ltd		3.500	%	08/15/24	$	447
$	350,000	g	Adient US LLC		9.000		04/15/25		377
EUR	500,000		Aptiv plc		1.500		03/10/25		556
$	225,000		Dana, Inc		5.375		11/15/27		223
	350,000		Dana, Inc		5.625		06/15/28		348
	1,250,000		Ford Motor Co		8.500		04/21/23		1,322
	1,275,000		Ford Motor Co		9.000		04/22/25		1,379
	11,000,000		General Motors Co		6.125		10/01/25		12,362
	5,600,000		General Motors Co		5.000		10/01/28		5,947
	6,950,000		General Motors Co		6.600		04/01/36		7,557
	6,500,000		General Motors Co		5.200		04/01/45		6,286
	1,925,000		General Motors Co		6.750		04/01/46		2,098
	5,500,000	g	Hyundai Capital America		3.000		02/10/27		5,431
EUR	400,000	g,o	IHO Verwaltungs GmbH		3.750		09/15/26		438
$	8,675,000		Magna International, Inc		3.625		06/15/24		9,441
			TOTAL AUTOMOBILES & COMPONENTS						54,212

BANKS - 8.3%
	8,250,000	g	Australia & New Zealand Banking Group Ltd		2.950		07/22/30		8,417
	3,800,000	g	Banco del Estado de Chile		2.668		01/08/21		3,819
	5,250,000	g	Banco del Estado de Chile		2.704		01/09/25		5,394
	300,000	g	Banco General S.A.		4.125		08/07/27		318
	3,800,000	g	Banco Internacional del Peru SAA Interbank		3.375		01/18/23		3,856
	3,225,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand		5.375		04/17/25		3,529
	5,950,000		Banco Santander S.A.		2.746		05/28/25		6,163
	3,800,000		Banco Santander S.A.		3.800		02/23/28		4,124
	2,400,000		Bancolombia S.A.		3.000		01/29/25		2,352
	2,650,000		Bancolombia S.A.		4.625		12/18/29		2,498
	6,300,000	g	Bank Leumi Le-Israel BM		3.275		01/29/31		6,120
	5,000,000		Bank of America Corp		3.550		03/05/24		5,343
EUR	400,000		Bank of America Corp		1.375		03/26/25		468
$	10,200,000		Bank of America Corp		3.875		08/01/25		11,549
	40,050,000		Bank of America Corp		2.456		10/22/25		42,134
	7,100,000		Bank of America Corp		1.319		06/19/26		7,117
	8,000,000		Bank of America Corp		4.250		10/22/26		9,171
	10,800,000		Bank of America Corp		3.559		04/23/27		12,054
EUR	300,000		Bank of America Corp		1.776		05/04/27		356
$	18,265,000		Bank of America Corp		3.248		10/21/27		20,144
	9,275,000		Bank of America Corp		3.824		01/20/28		10,548
	10,650,000		Bank of America Corp		3.419		12/20/28		11,860
	11,475,000		Bank of America Corp		2.884		10/22/30		12,414
	50,500,000		Bank of America Corp		2.496		02/13/31		52,933
	17,450,000		Bank of America Corp		2.592		04/29/31		18,458
	18,000,000		Bank of America Corp		4.083		03/20/51		22,460
	3,000,000		Bank of America Corp		6.100		N/A‡		3,165
	12,500,000	g	Bank of Montreal		2.100		06/15/22		12,882
EUR	400,000		Barclays plc		0.625		11/14/23		447
$	5,900,000		Barclays plc		4.338		05/16/24		6,354
	10,000,000		Barclays plc		3.932		05/07/25		10,804
	7,674,000	g	BPCE S.A.		4.625		07/11/24		8,370
	26,000,000	g	Canadian Imperial Bank of Commerce		3.150		06/27/21		26,715

327

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	2,950,000		Citigroup, Inc			2.700	%	10/27/22	$	3,081
	8,500,000		Citigroup, Inc			3.875		03/26/25		9,258
	13,700,000		Citigroup, Inc			3.106		04/08/26		14,689
EUR	250,000		Citigroup, Inc			1.500		07/24/26		290
$	36,375,000		Citigroup, Inc			3.200		10/21/26		39,892
	6,575,000		Citigroup, Inc			4.300		11/20/26		7,463
	21,485,000		Citigroup, Inc			4.450		09/29/27		24,484
	49,250,000		Citigroup, Inc			2.666		01/29/31		51,110
	11,000,000		Citigroup, Inc			4.412		03/31/31		13,010
	5,000,000		Citigroup, Inc			5.000		N/A‡		4,707
	7,400,000		Citizens Bank NA			2.650		05/26/22		7,648
	6,875,000		Cooperatieve Rabobank UA			3.950		11/09/22		7,274
	4,500,000	g	Cooperatieve Rabobank UA			2.625		07/22/24		4,779
	15,225,000		Cooperatieve Rabobank UA			3.750		07/21/26		16,736
	4,325,000	g	Credicorp Ltd			2.750		06/17/25		4,304
	11,050,000	g	Credit Agricole S.A.			3.250		10/04/24		11,865
	10,350,000	g	Credit Agricole S.A.			1.907		06/16/26		10,492
	2,450,000	g	DBS Group Holdings Ltd			4.520		12/11/28		2,645
	4,875,000		Discover Bank			3.200		08/09/21		4,983
	8,200,000		Discover Bank			2.450		09/12/24		8,600
	8,455,000		Discover Bank			3.450		07/27/26		9,141
	4,575,000		Discover Bank			2.700		02/06/30		4,608
GBP	500,000		HSBC Holdings plc			2.175		06/27/23		626
$	4,250,000		HSBC Holdings plc			3.033		11/22/23		4,440
	7,650,000		HSBC Holdings plc			3.803		03/11/25		8,265
	3,325,000		HSBC Holdings plc			2.633		11/07/25		3,448
	6,075,000		HSBC Holdings plc			3.900		05/25/26		6,745
	20,075,000		HSBC Holdings plc			4.292		09/12/26		22,331
	1,250,000		HSBC Holdings plc			4.375		11/23/26		1,384
	6,450,000		HSBC Holdings plc			4.041		03/13/28		7,128
	4,375,000		HSBC Holdings plc			4.950		03/31/30		5,236
	8,950,000		HSBC Holdings plc			3.973		05/22/30		9,933
	13,025,000		Huntington National Bank			2.500		08/07/22		13,518
	4,350,000	g	ING Groep NV			4.625		01/06/26		5,097
	2,125,000	g	Intercorp Financial Services, Inc			4.125		10/19/27		2,125
	4,850,000		JPMorgan Chase & Co			2.700		05/18/23		5,112
	35,850,000		JPMorgan Chase & Co			2.301		10/15/25		37,554
	20,000,000		JPMorgan Chase & Co			2.005		03/13/26		20,699
	9,550,000		JPMorgan Chase & Co			2.083		04/22/26		9,908
	14,900,000		JPMorgan Chase & Co			3.200		06/15/26		16,538
EUR	600,000		JPMorgan Chase & Co			1.638		05/18/28		710
$	12,000,000		JPMorgan Chase & Co			4.203		07/23/29		14,067
	23,700,000		JPMorgan Chase & Co			3.702		05/06/30		27,219
	44,675,000		JPMorgan Chase & Co			2.739		10/15/30		47,920
	23,000,000		JPMorgan Chase & Co			4.493		03/24/31		28,098
	28,700,000		JPMorgan Chase & Co			2.522		04/22/31		30,310
	4,575,000		JPMorgan Chase & Co			2.956		05/13/31		4,865
	5,500,000		JPMorgan Chase & Co			5.000		N/A‡		5,290
	200,000	g,i	KEB Hana Bank	LIBOR 3 M + 0.700%		1.002		10/02/22		200
	9,000,000		Mitsubishi UFJ Financial Group, Inc			2.193		02/25/25		9,300
	5,700,000		MUFG Americas Holdings Corp			3.500		06/18/22		5,984
	5,625,000		PNC Bank NA			2.450		11/05/20		5,655
	4,000,000		PNC Bank NA			2.700		10/22/29		4,263
	6,000,000		PNC Financial Services Group, Inc			3.900		04/29/24		6,622

328

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	30,000,000	g	Royal Bank of Canada		3.350	%	10/22/21	$	31,119
	11,800,000		Royal Bank of Canada		2.550		07/16/24		12,531
	6,325,000		Royal Bank of Scotland Group plc		3.073		05/22/28		6,639
	9,350,000		Santander Holdings USA, Inc		3.400		01/18/23		9,733
	13,100,000	g	Skandinaviska Enskilda Banken AB		2.625		11/17/20		13,201
	3,675,000		Sumitomo Mitsui Financial Group, Inc		2.778		10/18/22		3,841
	11,050,000		Sumitomo Mitsui Financial Group, Inc		2.696		07/16/24		11,706
	13,700,000		Toronto-Dominion Bank		1.850		09/11/20		13,741
	7,360,000	g	Toronto-Dominion Bank		2.250		03/15/21		7,456
	2,350,000		Toronto-Dominion Bank		3.625		09/15/31		2,624
	6,850,000		Truist Bank		3.525		10/26/21		6,915
	5,700,000		Truist Bank		2.750		05/01/23		6,013
	4,800,000		Truist Bank		2.150		12/06/24		5,047
	5,000,000		Truist Financial Corp		4.000		05/01/25		5,692
	5,000,000		Truist Financial Corp		4.950		N/A‡		5,112
	2,550,000	g	United Overseas Bank Ltd		3.750		04/15/29		2,696
	7,575,000		Wells Fargo Bank NA		3.325		07/23/21		7,587
	68,700,000		Wells Fargo Bank NA		2.082		09/09/22		69,808
	4,650,000		Westpac Banking Corp		2.850		05/13/26		5,118
	6,450,000		Westpac Banking Corp		4.110		07/24/34		7,119
			TOTAL BANKS						1,217,683

CAPITAL GOODS - 0.9%
GBP	1,000,000		BAE Systems plc		4.125		06/08/22		1,309
$	4,175,000	g	BAE Systems plc		3.400		04/15/30		4,553
	225,000	g	Beacon Roofing Supply, Inc		4.500		11/15/26		221
	3,600,000	g	BOC Aviation Ltd		3.000		09/11/29		3,548
	1,432,000		General Electric Co		5.875		01/14/38		1,602
	108,000		General Electric Co		6.875		01/10/39		133
	1,850,000	g	Gold Fields Orogen Holdings BVI Ltd		6.125		05/15/29		2,111
EUR	500,000	j	Honeywell International, Inc		0.000		03/10/24		555
$	275,000		Howmet Aerospace, Inc		6.875		05/01/25		299
EUR	1,000,000		Illinois Tool Works, Inc		1.250		05/22/23		1,158
$	1,000,000		Ingersoll-Rand Global Holding Co Ltd		3.750		08/21/28		1,109
	13,245,000		Ingersoll-Rand Luxembourg Finance S.A.		3.800		03/21/29		14,985
	3,000,000	g	Korea East-West Power Co Ltd		1.750		05/06/25		3,092
	3,150,000		L3Harris Technologies, Inc		3.850		06/15/23		3,425
	5,070,000		L3Harris Technologies, Inc		2.900		12/15/29		5,458
	3,340,000		Lockheed Martin Corp		2.500		11/23/20		3,363
	1,700,000		Lockheed Martin Corp		1.850		06/15/30		1,742
	2,150,000		Lockheed Martin Corp		2.800		06/15/50		2,268
	9,825,000	g	Molex Electronic Technologies LLC		3.900		04/15/25		10,238
	8,925,000		Northrop Grumman Corp		3.250		01/15/28		9,972
EUR	500,000		Parker-Hannifin Corp		1.125		03/01/25		564
$	19,200,000		Parker-Hannifin Corp		3.250		06/14/29		21,210
	6,600,000		Raytheon Technologies Corp		2.250		07/01/30		6,885
	5,475,000		Roper Technologies, Inc		3.800		12/15/26		6,253
	1,750,000		Roper Technologies, Inc		4.200		09/15/28		2,050
	1,000,000		Roper Technologies, Inc		2.950		09/15/29		1,092
	250,000	g	Sigma Alimentos S.A. de C.V.		4.125		05/02/26		262
	650,000		Trimble, Inc		4.900		06/15/28		746
	361,000		United Technologies Corp		3.650		08/16/23		390
	16,850,000		United Technologies Corp		4.125		11/16/28		19,857
	6,665,000		United Technologies Corp		4.500		06/01/42		8,253

329

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	400,000	g	WESCO Distribution, Inc		7.125	%	06/15/25	$	422
	300,000	g	WESCO Distribution, Inc		7.250		06/15/28		316
	975,000		Xylem, Inc		2.250		01/30/31		981
			TOTAL CAPITAL GOODS						140,422

COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
	875,000		AECOM		5.875		10/15/24		945
	325,000	g	ASGN, Inc		4.625		05/15/28		317
	250,000	g	GFL Environmental, Inc		4.250		06/01/25		252
	1,950,000		IHS Markit Ltd		4.125		08/01/23		2,132
	3,175,000		IHS Markit Ltd		4.250		05/01/29		3,633
	2,350,000	g	Prime Security Services Borrower LLC		5.250		04/15/24		2,403
	2,000,000	g	Prime Security Services Borrower LLC		5.750		04/15/26		2,073
	725,000	g	Prime Security Services Borrower LLC		6.250		01/15/28		683
	11,102,000		Republic Services, Inc		3.550		06/01/22		11,664
	7,971,000		Republic Services, Inc		2.900		07/01/26		8,707
	1,000,000		United Rentals North America, Inc		4.625		10/15/25		1,005
	1,250,000		Verisk Analytics, Inc		4.125		03/15/29		1,460
	1,050,000		Verisk Analytics, Inc		3.625		05/15/50		1,189
	7,075,000		Visa, Inc		2.050		04/15/30		7,416
	1,800,000		Visa, Inc		2.700		04/15/40		1,928
	9,650,000		Waste Management, Inc		2.900		09/15/22		10,085
	3,600,000		Waste Management, Inc		2.950		06/15/24		3,686
	15,450,000		Waste Management, Inc		3.450		06/15/29		15,987
	2,225,000		Waste Management, Inc		4.100		03/01/45		2,660
	3,475,000		Waste Management, Inc		4.150		07/15/49		4,355
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						82,580

CONSUMER DURABLES & APPAREL - 0.0%
	1,600,000		Leggett & Platt, Inc		4.400		03/15/29		1,721
	375,000		Newell Brands, Inc		4.875		06/01/25		393
			TOTAL CONSUMER DURABLES & APPAREL						2,114

CONSUMER SERVICES - 0.8%
	9,820,000		Amherst College		4.100		11/01/45		12,068
	29,085,000		Anheuser-Busch Cos LLC		3.650		02/01/26		32,658
	9,500,000		Anheuser-Busch Cos LLC		4.900		02/01/46		11,620
	600,000		Boyd Gaming Corp		6.000		08/15/26		558
	1,825,000	g	Cedar Fair LP		5.500		05/01/25		1,834
	125,000	g	Hilton Domestic Operating Co, Inc		5.375		05/01/25		125
	125,000	g	Hilton Domestic Operating Co, Inc		5.750		05/01/28		126
	925,000	g	International Game Technology plc		6.250		02/15/22		934
	1,610,000	g	International Game Technology plc		6.500		02/15/25		1,646
	775,000	g	MGM China Holdings Ltd		5.250		06/18/25		790
	250,000		MGM Resorts International		4.625		09/01/26		227
	8,000,000		President and Fellows of Harvard College		3.529		10/01/31		9,622
	14,250,000		President and Fellows of Harvard College		3.619		10/01/37		17,454
	2,100,000		Sands China Ltd		5.400		08/08/28		2,318
	1,600,000	g	Sands China Ltd		4.375		06/18/30		1,665
	1,000,000	g	Scientific Games International, Inc		5.000		10/15/25		923
EUR	500,000	g	Scientific Games International, Inc		3.375		02/15/26		517
$	15,000,000		Smith College		4.620		07/01/45		19,990
	1,125,000	g	Wynn Macau Ltd		5.500		01/15/26		1,111
	100,000	g	Yum! Brands, Inc		7.750		04/01/25		108
			TOTAL CONSUMER SERVICES						116,294

330

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
DIVERSIFIED FINANCIALS - 3.6%
$	3,500,000		AerCap Ireland Capital DAC		3.650	%	07/21/27	$	3,097
	5,525,000		American Express Co		2.500		08/01/22		5,733
	4,000,000		American Express Co		3.700		08/03/23		4,353
	2,775,000		American Express Credit Corp		3.300		05/03/27		3,153
EUR	425,000		American Honda Finance Corp		1.950		10/18/24		503
$	3,975,000		Ameriprise Financial, Inc		3.000		03/22/22		4,137
	6,000,000		Australia & New Zealand Banking Group Ltd		2.625		05/19/22		6,252
	500,000		AXA Equitable Holdings, Inc		5.000		04/20/48		569
	300,000	g	Bangkok Bank PCL		3.733		09/25/34		286
	5,350,000		Bank of Montreal		3.803		12/15/32		5,758
	300,000	g	BBVA Bancomer S.A.		5.350		11/12/29		292
	1,500,000	g	BBVA Bancomer S.A.		5.125		01/18/33		1,396
	4,525,000		Berkshire Hathaway, Inc		3.125		03/15/26		5,069
	11,000,000	g	BNP Paribas S.A.		2.819		11/19/25		11,520
	3,400,000	g	BNP Paribas S.A.		2.219		06/09/26		3,474
	7,300,000	g	BNP Paribas S.A.		3.052		01/13/31		7,679
	20,775,000		Capital One Bank USA NA		3.375		02/15/23		21,874
EUR	150,000		Capital One Financial Corp		0.800		06/12/24		164
$	6,250,000		Community Preservation Corp		2.867		02/01/30		5,975
	9,800,000	g	Credit Suisse Group AG.		2.997		12/14/23		10,201
EUR	250,000	g	Credit Suisse Group AG.		1.250		07/17/25		286
$	8,475,000	g	Credit Suisse Group AG.		2.193		06/05/26		8,581
	3,900,000	g	Credit Suisse Group AG.		4.282		01/09/28		4,367
	7,700,000		Credit Suisse Group Funding Guernsey Ltd		3.800		06/09/23		8,291
	10,250,000		Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		11,297
EUR	500,000		EDP Finance BV		1.125		02/12/24		577
$	4,000,000		Ford Motor Credit Co LLC		3.096		05/04/23		3,791
	4,825,000		GE Capital International Funding Co		3.373		11/15/25		5,063
	25,700,000		GE Capital International Funding Co		4.418		11/15/35		26,092
	20,000,000		General Motors Financial Co, Inc		2.750		06/20/25		19,709
	5,475,000		General Motors Financial Co, Inc		5.650		01/17/29		6,099
EUR	850,000		Goldman Sachs Group, Inc		2.000		07/27/23		995
$	13,575,000		Goldman Sachs Group, Inc		3.500		01/23/25		14,779
	26,625,000		Goldman Sachs Group, Inc		3.691		06/05/28		29,820
	7,400,000		Goldman Sachs Group, Inc		2.600		02/07/30		7,725
	6,075,000		Goldman Sachs Group, Inc		4.017		10/31/38		7,097
	7,675,000		Goldman Sachs Group, Inc		4.800		07/08/44		10,005
	1,221,534		Golondrina Leasing LLC		1.822		05/03/25		1,246
	3,325,000	g	Grupo Aval Ltd		4.375		02/04/30		3,175
	3,375,000	g	ICICI Bank Ltd		3.800		12/14/27		3,360
	15,200,000	g	ING Groep NV		1.400		07/01/26		15,236
	5,000,000		International Lease Finance Corp		5.875		08/15/22		5,260
	1,305,000		Legg Mason, Inc		3.950		07/15/24		1,404
	7,625,000		Morgan Stanley		3.125		01/23/23		8,085
	25,885,000		Morgan Stanley		2.720		07/22/25		27,485
	5,400,000		Morgan Stanley		2.188		04/28/26		5,616
	37,625,000		Morgan Stanley		3.125		07/27/26		41,509
EUR	700,000		Morgan Stanley		1.342		10/23/26		810
$	6,900,000		Morgan Stanley		3.625		01/20/27		7,789
	21,500,000		Morgan Stanley		2.699		01/22/31		22,836
	3,350,000	g	Power Finance Corp Ltd		3.950		04/23/30		3,167

331

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	17,580,000		Shire Acquisitions Investments Ireland DAC		3.200	%	09/23/26	$	19,500
	550,000		Springleaf Finance Corp		5.375		11/15/29		517
	2,600,000	g	Swiss Re Finance Luxembourg SA		5.000		04/02/49		2,907
	9,269,000		Synchrony Financial		4.250		08/15/24		9,748
	11,000,000		Toronto-Dominion Bank		1.150		06/12/25		11,134
	5,000,000	g	UBS AG.		2.450		12/01/20		5,032
	10,157,000	g	UBS Group AG.		2.859		08/15/23		10,521
	5,900,000	g	UBS Group AG.		3.126		08/13/30		6,373
	8,400,000		Wells Fargo & Co		3.750		01/24/24		9,178
	5,300,000		Wells Fargo & Co		3.550		09/29/25		5,919
	5,600,000		Wells Fargo & Co		3.000		10/23/26		6,108
	21,575,000		Wells Fargo & Co		2.393		06/02/28		22,288
	11,950,000		Wells Fargo & Co		2.879		10/30/30		12,771
	3,000,000		Wells Fargo & Co		5.875		N/A‡		3,118
			TOTAL DIVERSIFIED FINANCIALS						538,151

ENERGY - 3.0%
	1,825,000	g	Abu Dhabi Crude Oil Pipeline LLC		4.600		11/02/47		2,163
	1,050,000		AmeriGas Partners LP		5.875		08/20/26		1,108
	11,000,000		Chevron Corp		1.554		05/11/25		11,299
	4,925,000		Chevron Corp		2.236		05/11/30		5,155
	2,375,000		Crestwood Midstream Partners LP		5.750		04/01/25		2,051
	10,000,000		Diamondback Energy, Inc		2.875		12/01/24		10,017
	250,000		Ecopetrol S.A.		5.375		06/26/26		262
	4,100,000		Ecopetrol S.A.		6.875		04/29/30		4,719
	2,000,000		Ecopetrol S.A.		5.875		05/28/45		2,093
	500,000	g	Empresa Nacional del Petroleo		3.750		08/05/26		516
	475,000		Enable Midstream Partners LP		4.150		09/15/29		416
	8,225,000		Enbridge, Inc		3.125		11/15/29		8,619
	6,421,000		Energy Transfer Operating LP		3.600		02/01/23		6,643
	5,930,000		Energy Transfer Operating LP		4.200		09/15/23		6,301
	4,575,000		Energy Transfer Operating LP		2.900		05/15/25		4,685
	8,400,000		Energy Transfer Operating LP		4.750		01/15/26		9,174
	7,850,000		Energy Transfer Operating LP		4.950		06/15/28		8,429
	4,225,000		Energy Transfer Operating LP		5.250		04/15/29		4,611
	10,350,000		Energy Transfer Operating LP		3.750		05/15/30		10,227
	8,700,000		Energy Transfer Operating LP		6.250		04/15/49		9,220
	11,125,000		Energy Transfer Operating LP		5.000		05/15/50		10,511
	5,125,000		Enterprise Products Operating LLC		3.700		02/15/26		5,759
	6,275,000		Enterprise Products Operating LLC		3.125		07/31/29		6,715
	700,000		Enterprise Products Operating LLC		2.800		01/31/30		734
	1,250,000		Enterprise Products Operating LLC		4.900		05/15/46		1,447
	4,025,000		Enterprise Products Operating LLC		4.250		02/15/48		4,378
	6,200,000		Enterprise Products Operating LLC		4.800		02/01/49		7,340
	4,200,000		Enterprise Products Operating LLC		4.200		01/31/50		4,647
	10,600,000		Enterprise Products Operating LLC		3.700		01/31/51		11,020
	5,125,000		Enterprise Products Operating LLC		3.950		01/31/60		5,299
	1,225,000	g	EQM Midstream Partners LP		6.000		07/01/25		1,237
	300,000	g	Gazprom OAO Via Gaz Capital S.A.		4.950		03/23/27		333
	4,850,000		Kinder Morgan Energy Partners LP		5.400		09/01/44		5,705
	2,065,000		Kinder Morgan, Inc		5.300		12/01/34		2,402
	10,675,000		Magellan Midstream Partners LP		3.250		06/01/30		11,308
	7,125,000		Marathon Oil Corp		4.400		07/15/27		6,992
	9,075,000		Marathon Petroleum Corp		3.800		04/01/28		9,619

332

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	2,800,000		Marathon Petroleum Corp		4.750	%	09/15/44	$	2,923
	11,000,000		MPLX LP		4.000		03/15/28		11,590
	12,525,000		MPLX LP		4.500		04/15/38		12,521
	6,150,000		MPLX LP		4.700		04/15/48		6,305
	675,000		Murphy Oil Corp		5.875		12/01/27		594
	1,000,000		NAK Naftogaz Ukraine via Kondor Finance plc		7.375		07/19/22		992
	900,000		Noble Energy, Inc		3.900		11/15/24		907
	1,675,000		Noble Energy, Inc		3.850		01/15/28		1,618
	3,465,000		Noble Energy, Inc		5.050		11/15/44		3,149
	3,000,000		Occidental Petroleum Corp		3.500		06/15/25		2,535
	2,200,000		Occidental Petroleum Corp		5.550		03/15/26		2,008
	3,900,000		Occidental Petroleum Corp		4.300		08/15/39		2,690
	4,000,000		ONEOK, Inc		4.000		07/13/27		4,059
	9,642,000		ONEOK, Inc		4.550		07/15/28		10,107
	12,150,000		ONEOK, Inc		4.350		03/15/29		12,779
	10,380,000		ONEOK, Inc		3.400		09/01/29		10,094
	5,500,000		ONEOK, Inc		3.100		03/15/30		5,261
	5,500,000		ONEOK, Inc		4.500		03/15/50		5,118
	3,000,000	g	Pertamina Persero PT		4.300		05/20/23		3,164
	1,425,000	g	Pertamina Persero PT		3.650		07/30/29		1,482
	2,600,000	g	Peru LNG Srl		5.375		03/22/30		2,044
	2,335,000		Petrobras Global Finance BV		5.999		01/27/28		2,446
	1,100,000	g	Petrobras Global Finance BV		5.093		01/15/30		1,096
	4,000,000		Petrobras Global Finance BV		5.600		01/03/31		4,018
	750,000		Petrobras Global Finance BV		7.250		03/17/44		815
EUR	375,000		Petroleos Mexicanos		1.875		04/21/22		392
$	5,000,000		Petroleos Mexicanos		1.950		12/20/22		5,072
	2,675,000		Petroleos Mexicanos		2.000		12/20/22		2,717
	3,900,000		Petroleos Mexicanos		4.500		01/23/26		3,403
	3,775,000		Petroleos Mexicanos		6.500		03/13/27		3,407
	3,050,000		Petroleos Mexicanos		5.350		02/12/28		2,562
	2,988,000	g	Petroleos Mexicanos		6.840		01/23/30		2,620
	5,300,000	g	Petroleos Mexicanos		5.950		01/28/31		4,373
	2,150,000	g	Petronas Capital Ltd		3.500		04/21/30		2,384
	3,250,000		Phillips 66 Partners LP		3.150		12/15/29		3,327
	3,275,000		Phillips 66 Partners LP		4.680		02/15/45		3,518
	1,200,000		Regency Energy Partners LP		4.500		11/01/23		1,288
	2,650,000	g	Rio Oil Finance Trust		8.200		04/06/28		2,660
	9,875,000		Sabine Pass Liquefaction LLC		4.200		03/15/28		10,591
	2,500,000	g	Sabine Pass Liquefaction LLC		4.500		05/15/30		2,760
	5,550,000		Shell International Finance BV		2.250		01/06/23		5,763
	4,875,000		Shell International Finance BV		2.875		05/10/26		5,339
	6,900,000		Shell International Finance BV		3.125		11/07/49		7,251
	350,000	g	Stena AB		7.000		02/01/24		329
	6,500,000		Sunoco Logistics Partners Operations LP		4.000		10/01/27		6,659
	1,925,000		Sunoco Logistics Partners Operations LP		5.400		10/01/47		1,894
	525,000		Sunoco LP		4.875		01/15/23		517
	600,000		Targa Resources Partners LP		5.125		02/01/25		577
	1,000,000		Targa Resources Partners LP		5.875		04/15/26		990
	425,000		Targa Resources Partners LP		6.500		07/15/27		426
	9,900,000	g	Thaioil Treasury Center Co Ltd		2.500		06/18/30		9,877
EUR	600,000		Total Capital International S.A.		2.500		03/25/26		757
$	11,000,000		Total Capital International S.A.		3.127		05/29/50		11,228
	19,150,000		TransCanada PipeLines Ltd		4.250		05/15/28		22,029

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	2,500,000		Vale Overseas Ltd		6.250	%	08/10/26	$	2,941
	5,075,000		Williams Partners LP		3.750		06/15/27		5,413
	2,000,000	g	YPF S.A.		8.500		07/28/25		1,485
			TOTAL ENERGY						448,018

FOOD & STAPLES RETAILING - 0.6%
	5,225,000		Costco Wholesale Corp		1.375		06/20/27		5,335
	7,850,000		Costco Wholesale Corp		1.600		04/20/30		7,931
	2,450,000		Costco Wholesale Corp		1.750		04/20/32		2,487
	2,258,000		Ingles Markets, Inc		5.750		06/15/23		2,269
	5,575,000		Kroger Co		3.700		08/01/27		6,366
	3,140,000		Kroger Co		3.875		10/15/46		3,516
	1,325,000		Kroger Co		4.450		02/01/47		1,605
	2,636,000		Kroger Co		3.950		01/15/50		3,016
EUR	1,000,000		SYSCO Corp		1.250		06/23/23		1,115
$	22,300,000		Walmart, Inc		3.700		06/26/28		26,421
	9,350,000		Walmart, Inc		3.250		07/08/29		10,863
	13,650,000		Walmart, Inc		2.375		09/24/29		14,893
	6,150,000		Walmart, Inc		3.950		06/28/38		7,825
			TOTAL FOOD & STAPLES RETAILING						93,642

FOOD, BEVERAGE & TOBACCO - 1.1%
	6,425,000		Altria Group, Inc		4.800		02/14/29		7,490
	3,375,000		Altria Group, Inc		3.400		05/06/30		3,630
	5,800,000		Altria Group, Inc		5.950		02/14/49		7,604
	9,474,000		Anheuser-Busch InBev Finance, Inc		3.300		02/01/23		10,020
	18,600,000		Anheuser-Busch InBev Worldwide, Inc		4.750		01/23/29		22,470
	5,045,000		Anheuser-Busch InBev Worldwide, Inc		4.439		10/06/48		5,810
	10,825,000		BAT Capital Corp		4.906		04/02/30		12,711
	2,750,000		Coca-Cola Co		1.450		06/01/27		2,824
	3,325,000		Coca-Cola Co		3.450		03/25/30		3,911
	3,375,000		Coca-Cola Co		1.650		06/01/30		3,432
	1,700,000		Constellation Brands, Inc		4.400		11/15/25		1,965
	2,675,000		Constellation Brands, Inc		3.700		12/06/26		2,985
	1,825,000		Constellation Brands, Inc		3.600		02/15/28		2,022
	3,225,000		Constellation Brands, Inc		3.150		08/01/29		3,457
	1,125,000		Constellation Brands, Inc		2.875		05/01/30		1,192
	3,000,000	g	Corp Lindley S.A.		4.625		04/12/23		3,090
	5,500,000		Diageo Capital plc		2.125		10/24/24		5,784
	4,500,000		Diageo Capital plc		1.375		09/29/25		4,578
	8,050,000		Diageo Capital plc		2.375		10/24/29		8,592
	3,900,000		Diageo Capital plc		2.000		04/29/30		4,035
	3,600,000	g	Embotelladora Andina S.A.		3.950		01/21/50		3,602
	1,550,000		General Mills, Inc		2.875		04/15/30		1,685
	3,700,000	g	Grupo Bimbo SAB de C.V.		4.700		11/10/47		4,083
	2,400,000	g	Grupo Bimbo SAB de C.V.		5.950		N/A‡		2,475
	1,550,000		JM Smucker Co		2.375		03/15/30		1,582
	4,450,000		JM Smucker Co		3.550		03/15/50		4,590
	3,900,000		Kellogg Co		3.400		11/15/27		4,378
EUR	400,000		PepsiCo, Inc		0.500		05/06/28		452
$	3,125,000		PepsiCo, Inc		3.450		10/06/46		3,608
	6,325,000		Philip Morris International, Inc		2.100		05/01/30		6,516
	1,600,000		Philip Morris International, Inc		6.375		05/16/38		2,411
	2,700,000		Tyson Foods, Inc		3.900		09/28/23		2,947

334

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	5,800,000		Tyson Foods, Inc		5.100	%	09/28/48	$	7,540
			TOTAL FOOD, BEVERAGE & TOBACCO						163,471

HEALTH CARE EQUIPMENT & SERVICES - 1.7%
	11,100,000		Anthem, Inc		3.650		12/01/27		12,647
EUR	430,000		Becton Dickinson & Co		1.401		05/24/23		490
	670,000		Becton Dickinson & Co		1.900		12/15/26		779
$	11,589,000		Becton Dickinson & Co		3.700		06/06/27		12,966
	4,850,000		Boston Scientific Corp		4.000		03/01/29		5,548
	3,650,000		Centene Corp		4.250		12/15/27		3,766
	19,230,000		Children's Hospital Medic		4.268		05/15/44		23,772
	5,350,000		Cigna Corp		2.400		03/15/30		5,551
	5,075,000		Cigna Corp		3.200		03/15/40		5,374
	3,800,000		Covidien International Finance S.A.		3.200		06/15/22		3,985
	6,775,000		CVS Health Corp		2.625		08/15/24		7,234
	15,950,000		CVS Health Corp		2.875		06/01/26		17,270
	18,555,000		CVS Health Corp		4.300		03/25/28		21,692
	23,450,000		CVS Health Corp		3.750		04/01/30		26,965
	10,300,000		CVS Health Corp		4.780		03/25/38		12,795
	8,350,000		CVS Health Corp		5.050		03/25/48		10,861
	3,750,000		CVS Health Corp		4.250		04/01/50		4,511
	4,105,000		Dartmouth-Hitchcock Health		4.178		08/01/48		4,452
	1,250,000	g	DaVita, Inc		4.625		06/01/30		1,243
EUR	500,000		DH Europe Finance Sarl		1.200		06/30/27		581
$	4,225,000		HCA, Inc		5.625		09/01/28		4,713
	5,000,000		HCA, Inc		5.500		06/15/47		6,087
	6,250,000		Humana, Inc		3.950		03/15/27		7,090
	12,500,000		Mercy Health		3.382		11/01/25		13,498
	500,000	g	Molina Healthcare, Inc		4.375		06/15/28		501
	5,000,000		New York and Presbyterian Hospital		3.563		08/01/36		5,420
EUR	450,000		Stryker Corp		2.625		11/30/30		579
$	150,000	g	Teleflex, Inc		4.250		06/01/28		154
	375,000	g	Tenet Healthcare Corp		4.625		06/15/28		367
	2,975,000		Thermo Fisher Scientific, Inc		4.133		03/25/25		3,398
	5,350,000		Thermo Fisher Scientific, Inc		2.950		09/19/26		5,918
EUR	300,000		Thermo Fisher Scientific, Inc		1.950		07/24/29		369
	325,000		Thermo Fisher Scientific, Inc		2.875		07/24/37		442
$	5,775,000		UnitedHealth Group, Inc		2.950		10/15/27		6,445
	4,625,000		UnitedHealth Group, Inc		3.750		10/15/47		5,517
	2,150,000		Zimmer Biomet Holdings, Inc		3.700		03/19/23		2,287
	3,745,000		Zimmer Biomet Holdings, Inc		3.550		04/01/25		4,072
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						249,339

HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
EUR	600,000		The Procter & Gamble Company		0.625		10/30/24		695
	400,000		The Procter & Gamble Company		1.875		10/30/38		539
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						1,234

INSURANCE - 1.0%
$	1,925,000		Aetna, Inc		6.625		06/15/36		2,737
	5,500,000		Allstate Corp		3.850		08/10/49		6,588
	2,700,000		American Financial Group, Inc		3.500		08/15/26		2,878
	9,025,000		American International Group, Inc		3.900		04/01/26		10,194
	2,875,000		American International Group, Inc		4.200		04/01/28		3,271

335

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	6,650,000		Aon Corp			3.750	%	05/02/29	$	7,616
	12,975,000		Aon plc			3.500		06/14/24		14,136
	3,250,000		AXIS Specialty Finance LLC			4.900		01/15/40		3,047
	2,275,000		Berkshire Hathaway Finance Corp			1.850		03/12/30		2,339
	2,400,000		Berkshire Hathaway Finance Corp			4.250		01/15/49		3,075
	6,250,000		Chubb INA Holdings, Inc			2.875		11/03/22		6,570
EUR	450,000		Chubb INA Holdings, Inc			0.875		06/15/27		508
	500,000		Chubb INA Holdings, Inc			1.550		03/15/28		591
	450,000		Chubb INA Holdings, Inc			1.400		06/15/31		520
$	3,525,000		CNA Financial Corp			3.950		05/15/24		3,832
	3,050,000		CNA Financial Corp			3.450		08/15/27		3,253
	900,000		CNA Financial Corp			3.900		05/01/29		992
	5,665,000	g,i	Cranberry RE Ltd	LIBOR 6 M + 1.980%		2.012		07/13/20		5,662
	1,825,000	g,h	Equitable Financial Life Global Funding			1.400		07/07/25		1,829
EUR	250,000	g	Fairfax Financial Holdings Ltd			2.750		03/29/28		289
$	5,575,000	g	Five Corners Funding Trust			4.419		11/15/23		6,209
	7,325,000	g	Five Corners Funding Trust II			2.850		05/15/30		7,553
	5,500,000		Hartford Financial Services Group, Inc			2.800		08/19/29		5,822
	1,350,000		Hartford Financial Services Group, Inc			4.300		04/15/43		1,552
	3,375,000		Hartford Financial Services Group, Inc			3.600		08/19/49		3,557
	728,000	g	Liberty Mutual Group, Inc			4.250		06/15/23		790
EUR	750,000		Liberty Mutual Group, Inc			2.750		05/04/26		925
$	2,572,000	g	Liberty Mutual Group, Inc			4.569		02/01/29		3,012
	4,100,000	g	Liberty Mutual Group, Inc			3.951		10/15/50		4,330
	1,600,000		Marsh & McLennan Cos, Inc			3.500		06/03/24		1,749
	1,365,000		Marsh & McLennan Cos, Inc			3.500		03/10/25		1,510
	4,325,000		MetLife, Inc			3.600		11/13/25		4,916
	3,025,000	g	Metropolitan Life Global Funding I			2.950		04/09/30		3,314
	600,000		Principal Financial Group, Inc			3.700		05/15/29		682
	6,000,000		Principal Financial Group, Inc			2.125		06/15/30		6,009
	2,500,000		Prudential Financial, Inc			3.905		12/07/47		2,841
	3,000,000	g	Prudential Funding LLC			6.750		09/15/23		3,496
	4,150,000		Reinsurance Group of America, Inc			3.900		05/15/29		4,521
	1,300,000		Travelers Cos, Inc			2.550		04/27/50		1,284
	7,750,000	g,i	Vitality Re IX Ltd			1.722		01/10/22		7,363
	3,500,000	g,i	Vitality Re X Ltd			1.879		01/10/23		3,325
	1,000,000		Voya Financial, Inc			5.700		07/15/43		1,299
	2,400,000		WR Berkley Corp			5.375		09/15/20		2,420
			TOTAL INSURANCE							158,406

MATERIALS - 1.1%
	1,750,000		Air Products and Chemicals, Inc			1.500		10/15/25		1,810
	1,950,000		Air Products and Chemicals, Inc			2.050		05/15/30		2,049
	250,000	g	Arconic Corp			6.000		05/15/25		257
	175,000	g	Arconic Rolled Products Corp			6.125		02/15/28		175
EUR	250,000		Ball Corp			4.375		12/15/23		303
	425,000		Ball Corp			0.875		03/15/24		458
$	852,000		Bemis Co, Inc			3.100		09/15/26		899
	2,600,000		Bemis Co, Inc			2.630		06/19/30		2,665
	200,000		Celulosa Arauco y Constitucion S.A.			3.875		11/02/27		204
	3,000,000	g	Celulosa Arauco y Constitucion S.A.			4.250		04/30/29		3,083
	1,650,000	g	Celulosa Arauco y Constitucion S.A.			4.200		01/29/30		1,681
	3,175,000	g	Cemex SAB de C.V.			7.375		06/05/27		3,226
	2,500,000	g	Cemex SAB de C.V.			5.450		11/19/29		2,309

336

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	3,900,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.625	%	08/01/27	$	4,184
	3,000,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.150		01/14/30		3,119
	2,000,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.700		01/30/50		2,040
	4,000,000		DowDuPont, Inc		4.725		11/15/28		4,809
	26,950,000		DuPont de Nemours, Inc		2.169		05/01/23		27,455
	1,950,000	g	Industrias Penoles SAB de C.V.		4.150		09/12/29		2,023
EUR	350,000	g	INEOS Finance plc		2.875		05/01/26		375
$	2,561,000		International Paper Co		5.000		09/15/35		3,125
	3,750,000		International Paper Co		4.350		08/15/48		4,423
	3,000,000	g	Inversiones CMPC S.A.		4.375		04/04/27		3,202
	1,500,000	g	Inversiones CMPC S.A.		3.850		01/13/30		1,531
	5,672,000		LyondellBasell Industries NV		6.000		11/15/21		5,988
	5,800,000	g	Midwest Connector Capital Co LLC		3.900		04/01/24		6,094
	5,800,000	g	Midwest Connector Capital Co LLC		4.625		04/01/29		6,251
	1,725,000		Mosaic Co		4.875		11/15/41		1,695
	4,000,000		Newmont Corp		2.250		10/01/30		4,053
	2,000,000	g	Nova Chemicals Corp		4.875		06/01/24		1,865
	4,767,000		Nutrien Ltd		3.375		03/15/25		5,196
	7,500,000		Nutrien Ltd		2.950		05/13/30		7,947
EUR	125,000	g	OCI NV		5.000		04/15/23		141
$	500,000	g	OCI NV		6.625		04/15/23		503
EUR	375,000	g	OCI NV		3.125		11/01/24		411
$	525,000	g	OCI NV		5.250		11/01/24		504
EUR	250,000	g	OI European Group BV		3.125		11/15/24		276
$	375,000	g	PolyOne Corp		5.750		05/15/25		386
	350,000	g	POSCO		2.500		01/17/25		359
	2,550,000	g	SABIC Capital II BV		4.000		10/10/23		2,716
	1,300,000		SASOL Financing USA LLC		6.500		09/27/28		1,149
	8,200,000		Sherwin-Williams Co		2.300		05/15/30		8,361
EUR	400,000		Silgan Holdings, Inc		3.250		03/15/25		452
$	1,925,000		Suzano Austria GmbH		6.000		01/15/29		2,077
	725,000	g	Tronox, Inc		6.500		05/01/25		729
	3,000,000		Vulcan Materials Co		3.500		06/01/30		3,258
	9,300,000		WRKCo, Inc		4.900		03/15/29		11,098
			TOTAL MATERIALS						146,914

MEDIA & ENTERTAINMENT - 2.5%
EUR	200,000	g	Ashland Services BV		2.000		01/30/28		208
$	1,775,000	g	Cable Onda S.A.		4.500		01/30/30		1,798
	8,000,000		Charter Communications Operating LLC		3.750		02/15/28		8,719
	8,350,000		Charter Communications Operating LLC		4.200		03/15/28		9,360
	6,150,000		Charter Communications Operating LLC		5.125		07/01/49		7,100
	21,620,000		Charter Communications Operating LLC		4.800		03/01/50		24,504
	7,200,000		Comcast Corp		3.700		04/15/24		7,990
	11,800,000		Comcast Corp		3.950		10/15/25		13,522
	10,650,000		Comcast Corp		2.350		01/15/27		11,379
EUR	450,000		Comcast Corp		0.250		05/20/27		496
$	5,750,000		Comcast Corp		3.150		02/15/28		6,420
	48,450,000		Comcast Corp		4.150		10/15/28		58,288
	11,875,000		Comcast Corp		2.650		02/01/30		12,912
	15,000,000		Comcast Corp		3.400		04/01/30		17,081
	12,175,000		Comcast Corp		1.950		01/15/31		12,400
	5,000,000		Comcast Corp		4.400		08/15/35		6,199
	18,200,000		Comcast Corp		3.200		07/15/36		20,230

337

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	3,000,000		Comcast Corp		3.900	%	03/01/38	$	3,561
	2,500,000		Comcast Corp		4.700		10/15/48		3,355
	16,500,000		Comcast Corp		3.450		02/01/50		18,702
	11,650,000		Comcast Corp		2.800		01/15/51		11,907
	1,500,000	g	CSC Holdings LLC		7.500		04/01/28		1,637
	1,675,000	g	Diamond Sports Group LLC		5.375		08/15/26		1,214
	2,099,000		Discovery Communications LLC		2.950		03/20/23		2,205
GBP	300,000		Discovery Communications LLC		2.500		09/20/24		377
$	6,850,000		Discovery Communications LLC		4.125		05/15/29		7,820
	6,400,000		Discovery Communications LLC		5.200		09/20/47		7,443
	1,895,000		Grupo Televisa SAB		6.625		01/15/40		2,452
	650,000	g	Lamar Media Corp		3.750		02/15/28		613
	2,000,000	g	Medco Bell Pte Ltd		6.375		01/30/27		1,701
	3,500,000	g	MEGlobal Canada ULC		5.000		05/18/25		3,767
	10,350,000		NBC Universal Media LLC		2.875		01/15/23		11,053
EUR	400,000	g	Reckitt Benckiser Treasury Services Nederland BV		0.375		05/19/26		451
$	2,675,000	g	Sirius XM Radio, Inc		4.125		07/01/30		2,639
	1,650,000	g	TEGNA, Inc		4.625		03/15/28		1,518
	250,000	g	Tencent Holdings Ltd		3.975		04/11/29		282
	5,675,000		Time Warner Cable LLC		5.875		11/15/40		6,989
	4,075,000		Time Warner Cable LLC		4.500		09/15/42		4,377
	11,200,000	g	Upjohn, Inc		2.700		06/22/30		11,507
	2,425,000	g	Upjohn, Inc		3.850		06/22/40		2,601
	4,200,000		ViacomCBS, Inc		2.900		01/15/27		4,408
	2,500,000		ViacomCBS, Inc		3.375		02/15/28		2,656
	2,250,000		ViacomCBS, Inc		4.375		03/15/43		2,352
	1,150,000		ViacomCBS, Inc		5.850		09/01/43		1,360
	5,500,000		Walt Disney Co		3.700		03/23/27		6,307
	2,105,000		Walt Disney Co		7.625		11/30/28		3,013
	8,225,000		Walt Disney Co		2.000		09/01/29		8,454
	1,578,000		Walt Disney Co		6.550		03/15/33		2,327
	10,000,000		Walt Disney Co		4.700		03/23/50		13,040
			TOTAL MEDIA & ENTERTAINMENT						370,694

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.1%
EUR	400,000		Abbott Ireland Financing DAC		0.875		09/27/23		459
	400,000		Abbott Ireland Financing DAC		1.500		09/27/26		480
$	4,750,000		Abbott Laboratories		3.875		09/15/25		5,450
	11,022,000		Abbott Laboratories		3.750		11/30/26		12,824
	2,250,000		Abbott Laboratories		5.300		05/27/40		3,258
	3,500,000		AbbVie, Inc		2.850		05/14/23		3,691
EUR	550,000	g	AbbVie, Inc		1.250		06/01/24		631
$	8,700,000	g	AbbVie, Inc		3.800		03/15/25		9,701
	26,000,000	g	AbbVie, Inc		2.950		11/21/26		28,450
EUR	350,000	g	AbbVie, Inc		2.625		11/15/28		445
$	22,275,000	g	AbbVie, Inc		3.200		11/21/29		24,772
	12,850,000	g	AbbVie, Inc		4.050		11/21/39		14,903
	6,700,000		AbbVie, Inc		4.400		11/06/42		8,078
	2,680,000		AbbVie, Inc		4.450		05/14/46		3,253
	9,525,000	g	AbbVie, Inc		4.250		11/21/49		11,418
	5,650,000		AstraZeneca plc		3.125		06/12/27		6,292
	325,000	g	Bausch Health Cos, Inc		5.000		01/30/28		306
	2,900,000	g	Bristol-Myers Squibb Co		2.900		07/26/24		3,137
EUR	325,000		Bristol-Myers Squibb Co		1.000		05/15/25		383

338

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	2,900,000	g	Bristol-Myers Squibb Co		3.875	%	08/15/25	$	3,299
	13,600,000	g	Bristol-Myers Squibb Co		3.450		11/15/27		15,652
	20,175,000	g	Bristol-Myers Squibb Co		3.400		07/26/29		23,514
	16,500,000	g	Bristol-Myers Squibb Co		4.250		10/26/49		21,908
	10,000,000		Eli Lilly & Co		2.250		05/15/50		9,587
	1,775,000		Gilead Sciences, Inc		4.000		09/01/36		2,203
	5,075,000		Gilead Sciences, Inc		4.150		03/01/47		6,462
	125,000	g	Jaguar Holding Co II		4.625		06/15/25		127
	100,000	g	Jaguar Holding Co II		5.000		06/15/28		102
	5,650,000		Johnson & Johnson		2.450		03/01/26		6,186
	3,950,000		Johnson & Johnson		2.900		01/15/28		4,444
	3,750,000		Johnson & Johnson		3.400		01/15/38		4,429
	19,100,000		Merck & Co, Inc		1.450		06/24/30		19,138
	11,750,000		Merck & Co, Inc		2.450		06/24/50		11,792
	5,750,000		Mylan, Inc		4.550		04/15/28		6,605
	9,600,000		Novartis Capital Corp		3.000		11/20/25		10,657
EUR	1,200,000	g	Takeda Pharmaceutical Co Ltd		1.125		11/21/22		1,371
$	9,700,000	h	Takeda Pharmaceutical Co Ltd		2.050		03/31/30		9,601
EUR	400,000	g	Takeda Pharmaceutical Co Ltd		3.000		11/21/30		526
	400,000	h	Takeda Pharmaceutical Co Ltd		1.375		07/09/32		450
$	1,975,000	h	Takeda Pharmaceutical Co Ltd		3.025		07/09/40		1,990
	3,000,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		2,679
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						300,653

REAL ESTATE - 2.0%
	1,675,000		Alexandria Real Estate Equities, Inc		3.950		01/15/27		1,878
	2,300,000		Alexandria Real Estate Equities, Inc		3.950		01/15/28		2,623
	5,500,000		Alexandria Real Estate Equities, Inc		4.900		12/15/30		6,849
	5,950,000		American Tower Corp		3.000		06/15/23		6,345
	5,775,000		American Tower Corp		2.950		01/15/25		6,279
EUR	600,000		American Tower Corp		1.950		05/22/26		715
$	2,418,000		American Tower Corp		3.375		10/15/26		2,689
	10,000,000		American Tower Corp		2.750		01/15/27		10,738
	1,600,000		American Tower Corp		3.600		01/15/28		1,786
	8,850,000		American Tower Corp		3.800		08/15/29		10,056
	13,700,000		American Tower Corp		2.900		01/15/30		14,619
	5,575,000		Brandywine Operating Partnership LP		4.100		10/01/24		5,807
	5,825,000		Brixmor Operating Partnership LP		3.850		02/01/25		6,015
	1,950,000		Camden Property Trust		3.150		07/01/29		2,161
	2,150,000		Camden Property Trust		2.800		05/15/30		2,323
	3,911,000		Crown Castle International Corp		4.875		04/15/22		4,178
	1,700,000		Crown Castle International Corp		3.650		09/01/27		1,894
	1,825,000		Crown Castle International Corp		3.800		02/15/28		2,051
	19,725,000		Crown Castle International Corp		2.250		01/15/31		19,867
	4,750,000		Crown Castle International Corp		3.250		01/15/51		4,740
	3,075,000		Digital Realty Trust LP		3.700		08/15/27		3,507
	1,600,000		Duke Realty LP		3.250		06/30/26		1,755
	2,525,000		Duke Realty LP		4.000		09/15/28		2,963
	3,125,000		Duke Realty LP		1.750		07/01/30		3,104
	3,825,000		Equinix, Inc		2.150		07/15/30		3,779
	2,754,000		Essex Portfolio LP		3.375		01/15/23		2,885
	9,100,000		Essex Portfolio LP		3.000		01/15/30		9,899
	1,625,000		Healthcare Realty Trust, Inc		3.750		04/15/23		1,692
	6,600,000		Healthcare Realty Trust, Inc		3.875		05/01/25		7,011

339

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	3,000,000		Healthcare Realty Trust, Inc		3.625	%	01/15/28	$	3,159
	1,750,000		Healthcare Realty Trust, Inc		2.400		03/15/30		1,665
	3,550,000		Healthcare Trust of America Holdings LP		3.700		04/15/23		3,714
	6,250,000		Healthcare Trust of America Holdings LP		3.500		08/01/26		6,752
	11,400,000		Healthcare Trust of America Holdings LP		3.100		02/15/30		11,499
	7,950,000		Highwoods Realty LP		3.875		03/01/27		8,397
	2,900,000		Highwoods Realty LP		4.125		03/15/28		3,101
	2,875,000		Highwoods Realty LP		4.200		04/15/29		3,089
	6,000,000		Highwoods Realty LP		3.050		02/15/30		5,971
	1,833,000		Hudson Pacific Properties LP		3.950		11/01/27		1,899
	800,000		iStar, Inc		4.750		10/01/24		747
	575,000	g	MGM Growth Properties Operating Partnership LP		4.625		06/15/25		564
	5,224,000		Mid-America Apartments LP		4.300		10/15/23		5,735
	5,525,000		Mid-America Apartments LP		3.750		06/15/24		5,982
	4,300,000		Mid-America Apartments LP		4.000		11/15/25		4,776
	7,734,000		Mid-America Apartments LP		3.600		06/01/27		8,581
	11,100,000		Mid-America Apartments LP		2.750		03/15/30		11,738
	5,425,000		National Retail Properties, Inc		3.300		04/15/23		5,650
	2,575,000		National Retail Properties, Inc		4.000		11/15/25		2,820
	3,000,000		National Retail Properties, Inc		3.600		12/15/26		3,157
EUR	360,000		ProLogis Euro Finance LLC		0.375		02/06/28		396
	350,000		ProLogis LP		3.000		06/02/26		451
$	2,700,000		ProLogis LP		2.250		04/15/30		2,842
	2,750,000		Regency Centers Corp		3.750		11/15/22		2,864
	7,225,000		Regency Centers LP		3.900		11/01/25		7,734
	4,750,000		Regency Centers LP		3.600		02/01/27		5,055
	5,500,000		Regency Centers LP		2.950		09/15/29		5,581
	2,968,000		SITE Centers Corp		3.625		02/01/25		2,991
	350,000		SITE Centers Corp		4.700		06/01/27		356
	775,000	g	VICI Properties LP		3.500		02/15/25		729
	1,170,000		Weingarten Realty Investors		3.375		10/15/22		1,194
	4,800,000		Weingarten Realty Investors		3.500		04/15/23		4,927
	3,025,000		Weingarten Realty Investors		4.450		01/15/24		3,203
	3,950,000		Weingarten Realty Investors		3.850		06/01/25		4,074
	1,300,000		Weingarten Realty Investors		3.250		08/15/26		1,297
			TOTAL REAL ESTATE						292,898

RETAILING - 0.4%
	2,950,000		AutoNation, Inc		3.800		11/15/27		3,051
	100,000	g	Camelot Finance S.A.		4.500		11/01/26		100
	8,850,000		Home Depot, Inc		2.000		04/01/21		8,954
	350,000		JD.com, Inc		3.375		01/14/30		375
	525,000	g	L Brands, Inc		6.875		07/01/25		542
	200,000	g	L Brands, Inc		9.375		07/01/25		200
	875,000	g	Lithia Motors, Inc		4.625		12/15/27		866
	300,000	g	Macy's, Inc		8.375		06/15/25		298
	5,100,000		O'Reilly Automotive, Inc		3.550		03/15/26		5,773
	6,875,000		O'Reilly Automotive, Inc		3.600		09/01/27		7,725
	4,075,000		O'Reilly Automotive, Inc		4.200		04/01/30		4,771
	1,500,000	g	PetSmart, Inc		5.875		06/01/25		1,503
	900,000	g	PetSmart, Inc		8.875		06/01/25		900
	2,775,000	g	Prosus NV		3.680		01/21/30		2,905
	750,000		QVC, Inc		4.750		02/15/27		725
	4,500,000		Target Corp		3.375		04/15/29		5,203

340

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	13,275,000		Target Corp		2.350	%	02/15/30	$	14,193
	1,350,000		Target Corp		2.650		09/15/30		1,483
			TOTAL RETAILING						59,567

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6%
	12,025,000	g	Broadcom, Inc		4.150		11/15/30		13,084
	15,640,000		Intel Corp		2.875		05/11/24		16,943
	4,800,000		Intel Corp		2.600		05/19/26		5,227
	7,325,000		Intel Corp		3.750		03/25/27		8,527
	2,500,000		Intel Corp		3.734		12/08/47		3,011
	2,875,000		Lam Research Corp		3.750		03/15/26		3,287
	3,275,000		Lam Research Corp		4.000		03/15/29		3,891
	1,100,000		Lam Research Corp		1.900		06/15/30		1,124
	8,075,000		Lam Research Corp		2.875		06/15/50		8,344
	5,250,000	g	NXP BV		4.875		03/01/24		5,863
	5,725,000	g	NXP BV		3.875		06/18/26		6,406
	2,450,000	g	NXP BV		3.400		05/01/30		2,636
	3,475,000		Texas Instruments, Inc		2.625		05/15/24		3,733
	2,500,000		Texas Instruments, Inc		2.250		09/04/29		2,660
	3,100,000		Texas Instruments, Inc		4.150		05/15/48		4,008
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						88,744

SOFTWARE & SERVICES - 1.2%
	4,175,000		Activision Blizzard, Inc		2.300		09/15/21		4,255
	4,350,000		Activision Blizzard, Inc		3.400		09/15/26		4,941
	10,050,000		Adobe, Inc		2.300		02/01/30		10,851
	2,800,000		Baidu, Inc		2.875		07/06/22		2,867
	1,725,000		Baidu, Inc		4.375		05/14/24		1,878
GBP	150,000		Fidelity National Information Services, Inc		1.700		06/30/22		188
EUR	375,000		Fidelity National Information Services, Inc		1.100		07/15/24		430
$	3,750,000		Fidelity National Information Services, Inc		3.750		05/21/29		4,393
	14,800,000		Fiserv, Inc		2.750		07/01/24		15,781
	17,250,000		Fiserv, Inc		3.500		07/01/29		19,370
	4,725,000		Global Payments, Inc		2.650		02/15/25		5,015
	10,275,000		Global Payments, Inc		3.200		08/15/29		11,005
	12,600,000		International Business Machines Corp		2.850		05/13/22		13,179
	25,850,000		International Business Machines Corp		3.500		05/15/29		29,872
	20,825,000		International Business Machines Corp		1.950		05/15/30		21,295
EUR	400,000		International Business Machines Corp		0.650		02/11/32		433
$	26,300,000		Microsoft Corp		2.400		08/08/26		28,712
	2,355,000		Microsoft Corp		4.100		02/06/37		3,038
	5,850,000		Microsoft Corp		3.700		08/08/46		7,337
	1,395,000		Microsoft Corp		2.525		06/01/50		1,444
	550,000	g	Open Text Holdings, Inc		4.125		02/15/30		540
	175,000	g	Presidio Holdings, Inc		4.875		02/01/27		171
	2,425,000		salesforce.com, Inc		3.700		04/11/28		2,829
	2,700,000	h	Weibo Corp		3.375		07/08/30		2,682
			TOTAL SOFTWARE & SERVICES						192,506

TECHNOLOGY HARDWARE & EQUIPMENT - 1.0%
	7,025,000		Amphenol Corp		2.800		02/15/30		7,468
EUR	675,000		Amphenol Technologies Holding GmbH		2.000		10/08/28		819
$	8,075,000		Apple, Inc		2.450		08/04/26		8,773
	36,100,000		Apple, Inc		2.050		09/11/26		38,571

341

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
EUR	750,000		Apple, Inc		1.375	%	05/24/29	$	925
$	4,525,000		Apple, Inc		4.650		02/23/46		6,196
	19,975,000		Broadcom Corp		3.875		01/15/27		21,594
	19,750,000		Cisco Systems, Inc		1.850		09/20/21		20,102
	2,600,000	g	CommScope, Inc		5.500		06/15/24		2,648
	2,075,000		Corning, Inc		4.375		11/15/57		2,394
	13,175,000	g	Dell International LLC		4.420		06/15/21		13,542
	7,050,000	g	Dell International LLC		5.300		10/01/29		7,805
	3,645,000	g	Empresas Publicas de Medellin ESP		4.250		07/18/29		3,654
	6,669,000		Tyco Electronics Group S.A.		3.500		02/03/22		6,934
EUR	400,000		Tyco Electronics Group S.A.		1.100		03/01/23		457
$	2,175,000		Tyco Electronics Group S.A.		3.700		02/15/26		2,420
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						144,302

TELECOMMUNICATION SERVICES - 3.1%
	4,936,000		AT&T, Inc		3.000		06/30/22		5,155
EUR	300,000		AT&T, Inc		1.300		09/05/23		343
$	18,025,000		AT&T, Inc		3.400		05/15/25		19,820
	3,900,000		AT&T, Inc		3.600		07/15/25		4,331
	4,045,000		AT&T, Inc		2.950		07/15/26		4,374
	7,500,000		AT&T, Inc		3.800		02/15/27		8,446
	50,870,000		AT&T, Inc		4.350		03/01/29		59,300
EUR	500,000		AT&T, Inc		2.350		09/05/29		612
$	22,355,000		AT&T, Inc		4.300		02/15/30		26,118
	9,000,000		AT&T, Inc		4.500		05/15/35		10,677
	30,875,000		AT&T, Inc		4.500		03/09/48		36,230
	27,600,000		AT&T, Inc		3.650		06/01/51		28,792
	2,000,000	g	Bharti Airtel International Netherlands BV		5.350		05/20/24		2,125
	2,000,000	g	Bharti Airtel Ltd		4.375		06/10/25		2,064
	3,000,000	g	C&W Senior Financing Designated Activity Co		6.875		09/15/27		2,978
	4,000,000		Deutsche Telekom International Finance BV		8.750		06/15/30		6,230
	1,325,000	g	Front Range BidCo, Inc		4.000		03/01/27		1,258
	1,700,000	g	Globo Comunicacao e Participacoes S.A.		4.875		01/22/30		1,534
	4,000,000	g	MTN Mauritius Investment Ltd		6.500		10/13/26		4,220
	698,000	o	Oi S.A.		10.000		07/27/25		581
	3,950,000		Orange S.A.		5.375		01/13/42		5,530
	3,800,000		Rogers Communications, Inc		3.700		11/15/49		4,182
	2,125,000		Telefonica Emisiones SAU		4.103		03/08/27		2,425
	32,175,000	g	T-Mobile USA, Inc		3.875		04/15/30		35,861
	18,900,000	g	T-Mobile USA, Inc		2.550		02/15/31		18,967
	2,350,000	g	T-Mobile USA, Inc		4.500		04/15/50		2,768
	2,400,000	g	Turk Telekomunikasyon AS.		6.875		02/28/25		2,524
	577,000		Verizon Communications, Inc		3.376		02/15/25		640
EUR	400,000		Verizon Communications, Inc		1.375		10/27/26		470
$	3,000,000		Verizon Communications, Inc		4.125		03/16/27		3,536
	22,642,000		Verizon Communications, Inc		4.329		09/21/28		27,257
	6,600,000		Verizon Communications, Inc		3.875		02/08/29		7,811
EUR	400,000		Verizon Communications, Inc		1.875		10/26/29		491
$	10,000,000		Verizon Communications, Inc		4.016		12/03/29		11,953
	29,589,000		Verizon Communications, Inc		3.150		03/22/30		33,445
	30,220,000		Verizon Communications, Inc		4.272		01/15/36		37,414
EUR	300,000		Verizon Communications, Inc		2.875		01/15/38		405
$	10,000,000		Verizon Communications, Inc		4.000		03/22/50		12,589
	8,700,000		Vodafone Group plc		4.375		05/30/28		10,345

342

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	7,000,000		Vodafone Group plc		4.250	%	09/17/50	$	8,335
			TOTAL TELECOMMUNICATION SERVICES						452,136

TRANSPORTATION - 1.0%
	4,850,000	g	Adani Ports & Special Economic Zone Ltd		4.000		07/30/27		4,661
	9,850,000		Boeing Co		2.950		02/01/30		9,619
	3,352,000		Boeing Co		3.250		02/01/35		3,055
	1,575,000		Boeing Co		3.750		02/01/50		1,422
	5,175,000		Burlington Northern Santa Fe LLC		3.050		02/15/51		5,617
	3,700,000		Canadian Pacific Railway Co		2.050		03/05/30		3,786
	2,040,000		CSX Corp		2.600		11/01/26		2,219
	7,125,000		CSX Corp		3.250		06/01/27		7,988
	3,500,000		CSX Corp		3.800		03/01/28		4,038
	23,495,000		CSX Corp		4.250		03/15/29		28,093
	10,650,000		CSX Corp		2.400		02/15/30		11,249
	7,925,000		CSX Corp		3.350		09/15/49		8,712
	9,250,000		Delta Air Lines, Inc		2.900		10/28/24		7,502
	2,150,000	g	Delta Air Lines, Inc		7.000		05/01/25		2,219
	4,575,000		Delta Air Lines, Inc		3.750		10/28/29		3,660
	1,450,000	g	DP World Ltd		5.625		09/25/48		1,581
EUR	400,000		FedEx Corp		1.000		01/11/23		453
	325,000		FedEx Corp		1.625		01/11/27		371
$	22,172,000		FedEx Corp		3.100		08/05/29		23,661
	1,600,000		Indian Railway Finance Corp Ltd		3.730		03/29/24		1,674
	1,975,000	g	Indian Railway Finance Corp Ltd		3.249		02/13/30		1,953
	1,350,000	g	Lima Metro Line 2 Finance Ltd		4.350		04/05/36		1,438
	1,175,000	g	Mileage Plus Holdings LLC		6.500		06/20/27		1,178
	225,000	g	Pelabuhan Indonesia III Persero PT		4.500		05/02/23		235
EUR	500,000		RELX Capital, Inc		1.300		05/12/25		585
$	6,150,000		Union Pacific Corp		3.950		09/10/28		7,300
	6,125,000		Union Pacific Corp		3.839		03/20/60		7,194
			TOTAL TRANSPORTATION						151,463

UTILITIES - 3.3%
	1,965,125	g	Adani Transmission Ltd		4.250		05/21/36		1,879
	1,650,000		AEP Transmission Co LLC		3.100		12/01/26		1,846
	1,650,000		AEP Transmission Co LLC		4.000		12/01/46		1,980
	3,475,000		Alabama Power Co		4.150		08/15/44		4,154
	7,000,000		Alabama Power Co		3.450		10/01/49		7,770
	2,500,000		Ameren Corp		3.500		01/15/31		2,795
	2,750,000		American Water Capital Corp		3.000		12/01/26		2,950
	2,025,000		American Water Capital Corp		2.800		05/01/30		2,202
	2,375,000		American Water Capital Corp		4.000		12/01/46		2,863
	7,175,000		American Water Capital Corp		3.750		09/01/47		8,330
	1,325,000		American Water Capital Corp		3.450		05/01/50		1,489
	6,038,000		Appalachian Power Co		4.450		06/01/45		7,395
	1,175,000		Atmos Energy Corp		4.125		10/15/44		1,448
	6,500,000		Baltimore Gas & Electric Co		3.750		08/15/47		7,537
	5,500,000		Baltimore Gas & Electric Co		3.200		09/15/49		5,834
	5,925,000		Berkshire Hathaway Energy Co		3.250		04/15/28		6,699
	6,225,000		Black Hills Corp		4.250		11/30/23		6,778
	1,575,000		Black Hills Corp		3.150		01/15/27		1,655
	3,670,000		CenterPoint Energy Resources Corp		4.500		01/15/21		3,712
	3,550,000		CenterPoint Energy Resources Corp		6.250		02/01/37		4,686

343

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,675,000		CMS Energy Corp		3.600	%	11/15/25	$	5,088
	4,200,000		Commonwealth Edison Co		5.900		03/15/36		5,955
	8,250,000		Commonwealth Edison Co		3.000		03/01/50		8,696
	3,325,000		Consumers Energy Co		2.500		05/01/60		3,170
	4,125,000		Dominion Energy Gas Holdings LLC		2.500		11/15/24		4,349
	3,775,000		Dominion Resources, Inc		2.000		08/15/21		3,830
	13,775,000		DTE Electric Co		2.250		03/01/30		14,498
	3,250,000		DTE Electric Co		2.950		03/01/50		3,397
	5,825,000		Duke Energy Corp		1.800		09/01/21		5,901
	8,675,000		Duke Energy Corp		2.650		09/01/26		9,405
	5,000,000		Duke Energy Florida LLC		3.400		10/01/46		5,632
	1,782,959		Duke Energy Florida Project Finance LLC		1.731		09/01/22		1,784
	11,425,000		Duke Energy Indiana LLC		2.750		04/01/50		11,494
	1,450,000		Duke Energy Ohio, Inc		3.800		09/01/23		1,572
	3,200,000		Enel Chile S.A.		4.875		06/12/28		3,568
	5,700,000		Entergy Corp		2.950		09/01/26		6,290
	3,000,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		2,859
	7,000,000		Eversource Energy		3.450		01/15/50		7,465
	2,475,000		Exelon Corp		4.050		04/15/30		2,857
	9,450,000		Exelon Generation Co LLC		3.400		03/15/22		9,821
	925,000		Florida Power & Light Co		2.850		04/01/25		1,012
	5,775,000		Florida Power & Light Co		3.990		03/01/49		7,419
	4,550,000		Florida Power & Light Co		3.150		10/01/49		5,171
	1,000,000	g	Grupo Energia Bogota S.A. ESP		4.875		05/15/30		1,047
	3,600,000		Indiana Michigan Power Co		3.750		07/01/47		4,072
	2,725,000		Integrys Energy Group, Inc		4.170		11/01/20		2,756
	4,525,000	g	Israel Electric Corp Ltd		4.250		08/14/28		5,115
	350,000	g	Kallpa Generacion SA		4.125		08/16/27		357
	3,475,000	g	KazTransGas JSC		4.375		09/26/27		3,715
	3,675,000	g	Korea Hydro & Nuclear Power Co Ltd		3.750		07/25/23		3,978
	5,000,000		LG&E and KU Energy LLC		3.750		11/15/20		5,019
	6,975,000		MidAmerican Energy Co		3.650		04/15/29		8,323
	6,150,000		MidAmerican Energy Co		3.650		08/01/48		7,281
	3,000,000	g	Minejesa Capital BV		4.625		08/10/30		3,045
	2,625,000	g	Narragansett Electric Co		3.395		04/09/30		2,956
	7,350,000		Nevada Power Co		2.400		05/01/30		7,812
	3,335,000		Nevada Power Co		5.450		05/15/41		4,321
	5,725,000		NextEra Energy Capital Holdings, Inc		2.750		11/01/29		6,171
	17,000,000		NextEra Energy Capital Holdings, Inc		2.250		06/01/30		17,464
	7,100,000		NiSource, Inc		3.490		05/15/27		8,028
	10,840,000		NiSource, Inc		3.600		05/01/30		12,386
	3,600,000		Northern States Power Co		2.900		03/01/50		3,935
	6,225,000		Northern States Power Co		2.600		06/01/51		6,275
	1,675,000		NSTAR Electric Co		3.950		04/01/30		2,009
EUR	230,000		NTPC Ltd		2.750		02/01/27		253
$	3,600,000		Ohio Power Co		2.600		04/01/30		3,864
	6,150,000		Ohio Power Co		4.150		04/01/48		7,571
	6,150,000		Ohio Power Co		4.000		06/01/49		7,453
	1,280,000		Oncor Electric Delivery Co LLC		5.250		09/30/40		1,768
	3,500,000		ONE Gas, Inc		3.610		02/01/24		3,829
	2,775,000		PECO Energy Co		3.000		09/15/49		2,932
	3,700,000		PECO Energy Co		2.800		06/15/50		3,818
	1,500,000	g	Perusahaan Gas Negara Persero Tbk PT		5.125		05/16/24		1,563
	3,000,000	g	Perusahaan Listrik Negara PT		4.125		05/15/27		3,158

344

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	650,000	g	Perusahaan Listrik Negara PT		3.875	%	07/17/29	$	678
	3,000,000	g	Perusahaan Listrik Negara PT		3.375		02/05/30		3,033
	200,000	g	Perusahaan Listrik Negara PT		4.875		07/17/49		218
	750,000		Potomac Electric Power Co		7.900		12/15/38		1,125
	4,300,000		PPL Capital Funding, Inc		3.950		03/15/24		4,659
	2,000,000		PPL Electric Utilities Corp		3.000		09/15/21		2,043
	2,925,000	g	Promigas S.A. ESP		3.750		10/16/29		2,867
	9,725,000		PSEG Power LLC		3.850		06/01/23		10,501
	2,100,000	g	PTTEP Treasury Center Co Ltd		2.587		06/10/27		2,143
	3,000,000		Public Service Co of Colorado		4.050		09/15/49		3,727
	4,450,000		Public Service Co of Colorado		3.200		03/01/50		4,972
	2,825,000		Public Service Electric & Gas Co		3.200		08/01/49		3,146
	7,970,000		Public Service Electric & Gas Co		3.150		01/01/50		8,753
	7,775,000		Public Service Electric and Gas Co		2.700		05/01/50		8,048
	8,475,000		Southern Co Gas Capital Corp		3.875		11/15/25		9,377
	2,125,000		Southern Co Gas Capital Corp		4.400		06/01/43		2,399
	2,000,000		Southern Co Gas Capital Corp		3.950		10/01/46		2,207
	8,250,000		Southern Power Co		2.500		12/15/21		8,457
	7,825,000		Southern Power Co		4.150		12/01/25		8,940
	2,440,000		Southwestern Public Service Co		3.400		08/15/46		2,669
	3,680,000		Virginia Electric & Power Co		2.950		01/15/22		3,781
	3,250,000		Virginia Electric & Power Co		2.950		11/15/26		3,604
	3,250,000		Virginia Electric & Power Co		3.500		03/15/27		3,685
	12,379,000		Virginia Electric & Power Co		3.800		04/01/28		14,356
	4,125,000		Wisconsin Power & Light Co		4.100		10/15/44		4,707
	2,975,000		Xcel Energy, Inc		3.350		12/01/26		3,334
	2,890,000		Xcel Energy, Inc		4.800		09/15/41		3,512
			TOTAL UTILITIES						494,450

			TOTAL CORPORATE BONDS						5,959,893
			(Cost $5,543,858)

GOVERNMENT BONDS - 37.0%

AGENCY SECURITIES - 1.8%
	3,087,487		AMAL Ltd		3.465		08/21/21		3,136
	2,500,000		Amber Circle Funding Ltd		3.250		12/04/22		2,592
	3,516,000		Canal Barge Co, Inc		4.500		11/12/34		4,238
	34,475,246		CES MU2 LLC		1.994		05/13/27		35,694
	5,280,000		DY8 Leasing LLC		2.627		04/29/26		5,535
	8,043,140		DY9 Leasing LLC		2.372		03/19/27		8,429
	3,090,673		Export Lease Ten Co LLC		1.650		05/07/25		3,140
	861,018		Helios Leasing I LLC		2.018		05/29/24		880
	9,214,896		Helios Leasing II LLC		2.668		03/18/25		9,594
	10,154,454		HNA LLC		2.291		06/30/27		10,647
	11,395,000		Lutheran Medical Center		1.982		02/20/30		11,780
	6,525,000		Montefiore Medical Center		2.152		10/20/26		6,737
	2,545,575		MSN 41079 and 41084 Ltd		1.631		12/14/24		2,604
	11,375,000		Overseas Private Investment Corp (OPIC)		3.520		09/20/32		12,943
	2,489,134		Premier Aircraft Leasing		3.576		02/06/22		2,541
	24,000,000	g	Private Export Funding Corp (PEFCO)		3.266		11/08/21		24,887
	35,000,000		PEFCO		4.300		12/15/21		36,932
	25,747,000		PEFCO		2.050		11/15/22		26,500
	8,225,000		PEFCO		1.750		11/15/24		8,666

345

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	3,000,000	g	Reliance Industries Ltd		3.667	%	11/30/27	$	3,224
	2,390,517		Santa Rosa Leasing LLC		1.693		08/15/24		2,428
	21,188,720		Tagua Leasing LLC		1.900		07/12/24		21,594
	11,655,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		11,803
	5,962,951		Windermere Aviation LLC		2.351		05/27/26		6,219
	13,837,812		Zarapito Leasing LLC		2.628		11/12/26		14,597
			TOTAL AGENCY SECURITIES						277,340

FOREIGN GOVERNMENT BONDS - 5.7%
	4,000,000	g	Abu Dhabi Government International Bond		3.125		05/03/26		4,331
	2,000,000	g	Abu Dhabi Government International Bond		2.500		09/30/29		2,091
	5,400,000	g	Abu Dhabi Government International Bond		3.125		09/30/49		5,619
	3,325,000	g	Arab Petroleum Investments Corp		4.125		09/18/23		3,594
	1,010,000	†	Argentina Republic Government International Bond		5.625		01/26/22		419
AUD	400,000		Australia Government International Bond		2.250		05/21/28		308
$	3,000,000	g	Banque Ouest Africaine de Developpement		4.700		10/22/31		3,014
	3,450,000	g	Bermuda Government International Bond		3.717		01/25/27		3,657
	2,500,000	g	Bermuda Government International Bond		4.750		02/15/29		2,815
	17,400,000	g	BNG Bank NV		3.000		09/20/23		18,842
	3,120,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		3,136
	2,225,000		Brazilian Government International Bond		3.875		06/12/30		2,146
	5,700,000		Brazilian Government International Bond		5.625		02/21/47		5,899
EUR	1,450,000	j	Bundesrepublik Deutschland Bundesanleihe		0.000		02/15/30		1,705
$	4,000,000	g	Caisse d'Amortissement de la Dette Sociale		1.875		02/12/22		4,097
EUR	400,000		Caisse d'Amortissement de la Dette Sociale		1.375		11/25/24		484
CAD	1,300,000	g	Canada Housing Trust No 1		2.550		12/15/23		1,024
	1,550,000		Canadian Government International Bond		1.500		02/01/22		1,164
	1,000,000		Canadian Government International Bond		5.000		06/01/37		1,220
$	3,050,000		Chile Government International Bond		2.550		01/27/32		3,172
CNY	9,700,000		China Government International Bond		2.940		10/17/24		1,395
	47,400,000		China Government International Bond		3.120		12/05/26		6,808
	18,900,000		China Government International Bond		3.860		07/22/49		2,788
NOK	7,000,000		City of Oslo Norway		2.050		10/31/24		761
$	7,650,000		Colombia Government International Bond		3.000		01/30/30		7,554
	625,000		Colombia Government International Bond		3.125		04/15/31		620
	2,100,000		Colombia Government International Bond		5.000		06/15/45		2,357
	4,100,000	g	Costa Rica Government International Bond		5.625		04/30/43		3,061
	20,200,000	g	CPPIB Capital, Inc		2.250		01/25/22		20,812
	16,400,000	g	CPPIB Capital, Inc		2.750		11/02/27		18,607
CZK	18,000,000		Czech Republic Government International Bond		0.450		10/25/23		761
DOP	48,650,000	g	Dominican Republic Government International Bond		8.900		02/15/23		762
$	2,000,000	g	Dominican Republic Government International Bond		6.500		02/15/48		1,842
	400,000	†,g	Ecuador Government International Bond		7.875		03/27/25		177
	1,725,000	g	Egypt Government International Bond		5.577		02/21/23		1,761
	500,000	g	Egypt Government International Bond		4.550		11/20/23		494
	425,000	g	Egypt Government International Bond		5.750		05/29/24		426
EGP	19,025,000		Egypt Government International Bond		15.900		07/02/24		1,243
$	725,000	g	Egypt Government International Bond		7.600		03/01/29		737
EUR	1,100,000	g	Egypt Government International Bond		5.625		04/16/30		1,110
	700,000	g	Egypt Government International Bond		6.375		04/11/31		724
$	2,700,000	g	Egypt Government International Bond		8.500		01/31/47		2,623
	1,445,000	g	El Salvador Government International Bond		7.125		01/20/50		1,172

346

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	10,000,000		European Investment Bank		2.500	%	04/15/21	$	10,173
	3,500,000		European Investment Bank		4.875		02/15/36		5,324
	4,000,000	g	Export-Import Bank of India		3.875		02/01/28		4,138
EUR	1,100,000	g	Finland Government International Bond		0.500		09/15/29		1,320
	3,000,000		French Republic Government Bond OAT		0.500		05/25/25		3,541
	2,650,000		French Republic Government Bond OAT		0.750		11/25/28		3,233
	1,820,000		French Republic Government Bond OAT		1.250		05/25/34		2,371
	1,200,000	g	French Republic Government Bond OAT		2.000		05/25/48		1,860
$	2,325,000	g	Ghana Government International Bond		8.125		03/26/32		2,179
	1,000,000	g	Ghana Government International Bond		8.627		06/16/49		902
	3,600,000	g	Guatemala Government International Bond		4.500		05/03/26		3,742
	450,000	g	Guatemala Government International Bond		4.375		06/05/27		466
	200,000	g	Guatemala Government International Bond		5.375		04/24/32		221
	600,000	g	Guatemala Government International Bond		6.125		06/01/50		694
EUR	2,725,000	g	Hellenic Republic Government International Bond		1.875		07/23/26		3,252
	1,500,000	g	Hellenic Republic Government International Bond		3.875		03/12/29		2,061
	1,650,000	g	Hellenic Republic Government International Bond		1.500		06/18/30		1,903
$	3,625,000	g	Honduras Government International Bond		6.250		01/19/27		3,859
	350,000	g	Honduras Government International Bond		5.625		06/24/30		356
CAD	1,800,000		Hydro-Quebec		5.000		02/15/45		2,111
IDR	7,750,000,000		Indonesia Treasury Bond		8.125		05/15/24		573
	28,000,000,000		Indonesia Treasury Bond		7.000		09/15/30		1,928
	19,350,000,000		Indonesia Treasury Bond		7.500		05/15/38		1,324
AUD	500,000		Inter-American Development Bank		4.750		08/27/24		402
	900,000		Inter-American Development Bank		2.750		10/30/25		683
	1,300,000		International Bank for Reconstruction & Development		2.800		01/13/21		909
NZD	941,000		International Bank for Reconstruction & Development		3.375		01/25/22		634
AUD	400,000		International Bank for Reconstruction & Development		2.200		02/27/24		291
CAD	1,300,000		International Bank for Reconstruction & Development		1.900		01/16/25		1,009
$	2,050,000	g	Iraq Government International Bond		5.800		01/15/28		1,848
	6,200,000		Israel Government International Bond		3.250		01/17/28		7,002
ILS	3,100,000		Israel Government International Bond		5.500		01/31/42		1,597
	3,200,000		Israel Government International Bond		3.750		03/31/47		1,365
$	4,375,000		Israel Government International Bond		4.125		01/17/48		5,423
EUR	1,250,000		Italy Buoni Poliennali Del Tesoro		0.050		04/15/21		1,407
	3,500,000		Italy Buoni Poliennali Del Tesoro		2.450		10/01/23		4,201
	3,345,000		Italy Buoni Poliennali Del Tesoro		1.250		12/01/26		3,847
	1,225,000	g	Italy Buoni Poliennali Del Tesoro		2.950		09/01/38		1,603
	1,550,000	g	Italy Buoni Poliennali Del Tesoro		3.850		09/01/49		2,350
	1,000,000	g	Ivory Coast Government International Bond		5.875		10/17/31		1,050
$	1,909,000	g	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		1,874
	2,850,000		Jamaica Government International Bond		7.875		07/28/45		3,481
	6,000,000		Japan Bank for International Cooperation		2.375		04/20/26		6,535
	2,000,000	g	Japan Finance Organization for Municipalities		2.000		09/08/20		2,005
	2,700,000	g	Japan Finance Organization for Municipalities		2.125		02/12/21		2,727
	4,000,000	g	Japan Finance Organization for Municipalities		2.125		04/13/21		4,049
	6,650,000	g	Japan Finance Organization for Municipalities		3.375		09/27/23		7,225
JPY	113,000,000		Japan Finance Organization for Municipalities		0.450		03/14/25		1,067
$	2,500,000	g	Japan Finance Organization for Municipalities		1.000		05/21/25		2,519

347

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
JPY	103,000,000		Japan Finance Organization for Municipalities			0.484	%	06/13/25	$	976
	140,000,000		Japan Finance Organization for Municipalities			0.020		03/13/26		1,296
	76,000,000		Japan Government Five Year Bond			0.100		06/20/23		709
	440,000,000		Japan Government Ten Year Bond			0.100		09/20/26		4,124
	369,000,000		Japan Government Ten Year Bond			0.100		12/20/26		3,459
	122,000,000		Japan Government Ten Year Bond			0.100		06/20/29		1,140
	162,000,000		Japan Government Ten Year Bond			0.100		12/20/29		1,511
	350,000,000		Japan Government Thirty Year Bond			2.400		11/20/31		4,079
	350,000,000		Japan Government Thirty Year Bond			2.300		05/20/32		4,067
	418,000,000		Japan Government Thirty Year Bond			2.500		09/20/34		5,094
	450,000,000		Japan Government Thirty Year Bond			0.500		09/20/46		4,130
	530,000,000		Japan Government Twenty Year Bond			1.900		03/22/21		4,983
	93,000,000		Japan Government Twenty Year Bond			0.600		12/20/36		900
	219,000,000		Japan Government Twenty Year Bond			0.500		12/20/38		2,068
	153,000,000		Japan Government Twenty Year Bond			0.300		06/20/39		1,391
	379,000,000		Japan Government Two Year Bond			0.100		03/01/22		3,525
$	3,000,000	g	Jordan Government International Bond			4.950		07/07/25		3,000
	1,000,000	g	Jordan Government International Bond			5.750		01/31/27		1,034
	1,525,000	g	Kenya Government International Bond			6.875		06/24/24		1,547
	2,350,000	g	Kenya Government International Bond			7.000		05/22/27		2,313
EUR	1,875,000	g,j	Kingdom of Belgium Government International Bond			0.000		10/22/27		2,149
	1,080,000		Kingdom of Belgium Government International Bond			1.250		04/22/33		1,402
$	1,925,000	g	Kommunalbanken AS.			1.375		10/26/20		1,931
	3,750,000	g	Kommunalbanken AS.			1.625		02/10/21		3,778
	5,000,000	g	Kommunalbanken AS.			2.250		01/25/22		5,148
	2,600,000	g	Kommunalbanken AS.			2.750		02/05/24		2,815
EUR	500,000		Kommunalbanken AS.			0.625		04/20/26		589
$	3,000,000	g	Kommunalbanken AS.			1.125		06/14/30		3,033
	4,500,000	g	Kommuninvest I Sverige AB			2.250		05/29/21		4,577
	2,833,000	g	Kommuninvest I Sverige AB			2.625		09/15/22		2,975
	4,000,000	i	Korea Development Bank	LIBOR 3 M + 0.550%		0.868		03/12/21		3,999
	6,975,000	g	Korea Electric Power Corp			1.125		06/15/25		6,986
	2,675,000	g	Korea Housing Finance Corp			2.000		10/11/21		2,713
	5,775,000	g	Korea Housing Finance Corp			3.000		10/31/22		6,032
KRW	4,630,000,000		Korea Treasury Bond			1.375		09/10/21		3,883
	1,220,000,000		Korea Treasury Bond			1.875		03/10/22		1,033
	1,270,000,000		Korea Treasury Bond			1.500		03/10/25		1,074
	1,800,000,000		Korea Treasury Bond			1.500		12/10/26		1,517
	2,380,000,000		Korea Treasury Bond			2.375		09/10/38		2,224
$	45,000,000		Kreditanstalt fuer Wiederaufbau			2.750		10/01/20		45,287
	18,750,000		Kreditanstalt fuer Wiederaufbau			2.625		01/25/22		19,439
	5,750,000	g	Kuwait Government International Bond			2.750		03/20/22		5,926
	1,750,000	†,q	Lebanon Government International Bond			6.750		11/29/27		299
	5,250,000	g	Lithuania Government International Bond			6.625		02/01/22		5,714
MYR	3,100,000		Malaysia Government International Bond			4.893		06/08/38		843
MXN	23,500,000		Mexican Bonos			5.750		03/05/26		1,049
	14,300,000		Mexican Bonos			7.750		05/29/31		703
$	3,000,000		Mexico Government International Bond			4.150		03/28/27		3,210
	6,250,000		Mexico Government International Bond			3.250		04/16/30		6,194
	6,051,000		Mexico Government International Bond			6.050		01/11/40		7,367
	3,000,000	g	Mongolia Government International Bond			5.125		12/05/22		2,970
EUR	900,000	g	Morocco Government International Bond			1.500		11/27/31		935

348

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	5,750,000	g	Morocco Government International Bond		5.500	%	12/11/42	$	7,014
	2,500,000	g	Nacional Financiera SNC		3.375		11/05/20		2,500
	3,075,000	g	Namibia Government International Bond		5.250		10/29/25		3,116
	4,500,000	g	Nederlandse Waterschapsbank NV		2.125		11/15/21		4,608
	5,000,000	g	Nederlandse Waterschapsbank NV		1.875		04/14/22		5,134
	4,000,000	g	Nederlandse Waterschapsbank NV		3.125		12/05/22		4,256
EUR	1,075,000	g	Netherlands Government International Bond		0.750		07/15/28		1,323
	400,000	g	Netherlands Government International Bond		2.750		01/15/47		772
AUD	500,000		New South Wales Treasury Corp		4.000		05/20/26		409
NZD	1,450,000		New Zealand Government International Bond		2.750		04/15/25		1,038
	1,350,000		New Zealand Government International Bond		3.000		04/20/29		1,033
$	4,600,000	g	Nigeria Government International Bond		6.500		11/28/27		4,357
EUR	850,000	g	North Macedonia Government International Bond		3.675		06/03/26		969
NOK	36,880,000	g	Norway Government International Bond		1.375		08/19/30		4,105
$	1,500,000	g	Oman Government International Bond		6.000		08/01/29		1,393
	21,300,000	g	OMERS Finance Trust		2.500		05/02/24		22,737
	15,000,000	g	Ontario Teachers' Finance Trust		1.625		09/12/24		15,533
	4,000,000		Panama Government International Bond		4.300		04/29/53		4,765
	6,455,000	g	Panama Notas del Tesoro		3.750		04/17/26		6,745
	1,650,000	g	Paraguay Government International Bond		4.700		03/27/27		1,803
	925,000	g	Paraguay Government International Bond		5.400		03/30/50		1,071
	4,275,000	g	Perusahaan Penerbit SBSN Indonesia III		3.900		08/20/24		4,558
	9,350,000	g	Perusahaan Penerbit SBSN Indonesia III		4.400		03/01/28		10,380
	4,475,000		Peruvian Government International Bond		4.125		08/25/27		5,142
PEN	14,725,000	g	Peruvian Government International Bond		5.400		08/12/34		4,380
$	364,584	g	Petroamazonas EP		4.625		12/06/21		257
EUR	900,000	g	Portugal Obrigacoes do Tesouro OT		0.700		10/15/27		1,048
	1,525,000	g	Portugal Obrigacoes do Tesouro OT		1.950		06/15/29		1,949
$	15,000,000		Province of British Columbia Canada		2.000		10/23/22		15,573
CAD	2,350,000		Province of British Columbia Canada		2.550		06/18/27		1,903
$	10,000,000		Province of Manitoba Canada		3.050		05/14/24		10,896
	25,000,000		Province of Manitoba Canada		2.125		06/22/26		26,826
CAD	1,300,000		Province of New Brunswick Canada		3.100		08/14/28		1,090
$	25,000,000		Province of Ontario Canada		3.050		01/29/24		27,191
	22,500,000		Province of Quebec Canada		3.500		07/29/20		22,550
CAD	1,650,000		Province of Quebec Canada		2.750		09/01/27		1,356
$	6,000,000		Province of Quebec Canada		7.500		09/15/29		9,232
	2,000,000	†,g	Provincia de Mendoza Argentina		8.375		05/19/24		1,040
	1,375,000	g	Qatar Government International Bond		3.400		04/16/25		1,495
	2,050,000	g	Qatar Government International Bond		3.750		04/16/30		2,328
EUR	850,000	g	Republic of Austria Government International Bond		0.750		02/20/28		1,035
$	1,700,000	g	Republic of Belarus International Bond		7.625		06/29/27		1,748
	1,000,000		Republic of Italy Government International Bond		2.375		10/17/24		1,012
	8,000,000		Republic of Italy Government International Bond		4.000		10/17/49		8,100
	2,000,000	g	Republic of Paraguay		6.100		08/11/44		2,460
PLN	3,475,000		Republic of Poland Government International Bond		5.750		09/23/22		988
	6,825,000		Republic of Poland Government International Bond		3.250		07/25/25		1,939
	2,825,000		Republic of Poland Government International Bond		2.750		10/25/29		803
$	2,475,000		Republic of South Africa Government International Bond		4.850		09/27/27		2,415
	3,225,000	g	Republic of Uzbekistan Government International Bond		4.750		02/20/24		3,393
EUR	600,000	g	Romanian Government International Bond		2.000		01/28/32		625
RUB	72,000,000		Russian Federal Bond-OFZ		4.500		07/16/25		979

349

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	500,000	g	Saudi Government International Bond		2.500	%	02/03/27	$	512
	6,775,000	g	Saudi Government International Bond		4.500		04/17/30		7,981
	3,500,000	g	Saudi Government International Bond		3.750		01/21/55		3,563
EUR	1,000,000	g	Senegal Government International Bond		4.750		03/13/28		1,084
$	2,000,000	g	Senegal Government International Bond		6.250		05/23/33		2,030
	2,000,000	g	Senegal Government International Bond		6.750		03/13/48		1,929
EUR	1,250,000	g	Serbia Government International Bond		1.500		06/26/29		1,311
RSD	96,000,000		Serbia Treasury Bonds		5.875		02/08/28		1,090
	31,700,000		Serbia Treasury Bonds		4.500		08/20/32		325
$	4,000,000		South Africa Government International Bond		5.875		09/16/25		4,240
ZAR	12,200,000		South Africa Government International Bond		10.500		12/21/26		804
	15,100,000		South Africa Government International Bond		8.750		01/31/44		686
$	3,850,000	g	Southern Gas Corridor CJSC		6.875		03/24/26		4,426
EUR	2,550,000	g	Spain Government International Bond		2.750		10/31/24		3,229
	845,000	g	Spain Government International Bond		1.400		07/30/28		1,037
	1,475,000	g	Spain Government International Bond		0.600		10/31/29		1,693
	2,350,000	g	Spain Government International Bond		1.200		10/31/40		2,698
$	750,000	g	Sri Lanka Government International Bond		6.850		03/14/24		521
	1,000,000	g	Sri Lanka Government International Bond		6.825		07/18/26		654
	3,700,000		State of Israel		3.375		01/15/50		4,053
	5,280,000		Svensk Exportkredit AB		1.625		11/14/22		5,433
	9,590,000		Svensk Exportkredit AB		1.750		12/12/23		10,023
THB	48,800,000		Thailand Government International Bond		3.300		06/17/38		1,958
UAH	25,000,000		Ukraine Government International Bond		17.000		05/11/22		1,025
EUR	1,000,000	g	Ukraine Government International Bond		6.750		06/20/26		1,139
	5,800,000	g	Ukraine Government International Bond		4.375		01/27/30		5,574
GBP	1,800,000		United Kingdom Gilt		0.500		07/22/22		2,257
	3,050,000		United Kingdom Gilt		1.625		10/22/28		4,268
	2,450,000		United Kingdom Gilt		4.750		12/07/30		4,468
	2,450,000		United Kingdom Gilt		1.750		09/07/37		3,631
	900,000		United Kingdom Gilt		1.500		07/22/47		1,356
	775,000		United Kingdom Gilt		1.625		10/22/54		1,263
UYU	21,800,000	g	Uruguay Government International Bond		8.500		03/15/28		469
$	4,357,410	h	Uruguay Government International Bond		4.375		01/23/31		5,093
AUD	2,735,000		Western Australian Treasury Corp		2.750		07/24/29		2,126
			TOTAL FOREIGN GOVERNMENT BONDS						844,427

MORTGAGE BACKED - 17.6%
	7,732,106		Federal Home Loan Mortgage Corp (FHLMC)		3.000		10/15/33		8,645
	21,802,701		FHLMC		3.500		08/15/43		22,570
	12,152,776		FHLMC		3.500		03/15/44		13,344
	10,090,288	i	FHLMC		5.735		03/15/44		2,100
	31,275,336		FHLMC		4.000		10/01/47		34,981
	19,320,704	i	FHLMC		9.624		06/15/48		24,319
	26,086,706		FHLMC		3.000		09/01/48		27,595
	16,022,625	i	FHLMC		9.544		10/15/48		20,452
	37,158,826		FHLMC		3.000		11/01/49		39,564
	316		Federal Home Loan Mortgage Corp Gold (FGLMC)		7.000		10/01/20		0	^
	3,262		FGLMC		7.000		05/01/23		3
	18,870		FGLMC		8.000		01/01/31		20
	4,914		FGLMC		7.000		01/01/32		5
	442,057		FGLMC		4.500		07/01/33		483
	3,015,765		FGLMC		7.000		12/01/33		3,535
	800,444		FGLMC		4.500		10/01/34		867

350

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	587,198		FGLMC			4.500	%	04/01/35	$	641
	901,876		FGLMC			7.000		05/01/35		1,050
	2,538,916		FGLMC			5.000		06/01/36		2,913
	940,386		FGLMC			5.000		07/01/39		1,079
	123,916		FGLMC			4.500		12/01/43		137
	79,969		FGLMC			4.500		02/01/44		89
	2,992,372		FGLMC			4.500		10/01/44		3,319
	1,205,059		FGLMC			4.500		11/01/44		1,336
	1,934,028		FGLMC			4.500		11/01/44		2,145
	1,185,319		FGLMC			4.500		12/01/44		1,315
	828,834		FGLMC			4.500		12/01/44		905
	5,815,612		FGLMC			3.500		04/01/45		6,383
	821,355		FGLMC			4.500		05/01/45		875
	27,606,404		FGLMC			3.500		08/01/45		30,460
	47,290,151		FGLMC			3.500		10/01/45		51,703
	27,677,694		FGLMC			4.000		12/01/45		30,539
	71,658,996		FGLMC			3.500		08/01/46		78,267
	101,851,564		FGLMC			3.000		01/01/47		107,625
	80,266,973		FGLMC			3.000		02/01/47		84,881
	2,631,875		FGLMC			4.500		06/01/47		2,919
	5,335,360		FGLMC			4.000		09/01/47		5,813
	5,531,559		FGLMC			3.500		12/01/47		6,045
	25,847,998		FGLMC			3.500		03/01/48		28,241
	31,516,002		FGLMC			4.000		03/01/48		34,825
	15,784,828		FGLMC			4.000		07/01/48		17,285
	23,672,150		FGLMC			4.500		08/01/48		26,283
	11,127,264		FGLMC			4.500		10/01/48		12,348
	14,779,554		FGLMC			3.500		11/01/48		16,148
	30,099		Federal National Mortgage Association (FNMA)			8.000		07/01/24		33
	7,658		FNMA			9.000		11/01/25		8
	5,161,700		FNMA			3.500		05/01/32		5,470
	38,721,310		FNMA			3.000		10/01/32		40,689
	461,735		FNMA			4.500		10/01/33		505
	824,373		FNMA			4.500		05/01/35		899
	5,226,688		FNMA			5.000		05/01/35		5,996
	2,352,154		FNMA			5.000		10/01/35		2,702
	1,994,184		FNMA			5.000		02/01/36		2,289
	4,286,875		FNMA			5.500		11/01/38		4,924
	4,450,741		FNMA			3.000		10/01/39		4,689
	31,617,396		FNMA			3.000		05/01/40		33,365
	4,477,767		FNMA			5.000		09/01/40		5,144
	6,769,695		FNMA			5.000		05/01/41		7,780
	24,216,468		FNMA			4.000		09/01/42		26,374
	13,108,785		FNMA			3.500		04/01/43		14,334
	6,299,950		FNMA			3.000		04/25/43		6,621
	11,489,120		FNMA			3.500		09/01/43		12,558
	11,839,757	i	FNMA	LIBOR 1 M + 5.950%		5.766		09/25/43		2,684
	5,815,979		FNMA			4.000		01/01/44		6,430
	9,331,305		FNMA			4.500		03/01/44		10,422
	5,589,203		FNMA			4.500		06/01/44		6,201
	5,782,888		FNMA			4.500		10/01/44		6,417
	10,689,292		FNMA			4.500		11/01/44		11,858
	3,652,868		FNMA			5.000		11/01/44		4,190
	3,378,333		FNMA			4.500		12/01/44		3,750

351

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,856,329		FNMA		4.000	%	01/01/45	$	5,290
	31,061,545		FNMA		3.000		02/25/45		32,508
	6,907,925		FNMA		3.000		02/25/45		7,125
	493,580		FNMA		3.500		03/01/45		542
	365,179		FNMA		3.500		03/01/45		401
	1,248,788		FNMA		4.500		03/01/45		1,384
	9,007,434		FNMA		3.000		03/25/45		9,362
	526,856		FNMA		4.500		04/01/45		585
	26,139,066		FNMA		3.500		04/25/45		27,225
	12,458,364		FNMA		3.500		05/01/45		13,742
	6,853,128		FNMA		4.000		06/01/45		7,516
	10,527,740		FNMA		4.000		12/01/45		11,629
	53,972,386		FNMA		3.000		12/25/45		56,386
	17,050,028		FNMA		3.500		01/01/46		18,637
	30,312,639		FNMA		4.000		01/01/46		33,516
	884,784		FNMA		4.000		03/01/46		971
	15,057,446		FNMA		3.500		06/01/46		16,459
	16,849,344		FNMA		3.500		07/01/46		18,418
	29,260,291		FNMA		3.500		07/01/46		31,956
	7,141,880		FNMA		3.000		10/01/46		7,400
	17,248,158		FNMA		3.500		10/01/46		18,854
	26,930,307		FNMA		3.000		11/01/46		28,443
	34,738,901		FNMA		3.500		12/01/46		36,868
	100,592,811		FNMA		3.500		01/01/47		106,615
	7,166,082		FNMA		3.000		04/25/47		7,665
	8,026,742		FNMA		4.500		05/01/47		8,920
	2,984,861		FNMA		3.500		08/01/47		3,193
	3,336,072		FNMA		3.500		09/01/47		3,562
	11,090,866		FNMA		4.000		09/01/47		11,840
	624,988		FNMA		4.000		09/01/47		665
	1,689,838		FNMA		3.000		11/01/47		1,751
	4,642,492		FNMA		3.000		11/01/47		4,808
	12,596,008		FNMA		3.500		11/01/47		13,794
	43,629,823		FNMA		4.000		12/01/47		48,230
	13,254,851	h	FNMA		4.000		12/01/47		14,129
	29,223,162		FNMA		3.500		01/01/48		32,036
	3,041,271		FNMA		3.500		01/01/48		3,315
	13,193,325		FNMA		4.500		01/01/48		14,777
	9,752,412		FNMA		3.500		02/01/48		10,288
	11,625,249		FNMA		4.500		02/01/48		13,015
	108,136,374		FNMA		3.000		02/25/48		114,757
	12,355,425		FNMA		4.000		03/01/48		13,649
	48,909,762		FNMA		4.500		03/01/48		54,759
	106,974,940		FNMA		4.000		04/01/48		113,515
	9,348,854		FNMA		4.500		05/01/48		10,467
	6,936,477		FNMA		4.500		05/01/48		7,766
	19,061,057		FNMA		5.000		08/01/48		21,615
	15,618,761	j	FNMA		0.000		11/25/48		14,520
	15,618,761		FNMA		3.000		11/25/48		1,720
	7,449,856		FNMA		3.000		06/01/49		7,710
	5,835,969		FNMA		3.000		08/01/49		6,342
	49,000,000	h	FNMA		2.000		07/25/50		50,120
	228,000,000	h	FNMA		2.500		07/25/50		237,592
	184,000,000	h	FNMA		3.000		07/25/50		193,732

352

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	12,912,082		Government National Mortgage Association (GNMA)		3.700	%	10/15/33	$	14,204
	447,445		GNMA		5.000		04/15/38		511
	403,817		GNMA		6.500		11/20/38		471
	60,496		GNMA		4.500		02/20/39		70
	1,506,380		GNMA		5.000		06/15/39		1,725
	878,781		GNMA		5.000		06/15/39		1,006
	10,780,757		GNMA		3.700		08/15/40		11,600
	81,547		GNMA		4.500		08/20/41		92
	286,648		GNMA		4.500		09/20/41		329
	57,106		GNMA		4.500		01/20/44		66
	50,444		GNMA		4.500		02/20/44		57
	129,335		GNMA		4.500		05/20/44		149
	815,814		GNMA		4.500		05/20/44		938
	931,443		GNMA		4.500		08/20/44		1,070
	602,396		GNMA		4.500		09/20/44		693
	359,548		GNMA		4.500		10/20/44		409
	142,103		GNMA		4.500		11/20/44		153
	591,921		GNMA		4.500		12/20/44		681
	791,625		GNMA		4.500		02/20/45		889
	919,886		GNMA		4.500		08/20/45		1,058
	928,092		GNMA		4.500		08/20/45		1,068
	857,965		GNMA		4.500		12/20/45		987
	11,792,541		GNMA		4.000		06/20/46		1,382
	30,000,000	h	GNMA		3.000		07/20/47		31,775
	19,173,524		GNMA		3.500		01/20/49		20,967
			TOTAL MORTGAGE BACKED						2,604,818

MUNICIPAL BONDS - 5.0%
	14,595,000		Bay Area Toll Authority		3.552		04/01/54		15,638
	2,975,000		Chicago Housing Authority		3.682		01/01/25		3,244
	245,000		City & County of San Francisco CA Community Facilities District		3.264		09/01/25		263
	1,000,000		City & County of San Francisco CA Community Facilities District		4.038		09/01/34		1,109
	845,000		City & County of San Francisco CA Community Facilities District		3.750		09/01/37		895
	2,950,000		City & County of San Francisco CA Community Facilities District		4.221		09/01/39		3,247
	2,000,000		City & County of San Francisco CA Community Facilities District		4.000		09/01/48		2,112
	8,080,000		City of Austin TX Electric Utility Revenue		2.456		11/15/22		8,440
	6,590,000		City of Austin TX Electric Utility Revenue		2.524		11/15/23		6,993
	8,025,000		City of Austin TX Electric Utility Revenue		2.574		11/15/24		8,645
	4,940,000		City of Austin TX Electric Utility Revenue		2.677		11/15/25		5,409
	5,000,000		City of Dallas TX Waterworks & Sewer System Revenue		1.868		10/01/22		5,149
	2,775,000		City of Dallas TX Waterworks & Sewer System Revenue		2.068		10/01/23		2,903
	1,350,000		City of Dallas TX Waterworks & Sewer System Revenue		2.389		10/01/25		1,457
	3,995,000		City of Los Angeles CA Wastewater System Revenue		4.029		06/01/39		4,384
	7,470,000		City of New York NY		3.010		08/01/24		7,953

353

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,870,000	City of New York NY		3.430	%	12/01/24	$	5,312
	4,940,000	City of New York NY		3.200		12/01/26		5,381
	2,025,000	City of San Antonio TX Customer Facility Charge Revenue		4.253		07/01/24		2,106
	1,575,000	City of San Antonio TX Customer Facility Charge Revenue		4.353		07/01/25		1,652
	20,000,000	City of San Francisco CA Public Utilities Commission Water Revenue		4.035		11/01/41		21,746
	7,215,000	Commonwealth Financing Authority		3.864		06/01/38		8,494
	19,355,000	Commonwealth Financing Authority		3.807		06/01/41		22,745
	1,875,000	County of Miami-Dade FL Aviation Revenue		1.885		10/01/21		1,885
	1,505,000	County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		1,527
	1,500,000	County of Miami-Dade FL Aviation Revenue		2.368		10/01/23		1,534
	2,500,000	County of Miami-Dade FL Aviation Revenue		3.285		10/01/23		2,575
	3,500,000	County of Miami-Dade FL Aviation Revenue		2.504		10/01/24		3,608
	2,250,000	County of Miami-Dade FL Aviation Revenue		3.405		10/01/24		2,355
	4,365,000	County of Miami-Dade FL Aviation Revenue		2.604		10/01/25		4,508
	2,375,000	County of Miami-Dade FL Aviation Revenue		3.505		10/01/25		2,490
	2,500,000	County of Miami-Dade FL Aviation Revenue		2.704		10/01/26		2,578
	3,940,000	County of Miami-Dade FL Aviation Revenue		3.049		10/01/26		3,992
	3,750,000	County of Miami-Dade FL Aviation Revenue		3.612		10/01/26		3,939
	4,700,000	County of Miami-Dade FL Aviation Revenue		2.529		10/01/30		4,639
	3,730,000	County of Miami-Dade FL Aviation Revenue		3.732		10/01/37		3,670
	3,900,000	County of Miami-Dade FL Aviation Revenue		3.982		10/01/41		3,831
	9,160,000	County of Miami-Dade FL Aviation Revenue		4.280		10/01/41		9,789
	7,890,000	Denver City & County School District No		4.242		12/15/37		9,511
	2,000,000	Duke University		3.199		10/01/38		2,191
	39,400,000	Florida Hurricane Catastrophe Fund Finance Corp		2.995		07/01/20		39,400
	5,080,000	Illinois Finance Authority		3.944		08/15/47		5,620
	1,000,000	Los Angeles County Redevelopment Agency		2.000		09/01/22		1,016
	2,350,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		1.500		09/01/21		2,357
	4,805,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		3.375		09/01/35		5,036
	2,000,000	Menlo Park City School District		2.969		07/01/38		2,098
	2,560,000	Michigan Finance Authority		1.941		11/01/21		2,584
	3,000,000	Michigan Finance Authority		2.244		11/01/22		3,071
	13,330,000	Michigan Finance Authority		2.862		09/01/49		13,498
	14,000,000	Michigan Finance Authority		2.988		09/01/49		14,117
	500,000	New Jersey Economic Development Authority		3.700		06/15/21		510
	1,110,000	New Jersey Economic Development Authority		3.800		07/01/22		1,138
	870,000	New York City Housing Development Corp		3.403		05/01/22		907
	750,000	New York City Housing Development Corp		3.453		11/01/22		788
	1,360,000	New York City Housing Development Corp		3.523		05/01/23		1,450
	1,815,000	New York City Housing Development Corp		3.573		11/01/23		1,948
	1,000,000	New York City Housing Development Corp		3.650		05/01/24		1,090
	5,680,000	New York State Dormitory Authority		3.998		07/01/39		6,121
	10,605,000	New York State Dormitory Authority		4.294		07/01/44		11,717
	6,000,000	New York State Dormitory Authority		3.879		07/01/46		6,332
	5,000,000	New York State Thruway Authority		2.256		01/01/25		5,102
	6,460,000	New York State Thruway Authority		2.406		01/01/26		6,604
	4,750,000	New York State Thruway Authority		2.500		01/01/27		4,870
	855,000	Oklahoma City Economic Development Trust		3.172		09/01/21		874
	1,120,000	Oklahoma City Economic Development Trust		3.222		09/01/22		1,168

354

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
$	810,000	Oklahoma City Economic Development Trust		3.440	%	09/01/24	$	876
	2,350,000	Oregon State Lottery		2.505		04/01/24		2,438
	3,500,000	Palm Beach County Solid Waste Authority		2.083		10/01/21		3,555
	2,320,000	Permanent University Fund		2.258		07/01/20		2,320
	2,160,000	Permanent University Fund		2.408		07/01/21		2,204
	2,750,000	Permanent University Fund		2.508		07/01/22		2,866
	2,855,000	Permanent University Fund		2.608		07/01/23		3,036
	3,250,000	Permanent University Fund		2.708		07/01/24		3,520
	2,335,000	Permanent University Fund		2.808		07/01/25		2,576
	3,775,000	Permanent University Fund		2.908		07/01/26		4,210
	4,000,000	Permanent University Fund		3.008		07/01/27		4,518
	2,000,000	Port of Corpus Christi Authority of Nueces County		3.138		12/01/22		2,077
	3,400,000	Port of Corpus Christi Authority of Nueces County		3.287		12/01/23		3,594
	1,500,000	Port of Corpus Christi Authority of Nueces County		3.387		12/01/24		1,605
	1,000,000	Port of Corpus Christi Authority of Nueces County		3.487		12/01/25		1,080
	7,500,000	Port of Morrow OR		1.582		09/01/20		7,506
	2,075,000	Port of Morrow OR		1.782		09/01/21		2,093
	4,355,000	Public Finance Authority		4.269		07/01/40		4,907
	1,000,000	Regents of the University of California Medical Center Pooled Revenue		2.037		05/15/23		1,019
	1,000,000	Regents of the University of California Medical Center Pooled Revenue		2.259		05/15/24		1,030
	1,250,000	Regents of the University of California Medical Center Pooled Revenue		2.359		05/15/25		1,299
	1,785,000	Regents of the University of California Medical Center Pooled Revenue		2.459		05/15/26		1,868
	1,600,000	Regents of the University of California Medical Center Pooled Revenue		2.559		05/15/27		1,689
	700,000	Regents of the University of California Medical Center Pooled Revenue		2.659		05/15/28		744
	900,000	Regents of the University of California Medical Center Pooled Revenue		2.759		05/15/29		963
	6,000,000	San Francisco City & County Airport Comm-San Francisco International Airport		3.046		05/01/22		6,141
	6,360,000	San Jose Redevelopment Agency		3.375		08/01/34		6,892
	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		1,410
	1,340,000	Santa Ana Community Redevelopment Agency Successor Agency		3.567		09/01/23		1,443
	13,060,000	State of California		4.600		04/01/38		15,262
	3,060,000	State of Georgia		2.000		07/01/20		3,060
	3,215,000	State of Georgia		2.150		07/01/21		3,252
	3,465,000	State of Georgia		1.910		02/01/23		3,544
	3,905,000	State of Georgia		2.750		07/01/25		4,038
	4,100,000	State of Georgia		2.850		07/01/26		4,246
	4,305,000	State of Georgia		2.950		07/01/27		4,464
	4,520,000	State of Georgia		3.050		07/01/28		4,692
	3,245,000	State of Georgia		3.150		07/01/29		3,372
	12,500,000	State of Illinois		2.250		06/15/21		12,361
	12,500,000	State of Illinois		3.150		06/15/26		11,971
	12,500,000	State of Illinois		3.250		06/15/27		11,894
	27,150,000	State of Illinois		5.100		06/01/33		27,542

355

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	20,000,000		State of Michigan		1.579	%	11/01/20	$	20,047
	13,000,000		State of Michigan		1.779		11/01/21		13,163
	7,000,000		State of Michigan		1.966		11/01/22		7,178
	3,510,000		State of Oregon		1.783		05/01/24		3,649
	9,700,000		State of Oregon Department of Administrative Services		4.103		05/01/39		10,617
	9,900,000		State of Wisconsin		3.154		05/01/27		10,996
	6,000,000		University of California		2.570		05/15/22		6,211
	25,860,000		University of California		3.063		07/01/25		28,353
	10,230,000		University of California		4.601		05/15/31		12,417
	17,045,000		University of California		3.931		05/15/45		20,334
	21,000,000		University of Chicago		4.151		10/01/45		21,494
	7,620,000		University of Massachusetts Building Authority		3.097		11/01/35		8,115
	13,000,000		University of Massachusetts Building Authority		3.434		11/01/40		14,098
	20,000,000		University of New Mexico		3.532		06/20/32		21,285
	835,000		Utah Municipal Power Agency		1.823		07/01/20		835
	500,000		Utah Municipal Power Agency		2.023		07/01/21		503
	1,750,000		Utah Municipal Power Agency		2.262		07/01/22		1,782
	1,500,000		Utah Municipal Power Agency		2.512		07/01/23		1,547
	2,160,000		Virginia Port Authority		4.228		07/01/36		2,340
	390,000		Washington Convention & Sports Authority		3.969		10/01/30		396
			TOTAL MUNICIPAL BONDS						744,196

U.S. TREASURY SECURITIES - 6.9%
	42,427,000		United States Treasury Bond		4.500		02/15/36		64,932
	4,500,000		United States Treasury Bond		4.750		02/15/37		7,175
	22,750,000		United States Treasury Bond		3.500		02/15/39		32,179
	11,900,000		United States Treasury Bond		3.875		08/15/40		17,731
	19,135,000		United States Treasury Bond		4.375		05/15/41		30,425
	16,434,000		United States Treasury Bond		3.750		08/15/41		24,208
	6,000,000		United States Treasury Bond		2.750		11/15/42		7,683
	56,375,000		United States Treasury Bond		3.625		08/15/43		82,321
	35,680,000		United States Treasury Bond		3.000		05/15/45		47,891
	81,710,000		United States Treasury Bond		2.875		08/15/45		107,669
	67,140,000		United States Treasury Bond		2.500		05/15/46		83,233
	1,075,000		United States Treasury Bond		3.000		05/15/47		1,464
	58,160,000		United States Treasury Bond		2.750		11/15/47		76,056
	24,595,000		United States Treasury Bond		3.125		05/15/48		34,451
	52,015,000		United States Treasury Bond		3.000		08/15/48		71,492
	55,120,000		United States Treasury Bond		3.375		11/15/48		80,951
	2,850,000		United States Treasury Bond		2.000		02/15/50		3,262
	31,114,080	k	United States Treasury Inflation Indexed Bonds		0.500		04/15/24		32,734
	138,785,000		United States Treasury Note		0.125		05/31/22		138,682
	80,270,000		United States Treasury Note		0.250		06/15/23		80,439
	4,000,000		United States Treasury Note		1.250		05/15/50		3,843
			TOTAL U.S. TREASURY SECURITIES						1,028,821

			TOTAL GOVERNMENT BONDS						5,499,602
			(Cost $5,112,980)

STRUCTURED ASSETS - 18.4%

ASSET BACKED - 8.7%

356

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	27,750,000		Ally Auto Receivables Trust			1.840	%	06/17/24	$	28,291
			Series - 2019 4 (Class A3)
	6,325,000		AmeriCredit Automobile Receivables Trust			2.060		04/18/24		6,439
			Series - 2019 3 (Class A3)
	16,500,000		AmeriCredit Automobile Receivables Trust			1.110		08/19/24		16,608
			Series - 2020 1 (Class A3)
	2,124,000	g	AMSR Trust			1.819		04/17/37		2,147
			Series - 2020 SFR1 (Class A)
	3,499,000	g,i	AMSR Trust			3.148		01/19/39		3,539
			Series - 2019 SFR1 (Class C)
	3,347,000	g,i	AMSR Trust			3.247		01/19/39		3,318
			Series - 2019 SFR1 (Class D)
	74,236	†,g	Asset Backed Funding Corp NIM Trust			5.900		07/26/35		0	^
			Series - 2005 WMC1 (Class N1)
	1,202,763	i	Asset Backed Securities Corp Home Equity Loan Trust	LIBOR 1 M + 0.900%		3.386		08/25/34		1,179
			Series - 2004 HE5 (Class M1)
	8,000,000	g	Avis Budget Rental Car Funding AESOP LLC			3.450		03/20/23		8,026
			Series - 2019 1A (Class A)
	12,000,000	g	Avis Budget Rental Car Funding AESOP LLC			3.070		09/20/23		12,042
			Series - 2017 1A (Class A)
	32,000,000	g	Avis Budget Rental Car Funding AESOP LLC			2.970		03/20/24		32,103
			Series - 2017 2A (Class A)
	22,600,000		BA Credit Card Trust			1.740		01/15/25		23,240
			Series - 2019 A1 (Class A1)
	4,745,000	i	Bayview Financial Mortgage Pass-Through Trust	LIBOR 1 M + 0.975%		1.159		02/28/41		4,626
			Series - 2006 A (Class M3)
	6,537,000	i	Bear Stearns Asset Backed Securities Trust	LIBOR 1 M + 0.670%		0.855		04/25/36		6,436
			Series - 2006 SD1 (Class M1)
	4,236,065	g	BRE Grand Islander Timeshare Issuer LLC			3.280		09/26/33		4,216
			Series - 2019 A (Class A)
	7,592,129	g	Capital Automotive REIT			3.660		10/15/44		7,516
			Series - 2014 1A (Class A)
	6,587,264	g	Capital Automotive REIT			3.870		04/15/47		6,594
			Series - 2017 1A (Class A1)
	13,459,899	g	Capital Automotive REIT			2.690		02/15/50		13,464
			Series - 2020 1A (Class A1)
	11,400,000	g	Capital Automotive REIT			3.480		02/15/50		10,811
			Series - 2020 1A (Class A5)
	9,000,000		Capital One Multi-Asset Execution Trust			1.720		08/15/24		9,251
			Series - 2019 A2 (Class A2)
	5,800,000		Capital One Multi-Asset Execution Trust			2.430		01/15/25		6,000
			Series - 2017 A3 (Class A3)
	5,950,000		CarMax Auto Owner Trust			2.180		08/15/24		6,121
			Series - 2019 3 (Class A3)
	14,550,000		CarMax Auto Owner Trust			1.890		12/16/24		14,971
			Series - 2020 1 (Class A3)
	27,000,000	†,g,h,i,j	Cayuga Park CLO, Ltd.	LIBOR 3 M + 1.600%		0.000		07/17/31		27,000
			Series - 2020 1A (Class A)
	1,555,629	i	C-BASS Trust	LIBOR 1 M + 0.080%		0.265		07/25/36		1,433
			Series - 2006 CB6 (Class A1)
	428,194	i	Chase Funding Mortgage Loan Asset-Backed Certificates			5.700		02/26/35		448
			Series - 2004 2 (Class 1M2)

357

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	59,500,000		Chase Issuance Trust			1.530	%	01/15/25	$	61,236
			Series - 2020 A1 (Class A1)
	246,005		CIT Group Home Equity Loan Trust (Step Bond)			6.200		02/25/30		250
			Series - 2002 1 (Class AF6)
	650,000	i	Citigroup Mortgage Loan Trust	LIBOR 1 M + 0.750%		0.935		01/25/36		638
			Series - 2006 WFH1 (Class M4)
	25,990,000		CNH Equipment Trust			2.360		11/15/24		26,556
			Series - 2017 C (Class A4)
	2,000,000		CNH Equipment Trust			3.300		04/15/25		2,093
			Series - 2018 A (Class A4)
	2,350,000		CNH Equipment Trust			3.220		01/15/26		2,478
			Series - 2019 A (Class A4)
	9,947,913	g	Corevest American Finance Trust			1.832		03/15/50		9,631
			Series - 2020 1 (Class A1)
	20,659,463	g	DB Master Finance LLC			3.629		11/20/47		21,332
			Series - 2017 1A (Class A2I)
	4,764,000	g	DB Master Finance LLC			3.787		05/20/49		4,916
			Series - 2019 1A (Class A2I)
	8,247,675	g	DB Master Finance LLC			4.021		05/20/49		8,679
			Series - 2019 1A (Class A2II)
	3,712,886	g	Diamond Resorts Owner Trust			3.700		01/21/31		3,787
			Series - 2018 1 (Class A)
	9,828,948	g	Diamond Resorts Owner Trust			2.890		02/20/32		9,872
			Series - 2019 1A (Class A)
	5,000,000		Discover Card Execution Note Trust			2.390		07/15/24		5,150
			Series - 2017 A2 (Class A2)
	39,073,125	g	Domino's Pizza Master Issuer LLC			3.082		07/25/47		39,908
			Series - 2017 1A (Class A2II)
	2,895,231	g,i	Ellington Loan Acquisition Trust	LIBOR 1 M + 1.100%		1.285		05/25/37		2,873
			Series - 2007 2 (Class A2C)
	8,250,000		Ford Credit Auto Lease Trust			1.880		05/15/23		8,416
			Series - 2020 A (Class A4)
	12,000,000	g	Ford Credit Auto Owner Trust			2.620		08/15/28		12,337
			Series - 2017 1 (Class A)
	27,050,000	g	Ford Credit Auto Owner Trust			2.360		03/15/29		27,835
			Series - 2017 2 (Class A)
	12,000,000		Ford Credit Floorplan Master Owner Trust			2.230		09/15/24		12,178
			Series - 2019 3 (Class A1)
	6,000,000		Ford Credit Floorplan Master Owner Trust			2.480		09/15/24		6,068
			Series - 2017 3 (Class A)
	750,000	g,i	FREMF Mortgage Trust			4.158		03/25/49		801
			Series - 2016 K53 (Class B)
	18,750,000		GM Financial Automobile Leasing Trust			1.670		12/20/22		19,024
			Series - 2020 1 (Class A3)
	9,500,000		GM Financial Automobile Leasing Trust			1.750		07/16/24		9,693
			Series - 2019 4 (Class A3)
	10,100,000		GM Financial Consumer Automobile Receivables Trust			1.840		09/16/24		10,337
			Series - 2020 1 (Class A3)
	4,000,000	g	GSCG Trust			2.936		09/06/34		4,085
			Series - 2019 600C (Class A)
	554,760	g	HERO Funding Trust			3.280		09/20/48		573
			Series - 2017 2A (Class A1)

358

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	1,109,932	g	HERO Funding Trust			4.070	%	09/20/48	$	1,169
			Series - 2017 2A (Class A2)
	4,231,674	g	Hertz Vehicle Financing II LP			3.710		03/25/23		4,189
			Series - 2019 1A (Class A)
	12,490,198	g	Hertz Vehicle Financing II LP			3.290		02/25/24		12,376
			Series - 2018 1A (Class A)
	4,030,283	g	Hertz Vehicle Financing II LP			3.420		05/25/25		3,987
			Series - 2019 2A (Class A)
	8,056,654	g	Hertz Vehicle Financing LLC			4.030		07/25/24		7,977
			Series - 2018 3A (Class A)
	4,322,699	g	Hilton Grand Vacations Trust			2.660		12/26/28		4,266
			Series - 2017 AA (Class A)
	3,728,328	g	Hilton Grand Vacations Trust			2.960		12/26/28		3,445
			Series - 2017 AA (Class B)
	2,018,243	g	Hilton Grand Vacations Trust			4.000		02/25/32		1,904
			Series - 2018 AA (Class C)
	8,394,231	g	Hilton Grand Vacations Trust			2.340		07/25/33		8,394
			Series - 2019 AA (Class A)
	770,952	i	Home Equity Asset Trust	LIBOR 1 M + 1.500%		3.986		06/25/33		757
			Series - 2003 1 (Class M1)
	22,535,000		Honda Auto Receivables Owner Trust			1.830		01/18/24		23,121
			Series - 2019 4 (Class A3)
	4,851,191	g	Horizon Aircraft Finance III Ltd			3.425		11/15/39		4,195
			Series - 2019 2 (Class A)
	400,000	g,i	Invitation Homes Trust	LIBOR 1 M + 1.450%		1.635		06/17/37		387
			Series - 2018 SFR2 (Class D)
	2,321,643	g,i	Invitation Homes Trust	LIBOR 1 M + 1.000%		1.194		07/17/37		2,304
			Series - 2018 SFR3 (Class A)
	6,091,441	g,i	Invitation Homes Trust	LIBOR 1 M + 1.100%		1.294		01/17/38		6,078
			Series - 2018 SFR4 (Class A)
	2,700,000	g,i	Invitation Homes Trust	LIBOR 1 M + 1.650%		1.844		01/17/38		2,636
			Series - 2018 SFR4 (Class D)
	6,237,341	g	JG Wentworth XXII LLC			3.820		12/15/48		6,476
			Series - 2010 3A (Class A)
	4,807,683	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.320%		0.505		03/25/37		4,605
			Series - 2007 CH3 (Class A1B)
	18,479,238	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.160%		0.345		06/25/37		17,895
			Series - 2007 CH5 (Class A1)
	1,738,519	g	MVW Owner Trust			2.520		12/20/32		1,723
			Series - 2015 1A (Class A)
	4,321,392	g	MVW Owner Trust			2.420		12/20/34		4,298
			Series - 2017 1A (Class A)
	4,568,712	g	MVW Owner Trust			3.450		01/21/36		4,669
			Series - 2018 1A (Class A)
	5,041,801	g	MVW Owner Trust			2.890		11/20/36		5,129
			Series - 2019 1A (Class A)
	1,234,646	g	MVW Owner Trust			3.330		11/20/36		1,149
			Series - 2019 1A (Class C)
	14,470,965	g	MVW Owner Trust			2.220		10/20/38		14,467
			Series - 2019 2A (Class A)
	4,400,000	g	Navient Student Loan Trust			3.390		12/15/59		4,553
			Series - 2019 BA (Class A2A)
	19,500,000	g,h,i,j	Octagon Investment Partners 46 Ltd	LIBOR 3 M + 1.650%		0.000		07/15/33		19,500
			Series - 2020 2A (Class A)

359

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	15,400,000	g	OneMain Financial Issuance Trust			3.840	%	05/14/32	$	15,959
			Series - 2020 1A (Class A)
	1,292,003	g	Orange Lake Timeshare Trust			3.100		11/08/30		1,301
			Series - 2018 A (Class A)
	20,500,000	g	PFS Financing Corp			1.270		06/16/25		20,552
			Series - 2020 A (Class A)
	14,246,250	g	Planet Fitness Master Issuer LLC			4.262		09/05/48		14,308
			Series - 2018 1A (Class A2I)
	2,509,105	g	Pretium Mortgage Credit Partners I LLC (Step Bond)			3.844		12/27/58		2,492
			Series - 2019 NPL2 (Class A1)
	4,491,640	g	Progress Residential Trust			2.897		12/17/34		4,511
			Series - 2017 SFR2 (Class A)
	2,809,000	g	Progress Residential Trust			2.937		10/17/36		2,864
			Series - 2019 SFR4 (Class B)
	4,354,587	g	PRPM LLC (Step Bond)			3.967		04/25/24		4,388
			Series - 2019 2A (Class A1)
	2,790,000	i	RASC Trust	LIBOR 1 M + 0.590%		3.080		08/25/35		2,750
			Series - 2005 KS8 (Class M4)
	12,906	i	Renaissance Home Equity Loan Trust	LIBOR 1 M + 0.880%		1.065		08/25/33		12
			Series - 2003 2 (Class A)
	14,700,000	g	Santander Retail Auto Lease Trust			2.300		01/20/23		15,019
			Series - 2019 B (Class A3)
	6,750,000	g	Santander Retail Auto Lease Trust			1.860		02/21/23		6,883
			Series - 2019 C (Class A3)
	4,950,000	g	Santander Retail Auto Lease Trust			1.930		11/20/23		5,051
			Series - 2019 C (Class A4)
	1,520,164	g	Sierra Timeshare Receivables Funding LLC			2.580		09/20/32		1,517
			Series - 2015 3A (Class A)
	1,833,652	g	Sierra Timeshare Receivables Funding LLC			3.080		09/20/32		1,821
			Series - 2015 3A (Class B)
	894,167	g	Sierra Timeshare Receivables Funding LLC			3.080		03/21/33		893
			Series - 2016 1A (Class A)
	2,920,892	g	Sierra Timeshare Receivables Funding LLC			2.330		07/20/33		2,920
			Series - 2016 2A (Class A)
	465,110	g	Sierra Timeshare Receivables Funding LLC			2.780		07/20/33		464
			Series - 2016 2A (Class B)
	2,219,756	g	Sierra Timeshare Receivables Funding LLC			2.430		10/20/33		2,214
			Series - 2016 3A (Class A)
	1,315,411	g	Sierra Timeshare Receivables Funding LLC			2.630		10/20/33		1,306
			Series - 2016 3A (Class B)
	7,249,220	g	Sierra Timeshare Receivables Funding LLC			2.910		03/20/34		7,200
			Series - 2017 1A (Class A)
	3,341,825	g	Sierra Timeshare Receivables Funding LLC			3.200		03/20/34		3,185
			Series - 2017 1A (Class B)
	4,201,354	g	Sierra Timeshare Receivables Funding LLC			3.500		06/20/35		4,270
			Series - 2018 2A (Class A)
	3,640,735	g	Sierra Timeshare Receivables Funding LLC			4.170		09/20/35		3,476
			Series - 2018 3A (Class C)
	4,522,172	g	Sierra Timeshare Receivables Funding LLC			3.200		01/20/36		4,610
			Series - 2019 1A (Class A)
	5,227,944	g	Sierra Timeshare Receivables Funding LLC			3.770		01/20/36		5,065
			Series - 2019 1A (Class C)

360

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	7,074,784	g	Sierra Timeshare Receivables Funding LLC			2.590	%	05/20/36	$	7,074
			Series - 2019 2A (Class A)
	4,280,553	g	Sierra Timeshare Receivables Funding LLC			2.340		08/20/36		4,265
			Series - 2019 3A (Class A)
	1,616,598	g	SMB Private Education Loan Trust			2.490		06/15/27		1,624
			Series - 2015 A (Class A2A)
	3,569,037	g	SMB Private Education Loan Trust			2.750		07/15/27		3,624
			Series - 2015 C (Class A2A)
	7,443,687	g	SMB Private Education Loan Trust			2.430		02/17/32		7,607
			Series - 2016 B (Class A2A)
	11,033,390	g	SMB Private Education Loan Trust			2.880		09/15/34		11,413
			Series - 2017 A (Class A2A)
	11,552,840	g	SMB Private Education Loan Trust			2.820		10/15/35		11,896
			Series - 2017 B (Class A2A)
	4,940,513	g	SMB Private Education Loan Trust			3.500		02/15/36		5,168
			Series - 2018 A (Class A2A)
	8,090,181	g	SoFi Professional Loan Program LLC			2.340		04/25/33		8,205
			Series - 2016 D (Class A2B)
	6,770,155	g	SoFi Professional Loan Program LLC			2.490		01/25/36		6,853
			Series - 2016 E (Class A2B)
	1,359,301	g	SoFi Professional Loan Program LLC			2.760		12/26/36		1,367
			Series - 2016 A (Class A2)
	3,084,095	g	SoFi Professional Loan Program LLC			2.400		03/26/40		3,118
			Series - 2017 A (Class A2B)
	8,165,641	g	SoFi Professional Loan Program LLC			2.740		05/25/40		8,297
			Series - 2017 B (Class A2FX)
	2,901,613	g	SoFi Professional Loan Program LLC			2.630		07/25/40		2,938
			Series - 2017 C (Class A2B)
	10,556,000	g	SoFi Professional Loan Program LLC			2.720		11/26/40		10,740
			Series - 2017 E (Class A2B)
	12,846,666	g	SoFi Professional Loan Program LLC			2.840		01/25/41		13,132
			Series - 2017 F (Class A2FX)
	21,000,000	g	SoFi Professional Loan Program LLC			2.950		02/25/42		21,527
			Series - 2018 A (Class A2B)
	19,250,563	g	SoFi Professional Loan Program LLC			2.060		05/15/46		19,405
			Series - 2020 A (Class A1FX)
	5,500,000	g	SoFi Professional Loan Program LLC			3.690		06/15/48		5,766
			Series - 2019 A (Class A2FX)
	2,679,601	g,i	Starwood Waypoint Homes	LIBOR 1 M + 0.950%		1.135		01/17/35		2,668
			Series - 2017 1 (Class A)
	184,680	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 0.900%		1.085		09/25/34		175
			Series - 2004 8 (Class M1)
	956,184	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 1.000%		1.185		09/25/34		930
			Series - 2004 8 (Class A9)
	9,000,000		Synchrony Credit Card Master Note Trust			2.620		10/15/25		9,336
			Series - 2017 2 (Class A)
	1,843,000	g	Taco Bell Funding LLC			4.970		05/25/46		1,950
			Series - 2016 1A (Class A23)
	16,843,500	g	Taco Bell Funding LLC			4.318		11/25/48		17,202
			Series - 2018 1A (Class A2I)
	20,500,000	g	Tesla Auto Lease Trust			2.160		10/20/22		21,024
			Series - 2019 A (Class A3)
	3,424,324	g	TLF National Tax Lien Trust			3.090		12/15/29		3,446
			Series - 2017 1A (Class A)

361

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	11,675,000		Toyota Auto Receivables Owner Trust			1.910	%	09/15/23	$	11,921
			Series - 2019 C (Class A3)
	28,800,000		Toyota Auto Receivables Owner Trust			1.660		05/15/24		29,495
			Series - 2020 A (Class A3)
	7,580,000	g	Tricon American Homes Trust			4.878		11/17/33		7,572
			Series - 2016 SFR1 (Class E)
	951,005	g	Tricon American Homes Trust			2.716		09/17/34		968
			Series - 2017 SFR1 (Class A)
	4,400,000	g	Tricon American Homes Trust			4.011		09/17/34		4,412
			Series - 2017 SFR1 (Class E)
	3,932,472	g	Tricon American Homes Trust			2.928		01/17/36		4,087
			Series - 2017 SFR2 (Class A)
	1,050,000	g	Tricon American Homes Trust			3.275		01/17/36		1,085
			Series - 2017 SFR2 (Class B)
	20,000,000		Verizon Owner Trust			1.940		04/22/24		20,518
			Series - 2019 C (Class A1A)
	55,800,000		Verizon Owner Trust			1.850		07/22/24		57,268
			Series - 2020 A (Class A1A)
	5,124,712	g	VOLT LXXV LLC (Step Bond)			3.967		02/25/49		5,148
			Series - 2019 NPL2 (Class A1)
	1,642,000	g	VOLT LXXV LLC (Step Bond)			3.967		10/25/49		1,581
			Series - 2019 NPL7 (Class A1B)
	6,600,000	g	VOLT LXXXIV LLC (Step Bond)			3.967		12/27/49		6,383
			Series - 2019 NP10 (Class A1B)
	31,687,500	g	Wendys Funding LLC			3.573		03/15/48		32,843
			Series - 2018 1A (Class A2I)
	25,800,000		World Omni Auto Receivables Trust			1.700		01/17/23		26,320
			Series - 2020 A (Class A3)
			TOTAL ASSET BACKED							1,293,596

OTHER MORTGAGE BACKED - 9.7%
	4,200,000	g,i	20 Times Square Trust			3.203		05/15/35		4,103
			Series - 2018 20TS (Class B)
	15,000,000	g,i	20 TSQ GROUNDCO LLC			3.203		05/15/35		13,401
			Series - 2018 20TS (Class E)
	2,206,116	g,i	Agate Bay Mortgage Trust			3.500		11/25/44		2,280
			Series - 2014 3 (Class A13)
	6,974,474	g,i	Agate Bay Mortgage Trust			3.500		09/25/45		7,215
			Series - 2015 6 (Class A9)
	1,015,895	i	Alternative Loan Trust	LIBOR 1 M + 0.500%		0.685		06/25/34		981
			Series - 2004 8CB (Class M1)
	1,240,000	i	Ameriquest Mortgage Securities	LIBOR 1 M + 1.020%		1.205		10/25/34		1,207
			Series - 2004 R9 (Class M3)
	2,500,000	i	BANK			4.208		11/15/50		2,313
			Series - 2017 BNK8 (Class C)
	4,000,000		BANK			3.203		12/15/52		4,354
			Series - 2019 BN23 (Class AS)
	2,000,000		BANK			2.758		09/15/62		2,174
			Series - 2019 BN20 (Class A2)
	8,000,000		BANK			3.283		11/15/62		8,765
			Series - 2019 BN24 (Class AS)
	3,850,000	g	BBCMS Mortgage Trust			3.821		09/05/32		3,841
			Series - 2013 TYSN (Class C)

362

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	1,500,000	g,i	BBCMS Mortgage Trust			4.409	%	08/05/38	$	1,019
			Series - 2018 CHRS (Class E)
	5,000,000		BBCMS Mortgage Trust			3.488		02/15/50		5,396
			Series - 2017 C1 (Class ASB)
	864,218	i	Bear Stearns Commercial Mortgage Securities Trust			5.117		02/11/41		858
			Series - 2005 PWR7 (Class B)
	2,000,000	g	Benchmark Mortgage Trust			2.791		09/15/48		2,062
			Series - 2020 IG2 (Class AM)
	2,500,000	g,i	Benchmark Mortgage Trust			3.229		09/15/48		2,713
			Series - 2020 IG3 (Class AS)
	2,500,000	i	Benchmark Mortgage Trust			3.654		09/15/48		2,610
			Series - 2020 IG3 (Class BXA)
	1,000,000	i	Benchmark Mortgage Trust			3.882		02/15/51		1,153
			Series - 2018 B2 (Class A5)
	1,445,000		Benchmark Mortgage Trust			4.232		01/15/52		1,716
			Series - 2018 B8 (Class A5)
	1,500,000		Benchmark Mortgage Trust			3.419		08/15/52		1,642
			Series - 2019 B12 (Class AS)
	830,000		Benchmark Mortgage Trust			4.241		05/15/53		984
			Series - 2018 B7 (Class A3)
	2,500,000		Benchmark Mortgage Trust			3.231		12/15/72		2,727
			Series - 2019 B15 (Class AS)
	2,500,000	g	BWAY Mortgage Trust			3.342		01/10/35		2,420
			Series - 2015 1740 (Class C)
	1,910,801	g,i	BX Commercial Mortgage Trust	LIBOR 1 M + 0.920%		1.105		10/15/36		1,899
			Series - 2019 XL (Class A)
	7,698,000	i	CCUBS Commercial Mortgage Trust			3.462		11/15/50		8,342
			Series - 2017 C1 (Class ASB)
	5,167,000		CD Mortgage Trust			2.622		08/10/49		5,360
			Series - 2016 CD1 (Class ASB)
	9,000,000		CD Mortgage Trust			2.926		08/10/49		9,319
			Series - 2016 CD1 (Class AM)
	5,750,000	i	CD Mortgage Trust			3.879		11/10/49		5,783
			Series - 2016 CD2 (Class B)
	1,000,000	i	CD Mortgage Trust			4.159		11/10/49		903
			Series - 2016 CD2 (Class C)
	1,000,000		CD Mortgage Trust			3.453		02/10/50		1,075
			Series - 2017 CD3 (Class AAB)
	500,000	i	CD Mortgage Trust			4.712		02/10/50		467
			Series - 2017 CD3 (Class C)
	5,000,000		CD Mortgage Trust			3.220		08/15/50		5,290
			Series - 2017 CD5 (Class AAB)
	3,457,000		CD Mortgage Trust			2.812		08/15/57		3,701
			Series - 2019 CD8 (Class ASB)
	1,000,000	g,i	CFCRE Commercial Mortgage Trust			6.292		04/15/44		1,018
			Series - 2011 C1 (Class C)
	941,508		CFCRE Commercial Mortgage Trust			3.121		05/10/58		991
			Series - 2016 C4 (Class AHR)
	1,752,594	i	CHL Mortgage Pass-Through Trust			3.633		02/20/35		1,708
			Series - 2004 HYB9 (Class 1A1)
	2,500,000	g,i	Citigroup Commercial Mortgage Trust			3.635		05/10/35		2,567
			Series - 2013 375P (Class B)
	5,750,000	g	Citigroup Commercial Mortgage Trust			3.341		05/10/36		5,955
			Series - 2019 PRM (Class A)

363

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	917,000	i	Citigroup Commercial Mortgage Trust		3.732	%	04/10/46	$	935
			Series - 2013 GC11 (Class B)
	2,400,000		Citigroup Commercial Mortgage Trust		4.023		03/10/47		2,593
			Series - 2014 GC19 (Class A4)
	3,573,597		Citigroup Commercial Mortgage Trust		3.371		10/10/47		3,700
			Series - 2014 GC25 (Class AAB)
	1,700,000	i	Citigroup Commercial Mortgage Trust		3.758		04/10/48		1,764
			Series - 2015 GC29 (Class B)
	3,000,000	i	Citigroup Commercial Mortgage Trust		4.296		04/10/48		2,889
			Series - 2015 GC29 (Class C)
	856,853		Citigroup Commercial Mortgage Trust		1.506		05/10/49		857
			Series - 2016 C1 (Class A1)
	5,300,000		Citigroup Commercial Mortgage Trust		3.243		08/15/50		5,664
			Series - 2017 B1 (Class AAB)
	6,765,000		Citigroup Commercial Mortgage Trust		3.764		10/12/50		7,337
			Series - 2017 C4 (Class AS)
	2,000,000		Citigroup Commercial Mortgage Trust		3.778		09/10/58		2,214
			Series - 2015 GC33 (Class A4)
	377,704	i	COBALT CMBS Commercial Mortgage Trust		5.646		04/15/47		376
			Series - 2007 C2 (Class C)
	2,247,000	g	COMM Mortgage Trust		3.086		08/10/29		2,254
			Series - 2016 GCT (Class B)
	5,000,000	g	COMM Mortgage Trust		3.244		10/10/29		5,147
			Series - 2017 PANW (Class A)
	2,000,000	i	COMM Mortgage Trust		4.362		07/10/45		2,136
			Series - 2013 CR9 (Class A4)
	3,727,236		COMM Mortgage Trust		2.853		10/15/45		3,801
			Series - 2012 CR4 (Class A3)
	1,140,000	g	COMM Mortgage Trust		3.147		03/10/46		1,159
			Series - 2013 CR6 (Class AM)
	3,359,721	g,i	COMM Mortgage Trust		4.084		06/10/46		3,456
			Series - 2013 CR8 (Class B)
	2,000,000	g,i	COMM Mortgage Trust		4.948		08/10/46		2,097
			Series - 2013 CR10 (Class B)
	4,780,000	g,i	COMM Mortgage Trust		4.948		08/10/46		4,696
			Series - 2013 CR10 (Class C)
	500,000	g,i	COMM Mortgage Trust		5.463		08/10/46		435
			Series - 2013 LC13 (Class D)
	3,000,000		COMM Mortgage Trust		4.199		03/10/47		3,211
			Series - 2014 UBS2 (Class AM)
	750,000		COMM Mortgage Trust		4.174		05/10/47		795
			Series - 2014 CR17 (Class AM)
	1,843,000	i	COMM Mortgage Trust		4.882		07/15/47		1,733
			Series - 2014 CR18 (Class C)
	1,500,000	i	COMM Mortgage Trust		4.888		08/10/47		1,443
			Series - 2014 CR19 (Class C)
	9,131,817		COMM Mortgage Trust		3.917		10/10/47		9,995
			Series - 2014 LC17 (Class A5)
	5,000,000	i	COMM Mortgage Trust		4.188		10/10/47		5,441
			Series - 2014 LC17 (Class AM)
	1,185,000	i	COMM Mortgage Trust		4.490		10/10/47		1,232
			Series - 2014 LC17 (Class B)
	800,979	i	COMM Mortgage Trust		3.829		02/10/48		826
			Series - 2015 LC19 (Class B)

364

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	1,000,000	g	COMM Mortgage Trust			3.000	%	03/10/48	$	611
			Series - 2015 CR22 (Class E)
	1,445,000		COMM Mortgage Trust			3.309		03/10/48		1,560
			Series - 2015 CR22 (Class A5)
	3,382,775	i	COMM Mortgage Trust			3.603		03/10/48		3,537
			Series - 2015 CR22 (Class AM)
	1,805,000	i	COMM Mortgage Trust			4.244		03/10/48		1,802
			Series - 2015 CR22 (Class C)
	7,150,000		COMM Mortgage Trust			3.801		05/10/48		7,711
			Series - 2015 CR23 (Class AM)
	4,000,000	i	COMM Mortgage Trust			4.183		05/10/48		4,136
			Series - 2015 CR23 (Class B)
	2,549,000	i	COMM Mortgage Trust			4.435		05/10/48		2,519
			Series - 2015 CR23 (Class C)
	4,898,642		COMM Mortgage Trust			3.421		07/10/48		5,138
			Series - 2015 LC21 (Class ASB)
	1,500,000	i	COMM Mortgage Trust			3.463		08/10/48		1,125
			Series - 2015 CR24 (Class D)
	2,550,000		COMM Mortgage Trust			3.696		08/10/48		2,813
			Series - 2015 CR24 (Class A5)
	5,000,000	i	COMM Mortgage Trust			4.028		08/10/48		5,340
			Series - 2015 CR24 (Class AM)
	3,185,000	i	COMM Mortgage Trust			4.523		08/10/48		3,305
			Series - 2015 CR24 (Class B)
	1,467,000	i	COMM Mortgage Trust			4.523		08/10/48		1,380
			Series - 2015 CR24 (Class C)
	1,352,000		COMM Mortgage Trust			3.612		10/10/48		1,489
			Series - 2015 CR27 (Class A4)
	3,212,210		COMM Mortgage Trust			3.630		10/10/48		3,539
			Series - 2015 CR26 (Class A4)
	1,575,000		COMM Mortgage Trust			3.774		10/10/48		1,743
			Series - 2015 LC23 (Class A4)
	6,962,000	i	COMM Mortgage Trust			4.511		10/10/48		7,306
			Series - 2015 CR27 (Class B)
	1,375,000	i	COMM Mortgage Trust			4.630		10/10/48		1,399
			Series - 2015 CR26 (Class B)
	1,054,489		COMM Mortgage Trust			3.651		02/10/49		1,124
			Series - 2016 CR28 (Class AHR)
	4,650,000	i	COMM Mortgage Trust			4.801		02/10/49		4,918
			Series - 2016 CR28 (Class B)
	1,500,000	i	COMM Mortgage Trust			5.278		08/10/50		1,554
			Series - 2013 CR11 (Class B)
	6,500,000		COMM Mortgage Trust			3.263		08/15/57		7,005
			Series - 2019 GC44 (Class AM)
	22,596,478	i	Connecticut Avenue Securities	LIBOR 1 M + 2.600%		2.785		05/25/24		19,760
			Series - 2014 C02 (Class 1M2)
	879,606	i	Connecticut Avenue Securities	LIBOR 1 M + 2.900%		3.085		07/25/24		807
			Series - 2014 C03 (Class 2M2)
	13,536,337	i	Connecticut Avenue Securities	LIBOR 1 M + 3.000%		3.185		07/25/24		11,853
			Series - 2014 C03 (Class 1M2)
	2,085,914	i	Connecticut Avenue Securities	LIBOR 1 M + 5.000%		5.185		11/25/24		2,143
			Series - 2014 C04 (Class 2M2)
	962,665	i	Connecticut Avenue Securities	LIBOR 1 M + 5.550%		5.735		04/25/28		1,019
			Series - 2015 C04 (Class 2M2)

365

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL

ISSUER

REFERENCE
RATE & SPREAD

RATE

MATURITY
DATE

VALUE
(000)

1,584,399

Connecticut Avenue Securities

LIBOR 1 M + 5.700%

5.885

04/25/28

1,665

Series - 2015 C04 (Class 1M2)

5,279,803

Connecticut Avenue Securities

LIBOR 1 M + 6.750%

6.935

08/25/28

5,533

Series - 2016 C01 (Class 1M2)

8,413,560

Connecticut Avenue Securities

LIBOR 1 M + 6.000%

6.185

09/25/28

8,725

Series - 2016 C02 (Class 1M2)

3,550,434

Connecticut Avenue Securities

LIBOR 1 M + 5.900%

6.085

10/25/28

3,691

Series - 2016 C03 (Class 2M2)

3,871,484

Connecticut Avenue Securities

LIBOR 1 M + 4.450%

4.635

01/25/29

3,956

Series - 2016 C05 (Class 2M2)

2,784,370

Connecticut Avenue Securities

LIBOR 1 M + 4.250%

4.435

04/25/29

2,908

Series - 2016 C06 (Class 1M2)

4,118,172

Connecticut Avenue Securities

LIBOR 1 M + 0.850%

1.035

09/25/29

3,715

Series - 2017 C02 (Class 2ED4)

5,094,026

Connecticut Avenue Securities

LIBOR 1 M + 2.200%

2.385

01/25/30

5,115

Series - 2017 C05 (Class 1M2A)

6,857,490

Connecticut Avenue Securities

LIBOR 1 M + 0.450%

0.635

07/25/30

6,661

Series - 2018 C01 (Class 1EB1)

3,229,502

Connecticut Avenue Securities

LIBOR 1 M + 0.900%

1.085

08/25/30

3,089

Series - 2018 C02 (Class 2EA2)

8,772,582

Connecticut Avenue Securities

LIBOR 1 M + 0.850%

1.035

10/25/30

8,640

Series - 2018 C03 (Class 1EA2)

2,254,698

Connecticut Avenue Securities

LIBOR 1 M + 2.550%

2.735

12/25/30

2,219

Series - 2018 C04 (Class 2M2)

796,837

g,i

Connecticut Avenue Securities

LIBOR 1 M + 2.450%

2.635

07/25/31

777

Series - 2019 R01 (Class 2M2)

968,775

g,i

Connecticut Avenue Securities

LIBOR 1 M + 0.750%

0.935

01/25/40

958

Series - 2020 R02 (Class 2M1)

7,384,922

g,i

Connecticut Avenue Securities

LIBOR 1 M + 0.800%

0.985

01/25/40

7,343

Series - 2020 R01 (Class 1M1)

1,240,000

g,i

Connecticut Avenue Securities

LIBOR 1 M + 2.000%

2.185

01/25/40

1,174

Series - 2020 R02 (Class 2M2)

3,750,000

CPT Mortgage Trust

2.865

11/13/39

4,081

Series - 2019 CPT (Class A)

2,000,000

g,i

CPT Mortgage Trust

3.097

11/13/39

1,802

Series - 2019 CPT (Class E)

7,400,000

g,i

Credit Suisse Commercial Mortgage Trust

3.854

11/10/32

7,872

Series - 2017 CALI (Class B)

2,773,000

g,i

Credit Suisse Commercial Mortgage Trust

LIBOR 1 M + 0.650%

0.835

05/25/36

2,725

Series - 2006 CF2 (Class M3)

13,868,178

g,i

Credit Suisse Commercial Mortgage Trust

3.500

02/25/48

14,349

Series - 2018 J1 (Class A11)

4,689,000

g,i

Credit Suisse Commercial Mortgage Trust

5.896

01/15/49

5,569

Series - 2007 C2 (Class C)

4,171,000

CSAIL Commercial Mortgage Trust

3.314

11/15/49

4,384

Series - 2016 C7 (Class ASB)

9,250,000

DBGS Mortgage Trust

4.466

10/15/51

10,963

Series - 2018 C1 (Class A4)

11,000,000

DBJPM Mortgage Trust

2.756

08/10/49

11,453

Series - 2016 C3 (Class ASB)

10,000,000

DBJPM Mortgage Trust

3.121

06/10/50

10,657

Series - 2017 C6 (Class ASB)

17,410,000

DBUBS Mortgage Trust

3.452

10/10/34

18,669

Series - 2017 BRBK (Class A)

366

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	15,500,000	g,i	DBUBS Mortgage Trust			3.648	%	10/10/34	$	16,475
			Series - 2017 BRBK (Class B)
	3,131,953	g	DBUBS Mortgage Trust			4.452		05/10/44		3,111
			Series - 2011 LC3A (Class PM1)
	23,978,511	g	DBUBS Mortgage Trust			4.537		07/10/44		24,350
			Series - 2011 LC2A (Class A4)
	3,100,000	g,i	DBUBS Mortgage Trust			4.998		07/10/44		3,134
			Series - 2011 LC2A (Class B)
	5,000,000	g,i	DBUBS Mortgage Trust			5.714		07/10/44		4,956
			Series - 2011 LC2A (Class C)
	2,084,000	g,i	DBUBS Mortgage Trust			5.513		08/10/44		2,125
			Series - 2011 LC3A (Class B)
	5,500,000	g,i	DBUBS Mortgage Trust			5.513		08/10/44		5,638
			Series - 2011 LC3A (Class AM)
	4,840,000	g,i	DBUBS Mortgage Trust			5.876		11/10/46		4,869
			Series - 2011 LC1A (Class C)
	2,051,000	g,i	Ellington Financial Mortgage Trust			3.587		06/25/59		1,941
			Series - 2019 1 (Class M1)
	2,456,984	i	Fieldstone Mortgage Investment Trust	LIBOR 1 M + 0.735%		0.920		12/25/35		2,427
			Series - 2005 2 (Class M2)
	1,964,597	g,i	FirstKey Mortgage Trust			3.500		11/25/44		2,022
			Series - 2014 1 (Class A8)
	4,746,048	g,i	Flagstar Mortgage Trust			3.500		03/25/47		4,820
			Series - 2017 1 (Class 1A5)
	2,588,426	g,i	Flagstar Mortgage Trust			4.111		10/25/47		2,592
			Series - 2017 2 (Class B3)
	1,746,424	g,i	Flagstar Mortgage Trust			4.000		09/25/48		1,785
			Series - 2018 5 (Class A11)
	10,000,000	g	GRACE Mortgage Trust			3.369		06/10/28		10,025
			Series - 2014 GRCE (Class A)
	8,970,000	g	GRACE Mortgage Trust			3.520		06/10/28		8,990
			Series - 2014 GRCE (Class B)
	5,943,000	g	GS Mortgage Securities Corp II			3.551		04/10/34		6,012
			Series - 2012 ALOH (Class A)
	4,430,000	g	GS Mortgage Securities Corp II			2.954		11/05/34		4,404
			Series - 2012 BWTR (Class A)
	350,000	i	GS Mortgage Securities Corp II			3.777		05/10/50		369
			Series - 2015 GC30 (Class AS)
	1,000,000	i	GS Mortgage Securities Corp II			3.992		03/10/51		1,141
			Series - 2018 GS9 (Class A4)
	3,500,000	i	GS Mortgage Securities Corp II			4.155		07/10/51		4,093
			Series - 2018 GS10 (Class A5)
	5,910,000	g,i	GS Mortgage Securities Trust			5.351		12/10/43		5,976
			Series - 2010 C2 (Class B)
	1,401,182		GS Mortgage Securities Trust			3.206		02/10/48		1,444
			Series - 2015 GC28 (Class AAB)
	2,816,500		GS Mortgage Securities Trust			3.396		02/10/48		3,028
			Series - 2015 GC28 (Class A5)
	2,000,000	i	GS Mortgage Securities Trust			4.018		07/10/48		2,135
			Series - 2015 GC32 (Class AS)
	3,360,000		GS Mortgage Securities Trust			3.278		10/10/48		3,534
			Series - 2015 GC34 (Class AAB)
	2,250,000		GS Mortgage Securities Trust			2.635		05/10/49		2,264
			Series - 2016 GS2 (Class A2)

367

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	2,000,000		GS Mortgage Securities Trust			3.143	%	10/10/49	$	2,096
			Series - 2016 GS3 (Class AS)
	2,000,000		GS Mortgage Securities Trust			3.674		03/10/50		2,223
			Series - 2017 GS5 (Class A4)
	4,150,000	i	GS Mortgage Securities Trust			3.826		03/10/50		4,567
			Series - 2017 GS5 (Class AS)
	1,750,000	i	GS Mortgage Securities Trust			4.047		03/10/50		1,788
			Series - 2017 GS5 (Class B)
	12,000,000		GS Mortgage Securities Trust			3.230		05/10/50		12,878
			Series - 2017 GS6 (Class AAB)
	6,000,000		GS Mortgage Securities Trust			3.433		05/10/50		6,673
			Series - 2017 GS6 (Class A3)
	3,000,000	i	GS Mortgage Securities Trust			4.213		05/10/50		2,731
			Series - 2015 GC30 (Class C)
	3,000,000		GS Mortgage Securities Trust			3.837		11/10/50		3,350
			Series - 2017 GS8 (Class ABP)
	1,374,000	i	GS Mortgage Securities Trust			4.481		11/10/50		1,330
			Series - 2017 GS8 (Class C)
	3,000,000	g,i	GS Mortgage Securities Trust			3.668		07/10/52		3,067
			Series - 2019 GC40 (Class DBC)
	2,500,000		GS Mortgage Securities Trust			3.173		02/13/53		2,683
			Series - 2020 GC45 (Class AS)
	2,077,992	g,i	GS Mortgage-Backed Securities Corp Trust			4.000		11/25/49		2,132
			Series - 2019 PJ2 (Class A1)
	5,428,126	g,i	GS Mortgage-Backed Securities Corp Trust			4.000		11/25/49		5,549
			Series - 2019 PJ2 (Class A4)
	834,974	g,i	GS Mortgage-Backed Securities Corp Trust			3.500		07/25/50		854
			Series - 2020 PJ2 (Class A4)
	3,298,931	i	HarborView Mortgage Loan Trust	LIBOR 1 M + 0.620%		0.814		08/19/45		3,086
			Series - 2005 11 (Class 2A1A)
	6,000,000	g	Hudson Yards Mortgage Trust			2.835		08/10/38		6,375
			Series - 2016 10HY (Class A)
	2,500,000	g,i	Hudson Yards Mortgage Trust			3.076		08/10/38		2,566
			Series - 2016 10HY (Class B)
	7,250,000	g,i	Hudson Yards Mortgage Trust			3.076		08/10/38		7,240
			Series - 2016 10HY (Class C)
	5,500,000	g,i	Hudson Yards Mortgage Trust			3.041		12/10/41		5,276
			Series - 2019 55HY (Class D)
	3,000,000	g,i	Hudson Yards Mortgage Trust			3.041		12/10/41		2,645
			Series - 2019 55HY (Class E)
	510,091	i	Impac CMB Trust	LIBOR 1 M + 0.660%		0.845		03/25/35		482
			Series - 2004 11 (Class 2A1)
	21,182,922	g	JP Morgan Chase Commercial Mortgage Securities Corp			4.717		02/15/46		21,412
			Series - 2011 C3 (Class A4)
	10,975,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp			5.360		02/15/46		10,038
			Series - 2011 C3 (Class C)
	4,941,962	g	JP Morgan Chase Commercial Mortgage Securities Corp			4.388		07/15/46		5,038
			Series - 2011 C4 (Class A4)
	15,000,000	g	JP Morgan Chase Commercial Mortgage Securities Corp			4.801		07/15/46		15,330
			Series - 2011 C4 (Class B)

368

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	6,455,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		5.526	%	07/15/46	$	6,450
			Series - 2011 C4 (Class C)
	2,800,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.372		12/15/47		2,861
			Series - 2013 C10 (Class AS)
	1,430,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.914		01/15/49		1,595
			Series - 2015 JP1 (Class A5)
	750,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		4.119		01/15/49		807
			Series - 2015 JP1 (Class AS)
	7,000,000		JP Morgan Chase Commercial Mortgage Securities Corp		2.713		08/15/49		7,263
			Series - 2016 JP2 (Class ASB)
	4,500,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.379		09/15/50		4,773
			Series - 2017 JP7 (Class A3)
	4,656,484	g,i	JP Morgan Mortgage Trust		2.241		12/25/44		4,500
			Series - 2015 1 (Class B1)
	1,043,625	g,i	JP Morgan Mortgage Trust		3.500		05/25/45		1,071
			Series - 2015 3 (Class A19)
	7,608,456	g,i	JP Morgan Mortgage Trust		3.500		10/25/45		7,864
			Series - 2015 6 (Class A13)
	597,884	g,i	JP Morgan Mortgage Trust		3.500		05/25/46		604
			Series - 2016 1 (Class A5)
	2,198,000	g,i	JP Morgan Mortgage Trust		3.500		05/25/46		2,273
			Series - 2016 1 (Class A13)
	375,018	g,i	JP Morgan Mortgage Trust		3.500		01/25/47		387
			Series - 2017 1 (Class A3)
	6,880,270	g,i	JP Morgan Mortgage Trust		3.500		05/25/47		6,986
			Series - 2017 2 (Class A5)
	4,864,633	g,i	JP Morgan Mortgage Trust		3.500		05/25/47		5,036
			Series - 2017 2 (Class A13)
	480,322	g,i	JP Morgan Mortgage Trust		3.500		08/25/47		486
			Series - 2017 3 (Class 1A5)
	1,953,546	g,i	JP Morgan Mortgage Trust		3.500		09/25/48		2,026
			Series - 2018 3 (Class A13)
	658,814	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		671
			Series - 2018 4 (Class A13)
	1,976,538	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		2,021
			Series - 2018 4 (Class A5)
	2,563,014	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		2,628
			Series - 2018 5 (Class A13)
	2,071,473	g,i	JP Morgan Mortgage Trust		4.000		01/25/49		2,118
			Series - 2018 8 (Class A13)
	423,337	g,i	JP Morgan Mortgage Trust		4.000		01/25/49		427
			Series - 2018 8 (Class A5)
	6,135,605	g,i	JP Morgan Mortgage Trust		4.000		02/25/49		6,272
			Series - 2018 9 (Class A13)
	3,295,795	g,i	JP Morgan Mortgage Trust		4.000		05/25/49		3,395
			Series - 2019 1 (Class A3)
	5,525,244	g,i	JP Morgan Mortgage Trust		4.000		05/25/49		5,647
			Series - 2019 1 (Class A15)

369

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	1,760,090	g,i	JP Morgan Mortgage Trust			4.000	%	08/25/49	$	1,770
			Series - 2019 2 (Class A4)
	1,554,579	g,i	JP Morgan Mortgage Trust			4.757		09/25/49		1,647
			Series - 2019 3 (Class B1)
	29,191	g,i	JP Morgan Mortgage Trust			4.000		11/25/49		29
			Series - 2019 5 (Class A4)
	7,092,301	g,i	JP Morgan Mortgage Trust			3.883		06/25/50		6,772
			Series - 2020 1 (Class B2)
	1,000,000	i	JPMBB Commercial Mortgage Securities Trust			4.133		08/15/46		1,073
			Series - 2013 C14 (Class A4)
	1,350,000		JPMBB Commercial Mortgage Securities Trust			3.775		08/15/47		1,464
			Series - 2014 C21 (Class A5)
	5,000,000		JPMBB Commercial Mortgage Securities Trust			3.997		08/15/47		5,273
			Series - 2014 C21 (Class AS)
	2,000,000	i	JPMBB Commercial Mortgage Securities Trust			4.622		09/15/47		2,077
			Series - 2014 C23 (Class B)
	3,000,000		JPMBB Commercial Mortgage Securities Trust			3.898		02/15/48		3,026
			Series - 2015 C27 (Class B)
	2,556,000		JPMBB Commercial Mortgage Securities Trust			3.611		05/15/48		2,785
			Series - 2015 C29 (Class A4)
	2,500,000	i	JPMBB Commercial Mortgage Securities Trust			3.917		05/15/48		2,709
			Series - 2015 C29 (Class AS)
	1,600,000	i	JPMBB Commercial Mortgage Securities Trust			4.118		05/15/48		1,609
			Series - 2015 C29 (Class B)
	3,500,000		JPMBB Commercial Mortgage Securities Trust			4.106		08/15/48		3,752
			Series - 2015 C31 (Class AS)
	9,125,000	i	JPMBB Commercial Mortgage Securities Trust			4.773		08/15/48		9,635
			Series - 2015 C31 (Class B)
	3,253,000	i	JPMBB Commercial Mortgage Securities Trust			4.773		08/15/48		2,951
			Series - 2015 C31 (Class C)
	4,610,000		JPMBB Commercial Mortgage Securities Trust			3.576		03/15/49		5,093
			Series - 2016 C1 (Class A5)
	4,750,000		JPMCC Commercial Mortgage Securities Trust			3.457		03/15/50		5,260
			Series - 2017 JP5 (Class A4)
	1,220,000		JPMCC Commercial Mortgage Securities Trust			3.549		03/15/50		1,319
			Series - 2017 JP5 (Class ASB)
	3,000,000		JPMDB Commercial Mortgage Securities Trust			3.694		03/15/50		3,369
			Series - 2017 C5 (Class A5)
	9,000,000		JPMDB Commercial Mortgage Securities Trust			2.536		05/13/53		9,303
			Series - 2020 COR7 (Class AS)
	3,812,434	g	Ladder Capital Commercial Mortgage Securities			3.575		02/15/36		4,017
			Series - 2013 GCP (Class A1)
	5,000,000	g	Ladder Capital Commercial Mortgage Securities			3.357		07/12/50		5,390
			Series - 2017 LC26 (Class ASB)
	7,250,000	g	Liberty Street Trust			3.597		02/10/36		7,874
			Series - 2016 225L (Class A)
	4,000,000	g,i	MAD Mortgage Trust			3.294		08/15/34		4,199
			Series - 2017 330M (Class A)
	941,636	i	Merrill Lynch Mortgage Investors Trust	LIBOR 1 M + 0.260%		2.278		01/25/37		867
			Series - 2006 WMC1 (Class A1B)
	1,665,327		Morgan Stanley Bank of America Merrill Lynch Trust			2.469		02/15/46		1,690
			Series - 2013 C7 (Class AAB)

370

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	2,886,187	g	Morgan Stanley Bank of America Merrill Lynch Trust			3.989	%	12/15/46	$	2,992
			Series - 2014 C19 (Class LNC1)
	2,377,420	g	Morgan Stanley Bank of America Merrill Lynch Trust			4.384		12/15/46		2,429
			Series - 2014 C19 (Class LNC2)
	908,967		Morgan Stanley Bank of America Merrill Lynch Trust			3.669		02/15/47		916
			Series - 2014 C14 (Class A3)
	221,202		Morgan Stanley Bank of America Merrill Lynch Trust			3.194		10/15/47		221
			Series - 2014 C18 (Class A2)
	4,650,000		Morgan Stanley Bank of America Merrill Lynch Trust			3.832		12/15/47		4,903
			Series - 2014 C19 (Class AS)
	1,600,000		Morgan Stanley Bank of America Merrill Lynch Trust			3.605		02/15/48		1,671
			Series - 2015 C20 (Class AS)
	2,640,000	i	Morgan Stanley Bank of America Merrill Lynch Trust			4.610		02/15/48		2,423
			Series - 2015 C20 (Class C)
	2,500,000		Morgan Stanley Bank of America Merrill Lynch Trust			3.338		03/15/48		2,657
			Series - 2015 C21 (Class A4)
	5,500,000		Morgan Stanley Bank of America Merrill Lynch Trust			3.652		03/15/48		5,795
			Series - 2015 C21 (Class AS)
	2,925,000		Morgan Stanley Bank of America Merrill Lynch Trust			3.306		04/15/48		3,120
			Series - 2015 C22 (Class A4)
	3,000,000		Morgan Stanley Bank of America Merrill Lynch Trust			3.561		04/15/48		3,133
			Series - 2015 C22 (Class AS)
	986,827	i	Morgan Stanley Capital I Trust	LIBOR 1 M + 0.825%		1.010		08/25/34		974
			Series - 2004 HE6 (Class M1)
	3,548,000	g	Morgan Stanley Capital I Trust			4.193		09/15/47		3,245
			Series - 2011 C1 (Class F)
	7,075,000	g,i	Morgan Stanley Capital I Trust			5.684		09/15/47		7,024
			Series - 2011 C1 (Class D)
	2,795,000	i	Morgan Stanley Capital I Trust			3.779		05/15/48		3,082
			Series - 2015 MS1 (Class A4)
	770,012	†,i	Morgan Stanley Capital I Trust			6.461		12/12/49		459
			Series - 2007 IQ16 (Class AJ)
	525,247	†,i	Morgan Stanley Capital I Trust			6.461		12/12/49		313
			Series - 2007 IQ16 (Class AJFX)
	6,000,000		Morgan Stanley Capital I Trust			3.304		06/15/50		6,412
			Series - 2017 H1 (Class ASB)
	5,250,000		Morgan Stanley Capital I Trust			4.177		07/15/51		6,145
			Series - 2018 H3 (Class A5)
	3,000,000	g,i	MSDB Trust			3.427		07/11/39		3,178
			Series - 2017 712F (Class A)
	1,200,000	g,i	Natixis Commercial Mortgage Securities Trust			3.917		11/15/32		1,241
			Series - 2018 285M (Class A)

371

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	6,000,000	g,i	Natixis Commercial Mortgage Securities Trust			3.917	%	11/15/32	$	6,016
			Series - 2018 285M (Class C)
	15,010,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 1.500%		1.685		07/15/36		14,710
			Series - 2019 MILE (Class A)
	5,000,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 1.800%		1.985		07/15/36		4,806
			Series - 2019 MILE (Class B)
	5,000,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 2.750%		2.935		07/15/36		4,733
			Series - 2019 MILE (Class D)
	5,000,000	g	Natixis Commercial Mortgage Securities Trust			2.507		10/15/36		5,074
			Series - 2019 1776 (Class A)
	2,000,000	g	Natixis Commercial Mortgage Securities Trust			2.966		12/15/38		2,082
			Series - 2020 2PAC (Class A)
	516,708	g,i	New Residential Mortgage Loan Trust			3.750		05/28/52		552
			Series - 2015 1A (Class A3)
	122,602	g,i	New Residential Mortgage Loan Trust			4.000		08/27/57		131
			Series - 2017 6A (Class A1)
	897,192	i	New York Mortgage Trust	LIBOR 1 M + 0.480%		0.665		02/25/36		861
			Series - 2005 3 (Class A1)
	615,925	g	Prima Capital CRE Securitization Ltd			2.550		08/24/49		613
			Series - 2015 4A (Class MR-A)
	2,000,000	g	RBS Commercial Funding, Inc Trust			3.511		03/11/31		1,790
			Series - 2013 SMV (Class B)
	2,571,174	g,i	Sequoia Mortgage Trust			3.500		05/25/45		2,652
			Series - 2015 2 (Class A1)
	2,170,690	g,i	Sequoia Mortgage Trust			3.500		06/25/46		2,246
			Series - 2016 1 (Class A19)
	1,282,515	g,i	Sequoia Mortgage Trust			3.500		11/25/46		1,311
			Series - 2016 3 (Class A10)
	4,515,051	g,i	Sequoia Mortgage Trust			3.500		02/25/47		4,612
			Series - 2017 2 (Class A4)
	602,139	g,i	Sequoia Mortgage Trust			3.500		02/25/47		624
			Series - 2017 2 (Class A19)
	5,959,238	g,i	Sequoia Mortgage Trust			3.500		04/25/47		6,046
			Series - 2017 3 (Class A4)
	195,383	g,i	Sequoia Mortgage Trust			3.500		04/25/47		202
			Series - 2017 3 (Class A19)
	717,706	g,i	Sequoia Mortgage Trust			3.500		09/25/47		729
			Series - 2017 6 (Class A4)
	2,309,106	g,i	Sequoia Mortgage Trust			3.743		09/25/47		2,371
			Series - 2017 6 (Class B1)
	1,713,508	g,i	Sequoia Mortgage Trust			3.500		02/25/48		1,761
			Series - 2018 2 (Class A1)
	323,303	g,i	Sequoia Mortgage Trust			3.500		02/25/48		335
			Series - 2018 2 (Class A19)
	7,244,131	g,i	Sequoia Mortgage Trust			3.500		03/25/48		7,444
			Series - 2018 3 (Class A1)
	640,313	g,i	Sequoia Mortgage Trust			3.500		03/25/48		651
			Series - 2018 3 (Class A4)
	908,922	g,i	Sequoia Mortgage Trust			4.000		09/25/48		916
			Series - 2018 7 (Class A4)
	970,510	g,i	Sequoia Mortgage Trust			4.000		09/25/48		992
			Series - 2018 7 (Class A19)
	1,307,235	g,i	Sequoia Mortgage Trust			4.000		11/25/48		1,333
			Series - 2018 8 (Class A19)

372

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	6,931,593	g,i	Sequoia Mortgage Trust			4.000	%	06/25/49	$	7,117
			Series - 2019 2 (Class A1)
	2,180,882	g,i	Sequoia Mortgage Trust			4.000		06/25/49		2,226
			Series - 2019 2 (Class A19)
	11,012,708	g,i	Sequoia Mortgage Trust			3.500		11/25/49		11,321
			Series - 2019 4 (Class A1)
	6,391,200	g,i	Sequoia Mortgage Trust			3.500		12/25/49		6,623
			Series - 2019 5 (Class A19)
	11,068,655	g,i	Sequoia Mortgage Trust			3.500		12/25/49		11,379
			Series - 2019 5 (Class A1)
	16,678,499	g,i	Sequoia Mortgage Trust			3.000		04/25/50		17,448
			Series - 2020 3 (Class A19)
	1,553,840	g,i	Shellpoint Co-Originator Trust			3.500		11/25/46		1,584
			Series - 2016 1 (Class 1A10)
	2,026,916	g,i	Shellpoint Co-Originator Trust			3.500		04/25/47		2,088
			Series - 2017 1 (Class A19)
	697,962	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 4.150%		4.335		01/25/25		708
			Series - 2015 DN1 (Class M3)
	4,408,551	i	STACR	LIBOR 1 M + 1.950%		2.135		05/25/25		4,424
			Series - 2015 HQ2 (Class M2)
	4,845,999	i	STACR	LIBOR 1 M + 4.650%		4.835		10/25/28		5,044
			Series - 2016 DNA2 (Class M3)
	181,396	i	STACR	LIBOR 1 M + 1.300%		1.485		03/25/29		181
			Series - 2016 DNA4 (Class M2)
	13,780,000	i	STACR	LIBOR 1 M + 3.250%		3.435		07/25/29		13,900
			Series - 2017 DNA1 (Class M2)
	2,628,829	i	STACR	LIBOR 1 M + 1.200%		1.385		10/25/29		2,631
			Series - 2017 DNA2 (Class M1)
	1,373,448	i	STACR	LIBOR 1 M + 0.750%		0.935		03/25/30		1,373
			Series - 2017 DNA3 (Class M1)
	8,456,969	i	STACR	LIBOR 1 M + 0.950%		1.135		04/25/30		8,442
			Series - 2017 HQA3 (Class M2AS)
	4,055,286	i	STACR	LIBOR 1 M + 2.350%		2.535		04/25/30		4,040
			Series - HQA3 (Class M2)
	1,018,604	g,i	STACR			3.726		02/25/48		1,019
			Series - 2018 SPI1 (Class M1)
	546,935	g,i	STACR			3.809		05/25/48		546
			Series - 2018 SPI2 (Class M1)
	7,269,149	g,i	STACR			4.466		11/25/48		7,172
			Series - 2018 SPI4 (Class M2)
	3,300,000	g,i	STACR	LIBOR 1 M + 2.050%		2.235		11/25/49		3,201
			Series - 2019 HQA4 (Class M2)
	3,400,000	g,i	STACR	LIBOR 1 M + 1.850%		2.035		02/25/50		3,224
			Series - 2020 DNA2 (Class M2)
	2,645,000	g,i	STACR	LIBOR 1 M + 3.100%		3.285		03/25/50		2,532
			Series - 2020 HQA2 (Class M2)
	858,574	g,i	STACR	LIBOR 1 M + 1.100%		1.285		07/27/50		855
			Series - 2020 HQA2 (Class M1)
	12,548,000		UBS Commercial Mortgage Trust			3.256		06/15/50		13,437
			Series - 2017 C1 (Class ASB)
	2,000,000		UBS Commercial Mortgage Trust			3.366		10/15/50		2,161
			Series - 2017 C4 (Class ASB)
	4,000,000		UBS-Barclays Commercial Mortgage Trust			2.850		12/10/45		4,116
			Series - 2012 C4 (Class A5)

373

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,585,000	g	VNDO Mortgage Trust		3.808	%	12/13/29	$	4,593
			Series - 2013 PENN (Class A)
	1,100,000	g,i	VNDO Mortgage Trust		4.079		12/13/29		1,091
			Series - 2013 PENN (Class C)
	1,524,370	g	VSE VOI Mortgage LLC		2.540		07/20/33		1,508
			Series - 2016 A (Class A)
	1,168,881	g	VSE VOI Mortgage LLC		2.740		07/20/33		1,133
			Series - 2016 A (Class B)
	4,355,503	g	VSE VOI Mortgage LLC		2.330		03/20/35		4,370
			Series - 2017 A (Class A)
	4,725,000	g,i	Wells Fargo Commercial Mortgage Trust		5.276		11/15/43		4,737
			Series - 2010 C1 (Class B)
	8,200,000		Wells Fargo Commercial Mortgage Trust		3.539		10/15/45		8,471
			Series - 2012 LC5 (Class AS)
	1,740,030		Wells Fargo Commercial Mortgage Trust		3.405		12/15/47		1,815
			Series - 2014 LC18 (Class A5)
	990,000		Wells Fargo Commercial Mortgage Trust		3.406		05/15/48		1,027
			Series - 2015 NXS1 (Class AS)
	6,200,000		Wells Fargo Commercial Mortgage Trust		3.540		05/15/48		6,753
			Series - 2015 C28 (Class A4)
	2,000,000	i	Wells Fargo Commercial Mortgage Trust		3.658		05/15/48		2,008
			Series - 2015 NXS1 (Class B)
	2,566,000		Wells Fargo Commercial Mortgage Trust		3.637		06/15/48		2,795
			Series - 2015 C29 (Class A4)
	10,000,000		Wells Fargo Commercial Mortgage Trust		2.788		07/15/48		10,411
			Series - 2016 C35 (Class ASB)
	286,930		Wells Fargo Commercial Mortgage Trust		1.321		08/15/49		287
			Series - 2016 BNK1 (Class A1)
	15,000,000		Wells Fargo Commercial Mortgage Trust		2.514		08/15/49		15,494
			Series - 2016 BNK1 (Class ASB)
	15,000,000		Wells Fargo Commercial Mortgage Trust		2.825		10/15/49		15,641
			Series - 2016 LC24 (Class ASB)
	10,446,660		Wells Fargo Commercial Mortgage Trust		2.749		03/15/50		10,621
			Series - 2017 RB1 (Class A2)
	7,500,000		Wells Fargo Commercial Mortgage Trust		3.446		03/15/50		8,085
			Series - 2017 RB1 (Class ASB)
	872,111		Wells Fargo Commercial Mortgage Trust		3.635		03/15/50		981
			Series - 2017 RB1 (Class A5)
	2,000,000		Wells Fargo Commercial Mortgage Trust		3.757		03/15/50		2,199
			Series - 2017 RB1 (Class AS)
	1,825,000		Wells Fargo Commercial Mortgage Trust		3.184		04/15/50		1,946
			Series - 2015 LC20 (Class A5)
	15,000,000		Wells Fargo Commercial Mortgage Trust		3.261		07/15/50		16,038
			Series - 2017 C38 (Class ASB)
	7,000,000		Wells Fargo Commercial Mortgage Trust		3.453		07/15/50		7,817
			Series - 2017 C38 (Class A5)
	1,755,000	i	Wells Fargo Commercial Mortgage Trust		3.903		07/15/50		1,500
			Series - 2017 C38 (Class C)
	10,000,000		Wells Fargo Commercial Mortgage Trust		3.212		09/15/50		10,710
			Series - 2017 C39 (Class ASB)
	4,710,000		Wells Fargo Commercial Mortgage Trust		4.302		01/15/52		5,548
			Series - 2018 C48 (Class A5)
	8,050,000	i	Wells Fargo Commercial Mortgage Trust		3.767		07/15/58		8,700
			Series - 2015 NXS2 (Class A5)

374

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,000,000	i	Wells Fargo Commercial Mortgage Trust		4.438	%	07/15/58	$	1,049
			Series - 2015 NXS2 (Class B)
	3,800,000		Wells Fargo Commercial Mortgage Trust		3.560		01/15/59		4,165
			Series - 2016 C32 (Class A4)
	6,000,000		Wells Fargo Commercial Mortgage Trust		3.749		03/15/59		6,350
			Series - 2016 C33 (Class AS)
	650,000		Wells Fargo Commercial Mortgage Trust		2.933		11/15/59		681
			Series - 2016 C36 (Class ASB)
	3,611,729	g,i	Wells Fargo Mortgage Backed Securities Trust		4.000		04/25/49		3,721
			Series - 2019 2 (Class A17)
	14,810,747	g,i	Wells Fargo Mortgage Backed Securities Trust		3.500		09/25/49		15,222
			Series - 2019 4 (Class A1)
	2,030,000	g,i	WFRBS Commercial Mortgage Trust		5.392		02/15/44		2,012
			Series - 2011 C2 (Class C)
	30,000,000	g,i	WFRBS Commercial Mortgage Trust		4.902		06/15/44		30,465
			Series - 2011 C4 (Class A4)
	2,200,000	i	WFRBS Commercial Mortgage Trust		3.714		03/15/45		2,224
			Series - 2013 C11 (Class B)
	1,770,000		WFRBS Commercial Mortgage Trust		3.345		05/15/45		1,810
			Series - 2013 C13 (Class AS)
	4,090,000	i	WFRBS Commercial Mortgage Trust		4.079		03/15/46		4,424
			Series - 2013 UBS1 (Class A4)
	1,050,000	i	WFRBS Commercial Mortgage Trust		4.162		12/15/46		1,124
			Series - 2013 C18 (Class A5)
	2,185,281		WFRBS Commercial Mortgage Trust		3.995		05/15/47		2,355
			Series - 2014 C20 (Class A5)
	9,865,000		WFRBS Commercial Mortgage Trust		3.607		11/15/47		10,601
			Series - 2014 C24 (Class A5)
	8,000,000		WFRBS Commercial Mortgage Trust		3.560		03/15/48		8,223
			Series - 2013 C12 (Class AS)
			TOTAL OTHER MORTGAGE BACKED						1,439,433

			TOTAL STRUCTURED ASSETS						2,733,029
			(Cost $2,707,384)

			TOTAL BONDS						14,192,524
			(Cost $13,364,222)


SHARES			COMPANY
COMMON STOCKS - 0.0%

TELECOMMUNICATION SERVICES - 0.0%
	147,623	*	Oi S.A. (ADR)						155
			TOTAL TELECOMMUNICATION SERVICES						155

			TOTAL COMMON STOCKS						155
			(Cost $1,332)

PREFERRED STOCKS - 0.1%

BANKS - 0.1%
	470,597	*	Federal Home Loan Mortgage Corp						3,737

375

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

SHARES			COMPANY					VALUE (000)
	1,527,061	*	Federal National Mortgage Association					$	12,140
			TOTAL BANKS						15,877

			TOTAL PREFERRED STOCKS						15,877
			(Cost $49,941)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 5.7%

GOVERNMENT AGENCY DEBT - 3.2%
$	20,000,000		Federal Agricultural Mortgage Corp (FAMC)		0.135	%	07/17/20		19,999
	10,000,000		Federal Farm Credit Bank (FFCB)		0.200		11/04/20		9,994
	10,480,000		Federal Home Loan Bank (FHLB)		0.120		07/02/20		10,480
	14,400,000		FHLB		0.080-0.130		07/06/20		14,400
	16,175,000		FHLB		0.095-0.200		07/13/20		16,174
	39,203,000		FHLB		0.095-0.100		07/14/20		39,201
	45,270,000		FHLB		0.100-0.150		07/24/20		45,267
	41,416,000		FHLB		0.105-0.150		07/31/20		41,412
	42,535,000		FHLB		0.110-0.150		08/03/20		42,529
	9,500,000		FHLB		0.115		08/07/20		9,499
	28,465,000		FHLB		0.110-0.150		08/12/20		28,460
	25,000,000		FHLB		0.120		08/18/20		24,995
	29,998,000		FHLB		0.135-0.165		09/14/20		29,989
	40,650,000		FHLB		0.015-0.270		09/15/20		40,638
	25,000,000		FHLB		0.169		09/16/20		24,992
	34,775,000		FHLB		0.145		09/23/20		34,764
	14,000,000		FHLB		0.180		10/01/20		13,995
	5,000,000		FHLB		0.170		03/08/21		4,994
	10,000,000		Federal National Mortgage Association (FNMA)		0.249		09/23/20		9,997
	20,000,000		FNMA		0.200		10/16/20		19,991
			TOTAL GOVERNMENT AGENCY DEBT						481,770

REPURCHASE AGREEMENT - 0.0%
	1,210,000	r	Fixed Income Clearing Corp		0.070		07/01/20		1,210
			TOTAL REPURCHASE AGREEMENT						1,210

TREASURY DEBT - 2.5%
EGP	45,000,000	j	Egypt Treasury Bill		0.000		08/25/20		2,739
	26,500,000	j	Egypt Treasury Bill		0.000		01/05/21		1,540
$	105,230,000		United States Treasury Bill		0.084-0.101		07/02/20		105,230
	36,265,000		United States Treasury Bill		0.105-0.120		07/07/20		36,264

376

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
$	41,860,000	United States Treasury Bill		0.088%-0.110	%	07/09/20	$	41,859
	20,380,000	United States Treasury Bill		0.120		07/28/20		20,378
	32,120,000	United States Treasury Bill		0.105-0.137		08/11/20		32,115
	43,340,000	United States Treasury Bill		0.116		08/20/20		43,332
	25,000,000	United States Treasury Bill		0.135		08/25/20		24,995
	60,000,000	United States Treasury Bill		0.146		11/19/20		59,963
		TOTAL TREASURY DEBT						368,415

		TOTAL SHORT-TERM INVESTMENTS						851,395
		(Cost $851,427)

		TOTAL INVESTMENTS - 102.2%						15,160,182
		(Cost $14,372,286)
		OTHER ASSETS & LIABILITIES, NET - (2.2)%						(328,903	)
		NET ASSETS - 100.0%					$	14,831,279


		Abbreviation(s):
ADR		American Depositary Receipt
AUD		Australian Dollar
CAD		Canadian Dollar
CNY		Chinese Yuan
CZK		Czech Koruna
DOP		Dominican Republic Peso
EGP		Egyptian Pound
EUR		Euro
GBP		Pound Sterling
IDR		Indonesian Rupiah
ILS		Israeli Shekel
JPY		Japanese Yen
KRW		South Korean Won
LIBOR		London Interbank Offered Rate
M		Month
MXN		Mexican Peso
MYR		Malaysian Ringgit
NOK		Norwegian Krone
NZD		New Zealand Dollar
PEN		Peruvian Sol
PLN		Polish Zloty
REIT		Real Estate Investment Trust
RSD		Serbian Dinar
RUB		Russian Ruble
THB		Thailand Baht
UAH		Ukrainian Hryvnia
UYU		Uruguayan Peso
W		Week
ZAR		South African Rand

377

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

*		Non-income producing
^		Amount represents less than $1,000.
†		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, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/20, the aggregate value of these securities is $2,738,927,276 or 18.5% of net assets.
h		All or a portion of these securities were purchased on a delayed delivery basis.
i		Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
j		Zero coupon
k		Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
o		Payment in Kind Bond
q		In default
r		Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $1,210,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $1,234,366.

		Cost amounts are in thousands.

Forward foreign currency contracts outstanding as of June 30, 2020 were as follows (dollar amounts are in thousands):

Currency to be purchased	Receive	Currency to be sold	Deliver	Counterparty	Settlement date		Unrealized appreciation (depreciation)
$	10,833	CAD	14,793	Australia and New Zealand Banking Group	09/30/20	$	(66	)
$	3,958	EUR	3,660	Australia and New Zealand Banking Group	07/27/20		(156	)
$	414	EUR	368	Australia and New Zealand Banking Group	09/30/20		(0	)^
$	2,714	NZD	4,218	Australia and New Zealand Banking Group	09/30/20		(8	)
Total						$	(230	)
$	5,152	AUD	7,493	Bank of America	09/30/20	$	(21	)
$	9,835	KRW	11,811,392	Bank of America	07/31/20		(14	)
Total						$	(35	)
$	1,072	EUR	990	Citibank N.A.	08/18/20	$	(42	)
$	972	THB	30,033	Citibank N.A.	07/31/20		1
Total						$	(41	)
$	760	CZK	18,150	Morgan Stanley	07/31/20	$	(6	)
$	3,011	ILS	10,330	Morgan Stanley	07/31/20		27
$	39,155	JPY	4,182,524	Morgan Stanley	09/30/20		369
$	3,819	PLN	15,221	Morgan Stanley	07/31/20		(29	)
$	386	ZAR	6,681	Morgan Stanley	07/31/20		2
Total						$	363
$	8,365	CNY	59,368	Toronto Dominion Bank	07/31/20	$	(22	)
$	92,234	EUR	82,080	Toronto Dominion Bank	09/30/20		(172	)
$	19,844	GBP	16,027	Toronto Dominion Bank	09/30/20		(25	)
$	4,836	NOK	46,946	Toronto Dominion Bank	09/30/20		(43	)
$	11	NOK	109	Toronto Dominion Bank	09/30/20		(0	)^
Total						$	(262	)
Total						$	(205	)

^Amount represents less than $1,000.

378

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account


		Abbreviation(s):
AUD		Australian Dollar
CAD		Canadian Dollar
CNY		Chinese Yuan
CZK		Czech Koruna
EUR		Euro
GBP		Pound Sterling
ILS		Israeli Shekel
JPY		Japanese Yen
KRW		South Korean Won
NOK		Norwegian Krone
NZD		New Zealand Dollar
PLN		Polish Zloty
THB		Thailand Baht
ZAR		South African Rand

379

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND

INFLATION-LINKED BOND ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2020

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
GOVERNMENT BONDS - 98.5%

AGENCY SECURITIES - 0.9%
$	4,112,500		Crowley Conro LLC		4.181	%	08/15/43	$	5,167
	10,000,000		Federal Home Loan Mortgage Corp (FHLMC)		1.500		02/12/25		10,472
	16,740,000		Montefiore Medical Center		2.895		04/20/32		18,018
	3,000,000		Private Export Funding Corp (PEFCO)		3.250		06/15/25		3,366
	3,947,368		Reliance Industries Ltd		2.444		01/15/26		4,097
	15,000,000		Ukraine Government AID International Bonds		1.471		09/29/21		15,222
	5,000,000		United States International Development Finance Corp		1.490		08/15/31		5,153
			TOTAL AGENCY SECURITIES						61,495

MORTGAGE BACKED - 2.6%
	22,526,507		Government National Mortgage Association (GNMA)		3.600		09/15/31		24,862
	11,150,729		GNMA		3.650		02/15/32		12,286
	2,429,675		GNMA		3.380		07/15/35		2,652
	3,129,358		GNMA		3.870		10/15/36		3,483
	40,761,000	h	GNMA		1.730		07/20/37		40,869
	59,890,170		GNMA		4.250		09/15/38		65,397
	27,384,549		GNMA		2.750		01/15/45		29,692
			TOTAL MORTGAGE BACKED						179,241

U.S. TREASURY SECURITIES - 95.0%
	39,788,201	k	United States Treasury Inflation Indexed Bonds		1.125		01/15/21		40,189
	136,802,374	k	United States Treasury Inflation Indexed Bonds		0.625		07/15/21		139,317
	324,026,779	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/22		328,720
	278,912,605	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/22		283,253
	325,626,720	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/22		333,600
	332,191,990	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/23		340,613
	234,361,610	k	United States Treasury Inflation Indexed Bonds		0.625		04/15/23		243,922
	236,370,420	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/23		246,375
	153,045,498	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/24		161,335
	207,427,200	k	United States Treasury Inflation Indexed Bonds		0.500		04/15/24		218,226
	138,782,570	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/24		145,113
	172,420,650	k	United States Treasury Inflation Indexed Bonds		0.125		10/15/24		180,776
	176,483,360	k	United States Treasury Inflation Indexed Bonds		0.250		01/15/25		185,877
	268,368,285	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/25		309,299
	66,518,940	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/25		69,750
	127,605,200	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/25		136,436
	158,652,690	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/26		171,962
	214,257,508	k	United States Treasury Inflation Indexed Bonds		2.000		01/15/26		249,250
	147,640,680	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/26		156,949
	223,473,115	k	United States Treasury Inflation Indexed Bonds		0.375		01/15/27		241,061
	122,332,730	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/27		148,672
	121,084,425	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/27		131,742
	213,648,075	k	United States Treasury Inflation Indexed Bonds		0.500		01/15/28		234,133

380

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	211,036,564	k	United States Treasury Inflation Indexed Bonds		1.750	%	01/15/28	$	251,905
	112,613,689	k	United States Treasury Inflation Indexed Bonds		3.625		04/15/28		151,630
	130,768,640	k	United States Treasury Inflation Indexed Bonds		0.750		07/15/28		147,527
	212,264,580	k	United States Treasury Inflation Indexed Bonds		0.875		01/15/29		241,988
	140,824,476	k	United States Treasury Inflation Indexed Bonds		2.500		01/15/29		180,618
	202,935,196	k	United States Treasury Inflation Indexed Bonds		3.875		04/15/29		286,972
	277,706,350	k	United States Treasury Inflation Indexed Bonds		0.250		07/15/29		303,987
	24,918,750	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/30		26,942
	51,289,335	k	United States Treasury Inflation Indexed Bonds		3.375		04/15/32		76,371
	80,000,000		United States Treasury Note		0.125		06/30/22		79,953
	70,000,000		United States Treasury Note		0.250		06/30/25		69,863
	30,000,000		United States Treasury Note		0.500		05/31/27		30,032
	10,000,000		United States Treasury Note		0.625		05/15/30		9,970
			TOTAL U.S. TREASURY SECURITIES						6,554,328

			TOTAL GOVERNMENT BONDS						6,795,064
			(Cost $6,254,789)

SHORT-TERM INVESTMENTS - 1.9%

GOVERNMENT AGENCY DEBT - 0.1%
	5,250,000		Federal National Mortgage Association (FNMA)		0.200		10/16/20		5,247
			TOTAL GOVERNMENT AGENCY DEBT						5,247

REPURCHASE AGREEMENT - 0.4%
	29,700,000	r	Fixed Income Clearing Corp		0.070		07/01/20		29,700
			TOTAL REPURCHASE AGREEMENT						29,700

TREASURY DEBT - 1.4%
	50,000,000		United States Treasury Bill		0.100		07/02/20		50,000
	29,235,000		United States Treasury Bill		0.120		07/07/20		29,234
	14,920,000		United States Treasury Bill		0.101		07/09/20		14,920
			TOTAL TREASURY DEBT						94,154

			TOTAL SHORT-TERM INVESTMENTS						129,101
			(Cost $129,101)

			TOTAL INVESTMENTS - 100.4%						6,924,165
			(Cost $6,383,890)
			OTHER ASSETS & LIABILITIES, NET - (0.4)%						(22,267	)
			NET ASSETS - 100.0%					$	6,901,898


	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.
	r		Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $29,700,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $30,294,085.

			Cost amounts are in thousands.

381

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND

SOCIAL CHOICE ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2020

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
BANK LOAN OBLIGATIONS - 0.1%

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
$	3,700,972	i	MTS Systems Corp	LIBOR 1 M + 3.250%		4.000	%	07/05/23	$	3,535
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							3,535

TRANSPORTATION - 0.0%
	2,332,500	i	Delta Air Lines, Inc	LIBOR 3 M + 4.750%		5.510		04/27/23		2,284
			TOTAL TRANSPORTATION							2,284

UTILITIES - 0.1%
	4,647,162	i	ExGen Renewables IV LLC	LIBOR 3 M + 3.000%		4.000		11/28/24		4,496
			TOTAL UTILITIES							4,496

			TOTAL BANK LOAN OBLIGATIONS							10,315
			(Cost $10,588)

BONDS - 39.4%

CORPORATE BONDS - 16.8%

AUTOMOBILES & COMPONENTS - 0.5%
	6,675,000		Aptiv plc			5.400		03/15/49		6,974
	13,255,000	g	BMW US Capital LLC			2.250		09/15/23		13,736
	6,500,000	g	BMW US Capital LLC			3.150		04/18/24		6,958
	9,600,000	g	BMW US Capital LLC			4.150		04/09/30		11,069
	5,400,000		BorgWarner, Inc			2.650		07/01/27		5,529
	2,125,000	g	Harley-Davidson Financial Services, Inc			2.850		01/15/21		2,136
	8,000,000	g	Harley-Davidson Financial Services, Inc			4.050		02/04/22		8,246
	10,675,000		Magna International, Inc			3.625		06/15/24		11,618
			TOTAL AUTOMOBILES & COMPONENTS							66,266

BANKS - 2.8%
	14,025,000		Bank of America Corp			2.456		10/22/25		14,755
	10,000,000	i	Bank of Montreal	SOFR + 0.680%		0.761		03/10/23		9,935
	3,300,000		Bank of New York Mellon Corp			4.700		N/A‡		3,432
	15,375,000		Bank of Nova Scotia			1.300		06/11/25		15,497
	4,425,000	i	Canadian Imperial Bank of Commerce	SOFR + 0.800%		0.881		03/17/23		4,400
	15,000,000		Citigroup, Inc			1.678		05/15/24		15,292
	10,250,000		Citizens Bank NA			2.250		04/28/25		10,877
	3,800,000		Citizens Bank NA			3.750		02/18/26		4,265
	1,350,000		Citizens Financial Group, Inc			2.375		07/28/21		1,367
	9,075,000		Citizens Financial Group, Inc			3.250		04/30/30		9,805
	7,025,000		Cooperatieve Rabobank UA			3.950		11/09/22		7,433
	4,950,000		Cooperatieve Rabobank UA			3.750		07/21/26		5,441
	14,850,000	g	Credit Agricole S.A.			1.907		06/16/26		15,054
	8,400,000	g	HSBC Bank Canada			1.650		09/10/22		8,581

382

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	14,226,000	g	ING Groep NV			4.625	%	01/06/26	$	16,668
	6,200,000	g	Intesa Sanpaolo S.p.A			6.500		02/24/21		6,375
	2,714,000	g	Intesa Sanpaolo S.p.A			3.375		01/12/23		2,791
	1,825,000	g	Intesa Sanpaolo S.p.A			5.017		06/26/24		1,870
	13,500,000	g	Intesa Sanpaolo S.p.A			3.250		09/23/24		13,795
	2,375,000	g	Intesa Sanpaolo S.p.A			5.710		01/15/26		2,517
	7,200,000	g	Intesa Sanpaolo S.p.A			4.000		09/23/29		7,613
	5,525,000	g	Intesa Sanpaolo S.p.A			4.700		09/23/49		6,043
	13,950,000		KeyCorp			2.250		04/06/27		14,589
	2,375,000		KeyCorp			2.550		10/01/29		2,458
	11,250,000	i	M&T Bank Corp	LIBOR 3 M + 0.680%		1.671		07/26/23		11,258
	9,076,000	i	Manufacturers & Traders Trust Co	LIBOR 3 M + 0.640%		0.990		12/01/21		9,057
	285,000		Manufacturers & Traders Trust Co			2.900		02/06/25		310
	3,425,000		Manufacturers & Traders Trust Co			3.400		08/17/27		3,805
	16,925,000	e	Mitsubishi UFJ Financial Group, Inc			2.527		09/13/23		17,764
	5,925,000	i	Mizuho Financial Group, Inc	LIBOR 3 M + 0.630%		0.990		05/25/24		5,807
	11,125,000		National Australia Bank Ltd			3.625		06/20/23		12,070
	16,100,000	g	National Bank of Canada			2.150		10/07/22		16,548
	10,250,000		People’s United Bank NA			4.000		07/15/24		10,875
	24,878,000		People’s United Financial, Inc			3.650		12/06/22		25,848
	6,950,000	i	PNC Bank NA	LIBOR 3 M + 0.430%		0.743		12/09/22		6,958
	8,245,000	e	PNC Bank NA			2.950		01/30/23		8,675
	9,600,000		Regions Financial Corp			5.750		N/A‡		9,881
	7,625,000		Royal Bank of Scotland Group plc			2.359		05/22/24		7,828
	7,275,000	h	Sumitomo Mitsui Financial Group, Inc			1.474		07/08/25		7,274
	17,785,000		SVB Financial Group			3.500		01/29/25		18,802
	13,000,000	i	Toronto-Dominion Bank	LIBOR 3 M + 0.300%		1.060		07/30/21		13,030
	13,675,000		Truist Bank			2.150		12/06/24		14,377
	7,000,000		Truist Financial Corp			3.875		03/19/29		7,939
	5,000,000		Truist Financial Corp			4.950		N/A‡		5,112
	2,000,000	g	USAA Capital Corp			2.125		05/01/30		2,059
			TOTAL BANKS							416,130

CAPITAL GOODS - 0.5%
	475,000		Anixter, Inc			5.125		10/01/21		500
	10,450,000	g	Carrier Global Corp			2.700		02/15/31		10,389
	6,250,000		CNH Industrial Capital LLC			3.875		10/15/21		6,406
	4,800,000		CNH Industrial Capital LLC			4.200		01/15/24		5,114
	4,000,000		Ingersoll-Rand Luxembourg Finance S.A.			3.550		11/01/24		4,406
	3,175,000		Ingersoll-Rand Luxembourg Finance S.A.			3.500		03/21/26		3,471
	8,975,000		Ingersoll-Rand Luxembourg Finance S.A.			3.800		03/21/29		10,154
	10,000,000	e,g	NBM US Holdings, Inc			6.625		08/06/29		10,147
	1,475,000		Oshkosh Corp			3.100		03/01/30		1,485
	3,700,000		Parker-Hannifin Corp			3.250		06/14/29		4,087
	4,975,000		Parker-Hannifin Corp			4.200		11/21/34		5,958
	7,375,000		Xylem, Inc			1.950		01/30/28		7,437
	3,575,000		Xylem, Inc			2.250		01/30/31		3,597
			TOTAL CAPITAL GOODS							73,151

COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	7,500,000		Visa, Inc			1.900		04/15/27		7,838
	8,250,000		Visa, Inc			2.050		04/15/30		8,648
	4,550,000		Waste Management, Inc			4.000		07/15/39		4,696
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							21,182

383

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
CONSUMER DURABLES & APPAREL - 0.1%
$	8,225,000		VF Corp			2.400	%	04/23/25	$	8,662
	8,700,000		VF Corp			2.800		04/23/27		9,234
			TOTAL CONSUMER DURABLES & APPAREL							17,896

CONSUMER SERVICES - 0.8%
	3,125,000		Conservation Fund			3.474		12/15/29		3,353
	10,000,000		Henry J Kaiser Family Foundation			3.356		12/01/25		10,667
	5,145,000		Low Income Investment Fund			3.711		07/01/29		5,381
	3,440,000	i	Nature Conservancy	LIBOR 3 M + 1.080%		1.767		02/01/24		3,390
	17,500,000		New York Public Library Astor Lenox & Tilden Foundations			4.305		07/01/45		19,188
	4,615,000		Salvation Army			5.637		09/01/26		5,543
	20,000,000		Salvation Army			4.528		09/01/48		22,133
	12,300,000		Starbucks Corp			2.450		06/15/26		13,118
	12,000,000		Starbucks Corp			4.450		08/15/49		14,495
	11,440,000		Wisconsin Alumni Research Foundation			3.564		10/01/49		12,424
	11,065,000		YMCA of Greater New York			5.151		08/01/48		12,665
			TOTAL CONSUMER SERVICES							122,357

DIVERSIFIED FINANCIALS - 1.7%
	10,000,000		AXA Equitable Holdings, Inc			4.350		04/20/28		11,199
	8,680,000		AXA Equitable Holdings, Inc			5.000		04/20/48		9,884
	6,650,000	g	BNP Paribas S.A.			2.219		06/09/26		6,794
	11,500,000		Century Housing Corp			3.995		11/01/21		11,854
	9,220,000		Community Preservation Corp			2.867		02/01/30		8,815
	9,500,000	e,g	EDP Finance BV			5.250		01/14/21		9,695
	11,625,000	g	EDP Finance BV			3.625		07/15/24		12,477
	4,750,000		Enterprise Community Loan Fund, Inc			4.152		11/01/28		4,810
	5,000,000	g	Federation des Caisses Desjardins du Quebec			1.950		09/26/22		5,158
	15,000,000		Ford Foundation			2.815		06/01/70		15,546
	16,025,000	g	ING Groep NV			1.400		07/01/26		16,062
	2,300,000		Legg Mason, Inc			3.950		07/15/24		2,475
	13,800,000		Lloyds Banking Group plc			3.870		07/09/25		15,008
	7,100,000		Morgan Stanley			2.188		04/28/26		7,384
	680,000		Reinvestment Fund, Inc			3.377		02/15/22		678
	1,457,000		Reinvestment Fund, Inc			3.166		11/01/23		1,428
	3,000,000		Reinvestment Fund, Inc			3.600		02/15/24		2,968
	10,250,000		Reinvestment Fund, Inc			3.366		11/01/24		10,028
	2,570,000		Reinvestment Fund, Inc			3.513		11/01/25		2,515
	15,240,000		Reinvestment Fund, Inc			3.880		02/15/27		15,069
	10,435,000		Reinvestment Fund, Inc			3.930		02/15/28		10,336
	12,500,000		State Street Corp			2.354		11/01/25		13,250
	5,300,000	g	Swiss Re Finance Luxembourg SA			5.000		04/02/49		5,926
	10,500,000		Toyota Motor Credit Corp			1.350		08/25/23		10,712
	10,500,000		Toyota Motor Credit Corp			1.800		02/13/25		10,884
	7,525,000		Toyota Motor Credit Corp			3.000		04/01/25		8,185
	10,000,000		Toyota Motor Credit Corp			2.150		02/13/30		10,515
	11,075,000	e	Unilever Capital Corp			2.000		07/28/26		11,780
	5,523,000		Unilever Capital Corp			2.125		09/06/29		5,829
	1,925,000	g	WLB Asset II Pte Ltd			4.000		01/14/24		1,961
			TOTAL DIVERSIFIED FINANCIALS							259,225

384

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
ENERGY - 1.2%
$	6,075,000		Chevron Corp			1.995	%	05/11/27	$	6,361
	5,500,000		Chevron Corp			2.236		05/11/30		5,757
	7,850,000		Chevron Corp			2.978		05/11/40		8,395
	6,717,256	g	Continental Wind LLC			6.000		02/28/33		7,197
	9,625,000		Enbridge, Inc			2.500		01/15/25		9,995
	4,450,000	e	EOG Resources, Inc			5.100		01/15/36		5,129
	9,500,000		Equinor ASA			3.150		01/23/22		9,882
	4,500,000	e	Equinor ASA			2.650		01/15/24		4,789
	3,050,000		Equinor ASA			1.750		01/22/26		3,124
	4,350,000		Equinor ASA			2.375		05/22/30		4,521
	5,932,000		Equinor ASA			3.950		05/15/43		6,885
	8,100,000		Equinor ASA			3.250		11/18/49		8,605
	6,850,000	g	Greenko Dutch BV			4.875		07/24/22		6,764
	4,825,000		ONEOK, Inc			5.850		01/15/26		5,510
	3,875,000		ONEOK, Inc			4.000		07/13/27		3,932
	7,350,000		ONEOK, Inc			6.350		01/15/31		8,602
	6,200,000		ONEOK, Inc			4.950		07/13/47		5,970
	18,000,000	g	TerraForm Power Operating LLC			5.000		01/31/28		18,810
	7,600,000	e	Total Capital International S.A.			2.829		01/10/30		8,264
	12,850,000		Total Capital International S.A.			2.986		06/29/41		13,096
	7,066,000		Total Capital International S.A.			3.127		05/29/50		7,213
	12,650,000		Total Capital International S.A.			3.386		06/29/60		13,019
			TOTAL ENERGY							171,820

FOOD, BEVERAGE & TOBACCO - 0.1%
	9,200,000		Coca-Cola Co			1.750		09/06/24		9,654
	6,375,000		Coca-Cola Co			2.600		06/01/50		6,441
	2,250,000		PepsiCo, Inc			2.875		10/15/49		2,435
			TOTAL FOOD, BEVERAGE & TOBACCO							18,530

HEALTH CARE EQUIPMENT & SERVICES - 0.3%
	7,500,000	i	Becton Dickinson & Co	LIBOR 3 M + 1.030%		1.348		06/06/22		7,519
	20,600,000		Becton Dickinson & Co			2.823		05/20/30		21,836
	9,000,000		Laboratory Corp of America Holdings			3.200		02/01/22		9,336
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							38,691

HOUSEHOLD & PERSONAL PRODUCTS - 0.1%
	7,125,000		Kimberly-Clark Corp			2.875		02/07/50		7,734
	5,300,000		Procter & Gamble Co			3.000		03/25/30		6,073
	3,350,000		Procter & Gamble Co			3.550		03/25/40		4,040
	3,150,000		Procter & Gamble Co			3.600		03/25/50		3,922
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS							21,769

INSURANCE - 0.7%
	5,350,000	g	AIA Group Ltd			3.375		04/07/30		5,828
	4,700,000	g,h	Equitable Financial Life Global Funding			1.400		07/07/25		4,710
	15,675,000	g	Five Corners Funding Trust II			2.850		05/15/30		16,163
	20,000,000		Principal Financial Group, Inc			2.125		06/15/30		20,028
	6,750,000	g	Principal Life Global Funding II			1.250		06/23/25		6,771
	15,000,000		Prudential Financial, Inc			5.200		03/15/44		15,299

385

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL				ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	3,700,000			Prudential Financial, Inc			5.375	%	05/15/45	$	3,906
	2,500,000			Prudential plc			3.125		04/14/30		2,685
	18,222,000		g	Swiss Re Treasury US Corp			2.875		12/06/22		18,755
	14,024,000		g	Swiss Re Treasury US Corp			4.250		12/06/42		17,139
	2,075,000			Travelers Cos, Inc			2.550		04/27/50		2,050
				TOTAL INSURANCE							113,334

MATERIALS - 0.9%
	7,564,000		e	3M Co			2.000		02/14/25		7,966
	10,625,000		g	Air Liquide Finance S.A.			2.250		09/10/29		10,930
	7,250,000		g	Celulosa Arauco y Constitucion S.A.			4.200		01/29/30		7,386
	10,000,000		g	Celulosa Arauco y Constitucion S.A.			5.150		01/29/50		9,940
	4,800,000			Commercial Metals Co			5.750		04/15/26		4,920
	10,775,000			DuPont de Nemours, Inc			2.169		05/01/23		10,977
	10,500,000			Fibria Overseas Finance Ltd			5.500		01/17/27		11,314
	5,000,000			International Paper Co			6.000		11/15/41		6,583
	4,600,000			International Paper Co			4.800		06/15/44		5,484
	17,000,000		e,g	Inversiones CMPC S.A.			4.375		04/04/27		18,148
	10,000,000		g	Klabin Austria GmbH			7.000		04/03/49		10,400
	8,125,000		e,g	Klabin Finance S.A.			4.875		09/19/27		8,328
EUR	2,500,000		g	LG Chem Ltd			0.500		04/15/23		2,757
$	3,250,000		g	LG Chem Ltd			3.625		04/15/29		3,535
	5,000,000			Newmont Corp			2.250		10/01/30		5,066
	5,150,000		g	Teck Resources Ltd			3.900		07/15/30		5,138
				TOTAL MATERIALS							128,872

MEDIA & ENTERTAINMENT - 0.0%
	3,625,000			Discovery Communications LLC			5.000		09/20/37		4,289
	2,320,000			Smithsonian Institution			2.645		09/01/39		2,391
				TOTAL MEDIA & ENTERTAINMENT							6,680

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%
	10,000,000	e,g,i		AbbVie, Inc	LIBOR 3 M + 0.650%		1.024		11/21/22		10,029
	12,674,000		g	AbbVie, Inc			2.300		11/21/22		13,101
	6,400,000			Biogen, Inc			2.250		05/01/30		6,459
	4,000,000		i	GlaxoSmithKline Capital plc	LIBOR 3 M + 0.350%		0.774		05/14/21		4,007
	8,650,000			GlaxoSmithKline Capital, Inc			3.625		05/15/25		9,763
	18,450,000			Merck & Co, Inc			0.750		02/24/26		18,435
	9,075,000			Merck & Co, Inc			1.450		06/24/30		9,093
	15,600,000			Merck & Co, Inc			2.350		06/24/40		15,872
	13,700,000			Merck & Co, Inc			2.450		06/24/50		13,749
	15,750,000		h	Takeda Pharmaceutical Co Ltd			2.050		03/31/30		15,589
	8,025,000		h	Takeda Pharmaceutical Co Ltd			3.025		07/09/40		8,086
	14,650,000		h	Takeda Pharmaceutical Co Ltd			3.175		07/09/50		14,707
				TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							138,890

REAL ESTATE - 0.9%
	8,500,000			Alexandria Real Estate Equities, Inc			4.000		01/15/24		9,394
	12,350,000			Boston Properties LP			3.250		01/30/31		13,284
	1,975,000			Brandywine Operating Partnership LP			3.950		02/15/23		2,034
	4,300,000			Brandywine Operating Partnership LP			3.950		11/15/27		4,414
	9,095,000			Brixmor Operating Partnership LP			3.900		03/15/27		9,349
	2,800,000			Camden Property Trust			2.800		05/15/30		3,025

386

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	6,350,000		Crown Castle International Corp		2.250	%	01/15/31	$	6,396
	10,400,000		Crown Castle International Corp		3.250		01/15/51		10,379
	4,888,000		Digital Realty Trust LP		3.950		07/01/22		5,179
	2,350,000		Equinix, Inc		1.800		07/15/27		2,352
	3,500,000		Federal Realty Investment Trust		2.750		06/01/23		3,561
	6,425,000	g	HAT Holdings I LLC		5.250		07/15/24		6,553
	3,975,000	g	HAT Holdings I LLC		6.000		04/15/25		4,164
	3,600,000		Healthpeak Properties, Inc		2.875		01/15/31		3,696
	3,750,000		Host Hotels & Resorts LP		3.375		12/15/29		3,585
	11,075,000		Kilroy Realty LP		3.450		12/15/24		11,610
	6,700,000		Kilroy Realty LP		4.750		12/15/28		7,512
	16,822,000	e	Regency Centers LP		3.750		06/15/24		17,691
	14,700,000		Welltower, Inc		2.750		01/15/31		14,626
			TOTAL REAL ESTATE						138,804

RETAILING - 0.0%
	3,150,000		Lowe’s Cos, Inc		5.000		04/15/40		4,092
			TOTAL RETAILING						4,092

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
	2,650,000	g	NXP BV		4.125		06/01/21		2,729
	5,325,000	g	NXP BV		3.400		05/01/30		5,730
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						8,459

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	14,250,000		Apple, Inc		3.000		06/20/27		15,916
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						15,916

TRANSPORTATION - 0.8%
	5,350,000		Canadian Pacific Railway Co		2.050		03/05/30		5,474
	1,749,389		Delta Air Lines, Inc		4.250		07/30/23		1,594
	7,150,000		Delta Air Lines, Inc		3.204		04/25/24		7,158
	10,325,000		Delta Air Lines, Inc		2.900		10/28/24		8,374
	6,250,000	g	Delta Air Lines, Inc		7.000		05/01/25		6,452
	9,200,000		Delta Air Lines, Inc		7.375		01/15/26		8,900
	5,000,000		Delta Air Lines, Inc		2.000		06/10/28		4,766
	13,800,000		Delta Air Lines, Inc		2.500		06/10/28		12,375
	10,000,000		Delta Air Lines, Inc		3.750		10/28/29		8,000
	10,650,000		GATX Corp		4.000		06/30/30		11,444
	7,000,000		Kansas City Southern		4.300		05/15/43		8,314
	15,925,000		Kansas City Southern		4.950		08/15/45		20,452
	475,000		Norfolk Southern Corp		5.590		05/17/25		568
	4,428,302		Union Pacific Railroad Co		3.227		05/14/26		4,873
	5,466,946		Union Pacific Railroad Co		2.695		05/12/27		5,841
	1,360,000		United Parcel Service of America, Inc (Step Bond)		7.620		04/01/30		2,018
			TOTAL TRANSPORTATION						116,603

UTILITIES - 4.2%
	14,500,000	g	AES Gener S.A.		6.350		10/07/79		14,572
	3,925,000		American Water Capital Corp		2.800		05/01/30		4,268
	4,600,000		American Water Capital Corp		3.450		05/01/50		5,168
	4,375,000		Arizona Public Service Co		3.750		05/15/46		4,945

387

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	13,155,000		Avangrid, Inc		3.150	%	12/01/24	$	14,202
	15,950,000		Avangrid, Inc		3.200		04/15/25		17,430
	13,200,000		Avangrid, Inc		3.800		06/01/29		15,328
	10,275,000		Avista Corp		4.350		06/01/48		12,655
	700,000	g	Azure Power Energy Ltd		5.500		11/03/22		706
	5,900,000	g	Azure Power Solar Energy Pvt Ltd		5.650		12/24/24		5,934
	9,750,000	g	Brooklyn Union Gas Co		4.273		03/15/48		12,018
	13,500,000	g	Brooklyn Union Gas Co		4.487		03/04/49		16,770
	2,225,000		CenterPoint Energy Houston Electric LLC		2.900		07/01/50		2,317
	3,000,000		Clearway Energy Operating LLC		5.750		10/15/25		3,115
	3,550,000		CMS Energy Corp		4.750		06/01/50		3,620
	2,000,000		Connecticut Light & Power Co		5.750		03/01/37		2,634
	7,525,000	g	Consorcio Transmantaro SA		4.700		04/16/34		8,381
	4,200,000		Consumers Energy Co		2.500		05/01/60		4,004
	8,850,000		Dominion Energy Gas Holdings LLC		2.500		11/15/24		9,330
	7,110,000		Dominion Energy, Inc		3.600		03/15/27		7,865
	4,850,000		Dominion Energy, Inc (Step Bond)		3.071		08/15/24		5,210
	8,787,000		DTE Electric Co		3.950		03/01/49		10,687
	10,750,000		Duke Energy Florida LLC		2.500		12/01/29		11,625
	3,350,000	g	East Ohio Gas Co		1.300		06/15/25		3,368
	3,100,000	g	East Ohio Gas Co		2.000		06/15/30		3,093
	22,500,000	e,g	Electricite de France S.A.		3.625		10/13/25		25,253
	10,000,000		Essential Utilities, Inc		2.704		04/15/30		10,453
	13,750,000		Essential Utilities, Inc		3.351		04/15/50		14,327
	2,050,000		Florida Power & Light Co		2.850		04/01/25		2,242
	6,656,000		Fortis, Inc		3.055		10/04/26		7,182
	9,885,000	e	Georgia Power Co		3.250		04/01/26		10,741
	16,000,000	g	Hanwha Energy USA Holdings Corp		2.375		07/30/22		16,404
	2,745,000		International Transmission Co		4.625		08/15/43		3,297
	24,325,000	g	Korea Hydro & Nuclear Power Co Ltd		3.750		07/25/23		26,330
	4,000,000		MidAmerican Energy Co		3.100		05/01/27		4,492
	2,375,000		MidAmerican Energy Co		3.650		04/15/29		2,834
	4,250,000		MidAmerican Energy Co		3.150		04/15/50		4,684
	4,300,000	g	Narragansett Electric Co		3.919		08/01/28		4,923
	4,250,000	g	Narragansett Electric Co		3.395		04/09/30		4,786
	12,350,000		National Fuel Gas Co		5.500		01/15/26		13,137
	3,225,000	g	NextEra Energy Operating Partners LP		4.250		07/15/24		3,261
	2,050,000	e,g	NextEra Energy Operating Partners LP		4.250		09/15/24		2,050
	9,732,000	g	Niagara Mohawk Power Corp		4.278		10/01/34		11,634
	9,750,000	g	Niagara Mohawk Power Corp		4.119		11/28/42		11,241
	7,350,000		NorthWestern Corp		4.176		11/15/44		8,682
	5,425,000		Oklahoma Gas & Electric Co		3.250		04/01/30		5,980
	18,900,000	g	Pattern Energy Group, Inc		5.875		02/01/24		18,994
	8,425,000	g	Protective Life Global Funding		1.082		06/09/23		8,493
	13,050,000		PSEG Power LLC		3.850		06/01/23		14,091
	630,000		Public Service Co of Colorado		4.750		08/15/41		790
	5,000,000		Public Service Co of Colorado		3.200		03/01/50		5,587
	2,975,000		Public Service Co of New Hampshire		3.600		07/01/49		3,480
	3,450,000		Public Service Electric & Gas Co		3.200		08/01/49		3,842
	5,500,000		San Diego Gas & Electric Co		3.000		08/15/21		5,620
	3,821,505		San Diego Gas & Electric Co		1.914		02/01/22		3,839
	14,250,000		Sempra Energy		4.875		N/A‡		14,250
	23,287,997	g	Solar Star Funding LLC		3.950		06/30/35		23,453
	21,754,530	g	Solar Star Funding LLC		5.375		06/30/35		24,930

388

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	12,550,000		Southern Power Co			2.500	%	12/15/21	$	12,865
	25,000,000		Southern Power Co			4.150		12/01/25		28,562
	2,200,000		Southwest Gas Corp			2.200		06/15/30		2,258
	5,275,000		Southwestern Public Service Co			3.750		06/15/49		6,029
	4,400,000		Southwestern Public Service Co			3.150		05/01/50		4,760
	28,207,700	g	Star Energy Geothermal Wayang Windu Ltd			6.750		04/24/33		29,340
	20,458,088	g	Topaz Solar Farms LLC			4.875		09/30/39		22,538
	11,349,163	g	Topaz Solar Farms LLC			5.750		09/30/39		13,401
	19,650,000	e	Westar Energy, Inc			2.550		07/01/26		20,965
			TOTAL UTILITIES							661,265

			TOTAL CORPORATE BONDS							2,559,932
			(Cost $2,422,751)

GOVERNMENT BONDS - 19.2%

AGENCY SECURITIES - 1.9%
	4,393,000		Canal Barge Co, Inc			4.500		11/12/34		5,295
	3,312,061		CES MU2 LLC			1.994		05/13/27		3,429
	1,382,757		DY7 Leasing LLC			2.578		12/10/25		1,440
	3,405,354		DY9 Leasing LLC			2.415		06/30/27		3,531
	7,884,015		Ethiopian Leasing LLC			2.566		08/14/26		8,283
	2,207,624		Export Lease Ten Co LLC			1.650		05/07/25		2,243
	23,000,000		Federal Home Loan Mortgage Corp (FHLMC)			0.375		05/05/23		23,060
	8,000,000		Federal National Mortgage Association (FNMA)			0.625		04/22/25		8,065
	5,950,000		Hashemite Kingdom of Jordan Government AID International Bond			3.000		06/30/25		6,599
	3,450,000	g	Hospital for Special Surgery			3.500		01/01/23		3,563
	5,250,000	i	India Government AID Bond	LIBOR 3 M + 0.100%		0.787		02/01/27		5,090
	3,795,000		Lutheran Medical Center			1.982		02/20/30		3,923
	5,062,500		Mexican Aircraft Finance V LLC			2.329		01/14/27		5,293
	4,165,000		Montefiore Medical Center			2.152		10/20/26		4,300
	2,705,000	g	Montefiore Medical Center			3.896		05/20/27		2,771
	17,760,000		Montefiore Medical Center			2.895		04/20/32		19,116
	14,065,000		New York Society for the Relief of the Ruptured & Crippled			2.881		12/20/31		14,831
	2,649,229	j	Overseas Private Investment Corp (OPIC)			0.000		07/17/21		2,845
	2,494,419		OPIC			2.290		09/15/26		2,580
	1,255,612		OPIC			2.040		12/15/26		1,287
	13,327,428		OPIC			3.220		09/15/29		14,781
	11,994,686		OPIC			3.280		09/15/29		13,339
	6,000,000		OPIC			1.790		10/15/29		6,238
	18,750,000		OPIC			2.360		10/15/29		19,991
	2,250,544		OPIC			2.610		04/15/30		2,406
	3,120,750		OPIC			2.930		05/15/30		3,408
	5,157,450		OPIC			3.040		05/15/30		5,672
	5,882,444		OPIC			3.540		06/15/30		6,592
	15,358,206		OPIC			3.370		12/15/30		17,077
	10,375,512		OPIC			3.430		06/01/33		11,957
	1,062,239		OPIC			2.810		07/31/33		1,164
	1,699,582		OPIC			2.940		07/31/33		1,878
	5,400,000		OPIC			2.450		07/15/38		5,690
	3,267,897		Penta Aircraft Leasing LLC			1.691		04/29/25		3,323

389

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	4,250,000		Private Export Funding Corp (PEFCO)			2.050	%	11/15/22	$	4,374
	4,000,000		PEFCO			3.550		01/15/24		4,359
	3,950,000		PEFCO			1.750		11/15/24		4,162
	8,000,000		PEFCO			3.250		06/15/25		8,976
	5,369,943		Sandalwood LLC			2.836		07/10/25		5,626
	818,369		Tayarra Ltd			3.628		02/15/22		837
	741,165		Tricahue Leasing LLC			3.503		11/19/21		756
	3,326,088		Ulani MSN 37894			2.184		12/20/24		3,446
	6,715,000		UNM Sandoval Regional Medical Center			4.500		07/20/36		6,800
	2,388,000		US Department of Housing and Urban Development (HUD)			4.960		08/01/20		2,398
	2,080,000		HUD			5.050		08/01/21		2,088
	3,217,000		HUD			2.910		08/01/23		3,306
	5,000,000		HUD			3.535		08/01/36		5,782
			TOTAL AGENCY SECURITIES							293,970

FOREIGN GOVERNMENT BONDS - 3.4%
	4,000,000		African Development Bank			3.000		12/06/21		4,155
	12,750,000		African Development Bank			0.750		04/03/23		12,902
	9,500,000		Asian Development Bank			2.125		03/19/25		10,233
	6,500,000		Asian Development Bank			1.750		08/14/26		6,930
	14,000,000		Asian Development Bank			3.125		09/26/28		16,511
	8,000,000	g	BNG Bank NV			3.125		11/08/21		8,297
	12,400,000	g	BNG Bank NV			2.625		02/27/24		13,387
	3,799,085	g	Carpintero Finance Ltd			2.004		09/18/24		3,890
EUR	4,000,000		Chile Government International Bond			0.830		07/02/31		4,381
$	9,000,000		Chile Government International Bond			3.500		01/25/50		10,116
	11,000,000	e	European Bank for Reconstruction & Development			1.875		07/15/21		11,179
	19,500,000		European Bank for Reconstruction & Development			1.625		09/27/24		20,471
	3,750,000	e	European Investment Bank			2.375		05/24/27		4,183
	11,600,000		European Investment Bank			1.625		10/09/29		12,403
	2,000,000	e	European Investment Bank			4.875		02/15/36		3,042
	1,925,000	g	Guatemala Government International Bond			5.375		04/24/32		2,126
	6,082,000		Hydro Quebec			8.400		01/15/22		6,808
	20,000,000	i	Inter-American Development Bank	LIBOR 3 M + 0.010%		1.229		01/15/22		19,980
	11,000,000		International Bank for Reconstruction & Development			0.625		04/22/25		11,088
	19,250,000		International Bank for Reconstruction & Development			3.125		11/20/25		21,896
	27,150,000	e,g	International Development Association			2.750		04/24/23		28,991
	46,500,000		International Finance Corp			1.546		11/04/21		46,982
	7,375,000		International Finance Corp			0.500		03/20/23		7,420
	33,500,000		International Finance Corp			2.125		04/07/26		36,476
	5,000,000		Japan Bank for International Cooperation			1.875		04/20/21		5,056
	9,000,000	g	Japan Finance Organization for Municipalities			2.125		04/13/21		9,111
	12,500,000	g	Kommunalbanken AS.			2.125		02/11/25		13,394
	8,750,000	i	Korea Development Bank International Bond	LIBOR 3 M + 0.725%		2.098		07/06/22		8,765
	10,100,000	g	Korea Electric Power Corp			1.125		06/15/25		10,116
	5,750,000		Kreditanstalt fuer Wiederaufbau			2.000		11/30/21		5,891
	3,000,000	g	Nacional Financiera SNC			3.375		11/05/20		3,000
	10,000,000	g	Nederlandse Waterschapsbank NV			3.125		12/05/22		10,641
	18,250,000	g	Nederlandse Waterschapsbank NV			1.750		01/15/25		19,230
	19,000,000	g	Nederlandse Waterschapsbank NV			2.375		03/24/26		20,809
	1,387,000		North American Development Bank			2.400		10/26/22		1,435
	22,800,000	g	Perusahaan Penerbit SBSN Indonesia III			3.750		03/01/23		23,841
	10,500,000	g	Perusahaan Penerbit SBSN Indonesia III			3.900		08/20/24		11,196

390

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	12,700,000		Province of Manitoba Canada		3.050	%	05/14/24	$	13,838
	10,000,000		Province of Quebec Canada		2.750		04/12/27		11,165
	5,000,000		Province of Quebec Canada		7.500		09/15/29		7,693
	10,000,000		Republic of Italy Government International Bond		2.875		10/17/29		9,934
	7,750,000		Republic of Italy Government International Bond		4.000		10/17/49		7,847
			TOTAL FOREIGN GOVERNMENT BONDS						516,809

MORTGAGE BACKED - 7.1%
	2,600,000		Federal Home Loan Mortgage Corp (FHLMC)		3.000		10/15/33		2,907
	7,334,549		FHLMC		3.500		08/15/43		7,593
	3,562,204		FHLMC		3.500		03/15/44		3,911
	2,394,216	i	FHLMC		5.735		03/15/44		498
	6,850,259		FHLMC		4.000		10/01/47		7,662
	7,361,215	i	FHLMC		9.624		06/15/48		9,266
	5,569,770	i	FHLMC		9.544		10/15/48		7,110
	17,150,228		FHLMC		3.000		11/01/49		18,260
	264		Federal Home Loan Mortgage Corp Gold (FGLMC)		7.000		10/01/20		0	^
	1,306		FGLMC		7.000		05/01/23		1
	11,217		FGLMC		8.000		01/01/31		12
	194,010		FGLMC		4.500		07/01/33		212
	1,325,126		FGLMC		7.000		12/01/33		1,553
	396,118		FGLMC		7.000		05/01/35		461
	940,652		FGLMC		5.000		06/01/36		1,079
	293,644		FGLMC		5.000		07/01/39		337
	498,728		FGLMC		4.500		10/01/44		553
	535,581		FGLMC		4.500		11/01/44		594
	859,568		FGLMC		4.500		11/01/44		954
	368,371		FGLMC		4.500		12/01/44		402
	526,808		FGLMC		4.500		12/01/44		585
	1,923,864		FGLMC		3.500		04/01/45		2,112
	17,812,815		FGLMC		3.500		10/01/45		19,475
	8,288,454		FGLMC		4.000		12/01/45		9,145
	27,733,547		FGLMC		3.500		08/01/46		30,291
	12,727,864		FGLMC		3.000		02/01/47		13,460
	948,383		FGLMC		4.500		06/01/47		1,052
	2,281,259		FGLMC		4.000		09/01/47		2,486
	1,736,910		FGLMC		3.500		12/01/47		1,898
	7,333,370		FGLMC		3.500		03/01/48		8,012
	11,551,298		FGLMC		4.000		03/01/48		12,764
	2,795,308		FGLMC		4.000		07/01/48		3,061
	8,486,103		FGLMC		4.500		08/01/48		9,422
	8,327		Federal National Mortgage Association (FNMA)		8.000		07/01/24		9
	18,500,000	i	FNMA		2.895		02/25/27		20,283
	3,500,000	i	FNMA		3.436		06/25/28		3,993
	2,502,870		FNMA		3.500		05/01/32		2,652
	3,533,701		FNMA		3.000		10/01/32		3,713
	2,439,121		FNMA		5.000		05/01/35		2,798
	1,568,103		FNMA		5.000		10/01/35		1,801
	1,192,047		FNMA		5.000		02/01/36		1,368
	1,714,750		FNMA		5.500		11/01/38		1,970
	390,659		FNMA		3.000		05/01/40		412
	1,247,970		FNMA		5.000		09/01/40		1,434
	2,137,798		FNMA		5.000		05/01/41		2,457

391

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,294,725		FNMA		4.000	%	09/01/42	$	1,410
	2,005,176		FNMA		3.000		04/25/43		2,107
	3,448,070	i	FNMA		5.766		09/25/43		782
	724,157		FNMA		4.000		01/01/44		801
	1,767,573		FNMA		4.500		03/01/44		1,974
	711,166		FNMA		4.500		06/01/44		790
	7,092,874		FNMA		4.500		06/01/44		7,870
	1,659,683		FNMA		4.500		08/01/44		1,842
	4,046,908		FNMA		4.500		10/01/44		4,491
	8,015,703		FNMA		4.500		11/01/44		8,892
	1,604,261		FNMA		5.000		11/01/44		1,840
	1,882,793		FNMA		4.500		12/01/44		2,090
	649,092		FNMA		4.000		01/01/45		707
	9,111,386		FNMA		3.000		02/25/45		9,536
	2,759,571		FNMA		3.000		02/25/45		2,846
	182,589		FNMA		3.500		03/01/45		200
	246,790		FNMA		3.500		03/01/45		271
	416,263		FNMA		4.500		03/01/45		462
	2,771,518		FNMA		3.000		03/25/45		2,881
	526,855		FNMA		4.500		04/01/45		585
	7,649,207		FNMA		3.500		04/25/45		7,967
	3,967,632		FNMA		3.500		05/01/45		4,376
	2,135,610		FNMA		4.000		12/01/45		2,359
	19,474,648		FNMA		3.000		12/25/45		20,345
	6,089,295		FNMA		3.500		01/01/46		6,656
	7,445,210		FNMA		4.000		01/01/46		8,232
	7,528,723		FNMA		3.500		06/01/46		8,230
	4,384,650		FNMA		3.500		07/01/46		4,793
	7,087,121		FNMA		3.500		07/01/46		7,740
	1,487,892		FNMA		3.000		10/01/46		1,542
	5,600,510		FNMA		3.500		10/01/46		6,122
	10,201,939		FNMA		3.000		11/01/46		10,775
	5,188,783		FNMA		3.500		12/01/46		5,507
	16,954,990	h	FNMA		3.500		01/01/47		17,970
	2,237,785		FNMA		3.000		04/25/47		2,394
	2,720,528		FNMA		4.500		05/01/47		3,023
	897,550		FNMA		3.500		08/01/47		960
	2,001,644		FNMA		3.500		09/01/47		2,137
	8,410,573		FNMA		4.000		09/01/47		8,978
	2,714,881		FNMA		4.000		09/01/47		2,889
	8,592,818		FNMA		4.000		10/01/47		9,115
	1,141,676		FNMA		3.000		11/01/47		1,182
	462,470		FNMA		3.500		11/01/47		506
	668,069	h	FNMA		4.500		11/01/47		748
	5,448,589		FNMA		4.000		12/01/47		6,023
	21,181,033	h	FNMA		4.000		12/01/47		22,578
	955,173		FNMA		3.500		01/01/48		1,041
	4,726,921		FNMA		4.500		01/01/48		5,294
	1,605,926		FNMA		3.500		02/01/48		1,694
	3,854,061		FNMA		4.500		02/01/48		4,315
	46,723,087		FNMA		3.000		02/25/48		49,584
	18,928,245		FNMA		3.500		03/01/48		19,974
	4,711,601		FNMA		4.000		03/01/48		5,205
	16,221,387		FNMA		4.500		03/01/48		18,161

392

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	12,221,634		FNMA		3.500	%	04/01/48	$	12,892
	20,344,058		FNMA		4.000		04/01/48		21,588
	3,363,879		FNMA		4.500		05/01/48		3,766
	2,475,733		FNMA		4.500		05/01/48		2,772
	6,253,679		FNMA		5.000		08/01/48		7,092
	4,043,459	j	FNMA		0.000		11/25/48		3,759
	4,043,459		FNMA		3.000		11/25/48		445
	796,461		FNMA		3.000		08/01/49		866
	41,000,000	h	FNMA		2.000		07/25/50		41,937
	105,000,000	h	FNMA		2.500		07/25/50		109,417
	148,000,000	h	FNMA		3.000		07/25/50		155,828
	3,856,977		Government National Mortgage Association (GNMA)		2.580		08/15/25		4,008
	9,822,820		GNMA		2.690		06/15/33		10,465
	8,027,346		GNMA		3.700		10/15/33		8,830
	136,154		GNMA		5.000		04/15/38		156
	201,909		GNMA		6.500		11/20/38		236
	22,345		GNMA		4.500		02/20/39		26
	7,763,721		GNMA		3.700		08/15/40		8,353
	30,121		GNMA		4.500		08/20/41		34
	105,879		GNMA		4.500		09/20/41		122
	21,093		GNMA		4.500		01/20/44		24
	18,632		GNMA		4.500		02/20/44		21
	47,772		GNMA		4.500		05/20/44		55
	301,337		GNMA		4.500		05/20/44		347
	344,047		GNMA		4.500		08/20/44		395
	222,507		GNMA		4.500		09/20/44		256
	132,806		GNMA		4.500		10/20/44		151
	52,489		GNMA		4.500		11/20/44		57
	218,638		GNMA		4.500		12/20/44		251
	12,358,177		GNMA		2.750		01/15/45		13,399
	292,402		GNMA		4.500		02/20/45		329
	335,537		GNMA		4.500		08/20/45		386
	342,809		GNMA		4.500		08/20/45		394
	316,906		GNMA		4.500		12/20/45		364
	3,953,154		GNMA		4.000		06/20/46		463
	12,363,875		GNMA		3.500		12/20/46		13,170
	9,216,522		GNMA		3.500		01/20/47		9,802
	65,000,000	h	GNMA		3.000		07/20/47		68,847
	6,881,713		GNMA		3.500		01/20/49		7,525
	21,000,000	h	GNMA		2.500		07/20/50		22,097
			TOTAL MORTGAGE BACKED						1,081,735

MUNICIPAL BONDS - 4.2%
	3,340,000		Antelope Valley-East Kern Water Agency Financing Authority		4.326		06/01/36		3,610
	4,500,000	g	Basin Electric Power Coop		6.127		06/01/41		5,784
	3,790,000		Bay Area Water Supply & Conservation Agency		2.535		10/01/21		3,848
	2,635,000		Bay Area Water Supply & Conservation Agency		3.015		10/01/24		2,801
	1,170,000		Brunswick & Glynn County Development Authority		3.060		04/01/25		1,243
	8,000,000		California Housing Finance Agency		2.966		08/01/22		8,332
	800,000		California Municipal Finance Authority		1.486		11/01/22		800
	850,000		California Municipal Finance Authority		1.605		11/01/23		850
	1,935,000	g	California Municipal Finance Authority		4.250		11/01/23		1,921

393

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	3,380,000		Chicago Board of Education			5.000	%	12/01/20	$	3,404
	14,000,000		Chicago Housing Authority			4.361		01/01/38		16,383
	11,645,000		Chicago Metropolitan Water Reclamation District-Greater Chicago			5.720		12/01/38		16,826
	3,500,000		City & County Honolulu HI Wastewater System Revenue			3.200		07/01/26		3,830
	3,035,000		City & County of Honolulu HI			2.668		10/01/27		3,298
	5,645,000		City & County of Honolulu HI			3.974		09/01/35		6,559
	1,615,000		City & County of Honolulu HI			4.004		09/01/36		1,870
	7,085,000		City & County of San Francisco CA			4.000		04/01/47		7,483
	5,500,000		City & County of San Francisco CA Community Facilities District			4.000		09/01/48		5,808
	5,395,000		City of Chicago IL			7.750		01/01/42		7,073
	1,105,000		City of Chicago IL			7.750		01/01/42		1,190
	380,000		City of Eugene, OR			6.320		08/01/22		403
	1,250,000		City of Florence SC			4.250		12/01/34		1,358
	1,000,000		City of Houston TX Combined Utility System Revenue			3.375		11/15/24		1,115
	1,275,000		City of Houston TX Combined Utility System Revenue			4.172		11/15/38		1,456
	5,145,000		City of Los Angeles CA			3.320		09/01/24		5,699
	7,500,000		City of Los Angeles CA			3.880		09/01/38		8,442
	1,780,000	g	City of Miami FL			4.808		01/01/39		2,007
	3,010,000		City of Norfolk VA			3.000		10/01/35		2,974
	3,665,000		City of Norfolk VA			3.050		10/01/36		3,619
	4,835,000		City of Oakland CA			2.070		01/15/29		4,913
	3,345,000		City of San Francisco CA Public Utilities Commission Water Revenue			3.000		11/01/26		3,697
	3,725,000		City of San Francisco CA Public Utilities Commission Water Revenue			3.950		11/01/36		4,073
	8,615,000		City of San Francisco CA Public Utilities Commission Water Revenue			3.303		11/01/39		9,176
	18,500,000		City of San Francisco CA Public Utilities Commission Water Revenue			4.185		11/01/46		20,118
	1,000,000		City of San Juan Capistrano CA			3.700		08/01/31		1,079
	1,150,000		Commonwealth Financing Authority			2.875		06/01/22		1,186
	2,310,000		Commonwealth Financing Authority			3.075		06/01/23		2,420
	2,730,000		Commonwealth Financing Authority			3.864		06/01/38		3,214
	11,650,000	i	Connecticut Housing Finance Authority	SOFR + 0.650%		0.740		05/15/49		11,646
	7,650,000		County of Alameda CA			3.820		08/01/38		8,274
	685,000		County of Greene OH			2.720		12/01/21		686
	725,000		County of Greene OH			3.120		12/01/23		726
	765,000		County of Greene OH			3.270		12/01/24		766
	790,000		County of Greene OH			3.420		12/01/25		791
	1,500,000		County of Miami-Dade FL Aviation Revenue			2.218		10/01/22		1,522
	12,015,000		County of Miami-Dade FL Water & Sewer System Revenue			3.490		10/01/42		12,734
	935,000		County of Saline AR			3.550		06/01/42		973
	3,500,000	h	District of Columbia			3.432		04/01/42		3,527
	15,000,000		District of Columbia Water & Sewer Authority			4.814		10/01/14		21,510
	1,000,000		Grant County Public Utility District No 2			5.470		01/01/34		1,129
	1,250,000		Grant County Public Utility District No 2			4.164		01/01/35		1,520
	22,445,000		Grant County Public Utility District No 2			2.918		01/01/40		23,267
	9,255,000		Grant County Public Utility District No 2			3.210		01/01/40		9,822
	2,345,000		Great Lakes Water Authority Sewage Disposal System Revenue			3.056		07/01/39		2,502

394

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	16,915,000		Great Lakes Water Authority Water Supply System Revenue		3.473	%	07/01/41	$	17,674
	1,200,000		Guadalupe Valley Electric Coop, Inc		5.671		10/01/32		1,436
	605,000		Guadalupe-Blanco River Authority Industrial Development Corp		3.287		04/15/23		626
	640,000		Henry County Water Authority		3.000		01/01/43		567
	850,000		Henry County Water Authority		3.200		01/01/49		829
	1,000,000		Honolulu City & County Board of Water Supply		2.327		07/01/32		1,028
	2,000,000		Kern County Water Agency Improvement District No 4		4.276		05/01/36		2,291
	540,000		Lavaca-Navidad River Authority		3.850		08/01/26		579
	6,430,000		Lavaca-Navidad River Authority		4.430		08/01/35		6,850
	3,430,000		Maryland Community Development Administration Housing Revenue		3.797		03/01/39		3,626
	50,000		Massachusetts Housing Finance Agency		4.782		12/01/20		50
	4,650,000		Massachusetts St. Water Pollution Abatement		5.192		08/01/40		5,616
	10,735,000		Metropolitan Transportation Authority		5.175		11/15/49		12,523
	500,000		Michigan Finance Authority		5.000		07/01/22		528
	2,000,000		Michigan Finance Authority		5.000		07/01/31		2,274
	3,200,000		Montgomery Water Works & Sanitary Sewer Board		1.701		09/01/21		3,231
	1,655,000		Montgomery Water Works & Sanitary Sewer Board		1.729		09/01/22		1,685
	7,400,000		New Jersey Economic Development Authority		5.706		06/15/30		8,871
	3,000,000		New Jersey Economic Development Authority		5.756		06/15/31		3,627
	3,375,000		New Mexico Finance Authority		4.090		06/15/38		3,668
	4,065,000		New York City Housing Development Corp		3.119		08/01/38		4,304
	2,500,000		New York City Housing Development Corp		3.720		11/01/39		2,725
	1,590,000		New York State Energy Research & Development Authority		3.206		07/01/22		1,668
	1,255,000		New York State Environmental Facilities Corp		3.045		06/15/24		1,339
	1,225,000		New York State Environmental Facilities Corp		3.195		06/15/25		1,330
	2,120,000		New York State Environmental Facilities Corp		3.520		07/15/27		2,401
	17,500,000		New York Transportation Development Corp		5.000		01/01/26		18,609
	4,750,000		Northern California Power Agency		4.320		07/01/24		5,291
	11,245,000		Ohio State Water Development Authority		4.879		12/01/34		13,305
	13,250,000	†,g,q	Oregon State Business Development Commission		6.500		04/01/31		9,087
	2,500,000		Palm Beach County Solid Waste Authority		2.636		10/01/24		2,669
	5,155,000		Papio-Missouri River Natural Resource District		2.088		12/15/24		5,247
	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		4,736
	7,250,000	g	Pennsylvania Economic Development Financing Authority		10.000		12/01/29		7,377
	180,000	g	Pennsylvania Economic Development Financing Authority		5.750		06/01/36		169
	1,735,000	g	Public Finance Authority		9.000		06/01/29		1,721
	1,000,000		Sacramento Area Flood Control Agency		2.699		10/01/22		1,035
	435,000		San Francisco City & County Redevelopment Agency		3.113		08/01/22		444
	2,000,000		San Francisco City & County Redevelopment Agency		4.375		08/01/44		2,070
	1,100,000		Semitropic Improvement District		2.164		12/01/22		1,126
	36,330,000		State of California		3.750		10/01/37		38,995
	11,565,000		State of California		4.600		04/01/38		13,515
	10,050,000		State of California		4.988		04/01/39		10,847

395

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	5,445,000	i	State of California	LIBOR 1 M + 0.780%		0.962	%	04/01/47	$	5,435
	8,000,000		State of Illinois			5.000		02/01/22		8,264
	9,000,000		State of Illinois			5.520		04/01/38		9,152
	4,405,000		State of Michigan			3.590		12/01/26		4,635
	2,500,000		State of Ohio			5.412		09/01/28		3,214
	2,025,000		State of Texas			3.576		08/01/34		2,114
	3,370,000		State of Texas			3.726		08/01/43		3,478
	3,000		State of Wisconsin			5.700		05/01/26		3
	6,625,000		Stockton Public Financing Authority			3.610		10/01/40		6,769
	1,650,000	g	Syracuse Industrial Development Agency			5.000		01/01/36		1,705
	2,280,000		Tampa Bay Water			2.612		10/01/25		2,393
	3,225,000		Tampa Bay Water			2.782		10/01/26		3,427
	3,000,000		Tampa Bay Water			2.952		10/01/27		3,169
	1,255,000		Texas Water Development Board			4.248		10/15/35		1,420
	5,880,000		Texas Water Development Board			4.340		10/15/48		6,764
	4,170,000		Texas Water Development Board			4.648		04/15/50		4,630
	5,000,000		Tuolumne Wind Project Authority			6.918		01/01/34		6,899
	3,035,000		University of California			3.809		05/15/28		3,522
	11,400,000		University of California			4.009		05/15/30		13,592
	1,000,000		University of Cincinnati			3.250		06/01/29		1,080
	1,560,000		University of Cincinnati			3.650		06/01/34		1,672
	1,615,000		University of Cincinnati			3.700		06/01/35		1,731
	18,000,000		University of New Mexico			3.532		06/20/32		19,156
	500,000		Upper Allegheny Joint Sanitary Authority			3.550		09/01/39		550
	1,500,000		Upper Allegheny Joint Sanitary Authority			3.800		09/01/49		1,603
	5,000,000		Vermont Educational & Health Buildings Financing Agency			4.000		12/01/42		5,268
	3,000,000		Vermont Educational & Health Buildings Financing Agency			4.000		12/01/46		3,146
	1,000,000		Washington County Clean Water Services			5.078		10/01/24		1,167
	3,750,000		Water Works Board of the City of Birmingham			1.988		01/01/21		3,764
	3,100,000		Water Works Board of the City of Birmingham			2.192		01/01/22		3,152
	1,345,000		West Virginia Water Development Authority			5.000		11/01/22		1,486
	1,000,000		West Virginia Water Development Authority			5.000		11/01/23		1,147
			TOTAL MUNICIPAL BONDS							645,431

U.S. TREASURY SECURITIES - 2.6%
	6,000,000		United States Treasury Bond			3.125		02/15/43		8,133
	1,000,000		United States Treasury Bond			3.375		05/15/44		1,414
	35,830,000		United States Treasury Bond			2.875		11/15/46		47,625
	2,500,000		United States Treasury Bond			3.000		02/15/49		3,450
	58,073,000		United States Treasury Bond			2.000		02/15/50		66,471
	3,730,000		United States Treasury Note			1.500		09/30/21		3,792
	9,350,000		United States Treasury Note			1.500		10/31/21		9,515
	21,590,000		United States Treasury Note			0.125		06/30/22		21,577
	4,150,000		United States Treasury Note			2.000		07/31/22		4,308
	4,500,000		United States Treasury Note			1.750		09/30/22		4,659
	46,184,500		United States Treasury Note			0.250		06/15/23		46,282
	31,765,000		United States Treasury Note			2.875		09/30/23		34,525
	6,100,000		United States Treasury Note			2.625		12/31/23		6,616
	5,000,000		United States Treasury Note			1.500		09/30/24		5,266
	1,525,000		United States Treasury Note			2.250		10/31/24		1,657
	9,350,000		United States Treasury Note			2.125		11/30/24		10,120
	1,035,000		United States Treasury Note			0.250		06/30/25		1,033

396

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	18,842,000		United States Treasury Note			2.500	%	02/28/26	$	21,096
	36,300,000		United States Treasury Note			0.500		05/31/27		36,338
	59,823,000		United States Treasury Note			0.625		05/15/30		59,641
			TOTAL U.S. TREASURY SECURITIES							393,518

			TOTAL GOVERNMENT BONDS							2,931,463
			(Cost $2,779,891)

STRUCTURED ASSETS - 3.4%

ASSET BACKED - 1.2%
	100,000	g	AMSR Trust			1.819		04/17/37		101
			Series - 2020 SFR1 (Class A)
	900,000	g,i	AMSR Trust			3.148		01/19/39		910
			Series - 2019 SFR1 (Class C)
	800,000	g,i	AMSR Trust			3.247		01/19/39		793
			Series - 2019 SFR1 (Class D)
	5,000,000	g,i	AREIT Trust	LIBOR 1 M + 1.020%		1.215		09/14/36		4,794
			Series - 2019 CRE3 (Class A)
	181,694	i	Asset Backed Securities Corp Home Equity Loan Trust	LIBOR 1 M + 0.900%		3.386		08/25/34		178
			Series - 2004 HE5 (Class M1)
	1,500,000	i	Bayview Financial Mortgage Pass-Through Trust	LIBOR 1 M + 0.975%		1.159		02/28/41		1,462
			Series - 2006 A (Class M3)
	100,000	i	Bear Stearns Asset Backed Securities Trust	LIBOR 1 M + 0.670%		0.855		04/25/36		98
			Series - 2006 SD1 (Class M1)
	3,796,065	g	Capital Automotive REIT			3.660		10/15/44		3,758
			Series - 2014 1A (Class A)
	3,764,151	g	Capital Automotive REIT			3.870		04/15/47		3,768
			Series - 2017 1A (Class A1)
	558,093	i	C-BASS Trust	LIBOR 1 M + 0.080%		0.265		07/25/36		514
			Series - 2006 CB6 (Class A1)
	4,001,302	i	Chase Funding Loan Acquisition Trust	LIBOR 1 M + 0.855%		1.023		06/25/34		3,752
			Series - 2004 OPT1 (Class M1)
	325,000	i	Citigroup Mortgage Loan Trust	LIBOR 1 M + 0.750%		0.935		01/25/36		319
			Series - 2006 WFH1 (Class M4)
	218,854	g	Corevest American Finance Trust			1.832		03/15/50		212
			Series - 2020 1 (Class A1)
	1,466,250	g	DB Master Finance LLC			3.629		11/20/47		1,514
			Series - 2017 1A (Class A2I)
	6,922,500	g	Domino’s Pizza Master Issuer LLC			3.082		07/25/47		7,071
			Series - 2017 1A (Class A2II)
	301,314	g,i	Ellington Loan Acquisition Trust	LIBOR 1 M + 1.100%		1.285		05/25/37		299
			Series - 2007 2 (Class A2C)
	5,652,420	g	HERO Funding Trust			3.840		09/21/40		6,014
			Series - 2015 1A (Class A)
	1,441,731	g	HERO Funding Trust			3.990		09/21/40		1,453
			Series - 2014 2A (Class A)
	2,780,186	g	HERO Funding Trust			3.750		09/20/41		2,898
			Series - 2016 2A (Class A)
	2,673,140	g	HERO Funding Trust			4.050		09/20/41		2,791
			Series - 2016 1A (Class A)
	1,026,453	g	HERO Funding Trust			3.080		09/20/42		1,047
			Series - 2016 3A (Class A1)

397

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	236,907	g	HERO Funding Trust			4.500	%	09/21/42	$	237
			Series - 2016 1R (Class A1)
	6,849,127	g	HERO Funding Trust			3.710		09/20/47		7,151
			Series - 2017 1A (Class A1)
	7,022,696	g	HERO Funding Trust			3.190		09/20/48		7,185
			Series - 2017 3A (Class A1)
	1,664,899	g	HERO Funding Trust			3.280		09/20/48		1,720
			Series - 2017 2A (Class A1)
	7,693,322	g	HERO Funding Trust			4.670		09/20/48		8,230
			Series - 2018 1A (Class A2)
	29,567	i	Home Equity Asset Trust	LIBOR 1 M + 1.500%		3.986		06/25/33		29
			Series - 2003 1 (Class M1)
	100,000	g,i	Invitation Homes Trust	LIBOR 1 M + 1.450%		1.635		06/17/37		97
			Series - 2018 SFR2 (Class D)
	325,030	g,i	Invitation Homes Trust	LIBOR 1 M + 1.000%		1.194		07/17/37		323
			Series - 2018 SFR3 (Class A)
	1,030,859	g,i	Invitation Homes Trust	LIBOR 1 M + 1.100%		1.294		01/17/38		1,029
			Series - 2018 SFR4 (Class A)
	499,336	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.320%		0.505		03/25/37		478
			Series - 2007 CH3 (Class A1B)
	7,334,980	i	JP Morgan Mortgage Acquisition Trust	LIBOR 1 M + 0.160%		0.345		06/25/37		7,103
			Series - 2007 CH5 (Class A1)
	2,800,000	g	Mosaic Solar Loan Trust			2.100		04/20/46		2,822
			Series - 2020 1A (Class A)
	3,875,000	g	Mosaic Solar Loan Trust			3.100		04/20/46		3,906
			Series - 2020 1A (Class B)
	5,725,625	g	Mosaic Solar Loans LLC			3.820		06/22/43		5,892
			Series - 2017 2A (Class A)
	1,197,771	g	Progress Residential Trust			2.897		12/17/34		1,203
			Series - 2017 SFR2 (Class A)
	650,000	i	RASC Trust	LIBOR 1 M + 0.590%		3.080		08/25/35		641
			Series - 2005 KS8 (Class M4)
	3,837,815	g	Renew			3.670		09/20/52		3,961
			Series - 2017 1A (Class A)
	8,390,747	g	Renew			3.950		09/20/53		9,005
			Series - 2018 1 (Class A)
	234,177	g	Sierra Timeshare Receivables Funding LLC			2.580		09/20/32		234
			Series - 2015 3A (Class A)
	165,692	g	Sierra Timeshare Receivables Funding LLC			3.080		09/20/32		165
			Series - 2015 3A (Class B)
	4,178,301	g	SolarCity LMC			4.590		04/20/44		4,079
			Series - 2014 1 (Class A)
	22,232,318	g	SolarCity LMC			4.020		07/20/44		22,001
			Series - 2014 2 (Class A)
	3,563,581	g	SolarCity LMC			4.800		09/20/48		3,618
			Series - 2016 A (Class A)
	920,683	g,i	Starwood Waypoint Homes	LIBOR 1 M + 0.950%		1.135		01/17/35		917
			Series - 2017 1 (Class A)
	14,181	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 0.900%		1.085		09/25/34		13
			Series - 2004 8 (Class M1)
	70,908	i	Structured Asset Investment Loan Trust	LIBOR 1 M + 1.000%		1.185		09/25/34		69
			Series - 2004 8 (Class A9)
	1,937,671	i	Structured Asset Securities Corp Mortgage Loan Trust	LIBOR 1 M + 1.500%		1.673		04/25/35		1,872
			Series - 2005 7XS (Class 2A1A)

398

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	2,883,037	g	Sunrun Athena Issuer LLC			5.310	%	04/30/49	$	2,720
			Series - 2018 1 (Class A)
	9,618,842	g	Sunrun Atlas Issuer LLC			3.610		02/01/55		9,500
			Series - 2019 2 (Class A)
	11,544,462	g	TES LLC			4.330		10/20/47		11,417
			Series - 2017 1A (Class A)
	2,500,000	g	TES LLC			7.740		10/20/47		2,214
			Series - 2017 1A (Class B)
	7,607,655	g	TES LLC			4.120		02/20/48		7,375
			Series - 2017 2A (Class A)
	1,194,210	g	Tesla Auto Lease Trust			3.710		08/20/21		1,211
			Series - 2018 B (Class A)
	4,125,000	g	Tesla Auto Lease Trust			2.200		11/21/22		4,216
			Series - 2019 A (Class A4)
	1,500,000	g	Tricon American Homes Trust			4.878		11/17/33		1,498
			Series - 2016 SFR1 (Class E)
	1,000,000	g	Tricon American Homes Trust			4.011		09/17/34		1,003
			Series - 2017 SFR1 (Class E)
	1,097,110	g	Tricon American Homes Trust			2.928		01/17/36		1,140
			Series - 2017 SFR2 (Class A)
	200,000	g	Tricon American Homes Trust			3.275		01/17/36		207
			Series - 2017 SFR2 (Class B)
	14,516,802	g	Vivint Colar Financing V LLC			4.730		04/30/48		13,605
			Series - 2018 1A (Class A)
	1,462,500	g	Wendys Funding LLC			3.573		03/15/48		1,516
			Series - 2018 1A (Class A2I)
			TOTAL ASSET BACKED							195,348

OTHER MORTGAGE BACKED - 2.2%
	927,339	g,i	Agate Bay Mortgage Trust			3.500		11/25/44		958
			Series - 2014 3 (Class A13)
	498,177	g,i	Agate Bay Mortgage Trust			3.500		09/25/45		515
			Series - 2015 6 (Class A9)
	259,702	i	Alternative Loan Trust	LIBOR 1 M + 0.500%		0.685		06/25/34		251
			Series - 2004 8CB (Class M1)
	2,312,674	g,i	Bancorp Commercial Mortgage Trust	LIBOR 1 M + 0.900%		1.085		09/15/35		2,225
			Series - 2018 CRE4 (Class A)
	5,440,000	g,i	BBCMS Mortgage Trust			4.409		08/05/38		3,697
			Series - 2018 CHRS (Class E)
	12,500,000	g	BBCMS Trust			3.593		09/15/32		12,897
			Series - 2015 MSQ (Class A)
	6,000,000	g	BBCMS Trust			3.894		09/15/32		5,972
			Series - 2015 MSQ (Class B)
	3,000,000	g,i	BBCMS Trust			3.688		02/15/53		2,983
			Series - 2020 C6 (Class F5TA)
	1,000,000		Benchmark Mortgage Trust			3.419		08/15/52		1,094
			Series - 2019 B12 (Class AS)
	11,370,000	g,i	Benchmark Mortgage Trust			4.029		03/15/62		11,417
			Series - 2019 B10 (Class 3CCA)
	2,000,000	i	CD Mortgage Trust			3.879		11/10/49		2,012
			Series - 2016 CD2 (Class B)

399

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	2,000,000	i	Citigroup Commercial Mortgage Trust			4.296	%	04/10/48	$	1,926
			Series - 2015 GC29 (Class C)
	4,800,000		Citigroup Commercial Mortgage Trust			3.300		11/10/52		5,234
			Series - 2019 GC43 (Class AS)
	3,115,000		Citigroup Commercial Mortgage Trust			3.018		08/10/56		3,239
			Series - 2019 GC41 (Class AS)
	3,000,000	g,i	Cityline Commercial Mortgage Trust			2.871		11/10/31		3,057
			Series - 2016 CLNE (Class A)
	3,000,000	g	COMM Mortgage Trust			2.681		08/10/29		3,018
			Series - 2016 GCT (Class A)
	2,750,000	g,i	COMM Mortgage Trust			3.527		10/10/29		2,822
			Series - 2017 PANW (Class B)
	3,000,000	g,i	COMM Mortgage Trust			3.712		10/10/29		3,049
			Series - 2017 PANW (Class C)
	5,120,000	g	COMM Mortgage Trust			4.353		08/10/30		5,489
			Series - 2013 300P (Class A1)
	3,500,000	g,i	COMM Mortgage Trust			4.244		03/10/48		2,747
			Series - 2015 CR22 (Class D)
	1,100,000	i	COMM Mortgage Trust			4.435		05/10/48		1,087
			Series - 2015 CR23 (Class C)
	2,000,000	i	COMM Mortgage Trust			4.435		05/10/48		1,690
			Series - 2015 CR23 (Class D)
	2,500,000	i	COMM Mortgage Trust			3.463		08/10/48		1,874
			Series - 2015 CR24 (Class D)
	1,000,000		COMM Mortgage Trust			3.263		08/15/57		1,078
			Series - 2019 GC44 (Class AM)
	2,842,257	i	Connecticut Avenue Securities	LIBOR 1 M + 2.600%		2.785		05/25/24		2,485
			Series - 2014 C02 (Class 1M2)
	6,924,198	i	Connecticut Avenue Securities	LIBOR 1 M + 3.000%		3.185		07/25/24		6,063
			Series - 2014 C03 (Class 1M2)
	1,337,729	i	Connecticut Avenue Securities	LIBOR 1 M + 5.000%		5.185		11/25/24		1,374
			Series - 2014 C04 (Class 2M2)
	337,573	i	Connecticut Avenue Securities	LIBOR 1 M + 5.550%		5.735		04/25/28		357
			Series - 2015 C04 (Class 2M2)
	555,640	i	Connecticut Avenue Securities	LIBOR 1 M + 5.700%		5.885		04/25/28		584
			Series - 2015 C04 (Class 1M2)
	1,632,232	i	Connecticut Avenue Securities	LIBOR 1 M + 6.750%		6.935		08/25/28		1,710
			Series - 2016 C01 (Class 1M2)
	1,567,290	i	Connecticut Avenue Securities	LIBOR 1 M + 6.950%		7.135		08/25/28		1,654
			Series - 2016 C01 (Class 2M2)
	1,885,569	i	Connecticut Avenue Securities	LIBOR 1 M + 6.000%		6.185		09/25/28		1,955
			Series - 2016 C02 (Class 1M2)
	2,401,407	i	Connecticut Avenue Securities	LIBOR 1 M + 5.900%		6.085		10/25/28		2,496
			Series - 2016 C03 (Class 2M2)
	4,122,036	i	Connecticut Avenue Securities	LIBOR 1 M + 4.250%		4.435		01/25/29		4,266
			Series - 2016 C04 (Class 1M2)
	600,000	i	Connecticut Avenue Securities	LIBOR 1 M + 4.450%		4.635		01/25/29		594
			Series - 2016 C05 (Class 2M2B)
	2,901,124	i	Connecticut Avenue Securities	LIBOR 1 M + 4.450%		4.635		01/25/29		2,964
			Series - 2016 C05 (Class 2M2)
	1,531,403	i	Connecticut Avenue Securities	LIBOR 1 M + 4.250%		4.435		04/25/29		1,600
			Series - 2016 C06 (Class 1M2)
	2,903,361	i	Connecticut Avenue Securities	LIBOR 1 M + 2.200%		2.385		01/25/30		2,915
			Series - 2017 C05 (Class 1M2A)

400

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	391,620	i	Connecticut Avenue Securities	LIBOR 1 M + 2.200%		2.385	%	08/25/30	$	383
			Series - 2018 C02 (Class 2M2)
	327,996	i	Connecticut Avenue Securities	LIBOR 1 M + 0.900%		1.085		08/25/30		314
			Series - 2018 C02 (Class 2EA2)
	2,343,192	i	Connecticut Avenue Securities	LIBOR 1 M + 0.850%		1.035		10/25/30		2,308
			Series - 2018 C03 (Class 1EA2)
	400,401	g,i	Connecticut Avenue Securities	LIBOR 1 M + 2.450%		2.635		07/25/31		391
			Series - 2019 R01 (Class 2M2)
	974,264	g,i	Connecticut Avenue Securities	LIBOR 1 M + 0.800%		0.985		01/25/40		969
			Series - 2020 R01 (Class 1M1)
	160,000	g,i	Connecticut Avenue Securities	LIBOR 1 M + 2.000%		2.185		01/25/40		151
			Series - 2020 R02 (Class 2M2)
	15,000,000	g	CPT Mortgage Trust			2.865		11/13/39		16,324
			Series - 2019 CPT (Class A)
	2,750,000	g,i	CPT Mortgage Trust			3.097		11/13/39		2,477
			Series - 2019 CPT (Class E)
	5,000,000	g,i	Credit Suisse Commercial Mortgage Trust			3.854		11/10/32		5,319
			Series - 2017 CALI (Class B)
	825,000	g,i	Credit Suisse Commercial Mortgage Trust	LIBOR 1 M + 0.650%		0.835		05/25/36		811
			Series - 2006 CF2 (Class M3)
	4,359,111	g,i	Credit Suisse Commercial Mortgage Trust			3.500		02/25/48		4,510
			Series - 2018 J1 (Class A11)
	6,650,000	g,i	CSAIL Commercial Mortgage Trust			3.800		06/15/37		6,762
			Series - 2017 C8 (Class 85BA)
	8,750,000	g,i	CSAIL Commercial Mortgage Trust			3.800		06/15/37		7,221
			Series - 2017 C8 (Class 85BB)
	1,500,000	g,i	DBUBS Mortgage Trust			5.876		11/10/46		1,509
			Series - 2011 LC1A (Class C)
	500,000	g,i	Ellington Financial Mortgage Trust			3.587		06/25/59		473
			Series - 2019 1 (Class M1)
	747,630	i	Fieldstone Mortgage Investment Trust	LIBOR 1 M + 0.735%		0.920		12/25/35		739
			Series - 2005 2 (Class M2)
	2,443,997	g,i	FirstKey Mortgage Trust			3.500		11/25/44		2,515
			Series - 2014 1 (Class A8)
	566,602	g,i	Flagstar Mortgage Trust			4.111		10/25/47		567
			Series - 2017 2 (Class B3)
	611,350	g,i	Flagstar Mortgage Trust			4.000		09/25/48		625
			Series - 2018 5 (Class A11)
	5,000,000	g	GRACE Mortgage Trust			3.369		06/10/28		5,012
			Series - 2014 GRCE (Class A)
	3,000,000	g,i	GS Mortgage Securities Trust	LIBOR 1 M + 1.090%		1.275		10/15/31		2,842
			Series - 2018 HART (Class A)
	3,000,000		GS Mortgage Securities Trust			3.143		10/10/49		3,144
			Series - 2016 GS3 (Class AS)
	830,000	i	GS Mortgage Securities Trust			3.919		11/10/49		717
			Series - 2016 GS4 (Class C)
	2,000,000	g	GS Mortgage Securities Trust			3.000		02/10/52		1,330
			Series - 2019 GC38 (Class D)
	2,570,965	g,i	GS Mortgage-Backed Securities Corp Trust			3.500		07/25/50		2,630
			Series - 2020 PJ2 (Class A4)
	1,184,740	i	HarborView Mortgage Loan Trust	LIBOR 1 M + 0.620%		0.814		08/19/45		1,108
			Series - 2005 11 (Class 2A1A)

401

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	6,000,000	g	Hudson Yards Mortgage Trust			2.835	%	08/10/38	$	6,375
			Series - 2016 10HY (Class A)
	5,000,000	g,i	Hudson Yards Mortgage Trust			3.076		08/10/38		5,133
			Series - 2016 10HY (Class B)
	5,000,000	g,i	Hudson Yards Mortgage Trust			3.076		08/10/38		4,993
			Series - 2016 10HY (Class C)
	7,000,000	g	Hudson Yards Mortgage Trust			3.228		07/10/39		7,819
			Series - 2019 30HY (Class A)
	1,000,000	g,i	Hudson Yards Mortgage Trust			3.041		12/10/41		959
			Series - 2019 55HY (Class D)
	2,500,000	g,i	Hudson Yards Mortgage Trust			3.041		12/10/41		2,189
			Series - 2019 55HY (Class F)
	8,250,000	g,i	Hudson Yards Mortgage Trust			3.041		12/10/41		7,275
			Series - 2019 55HY (Class E)
	245,539	i	Impac CMB Trust	LIBOR 1 M + 0.660%		0.845		03/25/35		232
			Series - 2004 11 (Class 2A1)
	2,800,000		JP Morgan Chase Commercial Mortgage Securities Corp			3.372		12/15/47		2,861
			Series - 2013 C10 (Class AS)
	1,615,873	g,i	JP Morgan Mortgage Trust			2.241		12/25/44		1,561
			Series - 2015 1 (Class B1)
	398,928	g,i	JP Morgan Mortgage Trust			3.500		05/25/45		410
			Series - 2015 3 (Class A19)
	1,528,365	g,i	JP Morgan Mortgage Trust			3.500		10/25/45		1,580
			Series - 2015 6 (Class A13)
	861,040	g,i	JP Morgan Mortgage Trust			3.500		05/25/46		891
			Series - 2016 1 (Class A13)
	114,589	g,i	JP Morgan Mortgage Trust			3.500		01/25/47		118
			Series - 2017 1 (Class A3)
	962,584	g,i	JP Morgan Mortgage Trust			3.500		05/25/47		997
			Series - 2017 2 (Class A13)
	2,997,202	g,i	JP Morgan Mortgage Trust			3.500		05/25/47		3,043
			Series - 2017 2 (Class A5)
	972,643	g,i	JP Morgan Mortgage Trust			3.500		08/25/47		984
			Series - 2017 3 (Class 1A5)
	263,406	g,i	JP Morgan Mortgage Trust			3.500		09/25/48		273
			Series - 2018 3 (Class A13)
	86,344	g,i	JP Morgan Mortgage Trust			3.500		10/25/48		88
			Series - 2018 4 (Class A13)
	346,144	g,i	JP Morgan Mortgage Trust			3.500		10/25/48		355
			Series - 2018 5 (Class A13)
	100,141	g,i	JP Morgan Mortgage Trust			4.000		01/25/49		101
			Series - 2018 8 (Class A5)
	747,462	g,i	JP Morgan Mortgage Trust			4.000		01/25/49		764
			Series - 2018 8 (Class A13)
	1,659,187	g,i	JP Morgan Mortgage Trust			4.000		02/25/49		1,696
			Series - 2018 9 (Class A13)
	219,720	g,i	JP Morgan Mortgage Trust			4.000		05/25/49		226
			Series - 2019 1 (Class A3)
	1,659,387	g,i	JP Morgan Mortgage Trust			4.000		05/25/49		1,696
			Series - 2019 1 (Class A15)
	25,804	g,i	JP Morgan Mortgage Trust			4.000		08/25/49		26
			Series - 2019 2 (Class A4)

402

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	141,948	g,i	JP Morgan Mortgage Trust			4.757	%	09/25/49	$	150
			Series - 2019 3 (Class B1)
	1,671,169	g,i	JP Morgan Mortgage Trust			3.883		06/25/50		1,596
			Series - 2020 1 (Class B2)
	10,000,000	g	Liberty Street Trust			3.597		02/10/36		10,861
			Series - 2016 225L (Class A)
	4,000,000	g,i	MAD Mortgage Trust			3.294		08/15/34		4,199
			Series - 2017 330M (Class A)
	4,000,000	g,i	MAD Mortgage Trust			3.478		08/15/34		4,100
			Series - 2017 330M (Class B)
	599,448	i	Morgan Stanley Capital I Trust	LIBOR 1 M + 0.825%		1.010		08/25/34		592
			Series - 2004 HE6 (Class M1)
	2,000,000	g,i	Morgan Stanley Capital I Trust			5.684		09/15/47		1,985
			Series - 2011 C1 (Class D)
	262,623	†,i	Morgan Stanley Capital I Trust			6.461		12/12/49		157
			Series - 2007 IQ16 (Class AJFX)
	3,000,000	g,i	MSDB Trust			3.427		07/11/39		3,178
			Series - 2017 712F (Class A)
	15,780,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 0.784%		0.968		07/15/33		15,348
			Series - 2018 850T (Class A)
	5,750,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 1.500%		1.685		07/15/36		5,635
			Series - 2019 MILE (Class A)
	9,000,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 3.500%		3.685		07/15/36		8,280
			Series - 2019 MILE (Class E)
	1,750,000	g,i	Natixis Commercial Mortgage Securities Trust	LIBOR 1 M + 4.250%		4.435		07/15/36		1,577
			Series - 2019 MILE (Class F)
	130,355	i	New York Mortgage Trust	LIBOR 1 M + 0.480%		0.665		02/25/36		125
			Series - 2005 3 (Class A1)
	11,800,000	g	One Bryant Park Trust			2.516		09/15/54		12,484
			Series - 2019 OBP (Class A)
	3,900,000	g	One Market Plaza Trust			3.614		02/10/32		4,082
			Series - 2017 1MKT (Class A)
	1,746,480	g,i	Sequoia Mortgage Trust			3.500		05/25/45		1,801
			Series - 2015 2 (Class A1)
	723,559	g,i	Sequoia Mortgage Trust			3.500		06/25/46		749
			Series - 2016 1 (Class A19)
	283,619	g,i	Sequoia Mortgage Trust			3.500		11/25/46		290
			Series - 2016 3 (Class A10)
	1,842,180	g,i	Sequoia Mortgage Trust			3.500		04/25/47		1,907
			Series - 2017 3 (Class A19)
	723,458	g,i	Sequoia Mortgage Trust			3.743		09/25/47		743
			Series - 2017 6 (Class B1)
	646,607	g,i	Sequoia Mortgage Trust			3.500		02/25/48		664
			Series - 2018 2 (Class A1)
	517,286	g,i	Sequoia Mortgage Trust			3.500		02/25/48		536
			Series - 2018 2 (Class A19)
	150,662	g,i	Sequoia Mortgage Trust			3.500		03/25/48		153
			Series - 2018 3 (Class A4)
	163,676	g,i	Sequoia Mortgage Trust			4.000		09/25/48		165
			Series - 2018 7 (Class A4)
	129,401	g,i	Sequoia Mortgage Trust			4.000		09/25/48		132
			Series - 2018 7 (Class A19)
	41,044	g,i	Sequoia Mortgage Trust			4.000		11/25/48		42
			Series - 2018 8 (Class A19)

403

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	525,957	g,i	Sequoia Mortgage Trust			4.000	%	06/25/49	$	537
			Series - 2019 2 (Class A19)
	2,170,100	g,i	Sequoia Mortgage Trust			4.000		06/25/49		2,228
			Series - 2019 2 (Class A1)
	1,694,591	g,i	Sequoia Mortgage Trust			3.500		11/25/49		1,742
			Series - 2019 4 (Class A1)
	1,501,733	g,i	Sequoia Mortgage Trust			3.500		12/25/49		1,544
			Series - 2019 5 (Class A1)
	839,204	g,i	Sequoia Mortgage Trust			3.500		12/25/49		870
			Series - 2019 5 (Class A19)
	2,503,321	g,i	Sequoia Mortgage Trust			3.000		04/25/50		2,619
			Series - 2020 3 (Class A19)
	330,171	g,i	Shellpoint Co-Originator Trust			3.500		11/25/46		337
			Series - 2016 1 (Class 1A10)
	2,498,485	g,i	Shellpoint Co-Originator Trust			3.500		10/25/47		2,556
			Series - 2017 2 (Class A1)
	220,303	i	Structured Agency Credit Risk Debt Note (STACR)	LIBOR 1 M + 4.150%		4.335		01/25/25		224
			Series - 2015 DN1 (Class M3)
	309,222	i	STACR	LIBOR 1 M + 3.800%		3.985		03/25/25		314
			Series - 2015 HQ1 (Class M3)
	350,439	i	STACR	LIBOR 1 M + 1.350%		1.535		03/25/29		349
			Series - 2016 HQA3 (Class M2)
	350,000	i	STACR	LIBOR 1 M + 3.250%		3.435		07/25/29		353
			Series - 2017 DNA1 (Class M2)
	751,812	i	STACR	LIBOR 1 M + 1.200%		1.385		10/25/29		752
			Series - 2017 DNA2 (Class M1)
	1,896,682	i	STACR	LIBOR 1 M + 0.950%		1.135		04/25/30		1,893
			Series - 2017 HQA3 (Class M2AS)
	186,084	i	STACR	LIBOR 1 M + 2.350%		2.535		04/25/30		185
			Series - HQA3 (Class M2)
	136,881	g,i	STACR			3.726		02/25/48		137
			Series - 2018 SPI1 (Class M1)
	202,263	g,i	STACR			3.809		05/25/48		202
			Series - 2018 SPI2 (Class M1)
	1,300,373	g,i	STACR			4.466		11/25/48		1,283
			Series - 2018 SPI4 (Class M2)
	2,470,000	g,i	STACR	LIBOR 1 M + 2.050%		2.235		11/25/49		2,396
			Series - 2019 HQA4 (Class M2)
	670,000	g,i	STACR	LIBOR 1 M + 1.850%		2.035		02/25/50		635
			Series - 2020 DNA2 (Class M2)
	620,000	g,i	STACR	LIBOR 1 M + 3.100%		3.285		03/25/50		594
			Series - 2020 HQA2 (Class M2)
	1,030,000		Wells Fargo Commercial Mortgage Trust			3.539		10/15/45		1,064
			Series - 2012 LC5 (Class AS)
	954,474	g,i	Wells Fargo Mortgage Backed Securities Trust			4.000		04/25/49		983
			Series - 2019 2 (Class A17)
			TOTAL OTHER MORTGAGE BACKED							340,472

			TOTAL STRUCTURED ASSETS							535,820
			(Cost $537,091)

			TOTAL BONDS							6,027,215
			(Cost $5,739,733)

404

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 59.4%

AUTOMOBILES & COMPONENTS - 1.1%
	74,280		Aptiv plc	$	5,788
	562		Autoliv, Inc		36
	187,442		Bayerische Motoren Werke AG.		11,966
	64,152		Bayerische Motoren Werke AG. (Preference)		3,116
	14,525		BorgWarner, Inc		513
	220,582		Denso Corp		8,651
	609,480		Honda Motor Co Ltd		15,599
	105,512		Magna International, Inc		4,699
	56,903		Michelin (C.G.D.E.) (Class B)		5,931
	617,444	e	Peugeot S.A.		10,126
	109,789	g	Pirelli & C S.p.A		467
	206,727		Renault S.A.		5,291
	31,000		Stanley Electric Co Ltd		750
	97,152	*,e	Tenneco, Inc		735
	50,537	*	Tesla, Inc		54,570
	518,100		Toyota Motor Corp		32,580
	48,647	e	Valeo S.A.		1,283
			TOTAL AUTOMOBILES & COMPONENTS		162,101

BANKS - 2.8%
	12,603		Ameris Bancorp		297
	51,530		Associated Banc-Corp		705
	894,208		Australia & New Zealand Banking Group Ltd		11,602
	2,471,466		Banco Bilbao Vizcaya Argentaria S.A.		8,509
	1,285,108		Bank Hapoalim Ltd		7,683
	182,005		Bank of Montreal		9,687
	663,049		Bank of New York Mellon Corp		25,627
	210,824		Bank of Nova Scotia		8,724
	60,679		Bank OZK		1,424
	2,405		Banner Corp		91
	68,254		Berkshire Hills Bancorp, Inc		752
	3,227,500		BOC Hong Kong Holdings Ltd		10,334
	16,180		Brookline Bancorp, Inc		163
	13,829		Bryn Mawr Bank Corp		383
	10,067		Cadence BanCorp		89
	2,926,176		CaixaBank S.A.		6,260
	12,700		Camden National Corp		439
	79,444		Canadian Imperial Bank of Commerce		5,310
	622,072		Citizens Financial Group, Inc		15,701
	2,120		Columbia Banking System, Inc		60
	144,072		Comerica, Inc		5,489
	712		Commerce Bancshares, Inc		42
	479,554		Commonwealth Bank of Australia		23,160
	889		Community Trust Bancorp, Inc		29
	6,256	e	Cullen/Frost Bankers, Inc		467
	67,309	*	Customers Bancorp, Inc		809

405

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	750,793		DBS Group Holdings Ltd	$	11,297
	93,331	*	Erste Bank der Oesterreichischen Sparkassen AG.		2,204
	15,927		Federal Agricultural Mortgage Corp (FAMC)		1,020
	60,389		First Republic Bank		6,401
	2,590		Glacier Bancorp, Inc		91
	77,515		Great Western Bancorp, Inc		1,067
	5,441		Hancock Whitney Corp		115
	607,700		Hang Seng Bank Ltd		10,235
	45,083		Hanmi Financial Corp		438
	16,503		Heartland Financial USA, Inc		552
	12,841		Heritage Financial Corp		257
	24,702		HomeStreet, Inc		608
	21,937		HomeTrust Bancshares, Inc		351
	362,200		Huntington Bancshares, Inc		3,272
	1,838,364		ING Groep NV		12,815
	6,276,885		Intesa Sanpaolo S.p.A.		12,062
	139,026		Investors Bancorp, Inc		1,182
	125,286		KBC Groep NV		7,198
	115,824		Kearny Financial Corp		947
	801,909		Keycorp		9,767
	22,925	e	Live Oak Bancshares, Inc		333
	119,443		M&T Bank Corp		12,419
	12,050		MGIC Investment Corp		99
	8,047	*	Mr Cooper Group, Inc		100
	1,139,508		National Australia Bank Ltd		14,440
	42,093		National Bank Holdings Corp		1,137
	3,324		NBT Bancorp, Inc		102
	762,543		New York Community Bancorp, Inc		7,778
	45,407		Northfield Bancorp, Inc		523
	9,051	e	Old National Bancorp		125
	189,303		People’s United Financial, Inc		2,190
	57,846		Pinnacle Financial Partners, Inc		2,429
	342,004		PNC Financial Services Group, Inc		35,982
	905,719		Regions Financial Corp		10,072
	2,027,100		Resona Holdings, Inc		6,937
	4,704		Signature Bank		503
	1,005,063		Skandinaviska Enskilda Banken AB (Class A)		8,725
	1,970,072		Standard Chartered plc		10,679
	17,395	e	Sterling Bancorp		204
	8,646		Stock Yards Bancorp, Inc		348
	248,200		Sumitomo Mitsui Trust Holdings, Inc		6,994
	25,726	*	SVB Financial Group		5,545
	886,765		Svenska Handelsbanken AB		8,420
	6,479	*	Texas Capital Bancshares, Inc		200
	6,965		TFS Financial Corp		100
	26,551	*	The Bancorp, Inc		260
	475,503		Toronto-Dominion Bank		21,222
	7,365		Trico Bancshares		224
	27,016	*	Tristate Capital Holdings, Inc		424
	675,895		Truist Financial Corp		25,380
	1,700		Trustmark Corp		42
	5,827		Umpqua Holdings Corp		62
	12,481		Univest Financial Corp		201
	8,233		Webster Financial Corp		236

406

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	30,378		WesBanco, Inc	$	617
	3,019		Westamerica Bancorporation		173
	1,108,448		Westpac Banking Corp		13,893
	1,110		Wintrust Financial Corp		48
	1,706		WSFS Financial Corp		49
	76,559		Zions Bancorporation		2,603
			TOTAL BANKS		427,533

CAPITAL GOODS - 3.6%
	280,121		3M Co		43,696
	790		Acuity Brands, Inc		76
	10,485	*	Aegion Corp		166
	30,215		Argan, Inc		1,432
	167,764		Assa Abloy AB		3,434
	47,888	*	Astronics Corp		506
	212,409	e	Atlas Copco AB (A Shares)		9,046
	202,746		Atlas Copco AB (B Shares)		7,534
	110,725	*	Axon Enterprise, Inc		10,865
	63,398		Barnes Group, Inc		2,508
	2,120	*	Beacon Roofing Supply, Inc		56
	60,052	*	Bloom Energy Corp		653
	46,560		Bouygues S.A.		1,595
	38,706		Brenntag AG.		2,052
	304,448		CAE, Inc		4,938
	21,582		Carlisle Cos, Inc		2,583
	245,526		Caterpillar, Inc		31,059
	866,069		CNH Industrial NV		6,085
	106,312		Compagnie de Saint-Gobain		3,836
	52,379		Cubic Corp		2,516
	47,541		Cummins, Inc		8,237
	98,635		Curtiss-Wright Corp		8,806
	9,100		Daifuku Co Ltd		797
	89,000		Daikin Industries Ltd		14,400
	92,545		DCC plc		7,722
	132,375		Deere & Co		20,803
	230,459		Eaton Corp		20,161
	4,718		EMCOR Group, Inc		312
	158,469		Fastenal Co		6,789
	142,984		Ferguson plc		11,691
	134,151		Fortive Corp		9,077
	19,271	*	Herc Holdings, Inc		592
	109,696		Hexcel Corp		4,960
	97,900	*	Hitachi Construction Machinery Co Ltd		2,720
	21,083		Hochtief AG.		1,876
	386		IDEX Corp		61
	212,760		Illinois Tool Works, Inc		37,201
	428,533		Johnson Controls International plc		14,630
	303,500		Kajima Corp		3,629
	159,700		Kawasaki Heavy Industries Ltd		2,307
	1,335,270	e	Keppel Corp Ltd		5,751
	417,800		Komatsu Ltd		8,557
	579,800	e	Kubota Corp		8,673
	14,151		Legrand S.A.		1,075

407

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	86		Lennox International, Inc	$	20
	227,868		Masco Corp		11,441
	120,371	*	Mercury Systems, Inc		9,468
	605,300		Mitsubishi Corp		12,791
	29,641		Moog, Inc (Class A)		1,570
	54,673		MTU Aero Engines Holding AG.		9,519
	8,124	*,e	MYR Group, Inc		259
	333,800		Obayashi Corp		3,138
	5,749	e	Owens Corning, Inc		321
	112,147		PACCAR, Inc		8,394
	63,269		Parker-Hannifin Corp		11,595
	66,868		Quanta Services, Inc		2,623
	51,010		Rockwell Automation, Inc		10,865
	49,609		Roper Technologies Inc		19,261
	8,372		Rush Enterprises, Inc (Class A)		347
	170,378		Sandvik AB		3,208
	182,145		Schneider Electric S.A.		20,261
	386,200		Shimizu Corp		3,182
	213,660		Siemens AG.		25,198
	11,700		Snap-On, Inc		1,621
	676		Stanley Black & Decker, Inc		94
	22,771	*	Sunrun, Inc		449
	47,513	*	Teledyne Technologies, Inc		14,774
	92,390		Trane Technologies plc		8,221
	20,355	*	Trimas Corp		488
	40,888	*	United Rentals, Inc		6,094
	6,185	*	Vectrus, Inc		304
	18,266		Vestas Wind Systems AS		1,871
	810,661		Volvo AB (B Shares)		12,756
	17,820		W.W. Grainger, Inc		5,598
	9,535	e	Wabash National Corp		101
	350,496		Wartsila Oyj (B Shares)		2,907
	3,684	*	WESCO International, Inc		129
	46,620		Woodward Inc		3,615
	12,800		WSP Global, Inc		785
	49,895		Xylem, Inc		3,241
			TOTAL CAPITAL GOODS		551,972

COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	2,604		ABM Industries, Inc		95
	36,304		ACCO Brands Corp		258
	25,543		Adecco S.A.		1,204
	1,000	*	ASGN Inc		67
	1,175		Brambles Ltd		9
	17,055		Cintas Corp		4,543
	177,551	*	Copart, Inc		14,785
	15,558	*	FTI Consulting, Inc		1,782
	7,701		Heidrick & Struggles International, Inc		166
	6,731	*	Huron Consulting Group, Inc		298
	7,635		ICF International, Inc		495
	348,780		IHS Markit Ltd		26,333
	125,772		Intertek Group plc		8,471
	47,960	e	Kelly Services, Inc (Class A)		758
	81,863		Nielsen NV		1,216

408

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	37,666		Randstad Holdings NV	$	1,684
	411,200		Recruit Holdings Co Ltd		14,141
	710,114		RELX plc (London)		16,436
	21,731		Resources Connection, Inc		260
	73,813		Robert Half International, Inc		3,900
	1,100		Secom Co Ltd		97
	5,725		Seek Ltd		88
	3,476		SGS S.A.		8,515
	6,612	*	Teleperformance		1,684
	158,803		TransUnion		13,822
	19,637		Verisk Analytics, Inc		3,342
	5,280		Viad Corp		100
	193,688		Waste Management, Inc		20,513
	29,805		Wolters Kluwer NV		2,328
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		147,390

CONSUMER DURABLES & APPAREL - 1.1%
	51,093		Adidas-Salomon AG.		13,471
	540,582		Barratt Developments plc		3,322
	48,830		Berkeley Group Holdings plc		2,515
	224,447		Burberry Group plc		4,435
	21,641		Callaway Golf Co		379
	54,962	*	Century Communities, Inc		1,685
	61,402		DR Horton, Inc		3,405
	94,209		Essilor International S.A.		12,116
	39,949	e	Ethan Allen Interiors, Inc		473
	2,666		Garmin Ltd		260
	804		Hasbro, Inc		60
	30,606	*,e	iRobot Corp		2,568
	40,139		Lennar Corp (Class A)		2,473
	35,049	*	Lululemon Athletica, Inc		10,936
	11,623	*	Meritage Homes Corp		885
	23,556	*	Mohawk Industries, Inc		2,397
	13,397		Newell Brands Inc		213
	516,699		Nike, Inc (Class B)		50,662
	2,771	*	NVR, Inc		9,030
	990,000		Panasonic Corp		8,681
	21,332		Pandora AS		1,165
	448		PVH Corp		21
	9,294		SEB S.A.		1,542
	296,900		Sekisui House Ltd		5,668
	237,100	*	Sharp Corp		2,543
	79,078	*	Sonos, Inc		1,157
	354,600		Sony Corp		24,478
	1,162,041		Taylor Wimpey plc		2,051
	80,881		VF Corp		4,929
			TOTAL CONSUMER DURABLES & APPAREL		173,520

CONSUMER SERVICES - 1.2%
	138,079		Accor S.A.		3,768
	33,403	*	American Public Education, Inc		989
	41,712	*	Bright Horizons Family Solutions		4,889
	31,423		Carriage Services, Inc		569

409

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	729,063		Compass Group plc	$	10,031
	48,083		Darden Restaurants, Inc		3,643
	72,351	e	Dave & Buster’s Entertainment, Inc		965
	29,626		Domino’s Pizza, Inc		10,945
	3,927		Dunkin Brands Group, Inc		256
	43,553	*,e	El Pollo Loco Holdings, Inc		643
	17,931	*	frontdoor, Inc		795
	9,331		Graham Holdings Co		3,198
	309,617		Hilton Worldwide Holdings, Inc		22,741
	192,375		InterContinental Hotels Group plc		8,492
	22,872		Marriott Vacations Worldwide Corp		1,880
	80,100		Oriental Land Co Ltd		10,585
	35,121	*	Planet Fitness, Inc		2,127
	56,379	*,e	Regis Corp		461
	129,148	e	Royal Caribbean Cruises Ltd		6,496
	106,078		Service Corp International		4,125
	113,558	*	ServiceMaster Global Holdings, Inc		4,053
	2,305	*	Shake Shack, Inc		122
	95,785		Six Flags Entertainment Corp		1,840
	593,077		Starbucks Corp		43,645
	24,827		Vail Resorts, Inc		4,522
	97,412		Wendy’s		2,122
	105,535	*,e	Whitbread plc		2,904
	30,692	*	WW International Inc		779
	207,292		Yum! Brands, Inc		18,016
			TOTAL CONSUMER SERVICES		175,601

DIVERSIFIED FINANCIALS - 3.1%
	737,983		3i Group plc		7,599
	119,166		Ally Financial, Inc		2,363
	336,760		American Express Co		32,060
	2,187		Ameriprise Financial, Inc		328
	1,340,182	*	AMP Ltd		1,734
	67,417	g	Amundi S.A.		5,300
	24,514		Annaly Capital Management, Inc		161
	65,720		BlackRock, Inc		35,758
	3,313		Blackstone Group, Inc		188
	468,145		Brookfield Asset Management, Inc		15,407
	562,134		Charles Schwab Corp		18,966
	167,434		CME Group, Inc		27,215
	47,319		Deutsche Boerse AG.		8,564
	590,153		Discover Financial Services		29,561
	29,186		E*TRADE Financial Corp		1,451
	42,522		Eurazeo		2,185
	11,159		Factset Research Systems, Inc		3,665
	115,174		Franklin Resources, Inc		2,415
	14,336	*	Green Dot Corp		704
	431,946		Hong Kong Exchanges and Clearing Ltd		18,397
	421,234		Intercontinental Exchange Group, Inc		38,585
	66,698	e	Invesco Ltd		718
	45,759		Legg Mason, Inc		2,276
	139,552		London Stock Exchange Group plc		14,513
	145,300		Macquarie Group Ltd		12,059
	17,991		MarketAxess Holdings, Inc		9,012

410

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	454,800		Mitsubishi UFJ Lease & Finance Co Ltd	$	2,170
	85,006		Moody’s Corp		23,354
	848,237		Morgan Stanley		40,970
	27,645		Nasdaq Inc		3,303
	1,071,999		Natixis		2,827
	12,048	*,†	NewStar Financial, Inc		3
	157,600		Northern Trust Corp		12,504
	3,573	*	PRA Group, Inc		138
	30,998		Redwood Trust, Inc		217
	144,654		S&P Global, Inc		47,661
	139,030		Schroders plc		5,074
	2,147,611		Standard Life Aberdeen plc		7,116
	164,576		State Street Corp		10,459
	33,024		T Rowe Price Group, Inc		4,078
	1,400,048		UBS Group AG		16,169
	26,721		Voya Financial, Inc		1,246
	26,666		Wendel		2,545
			TOTAL DIVERSIFIED FINANCIALS		471,018

ENERGY - 1.9%
	551,218		Antero Midstream Corp		2,811
	212,128		Apache Corp		2,864
	288,013		Baker Hughes Co		4,432
	1,172,364		Cenovus Energy, Inc (Toronto)		5,484
	3,725	*	ChampionX Corp		36
	167,909	*	Cheniere Energy, Inc		8,113
	540,071		Chevron Corp		48,190
	21,267	e	Cimarex Energy Co		585
	619,684		ConocoPhillips		26,039
	4,244	e	Delek US Holdings, Inc		74
	518,980		Enbridge, Inc (Toronto)		15,780
	1,276,105		ENI S.p.A.		12,233
	273,530		EQT Corp		3,255
	718,937		Equinor ASA		10,357
	13,916	e	Equitrans Midstream Corp		116
	504,797		Galp Energia SGPS S.A.		5,856
	342,641	*	Gulfport Energy Corp		373
	31,856	*	Helix Energy Solutions Group, Inc		111
	122,005		Hess Corp		6,321
	556,986		Inpex Holdings, Inc		3,478
	1,256,487		Kinder Morgan, Inc		19,061
	6,109		Koninklijke Vopak NV		323
	146,419		Kosmos Energy Ltd		243
	7,464	e	Lundin Petroleum AB		182
	1,617,620	e	Marathon Oil Corp		9,900
	28,451	*	Matrix Service Co		277
	11,094	e	National Oilwell Varco, Inc		136
	267,760		Neste Oil Oyj		10,517
	117,900	e	Noble Energy, Inc		1,056
	5,830	*,e	Oceaneering International, Inc		37
	166,551	*	OMV AG.		5,620
	26,109		ONEOK, Inc		867
	262,045		Parsley Energy, Inc		2,799

411

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,020,152	e	Repsol YPF S.A.	$	9,014
	659,816		Schlumberger Ltd		12,134
	965,993	*	Southwestern Energy Co		2,473
	720,293		Suncor Energy, Inc		12,145
	7,252		Tenaris S.A.		47
	665,364		Total S.A.		25,655
	266,480		Valero Energy Corp		15,674
	335,894		Williams Cos, Inc		6,389
	948		Woodside Petroleum Ltd		14
			TOTAL ENERGY		291,071

FOOD & STAPLES RETAILING - 0.6%
	293,800		Aeon Co Ltd		6,835
	232,229		Alimentation Couche Tard, Inc		7,282
	86,085		Carrefour S.A.		1,335
	82,679		Casey’s General Stores, Inc		12,362
	49,083	*	Casino Guichard Perrachon S.A.		1,818
	46,387	*	Chefs’ Warehouse Holdings, Inc		630
	13,275		Coles Group Ltd		158
	63,518		George Weston Ltd		4,653
	1,559		ICA Gruppen AB		74
	1,769,105		J Sainsbury plc		4,578
	1,474	*,e	Jeronimo Martins SGPS S.A.		26
	69,400		Kobe Bussan Co Ltd		3,941
	800		Lawson, Inc		40
	155,267		Loblaw Cos Ltd		7,561
	147,990		Metro Wholesale & Food Specialist AG.		1,405
	15,404	*	Performance Food Group Co		449
	50,735		Pricesmart, Inc		3,061
	81,818		SpartanNash Co		1,739
	262,914	*	Sprouts Farmers Market, Inc		6,728
	4,508,344		Tesco plc		12,680
	119,541	*	United Natural Foods, Inc		2,177
	484,194	*	US Foods Holding Corp		9,548
	18,123	e	Weis Markets, Inc		908
	800		Welcia Holdings Co Ltd		65
	2,106,392		WM Morrison Supermarkets plc		4,962
			TOTAL FOOD & STAPLES RETAILING		95,015

FOOD, BEVERAGE & TOBACCO - 2.5%
	364,500		Ajinomoto Co, Inc		6,049
	328,492		Associated British Foods plc		7,767
	3,375		Barry Callebaut AG.		6,442
	61,452	*,e	Beyond Meat, Inc		8,233
	61,362		Bunge Ltd		2,524
	103,719		Campbell Soup Co		5,148
	423,452		Coca-Cola Amatil Ltd		2,551
	1,362,545		Coca-Cola Co		60,879
	228,882		Coca-Cola European Partners plc (Class A)		8,643
	225,309		Coca-Cola HBC AG.		5,640
	226,559		Danone		15,726
	69,826	e	Fresh Del Monte Produce, Inc		1,719
	484,237		General Mills, Inc		29,853
	2,360	*	Hain Celestial Group, Inc		74

412

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	279,178	e	Hormel Foods Corp	$	13,476
	176,470		Kellogg Co		11,658
	92,734		Kerry Group plc (Class A)		11,520
	146,000	e	Kikkoman Corp		7,051
	48,325		McCormick & Co, Inc		8,670
	88,600		MEIJI Holdings Co Ltd		7,050
	113,527		Mowi ASA		2,164
	634,697		Nestle S.A.		70,369
	29,600		Nissin Food Products Co Ltd		2,623
	302,914		Orkla ASA		2,659
	525,062		PepsiCo, Inc		69,445
	141,100	e	Suntory Beverage & Food Ltd		5,506
	9,964	*	TreeHouse Foods, Inc		436
	116,700		Yakult Honsha Co Ltd		6,866
			TOTAL FOOD, BEVERAGE & TOBACCO		380,741

HEALTH CARE EQUIPMENT & SERVICES - 3.4%
	48,116	*	Abiomed, Inc		11,623
	219,862		Alcon, Inc		12,633
	210,300		Alfresa Holdings Corp		4,408
	56,304	*	Align Technology, Inc		15,452
	367,482	*,e	Allscripts Healthcare Solutions, Inc		2,488
	83,449	*	Angiodynamics, Inc		849
	224,873	*,e	Antares Pharma, Inc		618
	32,319	*	AtriCure, Inc		1,453
	33,262	*,e	Axonics Modulation Technologies, Inc		1,168
	34,601	*	BioTelemetry, Inc		1,564
	190,434		Cardinal Health, Inc		9,939
	27,564	*	Cardiovascular Systems, Inc		870
	73,023	*	Centene Corp		4,641
	412,144		Cerner Corp		28,253
	311,258	*	Cerus Corp		2,054
	91,256		Cigna Corp		17,124
	6,294		Cochlear Ltd		826
	50,637		Coloplast AS		7,893
	22,324	e	Computer Programs & Systems, Inc		509
	46,216		Cooper Cos, Inc		13,109
	216,177	*	Covetrus, Inc		3,867
	457,660		CVS Health Corp		29,734
	232,300		Dentsply Sirona, Inc		10,235
	469,092	*	Edwards Lifesciences Corp		32,419
	183,822	*	Envista Holdings Corp		3,877
	354,316		Fisher & Paykel Healthcare Corp		8,162
	125,303	*	GenMark Diagnostics, Inc		1,843
	15,806	*,e	Glaukos Corp		607
	63,365	*	Globus Medical, Inc		3,023
	81,349		GN Store Nord		4,355
	11,735	*	Guardant Health, Inc		952
	9,550	*	Haemonetics Corp		855
	140,348		HCA Healthcare, Inc		13,622
	43,241	*,e	Health Catalyst, Inc		1,261
	30,112	*	Henry Schein, Inc		1,758
	14,207	*,e	Heska Corp		1,324

413

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	30,772		Hill-Rom Holdings, Inc	$	3,378
	74,901	*	HMS Holdings Corp		2,426
	127,585	*	Hologic, Inc		7,272
	45,418		Humana, Inc		17,611
	66,007	*	IDEXX Laboratories, Inc		21,793
	8,609	*	Inogen, Inc		306
	26,165	*	Integer Holding Corp		1,911
	55,862	*	Laboratory Corp of America Holdings		9,279
	27,738		LeMaitre Vascular, Inc		732
	3,910	*	LHC Group, Inc		682
	9,373	*	LivaNova plc		451
	90,484	*	Meridian Bioscience, Inc		2,107
	118,290	*	Merit Medical Systems, Inc		5,400
	116,928	*	NextGen Healthcare, Inc		1,284
	44,805	*,e	Omnicell, Inc		3,164
	129,633	*,e	OraSure Technologies, Inc		1,508
	37,581	*	Orthofix Medical Inc		1,203
	40,671		Owens & Minor, Inc		310
	16,003	*	Penumbra, Inc		2,862
	2,830	*	Premier, Inc		97
	3,807	*	Providence Service Corp		300
	31,422		Quest Diagnostics, Inc		3,581
	32,453	*	Quidel Corp		7,261
	125,777		Ramsay Health Care Ltd		5,809
	91,258		Resmed, Inc		17,522
	282,183		Ryman Healthcare Ltd		2,394
	30,833		Sartorius AG.		10,176
	12,083		Sonic Healthcare Ltd		255
	47,799	*	Sonova Holdings AG		9,568
	54,606	*	Staar Surgical Co		3,360
	36,118		STERIS plc		5,542
	24,656	*	Surgery Partners, Inc		285
	111,100		Sysmex Corp		8,528
	34,744	*,e	Tactile Systems Technology, Inc		1,439
	30,380	*	Tandem Diabetes Care, Inc		3,005
	43,590	*,e	Tivity Health, Inc		494
	52,466	*,e	Triple-S Management Corp (Class B)		998
	292,116		UnitedHealth Group, Inc		86,160
	42,880	*	Varian Medical Systems, Inc		5,254
	66,818	*,e	Vocera Communications, Inc		1,417
	47,644		West Pharmaceutical Services, Inc		10,823
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		523,315

HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
	32,966		Beiersdorf AG.		3,749
	74,036		Clorox Co		16,241
	347,259		Colgate-Palmolive Co		25,440
	367,053		Essity AB		11,901
	87,022		Estee Lauder Cos (Class A)		16,419
	100,862		Henkel KGaA		8,438
	37,753		Henkel KGaA (Preference)		3,522
	172,500	e	Kao Corp		13,689
	67,915		Kimberly-Clark Corp		9,600
	23,200		Kobayashi Pharmaceutical Co Ltd		2,040

414

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	22,700		Kose Corp	$	2,748
	47,200	e	Lion Corp		1,135
	73,561	*	L’Oreal S.A.		23,742
	768,638		Procter & Gamble Co		91,906
	166,600		Shiseido Co Ltd		10,616
	207,700		Uni-Charm Corp		8,518
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		249,704

INSURANCE - 2.2%
	2,021,547		Aegon NV		5,976
	355,504		Aflac, Inc		12,809
	118,504		Allianz AG.		24,215
	129,022		Allstate Corp		12,514
	80,168		Aon plc		15,440
	114		Arthur J. Gallagher & Co		11
	554,526		Assicurazioni Generali S.p.A.		8,423
	2,979,390		Aviva plc		10,098
	574,060	e	AXA S.A.		12,080
	261,460		Chubb Ltd		33,106
	193,866		CNP Assurances		2,249
	1,814	*	eHealth, Inc		178
	3,863,216		Legal & General Group plc		10,532
	236,933		Loews Corp		8,124
	310,152		Marsh & McLennan Cos, Inc		33,301
	82,300		Mitsui Sumitomo Insurance Group Holdings, Inc		2,266
	32,107		Muenchener Rueckver AG.		8,361
	237,100		NKSJ Holdings, Inc		8,162
	642		Principal Financial Group		27
	321,812		Progressive Corp		25,780
	357,374		Prudential Financial, Inc		21,764
	1,026,451		Prudential plc		15,467
	75,475		Sun Life Financial, Inc		2,774
	118,769		Swiss Re Ltd		9,209
	173,200		Tokio Marine Holdings, Inc		7,582
	171,882		Travelers Cos, Inc		19,603
	208		White Mountains Insurance Group Ltd		185
	15,095		Willis Towers Watson plc		2,973
	51,467		Zurich Insurance Group AG		18,236
			TOTAL INSURANCE		331,445

MATERIALS - 2.9%
	159,439		Agnico-Eagle Mines Ltd		10,209
	132,474		Air Liquide		19,154
	1,524		Amcor plc		16
	14,174		Aptargroup, Inc		1,587
	480,800		Asahi Kasei Corp		3,936
	612	*	Axalta Coating Systems Ltd		14
	533,448		B2Gold Corp		3,033
	258,377		Ball Corp		17,955
	230,548		BASF SE		12,950
	6,891	*	Berry Global Group, Inc		305
	310,968		BlueScope Steel Ltd		2,562
	307,457	*	Boliden AB		7,052

415

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	83,968	*,e	Century Aluminum Co	$	599
	4,061		Christian Hansen Holding		419
	330,987		CRH plc		11,393
	94,615		Croda International plc		6,145
	45,293		DSM NV		6,287
	575,481		DuPont de Nemours, Inc		30,575
	185,414		Ecolab, Inc		36,888
	496,318		Evolution Mining Ltd		1,972
	1,078,849	e	Fortescue Metals Group Ltd		10,488
	68,702		Franco-Nevada Corp		9,597
	3,439		Givaudan S.A.		12,855
	103,086		HeidelbergCement AG.		5,518
	204,900		Hitachi Metals Ltd		2,456
	15,725		International Flavors & Fragrances, Inc		1,926
	41,353		Johnson Matthey plc		1,077
	255,145		Linde plc		54,119
	747,109		Lundin Mining Corp		4,006
	16,319	e	Minerals Technologies, Inc		766
	486,000		Mitsubishi Chemical Holdings Corp		2,834
	58,300		Mitsubishi Materials Corp		1,231
	141,592		Mitsui Chemicals, Inc		2,962
	279,116		Mondi plc		5,221
	173,854		Mosaic Co		2,175
	438,614		Newcrest Mining Ltd		9,726
	477,058		Newmont Goldcorp Corp		29,454
	500		Nippon Paint Co Ltd		36
	693,100		Nippon Steel Corp		6,549
	89,700		Nitto Denko Corp		5,085
	1,520,855		Norsk Hydro ASA		4,243
	277,899		Nucor Corp		11,508
	306,097		Nutrien Ltd (Toronto)		9,835
	20,310		PPG Industries, Inc		2,154
	4,188		Reliance Steel & Aluminum Co		398
	10,424		Schnitzer Steel Industries, Inc (Class A)		184
	124,900		Shin-Etsu Chemical Co Ltd		14,658
	142,600	e	Showa Denko KK		3,219
	40,165		Sika AG.		7,743
	153,789		Stora Enso Oyj (R Shares)		1,841
	1,354,900		Sumitomo Chemical Co Ltd		4,077
	262,800		Sumitomo Metal Mining Co Ltd		7,403
	190,141	*	Summit Materials, Inc		3,057
	463,117		Svenska Cellulosa AB (B Shares)		5,539
	528,435		Teck Cominco Ltd		5,535
	9,000		Toray Industries, Inc		42
	29,019		Trinseo S.A.		643
	164,274		Umicore S.A.		7,754
	145,823		UPM-Kymmene Oyj		4,224
	36,151	*	US Concrete, Inc		896
	112,930	e	Voestalpine AG.		2,439
	120,838		Wheaton Precious Metals Corp		5,315
			TOTAL MATERIALS		443,839

MEDIA & ENTERTAINMENT - 3.2%
	387,414		Activision Blizzard, Inc		29,405

416

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	73,639	*	Alphabet, Inc (Class A)	$	104,424
	73,693	*	Alphabet, Inc (Class C)		104,173
	3,246	e	Cable One, Inc		5,761
	4,039	*	Cardlytics, Inc		283
	100,512		Cinemark Holdings, Inc		1,161
	1,672,184		Comcast Corp (Class A)		65,182
	355,347	*,e	Discovery, Inc (Class A)		7,498
	504,487	*	Discovery, Inc (Class C)		9,716
	171,686	*	Electronic Arts, Inc		22,671
	93,869	*	Gray Television, Inc		1,310
	92,371	*	Imax Corp		1,036
	898,060		Informa plc		5,192
	1,902,885		ITV plc		1,759
	57,052		JC Decaux S.A.		1,066
	60,210		John Wiley & Sons, Inc (Class A)		2,348
	223,006	*	Liberty Broadband Corp (Class C)		27,644
	2,960	*	Liberty Global plc (Class A)		65
	7,192	*	Liberty Global plc (Class C)		155
	23,584		Loral Space & Communications, Inc		460
	20,704	*	Madison Square Garden Co		3,041
	77,621		New York Times Co (Class A)		3,262
	35,200		Nintendo Co Ltd		15,737
	387,791		Omnicom Group, Inc		21,173
	749,945	e	Pearson plc		5,339
	549		Schibsted ASA (B Shares)		13
	44,164		Scholastic Corp		1,322
	117,248	e	Sinclair Broadcast Group, Inc (Class A)		2,164
	1,845,768		Sirius XM Holdings, Inc		10,835
	14,953	*	Snap, Inc		351
	80,685	*	Take-Two Interactive Software, Inc		11,261
	15,254		TEGNA, Inc		170
	225,150		TripAdvisor, Inc		4,280
	51,055	e	World Wrestling Entertainment, Inc (Class A)		2,218
	766,310		WPP plc		5,974
	1,232,131	*	Zynga, Inc		11,755
			TOTAL MEDIA & ENTERTAINMENT		490,204

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.4%
	502,296		AbbVie, Inc		49,315
	72,319	*	Acadia Pharmaceuticals, Inc		3,505
	96,256	*,e	Aerie Pharmaceuticals, Inc		1,421
	199,700		Agilent Technologies, Inc		17,647
	61,368	*,e	Agios Pharmaceuticals, Inc		3,282
	237,360		Amgen, Inc		55,984
	52,528	*,e	AnaptysBio, Inc		1,173
	49,057	*	Assembly Biosciences, Inc		1,144
	793,914		Astellas Pharma, Inc		13,258
	318,343		AstraZeneca plc		33,131
	12,200		AstraZeneca plc (ADR)		645
	86,856	*	Atara Biotherapeutics, Inc		1,265
	7,622	*,e	Avrobio, Inc		133
	3,566	*	Axsome Therapeutics, Inc		293
	334,149	*	BioCryst Pharmaceuticals, Inc		1,592

417

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	77,438	*	Biogen, Inc	$	20,718
	63,550	*	BioMarin Pharmaceutical, Inc		7,838
	60,106	*	Bluebird Bio, Inc		3,669
	912,149		Bristol-Myers Squibb Co		53,634
	198,186	*,e	Canopy Growth Corp (Toronto)		3,210
	284,091		Chugai Pharmaceutical Co Ltd		15,210
	71,920	*	Collegium Pharmaceutical, Inc		1,259
	203,314	*,e	Cronos Group, Inc		1,225
	123,214		CSL Ltd		24,506
	93,300		Eisai Co Ltd		7,413
	346,753		Eli Lilly & Co		56,930
	5,911	*,e	Esperion Thereapeutics, Inc		303
	39,409	*,e	Flexion Therapeutics, Inc		518
	485,311		Gilead Sciences, Inc		37,340
	78,706		H Lundbeck AS		2,974
	39,223	*	Halozyme Therapeutics, Inc		1,052
	16,285	*	Horizon Therapeutics Plc		905
	38,636	*	Immunomedics, Inc		1,369
	45,015	*	Insmed, Inc		1,240
	25,908	*	Intersect ENT, Inc		351
	122,707	*	Intra-Cellular Therapies, Inc		3,150
	76,381	*	IQVIA Holdings, Inc		10,837
	37,633	*	Jazz Pharmaceuticals plc		4,152
	24,002	*	Karyopharm Therapeutics, Inc		455
	30,346		Lonza Group AG.		16,074
	105,643	*	MacroGenics, Inc		2,950
	900,659		Merck & Co, Inc		69,648
	93,716		Merck KGaA		10,913
	7,882	*	Mettler-Toledo International, Inc		6,349
	3,119	*	Mirati Therapeutics, Inc		356
	13,440	*	MyoKardia, Inc		1,299
	455,104		Novo Nordisk AS		29,649
	341,800		Ono Pharmaceutical Co Ltd		9,976
	856,183	*,e	Opko Health, Inc		2,920
	116,648		Orion Oyj (Class B)		5,657
	56,789		Perrigo Co plc		3,139
	83,235	*	Prothena Corp plc		871
	19,372	*	Repligen Corp		2,395
	97,664	*,e	Revance Therapeutics, Inc		2,385
	155,872		Roche Holding AG.		54,002
	7,354	*	Sage Therapeutics, Inc		306
	103,278	*,e	Sangamo Therapeutics Inc		925
	290,635		Sanofi-Aventis		29,640
	18,000		Santen Pharmaceutical Co Ltd		331
	126,300		Shionogi & Co Ltd		7,923
	198,600		Sumitomo Dainippon Pharma Co Ltd		2,752
	519,124	*,e	TherapeuticsMD, Inc		649
	5,130	*,e	Tricida, Inc		141
	89,867		UCB S.A.		10,429
	36,233	*,e	Ultragenyx Pharmaceutical, Inc		2,834
	157,590	*	Vertex Pharmaceuticals, Inc		45,750
	25,713	*	Waters Corp		4,639
	30,112	*,e	ZIOPHARM Oncology, Inc		99
	302,123		Zoetis, Inc		41,403

418

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	15,799	*	Zogenix, Inc	$	427
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		810,877

REAL ESTATE - 2.1%
	64,090		Alexandria Real Estate Equities, Inc		10,399
	200,190		American Tower Corp		51,757
	3,067		Americold Realty Trust		111
	507,600		Ascendas REIT		1,165
	97,312		Boston Properties, Inc		8,795
	864,886		British Land Co plc		4,137
	2,882,849	*	CapitaLand Ltd		6,090
	68,626		CatchMark Timber Trust, Inc		607
	103,900	*	CBRE Group, Inc		4,698
	66,500	e	City Developments Ltd		406
	11,169		Coresite Realty		1,352
	35,727		Cousins Properties, Inc		1,066
	38,501		CyrusOne, Inc		2,801
	306,400		Daiwa House Industry Co Ltd		7,236
	155,597		Deutsche Wohnen AG.		6,992
	115,886		DiamondRock Hospitality Co		641
	32,647		Easterly Government Properties, Inc		755
	47,568		Equinix, Inc		33,407
	83,082		First Capital Real Estate Investment Trust		849
	41,930		First Industrial Realty Trust, Inc		1,612
	2,327		Fonciere Des Regions		169
	31,038		Franklin Street Properties Corp		158
	539	e	Gecina S.A.		67
	710,446		Goodman Group		7,331
	683,337		GPT Group		1,985
	278,555		Healthpeak Properties Inc		7,677
	217,129		Host Hotels and Resorts, Inc		2,343
	42,601	*	Howard Hughes Corp		2,213
	19,640		Hudson Pacific Properties		494
	338,000		Hulic Co Ltd		3,191
	945	e	Iron Mountain, Inc		25
	6,605		Jones Lang LaSalle, Inc		683
	98,487		Kimco Realty Corp		1,265
	368,338	e	Land Securities Group plc		2,517
	55,191		Lend Lease Corp Ltd		477
	1,290,400		Link REIT		10,594
	259,120	e	Macerich Co		2,324
	1,039,835		Mirvac Group		1,571
	567,800		Mitsubishi Estate Co Ltd		8,461
	362,810		Mitsui Fudosan Co Ltd		6,445
	17		Nippon ProLogis REIT, Inc		52
	84,700		Nomura Real Estate Holdings, Inc		1,577
	271,894		Park Hotels & Resorts, Inc		2,689
	7,000		Piedmont Office Realty Trust, Inc		116
	457,893		Prologis, Inc		42,735
	8,031	e	QTS Realty Trust, Inc		515
	19,275	e	Realogy Holdings Corp		143
	15,556		Regency Centers Corp		714
	3,556		RMR Group, Inc		105

419

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	61,456		SBA Communications Corp	$	18,309
	663,481		Segro plc		7,338
	603,735	e	Stockland Trust Group		1,400
	563,500		Swire Pacific Ltd (Class A)		2,995
	1,321,000		Swire Properties Ltd		3,373
	50,691		UDR, Inc		1,895
	40,112	e	Unibail-Rodamco-Westfield		2,261
	80,106		Unibail-Rodamco-Westfield (Paris)		4,514
	50,025		Ventas, Inc		1,832
	232,976		Welltower, Inc		12,056
	318,541		Weyerhaeuser Co		7,154
			TOTAL REAL ESTATE		316,639

RETAILING - 2.8%
	59,955	*	1-800-FLOWERS.COM, Inc (Class A)		1,200
	33,170		Advance Auto Parts, Inc		4,725
	86,913		Big Lots, Inc		3,650
	248,716	*	BJ’s Wholesale Club Holdings, Inc		9,270
	26,477	*	Booking Holdings, Inc		42,160
	99	*	Burlington Stores, Inc		19
	4,915	*	CarMax, Inc		440
	35,405	*,g	Delivery Hero AG.		3,638
	766,439		eBay, Inc		40,200
	255,704	*	Etsy, Inc		27,163
	284,049		Expedia Group Inc		23,349
	16,300		Fast Retailing Co Ltd		9,369
	7,052	*	Five Below, Inc		754
	160,086	*,e	GameStop Corp (Class A)		695
	41,962		Gap, Inc		530
	28,224	*	Genesco, Inc		611
	25,864		Genuine Parts Co		2,249
	48,991	*,e	Groupon, Inc		888
	14,217	e	Haverty Furniture Cos, Inc		227
	54,715	e	Hennes & Mauritz AB (B Shares)		799
	31,775	*,e	Hibbett Sports, Inc		665
	329,155		Home Depot, Inc		82,457
	332,136		Industria De Diseno Textil S.A.		8,813
	97,400		Jardine Cycle & Carriage Ltd		1,421
	898		JD Sports Fashion plc		7
	25,673		Kering		14,036
	579,682		Kingfisher plc		1,595
	27,247	*,e	Lands’ End, Inc		219
	107,017	*	LKQ Corp		2,804
	280,303		Lowe’s Companies, Inc		37,875
	211,933	e	Macy’s, Inc		1,458
	38,743	*	MarineMax, Inc		867
	2,400		Marui Co Ltd		43
	370	*	MercadoLibre, Inc		365
	40,457		Next plc		2,449
	201		Pool Corp		55
	178,621	*	Prosus NV		16,604
	171,930	*	Quotient Technology, Inc		1,258
	327,400	*	Rakuten, Inc		2,892
	118,775	*,e	RealReal, Inc		1,519

420

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	50,322		Ross Stores, Inc	$	4,289
	1,746	*,e	Sally Beauty Holdings, Inc		22
	15,085	e	Shoe Carnival, Inc		442
	264,136		Target Corp		31,678
	33,687		Tiffany & Co		4,108
	382,392		TJX Companies, Inc		19,334
	20,554		Tractor Supply Co		2,709
	23,011	*	Ulta Beauty, Inc		4,681
	55,117	*,e	Wayfair, Inc		10,892
	1,397		Williams-Sonoma, Inc		115
	24,714	*,g	Zalando SE		1,753
	18,108	*	Zumiez, Inc		496
			TOTAL RETAILING		429,857

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1%
	441,841		Applied Materials, Inc		26,709
	274,200		ASM Pacific Technology		2,898
	103,470		ASML Holding NV		37,851
	29,888	*	Cirrus Logic, Inc		1,847
	15,567	*,e	Cree, Inc		921
	74,079	*,e	First Solar, Inc		3,667
	1,378,576		Intel Corp		82,480
	37,055		Lam Research Corp		11,986
	7,708		NVE Corp		477
	203,257		NVIDIA Corp		77,219
	22,132	*	Silicon Laboratories, Inc		2,219
	436,622		Texas Instruments, Inc		55,438
	48,800		Tokyo Electron Ltd		12,041
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		315,753

SOFTWARE & SERVICES - 6.6%
	284,657		Accenture plc		61,122
	170,640	*	Adobe, Inc		74,281
	110,866		Amadeus IT Holding S.A.		5,821
	25,925	*	Aspen Technology, Inc		2,686
	110,703		Atos Origin S.A.		9,491
	150,530	*	Autodesk, Inc		36,005
	244,836	*,e	Avaya Holdings Corp		3,026
	66,843	*	Benefitfocus, Inc		719
	18,326	e	Blackbaud, Inc		1,046
	88,629	*	Blackline, Inc		7,348
	172,060	*	Cadence Design Systems, Inc		16,511
	89,427		Cap Gemini S.A.		10,320
	59,823	*	Ceridian HCM Holding, Inc		4,742
	118,984	*	CGI, Inc		7,496
	23,801	*	ChannelAdvisor Corp		377
	3,509		Computershare Ltd		33
	415,660	*	Conduent, Inc		993
	73,112		CSG Systems International, Inc		3,026
	422,541		DXC Technology Co		6,972
	49,918	*	Elastic NV		4,603
	73,876	*	ExlService Holdings, Inc		4,684
	72,127	*	Five9, Inc		7,982

421

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	108,200		Fujitsu Ltd	$	12,668
	26,971	*	HubSpot, Inc		6,051
	420,210		International Business Machines Corp		50,749
	149,574		Intuit, Inc		44,302
	290,489	*,e	Limelight Networks, Inc		2,138
	22,132	*	Liveperson, Inc		917
	109,076		LogMeIn, Inc		9,246
	1,702,232		Microsoft Corp		346,421
	206,281		NEC Corp		9,911
	114,162	*	New Relic, Inc		7,866
	202,400		Nomura Research Institute Ltd		5,528
	141,561	*,e	Nutanix, Inc		3,356
	8,622	*	OneSpan, Inc		241
	91,378		Open Text Corp		3,880
	1,800		Otsuka Corp		95
	35,696	*	Paylocity Holding Corp		5,208
	70,881	*	Perficient, Inc		2,536
	28,994	*,e	Qualys, Inc		3,016
	34,558	*	Rapid7, Inc		1,763
	21,480	*	Rosetta Stone, Inc		362
	526,045		Sabre Corp		4,240
	336,094	*	salesforce.com, Inc		62,961
	257,065		SAP AG.		35,935
	130,791		Science Applications International Corp		10,160
	28,929	*	Shopify, Inc (Class A) (Toronto)		27,484
	45,219	*	Smartsheet, Inc		2,303
	80,474	*	SPS Commerce, Inc		6,045
	900		Sumisho Computer Systems Corp		44
	145,682	*	SVMK, Inc		3,429
	83,587	*	Sykes Enterprises, Inc		2,312
	251,802	*	Teradata Corp		5,237
	36,680		TTEC Holdings, Inc		1,708
	62,495	*	Virtusa Corp		2,029
	101,637	*	VMware, Inc (Class A)		15,740
	96,229	*	WEX, Inc		15,879
	55,010	e	Wisetech Global Ltd		744
	10,974	*	Workiva, Inc		587
	178,684	*	Zendesk, Inc		15,819
			TOTAL SOFTWARE & SERVICES		998,194

TECHNOLOGY HARDWARE & EQUIPMENT - 3.4%
	931,346		Apple, Inc		339,755
	4,043		Belden CDT, Inc		132
	9,130		Benchmark Electronics, Inc		197
	166,089	*	Ciena Corp		8,995
	1,553,100		Cisco Systems, Inc		72,437
	934		Cognex Corp		56
	39,338		CTS Corp		788
	87,358		Dolby Laboratories, Inc (Class A)		5,754
	4,418	*	Fabrinet		276
	12,986	*	FARO Technologies, Inc		696
	1,993,386		Hewlett Packard Enterprise Co		19,396
	243,509		HP, Inc		4,244
	16,988	*	Insight Enterprises, Inc		836

422

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	6,173	*	Itron, Inc	$	409
	52,274		Keyence Corp		21,906
	65,960	*	Keysight Technologies, Inc		6,647
	34,382	*	Kimball Electronics, Inc		466
	17,715	*	Lumentum Holdings, Inc		1,443
	8,736		Methode Electronics, Inc		273
	180,700		Murata Manufacturing Co Ltd		10,652
	4,973	*	Novanta, Inc		531
	57,800		Omron Corp		3,871
	2,504	*,e	OSI Systems, Inc		187
	64,222	*	Ribbon Communications, Inc		252
	15,267	*,e	Rogers Corp		1,902
	5,900		Shimadzu Corp		158
	33,440		Synnex Corp		4,005
	30,600		TDK Corp		3,046
	4,348		TE Connectivity Ltd		355
	55,450	*	Tech Data Corp		8,040
	46,836	*	Trimble Inc		2,023
	72,267	*,e	TTM Technologies, Inc		857
	102,606		Vishay Intertechnology, Inc		1,567
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		522,152

TELECOMMUNICATION SERVICES - 1.2%
	32,457	*	Boingo Wireless, Inc		432
	6,482,604		BT Group plc		9,168
	219,082	*	Iridium Communications, Inc		5,574
	554,032		KDDI Corp		16,531
	477,000		NTT DoCoMo, Inc		12,663
	921,525		Orange S. A.		11,020
	185,118		Rogers Communications, Inc (Class B)		7,438
	536,300		Singapore Telecommunications Ltd		953
	3,479,100		Singapore Telecommunications Ltd		6,189
	703,300		Softbank Corp		8,964
	2,271		Swisscom AG.		1,191
	2,071		Tele2 AB (B Shares)		28
	476,916		Telefonica Deutschland Holding AG.		1,407
	230,397		Telenor ASA		3,364
	394,360		TeliaSonera AB		1,475
	14,204		TELUS Corp		238
	1,405,357		Verizon Communications, Inc		77,477
	9,265,349		Vodafone Group plc		14,730
			TOTAL TELECOMMUNICATION SERVICES		178,842

TRANSPORTATION - 1.5%
	131,600	e	All Nippon Airways Co Ltd		3,007
	5,676		Amerco, Inc		1,715
	62,470		ArcBest Corp		1,656
	143,974		Auckland International Airport Ltd		612
	32,552	*,e	Avis Budget Group, Inc		745
	217,872		Canadian National Railway Co		19,276
	70,800		Central Japan Railway Co		10,950
	71,122		CH Robinson Worldwide, Inc		5,623
	503,442		CSX Corp		35,110

423

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	817,258		Delta Air Lines, Inc	$	22,924
	380,559		Deutsche Post AG.		13,974
	130,100		East Japan Railway Co		9,015
	57,413	*	Echo Global Logistics, Inc		1,241
	18,939	e	Fraport AG. Frankfurt Airport Services Worldwide		830
	75,281		Getlink S.E.		1,089
	18,300		Hankyu Hanshin Holdings, Inc		618
	4,304		Kansas City Southern		643
	100		Keio Corp		6
	16,500		Kintetsu Corp		740
	723		Kuehne & Nagel International AG.		120
	459		Landstar System, Inc		52
	1,735,364		MTR Corp		9,025
	115,378		Nippon Yusen Kabushiki Kaisha		1,633
	149,658		Norfolk Southern Corp		26,276
	175		Old Dominion Freight Line		30
	100		SG Holdings Co Ltd		3
	247,249		Singapore Airlines Ltd		667
	312,070		Sydney Airport		1,232
	1,279,550		Transurban Group		12,548
	366,344		United Parcel Service, Inc (Class B)		40,730
	200		West Japan Railway Co		11
			TOTAL TRANSPORTATION		222,101

UTILITIES - 2.1%
	368,185		American Electric Power Co, Inc		29,322
	35,541		American Water Works Co, Inc		4,573
	500,415		APA Group		3,869
	167,133		Centerpoint Energy, Inc		3,120
	983,500		CLP Holdings Ltd		9,659
	14,457		CMS Energy Corp		845
	247,789		Consolidated Edison, Inc		17,823
	235,972		Dominion Energy, Inc		19,156
	27,571		DTE Energy Co		2,964
	2,467,321		Enel S.p.A.		21,339
	171,978		Energias de Portugal S.A.		821
	1,832		Equitable Holdings, Inc		35
	178,457		Eversource Energy		14,860
	101,463		Fortis, Inc		3,859
	6,669,034		Hong Kong & China Gas Ltd		10,365
	1,497,062		Iberdrola S.A.		17,478
	431,000		Kyushu Electric Power Co, Inc		3,612
	626,819		Meridian Energy Ltd		1,954
	1,264,855		National Grid plc		15,432
	286,392		Naturgy Energy Group S.A.		5,347
	103,956	g	Orsted AS		11,997
	274,501		Public Service Enterprise Group, Inc		13,494
	684,377		Scottish & Southern Energy plc		11,589
	239,950		Sempra Energy		28,129
	15,442		South Jersey Industries, Inc		386
	661,479		Southern Co		34,298
	100		Toho Gas Co Ltd		5
	181,100		Tokyo Gas Co Ltd		4,336
	36,029		UGI Corp		1,146

424

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY					VALUE (000)
	147,317		WEC Energy Group, Inc					$	12,912
	245,026		Xcel Energy, Inc						15,314
			TOTAL UTILITIES						320,039

			TOTAL COMMON STOCKS						9,028,923
			(Cost $7,443,145)

PREFERRED STOCKS - 0.2%

BANKS - 0.1%
	233,115	*,e	Federal Home Loan Mortgage Corp						1,851
	740,991	*,e	Federal National Mortgage Association						5,891
			TOTAL BANKS						7,742

REAL ESTATE - 0.1%
	390,000	*,e	Brookfield Property Partners LP						7,071
	695,000	*	Brookfield Property Partners LP						11,509
			TOTAL REAL ESTATE						18,580

UTILITIES - 0.0%
	308,000	*	Brookfield Renewable Partners LP						7,727
			TOTAL UTILITIES						7,727

			TOTAL PREFERRED STOCKS						34,049
			(Cost $59,178)

RIGHTS / WARRANTS - 0.0%

ENERGY - 0.0%
	1,020,152	e	Repsol S.A.						497
			TOTAL ENERGY						497

MEDIA & ENTERTAINMENT - 0.0%
	38,808	†	Media General, Inc						0	^
			TOTAL MEDIA & ENTERTAINMENT						0	^

			TOTAL RIGHTS / WARRANTS						497
			(Cost $568)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 4.2%

GOVERNMENT AGENCY DEBT - 1.5%
$	18,000,000		Federal Agricultural Mortgage Corp (FAMC)		0.120	%	07/06/20		18,000
	20,000,000		Federal Farm Credit Bank (FFCB)		0.120		07/17/20		19,999
	20,000,000		Federal Home Loan Bank (FHLB)		0.115		07/09/20		20,000
	23,475,000		FHLB		0.120-0.150		07/21/20		23,473
	32,130,000		FHLB		0.115-0.150		07/24/20		32,128
	4,500,000		FHLB		0.125-0.155		08/07/20		4,499

425

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	20,800,000		FHLB		0.120%-0.140	%	08/11/20	$	20,796
	13,437,000		FHLB		0.120-0.130		08/14/20		13,435
	14,798,000		FHLB		0.135		08/19/20		14,795
	14,500,000		FHLB		0.130-0.145		08/25/20		14,496
	11,000,000		FHLB		0.140-0.170		09/04/20		10,997
	14,400,000		FHLB		0.030-0.270		09/15/20		14,396
	11,585,000		FHLB		0.135-0.155		09/22/20		11,581
			TOTAL GOVERNMENT AGENCY DEBT						218,595

REPURCHASE AGREEMENT - 0.2%
	29,700,000	r	Fixed Income Clearing Corp		0.070		07/01/20		29,700
			TOTAL REPURCHASE AGREEMENT						29,700

TREASURY DEBT - 1.6%
	13,320,000		United States Treasury Bill		0.100		07/02/20		13,320
	100,000,000		United States Treasury Bill		0.120		07/07/20		99,998
	34,045,000		United States Treasury Bill		0.096-0.111		07/09/20		34,044
	30,000,000		United States Treasury Bill		0.125		07/28/20		29,997
	20,000,000		United States Treasury Bill		0.120		08/04/20		19,998
	50,000,000		United States Treasury Bill		0.110		08/11/20		49,993
			TOTAL TREASURY DEBT						247,350

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9%
	138,794,106	c	State Street Navigator Securities Lending Government Money Market Portfolio						138,794
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						138,794

			TOTAL SHORT-TERM INVESTMENTS						634,439
			(Cost $634,439)

			TOTAL INVESTMENTS - 103.3%						15,735,438
			(Cost $13,887,651)
			OTHER ASSETS & LIABILITIES, NET - (3.3)%						(490,405	)
			NET ASSETS - 100.0%					$	15,245,033


			Abbreviation(s):
	ADR		American Depositary Receipt
	EUR		Euro
	LIBOR		London Interbank Offered Rate
	M		Month
	REIT		Real Estate Investment Trust
	SOFR		Secure Overnight Financing Rate

426

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

	*		Non-income producing
	^		Amount represents less than $1,000.
	†		Security is categorized as Level 3 in the fair value hierarchy.
	‡		Perpetual security
	c		Investments made with cash collateral received from securities on loan.
	e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $185,157,435.
	g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/20, the aggregate value of these securities is $1,448,262,279 or 9.5% of net assets.
	h		All or a portion of these securities were purchased on a delayed delivery basis.
	i		Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
	j		Zero coupon
	q		In default
	r		Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $29,700,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $30,294,085.

			Cost amounts are in thousands.

Forward foreign currency contracts outstanding as of June 30, 2020 were as follows (dollar amounts are in thousands):

Currency to be
purchased

Receive

Currency to be
sold

Deliver

Counterparty

Settlement date

Unrealized appreciation (depreciation)

7,335

EUR

6,490

Citibank N.A.

09/30/20



			Abbreviation(s):
	EUR		Euro

427

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND

MONEY MARKET ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2020

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
SHORT-TERM INVESTMENTS - 100.0%

GOVERNMENT AGENCY DEBT - 29.1%
$	62,850,000	Federal Agricultural Mortgage Corp (FAMC)		0.010	%	07/02/20	$	62,847
	45,000,000	FAMC		0.010		07/17/20		44,991
	100,000,000	FAMC		0.010		09/15/20		99,939
	16,000,000	FAMC		0.010		09/25/20		15,983
	100,000,000	FAMC		0.010		09/30/20		99,899
	13,750,000	FAMC		0.010		11/02/20		13,739
	90,000,000	FAMC		0.010		12/15/20		89,854
	45,000,000	FAMC		0.010		12/21/20		44,890
	15,000,000	Federal Farm Credit Bank (FFCB)		0.010		07/06/20		14,997
	20,000,000	FFCB		0.010		07/20/20		19,983
	10,000,000	FFCB		0.010		07/29/20		9,996
	14,000,000	FFCB		0.010		07/31/20		13,982
	70,000,000	FFCB		0.010		08/18/20		69,951
	30,000,000	FFCB		0.010		09/15/20		29,967
	8,000,000	FFCB		0.010		10/29/20		7,957
	2,580,000	FFCB		0.010		11/20/20		2,579
	20,000,000	Federal Home Loan Bank (FHLB)		0.010		07/06/20		20,000
	43,500,000	FHLB		0.010		07/07/20		43,498
	40,600,000	FHLB		0.010		07/08/20		40,599
	59,700,000	FHLB		0.010		07/13/20		59,698
	20,300,000	FHLB		0.010		07/15/20		20,298
	247,720,000	FHLB		0.010		07/17/20		247,638
	89,700,000	FHLB		0.010		07/21/20		89,695
	145,255,000	FHLB		0.010		07/22/20		145,246
	47,300,000	FHLB		0.010		07/23/20		47,297
	96,135,000	FHLB		0.010		07/24/20		96,125
	100,000,000	FHLB		0.010		07/31/20		99,992
	1,100,000	FHLB		0.010		08/05/20		1,100
	18,940,000	FHLB		0.010		08/07/20		18,938
	77,500,000	FHLB		0.010		08/12/20		77,489
	68,600,000	FHLB		0.010		08/14/20		68,590
	100,000,000	FHLB		0.010		08/17/20		99,932
	84,000,000	FHLB		0.010		08/19/20		83,986
	92,705,000	FHLB		0.010		08/21/20		92,687
	225,000,000	FHLB		0.010		08/24/20		224,856
	4,000,000	FHLB		0.010		08/26/20		3,999
	146,700,000	FHLB		0.010		08/28/20		146,668
	80,000,000	FHLB		0.010		08/31/20		79,929
	4,800,000	FHLB		0.010		09/02/20		4,799
	83,500,000	FHLB		0.010		09/04/20		83,477
	224,330,000	FHLB		0.010		09/09/20		224,133
	14,480,000	FHLB		0.010		09/14/20		14,475
	28,300,000	FHLB		0.010		09/16/20		28,290
	38,800,000	FHLB		0.010		09/18/20		38,789
	76,150,000	FHLB		0.010		09/22/20		76,124
	730,000	FHLB		0.010		09/24/20		730

428

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

						MATURITY	VALUE
PRINCIPAL		ISSUER	RATE			DATE	(000)
$	103,970,000	FHLB		0.010	%	09/28/20	$	103,926
	11,500,000	FHLB		0.010		10/07/20		11,494
	6,143,000	FHLB		0.010		10/26/20		6,140
	50,000,000	FHLB		0.010		12/14/20		49,903
	78,161,000	FHLB		0.010		12/18/20		78,098
	17,974,000	FHLB		0.010		12/23/20		17,959
	40,000,000	Federal Home Loan Mortgage Corp (FHLMC)		0.010		07/17/20		39,972
	35,300,000	FHLMC		0.010		07/29/20		35,297
	52,900,000	FHLMC		0.010		08/04/20		52,894
	44,600,000	FHLMC		0.010		08/19/20		44,593
	52,200,000	FHLMC		0.010		09/17/20		52,181
	2,674,000	FHLMC		0.010		10/05/20		2,673
	2,350,000	FHLMC		0.010		10/19/20		2,349
	88,300,000	Federal National Mortgage Association (FNMA)		0.010		08/26/20		88,281
	27,500,000	FNMA		0.010		09/23/20		27,483
		TOTAL GOVERNMENT AGENCY DEBT						3,533,874

TREASURY DEBT - 45.7%
	491,950,000	United States Cash Management Bill		0.010		09/08/20		491,791
	113,600,000	United States Cash Management Bill		0.010		09/15/20		113,549
	133,500,000	United States Cash Management Bill		0.010		09/22/20		133,458
	131,200,000	United States Cash Management Bill		0.010		09/29/20		131,162
	211,500,000	United States Cash Management Bill		0.010		10/06/20		211,407
	143,327,000	United States Cash Management Bill		0.010		10/13/20		143,264
	130,000,000	United States Cash Management Bill		0.010		10/20/20		129,932
	10,700,000	United States Cash Management Bill		0.010		10/27/20		10,695
	39,525,000	United States Cash Management Bill		0.010		11/03/20		39,503
	50,000,000	United States Cash Management Bill		0.010		11/17/20		49,970
	100,434,000	United States Cash Management Bill		0.010		12/01/20		100,368
	56,857,000	United States Treasury Bill		0.010		07/02/20		56,856
	250,000,000	United States Treasury Bill		0.010		07/07/20		249,995
	71,200,000	United States Treasury Bill		0.010		07/09/20		71,200
	182,100,000	United States Treasury Bill		0.010		07/14/20		182,092
	169,705,000	United States Treasury Bill		0.010		07/16/20		169,699
	124,280,000	United States Treasury Bill		0.010		07/21/20		124,273
	135,500,000	United States Treasury Bill		0.010		07/23/20		135,492
	199,400,000	United States Treasury Bill		0.010		07/28/20		199,381
	142,650,000	United States Treasury Bill		0.010		07/30/20		142,636
	114,500,000	United States Treasury Bill		0.010		08/04/20		114,487
	269,400,000	United States Treasury Bill		0.010		08/06/20		269,368
	227,600,000	United States Treasury Bill		0.010		08/11/20		227,575
	239,025,000	United States Treasury Bill		0.010		08/13/20		238,986
	200,000,000	United States Treasury Bill		0.010		08/18/20		199,970
	187,800,000	United States Treasury Bill		0.010		08/20/20		187,769
	243,399,000	United States Treasury Bill		0.010		08/25/20		243,351
	293,893,000	United States Treasury Bill		0.010		08/27/20		293,836
	216,948,000	United States Treasury Bill		0.010		09/03/20		216,898
	122,200,000	United States Treasury Bill		0.010		09/10/20		122,161
	34,500,000	United States Treasury Bill		0.010		09/17/20		34,490
	129,300,000	United States Treasury Bill		0.010		09/24/20		129,256
	85,000,000	United States Treasury Bill		0.010		10/01/20		84,993
	111,700,000	United States Treasury Bill		0.010		10/15/20		111,647
	111,700,000	United States Treasury Bill		0.010		10/22/20		111,645
	72,022,000	United States Treasury Bill		0.010		10/29/20		71,986
		TOTAL TREASURY DEBT						5,545,141

429

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
VARIABLE RATE SECURITIES - 25.2%
$	25,000,000	i	Federal Agricultural Mortgage Corp (FAMC)	EFFR + 0.100%		0.180	%	07/06/20	$	25,000
	35,000,000	i	FAMC	EFFR + 0.090%		0.170		07/08/20		35,000
	20,000,000	i	FAMC	SOFR + 0.040%		0.120		08/13/20		20,000
	30,000,000	i	FAMC	FRED - 2.960%		0.290		08/28/20		30,000
	44,000,000	i	FAMC	FRED - 3.020%		0.230		09/01/20		44,000
	25,000,000	i	FAMC	SOFR + 0.060%		0.140		10/01/20		25,000
	40,000,000	i	FAMC	LIBOR 1 M + 0.060%		0.233		10/01/20		39,994
	45,000,000	i	FAMC	SOFR + 0.070%		0.150		10/02/20		45,000
	25,000,000	i	FAMC	LIBOR 1 M + 0.030%		0.220		11/20/20		25,000
	20,000,000	i	FAMC	SOFR + 0.080%		0.160		12/21/20		20,000
	30,000,000	i	FAMC	LIBOR 1 M + 0.030%		0.220		12/21/20		30,000
	50,000,000	i	FAMC	SOFR + 0.070%		0.150		12/23/20		50,000
	10,000,000	i	FAMC	LIBOR 1 M + 0.120%		0.298		02/03/21		10,003
	84,000,000	i	FAMC	SOFR + 0.070%		0.150		02/08/21		84,000
	50,000,000	i	FAMC	LIBOR 1 M + 0.000%		0.194		02/17/21		50,000
	50,000,000	i	FAMC	SOFR + 0.060%		0.140		02/22/21		50,000
	75,000,000	i	FAMC	SOFR + 0.280%		0.360		03/23/21		75,000
	30,000,000	i	FAMC	SOFR + 0.060%		0.140		03/25/21		30,000
	50,000,000	i	FAMC	SOFR + 0.300%		0.380		03/26/21		50,000
	15,000,000	i	FAMC	SOFR + 0.250%		0.330		05/14/21		15,000
	50,000,000	i	Federal Farm Credit Bank (FFCB)	FRED - 2.960%		0.290		07/09/20		50,000
	25,000,000	i	FFCB	US Treasury Bill 3 M + 0.110%		0.260		08/04/20		24,999
	50,000,000	i	FFCB	US Treasury Bill 3 M + 0.045%		0.195		08/17/20		50,000
	9,500,000	i	FFCB	FRED - 3.020%		0.230		09/28/20		9,498
	52,500,000	i	FFCB	US Treasury Bill 3 M + 0.110%		0.260		12/28/20		52,496
	50,000,000	i	FFCB	US Treasury Bill 3 M + 0.160%		0.310		01/19/21		49,997
	100,000,000	i	FFCB	SOFR + 0.280%		0.360		04/23/21		100,000
	75,000,000	i	FFCB	SOFR + 0.290%		0.370		04/23/21		75,000
	100,000,000	i	FFCB	SOFR + 0.300%		0.380		04/27/21		100,000
	10,000,000	i	Federal Home Loan Bank (FHLB)	SOFR + 0.030%		0.110		07/17/20		10,000
	50,000,000	i	FHLB	SOFR + 0.100%		0.180		07/29/20		50,000
	100,000,000	i	FHLB	LIBOR 3 M - 0.220%		0.095		09/11/20		100,029
	28,000,000	i	FHLB	SOFR + 0.045%		0.125		09/28/20		28,000
	100,000,000	i	FHLB	SOFR + 0.070%		0.150		10/02/20		99,995
	85,000,000	i	FHLB	SOFR + 0.080%		0.160		10/02/20		85,000
	20,000,000	i	FHLB	SOFR + 0.120%		0.200		10/07/20		20,000
	35,000,000	i	FHLB	SOFR + 0.130%		0.210		10/16/20		35,000
	50,000,000	i	FHLB	SOFR + 0.080%		0.160		10/23/20		50,000
	30,000,000	i	FHLB	SOFR + 0.090%		0.170		12/04/20		30,000
	30,000,000	i	FHLB	SOFR + 0.120%		0.200		12/11/20		30,000
	80,000,000	i	FHLB	SOFR + 0.240%		0.320		12/24/20		80,000
	25,000,000	i	FHLB	LIBOR 1 M + 0.070%		0.258		01/11/21		25,000
	30,000,000	i	FHLB	SOFR + 0.050%		0.130		01/22/21		30,000
	50,000,000	i	FHLB	LIBOR 1 M - 0.045%		0.145		02/22/21		50,000
	36,000,000	i	FHLB	SOFR + 0.065%		0.145		02/26/21		36,000
	80,000,000	i	FHLB	SOFR + 0.280%		0.360		03/25/21		80,000
	150,000,000	i	FHLB	SOFR + 0.230%		0.310		04/13/21		150,000

430

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

				REFERENCE				MATURITY	VALUE
PRINCIPAL			ISSUER	RATE & SPREAD	RATE			DATE	(000)
$	40,000,000	i	FHLB	SOFR + 0.055%		0.135	%	05/14/21	$	40,000
	25,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	SOFR + 0.030%		0.110		01/22/21		25,000
	44,000,000	i	FHLMC	SOFR + 0.030%		0.110		02/24/21		44,000
	50,000,000	i	FHLMC	SOFR + 0.050%		0.130		03/05/21		50,000
	40,000,000	i	FHLMC	SOFR + 0.240%		0.320		07/23/21		40,000
	50,000,000	i	FHLMC	SOFR + 0.300%		0.380		10/25/21		50,000
	24,000,000	i	Federal National Mortgage Association (FNMA)	SOFR + 0.060%		0.140		07/30/20		24,000
	15,000,000	i	FNMA	SOFR + 0.075%		0.155		10/30/20		15,000
	83,000,000	i	FNMA	SOFR + 0.050%		0.130		03/04/21		83,000
	100,000,000	i	FNMA	SOFR + 0.250%		0.330		03/24/21		100,000
	60,000,000	i	FNMA	SOFR + 0.190%		0.270		04/05/21		60,000
	80,000,000	i	FNMA	SOFR + 0.280%		0.360		04/26/21		80,000
	40,000,000	i	FNMA	SOFR + 0.320%		0.400		10/22/21		40,000
	50,000,000	i	FNMA	SOFR + 0.280%		0.360		10/27/21		50,000
	100,000,000	i	United States Treasury Note	US Treasury Bill 3 M + 0.045%		0.195		10/31/20		99,983
			TOTAL VARIABLE RATE SECURITIES							3,054,994

			TOTAL SHORT-TERM INVESTMENTS							12,134,009
			(Cost $12,134,009)

			TOTAL INVESTMENTS - 100.0%							12,134,009
			(Cost $12,134,009)
			OTHER ASSETS & LIABILITIES, NET - 0.0%							646
			NET ASSETS - 100.0%						$	12,134,655


		Abbreviation(s):
EFFR		Effective Federal Funds Rate
FRED		Federal Bank Prime Loan Rate
LIBOR		London Interbank Offered Rate
M		Month
SOFR		Secured Overnight Financing Rate

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

		Cost amounts are in thousands.

431

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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable

Item 13. Exhibits.

13(a)(2)(i) Section 302 certification of the principal executive officer

13(a)(2)(ii) Section 302 certification of the principal financial officer

13(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	COLLEGE RETIREMENT EQUITIES FUND

Dated: August 14, 2020	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 14, 2020	By:	/s/Carol W. Deckbar
		Carol W. Deckbar
		Principal Executive Officer and
		Executive Vice President
		(principal executive officer)

Dated: August 14, 2020	By:	/s/Glenn E. Brightman
		Glenn E. Brightman
		Executive Vice President, Chief Financial Officer and Principal Accounting Officer
		(principal financial officer)